华泰期货：有色板块回暖，中证500领涨

Group 1: Macroeconomic Analysis - Inflation showed a month-on-month increase, with China's CPI rising by 0.2% in January, and a year-on-year increase of 0.2%. The core CPI increased by 0.8% year-on-year [2][6] - The PPI also rose by 0.4% month-on-month, marking the fourth consecutive month of increase, with the growth rate expanding by 0.2 percentage points compared to the previous month. Year-on-year, PPI decreased by 1.4%, with the decline narrowing by 0.5 percentage points from the previous month [2][6] - In the U.S., January's non-farm payrolls added 130,000 jobs, significantly exceeding the market expectation of 70,000. The unemployment rate fell to 4.3%, the lowest since August 2025, with an hourly wage increase of 0.4% month-on-month [2][6] Group 2: Market Performance - The A-share market experienced fluctuations, with the Shanghai Composite Index rising by 0.09% to close at 4131.98 points, while the ChiNext Index fell by 1.08%. Sector performance was mixed, with construction materials, non-ferrous metals, and oil and petrochemicals leading gains, while communication, media, and social services sectors saw the largest declines [3][7] - The trading volume in the Shanghai and Shenzhen markets remained low, with total transactions below 2 trillion yuan [3][7] - In the futures market, the basis for IC and IM contracts increased, with both trading volume and open interest for IH and IM contracts rising [3][7] Group 3: Sector Insights - The non-ferrous metals sector showed signs of recovery, with previous strategies indicating that stabilization in this sector could drive further increases in the CSI 500 Index. Continuous monitoring of this trend is advised [4][8]