早盘速递-20260210

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The US is planning to lower the so - called reciprocal tariffs on Bangladeshi goods and provide new exemptions for textiles, which will support Bangladesh's clothing industry [2] - The Shanghai Futures Exchange has adjusted the trading margin ratios and daily price limit ranges for newly listed contracts of multiple futures varieties [2] - The Guangzhou Futures Exchange will adjust the daily price limit ranges and margin standards for lithium carbonate, platinum, and palladium futures contracts starting from February 12th [2] - The growth and moisture conditions of Argentina's 2025/2026 soybean crops have deteriorated significantly, with the proportion of normal - to - good rated crops and suitable - to - optimal moisture areas decreasing [3] - In February, the production of polysilicon decreased significantly month - on - month due to the shutdown of leading enterprises, and some other enterprises also reduced production. Polysilicon inventory increased slightly [3] 3. Summary by Relevant Catalogs Hot News - The US will lower the overall reciprocal tariff on Bangladesh to 19% from 20% (last year it was lowered from 37% to 20%), and there is a mechanism for full tariff exemption for specific textiles [2] - The Shanghai Futures Exchange adjusted the daily price limit range of the gold 2605 contract to 17%, and the trading margin ratios for hedging and general positions to 18% and 19% respectively; for the silver 2702 contract, the daily price limit range is 20%, and the trading margin ratios for hedging and general positions are 21% and 22% respectively [2] - The Guangzhou Futures Exchange will adjust the daily price limit range of lithium carbonate futures contracts to 15% and the speculative trading margin standard to 17%, and the hedging trading margin standard to 16% from February 12th; for platinum and palladium futures contracts, the daily price limit range is adjusted to 24%, and the trading margin standards for both speculative and hedging are adjusted to 26% [2] - As of February 4th, Argentina's 2025/2026 soybean sowing is completed, but the growth and moisture conditions have worsened. Currently, 75% of the soybean crops are rated normal to good (down 8.6% from a week ago), and 59% of the planting areas have suitable to optimal moisture conditions (down 5.6% from a week ago) [3] - In February, polysilicon production decreased significantly month - on - month due to leading enterprises' shutdowns, and some other enterprises also reduced production. Polysilicon inventory increased slightly as production was insufficient to cover short - term shipments [3] Sector Performance - Key sectors to focus on: urea, lithium carbonate, platinum, crude oil, coking coal [4] - Night - session performance of sectors: non - metallic building materials rose 2.06%, precious metals rose 34.00%, oilseeds and fats rose 8.44%, soft commodities rose 2.59%, non - ferrous metals rose 25.41%, coal, coke, steel and minerals rose 10.39%, energy rose 2.69%, chemicals rose 10.71%, grains rose 1.00%, and agricultural and sideline products rose 2.71% [4] Sector Positions - The chart shows the changes in positions of commodity futures sectors in the past five days [5] Performance of Major Asset Classes | Category | Name | Daily % Change | Monthly % Change | Year - to - date % Change | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | 1.41 | 0.12 | 3.89 | | | SSE 50 | 1.45 | 0.50 | 1.67 | | | CSI 300 | 1.63 | 0.27 | 1.92 | | | CSI 500 | 2.02 | - 0.71 | 11.33 | | | S&P 500 | 0.47 | 0.37 | 1.74 | | | Hang Seng Index | 1.76 | - 1.31 | 5.45 | | | German DAX | 1.19 | 1.94 | 2.14 | | | Nikkei 225 | 3.89 | 5.70 | 11.97 | | | FTSE 100 | 0.16 | 1.59 | 4.58 | | Fixed - income | 10 - year Treasury bond futures | 0.06 | 0.17 | 0.58 | | | 5 - year Treasury bond futures | 0.08 | 0.13 | 0.25 | | | 2 - year Treasury bond futures | 0.04 | 0.09 | 0.03 | | Commodity | CRB Commodity Index | 0.51 | - 2.81 | 4.12 | | | WTI Crude Oil | 1.54 | - 1.72 | 12.23 | | | London Spot Gold | 1.85 | 3.66 | 17.15 | | | LME Copper | 0.00 | - 0.08 | 4.51 | | | Wind Commodity Index | 6.26 | - 16.23 | 15.87 | | Other | US Dollar Index | - 0.78 | - 0.27 | - 1.44 | | | CBOE Volatility Index | 0.00 | 1.83 | 18.80 | [6] Stock Market Risk Preference and Major Commodity Trends - The report presents various charts showing the trends of major commodities such as the Baltic Dry Index, CRB Spot Index, WTI crude oil, London spot gold, London spot silver, LME copper, CBOT soybeans, and CBOT corn, as well as the risk premiums of relevant stock indices [7]