国内商品期市收盘涨跌参半，基本?属涨幅居前

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Domestic commodity futures market closed with mixed results, with base metals leading the gains. Energy products all rose, precious metals were mixed, agricultural and sideline products mostly increased, shipping futures declined, black commodities mostly fell, new energy materials mostly dropped, and chemical products were mixed [1][2]. - The US economy shows a weak - stable total volume with a differentiated structure. The manufacturing PMI in January was good, but the non - manufacturing sector weakened and employment data was below expectations [2]. - In China, the fundamental changes this week were limited. The boost from the incremental policies in Q4 2025 was not significant yet, but policy expectations were strengthening. The manufacturing PMI in January declined, with both supply and demand decreasing marginally [2]. - For assets, domestic equity markets can get upward support from policy expectations and additional liquidity. Treasury bonds are neutral, with better short - end opportunities but limited odds. Gold in precious metals is a long - term standard allocation, while silver is on hold. Non - ferrous metals are still promising under industrial logic, and investors can buy on dips after market volatility reduces. Black commodities are generally volatile, and crude oil may rise due to geopolitical support but with high uncertainty, so it's advisable to stay on the sidelines [2]. 3. Summary by Relevant Catalogs 3.1 Today's Market - Base metals led the gains, with Shanghai tin up 3.33%. Energy products all rose, with crude oil up 2.17%. Precious metals were mixed, with Shanghai silver up 1.97%. Agricultural and sideline products mostly increased, with corn up 0.44%. Shipping futures declined, with the container shipping index (European line) down 4.57%. Black commodities mostly fell, with coke down 1.71%. New energy materials mostly dropped, with industrial silicon down 1.53%. Chemical products were mixed, with styrene down 0.98%. Oils and fats mostly declined, with palm oil down 0.69%. Non - metallic building materials all fell, with PVC down 0.44% [2] 3.2 Overseas Macro - The US economy shows a weak - stable total volume and a differentiated structure. The manufacturing PMI in January 2026 was good, and the positive feedback from the looser liquidity since H2 2025 may have gradually affected the manufacturing industry. However, the non - manufacturing sector weakened and employment data was below expectations [2] 3.3 Domestic Macro - The fundamental changes this week were limited. The boost from the incremental policies in Q4 2025 to the fundamentals was not significant yet, but policy expectations were strengthening. The manufacturing PMI in January declined, with both supply and demand decreasing marginally. The expectation of policy support for a "good start" in Q1 is rising, and the policy intention to stabilize investment since Q4 2025 may continue into Q1 2026 [2] 3.4 Asset Views - Domestic equity markets can be supported by policy expectations and additional liquidity. Treasury bonds are neutral, with better short - end opportunities but limited odds. Gold in precious metals is a long - term standard allocation, while silver is on hold. Non - ferrous metals are promising under industrial logic, and investors can buy on dips after market volatility reduces. Black commodities are generally volatile, and crude oil may rise due to geopolitical support but with high uncertainty, so it's advisable to stay on the sidelines [2] 3.5 Market Conditions of Different Sectors - Finance: The market sentiment is warm. Stock index futures are expected to rebound following the external market, stock index options are volatile, treasury bond futures are volatile, and gold and silver are in a stage of price adjustment and are volatile [6] - Shipping: Before the Spring Festival, the decline in freight rates slowed down. The three major alliance shipping companies issued a price increase notice for the European line in March. The container shipping European line is expected to be volatile and slightly stronger [6] - Black Building Materials: The current situation and expectations are not good, and the market still faces pressure. Steel, iron ore, coke, coking coal, silicon iron, manganese silicon, glass, and soda ash are all expected to be volatile [6] - Non - ferrous and New Materials: The sentiment in the non - ferrous market has warmed up, but inventories have accumulated significantly. Base metals have stopped falling and are volatile. Copper, aluminum, zinc, lead, nickel, stainless steel, tin, and other metals are expected to be volatile or volatile and slightly stronger [6] - Energy and Chemicals: The national thermal coal has generally reduced inventories, and the chemical industry continues to be volatile. Crude oil, LPG, asphalt, high - sulfur fuel oil, low - sulfur fuel oil, methanol, urea, and other products are all expected to be volatile [6][7] - Agriculture: As the Spring Festival approaches, most agricultural products are volatile. Grains, oils, livestock, and other products are expected to be volatile or volatile and slightly weaker [7] 3.6 Financial Market Price and Change Data - Stock index futures: The CSI 300 futures, SSE 50 futures, CSI 500 futures, and CSI 1000 futures had different price levels and daily, weekly, monthly, quarterly, and annual changes [10] - Treasury bond futures: The 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures had different price levels and daily, weekly, monthly, quarterly, and annual changes [10] - Foreign exchange: The US dollar index and the US dollar intermediate price had different price levels and daily, weekly, monthly, quarterly, and annual changes [10] - Interest rates: The 7 - day inter - bank pledged repo rate, 10 - year US Treasury bond yield, 10 - year Chinese Treasury bond yield, 10Y - 2Y US Treasury bond spread, and 10 - year break - even inflation rate had different price levels and daily, weekly, monthly, quarterly, and annual changes [10] 3.7 Industry Index Price and Change Data - The prices and daily, weekly, monthly, quarterly, and annual changes of various industries in the CITIC Industry Index, including agriculture, forestry, animal husbandry and fishery, national defense and military industry, commerce and retail, non - ferrous metals, etc., are provided [11][12] 3.8 Overseas Commodity Price and Change Data - The prices and daily, weekly, monthly, quarterly, and annual changes of overseas commodities such as energy (NYMEX WTI crude oil, ICE Brent oil, etc.), precious metals (COMEX gold, COMEX silver), non - ferrous metals (LME copper, LME aluminum, etc.), and agricultural products (CBOT soybeans, CBOT corn, etc.) are provided [13][15] 3.9 Domestic Commodity Price and Change Data - The prices and daily, weekly, monthly, quarterly, and annual changes of domestic commodities in various sectors such as shipping (container shipping European line), precious metals (gold, silver), non - ferrous metals (copper, aluminum), black building materials (rebar, hot - rolled coil), energy and chemicals (crude oil, fuel oil), and agriculture (soybeans, corn) are provided [16][17][18]