中信期货晨报：国内商品期市收盘多数上涨，贵金属涨幅居前-20260225

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - Domestic commodity futures markets closed mostly higher, with precious metals leading the gains [1]. - Domestic macroeconomic situation shows a differentiated performance during the Spring Festival, with strong travel and consumption but weak real - estate sales. The start of social financing in January was stable, with government financing being strong and private financing in line with expectations [13]. - Overseas, the US economy shows a slowdown in overall expansion and structural differentiation in multiple fields. The GDP growth rate in the fourth quarter slowed down significantly, with personal consumption being the main drag, and inflation stickiness still exists [13]. - In the short - term, overseas economy may suppress base metals, but copper, aluminum, tin, and nickel with tight supply are expected to maintain a slightly stronger oscillating trend. Tariff disturbances may support the prices of gold and silver. A - shares are expected to continue a mild upward trend, while crude oil, black commodities, and the domestic bond market should be treated with an oscillating mindset [13]. 3. Summary by Relevant Catalogs 3.1 Financial Market Fluctuations - Stock Index Futures: On February 24, 2026, the CSI 300 futures price was 4683.4, with a daily increase of 1.06%, a weekly increase of 1.22%, a monthly decrease of 0.59%, a quarterly increase of 1.82%, and an annual increase of 1.82%. Other stock index futures also had different degrees of fluctuations [2]. - Treasury Bond Futures: The 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures all had certain price increases and fluctuations in different time periods [2]. - Foreign Exchange: The US dollar index was 97.7425, with a monthly increase of 0.65% and an annual decrease of 0.54%. The US dollar middle - price had a significant decline [2]. - Interest Rates: The 7 - day inter - bank pledged repo rate increased by 23.34bp, and the 10 - year Chinese government bond yield increased by 1.24bp [2]. 3.2 Fluctuations of Popular Industries - On February 24, 2026, industries such as non - ferrous metals, building materials, and petroleum and petrochemicals had relatively large daily and quarterly increases, while industries such as consumer services, computer, and non - bank finance had declines [5]. 3.3 Fluctuations of Overseas Commodities - On February 23, 2026, precious metals such as COMEX gold and silver had significant increases, while energy products such as NYMEX natural gas had significant declines [8]. 3.4 Fluctuations of Domestic Commodities - On February 24, 2026, products such as crude oil, low - sulfur fuel oil, and silver had relatively large daily increases, while products such as iron ore, coke, and coking coal had declines [11]. 3.5 Macro Summary - Domestic Macro: During the Spring Festival, travel and consumption were strong, but real - estate sales were weak. Social financing in January started stably, with government financing being strong and private financing in line with expectations [13]. - Overseas Macro: The US economy shows a slowdown in overall expansion and structural differentiation. The GDP growth rate in the fourth quarter slowed down, and inflation stickiness still exists [13]. - Large - scale Assets: Short - term overseas economy may suppress base metals, but copper, aluminum, tin, and nickel with tight supply are expected to maintain a slightly stronger oscillating trend. Tariff disturbances may support the prices of gold and silver. A - shares are expected to continue a mild upward trend, while crude oil, black commodities, and the domestic bond market should be treated with an oscillating mindset [13]. 3.6 Viewpoint Highlights - Financial Sector: After the Spring Festival, stocks and bonds both rose. Stock index futures are expected to be slightly stronger in an oscillating manner, stock index options are expected to oscillate, and treasury bond futures are also expected to oscillate [14]. - Precious Metals: Gold and silver prices are expected to be slightly stronger in an oscillating manner due to positive impacts of tariff policy changes [14]. - Shipping: The spot price of container shipping to Europe is expected to oscillate, and steel and iron ore prices are also expected to oscillate [14]. - Black Building Materials: The real - world situation and expectations are not good, and the prices of products such as coke, coking coal, and glass are expected to oscillate [14]. - Non - ferrous Metals and New Materials: Base metals are expected to oscillate and sort out. Products such as copper, aluminum, and nickel are expected to be slightly stronger in an oscillating manner [14]. - Energy and Chemicals: Due to the tense relationship between the US and Iran, oil prices are boosted. Products such as crude oil, LPG, and asphalt are expected to oscillate [16]. - Agriculture: After the Spring Festival, most agricultural products rose on the first day. Products such as natural rubber, cotton, and corn are expected to be slightly stronger in an oscillating manner, while products such as pigs and sugar are expected to be weaker in an oscillating manner [16].