1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The report predicts that Shanghai zinc will experience volatile adjustments, with a focus on the 24,300 - 25,000 yuan/ton range, and the upward momentum is weak [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main - contract is 24,455 yuan/ton, down 85 yuan; the 03 - 04 contract spread of Shanghai zinc is - 50 yuan/ton, down 25 yuan - The LME three - month zinc quotation is 3,382 US dollars/ton, down 1 US dollar - The total open interest of Shanghai zinc is 192,983 lots, down 1,044 lots; the net open interest of the top 20 in Shanghai zinc is - 54 lots, down 498 lots - The Shanghai Futures Exchange inventory is 70,689 tons, up 5,535 tons; the LME inventory is 106,925 tons, down 675 tons [3] 3.2 Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 24,460 yuan/ton, down 200 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 24,170 yuan/ton, down 520 yuan - The basis of the ZN main contract is 5 yuan/ton, down 115 yuan; the LME zinc cash - 3 months spread is - 23.73 US dollars/ton, down 2.17 US dollars - The ex - works price of 50% zinc concentrate in Kunming is 21,510 yuan/ton, up 110 yuan; the price of 85% - 86% crushed zinc in Shanghai is 16,700 yuan/ton, down 50 yuan [3] 3.3 Upstream Situation - The WBMS zinc supply - demand balance is - 35,700 tons, down 14,700 tons; the ILZSG zinc supply - demand balance is - 7,700 tons, down 4,900 tons - The global zinc mine production is 1.0627 million tons, down 11,900 tons; the domestic refined zinc production is 675,000 tons, up 21,000 tons - The zinc ore import volume is 462,600 tons, down 53,900 tons [3] 3.4 Industry Situation - The refined zinc import volume is 8,760.85 tons, down 9,469.07 tons; the refined zinc export volume is 27,266.66 tons, down 15,548.89 tons - The social inventory of zinc is 128,000 tons, up 9,500 tons [3] 3.5 Downstream Situation - The monthly production of galvanized sheets is 2.36 million tons, up 20,000 tons; the sales volume of galvanized sheets is 2.36 million tons, down 60,000 tons - The monthly new housing construction area is 587.6996 million square meters, up 53.1326 million square meters; the monthly housing completion area is 603.4813 million square meters, up 208.942 million square meters - The monthly automobile production is 3.4115 million vehicles, down 107,500 vehicles; the monthly air - conditioner production is 21.6289 million units, up 6.6029 million units [3] 3.6 Option Market - The implied volatility of the at - the - money call option for zinc is 26.01%, up 2.43%; the historical volatility of the at - the - money option for 20 days is 38.7% - The implied volatility of the at - the - money put option for zinc is 26.01%, up 2.44%; the historical volatility of the at - the - money option for 60 days is 19.41% [3] 3.7 Industry News - The General Secretary of the Communist Party of China Central Committee stated that the key to building a modern socialist country lies in self - reliance and self - improvement in science and technology - US Treasury Secretary Bessent said that even if Wash becomes the Fed Chairman, the balance - sheet reduction will not be carried out rapidly, and the decision may require up to a one - year assessment [3]

习近平春节前夕在北京看望慰问基层干部群众 向全国各族人民致以美好的新春祝福 祝各族人民幸福安康祝伟大祖国繁荣昌盛 蔡奇陪同考察 新华社北京2月10日电 中华民族传统节日春节即将到来之际，中共中央总书记、国家主席、中央军 委主席习近平在北京考察并看望慰问基层干部群众，向全国各族人民和香港同胞、澳门同胞、台湾同 胞、海外侨胞拜年！祝愿海内外中华儿女在农历马年龙马精神、身体健康、事业有成、阖家幸福！祝愿 伟大祖国山河锦绣、风调雨顺、繁荣昌盛、国泰民安！ 2月9日至10日，习近平在中共中央政治局委员、北京市委书记尹力和市长殷勇陪同下，深入科创园 区、养老服务街区、新春市集考察，给基层干部群众送上党中央的关怀和祝福。 9日上午，习近平来到位于北京亦庄的国家信创园，详细了解信息技术创新应用等情况，仔细察看 人工智能、机器人等科技创新成果展示，频频同科研人员和科技企业负责人代表交流。他说，今天来这 里现场学习，很开眼界，看了之后对国家科技创新更加充满信心。他强调，建设社会主义现代化强国， 关键在科技自立自强，北京要发挥自身优势，在这方面作出更大贡献。他勉励广大科技工作者厚植报国 情怀，发扬奋斗精神，在中国式现代化征程上建功 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report predicts that Shanghai tin will experience a short - term adjustment with a bullish trend, and investors should pay attention to the 400,000 yuan mark [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai tin is 382,000 yuan/ton, a decrease of 2,180 yuan; the closing price of the March - April contract of Shanghai tin is down 770 yuan to - 610 yuan; LME 3 - month tin is at 49,815 US dollars/ton, an increase of 2,660 US dollars; the main contract position of Shanghai tin is 32,207 lots, a decrease of 1,418 lots; the net position of the top 20 futures of Shanghai tin is - 5,664 lots, a decrease of 141 lots; LME tin total inventory is 7,030 tons, a decrease of 55 tons; Shanghai Futures Exchange inventory of tin is 8,750 tons, a decrease of 1,718 tons; LME tin cancelled warrants are 265 tons, a decrease of 50 tons; Shanghai Futures Exchange warrants of tin are 6,385 tons, an increase of 48 tons [3] 3.2 Spot Market - The SMM 1 tin spot price is 385,700 yuan/ton, an increase of 12,200 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 390,090 yuan/ton, an increase of 17,260 yuan; the basis of the Shanghai tin main contract is - 10,680 yuan/ton, a decrease of 9,980 yuan; the LME tin premium (0 - 3) is - 156 US dollars/ton, an increase of 1 US dollar [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 17,600 tons, an increase of 2,500 tons; the average price of 40% tin concentrate is 359,500 yuan/ton, an increase of 17,200 yuan; the processing fee of 40% tin concentrate by Antaike is 14,500 yuan/ton, unchanged; the average price of 60% tin concentrate is 363,500 yuan/ton, an increase of 17,200 yuan; the processing fee of 60% tin concentrate by Antaike is 10,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, a decrease of 1,600 tons; the monthly import volume of refined tin is 2,239.1 tons, an increase of 323.25 tons [3] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 244,890 yuan/ton, an increase of 7,570 yuan; the cumulative output of tin - plated sheets (strips) is 1,528,700 tons, an increase of 138,700 tons; the monthly export volume of tin - plated sheets is 142,900 tons, a decrease of 45,000 tons [3] 3.6 Industry News - The General Secretary of the Communist Party of China Central Committee stated that building a modern socialist country depends on scientific and technological self - reliance and self - strength. US Treasury Secretary Bessent said that even if Wash becomes the Fed Chairman, the balance - sheet reduction will not be carried out rapidly, and the decision may take up to a year for evaluation [3] 3.7 Viewpoint Summary - On the macro level, the emphasis on scientific and technological self - reliance and self - strength and the cautious attitude of the Fed towards balance - sheet reduction are noted. On the fundamental level, the supply of tin ore is expected to increase in the first quarter, with a slight rebound in processing fees, indicating a relief of the supply shortage. However, the raw material inventory of smelting enterprises is still low, and production is limited, but there is pressure for output to rebound after the Chinese New Year. The import pressure is increasing as Indonesian tin exports rise. On the demand side, the development of the AI field will drive the demand for solder, and the downstream purchasing atmosphere has improved, with a significant decline in inventory and a rebound in the spot premium. Technically, the position is stable and the price is rising, with a bullish sentiment [3]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 13740 | 5 03-04月合约价差:不锈钢(日,元/吨) | -85 | 20 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -6340 | 240 主力合约持仓量:不锈钢(日,手) | 37421 | -3978 | | | 仓单数量:不锈钢(日,吨) | 54130 | 607 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 14650 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9350 | 0 | | | 基差:不锈钢(日,元/吨) | 535 | -65 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.14 | -0.07 | | | 进口数量:精炼镍及合金(月,吨) | 23861.23 | 11020.74 进口数量:镍铁(月,万吨) | 99. ...

| | | 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪镍(日,元/吨) | 133350 | -1170 03-04月合约价差:沪镍(日,元/吨) | -230 | 10 | | | LME3个月镍(日,美元/吨) | 17410 | 175 主力合约持仓量:沪镍(日,手) | 80242 | -3734 | | | 期货前20名持仓:净买单量:沪镍(日, ...

Core Insights - The article emphasizes the importance of technological self-reliance and innovation as key drivers for building a modern socialist country, as highlighted by national leaders during their first local inspection in the "14th Five-Year Plan" period [1] - The FOF ecosystem of Kunyuan Asset is accelerating its IPO activities, with two significant companies, Beixin Life (688712.SH) and Aixin Yuanzhi (00600.HK), successfully listing on the stock exchanges within a short span of six days, marking a strong start for the year [1][4] Company Highlights - Beixin Life (688712.SH) is recognized as the first domestic company to focus on intelligent and precise intervention in cardiovascular diseases, successfully listing on the Sci-Tech Innovation Board and achieving multiple industry milestones [4][6] - Aixin Yuanzhi (00600.HK) specializes in AI visual chip design and has become a leading player in the high-end AI chip market, successfully listing on the Hong Kong Stock Exchange [7][10] Market Trends - The article discusses the strategic focus on future industries such as quantum technology, biomanufacturing, and AI, which are identified as new economic growth points in the "14th Five-Year Plan" [4] - The successful IPOs of Beixin Life and Aixin Yuanzhi reflect the growing trend of domestic high-end medical devices and AI chips, indicating a shift from import substitution to original technology-driven innovation [5][10] Investment Strategy - Kunyuan Asset's FOF ecosystem aims to support high-quality tech companies through early-stage investments, alleviating financial pressures and allowing firms to focus on core technological innovations [9] - The article highlights the importance of capital market development in supporting the growth of tech enterprises, aligning with national strategies for economic and social development [8][10]

Group 1 - The article highlights the strategic significance of Xi Jinping's visit to the National Information Technology Application Innovation Industry Park, emphasizing its role as a hub for technological innovation in Beijing [1][5][9] - The National Innovation Park, established in 2019, is a national-level innovation base that has gathered over 90% of leading information technology companies in China, showcasing a high degree of self-control in technology [7][14] - The park is part of a broader strategy to develop Beijing into a global center for technological innovation, as outlined in the 14th Five-Year Plan, which aims to enhance the city's role in original innovation and high-level talent cultivation [14][19] Group 2 - Xi Jinping's focus on technological self-reliance and innovation is underscored as a national priority, with the goal of achieving a strong technological foundation by 2035 [15][19] - The article discusses the importance of integrating technological innovation with industrial development, highlighting the need for strategic planning and resource allocation to address key technological challenges [17][19] - The emphasis on innovation as a driver for development is reiterated, with a call for concentrated efforts to overcome existing technological shortcomings and achieve strategic objectives [19][21]

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客 为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 铝类产业日报 2026/2/10 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) | 23,515.00 | -25.00↓ 氧化铝期货主力合约收盘价(日,元/吨) | 2,835.00 | -33.00↓ | | | 主力-连二合约价差:沪铝(日,元/吨) | -165.00 | 0.00 主力-连二合约价差:氧化铝(日,元/吨) | -140.00 | -32.00↓ | | | 主力合约持仓量:沪铝(日,手) | 184,786.00 | -12853 ...

Group 1 - The core message emphasizes the importance of technological self-reliance and innovation for building a modern socialist country, as highlighted by President Xi Jinping during his visit to the National Innovation Park in Beijing [4] - The "14th Five-Year Plan" compared to the "15th Five-Year Plan" places a stronger emphasis on achieving a high level of technological self-reliance, aiming for a significant improvement in this area [5][6] - The visit underscores the need to enhance the innovation system, targeting breakthroughs in key core technologies and producing significant original and disruptive results to support high-quality economic and social development [6][7] Group 2 - The National Innovation Park has seen the establishment of 1,000 enterprises, with a focus on cutting-edge fields such as quantum information, 6G communication, and smart hardware, demonstrating the seamless integration of innovation and industry [7] - The development of international technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area aims to accelerate the formation of original innovation sources in China, serving as a strategic guide for building a strong technological nation [8] - The emphasis on enhancing the capabilities of international technology innovation centers reflects a commitment to fostering key technologies and empowering future industrial development, showcasing the potential for a more competitive innovation ecosystem [8]

党的二十届四中全会擘画了"十五五"发展宏伟蓝图，对加快高水平科技自立自强、引领发展新质生产力作出科学部署，为做好金融"科技大文章"明确了行动 方向。人保财险各级党组织坚决贯彻党中央决策部署，落实人保集团党委工作要求，以守正创新的金融实践，推动保险保障精准覆盖"实验室—生产线—大 市场"创新全链条。 党建引领强化源头保障， "这种科研项目虽然应用前景好，但技术难度高，不确定性大。投保后，我们推进项目研发的信心和底气都更足了。"雄安新区某科创企业的负责人拿到概念 验证与小试综合保险保单后如此表示。近年来，人保财险聚焦创新起步阶段，在雄安新区、江苏、安徽、湖北等地同步签发首批概念验证与小试保险、中试 验证保险。截至2025年末，全系统为AI诊断、医疗健康等前沿领域科创项目提供风险保障超67亿元，以明确的风险兜底推动一批原始创新成果萌发落地。 党建共建聚焦产业转化， 支撑"从1到100"的跨越发展 为推动科技成果跨越产业化的"死亡之谷"，实现从实验室零星样品走向规模化生产的"从1到100"跃升，人保财险各级推动服务模式转型，对接重点实验室与 产业园区，通过联学联建开拓服务前沿阵地，共同突破成果转化的风险瓶颈。 "技术 ...