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 ...

Report Industry Investment Ratings - **Cautiously Bullish**: Index (IH, IF, IC, IM), Rubber, Coking Coal, Coke, Manganese Silicon, Ferrosilicon, Gold, Silver, Aluminum, Lithium Carbonate, Corn [5] - **Cautiously Bearish**: Crude Oil, Methanol, Rebar, Hot Rolled Coil, Iron Ore, Apple [5] Core Views - Geopolitical and policy factors are influencing the oil price, which shows a strong upward trend. The negotiation between Iran and the US on the nuclear issue is in progress, and the Fed's interest - rate stance affects market expectations. The global grain consumption in the 2025/26 season is expected to increase, and the domestic futures market has mixed performance [1]. - Precious metals are in a rebound phase. Although affected by short - term factors, long - term support factors remain. Silver's high volatility suggests investors to wait and see. Crude oil prices are affected by geopolitical negotiations and supply changes in Kazakhstan. Copper prices may enter an adjustment phase due to supply and demand factors [2][3]. - In the financial market, the stock index is expected to continue the phased upward trend in February, but there are potential overseas risks during the Spring Festival. The bond market is affected by factors such as the Fed's policy and domestic economic data, and the bond price is expected to stabilize [10][11]. - In the energy and chemical market, the supply and demand of various products such as crude oil, methanol, and rubber are affected by different factors, and their prices show different trends. In the metal market, precious metals, copper, zinc, aluminum, and lithium carbonate have different price trends and influencing factors. In the black market, the supply and demand of steel, iron ore, and coking coal are affected by the approaching Spring Festival and other factors. In the agricultural product market, the prices of protein meal, oil, sugar, cotton, and pork are affected by factors such as production, demand, and policies. In the shipping market, the container shipping European line is expected to be volatile before the Spring Festival and will face verification after the festival [13][19][25][28][33]. Summary by Relevant Catalogs 1. Daily Main News Focus International News - Elon Musk said that SpaceX has shifted its focus to building a "self - developing" city on the moon, which is expected to be achieved in less than 10 years. The plan to build a city on Mars will start in 5 - 7 years and is expected to take more than 20 years [6]. Domestic News - On the morning of February 9, President Xi Jinping inspected the National Information Technology Application Innovation Park in Beijing, emphasizing the importance of scientific and technological self - reliance in building a modern socialist country [7]. Industry News - Seven departments including the Ministry of Human Resources and Social Security conducted administrative guidance on 16 platform companies to protect the rights and interests of new - form workers [8]. 2. Daily Returns of Overseas Markets - The S&P 500, European STOXX 50, and FTSE China A50 futures all rose. The US dollar index fell. ICE Brent crude oil, London gold, London silver, LME aluminum, LME copper, and LME nickel all rose, while LME zinc fell. CBOT soybeans, CBOT wheat, and CBOT corn fell, while CBOT soybean oil rose [9]. 3. Morning Comments on Major Varieties Financial - **Stock Index**: The US stock market rose, and the domestic stock index rebounded. In February, the market is expected to continue the upward trend, but there are potential overseas risks during the Spring Festival [10]. - **Treasury Bond**: Treasury bonds rose slightly. The central bank's open - market operations keep the money market loose. The Fed's policy and domestic economic data affect the bond market, and it is recommended to operate cautiously before the Spring Festival [11][12]. Energy and Chemical - **Crude Oil**: The sc night - session price rose. The negotiation between Iran and the US is in progress, and Kazakhstan's oil export may decline [13]. - **Methanol**: The methanol night - session price fell. The domestic coal - to - olefin device's operating rate increased, and the methanol inventory in coastal areas decreased slightly [14]. - **Natural Rubber**: The natural rubber price rebounded. The supply is relatively stable, and the demand supports the stable operation of all - steel tires. It is expected to fluctuate and adjust before the Spring Festival [15]. - **Polyolefin**: Polyolefin futures fell slightly. The market focuses on supply improvement and macro - factors [16]. - **Glass and Soda Ash**: Glass futures rebounded slightly, and soda ash futures mainly fell. The supply and demand of glass and soda ash are gradually being repaired, and the market focuses on the real - estate and photovoltaic industries [17]. Metal - **Precious Metals**: Precious metals continued to rebound. Although affected by short - term factors, long - term support factors remain. It is recommended to wait and see for silver [19]. - **Copper**: The copper price rose at night. The concentrate supply is tight, and the copper price may enter an adjustment phase [20]. - **Zinc**: The zinc price fell at night. The zinc concentrate processing fee decreased, and the zinc price may follow the overall trend of non - ferrous metals [21]. - **Aluminum**: The Shanghai aluminum price rose at night. The domestic aluminum price is high, but the downstream demand is weak before the Spring Festival. However, long - term factors support the price [22]. - **Lithium Carbonate**: The production and demand of lithium carbonate decreased, and the inventory decreased. The market sentiment is weak, and it is recommended to pay attention to trading opportunities after the volatility decreases [23][24]. Black - **Coking Coal and Coke**: The prices of coking coal and coke were weak at night. The demand for coking coal and coke is limited, but the downstream's pre - festival replenishment provides support [25]. - **Steel**: The steel supply decreased slightly, and the demand weakened. The inventory increased, and the steel price is expected to fluctuate weakly [26]. - **Iron Ore**: The iron ore shipping and arrival increased, and the port inventory increased. The steel mill's replenishment is coming to an end, and the iron ore price is expected to fluctuate weakly [27]. Agricultural Products - **Protein Meal**: The prices of soybean meal and rapeseed meal fell at night. The Brazilian soybean harvest is in progress, and the domestic supply is expected to be sufficient, which may put pressure on the price [28]. - **Oil**: The oil prices were weak at night. The Malaysian palm oil production decreased, and the inventory is expected to decline, but the crude oil price affects the palm oil price. It is expected to fluctuate in the short term [29]. - **Sugar**: The Zhengzhou sugar price was slightly stronger at night. The global sugar supply is in an over - supply situation, and the domestic sugar supply is increasing seasonally. It is expected to fluctuate in the short term [30]. - **Cotton**: The Zhengzhou cotton price fluctuated within a range. The textile factory's replenishment is coming to an end, and the cotton price is expected to fluctuate. Attention should be paid to the direct subsidy policy [31]. - **Pork**: The pork price fell. The supply pressure increased, and the demand could not fully digest it. The pig price is expected to be weakly stable [32]. Shipping Index - **Container Shipping European Line**: The EC price fell. The spot freight rate is relatively stable before the Spring Festival, and it is expected to be volatile. After the Spring Festival, it will face the verification of the photovoltaic export rush and the implementation of the price increase letter [33][34].

新华社北京2月8日电 题：新春万里暖山河 新华社记者 李银、吉哲鹏、熊轩昂 "新春佳节，我更牵挂基层的干部群众。"党的十八大以来，每逢新春佳节，习近平总书记总要抽出 时间，不辞辛劳深入基层，看望慰问基层干部群众。 从边陲佤寨到高原村落，从千年古城到深山"天眼"，从能源保供一线场站到万家灯火一日三餐，习 近平总书记的牵挂始终真切而具体，嘱托声声在耳，承诺字字铿锵。 春山可望，山河日新。在这幅生机勃勃的时代画卷里，人们以汗水浇灌希望，用奋斗诠释担当，共 同投身中国式现代化建设伟大实践，写就山河壮丽、国泰民安的崭新篇章。 "村里推行'合作社+企业+农户'的联农带农机制，传统农业与农家乐、农耕体验等业态相互支撑、 协同发展。"清水镇副镇长赵家清介绍道，2025年，全村共接待游客63.1万人次，实现旅游总收入1500 余万元。 在村民李发顺家的小院里，金黄的玉米、火红的灯笼和寓意吉祥的春联交织出浓浓的年味。大米粑 粑蒸腾的热气裹着米香在院里弥漫开来，恰似全村蒸蒸日上的好日子。 李发顺仍清晰记得，2020年春节前夕，习近平总书记来到佤族村，在院子里同他们一起制作佤族新 年传统食物大米粑粑的场景。右手拿起一团大米粑粑，在模 ...