1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Gold price oscillated and rebounded due to a political "black swan" event in the UK and active trading in the Japanese morning session. The premium of Shanghai Gold converged, and short - term volatility was high. It has not returned to the upward trend, so cautious operation is recommended. [4] - Silver price rose significantly again due to increased risk appetite. The premium of Shanghai Silver converged, and the price remained highly volatile without returning to the upward channel, also suggesting cautious operation. [5] - With the approaching mid - term elections, there is continuous turmoil and loose policies, high risk appetite, which supports gold and silver prices. However, the downward risks also increase. [10][14] 3. Summary by Directory 3.1 Previous Day's Review - **Gold**: The UK political "black swan" event occurred. US and European stock markets rose, US bond yields mostly fell, the US dollar index dropped, and COMEX gold futures rose 2.10% to $5084.20 per ounce. The basis was - 4.08, indicating the spot was at a discount to the futures. The gold futures warehouse receipts remained unchanged at 104,052 kilograms. The 20 - day moving average was upward, and the K - line was below it. The main net position was long, and the long position increased. [4] - **Silver**: Risk appetite increased, and the silver price rose significantly again. US and European stock markets rose, US bond yields mostly fell, the US dollar index dropped, and COMEX silver futures rose 8.00% to $83.05 per ounce. The basis was - 1123, indicating the spot was at a discount to the futures. The Shanghai silver futures warehouse receipts decreased by 62,559 kilograms to 349,900 kilograms. The 20 - day moving average was downward, and the K - line was below it. The main net position was long, and the long position increased. [5][6] 3.2 Daily Tips - **Gold**: Today, pay attention to the US December retail sales and import price index, as well as the speeches of Fed officials. The political "black swan" in the UK and active trading in the Japanese morning session led to a stronger Asian stock market and a rebound in the gold price. The premium of Shanghai Gold converged to about - 1.8 yuan/gram, and the sentiment converged. CME and SHFE raised margins again, with high short - term volatility and the price not yet back in the upward trend, so cautious operation is needed. [4] - **Silver**: The political "black swan" in the UK and active trading in the Japanese morning session led to a stronger Asian stock market and a significant rebound in the silver price, which declined in the morning. The premium of Shanghai Silver converged, and the domestic sentiment cooled rapidly. The silver price remained highly volatile without returning to the upward channel, so cautious operation is recommended. [5] 3.3 Today's Focus - Time TBD: The International Energy Week opens in London, UK (February 10 - 12) [17] - 21:30: US December retail sales and import price index [4][17] - 23:00: The New York Fed releases the Q4 2025 household debt and credit report [17] - Next day 01:00: Cleveland Fed President Beth Hammack talks about the banking industry and economic outlook [17] - Next day 02:00: Dallas Fed President Lorie Logan speaks at an asset management forum [17] 3.4 Fundamental Data - **Gold**: The mid - term elections are approaching, with continuous turmoil and loose policies, high risk appetite, which makes it difficult for the gold price to fall. However, as all metals are strengthening, the downward risk of the gold price also increases. [10] - **Silver**: With the approaching mid - term elections, there is continuous turmoil and loose policies, high risk appetite, and there is still macro - level support. The sentiment of bullishness and investment is high. Although the sentiment has cooled slightly under regulatory pressure, the price has not declined. [14] 3.5 Position Data - **Gold**: The long position of the top 20 in Shanghai Gold increased by 3.32% to 149,691 on February 9 compared with February 8, the short position decreased by 13.49% to 32,638, and the net position increased by 9.24% to 117,053. [33] - **Silver**: The long position of the top 20 in Shanghai Silver increased by 1.25% to 301,257 on February 9 compared with February 6, the short position increased by 2.04% to 203,025, and the net position decreased by 0.35% to 98,232. [35]

Group 1: Economic Indicators - In January, the US manufacturing and services PMI exceeded expectations, indicating overall robust growth overseas [1] - In contrast, China's manufacturing PMI fell back into contraction territory, with both supply and demand components weakening compared to seasonal levels [1][10] - The price index has risen further, reflecting a rapid increase in upstream raw material prices, which is expected to suppress manufacturing supply and demand in the short term [1] Group 2: Market Sentiment and Strategies - Market risk appetite has declined, leading to weaker performance in A-shares and Hong Kong stocks, while bonds saw a slight increase [1][11] - The bond market experienced volatility, with the long end performing stronger due to a rebound logic and hedging demand, despite overall bond market gains falling short of expectations [1][10] - In the equity market, there is a potential for stabilization in risk appetite as volatility is digested, with a focus on high-yield assets and long-duration assets for value allocation [1][11] Group 3: Sector Analysis - The A-share market sentiment has weakened due to fluctuations in overseas markets, but there is potential for recovery in cyclical sectors and consumption as selling pressure from state-owned entities eases [11] - Small-cap and growth sectors may present good opportunities, with improved cost-effectiveness in growth stocks and a favorable calendar effect for small-cap stocks post-Spring Festival [11][12] - The Hong Kong market is currently in a phase of benefiting from liquidity, but its fundamentals remain weak, with the improvement of price levels by 2026 being crucial [12] Group 4: Commodity Insights - Recent geopolitical tensions have driven up gold prices due to increased safe-haven demand, although a subsequent drop occurred due to overheating in trading and expectations surrounding the Federal Reserve [3][12] - Oil prices have been influenced by threats against Iran and cold weather, but significant improvements in the oil supply-demand fundamentals are still under observation [12]

据马来亚 银行（Maybank）外汇研究与策略报告，因区域股市普遍上涨带动风险偏好，新加坡元在亚 洲时段兑美元走强。报告指出："当前环境下，美元风险偏向下行，而我们对新加坡元保持建设性观 点。"分析师表示，这一判断基于新加坡经济增长强劲、通胀可控，以及新加坡元作为避险资产的可信 度。 ...

Core Viewpoint - The recent performance of copper prices is primarily driven by macroeconomic sentiment and liquidity conditions, with both domestic and international copper prices rising over 2% [2] Group 1: Market Performance - Shanghai copper opened higher in the morning, with both domestic and international copper prices increasing by over 2% [2] - On Friday, the decline in U.S. stocks and cryptocurrencies negatively impacted market sentiment, causing Shanghai copper to briefly fall below the 100,000 yuan mark [2] - Following a stabilization in U.S. tech stocks, concerns over market liquidity eased, leading to an improvement in risk appetite and a rebound in precious metals, which also positively influenced copper prices [2]

Core Viewpoint - The report from Huatai Securities indicates that the A-share market experienced a decline this week, driven primarily by a decrease in risk appetite, with a notable shift between high and low-performing stocks [1] Summary by Categories Market Overview - The overall external macro risks have been initially priced in, with a cooling of financing funds and a narrowing of net outflows from ETFs, while both domestic and foreign institutional investors have shown a net inflow against the trend [1] Structural Analysis - The report suggests that segments with floating profits, crowded trading, and significant performance verification pressures have largely completed their initial pricing, indicating that the adjustment phase may be nearing its end [1] Calendar Effect - The report notes that the calendar effect for February in the A-share market is relatively positive, recommending a gradual increase in portfolio flexibility [1] Investment Strategy - The focus should be on selecting high-beta and relatively high valuation-cost performance segments within industries experiencing a reversal in prosperity or a continuation of improvement trends, particularly in lithium battery chains, communication equipment, semiconductors, certain building materials, and chemicals [1] - For low-beta segments, attention should be given to agriculture [1] - From a mid-term perspective, it is advised to overweight the upstream sectors of the power chain, insurance, and the aerospace industry chain [1]

d[Table_Title] 风险偏好波动回升，美元走向震荡 周度报告-外汇期货 [★Ta本bl周e_全Su球mm市a场ry]概述 市场风险偏好摇摆，股市多数上涨，债券收益率多数微升，美 债收益率微降至 4.21%。美元指数涨 0.66%至 97.6，非美货币涨 跌互现，离岸人民币涨 0.41%，欧元跌 0.31%，英镑跌 0.55%， 日元跌 1.58%，瑞郎跌 0.39%，加元、泰铢、林吉特、卢比收 跌，澳元、兰特、雷亚尔、比索收涨。金价涨 1.4%至 4964 美元 /盎司，VIX 指数回升至 17.7，现货商品指数收跌，布油跌 2.3% 至 71 美元/桶。 外 ★市场交易逻辑 汇 期 货 股票市场开始逐渐消化凯文·沃什当选美联储主席带来的利空 影响，但整体情绪偏弱，科技公司财报对市场影响增加。地缘 政治风险边际降温，美国和伊朗重启谈判，中美领导人通电 话，4 月美国总统特朗普计划访华，关注后续进展。美联储多位 官员开始发表讲话，理事米兰已经辞去白宫经济顾问委员会主 席一职，意味着可能会继续担任美联储理事，也是特朗普阵营 的鸽派代表，米兰表示美联储今年有必要将利率下调超过 100 个基点，鹰派的官员则 ...

Group 1 - Copper prices have been under pressure, with a significant drop of 2.34% and a brief fall below the 100,000 yuan mark, attributed to seasonal demand weakness and rising global visible inventories [1] - The recent volatility in global financial markets, including a sharp decline in US tech stocks and a sell-off in cryptocurrencies, has negatively impacted market sentiment, affecting copper prices [1] - The arbitrage window between US copper and LME copper has closed due to a negative price differential, while LME copper inventories have increased to 160,625 tons, the highest level since late February of the previous year [1] Group 2 - The job market contraction in the US, with January private sector layoffs exceeding expectations, may impact consumer spending and economic growth, leading to further downward pressure on copper prices [2] - The large-scale sell-off of silver by the world's largest silver leveraged ETF has added significant selling pressure to an already crowded market, affecting LME copper prices [2] - Domestic consumption in traditional industries remains sluggish, and with low inventory levels in non-US regions, copper prices are expected to continue adjusting in the short term [2]

Core Viewpoint - The aluminum market is experiencing a downward trend, with the main contract dropping over 2%, influenced by a broader decline in precious metals and a rebound in the US dollar, indicating a decrease in risk appetite [1] Group 1: Market Performance - The main aluminum contract has seen a decline of more than 2%, while aluminum alloy prices have also followed suit with a nearly 2% drop [1] - Precious metals have experienced significant declines, contributing to the overall negative sentiment in the market [1] Group 2: Fundamental Analysis - As the Spring Festival approaches, the characteristics of a demand off-season are becoming increasingly evident, leading to a continuous accumulation of social inventories [1] - The short-term performance of the aluminum market appears weak due to these fundamental factors [1]

Group 1 - The central bank announced a total of 300 billion yuan in 14-day reverse repos and 118.5 billion yuan in 7-day reverse repos, with the 14-day reverse repo rate remaining stable at 1.40% [1] - The bond market saw a decrease in trading volume, with exchange bond transactions dropping by 1.3 billion yuan to 201.8 billion yuan, and convertible bond transactions decreasing by 7.1 billion yuan to 42.1 billion yuan [1] - The 10-year government bond futures rose by 0.08% to 108.320, while the 5-year and 2-year contracts increased by 0.07% and 0.04% respectively [1] Group 2 - The interbank market experienced a narrow fluctuation, with most active bond rates declining, indicating a positive sentiment [2] - A total of 30 local government bonds were issued, amounting to 191.55 billion yuan, with a weighted duration of 17.7 years, and over 97.25 billion yuan of these bonds having a maturity of over 10 years [2] - Current liquidity and macroeconomic sentiment are favorable for the bond market, although the existing bonds remain in a low-volatility range [2] Group 3 - The bond market showed mixed performance, with the "Er Yong" bond yields mostly rising, while the 5-year variety saw a decline [3] - The China Securities convertible bond index fell by 0.84% to 516.89 points, with a trading volume of 70.118 billion yuan, indicating significant differentiation among individual bonds [3] - In the overseas market, Japanese government bonds experienced a slight decline, with the 10-year yield rising by 1 basis point to 2.255% [3] Group 4 - The central bank's 14-day liquidity injection aims to support liquidity during the peak of local government bond issuance before the Spring Festival, maintaining a balanced and loose funding environment [4] - The bond market initially faced pressure from local bond supply, but sentiment improved as stock and commodity prices fell, leading to a recovery in futures and cash bonds [4] Group 5 - The bond market showed signs of recovery, with securities firms increasing their net buying of interest rate bonds, further expanding the market's gains [5] - Major funding rates mostly declined compared to the previous day, with 4.775 billion yuan in 7-day reverse repos maturing the next day [6]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - On February 5, 2026, all stock indices fluctuated and pulled back. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.1943 trillion yuan, a decrease of 309 billion yuan from the previous day. The sharp decline in silver led to a weakening of market risk appetite, making stock market funds more cautious and increasing the willingness of funds to take profits and leave the market. The trading volume of the stock market continued to shrink. In the long - term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the logic of the long - term upward movement of stock indices is relatively solid. However, in the short - term, macroeconomic indicators have weakened, and the "weak reality" pressure has emerged. Coupled with the weakening of risk appetite caused by silver, the sentiment of the stock market has turned cautious in the short term. In the future, as the sentiment in the commodity market recovers, the risk appetite of the stock market will return to its own fundamental logic. Subsequently, attention should be paid to the implementation rhythm of policy benefits and the flow of funds. In general, the risk appetite of the stock market is cautious in the short term, and stock indices will mainly fluctuate and consolidate. For options, since the long - term upward logic of stock indices is relatively solid, a bull spread strategy can be considered [3]. Group 3: Summary by Related Catalogs 1 Option Indicators - On February 5, 2026, 50ETF fell 0.32% to close at 3.137; 300ETF (Shanghai Stock Exchange) fell 0.59% to close at 4.679; 300ETF (Shenzhen Stock Exchange) fell 0.49% to close at 4.877; CSI 300 Index fell 0.60% to close at 4670.42; CSI 1000 Index fell 1.69% to close at 8068.08; 500ETF (Shanghai Stock Exchange) fell 2.04% to close at 8.217; 500ETF (Shenzhen Stock Exchange) fell 1.92% to close at 3.267; GEM ETF fell 1.79% to close at 3.238; Shenzhen 100ETF fell 0.58% to close at 3.450; SSE 50 Index fell 0.33% to close at 3059.01; STAR 50ETF fell 1.50% to close at 1.51; E Fund STAR 50ETF fell 1.55% to close at 1.46 [5]. - The trading volume PCR and position PCR of various options on February 5, 2026, and their changes compared with the previous trading day are provided. For example, the trading volume PCR of SSE 50ETF options was 96.08 (previous trading day: 86.73), and the position PCR was 73.59 (previous trading day: 74.46) [6]. - The implied volatility of at - the - money options in February 2026 and the 30 - trading - day historical volatility of the underlying assets of various options are given. For instance, the implied volatility of at - the - money options of SSE 50ETF options in February 2026 was 13.47%, and the 30 - trading - day historical volatility of the underlying asset was 14.38% [7]. 2 Related Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][11][13][15][17]. - **SSE 300ETF Options**: Include charts of the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [19][21][20][20][21]. - **SZSE 300ETF Options**: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [22][24][26][30][28][31]. - **CSI 300 Index Options**: Include charts of the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [34][35][36][40][38][42]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [44][45][48][50][53][56]. - **SSE 500ETF Options**: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [58][64][60][66][62][68]. - **SZSE 500ETF Options**: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [71][77][73][79][75][82]. - **GEM ETF Options**: Include charts of the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [84][92][86][90][88][91]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [94][100][96][102][98][105]. - **SSE 50 Index Options**: Include charts of the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [107][113][109][115][111][118]. - **STAR 50ETF Options**: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [120][129][123][125][127][128]. - **E Fund STAR 50ETF Options**: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [130][133][131][131][132][132].