1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - In the short term, it is expected that stock index futures will fluctuate strongly before the Spring Festival, accumulating strength for further upward movement [6] - In the long run, in the context of low - interest rates and an "asset shortage", domestic market funds are generally abundant, and the economy is in the process of bottom - building. The medium - to - long - term upward trend of stock indices is expected to continue [6] - The strategy is to continue to hold long positions in stock indices for the medium - to - long - term [6] 3. Summary by Related Catalog 3.1 Macro - financial Market Review - The central bank conducted 113 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. With 75 billion yuan of reverse repurchases maturing, the net investment on the day was 38 billion yuan [4] - This week, 405.5 billion yuan of reverse repurchases will mature in the central bank's open market, and 500 billion yuan of 182 - day repurchase - style reverse repurchases will also mature on Friday [4] 3.2 Interest Rate Market | Variety | Closing Price | Change from Previous Value (bp) | | --- | --- | --- | | DRO01 | 1.27 | - 0.24 | | DR007 | 1.54 | 7.68 | | GC001 | 1.57 | 28.50 | | GC007 | 1.66 | 6.00 | | SHBOR 3M | 1.58 | 0.00 | | LPR 5 - year | 3.50 | 0.00 | | 1 - year Treasury Bond | 1.31 | - 0.50 | | 5 - year Treasury Bond | 1.55 | - 0.75 | | 10 - year Treasury Bond | 1.79 | - 0.85 | | 10 - year US Treasury Bond | 1.00 | 0.00 | [4] 3.3 Stock Index Market - Yesterday, the CSI 300 rose 1.63% to 4719.1, the SSE 50 rose 1.45% to 3081.8, the CSI 500 rose 2.02% to 8311.3, and the CSI 1000 rose 2.26% to 8233.8 [5] - The trading volume of the Shanghai - Shenzhen - Beijing stock markets reached 2.27 trillion yuan, an increase of 106.7 billion yuan from the previous trading day. Most industry sectors rose, with only the mining and gas sectors falling [5] 3.4 Stock Index Futures Market | Variety | Closing Price | Change from Previous Day (%) | Volume Change (%) | Open Interest Change (%) | | --- | --- | --- | --- | --- | | CSI 300 | 4719 | 1.63 | - | - | | IF Current Month | 4723 | 1.8 | - 23.3 | - 1.9 | | SSE 50 | 3082 | 1.45 | - | - | | IH Current Month | 3084 | 1.5 | - 25.8 | - 5.2 | | CSI 500 | 8311 | 2.02 | - | - | | IC Current Month | 8322 | 2.2 | - 31.3 | - 3.7 | | CSI 1000 | 8234 | 2.26 | - | - | | IM Current Month | 8256 | 29 | - 23.0 | - 4.2 | [5] 3.5 Stock Index Futures Premium and Discount | Variety | Current Month Contract | Next Month Contract | Current Quarter Contract | Next Quarter Contract | | --- | --- | --- | --- | --- | | IF Premium/Discount | - 2.49% | - 0.43% | 1.66% | 2.86% | | IH Premium/Discount | - 1.96% | - 0.67% | 0.25% | 1.80% | | IC Premium/Discount | - 4.28% | - 0.04% | 3.25% | 4.29% | | IM Premium/Discount | - 8.96% | 0.13% | 5.82% | 6.89% | [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the public REITs market declined slightly, with a decrease in trading volume and a decline in both the property - type and concession - type public REITs indices. Most public REITs products fell. In the primary market, 20 public REITs have been issued since 2025, and 39 public REITs funds are waiting to be listed. The market is expected to continue to expand. In the context of an asset shortage, public REITs have the advantages of high dividends and medium - low risks, and their allocation cost - performance is relatively high [2][5][41]. 3. Summary According to the Catalog 3.1 Secondary Market: Slight Decline in the Public REITs Market This Week - **Index Decline**: As of February 6, 2026, the China Securities REITs Index and the China Securities REITs Total Return Index both declined by 0.91% compared to last week, reaching 802.18 and 1042.83 respectively [10]. - **Decrease in Trading Volume**: The total trading volume of the REITs market this week was 660 million shares, a 13.04% week - on - week decrease, and the trading amount was 2.917 billion yuan, an 8.33% week - on - week decrease. The interval turnover rate this week was 2.36%, compared with 2.72% last week [11]. - **Index Decline by Asset Type**: The property - type and concession - type public REITs indices declined by 1.22% and 0.74% respectively. Among property - type REITs, park infrastructure, new infrastructure, affordable rental housing, warehousing and logistics, and consumer infrastructure REITs declined by 1.60%, 1.47%, 1.35%, 1.20%, and 0.82% respectively. Among concession - type REITs, municipal facilities, energy infrastructure, ecological environmental protection, transportation infrastructure, and water conservancy facilities REITs declined by 2.08%, 1.32%, 1.18%, 0.61%, and 0.58% respectively [13][17]. - **Most Trading Volumes and Turnover Rates Declined**: Most public REITs of different types saw a decline in trading volume. The trading volumes of municipal facilities, water conservancy facilities, park infrastructure, warehousing and logistics, affordable rental housing, ecological environmental protection, new infrastructure, and transportation infrastructure REITs decreased by 75.45%, 31.14%, 30.66%, 28.30%, 26.60%, 17.95%, 11.16%, and 9.86% respectively compared to last week. The trading volumes of energy infrastructure and consumer infrastructure REITs increased by 48.61% and 16.19% respectively. In terms of turnover rate, the daily average turnover rate of energy infrastructure REITs exceeded 1 this week. The daily average turnover rates of new infrastructure, ecological environmental protection, water conservancy facilities, warehousing and logistics, park infrastructure, affordable rental housing, transportation infrastructure, and municipal facilities REITs were 0.96%, 0.70%, 0.57%, 0.49%, 0.44%, 0.30%, 0.28%, and 0.19% respectively, with decreases of 0.10%, 0.11%, 0.26%, 0.22%, 0.23%, 0.11%, 0.06%, and 0.58% compared to last week. The daily average turnover rate of consumer infrastructure REITs was 0.56%, a 0.07% increase compared to last week [20][22]. - **Most Public REITs Products Declined**: Among the 79 public REITs, 16 rose, 62 fell, and 1 remained flat. The top gainers included Ping An Ningbo Jiaotou Hangzhou Bay Bridge REIT, CICC Hubei Ketou Optics Valley Industrial Park REIT, and Penghua Shenzhen Energy REIT, with weekly gains of 1.7%, 1.6%, and 1.5% respectively. The top losers included Huatai Zijin Nanjing Jianye Industrial Park REIT, Huaxia Kaide Commercial REIT, and Harvest JD Warehousing Infrastructure REIT, with weekly losses of 4.9%, 4.1%, and 3.7% respectively. Huaxia Zhonghe Clean Energy REIT, Harvest JD Warehousing Infrastructure REIT, and Southern Wanguo Data Center REIT had relatively high turnover rates of 8.99%, 1.95%, and 1.37% respectively. The weekly trading volumes of Huaxia Zhonghe Clean Energy REIT, Southern Runze Technology Data Center REIT, Harvest JD Warehousing Infrastructure REIT, and Huaxia China Resources Commercial REIT were 256 million, 115 million, 107 million yuan respectively [24]. 3.2 Primary Market: 39 Public REITs Funds Waiting to be Listed - **Issuance Since 2025**: As of February 6, 2026, a total of 79 public REITs have been issued, with a total issuance scale of 203.374 billion yuan. Among them, 29 REITs were issued in 2024, with a total issuance scale of 64.6 billion yuan. Since 2025, 20 public REITs have been issued, and no new issuance occurred in January 2026 [30]. - **Pending Listings**: As of February 6, 2026, 39 public REITs funds are waiting to be listed, including 26 initial offerings and 13 expansions. In terms of project status, 9 have passed, 7 have been feedbacked, 5 have been questioned, 3 have been accepted, 10 have been declared, and 5 have been suspended. By type, among industrial REITs, there are 8 park - type REITs, 2 consumer infrastructure - type REITs, 3 warehousing and logistics - type REITs, and 6 affordable rental housing - type REITs. Among concession - type REITs, there are 4 energy - type REITs, 3 transportation - type REITs, and 1 water conservancy facilities - type REIT [34]. 3.3 Public REITs Policies and Market Dynamics - **Huatai Zijin Huazhu Anzhu REIT**: On February 3, Huatai Zijin Huazhu Anzhu Closed - end Commercial Real Estate Securities Investment Fund was officially declared, becoming the first commercial real estate REIT on the Shenzhen Stock Exchange. On February 5, it was officially accepted by the Shenzhen Stock Exchange. The original equity holder is Shanghai Anzhu此间 Business Information Consulting Co., Ltd., and the fund manager is Huatai Securities (Shanghai) Asset Management Co., Ltd. The proposed issuance of the fund is 500 million shares, with an expected fundraising scale of 1.32 billion yuan, a term of 32 years, and expected distribution rates of 5.21% and 5.48% in 2026 and 2027 respectively. The underlying assets include the Mercure & All Seasons Hotel at Guangzhou Tianhe Sports Center and the Crystal Orange Hotel at Shanghai Jiangqiao Wanda [38][40]. - **Everbright Ansheng Commercial Real Estate REIT**: On February 4, Everbright Prudential Everbright Ansheng Closed - end Commercial Real Estate Securities Investment Fund was officially submitted for declaration to the CSRC. The proposed underlying assets are Jing'an Grand融 City and Jiangmen Grand融 City managed by Everbright Jiabao. Jing'an Grand融 City is located in Jing'an District, Shanghai, with a construction area of about 189,000 square meters, and Jiangmen Grand融 City is located in Pengjiang District, Jiangmen, Guangdong, with a construction area of about 120,000 square meters, both of which are in the commercial retail business [39]. 3.4 Investment Suggestions - This week, the REITs index declined slightly, and the trading amount in the public REITs market decreased. By asset type, property - type and concession - type public REITs declined by 1.22% and 0.74% respectively. Two new commercial real estate REITs were accepted this week. Since 2025, 20 public REITs have been issued, with a total scale of over 30 billion yuan. Additionally, 39 REITs funds are waiting to be listed, and the market is expected to continue to expand. In the context of an asset shortage, public REITs have high dividends and medium - low risks, and their allocation cost - performance is relatively high [5][41].

Report Summary 1. Report's Industry Investment Rating No specific investment rating for the industry is provided in the report. 2. Core Viewpoints - In the short - term, the stock index is expected to consolidate after a rebound on low volume. In the long - term, with a low - interest - rate environment and "asset shortage", the domestic market has abundant funds and the economy is bottoming out, so the medium - to - long - term upward trend of the stock index is not expected to end [1]. - Asset shortage and weak economy are beneficial for bond futures, but the central bank has recently warned about interest - rate risks, so attention should be paid to the Bank of Japan's interest - rate decision [1]. - Market sentiment has recovered. In the context of tightening nickel ore supply in Indonesia, supply concerns may continue to disrupt the market. For different metals and commodities, their prices are affected by various factors such as supply and demand, policies, and macro - sentiment [1]. 3. Summary by Related Catalogs Macro - finance - Stock index: Short - term consolidation after rebound, medium - to - long - term upward trend remains [1]. - Bond futures: Asset shortage and weak economy are favorable, but central bank warns of interest - rate risks, focus on Bank of Japan's decision [1]. Non - ferrous Metals - Copper: Prices have rebounded due to improved downstream demand and increased risk appetite [1]. - Aluminum: Prices are oscillating strongly with limited industrial - end drivers and improved macro - sentiment [1]. - Alumina: Operating capacity has declined, but inventories have increased, and prices remain oscillating [1]. - Zinc: Cost center is stable, prices are expected to rebound after a correction due to increased risk - aversion sentiment [1]. - Nickel: Prices have rebounded in the short term, affected by the situation in Indonesia. In the long term, high global inventories may be a constraint [1]. - Stainless steel: Futures are oscillating, with support from the raw - material side and improved macro - sentiment. Attention should be paid to actual production by steel mills [1]. - Tin: Prices are volatile in the short term, and investors should focus on risk management and profit protection [1]. Precious Metals and New Energy - Gold and silver: Have rebounded due to improved liquidity, weak dollar index, and weak inflation expectations. They are expected to stabilize and oscillate before the Spring Festival [1]. - Platinum and lithium: May fluctuate strongly in a wide range in the short term due to improved liquidity [1]. Industrial Products - Industrial silicon: Northwest production is increasing while southwest production is decreasing. Scheduled production of polysilicon and organic silicon decreased in December [1]. - Polysilicon: Suggested to wait and see due to liquidity risks [1]. - Carbonate lithium: In the off - season for new - energy vehicles, with strong demand for energy storage and battery exports. There is a need for a correction after a large increase [1]. - Rebar and hot - rolled coil: High production and high inventory limit price increases, and the transmission from futures to spot prices is not smooth. Unilateral long positions should be closed, and positive arbitrage positions can be taken [1]. - Iron ore: There is obvious pressure above the current level, and chasing long positions is not recommended [1]. - Manganese silicon and ferrosilicon: There is a combination of weak reality and strong expectations. Current supply and demand are weak, but energy - consumption control and anti - involution may affect supply [1]. - Soda ash: Follows glass, with looser supply and demand in the medium term, and prices are under pressure [1]. - Coke and coking coal: Similar logic, mainly depending on capital sentiment during the off - season. Opportunities for high - point realization of spot goods or establishment of positive arbitrage positions should be grasped [1]. Agricultural Products - Palm oil, soybean oil, and rapeseed oil: Are expected to turn to an oscillating trend due to various factors such as the end of pre - festival stocking, purchase expectations, and tariff adjustments [1]. - Cotton: The market is currently in a situation of "having support but no driver". Future policies, planting area, weather, and demand should be monitored [1]. - Sugar: There is a consensus on short - selling due to global surplus and increased domestic supply. If prices continue to fall, there is strong cost support, but the short - term fundamentals lack continuous drivers [1]. - Corn: Is expected to oscillate narrowly in the short term. After the Spring Festival, attention should be paid to the selling pressure of ground - stored grain and policy changes [1]. - Soybean meal: Is expected to oscillate in a range in the short term, affected by factors such as US soybean exports and Brazilian discounts. The spot basis is expected to weaken [1]. - Pulp: With disturbances on the supply side and weakening demand after restocking, it is advisable to wait and see [1]. - Logs: Spot prices have risen, and with a decrease in February arrivals and rising foreign quotes, the futures price has an upward driving force [1]. - Pigs: Spot prices are stabilizing, demand is supportive, and production capacity still needs to be further released [1]. Energy and Chemicals - Crude oil and fuel oil: OPEC+ has suspended production increases until the end of 2026, the US and Iran may hold peace talks, and the geopolitical situation in the Middle East has cooled down. The commodity market sentiment has turned bearish [1]. - Asphalt: Short - term supply - demand contradictions are not prominent, following crude oil. The "14th Five - Year Plan" construction demand may be falsified, and supply is sufficient [1]. - BR rubber: The cost side has strong support, and there are expectations of export increases. Short - term downstream negative feedback is being realized, and the market should pay attention to pre - Spring Festival inventory clearance [1]. - PTA and short - fiber: The PX market is strong, driving up chemical products. PTA production is increasing, and short - fiber prices follow costs closely [1]. - Ethylene glycol: Overseas prices have rebounded, and the reduction in Middle East exports has boosted market confidence [1]. - Styrene: The futures price has rebounded due to improved supply - demand fundamentals, and the inventory has decreased [1]. - Methanol: Affected by the situation in Iran, there are both long and short factors. Downstream negative feedback is obvious [1]. - PVC: Global production capacity expansion is limited in 2026, but the fundamentals are poor. There may be a rush for exports, and capacity may be cleared in the northwest [1]. - LPG: The CP price has risen, and the market is expected to weaken. The basis is expected to widen, and demand is short - term bearish [1]. - Container shipping on the European route: Pre - festival freight rates have peaked and declined. Airlines are cautious about resuming flights and plan to increase prices after the off - season in March [1].

Group 1: Interest Rate and Bond Market - DR001 closed at 1.28 with a -4.41bp change, DR007 at 1.46 with a -2.08bp change, GC001 at 1.29 with a -13.50bp change, GC007 at 1.60 with a 2.50bp change, SHBOR 3M at 1.58 with a -0.05bp change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.32 with a 0.44bp change, 5 - year treasury at 1.56 with a -0.69bp change, 10 - year treasury at 1.81 with a -0.41bp change, and 10 - year US treasury at 4.22 with a 1.00bp change [4] - The central bank conducted 4055 billion yuan of 7 - day reverse repurchase operations and 6000 billion yuan of 14 - day reverse repurchase operations last week, with 3000 billion yuan of 14 - day reverse repurchase operations on Thursday and Friday respectively [4] - This week, 4055 billion yuan of reverse repurchases will mature in the central bank's open market, with 750 billion, 1055 billion, 750 billion, 1185 billion, and 315 billion yuan maturing from Monday to Friday respectively. Additionally, 5000 billion yuan of 182 - day repurchase - style reverse repurchases will mature on Friday [5] Group 2: Stock Index Market - The closing prices and changes of major stock indices and their corresponding futures contracts: CSI 300 closed at 4644 with a -0.57% change, IF current month at 4640 with a -%0.7 change; SSE 50 at 3038 with a -0.69% change, IH current month at 3037 with a -%0.9 change; CSI 500 at 8146 with no change and IC current month at 814 with a -0.%1 change; CSI 1000 at 8052 with a -0.20% change, IM current month at at 8027 with a -0.6% change [6] - The trading volume and open interest changes of stock index futures: IF trading volume was 118040 with a 1.8% change, IF open interest was at 29 with a -%1. change; IH trading volume was 55 with a 2. change, IH open interest was at 109 with a 0. change; IC trading volume was 19 with no change, IC open interest was at 31 with a -%2. change; IM trading volume was 24 with a 4. change, IM open interest was at 40 with a 1. change [6] - Last week, CSI 300 fell 1.33% to 4643.6, SSE 50 fell 0.93% to 3037.9, CSI 500 fell 2.68% to 8146.4, and CSI 1000 fell 2.46% to 8051.6. A - share trading volume shrank significantly due to pre - holiday risk - aversion sentiment. The daily trading volumes last week were 26066 billion, 25656 billion, 25033 billion, 21943 billion, and 21635 billion yuan respectively, with the average daily trading volume decreasing by 6565.9 billion yuan compared to the previous week [6] - In the Shenwan primary industry index, food and beverage (4.3%), power equipment (2.2%), comprehensive (2%), transportation (1.9%), and banking (1.7%) led the gains last week, while non - ferrous metals (-8.5%), communication (-6.9%), electronics (-5.2%), steel (-3.3%), and computer (-3.3%) led the losses [6] Group 3: Market Outlook and Strategy - During the US stock earnings season, the performance of the AI industry chain is under test, and US stock volatility has increased. Chip giants like NVIDIA and AMD have seen continuous stock price adjustments, and internet giants like Google and Amazon have raised market concerns due to poor profit efficiency and under - expected performance [7] - Last week, the domestic news was relatively calm, the selling pace of broad - based ETFs slowed down, indicating a significant weakening of regulatory control. As the Spring Festival holiday approached, market risk - aversion sentiment increased, and the total A - share trading volume narrowed significantly to around 2.1 billion yuan. Overseas, the increased volatility of non - ferrous metals and US technology stocks has had a significant impact on domestic non - ferrous and technology sectors [7] - In the short term, after a volume - shrinking rebound, the stock index is expected to consolidate through oscillations to accumulate strength for further upward movement. In the long run, in the context of low interest rates and an "asset shortage", domestic market funds are generally abundant, and as the economy is in the process of bottom - building, the medium - to - long - term upward trend of the stock index is not expected to end. The strategy is that stock index pullbacks may be opportunities to enter long positions [7] Group 4: Stock Index Futures Premium and Discount - The premium and discount rates of IF, IH, IC, and IM futures contracts for different delivery months are provided, with specific values for the current month, next month, current quarter, and next quarter contracts [8]

1. Report's Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - In the short term, the stock index is expected to consolidate after a shrinking rebound, and in the long term, the upward trend of the stock index is not expected to end due to abundant domestic market funds and the economy in the process of bottoming out [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest rate risks, and attention should be paid to the Bank of Japan's interest rate decision [1] - The prices of copper, aluminum, nickel, and other non - ferrous metals are affected by factors such as market sentiment, supply - demand relationship, and policies, and their trends vary [1] - Precious metals are expected to stabilize and fluctuate in the short term due to factors such as improved liquidity, but market funds may be cautious before the Spring Festival [1] - The prices of various industrial products and agricultural products are affected by factors such as supply - demand relationship, seasonality, and policies, showing different trends such as shock, upward, or downward [1] 3. Summary by Related Catalogs Macro - finance - The stock index is expected to consolidate after a shrinking rebound in the short term, and the long - term upward trend is not expected to end due to abundant funds and the economy in the bottom - building process [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank has warned of interest rate risks, and attention should be paid to the Bank of Japan's interest rate decision [1] Non - ferrous metals - Copper prices have rebounded after a decline due to improved downstream demand and increased market risk appetite [1] - Aluminum prices are fluctuating strongly due to improved macro - sentiment and limited industrial - end drivers [1] - Alumina prices are oscillating with a decline in operating capacity and further inventory accumulation [1] - Zinc prices are expected to stabilize after a callback, and it is recommended to wait and see [1] - Nickel prices have rebounded in the short term but may be suppressed by high global inventories in the long term. Attention should be paid to Indonesian policies and macro - sentiment [1] - Stainless steel futures are oscillating. Attention should be paid to the actual production of steel mills, and short - term operations are recommended with risk control [1] - Tin prices are highly volatile in the short term, and investors are advised to focus on risk management and profit protection [1] Precious metals and new energy - Precious metals are expected to stabilize and fluctuate in the short term due to improved liquidity, but market funds may be cautious before the Spring Festival [1] - Platinum and lithium may fluctuate strongly in a wide range in the short term due to improved liquidity [1] Industrial products - For industrial silicon, there is production increase in the northwest and decrease in the southwest, and the production of polysilicon and organic silicon decreased in December [1] - For carbonates, it is in the off - season for new energy vehicles, but the energy - storage demand is strong, and there is a need for a callback after a large increase [1] - For steel products such as rebar, hot - rolled coil, and iron ore, high production and high inventory suppress price increases, and it is recommended to take corresponding positions [1] - For manganese silicon and ferro - alloy, there is a situation of weak reality and strong expectation, and supply may be disturbed [1] - For soda ash, it follows glass, and the medium - term supply - demand is more relaxed, and the price is under pressure [1] - For coking coal and coke, it is recommended to take corresponding positions according to market conditions [1] Agricultural products - For palm oil, soybean oil, and rapeseed oil, they are expected to turn to shock due to various factors such as备货 and tariff policies [1] - For cotton, it is in a situation of "supported but without drivers" in the short term, and attention should be paid to relevant policies and market conditions [1] - For sugar, there is a clear short - selling consensus, and attention should be paid to the change of funds [1] - For corn, it is expected to maintain a narrow - range shock in the short term, and attention should be paid to post - festival factors [1] - For soybean meal, it is expected to have a range - bound shock in the short term, and attention should be paid to the selling pressure of Brazilian discounts [1] - For pulp, it is recommended to wait and see due to supply disturbances and weakening demand [1] - For logs, the disk has upward driving force due to rising prices and expected decline in arrival volume [1] - For live pigs, the production capacity needs to be further released [1] Energy and chemical industry - For crude oil and fuel oil, factors such as OPEC+ suspending production increase, geopolitical situation, and market sentiment affect their trends [1] - For asphalt, there are factors such as cost support, market sentiment, and demand changes [1] - For BR rubber, the short - term disk is expected to have a wide - range shock, and there is an upward expectation in the long term [1] - For PTA, short - fiber, and other chemical products, they are affected by factors such as PX market strength, production capacity, and demand [1] - For ethylene, its price has rebounded due to improved supply - demand fundamentals [1] - For methanol, there are factors such as import reduction expectations and downstream negative feedback [1] - For PVC, there are factors such as supply pressure, future expectations, and policy impacts [1] - For LPG, the disk is expected to weaken, and the basis is expected to expand [1] - For container shipping on the European line, the freight rate has peaked and declined before the festival, and airlines have a strong willingness to raise prices after the off - season in March [1]

Group 1 - The capital market is experiencing increased volatility, leading to a common concern among investors about where to allocate their funds [1][17] - The topic of "fixed income +" is gaining popularity on social media, with many investors recognizing its defensive strategy during market fluctuations [2][10] - Financial institutions are actively promoting "fixed income +" products, with significant growth in demand observed in early 2025 [3][12] Group 2 - "Fixed income +" is characterized as a combination of stable income from fixed assets and performance bonuses from equities and other assets, appealing to investors seeking both stability and growth [8][10] - The "fixed income +" strategy aligns with the trend of wealth management focusing on stability while still aiming for additional returns [11][13] - The market for "fixed income +" products has seen a substantial increase, with a reported growth of 16% year-on-year, reaching a total of 10.8 trillion yuan by the end of 2025 [12][18] Group 3 - The average annualized return for "fixed income +" products is approximately 4%, outperforming pure bond funds while maintaining lower volatility [20] - Financial institutions are expected to diversify their strategies to include more equity exposure through "fixed income +" and multi-asset approaches, potentially bringing in an additional 150 to 250 billion yuan in annual funds [21][22] - The rise of "fixed income +" reflects a shift in investor behavior towards more proactive and diversified asset allocation strategies [33]

Report Industry Investment Rating - The report gives a "Bullish" rating to the precious metals and new energy sectors, and "Neutral" or "Wait-and-See" ratings to most other sectors [1] Core Viewpoints - In the context of low interest rates and an "asset shortage", domestic market funds remain abundant, and the stock index is expected to maintain a long-term upward trend despite short-term volatility [1] - The bond market is favored by the "asset shortage" and weak economy, but the central bank has recently warned of interest rate risks [1] - Metal prices, including copper, aluminum, and nickel, are expected to stabilize and rebound after the release of macro risks, although they are subject to various supply and demand factors and policy uncertainties [1] - Agricultural product prices are affected by factors such as supply and demand, weather, and policy. For example, palm oil is expected to be volatile and bullish, while cotton is in a situation of "support but no driver" [1] - Energy and chemical product prices are influenced by factors like crude oil prices, supply and demand fundamentals, and geopolitical situations. For instance, PTA and ethylene glycol prices have shown different trends due to various factors [1] Summary by Industry Macro Finance - Stock index: Expected to consolidate after a volume-reduced rebound, with a long-term upward trend intact due to abundant funds and economic recovery [1] - Bond futures: Favored by the "asset shortage" and weak economy, but short-term interest rate risks are highlighted [1] Non-Ferrous Metals - Copper: After a significant correction, prices are expected to stabilize and rebound as macro risks are released, with industry fundamentals providing support [1] - Aluminum: Prices dropped due to rising macro risk aversion but are expected to recover as the supply narrative continues and risks are released [1] - Alumina: Supply exceeds demand, and prices are under pressure but are expected to fluctuate around the cost line [1] - Zinc: The cost center is stabilizing, and prices are expected to rebound after a correction due to increased risk aversion [1] - Nickel: Short-term prices are expected to stabilize and rebound, but long-term high global inventories may still exert pressure. Attention should be paid to Indonesian policies and macro sentiment [1] - Stainless steel: Futures prices are expected to fluctuate, with support from the raw material end and repeated macro sentiment. Short-term trading is recommended [1] - Tin: Prices rebounded strongly after a mine accident and significant deleveraging, but high short-term volatility requires risk management [1] Precious Metals and New Energy - Gold and silver: Market sentiment is recovering, but strong US PMI data may slow the short-term upward momentum [1] - Platinum and palladium: Short-term support exists due to Trump's plan to establish a key mineral reserve and the EU's consideration of sanctions on Russian platinum exports [1] - Industrial silicon: Northwest production is increasing while southwest production is decreasing, and the production schedules of polysilicon and organic silicon declined in December [1] - Polysilicon: In the off-season for new energy vehicles, but storage demand is strong. Prices have risen significantly and may need to correct [1] - Lithium carbonate: Expectations are strong, but the spot market is weak, and the continuation of price increases lacks momentum [1] Black Metals - Rebar and hot-rolled coil: Unilateral long positions are advised to exit, and cash-and-carry arbitrage positions can be considered due to factors such as high production and inventory [1] - Iron ore: There is obvious upward pressure, and chasing long positions is not recommended [1] - Coke and coking coal: In the off-season, the focus is on capital sentiment, and opportunities to sell at high prices or establish cash-and-carry arbitrage positions are recommended [1] - Glass and soda ash: Weak current supply and demand are intertwined with strong expectations, and prices are under pressure in the medium term [1] Agricultural Products - Palm oil: Expected to be volatile and bullish as the main consuming countries start purchasing and production areas may reduce production and inventory [1] - Cotton: Currently in a situation of "support but no driver", and future attention should be paid to factors such as policy, planting area, and seasonal demand [1] - Sugar: There is a consensus on short positions due to global oversupply and increased domestic production, but the cost provides support at lower prices [1] - Grains: Before the Spring Festival, the market is expected to correct as pre-holiday stocking ends and funds take profits [1] - Soybeans: Unilateral expectations are for a weakening trend due to factors such as expected rainfall in Argentina and sufficient Brazilian supply [1] - Pulp: It is advisable to wait and see due to supply disturbances and weakening demand after restocking [1] - Logs: The spot price is rising, and the futures price is expected to increase due to a decrease in arrivals and an increase in foreign quotes [1] - Hogs: The spot price is stabilizing, and demand is supported, but production capacity still needs to be further released [1] Energy and Chemicals - Crude oil: OPEC+ has suspended production increases until the end of 2026, and geopolitical tensions in the Middle East may ease. Prices are expected to correct in the short term [1] - Fuel oil: Follows the trend of crude oil, and the supply of Ma Rui crude oil is sufficient [1] - Asphalt: Profits are high, and the demand for catch-up construction during the 14th Five-Year Plan may be falsified [1] - Shanghai rubber: The raw material cost provides support, but downstream demand weakens before the festival, and the futures-spot price difference has widened [1] - BR rubber: The cost of butadiene provides support, and there is an expectation of increased exports in the long term. Short-term prices are expected to fluctuate widely, with an upward trend in the long term [1] - PTA: The PX market is strong, driving up the prices of chemical products. Domestic PTA production is increasing, and the negative feedback from polyester factory production cuts is limited [1] - Ethylene glycol: Overseas prices have rebounded, and the reduction in Middle East exports has boosted market confidence. Speculative demand has increased [1] - Styrene: The futures price has rebounded due to improved supply and demand fundamentals and reduced inventory pressure [1] - Methanol: Affected by the situation in Iran, imports are expected to decrease, but downstream negative feedback is significant, resulting in a mixed situation [1] - PE: The price has returned to a reasonable range, and demand is weak during the holiday after pre-holiday stocking [1] - PP: Supply pressure is high, downstream improvement is less than expected, and the price has returned to a reasonable range [1] - PVC: Global production is expected to be low in 2026, but the current fundamentals are poor, and there may be a rush to export [1] - LPG: The CP price is rising, and the demand side is short-term bearish, suppressing the upward movement of the futures price [1] Shipping - Container shipping on the European route: Freight rates have peaked and declined before the festival, and airlines are expected to raise prices after the off-season in March [1]

Report Summary 1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - Yesterday, the stock index was weakly volatile in the morning and rallied significantly in the afternoon, with the Shanghai 50 leading the gains driven by the coal and real estate sectors. The macro news was calm, precious metal prices rebounded, and market sentiment improved. In the short - term, it's necessary to focus on whether the panic caused by overseas liquidity tightening can be effectively alleviated. After the volume - shrinking rebound, the stock index is expected to consolidate through oscillations. In the long - run, in the context of low interest rates and "asset shortage", domestic market funds are generally abundant, and as the economy is in the bottom - building process, the medium - to - long - term upward trend of the stock index is not expected to end [6]. 3. Summary by Relevant Catalogs 3.1 Interest Rates and Bond Market - Interest rates: DR001 closed at 1.32% with a 0.32bp increase; DR007 at 1.49% with a 0.57bp decrease; GC001 at 1.48% with a 12.50bp decrease; GC007 at 1.57% with a 3.50bp decrease; SHBOR 3M at 1.58% with a 0.13bp decrease; LPR 5 - year at 3.50% unchanged [3]. - Bond yields: 1 - year treasury bond at 1.30% with a 0.01bp decrease; 5 - year at 1.51% with a 0.25bp decrease; 10 - year at 1.81% with a 0.15bp increase; 10 - year US treasury bond at 4.28% with a 1.00bp decrease [3]. - Central bank operations: The central bank conducted 750 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40% yesterday. With 3775 billion yuan of reverse repurchases maturing, the net withdrawal was 3025 billion yuan. This week, 17615 billion yuan of reverse repurchases will mature, and 7000 billion yuan of 91 - day repurchase - style reverse repurchases will mature on Wednesday [3]. 3.2 Stock Index Futures and Stock Market - Stock index futures prices: IF当月 closed at 4699 with a 0.9% increase; IH当月 at 3072 with a 1.3% increase; IC当月 at 8321 with a 0.3% increase; IM当月 at 8230 with a 0.2% increase [3][5][10]. - Stock index prices: The CSI 300 rose 0.83% to 4698.7; the SSE 50 rose 1.14% to 3069.2; the CSI 500 rose 0.15% to 8299.1; the CSI 1000 fell 0.02% to 8207.1 [5]. - Trading volume and open interest: IF volume decreased by 21.8%, open interest by 5.6%; IH volume by 17.5%, open interest by 6.9%; IC volume by 18.1%, open interest by 2.9%; IM volume by 11.4%, open interest by 0.5% [5][10]. - Market turnover: The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.5 trillion yuan, a decrease of 623 billion yuan from the previous day [5]. - Industry performance: Most industry sectors rose. The coal, photovoltaic equipment, airport, glass fiber, mining, and real estate development sectors led the gains, while the precious metal, cultural media, gaming, internet service, and semiconductor sectors led the losses [5]. 3.3 Stock Index Futures Basis - IF basis: - 0.06% for the current - month contract, 0.90% for the next - month contract, 1.94% for the current - quarter contract, 3.01% for the next - quarter contract [7]. - IH basis: - 1.75% for the current - month contract, - 0.69% for the next - month contract, 0.30% for the current - quarter contract, 1.71% for the next - quarter contract [7]. - IC basis: - 6.03% for the current - month contract, - 1.45% for the next - month contract, 2.71% for the current - quarter contract, 3.78% for the next - quarter contract [7]. - IM basis: - 6.36% for the current - month contract, 0.38% for the next - month contract, 5.33% for the current - quarter contract, 6.27% for the next - quarter contract [7].

1. Report Industry Investment Ratings - Bullish: Precious metals (gold, silver), platinum, palladium, palm oil, ethylene glycol, styrene, PE [1] - Bearish: Steel (rebar, hot - rolled coil), iron ore, soybean meal, SHK, caustic soda [1] - Neutral: Industrial silicon, polycrystalline silicon, lithium carbonate, glass, soda ash, coking coal, coke, rapeseed oil, cotton, sugar, grains, pulp, BR rubber, urea, methanol, PVC, LPG, container shipping [1] 2. Core Views - In the short - term, attention should be paid to whether the panic caused by overseas liquidity tightening can be effectively alleviated. After a shrinking - volume rebound, the stock index is expected to consolidate through oscillations. In the long - run, the upward trend of the stock index is not expected to end due to abundant domestic market funds and the economy in the bottom - building process [1] - The "asset shortage" and weak economy are beneficial for bond futures, but the central bank has recently warned of interest - rate risks, and attention should be paid to the Bank of Japan's interest - rate decision [1] - After the release of macro - negative factors, the sentiment has recovered. However, supply concerns in the non - ferrous metal market may continue to disrupt the market, and different non - ferrous metals have different price trends and investment suggestions [1] - For agricultural products, different products have different supply - demand situations and price trends, and factors such as policies, weather, and demand seasons need to be considered [1] - In the energy and chemical sectors, factors such as geopolitical situations, supply - demand relationships, and cost changes affect product prices and investment decisions [1] 3. Summary by Related Catalogs Macro - finance - Stock index: Short - term attention to overseas liquidity panic, long - term upward trend remains [1] - Treasury bonds: Asset shortage and weak economy are beneficial, but short - term interest - rate risks are warned, and focus on the Bank of Japan's decision [1] Non - ferrous metals - Copper: After the release of macro risks, the price is expected to stabilize and rebound [1] - Aluminum: After the release of risks, the price is expected to stabilize and rebound [1] - Alumina: Supply is strong and demand is weak, and the price is expected to oscillate [1] - Zinc: The cost center is stable, and the price is expected to rebound after a correction. It is recommended to wait and see [1] - Nickel: Short - term price stabilizes and rebounds, affected by the non - ferrous sector. Pay attention to Indonesian policies and macro - sentiment. Long - term high global nickel inventory may have a suppressing effect [1] - Stainless steel: The raw material end has support, and the futures price oscillates. It is recommended to focus on short - term trading [1] - Tin: After a strong rebound, pay attention to risk management in the short - term high - volatility situation [1] Precious metals and new energy - Gold, silver: After the liquidity problem is alleviated, they are expected to gradually repair and run strongly [1] - Platinum, palladium: There is short - term support and are expected to gradually stabilize and rebound [1] - Industrial silicon: Northwest production increases, southwest production decreases, and the production of polysilicon and organic silicon in December decreases [1] - Polysilicon: Wait and see due to liquidity risks [1] - Lithium carbonate: In the off - season of new energy vehicles, but with strong energy - storage demand and battery export rush. There is a need for a correction after a large increase [1] Ferrous metals - Rebar, hot - rolled coil: The expectation is strong, but the spot is weak, and the upward momentum is insufficient. It is recommended to exit long positions and participate in cash - and - carry arbitrage [1] - Iron ore: There is obvious upward pressure, and it is not recommended to chase long positions [1] - Coke, coking coal: The market is pessimistic about the coking coal 05 contract. After the first round of coke price increase is shelved, the price may gradually move towards the Mongolian coal long - term agreement cost [1] Agricultural products - Palm oil: Expected to oscillate strongly with the start of purchasing in major consuming countries and possible production reduction and inventory depletion in the producing areas [1] - Rapeseed oil: There is a risk of short - term correction due to the approaching end of pre - festival stocking and macro - sentiment [1] - Cotton: Currently in a situation of "support but no driver". Pay attention to policies, planting intentions, and seasonal demand [1] - Sugar: There is a global surplus and an increase in domestic new - crop supply. The short - side consensus is strong, and pay attention to the change of capital [1] - Grains: Before the festival, the upward momentum is insufficient, and it is expected to oscillate and correct. Pay attention to the short - term selling pressure [1] - Soybean meal: Expected to oscillate weakly [1] - Pulp: With disturbances on the supply side and weakening demand after restocking, it is recommended to wait and see [1] - Logs: The spot price rises, and the futures price has an upward driving force [1] - Pigs: The spot price is gradually stabilizing, and the production capacity needs to be further released [1] Energy - Crude oil: OPEC+ suspends production increase until the end of 2026, and the geopolitical situation in the Middle East may ease. The commodity market sentiment cools down [1] - Bitumen: Follows crude oil in the short - term, the "14th Five - Year Plan" construction demand is likely to be falsified, and the profit is high [1] - SHK: There is strong raw - material cost support, the commodity market sentiment turns bearish, the pre - festival downstream demand weakens, and the futures - spot price difference expands [1] Chemicals - BR rubber: The cost end has support, the short - term downstream negative feedback is realized, and the inventory is decreasing. The short - term price is expected to oscillate widely, and there is an upward expectation in the long - term [1] - PTA: Driven by the strong PX market, the chemical sector has a large inflow of funds, and the polyester leads the rise. The domestic PTA production increases, and the negative feedback from polyester factory production reduction is limited [1] - Ethylene glycol: The price rebounds after a long - term slump, and the reduction of Middle East exports boosts market confidence. There is an increase in speculative demand [1] - Short - fiber: The price closely follows the cost [1] - Styrene: The price rebounds rapidly with the improvement of the supply - demand fundamentals, and the inventory is decreasing [1] - Urea: The export sentiment eases, the domestic demand is insufficient, and there is support from anti - involution and the cost end [1] - Methanol: Affected by the Iranian situation, the import is expected to decrease, but the downstream negative feedback is obvious. There are multiple factors in a tug - of - war [1] - PE: There is a risk of crude oil price increase due to intensified geopolitical conflicts, and the linear production ratio decreases [1] - PVC: The global production capacity expansion is limited in 2026, but the fundamentals are poor. There may be a rush for exports, and the production capacity may be cleared [1] - Caustic soda: The macro - sentiment fades, the fundamentals are weak, and the factory inventory is increasing, with downward pressure on the spot price [1] - LPG: The CP price rises in February, the risk premium in the Middle East decreases, the overseas cold - wave driving logic slows down, the demand is short - term bearish, and the basis is expected to expand [1] - Container shipping: The pre - festival freight rate peaks and falls, the airlines are cautious about resuming flights, and there is a strong willingness to stop the price decline and raise prices after the off - season in March [1]

Fixed Income Research - The net financing amount is at a historically high level, indicating that the logic of asset scarcity has dissipated. The overall change in the issuance guidance rates published by the trading association has mostly decreased by 5 to 1 basis points. In January, the issuance scale of credit bonds increased month-on-month, with only medium-term notes seeing a decrease in issuance amount, while other varieties saw increases. The net financing amount for credit bonds increased month-on-month, with medium-term notes showing a decrease, while other varieties saw increases. Corporate bonds, directional tools had negative net financing, while corporate bonds, medium-term notes, and short-term financing bonds had positive net financing [2][3]. - In the secondary market, the transaction scale of credit bonds decreased month-on-month, with transaction amounts for all varieties declining. The yield on credit bonds remained low and fluctuated, with most varieties showing a month-on-month decline in average yield. The credit spread for most varieties narrowed month-on-month, with the varieties that widened mainly concentrated in the 7-year term. Most varieties' spreads are at historical lows. From an absolute return perspective, insufficient supply and relatively strong allocation demand will continue to drive the recovery of credit bonds. Although fluctuations are inevitable due to various factors, the conditions for a comprehensive bear market in credit bonds remain insufficient. In the long run, future yields are still in a downward channel, and the strategy of increasing allocation during adjustments remains feasible [3]. Fund Research - In January, the market for actively managed equity funds saw a significant increase in issuance, with a total of 88 new funds issued, amounting to 91.48 billion yuan. The issuance of actively managed equity funds and passive equity funds was 41.70 billion units and 19.62 billion units, respectively, with a significant increase in the issuance of actively managed equity funds. Overall, the issuance market for equity funds has warmed up significantly, especially for actively managed equity funds [6][7]. - The performance of equity markets was outstanding in January, with all types of funds showing varying degrees of increase. The average increase for commodity funds was the largest at 17.92%. The growth style outperformed the value style, and the mid-cap balanced style had the largest increase at 8.99%, while the large-cap value style had the smallest increase at approximately 4.22% [8]. Industry Research - The valuation repair of the real estate chain can continue, with positive signals from the government regarding real estate policies. The market is transitioning from a large-scale expansion phase to a focus on quality improvement. The goal is to actively construct a new development model for real estate, emphasizing both short-term and long-term strategies. The sales recovery process will significantly impact bond valuations, and investors with a higher risk appetite may consider early positioning, especially in companies showing strong performance in new financing and sales recovery [4][10]. - In the paper industry, several leading companies have announced price increases for white cardboard and corrugated paper, with expected price hikes of 200 yuan/ton for white cardboard and 30-50 yuan/ton for corrugated paper. The upcoming annual maintenance period for paper companies will disrupt supply, while the approaching Spring Festival will boost packaging demand from e-commerce, food, and beverage sectors, supporting price increases [12]. - In the metals industry, the steel sector is expected to continue a weak performance due to the Spring Festival holiday, with production and demand both shrinking. The copper market is also anticipated to see inventory accumulation due to reduced production activities during the holiday, with a focus on post-holiday demand verification [13][15].