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]

Core Viewpoint - The report from Maybank indicates that the Singapore dollar is strengthening against the US dollar due to increased risk appetite driven by rising regional stock markets, with a constructive outlook on the Singapore dollar [1] Group 1: Economic Indicators - Singapore's economic growth is strong, contributing to the positive outlook for the Singapore dollar [1] - Inflation in Singapore is manageable, further supporting the strength of the Singapore dollar [1] Group 2: Currency Analysis - The current environment suggests a downward risk for the US dollar, while the Singapore dollar is viewed as a reliable safe-haven asset [1]

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]

Report Industry Investment Rating - The rating for the US dollar is "oscillating" [5] Core View of the Report - The market risk preference fluctuates and rebounds. The stock market mostly rises, bond yields mostly rise slightly, and the US bond yield slightly drops to 4.21%. The US dollar index rises by 0.66% to 97.6, non - US currencies show mixed performance, the gold price rises by 1.4% to $4,964 per ounce, the VIX index rebounds to 17.7, the spot commodity index falls, and Brent crude oil drops by 2.3% to $71 per barrel [1][5][9] Summary by Directory 1. Global Market Overview This Week - Market risk preference wavers. Most stock markets rise, most bond yields rise slightly, and the US bond yield slightly drops to 4.21%. The US dollar index rises by 0.66% to 97.6, non - US currencies show mixed performance, the gold price rises by 1.4% to $4,964 per ounce, the VIX index rebounds to 17.7, the spot commodity index falls, and Brent crude oil drops by 2.3% to $71 per barrel [1][5][9] 2. Market Trading Logic and Asset Performance 2.1 Stock Market - Global stock markets mostly rise, while the US and A - share markets fall. The S&P 500 index drops by 0.1%, the Shanghai Composite Index drops by 1.27%, the Hang Seng Index drops by 3.02%, and the Nikkei 225 index rises by 1.75%. The stock market is gradually digesting the negative impact of Kevin Warsh's potential election as the Fed Chairman, with weak overall sentiment. Tech company earnings reports have an increasing impact on the market. Geopolitical risks cool marginally. The Fed is in a wait - and - see stage, and the US stock market is in the earnings season with potential for increased volatility. Economic data is mixed, and the domestic stock market is expected to be volatile [10][11][13] 2.2 Bond Market - Global bond yields mostly rise slightly, and the 10 - year US bond yield slightly drops to 4.21%. The US bond yield stops falling and rebounds due to the unchanged US fiscal refinancing scale. Developed - country bond yields are prone to rise. The 10 - year Chinese government bond yield slightly drops to 1.808%, and the Sino - US interest rate spread inverts and slightly drops to 239bp. The domestic bond market is expected to be volatile before the Spring Festival [14][18][21] 2.3 Foreign Exchange Market - The US dollar index rises by 0.66% to 97.6, and non - US currencies show mixed performance. The offshore RMB rises by 0.41%, the euro drops by 0.31%, the pound drops by 0.55%, the yen drops by 1.58%, the Swiss franc drops by 0.39%, the Canadian dollar, Thai baht, Malaysian ringgit, and Indian rupee fall, while the Australian dollar, South African rand, Brazilian real, and Mexican peso rise [25][27][28] 2.4 Commodity Market - Spot gold rises by 1.4% to $4,964 per ounce, and the VIX index rebounds to 17.7. Brent crude oil drops by 2.3% to $71 per barrel. The spot commodity index falls. Precious metals and non - ferrous metals correct, and commodities are under short - term pressure and expected to be volatile [29][30][31] 3. Hotspot Tracking - Market risk preference fluctuates and rebounds. The latest ISM manufacturing PMI exceeds expectations, but the US ADP employment is below expectations, and the labor market shows a weakening trend. The market short - term trades a recession - related liquidity withdrawal scenario, but the risk preference stabilizes on Friday. Geopolitical risks continue to ferment, and the US dollar index may peak in the short term [32][34][35] 4. Next Week's Important Event Tips - Monday: China's December financial data to be released; Tuesday: US December retail sales; Wednesday: China's January CPI and PPI, US January non - farm payrolls; Thursday: US January PPI and initial jobless claims; Friday: US January CPI [36]

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].

Core Insights - Non-farm payroll data serves as a crucial barometer for the U.S. economy, influencing financial market expectations and Federal Reserve policies [1] Importance of Non-Farm Payroll Data - The data reflects economic conditions in real-time, providing rich information on employment and income, which is vital as household spending accounts for two-thirds of the U.S. economy, thus helping to predict economic trends [1] - It significantly impacts Federal Reserve monetary policy, serving as a key basis for policy formulation [1] - The data often exceeds expectations, leading to market volatility; typically, better-than-expected data supports the dollar and negatively impacts gold, while the opposite is true, although market reactions can be influenced by risk appetite and may result in counterintuitive movements, with volatility usually being short-lived [1]