1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - On Tuesday, commodities stopped falling and rebounded, and rubber futures prices followed the upward trend. During the week before the Spring Festival holiday, capital re - allocation led to wide - range market fluctuations. The concentrated re - allocation of long - position funds in the metal sector, along with liquidity and leverage effects, triggered a systematic adjustment in commodities. Rubber futures prices oscillated sharply near the previous high. Economic data showed weakness, and the market's expectation of interest rate cuts increased. The average weekly price of Shanghai full - latex was 16,030 yuan/ton, a week - on - week decrease of 60; the average weekly price of 20 - grade Thai standard rubber in the Qingdao market was 1,950 US dollars/ton, a week - on - week decrease of 6; the average weekly price of 20 - grade Thai mixed rubber in the Qingdao market was 15,168 yuan/ton, a week - on - week decrease of 52. Overseas production areas entered the seasonal production - reduction season, with strong willingness of factories to purchase at higher prices, and raw material prices continued to rise, providing strong cost support. [4] - As of February 1, 2026, China's natural rubber social inventory was 1.281 million tons, a month - on - month increase of 9,000 tons, an increase of 0.7%. The total social inventory of dark - colored rubber in China was 853,000 tons, an increase of 0.7%. The total social inventory of light - colored rubber in China was 428,000 tons, a month - on - month increase of 0.8%. The total inventory of natural rubber in bonded and general trade in the Qingdao area was 591,700 tons, a month - on - month increase of 7,200 tons, an increase of 1.23%. The bonded area inventory was 97,600 tons, an increase of 3.34%; the general trade inventory was 494,100 tons, an increase of 0.82%. China's natural rubber inventory increased, and the inventory in Qingdao increased due to the arrival volume. The inbound volume increased by 6.7% month - on - month. Vietnamese rubber tended to accumulate inventory, while Yunnan generally continued the trend of inventory reduction. [4] - In February, before the Spring Festival, the volatility of the commodity market increased significantly. In terms of supply and demand fundamentals, the current supply of rubber in the origin is stable, and raw material prices are stable with a slight upward trend. The Hainan production area in China has stopped tapping, and the enthusiasm of factories to purchase rubber is limited. The high - yield tapping season overseas exerts pressure on supply, and the raw material prices in Thailand rebounded slightly after the festival. It is the off - season for downstream demand. Weak terminal demand and sufficient supply lead to an increase in finished product inventory. The natural rubber spot inventory continues the seasonal accumulation, exerting pressure on the spot market. In the long - term, the pattern of oversupply is expected to gradually improve as production reaches its peak. [4] - Industrial products are undergoing adjustments. It is recommended to temporarily wait and see for rubber on a single - side basis. The macro - sentiment is prone to fluctuations, and it is advisable to avoid chasing the high. The support level of the RU main contract is 15,700 - 15,800, and the pressure level is 16,100 - 16,400; the support level of the NR main contract is 12,800 - 13,000, and the pressure level is 13,420 - 13,800. [4] 3. Summary by Relevant Catalogs 3.1 Rubber Variety Viewpoint Summary - The recommended strategy for rubber is to buy on dips. The main logic is that the domestic spot inventory continues to accumulate slightly, overseas supply has no obvious fluctuations, the spot price is firm, and the macro - sentiment boosts the commodity market. The support range is 15,500 - 15,800, the pressure range is 16,300 - 16,500, and the market is expected to fluctuate upwards. - The recommended strategy for 20 - grade rubber is also to buy on dips. The main logic is that the dark - colored rubber has reached an inventory inflection point, the price of Thai glue is firm, the production in the fourth quarter has declined, and there is still support below. The support range is 12,700 - 12,800, the pressure range is 13,420 - 13,805, and the market is expected to recover from the bottom. [10] 3.2 Futures Market Review 3.2.1 Futures Market Review | Variety | Closing Price | Daily Percentage Change (%) | Daily Change | Trading Volume | Open Interest | | --- | --- | --- | --- | --- | --- | | Rubber Main - continuous | 16,575 | 1.62 | 265 | 270,154 | 162,081 | | 20 - grade Rubber Main - continuous | 13,445 | 1.70 | 225 | 50,956 | 49,041 | | Singapore TSR20 Main - continuous | 192 | 1.11 | 2 | 41 | 18,914 | [10] 3.2.2 Futures Market Warehouse Receipt Situation - The latest warehouse receipt volume of 20 - grade rubber is 50,803, with a year - on - year change of - 17.78%. The warehouse receipts have rebounded from a low level recently, and the market's expectation of inventory accumulation has resurfaced. - The latest warehouse receipt volume of rubber is 112,570, with a year - on - year change of - 38.33%. The warehouse receipts were significantly cancelled again today, the futures inventory has dropped sharply year - on - year, the delivery risk of futures contracts has increased, which supports the RU futures price. [16] 3.3 Spot Market Trends | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Natural Rubber (yuan/ton) | 16,225 | - 109 | - 685 | | Yunnan Glue (yuan/ton) | 14,200 | 0 | - 1,800 | | Thai Hat Yai Glue (Thai baht/kg) | 61 | 1 | - 5 | | Thai Hat Yai Cup Lumps (Thai baht/kg) | 54 | 0 | - 7 | | Thai 20 - grade Standard Rubber in Qingdao Bonded Area (US dollars/ton) | 1,965 | 10 | - 95 | [21] 3.4 Basis and Spread Situation | Futures | Spread Type | Present Value | Month - on - Month | Year - on - Year | | --- | --- | --- | --- | --- | | RU Main Contract Basis | Basis | - 110 | 10 | 500 | | NR Main Contract Basis | Basis | 1,770 | 20 | 175 | | Thai Mixed - RU | Non - standard Basis | - 1,135 | 40 | - 125 | | SVR3L - RU | Non - standard Basis | 215 | 10 | 385 | | RU - NR | Cross - variety Spread | 3,130 | 25 | 585 | | Full - latex - Thai Mixed | Light - dark Colored Rubber Spread | 850 | - 30 | 385 | [26] 3.5 Inter - month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Prediction | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Rubber | 5 - 9 | 90 | - 15 | 260 | Range Oscillation | Wait and See | | 20 - grade Rubber | 3 - 4 | - 55 | - 10 | - 205 | Range Oscillation | Wait and See | [28]

伊朗最高国家安全委员会秘书拉里贾尼表示,伊朗正与美国进行磋商,以敲定下一轮谈判的具体时 间。与此同时，特朗普称正考虑向中东派遣第二个航母打击群,为谈判破裂后可能采取的军事行动 做准备。EIA数据显示，上周美国原油库存环比增加850万桶，创下2025年1月以来最大周度增幅， 远超市场预期。受此超预期累库利空影响,昨夜布伦特油价一度突破70美元/桶关键位后涨势松动, 最终收于该关口下方。当前美伊对峙陷入僵局,谈判前景不明,地缘紧张局势持续发酵,市场持续 计入地缘政治风险溢价,而累库压力依然存在。多空因素交织，预计油价将维持高波动性。 【责金属】 隔夜美国公布1月季明后非农就业人口增加13万人超预期，创2025年4月以来最大增幅，降息预期受 到压制，市场等待本周CPI数据。白宫经济委员会主任哈塞特认为美联储仍有充足空间降息，通胀数 据将是关键因素。短期贵金属波动率逐渐下降,节前保持观望。 gtaxinstitute@essence.com.cn 综合晨报 2026年02月12日 【原油】 （铜） 隔夜伦铜波幅扩大，美国非农就业表现强劲指引美元与贵金属。沪铜开盘涨至短期均线上方,预计 国内铜库存节中累库。跨期反套为主 ...

Labor Market Insights - January non-farm payrolls increased by 130,000, exceeding expectations, while the unemployment rate fell to 4.3%[4] - The month-on-month wage growth accelerated to 0.4%, indicating a potentially improving labor market[4] Economic Recovery Signals - The manufacturing PMI for January also showed an unexpected rise, suggesting steady economic recovery in the U.S.[4] - However, the non-farm data revisions indicate a downward adjustment of nearly 900,000 jobs for the past year, highlighting potential overestimation risks in the labor market[4] Structural Employment Concerns - Job growth in January was predominantly concentrated in the healthcare and social assistance sectors, with minimal contributions from other industries[4] - Marginal improvements were noted in manufacturing and construction employment, which are positive signs but insufficient for overall productivity enhancement[4] Market Reactions and Future Outlook - Following the positive non-farm data, expectations for interest rate cuts in the first half of the year significantly decreased, leading to a short-term rebound in the dollar and U.S. Treasury yields[4] - Upcoming data releases, particularly January's CPI and quarterly GDP, may further influence market sentiment and interest rate expectations[4] Risks and Considerations - Potential risks include significant changes in U.S. trade policies, unexpected tariff impacts, and geopolitical factors that could increase global asset volatility[5]

Group 1 - The 30-year government bond ETF (511090) has seen a trading volume of 4.77 billion yuan with a turnover rate of 2.1% as of February 12, 2026 [1] - Over the past year, the average daily trading volume of the 30-year government bond ETF has been 82.27 billion yuan, with the latest fund size reaching 22.695 billion yuan [1] - The ETF has experienced continuous net inflows over the past five days, totaling 1.511 billion yuan, with a single-day peak inflow of 658 million yuan [1] Group 2 - On February 11, the interbank market showed a warming trend, with yields on bonds with maturities of five years and above declining, and the 10-year government bond yield approaching 1.78% [1] - The government bond futures mostly rose, with the 30-year and 10-year main contracts increasing by 0.05% and 0.06% respectively [1] - The interbank liquidity remains tight, with the weighted average rate of DR001 slightly rising to around 1.37% [1] Group 3 - The central bank conducted a 785 billion yuan reverse repurchase operation at a fixed rate of 1.40% on February 11, with a net injection of 403.5 billion yuan for the day [2] - There is a strong market expectation for interest rate cuts after the holiday, supported by signs of weak economic recovery and relatively ample liquidity [2] - The 30-year government bond ETF closely tracks the China Bond 30-Year Government Index, which includes publicly issued bonds with maturities of 30 years [2]

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2026年2月12日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 黄金 1、基本面：美国1月非农报告整体强劲，打压降息预期，金价震荡收涨；美国三大 股指小幅收跌，欧洲三大股指收盘涨跌不一；美债收益率集体上涨，10年期美债收 益率涨2.77个基点报4.170%；美元指数涨0.01%报96.86，离岸人民币对美元微幅升 值报6.9143；COMEX黄金期货涨1.53%报5107.80美元/盎司；中性 2、基差：黄金期货1130.4，现货1126.49，基差-3.91，现货贴水期货；中性 3、库存：黄金期货仓单105072千克，增加1020千克；偏空 4、盘面：20日均线向上，k线在 ...

黄金观点：短线承压，交易重心回到利率路径。 投资咨询业务资格：证监许可【2012】669号 中信期货研究|贵⾦属策略⽇报 2026-02-12 ⾮农超预期重塑降息预期，⾦银⾼位波 动加剧 1⽉⾮农就业新增13万⼈，显著⾼于预期7万⼈，失业率降⾄4.3%，平均 时薪同⽐3.7%、环⽐0.4%，就业与薪资同步偏强。尽管此前两⽉⾮农合 计下修1.7万⼈，但年度基准修正终值为-86.2万⼈，幅度⼩于前值，整体 修正未进⼀步恶化。数据公布后美元指数快速拉升，美债收益率上⾏，现 货⻩⾦短线回落近40美元。强就业数据阶段性压制降息交易，贵⾦属⾼位 波动显著放⼤。 （以上新闻和数据均来⾃彭博终端） 逻辑：第一，新增就业与薪资数据均高于预期，失业率回落，强化劳 动力市场韧性叙事，市场对年内宽松节奏的定价面临调整。第二，美 元与收益率同步反弹，实际利率预期回升，对无息资产形成直接压 制。第三，数据公布前债市收益率处于阶段低位，市场存在弱数据预 期差，强数据触发反向对冲与多头获利了结，加剧价格波动。 展望：在就业与薪资未出现明确转弱信号前，降息交易难以单边演 绎，金价或进入高位震荡与情绪反复阶段。中期仍取决于实际利率方 向与美元趋 ...

Group 1: Copper Market - The main copper futures in Shanghai opened higher but closed lower, ending at 102,190 CNY, while London copper peaked at 13,500 USD before retreating to around 13,222 USD [4][14] - The U.S. January non-farm payroll data exceeded market expectations, with 130,000 new jobs added and the unemployment rate dropping to 4.3%, leading to a slight cooling of interest rate cut expectations [4][14] - The increase in copper warehouse receipts by 12,958 tons to 178,900 tons on the Shanghai Futures Exchange and a rise of 3,000 tons in LME copper stocks to 192,100 tons indicate a bearish sentiment in the market [4][14] Group 2: Nickel and Stainless Steel - The U.S. non-farm employment data significantly exceeded expectations, slightly reducing the Fed's interest rate cut outlook, although concerns about data quality limit the impact [5][15] - The demand for Indonesian nickel ore remains strong, while domestic market conditions are constrained by negative feedback in the supply chain, leading to stagnant nickel ore procurement [5][15] - Stainless steel transactions have been relatively weak, with social inventory increasing month-on-month due to pessimistic sentiment in the futures market [5][15] Group 3: Polysilicon - In January, domestic polysilicon production was reported at 102,000 tons, a decrease of 8.3% quarter-on-quarter, with expectations for further reductions to 85,000 tons in February [6][16] - The cancellation of export tax rebates has limited support for downstream sectors, while high costs of auxiliary materials continue to restrict acceptance of silicon materials [6][16] - The current market is low in activity, with future prices expected to be influenced mainly by industry governance and regulatory dynamics [6][16] Group 4: Aluminum - Domestic alumina prices remained stable, with a northern alumina producer halting part of its roasting and leaching capacity, affecting around 4 million tons of normal operating capacity [7][17] - The market is expected to experience a temporary supply-demand mismatch post-holiday, with attention needed on the actual progress of new capacity in Guangxi [7][17] - The aluminum futures market is anticipated to remain in a narrow range, with the 05 contract expected to operate between 2,600 and 2,950 CNY per ton [7][17] Group 5: Zinc and Lead - Zinc futures in Shanghai opened high but closed lower, with the macro environment affected by strong U.S. non-farm data, leading to mixed market sentiment [20] - The supply of lead concentrate remains tight, with some smelters entering production cuts ahead of the holiday, while downstream purchasing has slowed [20][21] - Overall, both zinc and lead markets are expected to experience weak supply-demand dynamics, with lead prices anticipated to fluctuate within a range of 16,500 to 17,500 CNY per ton [20][21] Group 6: Precious Metals - Precious metals initially strengthened but later retraced gains due to strong U.S. employment data, which has pressured interest rate cut expectations [23] - The geopolitical situation in Greenland, with NATO's military actions, has added some support to precious metals due to increased risks [23] - Gold is recommended for long-term holding, while silver, platinum, and palladium require a more cautious approach [23]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: February 12, 2026 [2] - Research Team: Nonferrous Metals Research Team [4] - Researchers: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating No investment rating provided in the content. Core View - The poor retail sales data in the US in December 2025 led to an increase in interest - rate cut expectations. The weaker US dollar pushed the non - ferrous sector to rebound. Shanghai zinc fluctuated at a high level, with the main contract closing at 24,585, up 140 or 0.57%. The domestic demand side is in the Spring Festival off - season mode, procurement is almost finished, the market is in a state of having prices but no transactions, and the spot premium is stable. On the 11th, LME zinc inventory decreased by 1,500 tons to 105,250 tons, with 0 - 3C at 19.55. The market will focus on the non - farm payrolls data on Wednesday evening and the CPI inflation data on Friday. Considering the uncertainties during the Spring Festival holiday, investors are advised to hold light positions and pay attention to risk prevention [7] Summary by Directory 1. Market Review - Futures market: For SHFE zinc 2602, the opening price was 24,550 yuan/ton, the closing price was 24,400 yuan/ton, the highest was 24,550 yuan/ton, the lowest was 24,295 yuan/ton, down 230 yuan or 0.93%, with a position of 5,425 and a decrease of 150 in position. For SHFE zinc 2603, the opening price was 24,465 yuan/ton, the closing price was 24,455 yuan/ton, the highest was 24,555 yuan/ton, the lowest was 24,330 yuan/ton, down 130 yuan or 0.53%, with a position of 60,049 and a decrease of 3,452 in position. For SHFE zinc 2604, the opening price was 24,545 yuan/ton, the closing price was 24,505 yuan/ton, the highest was 24,590 yuan/ton, the lowest was 24,370 yuan/ton, down 115 yuan or 0.47%, with a position of 78,739 and an increase of 1,001 in position [7] 2. Industry News - On February 11, 2026, the mainstream transaction price of 0 zinc was concentrated between 24,380 - 24,555 yuan/ton, and there was no transaction for Shuangyan. The mainstream transaction price of 1 zinc was between 24,310 - 24,485 yuan/ton. In the morning, the market offered a premium of 40 - 50 yuan/ton to the SMM average price, and there was almost no offer against the market [8] - In the Ningbo market, the mainstream brand 0 zinc was traded at around 24,330 - 24,495 yuan/ton. The regular brands in Ningbo were offered at a discount of 45 yuan/ton to the 2603 contract and 10 yuan/ton to the Shanghai spot price. The mainstream in the Ningbo area was to offer against the 2603 contract [8] - In the Tianjin market, the mainstream 0 zinc ingots were traded at 24,330 - 24,530 yuan/ton, Zijin was traded at 24,260 - 24,430 yuan/ton, and 1 zinc ingots were traded at around 24,260 - 24,430 yuan/ton. Zijin had no offer for the 2603 contract, and Huxin was offered at around 25,360 yuan/ton. The 0 zinc ingots were offered at a discount of 10 - 50 yuan/ton to the 2603 contract, and the Tianjin market was at a discount of about 50 yuan/ton compared to the Shanghai market [8] - In Guangdong, the mainstream 0 zinc was traded at 24,560 - 24,700 yuan/ton. The mainstream brands were offered at a discount of 55 yuan/ton to the 2603 contract, and the price difference between Shanghai and Guangdong narrowed [8] 3. Data Overview - The report provides data on the weekly inventory of SMM's seven - region zinc ingots (in ten thousand tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and the SHFE inter - monthly spread, with data sources including Wind and SMM [12][13]

因为这份数据还有后半张脸。劳工统计局顺手给过去一年做了个手术，把之前虚高的近90万新增就业一 刀切掉了。也就是说，我们以为去年就业很热，其实是穿着羽绒服称体重。现在脱了外套，真实体温反 而没那么烫手。 朋友们早上好，我是帮主郑重。昨晚的美股，走得很微妙。非农就业数据大超预期，13万的新增，失业 率降到4.3%，特朗普都发帖说"就业数据好极了"——但你看盘面，道指、纳指全是绿的，不深，就那么 微微跌一点。这种"好消息来了，股票却不涨"的局面，你是不是特别熟悉？ 其实逻辑捋直了，一句话就说明白：数据好，降息的紧迫感就弱了。 就在报告出来那一刻，交易员把6月降息的押注概率直接砍到五成以下。市场之前靠着"迟早要降息"这 口气吊着，现在这口气松了，股价自然要往下坐一坐。 但你发现没有，它也没大跌。为什么？ 第一，别跟短期情绪较劲。 一个数据改变不了利率的长期路径，也改不了产业周期的方向。 第二，耐心等CPI落地。 通胀才是真正的胜负手。如果通胀稳住，哪怕就业好，降息窗口也不会完全关 上；如果通胀反弹，那才是真正的变盘信号。 第三，审视持仓的"利率敏感度"。 那些靠流动性撑着的高估值品种，接下来波动还会加大；而真正有 盈 ...

1. Report's Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - **Macro - Strategy**: 1) In January, inflation data indicated continuous price recovery. The logic of going long on inflation was initially strengthened, and IC was dominant. 2) Gold prices fluctuated and closed higher. The US January non - farm employment report was better than expected, but the sustainability of the employment market's recovery needed to be observed. Market expectations for interest rate cuts were postponed to July. 3) The US January non - farm payrolls exceeded expectations, and short - term interest rate cut expectations were postponed again. US stocks were expected to maintain high - level fluctuations. 4) The rebound of PPI in January exceeded market expectations. The bond market was expected to remain strong in the short term, but the odds of chasing the rise were limited. Consider shorting when the upward momentum weakened [1][2][3][20]. - **Commodities**: 1) Steel prices were expected to continue the oscillating pattern before the Spring Festival. 2) Coking coal and coke prices were expected to maintain an oscillating pattern in the short term. 3) The USDA February report had a neutral - to - bearish impact on cotton. ICE cotton prices were expected to maintain a weak oscillating pattern at a low level. Zheng cotton was expected to oscillate around the Spring Festival. 4) The palm oil market was expected to oscillate in the short term. Consider going long on dips if Malaysia's market remained weak. 5) The fundamentals of lithium carbonate were improving. After the Spring Festival, it was expected to see both supply and demand increase. Consider going long on dips. 6) For lead, consider mid - term long positions. 7) For zinc, adopt a wait - and - see approach before the Spring Festival and use double - buying for unilateral operations. 8) Crude oil prices were expected to remain oscillating and strong in the short term. 9) LPG prices were expected to be strongly oscillating. 10) For asphalt, adopt a cautious wait - and - see approach [23][26][31][34][38][40][45][48][50][51]. 3. Summary by Relevant Catalogs 3.1 Financial News and Comments 3.1.1 Macro - Strategy (Stock Index Futures) - In January, CPI increased by 0.2% year - on - year, and PPI decreased by 1.4% year - on - year. The logic of going long on inflation was initially strengthened, and the CSI 500 index was dominant. It was recommended to continue holding the long - stock - index strategy [10][11]. 3.1.2 Macro - Strategy (Gold) - The Shanghai Futures Exchange adjusted the automatic conversion standard for silver hedging positions. Gold prices fluctuated and closed higher. The US January non - farm employment report was better than expected, and market expectations for interest rate cuts were postponed to July. It was recommended to reduce positions for the Spring Festival [13][14]. 3.1.3 Macro - Strategy (US Stock Index Futures) - The US January non - farm payrolls exceeded expectations, and short - term interest rate cut expectations were postponed again. US stocks were expected to maintain high - level fluctuations [17][18]. 3.1.4 Macro - Strategy (Treasury Bond Futures) - In January, CPI was lower than expected, and PPI was better than expected. The bond market was expected to remain strong in the short term, but the odds of chasing the rise were limited. Consider shorting when the upward momentum weakened [19][20][21]. 3.2 Commodity News and Comments 3.2.1 Black Metals (Rebar/Hot - Rolled Coil) - Mexico launched an anti - dumping sunset review investigation on Chinese seamless steel pipes. Steel prices were expected to continue the oscillating pattern before the Spring Festival. It was recommended to adopt an oscillating mindset and pay attention to risks with light positions before the Spring Festival [22][23][24]. 3.2.2 Black Metals (Coking Coal/Coke) - The import coking coal forward market was stable and slightly strong. The spot market was expected to remain stable before the Spring Festival, and the futures market was expected to oscillate [25][26][27]. 3.2.3 Agricultural Products (Cotton) - The USDA February report had a neutral - to - bearish impact on cotton. ICE cotton prices were expected to maintain a weak oscillating pattern at a low level. Zheng cotton was expected to oscillate around the Spring Festival. It was recommended to hold light positions to avoid risks during the long holiday [28][30][31]. 3.2.4 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The palm oil market was expected to oscillate in the short term. Consider going long on dips if Malaysia's market remained weak. If planning to hold positions for the holiday, it was recommended to use options strategies [33][34][35]. 3.2.5 Non - ferrous Metals (Lithium Carbonate) - The first part of the national standard for vehicle - use solid - state batteries was planned to be released in July 2026. The fundamentals of lithium carbonate were improving. After the Spring Festival, it was expected to see both supply and demand increase. Consider going long on dips [36][37][38]. 3.2.6 Non - ferrous Metals (Lead) - High - grade base metal mineralization was discovered in Queensland. Lead was currently in a situation of weak supply and demand. Consider mid - term long positions [39][40][41]. 3.2.7 Non - ferrous Metals (Zinc) - Some projects of Chihong Zinc & Germanium had progress. Zinc prices were mainly oscillating. Adopt a wait - and - see approach before the Spring Festival and use double - buying for unilateral operations [42][43][45]. 3.2.8 Energy Chemicals (Crude Oil) - OPEC's January production decreased by 440,000 barrels per day. Crude oil prices were expected to remain oscillating and strong in the short term [47][48][49]. 3.2.9 Energy Chemicals (Liquefied Petroleum Gas) - EIA propane weekly data showed certain changes. LPG prices were expected to be strongly oscillating [50]. 3.2.10 Energy Chemicals (Asphalt) - The domestic heavy - traffic asphalt capacity utilization rate decreased. The asphalt market was expected to be light before the Spring Festival. It was recommended to adopt a cautious wait - and - see approach [50][51][52].