Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -1.69% today. All sector indices and theme indices declined, with the Nanhua Precious Metals Index having the largest decline of -2.47% among sector indices and the Energy Index having the largest decline of -2.26% among theme indices. The smallest decline among sector indices was the Nanhua Agricultural Products Index at -0.11%, and the smallest decline among theme indices was the Economic Crops Index at -0.08%. Among single - variety indices of commodity futures, the caustic soda index had the largest increase of 3.46%, and the tin index had the largest decline of -6.19% [1]. Group 3: Summary by Relevant Catalogs Market Data of Nanhua Commodity Index - The Nanhua Composite Index (NHCI) closed at 2723.32 today, down 46.86 points or -1.69% from yesterday, with an annualized return rate of 4.84%, an annualized volatility of 13.67%, and a Sharpe ratio of 0.35. - The Nanhua Precious Metals Index (NHPMI) closed at 2131.41, down 53.94 points or -2.47%, with an annualized return rate of 92.90%, an annualized volatility of 30.24%, and a Sharpe ratio of 3.07. - The Nanhua Industrial Products Index (NHII) closed at 3605.09, down 54.12 points or -1.48%, with an annualized return rate of -7.02%, an annualized volatility of 14.79%, and a Sharpe ratio of -0.47. - The Nanhua Metal Index (NHMI) closed at 7011.05, down 99.70 points or -1.40%, with an annualized return rate of 9.58%, an annualized volatility of 14.20%, and a Sharpe ratio of 0.67. - The Nanhua Energy and Chemical Index (NHECI) closed at 1569.97, down 22.07 points or -1.39%, with an annualized return rate of -16.43%, an annualized volatility of 17.25%, and a Sharpe ratio of -0.95. - The Nanhua Non - ferrous Metals Index (NHNF) closed at 2021.71, down 37.32 points or -1.81%, with an annualized return rate of 22.10%, an annualized volatility of 17.75%, and a Sharpe ratio of 1.25. - The Nanhua Black Index (NHFI) closed at 2466.17, down 11.65 points or -0.47%, with an annualized return rate of -7.00%, an annualized volatility of 16.09%, and a Sharpe ratio of -0.43. - The Nanhua Agricultural Products Index (NHAI) closed at 1059.62, down 1.20 points or -0.11%, with an annualized return rate of -0.90%, an annualized volatility of 7.57%, and a Sharpe ratio of -0.12. - The Mini Composite Index (NHCIMi) closed at 1195.04, down 20.50 points or -1.69%, with an annualized return rate of 0.91%, an annualized volatility of 15.36%, and a Sharpe ratio of 0.06. - The Energy Index (NHEI) closed at 1018.32, down 23.56 points or -2.26%, with an annualized return rate of 0.63%, an annualized volatility of 23.54%, and a Sharpe ratio of 0.03. - The Petrochemical Index (NHPCI) closed at 925.04, down 9.75 points or -1.04%, with an annualized return rate of 2.24%, an annualized volatility of 16.32%, and a Sharpe ratio of 0.14. - The Combustible Chemical Index (NHCCI) closed at 934.78, down 11.74 points or -1.24%, with an annualized return rate of 1.16%, an annualized volatility of 15.61%, and a Sharpe ratio of 0.07. - The Black Raw Materials Index (NHFM) closed at 1024.39, down 8.62 points or -0.83%, with an annualized return rate of -0.36%, an annualized volatility of 17.06%, and a Sharpe ratio of -0.02. - The Building Materials Index (NHBMI) closed at 680.44, down 2.89 points or -0.42%, with an annualized return rate of -0.66%, an annualized volatility of 13.19%, and a Sharpe ratio of -0.05. - The Oilseeds and Oils Index (NHOOI) closed at 1234.90, down 1.07 points or -0.09%, with an annualized return rate of 0.27%, an annualized volatility of 10.26%, and a Sharpe ratio of 0.03. - The Economic Crops Index (NHAECI) closed at 940.84, down 0.75 points or -0.08%, with an annualized return rate of 1.10%, an annualized volatility of 9.91%, and a Sharpe ratio of 0.11 [3]. Single - Variety Index of Agricultural Products - Palm oil had a decline of -0.96%, rapeseed oil had a decline of -0.10%, rapeseed had a decline of -0.83%, rapeseed meal had an increase of 0.26%, and live pigs had a decline of -0.35% [8]. Single - Variety Index of Energy and Chemical Sector - Synthetic ammonia had a decline of -1.05%, coal had a decline of -3.00%, polyethylene had a decline of -2.48%, and crude oil had a decline of -3.34% [6][11].

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - As of January 16, 2026, the Nanhua Composite Index fell by -0.73%. Among the sector indices, only the Nanhua Agricultural Products Index rose by 0.17%, while the rest declined. The Nanhua Non - ferrous Metals Index had the largest decline of -2.98%, and the Nanhua Black Index had the smallest decline of -0.44%. Among the theme indices, the Oilseeds and Oils Index had the largest increase of 0.65%, the Building Materials Index had the smallest increase of 0.09%, the Energy Index had the largest decline of -1.85%, and the Mini Composite Index had the smallest decline of -0.38%. Among the single - variety indices of commodity futures, the Rapeseed Oil Index had the largest increase of 2.66%, and the Lithium Carbonate Index had the largest decline of -10.43% [1][3]. 3) Summary by Relevant Catalogs Market Data of Nanhua Commodity Index - **Composite Index**: The Nanhua Composite Index (NHCI) closed at 2728.81, down 20.05 points or -0.73% from the previous trading day, with an annualized return rate (ARR) of 10.16%, an annualized volatility of 12.00%, and a Sharpe ratio of 0.85 [3]. - **Sector Indices**: The Precious Metals Index (NHPMI) fell 0.46%, the Industrial Products Index (NHII) fell 3.14%, the Metal Index (NHMI) fell 1.78%, the Energy and Chemical Index (NHECI) fell 1.25%, the Non - ferrous Metals Index (NHNF) fell 2.98%, the Black Index (NHFI) fell 0.44%, and the Agricultural Products Index (NHAI) rose 0.17% [3]. - **Theme Indices**: The Mini Composite Index (NHCIMi) fell 0.38%, the Energy Index (NHEI) fell 1.85%, the Oilseeds and Oils Index (NHOOl) rose 0.65%, the Building Materials Index (NHBMI) rose 0.09%, etc. [3]. Contribution of Each Variety's Daily Rise and Fall to the Index's Rise and Fall - **Nanhua Composite Index**: Positive contributors included Rapeseed Oil (13.35%), while negative contributors included Palm Oil, etc. [3]. - **Nanhua Mini Composite Index**: Positive contributors included Glass (7.88%), and negative contributors included Rebar, etc. [3]. - **Nanhua Industrial Products Index**: Positive contributors included Rebar (2.09%), and negative contributors included Iron Ore, etc. [3]. - **Nanhua Metal Index**: Positive contributors included Zinc (0.62%), and negative contributors included Stainless Steel, etc. [3]. Single - Variety Index Daily Rise and Fall - **Energy and Chemical Sector**: Some varieties like Glass rose 1.57%, while others like Methanol fell 21.86% [3]. - **Agricultural Products Sector**: Rapeseed Oil rose 2.66%, while Rapeseed Sugar fell 1.23% [6]. - **Black Sector**: Some varieties' information is presented, such as Rebar's relevant data in the contribution part [3].

Report Summary 1. Index Performance - According to the closing prices of adjacent trading days, the Nanhua Composite Index rose 0.63% today. Based on the night - session prices of adjacent trading days, it rose 0.83% [1][4]. - Among the sector indices, all sectors increased. The Nanhua Energy and Chemical Index had the largest increase of 0.75% (or 90.00% based on night - session prices), and the Nanhua Agricultural Products Index had the smallest increase of 0.07% [1][4]. - Among the theme indices, only the Economic Crops Index fell by - 0.29%. The rest of the theme indices rose. The Energy Index had the largest increase of 1.22%, and the Oilseeds and Oils Index had the smallest increase of 0.23% [1][4]. - Among the commodity futures single - variety indices, the Butadiene Rubber Index had the largest increase of 1.86%, and the Egg Index had the largest decrease of - 1.51% [1]. 2. Other Information - The calculation method of the price change in the report is the ratio of today's closing price to yesterday's closing price. The Nanhua Commodity Index excludes the spread during the contract roll - over and reflects the real return of investing in the commodity system [9]. - The contribution calculation method used in the report is a certain variety's daily price change / Σ (each variety's daily price change). Yellow data bars represent rising varieties, and blue data bars represent falling varieties [9].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View This week, the Nanhua Composite Index rose 6.13 points, a gain of 0.24%. The most influential varieties were crude oil and rebar. The Nanhua Industrial Products Index rose 34.64 points, a gain of 0.96%, with coke and crude oil being the most influential. The Nanhua Metal Index rose 8.69 points, a gain of 0.14%, with rebar having the greatest influence. The Nanhua Energy and Chemical Index rose 23.3 points, a gain of 1.42%, led by coke. The Nanhua Agricultural Products Index fell 8.57 points, a decline of -0.78%, mainly due to the impact of live pigs [1][3]. 3. Summary by Directory 3.1 Nanhua Commodity Index Weekly Data | Index Name | This Week's Closing | Last Week's Closing | Points Changed | Change Rate | This Week's Maximum | This Week's Minimum | Volatility | | --- | --- | --- | --- | --- | --- | --- | --- | | Composite Index NHCI | 2546.21 | 2540.08 | 6.13 | 0.24% | 2573.68 | 2540.08 | 33.60 | | Precious Metals Index NHPMI | 1345.45 | 1356.24 | -10.78 | -0.80% | 1367.84 | 1334.46 | 33.38 | | Industrial Products Index NHII | 3630.65 | 3596.01 | 34.64 | 0.96% | 3664.10 | 3596.01 | 68.09 | | Metal Index NHMI | 6411.66 | 6402.98 | 8.69 | 0.14% | 6438.98 | 6380.04 | 58.95 | | Energy and Chemical Index NHECI | 1664.67 | 1641.37 | 23.30 | 1.42% | 1688.27 | 1641.37 | 46.90 | | Non-ferrous Metals Index NHNFI | 1689.68 | 1700.91 | -11.24 | -0.66% | 1705.58 | 1683.58 | 22.00 | | Black Index NHFI | 2590.86 | 2533.40 | 57.46 | 2.27% | 2590.86 | 2533.40 | 57.46 | | Agricultural Products Index NHAI | 1084.14 | 1092.71 | -8.57 | -0.78% | 1095.22 | 1081.74 | 13.48 | | Nanhua Composite Fee NHCIMi | 1199.02 | 1186.12 | 12.90 | 1.09% | 1211.44 | 1186.12 | 25.32 | | Energy Fee NHEI | 1070.73 | 1041.11 | 29.62 | 2.85% | 1090.08 | 1041.11 | 48.97 | | Petrochemical Ammonia NHPCI | 66.956 | 928.44 | -2.45 | -0.26% | 939.89 | 66.956 | 13.90 | | Chemical Engineering Information HCCI | 1003.49 | 1003.47 | 0.02 | 0.00% | 1013.11 | 1003.34 | 9.76 | | Black Raw Materials Photography NHFMI | 1093.85 | 1061.21 | 32.64 | 3.08% | 1093.85 | 1061.21 | 32.64 | | Building Materials Index NHBMI | 744.57 | 731.80 | 12.77 | 1.75% | 746.57 | 731.80 | 14.77 | | Agricultural By-products Index AHOOl | 1262.75 | 1266.02 | -3.27 | -0.26% | 1273.29 | 1254.86 | 18.43 | | Economic Crops Index NHAECI | 893.42 | 904.79 | -11.37 | -1.26% | 904.79 | 893.42 | 11.37 | [4] 3.2 Nanhua Variety Index Arbitrage Data The report provides data on the strength and weakness arbitrage of the Nanhua variety index, including the current value, previous value, change, and ranking of various index ratios. For example, the ratio of the Precious Metals Index to the Composite Index is 0.528, down from 0.534 last week [7]. 3.3 Contribution of Each Variety's Daily Return to Index Return The report shows the contribution of the daily return of each variety to the index return, including the week-on-week increase, position ratio, etc. of futures varieties such as soybean meal and polyethylene [9]. 3.4 Weekly Data of Nanhua's Sector Indexes - **Industrial Products Index**: Closed at 3630.65 this week. The most influential varieties were coke and crude oil, with contribution rates of 0.39% and 0.38% respectively [3][11]. - **Metal Index**: Closed at 6411.66 this week. Rebar had the greatest influence, with a contribution rate of 0.26% [3][11]. - **Energy and Chemical Index**: Closed at 1664.67 this week. Coke was the most influential, with a contribution rate of 0.57% [3]. - **Agricultural Products Index**: Closed at 1084.14 this week, down 8.57 points. Live pigs had the greatest negative impact, with a contribution rate of -0.50% [3][12]. - **Black Index**: Closed at 2590.86 this week. The influential varieties included coke, rebar, and iron ore [13]. - **Non-ferrous Metals Index**: Closed at 1689.68 this week [13].