Report Summary 1. Hot News - The National Conference on Industry and Information Technology has planned ten key tasks for 2026, including rectifying "involution - style" competition, supporting AI research, and launching the "Broadband Upgrade" project [2] - US President Trump and Ukrainian President Zelensky met to discuss a proposed Russia - Ukraine "peace plan", with a potential strong US - Ukraine security agreement under negotiation [2] - The State Administration for Market Regulation has provided compliance guidance on regulating price competition in the photovoltaic industry [2] - The Guangzhou Futures Exchange has adjusted the price limit and margin standards for certain futures contracts during the 2026 New Year's Day holiday [2] - The dates for the 2026 National Two Sessions have been set, with the Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference starting on March 4 and the Fourth Session of the 14th National People's Congress starting on March 5 [3] 2. Plate Performance - **Key Focus**: Urea, Shanghai copper, Shanghai silver, crude oil, and lithium carbonate [4] - **Night - session Performance**: Different commodity futures sectors showed varying degrees of increase, with the precious metals sector having a 34.79% increase, followed by the non - ferrous metals sector at 25.43%, and the coal, coke, steel, and ore sector at 9.89% [4] 3. Plate Position - The chart shows the position changes of commodity futures sectors in the past five days, but specific data is not clearly presented in text [5] 4. Performance of Major Asset Classes - **Equity**: Most major stock indices showed positive daily, monthly, and annual returns, with the CSI 500 having a relatively high annual increase of 30.27% [6] - **Fixed - income**: Treasury futures generally had small daily increases but negative annual returns [6] - **Commodity**: There were significant differences in performance. For example, the London spot gold had an annual increase of 72.72%, while the CRB commodity index had an annual decrease of 20.88% [6] - **Others**: The US dollar index had a negative annual return of - 9.63%, and the CBOE volatility index also showed a significant annual decline [6]