1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - For the nickel market, although terminal demand is still weak, tight nickel ore supply, geopolitical conflicts, and rising costs are expected to keep nickel prices in a high - level oscillation. In the stainless - steel market, rising costs and the "Golden March and Silver April" consumption season are expected to support high - level oscillations, but high inventory and a sluggish real - estate market will limit price increases [3][5] 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On March 3, 2026, the main Shanghai nickel contract opened at 139,500 yuan/ton and closed at 135,450 yuan/ton, a - 3.16% change from the previous trading day. The trading volume was 730,033 (+175,596) lots, and the open interest was 218,764 (-349) lots. The price trend was mainly affected by the strengthening US dollar index, stock market fluctuations, and geopolitical conflicts [1] - **Nickel Ore**: The nickel ore market continued to be strong. Philippine mines maintained firm quotes, and Indonesia set a 2026 production target of 209 million tons, mainly for royalty calculation. The supply shortage caused by tightened RKAB quotas in Indonesia continued, and the supply tension was difficult to ease in the short term. There was a transaction of Ni:1.5% grade nickel ore at a premium of $39/wet ton and a CIF price of about $62/wet ton [1] - **Spot**: Nickel prices dropped significantly, and overall market transactions were light. Downstream enterprises mainly made rigid purchases. The inquiry atmosphere improved, but actual transactions were limited. The terminal market had not fully resumed production and had a low acceptance of high prices. The premium of Jinchuan nickel changed by - 200 yuan/ton to 6,950 yuan/ton, the premium of imported nickel remained at - 150 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 53,649 (-72) tons, and LME nickel inventory was 287,976 (0) tons [2] Strategy - It is recommended to mainly conduct range operations for single - side trading, and there are no suggestions for inter - period, inter - variety, spot - futures, and options trading [3] Stainless - Steel Variety Market Analysis - **Futures**: On March 3, 2026, the main stainless - steel contract opened at 14,390 yuan/ton and closed at 14,185 yuan/ton. The trading volume was 137,750 (-22,339) lots, and the open interest was 65,361 (-4,171) lots. Affected by the decline in Shanghai nickel, the contract showed a pattern of opening high and closing low with a weak oscillation. High - end spot market quotes declined, and the sales side was wait - and - see. The demand side saw an increasing inquiry atmosphere as downstream enterprises gradually resumed production, but the "Golden March and Silver April" peak - season demand had not been fully released, and actual orders were limited. Stainless - steel inventory had accumulated recently, and the market was concerned about the peak - season digestion ability [3] - **Spot**: The futures market weakened, and downstream purchasing enthusiasm was low, with purchases mainly on an as - needed basis. Inventory depletion slowed down. The stainless - steel price in the Wuxi market was 14,450 (+0) yuan/ton, and in the Foshan market, it was also 14,450 (+0) yuan/ton. The 304/2B premium was 355 - 555 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron remained unchanged at 1,087.5 yuan/nickel point [4] Strategy - It is recommended to mainly conduct range operations for single - side trading, and there are no suggestions for inter - period, inter - variety, spot - futures, and options trading [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The short - term view of the stock index is mainly range - bound, with an intraday view of being on the stronger side and a medium - term view of being in a sideways movement. The overall reference view is range - bound [1][5] - Geopolitical risks are short - term disturbances, and the stock market will ultimately return to its own fundamentals. Policy support expectations and the trend of capital inflows are the main long - term and medium - term logics for the stock index [5] - As the stock index approaches its previous high, if the actual policy implementation fails to exceed market expectations, the willingness of funds to take profits will increase, restricting the upward space of the stock index [5] 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is sideways, the medium - term view is sideways, the intraday view is on the stronger side, and the overall view is range - bound. The core logic is waiting for the implementation of policy support expectations [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is on the stronger side, the medium - term view is sideways, and the reference view is range - bound [5] - Yesterday, each stock index fluctuated and consolidated. The sudden outbreak of the US - Iran conflict over the weekend led to a rapid increase in geopolitical risks, affecting the passage of the Strait of Hormuz. Stocks in sectors such as oil and gas, shipping, military, and gold rose significantly, and the stock market turnover exceeded 3 trillion, showing a volume - increasing consolidation [5] - The impact of geopolitical risks is mainly short - term. Policy support expectations and capital inflows are the main medium - and long - term logics. The Two Sessions will be held this week, with strong policy support for stabilizing the macro - demand expectation and promoting industrial transformation and upgrading, which is beneficial for improving the profit margin of listed companies [5]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term view of IH2603 is volatile, the medium - term view is volatile, and the intraday view is bullish, with an overall view of volatile consolidation due to the rising expectation of policy benefits [1]. - For IF, IH, IC, and IM, the intraday view is bullish, the medium - term view is volatile, and the reference view is volatile consolidation. The core logic is that the stock indexes oscillated and consolidated yesterday, with a trading volume of 2218.2 billion yuan in the Shanghai, Shenzhen, and Beijing stock markets, an increase of 219.2 billion yuan from the previous day. After the holiday, liquidity flows back to the stock market, and near the two - sessions policy window, market risk appetite has recovered. The long - term upward core logic of the stock indexes is still solid, but short - term volatility is mainly due to uncertainties in trade situation, concerns in the US stock market, and uncertainty of the Fed's interest - rate cut rhythm [5]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, short - term: volatile; medium - term: volatile; intraday: bullish; view reference: volatile consolidation; core logic: rising expectation of policy benefits [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Variety: IF, IH, IC, IM; intraday view: bullish; medium - term view: volatile; reference view: volatile consolidation. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2218.2 billion yuan, an increase of 219.2 billion yuan from the previous day. After the holiday, liquidity flows back to the stock market, and near the two - sessions policy window, market risk appetite has recovered. The long - term upward core logic of the stock indexes is still solid, but short - term volatility is mainly due to uncertainties in trade situation, concerns in the US stock market, and uncertainty of the Fed's interest - rate cut rhythm [5].

Group 1: Report Investment Rating - No information provided Group 2: Core Views - The short - term view of IH2603 is oscillatory, the medium - term view is oscillatory, and the intraday view is bullish, with an overall view of oscillatory consolidation due to rising policy - favorable expectations [1] - The intraday view of IF, IH, IC, and IM is bullish, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. The core logic is that on the last day before the holiday, the stock indices opened low and closed down sharply. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 199.89 billion yuan, a decrease of 161.8 billion yuan from the previous day. Due to the approaching holiday, cash demand was high, the capital market tightened, and investors' willingness to leave the market temporarily increased, resulting in a decrease in trading volume. However, the policy - favorable expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the core logic of the medium - and long - term upward movement of the stock indices is still solid. During the Spring Festival holiday, the overseas negative effect was weak, the Trump tariff policy was frustrated in the US Supreme Court, market sentiment was boosted, and Hong Kong technology stocks rebounded strongly on February 23. It is expected that the stock indices will open higher on the first day after the holiday. Considering that the first week after the holiday is close to the policy window of the Two Sessions, the return of liquidity to the stock market will boost market risk appetite, and the stock indices are expected to run oscillatory and bullish [5] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2603, the short - term is oscillatory, the medium - term is oscillatory, the intraday is bullish, and the view is oscillatory consolidation with the core logic of rising policy - favorable expectations [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties are IF, IH, IC, and IM. The intraday view is bullish, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. The driving factors include pre - holiday trading volume shrinkage due to capital and uncertainty concerns, but policy - favorable expectations and incremental fund inflows support the long - term upward trend. The overseas situation and technological progress during the holiday are expected to lead to a higher opening after the holiday, and the market is expected to run oscillatory and bullish in the first week after the holiday [5]

Core Viewpoint - The recent developments in the waste management sector, particularly regarding policy changes and internal company events, are creating potential investment opportunities and risks for Waste Management Inc. (WM.N) [1] Group 1: Policy Environment - The U.S. Environmental Protection Agency (EPA) is moving to revoke the 2009 greenhouse gas hazard finding, which could lower compliance costs for the waste management industry, potentially benefiting the sector [1] Group 2: Stock Performance - The stock price of Waste Management Inc. fluctuated, closing at $230.83 on February 12, 2026, up from $226.79 on February 6, 2026, representing a 1.87% increase with a trading range of 4.80% [2] - The stock reached a high of $236.24 on February 12, 2026, and a low of $225.36 on February 9, 2026, indicating volatility in trading activity [2] - Trading volume peaked at $456 million on February 11, 2026, but decreased to $296 million on February 12, 2026, reflecting a divergence in market activity [2] Group 3: Financial Performance - For the third quarter of 2025, Waste Management reported revenues of $18.891 billion, a year-over-year increase of 16.83%, while net profit was $1.967 billion, down 8.38% [3] - The net profit margin for the fiscal year 2025 was 10.74%, and the return on equity (ROE) was 29.69%, indicating ongoing profitability challenges despite a slight decline in net profit of 1.38% year-over-year [3] Group 4: Institutional Perspectives - Analysts have mixed but generally positive ratings for Waste Management, with Goldman Sachs initiating coverage with a "Buy" rating and a target price of $256, while JPMorgan maintained an "Overweight" rating with a target of $265 [4] - Wells Fargo raised its target price to $250, while TD Securities downgraded its rating to "In-Line" with a target price of $250 [4] - Analysts are particularly focused on the expected 13.53% year-over-year growth in earnings per share for the fourth quarter of 2025, indicating resilience in profitability [4]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report predicts that the stock index will mainly fluctuate and consolidate in the short term, with limited upward and downward space. However, the main logic for the medium - to - long - term upward movement of the stock index remains unchanged, supported by positive policy expectations and the continuous net inflow of incremental funds into the stock market [5] 3. Summary by Relevant Catalog 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "weak", and the reference view is "oscillation consolidation". The core logic is that the optimistic sentiment has cooled down, and there is still a need for oscillation and consolidation [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is "weak", and the medium - term view is "oscillation", with a reference view of "oscillation consolidation" - Yesterday, the performance of each stock index was differentiated. IC and IM performed strongly, while IH and IF performed weakly. The total market turnover of the stock market was 2623.6 billion yuan, a decrease of 180.5 billion yuan from the previous day - With the policy signals from the regulatory authorities to reduce leverage and control risks, the optimistic sentiment in the stock market has cooled down, the trading volume has declined, and the stock index has entered an oscillation and consolidation market - The latest macro - economic indicators show that the macro - economy has strong resilience, but the problem of weak domestic demand still exists. The expectation of future macro - policy support is clear - The policy side is determined to support technological innovation and boost consumption, which constitutes a positive policy expectation for small and medium - cap technology growth stocks - In the short term, the inflow of margin trading funds has slowed down, and the driving effect of funds on the stock index has weakened, resulting in limited upward and downward space for the stock index in the short term [5]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The short - term view of IH2603 is "oscillation", the medium - term view is "oscillation", the intraday view is "slightly strong", and the overall view is "oscillating and slightly strong" due to unchanged policy利好 expectations and capital inflow trends [1]. - For IF, IH, IC, and IM, the intraday view is "slightly strong", the medium - term view is "oscillation", and the overall view is "oscillating and slightly strong". The stock market's optimism has cooled, and there is a need for shock consolidation after a sharp rebound. In the long - term, the main logic of the upward movement of stock indices remains unchanged, and it is expected that the stock indices will continue to oscillate and consolidate in the short term [5]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, short - term: oscillation; medium - term: oscillation; intraday: slightly strong; overall view: oscillating and slightly strong; core logic: unchanged policy利好 expectations and capital inflow trends [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Variety: IF, IH, IC, IM. Intraday view: slightly strong; medium - term view: oscillation; reference view: oscillating and slightly strong. The total market turnover was 3054.7 billion yuan, an increase of 116.3 billion yuan from the previous day. The stock market turnover dropped to around 3 trillion yuan, indicating a cooling of optimism. After a sharp rebound, there is a need for shock consolidation. In the long - term, the main logic of the upward movement of stock indices remains unchanged [5].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - The overall view on financial futures in the stock index sector is that the index futures are expected to fluctuate with a strong bias after the holiday. For IH2603, the short - term and medium - term trends are both oscillatory, while the intraday trend is strong, with an overall view of oscillating and strengthening. The core logic is the unchanged policy - favorable expectations and the net inflow trend of funds [1][5]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is strong, and the overall view is oscillating and strengthening. The core logic is the unchanged policy - favorable expectations and the net inflow trend of funds [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is strong, the medium - term view is oscillatory, and the reference view is oscillating and strengthening. The core logic is that last Wednesday, each stock index oscillated and consolidated in a narrow range. The National Bureau of Statistics announced that the manufacturing PMI in December was 50.1%, an increase of 0.9 percentage points from the previous month, rising to the expansion range. The strong resilience of macro - economic indicators, combined with policy - favorable expectations and the net inflow trend of funds, jointly support the stock index. In 2026, policies are gradually being implemented, and policy - favorable expectations are gradually fermenting. Against the background of the global monetary easing cycle, the trend of large - scale asset allocation to Chinese technology assets is increasing the risk appetite of the stock market. In the short term, as the stock index approaches the previous high, the technical resistance appears, and the upward trend of the stock index slows down. However, after the holiday, with the return of market liquidity and the further fermentation of policy benefits, the risk appetite of the stock market is expected to continue to recover [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The overall view on financial futures in the stock index sector is oscillating with a slight upward bias. For IH2603, it is expected to be oscillating in the short - and medium - term, and showing a slight upward trend intraday. For IF, IH, IC, and IM, the intraday view is slightly upward, and the medium - term view is oscillating, with an overall view of oscillating with a slight upward bias [1][5]. - In the short term, the stock index will maintain range - bound oscillations. Although it faced technical resistance when approaching the previous high and pulled back after rising, in the long run, the positive policy expectations and the net inflow of funds will support the stock index. As policy expectations ferment and the demand for long - term funds to allocate A - shares increases, the risk appetite in the stock market will gradually rise [5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector | Variety | Short - term | Medium - term | Intraday | Viewpoint Reference | Core Logic Summary | | --- | --- | --- | --- | --- | --- | | IH2603 | Oscillating | Oscillating | Slightly upward | Oscillating with a slight upward bias | Unchanged positive policy expectations and net inflow of funds [1] | 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Varieties**: IF, IH, IC, IM - **Intraday View**: Slightly upward; **Medium - term View**: Oscillating; **Reference View**: Oscillating with a slight upward bias - **Core Logic**: The stock indexes oscillated and declined yesterday. The total trading volume of the stock market was 2157.7 billion yuan, a decrease of 23.4 billion yuan from the previous day. As the stock index approached the previous high, it faced technical resistance and pulled back after rising. In the short term, attention should be paid to the pace of capital entry. In the long term, positive policy expectations and the net inflow of funds support the stock index. As policy expectations ferment and the demand for long - term funds to allocate A - shares increases, the risk appetite in the stock market will gradually rise [5].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term view of the stock index is oscillating and strengthening, and the medium - term view is oscillating. The reference view is oscillating and strengthening. The policy - side favorable expectations and the trend of capital net inflow jointly form the medium - and long - term support for the stock index. With the approach of the previous high position of the stock index, pay attention to whether the stock index can break through the technical resistance of the previous high in the short term. Overall, the bullish factors continue to ferment, and the stock index is oscillating and strengthening in the short term [1][5] Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term is oscillating, the medium - term is oscillating, the intraday is strengthening, and the reference view is oscillating and strengthening. The core logic is that the policy - side favorable expectations and the trend of capital net inflow remain unchanged [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, IM, the intraday view is strengthening, the medium - term view is oscillating, and the reference view is oscillating and strengthening. The core logic is that last Friday, each stock index oscillated and rose. The total market turnover of the stock market was 2160.3 billion yuan, an increase of 216.5 billion yuan compared with the previous day. The recent trading volume of the stock market has gradually increased, and the stock index has risen continuously, indicating that the market risk appetite continues to recover. As the new year approaches, the policy - side favorable expectations gradually ferment. Coupled with the appreciation of the RMB, a large number of relatively high - interest time deposits will mature next year, and their "re - allocation" may bring a large amount of incremental capital inflow to the stock market. The policy - side favorable expectations and the trend of capital net inflow jointly form the medium - and long - term support for the stock index [5]