1. Report Industry Investment Ratings No specific industry - wide investment ratings are provided in the report. 2. Core Views - The overall market sentiment is weak. Risk - asset market sentiment has declined sharply, and the A - share market is under pressure. The bond market shows a differentiated trend, with ultra - long bonds being relatively strong. Precious metals have erased last month's gains, and various commodity markets are facing different degrees of pressure or fluctuations [2]. 3. Summary by Category Equity Indexes - Affected by the commodity sector, the risk - asset market sentiment has dropped rapidly, and the risk preference has significantly decreased. The A - share market has declined under pressure. It is recommended to control portfolio risks, wait for stabilization, and hold bilateral call options [2]. Treasury Bonds - The decline in the equity and commodity markets has raised concerns about the redemption of fixed - income + product net values, making the bond market cautious. The medium - and short - term bonds are oscillating and slightly retracting, while the ultra - long - term bonds are supported by the decline in risk preference. The 10 - year Treasury bond yield faces significant resistance around 1.8% and may fluctuate in the range of 1.8% - 1.85% in the short term. The T2603 contract may oscillate in the range of 108 - 108.3. It is recommended to maintain range - bound operations for the unilateral strategy, pay attention to flattening for the curve strategy, and arrange position transfers in advance before the Spring Festival [2]. Precious Metals - After the large - scale decline in the "leveraged funds" market, precious metals have erased last month's gains. The silver price may fluctuate greatly in the range of 70 - 110 US dollars. It is advisable to wait for the market to stabilize before allocating and buying at - the - money or slightly out - of - the - money call options for gold. A light - position long position in the gold - silver ratio arbitrage can be considered. Platinum and palladium prices will enter a consolidation phase and should be temporarily observed [2]. Shipping - The EC futures price is oscillating downward, with a cautious and bearish outlook [2]. Black Metals - **Iron Ore**: After the steel mills' restocking is realized, the ore price is under pressure. It is advisable to short at around 800 [2]. - **Coking Coal**: The coal price in Shanxi has loosened, and the Mongolian coal follows the futures price fluctuations. The futures price is oscillating downward. It is recommended to go long on coking coal and short on coke [2]. - **Coke**: The price increase of mainstream coke enterprises has been implemented, and the port trading price is stable. The futures price is oscillating downward. It is advisable to view it as oscillating and slightly strong, with a reference range of 1600 - 1800, and go long on coking coal and short on coke [2]. - **Silicon Ferros**: There is no significant contradiction between supply and demand, and attention should be paid to HeSteel's February pricing. It will oscillate widely in the range of 5500 - 5900 [2]. - **Manganese Silicos**: Affected by macro - sentiment, it is operating weakly, with a wide - range oscillation in the range of 5600 - 6000 [2]. Non - ferrous Metals - **Copper**: Due to the expectation of balance - sheet reduction and the pressure on risk preference, the copper price has retreated from its high level. It is advisable to wait and see, and pay attention to the support at 97500 - 98500 [2]. - **Alumina**: Frequent maintenance of alumina plants at the end of the year has led to a strong and oscillating futures price. The short - term decline in the ore price is limited. It is advisable to sell out - of - the - money put options at the lower price limit and short unilaterally at high prices [2]. - **Aluminum**: After the concentrated profit - taking of long - position funds, the futures price has reached the limit - down. It is advisable to pay attention to the support at 23000 - 23500 and go long on dips [2]. - **Aluminum Alloy**: The futures price has adjusted following the limit - down of the aluminum price. It is advisable to refer to the operation range of 21500 - 23500 and conduct an arbitrage of going long on AD03 and short on AL03 [2]. - **Zinc**: The zinc price has retreated from its high level, and the spot premium has strengthened. It is advisable to pay attention to the support around 24000, wait and see in the short term, and go long at low prices in the long term [2]. - **Tin**: Due to the decline of US technology stocks and the increasing expectation of Fed tightening, the precious metals and non - ferrous sectors have significantly declined, and the tin price has reached the limit - down. It is recommended to participate cautiously in the short term and try a low - buying strategy after the sentiment stabilizes [2]. - **Nickel**: The macro - sentiment has weakened significantly, and the nickel price has dropped sharply during the day. It is advisable to conduct range - bound operations, with a reference range for the main contract of 128000 - 140000 [2]. - **Stainless Steel**: Under the pressure of the macro and raw material sides, the futures price has dropped sharply during the day. It will adjust weakly, with a reference range for the main contract of 13200 - 14500 [2]. New Energy Metals - **Industrial Silicon**: The industrial silicon price rose in the morning under the influence of production cuts and then declined in the afternoon. The main contract is expected to operate in the range of 8200 - 9200 [2]. - **Polysilicon**: After a large - scale decline, the polysilicon futures price has rebounded. It is oscillating at a high level, and it is advisable to wait and see [2]. - **Lithium Carbonate**: Under macro - pressure and with the exhaustion of positive factors, the futures price has significantly declined and adjusted. It is advisable to wait and see cautiously, as the risk of going long against the trend is relatively high [2]. Energy Chemicals - **PX**: Due to the collapse of the cost side, PX is oscillating weakly in the short term, with a short - term oscillation range of 7200 - 7600, and short - term long - position operations are recommended [2]. - **PTA**: Under the expectation of seasonal inventory accumulation, the driving force before the festival is limited. PTA is oscillating at a high level in the short term, with a short - term oscillation range of 5200 - 5500. Short - term long - position operations and low - level positive arbitrage of TA5 - 9 are recommended [2]. - **Short - fiber**: With a weak supply - demand expectation, it follows the raw material price fluctuations. The unilateral operation is the same as that of PTA, and it is advisable to shrink the processing fee on the futures price when it is high [2]. - **Bottle - grade PET**: The operating rate of bottle - grade PET plants has increased in February, and it is expected that the plants will accumulate inventory seasonally, suppressing the increase of the processing fee. The unilateral operation of PR is the same as that of PTA. The main - contract processing fee of PR is expected to fluctuate in the range of 400 - 550 yuan/ton. It is advisable to pay attention to the opportunity of shrinking the processing fee when it is high and sell the put option PR2604 - P - 5900 when the price is high [2]. - **Ethanol (EG)**: In February, MEG faces significant inventory - accumulation pressure, with a near - term weak and long - term strong supply - demand situation. The EG2605 price is under pressure above, oscillating in the range of 3700 - 4100. It is advisable to pay attention to the low - level positive arbitrage opportunity of EG5 - 9 and sell the out - of - the - money call option EG2605 - C - 4200 when the price is high [2]. - **Benzene**: The supply - demand situation has improved slightly, but the driving force is limited under the suppression of high inventory. It follows the price fluctuations of raw materials and downstream styrene. It should be treated with caution and bearishness, and the EB - BZ spread should be shrunk when it is high [2]. - **Styrene**: Under the expectation of high valuation and weak supply - demand, the price is under pressure. It should be treated with caution and bearishness, and the EB - BZ spread should be shrunk when it is high [2]. - **LLDPE**: The trading volume is weak, mainly for hedging purchases. It is advisable to wait and see [2]. - **PP**: With weak supply and demand, the price is oscillating. It is advisable to wait and see [2]. - **Methanol**: After the geopolitical situation eases, the price has dropped significantly, and the basis has slightly strengthened. The previous long - position orders have been stopped for profit [2]. - **Caustic Soda**: The fundamentals have not improved, and it is mainly adjusting weakly and stably. A high - short strategy on rebounds is recommended [2]. - **PVC**: With weak demand support, the futures price has declined. PVC may enter a wide - range oscillation, and a short - term low - buying strategy is recommended, while short - position orders should be temporarily observed [2]. - **Urea**: The market trading atmosphere has weakened, and new orders are slow to follow up. The short - term supply - demand improvement expectation is good, but the upward momentum may be insufficient. Short - position orders should be temporarily observed [2]. - **Soda Ash**: With a strong supply and weak demand, it is oscillating in a narrow range. Attention should be paid to the changes in production lines and inventory [2]. - **Glass**: It is mainly oscillating in a weak supply - demand balance. It is advisable to wait and see [2]. - **Natural Rubber**: The sharp decline in commodities has dragged down the rubber price. It is advisable to wait and see [2]. - **Synthetic Rubber**: The sharp decline in commodities has dragged down the BR price. Attention should be paid to the support of BR2604 around 12500 [2]. Agricultural Products - **Soybean Meal and Rapeseed Meal**: The supply is abundant throughout the February market. Short - position orders can be held, paying attention to changes in macro - sentiment [2]. - **Hogs**: There is a short - term boost from reduced supply, and the supply - demand game before the festival intensifies. It is oscillating at the bottom [2]. - **Corn**: With an increase in supply, the futures price has declined. It will oscillate in the range of 2250 - 2320 [2]. - **Oils and Fats**: Affected by macro - capital sentiment and the weakening of crude oil, the vegetable oil sector has generally declined. It is oscillating weakly in a range [2]. - **Sugar**: Due to the lack of fundamental news, it is affected by the overall macro - sentiment. It is oscillating weakly in a range [2]. - **Cotton**: Supported by the firm spot price, the price adjustment space is limited. Long - position orders can be held [2]. - **Eggs**: The egg price has weakened and turned down, and the stocking is coming to an end. It is oscillating in a range [2]. - **Apples**: As the commodity market sentiment cools down, the futures price is oscillating and falling. Long - position orders should be closed at an appropriate time [2]. - **Concentrated Juice**: The sales progress is slow, and the futures price is oscillating and falling. It will oscillate in the range of 8700 - 9200 [2]. Steel - Affected by the weak market sentiment, the steel price has declined, and it will move in the range of 3150 - 3350. The long position in the hot - rolled coil - rebar spread can continue to be held [3].

Core Viewpoint - Bitcoin has experienced a significant decline, dropping below $87,000 for the first time since April, with a single-day drop exceeding 4%, leading to massive liquidations in the market [1][3]. Group 1: Price Movement - Bitcoin fell from a peak of $126,000 in early October to $87,000, marking a 30% decline over one and a half months [3]. - The cryptocurrency market has seen widespread losses, with Ethereum dropping over 5% and Dogecoin losing half its value, while many altcoins have experienced declines exceeding 30% [3]. Group 2: Contributing Factors - The Federal Reserve's stance on maintaining high interest rates has shattered hopes for rate cuts, leading to increased selling pressure on high-risk assets like Bitcoin [5]. - Institutional investors and large holders (whales) have been selling off their Bitcoin holdings, with a total outflow of $2.6 billion from U.S. Bitcoin ETFs over five weeks, and whales selling over $20 billion in assets since September [5]. - High leverage in the crypto market, with a leverage ratio of 18, has exacerbated the situation, triggering a chain reaction of liquidations as prices fell below critical levels [5]. Group 3: Market Sentiment and Predictions - Market sentiment is divided, with bearish analysts predicting further declines to $85,000 or even $80,000, while bullish analysts foresee potential rebounds to $200,000 or $130,000 depending on future economic conditions [7]. - The Bitcoin MVRV ratio has dropped to a low of 1.76, historically indicating a potential rebound when below 2, with some whales starting to accumulate in the $92,000 to $95,000 range [7]. Group 4: Overall Market Impact - The overall cryptocurrency market has seen a total market cap decline equivalent to three times the size of Coinbase in just 19 days, reflecting the severity of the downturn [1].