Report Core View - Traditional factors in the current market, such as volume-price factors based on trading volume and price data and fundamental factors based on economic data, are facing the risk of invalidation. In the context of high strategy crowding and over - mining of big data, alternative factors are becoming new important aids for describing price expectations. The report focuses on sentiment factors with a wide range of applications, which can not only depict the current market heat and sentiment but also quantitatively grasp the strength and weakness of sectors and varieties by refining, processing and analyzing text information such as news, media and research reports [1] Other Key Points - The formula for the emotional intensity in the futures market is the sum of the correlation degree between news/reports and futures varieties multiplied by the emotional score of news/reports [2]

Group 1: Core View - Traditional factors in the current market, such as volume - price factors based on trading volume and price data and fundamental factors based on economic data, are facing the risk of ineffectiveness. In the context of high strategy crowding and over - mining of big data, alternative factors are becoming new and important aids in describing price expectations [1] - The report focuses on sentiment factors with a wide range of applications among alternative data. By refining, processing, and analyzing text information from news, media, and research reports, it can not only depict the current market heat and sentiment but also quantitatively grasp the strength and weakness of sectors and varieties [1] Group 2: Specific Content - The formula for the emotional intensity in the futures market is: Emotional intensity = Σ (Relevance of news/reports to futures varieties × Emotional score of news/reports) [2] Group 3: Report Information - The report data is as of May 9, 2025 [4] - The senior analyst of Guotou Futures is Wang Kai with the futures investment consulting license number Z0016943, and the analyst is Zhang Jingjie with the futures practice qualification number F03116832 [4]