1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - Domestic commodity futures market closed with mixed results, with most new energy materials rising. Shipping futures led the gains, while chemical products led the losses [1]. - The US economy shows a weak - stable total and a differentiated structure. The manufacturing PMI in January was favorable, but the non - manufacturing sector weakened, and employment data was below expectations [1]. - In China, the boost from the incremental policies in Q4 2025 to the fundamentals has not been significant, but policy expectations are gradually increasing. The manufacturing PMI in January declined, but the expectation of policy support in Q1 is strengthening [1]. - Domestic equity markets are supported by policy expectations and additional liquidity. Treasury bonds are neutral, with better short - term opportunities. Gold in precious metals maintains a long - position standard, while silver is on hold. Non - ferrous metals are still promising, and short - term dips can be used for bottom - fishing. Black commodities are volatile, and crude oil may rise but with high uncertainty [1]. 3. Summary by Relevant Catalogs 3.1 Market Performance - **Domestic Commodity Futures**: Shipping futures led the gains, with the container shipping index (European line) up 6.40%. New energy materials mostly rose, with lithium carbonate up 3.66%. Basic metals mostly rose, with Shanghai nickel up 1.79%. Agricultural and sideline products all rose, with apples up 1.73%. Energy products all rose, with fuel oil up 1.09%. Chemical products led the losses, with butadiene rubber down 1.93%. Oils and fats mostly fell, with palm oil down 1.50%. Precious metals were mixed, with palladium down 1.48%. Black series all fell, with ferrosilicon down 1.47%. Non - metallic building materials all fell, with PVC down 0.78% [1]. - **Financial Market**: On February 12, 2026, among stock index futures, CSI 500 futures rose 1.31%, and CSI 1000 futures rose 1.09%. Among Treasury bond futures, 30 - year Treasury bond futures rose 0.06%. The US dollar index rose 0.06%, and the US dollar intermediate price decreased by 108 pips [9]. - **Industry Index**: On February 12, 2026, among the中信 industry indices, non - ferrous metals rose 0.98%, and machinery rose 1.29%, while agriculture, forestry, animal husbandry and fishery fell 1.48%, and consumer services fell 1.75% [10][11]. - **Overseas Commodities**: On February 11, 2026, NYMEX WTI crude oil rose 1.45%, ICE Brent oil rose 1.21%, COMEX gold rose 1.53%, and LME nickel rose 3.29% [12][13]. - **Domestic Main Commodities**: On February 12, 2026, the container shipping European line rose 5.27%, lithium carbonate rose 12.33% weekly, and iron ore fell 0.11% daily [14][15][16]. 3.2 Sector Analysis - **Finance**: Before the holiday, it may be volatile. Stock index futures may be volatile and slightly stronger, stock index options should continue to hold call options for defense, Treasury bond futures are supported by monetary easing expectations, and gold and silver are in a stage of adjustment with reduced capital enthusiasm [5]. - **Shipping**: The OOCL's March online price is $3130/FEU, and the market is in a state of shrinking trading volume and consolidation before the holiday [5]. - **Black Building Materials**: In the off - season, contradictions are accumulating, and the market is under pressure. Steel, iron ore, coke, coking coal, etc. are all in a volatile state [5]. - **Non - ferrous and New Materials**: The expected trading of "Woshi Eagle" is weakening, and basic metals stop falling and are volatile. Nickel, stainless steel, and tin are expected to be volatile and slightly stronger [5]. - **Energy and Chemicals**: Concerns about the Middle East situation continue to disrupt oil prices, and the chemical industry continues to be in a state of volatile consolidation [6]. - **Agriculture**: Optimistic sentiment supports US soybeans, and domestic double - meal is mainly volatile. Most agricultural products are in a volatile state, and the pig price is running at a low level [6].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Domestic commodity futures market closed with mixed results, with base metals leading the gains. Energy products all rose, precious metals were mixed, agricultural and sideline products mostly increased, shipping futures declined, black commodities mostly fell, new energy materials mostly dropped, and chemical products were mixed [1][2]. - The US economy shows a weak - stable total volume with a differentiated structure. The manufacturing PMI in January was good, but the non - manufacturing sector weakened and employment data was below expectations [2]. - In China, the fundamental changes this week were limited. The boost from the incremental policies in Q4 2025 was not significant yet, but policy expectations were strengthening. The manufacturing PMI in January declined, with both supply and demand decreasing marginally [2]. - For assets, domestic equity markets can get upward support from policy expectations and additional liquidity. Treasury bonds are neutral, with better short - end opportunities but limited odds. Gold in precious metals is a long - term standard allocation, while silver is on hold. Non - ferrous metals are still promising under industrial logic, and investors can buy on dips after market volatility reduces. Black commodities are generally volatile, and crude oil may rise due to geopolitical support but with high uncertainty, so it's advisable to stay on the sidelines [2]. 3. Summary by Relevant Catalogs 3.1 Today's Market - Base metals led the gains, with Shanghai tin up 3.33%. Energy products all rose, with crude oil up 2.17%. Precious metals were mixed, with Shanghai silver up 1.97%. Agricultural and sideline products mostly increased, with corn up 0.44%. Shipping futures declined, with the container shipping index (European line) down 4.57%. Black commodities mostly fell, with coke down 1.71%. New energy materials mostly dropped, with industrial silicon down 1.53%. Chemical products were mixed, with styrene down 0.98%. Oils and fats mostly declined, with palm oil down 0.69%. Non - metallic building materials all fell, with PVC down 0.44% [2] 3.2 Overseas Macro - The US economy shows a weak - stable total volume and a differentiated structure. The manufacturing PMI in January 2026 was good, and the positive feedback from the looser liquidity since H2 2025 may have gradually affected the manufacturing industry. However, the non - manufacturing sector weakened and employment data was below expectations [2] 3.3 Domestic Macro - The fundamental changes this week were limited. The boost from the incremental policies in Q4 2025 to the fundamentals was not significant yet, but policy expectations were strengthening. The manufacturing PMI in January declined, with both supply and demand decreasing marginally. The expectation of policy support for a "good start" in Q1 is rising, and the policy intention to stabilize investment since Q4 2025 may continue into Q1 2026 [2] 3.4 Asset Views - Domestic equity markets can be supported by policy expectations and additional liquidity. Treasury bonds are neutral, with better short - end opportunities but limited odds. Gold in precious metals is a long - term standard allocation, while silver is on hold. Non - ferrous metals are promising under industrial logic, and investors can buy on dips after market volatility reduces. Black commodities are generally volatile, and crude oil may rise due to geopolitical support but with high uncertainty, so it's advisable to stay on the sidelines [2] 3.5 Market Conditions of Different Sectors - **Finance**: The market sentiment is warm. Stock index futures are expected to rebound following the external market, stock index options are volatile, treasury bond futures are volatile, and gold and silver are in a stage of price adjustment and are volatile [6] - **Shipping**: Before the Spring Festival, the decline in freight rates slowed down. The three major alliance shipping companies issued a price increase notice for the European line in March. The container shipping European line is expected to be volatile and slightly stronger [6] - **Black Building Materials**: The current situation and expectations are not good, and the market still faces pressure. Steel, iron ore, coke, coking coal, silicon iron, manganese silicon, glass, and soda ash are all expected to be volatile [6] - **Non - ferrous and New Materials**: The sentiment in the non - ferrous market has warmed up, but inventories have accumulated significantly. Base metals have stopped falling and are volatile. Copper, aluminum, zinc, lead, nickel, stainless steel, tin, and other metals are expected to be volatile or volatile and slightly stronger [6] - **Energy and Chemicals**: The national thermal coal has generally reduced inventories, and the chemical industry continues to be volatile. Crude oil, LPG, asphalt, high - sulfur fuel oil, low - sulfur fuel oil, methanol, urea, and other products are all expected to be volatile [6][7] - **Agriculture**: As the Spring Festival approaches, most agricultural products are volatile. Grains, oils, livestock, and other products are expected to be volatile or volatile and slightly weaker [7] 3.6 Financial Market Price and Change Data - Stock index futures: The CSI 300 futures, SSE 50 futures, CSI 500 futures, and CSI 1000 futures had different price levels and daily, weekly, monthly, quarterly, and annual changes [10] - Treasury bond futures: The 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures had different price levels and daily, weekly, monthly, quarterly, and annual changes [10] - Foreign exchange: The US dollar index and the US dollar intermediate price had different price levels and daily, weekly, monthly, quarterly, and annual changes [10] - Interest rates: The 7 - day inter - bank pledged repo rate, 10 - year US Treasury bond yield, 10 - year Chinese Treasury bond yield, 10Y - 2Y US Treasury bond spread, and 10 - year break - even inflation rate had different price levels and daily, weekly, monthly, quarterly, and annual changes [10] 3.7 Industry Index Price and Change Data - The prices and daily, weekly, monthly, quarterly, and annual changes of various industries in the CITIC Industry Index, including agriculture, forestry, animal husbandry and fishery, national defense and military industry, commerce and retail, non - ferrous metals, etc., are provided [11][12] 3.8 Overseas Commodity Price and Change Data - The prices and daily, weekly, monthly, quarterly, and annual changes of overseas commodities such as energy (NYMEX WTI crude oil, ICE Brent oil, etc.), precious metals (COMEX gold, COMEX silver), non - ferrous metals (LME copper, LME aluminum, etc.), and agricultural products (CBOT soybeans, CBOT corn, etc.) are provided [13][15] 3.9 Domestic Commodity Price and Change Data - The prices and daily, weekly, monthly, quarterly, and annual changes of domestic commodities in various sectors such as shipping (container shipping European line), precious metals (gold, silver), non - ferrous metals (copper, aluminum), black building materials (rebar, hot - rolled coil), energy and chemicals (crude oil, fuel oil), and agriculture (soybeans, corn) are provided [16][17][18]