Group 1 - The A-share market showed a mixed performance with the Shanghai Composite Index rising by 0.05% to 4134.02 points, while the Shenzhen Component and ChiNext Index increased by 0.86% and 1.32% respectively, with the total trading volume reaching 2.14 trillion yuan, an increase of 157.5 billion yuan from the previous trading day [1] - The computing power industry chain experienced a collective surge, with significant gains in computing power leasing concepts, highlighted by Dazhi Technology achieving four consecutive trading limits and companies like Capital Online and Yuke Technology hitting the daily limit [1] - The CPO (Optical Module) concept saw rapid growth, with Tianfu Communication and other companies reaching historical highs, supported by a report from CITIC Securities indicating that Lumentum has secured several hundred million dollars in CPO-related orders, predicting an industry boom by mid-2027 [2] Group 2 - The electric grid equipment sector collectively strengthened, with companies like Siyuan Electric and Sifang Co. reaching historical highs, driven by the State Council's issuance of guidelines to establish a unified national electricity market by 2035 [3] - The non-ferrous metals sector showed repeated activity, with Xianglu Tungsten and Zhangyuan Tungsten achieving consecutive trading limits, influenced by a significant reduction in nickel ore production quotas from the world's largest nickel mine, leading to a rebound in nickel and cobalt prices [3] - The commercial aerospace concept stock, Jili Rigging, faced a sharp decline, hitting the daily limit down due to a clarification that it had not signed a significant project, reflecting a broader weakness in the commercial aerospace and media sectors [4]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Gold is expected to oscillate and rebound, while silver is likely to decline from its high level. Copper prices are supported by raw material disturbances, zinc will trade within a range, lead lacks driving forces and its price will oscillate, tin will experience slight oscillations, aluminum will remain at a high level and oscillate, alumina's oversupply situation remains unchanged, cast aluminum alloy will follow the trend of electrolytic aluminum, platinum's trading is light and it will move sideways, palladium will continue to oscillate, nickel is affected by news from Indonesia and attention should be paid to speculative risks, and stainless steel's cost support center will move up due to frequent maintenance and production cuts in February [2]. Summary by Related Catalogs Gold and Silver - **Price and Trading Volume**: The closing prices of Shanghai Gold 2602 and Gold T+D yesterday were 1,130.40 and 1,124.47 respectively, with daily increases of 0.82% and 0.63%. The closing prices of Shanghai Silver 2602 and Silver T+D were 20,944 and 19,899 respectively, with daily increases of 3.16% and 3.24%. The trading volume of Shanghai Gold 2602 decreased by 164 compared to the previous day, and that of Shanghai Silver 2602 decreased by 107,478 [5]. - **Inventory and Spread**: The inventory of Shanghai Gold decreased by 0, and that of Shanghai Silver increased by 18,734. The spread between Gold T+D and AU2602 remained unchanged at -5.93, and the spread between Silver T+D and AG2602 decreased by 354 to 1,016 [5]. - **Macro and Industry News**: The US added 130,000 non - farm jobs in January, the largest increase since April last year, and the unemployment rate dropped to 4.3%. Wall Street expects the first interest rate cut to be postponed to July [5][7]. Copper - **Price and Trading Volume**: The closing price of the Shanghai Copper main contract was 102,180, with a daily increase of 0.61%. The trading volume of the Shanghai Copper index decreased by 14,245 compared to the previous day [10]. - **Inventory and Spread**: The inventory of Shanghai Copper increased by 12,958, and the LME copper inventory increased by 3,000. The LME copper cash - 3M spread increased by 1.27 to -76.1 [10]. - **Macro and Industry News**: The US January non - farm report was strong, delaying the market's expectation of the first interest rate cut from June to July. Glencore Canada suspended major investment in the Horne smelter, and Anglo American's copper production in Q4 2025 decreased by 14% year - on - year [10][12]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai Zinc main contract was 24,640, with a daily increase of 0.55%. The trading volume of the Shanghai Zinc main contract increased by 72, and the LME zinc trading volume increased by 651 [13]. - **Inventory and Spread**: The inventory of Shanghai Zinc increased by 8,100, and the LME zinc inventory decreased by 1,500. The LME CASH - 3M spread increased by 4.18 to -19.55 [13]. - **News**: The US January non - farm employment data was strong, and the market postponed the expectation of the first interest rate cut from June to July [14]. Lead - **Price and Trading Volume**: The closing price of the Shanghai Lead main contract was 16,755, with a daily increase of 0.39%. The trading volume of the Shanghai Lead main contract decreased by 15,600 [16]. - **Inventory and Spread**: The inventory of Shanghai Lead increased by 1,007, and the LME lead inventory increased by 200. The LME CASH - 3M spread decreased by 1.95 to -50.95 [16]. - **News**: The US January non - farm report was strong, delaying the market's expectation of the first interest rate cut from June to July [17]. Tin - **Price and Trading Volume**: The closing price of the Shanghai Tin main contract was 394,700, with a daily increase of 3.27%. The trading volume of the Shanghai Tin main contract increased by 13,940 [20]. - **Inventory and Spread**: The inventory of Shanghai Tin increased by 131, and the LME tin inventory increased by 120. The spread between the spot and the futures main contract increased by 480 to 6,100 [20]. - **Macro and Industry News**: The US added 130,000 non - farm jobs in January, and Trump privately considered withdrawing from the US - Mexico - Canada Agreement [22]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing price of the Shanghai Aluminum main contract was 23,660, the Shanghai Alumina main contract was 2,842, and the aluminum alloy main contract was 22,205. The trading volume of the Shanghai Aluminum main contract decreased by 42,086, the Shanghai Alumina main contract increased by 74,829, and the aluminum alloy main contract decreased by 412 [23]. - **Inventory and Spread**: The domestic aluminum ingot social inventory remained unchanged at 875,000 tons, the LME aluminum ingot inventory decreased by 1,200 tons. The spread between the near - month and the consecutive - one contract of Shanghai Aluminum increased by 5 to -75 [23]. - **Comprehensive News**: Li Qiang proposed to promote AI innovation, and Wall Street postponed the expectation of the first interest rate cut to July [25]. Platinum and Palladium - **Price and Trading Volume**: The closing price of the Platinum Futures 2606 was 551.15, with a daily increase of 2.54%. The trading volume of Shanghai Platinum decreased by 153, and the NYMEX Platinum trading volume increased by 6,910 [28]. - **Inventory and Spread**: The inventory of NYMEX Platinum remained unchanged, and the inventory of NYMEX Palladium decreased by 4,010. The spread between PT9995 and PT2606 decreased by 17.74 to -5.77 [28]. - **Macro and Industry News**: The US non - farm report was strong, and the market postponed the expectation of the first interest rate cut. Trump said reaching an agreement with Iran was the "preferred" option [31]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai Nickel main contract was 139,360, and the stainless steel main contract was 14,040. The trading volume of the Shanghai Nickel main contract increased by 237,189, and the stainless steel main contract increased by 122,482 [32]. - **Industry Chain Data**: The price of 1 imported nickel was 137,750, the price of 8 - 12% high - nickel pig iron was 1,043, and the price of 304/2B coil - cut edge (Wuxi) was 14,650 [32]. - **Macro and Industry News**: The Indonesian government suspended issuing new smelting licenses, and the energy and mineral resources department planned to revise the benchmark price formula for nickel ore [32][33].

Group 1 - The core viewpoint of the news highlights the strong performance and growing interest in the non-ferrous metal ETF Tianhong (159157), which has seen significant capital inflow and price appreciation due to demand driven by the AI and re-industrialization trends [1][2] - The non-ferrous metal ETF Tianhong has achieved a net inflow of 779 million yuan over the last four trading days, reaching a total fund size of 1.873 billion yuan, marking a new high since its listing [1] - The ETF closely tracks the CSI Industrial Non-Ferrous Metal Theme Index, focusing on industrial metals such as copper, aluminum, and rare earths, with analysts suggesting that supply constraints may lead to price increases for these metals [1] Group 2 - The non-ferrous metal theme ETF (159157) has a total subscription size of 1.074 billion yuan, with individual investors holding 1.042 billion shares, accounting for 97.01% of the total [2] - The fund was launched on January 28, and prior to its listing, it attracted 14,134 individual accounts, indicating strong market interest and participation [2] - Tianfeng Securities notes that the industrial added value of non-ferrous metal companies continues to grow, with production exceeding 80 million tons and strong export dynamics, suggesting a positive industry outlook [2]

Domestic Market Overview - The domestic market experienced a contraction and mixed performance on February 11, with the Shanghai Composite Index closing at 4131.99 points, up 0.09%, while the Shenzhen Component Index closed at 14160.93 points, down 0.35% [1][4] - The total trading volume of the A-share market was 20,010 billion, showing a decrease compared to the previous day [1][4] - Among the 30 first-level industries, 13 saw an increase, with construction materials, non-ferrous metals, and petroleum and petrochemicals leading the gains, while communication, media, and defense industries experienced significant declines [1][4] Overseas Market Overview - The three major U.S. stock indices experienced slight declines on February 11, with the Dow Jones down 0.13%, the S&P 500 remaining flat, and the Nasdaq down 0.16% [2][4] - IBM's stock fell over 6%, leading the decline in the Dow [2][4] Economic Data - The National Bureau of Statistics reported that in January, the Consumer Price Index (CPI) rose by 0.2% month-on-month and year-on-year, while the core CPI increased by 0.8% year-on-year [9][12] - The Producer Price Index (PPI) rose by 0.4% month-on-month, marking the fourth consecutive month of increase, while year-on-year it decreased by 1.4% [9][12] News Highlights - The State Council issued an implementation opinion on improving the national unified electricity market system, aiming to establish a unified market by 2030 and fully complete it by 2035 [10][11] - The successful flight test of the Long March 10 and the Dream Chaser spacecraft marks a significant milestone in China's manned lunar exploration program [12] - A "New Year gift package" worth 2.05 billion will be distributed to consumers during the Spring Festival, including cash vouchers and subsidies [13]

Core Viewpoint - The launch of the metal ETF by FuGuo (159168) has seen a positive market response, with a peak increase of 1.74% and a current increase of 1.64%, driven by rising prices in the non-ferrous metal sector and strong performance from key index constituents [1] Group 1: Market Performance - The non-ferrous metal prices are generally rising, reflecting strengthened market expectations regarding supply constraints and demand expansion [1] - Key index stocks such as Dongyangguang reached the daily limit, while Zhongwu High-tech and Shenghe Resources saw increases exceeding 6%, contributing to the overall index rise [1] Group 2: Future Outlook - Research institutions indicate that the upward momentum in non-ferrous metal prices is expected to continue after a significant rally in 2025, supported by supply disruptions, localized high demand, and inventory accumulation [1] - Increased trading activity due to loose liquidity and heightened risk aversion from geopolitical conflicts are anticipated to amplify price elasticity in metals [1] Group 3: Investment Opportunities - Investors interested in the non-ferrous metal sector can consider the FuGuo ETF (159168), which closely tracks the Industrial Non-Ferrous Index (H11059.CSI) [1] - The ETF selectively includes 30 large-cap listed companies involved in industrial metals such as copper, aluminum, rare earths, lead, zinc, tungsten, and molybdenum, with copper and aluminum accounting for over 50% of the index weight [1]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The non - ferrous metals sector has recovered. If the non - ferrous metals sector stabilizes and rebounds, it will drive the CSI 500 index to rise further, and its sustainability should be monitored [3]. - Before the holiday, trading tends to be cautious, and the market is expected to maintain a pattern of volume - shrinking repair [3]. 3. Summary by Relevant Catalogs 3.1 Macro Economy - In January, China's CPI rose 0.2% month - on - month and 0.2% year - on - year, with the core CPI up 0.8% year - on - year; PPI rose 0.4% month - on - month, rising for four consecutive months, with the year - on - year decline narrowing by 0.5 percentage points to 1.4% [1]. - In the US in January, the non - farm payrolls increased by 130,000, far exceeding the market expectation of 70,000. The unemployment rate was 4.3%, the lowest since August 2025, and the hourly wage increased by 0.4% month - on - month. However, job growth was concentrated in a few industries, with the healthcare sector adding 124,000 jobs [1]. 3.2 Spot Market - A - share major indices fluctuated. The Shanghai Composite Index rose 0.09% to close at 4131.98 points, and the ChiNext Index fell 1.08%. Sector indices showed mixed performance. Building materials, non - ferrous metals, and petroleum and petrochemical industries led the gains, while communication, media, and social services industries led the losses. The trading volume of the Shanghai and Shenzhen stock markets was less than 2 trillion yuan [2][13]. - Overseas, the three major US stock indices closed slightly lower, with the Nasdaq down 0.16% at 23066.47 points [2]. 3.3 Futures Market - In the futures market, the basis of IC and IM rebounded, with near - month contracts at a premium. In terms of trading volume and open interest, the trading volume and open interest of IH and IM increased simultaneously [2][14]. - The trading volume of IF was 62,400, a decrease of 2,853; the open interest was 281,980, a decrease of 464. The trading volume of IH was 30,833, an increase of 1,354; the open interest was 101,315, an increase of 254. The trading volume of IC was 101,790, an increase of 7,140; the open interest was 294,295, a decrease of 1,888. The trading volume of IM was 133,571, an increase of 401; the open interest was 380,005, an increase of 1,372 [14]. - For the basis of futures contracts: for IF, the basis of the current - month contract was 2.38, a decrease of 1.52; for IH, it was 3.14, a decrease of 2.25; for IC, it was 16.59, an increase of 14.03; for IM, it was 20.69, an increase of 16.39 [41]. - For the inter - delivery spread of futures contracts: for the spread between the next - month and the current - month contracts, the spread of IF was - 1.40, an increase of 2.80; the spread of IH was - 0.20, a decrease of 1.00; the spread of IC was - 6.00, an increase of 12.20; the spread of IM was - 19.20, an increase of 6.40 [45].

Market Overview - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index up by 0.12%, the Shenzhen Component Index up by 0.81%, and the ChiNext Index up by 1.18% [2] Sector Performance - The market's focus was primarily on the non-ferrous metals and computing hardware sectors, with significant gains observed in computing hardware stocks such as CPO, liquid-cooled servers, optical chips, and optical circuit switches [4] - Notable performers included Tianfu Communication, which surged by 11.61% to reach a historical high of 322 CNY per share, bringing its market capitalization to 250.33 billion CNY [4] - The non-ferrous metals sector also showed strong activity, with Xianglu Tungsten Industry achieving "3 boards in 5 days" and Zhangyuan Tungsten Industry achieving "2 consecutive boards" [4] Computing Industry Developments - The computing industry chain experienced a significant rise, with multiple stocks in the sector showing strong performance. Tianfu Communication led the charge with an 11.61% increase, while other stocks like Yimikang and Kexin Innovation Source rose over 10% [4][6] - The State-owned Assets Supervision and Administration Commission held a meeting emphasizing the need for central enterprises to enhance investment in computing power and promote the synergy between computing and electricity [7] - Meta announced the construction of a $10 billion data center in Indiana, which will support its AI development needs, with an expected operational capacity of 1 GW by late 2027 or early 2028 [7][8] Financial Market Insights - Moody's recently assigned a AAA rating to a portion of asset-backed securities issued by Compass Datacenters, marking a significant milestone for data center financing [8] - Major tech companies, including Amazon, Microsoft, and Alphabet, are leveraging the credit market for financing, with Morgan Stanley predicting that spending on data centers and AI will exceed $5 trillion over the next five years [8] Company-Specific News - Zhiyu Technology's stock price surged over 33%, reaching a historical high with a market capitalization exceeding 170 billion HKD following the announcement of its new flagship model GLM-5 [10] - The company reported a tenfold increase in user flow in a short period, prompting it to expand its capacity to meet demand [10]

Market Performance - The Shanghai Composite Index experienced a slight increase of 0.12% during the morning session, while the Shenzhen Component Index rose by 0.81% and the ChiNext Index increased by 1.18% [1] - The electric grid equipment sector showed strong performance, with stocks like Sifang Co. and Wangbian Electric reaching their daily limit [1] - The non-ferrous metals sector was active, highlighted by a surge in Quartz Co. stock, which also hit the daily limit [1] Sector Analysis - The CPO concept saw a resurgence, with Tianfu Communication's stock rising over 10% [1] - In contrast, the film and television sector faced declines, with stocks such as Huanrui Century, Hengdian Film, and Bona Film hitting their daily limit down [1] Index Performance - The East Finance Concept Index showed varied performance, with the highest gainers including the electric power transmission and transformation equipment sector at 6.87% [2] - The film and television concept index recorded the most significant decline at -7.05%, indicating a challenging environment for this sector [2]

Group 1 - Despite a decrease in Chinese buyers before the Spring Festival holiday, copper prices continue to rise due to tightening supply prospects and a weaker dollar [1] - Investor optimism regarding copper prices is driven by expectations of increased demand from global manufacturing, green transition, and artificial intelligence development [1] - Speculative funds, including Chinese capital, have contributed to the price increase in recent months, supported by the weaker dollar making commodities cheaper when priced in other currencies [1] Group 2 - Wu Kunjin, head of non-ferrous metals research at Wuxing Futures Co., noted that while Chinese buyers have slowed their purchases before the holiday, overseas risk appetite remains [4] - According to Shanghai Steel Union's survey, China's refined copper spot trading volume dropped to 13,400 tons on Wednesday, down from a peak of over 38,000 tons on February 2 [4] - As of the report, copper prices on the London Metal Exchange rose by 0.5% to $13,166.50 per ton, while nickel prices increased by 0.6% due to production cuts at the world's largest nickel mine in Indonesia [4]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Views of the Report - **Stock Index Futures**: The market showed a narrow - range oscillation with mixed performance of the three major indices. Recently, various departments have intensively introduced economic control policies, which provide fundamental support for the indices. The central bank's interest rate cut on structural monetary policy tools helps guide funds into relevant sectors and push up their valuations in the long - run. However, after the adjustment of the minimum margin ratio for margin trading, the market has entered a high - level oscillation mode with increased short - term volatility, so it is advisable to be cautious about chasing high prices and mainly adopt a wait - and - see approach [1]. - **Treasury Bond Futures**: After the central bank's structural interest rate cut, fiscal policies continue to exert force. Against the background of continuous introduction of growth - stabilizing policies, the bond market lacks the impetus for continuous strengthening, and the pattern of interest rate range oscillation remains [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Stock Index Futures**: On February 11, 2026, the market had a narrow - range oscillation throughout the day, with more stocks falling than rising. The trading volume was 2.12 trillion. The Shanghai Composite Index rose 0.13%, the Shenzhen Component Index rose 0.02%, and the ChiNext Index fell 0.37%. The National Development and Reform Commission plans to set up a national - level merger fund, regulate local economic promotion behaviors, and promote high - tech projects. The central bank cut the interest rate of structural monetary policy tools by 25BP, which is beneficial to relevant sectors in the long - run. The adjustment of the margin ratio for margin trading has increased the risk - aversion sentiment of funds, and the market has entered a high - level oscillation mode [1]. - **Treasury Bond Futures**: On February 11, 2026, the 30 - year, 10 - year, and 5 - year main contracts of treasury bond futures rose by 0.05%, 0.06%, and 0.04% respectively, while the 2 - year main contract remained stable. The central bank conducted 400 billion yuan of 14 - day and 78.5 billion yuan of 7 - day reverse repurchases, with a net injection of 403.5 billion yuan. The short - term upward movement of DR001 and downward movement of DR007 indicate that the bond market lacks the power for continuous strengthening, and the interest rate will continue to oscillate in a range [2]. 3.2 Daily Price Changes - **Stock Index Futures**: On February 11, 2026, compared with February 10, 2026, IH decreased by 2.2 points (- 0.07%), IF decreased by 9.2 points (- 0.19%), IC increased by 45.6 points (0.55%), and IM increased by 12.0 points (0.15%) [3]. - **Stock Indices**: On February 11, 2026, compared with February 10, 2026, the Shanghai 50 Index rose by 1.1 points (0.03%), the CSI 300 Index decreased by 10.5 points (- 0.22%), the CSI 500 Index increased by 19.4 points (0.23%), and the CSI 1000 Index decreased by 10.8 points (- 0.13%) [3]. - **Treasury Bond Futures**: On February 11, 2026, compared with February 10, 2026, TS decreased by 0.01 points (- 0.01%), TF increased by 0.035 points (0.03%), T increased by 0.055 points (0.05%), and TL increased by 0.07 points (0.06%) [3]. 3.3 Market News - **Overall Trend**: The market showed an oscillating and differentiated trend, with the ChiNext Index falling by more than 1%. More stocks fell than rose, with over 3,200 stocks in the Shanghai, Shenzhen, and Beijing stock markets closing down. The trading volume was about 2 trillion. The Shanghai Composite Index rose 0.09%, the Shenzhen Component Index fell 0.35%, and the ChiNext Index fell 1.08% [5]. - **Industry Sectors**: Glass fiber, non - ferrous metals, chemicals, and lithium ore sectors led the gains, while film and television media, AI applications, tourism, and CPO sectors led the losses [5]. - **Popular Concepts**: Glass fiber concept stocks soared, with many stocks such as Shandong Glass Fiber and China Jushi hitting the daily limit. The non - ferrous metals sector strengthened, and stocks like Zhongwu High - tech and Xianglu Tungsten Industry hit the daily limit. Chemical stocks were repeatedly active, and stocks like Huatai and Jihua Group hit the daily limit. On the decline side, film and television concept stocks adjusted, and stocks like Hengdian Film and Jinyi Film hit the daily limit down [5]. 3.4 Chart Analysis - **Stock Index Futures**: The report provides multiple charts showing the trends of IH, IF, IM, IC main contracts, and their respective monthly basis trends [7][9][11]. - **Treasury Bond Futures**: The report presents charts of the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [14][17][19]. - **Exchange Rates**: The report includes charts of the central parity rates of the US dollar and euro against the RMB, forward exchange rates, the US dollar index, and exchange rates between different currencies [22][23][26]