1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - For industrial silicon, the supply decreased last week, demand was persistently low, and the market is expected to oscillate between 8275 - 8475. The overall fundamental situation is bearish [6]. - For polysilicon, the supply and demand are both on a downward trend, and the market is predicted to oscillate between 47810 - 50090. The fundamental situation is also bearish [9][10]. 3. Summary According to the Table of Contents 3.1 Daily Views 3.1.1 Industrial Silicon - Supply: Last week, the supply was 71,000 tons, a 13.41% week - on - week decrease [6]. - Demand: Last week, the demand was 60,000 tons, a 20.00% week - on - week decrease. The demand remains sluggish [6]. - Cost: The production cost of sample oxygen - passing 553 in Xinjiang was 9769.7 yuan/ton, with no week - on - week change. The cost support has increased during the dry season [6]. - Basis: On February 10th, the spot price of non - oxygen - passing silicon in East China was 9200 yuan/ton, and the basis of the 05 contract was 825 yuan/ton, with the spot at a premium to the futures, which is bullish [6]. - Inventory: The social inventory was 562,000 tons, a 1.44% week - on - week increase; the sample enterprise inventory was 206,000 tons, a 1.43% week - on - week decrease; the main port inventory was 136,000 tons, a 1.44% week - on - week decrease, which is bearish [6]. - Disk: The MA20 is downward, and the futures price of the 05 contract closed below the MA20, which is bearish [6]. - Main Position: The main position is net short, and the short position decreased, which is bearish [6]. - Expectation: The supply scheduling has decreased and remains at a low level. The demand recovery is showing signs, and the cost support has increased. The industrial silicon 2605 is expected to oscillate between 8275 - 8475 [6]. 3.1.2 Polysilicon - Supply: Last week, the output was 20,100 tons, a 0.49% week - on - week decrease. The scheduled output for February is predicted to be 79,700 tons, a 20.93% month - on - month decrease compared to the previous month [9]. - Demand: Last week, the silicon wafer output was 10.38GW, a 11.65% week - on - week decrease, and the inventory was 283,200 tons, a 3.77% week - on - week increase. Currently, silicon wafer production is at a loss. The scheduled output for February is 45.31GW, a 1.34% month - on - month decrease compared to the previous month. The battery cell output in January was 41.44GW, a 11.37% month - on - month decrease. Last week, the inventory of the external sales factory of battery cells was 9.31GW, a 1.52% week - on - week increase. Currently, battery cell production is profitable. The scheduled output for February is 36.7GW, a 11.43% month - on - month decrease. The component output in January was 35.2GW, a 9.04% month - on - month decrease. The expected component output for February is 29.8GW, a 15.34% month - on - month decrease. The domestic monthly inventory is 24.76GW, a 51.73% month - on - month decrease, and the European monthly inventory is 34.2GW, a 9.26% month - on - month increase. Currently, component production is profitable [9]. - Cost: The average cost of polysilicon N - type material in the industry is 40,830 yuan/ton, and the production profit is 11,920 yuan/ton [9]. - Basis: On February 10th, the price of N - type dense material was 52,750 yuan/ton, and the basis of the 05 contract was 4700 yuan/ton, with the spot at a premium to the futures, which is bullish [11]. - Inventory: The weekly inventory was 341,000 tons, a 2.40% week - on - week increase, at a neutral level compared to the same period in history [11]. - Disk: The MA20 is downward, and the futures price of the 05 contract closed below the MA20, which is bearish [11]. - Main Position: The main position is net long, and the long position increased, which is bullish [10]. - Expectation: The supply scheduling continues to decrease. The demand side shows continuous decreases in silicon wafer production, battery cell production, and component production. The overall demand shows continuous decline. The cost support remains stable. The polysilicon 2605 is expected to oscillate between 47810 - 50090 [10]. 3.2 Fundamental/Position Data - The report provides a large amount of data on industrial silicon and polysilicon, including futures closing prices, spot prices, inventory, production, cost, etc. For example, in the industrial silicon market, the futures closing prices of various contracts showed different degrees of decline compared to the previous period, and the inventory and production data also changed [16][17].

Group 1: Federal Reserve Insights - Federal Reserve official Logan expresses "cautious optimism" regarding the ability of current policy rates to stabilize the labor market while bringing inflation down to the 2% target, emphasizing that upcoming economic data will validate this judgment [1][6] - Logan indicates that if inflation continues to decline while the labor market remains stable, the current policy stance is appropriate, and no further rate cuts are necessary to achieve dual mandates [1][6] - She notes that the downward risks to the labor market have "significantly eased" after three rate cuts last year, but this has added upward pressure on inflation [1][6] Group 2: European Central Bank Research - Recent research from European Central Bank economists shows that U.S. tariff policies are dragging down economic growth and inflation levels in the Eurozone [2][7] - The study estimates that a 1% decline in Eurozone exports to the U.S. due to tariff impacts could lead to a cumulative 0.1% decrease in the consumer price index approximately 18 months later [2][7] - It highlights that the sectors most affected by tariffs, such as machinery, automotive, and chemicals, are also the most sensitive to interest rate changes, providing potential space for the ECB to use monetary policy tools to mitigate external trade shocks [2][7] Group 3: Currency Market Movements - The U.S. dollar index experienced slight gains, trading around 96.80, supported by short covering and hawkish comments from Federal Reserve officials that tempered rate cut expectations [3][8] - The euro saw a slight decline, trading around 1.1900, influenced by profit-taking and the stabilization of the dollar index due to the Fed's hawkish stance [4][9] - The British pound also faced downward pressure, trading around 1.3650, affected by profit-taking and concerns over political uncertainty in the UK [5][10]

Market Overview - The A-share market opened slightly lower on February 11, with the Shanghai Composite Index rising by 0.22% to 4137.55 points, while the Shenzhen Component Index and the ChiNext Index showed declines of 0.07% and 0.48% respectively [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.31 trillion CNY, with over 2700 stocks rising and 52 stocks hitting the daily limit [3][4] Sector Performance - The non-ferrous metals, building materials, chemicals, steel, and coal sectors led the gains, with the chemical sector showing strong performance recently [4] - Notable stocks included Jihua Group, which achieved a limit-up for four consecutive days, and other companies like Sanfangxiang and Baichuan Co., which also hit the daily limit [4] - The solid-state battery concept saw fluctuations, with the lithium battery electrolyte index rising by 4%, and stocks like Xinzhou Bang and Haike Xinyuan increasing by over 7% [4] Specific Stock Highlights - China Jushi's stock surged to a limit-up, reaching a market capitalization of over 100 billion CNY, driven by price increases in electronic cloth products [5] - The media sector displayed mixed performance, with Seedance concept stocks like Zhangyue Technology and Huanyu Century achieving consecutive gains, while film stocks like Hengdian Film and Huayi Brothers faced significant declines [6][7] Investment Sentiment - Many institutions recommend holding stocks through the holiday period, indicating a cautious but optimistic outlook among investors [9]

三大指数早盘涨跌不一，截至午盘，沪指涨0.22%，深成指跌0.07%，创业板指跌0.91%，北证50指数跌0.06%，沪深京三 市半日成交额13095亿元，较上日缩量965亿元。全市场超2700只个股上涨。板块题材上，有色金属、稀土永磁、化学纤维、染 料、油气开采及服务、固态电池、算力租赁、钢铁、造纸、电力板块涨幅居前；影视院线、短剧游戏、教育、CPO、铜缆高速 连接、光伏设备板块跌幅居前。盘面上，受涨价催化影响，小金属、稀土、化工等板块集体走强，章源钨业、翔鹭钨业创新 高，北矿科技、格林美、美邦股份、金牛化工涨停。AI应用推动云计算需求增加，算力租赁板块延续活跃，大位科技收获3连 板。此外，固态电池、钢铁、港口航运等板块盘中轮动。另一方面，昨日大涨的影视、短剧游戏板块集体回调，横店影视、浙 文影业封跌停，华谊兄弟、华策影视亦大幅下挫。光伏设备板块延续调整，泽润新能、双良节能领跌。 ...

Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index rising by 0.22%, while the Shenzhen Component Index fell by 0.07% and the ChiNext Index dropped by 0.91%. The total trading volume for the two markets was 1.30 trillion yuan, a decrease of 949 billion yuan compared to the previous day [1]. Strong Performing Sectors - The rare earth and non-ferrous metal sectors experienced significant gains, with gold, zinc, and copper leading the charge. Stocks such as Xinjin Road and Xianglu Tungsten Industry hit the daily limit [1][3]. - The chemical and dye sectors continued to rise, with stocks like Vinegar Chemical and Huatai hitting the daily limit. Other stocks such as Hongtiansun and Rongsheng Petrochemical also saw gains [1][4]. - The commercial aerospace sector showed signs of recovery, with stocks like Reascend Technology hitting the daily limit. Other companies such as Tianli Composite and Lais Information also performed well [1][5]. - The computing power leasing concept surged again, with stocks like Dazhi Technology hitting the daily limit. Other companies such as Nanjing Technology and Capital Online also saw significant gains [1][6]. - The lithium mining sector experienced fluctuations, with stocks like Dazhong Mining rising over 9% [1][7]. Institutional Insights - Minsheng Securities indicated that the week before the Spring Festival is an optimal window for positioning, suggesting investors take advantage of pullback opportunities before the holiday [2][10]. - China Galaxy Securities noted that the upcoming Spring Festival holiday could provide ample time for box office releases, with a focus on the performance of quality films during this period [11]. - CITIC Securities projected that the photovoltaic battery component industry may accelerate its "anti-involution" trend, with leading manufacturers likely to benefit from cost differentiation and technological advantages [12].

Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index rising by 0.22% to 4137.55, while the Shenzhen Component Index fell by 0.07% to 14200.38, and the ChiNext Index decreased by 0.91% to 3290.41 [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.3 trillion, a decrease of 949 billion compared to the previous trading day [1][6] - Over 2700 stocks in the market experienced an increase [1] Sector Performance - The chemical sector showed strong performance, with companies like Jihua Group achieving a five-day streak of gains, and stocks such as Sanfangxiang, Baichuan Co., and Hualitai hitting the daily limit [2] - The fiberglass concept saw rapid gains, with stocks like Shandong Fiberglass, International Composites, and China Jushi reaching the daily limit [2] - The non-ferrous metals sector was active, particularly the tungsten concept, with Xianglu Tungsten achieving two gains in four days and Zhangyuan Tungsten hitting the daily limit [2] - The computing power leasing concept also surged, with companies like Nanxing Co. and Dawi Technology reaching the daily limit [2] Decline in Specific Sectors - The film and cinema sector faced significant declines, with Hengdian Film falling to the daily limit, and other companies like Huayi Brothers, Huace Film, and China Film experiencing substantial drops [3]

Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index experiencing a rise while the ChiNext Index performed weakly [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.3 trillion yuan, a decrease of 949 billion yuan compared to the previous trading day [1] - Over 2,700 stocks in the market saw an increase [1] Sector Performance - The chemical sector has shown strong performance recently, with Ji Hua Group achieving a 5-day streak of 4 trading limits, and stocks like Sanfangxiang, Baichuan Co., Vinegar Chemical, and Hualitai hitting the daily limit [1] - The fiberglass concept surged quickly, with Shandong Fiberglass, International Composites, and China Jushi all reaching the daily limit [1] - The non-ferrous metals sector was active, led by the tungsten concept, with Xianglu Tungsten achieving a 4-day streak of 2 trading limits and Zhangyuan Tungsten hitting the daily limit [1] - The computing power leasing concept also saw a rise, with Nanxing Co. and Dawi Technology reaching the daily limit [1] Declining Sectors - The film and cinema sector faced significant declines, with Hengdian Film falling to the daily limit, and Huayi Brothers, Huace Film, and China Film experiencing substantial drops [1] Index Performance - At the close, the Shanghai Composite Index rose by 0.22%, the Shenzhen Component Index fell by 0.07%, and the ChiNext Index decreased by 0.91% [1]

Market Overview - A-shares showed a mixed performance with the Shanghai Composite Index slightly up by 0.22% to 4137.55 points, while the Shenzhen Component Index fell by 0.07% to 14200.38 points, and the ChiNext Index dropped by 0.91% to 3290.41 points, indicating a clear structural market trend [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.3 trillion yuan, with over 2700 stocks rising [1] Sector Performance - The chemical sector has shown strong performance, with key stocks like Jihua Group achieving a 5-day streak of gains, and stocks such as Sanfangxiang, Baichuan Co., and Huayitai hitting the daily limit [1][2] - The fiberglass sector also saw rapid gains, with stocks like Shandong Fiberglass and China Jushi reaching the daily limit [1] - The non-ferrous metals sector was active, particularly tungsten-related stocks, with Xianglu Tungsten and Zhangyuan Tungsten hitting the daily limit [1][2] - The computing power leasing concept gained traction, with stocks like Nanxing Co. and Dawi Technology reaching the daily limit [1][3] Emerging Trends - The rare metals sector, including small and rare metals, has strengthened, driven by global supply chain restructuring and the rise of new industries, marking a new cycle of prosperity for these strategic resources [2] - The Seedance concept is gaining momentum, with companies like Zhangyue Technology and Huanyu Century recording three consecutive gains, driven by the recent evaluation of ByteDance's Seedance 2.0 model [2] Institutional Insights - Minsheng Securities noted that the market is experiencing a mild tug-of-war due to the upcoming holiday, suggesting that the best window for positioning is the week before the holiday, with a likely shift towards small and mid-cap growth stocks [4] - China Galaxy Securities highlighted the potential for box office releases during the upcoming long holiday, suggesting a focus on the performance of the film industry [4] - CITIC Securities pointed out that the surge in silver prices could accelerate the replacement of precious metal materials in the photovoltaic industry, leading to a differentiation in industry costs and the potential elimination of outdated capacities [4]

Group 1 - The core viewpoint of the news highlights the performance of the China Securities State-Owned Enterprises Dividend Index, which saw an increase of 0.21% as of February 11, 2026, with notable gains from constituent stocks such as Yuntianhua (up 3.92%) and Conch Cement (up 3.15%) [1] - Huatai Securities predicts that in 2025, the secondary equity investment from insurance funds, including stocks and funds, may reach 1 trillion yuan, with a secondary equity position of around 16%, making it a significant source of capital for the stock market [1] - Dividend stocks are increasingly important in the equity allocation of insurance funds, driven by the rising importance of cash dividend income and the need to reduce the volatility of equity assets as positions reach historical highs [1] Group 2 - Guolian Minsheng Securities notes that Indonesia plans to significantly reduce coal production to 600 million tons in 2026, a decrease of 40%-70% from 2025, which, combined with a 117.3% year-on-year increase in transportation capacity at the Ganqimaodu port, highlights the dual support of rigid overseas supply and improved domestic import efficiency [2] - Dongfang Securities emphasizes that sectors with dividend attractiveness during low cycles are worth monitoring, as the current macroeconomic environment is at a low point for PPI, with expectations of recovery in PPI and industry profitability [2] - The China Securities State-Owned Enterprises Dividend ETF closely tracks the China Securities State-Owned Enterprises Dividend Index, selecting 100 listed companies with high cash dividend yields and stable dividends from state-owned enterprises, reflecting the overall performance of high-dividend securities [2]

Market Performance - The three major A-share indices showed mixed performance in the morning session, with the Shanghai Composite Index rising by 0.22% to 4137.55 points, while the Shenzhen Component Index fell by 0.07% and the ChiNext Index decreased by 0.91% [1] - The North China 50 Index also experienced a slight decline of 0.06% [1] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 130.95 billion yuan, which is a decrease of 9.65 billion yuan compared to the previous day [1] - Over 2700 individual stocks in the market saw an increase in their prices [1] Sector Performance - The non-ferrous metals and chemical sectors collectively experienced gains, primarily driven by news of price increases [1] - AI application concept stocks generally underwent a correction during this period [1]