Report Industry Investment Rating - No relevant content provided Core Viewpoints - The main contract price of rebar fluctuated downward with a daily decline of 0.55%, showing a decrease in volume and an increase in open interest. Currently, rebar supply has contracted, and demand has also weakened. In the situation of weak supply and demand, the fundamentals of rebar remain weak. The steel price in the off - season continues to be under pressure, and the relative positive factor is cost support. It is expected to continue to fluctuate weakly, and attention should be paid to inventory changes [5]. - The main contract price of hot - rolled coil fluctuated weakly with a daily decline of 0.65%, showing a decrease in volume and an increase in open interest. Currently, the demand for hot - rolled coil has weakened, and there is still supply pressure under the situation of high production and high inventory. The fundamentals are weak, and the price continues to be under pressure and run weakly. Attention should be paid to the demand performance [5]. - The main contract price of iron ore fluctuated with a daily decline of 0%, showing a decrease in volume and stable open interest. Currently, the overseas ore supply has contracted but its sustainability is questionable, and the demand continues to run weakly. The fundamentals of iron ore are still weak. Under the guidance of the real - world logic, it is expected that the ore price will continue to be under pressure and run weakly. Attention should be paid to the performance of finished steel [5]. Summary by Directory 1. Industry Dynamics - In 2025, the total social logistics volume in China exceeded 368 trillion yuan, a year - on - year increase of 5.1%. The logistics demand scale steadily expanded, the structure was continuously optimized, and the logistics efficiency continued to improve. The ratio of total social logistics costs to GDP dropped to the lowest level in history, and the supporting effect of logistics on economic development continued to strengthen [7]. - As of February 10, 16 car companies announced their production and sales data for January. In terms of sales, these 16 car companies achieved a total vehicle sales volume of 1.6395 million units in January. SAIC Group ranked first with 327,400 units in sales. Only Geely and Zhongtong achieved month - on - month growth. Year - on - year, 12 car companies' sales increased, with Qianli Technology having the highest increase of 162.79%, followed by Seres with a 104.85% increase, and Zhongtong Bus with a 35.72% increase [8]. - As of February 10, 34 steel enterprises have passed the acceptance of the ultimate energy - efficiency benchmark, and on this day, Luzhou Xinyang Vanadium - Titanium Iron and Steel Co., Ltd. passed the acceptance and was publicly announced [9]. 2. Spot Market - Rebar (HRB400E, 20mm): The spot prices in Shanghai, Tianjin, and the national average are 3,190, 3,150, and 3,304 respectively, with no change compared to the previous day [10]. - Hot - rolled coil (Shanghai, 4.75mm): The spot prices in Shanghai, Tianjin, and the national average are 3,240, 3,140, and 3,280 respectively. The national average price decreased by 1 compared to the previous day [10]. - Tangshan billet (Q235): The spot price is 2,910, with no change compared to the previous day [10]. - Zhangjiagang heavy scrap (≥6mm): The spot price is 2,160, with no change compared to the previous day [10]. - PB powder (Shandong port): The price is 758, an increase of 1 compared to the previous day [10]. - Tangshan iron concentrate powder (wet basis): The price is 767, with no change compared to the previous day [10]. - Ocean freight: The freight from Australia is 8.48, an increase of 0.03 compared to the previous day; the freight from Brazil is 23.16, a decrease of 0.29 compared to the previous day [10]. - SGX swap (current month): The price is 100.25, an increase of 0.67 compared to the previous day [10]. - Iron ore price index (61% FE, CFR): The price is 100.20, an increase of 1.50 compared to the previous day [10]. 3. Futures Market - Rebar: The closing price of the active contract is 3,052, a decline of 0.55%. The highest price is 3,072, the lowest price is 3,047, the trading volume is 528,327, a decrease of 137,212 compared to the previous day, the open interest is 2,065,537, an increase of 60,036 compared to the previous day [14]. - Hot - rolled coil: The closing price of the active contract is 3,220, a decline of 0.65%. The highest price is 3,245, the lowest price is 3,218, the trading volume is 336,623, a decrease of 12,163 compared to the previous day, the open interest is 1,542,845, an increase of 43,035 compared to the previous day [14]. - Iron ore: The closing price of the active contract is 761.5, with no change. The highest price is 767.0, the lowest price is 761.0, the trading volume is 143,284, a decrease of 26,396 compared to the previous day, the open interest is 513,940, an increase of 556 compared to the previous day [14]. 4. Related Charts - **Steel Inventory**: There are charts showing the weekly changes and total inventory (steel mill + social inventory) of rebar and hot - rolled coil, including historical data from multiple years [16][22]. - **Iron Ore Inventory**: There are charts showing the inventory of 45 ports in China, including inventory and its seasonal changes, as well as the inventory of 247 steel mills and domestic mine iron concentrate powder [22]. - **Steel Mill Production**: There are charts showing the blast furnace operating rate, capacity utilization rate, and the proportion of profitable steel mills of 247 sample steel mills, as well as the operating rate and profitability of 94 independent electric - arc furnace steel mills [31]. 5. Market Outlook - Rebar: Both supply and demand are seasonally weak, and inventory continues to accumulate. The weekly output of rebar decreased by 81,500 tons compared to the previous week, and the supply has contracted. However, the inventory level is significantly higher than the same period last lunar year, and the pressure relief is limited. The demand for rebar continues to be seasonally weak, and both the weekly apparent demand and high - frequency daily transactions have significantly shrunk, being at the lowest level in the same lunar period in recent years. Considering that there is no improvement in downstream industries, the weak demand pattern is difficult to change, which continues to drag down the steel price. The relative positive factor is the post - holiday policy expectation. It is expected to continue to fluctuate weakly, and attention should be paid to inventory changes [39]. - Hot - rolled coil: The supply - demand pattern has not changed much, and the inventory has increased again. The production of plate mills has stabilized, and the weekly output of hot - rolled coil decreased slightly by 50 tons compared to the previous week, remaining at a relatively high level, and the inventory level is high, so the supply pressure remains. The demand for hot - rolled coil has weakened, the weekly apparent demand decreased by 58,700 tons compared to the previous week, and the high - frequency daily transactions continue to run at a low level. The relative positive factor is that the production of downstream cold - rolled products remains at a high level, which supports the demand for hot - rolled coil, but attention should be paid to the accumulation of contradictions in cold - rolled products themselves. In addition, the external demand for exports is average, and there are concerns about the demand for hot - rolled coil. It is expected to continue to be under pressure and run weakly, and attention should be paid to the demand performance [39]. - Iron ore: The supply - demand pattern remains weak, and the inventory continues to rise. The production of steel mills has stabilized, and the terminal consumption of ore has increased slightly. The average daily molten iron output and the daily consumption of imported ore of sample steel mills last week both increased. However, considering that the profitability of steel mills has not improved and the contradictions in the steel market have accumulated, the demand improvement is limited, and the positive effect is not strong. At the same time, the arrival volume at domestic ports has declined again, and the shipments of miners have decreased significantly due to hurricane disturbances. The overseas ore supply has shrunk in the short term, and the domestic ore supply has seasonally shrunk. However, the supply pressure of ore is not significantly relieved under the high - inventory situation. It is expected that the ore price will continue to be under pressure and run weakly, and attention should be paid to the performance of finished steel [40].

Report Industry Investment Ratings - **Cautiously Bullish**: Index (IH, IF, IC, IM), Rubber, Coking Coal, Coke, Manganese Silicon, Ferrosilicon, Gold, Silver, Aluminum, Lithium Carbonate, Corn [5] - **Cautiously Bearish**: Crude Oil, Methanol, Rebar, Hot Rolled Coil, Iron Ore, Apple [5] Core Views - Geopolitical and policy factors are influencing the oil price, which shows a strong upward trend. The negotiation between Iran and the US on the nuclear issue is in progress, and the Fed's interest - rate stance affects market expectations. The global grain consumption in the 2025/26 season is expected to increase, and the domestic futures market has mixed performance [1]. - Precious metals are in a rebound phase. Although affected by short - term factors, long - term support factors remain. Silver's high volatility suggests investors to wait and see. Crude oil prices are affected by geopolitical negotiations and supply changes in Kazakhstan. Copper prices may enter an adjustment phase due to supply and demand factors [2][3]. - In the financial market, the stock index is expected to continue the phased upward trend in February, but there are potential overseas risks during the Spring Festival. The bond market is affected by factors such as the Fed's policy and domestic economic data, and the bond price is expected to stabilize [10][11]. - In the energy and chemical market, the supply and demand of various products such as crude oil, methanol, and rubber are affected by different factors, and their prices show different trends. In the metal market, precious metals, copper, zinc, aluminum, and lithium carbonate have different price trends and influencing factors. In the black market, the supply and demand of steel, iron ore, and coking coal are affected by the approaching Spring Festival and other factors. In the agricultural product market, the prices of protein meal, oil, sugar, cotton, and pork are affected by factors such as production, demand, and policies. In the shipping market, the container shipping European line is expected to be volatile before the Spring Festival and will face verification after the festival [13][19][25][28][33]. Summary by Relevant Catalogs 1. Daily Main News Focus International News - Elon Musk said that SpaceX has shifted its focus to building a "self - developing" city on the moon, which is expected to be achieved in less than 10 years. The plan to build a city on Mars will start in 5 - 7 years and is expected to take more than 20 years [6]. Domestic News - On the morning of February 9, President Xi Jinping inspected the National Information Technology Application Innovation Park in Beijing, emphasizing the importance of scientific and technological self - reliance in building a modern socialist country [7]. Industry News - Seven departments including the Ministry of Human Resources and Social Security conducted administrative guidance on 16 platform companies to protect the rights and interests of new - form workers [8]. 2. Daily Returns of Overseas Markets - The S&P 500, European STOXX 50, and FTSE China A50 futures all rose. The US dollar index fell. ICE Brent crude oil, London gold, London silver, LME aluminum, LME copper, and LME nickel all rose, while LME zinc fell. CBOT soybeans, CBOT wheat, and CBOT corn fell, while CBOT soybean oil rose [9]. 3. Morning Comments on Major Varieties Financial - **Stock Index**: The US stock market rose, and the domestic stock index rebounded. In February, the market is expected to continue the upward trend, but there are potential overseas risks during the Spring Festival [10]. - **Treasury Bond**: Treasury bonds rose slightly. The central bank's open - market operations keep the money market loose. The Fed's policy and domestic economic data affect the bond market, and it is recommended to operate cautiously before the Spring Festival [11][12]. Energy and Chemical - **Crude Oil**: The sc night - session price rose. The negotiation between Iran and the US is in progress, and Kazakhstan's oil export may decline [13]. - **Methanol**: The methanol night - session price fell. The domestic coal - to - olefin device's operating rate increased, and the methanol inventory in coastal areas decreased slightly [14]. - **Natural Rubber**: The natural rubber price rebounded. The supply is relatively stable, and the demand supports the stable operation of all - steel tires. It is expected to fluctuate and adjust before the Spring Festival [15]. - **Polyolefin**: Polyolefin futures fell slightly. The market focuses on supply improvement and macro - factors [16]. - **Glass and Soda Ash**: Glass futures rebounded slightly, and soda ash futures mainly fell. The supply and demand of glass and soda ash are gradually being repaired, and the market focuses on the real - estate and photovoltaic industries [17]. Metal - **Precious Metals**: Precious metals continued to rebound. Although affected by short - term factors, long - term support factors remain. It is recommended to wait and see for silver [19]. - **Copper**: The copper price rose at night. The concentrate supply is tight, and the copper price may enter an adjustment phase [20]. - **Zinc**: The zinc price fell at night. The zinc concentrate processing fee decreased, and the zinc price may follow the overall trend of non - ferrous metals [21]. - **Aluminum**: The Shanghai aluminum price rose at night. The domestic aluminum price is high, but the downstream demand is weak before the Spring Festival. However, long - term factors support the price [22]. - **Lithium Carbonate**: The production and demand of lithium carbonate decreased, and the inventory decreased. The market sentiment is weak, and it is recommended to pay attention to trading opportunities after the volatility decreases [23][24]. Black - **Coking Coal and Coke**: The prices of coking coal and coke were weak at night. The demand for coking coal and coke is limited, but the downstream's pre - festival replenishment provides support [25]. - **Steel**: The steel supply decreased slightly, and the demand weakened. The inventory increased, and the steel price is expected to fluctuate weakly [26]. - **Iron Ore**: The iron ore shipping and arrival increased, and the port inventory increased. The steel mill's replenishment is coming to an end, and the iron ore price is expected to fluctuate weakly [27]. Agricultural Products - **Protein Meal**: The prices of soybean meal and rapeseed meal fell at night. The Brazilian soybean harvest is in progress, and the domestic supply is expected to be sufficient, which may put pressure on the price [28]. - **Oil**: The oil prices were weak at night. The Malaysian palm oil production decreased, and the inventory is expected to decline, but the crude oil price affects the palm oil price. It is expected to fluctuate in the short term [29]. - **Sugar**: The Zhengzhou sugar price was slightly stronger at night. The global sugar supply is in an over - supply situation, and the domestic sugar supply is increasing seasonally. It is expected to fluctuate in the short term [30]. - **Cotton**: The Zhengzhou cotton price fluctuated within a range. The textile factory's replenishment is coming to an end, and the cotton price is expected to fluctuate. Attention should be paid to the direct subsidy policy [31]. - **Pork**: The pork price fell. The supply pressure increased, and the demand could not fully digest it. The pig price is expected to be weakly stable [32]. Shipping Index - **Container Shipping European Line**: The EC price fell. The spot freight rate is relatively stable before the Spring Festival, and it is expected to be volatile. After the Spring Festival, it will face the verification of the photovoltaic export rush and the implementation of the price increase letter [33][34].

Group 1 - The core point of the news is that Shengde Xintai has seen a stock price increase of 5.12%, reaching 46.40 CNY per share, with a trading volume of 175 million CNY and a turnover rate of 6.80%, resulting in a total market capitalization of 5.104 billion CNY [1] - Shengde Xintai New Materials Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on October 15, 2001, with its listing date on September 1, 2020. The company specializes in the production, research, and sales of seamless steel pipes for various industrial energy equipment [1] - The main business revenue composition of Shengde Xintai includes: alloy steel pipes 45.54%, stainless steel pipes 29.38%, automotive motor shafts 5.67%, components and others 5.55%, automotive motor housings 4.68%, steel grating 4.05%, waste income 3.49%, and carbon seamless steel pipes 1.64% [1] Group 2 - From the perspective of the top ten circulating shareholders of Shengde Xintai, Guotai Fund has one fund listed among them. The Guotai CSI Steel ETF (515210) entered the top ten circulating shareholders in the third quarter, holding 328,600 shares, which accounts for 0.57% of the circulating shares [2] - The Guotai CSI Steel ETF (515210) was established on January 22, 2020, with a latest scale of 3.98 billion CNY. Year-to-date return is 5.09%, ranking 2619 out of 5569 in its category; the one-year return is 33.08%, ranking 1960 out of 4295; and since inception, the return is 79.48% [2] Group 3 - The fund manager of Guotai CSI Steel ETF (515210) is Wu Zhonghao, who has a cumulative tenure of 4 years and 15 days. The current total asset scale of the fund is 24.055 billion CNY, with the best fund return during his tenure being 110.7% and the worst being -15.34% [3]

Investment Rating - The report maintains a "Positive" rating for the steel industry and the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [8]. Core Insights - The steel market is expected to weaken due to seasonal factors, with a focus on demand recovery after the Spring Festival [19][20]. - Copper prices may rise if demand improves post-holiday, despite current inventory accumulation [40]. - The aluminum sector is influenced by macroeconomic sentiment, with a focus on demand recovery after the Spring Festival [46]. - Gold prices are supported by geopolitical risks, with potential upward pressure from U.S. Federal Reserve policies [52]. - The rare earth market is expected to maintain tight supply conditions, supporting prices for praseodymium and neodymium [66]. Summary by Sections Steel Industry - Steel production is declining as companies prepare for the Spring Festival, with total inventory increasing [19][21]. - As of February 6, the total steel inventory was 13.39 million tons, up 4.36% week-on-week, but down 19.42% year-on-year [28]. - The average price index for steel on February 6 was 3,414.24 yuan/ton, down 0.39% from the previous week [37]. Copper Industry - Copper prices have decreased, but new orders are increasing, indicating seasonal demand characteristics [40]. - As of February 6, LME copper prices were $12,800/ton, down 3.96% from January 30 [43]. Aluminum Industry - Domestic bauxite supply is sufficient, but aluminum processing companies are reducing production due to price volatility and regulatory pressures [46]. - As of February 6, LME aluminum prices were $3,000/ton, down 2.09% from January 30 [47]. Precious Metals - Geopolitical tensions and U.S. economic data are influencing gold prices, which are expected to find support from these factors [52]. - As of February 6, COMEX gold prices were $4,988.60/oz, up 1.65% from January 30 [52]. Rare Earths - The supply of praseodymium and neodymium is expected to remain tight, supporting price stability [66]. - As of February 6, the price of praseodymium oxide was 757,500 yuan/ton, up 1.20% from January 30 [66].

Core Insights - The inspection by Hubei Special Inspection Institute's Huangshi branch successfully identified safety hazards in a steel plant's heat storage device, which had exceeded its design lifespan of 10 years, thus ensuring safe production for the enterprise [1][2] Group 1: Inspection Findings - The heat storage device has a volume of 150 cubic meters and was put into operation in July 2011, with a design pressure of 2.65 MPa and a design temperature of 250 degrees Celsius [1] - The inspection revealed fatigue cracks in the circumferential welds between the internal supports and pads, caused by alternating stress from thermal expansion and contraction during operation [1] - Additional issues included multiple mechanical damages on the inner wall of the container and several leaks in the heat exchange tubes, all of which posed significant safety risks [1] Group 2: Remedial Actions - Inspectors communicated with the enterprise's technical head to analyze the defects and develop a scientific rectification plan [2] - The remediation involved grinding and welding the fatigue cracks, followed by magnetic particle testing to ensure weld quality, as well as professional grinding of mechanical damage and individual welding of leaking heat exchange tubes [2] - All defects were rectified according to regulations, and subsequent inspections confirmed that the equipment met safety operation standards, successfully eliminating the safety hazards [2] Group 3: Future Directions - The Huangshi branch emphasizes the importance of special equipment safety, focusing on inspections of aging and high-risk equipment [2] - The institute aims to enhance technical services for key enterprises and high-risk devices, leveraging professional expertise to support safe production and strengthen the safety framework for special equipment in the region [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No relevant content provided 3. Summary by Directory Price and Profit - **Thread Steel Prices**: From February 3rd to February 9th, 2026, the prices of Beijing, Shanghai, Xi'an, and Guangzhou thread steel remained unchanged, while the price of Chengdu thread steel decreased from 3370 to 3320, and the price of Wuhan thread steel decreased from 3310 to 3300 [1] - **Hot - Rolled Coil Prices**: From February 3rd to February 9th, 2026, the price of Tianjin hot - rolled coil decreased by 20, the price of Shanghai hot - rolled coil remained unchanged, and the price of Lecong hot - rolled coil remained unchanged [1] - **Cold - Rolled Coil Prices**: From February 3rd to February 9th, 2026, the price of Tianjin cold - rolled coil remained unchanged, the price of Shanghai cold - rolled coil decreased by 60, and the price of Lecong cold - rolled coil decreased by 20 [1] Production and Inventory - No relevant content provided Basis and Spread - No relevant content provided

Core Viewpoint - New Steel Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable increase in net profit despite a decline in revenue [2][3]. Group 1: Stock Performance - On February 10, New Steel's stock price increased by 2.05%, reaching 3.98 CNY per share, with a trading volume of 1.53 billion CNY and a turnover rate of 1.25%, resulting in a total market capitalization of 12.672 billion CNY [1]. - Year-to-date, New Steel's stock price has risen by 2.58%, with a 4.74% increase over the last five trading days, a 1.79% increase over the last 20 days, and a 7.66% decrease over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, New Steel reported an operating revenue of 27.225 billion CNY, a year-on-year decrease of 12.68%, while the net profit attributable to shareholders was 360 million CNY, reflecting a year-on-year increase of 162.21% [2]. - Since its A-share listing, New Steel has distributed a total of 5.584 billion CNY in dividends, with 816 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of October 31, New Steel had 38,200 shareholders, with an average of 82,368 circulating shares per person, showing no change from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, increasing its holdings by 49.8782 million shares to 83.8502 million shares [3].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The steel price continues to oscillate and seek the bottom under weak demand. The downstream demand slump is the key factor dragging down the steel price. With the Spring Festival approaching, the spot market gradually enters the holiday rhythm, and there may still be capital leaving the market before the festival, resulting in a decline in market trading. The macro - situation is calm and has little impact on the price. The raw materials are expected to run weakly in an oscillating manner, and attention should be paid to the 3000 support level for rebar [1][2] 3. Summary by Relevant Catalogs 3.1 Automobile Industry - In 2026, China will optimize the implementation of automobile trade - in programs, carry out pilot reforms on automobile circulation and consumption, improve industry management systems, and take multiple measures to promote the expansion and quality improvement of automobile consumption. In 2025, the sales volume of light commercial vehicles reached 2.901 million, a year - on - year increase of 6.5%. In 2026, the annual sales volume is expected to increase slightly by 0.3% to about 2.911 million [2] 3.2 Steel Industry - On February 9, the average cost of 76 independent electric arc furnace construction steel mills was 3358 yuan/ton, a decrease of 20 yuan/ton compared with last Friday. The average profit was a loss of 83 yuan/ton, and the valley - electricity profit was 24 yuan/ton. The finished steel oscillated weakly yesterday, with a small overall price fluctuation but hitting a new low recently [2]

Group 1 - The overall equity market experienced adjustments, with the Shanghai Composite Index declining by 1.27% to 4065.58 points, and the Shenzhen Component Index falling by 2.11% to 13906.73 points [8][10] - The convertible bond market showed weak fluctuations, with the China Convertible Bond Index rising by 0.05% and the Shanghai Convertible Bond Index decreasing by 0.36% [15][16] - The bond market saw most yields rise, with the 1-year government bond yield increasing by 2.08 basis points, while the 3-year, 5-year, 7-year, and 10-year yields decreased [18][19] Group 2 - The commodity futures market weakened overall, with significant declines in silver prices, which dropped by 9.06%, while gold prices increased by 1.65% [9][28] - The market for agricultural products showed mixed results, with CBOT soybeans rising by 4.75% and corn increasing by 0.58% [9][10] - The overall commodity index experienced a decline of 4.49%, with precious metals leading the drop at 17.11% [27][30]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views - The report provides short - term evaluations and outlooks for multiple commodities, including metals, energy, agricultural products, and financial products. It analyzes factors such as supply - demand relationships, geopolitical events, and market sentiment to predict price trends [1][2][4]. 3. Summary by Commodity 3.1 Metals - **Aluminum**: The approved power transmission project in Inner Mongolia will boost aluminum consumption in the long - term. Currently, due to the traditional off - season, the market is quiet. Aluminum prices are expected to fluctuate before the Spring Festival and recover after [1]. - **Steel and Iron Ore**: As the Spring Festival approaches, the steel market is mostly closed, with low winter - storage willingness and weak post - holiday demand expectations. Iron ore has a supply surplus, and steel prices are expected to be weakly stable in the short - term. Iron ore prices will likely fluctuate in the short - term due to inventory pressure and macro - expectations [4]. - **Coke**: With the expected resumption of downstream steel mills, the coke supply - demand structure remains healthy. After the spot price increase is implemented, it may stabilize, and the futures price will follow coking coal [5]. - **Copper**: Global mining capital is accelerating the layout of long - term copper projects, but the impact on the current supply shortage is limited. Before the Spring Festival, the spot market is quiet, and copper prices are expected to fluctuate [7]. 3.2 Energy - **Crude Oil**: Russian oil production has declined, and the U.S. has increased sanctions on Russia. The market is waiting for the results of the U.S. - Iran negotiations. Geopolitical factors are the main drivers of oil prices, and short - term trading is recommended [2]. - **Methanol**: Domestic methanol has a high operating rate, while downstream demand is decreasing, and port inventory is accumulating. The inland market is relatively strong in some areas, and the price is expected to fluctuate in the short - term [8]. - **Asphalt**: The asphalt market shows a situation of weak supply and demand. Supply may increase slightly, while demand has basically ended. It is affected by the cost side, and short - term trading is recommended [11]. 3.3 Agricultural Products - **Palm Oil**: Although the domestic terminal提货 speed has accelerated, more ships have been purchased in the near - term, and inventory has increased, suppressing the basis price. Palm oil prices are expected to fluctuate at a high level in the short - term [6]. - **Soybean Meal**: The inventory of soybean meal in domestic oil mills has risen significantly and is at a historically high level. Due to losses in the breeding industry, demand is weak. The price is expected to stabilize in the short - term, and attention should be paid to the support level [6][7]. - **Pork**: The national pig price continues to decline, with pressure on the supply side and insufficient demand. The short - term downward space is limited, and short - long positions in far - month contracts are recommended [5]. 3.4 Others - **Soda Ash**: The float glass industry has stable production but rising inventory. The domestic soda ash market is stable, with a supply surplus and weak demand. It is expected to fluctuate weakly in the short - term [9]. - **Plastic**: As the Spring Festival approaches, production is expected to be stable, but production enterprise inventory has increased, and downstream demand is weak. Plastic prices are expected to fluctuate slightly weakly in the short - term [10]. - **Rubber**: Overseas rubber - producing areas have entered the off - season, supporting prices, but downstream demand is weak due to the approaching holiday. Rubber prices will likely fluctuate within a range in the short - term [11]. - **Short - term Treasury Bonds**: Tightening of the money supply is negative for short - term bonds, but bond prices are rising. The short - term direction of the bond market is unclear, and it is expected to fluctuate [12]. - **Silver and Gold**: Employment data may cause market fluctuations, and consumer confidence is positive for silver. Geopolitical uncertainties in Europe and the U.S. support gold prices. Both are expected to fluctuate at high levels in the medium - term [12][13].