Report Industry Investment Rating - Not provided in the report Core Viewpoints - In February 2026, the A-share market continued to oscillate upward with differentiated index performance. The CSI 500 and CSI 1000 indices were strong, while the SSE 50 index was weak. The price increase theme became an important main line in the A-share market, and the stock index is expected to maintain an oscillating upward trend in March [3][4][9]. - The price increase theme is driven by improved product supply - demand relations and abundant social funds. The abundant social funds are an important driving force for the overall price increase, and "price increase" may be an important main line in the stock market this year [28][30][34]. - The two sessions in 2026 are expected to have a positive impact on the A-share market. Historically, the stock index performance around the two sessions has been relatively positive, and the CSI 500 and CSI 1000 indices have performed better [35]. Summary by Directory 1. First Part: Preface Summary 1.1 Market Review - In February, the A-share market continued to oscillate upward with differentiated index performance. The SSE 50 index was affected by the large - financial sector and performed poorly around the Spring Festival, while the CSI 500 and CSI 1000 indices were strong due to the active performance of small - and medium - cap stocks. The futures - spot basis of stock index futures widened significantly compared with the previous month, and the trading volume and open interest decreased significantly around the Spring Festival [3]. 1.2 Market Outlook - The price increase theme has become an important main line in the A-share market. Due to improved product supply - demand relations and abundant social funds, it is expected to continue to have an important impact on the market. Historically, the stock index performance around the two sessions has been relatively positive, and the CSI 500 and CSI 1000 indices have performed better. Therefore, the stock index is expected to maintain an oscillating upward trend in March [4]. 1.3 Strategy Recommendation - Unilateral: Oscillate upward. - Arbitrage: Long IM/IC2609 contracts + Short ETFs. - Options: Bull spread strategy [5]. 2. Second Part: January Market Review 2.1 Stock Market - Index Performance Differentiated - In February, the A-share market continued to oscillate upward. The SSE 50 index closed with a negative monthly line, the CSI 300 index rose steadily, and the CSI 500 and CSI 1000 indices accelerated their rise after the Spring Festival. As of February 26, the monthly increase of the CSI 300 index was 0.44%, the SSE 50 index fell 1.02%, the CSI 500 index rose 2.23%, and the CSI 1000 index rose 2.86%. Non - metallic materials, machinery and equipment, and national defense and military industry sectors led the gains, while insurance, media and Internet, social services, and agricultural products sectors led the decline [9][12]. 2.2 Stock Index Futures - Widened Basis and Shrinking Trading Volume - In February, the basis of stock index futures widened significantly compared with the previous month. The average monthly basis of the IF current - month contract was a 4 - point discount, the IH current - month contract had an average monthly premium of 0.99 points, the IC current - month contract had an average monthly discount of 2.67 points, and the IM current - month contract had an average monthly discount of 2.9 points. The trading volume and open interest of stock index futures decreased overall. The average daily trading volume of IM, IC, IF, and IH decreased by 18.3%, 17.5%, 27.5%, and 19% respectively compared with the previous month; the average daily open interest of IM, IC, and IF decreased by 0.6%, 5.8%, and 4.6% respectively, while the average daily open interest of IH increased by 5.6%. The increase in the basis made the cost of short - position roll - over of stock index futures increase again. The net short - position of each variety fluctuated with the market, and the net short - position of the top five and top ten seats of each variety increased on average compared with the previous month, with IH having a significant increase in positions [15][19][24]. 3. Third Part: Future Outlook and Investment Strategy 3.1 The Price Increase Theme is Driven by Abundant Funds - Recently, the price increase theme has become an important main line in the A-share market, spreading across various industries. The price increase is not only a reflection of the improvement in product prosperity and industry performance but also the result of abundant funds and speculation. Social funds are abundant, with the M1 year - on - year growth rate in January 2026 being 4.9% (previous value 3.8%), the M2 year - on - year growth rate being 9.0% (previous value 8.5%), and the new social financing being 7.2 trillion yuan, a year - on - year increase of 165.4 billion yuan. The narrowing of the M2 - M1 gap may indicate abundant funds again. The appreciation of the RMB against the US dollar is beneficial to the stock market, and if the upward trend of the RMB exchange rate continues, it may bring liquidity to the stock and commodity markets. "Price increase" may be an important main line in the stock market this year [28][30][34]. 3.2 Policy Expectations are High - The Two Sessions in 2026 are expected to have an impact on the A-share market. Historically, the market performance around the Two Sessions has been relatively positive, with more disturbances during the meetings and increased market volatility. The CSI 1000 and CSI 500 indices have a higher probability of rising and larger increases. Benefiting from positive policy expectations, abundant liquidity, the AI technological revolution, and energy demand, the "steady and progressive" trend of the stock index is expected to continue. The sectors benefiting from the policy expectations of the Two Sessions are mainly in scientific and technological innovation and consumption promotion, and the CSI 1000 and CSI 500 indices with higher technological content will benefit more [35][36]. 3.3 Future Strategy - The price increase theme will continue to have an important impact on the market. The stock index is expected to maintain an oscillating upward trend in March, and the CSI 500 and CSI 1000 indices will perform better [37].

Group 1 - The market is experiencing rapid rotation due to unclear positioning and fluctuating capital flows, influenced by two main factors: ongoing turmoil in the Middle East and significant events in the technology sector [1] - The geopolitical risks have led to a surge in commodity prices, particularly in oil, prompting investors to favor safe-haven assets like oil and gold [1] - Two major technology conferences are causing capital to shift: NVIDIA's GTC conference on March 16 is drawing attention to AI computing leaders, while the domestic collaboration between DeepSeek V4 and Huawei is challenging NVIDIA and SK Hynix's market dominance, creating a seesaw effect between foreign and domestic tech stocks [1] Group 2 - Current capital is rapidly switching among three main lines: resource hedging, foreign technology, and domestic technology, due to uncertainties in each direction [1] - The market's frequent style rotation is a direct result of the volatility and unpredictability in these sectors [1]

Group 1 - The total silver futures in Shanghai Futures Exchange amounted to 306,596 kilograms, with a decrease of 39,773 kilograms compared to the previous day [1][2] - The main silver futures maintained a volatile trend, opening at 22,088 yuan per kilogram, reaching a high of 23,138 yuan per kilogram, and a low of 21,814 yuan per kilogram, closing at 23,019 yuan per kilogram, reflecting an increase of 0.57% [1] Group 2 - In Shanghai, the total warehouse inventory showed a decrease of 38,526 kilograms, with specific reductions from various warehouses including Zhongchu Wusong and Wa Yun Huadong Hongqiao [2] - The geopolitical situation involving the U.S. and Iran, including military options and indirect nuclear negotiations, is influencing market dynamics and could impact silver prices [2]

Group 1 - The core viewpoint indicates that geopolitical tensions, particularly between the US and Iran, are driving demand for gold as a safe-haven asset, with expectations of gold prices fluctuating around $5000 per ounce [1][2] - The US Customs has ceased the collection of tariffs deemed illegal by the Supreme Court, while the Trump-era 10% global tariff is now in effect, which may influence market dynamics [1] - The Federal Reserve's stance on interest rate cuts remains cautious, with a potential 100 basis point cut anticipated by 2026, impacting market sentiment and gold prices [1] Group 2 - Geopolitical risks, including military threats against Iran and ongoing negotiations between Ukraine and Russia, are contributing to increased demand for gold, supported by central banks' continued purchases [2] - Key support and resistance levels for gold prices are identified, with London gold focusing on $4800-$5000 as support and $5300-$5600 as resistance, while Shanghai gold is looking at $1060-$1100 for support and $1170-$1240 for resistance [2]

Core Insights - Huishang Futures has been awarded the "Wind Best Roadshow" title for the second consecutive year, reflecting the industry's and market's recognition of the company's research and investment service capabilities and brand influence [1][2] Group 1: Achievements - The company conducted a total of 582 live broadcasts on the Wind 3C platform in 2025, focusing on macroeconomic analysis, futures product analysis, and options knowledge sharing [1] - The live broadcasts attracted nearly 3,000 registered users and over 50,000 total views, successfully engaging more than 80 corporate clients [1] Group 2: Future Plans - Huishang Futures aims to deepen its strategic cooperation with the Wind 3C platform, optimizing live content and innovating service models to enhance the professionalism and accessibility of its research services [2] - The company plans to leverage this recognition to strengthen brand building and contribute to the high-quality development of the real economy and the mitigation of financial risks [2]

深耕直播服务——徽商期货连续两年斩获Wind最佳路演榜殊荣 近日，2025年度Wind最佳路演榜单正式发布，徽商期货凭借在万得3C平台的优质路演表现，再度荣 获"Wind最佳路演榜"称号。这也是公司连续两年获此殊荣，彰显了行业及市场对公司投研服务能力与 品牌影响力的高度认可。 为进一步拓宽服务渠道、提升投研服务触达效率与覆盖面，徽商期货与万得3C平台达成深度合作，依 托该平台开展系列直播路演活动。2025年，徽商期货在万得3C平台的直播服务成果丰硕，全年累计开 展自主直播582场（不含转播），直播内容紧密围绕宏观经济解读、期货品种分析、期权知识分享等核 心板块，以高频次、高质量的内容输出，为市场提供专业、及时的投研解读与服务支持。数据显示，全 年直播累计吸引预约用户近3000人次，累计观看人次达5万余人，同时成功吸引80家以上企业客户参与 观看，有效实现了投研服务向产业端、机构端的深度渗透，为企业风险管理、投资者决策提供了有力支 撑。 深耕直播服务——徽商期货连续两年斩获Wind最佳路演榜殊荣 连续两年斩获"Wind最佳路演榜"，既是对徽商期货投研实力、服务质量的权威认可，也是公司践行"研 究创造价值、服务赋 ...

Group 1 - The China Securities Regulatory Commission (CSRC) Shanxi Regulatory Bureau issued a warning letter to Li Peipei for violations during her tenure as the head of Guotou Futures Co., Ltd. Shanxi Branch [1][3] - Li Peipei facilitated clients in borrowing others' futures accounts for trading and guided clients to select higher-rated options during suitability assessments, failing to provide diligent and responsible service [1][3] - These actions violated the Futures Practitioners Management Measures (CSRC Order No. 48) Article 14, Items 1 and 2 [1][3] Group 2 - The CSRC decided to impose a warning letter as a supervisory measure and record it in the securities and futures market integrity archive [1][3] - Guotou Futures Co., Ltd., established in 1993, is a wholly-owned subsidiary of Guotou Securities Co., Ltd., with a registered capital of 1.886 billion RMB [1][2] - Guotou Securities Co., Ltd. is a wholly-owned subsidiary of Guotou Capital Co., Ltd., which holds a 99.9969% stake in Guotou Securities [1][2]

Core Viewpoint - Nanhua Futures Co., Ltd. (02691.HK) experienced a significant increase in stock price, rising over 10% on February 27, reaching HKD 11.69 with a trading volume of HKD 49.5043 million [1] Group 1 - The stock price of Nanhua Futures rose by 10.28% [1] - The closing price was reported at HKD 11.69 [1] - The total trading volume amounted to HKD 49.5043 million [1]

Core Viewpoint - Nanhua Futures Co., Ltd. (02691) has seen a significant stock price increase of over 10%, currently trading at HKD 11.69 with a transaction volume of HKD 49.5 million, driven by its strong overseas business advantages and the opening of its Hong Kong IPO [1] Group 1: Business Expansion - Nanhua Futures has a clear first-mover advantage in its overseas business, with its Hong Kong IPO providing the necessary capital for further expansion [1] - The company's overseas platform, Honghua International, is a key profit source and has been continuously acquiring relevant derivatives trading and clearing licenses since 2007, establishing a strong uniqueness among domestic futures companies [1] Group 2: Capital Increase - On February 9, Nanhua Futures announced that all net proceeds from the global offering of H-shares will be used to increase capital for its overseas subsidiary, Honghua International, with an amount of HKD 1.203 billion, equivalent to approximately RMB 1.072 billion based on the People's Bank of China exchange rate as of February 6, 2026 [1] - Following the capital increase, the registered capital of Honghua International will rise from HKD 826 million to HKD 2.029 billion [1]

Core Viewpoint - Nanhua Futures (603093) shares have surged over 10%, indicating strong market interest and confidence in the company's growth potential, particularly in its overseas business expansion [1] Group 1: Company Performance - Nanhua Futures' stock price increased by 10.28%, reaching HKD 11.69, with a trading volume of HKD 49.5043 million [1] - The company has a significant first-mover advantage in its overseas business, which is expected to enhance its profitability through the Hong Kong IPO [1] Group 2: Business Expansion - The overseas platform, Honghua International, is a key profit source for Nanhua Futures, and the company has been acquiring relevant derivatives trading and clearing licenses since 2007, establishing a strong unique position among domestic futures companies [1] - The expansion of the overseas derivatives business is fundamentally constrained by capital requirements, and the Hong Kong IPO will provide the necessary capital foundation for this expansion, converting the "first-mover license advantage" into a "scalable advantage" [1] Group 3: Capital Increase - On February 9, Nanhua Futures announced that all net proceeds from the global offering of H-shares will be used to increase the capital of its overseas subsidiary, Honghua International, with an increase amounting to HKD 1.203 billion, approximately RMB 1.072 billion based on the exchange rate [1] - Following the capital increase, the registered capital of Honghua International will rise from HKD 826 million to HKD 2.029 billion [1]