上期所原油 期货主力合约夜盘收涨0.74%，报489.80元人民币/桶。沪金夜盘收跌0.25%，沪银收跌 2.93%。 ...

Core Viewpoint - The steel industry is facing a complex and volatile market environment, leading to significant pressure on traders due to fluctuating prices and reduced profit margins [1] Group 1: Market Challenges - Steel traders are experiencing immense pressure in procurement, sales, and inventory management due to frequent price declines [1] - Traditional risk management methods are proving inadequate in the current market conditions, prompting traders to seek more effective solutions [1] Group 2: Solutions Provided by Nanhua Futures - Nanhua Futures offers customized training and risk management solutions tailored to the needs of steel trading companies in East China [2] - The company provides systematic training on futures hedging, market analysis, and risk control to enhance traders' understanding and application of financial instruments [2] Group 3: Innovative Hedging Strategies - Nanhua Futures has developed innovative options strategies to help steel traders manage risks effectively, such as the "proportional collar put option" which helped a trader secure profits despite falling prices [2] - A specific case involved a trader who, using the collar put option, managed to earn a net profit of 1.19 million yuan by effectively hedging against inventory devaluation [2] Group 4: Tailored Solutions for Specific Needs - Nanhua Futures designed a "knock-out cumulative option" for an elevator company to secure low-priced steel, allowing the company to purchase materials at a favorable rate while also receiving cash compensation [3] - The company also assisted traders in managing winter inventory risks by implementing options that automatically trigger based on market price movements, thus providing a safety net against price declines [4] Group 5: Collaborative Ecosystem - The collaboration between Nanhua Futures and steel trading companies has created a mutually beneficial ecosystem, integrating financial tools into the operational framework of these businesses [4] - This partnership enables traders to navigate market challenges more effectively, providing them with a financial "shield" to withstand cyclical fluctuations [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply pressure in the pig market has improved, and pig prices have generally increased. However, in the short - term, there is still some pressure in the pig market, and the upside space is relatively limited. The futures price of pigs shows a certain oscillatory performance, and in the medium - to - long - term, the supply - side pressure remains the main influencing factor, and the futures are expected to operate in a low - level oscillation [2][6]. 3. Summary According to Relevant Catalogs 3.1 Spot Price - Today, the spot prices of pigs in various regions of the country showed an upward trend. The average price was 10.74 yuan, a decrease of 0.13 yuan compared with yesterday. Among them, the prices in some regions such as Henan, Hubei, and Anhui increased, while the prices in Sichuan, Fujian, and Guizhou decreased [4]. 3.2 Futures Price - The futures prices of pigs showed an oscillatory performance. Contracts such as LH01, LH07, LH09, and LH11 increased, while contracts such as LH03 and LH05 decreased [4]. 3.3 Sow/Piglet Price - The price of piglets this week was 359 yuan, a decrease of 6 yuan compared with last week. The price of sows remained unchanged at 1557 yuan [4]. 3.4 Spot Breeding Profit - The spot breeding profit of self - breeding and self - raising was - 98.32 yuan, a decrease of 60.23 yuan compared with yesterday. The spot breeding profit of purchasing piglets was 53.10 yuan, a decrease of 38.32 yuan compared with yesterday [4]. 3.5 Slaughter End - The slaughter volume today was 121,757 heads, an increase of 6,136 heads compared with yesterday [4]. 3.6 Size Pig Price Difference - The price difference between standard pigs and medium - sized pigs decreased by 0.01 yuan, the price difference between medium - large pigs and standard pigs increased by 0.02 yuan, the price difference between large pigs and medium - large pigs decreased by 0.02 yuan, and the price difference between large pigs and standard pigs remained unchanged [4]. 3.7 Trading Strategy - Unilateral: Wait and see - Arbitrage: Wait and see - Options: Mainly adopt the strategy of selling wide straddles [7]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The current correction in the precious metals market is not a trend reversal but a digestion of the shock at a phased high, and the long - position structure of the market remains stable [2]. - The overall trend of silver still follows the price fluctuation of gold. After a relatively full correction, some long - position funds have re - flowed into the silver market. The rigid growth of industrial demand in new energy and AI data centers is expected to offset the pressure brought by the slowdown in silver use for photovoltaics, and the tight inventory pattern will still amplify the upward elasticity of silver prices [2]. - In the short term, precious metals will fluctuate around the three main lines of the Fed's policy inflection point, the US dollar trend, and geopolitical risks. In the long - term, the bull - market framework of precious metals has not changed significantly, and the overall approach should be to buy on dips [2]. Summary by Directory 1. Market Data - **Futures Market** - The closing price of the Shanghai Gold main contract was 1,146.48 yuan/gram, down 4.6 yuan; the closing price of the Shanghai Silver main contract was 22,572 yuan/kilogram, down 457 yuan [2]. - The main - contract positions of Shanghai Gold decreased by 3,433 hands to 151,642 hands, and those of Shanghai Silver decreased by 791 hands to 8,949 hands [2]. - The main - contract trading volumes of Shanghai Gold decreased by 29,130 to 169,407, and those of Shanghai Silver decreased by 55,549 to 357,610 [2]. - The warehouse - receipt quantity of Shanghai Gold remained unchanged at 105,072 kilograms, and that of Shanghai Silver decreased by 9,461 kilograms to 346,369 kilograms [2]. - **Spot Market** - The spot price of gold on the Shanghai Gold Exchange was 1,144.51 yuan/gram, down 1.13 yuan; the spot price of Huatong No.1 silver was 21,797 yuan/kilogram, up 157 yuan [2]. - The basis of the Shanghai Gold main contract was - 1.97 yuan/gram, up 3.45 yuan; the basis of the Shanghai Silver main contract was - 775 yuan/kilogram, up 614 yuan [2]. - **Supply and Demand** - The SPDR Gold ETF holdings increased by 3.43 tons to 1,097.62 tons, and the SLV Silver ETF holdings decreased by 28.18 tons to 16,079.74 tons [2]. - The non - commercial net long positions of gold in CFTC decreased by 97 to 159,915 contracts, and those of silver increased by 1,048 to 24,003 contracts [2]. - The total quarterly supply of gold was 1,302.80 tons, down 0.19 tons; the total annual supply of silver was 32,056 tons, up 482 tons [2]. - The total quarterly demand for gold was 1,345.32 tons, up 79.57 tons; the total annual demand for silver was 35,716 tons, down 491 tons [2]. - **Macro Data** - The US dollar index was 97.66, down 0.24; the 10 - year US Treasury real yield was 1.77%, down 0.01% [2]. - The VIX volatility index was 17.93, down 1.62; the CBOE gold volatility index was 34.96, down 2.59 [2]. - The ratio of the S&P 500 to the gold price was 1.34, down 0.01; the gold - silver ratio was 57.24, down 0.88 [2]. 2. Industry News - US President Trump delivered his first State of the Union address in his second term, announcing that he would continue to impose tariffs through other legal means, and proposed to replace personal income tax with tariff revenue. He also expressed a preference for diplomatic solutions to the Iranian nuclear issue [2]. - Fed Governor Cook said that AI has caused a generational change in the US labor market, which may lead to an increase in the unemployment rate, and the Fed may face a dilemma in monetary policy [2]. - Chicago Fed President Goolsbee said that it is not appropriate to cut interest rates further until there is more evidence that inflation is continuously falling [2]. - Japanese Prime Minister Takamichi Sanae expressed concerns about the Bank of Japan's further interest - rate hikes during a meeting with BOJ Governor Kazuo Ueda [2]. 3. Key Points of Attention - On February 26 at 21:30, the US unemployment - claim data for the week ending February 21 will be released; on February 27 at 21:30, the US PPI monthly and annual rates for January will be released [2].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - A-share major indices closed with mixed results, with small and medium-cap stocks outperforming large-cap blue chips. The CSI 1000 was the strongest among the four broad-based indices. After the A-share market recorded a good start, it is expected to continue the upward trend due to factors such as continuous trade disturbances overseas weakening market confidence in US dollar assets, accelerated movement of residents' deposits providing liquidity support for the stock market, high consumer spending during the Spring Festival showing the effectiveness of domestic demand expansion policies, the approaching Two Sessions, and the continuous strengthening of the RMB [2] 3. Summary by Relevant Catalog 3.1 Futures Disk - IF main contract (2603) was at 4712.2, down 18.8; IF second main contract (2606) was at 4671.2, down 24.6. IH main contract (2603) was at 3034.6, down 23.4; IH second main contract (2606) was at 3031.0, down 23.0. IC main contract (2603) was at 8537.4, up 19.2; IC second main contract (2606) was at 8427.4, up 2.0. IM main contract (2603) was at 8443.4, up 41.6; IM second main contract (2606) was at 8260.4, up 18.6 [2] - IF - IH current contract spread was 1677.6, up 4.4; IC - IF current contract spread was 3825.2, up 27.6. IM - IC current contract spread was -94.0, up 29.4; IC - IH current contract spread was 5502.8, up 32.0 [2] - IF quarterly - current was -41.0, up 57.0; IF next - current was -97.4, up 61.4. IH quarterly - current was -3.6, up 1.2; IH next - current was -37.4, up 1.6. IC quarterly - current was -110.0, down 18.4; IC next - current was -239.2, down 27.2. IM quarterly - current was -183.0, down 24.8; IM next - current was -369.6, down 32.4 [2] 3.2 Futures Position - IF top 20 net position was -35,984.00, up 3756.0; IH top 20 net position was -21,592.00, up 784.0. IC top 20 net position was -42,437.00, up 634.0; IM top 20 net position was -59,382.00, up 3060.0 [2] 3.3 Spot Price - CSI 300 was at 4726.87, down 9.0; IF main contract basis was -14.7, down 10.2. SSE 50 was at 3035.1, down 19.9; IH main contract basis was -0.5, down 3.8. CSI 500 was at 8557.2, up 29.7; IC main contract basis was -19.8, down 21.3. CSI 1000 was at 8490.6, up 64.3; IM main contract basis was -47.2, down 26.5 [2] 3.4 Market Sentiment - A-share trading volume (daily, billion yuan) was 25,566.39, up 757.47; margin trading balance (previous trading day, billion yuan) was 26,466.26, up 238.70. Northbound trading volume (previous trading day, billion yuan) was 3195.37, up 23.76; reverse repurchase (maturity volume, operation volume, billion yuan) was -4000.0, up 3205.0 [2] - Main funds (yesterday, today, billion yuan) were -177.82 and -472.19. The proportion of rising stocks (daily, %) was 45.30, down 23.01; Shibor (daily, %) was 1.368, down 0.010 [2] - IO at - the - money call option closing price (2603) was 44.40, down 12.40; IO at - the - money call option implied volatility (%) was 12.22, down 0.91. IO at - the - money put option closing price (2603) was 79.60, up 4.00; IO at - the - money put option implied volatility (%) was 12.77, down 0.36 [2] - CSI 300 index 20 - day volatility (%) was 13.82, up 0.02; trading volume PCR (%) was 55.95, down 2.84. Position PCR (%) was 65.69, up 0.79 [2] 3.5 Wind Market Strength - Weakness Analysis - All A - shares were at 5.30, down 1.70; technical aspect was at 4.50, down 2.30. Capital aspect was at 6.10, down 1.10 [2] 3.6 Industry News - In January, the increment of social financing scale was 7.22 trillion yuan, 166.2 billion yuan more than the same period last year; RMB loans increased by 4.71 trillion yuan, with the end - of - month balance at 276.62 trillion yuan, a year - on - year increase of 6.1%. At the end of January, M2 increased by 9% year - on - year, and M1 increased by 4.9% year - on - year [2] - On February 24, 2026, the 1 - year LPR was 3.0%, and the 5 - year and above LPR was 3.5%. LPR has remained stable for 9 consecutive months [2] - During the 9 - day Spring Festival holiday, the number of domestic tourist trips was 596 million, an increase of 95 million compared with the 8 - day Spring Festival holiday in 2025; domestic tourism spending was 803.483 billion yuan, an increase of 126.481 billion yuan compared with the 8 - day Spring Festival holiday in 2025 [2] 3.7 Key Points to Focus On - At 21:30 on February 26, pay attention to the initial jobless claims in the US for the week ending February 21. At 21:30 on February 27, pay attention to the US January PPI and core PPI [3]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The report predicts that nickel prices will adjust in a volatile and upward - trending manner [3][4] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 141,040 yuan/ton, a decrease of 210 yuan; the 04 - 05 contract spread of Shanghai nickel is - 500 yuan/ton, a decrease of 50 yuan [3] - The price of LME 3 - month nickel is 1,804.5 dollars/ton, an increase of 130 dollars; the position of the main contract of Shanghai nickel is 205,915 lots, an increase of 167,651 lots [3] - The net long position of the top 20 futures holders of Shanghai nickel is - 57,159 lots, a decrease of 2,688 lots; the LME nickel inventory is 287,808 tons, an increase of 480 tons [3] - The inventory of nickel in the Shanghai Futures Exchange is 58,775 tons, an increase of 1,318 tons; the LME nickel cancelled warrants total 15,594 tons, an increase of 3,336 tons [3] - The warehouse receipt quantity of Shanghai nickel is 53,158 tons, a decrease of 19 tons [3] 3.2 Spot Market - The spot price of SMM 1 nickel is 143,700 yuan/ton, a decrease of 1,250 yuan; the average spot price of 1 nickel plate in Yangtze River Non - ferrous Metals is 143,600 yuan/ton, a decrease of 1,450 yuan [3] - The average price of battery - grade nickel sulfate is 33,750 yuan/ton, unchanged; the basis of the NI main contract is 2,660 yuan/ton, a decrease of 1,040 yuan [3] - The LME nickel (spot/3 - month) premium is - 204.15 dollars/ton, a decrease of 4.52 dollars [3] 3.3 Upstream Situation - The monthly import volume of nickel ore is 1.9928 million tons, a decrease of 1.3467 million tons; the total port inventory of nickel ore is 10.706 million tons, a decrease of 0.3793 million tons [3] - The average monthly import price of nickel ore is 75.53 dollars/ton, an increase of 3.36 dollars; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 dollars/wet ton, unchanged [3] 3.4 Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, an increase of 1,120 tons; the total monthly output of ferronickel is 21,400 metal tons, unchanged [3] - The monthly import volume of refined nickel and alloys is 23,861.23 tons, an increase of 11,020.74 tons; the monthly import volume of ferronickel is 996,100 tons, an increase of 100,700 tons [3] 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 1.109 million tons; the total weekly inventory of 300 - series stainless steel is 1.8581 million tons, an increase of 571,100 tons [3] 3.6 Industry News - The US Trade Representative Greer said that the US will continue to advance the 301 investigation into China's implementation of the first - phase economic and trade agreement and may take tariff measures [3] - Chinese Premier Li Qiang held talks with German Chancellor Merz. Li Qiang said that China is willing to use dialogue mechanisms such as the inter - government consultations with Germany, strengthen the docking of development strategies and policy communication and coordination, expand and optimize bilateral trade, and promote traditional cooperation in the automotive and chemical industries to gain new effectiveness and expand cooperation in emerging fields such as artificial intelligence and biomedicine [3] - Cui Dongshu, the secretary - general of the Passenger Car Association, said that at the end of January, the inventory of the national passenger car industry was 3.57 million vehicles, a decrease of 80,000 vehicles month - on - month and an increase of 580,000 vehicles year - on - year [3] 3.7 Viewpoint Summary - Macroscopically, Chinese and German enterprises can continue to deepen cooperation in machinery, equipment, and chemical industries. The US may impose a "global import tariff" with a rate of up to 15% [3] - Fundamentally, the rainy season in the Philippines has led to a decline in nickel ore imports. Indonesia will significantly cut the RKAB quota next year, but the quota for the first quarter will be postponed, and the raw material contraction is expected to be felt in the second quarter. An accident in the Indonesian IMIP park has strengthened the expectation of resource tightness [3] - In the smelting sector, the production of ferronickel in Indonesia remains high, and the quantity flowing back to China is expected to increase. China has large refined nickel production capacity. With the recent rise in nickel prices, there is a profit margin, and the production of refined nickel is expected to rise again [3] - In terms of demand, the profit of stainless steel plants has improved, but due to the Spring Festival, there are many maintenance and production cuts, and the output in February is expected to decline significantly. The production and sales of new energy vehicles continue to rise, and ternary batteries contribute a small increase in demand [3] - China's nickel inventory continues to grow, and the market mainly purchases on dips, with high spot premiums. The LME inventory overseas continues to grow, and the spot premium is lowered [3] - Technically, the increase in positions and the rise in prices indicate a strong bullish atmosphere [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The raw material supply of ferronickel is expected to shrink. The Philippines is entering the rainy season, the nickel ore grade is decreasing, and the raw material inventory of domestic ferronickel plants is tightening. Indonesia plans to significantly cut the RKAB quota next year, leading to potential production cuts in ferronickel [2]. - The production profit of stainless - steel plants has improved, but the rising ferronickel price has pushed up the cost. With increased maintenance during the Spring Festival, the production decline has alleviated supply pressure [2]. - Downstream demand is in the traditional off - season, but stainless - steel exports maintain high growth, showing strong export demand. Social inventory has entered the seasonal accumulation stage, but the overall inventory pressure is controllable. The report expects stainless - steel futures prices to adjust with a slight upward trend [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the stainless - steel futures main contract is 14,265 yuan/ton. The spread between the 2004 - 05 contracts is - 5 yuan/ton, a decrease of 20 yuan/ton compared to the previous period [2]. - The net long position of the top 20 futures holders is - 9,740 hands. The position of the main contract is 77,985 hands, a decrease of 6,890 hands [2]. - The warehouse receipt quantity is 60,810 tons, unchanged from the previous period [2]. 3.2 Spot Market - The price of 304/2B rolled stainless steel in Wuxi is 14,950 yuan/ton. The market price of scrap stainless steel 304 in Wuxi is 9,350 yuan/ton, unchanged [2]. - The basis of stainless steel is 225 yuan/ton, a decrease of 60 yuan/ton [2]. 3.3 Upstream Situation - The monthly electrolytic nickel production is 29,430 tons, an increase of 1,120 tons. The total monthly ferronickel production is 21,400 metal tons, unchanged [2]. - The monthly import volume of refined nickel and alloys is 23,861.23 tons, an increase of 11,020.74 tons. The monthly import volume of ferronickel is 996,100 tons, an increase of 100,700 tons [2]. - The SMM1 nickel spot price is 143,700 yuan/ton, a decrease of 1,250 yuan/ton. The average price of ferronickel (7 - 10%) in the country is 1,080 yuan/nickel point, an increase of 20 yuan/nickel point [2]. - The monthly Chinese chromite production is 757,800 tons, a decrease of 26,900 tons [2]. 3.4 Industry Situation - The monthly production of 300 - series stainless steel is 1.8581 million tons, an increase of 110,900 tons. The weekly inventory of 300 - series stainless steel is 571,100 tons, an increase of 13,900 tons [2]. - The monthly stainless - steel export volume is 458,500 tons, a decrease of 29,500 tons [2]. 3.5 Downstream Situation - The cumulative monthly new housing construction area is 587.6996 million square meters, an increase of 53.1326 million square meters [2]. - The monthly production of excavators is 37,300 units, an increase of 3,700 units. The monthly production of large and medium - sized tractors is 32,100 units, an increase of 9,500 units. The monthly production of small tractors is 10,000 units, an increase of 1,000 units [2]. 3.6 Industry News - The US Trade Representative Greer said that the US will continue the 301 investigation on China's implementation of the Phase - One Economic and Trade Agreement and may take tariff measures [2]. - Chinese Premier Li Qiang held talks with German Chancellor Merz. China is willing to strengthen cooperation with Germany in traditional and emerging fields [2]. - As of the end of January, the inventory of the national passenger - car industry was 3.57 million vehicles, a decrease of 80,000 vehicles compared to the previous month and an increase of 580,000 vehicles compared to the same period last year [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The report predicts that tin prices will undergo high - level adjustments, and investors should focus on the price range of 400,000 - 430,000 yuan/ton [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai Tin is 414,180 yuan/ton, a decrease of 1,980 yuan; the closing price of the April - May contract of Shanghai Tin is down 600 yuan, a decrease of 220 yuan; LME 3 - month tin is 53,915 US dollars/ton, an increase of 3,615 US dollars; the main contract position of Shanghai Tin is 12,801 lots, a decrease of 5,545 lots; the net position of the top 20 futures of Shanghai Tin is - 7,318 lots, a decrease of 514 lots; LME tin total inventory is 7,680 tons, an increase of 25 tons; Shanghai Futures Exchange inventory of tin is 11,014 tons, an increase of 2,264 tons; Shanghai Futures Exchange warehouse receipts of tin is 11,556 tons, a decrease of 182 tons [3] 3.2 Spot Market - The SMM 1 tin spot price is 414,900 yuan/ton, an increase of 13,400 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 415,360 yuan/ton, an increase of 11,310 yuan; the basis of the Shanghai Tin main contract is - 14,660 yuan/ton, a decrease of 17,790 yuan; LME tin premium (0 - 3) is 20 US dollars/ton, an increase of 30 US dollars [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 17,600 tons, an increase of 2,500 tons; the average price of 40% tin concentrate processing fee is 14,500 yuan/ton, unchanged; the average price of 40% tin concentrate is 400,900 yuan/ton, an increase of 36,150 yuan; the average price of 60% tin concentrate is 404,900 yuan/ton, an increase of 36,150 yuan; the average price of 60% tin concentrate processing fee is 10,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, a decrease of 1,600 tons; the monthly import volume of refined tin is 2,239.1 tons, an increase of 323.25 tons [3] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 262,370 yuan/ton, an increase of 8,020 yuan; the cumulative output of tin - plated sheets (strips) is 152,870 tons, an increase of 13,870 tons; the monthly export volume of tin - plated sheets is 142,900 tons, a decrease of 45,000 tons [3] 3.6 Industry News - The US Trade Representative Greer said that the US will continue to promote the 301 investigation on China's implementation of the first - phase economic and trade agreement and may take tariff measures; Chinese Premier Li Qiang held talks with German Chancellor Merz, expressing China's willingness to strengthen cooperation with Germany in various fields; the secretary - general of the Passenger Car Association, Cui Dongshu, said that the inventory of the national passenger car industry at the end of January was 3.57 million vehicles, a decrease of 80,000 vehicles month - on - month and an increase of 580,000 vehicles year - on - year [3] 3.7 Fundamental Analysis - On the supply side, the resumption of production in Myanmar and the end of the rainy season have led to an increase in domestic tin ore imports. The tin ore supply shortage has shown signs of easing, but the refined tin output is still restricted. After the Spring Festival, there is pressure for output to rebound. On the import side, the export volume of Indonesian tin has increased, and the import pressure has increased. On the demand side, downstream solder enterprises are on holiday, with weak procurement willingness, and the spot market has the situation of "price but no market" [3] 3.8 Technical Analysis - The position increases and the price rebounds, and the bullish sentiment is relatively strong [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report predicts that Shanghai zinc will experience oscillatory adjustments and maintain a range - bound operation. The upstream zinc ore imports are at a high level, but domestic zinc mines reduce production at the end of the year. Domestic smelters face increased competition in purchasing domestic ores, with significantly lower domestic and foreign processing fees and shrinking profits, so production is expected to be further restricted. The export window may close again due to the decline in LME zinc prices and the rise in the Shanghai - LME ratio. On the demand side, the downstream market is turning to the off - season, with the real estate sector dragging down, and the infrastructure and home appliance sectors weakening. Although there are some bright spots in the automotive sector due to policy support, downstream procurement is mainly on - demand at low prices, and the spot premium remains low. The domestic social inventory has increased significantly, while the LME zinc inventory is stable and the spot premium is also low. Technically, the position volume decreases and the price adjusts, with less trading between long and short positions [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main contract is 24,570 yuan/ton, a decrease of 75 yuan; the 04 - 05 contract spread of Shanghai zinc is - 55 yuan/ton, an increase of 5 yuan. The LME three - month zinc quotation is 3,387 US dollars/ton, a decrease of 0.5 US dollars. The total position of Shanghai zinc is 185,072 lots, a decrease of 710 lots. The net position of the top 20 in Shanghai zinc is 1,038 lots, a decrease of 514 lots. The Shanghai zinc warehouse receipts are 0 tons, unchanged. The SHFE inventory is 87,025 tons, an increase of 16,336 tons; the LME inventory is 99,825 tons, a decrease of 1,425 tons [3]. 3.2 Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 24,460 yuan/ton, a decrease of 70 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 24,310 yuan/ton, a decrease of 40 yuan. The basis of the ZN main contract is - 110 yuan/ton, an increase of 5 yuan. The LME zinc premium (0 - 3) is - 29.64 US dollars/ton, an increase of 2.29 US dollars. The ex - factory price of 50% zinc concentrate in Kunming is 21,400 yuan/ton, a decrease of 130 yuan; the price of 85% - 86% crushed zinc in Shanghai is 16,850 yuan/ton, unchanged [3]. 3.3 Upstream Situation - The WBMS zinc supply - demand balance is - 35,700 tons, a decrease of 14,700 tons; the ILZSG zinc supply - demand balance is - 7,700 tons, a decrease of 4,900 tons. The global zinc ore production is 1.0627 million tons, a decrease of 11,900 tons. The domestic refined zinc production is 675,000 tons, an increase of 21,000 tons. The zinc ore import volume is 462,600 tons, a decrease of 53,900 tons [3]. 3.4 Industry Situation - The refined zinc import volume is 8,760.85 tons, a decrease of 9,469.07 tons; the refined zinc export volume is 27,266 tons, a decrease of 15,548 tons. The zinc social inventory is 138,000 tons, an increase of 10,000 tons [3]. 3.5 Downstream Situation - The production of galvanized sheets is 2.36 million tons, an increase of 20,000 tons; the sales volume of galvanized sheets is 2.36 million tons, a decrease of 60,000 tons. The new housing construction area is 587.6996 million square meters, an increase of 53.1326 million square meters; the housing completion area is 603.4813 million square meters, an increase of 208.942 million square meters. The automobile production is 3.4115 million vehicles, a decrease of 107,500 vehicles; the air - conditioner production is 21.6289 million units, an increase of 6.6029 million units [3]. 3.6 Option Market - The implied volatility of the at - the - money call option for zinc is 5.15%, a decrease of 16.33 percentage points; the implied volatility of the at - the - money put option for zinc is 9.62%, a decrease of 11.86 percentage points. The 20 - day historical volatility of the at - the - money option for zinc is 38.77%, an increase of 0.09 percentage points; the 60 - day historical volatility of the at - the - money option for zinc is 19.78%, unchanged [3]. 3.7 Industry News - The US Trade Representative Greer said that the US will continue to promote the 301 investigation into China's implementation of the China - US Phase One Economic and Trade Agreement and may take tariff measures. Chinese Premier Li Qiang held talks with German Chancellor Merz. Li Qiang said that China is willing to use dialogue mechanisms such as the bilateral government consultations with Germany, strengthen the docking of development strategies and policy communication and coordination, expand and optimize bilateral trade, revitalize traditional cooperation in the automotive and chemical industries, and expand cooperation in emerging fields such as artificial intelligence and biomedicine. The secretary - general of the Passenger Car Association, Cui Dongshu, said that at the end of January, the inventory of the national passenger car industry was 3.57 million vehicles, a decrease of 80,000 vehicles compared with the previous month and an increase of 580,000 vehicles compared with the same period last year. The "global import tariff" rate may reach 15% [3].

Group 1: Investment Rating - No investment rating information provided Group 2: Core Views - The soybean meal market is expected to continue its strong and volatile trend this week, with the need to monitor the arrival of goods and the progress of state reserve sales [1] - The overall outlook for the oil and fat sector is cautiously optimistic, with limited downside and the upside rebound height depending on policy guidance. Attention should be paid to the US - Iran negotiations in the next two days, and spot prices should be actively fixed at low points in case of significant adjustments [2] Group 3: Summary by Content Soybean Meal - Crop experts have lowered the forecast for Brazil's 2025/26 soybean production by 1 million tons to 178 million tons due to excessive rainfall in central Brazil and drought in Rio Grande do Sul [1] - ANEC predicts that Brazil's soybean meal exports in February 2026 will reach 1.73 million tons, lower than the previous estimate of 1.82 million tons, but higher than January 2026 and February 2025, setting a record high for the same period. The forecast for Brazil's soybean meal exports in 2026 is 24 million tons, higher than 23.25 million tons in 2025 [1] - US soybean exports continue to be strong, and the lower - than - expected shipments from Brazil in February may reduce the expected arrival in April, leading to a significant increase in soybean meal prices [1] Oils and Fats - The US Environmental Protection Agency will submit a new biofuel blending volume authorization proposal to the White House on Wednesday, and the rule may be finalized by the end of March. The market is concerned about whether the proposal will increase the target usage of biodiesel and renewable diesel, which will significantly support soybean oil demand and prices [1] - According to SPPOMA data, from February 1 - 25, 2026, Malaysia's palm oil yield decreased by 16.78% month - on - month, the oil extraction rate increased by 0.1% month - on - month, and production decreased by 16.25% month - on - month [2] - US soybean oil is supported by US biofuel policies and shows a strong trend. During the holiday, Malaysian palm oil is in a stage of weak supply and demand. It is estimated that the inventory in February will decline again, but the large original inventory will suppress the near - term rebound height [2]