1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For coking coal, the supply - demand situation remains loose as mines resume production quickly. Although there is some short - term support for futures prices around the Two Sessions, it is expected to run in a wide - range oscillation [2]. - For coke, the supply from coking enterprises remains stable, the steel market inventory accumulates, and the supply - demand is loose. Similar to coking coal, there is short - term support around the Two Sessions, and it is also expected to run in a wide - range oscillation [2]. 3. Summary by Related Catalogs 3.1 Futures Market - JM main contract closing price: 1090.00 yuan/ton, down 36.00 yuan; J main contract closing price: 1644.00 yuan/ton, down 30.00 yuan [2]. - JM futures contract open interest: 721319.00 lots, up 74556.00 lots; J futures contract open interest: 42455.00 lots, up 625.00 lots [2]. - Net position of the top 20 JM contracts: - 105073.00 lots, down 22871.00 lots; Net position of the top 20 J contracts: 242.00 lots, down 236.00 lots [2]. - JM 9 - 5 month contract spread: 93.50 yuan/ton, up 9.50 yuan; J 9 - 5 month contract spread: 77.00 yuan/ton, up 7.50 yuan [2]. - Coking coal warehouse receipts: 0.00, down 300.00; Coke warehouse receipts: 1420.00, unchanged [2]. 3.2 Spot Market - Ganqimao Meng 5 raw coal: 1010.00 yuan/ton, up 4.00 yuan; Tangshan first - grade metallurgical coke: 1720.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot (CFR): 163.00 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke: 1520.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal (yard price): 1590.00 yuan/ton, down 20.00 yuan; Tianjin Port first - grade metallurgical coke: 1620.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal (yard price): 1700.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke: 1520.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal: 1379.00 yuan/ton, up 4.00 yuan; J main contract basis: 76.00 yuan/ton, up 30.00 yuan [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price: 1330.00 yuan/ton, unchanged; JM main contract basis: 215.00 yuan/ton, up 36.00 yuan [2]. 3.3 Upstream Situation - 314 independent coal washing plants' clean coal output: 16.90 million tons, down 7.40 million tons; 314 independent coal washing plants' clean coal inventory: 298.90 million tons, down 10.10 million tons [2]. - 314 independent coal washing plants' capacity utilization rate: 0.23%, down 0.10%; Raw coal output: 43703.50 million tons, up 1024.20 million tons [2]. - Coal and lignite imports: 5860.00 million tons, up 1455.00 million tons; 523 coking coal mines' daily raw coal output: 151.60 million tons, up 43.00 million tons [2]. - 16 ports' imported coking coal inventory: 496.27 million tons, unchanged; 18 ports' coke inventory: 263.86 million tons, down 6.13 million tons [2]. - Independent coking enterprises' total coking coal inventory: 893.49 million tons, down 224.60 million tons; National 247 steel mills' coking coal inventory: 820.35 million tons, down 17.90 million tons [2]. - Independent coking enterprises' coking coal available days: 13.06 days, down 0.28 days; 247 sample steel mills' coke available days: 12.46 days, down 0.24 days [2]. 3.4 Industry Situation - Coking coal imports: 1376.98 million tons, up 303.83 million tons; Coke and semi - coke exports: 100.00 million tons, up 28.00 million tons [2]. - Total coking coal supply: 5478.50 million tons, up 238.93 million tons; Independent coking enterprises' capacity utilization rate: 72.20%, up 0.34% [2]. - Independent coking plants' profit per ton of coke: - 8.00 yuan/ton, up 2.00 yuan [2]. - Coke output: 4274.30 million tons, up 104.00 million tons [2]. 3.5 Downstream Situation - National 247 steel mills' blast furnace operating rate: 80.13%, up 0.60%; 247 steel mills' blast furnace iron - making capacity utilization rate: 86.41%, up 0.72% [2]. - Crude steel output: 6817.74 million tons, down 169.36 million tons [2]. 3.6 Industry News - Some steel enterprises in North China have received temporary independent emission reduction notices, requiring them to implement phased emission reduction control from March 4th to March 11th, with the blast furnace load reduced by at least 30% [2]. - This week, the approved capacity utilization rate of 523 coking coal mine samples is 68.2%, a 19.4% increase from the previous week. The daily raw coal output is 151.6 million tons, a 43.0 - million - ton increase; the raw coal inventory is 537.2 million tons, a 2.4 - million - ton decrease; the daily clean coal output is 64.9 million tons, a 19.0 - million - ton increase; and the clean coal inventory is 257.7 million tons, a 6.0 - million - ton increase [2]. - Shanghai has issued the "Shanghai Seven - Point Plan" for the real estate market. The new policy focuses on adjusting and reducing the purchase restriction policy. The social security threshold for non - Shanghai residents to buy houses within the outer ring has been reduced to 1 year, and the maximum provident fund loan can reach 3.24 million yuan [2].

Core Viewpoint - 弘业期货 is experiencing a decline in stock price and financial performance, with a significant drop in revenue and net profit year-on-year, indicating potential challenges ahead for the company and its operations in the futures market [7][8]. Company Overview - 弘业期货股份有限公司 primarily engages in commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, fund sales, and financial asset investment [2][7]. - The company is the first A+H share listed company in the futures industry and is controlled by the Jiangsu Provincial Government State-owned Assets Supervision and Administration Commission [3][2]. Financial Performance - For the period from January to September 2025, 弘业期货 reported operating revenue of 462 million yuan, a year-on-year decrease of 76.77%, and a net profit attributable to shareholders of 2.09 million yuan, down 87.27% year-on-year [7][8]. - The company has distributed a total of 44.34 million yuan in dividends since its A-share listing, with 14.11 million yuan distributed over the past three years [8]. Market Activity - On February 26, 弘业期货's stock fell by 2.45%, with a trading volume of 118 million yuan and a turnover rate of 1.55%, resulting in a total market capitalization of 10.017 billion yuan [1]. - The main net inflow of funds today was 4.58 million yuan, accounting for 0.04% of the total, with the industry ranking at 6 out of 27 [4][5]. Shareholder Information - As of September 30, 2025, 弘业期货 had 54,400 shareholders, a decrease of 13.10% from the previous period, with an average of 0 circulating shares per person [7]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable reductions in their holdings [8].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View In the short term, Shanghai zinc faces upward pressure. The domestic zinc market is in a state of weak supply and demand, but the significant decline in downstream demand has led to a substantial accumulation of zinc inventories. Zinc prices are expected to fluctuate. The future trend depends on the resumption of work in downstream terminals. If downstream demand recovers rapidly in March, it may drive inventory reduction and provide upward momentum for zinc prices; otherwise, high inventories will suppress the upward space of prices [1][6]. 3. Summary by Related Catalogs Fundamental Changes - **Processing Fees**: In December 2025, China's zinc concentrate imports were 462,600 tons, a month - on - month decrease of 10.87%. From January to December 2025, cumulative imports reached 5.324 million tons, a year - on - year increase of 30.59%. In March 2026, the domestic zinc concentrate processing fee was 1,300 - 1,700 yuan, a month - on - month increase of 100 yuan. The imported zinc concentrate processing fee was $31.5 per dry ton, a month - on - month decrease of $18.42. Last week, the domestic zinc concentrate spot processing fee remained at 1,500 - 1,700 yuan per ton, unchanged from the previous week, while the imported zinc concentrate spot processing fee was $24.35 per dry ton, a weekly decrease of $0.53 [2]. - **Supply**: In January 2026, the monthly output of refined zinc was 560,600 tons, a month - on - month increase of 1.54% and a year - on - year increase of 7.35%, slightly lower than expected. In February, due to the reduction in the number of days and some smelters' Spring Festival shutdowns for maintenance, the output is expected to fall by 8.78% or 49,200 tons to 511,400 tons. Before the Spring Festival, winter stockpiling was basically completed, but the overall inventory can only meet about 22 - 23 days of production needs, far lower than the same period in previous years. The import of ore is limited due to deepening losses, and enterprises mainly rely on domestic ore for production. Currently, the smelting profit remains in a loss state, but with the support of high sulfuric acid prices, there is no significant pressure on the supply side to cut production substantially. In December 2025, the import volume of refined zinc was 8,700 tons, a month - on - month decrease of 9,500 tons and a year - on - year decrease of 73.4%. In December, the export of refined zinc was 27,200 tons, resulting in a net export of 18,500 tons. The domestic Shanghai - London price ratio has weakened significantly, the export profit window for refined zinc has closed, and the import loss has widened [3]. - **Consumption**: In the first week after the Spring Festival, due to the low start - up rate of terminal real estate and infrastructure projects, enterprises' finished product inventories have accumulated. The market mainly focuses on long - term order pick - up, and new order transactions are limited. The start - up rate of galvanizing enterprises remains at a low level. The spot market has abundant supplies, but downstream enterprises have not fully resumed work, and the purchasing sentiment is weak, resulting in poor spot transactions. In some areas, the discount has even widened. It is expected that the demand of zinc downstream enterprises will not recover intensively until after the Lantern Festival [3]. Spot and Inventory - **Spot**: As of February 25, the average price of 0 zinc ingots in the Yangtze River spot market was 24,550 yuan per ton. This week, the spot price opened high and then gradually declined. The basis discount of Yangtze River spot 0 zinc to the main contract widened to - 95 yuan. LME zinc spot remained at a discount of - $29.63 [5]. - **Inventory**: As of the week of February 20, the LME inventory was 101,500 tons, showing a slight decline and currently lower than the average level in recent years. In China, the decline in zinc inventory has stopped. As of February 24, the domestic social inventory was 174,300 tons. After the Spring Festival, the inventory increased significantly and is at the highest level in the past four years. As of February 13, the inventory of the Shanghai Futures Exchange was 87,025 tons, a week - on - week increase of 16,336 tons [5].

Core Viewpoint - The private equity fund industry in China is experiencing significant growth and diversification, supported by an improved capital market system and institutional optimization, leading to a new phase of high-quality and standardized development [1] Group 1: Industry Development - The scale of private securities investment funds is steadily increasing, with a variety of strategies emerging, indicating a robust growth environment for private equity institutions [1] - The market presents both opportunities and challenges, necessitating private equity firms to possess keen market insights and solid support [1] Group 2: Event Overview - The third "Hangrong Cup" - Yichen Private Equity Star Plan is officially launched, aiming to establish deeper cooperation with more private equity institutions [1][7] - The event will run from March 1, 2026, to February 28, 2027, allowing participation from private securities investment funds registered with the Asset Management Association of China [2] Group 3: Participation Requirements - Participating products must have a minimum scale of 10 million yuan and a minimum establishment period of 6 months, with management teams free from significant legal or integrity issues in the past three years [2] Group 4: Honor System - A multi-tiered honor system is established, including main and special honors, with awards based on various criteria such as product performance and team background [3][5] - Main honors include categories for quarterly, semi-annual, annual, and multi-year outstanding private equity managers, with five institutions recognized in each category [3] Group 5: Support and Benefits - The event offers extensive support for participating institutions, including funding, promotional support, and research and trading assistance, with benefits increasing with the level of honor achieved [5] - Winners of annual and longer honors will have priority access to distribution opportunities, seed fund co-investment, and promotional support across multiple platforms [5] Group 6: Collaborative Framework - The event is organized by AVIC Securities, with collaboration from AVIC Futures, AVIC Fund, and other financial technology institutions, creating a comprehensive service ecosystem for private equity [6] - This initiative reflects AVIC Securities' commitment to high-quality industry development and aims to enhance cooperation with private equity institutions [6]

展望后市，海证期货表示，预计多晶硅整体震荡运行，考虑到政策面不确定性，单边操作上需谨慎。 供应方面，广州期货指出，供应端减产延续，3月部分小企业有开工计划，实际落地仍取决于价格表 现。 需求方面，瑞达期货（002961）分析称，节后，硅片企业将在正月十五后陆续复工，复工初期以消化自 身库存为主，多晶硅采购需求释放将滞后。贸易商观望情绪浓厚，冬储意愿低迷，短期无投机需求补 充。 2月26日，国内期市有色金属板块涨跌互现。其中，多晶硅期货盘中低位震荡运行，截至发稿主力合约 报46500.0元/吨，跌幅2.20%。 消息面上，据国投安信期货介绍，头部企业发布收购公告，短期对市场情绪提振有限。政策行业"反内 卷"导向更趋市场化与法治化。 ...

Core Viewpoint - The ongoing negotiations between the US and Iran are critical for the precious metals market, with potential volatility expected based on the outcomes of these discussions [1][2]. Group 1: Market Analysis - Zhongcai Futures indicates that the focus for precious metals in the short term is on the US-Iran negotiations on the 26th, where a lack of breakthroughs could lead to increased military pressure from the US, heightening market risk aversion [1]. - If Iran concedes during negotiations, risk aversion may quickly dissipate, negatively impacting precious metals [1]. - Funi Futures notes that the ongoing tensions between the US and Iran, along with internal political struggles in the US, are driving up demand for safe-haven assets, supporting the rise in precious metal prices [2]. Group 2: Price Trends and Predictions - Guotai Junan Futures suggests that the market is currently pricing in the impact of Trump's tariffs, with a recent rebound in gold and silver ETF holdings reflecting increased demand for precious metals amid rising uncertainties [2]. - The expectation is for precious metal prices to experience high-level fluctuations, with potential for a 2-4 month period of consolidation to build new momentum for breaking previous highs [2]. - The overall long-term outlook for gold remains bullish due to global political and economic uncertainties, despite short-term profit-taking pressures and a stable dollar index [2].

Core Viewpoint - Dalian Commodity Exchange (DCE) is committed to enhancing the agricultural product futures market to support rural development and ensure national food security, aligning with the central government's policies for agricultural modernization and poverty alleviation [1][8]. Group 1: Market Development and Optimization - In the past year, DCE has focused on improving the operational quality and efficiency of the agricultural product futures market, implementing tailored strategies for different products [2]. - In 2025, DCE's agricultural futures and options trading volume exceeded 1.4 billion contracts, with an average daily open interest of over 11.44 million contracts, establishing a solid foundation for risk management in the agricultural sector [2]. Group 2: Quality Standards and Delivery Management - Starting from the C2505 contract in 2025, DCE revised the corn futures delivery quality standards, increasing the weight requirement for standard corn from ≥675g/L to ≥685g/L, and for alternative corn from ≥650g/L to ≥660g/L, enhancing price representation [3]. - DCE also adjusted the delivery standards for live pig futures, modifying the average weight requirement and removing certain price deduction rules, which reflects a commitment to improving delivery quality [3]. Group 3: Innovative Delivery and Risk Management - In 2025, DCE implemented group delivery and self-reported price adjustment for soybean meal and oil, establishing fixed price adjustment warehouses across several provinces, which supports local agricultural economies [4]. - DCE completed over 600,000 delivery contracts in the past year, with a total delivery value of 16.9 billion yuan, maintaining zero errors in transaction processing, thereby providing robust risk management for agricultural enterprises [4]. Group 4: Farmer Income Protection Initiatives - DCE has been actively promoting the "insurance + futures" model to help farmers stabilize and increase their income, conducting 199 projects across 19 provinces in 2025, covering 98.43 million tons of goods and 625,600 acres of farmland [7]. - The total premium for these projects reached 201 million yuan, reinforcing the financial safety net for farmers and enhancing the efficiency of insurance claims [7]. Group 5: Future Directions - DCE plans to continue strengthening the agricultural product futures market in line with the 2026 central government directives, focusing on developing a comprehensive product tool system and enhancing the replicability of income protection projects [8]. - The exchange aims to improve participation from industry clients, addressing challenges to enhance the operational efficiency and market competitiveness of agricultural enterprises [8].

Group 1 - The ShiHua ETF (159731) has seen a net inflow of 1.153 billion yuan over the past 20 trading days, with a total share count of 1.741 billion and a total scale of 1.854 billion yuan [1] - The rental price for a Very Large Crude Carrier (VLCC) transporting crude oil from the Middle East to Asia has surpassed 200,000 USD per day, marking a new high since 2020 [1] - Analysts from Huatai Futures indicate that sanctions on shadow tankers have led to a decrease in compliant tanker availability, increasing transportation costs and affecting the crude oil market dynamics [1] Group 2 - The ShiHua ETF (159731) and its linked funds (017855/017856) track the CSI Petrochemical Industry Index, focusing on the "big energy" security logic, allowing participation in downstream chemical profit recovery and securing upstream resource value during oil price uptrends [2]

Group 1 - The domestic futures market for non-ferrous metals showed mixed performance, with Shanghai tin futures experiencing a high volatility trend, reaching a peak of 424,400.00 yuan/ton and a low of 408,150.00 yuan, resulting in a price increase of 3.52% [1] - The outlook for Shanghai tin is expected to maintain a high-level fluctuation due to tight supply and uncertain demand recovery, with attention on the approval progress in Indonesia and actual production recovery in Myanmar [2] - Market sentiment has been positively influenced by Nvidia's earnings report, which has sparked enthusiasm for AI trading, while the spot market remains subdued post-holiday, with limited seasonal inventory accumulation [2] Group 2 - The pressure on the US dollar is favorable for risk assets, and Nvidia's earnings and guidance have exceeded expectations, enhancing the consumption outlook for tin [2] - The slow recovery pace of tin mines in Myanmar and deepening resource protection policies in Indonesia contribute to a sustained tightness in raw material supply, supporting strong supply-demand dynamics [2] - Overall, the market's risk appetite appears warm, suggesting that Shanghai tin is likely to maintain a strong upward trend [2]

Group 1 - The core focus of the training camp is on market "linkage" and "volatility," aiming to enhance trading cognition and skills related to futures and stock interactions [1][4] - The course is a collaboration between First Financial and Everbright Futures, featuring licensed senior instructors and covering a comprehensive range of topics from A-share sentiment to macro policies and derivative tools [1][2] - The training will be conducted online starting March 2, with sessions scheduled every evening at 20:00, divided into basic and advanced stages [2][4] Group 2 - Participants will unlock exclusive benefits upon completing tasks, including customized growth courses, free shipping of physical materials like the Futures Red Book, and access to an internal discussion group for daily strategies and resources [3][4] - The program is designed for various types of investors, including those looking to understand stock-futures linkage, rational investors seeking actionable trading strategies, and those interested in options and ETFs for asset optimization [5][6] - The training format includes online live sessions, simulated trading, and community Q&A, running from now until March 31 [4][5]