Core Viewpoint - The article emphasizes that market movements are influenced more by underlying trading behaviors rather than just news events, suggesting that a quantitative data approach can help investors understand the true market dynamics [1]. Group 1: Market Dynamics - Various smartphone brands are planning to adjust product prices due to rising costs from memory and storage chips, marking the largest price increase in the smartphone industry in five years [2]. - In the automotive sector, Chinese brand passenger car sales in January 2026 reached 1.329 million units, a decrease of 32.1% month-on-month and 8.9% year-on-year, with a market share drop of 1.5 percentage points [2]. Group 2: Shareholder Actions - Shareholders of Hongsheng Huayuan and Fangzheng Technology plan to reduce their stakes by up to 1% and 3% respectively [2]. - A significant share unlock is expected for several companies on March 2, including: - China Merchants Shipping with a 64.86% unlock, estimated at 81.94 billion [2]. - Weidian Physiotherapy with a 73.477% unlock, estimated at 14.12 billion [2]. - New Giant Hand with a 30.88% unlock, estimated at 11.53 billion [2]. - JuJiao Co. and HengLian Co. with unlocks of 21.7% and 21.32%, estimated at 8.84 billion and 17.5 billion respectively [2]. Group 3: Trading Behavior Insights - The article introduces four core trading behaviors identified through quantitative data: - "Bullish Dominance" indicates active buying [4]. - "Profit Taking" shows that previous investors are cashing out [4]. - "Bearish Dominance" reflects a tendency for investors to sell [4]. - "Short Covering" indicates that previously exited investors are re-entering the market [4]. Group 4: Behavioral Analysis - The article discusses how "Profit Taking" can mislead investors into thinking a stock is still on an upward trend when in fact, funds are exiting [6]. - Conversely, "Short Covering" can lead to price increases despite negative news, as funds may be entering the market during panic selling [10]. - Quantitative data can reveal these hidden behaviors, allowing investors to make more informed decisions and avoid emotional reactions to market fluctuations [13].

Group 1 - The A-share market showed mixed performance in February, with the Shanghai Composite Index rising by 1.09% to 4162 points, the Shenzhen Component Index increasing by 2.04% to 14495 points, while the ChiNext Index fell by 1.08% to 3310 points [1] - The top five performing sectors over the past 20 trading days included: small metals up 24.71%, oil and gas extraction and services up 21.44%, zinc metals up 17.23%, fiber optic concepts up 14.83%, and BC batteries up 14.8% [1] - The bottom five performing sectors during the same period were: newly listed sci-tech stocks down 5.87%, duty-free shops down 4.73%, DRG/DIP down 4.62%, electronics down 4.41%, and food processing and manufacturing down 4.3% [1] Group 2 - The top five individual stocks in February were: Electric Science Blue Sky up 640.97%, Aide Technology up 153.46%, Haiseng Medical up 149.92%, Beixin Life up 135.05%, and YN Holdings up 115.16% [1] - The bottom five individual stocks during the same period were: Kaipu Cloud down 47.71%, *ST Guohua down 45.32%, *ST Jinglun down 30.48%, ST Cuihua (rights protection) down 30.37%, and *ST Huike (rights protection) down 30.36% [1]

1. Report Industry Investment Rating There is no information regarding the industry investment rating in the provided content. 2. Core Views of the Report - In 2025Q4, the market value of convertible bonds held by public - funds decreased by 2.63% quarter - on - quarter but increased by 7.24% year - on - year. The proportion of convertible bond market value to bond investment market value and net value both decreased. First - and second - tier bond funds increased their positions, while convertible bond funds decreased their positions [2]. - The performance of convertible bond funds in 2025Q4 was worse than the convertible bond index. There was a small - scale net redemption, and the scale decreased. However, the position of convertible bonds increased, and the leverage ratio continued to decline [4]. - In terms of industry allocation, both public - funds and convertible bond funds focused on increasing positions in bank and electronic convertible bonds. Public - funds also increased positions in convertible bonds of industries such as petroleum and petrochemicals and national defense and military industry, while convertible bond funds increased positions in industries such as automobiles and coal [7][8]. 3. Summary According to the Directory 3.1 Public - funds' Position of Convertible Bonds Declined, and Positions in Bank and Electronic Convertible Bonds Increased 3.1.1 The Market Value of Convertible Bonds Held by Public - funds Decreased Quarter - on - Quarter, and the Position Declined - In 2025Q4, the market value of convertible bonds held by public - funds was 308.251 billion yuan, a quarter - on - quarter decrease of 2.63% but a year - on - year increase of 7.24%. The proportion of convertible bond market value to bond investment market value was 1.46%, a decrease of 0.11 pct compared with 25Q3; the proportion to net value was 0.83%, a decrease of 0.04 pct compared with 25Q3 [12]. - The market value of convertible bonds held by different types of funds changed differently. First - and second - tier bond funds increased their positions, while convertible bond funds decreased their positions. The position of convertible bonds of public - funds decreased by 0.04 pct to 0.83%. Among them, the position of convertible bonds of second - tier bond funds was further diluted, while that of convertible bond funds increased [14][23]. 3.1.2 In the Context of Market Contraction, the Positions of Public - funds, Insurance Funds, Enterprise Annuities, and Securities Firms' Proprietary Trading All Decreased - As of the end of 2025Q4, the total face value of convertible bonds held by the Shanghai and Shenzhen Stock Exchanges was 552.692 billion yuan, a quarter - on - quarter decrease of 46.797 billion yuan, or 7.81%. Public - funds, insurance institutions, enterprise annuities, and securities firms' proprietary trading all significantly reduced their positions [32]. - The face value of convertible bonds held by public - funds decreased slightly quarter - on - quarter, but the proportion increased. The scale of convertible bonds held by insurance institutions and enterprise annuities continued to shrink [38]. 3.1.3 The Market Value Increment of Bank and Electronic Convertible Bonds in Public - funds' Positions Ranked High, and There Might Be Profit - Taking in Non - ferrous Metals - In terms of industry layout, banks were still the primary layout sector in 25Q4. The market value of convertible bonds held by public - funds in the bank and power equipment sectors increased. Fourteen industries had positive quarter - on - quarter changes in market value, with petroleum and petrochemicals, national defense and military industry, and steel industries leading in growth. The market value of convertible bonds in industries such as building materials, non - ferrous metals, and communications decreased significantly [41]. 3.1.4 Xingye Convertible Bond Maintained the Position of the First Heavily - Held Bond - Xingye Convertible Bond maintained the position of the first heavily - held bond of public - funds and had a high increment. Among the top ten convertible bonds in terms of market value, three were bank convertible bonds. Excluding bank convertible bonds, there were six and five power equipment convertible bonds in the top ten in terms of the number of holdings and total market value of holdings respectively [47]. 3.2 The Performance of Convertible Bond Funds Was Worse than the Index, the Position of Convertible Bonds Increased, and the Leverage Ratio Declined 3.2.1 The Re - invested Unit Net Value Increased, and There Was a Small - Scale Net Redemption - As of 2025Q4, there were 39 convertible bond funds in the market. The performance of convertible bond funds was worse than the convertible bond index, with a small - scale net redemption and a decrease in scale. The average increase in the re - invested unit net value of 39 convertible bond funds was 0.84%, and the median was 1.09%. The overall net redemption was 2.627 billion yuan, and the net subscription rate was 48.72%, a decrease of 15.38 pct compared with 25Q3 [53]. - The asset allocation of high - performing convertible bond funds changed. Most funds reduced their positions in convertible bonds and increased their positions in stocks [56]. 3.2.2 The Position of Convertible Bonds Increased Quarter - on - Quarter, and the Leverage Ratio Decreased Quarter - on - Quarter - The overall position of 39 convertible bond funds increased, and the leverage ratio decreased quarter - on - quarter. The proportion of convertible bond market value to the net value of convertible bond funds was 84.81%, a quarter - on - quarter increase of 0.63 pct; the median position was 84.39%, a quarter - on - quarter decrease of 1.16 pct. The average leverage ratio was 113.05%, a decrease of 1.08 percentage points quarter - on - quarter [70]. - Twenty convertible bond funds increased their positions in convertible bonds. Fourteen convertible bond funds increased their positions in stocks, and 25 convertible bond funds maintained zero - position in stocks or reduced their positions [75]. 3.2.3 Convertible Bond Funds Focused on Increasing Positions in Bank and Electronic Convertible Bonds, and the Heavily - Held Bonds Were More Diversified - In 25Q4, 39 convertible bond funds focused on increasing positions in the electronic and power equipment sectors. The number of holdings in more than half of the industries increased, with electronics, power equipment, basic chemicals, and automobiles leading in growth. The proportion of banks in the market value of holdings increased by 0.93 pct, and there were 12 industries in total with an increase in the proportion of market value of holdings [79]. - Xingye and Shanghai United Bank convertible bonds were the main allocation bonds, but the allocation was more diversified. The banking industry ranked first among the heavily - held industries, and the funds also focused on allocating power equipment convertible bonds [81].

Group 1 - The global AI revolution is accelerating, transitioning from model innovation to widespread commercial implementation, with Hong Kong internet leaders expected to experience a "second growth curve" driven by technology [1] - Southbound capital has seen a record net purchase of 1,404.844 billion HKD in 2025, continuing to increase in 2026, with a net purchase of 144.548 billion HKD as of February 26 [1] - The ICBC Credit Suisse CSI Hong Kong Internet ETF (code: 159179) was officially launched on March 2, providing investors with a low-cost, convenient index investment tool focused on the core sector of Hong Kong internet [1] Group 2 - The CSI Hong Kong Internet ETF closely tracks the CSI Hong Kong Internet Index, which selects 30 listed companies involved in internet-related businesses, reflecting the overall performance of internet-themed listed companies [2] - The index features three main characteristics: it covers various types of internet companies, emphasizes "soft technology" without including hard tech companies, and shows strong growth and profitability attributes with a compound revenue growth rate of 16.40% over the past five years [2][3] - The index has demonstrated a return of 63.26% over the past two years, indicating strong performance during the recent internet rebound [2] Group 3 - As of February 26, 2026, the price-to-earnings ratio (PE) of the CSI Hong Kong Internet Index is 22.17, positioned in the lower range of valuations, indicating attractive valuation [3] Group 4 - The internet industry is entering a critical window for the commercialization of AI applications, with various sectors such as e-commerce, AI applications, and cloud services showing significant growth potential [6] - The e-commerce sector is benefiting from strong cash flow and profit inflows, with AI advertising tools enhancing merchant payment willingness and capabilities [6] - The gaming sector is projected to generate 350.8 billion CNY in revenue by 2025, with a year-on-year growth of 7.7%, while self-developed games in overseas markets are expected to earn 20.4 billion USD, reflecting a 10% increase [7] Group 5 - The ICBC Credit Suisse Hong Kong Internet ETF (159179) offers significant advantages in terms of low fees, with a management fee of 0.15% and a custody fee of 0.05%, which are among the lowest in the industry [9] - The fund allows T+0 trading without QDII quota restrictions, enabling flexible investment in the Hong Kong internet sector [9] - The fund's management team emphasizes strict risk control and precise tracking error management, ensuring effective investment deviation control [9]

Investment Rating - The report maintains a rating of "Buy" for the electronic industry [1] Core Insights - The electronic industry is experiencing a transformation driven by edge-cloud collaboration, reshaping AI entry points and reconstructing hardware paradigms [2] - The competition in integrated AI capabilities is shifting from a focus on the quantity of functions to a comprehensive comparison of multi-modal experiences and system-level integration depth [2] - The evolution of edge models is not about replacing cloud models but rather forming a clearly defined collaborative architecture [26] Summary by Sections 1. Cloud Models: Capability Expansion and Cost Restructuring - Cloud models are entering a new acceleration phase focused on agent capabilities, multi-modal integration, and cost optimization [10] - Domestic models are rapidly catching up in performance while expanding their cost-effectiveness, driving demand release [18] 2. Edge Models: Efficiency Optimization and Capability Compression - Edge models are evolving under the mainline of edge-cloud collaboration, focusing on real-time perception and preliminary decision-making within user privacy boundaries [26] - Multi-modal capabilities are becoming a key competitive point for edge models, enabling real-time interactions and execution [29] 3. Hardware Reconstruction Driven by Edge Models - The core components of edge devices are undergoing upgrades in memory, power consumption, and heat dissipation to support more complex AI functionalities [2] - Samsung's LPDDR6 product has achieved approximately 21% energy efficiency improvement compared to the previous generation [2] 4. Algorithm Optimization: Efficiency and Capability Compression - The industry is exploring various model architectures and optimization techniques to enhance efficiency and reduce memory constraints [30][33] - Low-bit quantization has become the industry standard, with ongoing exploration of even lower precision techniques [36]

Core Insights - The main focus of the news is on the significant inflow of capital into specific stocks, indicating strong investor interest and potential growth in these companies. Group 1: Stock Performance and Capital Inflow - Top stocks by capital inflow include: - Tuo Wei Information with 1.263 billion yuan and a 10% increase [1] - Baogang Co. with 1.028 billion yuan and a 7.72% increase [2] - Huasheng Tiancheng with 0.961 billion yuan and a 9.31% increase [2] - Shuangliang Energy with 0.668 billion yuan and a 9.43% increase [2] - Yuyin Co. with 0.621 billion yuan and a 9.99% increase [2] - Other notable stocks include: - Hailanxin with 0.615 billion yuan and a 12.12% increase [2] - Junda Co. with 0.591 billion yuan and a 10% increase [2] - Hangang Co. with 0.536 billion yuan and a 9.96% increase [2] - Xianglu Tungsten with 0.472 billion yuan and a 10.01% increase [2] - Luoyang Molybdenum with 0.453 billion yuan and a 3.65% increase [2] Group 2: Sector Analysis - The stocks are categorized into various sectors, including: - Computer sector: Tuo Wei Information, Huasheng Tiancheng, Yuyin Co., and Jinxi Modern [2][3] - Steel sector: Baogang Co. and Hangang Co. [2] - Power equipment sector: Shuangliang Energy, Junda Co., and Maiwei Co. [2][3] - Non-ferrous metals sector: Xianglu Tungsten, Luoyang Molybdenum, and Zinc Industry Co. [2][3] - Machinery equipment sector: Liou Co. [2] - Electronics sector: Xinwei Communication and BOE A [3]

Core Viewpoint - The rise of domestic computing power chains is significantly impacting the cloud computing sector, with the cloud computing ETF (159890) experiencing notable gains and increased investor interest [1] Group 1: Market Performance - The cloud computing ETF (159890) opened with a rise of over 1% and is currently up by 0.74%, indicating strong performance among its constituent stocks [1] - Notable stocks include Tuowei Information, which hit the daily limit, and Yuntian Lifei, which surged by 13%, while several others like Wangsu Science and Technology and Runhe Software rose by over 6% [1] - The ETF has seen a net inflow of over 66 million CNY during the trading session, with a cumulative net subscription of approximately 58.9 million CNY over the past five days, breaking previous scale records [1] Group 2: Industry Developments - DeepSeek is set to release its V4 model, which prioritizes compatibility with domestic chips, marking a shift in the industry towards domestic computing power solutions [3] - This move is expected to enhance the domestic computing power ecosystem, transitioning from mere usability to large-scale commercial application, thereby addressing the previous limitations of domestic chips [3] Group 3: Demand Insights - A report from CITIC Securities indicates a significant surge in the token usage of domestic large models, reflecting an exponential growth in AI inference demand [4] - The report highlights that the top three large models in terms of token usage are all domestic, showcasing the competitive edge of domestic computing power due to cost advantages and an improving ecosystem [4] - Additionally, the computing power market is experiencing price increases, indicating supply bottlenecks and suggesting ongoing benefits for the computing power industry [4] Group 4: ETF Composition - The cloud computing ETF (159890) tracks the CSI Cloud Computing and Big Data Theme Index, with a focus on both AI computing power (41%) and AI applications (32%) [5] - The top ten holdings include leading companies such as iFLYTEK, Kingsoft Office, and Inspur Information, positioning the ETF to benefit from the AI infrastructure wave [5][6] - The current trend led by DeepSeek in reshaping the domestic computing power ecosystem is expected to drive the industry from passive adaptation to active definition, presenting investment opportunities in the synergy between domestic computing power and AI applications [6]

| 代码 | 最新融资 | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | | 余额（亿元） | | | | 电子 | 3981.62 | 48.70 | 1.24 | | 电力设备 | 2319.89 | 38.06 | 1.67 | | 有色金属 | 1530.19 | 23.06 | 1.53 | | 机械设备 | 1382.19 | 13.69 | 1.00 | | 基础化工 | 1053.46 | 11.48 | 1.10 | | 非银金融 | 1974.94 | 10.66 | 0.54 | | 国防军工 | 1017.25 | 10.59 | 1.05 | | 通信 | 1304.71 | 7.65 | 0.59 | | 计算机 | 1862.55 | 7.07 | 0.38 | | 房地产 | 347.28 | 4.87 | 1.42 | | 传媒 | 594.60 | 3.19 | 0.54 | | 医药生物 | 1621.62 | 2.58 | 0.16 | | 环保 | 208.33 | 2.35 | 1.14 | | 公用事业 | ...

Group 1 - As of February 26, the margin trading balance in A-shares reached 26,670.4 billion yuan, an increase of 20.41 billion yuan from the previous trading day, accounting for 2.54% of the A-share circulating market value [1] - The trading volume of margin transactions on the same day was 2,572.58 billion yuan, an increase of 9.80 billion yuan from the previous trading day, representing 10.06% of the total A-share trading volume [1] - Among the 31 primary industries in the Shenwan index, 26 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 4.87 billion yuan [1] Group 2 - A total of 65 stocks had net financing inflows exceeding 100 million yuan, with Cambricon Technologies leading at a net inflow of 1.376 billion yuan [1] - Other notable stocks with significant net financing inflows included Sungrow Power Supply, Chipone Technology, CATL, Shenghong Technology, Northern Rare Earth, China Ping An, Baotou Steel, Haiguang Information, and Huafeng Technology [1][2] - Research from Shingang Securities indicates that the increase in demand for data calls and the improvement in monetization capabilities of domestic AI models are expected to benefit the domestic computing power industry chain [2]

1. Report Industry Investment Ratings No information provided in the report. 2. Core Views of the Report - The precious metals market is gradually recovering from previous declines. Gold is recommended to hold long positions, and the long - term outlook remains positive. Silver has increased spot price volatility, so caution is advised [1]. - For base metals, copper is expected to remain range - bound in the short term and look for low - buying opportunities in the medium term. Aluminum is expected to maintain a price range in the short term. Alumina's price decline is limited, and attention should be paid to the maintenance and shutdown of alumina plants. Lead is recommended to sell on rallies, and zinc should be traded within a range. Lithium carbonate is expected to have high - level oscillations, and tin is recommended to buy on dips [2][3]. - In the black industry, for rebar, long positions should be closed, and aggressive investors can try to short the hot - rolled coil 2605 contract. Iron ore should be observed. For coking coal, long positions should be closed, and aggressive investors can try to short the coking coal 2605 contract [4][5]. - In the agricultural products market, soybeans are expected to be strong, and domestic soybean meal is expected to be volatile and strong. Corn futures are expected to be volatile and strong. Oils are expected to be weak, and a reverse spread strategy can be used. Cotton is recommended to buy on dips. Egg and hog futures are expected to be volatile and weak [6][7]. - In the energy and chemical industry, LLDPE and PP are expected to be volatile in the short term, and attention should be paid to the US - Iran event. PVC and soda ash are recommended to wait and see. PX is recommended to be long - allocated, and PTA should take appropriate profits. Glass is recommended to buy glass and sell soda ash. MEG is recommended to look for short - term long - buying opportunities. Crude oil is recommended to buy out - of - the - money put options on SC04 when the price is high. Styrene is expected to be volatile in the short term and long - bought in the second quarter [8][9][10]. 3. Summary by Related Catalogs Precious Metals - **Market Performance**: International gold prices denominated in London Gold rose, and international silver prices denominated in London Silver fell [1]. - **Fundamentals**: Nvidia's annual report performance did not ease market concerns, and its stock price fell. The Fed governor expects to cut interest rates in 2026. The third - round of US - Iran negotiations ended. There were changes in domestic and international gold and silver inventories, and India's silver imports increased [1]. - **Trading Strategy**: Hold long positions in gold and be cautious in participating in the silver market [1]. Base Metals Copper - **Market Performance**: Copper prices fluctuated [2]. - **Fundamentals**: Nvidia's stock price decline weakened market risk appetite. The supply of copper ore remained tight, and short - term global visible inventories increased significantly [2]. - **Trading Strategy**: Range - bound in the short term and look for low - buying opportunities in the medium term [2]. Aluminum - **Market Performance**: The closing price of the electrolytic aluminum main contract decreased by 0.17% [2]. - **Fundamentals**: Electrolytic aluminum plants maintained high - load production, and the weekly aluminum product start - up rate increased slightly [2]. - **Trading Strategy**: The price is expected to remain range - bound in the short term, and attention should be paid to downstream resumption of work, US tariff policies, and overseas production capacity changes [2]. Alumina - **Market Performance**: The closing price of the alumina main contract decreased by 1.74% [2]. - **Fundamentals**: Some alumina plants entered the production - reduction and maintenance stage, and electrolytic aluminum plants maintained high - load production [2]. - **Trading Strategy**: The price decline is limited, and attention should be paid to the maintenance and shutdown of alumina plants [3]. Zinc and Lead - **Market Performance**: The zinc and lead main contracts had price changes, and inventories increased [3]. - **Fundamentals**: For lead, the processing fee at the mine end was low, production decreased, and demand was limited. For zinc, the processing fee was low, production decreased seasonally, and the supply - demand imbalance persisted [3]. - **Trading Strategy**: Sell lead on rallies and trade zinc within a range [3]. Lithium Carbonate - **Market Performance**: The price of lithium carbonate rose [3]. - **Fundamentals**: The price of Australian lithium spodumene concentrate increased, production and demand had changes, and inventory decreased [3]. - **Trading Strategy**: The price is expected to oscillate at a high level, and the market will focus on the supply - side Zimbabwe export ban [3]. Tin - **Market Performance**: Tin prices rose sharply [3]. - **Fundamentals**: Market risk appetite decreased, but there was speculation about supply problems due to the turmoil in Myanmar, and funds actively increased positions [3]. - **Trading Strategy**: Buy on dips [3]. Black Industry Rebar - **Market Performance**: The rebar main 2605 contract price decreased [4]. - **Fundamentals**: The supply - demand contradiction of steel was not significant. The demand for building materials was weak, and the supply decreased year - on - year. The demand for plates was stable, and exports remained high. Steel billet inventory was at a historical high, and the inventory of five major steel products was close to the historical average. Steel mills were in a loss state, and production increase was limited. The valuation of hot - rolled coils and rebar futures was polarized [4][5]. - **Trading Strategy**: Close long positions, and aggressive investors can short the hot - rolled coil 2605 contract [5]. Iron Ore - **Market Performance**: The iron ore main 2605 contract price increased [5]. - **Fundamentals**: The supply - demand of iron ore was neutral. The iron - making water production was basically the same year - on - year. There was no further plan for coke price increase. Steel mill profits were poor, and blast furnace production might decrease. The supply was in line with the seasonal pattern and increased slightly year - on - year. Port iron ore inventory was high, and there was a structural contradiction. The valuation was neutral [5]. - **Trading Strategy**: Observe mainly [5]. Coking Coal - **Market Performance**: The coking coal main 2605 contract price decreased [5]. - **Fundamentals**: Steel mill profits were poor, and blast furnace production might decrease. The first - round price increase of coking coal was implemented, and there was no further plan. The inventory at different links was polarized, and the overall inventory was at a medium level. The futures price of the 05 contract was at a premium to the spot price, and the valuation was high [5]. - **Trading Strategy**: Close long positions, and aggressive investors can short the coking coal 2605 contract [5]. Agricultural Products Market Soybean Meal - **Market Performance**: The overnight CBOT soybean price changed little [6]. - **Fundamentals**: South America had a high - yield expectation. US soybean crushing was strong, and export expectations were high. The overall supply - demand of US soybeans was expected to improve, but the global supply - demand was expected to be loose [6]. - **Trading Strategy**: Trade on the expectation of China's increased purchase of US soybeans, and pay attention to US soybean exports and South American production [6]. Corn - **Market Performance**: Corn futures prices were strong, and spot prices in the Northeast increased [6]. - **Fundamentals**: The grain - selling progress was over 60%, and the pressure was not large. Attention should be paid to the grain - selling pressure of ground - stored grain after the temperature rise. The inventory of downstream feed and deep - processing enterprises was at the same level as before, and the inventory at north - south ports was low, but downstream enterprises were in a loss state [6]. - **Trading Strategy**: The futures price is expected to be volatile and strong [6]. Oils - **Market Performance**: Malaysian palm oil prices fell [6]. - **Fundamentals**: The production in Malaysia from February 1 - 20 decreased by 12% month - on - month, and exports from February 1 - 25 decreased by 12% month - on - month. The supply - demand was weak [6]. - **Trading Strategy**: Trade on the expectation of seasonal production increase and use a reverse spread strategy [6]. Cotton - **Market Performance**: The overnight ICE US cotton futures price oscillated and decreased, and the international crude oil price fluctuated widely [7]. - **Fundamentals**: US cotton export sales decreased. The domestic Zhengzhou cotton futures price oscillated after rising and then falling. The textile enterprise's in - stock cotton inventory increased [7]. - **Trading Strategy**: Buy on dips in the price range of 15100 - 15500 yuan/ton [7]. Eggs - **Market Performance**: Egg futures prices were weak, and spot prices decreased slightly [7]. - **Fundamentals**: After the Spring Festival, it was the traditional off - season for egg demand. The overall supply was sufficient, and egg prices were expected to be low [7]. - **Trading Strategy**: The futures price is expected to be volatile and weak [7]. Hogs - **Market Performance**: Hog futures prices oscillated narrowly, and spot prices mostly rebounded [7]. - **Fundamentals**: After the Spring Festival, the supply was strong and the demand was weak. The daily slaughter volume was expected to increase, and the futures and spot prices were expected to be weak [7]. - **Trading Strategy**: The futures price is expected to be volatile and weak [7]. Energy and Chemical Industry LLDPE - **Market Performance**: The LLDPE main contract price decreased slightly. The basis was weak, and the market transaction was average. The overseas price was stable, and the import window was closed [8]. - **Fundamentals**: There was no new device put into production in the first half of the year, and some existing devices reduced production or stopped. The import volume was expected to decrease slightly. The downstream demand was weak, but it would enter the peak season in March and April [8]. - **Trading Strategy**: It is expected to be volatile in the short term, and attention should be paid to the US - Iran event [8]. PVC - **Market Performance**: The V05 contract price decreased by 2% [8]. - **Fundamentals**: High inventory suppressed the price, and it was still oscillating at the bottom. The supply was large, and the demand was weak. The downstream factory had not resumed work, and the real - estate market was weak. The social inventory reached a new high [8]. - **Trading Strategy**: Wait and see [8]. PTA - **Market Performance**: The PX CFR price was 931 US dollars/ton, and the PTA price was 5235 yuan/ton. The spot basis was - 63 yuan/ton [8]. - **Fundamentals**: The supply of PX was at a high level, and the supply of PTA increased. The polyester factory load was at a seasonal low, and the inventory pressure was not large. PX was in the process of destocking, and PTA was in the process of inventory accumulation [9]. - **Trading Strategy**: Maintain a long - allocation view on PX and take appropriate profits on PTA [9]. Glass - **Market Performance**: The fg05 contract price decreased by 0.3% [9]. - **Fundamentals**: High inventory suppressed the price. The supply decreased, and the inventory increased again. The downstream demand was weak, and the real - estate market was weak [9]. - **Trading Strategy**: Buy glass and sell soda ash [9]. PP - **Market Performance**: The PP main contract price decreased slightly. The basis was weak, and the market transaction was average. The overseas price was stable, the import window was closed, and the export window was open [8]. - **Fundamentals**: The supply pressure increased, and the demand was weak in the short term. The downstream would resume work after the Lantern Festival [8]. - **Trading Strategy**: It is expected to be volatile in the short term, and pay attention to the US - Iran event. In the long - term, it is mainly range - bound and short - sold on rallies [8]. MEG - **Market Performance**: The MEG East China spot price was 3641 yuan/ton, and the spot basis was - 88 yuan/ton [9]. - **Fundamentals**: The supply pressure was relieved, and the import supply decreased marginally. The inventory in some East China ports increased to 900,000 tons. The polyester load decreased seasonally, and the inventory pressure was not large. MEG would accumulate inventory in February and destock in March [9]. - **Trading Strategy**: Look for short - term long - buying opportunities [9]. Crude Oil - **Market Performance**: The oil price rose and then fell due to the uncertainty of the US - Iran negotiation [9]. - **Fundamentals**: The supply pressure of Russian oil increased, and the short - term supply was affected by the US - Iran negotiation. The supply would increase in the medium term. The demand for heating in the US increased in February and would decline in March, and the gasoline demand was in the off - season [9][10]. - **Trading Strategy**: Buy out - of - the - money put options on SC04 when the price is high [10]. Styrene - **Market Performance**: The EB main contract price decreased slightly. The spot market transaction was average. The overseas price rose slightly, and the import window was closed [10]. - **Fundamentals**: The pure benzene inventory was at a normal - to - high level, and the supply - demand pattern improved in February and March. The styrene inventory accumulated during the Spring Festival, and the supply - demand was weak in February and March. The downstream enterprise's finished - product inventory was high, and the downstream would resume work after the Lantern Festival [10]. - **Trading Strategy**: It is expected to be volatile in the short term and long - bought in the second quarter [10]. Soda Ash - **Market Performance**: The sa05 contract price increased by 0.5% [10]. - **Fundamentals**: The price was at the bottom and stalemate, and the upstream received orders well. The supply was large, and the inventory increased moderately. The downstream demand was weak [10]. - **Trading Strategy**: Wait and see [10].