Group 1 - The core viewpoint indicates that the Shanghai silver spot price on February 13 was quoted at 19822 yuan per kilogram, which is 40 yuan per kilogram higher than the futures main price of 19782 yuan per kilogram, reflecting a premium in the spot market [3] - The U.S. January employment data showed strong performance, which may influence market expectations regarding Federal Reserve policies [3] - Treasury Secretary Bessent supports the Senate taking over the investigation into Powell rather than the Justice Department, indicating a shift in political dynamics that could impact market sentiment [3] Group 2 - The strengthening of the U.S. dollar index, influenced by signals from Russian President Putin regarding a return to the dollar system, may put pressure on precious metal prices [3] - Despite potential short-term pressures, the expectation of a rate cut by the Federal Reserve in June, as indicated by Bessent, along with ongoing purchases of gold by multiple central banks, may support precious metal prices in the medium to long term [3]

上海期货交易所指定交割仓库期货2月13日仓单日报显示，白银期货总计353559千克，今日仓单较上一 日增加3926千克。 沪银主力走势震荡偏弱，今日白银期货开盘报20400元/千克，最高触及20819元/千克，最低触及18930 元/千克，截止收盘报19782元/千克，下跌5.52%。 | 地区 | 仓库 | 期货 | 增减 | | --- | --- | --- | --- | | 上海 | 中储吴淞 | 53806 | 0 | | | 外运华东虹桥 | 25466 | 0 | | | 中工美供应链 | 237259 | 3706 | | | 合计 | 316531 | 3706 | | 广东 | 深圳威豹 | 37028 | 220 | | 总计 | | 353559 | 3926 | 【基本面消息】 本周美国非农就业超预期，降息预期受到压制，市场等待今晚CPI数据。地缘前景仍存不确定性，短期 贵金属波动率逐渐下降，震荡等待驱动，保持观望。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - This week, the US employment data significantly exceeded market expectations, suppressing the mid - year Fed rate - cut expectation. The first rate cut this year is postponed to the July FOMC meeting, causing a marginal weakening of market risk appetite and a collective oscillating correction in the precious metals market. The short - term trend of platinum and palladium may follow that of gold and silver. The core variable lies in the balance between the subsequent inflation rebound risk and the cooling trend of the employment market. If the slowdown in employment and inflation is further verified, platinum and palladium still have room to rise under the boost of their financial attributes [7]. - The EU's official postponement of the 2035 internal combustion engine ban at the end of last year and the simultaneous strengthening of vehicle exhaust emission standards have led to higher platinum loading intensity. Although the global passenger car sales have been moderately revised down due to recession concerns, the increasing penetration rate of hybrid and hydrogen - fuel - cell commercial vehicles may improve the medium - to - long - term demand curve for platinum. In the medium - to - long - term, the industrial fundamentals of platinum and palladium still dominate the trading rhythm. The uncertainty of South Africa's power supply and Russia's exports, combined with the implementation of the new vehicle emission policy, make platinum more resilient than palladium. The differentiation in the supply - demand pattern may continue to drive the "platinum - strong, palladium - weak" market [7]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Highlights Summary - The US January non - farm payrolls data showed an unexpected increase, but last year's data was also unexpectedly revised down, intensifying market divergence in interpreting the non - farm data. Fed officials still have differences in their recent statements, with some re - emphasizing the risk of inflation rebound. They will continue to follow a data - dependent path [7]. - The short - term trend of platinum and palladium may follow that of gold and silver. If the slowdown in employment and inflation is further verified, they have room to rise under financial - attribute support [7]. - The EU's new policies and the development of new - energy commercial vehicles may improve platinum's medium - to - long - term demand. The "platinum - strong, palladium - weak" market may continue due to the supply - demand pattern [7]. - The London platinum is expected to face resistance at $2200 and support at $2000; the London palladium may face resistance at $1800 and support at $1600. The Guangzhou Futures Exchange's platinum 2606 contract may trade in the range of 460 - 600 yuan/gram, and the palladium 2606 contract may trade in the range of 400 - 460 yuan/gram [7]. 3.2 Futures and Spot Markets - This week, the main platinum and palladium contracts on the Guangzhou Futures Exchange oscillated within a range. As of February 13, 2026, the palladium 2606 contract was at 416.80 yuan/gram, up 1.53% week - on - week; the platinum 2606 contract was at 523.80 yuan/gram, up 3.52% week - on - week [8][12]. - The net long positions of NYMEX platinum and palladium continued to diverge. As of February 3, 2026, the net long position of NYMEX platinum was 20,207 contracts, down 8.26% month - on - month; the net long position of NYMEX palladium was - 2,307 contracts, up 18.77% month - on - month [13][17]. - This week, the basis of the main platinum and palladium contracts on the Guangzhou Futures Exchange and the NYMEX weakened. As of February 12, 2026, the basis of the Guangzhou Futures Exchange's platinum contract was - 3.86 yuan/gram, and the palladium contract was - 20.05 yuan/gram; the NYMEX platinum basis was - 22.30 dollars/ounce, and the palladium basis was 52.50 dollars/ounce, showing a week - on - week weakening [18][20][27]. - This week, the NYMEX platinum and palladium inventories both decreased. As of February 12, 2026, the NYMEX platinum inventory was 583,369.21 ounces, down 9.76% month - on - month; the palladium inventory was 186,863.10 ounces, down 2.10% month - on - month [28][32]. - Platinum and gold prices showed a strong synchronicity, with platinum price fluctuations being more significant. The gold - platinum ratio declined this week [33]. 3.3 Industry Supply and Demand Situation - As of December 2025, the import and export volumes of platinum and palladium both increased [39]. - Since 2023, the demand for platinum and palladium in vehicle exhaust catalysts has been declining year by year. The total global demand for platinum and palladium has shown a mild slowdown [45][50]. - Due to geopolitical conflicts and power - supply disturbances, the global supply of platinum and palladium has decreased [55]. - The price differences between the domestic and foreign markets of platinum and palladium have shown a converging trend [59]. 3.4 Macroeconomic Data - This week, the US dollar index weakened slightly, and the 10 - year US Treasury real yield fell nearly 4% [63]. - This week, the 10Y - 2Y US Treasury yield spread narrowed, the CBOE gold volatility declined, and the S&P 500/London gold price ratio declined [67].

Group 1: Report Overview - Report Date: February 13, 2026 [2] - Report Type: Financial Options Daily Report - Report Theme: Market sentiment weakens, stock indexes fluctuate and decline Group 2: Investment Rating - No investment rating information is provided in the report. Group 3: Core Views - Today, all stock indexes opened low and closed sharply lower. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 199.89 billion yuan, a decrease of 16.18 billion yuan from the previous day [3]. - Due to the approaching holiday, the demand for cash during the holiday is large, and the capital market has tightened. Coupled with concerns about the uncertainty of non - trading during the holiday, investors' willingness to leave the market temporarily has increased, resulting in a decline in trading volume [3]. - Today, silver prices dropped sharply, and overnight U.S. technology stocks corrected significantly, which led to a further weakening of market sentiment. Investors' risk appetite tends to be cautious and wait - and - see [3]. - However, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged. The core logic for the medium - to - long - term upward movement of stock indexes is still relatively solid [3]. - After the Spring Festival holiday, it will be close to the policy window period of the Two Sessions, and it is expected that positive policy expectations will increase [3]. - In general, stock indexes will mainly fluctuate within a range in the short term [3]. - For options, since the medium - to - long - term upward logic of stock indexes is relatively solid, a bull spread strategy can be maintained [3]. Group 4: Option Indicators Index and ETF Performance - On February 13, 2026, the 50ETF fell 1.49% to close at 3.114; the 300ETF (Shanghai Stock Exchange) fell 1.18% to close at 4.671; the 300ETF (Shenzhen Stock Exchange) fell 1.28% to close at 4.866; the CSI 300 Index fell 1.25% to close at 4660.41; the CSI 1000 Index fell 1.32% to close at 8204.83; the 500ETF (Shanghai Stock Exchange) fell 1.66% to close at 8.373; the 500ETF (Shenzhen Stock Exchange) fell 1.54% to close at 3.328; the ChiNext ETF fell 1.63% to close at 3.265; the Shenzhen 100ETF fell 1.12% to close at 3.443; the SSE 50 Index fell 1.47% to close at 3034.35; the STAR 50ETF fell 0.71% to close at 1.55; the E Fund STAR 50ETF fell 0.66% to close at 1.50 [5]. PCR Data - The trading volume PCR and position PCR data of various options on February 13, 2026, and the comparison with the previous trading day are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. Implied Volatility and Historical Volatility - The implied volatility of at - the - money options in February 2026 and the 30 - day historical volatility of the underlying assets of various options are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. Group 5: Related Charts - The report includes a series of charts related to various options, such as the trend, volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms of 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [9][20][24][38][44][58][71][84][97][110][123][134].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -1.69% today. All sector indices and theme indices declined, with the Nanhua Precious Metals Index having the largest decline of -2.47% among sector indices and the Energy Index having the largest decline of -2.26% among theme indices. The smallest decline among sector indices was the Nanhua Agricultural Products Index at -0.11%, and the smallest decline among theme indices was the Economic Crops Index at -0.08%. Among single - variety indices of commodity futures, the caustic soda index had the largest increase of 3.46%, and the tin index had the largest decline of -6.19% [1]. Group 3: Summary by Relevant Catalogs Market Data of Nanhua Commodity Index - The Nanhua Composite Index (NHCI) closed at 2723.32 today, down 46.86 points or -1.69% from yesterday, with an annualized return rate of 4.84%, an annualized volatility of 13.67%, and a Sharpe ratio of 0.35. - The Nanhua Precious Metals Index (NHPMI) closed at 2131.41, down 53.94 points or -2.47%, with an annualized return rate of 92.90%, an annualized volatility of 30.24%, and a Sharpe ratio of 3.07. - The Nanhua Industrial Products Index (NHII) closed at 3605.09, down 54.12 points or -1.48%, with an annualized return rate of -7.02%, an annualized volatility of 14.79%, and a Sharpe ratio of -0.47. - The Nanhua Metal Index (NHMI) closed at 7011.05, down 99.70 points or -1.40%, with an annualized return rate of 9.58%, an annualized volatility of 14.20%, and a Sharpe ratio of 0.67. - The Nanhua Energy and Chemical Index (NHECI) closed at 1569.97, down 22.07 points or -1.39%, with an annualized return rate of -16.43%, an annualized volatility of 17.25%, and a Sharpe ratio of -0.95. - The Nanhua Non - ferrous Metals Index (NHNF) closed at 2021.71, down 37.32 points or -1.81%, with an annualized return rate of 22.10%, an annualized volatility of 17.75%, and a Sharpe ratio of 1.25. - The Nanhua Black Index (NHFI) closed at 2466.17, down 11.65 points or -0.47%, with an annualized return rate of -7.00%, an annualized volatility of 16.09%, and a Sharpe ratio of -0.43. - The Nanhua Agricultural Products Index (NHAI) closed at 1059.62, down 1.20 points or -0.11%, with an annualized return rate of -0.90%, an annualized volatility of 7.57%, and a Sharpe ratio of -0.12. - The Mini Composite Index (NHCIMi) closed at 1195.04, down 20.50 points or -1.69%, with an annualized return rate of 0.91%, an annualized volatility of 15.36%, and a Sharpe ratio of 0.06. - The Energy Index (NHEI) closed at 1018.32, down 23.56 points or -2.26%, with an annualized return rate of 0.63%, an annualized volatility of 23.54%, and a Sharpe ratio of 0.03. - The Petrochemical Index (NHPCI) closed at 925.04, down 9.75 points or -1.04%, with an annualized return rate of 2.24%, an annualized volatility of 16.32%, and a Sharpe ratio of 0.14. - The Combustible Chemical Index (NHCCI) closed at 934.78, down 11.74 points or -1.24%, with an annualized return rate of 1.16%, an annualized volatility of 15.61%, and a Sharpe ratio of 0.07. - The Black Raw Materials Index (NHFM) closed at 1024.39, down 8.62 points or -0.83%, with an annualized return rate of -0.36%, an annualized volatility of 17.06%, and a Sharpe ratio of -0.02. - The Building Materials Index (NHBMI) closed at 680.44, down 2.89 points or -0.42%, with an annualized return rate of -0.66%, an annualized volatility of 13.19%, and a Sharpe ratio of -0.05. - The Oilseeds and Oils Index (NHOOI) closed at 1234.90, down 1.07 points or -0.09%, with an annualized return rate of 0.27%, an annualized volatility of 10.26%, and a Sharpe ratio of 0.03. - The Economic Crops Index (NHAECI) closed at 940.84, down 0.75 points or -0.08%, with an annualized return rate of 1.10%, an annualized volatility of 9.91%, and a Sharpe ratio of 0.11 [3]. Single - Variety Index of Agricultural Products - Palm oil had a decline of -0.96%, rapeseed oil had a decline of -0.10%, rapeseed had a decline of -0.83%, rapeseed meal had an increase of 0.26%, and live pigs had a decline of -0.35% [8]. Single - Variety Index of Energy and Chemical Sector - Synthetic ammonia had a decline of -1.05%, coal had a decline of -3.00%, polyethylene had a decline of -2.48%, and crude oil had a decline of -3.34% [6][11].

瑞达期货研究院 「2026.2.13」 股指期货周报 作者：廖宏斌 期货从业资格号F30825507 期货投资咨询证号：Z0020723 联系电话：4008-8787-66 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 目录 1、行情回顾 2、消息面概览 3、周度市场数据 4、行情展望与策略 「摘要」 • 周度观点：A股主要指数本周集体上涨，科创50涨幅最大超3%。四期指表现分化，中小盘股 强于大盘蓝筹股，从涨幅看IM>IC>IF>IH。本周为春节假期前最后一个交易周，周一受上周 美股科技股反弹影响，股指跳空高开；周二至周四，除1月通胀数据外，市场消息面平淡， 股指呈现整理态势；周五，受到即将到来的春节假期影响，投资者情绪较为谨慎，多持观望 态度，股指回落，尾盘加速下行。本周，市场成交活跃度较上周进一步回落。 3 来源：瑞达期货研究院 1、行情回顾 2020.06.30 厦门 「行情回顾」 | 期货 | 合约名称 | 周涨跌幅% | 周五涨跌幅% | 收盘价 | | --- | --- | --- | --- | --- | | | IF2603 | -0.23 | -1.92 | 4627.0 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The freight rates of container shipping index (European Line) futures mostly rose this week. The main contract EC2604 closed up 2.14%, and the far - month contracts had gains ranging from - 2% to 5%. The delay of the Red Sea resumption of navigation and the shipping companies' price increase announcements boosted the futures prices. However, the implementation of the price increase is expected to be less than expected due to the unchanged supply - demand pattern. The cancellation of the full - tax refund for photovoltaic products may lead to a rush of shipments, supporting the April contract [6][35]. - China's foreign trade improved significantly in December 2026, which may be related to the cancellation of value - added tax export tax rebates for some commodities and the pre - holiday rush of exports. China's exports are expected to maintain a relatively high growth rate in 2026 [6][35]. - Although trade relations are gradually improving, China's exports to the US are still under pressure due to the high tax rate of nearly 40%. The boosting effect of the traditional peak season may be weaker than expected. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data [7][36]. 3. Summary According to the Directory 3.1. Market Review - The prices of the main contracts of container shipping index (European Line) futures rose this week. The EC2604 contract had a weekly increase of 2.17% with a price increase of 27.00 and a closing price of 1269.80; the EC2605 contract had a weekly increase of 2.69%, etc. The SCFIS index closed at 1657.94, down 7.5% or 134.2 points from last week. The trading volume and open interest of the EC2604 contract were generally stable [10][13][14]. 3.2. News Review and Analysis | News | Impact | | --- | --- | | Trump's statement on US - Iran negotiation | Neutral [17] | | US Congress's resolution against Trump's tariff on Canada | Neutral - bullish [17] | | Fed officials' statements on monetary policy | Neutral [17] | | China's central bank's monetary policy report | Neutral [17] | 3.3. Weekly Market Data - The basis and spread of container shipping index (European Line) futures contracts shrank this week [24]. - Global container shipping capacity continued to grow, and the shipping capacity on the European Line increased slightly. The BDI and BPI rebounded, and freight rates fluctuated slightly [29]. - The charter price of Panamax ships declined this week, and the spread between the offshore and onshore RMB against the US dollar converged [31]. 3.4. Market Outlook and Strategy - The current situation shows that although shipping companies have announced price increases for March - April, the probability of implementation is not high. The rush of exports caused by the photovoltaic tax - refund policy supports the April contract. Investors should focus on the actual implementation of the price increase announcements. Due to the high tax rate, China's exports to the US are under pressure, and the traditional peak - season effect may be weak. Investors are advised to be cautious and track relevant data [36].

瑞达期货研究院 「2026.2.13」 宏观市场周报 关 注 我 们 获 取 更 多 资 讯 期货投资咨询证号：Z0020723 联系电话：4008-8787-66 业务咨询 添加客服 目录 1、本周小结及下周 配置建议 2、重要新闻及事件 3、本周国内外经济 数据 4、下周重要经济指 标及经济大事 「本周小结及下周配置建议」 作者：廖宏斌 | 股票 | | 债券 | | | --- | --- | --- | --- | | | 沪深 300 +0.36% | | 10 年国债到期收益率-0.01%/本周变动-0.02BP | | | 沪深 300 股指期货 -0.63% | | 主力 10 年期国债期货 +0.08% | | | 本周点评：A股主要指数本周集体上涨，科创50涨幅最 | | 本周点评：本周国债期货多数走强，TS主力合约下跌 | | | 大超3%。四期指表现分化，中小盘股强于大盘蓝筹股， | | 0.01%，TF、T、TL主力合约分别上涨0.03%、0.08%、 | | | 从涨幅看IM>IC>IF>IH。本周为春节假期前最后一个 | | 0.24%。节前央行加大流动性投放对冲资金压力；1月 ...

Report Industry Investment Rating No information provided Core Viewpoint - Lightly position and trade short - term long on dips, pay attention to controlling rhythm and trading risks [7] Summary by Directory 1. Weekly Key Points Summary - **Market Review**: The weekly line of the main contract of Shanghai copper first rose and then fell, with a weekly change of +0.28% and an amplitude of 4.33%. As of the end of this week, the closing price of the main contract was 100,380 yuan/ton [6] - **International Situation**: The US non - farm payroll report showed that the number of non - farm payrolls increased by 130,000 in January, far exceeding market expectations and reaching the largest increase since April 2025; the unemployment rate unexpectedly dropped to 4.3%, the lowest since August 2025. After the non - farm data was released, the market lowered its expectations for the Fed to cut interest rates [6] - **Domestic Situation**: In January, China's CPI rose 0.2% month - on - month and 0.2% year - on - year, and the core CPI rose 0.8% year - on - year; PPI rose 0.4% month - on - month, rising for 4 consecutive months, with the increase 0.2 percentage points higher than last month, and fell 1.4% year - on - year, with the decline narrowing by 0.5 percentage points compared to last month [6] - **Fundamentals**: The spot index of copper concentrate TC continued to decline, and the expectation of tight mines still provided strong support for copper prices. On the supply side, smelters gradually went on holiday and stopped production approaching the holiday, and the import window tightened, resulting in a decrease in arrivals and a reduction in domestic copper supply. On the demand side, downstream buyers made purchases on dips when copper prices fell, and the opening of the export window provided certain resilience for domestic demand. Overall, the fundamentals of Shanghai copper may be in a stage of converging supply and resilient demand, with seasonal inventory accumulation in domestic inventories. It is expected that downstream enterprises will gradually resume work after the long holiday, driving downstream inventory reduction and boosting domestic refined copper demand [6] 2. Spot and Futures Market - **Futures Contracts**: As of February 13, 2026, the basis of the main contract of Shanghai copper was - 145 yuan/ton, a month - on - month increase of 350 yuan/ton. The main contract was quoted at 100,380 yuan/ton, a month - on - month increase of 280 yuan/ton, and the open interest was 138,266 lots, a month - on - month decrease of 37,040 lots [13] - **Spot Prices**: As of February 13, 2026, the average spot price of 1 electrolytic copper was 100,235 yuan/ton, a week - on - week decrease of 1,490 yuan/ton. The monthly spread of the main contract of Shanghai copper was - 760 yuan/ton, a week - on - week decrease of 250 yuan/ton [19] - **Copper Premium and Positions**: As of the latest data this week, the CIF average premium of Shanghai electrolytic copper was 34 US dollars/ton, a week - on - week decrease of 10 US dollars/ton. The net short position of the top 20 holders of Shanghai copper was - 65,577 lots, a decrease of 8,348 lots compared to last week [25] - **Options Market**: As of February 13, 2026, the short - term implied volatility of the at - the - money option contract of the main Shanghai copper contract was below the 90th percentile of historical volatility. As of this week's data, the put - call ratio of Shanghai copper options was 0.6831, a week - on - week decrease of 0.0671 [30] 3. Industrial Situation Upstream - **Copper Ore Quotations and Processing Fees**: As of the latest data this week, the copper concentrate quotation in the main domestic mining area (Jiangxi) was 90,680 yuan/ton, a week - on - week decrease of 1,270 yuan/ton. The processing fee for southern crude copper this week was 2,300 yuan/ton, a week - on - week increase of 100 yuan/ton [33] - **Copper Ore Imports and Scrap - Refined Price Difference**: As of December 2025, the monthly import volume of copper ore and concentrate was 2.7043 million tons, an increase of 178,000 tons compared to November, with an increase of 7.05% and a year - on - year increase of 7.24%. As of the latest data this week, the scrap - refined copper price difference (including tax) was 6,172.11 yuan/ton, a week - on - week decrease of 5,410.41 yuan/ton [38] - **Global Copper Ore Production and Port Inventory**: As of November 2025, the global monthly production of copper concentrate was 1,923 thousand tons, a decrease of 11 thousand tons compared to October, with a decrease of 0.57%. The global capacity utilization rate of copper concentrate was 78.8%, an increase of 1.9% compared to October. As of the latest data, the inventory of copper concentrate in seven domestic ports was 442,000 tons, a month - on - month decrease of 81,000 tons [43] Supply Side - **Refined Copper Production**: As of December 2025, the monthly production of refined copper in China was 1.326 million tons, an increase of 90,000 tons compared to November, with an increase of 7.28% and a year - on - year increase of 6.76%. As of November 2025, the global monthly production of refined copper (primary + recycled) was 2,371 thousand tons, a decrease of 30 thousand tons compared to October, with a decrease of 1.25%. The capacity utilization rate of refined copper was 80.3%, an increase of 1.4% compared to October [45] - **Refined Copper Imports**: As of December 2025, the monthly import volume of refined copper was 298,027.317 tons, a decrease of 6,677.56 tons compared to November, with a decrease of 2.19% and a year - on - year decrease of 27%. As of the latest data this week, the import profit and loss amount was 1,616.89 yuan/ton, a week - on - week increase of 4,154.49 yuan/ton [53][54] - **Social Inventory**: As of the latest data this week, the total LME inventory increased by 13,375 tons compared to last week, the total COMEX inventory increased by 1,444 tons compared to last week, and the SHFE warehouse receipts increased by 36,508 tons compared to last week. The total social inventory was 371,600 tons, a week - on - week increase of 30,400 tons [57] Downstream and Application - **Copper Products Production and Imports**: As of December 2025, the monthly production of copper products was 2.2291 million tons, an increase of 3,100 tons compared to November, with an increase of 0.14%. The monthly import volume of copper products was 440,000 tons, an increase of 10,000 tons compared to November, with an increase of 2.33% and a year - on - year decrease of 21.43% [63] - **Power Grid Investment and Home Appliance Production**: As of December 2025, the cumulative year - on - year growth rates of power and grid investment completion were 5.11% and - 4.65% respectively. The monthly production values of washing machines, air conditioners, refrigerators, freezers, and color TVs decreased by 4.4%, 9.6%, increased by 5.7%, 7%, and decreased by 1.2% year - on - year respectively [67] - **Real Estate Investment and Integrated Circuit Production**: As of December 2025, the cumulative real estate development investment completion was 827.8814 billion yuan, a year - on - year decrease of 17.2% and a month - on - month increase of 5.34%. The cumulative production of integrated circuits was 484,279,481,000 pieces, a year - on - year increase of 10.9% and a month - on - month increase of 12.14% [74] Overall - **Global Supply - Demand Situation**: According to ICSG statistics, as of November 2025, the global supply - demand balance was in a state of oversupply, with a monthly value of 94 thousand tons. According to WBMS statistics, as of November 2025, the cumulative global supply - demand balance was 100,100 tons [79]

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