Group 1 - The core point of the news is that Jiangsu Hongsu Industrial Co., Ltd. has completed a judicial enforcement plan, resulting in a passive reduction of 18,134,522 shares of Hongye Futures, accounting for 1.7995% of the total share capital, without changing control [1] Group 2 - On February 5, 2026, Hongye Futures A-shares closed at 10.11 yuan, up 0.7% from the previous day, with a trading volume of 79.3766 million yuan and a turnover rate of 1.04%, while net inflow of main funds was 3.2898 million yuan [2] - On February 9, the stock price further increased by 1.20% to 10.12 yuan, with a trading volume of 73.1666 million yuan, but main funds experienced a net outflow of 669,100 yuan, indicating a reduction in positions over two consecutive days [2] Group 3 - For the first nine months of 2025, Hongye Futures reported an operating income of 462 million yuan, a year-on-year decrease of 76.77%, and a net profit attributable to shareholders of 2.0897 million yuan, down 87.27% year-on-year [3] - The net profit for the third quarter alone was 5.6954 million yuan, showing a year-on-year increase of 57.36%, although the overall profitability remains low with a debt-to-asset ratio of 85.1% [3] - The company's business model is based on traditional futures brokerage, with risk management as the core growth point, but short-term performance is under pressure [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the market liquidity situation of various sectors on February 10, 2026, including trading volume, holding amount, and trading - holding ratio, as well as their changes compared to the previous trading day [1][2] Summary by Directory 1. Plate Liquidity - The report provides multiple figures related to plate liquidity, such as the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate. The data sources are Flush and Huatai Futures Research Institute [4][5][8] 2. Stock Index Plate - On February 10, 2026, the trading volume of the stock index plate was 494.08 billion yuan, a - 28.99% change from the previous trading day; the holding amount was 1596.591 billion yuan, a - 2.69% change; the trading - holding ratio was 30.48%. Multiple figures show the price change rate, trading - holding ratio, and other information of each variety in the stock index plate [1][5][15] 3. Treasury Bond Plate - The trading volume of the treasury bond plate was 394.548 billion yuan, a - 13.26% change from the previous trading day; the holding amount was 930.491 billion yuan, a - 0.22% change; the trading - holding ratio was 40.94%. Figures display the price change rate, trading - holding ratio, etc. of each treasury bond variety [1][19][24] 4. Basic Metals and Precious Metals (Metal Plate) - The trading volume of the basic metals plate was 454.304 billion yuan, a - 28.82% change from the previous trading day; the holding amount was 643.815 billion yuan, a - 0.84% change; the trading - holding ratio was 71.95%. The trading volume of the precious metals plate was 712.245 billion yuan, a - 33.96% change; the holding amount was 507.264 billion yuan, a + 1.44% change; the trading - holding ratio was 181.24%. Figures show the price change rate, trading - holding ratio, etc. of each variety in the metal plate [1][27][33] 5. Energy and Chemicals Plate - The trading volume of the energy and chemicals plate was 451.117 billion yuan, a - 8.43% change from the previous trading day; the holding amount was 481.033 billion yuan, a - 0.24% change; the trading - holding ratio was 82.65%. Figures present the price change rate, trading - holding ratio, etc. of the main varieties in the energy and chemicals plate [1][36][37] 6. Agricultural Products Plate - The trading volume of the agricultural products plate was 236.648 billion yuan, a + 5.17% change from the previous trading day; the holding amount was 607.150 billion yuan, a - 0.21% change; the trading - holding ratio was 35.12%. Figures display the price change rate, trading - holding ratio, etc. of the main varieties in the agricultural products plate [1][46][52] 7. Black Building Materials Plate - The trading volume of the black building materials plate was 133.708 billion yuan, a - 17.65% change from the previous trading day; the holding amount was 320.108 billion yuan, a + 1.40% change; the trading - holding ratio was 40.19%. Figures show the price change rate, trading - holding ratio, etc. of each variety in the black building materials plate [2][54][55]

1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 光期研究 光期黑色：铁矿石基差及价差监测日报 2026 年 2 月 1 1 日 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 761.5 | 761.5 | 0.0 | I05-I09 | 17.5 | 18.5 | -1.0 | | I09 | 744.0 | 743.0 | 1.0 | I09-I01 | 12.0 | 11.0 | 1.0 | | I01 | 732.0 | 732.0 | 0.0 | I01-I05 | -29.5 | -29.5 | 0.0 | 图表1：05-09合约价差（单位：元/吨） 图表2：09-01合约价差（单位：元/吨） -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 04 ...

格隆汇2月11日｜瑞达期货公告，全资子公司瑞达置业为瑞达新控向民生银行厦门分行申请5000万元授 信额度提供连带责任保证担保。瑞达新控注册资本7.5亿元，2024年末资产总额18.51亿元，负债总额 8.96亿元，净资产9.55亿元；2024年度营业收入8.15亿元，净利润1.36亿元。担保总额度为11.76亿元， 实际担保余额4.06亿元，占公司净资产的14.05%。 ...

国贸期货：短期市场不确定性较高 中长期贵金属价格重心仍有上行空间 加拿大帝国商业银行（CIBC）：地缘不确定性、避险和美元贬值将继续推高金价 资产管理公司WisdomTree：尽管1月末黄金的抛售表现极端，但并不构成对其长期作用的重估 【机构观点分析】 国投期货：短期贵金属波动率逐渐下降，节前保持观望 中信期货：多重结构性支撑未改，金价高位消化波动 国贸期货最新研报观点认为，近期，市场流动性恢复，加上美元指数走弱、中东地缘局势不确定性仍旧 较高等，贵金属价格企稳回升。此外，中国央行连续第15个月增持黄金储备，且1月增持节奏略有加 快，从信心层面继续利好黄金。整体来看，贵金属市场最恐慌的抛售阶段已经过去，但基于节前市场资 金情绪仍较为谨慎，以及美国本周将公布非农和CPI 数据、春节长假期间海外亦仍有较多宏观数据即将 公布，市场不确定性亦较高。但中长期来看，贵金属牛市的底层逻辑仍旧坚固，在美联储年内仍有降息 概率、全球地缘不确定性持续和美国巨额债务将不断推进去美元化浪潮等背景下，全球配置需求有望延 续，贵金属价格重心仍有上行空间，关注本次企稳后将带来较好的中长期配置机会。 国投期货早盘观点认为，隔夜贵金属震荡，美 ...

Report Summary 1. Hot News - In 2025, China's total social logistics volume reached 368.2 trillion yuan, a year-on-year increase of 5.1% at comparable prices, with the logistics volume of industrial robots and new energy vehicles increasing by 28% and 25.1% respectively [3] - US President Trump is considering sending another aircraft carrier strike group to the Middle East in case the negotiation with Iran fails, and the second round of talks is expected next week [3] - US retail sales in December 2025 had zero month-on-month growth, weaker than the expected 0.4% increase, and core retail sales decreased by 0.1% month-on-month, against an expected 0.3% increase [3] - The EIA Short-Term Energy Outlook Report raised the forecast for Brent crude oil price in 2026 to $57.69/barrel and lowered it to $53/barrel in 2027, and adjusted WTI crude oil price forecasts accordingly [3] - The Dalian Commodity Exchange will adjust the daily price limit and trading margin levels for iron ore, coke, and coking coal futures contracts from February 12, 2026 [4] 2. Key Focus and Market Performance - Key focus commodities include urea, Shanghai copper, alumina, PP, and PVC [5] - Night trading performances: non-metallic building materials rose 1.96%, precious metals 34.51%, oilseeds 8.01%, soft commodities 2.49%, non-ferrous metals 25.64%, coal-coke-steel-ore 10.09%, energy 2.59%, chemicals 11.22%, grains 0.96%, and agricultural and sideline products 2.54% [5] 3. Commodity Futures Positions - The document presents the changes in commodity futures positions of different sectors in the past five days, including agricultural and sideline products, grains, chemicals, energy, coal-coke-steel-ore, non-ferrous metals, etc. [6] 4. Performance of Major Asset Classes - Equity markets: Shanghai Composite Index rose 0.13% daily, 0.25% monthly, and 4.02% annually; other indices had different performance [7] - Fixed-income markets: 10-year, 5-year, and 2-year treasury bond futures had slight increases [7] - Commodity markets: CRB commodity index, WTI crude oil, London spot gold, LME copper, and Wind commodity index had various changes [7] - Other assets: US dollar index and CBOE volatility index also had corresponding fluctuations [7] 5. Main Commodity Trends - The document shows the trends of major commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold and silver, LME copper, CBOT soybeans and corn, etc., as well as the ratios between gold and oil, copper and gold, and risk premiums in the stock market [8]

1. Industry Investment Rating - No information provided 2. Core Viewpoint - The current supply - demand contradiction of coal and coke is general. The overall sentiment of the ferrous metal market is weak, and prices are running weakly. In the last week before the Spring Festival, attention should be paid to controlling position risks [3] 3. Summary by Related Content Market Performance - Yesterday, the futures prices of coal and coke fluctuated weakly, with a slight rebound in night - trading, and overall continued the weak oscillation. Recently, the overall trend of steel and ore has been weak, and the seasonal off - season has restricted the rebound height of coal and coke [3] Supply Side - Last week, domestic coal mines began to shut down for holidays one after another. Mines in Yunnan, Jinzhong of Shanxi and other places had earlier holidays, and the output decline was obvious. Around the 23rd day of the twelfth lunar month this week, private coal mines will enter the peak holiday period, with a sharp increase in shut - down mines and a significant output decline. Last week, the daily production of raw coal and clean coal was 1.925 million tons and 755,000 tons respectively, a week - on - week decrease of 53,000 tons and 16,000 tons [3] - The expected reduction in coal production has a certain support for coal prices, but the production cut basically follows the previous years' rules, and downstream has stocked up in advance, so there is no driving force for continuous increase [3] - Last week, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port decreased slightly. According to the bilateral agreement between China and Mongolia, the three major ports will be closed during the Spring Festival in 2026, from the first to the fourth day of the first lunar month (February 17th to 20th), and will also be closed on February 15th and 22nd (Sundays) as usual [3] Demand Side - Steel mills' production is relatively stable, and the daily average pig iron output is maintained at around 2.28 million tons [3]

Group 1: Market Interest Rates and Central Bank Operations - DRO01 closed at 1.37 with a 9.28 bp increase, DR007 at 1.56 with a 1.86 bp increase, GC001 at 1.62 with a 5.00 bp increase, and GC007 at 1.68 with a 2.00 bp increase [3] - SHBOR 3M remained at 1.58, LPR 5 - year at 3.50, 1 - year treasury at 1.31, 5 - year treasury at 1.53 (down 0.50 bp), 10 - year treasury at 1.80 (down 0.40 bp), and 10 - year US treasury at 4.22 [3] - The central bank conducted 3114 billion yuan of 7 - day reverse repurchase operations with an interest rate of 1.40%, resulting in a net daily investment of 2059 billion yuan after 1055 billion yuan of reverse repurchases matured [3] - This week, 4055 billion yuan of reverse repurchases will mature, and 5000 billion yuan of 182 - day buy - out reverse repurchases will mature on Friday [3] Group 2: Stock Index Performance - The CSI 300 rose 0.11% to 4724.3, the SSE 50 rose 0.18% to 3087.4, the CSI 500 fell 0.06% to 8306.4, and the CSI 1000 rose 0.2% to 8250.3 [4] - The trading volume of the three major stock exchanges in Shanghai, Shenzhen, and Beijing was 21249 billion yuan, a decrease of 1455 billion yuan from the previous day [4] - The sectors of culture and media, games, shipbuilding, education, and communication services led the gains, while precious metals, photovoltaic equipment, jewelry, energy metals, and department stores led the losses [4] - IF volume was 65253 (down 27.9), IF open interest was 282444 (down 2.1); IH volume was 29479 (down 28.7), IH open interest was 101061 (down 2.3); IC volume was 94650 (down 30.8), IC open interest was 296183 (down 3.5); IM volume was 133170 (down 28.7), IM open interest was 378633 (down 2.7) [4] Group 3: Market Outlook - The stock index showed a narrow - range oscillation. The launch of ByteDance's AI video - generation model Seedance 2.0 boosted the corresponding AI application sector [5] - In the short term, the stock index rebounded after continuous adjustments and is now in an oscillation phase. The pre - holiday market is expected to maintain a relatively strong oscillation pattern [5] - Although domestic policies support the stock index and overseas suppression factors have marginally eased, the pre - holiday market risk appetite has declined, and the sector rotation has accelerated. The daily trading volume of A - shares has fallen to the range of 2 - 2.3 trillion yuan, making it more difficult for the stock index to make a strong upward attack before the holiday [5] Group 4: Stock Index Futures Premium and Discount - IF premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were - 3.02%, 0.06%, 2.04%, and 3.07% respectively [6] - IH premium/discount rates were - 6.38%, - 1.93%, - 0.20%, and 1.67% respectively [6] - IC premium/discount rates were - 1.12%, 1.81%, 3.99%, and 4.84% respectively [6] - IM premium/discount rates were - 1.90% (not clear in the text), 2.48%, 6.42%, and 7.33% respectively [6]

金融期货早评 【风险提示】海外经济数据超预期、特朗普政策超预期 重要声明：以上内容及观点仅供参考，不构成任何投资建议 宏观：人民币汇率升至 6.90 【市场资讯】1）央行发布 2025 年第四季度中国货币政策执行报告：继续实施好适度宽松 的货币政策。2）芝商所：计划于今年夏季开始推出个股期货。3）日本政府将于 2 月 18 日召开特别国会，举行首相指名选举。4）ADP 报告：截至 1 月 24 日的四周内，美国私营 部门就业人数平均每周增长 6500 人。5）美国 12 月零售销售月率录得 0%，低于预测中值 0.4%，前值 0.60%。6）美联储——①哈玛克：经济前景向好，通胀仍然偏高，今年无迫切 降息必要。②洛根：对当前利率政策的效果持"谨慎乐观"态度，更为担忧通胀问题。 【核心研判与传导逻辑】当前，国内宏观政策正以协同发力为核心导向，为经济发展保驾 护航。货币政策锚定宏观政策一致性，与财政政策形成深度协同，具体通过三重路径推进： 一是公开市场操作支持政府债券发行，二是"再贷款+财政贴息"优化资源配置，三是担保增 信分担风险成本，提升金融机构对企业的融资支持力度。同时，央行在货币政策执行报告 中重提引导短 ...

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The current market trading sentiment is cautious, and the volatile market remains unchanged. Fundamental factors continue to support the gold price. For silver, the tightening inventory supports the near - month price. It is recommended to stay on the sidelines for now. The reference operating range for the main contract of Shanghai gold is 1050 - 1250 yuan/gram, and for the main contract of Shanghai silver is 19000 - 21000 yuan/kilogram [3] 3. Summary According to Relevant Catalogs 3.1 Market Quotes - Shanghai gold fell 0.38% to 1119.74 yuan/gram, and Shanghai silver fell 1.54% to 20242.00 yuan/kilogram. COMEX gold rose 0.56% to 5050.90 US dollars/ounce, and COMEX silver fell 1.88% to 80.69 US dollars/ounce. The yield of the 10 - year US Treasury bond was reported at 4.16%, and the US dollar index was reported at 96.86 [1] - COMEX silver continued its recent strong de - stocking trend, with the total inventory continuously declining and approaching the 390 million - ounce mark (currently 390.466 million ounces), and the inventory decreased by about 4.0454 million ounces in a single day. Mainstream delivery warehouses continued to de - stock, leading to a tightening inventory and supporting the price of the near - month silver contract [2] 3.2 Data Comparison - The report provides a comparison of key gold and silver data on February 10, 2026, and February 9, 2026, including closing prices, trading volumes, open interests, inventories, and precipitation funds of COMEX gold, LBMA gold, SHFE gold, AuT + D, COMEX silver, LBMA silver, SHFE silver, and AgT + D, as well as their daily changes, daily price change rates, and historical quantiles in the past year [5][6] 3.3 Charts - There are multiple charts in the report, including the relationship between COMEX gold price and US dollar index, actual interest rate, trading volume, and total open interest; the relationship between Shanghai gold price, trading volume, and total open interest; the near - far month structure of COMEX gold and Shanghai gold; the relationship between COMEX silver price, trading volume, and total open interest; the near - far month structure of COMEX silver and Shanghai silver; the net long positions of COMEX gold and silver management funds and their prices; the total positions of gold and silver ETFs; and the internal - external price difference statistics and seasonality charts of gold and silver [11][26][40]