- The report discusses the performance of major domestic market indices over the past week, with the SSE 50, CSI 300, CSI 500, and CSI 1000 indices showing varying degrees of change[2] - The micro-cap stock indicator monitoring includes a rotation strategy based on the relative net value of micro-cap stocks to the "Mao Index" and the 20-day closing price slope of the Wind micro-cap stock index[2][18] - The rotation strategy is currently in a balanced configuration, with part of the positions switching back to the micro-cap stock index based on the 20-day closing price slope and the M1 indicator's 6-month moving average[2][18] - The timing and risk control for micro-cap stocks are monitored using indicators such as the volatility congestion rate and the 10-year government bond yield, which are currently within controllable risk ranges[18][19] - The report also includes a summary of the macroeconomic environment, highlighting the impact of the 2026 Central No. 1 Document on agricultural asset capitalization and the "Happy New Year Shopping" initiative to boost domestic demand[3][37] - The overseas market is experiencing a divergence between manufacturing recovery and employment decline, with AI-driven infrastructure investments in copper and power equipment being seen as opportunities[4][38] - The report suggests a barbell strategy for tactical allocation, focusing on consumer services and AI-related sectors[4][38] - The report tracks the performance of various quantitative stock selection factors, noting that value and volume-price factors performed well, while growth and consensus expectation factors showed some pullback[5][52] - The report includes detailed construction and monitoring of convertible bond selection factors, with positive performance noted for stock value and convertible bond valuation factors[5][57] - The macro timing strategy model recommends a 70% equity position for February, with strong signals from economic growth and monetary liquidity[47][48]

经济观察网截至2月6日，A股两融余额为26636.6亿元，较上一交易日减少172亿元，占A股流通市值比 例为2.6%。当日两融交易额为1911.66亿元，较上一交易日减少81.85亿元，占A股成交额的8.83%。 ...

Market Overview - The Shanghai Composite Index fell by 1.27% to close at 4065.58 points, with a weekly high of 4104.62 points [2] - The Shenzhen Component Index decreased by 2.11% to 13906.73 points, reaching a high of 14213.61 points [2] - The ChiNext Index dropped by 3.28% to 3236.46 points, with a peak of 3390.3 points [2] - In the global market, the Nasdaq Composite Index declined by 1.84%, while the Dow Jones Industrial Average rose by 2.5% and the S&P 500 fell by 0.1% [2] - In the Asia-Pacific region, the Hang Seng Index decreased by 3.02%, and the Nikkei 225 Index increased by 1.75% [2] New Stock Issuance - Three new stocks were issued last week, including: - 易思维 (688816.SH) on February 2, 2026 - 海圣医疗 (920166.BJ) on February 4, 2026 - 爱得科技 (920180.BJ) on February 2, 2026 [3] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets was 26,549.98 billion yuan, with a financing balance of 26,383.84 billion yuan and a securities lending balance of 166.14 billion yuan [4] - The margin trading balance decreased by 514.76 billion yuan compared to the previous week [4] - The Shanghai market's margin trading balance was 13,470.36 billion yuan, down by 270.75 billion yuan, while the Shenzhen market's balance was 13,079.62 billion yuan, down by 244.01 billion yuan [4] - A total of 3,485 stocks had margin buying, with 193 stocks having buying amounts exceeding 1 billion yuan, led by 中际旭创 (179.37 billion yuan), 新易盛 (169.0 billion yuan), and 信维通信 (81.09 billion yuan) [4] Fund Issuance - One new fund was issued last week: 民生加银现金增利货币C [6] Share Buybacks - Eight companies announced share buybacks last week, with the top five by execution amount being: - 步长制药 (603858) - 金田铜业 (未提供代码) - 中炬高新 (600872) - 极米科技 (未提供代码) - 泰禾智能 (603656) [8] - The highest amounts for buybacks were in the pharmaceutical, non-ferrous metals, and food and beverage industries [8]

Group 1 - The top 20 stocks with significant capital inflow as of February 9 include Jiecheng Co., Xinyi Technology, and China Duty Free, with inflows of 8.37 billion, 7.39 billion, and 6.84 billion respectively [1] - Jiecheng Co. experienced a price increase of 19.93%, while Tianfu Communication saw an increase of 18.24%, indicating strong market interest in these stocks [2] - Other notable stocks include Zhongwen Online with a 20% increase and TCL Zhonghuan with a 9.98% increase, both attracting substantial capital inflow [2][3] Group 2 - The sectors represented by the top inflow stocks include cultural transmission, telecommunications, tourism, and photovoltaic equipment, highlighting diverse investment interests [2][3] - Companies like China Ping An and Zijin Mining also attracted significant inflows, with 4.76 billion and 4.65 billion respectively, indicating continued investor confidence in the insurance and non-ferrous metals sectors [2][3] - The overall trend shows a strong interest in technology and renewable energy sectors, as evidenced by the performance of companies like Industrial Fulian and Sunshine Power [3]

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2026年2月9日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 沪镍 每日观点 1、基本面：上周镍价走弱，周一更是跌停，直接下跌超万元每吨，现货观望情绪浓重，贸易商待假情 绪上升，随着镍价进一步下探，下游有部分采购入场。供应方面，1月产量继续上升，国内库存继续垒 加，LME小幅回落，市场供应充足。产业链上，镍矿看涨情绪较浓重，印尼强需求和国内成本倒挂成交 冷清形成鲜明对比。镍铁价格开始回落，成本线下移。不锈钢库存继续回升，短期或成为价格压力。 新能源汽车产销数据良好，但总体镍需求提振有限。偏空 2、基差：现货135800，基差3960，偏多 3、库存：LME库存285282，-792，上交所仓单51274，+810，偏空 4、盘面：收盘价收于20均线以下，20均线向下，偏空 5、主力 ...

Group 1 - Copper prices continue to rise, with domestic commodity futures opening with Shanghai copper up over 2%. Last week, LME metal futures closed higher, with LME copper rising by $91 to $12,994 per ton and LME aluminum rising by $58 to $3,085 per ton [1] - According to Huayuan Securities, in the medium to long term, insufficient capital expenditure in copper mining and frequent supply-side disruptions may shift the copper supply-demand balance from tight equilibrium to shortage. Additionally, the profit cycle for copper smelting is expected to bottom out amid a "de-involution" backdrop, and with the Federal Reserve entering a rate-cutting cycle, copper prices are likely to break upward [1] - In the context of copper prices reaching historical highs, the process of "aluminum replacing copper" in the air conditioning and home appliance sectors may accelerate. Furthermore, the policy of replacing old consumer goods with new ones is expected to continue until 2026, which may lead to an increase in demand for electrolytic aluminum [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI Industrial Nonferrous Metals Theme Index (H11059) include Luoyang Molybdenum, Northern Rare Earth, China Aluminum, and others, collectively accounting for 55.71% of the index [2]

截至2月6日，市场最新融资余额为26470.46亿元，较上个交易日环比减少170.21亿元，分行业统计，申 万所属一级行业融资余额全部呈减少态势，有色金属、电力设备、通信等行业融资余额减少较多，分别 减少20.52亿元、20.46亿元、15.94亿元。 以幅度进行统计，融资余额环比降幅居前的行业有石油石化、煤炭、有色金属等，最新融资余额分别有 228.49亿元、151.77亿元、1474.51亿元，分别下降2.00%、1.77%、1.37%。（数据宝） 2月6日各行业融资余额环比变动 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 最新融资 | 代码 | | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | | 余额（亿元） | | | | 美容护理 | 68.62 | -0.13 | -0.20 | | 综合 | 50.02 | -0.25 | -0.49 | | 纺织服饰 | 87.75 | -0.66 | -0.74 | | 社会服务 | 133.08 | -0.66 | -0.49 | | 钢铁 | 173.02 | -0.87 | - ...

1. Report Industry Investment Ratings - **Negative Outlook**: Copper, iron ore, p-xylene, PTA, MEG, synthetic rubber, LLDPE, PVC [8][47][71][83][86][131] - **Neutral Outlook**: Gold, silver, zinc, lead, tin, aluminum, alumina, cast aluminum alloy, platinum, palladium, nickel, stainless steel, lithium carbonate, industrial silicon, polysilicon, rebar, hot-rolled coil, ferrosilicon, silicomanganese, coke, coking coal, thermal coal, log, benzene, styrene, soda ash, LPG, propylene, fuel oil, low-sulfur fuel oil, container shipping index (European line), staple fiber, bottle chips, offset printing paper, pure benzene, soybean meal, soybean, corn, sugar, cotton, eggs, peanuts [5][11][15][18][25][28][32][39][44][51][56][60][64][66][114][116][122][123][134][136][145][148][153][157][160][163][167][172][181] - **Positive Outlook**: None 2. Core Views - The report provides an in - depth analysis of various commodities, including their price trends, supply - demand relationships, and market news. It emphasizes the importance of considering macro - economic factors, industry policies, and geopolitical events when evaluating investment opportunities in the commodity market. For example, factors such as international trade agreements, central bank policies, and geopolitical tensions can significantly impact commodity prices [7][12][31]. 3. Summary by Commodity Precious Metals - **Gold**: Expected to rebound in a volatile manner, with China's central bank increasing its gold reserves for the fifteenth consecutive month [5][7]. - **Silver**: Likely to decline from its high level [5]. - **Platinum and Palladium**: Platinum is expected to recover in a volatile state, while palladium rebounds following the precious metals sector [28]. Base Metals - **Copper**: Trading is cautious, and prices are volatile. Industry news includes potential changes in copper resource reserves and production adjustments by major companies [8][10]. - **Zinc**: Prices are expected to fluctuate within a range [11]. - **Lead**: Supply and demand are both weak, and prices are volatile [15]. - **Tin**: Prices are in a consolidation phase [18]. - **Aluminum**: Attention should be paid to post - holiday inventory reduction. Alumina prices are expected to converge in a volatile manner, and cast aluminum alloy prices follow those of electrolytic aluminum [25]. - **Nickel**: Affected by pre - holiday capital outflows, the medium - term contradiction lies in Indonesia. Stainless steel has frequent maintenance and production cuts in February, and cost support has shifted upwards [32]. Energy and Chemicals - **Crude Oil - related**: The report does not directly cover crude oil, but related products such as fuel oil and low - sulfur fuel oil are analyzed. Fuel oil is in a narrow - range adjustment, and the short - term weakness has eased. Low - sulfur fuel oil is in a weak and volatile state, and the spot price spread between high - and low - sulfur fuels continues to decline [134]. - **Chemicals**: PX is in a pre - holiday range - bound market with a weakening monthly spread. PTA is in a range - bound market, and MEG requires range - bound operations. Synthetic rubber is under pressure and volatile. LLDPE has a narrowing import window and is in a pre - holiday volatile market. PP has limited valuation repair, and export weekly orders are declining. Caustic soda has rising costs and a low valuation [71][83][86][89][92]. Agricultural Products - **Soybean and Related Products**: Overnight US soybeans rose slightly, and Dalian soybean meal may fluctuate. The spot market for soybeans is gradually entering the holiday mode, and the futures price is volatile [157]. - **Corn**: The decline is expected to be limited [160]. - **Sugar**: Prices are in a narrow - range consolidation [163]. - **Cotton**: Prices are expected to remain volatile before the holiday [167]. - **Eggs**: Prices are in an oscillatory adjustment [172]. - **Hogs**: The peak season is confirmed to be weak, and the release of the "backlog" has begun [176]. - **Peanuts**: Prices are in an oscillatory state [181]. Others - **Iron Ore**: Stockpiling is nearing completion, and demand expectations are weakening [47]. - **Rebar and Hot - Rolled Coil**: The apparent demand has weakened month - on - month, and prices are in a wide - range oscillation [51][52]. - **Ferrosilicon and Silicomanganese**: There is a game between fundamentals and sentiment, and prices are in a wide - range oscillation [56]. - **Coke and Coking Coal**: Prices are in a high - level oscillation [60]. - **Thermal Coal**: Prices are expected to remain stable before the holiday [64]. - **Log**: Port arrivals are low, and spot prices are rising steadily [66]. - **Container Shipping Index (European Line)**: The market is oscillatory [136]. - **Staple Fiber and Bottle Chips**: The short - term market is oscillatory [145]. - **Offset Printing Paper**: Short positions should stop losses and exit [148]. - **Pure Benzene**: Prices are in a strong and volatile state [153].

半导体板块反弹，澜起科技上市首日高开57%，兆易创新、纳芯微涨超4%。 | 名称 | 现价 | 涨跌幅, | | --- | --- | --- | | 澜起科技 | 168.000 | 57.17% | | QPL INT'L | 0.430 | 7.50% | | 华虹米导体 | 103.800 | 4.58% | | 兆易创新 | 294.000 | 4.33% | | 纳芯微 | 142.000 | 4.26% | | 英诺赛科 | 55.700 | 3.15% | | 中芯国际 | 69.600 | 2.96% | | 天数智芯 | 170.000 | 2.91% | | 中电华大科技 | 1.330 | 2.31% | | 豪威集团 | 107.000 | 2.10% | | 天岳先进 | 58.500 | 2.09% | | 峰昭科技 | 133.000 | 1.76% | | 壁仞科技 | 32.280 | 1.57% | 有色金属板块回暖，中国白银集团、中广核矿业、紫金黄金国际、万国黄金集团均涨超4%。 | | | 2月9日，香港恒生指数高开1.59%，恒生科技指数涨1.9%。 | 代码 | ...

Core Insights - The article discusses the performance of various ETFs, highlighting the resilience of the chemical and non-ferrous metal sectors amidst market fluctuations [5][19]. Market Overview - As of February 6, 2026, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have percentile PE ratios of 98.89%, 91.35%, and 46.11% respectively, indicating a high valuation environment [1]. - The chemical ETF (516020) increased by 2.37%, while the non-ferrous metal ETF (159876) rose by 0.18%, showcasing sector resilience [17][19]. Sector Performance - The top three sectors with net inflows include: - Electric Power Equipment: 2.522 billion - Basic Chemicals: 2.065 billion - Machinery: 0.805 billion [2][11] - The sectors with the highest net outflows are: - Communication: -4.440 billion - Media: -4.133 billion - Computers: -3.133 billion [2][11]. ETF Performance - The following ETFs showed notable performance: - Chemical ETF: 2.37% increase, with a 6-month performance of 44.66% [14]. - Green Energy ETF: 1.51% increase, with a 6-month performance of 35.35% [14]. - New Materials ETF: 1.32% increase, with a 6-month performance of 38.61% [14]. - The non-ferrous metal ETF has been identified as part of a long-term investment strategy, with expectations of high profitability lasting 3-5 years due to supply-demand mismatches and macroeconomic support [19]. Institutional Insights - Guotai Junan Securities continues to favor investment opportunities in the chemical sector, recommending focus on leading companies and price recovery products [19]. - The non-ferrous metal sector is expected to maintain high profitability driven by macroeconomic factors and industry upgrades [19].