Core Insights - Yunnan Province's Honghe Prefecture is addressing the financing challenges faced by private enterprises by establishing a "credit repair + bank-enterprise connection" dual bridge to facilitate financial resources reaching operational entities effectively [1][2] Group 1: Financial Connectivity - The local industry and commerce association has implemented a "regular visits + specialized connections" mechanism to enhance government-bank-enterprise interactions, successfully connecting with 41,200 enterprises since 2025 and forming two lists for application and recommendation [1] - A total of 2,329 enterprises have been recommended for bank credit, with 1,969 successfully obtaining bank credit, resulting in a credit approval rate of 84.54% [1] Group 2: Innovative Financial Products - Financial institutions are encouraged to develop differentiated credit products tailored to local industry characteristics, including a credit line of 3.255 billion yuan for the Yunnan Honghe low-carbon aluminum project, with 1.746 billion yuan already disbursed [2] - Support for the small shallot industry has resulted in a total credit amount of 446 million yuan, benefiting 1,869 farmers and 318 enterprises [2] - The expansion of "white list" projects has enabled three projects, including Jufu Junyuefu, to secure a credit line of 250 million yuan, with 114 million yuan already disbursed [2] Group 3: Enhanced Service Efficiency - The local industry and commerce association has signed cooperation agreements with financial institutions to conduct regular government-bank-enterprise connection activities, facilitating long-term stable partnerships and providing comprehensive financing services [2] - Since 2025, five enterprises have successfully reached financing agreements through government-bank collaboration, with a total financing amount of 13.92 million yuan, effectively addressing urgent financial needs [2]

Meeting Information - The second extraordinary general meeting of shareholders for 2026 will be held on February 27, 2026, at 14:30 [3] - The meeting will be convened by the board of directors and complies with relevant laws and regulations [2] - Shareholders can participate in both on-site voting and online voting [4][9] Voting Details - The online voting will take place on February 27, 2026, from 9:15 to 15:00 [3][12] - The record date for shareholders to attend the meeting is February 24, 2026 [5] - Shareholders must register to attend the meeting, with specific requirements for natural and legal persons [10][11] Proposal Overview - The board has approved a proposal for the estimated external guarantee limit for 2026, totaling up to RMB 556 million [20] - The guarantee limit for subsidiaries with a debt-to-asset ratio exceeding 70% is capped at RMB 180 million, while those below 70% is capped at RMB 376 million [20] - The proposal will be submitted for approval at the upcoming extraordinary general meeting [21] Financial and Operational Context - The estimated guarantee limit is intended to enhance financing efficiency for the company and its subsidiaries [43] - As of the announcement date, the actual external guarantee balance is RMB 2.105 billion, accounting for 70.41% of the company's latest audited net assets [43] - The approved estimated guarantee limit does not exceed 185.92% of the company's latest audited net assets [43] Subsidiary Information - The subsidiaries involved include Inner Mongolia Guocheng Titanium Industry Co., Ltd. and Fengyang Zhongdu Mineral Development Service Co., Ltd., both of which have a debt-to-asset ratio exceeding 70% [20][22] - The company maintains a good credit status and is not listed as a dishonest executor [23][24][30]

Group 1 - The company held its 27th meeting of the 10th Board of Directors on February 10, 2026, where all 9 directors were present, and the meeting was conducted in accordance with relevant laws and regulations [2][4]. - The Board unanimously approved the investment proposal for the construction of a 110kV power transmission and transformation project by the Shifang Nonferrous Metals Branch, with a total investment capped at approximately RMB 71.43 million [3][9]. Group 2 - The project aims to upgrade the existing 10kV power supply system, which has been in use for over 20 years, to address issues such as high power loss and safety hazards, thereby ensuring stable and efficient power supply for the company's operations [10][13]. - The project is expected to significantly enhance the power supply stability and efficiency for the Shifang Nonferrous Metals Branch, reduce electricity costs, and support future technological upgrades and capacity enhancements [19]. Group 3 - The project is currently in the preparatory stage, having received approval from relevant authorities for the technical plan, although land acquisition is still pending [16][17]. - The funding for the project will come from the company's own resources, and it is not expected to adversely affect the company's financial status or operational cash flow [19][18].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The report provides weekly views on various non - ferrous metals, analyzing their market trends, supply - demand situations, and suggesting corresponding investment strategies based on these analyses [2] 3. Summary by Variety Copper - **Market Trend**: Last week, copper prices oscillated at a relatively high level, similar to gold. Before the Spring Festival, the overall open interest may shrink to 550,000 lots. In the long - term, the US $12 billion commercial stockpiling plan and the call from the China Non - Ferrous Metals Industry Association to increase commercial reserves may encourage long - term funds to go long on copper at low prices. The price is expected to be lower before the Spring Festival and higher after it [2] - **Domestic Supply and Demand**: Copper concentrate supply is tight. Domestic smelter output is expected to be stable around the Spring Festival. The Shanghai copper premium is 35 yuan, and the Guangdong discount is 105 yuan. The social inventory is 331,300 tons [2] - **Overseas Situation**: There are many news of production cuts from traditional mainstream mining companies. The market is concerned about the US government's control over long - term copper resources. The LME copper inventory has increased to 184,300 tons, and the LME spot discount is $77 [2] - **Investment Strategy**: Hold a light position or conduct inter - period reverse arbitrage during the Spring Festival [2] Aluminum and Alumina - **Market Trend**: The market continues to oscillate. The domestic operating capacity of alumina is 95.05 million tons, with a month - on - month decrease of 1.5 million tons. The alumina balance remains in surplus, and the weekly inventory has increased by 55,000 tons to 5.114 million tons [2] - **Demand**: The operating rate of domestic downstream leading aluminum enterprises decreased by 1.5% to 59.4% last week. High aluminum prices have continuously suppressed downstream demand, and some processing enterprises have entered the holiday in advance [2] - **Inventory and Spot**: The overall demand is weak. The social inventory of aluminum ingots increased by 33,000 tons to 829,000 tons, and the social inventory of aluminum rods increased by 26,000 tons to 267,000 tons. The spot premium and discount have declined [2] - **Investment Strategy**: Pay attention to the support effectiveness of the recent low point of 23,800 yuan. If it breaks, it will seek support at 23,000 yuan. Consider selling out - of - the - money call options [2] Zinc - **Market Trend**: The "Wash Panic" accelerated the release of bearish sentiment. The Shanghai zinc price fell 5.36% last week, and the decline slowed down at the 24,500 yuan/ton level. The LME zinc price oscillated at a high level and remained in the rebound channel [2] - **Spot and Supply**: The LME zinc inventory decreased slightly to 107,600 tons, and the 0 - 3 month spot discount narrowed to $21.56/ton. The SMM zinc social inventory increased to 148,500 tons, and the fundamental strength of the domestic and foreign markets showed differentiation again. The loss of zinc spot imports expanded to over 3,000 yuan/ton [2] - **Consumption**: As the Spring Festival approaches, most terminals are on holiday, and the operating rate of downstream zinc enterprises has dropped significantly. Only a small number of enterprises make rigid purchases at low prices. High prices suppress demand, and the downstream operating rate is expected to continue to decline in the next two weeks [2] - **Investment Strategy**: The Shanghai zinc market starts to reduce volatility for adjustment. The option double - selling strategy has good returns, and the profit space for single - side futures trading is limited. It is recommended to wait and see [2] Lead - **Market Trend**: Last week, the lead prices of both domestic and foreign markets accelerated to test the lower support of the consolidation range. The Shanghai lead price fell 2.1%, and the LME lead price fell 1.48%. The import window remained open [2] - **Spot and Supply**: The LME lead inventory increased to 233,000 tons. The overseas surplus pressure was transmitted to the domestic market. The operating rates of SMM primary lead smelters and secondary lead smelters decreased. Some primary lead smelters in Hunan and Yunnan carried out maintenance or production cuts, and smelters were reluctant to sell at low prices [2] - **Consumption**: As the Spring Festival approaches, only a small number of downstream enterprises make rigid purchases at low prices. The spot trading volume has declined. The holiday time of battery enterprises has increased compared with previous years. Pay attention to the lead ingot inventory accumulation after the festival [2] - **Investment Strategy**: The lead price is at a low level, and the capital divergence has increased. The overall surplus situation remains unchanged. In the short term, both supply and demand are weak. The Shanghai lead price is expected to oscillate in the range of 16,500 - 17,800 yuan/ton [2] Nickel and Stainless Steel - **Market Trend**: The Shanghai nickel price fell from a high level last week, and the market trading volume decreased while the open interest slowly increased. The Shanghai stainless steel price showed a similar trend [2] - **Macro and Demand**: The social inventory of stainless steel has continued to increase. Market confidence has declined, and trading is light. Only a small amount of rigid replenishment is made. Terminal downstream procurement has basically ended [2] - **Spot and Supply**: The Jinchuan nickel premium is 9,500 yuan, the imported nickel discount is 50 yuan, and the electrowon nickel is at par. The pure nickel inventory increased by 3,000 tons to 73,000 tons, and the stainless steel inventory increased by 15,000 tons to 869,000 tons [2] - **Investment Strategy**: Market fear of high prices has emerged. It is recommended to be cautious [2] Tin - **Market Trend**: The Shanghai tin price is prone to follow the silver price. It shows a unilateral downward trend with relatively limited rebound. It is a small - volume variety, and the trading volume and open interest have a great impact around the Spring Festival [2] - **Supply**: The Indonesian exchange traded 2,720 tons of tin ingots in late January. There was a landslide in an Indonesian tin mine, but there is no news of impact on production. The earthquake in Myanmar is far from the Wa State production area. The market is concerned about the resumption of supply in the Wa State [2] - **Consumption**: The sharp decline in tin prices gives downstream enterprises an opportunity to stock up before the festival. The Steel Union tin inventory decreased by 1,658 tons to 9,898 tons last week. The global semiconductor sales in December 2025 continued to increase month - on - month [2] - **Investment Strategy**: Pay attention to the high volatility of the overseas market with light trading. Also, pay attention to the inventory changes during and after the Spring Festival. The out - of - the - money call option selling strategy for the 2603 contract has realized profits. It was recommended to wait and see or go short with a light position against the MA20 moving average last week [2] Lithium Carbonate - **Futures Market**: The lithium carbonate futures oscillated downward last week, and the market trading was active. The exchange policy affected market participation. A large number of hedging positions have been closed during the rapid price increase [2] - **Spot Performance**: The spot price of Shanghai battery - grade lithium carbonate has dropped sharply. Mines are not willing to sell due to the price decline, and downstream enterprises have sufficient previous inventory and have lowered their acceptance prices for new orders [2] - **Macro and Demand**: The external strength has weakened significantly. The rebound of precious metals and non - ferrous metals is not enough to support market confidence. The power battery orders may decline, and the production schedule in February is expected to be greatly affected [2] - **Supply Factors**: The total market inventory decreased by 2,000 tons to 105,000 tons. The smelter inventory decreased by 1,300 tons to 18,000 tons, the downstream inventory increased by 3,000 tons to 43,700 tons, and the trader inventory decreased by 3,400 tons to 43,000 tons. The de - stocking speed has slowed down [2] - **Investment Strategy**: The lithium carbonate futures price has crashed, and the short - term uncertainty is extremely high. Pay attention to risk prevention and control [2] Industrial Silicon - **Price**: The industrial silicon futures oscillated downward, dragged down by the general decline of the non - ferrous metal sector and the expected implementation of organic silicon emission reduction. As the Spring Festival approaches, the market stocking is coming to an end, and the trading activity has decreased [2] - **Supply and Demand**: The supply side has shrunk significantly. The production cuts of large Xinjiang factories have led to a significant decline in the number of open furnaces. Downstream polysilicon is expected to cut production by more than 20,000 tons month - on - month. If the organic silicon industry achieves its emission reduction target in the first quarter, the industrial silicon demand will be dragged down by about 90,000 tons [2] - **Inventory**: The Xinjiang factory inventory has decreased slightly, and the social inventory has climbed to 562,000 tons, with a weekly inventory increase of 8,000 tons [2] - **Investment Strategy**: In the short term, the price is affected by the volatility transmission of the metal sector and the negative news of the organic silicon industry. Pay attention to the support at 8,400 yuan/ton [2] Polysilicon - **Price**: The spot price of polysilicon has increased. The N - type re - feed material is 53,600 yuan/ton, with a weekly increase of 2,300 yuan/ton. Affected by the industry meeting last week, enterprises are holding up prices, but there is no spot transaction. The futures price briefly soared due to news, but the capacity expectation has not been realized, and the price has returned to oscillate around the 50,000 yuan/ton mark [2] - **Supply and Demand**: The production of leading enterprises decreased in January, and the monthly output dropped to around 100,000 tons. The output in February is expected to further drop below 80,000 tons. The production schedule of the silicon wafer sector in February is generally stable, and there may be a small supply - demand gap in polysilicon in February [2] - **Inventory**: The latest inventory of silicon material manufacturers is 341,000 tons, with a month - on - month increase of 8,000 tons [2] - **Investment Strategy**: The industry association announced the domestic photovoltaic new installation target of 180 - 240 GW in 2026, which meets market expectations. The Ministry of Industry and Information Technology reiterated the anti - involution orientation of the industry. After the emotional correction of the market, it is expected to oscillate around the 50,000 yuan/ton mark [2]

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Core Viewpoint - The price of tin is experiencing a significant surge, driven by a combination of supply constraints and structural demand growth, marking the beginning of a super cycle for tin by 2026 [1][2]. Group 1: Price Movement - The average price of 1 tin in the Changjiang spot market reached 390,000 yuan per ton, an increase of 17,250 yuan from the previous day [1]. - On the same day, tin prices peaked at 382,010 yuan per ton, indicating a strong upward trend in the market [1]. Group 2: Supply and Demand Dynamics - Supply-side constraints are exacerbated by various factors: - Myanmar's Wa State is not recovering production as expected, leading to a sharp decline in imports due to taxation and logistics issues [2]. - Indonesia's export quotas are tightening, increasing mining costs [2]. - The geopolitical situation in the Democratic Republic of Congo threatens nearly 90% of the mining supply [2]. - Domestic smelters are facing operational challenges due to raw material shortages and maintenance during the Spring Festival [2]. - On the demand side, sectors such as electronics, photovoltaics, and AI computing are entering a pre-holiday stocking period, resulting in a surge in orders for solder and high-purity tin [2]. Group 3: Macro Influences - External macro factors include a weakening dollar, a recovery in U.S. stock markets, and rising global interest rate cut expectations, which are driving the valuation recovery of commodities [2]. - Internally, there is an expectation of liquidity easing in China, supportive pre-holiday policies, and a concentrated release of downstream demand, creating dual support for tin prices [2]. Group 4: Market Outlook - Caution is advised in chasing high prices in the metal market before the holiday, as tin prices may experience volatility after the recent surge [3]. - Post-holiday, as downstream production resumes, demand is expected to further release, potentially creating a window for investment in cyclical sectors [3]. - Short-term tin prices may remain strong due to stocking demand, but attention should be paid to the risks of supply recovery leading to price corrections [3].

Core Viewpoint - The company plans to invest approximately 71.43 million yuan in a 110kV power transmission and transformation project to upgrade outdated electrical facilities, enhance operational efficiency, and ensure safety in its production processes [1] Group 1: Project Details - The existing power supply facilities at the company's Shifang non-ferrous metal subsidiary have been in use for over 20 years and are experiencing issues such as high power loss and operational inefficiency [1] - The new 110kV project aims to improve power supply stability and energy efficiency, which will enhance the profitability and market competitiveness of the zinc smelting and electrolytic zinc businesses [1] Group 2: Strategic Importance - This project is a significant step for the company to focus on core business operations, optimize production support, and reduce costs [1] - The reliable power supply from this project will support future technological upgrades and capacity expansion at the Shifang non-ferrous metal subsidiary [1] - The project aligns with national energy-saving and carbon reduction policies, contributing to the company's long-term sustainable development [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The non - ferrous metals sector has significantly adjusted and then recovered, with differentiated trends. After the adjustment pressure is fully released, it is advisable to go long on dips based on the fundamentals [11]. - This week, due to the brief shutdown of the US government, non - farm payrolls and CPI will be released in the same week, and the combination of "weak employment + strong inflation" should be watched out for. China will release January's social financing and inflation data, and a new round of negotiations between the US and Iran is planned [11]. Summary by Directory 1. Non - ferrous Metals Operation Logic and Investment Recommendations - **Macro Logic**: Non - ferrous metals are generally oscillating with rebounds. With the approaching holiday, funds are leaving the market, but volatility remains. The market narrative has shifted from confidence in synchronous growth and abundant liquidity to uncertainties brought about by volatility, a weak labor market, and AI - driven disruptions. The Middle East situation has eased but may still fluctuate, and the US - Iran negotiations continue. The Fed may take up to a year to make decisions regarding its balance sheet [11]. - **Investment Recommendations for Each Variety** - **Copper**: It is expected to oscillate upward. Consider going long on dips, with a support range of 98,000 - 99,000 yuan/ton and a pressure range of 108,000 - 110,000 yuan/ton [12]. - **Zinc**: It is in a stage of adjustment. Consider going long on dips, with a support range of 23,800 - 24,000 yuan/ton and a pressure range of 25,000 - 25,500 yuan/ton [12]. - **Aluminum Industry Chain**: Aluminum is expected to oscillate and consolidate; alumina may weaken; cast aluminum alloy will oscillate and consolidate. It is recommended to wait and see for now, and consider shorting alumina on rallies [13][14]. - **Tin**: It is expected to oscillate strongly. It is recommended to wait and see or go long on dips, with a support range of 330,000 - 350,000 yuan/ton and a pressure range of 450,000 - 460,000 yuan/ton [13][14]. - **Lead**: It will oscillate and recover within a range. It is recommended to wait and see, with a support range of 16,400 - 16,500 yuan/ton and a pressure range of 17,000 - 17,300 yuan/ton [15]. - **Nickel**: It is in a stage of adjustment. With a support range of 125,000 - 128,000 yuan and a pressure range of 13,800 - 140,000 yuan [15]. - **Stainless Steel**: It is in a stage of adjustment. Consider short - term shorting and long - term going long, with a support range of 12,800 - 13,000 and a pressure range of 13,800 - 14,000 [15]. 2. Non - ferrous Metals Market Review - **Futures Closing Prices and Changes** - Copper closed at 101,840 yuan/ton, up 1.74%. - Zinc closed at 24,540 yuan/ton, up 0.37%. - Aluminum closed at 23,540 yuan/ton, up 0.97%. - Alumina closed at 2,868 yuan/ton, up 1.56%. - Tin closed at 384,180 yuan/ton, up 7.61%. - Lead closed at 16,585 yuan/ton, up 0.45%. - Nickel closed at 134,520 yuan/ton, up 2.03%. - Stainless steel closed at 13,735 yuan/ton, up 0.48%. - Cast aluminum alloy closed at 22,165 yuan/ton, up 0.98% [16]. 3. Non - ferrous Metals Position Analysis - Most varieties in the non - ferrous metals sector are in a state where the main force is strongly short - biased. For example, platinum (PT2606), silver (AG2604), tin (SN2603, NI2603), copper (CU2603), alumina (AO2605), aluminum (AL2603), zinc (ZN2603), lead (PB2603), and industrial silicon (SI2605) all have a strong short - position of the main force. Gold (AU2604) has a strong long - position of the main force [18]. 4. Non - ferrous Metals Spot Market - **Copper**: The Yangtze River Non - Ferrous copper spot price was 101,780 yuan/ton, up 1.62%. - **Zinc**: The Yangtze River Non - Ferrous 0 zinc price was 24,650 yuan/ton, up 0.37%. - **Aluminum**: The Yangtze River Non - Ferrous aluminum spot average price was 23,390 yuan/ton, up 1.08%. - **Alumina**: The Antai Ke alumina national average price was 2,646 yuan/ton, with no change [19][20][21]. 5. Non - ferrous Metals Industry Chain - Multiple graphs are provided to show the inventory changes, processing fees, price trends, and other aspects of copper, zinc, aluminum, alumina, tin, cast aluminum alloy, lead, nickel, and stainless steel. For example, there are graphs on the exchange copper inventory changes, zinc inventory changes, and the comparison between the Shanghai aluminum inventory and aluminum price [23][25][27]. 6. Non - ferrous Metals Arbitrage - Multiple graphs are provided for each variety to show the arbitrage - related indicators, such as the copper Shanghai - London ratio change, zinc Shanghai - London ratio change, and the difference between Shanghai aluminum's continuous one and continuous three contracts [60][62][65]. 7. Non - ferrous Metals Options - Multiple graphs are provided for each variety to show the option - related indicators, such as the historical volatility and weighted implied volatility of copper options, and the historical volatility and weighted implied volatility of zinc options [80][81].

供应端，国产和进口TC加速下滑，系冬储临近国内治炼厂收货所致，预计年后北方矿复产后有所缓解；目前在硫酸、 贵金属等副产品支撑下利润上课。11月，火烧云锌锭正式投产(月产量预计在8k-1wt)，其他冶炼厂增量有限，当前蓝天 高科、云南振兴、四环锌锗等检修，春节间中小企业五成检修放假，大厂维持最低开工，2月预计环减5-6万吨。需求 端，内需季节性走弱，年底下游谨慎采购，北方部分已放春节假，需求一般;海外，欧洲需求一般，12月出口窗口打开 国内交仓至美国，当前窗口关闭。当前高价下，下游采购为逢低点价，锌锭累库预期下现货开始转贴水，佛山开始有 2000吨左右累库，年底贸易商减少跨区域调货。海外LME低库存有回升，转为贴水。策略方面，锌国内基本面一般， 但长期资本开支投入有限、伊朗锌矿供应存约10万吨扰动下，市场看好锌配置弹性;内外方面，关注反套机会。 有色早报 研究中心有色团队 2026/02/10 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2026/02/03 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall market sentiment is affected by various factors such as policy announcements, geopolitical situations, and seasonal trends. Different sectors show different trends and investment opportunities, and investors need to pay attention to market changes and adjust strategies accordingly. [18][20][110] 3. Summary by Relevant Catalogs Financial Derivatives - **Stock Index Futures**: The index shows a bullish arrangement, and the market sentiment is optimistic. However, the trading volume has decreased, and the market may fluctuate in the future, but the upward trend remains unchanged. The recommended trading strategies include going long on a single - side, conducting IM/IC 2609 long + ETF short arbitrage, and using bullish spreads for options. [19][20] - **Treasury Bond Futures**: The bond market continues to strengthen, but the profit - taking behavior increases. The short - term yield may provide a short - selling opportunity, and the long - term yield may be cautious. The recommended strategies are to take profits on the long position of TL at high prices and pay attention to the potential strengthening of the T - contract inter - period spread. [22][23] Agricultural Products - **Protein Meal**: The supply pressure is large, and the international supply is relatively loose. The domestic market is also well - supplied, and it is expected to oscillate. The recommended strategy is to wait and see in the short term. [25][26] - **Sugar**: The international sugar price is rising, and the domestic price is expected to remain high. The international sugar price may oscillate at the bottom, and the domestic Zhengzhou sugar contract is also expected to oscillate at the bottom. The recommended strategies include waiting and seeing for arbitrage and options. [28][33] - **Oils and Fats**: The oils and fats market maintains a wide - range oscillation. It is recommended to go short lightly at high prices or wait for a callback to go long. The y59 spread can be considered for reverse arbitrage at high prices. [36][37] - **Corn/Corn Starch**: The spot price in the production area is stable, and the futures price oscillates at a high level. The recommended strategies include a bullish view on the outer - market 03 corn after stabilization, short - selling the 03 corn lightly at high prices, and expanding the spread between 05 corn and starch at low prices. [40][41] - **Pigs**: The supply pressure has improved, and the spot price oscillates. It is recommended to wait and see for single - side trading and arbitrage, and sell wide - straddle options. [42][43] - **Peanuts**: The spot price is stable, and the futures price oscillates in a narrow range. It is recommended to short - sell the 03 peanuts lightly at high prices, wait and see for arbitrage, and sell pk603 - C - 8200 options. [45][47] - **Eggs**: As the pre - holiday stocking is coming to an end, the egg price has declined. It is recommended to short the June contract on a single - side, wait and see for arbitrage and options. [48][49] - **Apples**: The pre - holiday sales are good, and the price is firm. It is recommended to go long on the May contract at low prices, short the October contract at high prices, and conduct long - May and short - October arbitrage. [52][54] - **Cotton - Cotton Yarn**: The fundamentals change little, and the cotton price is supported. It is expected that the US cotton will oscillate weakly in the short term, and the Zhengzhou cotton will oscillate within a range. It is recommended to hold a light position during the Spring Festival. [56] Black Metals - **Steel**: The demand continues to decline, and the steel price oscillates. It is recommended to follow the market sentiment and oscillate weakly on a single - side, short the coil - coal ratio at high prices, and hold the short - coil - long - rebar spread. [59][60] - **Coking Coal and Coke**: The coal mines are on holiday, and the spot trading is cold. The market is expected to oscillate widely, and it is recommended to trade in bands or wait and see. [61][63] - **Iron Ore**: The fundamentals continue to weaken, and the ore price runs weakly. It is recommended to run weakly on a single - side and wait and see for arbitrage and options. [64][66] - **Ferroalloys**: As the long holiday approaches, it is recommended to take partial profits on the long positions at high prices, wait and see for arbitrage, and sell out - of - the - money put options. [67][68] Non - ferrous Metals - **Gold and Silver**: The market sentiment stabilizes, and gold and silver recover. It is recommended that conservative investors wait and see and hold an empty position during the holiday, while aggressive investors can hold long positions on Shanghai gold and silver with appropriate positions. [71][72] - **Platinum and Palladium**: The regional disputes are complex, and the precious metals oscillate widely. It is recommended to be cautiously bullish on platinum and palladium, buy at low prices, and conduct long - platinum and short - palladium arbitrage. [75][76] - **Copper**: As the Spring Festival approaches, it is recommended to operate cautiously. The copper price rebounds after the panic subsides. [77][78] - **Alumina**: The expected marginal change in production capacity causes the price to fluctuate more. It is recommended to oscillate strongly in the short term and participate cautiously. [80][82] - **Electrolytic Aluminum**: The risk preference is repaired, and the medium - term expectation remains unchanged. It is recommended to oscillate and rebound on a single - side and wait and see for arbitrage and options. [83] - **Cast Aluminum Alloy**: It mainly follows the outer - market aluminum price. It is recommended to oscillate strongly on a single - side and wait and see for arbitrage and options. [87] - **Zinc**: It is recommended to wait and see. The zinc market is affected by the holiday, and both supply and demand decrease. [88][89] - **Lead**: It oscillates within a range. It is recommended to wait and see due to the weak supply and demand during the holiday. [92][93] - **Nickel**: Although the pre - holiday market cools down, the bottom is rising. It is recommended to watch more and move less before the holiday and go long lightly after the price stabilizes. [94][96] - **Stainless Steel**: It is supported by cost and follows the nickel price. It is recommended to watch more and move less before the holiday and go long at low prices after stabilization. [98][99] - **Industrial Silicon**: The technical side is weak, but the valuation is low. It is recommended to wait for the market to stabilize. [100] - **Polysilicon**: The industry self - discipline and price - supporting expectations rise again. It is recommended to watch more and do less and wait for a good safety margin. [101][103] - **Lithium Carbonate**: Under the strong regulatory environment, funds continue to flow out before the holiday. It is recommended to reduce the exposure before the holiday. [104] - **Tin**: The tin price may oscillate strongly. It is recommended to control the position before the holiday. [107][108] Shipping - **Container Shipping**: Pay attention to the implementation of price increases and the geopolitical situation in Iran. The market oscillates, and it is recommended to wait and see before the holiday and conduct 6 - 10 positive arbitrage at low prices. [110][111] Energy and Chemicals - **Crude Oil**: The risk premium rebounds, and the international oil price is expected to oscillate widely. It is recommended to oscillate widely on a single - side and wait and see for arbitrage and options. [113][114] - **Asphalt**: The spot prices in various regions are basically stable. It is recommended to oscillate at a high level and go long on the BU2606 contract at low prices. [115][118] - **Fuel Oil**: The high - sulfur spot trading slows down, and the geopolitical drive continues. It is recommended to oscillate strongly and pay attention to geopolitical fluctuations, take profits on the FU59 positive arbitrage at high prices, and pay attention to the LU near - month reverse arbitrage. [120][122] - **LPG**: The domestic fundamentals are weak. It is recommended to oscillate on a single - side and wait and see for arbitrage and options. [124][125] - **Natural Gas**: The risk sentiment on both the supply and demand sides eases to a certain extent. It is recommended to hold short positions on the TTF and JKM third - quarter contracts and the HH second - quarter contract. [128][130] - **PX & PTA**: The polyester production reduction is gradually realized, and the weaving sales gradually stop. It is recommended to oscillate and sort out on a single - side and wait and see for arbitrage and options. [133][134] - **BZ & EB**: The supply returns, and the basis declines. The fundamentals weaken. [135][137] - **Ethylene Glycol**: The inventory accumulation pressure is obvious. It is recommended to oscillate weakly on a single - side and wait and see for arbitrage and options. [139][140] - **Short - fiber**: The short - fiber factories reduce production as planned. It is recommended to oscillate and sort out on a single - side and wait and see for arbitrage and options. [142][143] - **Bottle - grade PET**: The production decreases, and the supply is reduced. It is recommended to oscillate and sort out on a single - side and wait and see for arbitrage and options. [144][146] - **Propylene**: The supply and demand support is acceptable. It is recommended to oscillate and sort out on a single - side and wait and see for arbitrage and options. [148][149] - **Plastic PP**: The growth rate of PP apparent consumption slows down. It is recommended to hold long positions on the L 2605 contract and set a stop - loss at 6710 points, and wait and see for the PP 2605 contract and pay attention to the support at 6600 points. [150][151] - **Caustic Soda**: The caustic soda price strengthens. It is recommended to oscillate on a single - side. [153][154] - **PVC**: It mainly oscillates. It is recommended to go long at low prices and wait and see for arbitrage and options. [155][157] - **Soda Ash**: The price weakens. It is recommended to short at high prices before the holiday, conduct short - glass and long - soda - ash arbitrage, and sell call options. [158][160] - **Glass**: The price oscillates. It is recommended to short at high prices before the holiday, conduct short - glass and long - soda - ash arbitrage, and sell call options. [161][162] - **Methanol**: It oscillates widely. It is recommended to go long at low prices, pay attention to the 59 positive arbitrage, and sell put options on a callback. [163][164] - **Urea**: It runs strongly. It is recommended to operate cautiously on the futures. [166][167] - **Pulp**: The pulp price oscillates weakly. It is recommended to operate within a range and for aggressive investors to lay out a small number of long positions based on the previous low. [169][172] - **Offset Printing Paper**: As the Spring Festival approaches, it is in the off - season, and the market is weak. It is recommended to short at high prices and sell OP2604 - C - 4200 options. [173][174] - **Logs**: The supply and demand are both weak, and the market is dull. It is recommended to wait and see and take profits on the 3 - 5 reverse arbitrage. [176][178] - **Natural Rubber and 20 - grade Rubber**: The semi - steel tire inventory is significantly reduced. It is recommended to try to go long on the RU 05 contract lightly and set a stop - loss at 16020 points, and wait and see for the NR 04 contract. [179][181] - **Butadiene Rubber**: The semi - steel tire inventory is significantly reduced. It is recommended to try to go long on the BR 04 contract lightly and set a stop - loss at 12585 points. [182][184]