Group 1 - Report's investment rating for the industry: Not provided - Core view of the report: The finished products are expected to operate in a weak and volatile manner [2][4] Group 2 - Policy news: The 14th central document guiding the "Three Rural Issues" since the 18th National Congress of the Communist Party of China was released on February 3, and the State Council Safety Committee Office issued an emergency notice to strengthen safety production work. The People's Bank of China will conduct an 800 billion yuan outright reverse repurchase operation on February 4, 2026. As of January 31, 20 cities have introduced 21 property market relaxation policies [3] - Market performance and reasons: The finished products trended lower yesterday due to the recent decline of precious metals and non - ferrous metals in the commodity market, weakening the black sector. With the approaching Spring Festival, the spot market is calming down, and the futures price may operate in a weak and volatile manner [3] - Later concerns: Macro - policies and downstream demand [4]