南华商品指数：有色板块领涨，能化板块下跌 王怡琳 2026-02-27 17:05:58 摘要：依照相邻交易日的收盘价计算，今日南华综合指数上涨0.46%。板块指数中，只有南华能化指数，下 跌-0.1%，其余板块均是上涨，涨幅最大的板块是南华有色金属指数，涨幅为0.97%，涨幅最小的板块是南华黑色指 数，涨幅为0.2%。 主题指数中，涨幅最大的主题指数是迷你综合指数，上涨0.48%，涨幅最小的主题指数是经济作 物指数，涨幅为0.1%，跌幅最大的主题指数是煤制化工指数，跌幅为-0.83%，跌幅最小的主题指数是建材指数，跌 幅为-0.09%。 商品期货单品种指数中，涨幅最大的单品种指数是锡，上涨9.07%，跌幅 > 南华期货 igger mind, Bigger fortur 智慧创造财富 南华商品指数日报 南华商品指数日报 2026年2月27日 综铜油 0.76% 0.13% 菜籽油 0.00% 】 0.34% → 油菜籽 1.66% 菜籽柏 −0.39% 玉米 0.77% - - 定粉 注: (1) 文中的涨跌幅为(今日收盘价)与昨日收盘价)与昨日收盘价的比值: 文中的贡献度为深跌幅和权重的乘积; (2) 南 ...

Group 1 - The report indicates that in January 2026, domestic asset BL strategy 1 achieved a return of 1.55%, while strategy 2 achieved 1.65%. The risk parity strategy yielded 0.94%, and the macro factor-based strategy returned 1.4% [1][4][19]. - The performance of major asset classes in January 2026 showed that gold led the gains with an increase of 18.48%, followed by the CSI 1000 at 8.68%, and the Nanhua Commodity Index at 8.61% [7][8]. - The report highlights the correlation between various asset classes, noting that the correlation between the CSI 300 and the total wealth index of government bonds was -32.28%, indicating a potential for diversification [13][15]. Group 2 - The macroeconomic outlook as of January 2026 shows a manufacturing PMI of 49.3%, indicating a contraction, while the non-manufacturing PMI also fell to 49.5%, suggesting a weak economic recovery [43]. - Inflation indicators show that the CPI rose by 0.8% year-on-year in December 2025, with expectations for a further increase to around 0.47% in January 2026 due to seasonal effects [44]. - The report discusses liquidity conditions, stating that the banking system remains "reasonably ample and slightly loose," which is expected to support economic stabilization in the first quarter [46]. Group 3 - The domestic asset BL strategy 1 has a maximum drawdown of 0.23% and an annualized volatility of 2.54%, while strategy 2 has a maximum drawdown of 0.35% and an annualized volatility of 2.64% [20][30]. - The risk parity strategy has a return of 0.94% with a maximum drawdown of 0.24% and an annualized volatility of 1.43%, indicating its stability compared to other strategies [39]. - The macro factor-based asset allocation strategy achieved a return of 1.4% with a maximum drawdown of 0.5% and an annualized volatility of 2.73%, reflecting its effectiveness in the current market environment [47].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Calculated based on the closing prices of adjacent trading days, the Nanhua Composite Index rose 0.93% today [1][3]. - Among the sector indices, only the Nanhua Precious Metals Index fell by -0.36%, while the rest of the sectors rose. The sector with the largest increase was the Nanhua Non - ferrous Metals Index, up 4.38%, and the sector with the smallest increase was the Nanhua Agricultural Products Index, up 0.08% [1][3]. - Among the theme indices, only the Oilseeds and Oils Index fell by -0.01%, while the rest of the theme indices rose. The theme index with the largest increase was the Mini Composite Index, up 1.43%, and the theme index with the smallest increase was the Black Raw Materials Index, up 0.27% [1][3]. - Among the single - variety indices of commodity futures, the single - variety index with the largest increase was Lithium Carbonate, up 11.82%, and the single - variety index with the largest decrease was Silver, down - 13.64% [3]. 3. Summary According to Relevant Contents 3.1 Nanhua Commodity Index Market Data | Index Name | Today Close | Pre. Close | Points | Daily Change | Annualized Return | Annualized Volatility | Sharpe Ratio | | --- | --- | --- | --- | --- | --- | --- | --- | | Composite Index NHCI | 2758.41 | 2733.02 | 25.38 | 0.93% | 7.28% | 13.21% | 0.55 | | Precious Metals Index NHPMI | 2174.24 | 2182.21 | - 7.96 | - 0.36% | 27.71% | 3.82% | | | Industrial Goods Index MHII | 3644.59 | 3594.36 | 50.23 | 1.40% | - 6.21% | 14.59% | - 0.43 | | Metal Index MHMI | 7150.53 | 6982.18 | 168.35 | 2.41% | 12.06% | 14.01% | 0.86 | | Non - ferrous Metals Index NHNF | 1972.76 | | | | | | | | Black Index NHFI | 2519.61 | 2512.72 | 6.89 | 0.27% | - 5.51% | 16.31% | - 0.34 | | Agricultural Products Index NHAI | 1057.60 | 1056.80 | 0.81 | 0.08% | | | | | Mini Composite Index NHCIMi | 1204.34 | 1187.38 | 16.97 | 1.43% | 14.64% | | 0.07 | | Oil and Chemical Industry Index NHEI | 1004.87 | 996.23 | 8.64 | 0.87% | 0.68% | 22.15% | 0.03 | | Petrochemical Index NHPCI | 940.37 | 932.44 | 7.93 | 0.85% | 2.77% | 15.61% | 0.18 | | Fuel and Chemical Industry Index NHCCI | 956.65 | 951.80 | 4.85 | 0.51% | 1.78% | 14.93% | 0.12 | | Black Raw Materials Index NHFM | 1056.06 | 1053.23 | 2.83 | 0.27% | 0.02% | 17.28% | 0.00 | | Building Materials Index NHBMI | 694.45 | 690.97 | 3.48 | 0.50% | - 0.22% | 12.98% | - 0.02 | | Oilseeds and Oils Index NHOOI | 1234.61 | 1234.79 | - 0.18 | - 0.01% | 0.14% | 10.58% | 0.01 | | Economic Crops Index NHAECI | 927.58 | 924.28 | 3.31 | 0.36% | 3.31% | 9.85% | 0.05 | [3] 3.2 Contribution of Each Variety's Daily Change to Index Change - For different indices such as Nanhua Mini Composite Index, Nanhua Composite Index, Nanhua Industrial Goods Index, etc., various varieties have different positive or negative contributions to their changes. For example, for the Nanhua Composite Index, Gold has a positive contribution of 22.26%, while some varieties like Ethylene Glycol have a negative contribution [3]. 3.3 Industry Chain Diagrams and Single - Variety Index Daily Changes - There are industry chain diagrams for energy and chemical, black, and agricultural product sectors, along with the daily changes of single - variety indices in these sectors. For example, in the energy and chemical sector, Glass rose 0.179 (1.52%) and Urea rose 0.95%; in the agricultural product sector, Palm Oil rose 0.89%, and Rapeseed Meal fell - 1.19% [3][5][6]

Core Viewpoint - The article discusses the recent actions of the Federal Reserve, highlighting a pause in interest rate cuts while indicating a slightly hawkish stance, which has led to adjustments in asset prices. The appointment of Kevin Walsh as the new Fed Chair is seen as a catalyst for market adjustments, particularly in precious metals, but the article suggests this is a short-term reaction rather than a fundamental shift in market dynamics [1][2][3]. Group 1: Federal Reserve Actions - The Federal Open Market Committee (FOMC) decided to pause interest rate cuts during its meeting on January 28, 2026, reflecting a more optimistic outlook on the economy, employment, and inflation, which increases uncertainty regarding future rate cuts [2][3]. - The dollar index began to rise, while U.S. stock markets experienced fluctuations, with precious metals initially rising but later facing corrections due to the Fed's hawkish signals [2][3]. Group 2: Kevin Walsh's Appointment - Kevin Walsh's nomination as the next Fed Chair was unexpected in terms of timing and his policy stance, which emphasizes Fed independence and a pragmatic approach to monetary policy, advocating for both rate cuts and balance sheet reduction [2][3]. - The market does not expect Walsh's policy proposals to be implemented in the short term, as there are constraints related to dollar liquidity and employment pressures, despite the Fed's potential for technical balance sheet expansion starting December 2025 [3]. Group 3: Market Reactions - Following Walsh's appointment, there was significant volatility in commodity markets, particularly in precious metals, which the article attributes to a rapid prior increase in prices rather than a fundamental change in market conditions [3]. - The article notes that while Walsh's appointment has some catalytic effects on market dynamics, it does not signify a fundamental shift in Fed policy direction, suggesting that precious metal prices may find support after short-term technical adjustments [3]. Group 4: Global Asset Performance - During the week of January 26 to February 1, 2026, global asset prices showed mixed performance, with the Hang Seng Index rising by 2.38% and the S&P 500 increasing by 0.34%, while the Shanghai Composite Index fell by 0.44% [4]. - Commodity prices were also mixed, with Brent crude oil futures rising by 6.65% and the London gold price declining by 2.03% [4].

摘要：本周，南华综合指数上涨72.31点，涨幅为2.6%；其中影响力最大的品种为原油和白银，原油品种指数涨跌 幅为6.62%，贡献度为1.09%；白银品种指数涨跌幅为11.92%，贡献度为0.72%。南华工业品指数上涨49.5点，涨 幅为1.35%；其中影响力最大的品种为原油和铜，原油品种指数贡献度为1.16%；铜品种指数贡献度为0.19%。南华 金属指数上涨59.45点，涨幅为-0.81%；其中影响力最大的品种为碳酸锂，碳酸锂贡献度为-0.64%。南华能化指数 上涨36.54点，涨幅为2.32%；其中影响力最大的品种 南华商品指数周报 2026年1月30日 指数发展部 曹扬慧 (Z0000505) 赵 搏 (F03103098) 王怡琳 (F03118352) 投资咨询业务资格:证监许可【2011】1290号 摘要 本周,南华综合指数上涨72.31点，涨幅为2.6%；其中影响力最大的品种为原油和白银，原油品种指数涨跌幅为 6.62%，贡献度为1.09%；白银品种指数涨跌幅为11.92%，贡献度为0.72%。南华工业品指数上涨49.5点，涨幅为 1.35%；其中影响力最大的品种为原油和铜，原油品种指数贡献度为 ...

Investment Rating - The report indicates a positive investment rating for the industry, suggesting an "Overweight" position relative to the CSI 300 index, with expected returns exceeding 15% [36]. Core Insights - The report highlights that gold has once again led the gains among major asset classes, with global asset allocation models recording positive returns. The domestic asset BL models showed returns of 0.28% and 0.26%, while global models recorded returns of 0.14% and 0.12% for the week [1][2][4]. Summary by Sections 1. Major Asset Performance Tracking - For the week of January 12 to January 16, 2026, major asset performances were as follows: SHFE gold increased by 2.57%, Hang Seng Index by 2.23%, and CSI 1000 by 1.27%. Conversely, the CSI 300 and S&P 500 saw declines of 0.57% and 0.45% respectively [7][10]. 2. Major Asset Allocation Strategy Tracking - The report details the performance of various quantitative asset allocation models. The domestic asset BL model 1 achieved a weekly return of 0.26%, while model 2 achieved 0.28%. The global asset BL model 1 and 2 recorded returns of 0.12% and 0.14% respectively for the same week [10][17][21]. 2.1. BL Model Strategy Tracking - The domestic asset BL model 1 has a year-to-date return of 1.13% with an annualized volatility of 2.85%. The global asset BL model 1 has a year-to-date return of 0.69% with an annualized volatility of 2.9% [17][18]. 2.2. Risk Parity Model Strategy Tracking - The domestic risk parity model reported a weekly return of 0.20% and a year-to-date return of 0.49%, with an annualized volatility of 1.16%. The global risk parity model achieved a weekly return of 0.13% and a year-to-date return of 0.38% [21][22]. 2.3. Macro-Factor Based Asset Allocation Strategy - The macro-factor based asset allocation strategy yielded a weekly return of 0.23% and a year-to-date return of 0.61%, with an annualized volatility of 1.73% [29].

Group 1: Report Summary - The South China Composite Index fell by -0.73% today based on the closing prices of adjacent trading days [1]. - Among the sector indices, only the South China Agricultural Products Index rose by 0.17%, while the rest declined. The South China Non - Ferrous Metals Index had the largest decline of -2.98%, and the South China Black Index had the smallest decline of -0.44% [1]. - Among the theme indices, the Oilseeds and Oils Index had the largest increase of 0.65%, and the Building Materials Index had the smallest increase of 0.09%. The Energy Index had the largest decline of -1.85%, and the Mini Composite Index had the smallest decline of -0.38% [1]. - Among the single - variety indices of commodity futures, the Rapeseed Oil Index had the largest increase of 2.66%, and the Lithium Carbonate Index had the largest decline of -10.43% [1][3]. Group 2: Index Market Data - **South China Composite Index (NHCI)**: Today's close is 2723.27, down 2.43 points (-0.09%) from yesterday. The annualized return rate is 9.90%, the annualized volatility is 12.00%, and the Sharpe ratio is 0.82 [3]. - **Precious Metals Index (NHPMI)**: Today's close is 2180.86, up 5.64 points (0.26%) from yesterday. The annualized return rate is 110.22%, the annualized volatility is 21.49%, and the Sharpe ratio is 5.13 [3]. - **Industrial Products Index (NHII)**: Today's close is 3586.63, down 18.17 points (-0.50%) from yesterday. The annualized return rate is -3.89%, the annualized volatility is 14.16%, and the Sharpe ratio is -0.28 [3]. - **Full - house Index (NHMI)**: Today's close is 7170.98, down 8.59 points (-0.12%) from yesterday. The annualized return rate is 15.85%, the annualized volatility is 12.79%, and the Sharpe ratio is 1.24 [3]. - **Energy and Chemical Index (NHECI)**: Today's close is 1528.77, down 8.60 points (-0.56%) from yesterday. The annualized return rate is -15.12%, the annualized volatility is 16.84%, and the Sharpe ratio is -0.90 [3]. - **Non - Ferrous Metals Index (NHNF)**: Today's close is 2053.38, up 5.00 points (0.24%) from yesterday. The annualized return rate is 26.48%, the annualized volatility is 14.64%, and the Sharpe ratio is 1.81 [3]. - **Black Index (NHFI)**: Today's close is 2530.10, down 26.38 points (-1.03%) from yesterday. The annualized return rate is -0.47%, the annualized volatility is 16.37%, and the Sharpe ratio is -0.03 [3]. - **Agricultural Products Index (NHAI)**: Today's close is 1052.92, up 0.57 points (0.05%) from yesterday. The annualized return rate is 2.61%, the annualized volatility is 7.89%, and the Sharpe ratio is 0.33 [3]. - **Mini Composite Index (NHCIMi)**: Today's close is 1181.00, down 0.80 points (-0.07%) from yesterday. The annualized return rate is -0.32%, the annualized volatility is 9.13%, and the Sharpe ratio is -0.04 [3]. - **Energy Index (NHEI)**: Today's close is 968.59, down 7.44 points (-0.76%) from yesterday. The annualized return rate is -2.68%, the annualized volatility is 17.50%, and the Sharpe ratio is -0.15 [3]. - **Petrochemical Index (NHPCI)**: Today's close is 907.89, up 1.53 points (0.17%) from yesterday. The annualized return rate is 1.21%, the annualized volatility is 10.55%, and the Sharpe ratio is 0.12 [3]. - **Coal - Chemical Index (NHCCI)**: Today's close is 923.88, down 4.92 points (-0.53%) from yesterday. The annualized return rate is -0.01%, the annualized volatility is 12.24%, and the Sharpe ratio is 0.00 [3]. - **Colored Raw Materials Index (NHFM)**: Today's close is 1054.74, down 13.31 points (-1.25%) from yesterday. The annualized return rate is -0.02%, the annualized volatility is 16.82%, and the Sharpe ratio is 0.00 [3]. - **Building Materials Index (NHBMI)**: Today's close is 687.09, down 5.51 points (-0.79%) from yesterday. The annualized return rate is -0.51%, the annualized volatility is 12.88%, and the Sharpe ratio is -0.04 [3]. - **Oilseeds and Oils Index (NHOOl)**: Today's close is 1216.05, up 6.84 points (0.57%) from yesterday. The annualized return rate is -1.09%, the annualized volatility is 8.42%, and the Sharpe ratio is -0.13 [3]. - **Economic Crops Index (NHAECI)**: Today's close is 921.65, down 3.47 points (-0.37%) from yesterday. The annualized return rate is 0.54%, the annualized volatility is 9.10%, and the Sharpe ratio is 0.06 [3]. Group 3: Other Information - The calculation method of the rise - fall ratio in the text is the ratio of today's closing price to yesterday's closing price, and the contribution degree is the product of the rise - fall ratio and the weight. The South China Commodity Index eliminates the price difference when the commodity contract is rolled over, reflecting the real return of investing in commodity futures [10]. - The contribution degree calculation method used in the text is: the rise - fall ratio of a certain variety on the day / ∑|the rise - fall ratio of each variety on the day|. The colored data bar represents that the variety rose on the day, and the blue data bar represents that the variety fell on the day [10].

1. Report Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - From January 12th to January 16th, the US December CPI year - on - year growth rate met expectations and remained the same as the previous value. Global geopolitical risks continued to impact the market. The US dollar index rose weekly. Stocks and commodities performed strongly, while the bond market declined. In terms of the US dollar, commodities > stocks > bonds. In the domestic market, the stock market was divided, and the bond market and commodities rose weekly. Commodities > bonds > stocks. Geopolitical risk factors may still change in the short - term, significantly affecting the prices of major asset classes [5][8][19]. 3. Summary by Directory Global Major Asset Performance - **Global Stock Market**: From January 12th to January 16th, market sentiment was relatively cautious. Trump called for setting a 10% credit card interest rate cap starting from January 20, 2026, pressuring US stocks. Most global stock markets rose, with the Asia - Pacific region leading in gains. Emerging markets outperformed developed markets, and the VIX index rose weekly. For example, the MSCI Asia - Pacific region rose 2.75% weekly and 5.62% year - to - date, while the MSCI US fell 0.38% weekly but rose 1.39% year - to - date [10][13][14]. - **Global Bond Market**: Recently, most Fed officials' statements were hawkish, cooling market expectations of interest rate cuts. Medium - and long - term US Treasury yields generally rose, with the 10 - year US Treasury yield rising 6BP to 4.24% weekly. The bond market was weak, and globally, high - yield bonds > credit bonds > government bonds [16]. - **Global Foreign Exchange Market**: From January 12th to January 16th, data such as the US November retail sales month - on - month growth rate were good, and the US dollar index rose weekly. Most major non - US currencies depreciated against the US dollar, and the RMB exchange rate was volatile and strong. The US dollar index rose 0.23% weekly [16][17]. - **Global Commodity Market**: Geopolitical factors supported the weekly rise of international oil prices. Precious metal prices rose, while most non - ferrous metal and agricultural product prices fell. International silver prices rose significantly [17]. Domestic Major Asset Performance - **Domestic Stock Market**: Market risk appetite declined. Most major broad - based A - share indices rose, and the average daily trading volume of the two markets increased compared to the previous week. The performance of large - cap blue - chip stocks was weak. Computer and electronics sectors led in gains, while the military and agriculture, forestry, animal husbandry, and fishery sectors performed poorly. The Shanghai Composite Index fell 0.45% weekly [20][22]. - **Domestic Bond Market**: From January 12th to January 16th, the central bank's net open - market operations injected 111.28 billion yuan. The capital market fluctuated, and the bond market was strong weekly. Overall, government bonds > credit bonds > corporate bonds [23]. - **Domestic Commodity Market**: The domestic commodity market rose weekly. Among major commodity sectors, precious metals led in gains. For example, the Nanhua Precious Metals Index rose 9.41% weekly [24][25]. Major Asset Price Outlook - Geopolitical risk factors may still change in the short - term, significantly affecting the prices of major asset classes. It is necessary to pay attention to their subsequent changes [4][26].

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - As of January 16, 2026, the Nanhua Composite Index fell by -0.73%. Among the sector indices, only the Nanhua Agricultural Products Index rose by 0.17%, while the rest declined. The Nanhua Non - ferrous Metals Index had the largest decline of -2.98%, and the Nanhua Black Index had the smallest decline of -0.44%. Among the theme indices, the Oilseeds and Oils Index had the largest increase of 0.65%, the Building Materials Index had the smallest increase of 0.09%, the Energy Index had the largest decline of -1.85%, and the Mini Composite Index had the smallest decline of -0.38%. Among the single - variety indices of commodity futures, the Rapeseed Oil Index had the largest increase of 2.66%, and the Lithium Carbonate Index had the largest decline of -10.43% [1][3]. 3) Summary by Relevant Catalogs Market Data of Nanhua Commodity Index - **Composite Index**: The Nanhua Composite Index (NHCI) closed at 2728.81, down 20.05 points or -0.73% from the previous trading day, with an annualized return rate (ARR) of 10.16%, an annualized volatility of 12.00%, and a Sharpe ratio of 0.85 [3]. - **Sector Indices**: The Precious Metals Index (NHPMI) fell 0.46%, the Industrial Products Index (NHII) fell 3.14%, the Metal Index (NHMI) fell 1.78%, the Energy and Chemical Index (NHECI) fell 1.25%, the Non - ferrous Metals Index (NHNF) fell 2.98%, the Black Index (NHFI) fell 0.44%, and the Agricultural Products Index (NHAI) rose 0.17% [3]. - **Theme Indices**: The Mini Composite Index (NHCIMi) fell 0.38%, the Energy Index (NHEI) fell 1.85%, the Oilseeds and Oils Index (NHOOl) rose 0.65%, the Building Materials Index (NHBMI) rose 0.09%, etc. [3]. Contribution of Each Variety's Daily Rise and Fall to the Index's Rise and Fall - **Nanhua Composite Index**: Positive contributors included Rapeseed Oil (13.35%), while negative contributors included Palm Oil, etc. [3]. - **Nanhua Mini Composite Index**: Positive contributors included Glass (7.88%), and negative contributors included Rebar, etc. [3]. - **Nanhua Industrial Products Index**: Positive contributors included Rebar (2.09%), and negative contributors included Iron Ore, etc. [3]. - **Nanhua Metal Index**: Positive contributors included Zinc (0.62%), and negative contributors included Stainless Steel, etc. [3]. Single - Variety Index Daily Rise and Fall - **Energy and Chemical Sector**: Some varieties like Glass rose 1.57%, while others like Methanol fell 21.86% [3]. - **Agricultural Products Sector**: Rapeseed Oil rose 2.66%, while Rapeseed Sugar fell 1.23% [6]. - **Black Sector**: Some varieties' information is presented, such as Rebar's relevant data in the contribution part [3].

Report Date - The report is dated January 8, 2026 [3] Core Viewpoint - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -1.44% today. All sector indices and theme indices declined. The Nanhua Non-ferrous Metals Index had the largest decline of -3.06% among sector indices, while the Nanhua Agricultural Products Index had the smallest decline of -0.51%. The Black Raw Materials Index had the largest decline of -1.47% among theme indices, and the Energy Index had the smallest decline of -0.16%. Among single commodity futures indices, the Low-sulfur Fuel Oil index had the largest increase of 2.41%, and the Nickel index had the largest decline of -7.87% [1][3] Index Data Summary Comprehensive Index and Sector Indices - **Nanhua Composite Index (NHCI)**: Closed at 2670.47, down 39.07 points or -1.44% from the previous day, with an annualized return of 7.37% and an annualized volatility of 11.82%, and a Sharpe ratio of 0.62 [3] - **Precious Metals Index (NHPMI)**: Closed at 1923.55, down 35.23 points or -1.80%, with an annualized return of 88.42%, an annualized volatility of 20.31%, and a Sharpe ratio of 4.35 [3] - **Industrial Products Index (NHII)**: Closed at 3603.79, down 53.43 points or -1.46%, with an annualized return of -4.03%, an annualized volatility of 14.05%, and a Sharpe ratio of -0.29 [3] - **Metal Index (NHMI)**: Closed at 7138.95, down 172.64 points or -2.36%, with an annualized return of 13.49%, an annualized volatility of 12.58%, and a Sharpe ratio of 1.07 [3] - **Energy and Chemical Index (NHECI)**: Closed at 1541.33, down 9.37 points or -0.60%, with an annualized return of -14.57%, an annualized volatility of 16.79%, and a Sharpe ratio of -0.87 [3] - **Non-ferrous Metals Index (NHNF)**: Closed at 2014.27, down 63.62 points or -3.06%, with an annualized return of 23.42%, an annualized volatility of 13.95%, and a Sharpe ratio of 1.68 [3] - **Black Index (NHFI)**: Closed at 2589.82, down 32.24 points or -1.23%, with an annualized return of -1.74%, an annualized volatility of 16.55%, and a Sharpe ratio of -0.11 [3] - **Agricultural Products Index (NHAI)**: Closed at 1058.85, down 5.45 points or -0.51%, with an annualized return of 1.96%, an annualized volatility of 7.88%, and a Sharpe ratio of 0.25 [3] Theme Indices - **Nanhua Composite Mini Index (NHCIMi)**: Closed at 1163.48, down 6.42 points or -0.55%, with an annualized return of -0.33%, an annualized volatility of 8.68%, and a Sharpe ratio of -0.04 [3] - **Energy Index (NHEI)**: Closed at 948.90, down 1.51 points or -0.16%, with an annualized return of -3.40%, an annualized volatility of 16.47%, and a Sharpe ratio of -0.21 [3] - **Petrochemical Index (NHPCI)**: Closed at 907.49, down 5.39 points or -0.59%, with an annualized return of 0.66%, an annualized volatility of 10.52%, and a Sharpe ratio of 0.06 [3] - **Coal Chemical Index (NHCCI)**: Closed at 930.25, down 8.34 points or -0.89%, with an annualized return of -0.66%, an annualized volatility of 12.07%, and a Sharpe ratio of -0.05 [3] - **Black Raw Materials Index (NHFM)**: Closed at 1093.09, down 16.34 points or -1.47%, with an annualized return of 0.05%, an annualized volatility of 17.46%, and a Sharpe ratio of 0.00 [3] - **Building Materials Index (NHBMI)**: Closed at 709.62, down 2.84 points or -0.40%, with an annualized return of -0.20%, an annualized volatility of 12.50%, and a Sharpe ratio of -0.02 [3] - **Oilseeds and Oils Index (NHOOl)**: Closed at 1220.66, down 8.08 points or -0.66%, with an annualized return of -0.23%, an annualized volatility of 8.30%, and a Sharpe ratio of -0.03 [3] - **Economic Crops Index (NHAECI)**: Closed at 938.82, down 9.03 points or -0.95%, with an annualized return of 0.95%, an annualized volatility of 8.46%, and a Sharpe ratio of 0.11 [3] Single Commodity Futures Indices - The Low-sulfur Fuel Oil index had the largest increase of 2.41%, and the Nickel index had the largest decline of -7.87% [1][3] Industry Chain and Index Fluctuation - **Energy and Chemical Sector**: The Synthetic Ammonia index fell -1.35%, Coal - 0.03%, Naphtha - 0.30%, PTA -1.24%, Crude Oil - 0.17%, and Fuel Oil rose 0.86% [11] - **Black Sector**: Some品种产业链示意图 is provided, but specific data is not fully presented [12] - **Agricultural Products Sector**: The Rapeseed Oil index rose 0.58%, Peanut Oil - 0.39%, Soybean Oil - 1.53%, Rapeseed - 0.35%, Rapeseed Meal - 2.52%, and Live Pigs rose 0.80% [13]