Report Summary 1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints - The report provides a weekly hot - spot preview, listing important economic data releases and central bank decisions in the week of February 2 - 7, 2026, and analyzing their potential impacts on different futures markets [2][3]. 3. Summary by Relevant Catalogs This week's key concerns - On February 2 at 09:45, Markit will release China's January SPGI manufacturing PMI; at 23:00, the US ISM will release the US January ISM manufacturing PMI [2]. - On February 4 at 21:15, the US ADP will release January ADP employment change [2]. - On February 5 at 20:00, the Bank of England will announce the interest rate decision, meeting minutes and monetary policy report; at 21:15, the European Central Bank will announce the interest rate decision [2]. - On February 6 at 21:30, the US Bureau of Labor Statistics will release the January non - farm payroll report [2]. - On February 7, the People's Bank of China will announce China's January foreign exchange reserves and gold reserves [2]. This week's hot - spot preview February 2 - China's January SPGI manufacturing PMI is expected to be 50.3 (previous value 50.1). A slight increase may help industrial and stock index futures rise and suppress treasury bond futures [3]. - The US January ISM manufacturing PMI is expected to be 48.3 (previous value 47.9). A slight increase may help non - ferrous metals, crude oil and related futures rise and suppress precious metal futures [4]. February 3 - The Reserve Bank of Australia will announce the interest rate decision and monetary policy statement at 11:30, and its governor will hold a press conference at 12:30. The Australian cash rate is expected to be raised by 25 basis points to 3.85% [5]. - The EU Statistics Bureau will release the euro - area January CPI preliminary value at 18:00. The expected euro - area January harmonized CPI annual rate - unadjusted preliminary value is 1.7% (previous value 1.9%), and the core harmonized CPI annual rate - unadjusted preliminary value is expected to be 2.3% (same as previous value) [6]. - The Federal Reserve will release the US December 2025 industrial output monthly rate at 22:00, with a previous monthly rate of 2.7% [8]. February 4 - The National Bureau of Statistics will release the prices of important production materials in the circulation field in late January at 9:30, covering 9 categories and 50 products [9]. - Markit will release China's January SPGI services PMI (expected 51.5, previous value 52.0) and SPGI composite PMI (expected 51.2, previous value 51.3) at 09:45. A slight decrease may suppress stock index and commodity futures and help treasury bond futures [10]. - The US ADP will release January ADP employment change at 21:15. The expected new employment is 45,000 (previous value 41,000). A slight increase may help non - ferrous metals, crude oil and related commodity futures rise and suppress precious metal futures [11]. - The US ISM will release the US January ISM non - manufacturing PMI at 23:00. The expected value is 53.3 (previous value 54.4). A decrease may help precious metal futures rise [12]. - The US EIA will release the EIA crude oil inventory change for the week ending January 30 at 23:30. A continued decline may help crude oil and related commodity futures rise [13]. February 5 - The Bank of England will announce the interest rate decision, meeting minutes and monetary policy report at 20:00, and its governor will hold a press conference at 20:30. The UK central bank base rate is expected to remain at 3.75% [14]. - The European Central Bank will announce the interest rate decision at 21:15, and its governor will hold a press conference at 21:45. The euro - area main refinancing rate, deposit facility rate and marginal lending rate are expected to remain at 2.15%, 2% and 2.4% respectively [15]. - The US Department of Labor will release the initial jobless claims for the week ending January 31 at 21:30. The expected value is 212,000 (previous value 209,000). A slight increase may help precious metal futures rise and suppress other industrial futures [16]. February 6 - The US Bureau of Labor Statistics will release the January non - farm payroll report at 21:30. The expected seasonally adjusted new non - farm employment is 70,000 (previous value 50,000), the unemployment rate is 4.4% (same as previous value), and the average hourly wage monthly rate is 0.3% (same as previous value). An increase in new non - farm employment may suppress precious metal futures and help other industrial futures [17][18]. - The University of Michigan will release the preliminary value of the US February consumer confidence index at 23:00. The expected value is 55 (previous value 56.4). A decrease may suppress non - ferrous metals, crude oil and related commodity futures and help precious metal futures [19]. February 7 - The People's Bank of China will announce China's January foreign exchange reserves and gold reserves. The December 2025 foreign exchange reserves were $3,357.87 billion, and the gold reserves were 74.15 million ounces [20].

Group 1 - China's foreign exchange reserves and gold reserves data for December 2025 will be released on January 7 at 16:00 [1] - The Eurozone's preliminary CPI for December 2025 is expected to be 2.0%, slightly down from the previous value of 2.1% [1] - The Eurozone's core harmonized CPI for December 2025 is expected to remain stable at 2.4% [1] Group 2 - The ADP employment change for the US in December 2025 is anticipated to show an increase of 50,000 jobs, a recovery from the previous decrease of 32,000 jobs [2] - If the ADP employment figures exceed expectations, it may positively impact the prices of non-ferrous metals and crude oil [2] Group 3 - The Eurozone's unemployment rate for November 2025 is expected to remain unchanged at 6.4% [2] Group 4 - The US initial jobless claims for the week ending January 3, 2025, are projected to be 195,000, slightly down from 199,000 [3] - A lower than expected jobless claims figure may support non-ferrous metals and crude oil prices [3] Group 5 - China's CPI for December 2025 is expected to grow by 0.90%, up from the previous 0.70%, while the PPI is expected to decline by 2.05%, a slight improvement from the previous decline of 2.20% [4] - A higher CPI and a lower PPI could positively influence industrial product futures while potentially suppressing stock index and government bond futures [4] Group 6 - The US non-farm payroll report for December 2025 is expected to show a seasonally adjusted increase of 53,000 jobs, down from 64,000 [5] - The unemployment rate is projected to decrease to 4.5% from 4.6%, and average hourly earnings are expected to rise by 3.6% year-on-year [5] - A lower non-farm payroll figure could reduce expectations for a Federal Reserve rate cut in January 2026 [5] Group 7 - The preliminary consumer confidence index for January 2026 from the University of Michigan is expected to be 53.2, slightly up from 52.9 [5] - A higher consumer confidence index may support non-ferrous metals and crude oil prices while potentially suppressing precious metals prices [5]

Report Core View - The report provides a forward - looking analysis of this week's hot events and their potential impacts on the futures market, including key economic data releases and policy decisions from different countries [2][3] Weekly Key Focus - On November 3rd at 09:45, Markit will release China's October SPGI Manufacturing PMI; on November 7th at 11:00, the General Administration of Customs will announce October import and export data; at 16:00, the People's Bank of China will release October foreign exchange and gold reserves; on November 9th at 09:30, the National Bureau of Statistics will announce October CPI and PPI [2] - Attention should be paid to factors such as domestic macro - policy changes, international trade and tariff wars, international geopolitical situations, speeches by US President Trump and Fed officials, and negotiations on ending the US government shutdown for their impacts on the futures market [2] Weekly Hot Event Preview November 3rd - Markit will release China's October SPGI Manufacturing PMI at 09:45, with an expected value of 50.9 and a previous value of 51.2. A slight drop may mildly suppress the rise of industrial and stock index futures but help the rise of treasury bond futures [3] - The US ISM will announce the US October ISM Manufacturing PMI at 22:00, with an expected and previous value of 49.1 [4] November 4th - The National Bureau of Statistics will release the prices of important production materials in the circulation field in late October at 09:30, covering 9 categories and 50 products [5] - The Reserve Bank of Australia will announce the interest rate decision and monetary policy statement at 11:30, and its governor will hold a press conference at 12:30. It is expected to keep the cash rate at 3.60% [8] November 5th - Markit will release China's October SPGI Services PMI at 09:45, with a previous value of 52.9 [9] - The US ADP will announce the change in October ADP employment at 21:15, with an expected value of - 20,000 and a previous value of - 32,000. A higher value may help the rise of non - ferrous metals, crude oil and related commodity futures but suppress the rise of gold and silver futures [10] - The US ISM will announce the US October ISM Non - Manufacturing PMI at 23:00, with an expected value of 50.9 and a previous value of 50. A slight increase may suppress the rise of gold and silver futures [11] - The US EIA will announce the EIA crude oil inventory change for the week ending October 31st at 23:30, with a previous decrease of 6.858 million barrels. A continued decline may help the rise of crude oil and related commodity futures [12] November 6th - The Bank of England will announce the interest rate decision and meeting minutes at 20:00, and its governor will hold a press conference at 20:30. It is expected to keep the benchmark interest rate at 4.00% [13] November 7th - The General Administration of Customs will announce October import and export data at 11:00. It is expected that exports will grow 7.1% year - on - year and imports 1.5% year - on - year, both lower than the previous values. This may suppress the rise of stock index and related commodity futures [14] - The People's Bank of China will release October foreign exchange and gold reserves at 16:00, with September foreign exchange reserves at $3,338.658 billion and gold reserves at 74.06 million ounces [16] - The University of Michigan will announce the preliminary value of the November Consumer Confidence Index at 23:00, with an expected value of 53 and a previous value of 53.6. A slight drop may suppress the rise of non - ferrous metals, crude oil and related commodity futures but help the rise of gold and silver futures [17] November 9th - The National Bureau of Statistics will announce October CPI and PPI at 09:30. It is expected that CPI will decline 0.0% year - on - year and PPI will decline 2.2% year - on - year, both better than the previous values. This may mildly help the rise of commodity and stock index futures but suppress the rise of treasury bond futures [18]

Group 1 - China's September manufacturing PMI is expected to be 49.7%, slightly up from the previous value of 49.4%, while the non-manufacturing PMI is expected to be 50.5%, up from 50.3% [1] - A slight increase in both PMIs may support a rise in commodity futures and stock index futures prices, but could mildly suppress government bond futures prices [1] Group 2 - The USDA is set to release the quarterly grain inventory report, which will impact futures prices for corn, wheat, and soybeans [2] Group 3 - The US ISM manufacturing PMI for September is anticipated to be 49.2%, an increase from the previous 48.7% [3] - A slight rise in the ISM manufacturing PMI may support increases in prices for non-ferrous metals, crude oil, and related commodity futures, while potentially suppressing gold and silver futures prices [3] Group 4 - The EIA will announce the weekly crude oil inventory change, with the previous value showing a decrease of 607,000 barrels [4] - A continued decrease in crude oil inventory could support rising prices for crude oil and related commodity futures [4] Group 5 - The US Labor Department will report initial jobless claims, with expectations set at 215,000, down from the previous 218,000 [5] - A slight decrease in jobless claims may support increases in industrial commodity futures prices, except for gold and silver [5] Group 6 - The US non-farm payroll report for September is expected to show an increase of 39,000 jobs, up from 22,000 previously, with an unemployment rate forecasted to remain at 4.3% [6] - If the non-farm payrolls exceed expectations while the unemployment rate and average hourly wage growth remain stable, it may support increases in industrial commodity futures prices but suppress gold and silver futures prices [6] Group 7 - OPEC+ will hold a meeting regarding oil production policies, with expectations of an increase in production by 137,000 barrels per day and a potential lifting of a second batch of production cuts totaling 1.65 million barrels per day [7] - The outcomes of this meeting are anticipated to impact crude oil and related commodity futures prices [7]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the impact of China's "Anti-involution" campaign initiated on July 1, 2025, aimed at regulating price competition and eliminating local government protectionism to create a unified national market [1][2]. Core Insights and Arguments - **Market Dynamics**: The campaign is expected to primarily influence the equity market and, to a lesser extent, the commodities market. Movements in rates and FX markets are seen as secondary effects of equity and commodity dynamics [2]. - **A-Share Performance**: The campaign may lead to an increase in offshore equities due to industry consolidation and improved profitability expectations for industry leaders. Retail sentiment in the onshore market has been improving, with A-share valuations remaining low compared to historical levels [2]. - **Interest Rates**: A curve steepening strategy is favored, with expectations that the 1s5s repo may steepen to 15 basis points from the current 7 basis points. The impact on bonds and rates is considered secondary due to a lack of significant demand-side stimulus [2]. - **Commodity Prices**: Industrial commodity futures have rebounded to levels seen at the end of 2024, but this is not expected to push the Producer Price Index (PPI) to zero by year-end due to regulated energy prices remaining unaffected [2][9]. - **FX Market**: The stronger performance of onshore equities may have a marginal positive effect on the RMB from a sentiment perspective. However, significant southbound equity flows have been observed, indicating improved sentiment [2][16]. - **Trade Relations**: The People's Bank of China (PBoC) is expected to continue its strategy of gradually lowering the USDCNY fixing, with a potential decline to 7.1 in the next 1-3 months and possibly below 7.0 by year-end [2][20]. - **Regional Inflation**: The anti-involution campaign is not expected to raise Asian rates, as it primarily targets domestic deflation and excessive price competition rather than increasing export prices. Low-cost supply in the region is anticipated to remain ample [2]. Additional Important Content - **Retail Sentiment**: Onshore A-share margin buying and outstanding margin balances have surged, indicating strong retail sentiment [1][4]. - **Valuation Comparisons**: The CSI300 P/E ratio remains significantly below 2021 highs, while the offshore HSCEI P/E ratio has largely returned to those highs, suggesting a divergence in market valuations [5]. - **Repo Market**: The current level of 2-year repo is seen as offering a good risk-reward ratio, with expectations that the 5-year repo will face strong resistance around 1.65% [2]. This summary encapsulates the key points discussed in the conference call, focusing on the implications of the "Anti-involution" campaign on various markets and the overall economic landscape in China.

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report provides a weekly preview of key economic data releases and events, and analyzes their potential impacts on the futures market. Different economic indicators and events may have various effects on different types of futures, such as industrial product futures, stock index futures, bond futures, and precious metal futures. For example, if certain manufacturing PMI data is higher than the previous value, it may slightly boost the prices of industrial product futures and stock index futures but suppress bond futures [3][11][17]. 3. Summary by Relevant Catalogs This Week's Key Focus - On June 30 at 09:30, China's June official manufacturing PMI, non - manufacturing PMI, and composite PMI will be released [2][3]. - On July 1 at 09:45, Markit will announce China's June Caixin manufacturing PMI [2][11]. - On July 1 at 22:00, the US ISM will release the US June ISM manufacturing PMI [2][17]. - On July 2 at 20:15, the US ADP will announce the June ADP employment change [2][19]. - On July 3 at 20:30, the US Bureau of Labor Statistics will release the June non - farm payroll report [2][22]. - Also, pay attention to domestic macro - policy changes, international trade and tariff wars, international geopolitical situations, and speeches by US President Trump and Fed officials [2]. This Week's Hotspot Preview June 30 - China's June official manufacturing PMI is expected to be 49.7 (previous 49.5), and non - manufacturing PMI is expected to be 50.3 (previous 50.3). A slight increase in manufacturing PMI may slightly boost industrial product and stock index futures but suppress bond futures [3]. - Germany's June CPI annual rate initial value is expected to be 2.2% (previous 2.1%) [5]. - The US June Chicago PMI is expected to be 43 (previous 40.5) [8]. - The European Central Bank will hold a central bank forum in Sintra from June 30 to July 2 [9]. July 1 - The USDA will release the quarterly inventory report and planting intention report at 00:00, which may affect agricultural product futures [10]. - China's June Caixin manufacturing PMI is expected to be 49 (previous 48.3). A slight increase may slightly boost industrial product and stock index futures but suppress bond futures [11]. - Germany's May real retail sales monthly rate is expected to be 0% (previous - 1.2%) [12]. - Germany's June seasonally - adjusted unemployment rate is expected to be 6.4% (previous 6.3%), and the number of unemployed is expected to increase by 15,000 (previous 34,000) [13]. - The eurozone's June harmonized CPI annual rate un - seasonally - adjusted initial value is expected to be 2.0% (previous 1.9%), and the core harmonized CPI annual rate un - seasonally - adjusted initial value is expected to be 2.3% (previous 2.4%) [14]. - Germany's June CPI annual rate initial value is expected to be 2.3% (previous 2.4%) [15]. - Global Western central bank governors will have a panel discussion at 21:30 [16]. - The US June ISM manufacturing PMI is expected to be 48.8 (previous 48.5). A slight increase may slightly boost non - ferrous metals, crude oil, and related futures but suppress gold and silver futures [17]. July 2 - The eurozone's May unemployment rate is expected to be 6.2% (previous 6.2%) [18]. - The US June ADP new employment is expected to be 85,000 (previous 37,000). An increase may boost non - ferrous metals, crude oil, and related commodity futures but suppress gold and silver futures [19]. - The US EIA will announce the change in crude oil inventory for the week ending June 27. A continued decline may boost crude oil and related commodity futures [20]. July 3 - China's June Caixin services PMI is expected to be 51.5 (previous 51.1) [21]. - The US June seasonally - adjusted new non - farm employment is expected to be 110,000 (previous 139,000), the unemployment rate is expected to be 4.3% (previous 4.2%), and the average hourly wage annual rate is expected to be 3.9% (previous 3.9%). A significant decrease in new non - farm employment and a slight decrease in the unemployment rate may boost gold and silver futures but suppress other industrial product futures [22]. - The US initial jobless claims for the week ending June 29 are expected to be 240,000 (previous 236,000) [23]. - The US May factory orders monthly rate is expected to be 8% (previous - 0.37%). A significant increase may boost non - ferrous metals, crude oil, and related commodity futures but suppress gold and silver futures [25]. - The US June ISM non - manufacturing PMI is expected to be 50.5 (previous 49.9). A slight increase may slightly suppress gold and silver futures [26]. July 4 - The National Bureau of Statistics will release the market prices of important production materials in circulation in late June, covering 9 categories and 50 products [27]. July 6 - OPEC + eight member countries will hold a meeting to decide the production policy for August, which may affect related commodity futures [28].

Core Insights - The article discusses the current state of the futures market, highlighting that there are over 40 industrial commodity futures available for trading, which represents a significant portion of the overall commodity market [1] - It raises questions about the price movements of industrial silicon and lithium carbonate, which have been declining, as well as the sluggish recovery of black commodities and the temporary weakening of chemical products [1] Group 1: Market Overview - The futures market for industrial products has a wide variety of trading options, indicating a robust market presence [1] - The article emphasizes the ongoing price declines in certain commodities, prompting inquiries about their proximity to historical lows since listing [1] Group 2: Tools and Resources - The article lists various tools and reports designed to assist users in analyzing futures market volatility, macroeconomic perspectives, and arbitrage opportunities [1] - These resources are categorized by research, pre-trading, trading, and post-trading phases, providing a comprehensive framework for market participants [1]

Report Summary Core Viewpoints - The report provides a weekly hotspots preview, focusing on significant events and data releases that may impact the futures market, including Sino-US economic and trade talks, various economic data from the US and other countries, and reports on agricultural products and crude oil markets [2][3] Key Events and Data Releases May 12 - Sino-US economic and trade talks will release a joint statement. The talks were constructive, and a consultation mechanism will be established [3] - The Ministry of Agriculture and Rural Affairs will release the monthly report on the supply and demand situation of agricultural products, which may affect related agricultural futures prices [7] May 13 - The USDA will release its monthly supply and demand report, which may impact related agricultural futures prices [8] - The ZEW will announce Germany's May economic sentiment index, with an expected value of 6.9 and a previous value of -14 [9] - The US Department of Labor will release the US April CPI. The expected unadjusted CPI annual rate is 2.4%, and the unadjusted core CPI annual rate is 2.8% [10] May 14 - The National Bureau of Statistics will release the market prices of important production materials in the first ten days of May [11] - The EIA will announce the change in US crude oil inventories for the week ending May 9. A continued decline may help crude oil and related commodity futures rise [12] - OPEC will release its monthly crude oil market report, which may affect crude oil and related commodity futures prices [13] May 15 - The People's Bank of China will release April financial statistics and social financing scale data. The expected new RMB loans are 765 billion yuan, and the expected growth rate of M2 is 7.5% [15] - The IEA will release its monthly crude oil market report, which may impact crude oil and related commodity futures prices [16] - The EU will announce the revised value of the Eurozone's Q1 GDP. The expected seasonally adjusted annualized quarterly rate is 1.2% [17] - The US Department of Commerce will release April retail sales. The expected monthly rate is 0.1%, and the core retail sales monthly rate is 0.3% [18] - The US Department of Labor will release April PPI. The expected annual rate is 2.8%, and the core PPI annual rate is 3.4% [19] - The US Department of Labor will announce the number of initial jobless claims for the week ending May 10, with an expected value of 225,000 [20] - Federal Reserve Chairman Powell will give an opening speech and speak on the Fed's monetary policy assessment [21] - The Federal Reserve will release US April industrial output. The expected monthly rate is 0.1% [22] - The National Energy Administration will release April全社会用电量 data, which may affect related futures prices [23] May 16 - Japan's Cabinet Office will announce the preliminary value of Q1 GDP. The expected seasonally adjusted quarterly rate is -0.1%, and the annualized quarterly rate is -0.2% [24] - The US will release April building permits and new housing starts. The expected annualized total of building permits is 1.368 million, and new housing starts is 1.45 million [25] - The University of Michigan will announce the preliminary value of the US May consumer confidence index, with an expected value of 53 [26]

Group 1 - Han Chaodong and Liang Rui'an are prominent figures in the futures investment sector, with extensive experience and notable achievements in their respective fields [1][3][4] - Han Chaodong, chairman of Beijing Ruigu Investment Co., has dedicated over 32,000 hours to in-depth fundamental research in futures, excelling in both agricultural and industrial commodities [3] - Liang Rui'an, general manager of Shanghai Dazhun Asset Management Center, is recognized for his innovative application of supply and demand theory in value investing, achieving consistent profitability [4] Group 2 - The concept of "knowing and doing" in futures trading emphasizes that understanding the profit model is crucial for successful execution, challenging the notion that action is inherently difficult [5] - Investors should reflect on missed opportunities and ensure their research and operational capabilities align, particularly during significant market events [6] - Successful futures traders excel not only in analysis but also in leveraging their positions effectively, knowing when to increase or decrease their holdings [7] Group 3 - Continuous profitability in futures trading is viewed as a means of preparation for larger opportunities rather than merely accumulating small wins [8] - The ability to capitalize on major market movements is essential, requiring traders to maintain a flexible approach and adapt to changing market conditions [9][10] - Understanding the dynamics of arbitrage, particularly between different products and time periods, is critical for effective trading strategies [8] Group 4 - As fund sizes increase, the rate of return often diminishes due to liquidity constraints, suggesting that optimal fund sizes for higher returns should be kept at a manageable level [7][9] - Identifying significant market trends driven by supply and demand imbalances is crucial for successful trading, as balanced markets often yield less profitable opportunities [10][11] Group 5 - A trader's mindset is a vital component of success, with a good attitude being necessary for reaching top-tier performance in the futures market [12] - The relationship between traders and fund managers is likened to that of passengers and drivers, emphasizing the importance of risk management and adherence to rules [30]