1. Report Industry Investment Rating The report does not provide an overall industry investment rating. However, for individual metals, the mid - to long - term outlooks are as follows: - Copper: Oscillating with an upward bias [7] - Alumina: Oscillating [7] - Aluminum: Oscillating with an upward bias [7][9] - Aluminum alloy: Oscillating with an upward bias [10] - Zinc: Oscillating [11] - Lead: Oscillating [14] - Nickel: Oscillating with an upward bias [15] - Stainless steel: Oscillating with an upward bias [16] - Tin: Oscillating with an upward bias [18] 2. Core View of the Report With the weakening of the trading of the hawkish expectations of Wash, the macro - level expectations have improved. The raw material supply remains tight, and there are still potential disruptions in the smelting process, providing strong support on the supply side. Although the current supply - demand situation is relatively loose, there is an expectation of tightening in the medium term. Overall, copper, aluminum, tin and other metals are expected to maintain an oscillating and slightly upward trend in the medium term, and basic metals are expected to oscillate and rebound in the short term. It is advisable to conduct short - term long trades on copper, aluminum and tin considering the approaching Spring Festival [2]. 3. Summary by Related Catalogs 3.1行情观点 3.1.1 Copper - Information analysis: On February 9, the spot of Shanghai 1 electrolytic copper reported a premium of 35 yuan/ton, with a month - on - month increase of 35 yuan/ton; the spot TC of 25% copper concentrate was - 51.13 dollars/dry ton, with a month - on - month change of 0 dollars/dry ton. China plans to improve the copper resource reserve system [7]. - Main logic: The US dollar index has risen, and the risk appetite of pre - holiday funds has declined. The supply of copper ore is tight, and the smelting profit has decreased, leading to an expected contraction in refined copper supply. The terminal demand is weak, and the social inventory of refined copper is high, pressuring the upward movement of copper prices [7]. - Outlook: The supply constraints of copper still exist. Although there is a short - term adjustment, the long - term upward trend remains. It is expected to be oscillating with an upward bias [7]. 3.1.2 Alumina - Information analysis: On February 9, the national weighted index of alumina spot was 2614.6 yuan/ton, with a month - on - month increase of 4.2 yuan/ton; the alumina warehouse receipts were 242,626 tons, with a month - on - month increase of 24,626 tons [7]. - Main logic: The macro sentiment has magnified the market fluctuations. The spot average price has dropped significantly compared to the end of last year. High - cost inland production capacity is facing losses, increasing the expectation of supply contraction. However, the supply contraction is still insufficient, and the cost reduction is weakening the price support. The market is expected to be in a wide - range oscillation [7]. - Outlook: The current supply - demand situation is in surplus, but the expectation of production reduction is increasing. It is expected to oscillate [7]. 3.1.3 Aluminum - Information analysis: On February 9, the average spot price of domestic electrolytic aluminum was 23,416 yuan/ton, with a month - on - month increase of 239 yuan/ton; the spot premium was - 165 yuan/ton, with a month - on - month decrease of 15 yuan/ton. The inventory of aluminum ingots and aluminum rods in mainstream consumption areas increased. The warehouse receipts of electrolytic aluminum on the Shanghai Futures Exchange also increased. The demand in the South China building materials market has declined, while the East China industrial materials market is relatively stable, and the order volume of photovoltaic profiles has increased [7][8]. - Main logic: The US economic data is weak, and the nomination of Wash as the next Fed chairman has reduced the short - term risk appetite, but the macro - level expectations are expected to be positive in the future. The domestic production capacity is stable, and the smelting profit is high. The overseas Indonesian project is progressing as expected, but there are still constraints on medium - term supply expansion. The weekly initial production start - up rate has decreased, and the high price is suppressing demand. The social inventory is accumulating. Overall, the aluminum price is expected to be oscillating with an upward bias [9]. - Outlook: In the short term, the positive macro - level expectations and the tight supply - demand situation are expected to keep the aluminum price oscillating with an upward bias. In the medium term, the supply is expected to be in short supply, and the price center is expected to rise [9]. 3.1.4 Aluminum alloy - Information analysis: On February 9, ADC12 was reported at 23,100 yuan/ton, with a month - on - month increase of 100 yuan/ton; the average spot price of domestic electrolytic aluminum was 23,416 yuan/ton, with a month - on - month increase of 239 yuan/ton [13]. - Main logic: The price of scrap aluminum is high, and the supply is tight, providing strong cost support. Some manufacturers have started the Spring Festival holiday in advance, and the tax - refund policy and tax transfer may still restrict supply. The demand - side subsidy has declined, and the high price is suppressing downstream demand. The social inventory is accumulating. It is expected to be oscillating with an upward bias [10]. - Outlook: In the short term, the cost support is strong, and the price is expected to be oscillating with an upward bias. In the medium term, the cost support is strengthened, and the supply may be reduced due to policy changes. The supply - demand is in a tight balance, and the price is expected to be oscillating with an upward bias [10]. 3.1.5 Zinc - Information analysis: On February 9, the premiums of Shanghai 0 zinc, Guangdong 0 zinc, and Tianjin 0 zinc to the main contract were 25 yuan/ton, - 55 yuan/ton, and - 50 yuan/ton respectively. As of February 9, the total inventory of zinc ingots in seven regions was 128,100 tons, with a month - on - month increase of 9,800 tons [10][11]. - Main logic: The economic data is generally positive, and the expectation of Fed rate cuts has increased. The processing fee of zinc ore has declined more slowly, and the import of zinc ore has increased. The supply pressure of domestic zinc ingots has increased, and the demand is in the off - season. In the short term, the zinc price is expected to oscillate at a high level. In the long term, the supply is expected to increase, and the demand growth is limited, so the zinc price may decline [11]. - Outlook: The supply pressure of domestic zinc ingots is increasing, and the demand is in the off - season. The social inventory will continue to accumulate, and the zinc price is expected to oscillate [11]. 3.1.6 Lead - Information analysis: On February 9, the price of waste electric vehicle batteries was 9,925 yuan/ton, with a month - on - month decrease of 25 yuan/ton; the price of 1 lead ingots was 16,400 - 16,500 yuan/ton, with an average price of 16,450 yuan/ton, and the spot premium in Henan was - 160 yuan/ton, with a month - on - month increase of 10 yuan/ton. The social inventory of lead ingots in major domestic markets was 49,900 tons, with a month - on - month increase of 4,000 tons; the latest warehouse receipts of Shanghai lead were 40,773 tons, with a month - on - month increase of 4,968 tons [12][14]. - Main logic: The spot premium has increased slightly, and the price difference between primary and recycled lead has remained stable. The price of waste batteries has decreased slightly, and the smelting profit of recycled lead has increased slightly. The production of recycled lead has decreased slightly. The orders of electric bicycles have weakened, and the orders of automobile batteries have improved. The operating rate of lead - acid battery enterprises has declined [14]. - Outlook: The operating rates of primary and recycled lead smelters are still high, and the production of lead ingots remains high. The demand for lead ingots has weakened, but the cost of waste batteries remains high. The lead price is expected to oscillate [14]. 3.1.7 Nickel - Information analysis: On February 9, the warehouse receipts of Shanghai nickel were 51,721 tons, with a month - on - month increase of 447 tons; the LME nickel inventory was 285,072 tons, with a month - on - month decrease of 210 tons. The market price of high - nickel iron in China was 1,025 - 1,050 yuan/nickel (including tax at the factory), which was the same as on the 6th [14][15]. - Main logic: The domestic production of electrolytic nickel has increased, and the production of MIHP and ferronickel in Indonesia has remained high. The demand is in the off - season, and the supply - demand situation is in surplus. Indonesia plans to revise the pricing method of domestic nickel ore trade and reduce the nickel ore quota in 2026, which has adjusted the market's expectations for nickel cost and balance [15]. - Outlook: The current fundamentals of nickel have not improved significantly, and the supply - demand situation is expected to be loose in February. The LME inventory is high, which suppresses the price. If the actual nickel ore quota in Indonesia is low, the expectation of nickel surplus in 2026 will decline. The nickel price is expected to be oscillating with an upward bias [15]. 3.1.8 Stainless steel - Information analysis: On February 9, the inventory of stainless steel futures warehouse receipts was 53,523 tons, with a month - on - month increase of 5,723 tons. The spot price of Foshan Hongwang 304 was at a premium of 365 yuan/ton to the main stainless steel contract. The market price of high - nickel iron in China was 1,025 - 1,050 yuan/nickel (including tax at the factory), which was the same as on the 6th [16]. - Main logic: The prices of nickel iron and chromium are stable, providing cost support. The production of stainless steel decreased in December, and the production schedule in January may increase slightly due to profit repair. The terminal demand is still cautious. The social inventory has increased slightly, and the inventory may face pressure during the off - season [16]. - Outlook: The production schedule in January may increase slightly, but it is expected to decline significantly in February due to the Spring Festival. The downstream demand is expected to be weak during the off - season. However, considering the long - term suppression of industrial chain profits and the support from the ore end, the stainless steel price is expected to be oscillating with an upward bias [16]. 3.1.9 Tin - Information analysis: On February 9, the LME tin warehouse receipts decreased by 45 tons to 7,085 tons; the Shanghai tin warehouse receipts decreased by 296 tons to 6,716 tons; the Shanghai tin positions increased by 3,951 lots to 87,056 lots. The average price of Yangtze River Non - ferrous 1 tin ingots was 356,400 yuan/ton, with a month - on - month decrease of 21,600 yuan/ton [18]. - Main logic: The supply of tin is the key factor affecting the price. The supply problem in Wabang may be alleviated, but the supply in Indonesia is still restricted, and the situation in the Democratic Republic of the Congo is severe. The supply of tin ore is tight, and the production of refined tin is difficult to increase. The processing fee of tin concentrate has increased, indicating increased financial pressure on some smelters. The demand for tin in the semiconductor, photovoltaic, and new - energy vehicle industries is increasing, and the inventory needs to be rebuilt [18]. - Outlook: The supply risk is high. In the medium - to long - term, the tin price is expected to be oscillating with an upward bias [18]. 3.2行情监测 - **Commodity Index**: On February 9, 2026, the comprehensive index of CITIC Futures was 2,374.89, up 0.70%; the commodity 20 index was 2,710.51, up 0.96%; the industrial product index was 2,278.80, up 0.21%; the PPI commodity index was 1,404.35, up 0.58% [142]. - **Plate Index**: The non - ferrous metal index on February 9, 2026, was 2,681.11, with a daily increase of 1.12%, a 5 - day increase of 0.10%, a 1 - month decrease of 5.82%, and a year - to - date decrease of 0.18% [143].

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report Total Volume - Trade continued its periodic rebound. As of January 14, the global export heat value of Huatai was +0.68, up 0.54 from the revised November figure; the import heat value was +0.09, up 0.17 from the revised November figure. The economies that had released December import and export reports showed a slight slowdown in the month - on - month improvement, but trade continued to recover in December after the improvement in November. The Fed cut interest rates by 25 basis points in December and implemented the RMP balance sheet expansion policy. The global economy continued to show signs of improvement at the end of 2025, but there was a risk of continued pressure on periodic trade during the economic cycle transition. [2][10] - The tone was optimistic. After the leaders of China and the US met in South Korea at the end of October and reached measures such as suspending additional tariffs, market risk appetite improved. In the long run, the "Big Beautiful Act" in the US in July opened the debt shackles restricting the US economic expansion, and the direction of macro - asset allocation expansion was certain [2][19]. Structure - Electric vehicles maintained their advantage, and attention should be paid to the increase in art imports and the decline in machine tool exports [3]. - By industry (as of November): China's import demand for transport equipment, waste resources, and non - metal minerals increased, while the short - term import demand for ferrous metals, chemical fibers, and coal continued to slow. The global economy's import demand for China's transport equipment, non - ferrous metals, and equipment increased, but the demand for non - metal minerals, wood products, and oil and gas decreased significantly [3]. - By commodity: As of November, China's imports of weapons continued to decline, while it increased art imports and precious metal exports. As of December, the export growth of China's machine tools slowed significantly, but automobiles still maintained a trade advantage. China's import demand for aluminum remained high, and the growth rate of rare earth imports remained low. The export demand for Chinese goods remained relatively strong, with rapid growth in the exports of cement, fertilizers, and electric vehicles, but a slowdown in machine tools and coal [3]. - By country: As of December, China's top 5 foreign trade partners were ASEAN (16.37%), the EU (13.12%), the US (8.14%), Hong Kong, China (6.25%), and South Korea (5.25%). In December, China maintained high trade growth rates with Hong Kong, China (25.66%), Vietnam (16.77%), and Indonesia (14.79%), and low trade growth rates with the US (- 25.97%), Malaysia (- 19.89%), and Canada (- 6.55%) [3]. 3. Summary According to the Directory Global Trade in December - Huatai Futures measured the current global trade cycle by tracking the import and export cycles of major global economies. In 2025, China's foreign trade volume was 45.47 trillion yuan, a 3.8% increase. Exports were 26.99 trillion yuan (up 6.1%), and imports were 18.48 trillion yuan (up 0.5%). As of January 14, the global export heat value of Huatai was +0.68, up 0.54 from the revised November figure; the import heat value was +0.09, up 0.17 from the revised November figure. The economies that had released December import and export reports showed a slight slowdown in the month - on - month improvement, but trade continued to recover in December [10]. China's Trade in December - China's trade continued to recover. The relatively loose Fed monetary policy and the easing of China - US relations improved trade. The tone was optimistic due to the China - US leaders' meeting and the "Big Beautiful Act" in the US. However, the expansion rhythm was highly uncertain, as the current easing state might be interrupted at any time, and the Sino - Japanese trade conflict and US military actions in South America and the Middle East increased trade flow instability. The economies of China and the US improved month - on - month. In December, the US non - farm employment remained positive, and the unemployment rate dropped slightly to 4.4%. China's manufacturing PMI rebounded 0.9 percentage points to 50.1 in December, and new export orders also continued to rebound [19]. Import Industries - Manufacturing import growth rebounded. As of November 2025, the import value index expanded in 24 industries, including manufacturing (102.2). Among them, the railway, ship, aerospace, and other transport equipment manufacturing industries had relatively large rebounds [28]. - Transport equipment imports increased. As of November, the import demand of 12 industries, such as railway, ship, aerospace, and other transport equipment manufacturing, increased. China reduced its import demand for coal and chemical products, with 5 industries, including ferrous metal smelting and rolling processing, showing a decline [29][32]. Export Industries - China's manufacturing exports rebounded. As of November 2025, the export value of manufacturing (105.9) expanded, while the electricity, heat, gas, and water supply industries (99.3) and mining (66.7) continued to contract. Among the 24 industries with expanding export value, 9 industries, such as railway, ship, aerospace, and other transport equipment manufacturing, had relatively large increases [36][37]. - China's transport equipment exports were strong. As of November, 4 industries, such as railway, ship, aerospace, and other transport equipment manufacturing, showed an increase in both export volume and price. The exports of oil, gas, and entertainment products declined, with 6 industries, such as the wine, beverage, and refined tea manufacturing industry, showing a decrease in export demand [39][41]. Commodity Comparison - China's weapon imports contracted, and art imports expanded again. As of November 2025, the import value index expanded at a slower pace, with 13 types of commodities showing growth and 8 showing a decline [45]. - China's art exports contracted, but precious metal exports expanded. As of November 2025, the export value index expanded at an accelerated pace, with 11 types of commodities showing growth and 10 showing a decline [46]. Import - China's demand for resource imports remained high. As of December 2025, China's imports of bauxite (29.4%) and rubber (16.7%) continued to grow at a relatively high rate. The import growth rates of some key commodities continued to slow, such as rare earths (- 24%) and automobiles (- 32.4%) [53]. Export - China's export demand for goods remained strong. As of December 2025, the exports of cement (107.2%), fertilizers (44%), and electric vehicles (63.8%) maintained high growth rates. Only a few commodities' exports declined, such as machine tools (- 8.2%) and aluminum (- 8%) [58]. Net Export - China's net export demand for goods remained strong overall. As of December 2025, the net exports of electric vehicles (93.3%), grain (56.3%), and other commodities maintained high growth rates. Only a few commodities' net exports declined, such as aluminum (- 12.4%) and rubber (- 13%) [62]. Regional Comparison - China's foreign trade country structure: As of December 2025, China's top 5 foreign trade partners were ASEAN, the EU, the US, Hong Kong, China, and South Korea. In the past 5 years, the trade volume between ASEAN and China increased by 1.59 percentage points, while that between the US and China decreased by 5.30 percentage points [66]. - China's import country structure: As of December 2025, China's top 5 import sources were ASEAN, the EU, Taiwan, China, South Korea, and Japan. In the past 5 years, China's import share from Russia increased by 2.21 percentage points, while that from the EU and the US decreased [66]. - China's export country structure: As of December 2025, China's top 5 export destinations were ASEAN, the EU, the US, Hong Kong, China, and Vietnam. In the past 5 years, China's export share to ASEAN increased by 2.72 percentage points, while that to the US and Hong Kong, China decreased [67]. - China's foreign trade growth rate: As of December 2025, the 3 countries or regions with the highest trade growth rates with China were Hong Kong, China (25.66% YoY), Vietnam (16.77% YoY), and Indonesia (14.79% YoY); the 3 with the lowest were the US (- 25.97% YoY), Malaysia (- 19.89% YoY), and Canada (- 6.55% YoY) [79].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China's economic growth momentum weakened marginally in October 2025, but it is likely to achieve the annual growth target of around 5%. New round of pro - growth policies are expected to be introduced in the coming year, and gold's long - term bullish trend is well - founded [4]. - The end of the US federal government shutdown had short - term and long - term impacts on the US economy. In the short term, it may push up the Fed's December rate - cut expectation, while in the long run, the US economic growth momentum is likely to rebound in late 2025 and 2026, which is negative for precious metals [16][17]. - It is recommended to take a long - position approach in precious metal trading, as the medium - term bull market of precious metals since March 2024 is not over, and attention should be paid to the opportunities to go long again [30]. 3. Summary According to the Directory 3.1 Macro Environment Review 3.1.1 Economic Situation in China - China's economic growth momentum weakened marginally in October due to reduced stimulus from pro - growth measures, international trade tensions, and the decline of export - rush demand. New pro - growth policies are expected to be introduced in the future [4]. - From January to October, China's cumulative year - on - year fixed - asset investment shrank by 1.7%, with manufacturing, real estate, and infrastructure investment all showing different degrees of slowdown [5]. - In October, China's total retail sales of consumer goods increased by 2.9% year - on - year, with a slowdown in growth. The cumulative year - on - year growth from January to October was 4.3% [8]. - In October, China's industrial added value of large - scale industries increased by 4.9% year - on - year, with a slowdown in growth. The domestic supply - demand imbalance worsened [9]. - In October, China's real estate market continued to be weak, with the national real estate climate index falling, sales, completion, and new construction areas all shrinking, and high inventory levels [11][12]. - In October, new and second - hand housing prices in 70 large and medium - sized cities in China declined, and the positive feedback cycle of falling prices and weak sales resumed [14]. 3.1.2 Impact of the End of the US Federal Government Shutdown - The 43 - day US federal government shutdown from October 1 to November 12, 2025, caused a short - term shock to the US economy, with an estimated loss of about $645 billion and a predicted 1.5 - percentage - point reduction in Q4 2025 GDP growth [15][16]. - After the shutdown ended, the release of previously suspended economic data may push up the Fed's December rate - cut expectation, leading to a rise in US stocks and precious metal prices. In the long term, the US economic growth momentum is likely to rebound, which may lead the Fed to pause rate cuts in the first half of 2026, negative for precious metals [16][17]. 3.2 Precious Metals Market Analysis 3.2.1 US Treasury Yields and Dollar Exchange Rates - The US dollar index is expected to oscillate at a low level in the second half of 2025, with a core fluctuation range of 95 - 102. The RMB exchange rate against the US dollar is expected to be slightly stronger but face upward pressure [19][20]. - The 10 - year US Treasury yield is expected to have a core fluctuation range of 3.8% - 4.5% in the second half of 2025 [22]. 3.2.2 Market Investment Sentiment - As of November 13, 2025, the holdings of SPDR Gold ETF and SLV Silver ETF were 22.4% and 13.8% higher than their May 2024 lows respectively [23]. 3.2.3 Precious Metals Review and Outlook - In the long - term, geopolitical risks and the restructuring of the global trade and monetary system support the long - term bull market of gold. In the medium - term, economic recession risks and liquidity premium expectations make gold prices stronger. In the short - term, gold prices rose due to the Fed's rate - cut expectation but then corrected and rebounded [26][27]. - It is recommended to take a long - position approach in precious metal trading, with London gold expected to reach $4500 and $4800 per ounce in the next six months and one year respectively, and London silver expected to reach $58 and $63 per ounce [30]. 3.2.4 Precious Metals - Related Charts - The gold - to - silver ratio in London and Shanghai showed different trends from June 2024 to October 2025. The correlation between gold and other assets also changed, with the negative correlation between gold and the US dollar index turning positive, and the negative correlation between gold and US Treasury real yields weakening [31].

Core Viewpoint - The introduction of the "Guidelines for Futures Companies to Publish Futures Research Reports" aims to standardize the futures industry research reports and promote high-quality development within the sector [1][4]. Group 1: Economic Context and Industry Challenges - The futures industry must address the challenges posed by geopolitical instability and the need for effective risk management services for domestic enterprises venturing abroad [2]. - The current economic transformation in China has shifted the primary contradiction from supply shortages to the need for balanced and sufficient development, increasing the demand for risk management [2]. Group 2: Importance of Research Reports - Futures research reports serve as crucial carriers of market information, and their authenticity and compliance are essential for effective risk management [3]. - The new guidelines will enhance the transparency and accuracy of publicly available futures research products, while increasing the cost of accessing high-value reports [5]. Group 3: Compliance and Cost Implications - The compliance costs for futures companies are expected to rise significantly in the short term, with an anticipated increase of 20% to 30% in compliance investments by leading firms by 2025 [6]. - The guidelines require futures companies to establish comprehensive internal control systems and enhance personnel qualifications for report production and compliance [6]. Group 4: Industry Structure and Competition - The concentration of the futures industry is projected to increase, with leading firms capturing a significant share of net profits, indicating a shift towards improved competitive dynamics [7]. - The rise in compliance costs is expected to reduce chaotic price competition and encourage firms to enhance their professional capabilities and service quality [7]. Group 5: Long-term Transformation and Value Creation - The guidelines will facilitate the multi-faceted transformation of futures companies, moving from traditional business models to integrated growth strategies encompassing various financial services [8]. - High-quality research reports will enable better pricing of projects and commodities, thus enhancing market resource allocation [8][9]. - The shift towards a profit-generating model for research departments will necessitate higher professional standards and capabilities among research personnel [9]. Group 6: Future Business Models - Futures companies are expected to move away from reliance on brokerage services, focusing instead on personalized hedging products and high-quality service capabilities to gain competitive advantages [10].

Core Viewpoint - The newly published "Guidelines for Futures Companies to Release Futures Research Reports" aims to standardize the behavior of futures companies in releasing research reports, enhance research service capabilities, and address internal control deficiencies and irregular processes in the industry [1][2]. Group 1: Guidelines Overview - The guidelines focus on "standardizing professional behavior, preventing business risks, and improving service quality," detailing execution standards for each step in the report release process [2]. - A total of 32 articles are included in the guidelines, emphasizing the establishment of a comprehensive internal control system covering the entire process of report creation, review, release, and sales service [2][3]. Group 2: Key Highlights - The guidelines require unified content elements and format standards for research reports, emphasizing the qualifications and responsibilities of authors [3]. - A dual mechanism for quality review and compliance checks is established, with clear processes, content, responsibilities, and personnel requirements [3]. - The guidelines introduce a market impact assessment mechanism prior to report release, ensuring reports are disseminated through a centralized internal platform [3]. Group 3: Public and Private Domain Distinction - The guidelines clearly delineate the boundaries between public and private domain operations, with public domain reports limited to educational content and private domain reports requiring specific contracts and risk disclosures [4]. - This distinction aims to prevent misleading information dissemination and ensure that private domain services align with investor risk profiles [4]. Group 4: Conflict of Interest Prevention - The guidelines mandate the separation of research report creation and sales functions to ensure research independence and prevent conflicts of interest [5][6]. - Companies are required to adhere to integrity regulations and ensure consistency in internal research support [5]. Group 5: Practical Implementation - The guidelines expand their applicability to include "information services" under the same management as research reports, preventing circumvention of regulations [6]. - Companies can provide research reports to brokerage clients without separate contracts if no fees are charged, aligning with practical industry needs [6]. Group 6: Industry Impact - The guidelines address existing industry issues such as inadequate internal controls and quality inconsistencies, promoting a shift towards high-quality development in the futures market [7]. - By enhancing the quality of research services, the guidelines aim to better meet the risk management needs of industrial clients [7][8]. Group 7: Transition Period - A two-month transition period is established for futures companies to prepare for the implementation of the guidelines, ensuring readiness for compliance [8].