Group 1 - The overall equity market experienced adjustments during the week from March 2 to March 6, with the Shanghai Composite Index falling by 0.93% to close at 4124.19 points, and the Shenzhen Component Index declining by 2.22% to 14172.63 points [9][11] - The convertible bond market also saw a decline, with the China Convertible Bond Index dropping by 2.07% and the Shanghai Convertible Bond Index decreasing by 2.21% during the week [16] - The bond market showed a general strengthening trend, with the 1-year China government bond yield decreasing by 3.58 basis points, and the 10-year yield down by 0.67 basis points [20] Group 2 - In the commodity market, performance was mixed, with WTI crude oil rising significantly by 35.63%, while COMEX gold and silver fell by 2.17% and 10.27% respectively [10][28] - The South China Commodity Index overall strengthened, with a 6.43% increase, driven by strong performance in energy and chemical sectors, which rose by 15.45% [28] - The market saw active trading in both convertible bonds and underlying stocks, with transaction volumes of 3674.49 billion and 7711.56 billion respectively, indicating a recovery in trading activity [16]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the performance of various asset classes in the week from February 24th to February 27th, 2026. The equity market showed overall recovery, the convertible bond market declined, the bond market mostly weakened, and commodity futures mostly strengthened. Different market segments were affected by various factors such as policy changes, external trade environment, and geopolitical risks [9][10]. 3. Summary by Directory 3.1 This Week's Performance of Major Asset Classes - The equity market showed overall recovery. The Shanghai Composite Index rose 1.98% to 4162.88 points, the Shenzhen Component Index rose 2.8% to 14495.09 points, and the ChiNext Index rose 1.05% to 3310.3 points. The trading volume of the Shanghai and Shenzhen stock exchanges totaled 9.69 trillion yuan. The Hang Seng Index rose 0.82% to 26630.54 points, while the Hang Seng Tech Index fell 1.41% to 5137.84 points [9]. - The convertible bond market declined. The CSI Convertible Bond Index fell 0.24% in the past week, and the Shanghai Stock Exchange Convertible Bond Index fell 0.34%. In the past month, the CSI Convertible Bond Index rose 0.9%, and the Shanghai Stock Exchange Convertible Bond Index rose 0.26% [9]. - The bond market mostly weakened. The yields of 1-year, 3-year, 5-year, 7-year, and 30-year China Bond Treasury bonds increased by 0.71bp, 0.84bp, 1.33bp, 2.36bp, and 4.36bp respectively, while the 10-year yield decreased by 0.22bp [9]. - Commodity futures mostly strengthened, with silver performing strongly. COMEX gold rose 3.24%, COMEX silver rose 11.61%, LME copper rose 2.28%, LME aluminum rose 1.16%, WTI crude oil rose 0.81%, SHFE rebar rose 0.98%, CBOT soybeans rose 1.41%, and CBOT corn rose 1.88% [10]. 3.2 Performance of the Equity Market - Stocks - The equity market rose this week, with small and medium-cap stocks outperforming. Most industries rose, with cyclical sectors such as steel and non-ferrous metals leading the gains. The media, consumer services, and non-bank financial sectors led the declines. The media sector fell 5.21%, consumer services fell 4.14%, and non-bank financials fell 3.21%. The steel sector rose 9.52%, and the comprehensive financial sector rose 2.17% [14]. - Market rotation was still active this week. The market style switched again. Benefiting from post-holiday resumption of work and production, cyclical and resource sectors led the gains, while the consumer sector was relatively weak. In addition, technology growth sectors such as semiconductors and chips also performed well [14]. - The reasons for the market performance are that the trading volume increased in the first week after the holiday, and the trading activity improved. Since the beginning of this year, the prices of many commodities have continued to rise. On the one hand, driven by the expansion of AI-related demand, the prosperity of sub - sectors such as chips and electronic cloth has increased, and prices have strengthened. On the other hand, the prices of resources such as gold and silver have also risen to varying degrees. Under the combined effect of rising product prices and improved profit expectations, relevant fields have strengthened synchronously. In the steel sector, many steel enterprises announced a "good start" in production in the first month of this year, and the production and sales indicators of some steel enterprises performed well, enhancing the investment confidence in the sector [14]. 3.3 Performance of the Equity Market - Convertible Bonds - The equity market rose this week, while the convertible bond market fell. As of February 27, 2026, the CSI Convertible Bond Index fell 0.24%, and the Shanghai Stock Exchange Convertible Bond Index fell 0.34%. In the past month, the CSI Convertible Bond Index rose 0.9%, and the Shanghai Stock Exchange Convertible Bond Index rose 0.26%. The trading volumes of convertible bonds and underlying stocks this week were 2945.06 billion yuan and 5968.85 billion yuan respectively, and the trading activity of both underlying stocks and convertible bonds declined compared with before the holiday [16]. - The convertible bond market was weak this week, lagging behind the overall stock market performance. The resource and pro - cyclical sectors of A - shares showed obvious upward trends, while some high - valuation technology and growth stocks were under pressure. At the same time, the trading volume of convertible bonds decreased, which may have had a certain impact on the convertible bond market [16]. 3.4 Performance of the Fixed - Income Market - The bond market yields generally increased this week, with the 10 - year Treasury bond yield slightly decreasing. The yields of 1 - year, 3 - year, 5 - year, 7 - year, and 30 - year China Bond Treasury bonds increased by 0.71bp, 0.84bp, 1.33bp, 2.36bp, and 4.36bp respectively, while the 10 - year yield decreased by 0.22bp [18]. - During the Spring Festival, the US tariff policy fluctuated again, increasing the uncertainty of the external trade environment and affecting the market risk appetite, which had a certain impact on the short - term bond market. On February 25th, Shanghai issued the "Seven Measures for Shanghai" real estate optimization policy, which adjusted the purchase restrictions, housing provident fund use, and property tax, etc. The policy was aimed at stabilizing the real estate market and expectations. Affected by the policy's boost to the real estate chain sentiment, the risk appetite for equities was marginally repaired, and the bond market was under pressure [18]. - In terms of the capital side, on February 25th, the central bank conducted 600 billion yuan of MLF operations. From the perspective of the operation intensity and reverse repurchase scale, the monetary policy continued to be relatively loose, and the attitude of maintaining liquidity was stable. Especially before the Two Sessions, the policy orientation of stabilizing the capital side is expected to continue, and the capital price is likely to remain in a reasonable range and be generally stable. In the future, although the bond market sentiment has improved compared with before, there are not enough incremental factors to drive the yield to break through the oscillation range effectively. Before there is a new dominant variable, the market's long and short forces are still relatively balanced, and the bond market is expected to continue the range - bound pattern in the short term [19]. 3.5 Performance of the Commodity Market - The Nanhua Commodity Index strengthened overall this week, with precious metals performing strongly. The index rose 3.56% in total. Precious metals led the gains, rising 8.55% compared with the week before the Spring Festival. Metals rose 3.06%, industrial products rose 2.47%, energy and chemicals rose 2.14%, and agricultural products rose 1.19% [27]. - The gold price continued to rise this week and remained at a high level. The uncertainty of the US - Iran situation and the variable policy orientation of the Trump administration have increased the external geopolitical risk premium. At the same time, the short - term rebound of international oil prices and the creation of a new stage high have strengthened the market's re - pricing expectations for inflation and the energy supply - demand pattern, driving the precious metal and energy sectors to strengthen synchronously. In the future, the evolution of the geopolitical situation is still uncertain, and there are also significant differences in the Fed's policy path. It is expected that gold will maintain a high - level oscillation pattern in the short term [28][30].

Group 1: Stock Indices - The Shanghai Composite Index closed on February 27 with an increase of 16.25 points, a rise of 0.39%, reaching 4162.88 points [4] - The Shenzhen Component Index closed down by 8.69 points, a decrease of 0.06%, at 14492.09 points [4] - The CSI 300 Index fell by 16.23 points, down 0.34%, closing at 4710.65 points [4] - The ChiNext Index decreased by 34.68 points, a drop of 1.04%, ending at 3310.30 points [4] - The STAR Market 50 Index rose by 2.16 points, an increase of 0.15%, closing at 1488.02 points [4] Group 2: Commodity Indices - The report includes various commodity indices such as lithium carbonate, silver, and crude oil, but specific data for these commodities is not provided in the excerpts [3][5][9]

Group 1: Stock Indices - The Shanghai Composite Index closed down by 0.60 points, a decrease of 0.01%, at 4146.63 points on February 26 [5] - The Shenzhen Component Index closed up by 31.15 points, an increase of 0.22%, at 14507.01 points on February 26 [5] - The CSI 300 Index closed down by 9.01 points, a decrease of 0.19%, at 4726.87 points on February 26 [5] - The ChiNext Index closed down by 8.61 points, a decrease of 0.26%, at 3346.21 points on February 26 [5] - The STAR Market 50 Index closed up by 12.58 points, an increase of 0.85%, at 1485.86 points on February 26 [5][38] Group 2: Commodity Indices - The report includes various commodity indices such as lithium carbonate, silver, crude oil, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data for these commodities is not provided in the excerpts [34][39][44][49][53][57][60][61][63][64][66]

Group 1: Stock Indices - The Shanghai Composite Index closed up by 29.82 points, a rise of 0.72%, ending at 4147.23 points on February 25 [5] - The Shenzhen Component Index increased by 185.66 points, reflecting a growth of 1.30%, closing at 14477.22 points [5] - The CSI 300 Index rose by 28.34 points, with a gain of 0.60%, finishing at 4735.89 points [5] - The ChiNext Index saw an increase of 47.24 points, up by 1.43%, closing at 3355.51 points [5] - The STAR Market 50 Index closed up by 7.92 points, a rise of 0.54%, ending at 1473.28 points [5] Group 2: Commodity Indices - The document includes references to various commodities such as lithium carbonate, silver, crude oil, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data or analysis on these commodities is not provided in the excerpts [9][40][44][46][48][49][51][53][55][57][59][60][62][64][66]

Group 1: Stock Indices - The Shanghai Composite Index closed on February 24 with an increase of 35.34 points, a rise of 0.87%, reaching 4117.41 points [5] - The Shenzhen Component Index rose by 200.10 points, up 1.42%, closing at 14300.29 points [5] - The CSI 300 Index increased by 47.14 points, a gain of 1.01%, ending at 4707.54 points [5] - The ChiNext Index saw an increase of 34.52 points, up 1.05%, closing at 3310.48 points [5] - The STAR Market 50 Index decreased by 4.97 points, down 0.34%, closing at 1465.36 points [5][39] Group 2: Commodity Indices - The document includes references to various commodities such as lithium carbonate, silver, crude oil, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data or analysis for these commodities is not provided in the excerpts [9][40][45][50][52][54][56][58][61][63][65][66]

Group 1: Stock Indices - The Shanghai Composite Index closed down by 51.95 points, a decrease of 1.26%, ending at 4082.07 points [5] - The Shenzhen Component Index fell by 182.81 points, down 1.28%, closing at 14100.19 points [5] - The CSI 300 Index decreased by 59.17 points, a drop of 1.25%, finishing at 4660.41 points [5] - The ChiNext Index declined by 52.10 points, down 1.57%, closing at 3275.96 points [5] - The STAR Market 50 Index fell by 10.66 points, a decrease of 0.72%, ending at 1470.33 points [41] Group 2: Commodity Indices - No specific data provided for commodity indices in the available content. Group 3: Other Commodities - No specific data provided for other commodities in the available content.

Group 1: Stock Indices - The Shanghai Composite Index closed on February 11 with an increase of 3.61 points, a rise of 0.09%, reaching 4131.98 points [5] - The Shenzhen Component Index closed down by 49.69 points, a decrease of 0.35%, at 14160.93 points [5] - The CSI 300 Index closed down by 10.48 points, a decline of 0.22%, at 4713.82 points [5] - The ChiNext Index closed down by 35.80 points, a drop of 1.08%, at 3284.74 points [5] - The STAR Market 50 Index closed down by 16.38 points, a decrease of 1.11%, at 1455.11 points [41] Group 2: Commodity Indices - The report includes various commodity indices such as lithium carbonate, silver, crude oil, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data for these commodities is not provided in the text [36][42][43][44][47][49][52][55][57][59][61][63][65][66][68][69][71][73]

Group 1: Stock Indices - The Shanghai Composite Index closed down by 10.33 points, a decrease of 0.25%, ending at 4065.58 points [6] - The Shenzhen Component Index fell by 37.53 points, down 0.27%, closing at 13915.18 points [6] - The CSI 300 Index decreased by 26.82 points, a drop of 0.57%, finishing at 4643.60 points [6] - The ChiNext Index declined by 23.81 points, down 0.73%, closing at 3236.46 points [6] - The STAR Market 50 Index fell by 10.12 points, a decrease of 0.71%, ending at 1422.41 points [40]

Market Overview - The A-share market showed a strong fluctuation today, with the Shanghai Composite Index rising by 0.85% to 4102.20 points, while the Shenzhen Component Index increased by 0.21%. However, the ChiNext Index and the Sci-Tech Innovation Board Index fell by 0.40% and 0.98%, respectively. The total trading volume in the Shanghai and Shenzhen markets was 250.33 billion yuan, a decrease of 62.4 billion yuan from the previous day. Overall, the market sentiment was neutral to weak, with over 3200 stocks rising [1]. Sector Performance - The coal, gold, and dividend sectors led the gains today, while high-volatility sectors such as artificial intelligence, media, and telecommunications experienced pullbacks. Small-cap stocks underperformed large-cap stocks, and growth stocks lagged behind value stocks, indicating a preference for more stable investments [1]. Gold and Silver Market - The Gold ETF from Guotai surged by 4.24%. After two consecutive days of significant declines, gold and silver prices rebounded strongly, with spot gold rising above the 5000 USD mark and spot silver exceeding 90 USD. The rebound in precious metals prices followed a concentrated release of selling pressure, and the implied volatility of gold showed signs of turning upward again after a previous spike and subsequent correction [1]. Coal Sector Insights - The Coal ETF (515220) saw a significant increase of 9.07%, while the Guotai Dividend State-Owned Enterprise ETF (510720) rose by 4.29%. Indonesian officials announced that local miners have suspended spot coal exports to support prices, as current profit margins for miners are low. This suspension is aimed at avoiding default risks due to quota uncertainties, although long-term contracts remain unaffected. The coal sector is expected to benefit from short-term supply-demand catalysts and long-term valuation support due to weakening dollar credit [2]. Transportation Sector Activity - The airport and shipping sectors were active today, driven by the ongoing Spring Festival travel season. With the holiday period being longer this year, a second wave of travel is anticipated. The transportation ETF (561320) increased by 3.10%, supported by a slowing supply growth, high passenger load factors, and expectations of reduced competition, which may lead to improved profitability in the sector [2]. Bond Market Trends - Following an initial over-allocation by banks at the beginning of the year, the bond market has experienced a slow upward trend, although recent movements have shown hesitation. The ten-year government bond ETF (511260) has been primarily fluctuating, with a slight increase of 0.05% over the past five days. Short-term interest rates may still have room to decline, but a narrow range of fluctuations is expected in the medium to long term. A strategic allocation approach is recommended over short-term trading, with a focus on medium-duration government bond ETFs [2].