1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The report presents a comprehensive analysis of commodity options on February 12, 2026, including option quotes, positions, and various ratios, as well as daily selections and expiring options [1]. 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: Nickel had the highest daily increase of 305.19%, followed by tin (69.44%) and lithium carbonate (59.40%) [1]. - **Put Options**: Industrial silicon had the highest daily increase of 8.57%, while palm oil increased by 7.30%. Glass, sugar, and other varieties showed declines [1]. Option Positions - **Call Options**: Nickel had the largest daily increase in positions of 6,533, followed by lithium carbonate (6,101) and industrial silicon (4,102) [2]. - **Put Options**: Corn had the largest daily increase in positions of 12,065, followed by nickel (5,454) and lithium carbonate (4,780) [2]. Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had a PCR of 1.7211, followed by offset printing paper (1.3903) and staple fiber (1.0879) [5]. - **Low - PCR Varieties**: Soda ash had a PCR of 0.2633, followed by live pigs (0.2689) and alumina (0.2841) [5]. Option Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had a PCR of 1.7735, followed by palladium (1.4677) and silver (1.1918) [6]. - **Low - PCR Varieties**: Ethylene glycol had a PCR of 0.1698, followed by natural rubber (0.1856) and propylene (0.2034) [6]. Daily Selections - **Call Options**: Soybean No.1, peanut, corn, and other varieties were selected, each with corresponding futures contracts, option contracts, trend degrees, put - call ratios, and remaining days [7]. - **Put Options**: Industrial silicon, palm oil, rebar, and other varieties were selected, with relevant futures contracts, option contracts, trend degrees, put - call ratios, and remaining days [7]. Expiring Options - **Call Options**: For expiring call options of various varieties such as SSE 50, CSI 300, and silver, information on remaining days, option closing prices, underlying settlement prices, break - even points, and option doubling points was provided [8]. - **Put Options**: Similar information for expiring put options of various varieties was presented, including SSE 50, CSI 300, and silver [9].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - No relevant information provided Group 3: Option Quotes - The daily price increase rates of call options for tin, caustic soda, and copper are 145.46%, 114.29%, and 39.01% respectively. The daily price increase rates of put options for log, styrene, and asphalt are 62.50%, 54.94%, and 40.30% respectively [1]. Group 4: Option Positions - The daily changes in call option positions for soda ash, glass, and methanol are 28,697, 19,552, and 18,395 respectively. The daily changes in put option positions for caustic soda, PTA, and glass are 24,635, 18,672, and 14,859 respectively [2]. Group 5: Option Position Put - Call Ratio PCR - High - position PCR varieties include apple (1.6364), offset printing paper (1.2648), and propylene (1.0963). Low - position PCR varieties include soda ash (0.2516), live pigs (0.2569), and alumina (0.2755) [5]. Group 6: Option Trading Volume Put - Call Ratio PCR - High - trading - volume PCR varieties include apple (1.6044), offset printing paper (1.1722), and iron ore (1.1403). Low - trading - volume PCR varieties include ethylene glycol (0.1602), Chinese dates (0.183), and lead (0.2236) [6]. Group 7: Daily Selections - Call option selections include alumina (ao2605C2900), sugar (SR605C5300), and peanuts (PK605C8000). Put option selections include ethylene glycol (eg2605 - P - 3550), industrial silicon (si2605 - P - 8100), and plastic (l2605 - P - 6500) [7]. Group 8: Near - Expiration Options - For call options of near - expiration options, such as cotton (CF603C14800), the remaining days are 2, the option closing price is 22.0, and the break - even target price is 14,825.0 with a break - even target increase rate of 1.02%. For put options, such as cotton (CF603P14600), the break - even target price is 14,552.0 with a break - even target decrease rate of - 0.84% [8][9].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No information provided in the given content. 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: Copper had the highest daily increase of 137.59%, followed by tin (59.18%), aluminum (54.56%), etc. [1] - **Put Options**: Caustic soda had the highest daily increase of 42.22%, followed by sugar (23.39%), soybean meal (22.22%), etc. [1] Option Positions - **Call Options**: Silver had the largest daily change in position of 27,327, followed by caustic soda (11,858), rebar (9,163), etc. [2] - **Put Options**: PVC had the largest daily change in position of 7,424, followed by glass (6,201), soybean meal (5,293), etc. [2] Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had the highest PCR of 1.5216, followed by propylene (1.2604), offset printing paper (1.0672), etc. [5] - **Low - PCR Varieties**: Alumina had the lowest PCR of 0.2117, followed by live pigs (0.2557), soda ash (0.2706), etc. [5] Option Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had the highest PCR of 1.5728, followed by silver (1.427), iron ore (1.2379), etc. [6] - **Low - PCR Varieties**: Red dates had the lowest PCR of 0.1912, followed by alumina (0.1944), logs (0.2318), etc. [6] Daily Selections - **Call Options**: PVC, red dates, alumina, etc. were selected, with trend degrees ranging from 21 to 53 and put - call ratios from 0.21 to 0.94 [7] - **Put Options**: Lead, eggs, live pigs, etc. were selected, with trend degrees ranging from - 55 to - 45 and put - call ratios from 0.26 to 0.8 [7] Near - Expiry Options - **Call Options**: For lithium carbonate, industrial silicon, polysilicon, and fuel oil, the remaining days were all 3 days, with different break - even prices and price increase requirements for option doubling [8] - **Put Options**: Similar to call options, for these four varieties, the remaining days were 3 days, with different break - even prices and price decrease requirements for option doubling [8]

Group 1: Report Overview - The report is the Commodity Options Daily Report on February 2, 2026 [1] Group 2: Option Quotes Call Options - PVC had the highest daily increase of 57.92%, followed by logs (47.22%) and red dates (19.14%). Polypropylene had the largest decline of 1.16% [1] Put Options - Pulp had the highest daily increase of 164.37%, followed by tin (100.55%) and copper (88.94%) [1] Group 3: Option Positions Call Options - Lithium carbonate had the largest daily increase in positions of 31,014, followed by glass (28,078) and soda ash (25,290) [2] Put Options - PVC had the largest daily increase in positions of 8,199, followed by eggs (2,159) and nickel (2,127) [2] Group 4: Option Position Put - Call Ratio (PCR) High - PCR Varieties - Apple had the highest PCR of 1.4984, followed by silver (1.4638) and propylene (1.3002) [5] Low - PCR Varieties - Alumina had the lowest PCR of 0.2133, followed by live pigs (0.2586) and soda ash (0.29) [5] Group 5: Option Volume Put - Call Ratio (PCR) High - PCR Varieties - Polysilicon had the highest PCR of 1.717, followed by rapeseed meal (1.0022) and lithium carbonate (0.9981) [6] Low - PCR Varieties - Red dates had the lowest PCR of 0.1316, followed by lead (0.18) and live pigs (0.1996) [6] Group 6: Daily Selections Call Options - Synthetic rubber had a trend degree of 55, followed by PVC and plastic with a trend degree of 53 [7] Put Options - Live pigs had a trend degree of - 53, followed by polysilicon with a trend degree of - 47 [7] Group 7: Near - Expiry Options Call Options - For crude oil call option sc2603C485, the remaining days were 2, the option closing price was 6.0, and the break - even target price increase was 5.82% [8] Put Options - For crude oil put option sc2603P480, the remaining days were 2, the option closing price was 15.8, and the break - even target price decrease was - 8.01% [8]

Core Viewpoint - The recent announcement by the China Securities Regulatory Commission (CSRC) regarding the inclusion of 14 new futures and options products for foreign traders marks a significant step in the opening of China's futures market, enhancing its international influence and pricing power [1][2]. Group 1: Futures Market Expansion - The CSRC has added 14 new futures and options products, increasing the total number of designated products for foreign traders to 38 [1]. - The newly included products focus on sectors where China has a strong consumption market or complete industrial chain advantages, such as non-ferrous metals, chemicals, and new energy materials [2]. - The inclusion of nickel futures and options is particularly noteworthy as it is the first directly open non-ferrous metal futures product, indicating a key step in the internationalization of the Shanghai Futures Exchange [2][3]. Group 2: Nickel Futures and Options - Nickel is a critical strategic material for emerging industries, and China, being the largest consumer and importer of nickel, provides a solid foundation for the futures market's opening [2]. - The opening of the nickel futures and options market is expected to enhance risk management capabilities for the non-ferrous metal industry and attract more participants for price formation and risk management [2]. Group 3: Polyester Industry Collaboration - The newly added products in the chemical sector include core polyester industry futures and options, which are essential for China's leading position in the global polyester industry [4][5]. - By 2025, China's polyester production capacity is projected to reach 89.035 million tons, accounting for 60% to 70% of the global total, indicating a robust market structure [4]. - The internationalization of the polyester sector is expected to improve the global pricing system and meet the diverse risk management needs of domestic and foreign enterprises [5]. Group 4: Lithium Carbonate Futures - The inclusion of lithium carbonate futures and options in the designated products is significant for the lithium battery industry, which is crucial for energy storage and electric vehicles [6][7]. - The introduction of these products is anticipated to provide transparent pricing and enhance China's influence in international lithium resource trade [6]. - The ability for domestic and foreign enterprises to engage in futures trading will facilitate risk management and stabilize operational profits amid price volatility [7].

Core Viewpoint - The recent announcement by the China Securities Regulatory Commission (CSRC) regarding the inclusion of 14 new futures and options products for foreign traders marks a significant step in the opening of China's futures market, enhancing its international influence and pricing power [1][2]. Group 1: Futures Market Expansion - The CSRC has added 14 new futures and options products, increasing the total number of specific products available for foreign traders to 38 [1]. - The newly included products focus on sectors where China has substantial consumption markets or complete industrial chain advantages, such as non-ferrous metals, chemicals, and new energy materials [2]. - The inclusion of nickel futures and options as the first directly open non-ferrous metal futures product signifies a key advancement in the internationalization of the Shanghai Futures Exchange (SHFE) [2][3]. Group 2: Nickel Futures and Options - Nickel is a critical strategic material for emerging industries, and China, being the largest consumer and importer of nickel, provides a solid foundation for the opening of the futures market [2]. - The nickel futures market has effectively played its role since its launch in 2015, becoming an important reference for domestic spot trade pricing and widely used for risk management [2]. - The opening of nickel futures and options aligns with industry demands and is expected to enhance risk management capabilities within China's non-ferrous metal industry [2]. Group 3: Polyester Industry Collaboration - The newly added products in the chemical sector include core polyester industry futures and options, such as paraxylene (PX) and purified terephthalic acid (PTA) [4][5]. - China holds the world's most complete polyester industrial chain, with a projected polyester production capacity of 89.035 million tons by 2025, accounting for 60% to 70% of global capacity [4]. - The internationalization of the polyester sector is expected to improve the global pricing system and meet the diverse risk management needs of domestic and foreign enterprises [5]. Group 4: Lithium Carbonate Futures - The inclusion of lithium carbonate futures and options in the specific products is significant for the new energy sector, as lithium is a key raw material for battery production [6][7]. - Since its listing in July 2023, the lithium carbonate futures market has operated smoothly, providing a transparent pricing basis for spot trade and enhancing China's influence in international lithium resource trade [6]. - The availability of lithium carbonate futures and options will facilitate easier participation for domestic and foreign enterprises in the futures market, offering risk management tools against price volatility [7].

Core Viewpoint - The China Securities Regulatory Commission has added 14 new futures and options products, increasing the total number of specific products in the domestic futures market to 38, marking a significant expansion after three years [1][2]. Group 1: New Product Additions - The newly added products include nickel futures and options from the Shanghai Futures Exchange, PX futures and options, bottle futures, short fiber futures, and PTA options from the Zhengzhou Commodity Exchange, as well as lithium carbonate futures and options from the Guangzhou Futures Exchange [1]. - This expansion is characterized by a historical high in the number of products opened at once, with the previous record being 8 in 2022 [1]. - The addition of these products covers all major commodity exchanges, with Shanghai and Guangzhou exchanges making their first additions, transitioning from "local pilot" to "overall rollout" [1]. Group 2: Industry Impact - The new products focus on core industrial chains, such as the polyester sector, which now includes a full chain from upstream raw materials to downstream products, enhancing the influence of "China prices" [1][2]. - The introduction of these products is expected to attract more foreign investors to participate in China's futures market, thereby increasing the international influence and pricing power of related products [2][3]. - The expansion of the specific product lineup is seen as a key step towards establishing a global pricing system for major commodities, enhancing China's role in the global trade system [2]. Group 3: Risk Management and Market Structure - The new products will effectively improve the derivatives risk management system, providing a diverse range of risk management tools for foreign traders [3]. - This expansion is anticipated to optimize the investor structure and enhance market service quality, making market pricing more fair and representative [3]. - Companies like COFCO Futures are poised to leverage these opportunities to provide risk management solutions, contributing to China's goal of becoming a global commodity pricing hub [3].

Core Viewpoint - The recent announcement by the China Securities Regulatory Commission (CSRC) to expand the range of futures and options in the domestic market marks a significant upgrade in China's futures market openness, transitioning into a new phase of "institutional openness" and "pricing influence construction" [1][4]. Group 1: Market Expansion - The CSRC has added 14 new futures and options products, including nickel, lithium carbonate, paraxylene, bottle flakes, and short fibers, covering various non-ferrous metals, energy metals, and chemical products [1][4]. - This expansion signifies a shift from "point breakthroughs" to "systematic openness along the industrial chain," indicating a more comprehensive approach to market liberalization [2][5]. Group 2: Strategic Importance - The inclusion of these products is seen as a strategic move to enhance China's resource security and support the modernization of its industrial system amid a restructured global commodity trade landscape [4]. - The new products are expected to attract a broader range of international participants, thereby enhancing China's pricing power in key strategic resources like copper and nickel, which have historically been priced on foreign exchanges [7][8]. Group 3: Industry-Specific Insights - In the non-ferrous metals sector, the addition of international copper options and nickel futures is crucial as China is the largest consumer of these metals, and the domestic market needs to develop its pricing mechanisms [7][8]. - The chemical sector's expansion includes core products from the polyester industry, providing a comprehensive risk management platform for the largest petrochemical cluster globally, which will enhance the industry's resilience and competitiveness [8]. Group 4: Future Expectations - There are high expectations for further reforms to deepen the institutional openness of the futures market, including the potential introduction of a more robust market-making system to improve liquidity and international collaboration [10]. - Suggestions for enhancing market transparency and optimizing trading mechanisms include extending trading hours to cover major global trading periods and improving cross-border regulatory frameworks to mitigate risks [10].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has added 14 futures and options products for foreign traders to participate in domestic trading, enhancing market accessibility and diversity [1] Group 1: New Products Introduced - The newly added products include nickel futures and options from the Shanghai Futures Exchange [1] - The Zhengzhou Commodity Exchange will offer futures and options for paraxylene, bottle flakes, short fibers, and purified terephthalic acid [1] - The Guangzhou Futures Exchange will introduce lithium carbonate futures and options [1] - The Shanghai International Energy Exchange will provide options for No. 20 rubber, low-sulfur fuel oil, and international copper [1] Group 2: Regulatory Oversight - The CSRC will supervise relevant futures exchanges to ensure proper preparations for the smooth introduction of these products for foreign traders [1]

Group 1 - Silver prices have surpassed the $100 mark for the first time, marking a historical record and a year-to-date increase of 40%, significantly outperforming gold [1] - The International Monetary Fund (IMF) reports that the dollar's share in global foreign exchange reserves has fallen below 60%, the lowest in decades, indicating a shift towards physical assets like gold to hedge against concerns over dollar credit risk [2] - The China Securities Regulatory Commission (CSRC) has issued guidelines for the selection and use of performance benchmarks for publicly offered securities investment funds, effective from March 1, 2026, to enhance investor protection [3] Group 2 - The CSRC has imposed a penalty exceeding 1.02 billion yuan on an individual for manipulating the stock of "Doctor Glasses," with illegal gains of approximately 511 million yuan confiscated [4] - The CSRC has also announced penalties totaling over 41 million yuan against Zhejiang Ruifengda Asset Management Co., and its actual controller has been banned from the securities market for life [5] - The CSRC has expanded the range of futures market products, adding 14 new futures and options for specific domestic varieties, including nickel and lithium carbonate, to facilitate foreign participation [6] Group 3 - Reports of tightened listing requirements for mainland companies in Hong Kong have been confirmed as false, with no changes to the current overseas listing policies [7] - Beijing is set to implement the "Artificial Intelligence +" initiative, aiming to establish a national AI application pilot base and promote high-tech industries [8][9] - The founder of Galaxy Aerospace predicts that the global space economy will reach $1.8 trillion by 2035, driven by new infrastructure developments in the space sector [10] Group 4 - A leading robotics company has launched the world's first automated production line for robot joints, marking a significant advancement in the mass production of humanoid robot components [11] - The Shanghai Stock Exchange is monitoring stocks with significant price fluctuations, including *ST Zhengping and *ST Ya, due to abnormal trading behaviors [12] - The Shenzhen Stock Exchange has suspended trading for some investors of Fenglong Co. due to severe stock price volatility and abnormal trading activities [13][14] Group 5 - Zhongke Aerospace has completed its IPO counseling, indicating progress in the commercial rocket sector [15] - The Brazilian government has announced visa exemptions for Chinese citizens in response to China's similar policy for Brazilian nationals, enhancing bilateral relations [18]