Report Summary 1. Core View - The report presents the price changes of various international varieties from February 13th, 15:00 to February 23rd, 18:00 in 2026, including stock indices, commodities, and currency indices [3]. 2. Key Points by Category Stock Indices - The FTSE A50 Index rose from 14,684 to 14,919, a 1.60% increase [3]. - The Hang Seng Index increased from 26,595.15 to 27,081.91, a 1.83% rise [3]. - The Dow Jones Industrial Index went up from 49,451.98 to 49,625.97, a 0.35% increase [3]. - The S&P 500 Index climbed from 6,832.76 to 6,909.51, a 1.12% gain [3]. - The NASDAQ Composite Index advanced from 22,597.15 to 22,886.07, a 1.28% increase [3]. - The Nikkei 225 Index dropped from 56,941.97 to 56,825.7, a 0.20% decline [3]. Commodity Indices - The Baltic Dry Index decreased from 2,083 to 2,043, a 1.92% fall [3]. Energy Commodities - Brent Crude Oil rose from $67.55 to $71.04, a 5.17% increase [3]. - US Crude Oil increased from $62.83 to $66.23, a 5.41% rise [3]. Precious Metals - CMX Gold climbed from $4,986.7 to $5,170.1, a 3.68% gain [3]. - CMX Silver advanced from $77.105 to $86.515, a 12.20% increase [3]. Base Metals - LME Copper rose from $12,894.5 to $12,966, a 0.55% increase [3]. - LME Aluminum increased from $3,062.5 to $3,102.5, a 1.31% rise [3]. - LME Zinc went up from $3,352.5 to $3,377.5, a 0.75% increase [3]. - LME Lead dropped from $1,976.5 to $1,963, a 0.68% decline [3]. - LME Nickel advanced from $17,255 to $17,600, a 2.00% increase [3]. - LME Tin climbed from $46,940 to $47,500, a 1.19% gain [3]. Iron Ore - TSI Iron Ore decreased from $97.15 to $95.85, a 1.34% fall [3]. Agricultural Commodities - CBOT Soybeans rose from $1,134.75 to $1,146.75, a 1.06% increase [3]. - CBOT Soybean Meal increased from $308.6 to $309.7, a 0.36% rise [3]. - CBOT Soybean Oil advanced from $57.26 to $59.67, a 4.21% increase [3]. - CBOT Corn climbed from $430.25 to $438.75, a 1.98% gain [3]. - CBOT Wheat rose from $550.75 to $575.75, a 4.54% increase [3]. - MDE Crude Palm Oil increased from 3,996 to 4,084, a 2.20% rise [3]. - ICE No. 2 Cotton advanced from 64.26 to 65.46, a 1.87% increase [3]. - ICE No. 11 Sugar climbed from 13.53 to 13.9, a 2.73% gain [3]. Currency Indices - The US Dollar Index rose from 97.0775 to 97.6349, a 0.57% increase [3]. Currency Pairs - The US Dollar against Offshore RMB decreased from 6.908 to 6.8852, a 0.33% decline [3].

Macro - The U.S. Supreme Court ruled that the tariffs imposed by the Trump administration under IEEPA were illegal, leading to a temporary increase in global import tariffs to 15% [1] - Japan's ruling party won a significant majority in the recent elections, with the Liberal Democratic Party securing 316 seats, exceeding market expectations [1] - Oil prices rose significantly during the Spring Festival due to escalating U.S.-Iran military tensions, while gold prices increased amid geopolitical risks and uncertainties surrounding Trump's tariff policies [1] U.S. Economy - Despite a lower-than-expected GDP growth forecast for Q4 2025, U.S. consumer and investment resilience remains [2] - The PCE price index is expected to rebound, complicating the progress of inflation reduction, with some Federal Reserve officials discussing potential rate hikes [2] - The U.S. housing market showed signs of recovery as 30-year mortgage rates continued to decline, despite a drop in existing home sales due to cold weather [2] European Economy - The Eurozone manufacturing PMI improved significantly in February 2026, marking the first time it crossed the growth line since August 2025 [2] - The Sentix investor confidence index in the Eurozone also showed a notable rebound in February 2026 [2] Domestic Demand - China is shifting its economic focus towards domestic demand, marking a strategic transition from short-term policies to a long-term national strategy [5] - By 2024, final consumption expenditure is projected to account for approximately 56.6% of GDP, still below the levels of developed economies [5] - Key strategies for boosting domestic demand include investing in human capital, enhancing service consumption, and stabilizing real estate price expectations [5][6] Real Estate - The real estate sector has undergone significant adjustments, with sales and new construction areas dropping substantially [7] - Recent policy changes are positively impacting the real estate market, with improved financing policies and urban renewal initiatives [7] - The real estate sector is expected to stabilize, with valuation recovery underway [7] Industry Recommendations - The domestic demand-related sectors are currently undervalued, with expectations of profit stabilization due to ongoing policies [8] - Recommendations include investing in quality real estate companies with low price-to-book ratios, as well as sectors like building materials, chemicals, and consumer services [8] Consumer Market - The Spring Festival saw a significant increase in consumer spending, with key retail and catering enterprises reporting a 10.6% increase in sales compared to the previous year [12] - Service consumption, including hotel bookings and dining reservations, experienced substantial growth during the holiday period [12] Cotton Market - U.S. cotton futures showed a slight rebound during the Spring Festival, supported by positive marginal changes in supply and demand [17] - Weekly export data for U.S. cotton showed a significant increase, with net sales reaching a new high for the marketing year [18] - The AOF report indicated a tightening global cotton supply-demand balance for the 2026/27 season, with expected reductions in production and increases in exports [19]