Report Industry Investment Rating - Not provided in the content Core Viewpoints - The market is affected by various factors such as geopolitical risks, policy expectations, and supply - demand relationships, with different trends for different varieties. For example, some varieties are expected to be volatile, while others show short - term strength or weakness [3] Summary by Related Catalogs Daily Selected Views - Tin (SN2604) is expected to be volatile and strong; Methanol (MA2605) is expected to be weak; Silicon iron (SF605) is expected to be volatile and strong; Palm oil (P2605) is expected to be strong in the short term [3] Full - Variety Daily Reviews Equity Indexes - Equity indexes bottomed out and rebounded, and energy risks may be alleviated. With the possibility of subsequent negotiations increasing in the Middle - East conflict, it may gradually cool down, but the uncertainty remains high. It is recommended to wait and see, reduce operations, maintain a low position, and wait for the macro - situation to be clearer [3] Precious Metals - Gold has key support at the 20 - day moving average of $5000, and it is necessary to wait and see cautiously. It is recommended to observe the volatility change and sell out - of - the - money call options above $1170 in the short term; Silver fluctuates repeatedly and tests the support of the 60 - day moving average, and it is recommended to sell out - of - the - money call options to earn time value; Platinum and palladium are supported by the tightening supply expectation but are dragged down by gold and silver, and it is recommended to sell out - of - the - money call options [3] Steel and Related Products - For steel, cost pushes up the price, and it is recommended to take profits on long positions when the price is high. For iron ore, macro - disturbances intensify, and supply - demand expectations are revised, with wide - range fluctuations between 750 - 800. For coking coal, the spot is gradually stabilizing, and it is expected to fluctuate between 1100 - 1250. For coke, the steel mill reduces the coke price, and it is expected to fluctuate between 1650 - 1850. For silicon iron and manganese silicon, the market sentiment is changeable, and the cost boosts the price. It is recommended to wait and see for one - sided operations and do 5 - 9 positive spreads [3] Non - ferrous Metals - Copper prices bottomed out and stabilized, and it is recommended to wait and see in the short term and go long at low prices in the long term. For aluminum, due to the spread of the Middle - East supply crisis, it is recommended to buy on dips. For zinc, the inventory accumulation slows down, and it is recommended to wait and see in the short term and go long at low prices in the long term. For tin, the panic in the market dissipates, and it is recommended to wait and see in the short term and go long at low prices in the long term. For nickel, the macro - risk increases, and it is recommended to operate within the range of 134000 - 142000. For stainless steel, it is expected to fluctuate and adjust within the range of 14000 - 14500 [3] New Energy and Chemical Products - For polycrystalline silicon, the spot price falls, and it is recommended to wait and see and operate within the short - term range. For lithium carbonate, the macro - uncertainty increases, and it is recommended to try to buy out - of - the - money call options lightly. For crude oil, it is recommended to wait and see. For PX, PTA, pure benzene, and styrene, due to the high - level decline of oil prices, it is recommended to reduce long positions. For short - fiber, bottle - chip, and other products, the operations are mainly related to raw material prices and processing fees [3] Agricultural Products - For oilseeds, it is expected to fluctuate at a high level. For live pigs, it is necessary to pay attention to the supply reduction. For corn, it runs at a high level. For oils, it is expected to be volatile and strong. For sugar, it is strong in the short term. For cotton, it is recommended to reduce long positions. For eggs, it is strong in the short term. For apples, it is recommended to match long positions with put options for protection. For red dates, it is recommended to short on short - term rebounds [3] Shipping - For the container shipping European line, the probability of short - term navigation in the Strait of Hormuz is low, and it is recommended to do 6 - 10 positive spreads or wait and see [3]

Group 1: Investment Rating - No specific investment rating for the industry is provided in the report. Group 2: Core View - The short - term and medium - term views on financial futures in the stock index sector are mainly for range - bound trading, with an intraday view of being on the weak side. The core logic is that under the influence of risk factors, the willingness to take profits has increased, leading to a decline in the stock index from its high level. The negative impact of recent Middle East geopolitical factors and the positive policy expectations of the Two Sessions are intertwined, resulting in the short - term range - bound movement of the stock index [1][5]. Group 3: Summary by Related Catalogs 1. Variety View Reference - Financial Futures Stock Index Sector - For the IH2603 variety, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is on the weak side, and the reference view is range - bound trading. The core logic is that the willingness to take profits has increased under the influence of risk factors [1]. 2. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For varieties IF, IH, IC, and IM, the intraday view is on the weak side, the medium - term view is oscillatory, and the reference view is range - bound trading. The core logic is that the stock indexes oscillated and declined yesterday. A - share trading volume decreased significantly from 3.16 trillion yuan the previous day to 2.39 trillion yuan. Geopolitical conflicts have intensified, causing concerns about the macro - economic downturn and increasing the willingness of funds to take profits. The long - term conflict may affect global energy supply, increase domestic manufacturing costs, and reduce orders. High oil prices will drive up global inflation, putting pressure on the central bank's interest - rate cut decisions and the valuation of the equity market. The February manufacturing PMI announced by the statistics bureau was 49.0%, down 0.3 percentage points from the previous month, indicating a lack of effective demand. With the approaching of the Two Sessions, the policy side has a strong determination to support macro - demand and technological innovation, and the policy direction and intensity of the government work report during the Two Sessions should be focused on [5].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The short - term view of IH2603 is "oscillation", the medium - term view is "oscillation", the intraday view is "slightly strong", and the reference view is "oscillation and consolidation" with the core logic of rising policy - favorable expectations [1] - For IF, IH, IC, and IM, the intraday view is "slightly strong", the medium - term view is "oscillation", the reference view is "oscillation and consolidation". The core logic is that last Friday, all stock indices continued the oscillatory and consolidatory trend. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 250.55 billion yuan, a decrease of 51.2 billion yuan from the previous day. Policy - wise, positive expectations will continue to ferment, but as the stock indices rise close to previous highs, if policies do not exceed market expectations, profit - taking will limit the upward space. In general, the stock indices will oscillate and be slightly strong in the short term [5] Group 3: Summary by Relevant Catalogs 1. Variety View Reference - Financial Futures Stock Index Sector - For IH2603, short - term: oscillation; medium - term: oscillation; intraday: slightly strong; view reference: oscillation and consolidation; core logic: rising policy - favorable expectations [1] 2. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, intraday view: slightly strong; medium - term view: oscillation; reference view: oscillation and consolidation. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 250.55 billion yuan, a decrease of 51.2 billion yuan from the previous day. Policy - wise, positive expectations will continue to ferment, but profit - taking may limit the upward space. In the short term, the stock indices will oscillate and be slightly strong [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The short - term view of IH2603 is to oscillate, the medium - term view is to oscillate, and the intraday view is bullish, with an overall view of oscillatory consolidation due to the increasing expectation of policy benefits [1]. - For IF, IH, IC, and IM, the intraday view is bullish, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. In the short - term, the stock index runs with a bullish bias [5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector | Variety | Short - term | Medium - term | Intraday | Viewpoint Reference | Core Logic Summary | | --- | --- | --- | --- | --- | --- | | IH2603 | Oscillate | Oscillate | Bullish | Oscillatory consolidation | Rising expectation of policy benefits [1] | 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, all stock indices oscillated in a narrow range. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2556.6 billion yuan, an increase of 75.7 billion yuan from the previous day [5]. - As the Two Sessions policy time window approaches, the risk appetite of the stock market has recovered, and the trading volume has gradually increased. However, as the stock index approaches the previous high, the upward momentum has weakened in the short term [5]. - In the long - term, the expectation of policy benefits and the continuous net inflow of incremental funds into the stock market remain unchanged, which constitutes the main logic for the long - term upward movement of the stock index. The macro - policy support and the determination to support technological innovation can stabilize the macro - demand expectation, promote industrial transformation and upgrading, and improve the profit margin of listed companies. The asset allocation function of A - shares is gradually improving, which will continuously attract incremental funds into the stock market [5].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The short - term view of IH2603 is to oscillate, the medium - term view is to oscillate, and the intraday view is bullish, with an overall view of oscillatory consolidation due to the rising expectation of policy benefits [1]. - For IF, IH, IC, and IM, the intraday view is bullish, the medium - term view is to oscillate, and the reference view is oscillatory consolidation. In the short term, the stock index will operate in an oscillatory and bullish manner [5]. 3. Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term is oscillatory, the medium - term is oscillatory, the intraday is bullish, and the view is oscillatory consolidation. The core logic is the rising expectation of policy benefits [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is bullish, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. The core logic is that stock indexes oscillated and rose yesterday. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2480.9 billion yuan, an increase of 262.7 billion yuan from the previous day. After the holiday, liquidity gradually flowed back to the stock market. Near the policy time - window of the Two Sessions, the risk appetite of the stock market increased, and the trading volume gradually expanded. The market sentiment was boosted by the housing policy optimization in Shanghai. The expectation of policy benefits and the continuous net inflow of incremental funds into the stock market are the main logics for the medium - and long - term upward movement of the stock index. The macro - policy can stabilize the macro - demand expectation, promote industrial transformation and upgrading, and improve the profit margin of listed companies [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of IH2603 is oscillatory, the medium - term view is oscillatory, and the intraday view is bullish, with an overall view of oscillatory consolidation due to a cautiously optimistic risk preference in the stock market before the holiday [1]. - The intraday view of IF, IH, IC, and IM is bullish, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. Yesterday, the stock index trends were divergent, with IC and IM rising slightly and IH and IF oscillating within a narrow range. The turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2160.8 billion yuan, an increase of 159.7 billion yuan from the previous day. Industry sectors related to AI infrastructure construction led the gains. Before the holiday, investors' willingness to participate in the stock market was relatively weak. In the long - term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the core logic for the long - term upward movement of the stock index is solid. Overall, the stock market risk preference before the holiday is cautiously optimistic, and the stock index mainly oscillates within a range [5]. Group 3: Summary by Relevant Catalogs Catalog 1: Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term is oscillatory, the medium - term is oscillatory, the intraday is bullish, and the view is oscillatory consolidation. The core logic is the cautiously optimistic risk preference in the stock market before the holiday [1]. Catalog 2: Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is bullish, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. The core logic is the divergent trends of stock indexes yesterday, the increase in trading volume, the leading gains of AI - related industry sectors, the weak willingness of investors to participate before the holiday, and the long - term positive factors for the stock index [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of IH2603 is volatile, the medium - term view is volatile, and the intraday view is bullish, with an overall view of volatile consolidation due to cautious risk appetite in the stock market before the holiday [1]. - For IF, IH, IC, and IM, the intraday view is bullish, the medium - term view is volatile, and the reference view is volatile consolidation. The core logic is that the stock index was in narrow - range volatile consolidation yesterday. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets decreased by 12.37 billion yuan to 200.1 billion yuan. Near the holiday, the trading willingness of stock market funds is relatively weak. The inflation data in January shows that CPI continued positive growth and PPI's year - on - year decline narrowed, which promotes the repair of corporate profit expectations and macro - expectations. In the long - term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the core logic of the long - term upward movement of the stock index is solid. Overall, the stock index is mainly in range - bound consolidation before the holiday [5]. Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term is volatile, the medium - term is volatile, the intraday is bullish, and the view is volatile consolidation. The core logic is the cautious risk appetite in the stock market before the holiday [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties are IF, IH, IC, and IM. The intraday view is bullish, the medium - term view is volatile, and the reference view is volatile consolidation. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 200.1 billion yuan, a decrease of 12.37 billion yuan from the previous day. Near the holiday, the trading willingness of stock market funds is weak. The inflation data in January promotes the repair of corporate profit expectations and macro - expectations. The long - term upward core logic of the stock index is solid, and it is mainly in range - bound consolidation before the holiday [5].

Group 1: Variety View Reference - Financial Futures Stock Index Sector - The short - term view of IH2603 is volatile, the medium - term view is volatile, and the intraday view is bullish. The reference view is volatile consolidation, with the core logic being that the risk preference of the stock market is cautiously optimistic [1] Group 2: Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is bullish, and the medium - term view is volatile. The reference view is volatile consolidation [5] - The core logic is that the stock indices were in narrow - range volatile consolidation yesterday. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.1247 trillion yuan, a decrease of 145.4 billion yuan from the previous day. As silver stopped falling and rebounded, market sentiment improved, and the operation logic of the stock indices returned to their fundamentals. Due to the approaching holiday, the cash demand during the holiday and concerns about uncertain risks led to relatively weak trading willingness of funds, and the trading volume of the stock market remained around 2 trillion yuan. In the long - term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the core logic for the long - term upward movement of the stock indices is relatively solid. Overall, the risk preference of the stock market before the holiday is cautious, and the stock indices are mainly in range - bound volatile consolidation [5]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The short - term view of the stock index is mainly for shock consolidation, with short - term upward driving force weakened, while the medium - and long - term is supported by policy - side positive expectations and the continuous net inflow of incremental funds into the stock market [5] Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is shock, the medium - term view is shock, the intraday view is bullish, and the reference view is shock consolidation. The core logic is that the valuation end has risen rapidly, the stock index is in shock consolidation, and demand is warming up [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, IM. The intraday view is bullish, the medium - term view is shock, and the reference view is shock consolidation. The core logic is that last Friday, each stock index fluctuated and declined, showing a trend of bottom - hunting and rebound throughout the day. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 286.24 billion yuan, a decrease of 39.7 billion yuan from the previous day. Affected by the fluctuation of precious metals, market sentiment weakened rapidly, and commodities with large previous increases generally corrected, and the stock index was also affected. Due to the clear expectation of the regulatory authorities to control risks and the fact that the increase of this round of stock rebound is mainly contributed by the valuation end, the short - term upward driving force of the stock index has weakened. The weakening of market sentiment caused by the precious metals market has led to an increase in the willingness of the capital side to take profits. In the medium and long term, the positive expectations on the policy side and the continuous net inflow of incremental funds into the stock market constitute the main supporting force for the upward movement of the stock index [5]

Group 1: Report Industry Investment Rating - No relevant information Group 2: Core View of the Report - The short - term view of the stock index is mainly shock consolidation, with the core logic that the optimistic sentiment has cooled, and there is still a need for shock consolidation. The policy - favorable expectations and the continuous net inflow of incremental funds into the stock market support the upward movement of the stock index in the long - term, but the regulatory's risk - control expectation restrains the "chasing high" sentiment in the short - term [1][5] Group 3: Summary According to the Catalog 3.1 Variety View Reference - Financial Futures Stock Index Sector - For the IH2603 variety, the short - term view is shock, the medium - term view is shock, the intraday view is weak, and the reference view is shock consolidation. The core logic is that the optimistic sentiment has cooled, and there is still a need for shock consolidation [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties are IF, IH, IC, IM. The intraday view is weak, the medium - term view is shock, and the reference view is shock consolidation. The core logic is that the stock indexes showed differentiation yesterday, with IM and IC having a high - level correction and IH and IF continuing shock consolidation. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 3280.6 billion yuan, an increase of 162.5 billion yuan from the previous day. The policy - favorable expectations and the continuous net inflow of incremental funds support the upward movement of the stock index in the long - term, but the regulatory's risk - control expectation restrains the "chasing high" sentiment in the short - term. The rise of this stock rebound is mainly contributed by the valuation side, and the stock index has a growing need for short - term shock consolidation. Due to the market's preference for small - and medium - cap stocks, the fluctuations of IM and IC have intensified, and short - term repeated fluctuation risks should be noted [5]