1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - Overseas, the US March S&P Global Manufacturing PMI reached 52.4, higher than the expected 51.3 and the previous value of 51.6; the March S&P Global Services PMI was 51.1, lower than the expected 51.5 and the previous value of 51.7, indicating a recovery in the US manufacturing industry and a decline in the service industry. The conflicting signals of Middle - East conflict easing and escalation continue to influence the capital market, and the market is still driven by crude oil [2]. - In the domestic market, on Tuesday, the broader market rose 1.78%, the Shenzhen Component Index rose 1.43%, and the ChiNext Index rose 0.5%, showing a trend of bottom - hunting and recovery. There was obvious capital inflow at 10 am and 2 pm. Sectors such as environmental protection, textile and apparel, building materials, non - ferrous metals, and social services led the gains, while petroleum and petrochemicals and coal declined. A total of 5,135 stocks rose and 328 stocks fell. The "Token" economy may become the core pricing logic, and domestic computing power and data centers should be focused on. The domestic A - share market shows characteristics of a stock game under external uncertainties, and although there was capital inflow, the subsequent uncertainty is still high [3]. 3. Summary by Directory 3.1 Important Information - Trump's support rate dropped to the lowest since his return to the White House [5]. - The US Department of Justice admitted that the investigation of Powell lacked evidence [6]. - The Trump administration is expected to relax summer gasoline regulations as early as Wednesday to suppress energy prices [6]. - The EU postponed the proposal to permanently ban the import of Russian oil originally scheduled for April 15 [7]. - Regarding the Iranian situation, there are various news including the US intention to cease fire for a month to discuss a 15 - point agreement with Iran, the possible high - level talks between the US and Iran as early as Thursday, Saudi Crown Prince urging Trump to continue the war against Iran, the appointment of Bagher Zolghadr as the secretary of Iran's Supreme National Security Council, Trump's statement about ongoing negotiations and Iran's agreement on "never having nuclear weapons" and offering a gift related to oil and gas, the 15 - point peace plan put forward by the US, Iran being reported to demand a "toll" of $200,000 each time, Trump forwarding a post from the Prime Minister of Pakistan willing to act as a mediator, the US continuing to deploy the 82nd Airborne Division to the Middle East, and Iran preferring Vance to lead the negotiations and accusing Kushner and Witkoff of "breach of trust" [8][9][10]. - Wang Yi had a phone call with Iranian Foreign Minister Amir - Abdollahian [15]. - The State Administration for Market Regulation held a symposium on price supervision, inspection, and anti - unfair competition work in 2026 [16]. 3.2 Futures Market Tracking - The report provides data on the performance, trading volume, and positions of various index futures contracts such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000, including details like closing prices, settlement prices, price changes, trading volume changes, and position changes [18][19]. 3.3 Spot Market Tracking - It shows the performance of various spot market indexes, including the current points, daily, weekly, monthly, and annual price changes, trading volumes, and historical quantiles of indexes such as the Wind All - A Index, Shanghai Composite Index, Shenzhen Component Index, etc. It also analyzes the influence of market styles on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indexes, and presents the valuation and historical quantiles of important indexes and Shenwan sectors [43][44][46]. - It also includes various charts related to the spot market, such as the relationship between market style and index fluctuations, market trading volume, turnover rate, the number of rising and falling stocks, and index trading volume changes [53]. 3.4 Liquidity Tracking - The report shows the central bank's open - market operations and the Shibor interest rate level [58].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Overseas data indicates a marginal decline in the US economy, and the geopolitical conflict between the US and Iran has escalated, affecting asset prices. The market is still influenced by oil prices, and the probability of the Fed raising interest rates exceeds that of cutting rates, which is a turning point for market liquidity that needs to be continuously monitored [2]. - In the domestic A - share market, due to geopolitical risks and the upcoming earnings season, market risk appetite is cautious. The market fell on Thursday, and the Shanghai Composite Index briefly fell below 4000 points, with continued competition expected around this level [3]. 3. Summary by Directory 3.1 Important Information - The interest rate futures market prices the Fed's interest rate cut this year at only 5.5 basis points, and there are bets on interest rate hikes [5]. - Trump and Netanyahu stated that Israel will suspend attacks on Iran's main gas fields, while Iran's retaliatory actions against attacks on its energy infrastructure are not over [5]. - The US may lift sanctions on Iran's offshore oil in the next few days, release oil strategic reserves, and use Iranian oil to suppress prices. The US has no plan to restrict oil exports [5][6]. - Iran plans to charge tolls on the Strait of Hormuz. Qatar's LNG facilities were attacked, resulting in a 17% loss of annual export volume [7][8]. - The US Defense Secretary confirmed a request for a $200 billion appropriation, and the US approved $16.5 billion in arms sales to three Middle - Eastern countries [8]. - The Chinese Ministry of Commerce will continue to play the role of the China - US economic and trade consultation mechanism to strengthen dialogue and communication. The central bank will firmly maintain the stable operation of financial markets such as stocks, bonds, and foreign exchange [9][10]. 3.2 Futures Market Tracking - **Futures Market Performance**: The prices of major stock index futures contracts generally declined. For example, the Shanghai - Shenzhen 300 Index fell 1.61%, and its corresponding futures contracts also showed varying degrees of decline [12]. - **Futures Trading Volume and Open Interest**: The trading volume and open interest of various stock index futures contracts changed. For instance, the trading volume of the Shanghai - Shenzhen 300 futures increased by 12,184 lots, and the open interest increased by 11,746 lots [13]. 3.3 Spot Market Tracking - **Spot Market Performance**: Most major stock indexes in the spot market declined. The Shanghai Composite Index fell 1.39%, the Shenzhen Component Index fell 2.02%, and the ChiNext Index fell 1.11%. Among the industries, only coal, petroleum and petrochemicals, and public utilities rose, while non - ferrous metals, steel, chemicals, and building materials led the decline [3][35]. - **Market Style Impact**: Different market styles have different impacts on major stock indexes. For example, the cyclical style has a relatively large negative impact on the Shanghai - Shenzhen 300 Index, with a daily contribution of - 0.85% [36][37]. - **Valuation and Other Indicators**: The report presents the valuation and historical quantile data of major indexes and industries, as well as data on market trading volume, turnover rate, and the number of rising and falling stocks [39][40][44]. 3.4 Liquidity Tracking - The report shows the central bank's open - market operations and the Shibor interest rate level, reflecting the market's liquidity situation [48][49][50]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The US-Iran conflict is unlikely to end in the short term. The overnight market showed a divergence where the trends of crude oil and other assets were opposite to the previous situation. Attention should be paid to the changes in crude oil prices and market trends [2][4] - The risk appetite of the domestic A-share market decreased significantly. Although the index showed signs of a short position, there was no need to be overly worried for the time being. After an inertial decline, the index would have a rebound and repair. It is necessary to continue to pay attention to extreme situations such as earnings reports and geopolitical risks [3][4] 3. Summary by Directory 3.1 Important Information - "Fed Whisperer": The Fed tends to remain silent this week, and recent shocks are two-way factors [6] - Trump: Not ready to end the conflict yet, but "we will leave in the near future" [6] - Trump is angry that inviting allies to participate in escorting has received a cold response, and the US is considering withdrawing from NATO [6] - Iran's Supreme Leader rejected the proposal for peace talks with the US and insisted on defeating the US and Israel and claiming compensation [7] - The Secretary of Iran's Supreme National Security Council and the head of the Basij militia organization died. Iran has designated multiple replacement candidates for key national positions [7] - Iran launched its first attack on upstream oil and gas facilities in the UAE [8] - The Ministry of Finance will continue to implement a more proactive fiscal policy in 2026 [9] - The National Development and Reform Commission has launched a new batch of major foreign investment projects with a planned investment of $13.4 billion [10] - The US has clarified that Trump's visit to China has nothing to do with the navigation issue in the Strait of Hormuz [11] - A Japanese fishing boat illegally entered China's territorial waters near the Diaoyu Islands on March 16, and the Chinese coast guard took necessary control measures and issued a warning [11] 3.2 Futures Market Tracking - **Futures Market Performance**: The closing prices, settlement prices, price changes, price change rates, basis, and other data of various futures contracts such as the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index are presented [13] - **Futures Trading Volume and Open Interest**: The trading volume, trading volume changes, trading value, trading value changes, open interest, open interest changes, weekly position increases, net positions, and other data of various futures contracts are provided [14] 3.3 Spot Market Tracking - **Spot Market Performance**: The trading value, price-earnings ratio, year-to-date change, current points, daily change rate, weekly change rate, monthly change rate, and other data of various spot market indices and sectors are presented [38] - **Market Style Impact on Indexes**: The impact of different market styles (cyclical, consumption, growth, finance, and stability) on the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index is analyzed [39][40] - **Index Valuation**: The current valuations and historical quantiles of important indices and Shenwan sectors are presented [42][46] - **Market Trading Volume and Turnover Rate**: The Sunday average trading volume, Sunday average turnover rate, number of rising and falling stocks, and index trading value changes in the market are presented [48] - **Stock-Bond Relative Return and Margin Trading**: The stock-bond relative return, Hong Kong Stock Connect, margin trading balance, and margin trading net purchase amount and its proportion in A-share trading value are presented [49][50] 3.4 Liquidity Tracking - **Central Bank Open Market Operations**: The currency injection, currency withdrawal, and net currency injection of the central bank's open market operations are presented [53] - **Shibor Interest Rate Level**: The Shibor interest rate levels of different tenors are presented [54]

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - The palm oil market is affected by factors such as production, inventory, and policies. The production season is approaching, but there are uncertainties due to last year's drought in some areas and the transfer of plantation management rights in Indonesia. The B50 policy in Indonesia boosts consumption expectations. - The soybean oil market faces pressure from global soybean abundance and the upcoming peak of domestic soybean arrivals, but is supported by US biodiesel policies and domestic de - stocking. - The rapeseed oil market is pressured by global rapeseed abundance and the resumption of Canadian rapeseed imports, and is supported by US biodiesel policies. - In the short term, the Middle East situation has pushed up crude oil prices, and the oil market has followed the increase. However, the current market performance has deviated from the fundamentals. It is not recommended to chase the rise at high prices. Attention should be paid to the US biodiesel final decision and planting intention report at the end of March [82]. 3. Summary by Related Catalogs Palm Oil - **Malaysia**: In February, the production was 1284700 tons, a 18.55% month - on - month decrease, slightly lower than expected; exports were 1127600 tons, a 22.48% month - on - month decrease, lower than expected; inventory was 2704300 tons, a 3.94% month - on - month decrease, higher than the expected 2630000 tons. The production reduction season has ended, and production is expected to increase from March. Last year's low rainfall from May to July may affect production from March to May this year [14]. - **Indonesia**: In 2025, production was 56.906 million tons, a year - on - year increase of 4.144 million tons (7.85%); exports increased by 2.593 million tons (8.78%); domestic consumption increased by 3.68% to 24.738 million tons, with biodiesel consumption increasing by 1.225 million tons to 12.672 million tons; year - end inventory was 2.661 million tons, a 3.26% year - on - year increase. The government's rectification of illegal oil palm plantations may affect production. Similar to Malaysia, last year's low rainfall may also impact production [24]. - **Export Policy**: Indonesia plans to limit the export of palm oil waste and will increase the export levy on crude palm oil from 10% to 12.5% from March 1, 2026 [30]. - **B50 Policy**: Affected by the Middle East situation, the POGO spread has turned negative, and the biodiesel has become profitable. There are plans to implement B50 in the second half of 2026, and the road test is expected to be completed by June [35]. - **Demand**: The international soybean - palm oil price difference has turned negative, which is expected to affect India's import choices in March. China's palm oil imports are expected to decline, and inventory is high, making de - stocking difficult [49]. Soybean Oil - **US**: The February USDA report made little adjustment to the supply data of US soybeans in the 2025/26 season. The 2026 soybean planting area is expected to be 85 million acres, higher than last year and slightly higher than market expectations. Attention should be paid to the quarterly inventory report and planting intention report at the end of March. The final decision on US biodiesel is expected to be announced soon, with the RVO possibly set at 540 million gallons [53][55]. - **South America**: CONAB's February report predicted that the 2025/26 Brazilian soybean planting area would increase by 2.3% year - on - year, with a 1.5% increase in yield per unit area and a 3.8% increase in production. However, due to dry conditions in southern Brazil, some institutions have lowered the production forecast. The 2025/26 Argentine soybean production has been slightly lowered to 48 million tons [67]. - **China**: From January to February, soybean imports decreased by 7.8% year - on - year. The estimated arrivals in March, April, and May are 6.7275 million tons, 9.5 million tons, and 11 million tons respectively. There are rumors that China will purchase an additional 8 million tons of US soybeans. In the first quarter, due to a decrease in raw materials, the operating rate of oil mills declined, and soybean oil inventory has been decreasing [72]. Rapeseed Oil - **China - Canada Trade**: The anti - dumping investigation on Canadian rapeseed has ended, with a 5.9% tariff imposed on Canadian rapeseed, and the 100% tariff on Canadian rapeseed meal has been cancelled, while the tariff on rapeseed oil remains [73]. - **Supply and Demand**: Global rapeseed is in a state of abundance. After the anti - dumping decision, the market judgment has shifted to the import profit - pricing logic. Attention should be paid to the purchase rhythm of Canadian rapeseed and whether the commercial purchase of Australian rapeseed will be liberalized [82].

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - Overseas, the number of initial jobless claims in the US last week was 213,000, lower than the expected 215,000 and the previous value of 214,000, indicating a stable labor market. The annualized total number of new housing starts in the US in January was 1.487 million, higher than the expected 1.348 million and the previous value of 1.387 million, indicating the resilience of the US real - estate market. Due to the recent data resilience and geopolitical instability in the US, the expectation of the Fed's interest - rate cut has further decreased, with the probability of a 25BP interest - rate cut starting in June as low as 19.5% [1] - On the domestic market, on Thursday, the broader market opened lower and fluctuated downward, with the Shanghai Composite Index down 0.1%, the Shenzhen Component Index down 0.63%, and the ChiNext Index down 0.96%. The market showed a volatile adjustment trend. Geopolitical risks have increased oil prices, which has put pressure on market risk appetite. The A - share market has seen an increase in oil and gas and their substitute sectors such as coal and electricity. The extension of the US - Iran conflict has led to a stagflation - like trend in the market. In the short term, the broader market faces significant pressure at the 4,200 - point level, and it is expected to continue to fluctuate. It is recommended to buy low and sell high [2] 3. Summary by Directory 3.1 Important Information - Trump stated that the US is the top oil - producing country and makes a lot of money when oil prices rise, and it is important to prevent Iran from having nuclear weapons [4] - The market has reduced its bets on the Fed's interest - rate cuts this year to 20 basis points, less than one cut. Trump called on Powell to cut interest rates immediately [4] - Iran's Supreme Leader Mujtaba issued a statement saying that Iran will not give up revenge, the Strait of Hormuz will remain closed, and new fronts may be opened if necessary [4] - The Israeli military claimed to have carried out large - scale attacks on the infrastructure in the Iranian capital, and a US tanker crashed in Iraq [4] - Iranian diplomatic officials said that some countries' ships are allowed to pass through the Strait of Hormuz. If coordinated with the Iranian navy, many ships can still pass. There are no mines laid. Media reported that two Indian oil tankers were approved to pass through the Strait of Hormuz, but Iranian sources denied it. There is also market news that Iran attacked a US oil tanker in the Strait of Hormuz [4] - The Trump administration plans to suspend the Jones Act to stabilize oil prices [5] - The central bank held a symposium of economic and financial experts, stating that in the next stage, it will continue to implement a moderately loose monetary policy and increase counter - cyclical and cross - cyclical adjustment [5] - Trump said that he will launch new trade investigations against trading partners including China. China responded that tariff and trade wars are not in the interests of any party, and both sides should negotiate and resolve relevant issues on the basis of equality, respect, and reciprocity [5] - Minister of Justice He Rong said that this year, the government will focus on solving "involution - style" competition through legislation and will accelerate research on legislation in fields such as artificial intelligence [5] - The National Industrial Information Security Development Research Center issued a risk warning for the application of OpenClaw in the industrial field [6] 3.2 Futures Market Tracking - The report presents the performance, trading volume, open interest, and other data of futures contracts such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000. For example, the Shanghai 50 index closed at 2,972, down 0.46%. For the Shanghai 50 futures contract IIH2603, the closing price was 2,966.4, down 0.58% [8] - It also shows the trading volume, trading volume changes, trading amount, trading amount changes, open interest, open interest changes, weekly position increases, net positions, etc. of various futures contracts [9] 3.3 Spot Market Tracking - The report shows the current points, daily, weekly, monthly, and annual changes, trading amounts, and other data of various spot market indexes such as the Wind All - A Index, Shanghai Composite Index, Shenzhen Component Index, etc. For instance, the Wind All - A Index was at 6,814, down 0.53%. The Shanghai Composite Index was at 4,129, down 0.10% [33] - It analyzes the impact of market styles (cycle, consumption, growth, finance, stability) on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indexes, including daily, weekly, monthly, and annual contributions [34][35][36] 3.4 Liquidity Tracking - The report includes the central bank's open - market operations and Shibor interest - rate levels, presenting the trends of money injection, money withdrawal, and net money injection, as well as the levels of different - term Shibor interest rates [46]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The escalation of the US - Iran conflict has led to an increase in crude oil prices, which suppresses risk assets. However, the news of the International Energy Agency's proposed release of the largest - ever oil reserves indicates that the increase in crude oil prices will be more restrained compared to the previous sharp rise, and the suppression of risk assets will also be relatively smaller [2]. - A - shares were active in sectors such as new energy due to the increase in AI computing power demand and rising energy prices. The entry of the national team suggests that short - term market risks are low. The market is expected to be volatile, and investors are advised to buy low and sell high [2]. 3. Summary According to Relevant Catalogs 3.1 Important Information - Trump said there might be conditional negotiations with Iran, but there are different stances within Iran. The Iranian foreign minister said the new supreme leader would not negotiate with the US, while the vice - president said they had not given up on resolving the issue through negotiation [4]. - The Iranian president put forward three necessary conditions to end the war: recognition of Iran's legitimate rights, payment of war compensation, and firm guarantees from the international community to prevent future aggression [4]. - Iran claims it can block the Strait of Hormuz, will implement "serial strikes" instead of just reciprocal counter - attacks, and the US military has warned Iranian civilians to stay away from port facilities in the Strait of Hormuz [4]. - Three ships were attacked in the Gulf waters on Wednesday, and the Iranian Revolutionary Guard said its forces fired at non - compliant ships in the Gulf region [4]. - The FBI warned that Iran plans to launch a drone raid on California from near the US coast [5]. - The IEA announced the release of 400 million barrels of emergency oil reserves, the largest - ever scale [6]. - The central bank will deepen the integration of industry and technology and promote the application of artificial intelligence in the financial field in a safe and orderly manner [7]. - The Ministry of Industry and Information Technology's platform issued "six do's and six don'ts" suggestions to prevent the security risks of the OpenClaw open - source intelligent body [7]. - The Supercomputing Internet will distribute 10 million Tokens for free to each OpenClaw user [8]. - The Ministry of Foreign Affairs is in communication with relevant parties including the conflict parties [9]. 3.2 Futures Market Tracking - **Futures Market Performance**: The report provides detailed data on the closing prices, settlement prices, price changes, price change rates, basis, and other information of various futures contracts such as the Shanghai - Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 [11]. - **Futures Trading Volume and Position**: It shows the trading volume, trading volume changes, trading amount, trading amount changes, position, position changes, and other data of different futures contracts, as well as the net position and its changes of the top 20 member institutions [12]. 3.3 Spot Market Tracking - **Spot Market Performance**: Data on the current points, daily, weekly, monthly, and annual price changes, trading volume, and price - to - earnings ratios of various indexes and sectors are presented, including the Wande All - A Index, Shanghai Composite Index, Shenzhen Component Index, etc. [32]. - **Market Style Impact**: The impact of different market styles (cycle, consumption, growth, finance, stability) on the price changes of the Shanghai 50, Shanghai - Shenzhen 300, CSI 500, and CSI 1000 indexes is analyzed [33][34][35]. - **Valuation and Market Indicators**: Information on the valuation and historical quantiles of important indexes and Shenwan sectors, as well as market indicators such as weekly average trading volume, weekly average turnover rate, number of rising and falling stocks, and index trading volume changes, is provided [36][39][42]. 3.4 Liquidity Tracking - **Central Bank Operations and Interest Rates**: The report shows the central bank's open - market operations (currency injection, currency withdrawal, and net currency injection) and the Shibor interest rate levels [46].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overseas, after the US President Trump announced the impending end of the Iran war, oil prices declined and risk appetite recovered. However, there are still uncertainties in the US - Iran conflict. The overnight peripheral market showed a wait - and - see trend and fluctuated. The A - share market's risk appetite was somewhat restored on Tuesday with the news of the easing of the US - Iran conflict and the decline in oil prices. The technology sector became active, and the popularity of AI applications stimulated the recovery of AI computing power. The market is expected to be in a short - term shock consolidation, and investors are advised to buy low and sell high [2][3]. 3. Summary by Relevant Catalogs 3.1 Important Information - Trump said he might negotiate with Iran under certain conditions, but the Iranian foreign minister stated that the new supreme leader would not negotiate with the US, while the Iranian vice - president said they had not given up on resolving the issue through negotiation [5]. - The US defense secretary said that on Tuesday, the US would launch a "maximum - intensity" strike against Iran; part of the US THAAD system in South Korea was transferred to the Middle East, and the US military sank 16 Iranian mine - laying vessels near the Strait of Hormuz [5]. - The US special envoy said that Putin denied providing intelligence about the US military to Iran [6]. - US media reported that Iran began to lay mines in the Strait of Hormuz, with a scale of about dozens. Trump demanded that Iran clear the mines, otherwise it would face unprecedented military consequences [6]. - US media reported that the US asked Israel not to attack Iranian energy facilities [7]. - The National Internet Emergency Center issued a risk warning for the OpenClaw security application [8]. - The Foreign Investment Department of the National Development and Reform Commission held a working meeting with Mediterranean Shipping Company and Maersk Group [9]. - A spokesman for the PLA and Armed Police Force delegation said that in 2026, the national general public budget allocated 1.94 trillion yuan for national defense expenditure, a 6.9% increase from the previous year's implementation [9]. - The Iranian ambassador to China said that passage through the Strait of Hormuz would be regulated, but this did not mean closing the strait [10]. - Foreign media reported that Tencent was secretly developing a WeChat AI agent, which might be open to all users within the year [11]. 3.2 Futures Market Tracking - **Futures Market Performance**: The report provides the closing prices, settlement prices, price changes, price change rates, basis, premium/discount rates, and annualized premium/discount rates of various futures contracts such as the Shanghai - Shenzhen 300, CSI 500, and CSI 1000, as well as their contract delivery dates and remaining times [13]. - **Futures Trading Volume and Open Interest**: It shows the trading volume, trading volume changes, trading value, trading value changes, open interest, open interest changes, weekly position increases, net positions, and changes in short and long positions of various futures contracts [14]. 3.3 Spot Market Tracking - **Spot Market Performance**: The report presents the current points, daily, weekly, monthly, and annual price change rates, trading value, and changes in trading value of major stock indices such as the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, as well as the performance of various sectors [37]. - **Market Style Impact on Indexes**: It analyzes the impact of market styles (cyclical, consumer, growth, financial, and stable) on the Shanghai 50, Shanghai - Shenzhen 300, CSI 500, and CSI 1000 indexes, including the number of stocks, weights, daily, weekly, monthly, and annual contributions [38][40]. - **Valuation and Other Indicators**: It shows the current valuations and percentile rankings of important indexes and Shenwan sectors, as well as market indicators such as the average weekly trading volume, average weekly turnover rate, number of rising and falling stocks, index trading value changes, stock - bond relative returns, Hong Kong Stock Connect, margin trading balance, and net margin trading purchase amount and its proportion in A - share trading value [42][44][46][47][48]. 3.4 Liquidity Tracking - **Central Bank Open - Market Operations**: It shows the currency injection, currency withdrawal, and net currency injection of the central bank's open - market operations [50]. - **Shibor Interest Rate Levels**: It presents the levels of SHIBOR overnight, 1 - week, 2 - week, and 1 - month interest rates [50].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, the 1-year inflation expectation of the New York Fed in February was 3%, lower than the previous value of 3.09%. President Trump said that the Iran war might be coming to an end, which reversed the recent market concerns about rising inflation and economic stagflation. Overnight, the US dollar index, US bond yields, and crude oil prices fell, while gold and US stocks rose. The overnight performance of the peripheral market can boost the risk appetite of the equity market [1]. - In the domestic market, the market showed a volatile decline on Monday. The sharp rise in crude oil prices suppressed the risk appetite of A-shares. The decline of A-shares narrowed in the afternoon as crude oil prices fell, and A-shares showed more resilience compared to the periphery. The A-share market still followed the logic of rising oil prices, with coal, agriculture, and new energy sectors performing actively. The coal, computer, power equipment, public utilities, and petroleum and petrochemical sectors led the gains, while the communication, transportation, beauty care, military, and electronics sectors led the losses. There were 1,422 rising stocks and 3,960 falling stocks in the whole market [1]. - Overall, the overnight decline in crude oil prices and the signs of easing in the US-Iran conflict, along with the rise of US stocks, are favorable for the risk appetite of A-shares. Given the previous heavy volume decline near the 4,200-point level, there is significant pressure on the market index around this level. Considering the uncertainty of the US-Iran situation, it is believed that the index will show a volatile trend in the short term, and investors are advised to buy low and sell high [2]. Summary by Directory 1. Important Information - President Trump stated that the war was basically over, was considering controlling the Strait of Hormuz, was far from sending US ground troops to Iran, and it was too early to talk about seizing Iranian oil [4]. - US media reported that if Mujtaba did not meet US requirements, Trump supported killing him [5]. - Israeli media reported that Trump would make the final decision to end the military operation against Iran with Netanyahu at an "appropriate time." Additionally, Trump's son-in-law Kushner and US Middle East envoy Witkoff canceled their planned trip to Israel on Tuesday [5]. - Russian President Putin proposed several suggestions to quickly end the Iran conflict during a call with Trump. Sources said that the Trump administration was considering further relaxing sanctions on Russian oil [5]. - Iran threatened to strike neighboring oil facilities, and the Islamic Revolutionary Guard Corps said it would continue if the market could bear an oil price of $200 [5]. - Sources said that Trump was considering suppressing oil prices, with options including restricting oil exports and intervening in the oil futures market. The US Energy Secretary said that discussions were underway to coordinate the release of strategic oil reserves, and banning oil exports was not under consideration [5]. - The work report of the Standing Committee of the National People's Congress stated that this year, laws on state-owned assets and finance would be formulated, and legislative research in areas such as artificial intelligence would be strengthened [5]. - The Supreme People's Court report mentioned rectifying "involutionary" competition and hearing the "choose one of two" cases of two major e-commerce platforms [6]. - The National Bureau of Statistics reported that the consumer price index in February increased by 1.3% year-on-year, while the producer price index for industrial products decreased by 0.9% year-on-year [6]. - The Shanghai International Energy Exchange adjusted the trading fees for relevant contracts of fuel oil, crude oil, and low-sulfur fuel oil futures [7]. 2. Futures Market Tracking - **Performance**: The report provides detailed data on the closing prices, settlement prices, price changes, price change rates, basis, and other indicators of various futures contracts, including the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index [9]. - **Trading Volume and Open Interest**: It presents the trading volume, trading volume changes, trading turnover, trading turnover changes, open interest, open interest changes, and other data of different futures contracts, as well as the net positions of the top 20 member institutions [10]. 3. Spot Market Tracking - **Market Performance**: The report shows the current points, daily, weekly, monthly, and annual price changes, trading turnover, price-to-earnings ratios, and other information of various major indices, such as the Wind All A Index, Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index [32]. - **Sector Performance**: It details the performance of different sectors, including upstream (petroleum and petrochemical, coal, non-ferrous metals, etc.), midstream (construction materials, power equipment, etc.), consumer (food and beverage, medicine, etc.), TMT (electronics, computer, etc.), large finance (bank, non-bank finance, etc.), and public utilities (power, transportation, etc.) [32]. - **Market Style Impact**: The report analyzes the impact of different market styles (cyclical, consumer, growth, financial, and stable) on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices, including the daily, weekly, monthly, and annual contributions [33][34]. - **Valuation**: It provides the current valuations and historical percentile rankings of important indices and Shenwan sectors [36][39]. - **Other Indicators**: The report also includes charts and data on market weekly average trading volume, weekly average turnover rate, the number of rising and falling stocks in the two markets, index trading turnover changes, stock-bond relative returns, Hong Kong Stock Connect, margin trading balance, and margin trading net purchase amount and its proportion in A-share trading turnover [41][42][43][44]. 4. Liquidity Tracking - The report provides charts and data on central bank open market operations (including currency injection, currency withdrawal, and net currency injection) and Shibor interest rate levels [46].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Overseas data indicates that the US labor market and service industry are resilient, alleviating market concerns about an economic recession. The overnight performance of US assets suggests that systemic risks have eased, but there are still uncertainties regarding the Iran - US conflict [2]. - The A - share market showed a significant decline on Wednesday, but it has stronger resilience compared to overseas equity assets. The oil and gas sector is showing signs of divergence, and it is expected that the index may start to bottom out at this level, with a possible repair market today. Attention should be paid to the mis - priced hard - tech sectors [3]. 3. Summary by Directory 3.1 Important Information - **Iran Situation**: The US - Iran conflict may last for 8 weeks or longer, with the focus of attacks shifting inland. Iran has denied secret peace - talk rumors and is prepared for a long - term war. If the US and Israel seek regime change, Iran may target Israel's Dimona nuclear reactor and regional energy infrastructure. The US Senate failed to stop the continued use of force against Iran [5]. - **South Korea**: South Korea may use a market - stabilization plan of over 100 trillion won if necessary [6]. - **US Tariffs**: The US Treasury Secretary expects a 15% tariff to be implemented this week, while the EU has received a "no - tariff" commitment from the US [7][8]. - **Federal Reserve**: Some Fed officials suggest continued interest - rate cuts in March, while others believe rates may remain unchanged for a long time. The economic outlook is generally optimistic, and the White House has submitted a nomination for a new Fed chair [8]. - **Energy Situation**: Qatar will suspend natural - gas liquefaction production, Saudi Aramco has redirected oil exports, a Saudi refinery has been attacked, and Russia is considering cutting off gas supplies to Europe [8]. - **Domestic Events**: The Fourth Session of the 14th National People's Congress opened on March 5th, with an 8 - day session. The country will adhere to the strategy of expanding domestic demand and boost consumption [9][11]. - **Other News**: Seedance2.0's video - generation price is 1 yuan per second, and the FTSE China A50 Index will include China CSSC Holdings, Tianfu Communication, and Wanhua Chemical [10][11]. 3.2 Futures Market Tracking - **Futures Performance**: All major stock - index futures contracts showed declines, with varying degrees of decline in different contracts of the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indexes [13]. - **Trading Volume and Open Interest**: The trading volume and open interest of major stock - index futures contracts generally decreased, with some contracts showing different trends in changes [14]. 3.3 Spot Market Tracking - **Market Performance**: Most major stock indexes in the A - share market declined, with the Shanghai Composite Index down 0.98%, the Shenzhen Component Index down 0.75%, and the ChiNext Index down 1.41%. The oil and petrochemical, non - bank finance, and food and beverage sectors led the decline, while the military, agriculture, forestry, animal husbandry, and fishery, electrical equipment, and environmental protection sectors rose [3][35]. - **Market Style Impact**: Different market styles have different impacts on the performance of major indexes such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000. For example, the financial style has a relatively large negative impact on the Shanghai 50 and CSI 300 indexes [36][37][38]. - **Valuation**: The valuations of major indexes and Shenwan sectors are at different levels, with some sectors having relatively high valuations and others having relatively low valuations [35][40][43]. 3.4 Liquidity Tracking - **Central Bank Operations**: The central bank's open - market operations show the situation of currency injection, withdrawal, and net injection [50]. - **Interest Rates**: The Shibor interest - rate levels are presented, including overnight, 1 - week, 2 - week, and 1 - month rates [50].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Tensions in the Middle East have increased inflation expectations, dampened economic growth prospects, and raised recession expectations. This has a negative impact on global financial markets, including A - shares. Although A - shares have heavy - weight stocks to support the market, the decline of technology stocks has made it difficult for the market to break through the 4200 - point mark. The market is currently in a high - volatility state, and the direction will be determined after the high - volatility period. During the Two Sessions window period, there will be market stability measures. Attention should be paid to the blockade of the Strait of Hormuz and the hard - technology stocks that have been wrongly sold off [1][2]. 3. Summary by Directory 3.1 Important Information - Trump announced cutting off trade with Spain due to its lack of cooperation in actions against Iran, and plans to gradually announce tariffs on different countries and increase tariff agreements with some countries [4]. - In the Iran situation, Iran claims to have destroyed two sets of US THAAD systems; South Korea's media reports that the US is considering transferring THAAD and Patriot systems from South Korea to the Middle East; Saudi Arabia and the UAE are considering joining the fight against Iran; Trump says it's too late for Iran to negotiate; Israel has officially mobilized troops for a ground invasion of Lebanon; the US Senate will vote on a "war powers resolution" to limit Trump's power on Iran; Iran's ambassador to the UN says Iran has not contacted the US for possible peace talks; and Iran's opposition news website reports that Khamenei's son has been selected as the next supreme leader [4]. - Regarding the Fed, some officials are uncertain about interest - rate cuts in 2026 due to the war situation, and they need to consider the spill - over effects of the Iran issue on foreign markets and trade partners, and continue to suppress inflation [4]. - In the energy situation, Trump announced providing insurance for海上原油运输 and naval escort through the Strait of Hormuz; a fire broke out at the UAE's major oil trading hub Fujairah due to drone debris; Iraq will be forced to cut oil production by more than 3 million barrels per day; Saudi Aramco is exploring oil exports via the Red Sea; and Trump says he can tolerate short - term oil price increases and prioritizes eliminating the Iranian threat [5]. - Wang Yi had a phone call with the Israeli Foreign Minister [6]. - The central bank had a net investment of 5 billion yuan in the open - market Treasury bond trading in February [7]. - The Shanghai International Energy Exchange adjusted the price limit range and trading margin ratio of crude oil and other futures contracts [8]. - Six departments including the Ministry of Industry and Information Technology issued a guidance on promoting the comprehensive utilization of photovoltaic modules [9]. - The Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference will be held from March 4th to March 11th [9]. 3.2 Futures Market Tracking - **Futures Price Performance**: All major stock - index futures contracts showed declines. For example, the Shanghai - Shenzhen 300 Index futures IF2603 fell 1.27%, and the CSI 500 Index futures IC2603 fell 4.18% [11]. - **Trading Volume and Open Interest**: The trading volume of various futures contracts generally increased, while the open interest of some contracts changed. For example, the trading volume of the Shanghai - Shenzhen 300 futures increased by 37,821 lots, and the open interest decreased by 12,664 lots [12]. 3.3 Spot Market Tracking - **Overall Market Performance**: The A - share market generally declined on Tuesday. The Shanghai Composite Index fell 1.43%, the Shenzhen Component Index fell 3.07%, and the ChiNext Index fell 2.57%. Only sectors such as petroleum and petrochemicals, coal, transportation, banks, and public utilities rose, while the rest declined. There were 642 rising stocks and 4802 falling stocks in the whole market [2][35]. - **Market Style Impact**: Different market styles have different impacts on major stock indexes. For example, in the Shanghai 50 Index, the cyclical style has a relatively large negative impact on the daily decline, while the financial style has a positive impact [36]. 3.4 Liquidity Tracking - The central bank's open - market operations showed a net investment of 5 billion yuan in February. The Shibor interest - rate levels are also presented in the report, which helps to understand the short - term liquidity situation in the market [7][48].