1. Report Industry Investment Ratings - No investment ratings are provided in the reports. 2. Core Views of the Reports Steel Industry - This week, the steel price center has risen. The steel price fluctuated upward due to the impact of iron ore's upward - then - downward movement caused by port liquidity interference. Steel production and demand are in a seasonal recovery stage. Plate inventories decreased this week, while building material inventories increased. Total inventories increased slowly and are expected to turn to seasonal destocking next week. Production is expected to rise next week after being at a low level last week due to environmental protection restrictions. Demand is gradually recovering, and attention should be paid to the height of the recovery in apparent demand. Domestic demand expectations are weak, and exports remain high. Steel + billet exports are expected to be flat year - on - year. The Middle East issue has affected shipping and short - term steel shipments, but Chinese steel has replaced Iranian billet exports, and billet export orders are acceptable. Further price increases need to observe variables in the coking coal supply, and the upward driving force from the steel's own supply - demand fundamentals is not strong [1]. Iron Ore Industry - From a fundamental perspective, on the supply side, the global iron ore shipments decreased last week, with significant declines in Brazil and non - mainstream mines. Rainfall in southeastern Brazil affected some shipments, and although the impact of future rainfall will weaken, the iron ore arrivals in China may increase due to some ships originally bound for the Middle East diverting to China because of the US - Iran situation. On the demand side, the molten iron output continued to decline, but it is expected to gradually recover next week. In terms of inventory, the steel mill inventory decreased slightly, and the port inventory increased slightly. The inventory accumulation at ports has narrowed, and it is expected to turn into a destocking pattern. In the short term, the main iron ore contract may fluctuate within the range of 750 - 820 yuan/ton [4]. Coke and Coking Coal Industry - For coke, the futures price fluctuated upward last week. The first - round price cut by mainstream steel mills on March 4 was successfully implemented on March 6, and it is expected to bottom out and stabilize. On the supply side, coke price adjustments lag behind coking coal, and coking profits have declined. Coke production decreased slightly during the Two Sessions and will gradually recover after. On the demand side, after the end of the Two Sessions, steel mill production restrictions were lifted, molten iron output will rise, and steel prices rebounded from a low level, and restocking demand will gradually recover. In terms of inventory, steel mills reduced inventory, while coking plants and ports increased inventory, and the overall inventory increased slightly. The supply and demand of coke are basically balanced in the short term. It is recommended to go long on the coke 2605 contract at low prices, with a reference range of 1650 - 1850, and the arbitrage strategy is to go long on coking coal and short on coke. - For coking coal, the futures price fluctuated upward last week. Spot prices showed a mixed trend, and Mongolian coal prices fluctuated with the futures. On the supply side, coal mines are gradually resuming production, and coal daily output is increasing. Imported coal port inventories are accumulating. On the demand side, after the end of the Two Sessions, steel mill production restrictions were lifted, molten iron output increased, and coke production also increased. Steel mills cut coke prices on March 4. In terms of inventory, coal mines and ports are accumulating inventory, while coking plants, steel mills, coal washing plants, and ports are reducing inventory. The overall inventory is seasonally decreasing, but the upstream inventory accumulation is bearish. It is recommended to go long on the coking coal 2605 contract at low prices, with a reference range of 1100 - 1250, and the arbitrage strategy is to go long on coking coal and short on coke [7]. Silicon Manganese and Silicon Iron Industry - For silicon manganese, supply increased slightly as production in Inner Mongolia and Ningxia remained stable, and Yunnan复产 due to electricity price subsidies. Five new silicon manganese plants are expected to come on - stream in the second quarter, and supply will increase marginally. Demand was affected by environmental protection restrictions, causing a significant decline in molten iron output, but it will rise as terminal demand recovers and steel mills resume production. The short - term steel exports to the Middle East are blocked due to the US - Iran conflict, but there may be an export substitution effect in the long term. The manganese ore supply is in a tight - balance state, and the cost will increase due to the US - Iran conflict. It is expected that the price will fluctuate widely in the range of 5800 - 6400. - For silicon iron, supply increased slightly as some regions resumed production. The magnesium - aluminum daily output is at a relatively high level but decreased this week, and the demand support weakened. The cost is supported by stable semi - coke prices, and the profit levels in different regions have been repaired. Affected by the international geopolitical conflict, the market sentiment is changeable, and the price may fluctuate widely in the range of 5700 - 6200 [8]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - The spot prices of rebar and hot - rolled coils in different regions increased, and the prices of rebar and hot - rolled coil futures contracts also rose. The basis of rebar and hot - rolled coil contracts showed different changes [1]. Cost and Profit - Steel billet and slab prices remained unchanged. The cost of Jiangsu electric - furnace rebar increased by 2 yuan/ton, and the cost of Jiangsu converter rebar increased by 19 yuan/ton. The profits of rebar and hot - rolled coils in different regions showed different changes [1]. Supply - The daily average molten iron output decreased by 6.3 to 221.2 tons, a decrease of 2.8%. The output of five major steel products increased by 23.7 to 821.0 tons, an increase of 3.0%. Rebar output increased by 22.0 to 195.3 tons, an increase of 12.7%, with electric - furnace output increasing by 148.2% and converter output increasing by 2.9%. Hot - rolled coil output decreased by 5.9 to 295.3 tons, a decrease of 1.9% [1]. Inventory - The inventory of five major steel products increased by 22.9 to 1974.9 tons, an increase of 1.2%. Rebar inventory increased by 18.5 to 894.2 tons, an increase of 2.1%. Hot - rolled coil inventory decreased slightly by 0.1 to 471.6 tons, a decrease of 0.0% [1]. Transaction and Demand - The building material trading volume increased by 1.3 to 10.1 tons, an increase of 14.5%. The apparent demand for five major steel products increased by 106.7 to 798.1 tons, an increase of 15.4%. The apparent demand for rebar increased by 78.6 to 176.8 tons, an increase of 80.0%. The apparent demand for hot - rolled coils increased by 13.8 to 295.4 tons, an increase of 4.9% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of various iron ore powders increased, and the basis of the 05 contract for some iron ore powders decreased. The 5 - 9 and 9 - 1 spreads increased [4]. Spot Prices and Price Indexes - The spot prices of various iron ore powders at Rizhao Port increased, and the Singapore Exchange 62% Fe swap price also increased [4]. Supply - The 45 - port arrivals (weekly) increased by 463.0 to 2609.9 tons, an increase of 21.6%. The global shipments (weekly) decreased by 442.9 to 2897.8 tons, a decrease of 13.3%. The national monthly import volume decreased by 2200.9 to 9763.8 tons, a decrease of 18.4% [4]. Demand - The 247 - steel - mill daily average molten iron output (weekly) decreased by 6.4 to 221.2 tons, a decrease of 2.8%. The 45 - port daily average desilting volume (weekly) increased by 6.8 to 317.9 tons, an increase of 2.2%. The national monthly pig iron output decreased by 162.1 to 6072.2 tons, a decrease of 2.6%. The national monthly crude steel output decreased by 169.4 to 6817.7 tons, a decrease of 2.4% [4]. Inventory Changes - The 45 - port inventory increased by 69.7 to 17187.52 tons, an increase of 0.4%. The 247 - steel - mill imported ore inventory (weekly) decreased by 82.5 to 8929.1 tons, a decrease of 0.9%. The 64 - steel - mill inventory available days (weekly) remained unchanged at 23.0 days [4]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The prices of some coke contracts increased, and the basis of some contracts changed. The steel - union coking profit (weekly) decreased by 17 [7]. Upstream Coking Coal Prices and Spreads - The prices of coking coal (Shanxi warehouse - receipt) and coking coal (Mongolian coal warehouse - receipt) increased [7]. Supply: Coke Production (Weekly) - The daily average output of all - sample coking plants and 247 - steel - mill coke production remained unchanged [7]. Demand: Molten Iron Output (Weekly) - The 247 - steel - mill molten iron output decreased by 6.4 to 221.2 tons, a decrease of 2.8% [7]. Coke Inventory Changes (Weekly) - The total coke inventory decreased slightly by 0.3 to 984.4 tons, a decrease of 0.0%. The inventory of all - sample coking plants decreased by 9.9 to 100.4 tons, a decrease of 8.9%. The 247 - steel - mill coke inventory increased by 16.3 to 687.6 tons, an increase of 2.4%. The port inventory decreased by 6.7 to 196.4 tons, a decrease of 3.3% [7]. Coking Coal - Related Prices and Spreads - The prices of some coking coal contracts increased, and the basis of some contracts changed. The sample coal mine profit (weekly) increased by 3 [7]. Overseas Coal Prices - The Australian Peak Downs FOB price decreased slightly, and the Jingtang Port Australian main - coking coal ex - warehouse price increased [7]. Supply: Fenwei Sample Coal Mine Production (Weekly) - The raw coal output increased by 12.6 to 873.9 tons, an increase of 1.5%, and the clean coal output increased by 2.7 to 445.9 tons, an increase of 0.6% [7]. Demand: Coke Production (Weekly) - The daily average output of all - sample coking plants and 247 - steel - mill coke production remained unchanged [7]. Coking Coal Inventory Changes (Weekly) - The Fenwei coal mine clean coal inventory decreased by 11.2 to 117.8 tons, a decrease of 8.7%. The all - sample coking plant coking coal inventory increased by 20.0 to 969.4 tons, an increase of 2.1%. The 247 - steel - mill coking coal inventory increased by 2.0 to 777.6 tons, an increase of 0.3%. The port inventory decreased slightly by 0.1 to 267.6 tons, a decrease of 0.1% [7]. Silicon Manganese and Silicon Iron Industry Futures and Spot - The closing price of the silicon manganese main contract decreased by 34.0 to 5888.0 yuan/ton, a decrease of 0.6%. The closing price of the silicon iron main contract increased by 14.0 to 6176.0 yuan/ton, an increase of 0.24%. The spot prices of silicon iron and silicon manganese in different regions showed different changes [8]. Cost and Profit - The production cost of Inner Mongolia silicon manganese decreased by 21.0 to 6058.3 yuan/ton, a decrease of 0.3%. The production cost of Guangxi silicon manganese increased by 18.7 to 6308.6 yuan/ton, an increase of 0.3%. The production profit of Inner Mongolia silicon iron increased by 21.0 to - 158.3 yuan/ton, an increase of - 11.7% [8]. Manganese Ore Supply - The manganese ore shipments (weekly) increased by 44.9 to 122.7 tons, an increase of 57.6%. The manganese ore arrivals (weekly) increased by 0.8 to 44.8 tons, an increase of 1.8%. The manganese ore desilting volume (weekly) increased by 53.7 to 129.0 tons, an increase of 50.7% [8]. Supply - The silicon iron output (weekly) increased by 0.1 to 9.7 tons, an increase of 0.9%. The silicon manganese output (weekly) increased by 0.2 to 19.8 tons, an increase of 0.94%. The silicon iron production enterprise's operating rate (weekly) increased by 1.3 to 27.9%, an increase of 4.94%. The silicon manganese operating rate increased by 1.2 to 36.1%, an increase of 0.4% [8]. Demand - The silicon iron demand (weekly) increased by 0.1 to 1.9 tons, an increase of 5.94%. The silicon manganese demand (Steel - Union calculation) increased by 0.5 to 11.7 tons, an increase of 4.9%. The 247 - steel - mill daily average molten iron output (weekly) decreased by 6.4 to 221.2 tons, a decrease of 2.8%. The blast - furnace operating rate (weekly) increased by 0.6 to 78.3%, an increase of 0.8%. The Steel - Union five - major steel products output (weekly) increased by 23.7 to 821.0 tons, an increase of 3.0% [8]. Inventory Changes - The silicon iron inventory of 60 sample enterprises (weekly) decreased by 0.5 to 6.1 tons, a decrease of 7.7%. The inventory of 63 sample enterprises (weekly) decreased by 1.2 to 37.6 tons, a decrease of 3.0% [8].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - Gold prices are expected to remain stable above the 20 - day moving average, fluctuating within the range of $5000 - 5250 with narrowing volatility. Short - term out - of - the - money call options above 1200 yuan can be held [1]. - Silver prices continue to be weakly volatile under multiple factors, testing the support of the 60 - day moving average. The silver price range is $80 - 90, and out - of - the money call options above 23000 yuan can be held [1]. - Platinum and palladium prices are suppressed by the reversal of macro - financial attributes and demand expectations. They generally follow the weak volatility of gold and silver. Platinum prices fluctuate within the range of $2000 - 2200, and palladium prices fluctuate within the range of $1590 - 1690 [1]. Group 3: Summary by Related Catalogs Domestic Futures Closing Prices - AU2604 contract closed at 1148.10 yuan/gram on March 12, down 0.34% from the previous day [1]. - AG2606 contract closed at 22062 yuan/kilogram on March 12, down 0.87% from the previous day [1]. - PT2606 contract closed at 564.65 on March 12, down 0.16% from the previous day [1]. - PD2606 contract closed at 416.60 yuan/gram on March 12, down 1.80% from the previous day [1]. Foreign Futures Closing Prices - COMEX gold主力 contract closed at 5084.10 on March 12, down 1.93% from the previous day [1]. - COMEX silver主力 contract closed at 83.96 on March 12, down 2.28% from the previous day [1]. - NYMEX platinum主力 contract closed at 2130.70 dollars/ounce on March 12, down 1.96% from the previous day [1]. - NYMEX palladium主力 contract closed at 1638.00 on March 12, down 0.64% from the previous day [1]. Spot Prices - London gold was at 5077.94 on March 12, down 2.02% from the previous day [1]. - London silver was at 83.78 on March 12, down 2.27% from the previous day [1]. - Spot platinum was at 2150.00 dollars/ounce on March 12, down 2.49% from the previous day [1]. - Spot palladium was at 1618.90 on March 12, down 0.86% from the previous day [1]. - Shanghai Gold Exchange gold T + D was at 1146.26 yuan/gram on March 12, down 0.35% from the previous day [1]. - Shanghai Gold Exchange silver T + D was at 21851 yuan/kilogram on March 12, down 0.67% from the previous day [1]. - Shanghai Gold Exchange platinum 9995 was at 553 yuan/gram on March 12, down 0.69% from the previous day [1]. Spreads - The spread of gold TD - Shanghai gold主力 was - 1.84 on March 12, with a historical 1 - year quantile of 46.10% [1]. - The spread of silver TD - Shanghai silver主力 was - 211 on March 12, with a historical 1 - year quantile of 60.60% [1]. - The spread of London gold - COMEX gold was - 9.13 on March 12, with a historical 1 - year quantile of 75.60% [1]. - The spread of London silver - COMEX silver was - 0.37 on March 12, with a historical 1 - year quantile of 21.70% [1]. Ratios - The ratio of COMEX gold/silver was 60.56 on March 12, up 0.36% from the previous day [1]. - The ratio of Shanghai Futures Exchange gold/silver was 52.04 on March 12, up 0.54% from the previous day [1]. - The ratio of NYMEX platinum/palladium was 1.30 on March 12, down 1.33% from the previous day [1]. - The ratio of Guangzhou Futures Exchange platinum/palladium was 1.36 on March 12, up 1.67% from the previous day [1]. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.27 on March 12, up 1.4% from the previous day [1]. - The 2 - year US Treasury yield was 3.76 on March 12, up 3.3% from the previous day [1]. - The 10 - year TIPS Treasury yield was 1.89 on March 12, up 2.2% from the previous day [1]. - The US dollar index was 99.74 on March 12, up 0.48% from the previous day [1]. - The offshore RMB exchange rate was 6.8821 on March 12, up 0.08% from the previous day [1]. Inventories - The Shanghai Futures Exchange gold inventory was 105420 on March 12, up 0.49% from the previous day [1]. - The Shanghai Futures Exchange silver inventory was 309974 (in ten thousand) on March 12, up 23.07% from the previous day [1]. - The COMEX gold inventory was 32656407 on March 12, down 0.20% from the previous day [1]. - The COMEX silver inventory was 344324824 on March 12, down 0.06% from the previous day [1]. - The COMEX gold registered warehouse receipt was 16697449 on March 12, down 0.17% from the previous day [1]. - The COMEX silver registered warehouse receipt was 78610869 on March 12, up 0.34% from the previous day [1]. - The SPDR gold ETF holding was 1076 on March 12, down 0.13% from the previous day [1]. - The SLV silver ETF holding was 15539 on March 12, with no change from the previous day [1].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The geopolitical situation in the Middle East continues to be tense. The continuous blockade of the Strait of Hormuz affects the production of refineries in Asia, tightening the supply of PX. However, downstream polyester has difficulty in cost transmission under high raw material prices, and some factories may reduce production. In the short - term, the impact of Middle - East geopolitics on oil prices and raw material supply dominates, but downstream feedback also needs attention. PX absolute price is expected to fluctuate with oil prices, and low - buying is recommended after the market stabilizes [2]. - PTA load remains relatively high, and the recovery of downstream polyester start - up is slow due to high - price raw materials. There is an expectation of inventory accumulation in March. The reduction of raw material PX production boosts PTA, but in the short - term, PTA's own driving force is limited, and its absolute price follows the cost side. A wait - and - see approach is recommended for single - side trading, and attention should be paid to oil price trends [2]. - In March, the domestic supply of ethylene glycol significantly declines due to the shutdown or load - reduction of multiple coal - based and oil - based ethylene glycol plants. The closure of the Strait of Hormuz reduces the arrival of foreign ships. With the seasonal increase in polyester load from March to April, the de - stocking of ethylene glycol may increase. The short - term price of ethylene glycol still has upward momentum, but attention should be paid to the risk of a sharp fall after a rise [2]. - The short - fiber supply - demand pattern is still weak. Affected by Middle - East geopolitical news and domestic chemical enterprise load - reduction, polyester - related prices are generally strong. Some factories may reduce or stop production due to high raw material costs. In the short - term, short - fiber is mainly driven by raw materials. The single - side strategy is the same as that of PTA, and the PF disk processing fee fluctuates between 800 - 1100 [2]. - In March, the domestic supply of bottle chips gradually increases, but if the cost of crude oil and upstream polyester raw materials continues to rise, the restart plan of some bottle - chip factory devices may be postponed. Under the influence of macro and crude oil stimulation and the peak PET procurement season, the downstream procurement of bottle chips is expected to follow up, and the supply - demand of bottle chips is expected to tighten. The single - side strategy of PR is the same as that of PTA, and attention should be paid to the pressure above 600 for the main PR disk processing fee [2]. 3. Summary by Relevant Catalogs 3.1 Price and Spread of PX - related - CFR China MX increased from 1121 to 1207, a rise of 86 or 7.7%. CFR China PX rose from 1216 to 1305, an increase of 89 or 7.3%. PX spot price (in RMB) increased from 9739 to 10452, a rise of 713 or 7.3% [2]. - PX05 - PX09 increased from 562 to 736, a rise of 174 or 31.0%. PX - crude oil spread increased by 5.0%, PX - naphtha spread decreased from 341 to 328, a decrease of 13 or 3.8%, and PX - MX spread increased from 65 to 68, a rise of 3 or 3.2% [2]. 3.2 Price and Spread of PTA - related - PTA East - China spot price increased from 6320 to 7030, a rise of 710 or 11.2%. TA futures 2605 rose from 6660 to 6998, an increase of 338 or 5.1%, and TA futures 2609 rose from 6294 to 6606, an increase of 312 or 5.0% [2]. - PTA spot processing fee decreased from 243 to 236, a decrease of 7. PTA disk processing fee (05) decreased from 417 to 305, a decrease of 111 or 26.7%, and PTA disk processing fee (09) decreased from 419 to 396, a decrease of 23 or 5.6% [2]. 3.3 Price and Spread of MEG - related - MEG East - China spot price increased from 4185 to 4400, a rise of 215 or 5.1%. EG futures 2605 rose from 4577 to 4653, an increase of 76 or 1.7%, and EG futures 2609 rose from 4434 to 4536, an increase of 102 or 2.3% [2]. - MEG port inventory increased from 100.2 to 106.8, a rise of 6.6 or 6.6%. MEG arrival expectation decreased from 10.9 to 7.8, a decrease of 3.1 or 28.4% [2]. 3.4 Downstream Polyester Product Price and Cash - flow - Polyester chip price increased from 7040 to 7650, a rise of 610 or 8.7%. Bottle - chip futures PR2605 price rose from 7836 to 8242, an increase of 406 or 5.2% [2]. - 1.4D direct - spinning short - fiber price increased from 7885 to 8480, a rise of 595 or 7.5%. Short - fiber futures PF2604 price rose from 8130 to 8456, an increase of 326 or 4.0% [2]. - POY150/48 cash - flow increased from 401 to 414, a rise of 13 or 3.3%. FDY150/96 cash - flow decreased from 134 to 121, a decrease of 13 or 9.7% [2]. - DTY150/48 cash - flow increased from 190 to 250, a rise of 60 or 31.6%. Polyester chip cash - flow decreased from - 102 to - 276, a decrease of 174 [2]. - Polyester bottle - chip processing fee decreased from 1052 to 862, a decrease of 187 or 17.8%. Bottle - chip disk processing fee (05) increased from 582 to 672, a rise of 90 or 15.5% [2]. - 1.4D direct - spinning short - fiber processing difference decreased from 941 to 824, a decrease of 117 or 12.4%. Short - fiber disk processing difference (04) decreased from 1424 to 922, a decrease of 502 or 35.2% [2]. - Pure - polyester yarn cash - flow increased from - 345 to - 280, an increase of 65 [2]. 3.5 Upstream Price - WTI crude oil (April) increased from 92.5 to 100.46, a rise of 7.96 or 8.5%. Brent crude oil (May) rose from 91.98 to 100.46, an increase of 8.48 or 9.2% [2]. - CFR Northeast Asia ethylene increased from 970 to 1000, a rise of 30 or 3.1%. CFR Japan naphtha increased from 875 to 977, a rise of 102 or 11.7% [2]. 3.6 Polyester Industry Chain Start - up Rate - Asian PX start - up rate decreased from 84.9% to 83.2%, a decrease of 1.7% or 2.0%. China PX start - up rate decreased from 92.4% to 90.4%, a decrease of 2.0% or 2.2% [2]. - PTA start - up rate increased from 76.6% to 81.0%, a rise of 4.4% or 5.7%. MEG comprehensive start - up rate decreased from 79.0% to 74.1%, a decrease of 4.9% or 6.2% [2]. - Coal - based MEG start - up rate decreased from 84.0% to 83.0%, a decrease of 1.0% or 1.2%. Polyester comprehensive start - up rate increased from 79.5% to 84.1%, a rise of 4.6% or 5.8% [2]. - Direct - spinning filament start - up rate increased from 76.8% to 82.4%, a rise of 5.6%. Polyester bottle - chip start - up rate increased from 69.2% to 69.5%, a rise of 0.3% or 0.4% [2]. - Direct - spinning short - fiber start - up rate increased from 74.1% to 84.6%, a rise of 10.5% or 14.2%. Pure - polyester yarn start - up rate increased from 42.0% to 53.0%, a rise of 11.0% or 26.2% [2]. - Jiangsu and Zhejiang texturing machine start - up rate increased from 8% to 62%, a rise of 54.0% or 675.0%. Jiangsu and Zhejiang looms start - up rate increased from 12% to 58%, a rise of 46.0% or 383.3% [2]. - Jiangsu and Zhejiang printing and dyeing start - up rate increased from 12% to 69%, a rise of 57.0% or 475.0% [2].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports 2.1 Oil and Fat Industry - The basis quotes of oils are unable to rise due to the upward movement of the futures market and the off - season demand. The price of rapeseed oil may have a chance to reach the 10,000 - yuan mark again if the crude oil futures price continues to rise. The Malaysian palm oil futures are expected to fluctuate within the range of 4500 - 4600 ringgit, and the domestic palm oil futures may face pressure to decline. The CBOT soybean oil may continue to rise in the short - term, and the domestic soybean oil basis quotes are supported [1]. 2.2 Cotton Industry - The ICE cotton futures are slightly down but close to a two - week high. The US cotton export sales have increased week - on - week, and it is expected to maintain a low - level range - bound pattern. The domestic Zhengzhou cotton has回调 after several rises, and the cotton futures' long - position pattern continues [2]. 2.3 Sugar Industry - The ICE raw sugar futures have closed higher. It is expected that the short - term sugar price will remain firm with limited downward adjustment space. The domestic sugar market is expected to maintain a high - level range - bound and slightly stronger trend, but the upward momentum for a significant price increase is limited [3]. 2.4 Jujube Industry - The 25/26 crop season jujube market still has an oversupply pattern. The consumption market is weak, and the inventory pressure is large. The warehouse receipt cost supports the futures price, and attention should be paid to the inventory reduction progress and weather conditions in the producing areas [5]. 2.5 Apple Industry - The apple futures price has fallen from a high level as the market sentiment has cooled. The spot market shows a "strong in the west and weak in the east" pattern. The inventory decline supports the futures price, and attention should be paid to the Tomb - Sweeping Festival replenishment, ordinary fruit inventory reduction, and weather changes [8]. 2.6 Corn and Corn Starch Industry - The corn price is supported by farmers' reluctance to sell and downstream replenishment needs, but the expected increase in supply and substitution limit its upward space, and it will maintain a high - level range - bound pattern [10]. 2.7 Meal Industry - The US soybean is supported by multiple factors but lacks fundamental changes. The domestic basis has strengthened, and the futures market is expected to maintain a high - level range - bound pattern with a strengthening basis [13]. 2.8 Pig Industry - The large - scale pig slaughter and off - season demand suppress the spot price. The secondary fattening enthusiasm is low, and it is expected that the futures and spot prices will continue to bottom out, with the possibility of further decline in the near - term contracts [16]. 2.9 Egg Industry - The supply of laying hens remains stable, and the demand is moderate. The egg price is expected to maintain a low - level range - bound pattern in the short - term [18]. 3. Summary of Each Industry Based on the Content 3.1 Oil and Fat Industry Price Changes - **Soybean oil**: The spot price in Jiangsu is 8950 yuan, up 190 yuan (2.17%) from the previous day; the futures price of Y2605 is 8632 yuan, up 62 yuan (0.72%); the basis is 318 yuan, up 128 yuan (67.37%) [1]. - **Palm oil**: The spot price of 24 - degree palm oil in Guangdong is 9753 yuan, up 273 yuan (2.88%); the futures price of P2605 is 9684 yuan, up 158 yuan (1.66%); the basis is - 46 yuan, up 250% [1]. - **Rapeseed oil**: The spot price of third - grade rapeseed oil in Jiangsu is 10232 yuan, down 10 yuan (- 0.10%); the futures price of OI605 is 9769 yuan, down 9 yuan (- 0.09%); the basis is 464 yuan, down 1 yuan (- 0.22%) [1]. Spread Changes - **Inter - month spreads**: The 05 - 09 spread of soybean oil is - 22 yuan, down 19.30%; the 05 - 09 spread of palm oil is 26 yuan, up 46.43%; the 05 - 09 spread of rapeseed oil is - 12 yuan, down 12.82% [1]. - **Cross - variety spreads**: The spot spread between soybean oil and palm oil is - 803 yuan, down 11.53%; the 2605 spread between soybean oil and palm oil is - 1052 yuan, down 10.04%; the spot spread between rapeseed oil and soybean oil is 1282 yuan, down 13.50%; the 2605 spread between rapeseed oil and soybean oil is 1137 yuan, down 5.88% [1]. 2.2 Cotton Industry Futures Market - The price of cotton 2605 is 15545 yuan/ton, up 225 yuan (1.47%); the price of cotton 2609 is 15380 yuan/ton, up 215 yuan (1.40%); the 5 - 9 spread is - 50 yuan/ton, up 10 yuan (16.67%) [2]. Spot Market - The Xinjiang arrival price of 3128B is 16673 yuan/ton, up 190 yuan (1.15%); the CC Index: 3128B is 16848 yuan/ton, up 180 yuan (1.08%); the FC Index:M: 1% is 12647 yuan/ton, up 101 yuan (0.81%) [2]. Industry Situation - The commercial inventory is 547.70 million tons, down 31.17 million tons (- 5.4%); the industrial inventory is 89.40 million tons, up 3.30 million tons (3.8%); the import volume is 17.79 million tons, up 5.89 million tons (49.5%); the bonded area inventory is 47.10 million tons, up 4.20 million tons (9.8%) [2]. 2.3 Sugar Industry Futures Market - The price of sugar 2605 is 5416 yuan/ton, down 1 yuan (- 0.13%); the price of sugar 2609 is 5447 yuan/ton, down 1 yuan (- 0.02%); the 5 - 9 spread is - 31 yuan/ton, down 6 yuan (- 24.00%) [3]. Spot Market - The price in Nanning is 5470 yuan/ton, up 10 yuan (0.18%); the price in Kunming is 5320 yuan/ton, unchanged; the Nanning basis is 54 yuan, up 17 yuan (45.95%); the Kunming basis is - 96 yuan, up 7 yuan (6.80%) [3]. Industry Situation - The cumulative national sugar production is 689.00 million tons, down 60.28 million tons (- 8.05%); the cumulative national sugar sales is 270.00 million tons, down 103.50 million tons (- 27.71%); the cumulative sugar production in Guangxi is 402.90 million tons, down 78.80 million tons (- 16.36%) [3]. 2.4 Jujube Industry Futures Market - The price of jujube 2605 is 9080 yuan/ton, down 60 yuan (- 0.66%); the price of jujube 2607 is 9245 yuan/ton, down 80 yuan (- 0.86%); the price of jujube 2609 is 9535 yuan/ton, down 95 yuan (- 1.00%) [5]. Spot Market - The price of Cangzhou special - grade jujube is 9210 yuan/ton, up 10 yuan (0.11%); the price of Cangzhou first - grade jujube is 7900 yuan/ton, unchanged; the price of Cangzhou second - grade jujube is 6900 yuan/ton, unchanged [5]. 2.5 Apple Industry Futures Market - The price of apple 2605 is 9984 yuan/ton, down 252 yuan (- 2.46%); the price of apple 2610 is 8636 yuan/ton, down 21 yuan (- 0.24%); the 5 - 10 spread is 1348 yuan/ton, down 231 yuan (- 14.63%) [8]. Spot Market - The arrival volume at Chalong Fruit Wholesale Market is 23 vehicles, down 2 vehicles (- 8.00%); the arrival volume at Jiangmen Fruit Wholesale Market is 12 vehicles, down 1 vehicle (- 7.69%); the arrival volume at Xiaqiao Fruit Wholesale Market is 16 vehicles, down 1 vehicle (- 5.88%) [8]. Industry Situation - The national cold - storage inventory is 499.72 million tons, down 27.81 million tons (- 5.27%) [8]. 2.6 Corn and Corn Starch Industry Corn - The price of corn 2605 at Jinzhou Port is 2396 yuan/ton, up 1 yuan (0.04%); the 5 - 9 spread is - 19 yuan/ton, unchanged; the market price at Shekou Port is 2500 yuan/ton, up 10 yuan (0.40%); the import profit is 181 yuan/ton, down 12 yuan (- 6.44%) [10]. Corn Starch - The price of corn starch 2605 is 2723 yuan/ton, up 5 yuan (0.18%); the average price of corn starch is 2917 yuan/ton, up 9 yuan (0.31%); the basis is 194 yuan/ton, up 4 yuan (2.11%) [10]. 2.7 Meal Industry Soybean Meal - The spot price in Jiangsu is 3280 yuan/ton, up 30 yuan (0.92%); the futures price of M2605 is 3054 yuan/ton, down 14 yuan (- 0.46%); the basis is 226 yuan, up 44 yuan (24.18%) [13]. Rapeseed Meal - The spot price in Jiangsu is 2666 yuan/ton, up 40 yuan (1.53%); the futures price of RM2605 is 2492 yuan/ton, up 12 yuan (0.48%); the basis is 168 yuan, up 28 yuan (20.00%) [13]. Spreads - The 05 - 09 spread of soybean meal is - 10 yuan, down 71.43%; the 05 - 09 spread of rapeseed meal is 12 yuan, up 120.00%; the oil - meal ratio of the spot is 2.74, up 0.021 (0.76%); the oil - meal ratio of the main contract is 2.83, up 0.033 (1.19%); the spread between soybean meal and rapeseed meal is 620 yuan, down 10 yuan (- 1.59%); the 2605 spread between soybean meal and rapeseed meal is 562 yuan, down 26 yuan (- 4.42%) [13]. 2.8 Pig Industry Futures Market - The price of the main contract of live pigs 2605 is 11130 yuan/ton, down 40 yuan (- 0.36%); the price of live pigs 2603 is 10180 yuan/ton, up 90 yuan (0.89%); the 3 - 5 spread is - 950 yuan/ton, up 130 yuan (12.04%) [16]. Spot Market - The price in Henan is 10050 yuan/ton, down 150 yuan; the price in Shandong is 10250 yuan/ton, unchanged; the price in Sichuan is 10200 yuan/ton, unchanged; the price in Liaoning is 9900 yuan/ton, down 50 yuan; the price in Guangdong is 10710 yuan/ton, up 200 yuan; the price in Hunan is 10110 yuan/ton, unchanged; the price in Hebei is 10100 yuan/ton, up 50 yuan [16]. Industry Situation - The daily slaughter volume of sample points is 165,965 heads, up 1547 heads (0.94%); the weekly white - strip price is 17.94 yuan/kg, down 0.54 yuan (- 2.92%); the weekly piglet price is 27.44 yuan/kg, unchanged; the weekly sow price is 32.46 yuan/kg, down 0.01 yuan (- 0.03%); the weekly slaughter weight is 128.55 kg, up 0.4 kg (0.31%); the weekly self - breeding profit is - 238 yuan/head, down 78.3 yuan (- 49.06%); the weekly purchased - piglet breeding profit is - 58.7 yuan/head, down 79.7 yuan (- 382.72%); the monthly fertile sow inventory is 39610,000 heads, down 290,000 heads (- 0.73%) [16]. 2.9 Egg Industry Futures Market - The price of the egg 04 contract is 3271 yuan/500KG, up 30 yuan (0.93%); the price of the egg 05 contract is 3457 yuan/500KG, up 19 yuan (0.55%); the 4 - 5 spread is - 186 yuan/500KG, up 11 yuan (5.58%) [18]. Spot Market - The egg - producing area price is 3.11 yuan/jin, unchanged; the basis is - 342 yuan/500KG, down 19 yuan (- 5.87%) [18]. Industry Situation - The price of egg - laying chicken chicks is 3.50 yuan/feather, up 0.20 yuan (6.06%); the price of culled chickens is 4.94 yuan/jin, up 0.51 yuan (11.39%); the egg - feed ratio is 2.63, down 0.26 (- 9.00%); the breeding profit is - 16.02 yuan/feather, down 6.41 yuan (- 249.92%) [18].

Report Information - Report Name: Funds Flow and Key Seats' Position Changes Daily Report [1] - Date: March 13, 2026 [1] - Data Date: March 12, 2026 [2] Core Content Funds Inflow and Outflow of Varieties - The report presents data on the inflow and outflow of funds in various varieties, but the specific varieties and their inflow/outflow details are not clearly described other than the outflow ratio percentages shown in the graph [2] Key Seats' Position Changes - **Morgan Chase**: Shows net positions and daily position changes (same - color for increasing positions, opposite - color for decreasing positions) for multiple products like CSI 1000 Futures, etc. The net position and daily position change percentages range from - 4% to 10% [2] - **Qiankun Futures**: Displays net positions and daily position changes for products such as stainless steel, iron ore, etc. The net position and daily position change percentages range from - 10% to 20% [2] - **UBS Futures**: Presents data on net positions and daily position changes for products like CSI 500 Futures, etc. The net position and daily position change percentages range from - 6% to 4% [2] - **CITIC Futures**: Shows net positions and daily position changes for products like Treasury bond futures. The net position and daily position change percentages range from - 15% to 15% [3] - **Guotai Junan**: Displays position change percentages for certain products, with the range from - 30% to 15% [3]

Group 1: Report Industry Investment Rating - No information provided in the reports Group 2: Core Views of the Reports 1. Index Futures Spread Daily Report - The report presents the historical 1 - year and full - historical percentiles, latest values, and changes compared to the previous day for various index futures spreads, including IF, IH, IC, and IM, as well as cross - variety ratios [1]. 2. Treasury Bond Futures Spread Daily Report - It shows the basis, cross - period spreads, and cross - variety spreads of different treasury bond futures (TS, TF, T, TL), along with their latest values, changes, and percentiles since listing [2]. 3. Precious Metals Spot - Futures Daily Report - Gold prices are expected to maintain a narrow - range oscillation between 5000 - 5250 dollars, and shorting out - of - the - money call options above 1200 yuan can be continued. Silver prices continue to be weakly volatile, testing the support of the 60 - day moving average, and shorting out - of - the - money call options above 23000 yuan can be continued. Platinum and palladium prices are under pressure, with platinum in the 2000 - 2200 dollars range and palladium in the 1590 - 1690 dollars range [4]. Group 3: Summary by Relevant Catalogs Index Futures Spread Daily Report - **IF Futures**: The current IF futures spread is - 29.16, with a historical 1 - year percentile of 32.30% and a full - historical percentile of 14.20%. The cross - period spreads also have corresponding percentiles and changes [1]. - **IH Futures**: The IH futures spread is - 5.16, with a historical 1 - year percentile of 37.20% and a full - historical percentile of 32.50%. Cross - period spreads show different values and changes [1]. - **IC Futures**: The IC futures spread is - 58.47, with a historical 1 - year percentile of 13.50% and a full - historical percentile of 43.40%. Cross - period spreads have their own characteristics [1]. - **IM Futures**: The IM futures spread is - 58.71, with a historical 1 - year percentile of 5.00% and a full - historical percentile of 29.80%. Cross - period spreads are presented as well [1]. - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, and others are provided, along with their latest values, changes, and percentiles [1]. Treasury Bond Futures Spread Daily Report - **Basis**: For TS, TF, T, and TL, the basis values, their changes, and percentiles since listing are given. For example, the TS basis is 1.3925, with a 16.80% percentile since listing [2]. - **Cross - Period Spreads**: Cross - period spreads for different contracts (e.g., current quarter - next quarter, current quarter - distant quarter) of TS, TF, T, and TL are presented, including their latest values, changes, and percentiles [2]. - **Cross - Variety Spreads**: Spreads between different treasury bond futures (e.g., TS - TF, TS - T) are provided, along with their latest values, changes, and percentiles [2]. Precious Metals Spot - Futures Daily Report - **Domestic Futures Closing Prices**: Closing prices, price changes, and price change rates of domestic precious metal futures contracts (AU2604, AG2606, etc.) on March 12 are presented [4]. - **Foreign Futures Closing Prices**: Closing prices, price changes, and price change rates of foreign precious metal futures contracts (COMEX gold, COMEX silver, etc.) on March 12 are shown [4]. - **Spot Prices**: Current and previous spot prices, price changes, and price change rates of precious metals (London gold, London silver, etc.) are provided [4]. - **Basis**: The basis between different precious metal spot and futures prices, their changes, and historical 1 - year percentiles are given [4]. - **Price Ratios**: Ratios between different precious metal prices (COMEX gold/silver, SHFE gold/silver, etc.), their changes, and price change rates are presented [4]. - **Interest Rates and Exchange Rates**: Current and previous values, changes, and change rates of 10 - year US Treasury yields, 2 - year US Treasury yields, 10 - year TIPS Treasury yields, the US dollar index, and the offshore RMB exchange rate are provided [4]. - **Inventory and Positions**: Current and previous values, changes, and change rates of inventories and positions of precious metals in different exchanges (SHFE, COMEX) and ETFs are presented [4].

Report Industry Investment Rating - Not provided in the content Core Viewpoints Tin - The short - term market sentiment is volatile, and it is recommended to be cautious. There is still a long - term bullish logic for tin prices, and short - term adjustments may provide opportunities for long - term long positions [3] Copper - In the short - term, due to multiple factors, copper prices are oscillating around 100,000 yuan/ton. In the long - term, the center of copper prices is expected to rise. Short - term adjustments may provide opportunities for long - term long positions [5] Zinc - The zinc fundamentals are generally good. The price downside space may be limited without significant recession risks at the macro level. However, if the downstream production resumption in the peak season fails to meet expectations, the domestic inventory pressure may suppress the upside space [7] Industrial Silicon - The cost increase may strongly support the bottom of industrial silicon prices. In March, supply and demand are expected to be strong. Attention should be paid to the production and sales recovery and cost fluctuations [9] Polysilicon - The polysilicon market is currently oversupplied, but the low - cost photovoltaic power may be beneficial to the long - term development of photovoltaic demand. It is recommended to wait and see for now [10] Aluminum - Alumina prices are expected to continue wide - range oscillations, and short - selling on rallies is recommended. Aluminum prices are expected to oscillate at high levels in the short - term, and the long - term bullish logic remains unchanged [11] Nickel - The overseas macro uncertainty increases, and the raw material end contradictions support the price. The demand has improved slightly, but high inventory restricts the price increase. The disk is expected to oscillate strongly [12] Stainless Steel - The overseas macro risk uncertainty increases, the raw material end is tight, and the cost supports the price. The supply and demand are in a continuous game, and the short - term is expected to oscillate and adjust [16] Lithium Carbonate - The macro risk persists, and the fundamentals maintain resilience but lack strong drivers. The disk is expected to oscillate widely around the macro expectations, and it is recommended to wait and see for now [19] Aluminum Alloy - The short - term market will continue to oscillate in the context of weak supply and demand. The key turning points of the market lie in the downstream production resumption rhythm, order recovery, and scrap aluminum circulation improvement [21] Summary by Directory Tin Price and Spread - The price of Yangtze River 1 tin is 394,000 yuan/ton, down 1,350 yuan or 0.34%. The LME 0 - 3 spread is 400, up 40.00%. The import profit and loss is - 8,294.19 yuan/ton, up 870.91 yuan or 9.50%. The Shanghai - London ratio is 7.89 [1] Fundamental Data - In December, the tin ore import volume was 17,637 tons, up 16.81% month - on - month. In February, the SMM refined tin output was 11,490 tons, down 23.91% month - on - month [2] Inventory - The SHEF weekly inventory is 11,663 tons, down 4.82%. The social inventory is 13,082 tons, down 0.21%. The SHEF daily warehouse receipt is 12,360 tons, up 23.22%. The LME daily inventory is 8,630 tons, up 0.29% [3] Copper Price and Spread - The SMM 1 electrolytic copper price is 100,670 yuan/ton, down 0.64%. The SMM 1 electrolytic copper spread is 82 yuan/ton, up 40 yuan [5] Fundamental Data - In February, the electrolytic copper output was 114.24 million tons, down 3.13% month - on - month. In December, the electrolytic copper import volume was 26.02 million tons, down 4.02% month - on - month [5] Inventory - The domestic social inventory is 57.39 million tons, down 0.57%. The bonded area inventory is 0 million tons, down 100%. The SHFE inventory is 42.51 million tons, up 8.59% [5] Zinc Price and Spread - The SMM 0 zinc ingot price is 24,310 yuan/ton, up 0.08%. The import profit and loss is - 2,665 yuan/ton, up 82.05 yuan [7] Fundamental Data - In February, the refined zinc output was 50.46 million tons, down 9.99% month - on - month. In December, the refined zinc import volume was 0.88 million tons, down 51.94% month - on - month [7] Inventory - The Chinese zinc ingot seven - region social inventory is 26.88 million tons, up 4.88%. The LME inventory is 0.02 million tons, down 0.15% [7] Industrial Silicon Price and Spread - The price of East China oxygen - passing SI5530 industrial silicon is 9,200 yuan/ton, unchanged. The price of South China SI4210 industrial silicon is 9,600 yuan/ton, unchanged [9] Fundamental Data - The national industrial silicon output is 27.57 million tons, down 26.58% month - on - month. The national operating rate is 38.02%, down 21.33% month - on - month [9] Inventory - The Xinjiang factory warehouse inventory is 13.98 million tons, up 0.58%. The social inventory is 55.20 million tons, down 0.18% [9] Polysilicon Price and Spread - The average price of N - type re -投料 is 46,000 yuan/ton, down 2.65%. The主力 contract price is 42,760 yuan/ton, up 0.40% [10] Fundamental Data - The weekly polysilicon output is 1.90 million tons, up 1.06%. The monthly polysilicon output is 7.70 million tons, down 23.61% [10] Inventory - The polysilicon inventory is 35.70 million tons, up 2.59%. The silicon wafer inventory is 28.35 million tons, down 2.28% [10] Aluminum Price and Spread - The SMM A00 aluminum price is 25,260 yuan/ton, up 0.92%. The import profit and loss of electrolytic aluminum is - 3,974 yuan/ton, down 3368 yuan [11] Fundamental Data - In February, the alumina output was 660.02 million tons, down 10.63% month - on - month. The domestic electrolytic aluminum output was 346.00 million tons, down 8.91% month - on - month [11] Inventory - The Chinese electrolytic aluminum social inventory is 129.40 million tons, up 3.03%. The LME inventory is 44.7 million tons, down 0.63% [11] Nickel Price and Spread - The SMM 1 electrolytic nickel price is 140,950 yuan/ton, up 0.86%. The 1 Jinchuan nickel price is 144,350 yuan/ton, up 0.80% [12] Fundamental Data - The Chinese refined nickel output is 32,600 tons, down 7.45% month - on - month. The refined nickel import volume is 23,394 tons, up 84.63% [12] Inventory - The SHFE inventory is 61,769 tons, up 1.61%. The social inventory is 84,537 tons, up 10.45%. The LME inventory is 286,248 tons, down 0.29% [12] Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) is 14,450 yuan/ton, unchanged. The price of 304/2B (Foshan Hongwang 2.0 coil) is 14,350 yuan/ton, unchanged [16] Fundamental Data - The Chinese 300 - series stainless steel crude steel output (43 companies) is 190.08 million tons, up 44.07% month - on - month. The stainless steel import volume is 14.50 million tons, up 29.32% [16] Inventory - The 300 - series social inventory (Wuxi + Foshan) is 53.21 million tons, down 1.19%. The SHFE warehouse receipt is 5.13 million tons, down 0.34% [16] Lithium Carbonate Price and Spread - The SMM battery - grade lithium carbonate average price is 158,000 yuan/ton, down 0.63%. The SMM industrial - grade lithium carbonate average price is 154,500 yuan/ton, down 0.80% [19] Fundamental Data - In February, the lithium carbonate output was 83,090 tons, down 15.13% month - on - month. The lithium carbonate demand was 111,503 tons, down 10.57% [19] Inventory - The lithium carbonate total inventory in February was 28,323 tons, down 4.76%. The lithium carbonate downstream inventory was 39,997 tons, down 5.01% [19] Aluminum Alloy Price and Spread - The SMM aluminum alloy ADC12 price is 25,200 yuan/ton, up 0.40%. The Foshan crushed raw aluminum refined - scrap spread is 3,066 yuan/ton, up 11.45% [21] Fundamental Data - In February, the recycled aluminum alloy ingot output was 35.80 million tons, down 41.31% month - on - month. The primary aluminum alloy ingot output was 20.93 million tons, down 30.99% [21] Inventory - The recycled aluminum alloy ingot weekly social inventory is 3.91 million tons, down 5.56%. The recycled aluminum alloy factory finished product inventory is 13.60 million tons, down 8.11% [21]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Pure Benzene and Styrene - Due to the tense geopolitical situation, the supply of pure benzene is expected to decline, and the supply - demand outlook has improved. However, the price will fluctuate with oil prices. The strategy is to wait and see on a single - side basis and shrink the EB04 - BZ04 spread when it is high [1]. - The supply of styrene in March remains high, and the supply - demand is expected to slightly reduce inventory. The price will follow oil price fluctuations, and the strategy is the same as that for pure benzene [1]. Urea - The short - term price of urea is relatively firm, but there may be a downward trend after the return - green fertilizer season in mid - March, mainly affected by sentiment. The main contract should focus on whether it can break through the 1860 - 1900 range, and the strategy is to go long at low levels [2]. PVC and Caustic Soda - The short - term rise of caustic soda is due to the optimistic expectations from geopolitical conflicts. The supply - demand situation is still severe, and attention should be paid to the actual delivery volume of downstream and the price fluctuation of liquid chlorine [3]. - The price of PVC is expected to be passively pushed up. The supply - demand situation has slightly changed, and the cost - end transmission has uncertainties [3]. Natural Rubber - The new rubber supply is gradually being released, and the demand has uncertainties. The price is expected to fluctuate within the range of 16500 - 17500, and attention should be paid to the reduction of tire demand in the Middle East [4]. Glass and Soda Ash - The supply of soda ash is strong and the demand is weak, and it is affected by macro fluctuations. The market is expected to fluctuate, and the range is 1150 - 1300. The strategy is to wait and see on a single - side basis and consider the arbitrage of short soda ash and long glass [5]. - The supply of glass has a low daily melting volume, and the inventory has been well reduced. The strategy is to wait and see, with a range of 1000 - 1150, and go long at low levels after the macro situation stabilizes. Also, consider the arbitrage of short soda ash and long glass [5]. Polyolefins - The short - term market of LLDPE and PP is strong due to cost support, supply reduction, and demand recovery expectations. Attention should be paid to the sustainability of cost support and the actual procurement demand of downstream [6]. Methanol - The price of methanol is widely fluctuating due to geopolitical sentiment. The supply may have an actual reduction, the demand is gradually recovering, and the inventory has started to reduce. Attention should be paid to the progress of the conflict, the inventory reduction rhythm, and the implementation of maintenance [7]. Crude Oil - In the short term, oil prices will maintain a pattern of "policy suppression + geopolitical support", and Brent is likely to fluctuate in the range of 80 - 100 US dollars per barrel [8]. Polyester Industry Chain - For PX, the supply is expected to decline, but attention should be paid to the downstream negative feedback. The price will follow oil price fluctuations, and the strategy is to go long at low levels after the market stabilizes [10]. - For PTA, the self - driving force is limited, and the price follows the cost - end. The strategy is to wait and see on a single - side basis [10]. - For ethylene glycol, the supply in March has decreased significantly, and the inventory reduction amplitude may increase. The price has the momentum to rise, but attention should be paid to the risk of a sharp fall [10]. - For short - fiber, the supply - demand pattern is weak, and it follows the raw material fluctuations. The strategy is the same as that for PTA [10]. - For bottle - chips, the supply is expected to increase in March, and the supply - demand is expected to be tight. The strategy is the same as that for PTA [10]. LPG No specific view statement provided. 3. Summaries According to Relevant Catalogs Pure Benzene - Styrene - **Upstream Prices and Spreads**: On March 12, the prices of Brent crude oil, WTI crude oil, CFR Japan naphtha, etc. all increased compared with March 11, while the spreads of pure benzene - naphtha and ethylene - naphtha decreased [1]. - **Benzene - Styrene - Related Prices and Spreads**: The prices of benzene - styrene spot and futures increased slightly, but the spreads and cash - flows decreased to varying degrees [1]. - **Downstream Cash - Flows**: The cash - flows of downstream products such as phenol, caprolactam, and aniline changed, with some increasing and some decreasing [1]. - **Inventory and Operating Rates**: The inventories of pure benzene and benzene - styrene in Jiangsu ports decreased, and the operating rates of some industries changed slightly [1]. Urea - **Futures and Spot Prices**: The futures prices of urea increased, and the spot prices were generally stable [2]. - **Raw Materials and Downstream Products**: The prices of upstream raw materials were mostly stable, and the prices of some downstream products increased slightly [2]. - **Supply and Demand**: The daily production of urea decreased slightly, the operating rate remained high, and the inventory decreased slightly. The demand from agriculture and industry is in a state of recovery [2]. PVC and Caustic Soda - **Spot and Futures Prices**: The prices of caustic soda and PVC increased to varying degrees, and the basis and spreads changed [3]. - **Overseas Quotes and Export Profits**: The overseas quotes of caustic soda and PVC changed, and the export profits increased [3]. - **Supply and Demand**: The operating rate of the caustic soda industry decreased slightly, and the operating rate of the PVC industry decreased slightly. The demand for downstream products of caustic soda and PVC improved [3]. - **Inventory**: The inventory of caustic soda factories increased slightly, and the inventory of PVC upstream factories and the total social inventory decreased [3]. Natural Rubber - **Spot Prices and Basis**: The price of natural rubber in Yunnan increased, and the basis changed significantly [4]. - **Monthly Spreads**: The monthly spreads of natural rubber changed [4]. - **Fundamental Data**: The production of natural rubber in some countries changed, the operating rates of tire industries increased, and the import and export volumes and inventories also changed [4]. Glass and Soda Ash - **Prices and Spreads**: The prices of glass and soda ash increased slightly, and the basis and spreads changed [5]. - **Supply**: The operating rate and weekly output of soda ash increased slightly, and the daily melting volume of glass decreased [5]. - **Inventory**: The inventories of glass and soda ash factories decreased [5]. - **Real Estate Data**: The year - on - year changes in real estate data such as new construction area, construction area, completion area, and sales area improved to varying degrees [5]. Polyolefins - **Futures and Spot Prices**: The futures prices of LLDPE and PP increased, and the spot prices also increased. The basis and spreads changed [6]. - **Upstream and Downstream Operating Rates**: The operating rates of PE and PP devices decreased, and the operating rates of downstream industries increased [6]. - **Inventory**: The enterprise inventory of PE increased, and the social inventory decreased. The enterprise inventory of PP increased slightly, and the trader inventory decreased [6]. Methanol - **Prices and Spreads**: The futures prices of methanol increased, and the basis and spreads changed [7]. - **Inventory**: The inventories of methanol enterprises, ports, and the society decreased [7]. - **Upstream and Downstream Operating Rates**: The operating rate of upstream domestic enterprises remained stable, and the operating rates of some downstream industries increased [7]. Crude Oil - **Prices and Spreads**: The prices of Brent, WTI, and SC crude oil increased significantly, and the spreads also changed [8]. - **Refined Oil Prices and Spreads**: The prices of refined oil products increased, and the spreads and cracking spreads changed [8]. Polyester Industry Chain - **Upstream and Downstream Product Prices and Cash - Flows**: The prices of upstream raw materials such as crude oil and naphtha increased, and the prices and cash - flows of downstream polyester products also changed [10]. - **PX - Related Prices and Spreads**: The prices and spreads of PX changed [10]. - **PTA - Related Prices and Spreads**: The prices and spreads of PTA changed, and the processing fees decreased [10]. - **MEG - Related Prices and Spreads**: The prices and spreads of MEG changed, and the import profit increased [10]. - **Operating Rates**: The operating rates of various industries in the polyester industry chain changed, with some increasing and some decreasing [10]. LPG - **Prices and Spreads**: The futures prices of LPG increased, and the basis and spreads changed [11]. - **External Market Prices**: The external market prices of LPG increased [11]. - **Inventory**: The refinery storage ratio of LPG decreased, and the port inventory and storage ratio increased [11]. - **Upstream and Downstream Operating Rates**: The operating rate of upstream main refineries increased slightly, and the operating rates of downstream industries also increased [11].

1. Report Industry Investment Ratings - No information provided regarding industry investment ratings in the reports. 2. Core Views Steel Industry - Geopolitical conflicts and supply - demand dynamics support steel prices. Steel prices are expected to rise, with the 5 - month contract of rebar and hot - rolled coil facing resistance around 3150 and 3300 respectively [1]. Iron Ore Industry - Iron ore prices are likely to be volatile and bullish in the short term, with a reference range of 780 - 850, due to geopolitical impacts and supply - demand changes [4]. Coke and Coking Coal Industry - For coke, prices are expected to stabilize. It is recommended to go long on the coke 2605 contract in the range of 1650 - 1850 and consider an arbitrage strategy of long coking coal and short coke. For coking coal, it is recommended to go long on the coking coal 2605 contract in the range of 1100 - 1250 [6]. Ferrosilicon and Ferromanganese Industry - Ferrosilicon prices are expected to fluctuate widely in the range of 5700 - 6200. Ferromanganese prices are expected to fluctuate widely in the range of 5800 - 6400 [7]. 3. Summary by Directory Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil prices in different regions and contracts showed various changes. For example, rebar spot prices in East China increased by 10, and hot - rolled coil spot prices in North China increased by 20 [1]. Cost and Profit - Steel billet prices increased by 20, while some cost and profit indicators such as East China hot - rolled coil profit decreased by 24 [1]. Production and Inventory - Daily average pig iron production decreased by 6.3 to 221.2, a 2.8% decline. Five - major - variety steel production increased by 23.7 to 821.0, a 3.0% increase. Five - major - variety steel inventory increased by 22.9 to 1974.9, a 1.2% increase [1]. Transaction and Demand - Building material trading volume decreased by 0.9 to 8.8, a 9.4% decline. Five - major - variety apparent demand increased by 106.7 to 798.1, a 15.4% increase [1]. Iron Ore Industry Iron Ore - related Prices and Spreads - Warehouse receipt costs of various iron ore types increased, and 05 - contract basis of some ores also increased. For example, the warehouse receipt cost of lower - grade powder increased by 21.8 to 902.4, a 2.5% increase [4]. Supply - 45 - port arrival volume increased by 463.0 to 2609.9, a 21.6% increase, while global shipping volume decreased by 442.9 to 2897.8, a 13.3% decrease [4]. Demand - 247 - steel - mill daily average pig iron production decreased by 5.7 to 227.6, a 2.4% decrease, and 45 - port daily average port clearance volume increased by 12.6 to 311.1, a 4.2% increase [4]. Inventory - 45 - port inventory increased by 25.9 to 17117.86, a 0.2% increase, and 247 - steel - mill imported ore inventory decreased by 73.5 to 9011.6, a 0.8% decrease [4]. Coke and Coking Coal Industry Price and Spread - Coke and coking coal prices and spreads showed different changes. For example, the coke 05 contract increased by 9 to 1727, a 0.5% increase [6]. Supply and Demand - Coke production remained stable, and pig iron production decreased by 6.4 to 221.2, a 2.8% decrease. Coking coal production increased, with raw coal production increasing by 165.0 to 861.3, a 23.74% increase [6]. Inventory - Coke total inventory decreased slightly, and coking coal inventory in some sectors changed. For example, the whole - sample coking plant's coking coal inventory increased by 20.0 to 969.4, a 2.14% increase [6]. Ferrosilicon and Ferromanganese Industry Futures and Spot - Ferrosilicon and ferromanganese futures and spot prices changed. For example, the ferrosilicon main - contract closing price increased by 38 to 5922, a 0.64% increase [7]. Cost and Profit - Ferrosilicon production cost in Inner Mongolia increased slightly, and production profit in Inner Mongolia decreased by 20.5% [7]. Supply and Demand - Ferrosilicon production remained stable at 9.7, and ferrosilicon demand increased by 0.1 to 1.9, a 5.94% increase. Ferromanganese demand increased by 0.5 to 11.7, a 4.94% increase [7]. Inventory - Ferrosilicon inventory of 60 - sample enterprises decreased by 0.5 to 37.6, a 6.6% decrease, and ferromanganese inventory of 63 - sample enterprises decreased by 1.2 to 38.7, a 3.0% decrease [7].

Group 1: Report Industry Investment Ratings - Not provided in the given content Group 2: Core Views of the Report - The Middle - East conflict has eased, and the market risk appetite has recovered. However, the sustainability of the unilateral repair trend needs to be observed. The view on the stock index is still neutral and volatile. [2] - Gold is stable above the 20 - day moving average, maintaining a range of $5000 - 5250, and the fluctuation is narrowing. Silver is also narrowing in fluctuation, with a range of $80 - 90. Platinum and palladium follow the trend of gold and silver, with platinum in the range of $2000 - 2200 and palladium in the range of $1590 - 1690. [2] - Steel prices have a rising central value, and attention should be paid to the previous high pressure. Iron ore is in a wide - range shock. Coal and coke can be bought at low prices. [2] - For non - ferrous metals, copper, zinc, and tin can be considered for long - term low - buying. Aluminum and aluminum alloy can be bought on dips. Nickel can be operated in the range of 136,000 - 145,000 and consider buying call options. [2] - In the new energy sector, polysilicon and industrial silicon are in a shock state. Lithium carbonate can be temporarily observed and short - term interval operations can be tried. [2] - In the energy and chemical sector, crude oil can be observed or bought at low prices. Many chemical products are affected by oil prices and have large fluctuations. [2] - In the agricultural products sector, soybeans and their products are in a shock - upward trend. Livestock products such as pigs are in a shock - downward trend. Grains such as corn are in a high - level shock. Oils and fats, sugar, and other products have different trends. [2] Group 3: Summaries by Catalog Stock Index - The market risk appetite has recovered, but the sustainability of the unilateral repair trend needs to be observed. It is recommended to construct a bull spread of out - of - the - money put options on the far - month contracts, keep a low position, and the view is still neutral and volatile. [2] Precious Metals - Gold is stable above the 20 - day moving average, maintaining a range of $5000 - 5250, and the fluctuation is narrowing. Silver is also narrowing in fluctuation, with a range of $80 - 90. Platinum and palladium follow the trend of gold and silver, with platinum in the range of $2000 - 2200 and palladium in the range of $1590 - 1690. It is recommended to sell out - of - the - money call options to earn time value. [2] Steel and Iron - Steel prices have a rising central value, and attention should be paid to the previous high pressure. Iron ore is in a wide - range shock. Coal and coke can be bought at low prices. [2] Non - Ferrous Metals - Copper, zinc, and tin can be considered for long - term low - buying. Aluminum and aluminum alloy can be bought on dips. Nickel can be operated in the range of 136,000 - 145,000 and consider buying call options. [2] New Energy - Polysilicon and industrial silicon are in a shock state. Lithium carbonate can be temporarily observed and short - term interval operations can be tried. [2] Energy and Chemical - Crude oil can be observed or bought at low prices. Many chemical products are affected by oil prices and have large fluctuations. Some products can consider positive spreads or stop - profit operations. [2] Agricultural Products - Soybeans and their products are in a shock - upward trend. Livestock products such as pigs are in a shock - downward trend. Grains such as corn are in a high - level shock. Oils and fats, sugar, and other products have different trends. [2]