Group 1: Stock Index Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report presents the latest values, changes from the previous day, 1 - year historical percentiles, and all - time historical percentiles of stock index futures spreads including IF, IH, IC, and IM, as well as cross - variety ratios [1]. Summary by Related Catalog - **Spot - Futures Spread**: IF spot - futures spread is - 77.95, down 2.78 from the previous day, with 1 - year and all - time percentiles of 3.20% and 2.30% respectively; IH is - 22.91, down 3.03, with 10.60% and 5.70%; IC is - 193.12, down 14.71, with 2.80% and 0.30%; IM is - 258.53, down 36.02, with 15.00% and 0.60% [1]. - **Cross - Period Spread**: Different cross - period spreads for IF, IH, IC, and IM are provided, showing their latest values, changes, and percentiles [1]. - **Cross - Variety Ratio**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc. are presented, along with their changes and percentiles [1]. Group 2: Treasury Bond Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report shows the latest values, changes from the previous trading day, and percentiles since listing of basis, cross - period spreads, and cross - variety spreads of treasury bond futures [5]. Summary by Related Catalog - **Basis**: TS basis is 1.0707, up 0.0606, with a 7.00% percentile since listing; TF is 1.0953, up 0.0940, with 25.50%; T is 1.1640, down 0.0059, with 39.10%; TL is 0.5152, up 0.0568, with 19.30% [5]. - **Cross - Period Spread**: Cross - period spreads for TS, TF, T, and TL are given, including their latest values, changes, and percentiles [5]. - **Cross - Variety Spread**: Spreads such as TS - TF, TS - T, etc. are presented, along with their changes and percentiles [5]. Group 3: Precious Metals Spot - Futures Daily Report Report Industry Investment Rating - Not provided Core View - The report provides domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals, and gives investment suggestions [6]. Summary by Related Catalog - **Futures Closing Prices**: Domestic AU2606 contract closed at 1014.88 yuan/gram, up 1.62%; AG2606 at 17707 yuan/kg, up 1.25%. Foreign COMEX gold closed at 4540.40, up 1.13%; COMEX silver at 70.18, up 0.59% [6]. - **Spot Prices**: London gold is 4513.52, up 0.45%; London silver is 70.04, up 0.45%. Shanghai Gold Exchange's gold T + D is 1008.96 yuan/gram, up 1.66%; silver T + D is 17560 yuan/kg, up 0.53% [6]. - **Basis**: Gold TD - Shanghai gold main contract is - 5.92, up 0.29, with a 46.10% 1 - year percentile; silver TD - Shanghai silver main contract is - 147, down 125, with 60.60% [6]. - **Ratios**: COMEX gold/silver is 64.70, up 0.54%; Shanghai Futures Exchange gold/silver is 57.32, up 0.37% [6]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.35%, down 2.0%; 2 - year is 3.82%, down 1.5%. US dollar index is 100.51, up 0.33% [6]. - **Inventory and Positions**: Shanghai Futures Exchange gold inventory is 106644 kg, unchanged; COMEX gold inventory is 31536505, down 0.56%. SPDR gold ETF position is 1046, down 0.33%; SLV silver ETF position is 15288, down 0.79% [6]. - **Investment Suggestions**: For gold, try to buy call options when the price drops below 4400 dollars. For silver, sell call options above 19000 yuan. For platinum and palladium, platinum fluctuates between 1850 - 2000 dollars, palladium between 1450 - 1600 dollars, and try to buy platinum at low prices [6].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Despite the US signaling peace talks with Iran, the conditions for a cease - fire agreement may be harsh. There may be more intense conflicts, leading to a liquidity shock and a potential fall in gold prices. However, the impact of geopolitical conflicts on the market is expected to be gradually digested. If gold ETF funds stop flowing out, it will be conducive to market stabilization and a technical recovery. When the short - term intraday price drops below $4400, investors can try to buy call options to seize the opportunity of a phased rebound [1] - As gold stops falling, silver may bottom out around $60 - $65, with its technical aspects gradually recovering. The upper resistance is at $85. It is recommended to hold the out - of - the - money call options on Shanghai silver above 19000 [1] - Under the dual disturbances of macro - finance and industrial attributes, the prices of platinum and palladium are affected by gold and silver and show an oscillatory pattern. Platinum fluctuates in the range of $1850 - $2000, and palladium fluctuates in the range of $1450 - $1600. The fundamentals of palladium are relatively weaker, and investors can try to go long on platinum at low prices [1] 3. Summary by Relevant Catalogs Domestic Futures Closing Prices - AU2606 contract closed at 1014.88 yuan/gram on March 31, 2026, up 16.22 yuan or 1.62% from March 30 [1] - AG2606 contract closed at 17707 yuan/ten grams on March 31, 2026, up 218 yuan or 1.25% from March 30 [1] - PT2606 contract closed at 497.50 yuan/gram on March 31, 2026, up 4.45 yuan or 0.90% from March 30 [1] - PD2606 contract closed at 357.30 yuan/gram on March 31, 2026, down 0.90 yuan or - 0.25% from March 30 [1] Foreign Futures Closing Prices - COMEX gold主力合约 closed at $4540.40 on March 31, 2026, up $50.70 or 1.13% from March 30 [1] - COMEX silver主力合约 closed at $70.18 on March 31, 2026, up $0.41 or 0.59% from March 30 [1] - NYMEX platinum主力合约 closed at $1892.90 on March 31, 2026, up $26.50 or 1.42% from March 30 [1] - NYMEX palladium主力合约 closed at $1413.50 on March 31, 2026, up $29.00 or 2.09% from March 30 [1] Spot Prices - London gold was at $4513.52, up $20.16 or 0.45% from the previous value [1] - London silver was at $70.04, up $0.32 or 0.45% from the previous value [1] - Spot platinum was at $1920.00, up $71.00 or 3.84% from the previous value [1] - Palladium was at $1430.00, up $43.00 or 3.10% from the previous value [1] - Shanghai Gold Exchange's gold T + D was at 1008.96 yuan/gram, up 16.51 yuan or 1.66% from the previous value [1] - Shanghai Gold Exchange's silver T + D was at 17560 yuan/kilogram, up 93 yuan or 0.53% from the previous value [1] - Shanghai Gold Exchange's 9995 gold was at 490 yuan/gram, up 13 yuan or 2.64% from the previous value [1] Basis - The basis of gold TD - Shanghai gold主力 was - 5.92, up 0.29 from the previous value, with a 1 - year historical quantile of 46.10% [1] - The basis of silver TD - Shanghai silver主力 was - 147, down 125 from the previous value, with a 1 - year historical quantile of 60.60% [1] - The basis of London gold - COMEX gold was 3.66, up 0.74 from the previous value, with a 1 - year historical quantile of 99.20% [1] - The basis of London silver - COMEX silver was - 0.05, up 0.02 from the previous value, with a 1 - year historical quantile of 59.70% [1] Price Ratios - The ratio of COMEX gold/silver was 64.70, up 0.35 or 0.54% from the previous value [1] - The ratio of Shanghai Futures Exchange's gold/silver was 57.32, up 0.21 or 0.37% from the previous value [1] - The ratio of NYMEX platinum/palladium was 1.34, down 0.01 or - 0.66% from the previous value [1] - The ratio of Guangzhou Futures Exchange's platinum/palladium was 1.39, up 0.02 or 1.16% from the previous value [1] Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.35%, down 0.09 percentage points or - 2.0% from the previous value [1] - The 2 - year US Treasury yield was 3.82%, down 0.06 percentage points or - 1.5% from the previous value [1] - The 10 - year TIPS Treasury yield was 2.04%, down 0.09 percentage points or - 4.2% from the previous value [1] - The US dollar index was 100.51, up 0.33 or 0.33% from the previous value [1] - The offshore RMB exchange rate was 6.9164, down 0.0034 or - 0.05% from the previous value [1] Inventory and Positions - The Shanghai Futures Exchange's gold inventory was 106644 kilograms, unchanged from the previous value [1] - The Shanghai Futures Exchange's silver inventory was 374427 kilograms, up 2628 kilograms or 0.71% from the previous value [1] - The COMEX gold inventory was 31536505 ounces, down 177023 ounces or - 0.56% from the previous value [1] - The COMEX silver inventory was 327589421 ounces, down 707943 ounces or - 0.22% from the previous value [1] - The COMEX gold registered warehouse receipts were 16618535 ounces, up 300 ounces or 0.00% from the previous value [1] - The COMEX silver registered warehouse receipts were 76024857 ounces, unchanged from the previous value [1] - The SPRD gold ETF position was 1046 tons, down 3.43 tons or - 0.33% from the previous value [1] - The SLV silver ETF position was 15288 tons, down 121.10 tons or - 0.79% from the previous value [1]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views 2.1 Oils and Fats - In the palm oil market, due to the recovery of MPOA production and concerns about the slowdown in export growth, there is a risk of the crude palm oil futures stalling and falling around 4,800 ringgit. Domestically, with the strong performance of international crude oil futures, attention should be paid to whether the Dalian palm oil futures can effectively break through the 10,000 - yuan mark [1]. - For soybean oil, the Trump administration's order to increase the proportion of bio - fuels in gasoline and diesel in the US provides short - term upward momentum for CBOT soybean oil. In China, the plan of the Indonesian B50 biodiesel project and the decrease in domestic soybean oil inventory due to lower factory operating rates support the futures market, but the weak procurement and stable basis quotes show a mixed situation [1]. - Regarding rapeseed oil, market rumors of the second batch of Australian seed crushing commercial pilot opening and the increase in the proportion of palm - oil - blended diesel in Indonesia from 40% to 50% in 2026 have boosted the market. The Zhengzhou rapeseed oil 05 contract is in a wide - range shock around 9,800 yuan, with the upper pressure at 10,000 yuan. The spot market is in a wait - and - see state [1]. 2.2 Cotton - ICE cotton futures rose, reaching a six - month high, supported by the overall optimistic sentiment in CBOT grain futures, crude oil, and the stock market. In the Mississippi Delta, farmers may switch to more profitable soybeans due to low cotton prices and high input costs, and the cotton planting area may reach a ten - year low. The market estimates the planting area to be 9.229 million acres, lower than the previous expectation. In China, the high domestic - foreign cotton price difference limits the upside of domestic cotton. The "Golden March" peak season is ending, with fewer new orders for spinning mills, slower yarn de - stocking, and some mills reducing their operating rates. The "Silver April" order sustainability is uncertain, but the low downstream inventory provides support for cotton prices [2]. 2.3 Sugar - ICE raw sugar futures closed lower after reaching a five - month high. A moderate correction is expected after the 18% increase since early March. Thailand plans to use 150,000 tons of raw sugar for ethanol production. Brazil has the flexibility to adjust sugar production. Before the geopolitical situation eases, raw sugar prices may remain high and volatile. In China, the beet sugar production is in line with expectations, and the cane sugar production exceeds expectations. The domestic supply is strong and demand is weak, and the price is supported by futures, expected to remain high and volatile [4]. 2.4 Red Dates - The jujube market is in the consumption off - season, with light trading in the main sales areas. The prices are weakening, and the downstream demand is mainly for rigid needs. The inventory pressure is evident, and the futures warehouse receipts registration has decreased year - on - year. The short - term futures price is expected to remain low and volatile [6]. 2.5 Apples - The apple spot market shows a differentiated trend, with good - quality apples having firm prices and ordinary apples facing de - stocking pressure. The downstream Qingming Festival stocking is less than expected, and the apple shipment speed has decreased. The market sentiment has weakened due to capital withdrawal. The short - term futures price is expected to fluctuate and consolidate, and attention should be paid to the impact of weather in the main producing areas on the far - month contracts [7][11]. 2.6 Corn and Corn Starch - The current grain sales progress is slower than last year. With the warming temperature and the decline in futures prices, the enthusiasm of grain - holding entities to sell has increased. The continuous release of policy wheat and the expected auction of directional rice have weakened the bullish sentiment, and the price is under pressure. However, the price decline may be limited due to the strong price - holding attitude of traders. On the demand side, the deep - processing inventory has increased but is still low, and feed enterprises have rigid demand for corn, with an increasing substitution of wheat. In general, the short - term corn price is weak, but the limited remaining grain and the rigid demand of downstream enterprises support the price. Attention should be paid to the implementation of the directional rice release [15]. 2.7 Meal - US soybeans find support around 1,160 cents but lack upward momentum. After the bio - diesel policy is implemented, funds take profits. The crude oil price fluctuates due to the unclear situation in the Middle East. In China, the concerns about local shutdowns and supply continuity in the soybean meal market have been fully priced in, and the trading sentiment has cooled. The downstream inventory is relatively sufficient, and the spot trading volume has declined recently. Although the overall inventory is still not loose, the speculation sentiment is weak. There is a bearish expectation of an increase in soybean planting area, but the risk is relatively limited [17]. 2.8 Pigs - Pig prices show signs of stabilizing. The enthusiasm of secondary fattening in the north has increased significantly, while the south is still observing, which has a certain positive impact on market sentiment. The 05 contract of the futures market rebounded, but the far - month contracts are worried about the slow weight reduction and the decline in piglet prices. The current capacity reduction is slow, the supply of piglets is sufficient, and the enthusiasm of farmers to replenish piglets is lower than last year. Although the short - term market price may be boosted by secondary fattening sentiment, the high feed price and limited profit space for large pigs require further observation of the support for secondary fattening sentiment. The 05 contract may have bottomed out, but the far - month contracts may decline further under capacity pressure [19]. 2.9 Eggs - On the supply side, the number of old hens being culled by the breeding industry is increasing slightly, and the overall egg supply remains stable due to the high inventory of laying hens, the increase in newly - laid hens, and the resumption of laying by molting hens. On the demand side, as the Qingming Festival stocking comes to an end, the demand support weakens, the shipment speed in some production areas slows down, and the downstream is more cautious in purchasing. The overall egg market transaction is mediocre, and the egg price is expected to remain low and volatile [22]. 3. Summary by Directory 3.1 Oils and Fats - **Futures Prices**: On March 30, the price of Y2605 soybean oil futures was 8,714 yuan, up 0.30% from March 27; the price of P2605 palm oil futures was 9,768 yuan, up 1.66%; the price of OI605 rapeseed oil futures was 9,891 yuan, up 0.14% [1]. - **Spot Prices**: The average price of soybean oil in Jiangsu was 8,980 yuan, down 0.11% from March 27; the price of 24 - degree palm oil in Guangdong was 9,930 yuan, up 0.36%; the price of third - grade rapeseed oil in Jiangsu was 10,304 yuan, down 0.02% [1]. - **Basis**: The basis of Y2605 soybean oil was - 36 yuan; the basis of P2605 palm oil was - 235 yuan; the basis of OI605 rapeseed oil was 413 yuan [1]. - **Inventory**: The inventory of palm oil in China was 1.4 million tons, the inventory of soybean oil in Chinese crushing plants was 1.2072 million tons, and the inventory of rapeseed oil in coastal crushing plants was not clearly stated [1]. 3.2 Cotton - **Futures Market**: On March 31, the price of cotton 2605 was 15,385 yuan/ton, down 0.23% from the previous value; the price of cotton 2609 was 15,515 yuan/ton, down 0.19%. The 5 - 9 spread was - 130 yuan/ton, down 4.00%. The main contract's open interest was 515,084 lots, down 3.03%. The number of warehouse receipts was 12,435, up 0.01%, and the valid forecasts were 371, up 9.44% [2]. - **Spot Market**: The Xinjiang arrival price of 3128B cotton was 16,656 yuan/ton, up 0.02%; the CC Index of 3128B was 16,823 yuan/ton, up 0.05%; the FC Index of M: 1% was 13,489 yuan/ton, up 1.65% [2]. - **Industry Situation**: The commercial inventory was 0.00 million tons, down 100.0% from the previous value; the industrial inventory was 102.40 million tons, up 14.5%. The import volume was 16.65 million tons, down 19.0%; the bonded area inventory was 47.10 million tons, up 9.8%. The yarn inventory days were 21.45 days, down 1.2%; the grey fabric inventory days were 33.24 days, up 0.3%. The spinning mill C32s immediate processing profit was - 2,225.30 yuan/ton, down 0.4%. The retail sales of clothing, footwear, and textiles were 166.10 billion yuan, up 7.7%; the year - on - year growth rate of clothing, footwear, and textiles was 0.60, down 82.9%. The export value of textile yarns, fabrics, and products was 1.1383 billion US dollars, down 9.5%; the export value of clothing and clothing accessories was 1.1061 billion US dollars, down 19.9% [2]. 3.3 Sugar - **Futures Market**: On March 31, the price of sugar 2605 was 5,441 yuan/ton, down 0.42% from the previous value; the price of sugar 2609 was 5,467 yuan/ton, down 0.36%. The 5 - 9 spread was - 26 yuan/ton, down 13.04%. The main contract's open interest was 304,083 lots, down 2.81%. The number of warehouse receipts was 16,862, up 3.18%, and the valid forecasts were 0, down 100.00% [4]. - **Spot Market**: The price in Nanning was 5,480 yuan/ton, up 0.18%; the price in Kunming was 5,325 yuan/ton, unchanged. The Nanning basis was 39 yuan/ton, up 550.00%; the Kunming basis was - 116 yuan/ton, up 16.55%. The price of imported Brazilian sugar (within the quota) was 4,364 yuan/ton, down 0.43%; the price of imported Brazilian sugar (outside the quota) was 5,540 yuan/ton, down 0.45% [4]. - **Industry Situation**: The cumulative national sugar production was 9.26 million tons, down 4.69% year - on - year; the cumulative national sugar sales were 3.45 million tons, down 27.39%. The cumulative sugar production in Guangxi was 5.6513 million tons, down 8.36%; the sugar sales in Guangxi were 1.6223 million tons, up 20.16%. The national cumulative sugar sales rate was 37.30%, down 23.72%; the cumulative sugar sales rate in Guangxi was 35.25%, down 24.60%. The industrial inventory of sugar in Yunnan was 795,900 tons, up 17.42%. The sugar import volume was 240,000 tons, up 1100.00%. The national industrial inventory was 5.81 million tons [4]. 3.4 Red Dates - **Futures Market**: On March 31, the price of jujube 2605 (main contract) was 8,775 yuan/ton, down 1.07% from the previous value; the price of jujube 2607 was 8,960 yuan/ton, down 0.44%; the price of jujube 2609 was 9,160 yuan/ton, down 0.65%. The 5 - 7 spread was - 185 yuan/ton, down 42.31%; the 5 - 9 spread was - 385 yuan/ton, down 10.00%. The open interest was 165,841 lots, down 1.70%. The number of warehouse receipts was 4,273, unchanged; the valid forecasts were 131, up 43.96%; the sum of warehouse receipts and valid forecasts was 4,404, up 0.92% [6]. - **Spot Market**: The price of Cangzhou's special - grade jujubes was 9,080 yuan/ton, down 0.22%; the price of first - grade jujubes was 7,900 yuan/ton, unchanged; the price of second - grade jujubes was 6,900 yuan/ton, unchanged. The basis of Cangzhou's special - grade jujubes to the main contract was - 295 yuan/ton, up 20.27%; the basis of first - grade jujubes to the main contract was 325 yuan/ton, up 41.30% [6]. 3.5 Apples - **Futures Market**: On March 31, the price of apple 2605 (main contract) was 9,863 yuan/ton, down 1.04% from the previous value; the price of apple 2610 was 8,763 yuan/ton, down 0.05%. The basis was - 1,525 yuan/ton, down 6.35%; the 5 - 10 spread was 1,100 yuan/ton, down 8.33%. The open interest was 81,103 lots, down 7.24% [7]. - **Spot Market**: The arrival volume at Chalong Fruit Wholesale Market was 25 vehicles, up 13.64%; the arrival volume at Jiangmen Fruit Wholesale Market was 11 vehicles, unchanged; the arrival volume at Xiaqiao Fruit Wholesale Market was 14 vehicles, up 7.69%. The national cold - storage inventory was 4.4179 million tons, down 5.69% [7]. 3.6 Corn and Corn Starch - **Corn**: On March 31, the price of corn 2605 at Jinzhou Port was 2,346 yuan/ton, down 0.97% from the previous value; the basis was 34 yuan/ton, up 209.09%. The 5 - 9 spread was - 32 yuan/ton, down 6.67%. The market price at Shekou Port was 2,480 yuan/ton, down 0.40%. The north - south trade profit was 9 yuan, down 68.97%. The Brazilian arrival duty - paid price was 2,366 yuan/ton, down 1.20%. The import profit was 114 yuan, up 19.70%. The number of remaining vehicles at Shandong deep - processing plants in the morning was 891, down 32.55%. The trading volume was 2,032,676 lots, down 1.04%. The number of warehouse receipts was 58,377, down 1.68% [15]. - **Corn Starch**: The price of corn starch 2605 was 2,737 yuan/ton, down 0.65% from the previous value; the average price of corn starch was 2,964 yuan/ton, down 0.10%. The basis was 227 yuan/ton, up 7.08%. The spot price in Weifang was 2,980 yuan/ton, down 0.67%; the spot price in Changchun was 2,850 yuan/ton, unchanged. The 5 - 9 spread was - 10 yuan/ton, up 33.33%. The 05 spread between starch and corn on the disk was 391 yuan/ton, up 1.30%. The Shandong starch profit was 13 yuan, up 85.71%. The open interest was 386,073 lots, up 0.23%. The number of warehouse receipts was 4,510, down 3.01% [15]. 3.7 Meal - **Soybean Meal**: The spot price of soybean meal in Jiangsu was 3,240 yuan, unchanged. The price of M2605 futures was 2,937 yuan, unchanged. The basis of M2605 was 303 yuan,

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The report presents the latest data on LPG prices, spreads, inventory, and upstream - downstream operating rates, showing the current market situation of the LPG industry [2]. 3. Summary by Relevant Catalogs LPG Prices and Spreads - Futures prices of LPG contracts (PG2605, PG2606, PG2607) decreased on March 30 compared to March 27, with PG2605 down 2.26% to 6606, PG2606 down 1.79% to 6436, and PG2607 down 1.55% to 6225 [2]. - The spreads between different contracts (PG05 - 06, PG05 - 07) also decreased, with PG05 - 06 down 17.48% and PG05 - 07 down 12.61% [2]. - The spot price of South China civil gas increased by 3.14% to 7220, and the deliverable spot price increased by 5.76% to 6430 [2]. - The deliverable spot basis decreased by 74.08% to - 176, while the South China spot basis increased by 154.77% to 614 [2]. - LPG outer - market prices showed an upward trend. FEI swap M1 contract rose 2.43% to 929, FEI swap M2 contract rose 2.87% to 826, CP swap M1 contract rose 1.12% to 656.52, and CP swap M2 contract rose 1.44% to 666.02 [2]. LPG Inventory - LPG refinery capacity utilization ratio decreased by 4.34% to 24.9% [2]. - LPG port inventory increased by 0.68% to 2340000 tons, and the port capacity utilization ratio increased by 0.67% to 36.1% [2]. LPG Upstream - Downstream Operating Rates - The upstream main - refinery operating rate decreased by 3.54% to 71.99% [2]. - The sample enterprise weekly production - sales ratio decreased by 0.99% to 100 [2]. - The downstream PDH operating rate decreased by 3.09% to 63.6%, the MTBE operating rate increased by 0.55% to 69.9%, and the alkylation operating rate increased by 2.66% to 38.6% [2].

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the reports. Group 2: Core Views of Reports Steel Industry - The steel industry's production has a seasonal rebound, but last week's rebound was slow. Iron - water production increased by 30,000 tons, the output of five major steel products remained stable, and the output of surface - free steel products did not increase significantly. The increase in production might have flowed more to steel billets. Apparent demand rebounded more than production, and inventory continued to decline. Currently, the demand for hot - rolled coils is slightly better than that for rebar, domestic demand expectations are still weak, and export orders are stable. Due to steel mills' production cuts in the first quarter, although demand is weak, inventory reduction is normal, and the supply - demand contradiction is not significant. The upward drive mainly comes from the raw material end. Recently, crude oil has strengthened again, and the expected production cut by BHP has made raw materials stronger, supporting steel prices [1]. Iron Ore Industry - The main iron ore contract oscillated at a high level. Geopolitical games, undecided BHP negotiations, and hot - metal复产 are the main trading focuses. On the supply side, the global iron ore shipment volume decreased significantly compared to the previous period, mainly due to the impact of a super typhoon on the shipments of some ports in Australia. On the demand side, hot - metal output increased slightly but was less than expected, some steel mills carried out rational maintenance, and the profitability rate of steel mills improved. Terminal demand recovery is slow, domestic demand is weak, and steel exports are uncertain. In terms of inventory, both steel mill and port inventories decreased slightly. It is expected that port inventories will either decrease slightly or remain unchanged under the background of a decline in the arrival volume and high - level port clearance [3]. Coke and Coking Coal Industry - Coke futures oscillated. Spot - end mainstream coke enterprises initiated the first price increase after the Chinese New Year on March 23, which is expected to be implemented soon. The increase in coking coal price provides cost support for coke, and port prices fluctuate with futures. On the supply side, coke price adjustment lags behind coking coal, and the sharp increase in chemical product prices makes up for coke losses, leading to an increase in coking plant operations. On the demand side, steel mills are resuming production rapidly, hot - metal output is increasing, steel prices are rebounding at a low level, and restocking demand will pick up in the near future. In terms of inventory, coking plants are reducing inventory, while steel mills and ports are increasing inventory, and the overall inventory is slightly increasing at a medium level, with short - term supply - demand basically balanced. - Coking coal futures oscillated downward. In the spot market, the auction of Shanxi coking coal has cooled down, and Mongolian coal prices fluctuate with futures. After the price increase, restocking demand has weakened. On the supply side, coal mines are resuming production, and daily coal production is gradually increasing; in terms of imported coal, port inventory accumulation has slowed down, and after the resumption of customs clearance, it has remained at a relatively high level, with a slight decline in customs clearance last week. On the demand side, steel mills are actively resuming production, hot - metal output is increasing, coking production is increasing synchronously, and the first - round price increase expectation for coke is expected to be implemented soon. In terms of inventory, coal washing plants, coke enterprises, steel mills, ports, and ports are all increasing inventory, while coal mines are reducing inventory, and the overall inventory is showing downstream active restocking changes [5]. Ferrosilicon and Ferromanganese Industry - Ferrosilicon futures oscillated moderately. The Shaanxi Shenmu ferrosilicon plant is overhauling a 40,500 kva ferrosilicon furnace, and the overhaul duration is uncertain. Last week, ferrosilicon production decreased slightly, and the operating rate also declined. Only Inner Mongolia and Ningxia have good profits, while Qinghai and Gansu still have serious losses. In terms of demand, hot - metal output increased slightly but was less than expected. Terminal demand recovery is slow, domestic demand is weak, and steel exports are uncertain. Ferrosilicon export orders are poor, and inquiries have weakened. The cost of ferrosilicon is supported to some extent. In the short term, affected by international geopolitical conflicts, market sentiment is changeable, ferrosilicon supply and demand both increase, and the cost is affected by coal, but the supply growth rate is slow, and the supply is still in a tight balance. The short - term price is expected to fluctuate widely, and it is recommended to operate within the range of 5,800 - 6,200. - Ferromanganese futures strengthened slightly, mainly boosted by production - cut news. In March, more manufacturers jointly cut production, and alloy plants in Inner Mongolia and other places began to implement production cuts. In the spot market, the steelmaking procurement price of East China steel plants is 6,670 yuan/ton. After the production cuts are implemented, the spot price increases, and traders are eager to follow the price increase. Last week, ferromanganese supply continued to decline, and the operating rate has declined for several consecutive weeks, with a joint production - cut expectation in April. The production pressure in the South is still high, and the loss has decreased. Only Inner Mongolia in the North is on the verge of profit and loss, but the manganese ore cost of manufacturers is mostly from previously low - priced ores, so the actual profit is better. In terms of demand, hot - metal output increased slightly but was less than expected. Terminal demand recovery is slow, domestic demand is weak, and steel exports are uncertain. Recently, the port inventory of manganese ore has increased, but due to the increase in overseas energy costs, the price of manganese ore is expected to remain high. In the short term, affected by international geopolitical conflicts, market sentiment is changeable, and there is a production - cut expectation for ferromanganese. It is expected that the price will oscillate strongly, and the range is 5,700 - 6,800 [6]. Group 3: Summaries by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar spot prices in East, North, and South China increased by 10 - 20 yuan/ton compared to the previous day. Rebar futures prices for 05, 10, and 01 contracts increased. Hot - rolled coil spot prices in East and North China increased by 0 - 10 yuan/ton, and in South China by 20 yuan/ton. Hot - rolled coil futures prices for 05, 10, and 01 contracts also increased [1]. Cost and Profit - Steel billet price increased by 20 yuan/ton, and slab price remained unchanged. The cost of Jiangsu electric - furnace rebar and converter rebar decreased by 15 yuan/ton. The profits of East and North China hot - rolled coils and rebar decreased, while the profit of South China rebar decreased by 12 yuan/ton [1]. Production - Daily average hot - metal output increased by 3.1 tons to 231.1 tons, a 1.4% increase. The output of five major steel products decreased slightly by 0.2 tons to 839.6 tons, a 0.0% change. Rebar output decreased by 5.5 tons to 197.9 tons, a 2.7% decrease, with electric - furnace output decreasing by 1.5 tons and converter output decreasing by 4.0 tons. Hot - rolled coil output increased by 5.4 tons to 305.6 tons, a 1.8% increase [1]. Inventory - The inventory of five major steel products decreased by 48.4 tons to 1,897.8 tons, a 2.5% decrease. Rebar inventory decreased by 27.5 tons to 861.9 tons, a 3.1% decrease. Hot - rolled coil inventory decreased by 8.0 tons to 453.3 tons, a 1.7% decrease [1]. Transaction and Demand - Building material trading volume increased by 1.0 tons to 10.4 tons, a 10.4% increase. The apparent demand for five major steel products increased by 19.5 tons to 888.0 tons, a 2.2% increase. The apparent demand for rebar increased by 17.3 tons to 225.4 tons, an 8.3% increase. The apparent demand for hot - rolled coils increased by 3.1 tons to 313.6 tons, a 1.0% increase [1]. Iron Ore Industry Futures - The warehouse - receipt costs of various iron ore powders increased slightly by 0.1%. The 05 - contract basis of various powders also increased slightly. The 5 - 9 spread decreased by 2.0 yuan/ton to 22.0 yuan/ton, a - 8.3% change, and the 9 - 1 spread increased by 1.0 yuan/ton to 19.5 yuan/ton, a 5.4% increase [3]. Spot Prices and Price Indexes - Spot prices of various iron ores in Rizhao Port increased slightly by about 0.1%. The Singapore Exchange 62% Fe swap price remained unchanged [3]. Supply - The global iron ore shipment volume decreased by 671.9 tons to 2,472.4 tons, a 21.4% decrease. The national monthly import volume decreased by 2,200.9 tons to 9,763.8 tons, an 18.4% decrease. The 45 - port arrival volume increased by 154.7 tons to 2,426.3 tons, a 6.8% increase, and the 45 - port daily average clearance volume decreased by 7.8 tons to 313.2 tons, a 2.4% decrease [3]. Demand - The daily average hot - metal output of 247 steel mills increased by 2.9 tons to 231.1 tons, a 1.3% increase [3]. Inventory - The inventory of 247 steel mills' imported iron ore decreased by 55.5 tons to 8,978.6 tons, a 0.6% decrease [3]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The prices of Shanxi first - class wet - quenched coke and Rizhao Port quasi - first - class wet - quenched coke remained unchanged. Coke futures prices for 05 and 09 contracts increased slightly by 0.1%. The 05 and 09 basis decreased [5]. Coking Coal - Related Prices and Spreads - The price of Shanxi medium - sulfur primary coking coal remained unchanged, while the price of Mongolian 5 raw coal decreased by 19 yuan/ton, a 1.4% decrease. Coking coal futures prices for 05 and 09 contracts decreased slightly. The 05 and 09 basis decreased [5]. Supply - The daily average output of all - sample coking plants increased by 0.5 tons to 64.8 tons, a 0.8% increase, and the daily average output of 247 steel mills remained unchanged. The raw coal output of sample coal mines decreased by 5.6 tons to 875.3 tons, a 0.6% decrease, and the clean coal output decreased by 2.7 tons to 445.9 tons, a 0.6% decrease [5]. Demand - The hot - metal output of 247 steel mills increased by 2.9 tons to 231.1 tons, a 1.3% increase [5]. Inventory - Coke total inventory increased by 16.3 tons to 997.8 tons, a 1.7% increase. The inventory of all - sample coking plants decreased by 4.2 tons to 90.1 tons, a 4.4% decrease, and the inventory of 247 steel mills increased by 3.5 tons to 691.7 tons, a 0.5% increase. Coking coal inventory in Fenxi coal mines decreased by 11.0 tons to 97.2 tons, a 10.2% decrease, and the inventory of all - sample coking plants increased by 42.5 tons to 1,047.5 tons, a 4.2% increase [5]. Ferrosilicon and Ferromanganese Industry Futures and Spot - Ferrosilicon and ferromanganese futures prices increased. Spot prices of ferrosilicon and ferromanganese in various regions also increased to different degrees [6]. Cost and Profit - The production cost of ferrosilicon in Inner Mongolia, Qinghai, and Ningxia decreased slightly, and the production profit in Inner Mongolia and Ningxia increased. The production cost of ferromanganese in Inner Mongolia and Guangxi increased slightly [6]. Supply - Ferrosilicon production decreased by 0.2 tons to 10.2 tons, a 2.2% decrease, and the operating rate decreased by 1.0 to 27.3%. Ferromanganese production decreased by 0.5 tons to 19.2 tons, a 2.3% decrease, and the operating rate decreased by 4.1 to 32.0% [6]. Demand - Ferrosilicon demand remained unchanged at 1.9 tons, and ferromanganese demand decreased by 0.1 tons to 12.0 tons. The daily average hot - metal output of 247 steel mills increased by 2.9 tons to 231.1 tons, a 1.3% increase [6]. Inventory - The inventory of 60 sample ferrosilicon enterprises decreased by 0.4 tons to 5.5 tons, a 7.5% decrease, and the inventory of 63 sample ferromanganese enterprises decreased by 1.2 tons to 37.3 tons, a 3.1% decrease [6].

1. Report Industry Investment Ratings No relevant information provided in the reports. 2. Core Views of the Reports Industrial Silicon - Industrial silicon has cost support at the bottom and hedging and arbitrage pressure at the top. The spot price is stable, while the futures price has declined due to the failure to reach production control. In the second quarter, it is expected to fluctuate between 8,000 - 9,000 yuan/ton. [1] Tin - In the short - term, tin prices may show a weak and volatile trend due to the Middle - East situation. In the long - term, there is a bullish logic. If the conflict shows signs of ending, long positions can be established at low prices. [2] Polysilicon - Polysilicon is in a situation of oversupply, and the price is under pressure. It is expected that the price will continue to decline in April. The market is currently inactive, and it is recommended to wait and see. [3] Copper - Copper prices have entered an adjustment phase. The supply - demand fundamentals have slightly improved, and the inventory pressure has weakened. However, the price is still suppressed. In the long - term, there may be opportunities for long - term long positions. [5] Zinc - Zinc is in a cycle of weak supply and demand. The smelting cost supports the zinc price, and there is potential for downstream restocking and export. The price is expected to have limited room for further decline, and opportunities for price rebound can be considered. [7] Nickel - The Indonesian policy and raw material contradictions support the nickel price, but the slow digestion of inventory restricts it. The nickel price is expected to run in a strong range. [9] Aluminum - Alumina is in a state of over - capacity, and the price is expected to fluctuate around the cost line. The price of electrolytic aluminum is supported by the Middle - East situation and is expected to run in the range of 23,500 - 25,500 yuan/ton. [11] Stainless Steel - The cost logic of stainless steel is strong, with support from news and raw materials. The demand is gradually recovering, but the terminal acceptance is still weak. It is expected to maintain a strong and volatile trend. [13] Lithium Carbonate - The supply - side news has boosted the market sentiment. The short - term fundamentals are still resilient. It is expected to run in a strong range. [15] Aluminum Alloy - Casting aluminum alloy is in a situation of weak supply and demand. The price is expected to run in the range of 22,500 - 24,000 yuan/ton, following the trend of electrolytic aluminum. [17] 3. Summaries According to Relevant Catalogs Industrial Silicon - **Spot Price and Basis**: The prices of different grades of industrial silicon remained unchanged on March 27 compared to March 26, while the basis of some varieties increased. [1] - **Monthly Spread**: The main contract price decreased by 1.26% on March 27 compared to March 26, and some monthly spreads changed significantly. [1] - **Fundamental Data (Monthly)**: National and regional industrial silicon production,开工率, and the production of related downstream products all decreased. The export volume of industrial silicon also decreased. [1] - **Inventory Change**: The inventory in Xinjiang decreased, while the social inventory increased slightly. [1] Tin - **Spot Price and Basis**: The prices of SMM 1 tin and Yangtze 1 tin increased, while the SMM 1 tin premium decreased. [2] - **Internal - External Ratio and Import Profit and Loss**: The import loss decreased slightly, and the Shanghai - London ratio remained unchanged. [2] - **Monthly Spread**: Some monthly spreads changed significantly. [2] - **Fundamental Data (Monthly)**: The import of tin ore, the production of refined tin, and the开工率 of related enterprises changed. The export volume of refined tin decreased, while the export volume of Indonesian refined tin increased. [2] - **Inventory Change**: The inventories in SHEF, social, SHEF warehouse receipts, and LME all decreased. [2] Polysilicon - **Spot Price and Basis**: The average prices of N - type polysilicon remained unchanged, while the basis decreased. [3] - **Futures Price and Monthly Spread**: The main contract price increased, and some monthly spreads changed significantly. [3] - **Fundamental Data (Weekly and Monthly)**: The production of silicon wafers decreased, while the production of polysilicon increased on a weekly basis but decreased on a monthly basis. The import and export volumes of polysilicon and silicon wafers changed. [3] - **Inventory Change**: The inventories of polysilicon and silicon wafers decreased. [3] Copper - **Price and Basis**: The prices of different types of electrolytic copper decreased slightly, and the premium of some varieties changed. The refined - scrap price difference decreased significantly. [5] - **Monthly Spread**: Some monthly spreads changed. [5] - **Fundamental Data**: The production and import volume of electrolytic copper decreased. The import copper concentrate index decreased, and the inventory of copper concentrate in domestic ports increased. The开工率 of electrolytic copper rods increased, while that of recycled copper rods decreased. The inventories in different regions and exchanges changed. [5] Zinc - **Price and Basis**: The price of SMM 0 zinc ingot increased, and the premium changed. The import loss increased, and the Shanghai - London ratio decreased. [7] - **Monthly Spread**: Some monthly spreads changed. [7] - **Fundamental Data**: The production and import volume of refined zinc decreased, while the export volume increased. The开工 rates of related industries changed slightly. The social inventory of zinc ingots decreased, and the LME inventory decreased slightly. [7] Nickel - **Price and Basis**: The prices of different types of nickel decreased, and the premium of some varieties decreased. The LME 0 - 3 spread increased slightly, and the futures import profit increased significantly. The Shanghai - London ratio increased. [9] - **Electrowinning Nickel Cost**: The costs of different production methods of electrowinning nickel changed. [9] - **New Energy Material Price**: The price of battery - grade lithium carbonate increased, while the prices of other new energy materials remained unchanged. [9] - **Monthly Spread**: Some monthly spreads changed. [9] - **Supply, Demand and Inventory**: The production of refined nickel decreased, while the import volume increased. The inventories in different regions and exchanges changed. [9] Aluminum - **Price and Spread**: The prices of SMM A00 aluminum and Yangtze A00 aluminum increased. The prices of alumina in different regions increased slightly. The import loss of electrolytic aluminum increased, and the Shanghai - London ratio decreased. Some monthly spreads changed. [11] - **Fundamental Data**: The production of alumina and electrolytic aluminum decreased. The开工 rates of related industries changed. The inventories in different regions and exchanges changed. [11] Stainless Steel - **Price and Basis**: The prices of 304/2B stainless steel decreased slightly, and the basis decreased. The prices of some raw materials decreased slightly. [13] - **Monthly Spread**: Some monthly spreads changed. [13] - **Fundamental Data**: The production of 300 - series stainless steel in China increased, while that in Indonesia decreased. The import, export, and net export volumes of stainless steel changed significantly. The inventories of 300 - series stainless steel increased slightly. [13] Lithium Carbonate - **Price and Basis**: The prices of different types of lithium carbonate and lithium hydroxide increased. The basis decreased. The prices of lithium ore increased. [15] - **Monthly Spread**: Some monthly spreads changed. [15] - **Fundamental Data**: The production and demand of lithium carbonate decreased. The import volume decreased slightly, and the export volume increased. The capacity increased slightly, and the开工 rate decreased. The total inventory, downstream inventory, and smelter inventory decreased. [15] Aluminum Alloy - **Price and Spread**: The prices of different types of aluminum alloy increased. The average monthly price of Jiangxi Baotai ADC12 decreased. The refined - scrap price difference increased. Some monthly spreads changed. [17] - **Fundamental Data**: The production of recycled and primary aluminum alloy ingots, and the production of scrap aluminum decreased. The import and export volumes of unforged aluminum alloy ingots decreased. The开工 rates of related industries decreased. The social inventory, factory - finished inventory, and raw material inventory of recycled aluminum alloy decreased. The daily inventories in different regions changed. [17]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the reports. 2. Core Views of the Reports Polyester Industry - PX: Before the geopolitical situation eases, the cost support for PX is strong, and there is an expectation of significant de - stocking. Strategy: stage - low long positions and use put options for hedging; go long on the PX9 - 1 spread at a low level; widen the PXN spread when there are signs of geopolitical easing [1]. - PTA: In the second quarter, PTA has limited self - drive, and its absolute price follows the cost. Strategy: stage - low long positions and use put options for hedging; look for high - level reverse spread opportunities for the PTA9 - 1 spread [1]. - Ethylene Glycol: In the second quarter, affected by the Middle East situation, the cost support is strong, and there is a significant de - stocking expectation. Strategy: before the Middle East oil transportation recovers, EG may rise, but beware of pull - backs; lightly buy EG call options [1]. - Short - fiber: In the second quarter, short - fiber has weak self - drive and follows the raw materials. Strategy: the same as PTA for the single - side position; try to widen the spread when the PF processing fee is below 800 [1]. - Bottle - chip: In the second quarter, the supply - demand of bottle - chips is expected to be tight, and the processing fee is expected to be strong. Strategy: the same as PTA for the single - side position; the processing fee of the main contract is expected to be strong; lightly buy PR call options [1]. Urea Industry In March, the urea market showed a trend of rising first and then stabilizing. In April, the supply may decrease slightly in the first half of the month, and the demand will weaken slightly. The price may be firm in the first half of the month and may decline in the second half [2]. PVC and Caustic Soda Industry - Caustic Soda: In March, the price of caustic soda showed a trend of rising after a slight decline. In April, the price increase may be limited [3]. - PVC: In March, the average monthly price of PVC increased. In April, the average monthly price is expected to move up slightly, but the recovery of the real estate market and slow inventory de - stocking may limit the increase [3]. Natural Rubber Industry The supply pressure from the opening of the rubber - tapping season and the support from high overseas costs and geopolitical events will lead to wide - range fluctuations in rubber prices, with an expected operating range of 15,500 - 17,500. Pay attention to the follow - up development of the US - Iran conflict [4]. Methanol Industry The current market is driven by the supply gap caused by the escalation of the Middle East geopolitical conflict. The methanol fundamentals have improved, and it is easy to rise and difficult to fall [5]. Crude Oil Industry The main factors affecting oil prices are geopolitical support and policy suppression. If the situation does not improve, there is still upward momentum in the short - term. In the long - term, pay attention to the impact of high oil prices on inflation, the economy, and energy substitution [8]. Pure Benzene and Styrene Industry - Pure Benzene: The supply is expected to decrease, and the supply - demand is expected to improve. In the short - term, it may follow the oil price. Strategy: wait and see; narrow the EB05 - BZ05 spread when it is high [10]. - Styrene: The supply - demand is still tight. In the short - term, the absolute price follows the oil price. Strategy: the same as pure benzene [10]. LPG Industry The LPG market is affected by factors such as price changes, inventory, and upstream and downstream operating rates. The overall situation needs to be comprehensively analyzed based on various factors [11]. Glass and Soda Ash Industry - Soda Ash: In the second quarter, the price may further decline due to factors such as increased supply and weak demand. Pay attention to the support at around 1150 for SA605 [12]. - Glass: Affected by multiple factors such as weak supply - demand, high inventory, and cost expectations, pay attention to the recovery of demand and inventory de - stocking [12]. Polyolefin Industry The polyolefin market is trading around the logic of "strong cost and reduced supply". The 05 - contract inventory is expected to be low. In April, the supply and cost support will be further strengthened [13]. 3. Summaries According to Relevant Catalogs Polyester Industry - **Downstream Polyester Product Prices and Cash Flows**: On March 27, most downstream polyester product prices and cash flows showed changes, such as a decline in POY, FDY, and DTY prices and cash flows [1]. - **PX - related Prices and Spreads**: CFR China PX, PX spot price, and PX futures prices all increased, and the PX spreads also changed [1]. - **PTA - related Prices and Spreads**: PTA spot and futures prices increased, and the PTA basis and spreads changed [1]. - **MEG - related Prices and Spreads**: MEG spot and futures prices increased, and the MEG basis and spreads changed. MEG port inventory increased, and the expected arrival decreased [1]. Urea Industry - **Futures Prices and Spreads**: The prices of urea futures contracts changed, and the spreads between contracts also changed [2]. - **Spot Prices and Spreads**: The spot prices of upstream raw materials and downstream products showed different changes, and the regional and inter - market spreads also changed [2]. - **Supply and Demand**: The daily and weekly production, inventory, and operating rates of urea showed different trends, and the market price showed a trend of rising first and then stabilizing [2]. PVC and Caustic Soda Industry - **Spot and Futures Prices**: The prices of PVC and caustic soda spot and futures changed, and the spreads between contracts also changed [3]. - **Overseas Quotes and Export Profits**: The overseas quotes and export profits of PVC and caustic soda changed [3]. - **Supply and Demand**: The operating rates of the chlor - alkali industry and downstream industries, as well as the inventory of caustic soda and PVC, changed [3]. Natural Rubber Industry - **Spot Prices and Basis**: The spot prices of natural rubber increased, and the basis and non - standard price difference changed [4]. - **Monthly Spreads**: The monthly spreads of natural rubber contracts changed [4]. - **Fundamental Data**: The production, operating rates, import and export volumes, and inventory of natural rubber showed different trends [4]. Methanol Industry - **Prices and Spreads**: The prices of methanol futures contracts and spot prices increased, and the spreads between contracts and regions changed [5]. - **Inventory**: The inventory of methanol enterprises, ports, and the society decreased [5]. - **Upstream and Downstream Operating Rates**: The operating rates of upstream and downstream enterprises of methanol changed [5]. Crude Oil Industry - **Crude Oil Prices and Spreads**: The prices of Brent, WTI, SC, and Dubai crude oils changed, and the spreads between contracts and different crude oils also changed [8]. - **Refined Oil Prices and Spreads**: The prices of refined oils such as NYM RBOB, NYM ULSD, and ICE Gasoil increased, and the spreads between contracts also changed [8]. - **Refined Oil Crack Spreads**: The crack spreads of refined oils showed different trends [8]. Pure Benzene and Styrene Industry - **Upstream Prices and Spreads**: The prices of upstream raw materials such as crude oil, naphtha, and ethylene changed, and the spreads between pure benzene and raw materials also changed [10]. - **Styrene - related Prices and Spreads**: The prices of styrene spot and futures increased, and the spreads between styrene and pure benzene also changed [10]. - **Downstream Cash Flows and Inventories**: The cash flows of downstream products of pure benzene and styrene changed, and the inventories of pure benzene and styrene in Jiangsu ports also changed [10]. - **Operating Rates**: The operating rates of the pure benzene and styrene industries and their downstream industries changed [10]. LPG Industry - **Prices and Spreads**: The prices of LPG futures contracts and spot prices changed, and the spreads between contracts and the basis also changed [11]. - **External Market Prices**: The prices of LPG external market contracts increased [11]. - **Inventory and Operating Rates**: The inventory and operating rates of LPG upstream and downstream changed [11]. Glass and Soda Ash Industry - **Glass - related Prices and Spreads**: The prices of glass spot and futures changed, and the basis also changed [12]. - **Soda Ash - related Prices and Spreads**: The prices of soda ash spot and futures changed, and the basis also changed [12]. - **Supply, Inventory, and Real Estate Data**: The supply, inventory of glass and soda ash, and real - estate data showed different trends [12]. Polyolefin Industry - **Futures Prices and Spreads**: The prices of LLDPE and PP futures contracts increased, and the spreads between contracts also changed [13]. - **Spot Prices and Basis**: The spot prices of LLDPE and PP increased, and the basis also changed [13]. - **Non - standard Prices**: The non - standard prices of PE and PP changed [13]. - **Inventory and Operating Rates**: The inventory and operating rates of PE and PP upstream and downstream changed [13].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - In the second quarter, Southeast Asian palm oil enters the seasonal production - increasing cycle, and domestic oil mills'开机率 rebounds. Supply of palm and rapeseed oil will increase significantly, while demand is in the off - season, with weak downstream demand and lack of restocking motivation. Inventory pressure may re - accumulate, and the market will turn to a loose state. The EPA's new bio - fuel regulations have a certain drag on CBOT soybean oil. Rapeseed oil may test the 10,000 - yuan mark and then weaken again [1]. 2.2 Cotton Industry - USDA export sales are stable, and shipment speed is accelerating. The estimated cotton planting area is lower than expected, and the drought in the main producing areas is intensifying. Domestically, the price difference between domestic and foreign cotton is high, and the "Golden March" peak season is ending. Spinning mills' new orders are decreasing, and yarn de - stocking is slowing down. However, the downstream finished product inventory is low, and the cotton price has strong support. Future key variables include downstream orders, new - year planting area, and weather in producing areas [2]. 2.3 Sugar Industry - Energy cost increase and risk perception boost speculative short - covering in the sugar market, supporting raw sugar prices. Thailand plans to use 150,000 tons of raw sugar for ethanol production. Brazil has flexibility in adjusting sugar production and ethanol production. Before geopolitical tensions ease, raw sugar prices may remain high and volatile. Domestically, sugar production is expected to exceed 1.2 million tons, with strong supply and weak demand. Sugar prices are supported by futures prices and are expected to remain high and volatile [4][5]. 2.4 Jujube Industry - Boosted by macro funds, the futures market rebounds slightly. The jujube market is in the off - season, with weak consumption and obvious inventory pressure. Futures warehouse receipts are registered less year - on - year. Short - term futures prices are expected to remain low and volatile. Attention should be paid to the weather in the main producing areas [6]. 2.5 Apple Industry - The apple spot market shows a differentiated situation, with high - quality goods in short supply and firm prices, while ordinary goods in Shandong have inventory pressure. Downstream Qingming Festival stocking is less than expected, and the shipment speed decreases. The market sentiment weakens due to capital outflow. Short - term futures prices are expected to fluctuate and consolidate. Attention should be paid to the impact of the weather in the main producing areas on far - month contracts [10][14]. 2.6 Corn Industry - In the Northeast, the sale of damp corn continues, and prices decline due to the futures price callback. In North China, the number of trucks arriving at deep - processing enterprises increases, and enterprises lower purchase prices. On the demand side, deep - processing inventory is low but there is purchasing intention, and feed enterprises have rigid demand. Wheat substitution is increasing, and policy wheat auctions suppress corn demand. Short - term corn prices will be under pressure, but limited remaining grain and rigid demand will limit the decline. Attention should be paid to the 2330 - 2350 support level and subsequent policy announcements [19]. 2.7 Meal Industry - U.S. soybeans find support at around 1160 cents but lack upward momentum. Domestic soybean meal has fully priced in concerns about local shutdowns and supply continuity. Sentiment has cooled, and spot trading has declined. Overall inventory is not loose, but there is limited speculation. Waiting for the planting intention report on March 31st, there is a short - term negative expectation of increased soybean planting area, but the risk is limited [23]. 2.8 Pig Industry - The futures market is declining, and the spot market remains weak. There is a large volume of pig slaughter, and the slaughter weight is high. In the off - season of demand, downstream procurement recovers slowly. Slaughter volume has increased slightly, but the terminal market has difficulty in circulation, and slaughterhouses are forced to store in warehouses. The entry of second - fattening and frozen product storage is cautious. The spot market is expected to remain weak in April. The futures market is in a backwardation pattern, and attention should be paid to 5 - 7 or 5 - 9 reverse spread opportunities [24]. 2.9 Egg Industry - Supply is stable as the number of laying hens is high, new - laying hens increase, and molting hens resume laying. Demand is boosted by pre - holiday supermarket promotions, but school procurement may stagnate during the holiday. Egg prices are expected to rise slightly and then fluctuate [26]. 3. Summary According to Relevant Catalogs 3.1 Oils and Fats Industry - **Price Changes**: On March 27, compared with March 26, soybean oil spot prices in Jiangsu rose 40 yuan to 8990 yuan, with a 0.45% increase; palm oil spot prices in Guangdong rose 57 yuan to 9603 yuan, with a 0.59% increase; rapeseed oil spot prices in Jiangsu rose 38 yuan to 10306 yuan, with a 0.37% increase [1]. - **Spread Changes**: The soybean oil 05 - 09 spread remained unchanged at 58; the palm oil 05 - 09 spread increased from 4 to 44, with a 1000% increase; the rapeseed oil 05 - 09 spread decreased from 102 to 97, with a 4.9% decrease [1]. - **Inventory and Supply - Demand Analysis**: In the second quarter, palm oil and rapeseed oil supply will increase, while demand is in the off - season, and inventory pressure may re - accumulate [1]. 3.2 Cotton Industry - **Futures Market**: On March 30, compared with the previous value, cotton 2605 rose 0.36% to 12392 yuan/ton, cotton 2609 rose 0.42% to 15530 yuan/ton, and the 5 - 9 spread decreased 8% to - 135 yuan/ton [2]. - **Spot Market**: Xinjiang 3128B arrival price rose 0.34% to 16653 yuan/ton, CC Index: 3128B rose 0.41% to 16814 yuan/ton, and FC Index: M: 1% rose 2.3% to 13472 yuan/ton [2]. - **Industry Situation**: Commercial inventory decreased 100% to 0, industrial inventory increased 14.5% to 102.4 million tons, and import volume decreased 19% to 16.65 [2]. 3.3 Sugar Industry - **Futures Market**: On March 30, compared with the previous value, sugar 2605 rose 0.02% to 5464 yuan/ton, sugar 2609 rose 0.04% to 5487 yuan/ton, and the 5 - 9 spread decreased 4.55% to - 23 yuan/ton [4]. - **Spot Market**: Domestic sugar prices remained unchanged, and Brazilian imported sugar prices (quota - free) increased 1.24% to 5565 yuan/ton [4]. - **Industry Situation**: National sugar production decreased 4.69% to 926 million tons, and sales decreased 27.39% to 345 million tons [4]. 3.4 Jujube Industry - **Futures Market**: On March 30, compared with the previous value, jujube 2605 rose 0.4% to 8870 yuan/ton, jujube 2607 rose 0.28%, and jujube 2609 rose 0.49% to 9220 yuan/ton [6]. - **Spot Market**: Cangzhou's special - grade, first - grade, and second - grade jujube spot prices remained unchanged [6]. - **Inventory**: As of March 27, the inventory of 36 sample points was 11459 tons, a decrease of 81 tons from the previous week [6]. 3.5 Apple Industry - **Futures Market**: On March 30, compared with the previous value, apple 2605 rose 0.21% to 9967 yuan/ton, apple 2610 rose 0.96% to 8767 yuan/ton, and the 5 - 10 spread decreased 4.91% to 1262 yuan/ton [10]. - **Spot Market**: The apple spot market shows a differentiated situation, with high - quality goods in short supply and firm prices, while ordinary goods in Shandong have inventory pressure [14]. - **Inventory**: As of March 26, the national cold - storage inventory was 441.79 million tons, a decrease of 26.62 million tons from the previous value [14]. 3.6 Corn Industry - **Futures Market**: On March 30, compared with the previous value, corn 2605 decreased 0.29% to 2369 yuan/ton, and the 5 - 9 spread decreased 3.45% to - 30 yuan/ton [19]. - **Spot Market**: Jinzhou Port's flat - hatch price decreased 0.42% to 2380 yuan/ton, and Shekou Port's market price decreased 0.4% to 2490 yuan/ton [19]. - **Industry Situation**: In the Northeast, corn prices decline, in North China, deep - processing enterprises lower purchase prices. Demand is affected by wheat substitution and policy wheat auctions [19]. 3.7 Meal Industry - **Futures Market**: On March 30, compared with the previous value, soybean meal 2605 decreased 0.51% to 2937 yuan/ton, rapeseed meal 2605 decreased 1.24% to 2315 yuan/ton [23]. - **Spot Market**: Jiangsu soybean meal spot price decreased 1.22% to 3240 yuan/ton, and Jiangsu rapeseed meal spot price decreased 1.17% to 2540 yuan/ton [23]. - **Spread and Profit**: The soybean meal 05 - 09 spread decreased 10.26% to - 86, and the Brazilian 5 - month ship - period crushing profit increased 12.8% to 256 [23]. 3.8 Pig Industry - **Futures Market**: On March 30, compared with the previous value, pig 2605 rose 1.32% to 9965 yuan/ton, pig 2607 decreased 0.62% to 11180 yuan/ton, and the 5 - 7 spread increased 14.13% to - 1215 yuan/ton [24]. - **Spot Market**: Pig prices in different regions showed mixed trends, with an increase in some regions and a decrease in others [24]. - **Industry Situation**: There is a large volume of pig slaughter, high slaughter weight, slow downstream procurement recovery, and cautious entry of second - fattening and frozen product storage [24]. 3.9 Egg Industry - **Futures Market**: On March 30, compared with the previous value, egg 04 decreased 1.43% to 3418 yuan/500KG, egg 05 decreased 0.28% to 3512 yuan/500KG, and the 4 - 5 spread decreased 41.49% to - 133 [26]. - **Spot Market**: Egg - producing area prices rose 3.02% to 3.38 yuan/jin [26]. - **Industry Situation**: Egg supply is stable, and demand is affected by pre - holiday promotions and school holidays [26].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - In the short term, although the US has signaled peace talks with Iran, the conditions for a cease - fire agreement may be harsh. There may be more intense conflicts leading to a liquidity shock and a decline in gold prices. However, the impact of geopolitical conflicts on the market is expected to be gradually digested. The halt of outflows from gold ETF funds is beneficial for price stability. The market will enter a technical repair phase. One can try to buy call options below $4400 per ounce to seize the opportunity of a phased rebound [2] - As gold stops falling, silver may gradually bottom out around $60 - $65, with an upper resistance at $85. It is recommended to continue holding the short position of out - of - the - money call options on Shanghai silver futures [2] - Platinum and palladium are following the trends of gold and silver, entering a volatile phase. Platinum fluctuates in the range of $1850 - $2000, while palladium fluctuates in the range of $1450 - $1600. Since the fundamentals of palladium are relatively weaker, one can try to go long on the platinum - palladium ratio at low prices [2] Group 3: Summary According to the Directory 1. Domestic Futures Closing Prices - AU2606 contract closed at 998.66 yuan per gram on March 27, up 2.68 yuan (0.27%) from March 26 [2] - AG2606 contract closed at 17,489 yuan per kilogram on March 27, up 17 yuan (0.10%) from March 26 [2] - PT2606 contract closed at 493.05 yuan on March 27, up 5.65 yuan (1.16%) from March 26 [2] - PD2606 contract closed at 358.20 yuan per gram on March 27, up 4.85 yuan (1.37%) from March 26 [2] 2. Foreign Futures Closing Prices - COMEX gold main contract closed at 4489.70 on March 27, up 112.80 (2.58%) from March 26 [2] - COMEX silver main contract closed at 69.77 on March 27, up 1.65 (2.41%) from March 26 [2] - NYMEX platinum main contract closed at $1866.40 per ounce on March 27, up $53.10 (2.93%) from March 26 [2] - NYMEX palladium main contract closed at 1384.50 on March 27, up 19.50 (1.43%) from March 26 [2] 3. Spot Prices - London gold was at 4493.36 on March 27, up 113.54 (2.59%) from the previous value [2] - London silver was at 69.73 on March 27, up 1.67 (2.45%) from the previous value [2] - Spot platinum was at $1849.00 per ounce on March 27, down $20.00 (- 1.07%) from the previous value [2] - Spot palladium was at 1387.00 on March 27, up 15.00 (1.09%) from the previous value [2] - Shanghai Gold Exchange's gold T + D was at 992.45 yuan per gram on March 27, up 2.68 yuan (0.27%) from the previous value [2] - Shanghai Gold Exchange's silver T + D was at 17467 yuan per kilogram on March 27, up 175 yuan (1.01%) from the previous value [2] - Shanghai Gold Exchange's platinum 9995 was at 477 yuan per gram on March 27, down 8 yuan (- 1.55%) from the previous value [2] 4. Spreads - The spread between gold TD and Shanghai gold main contract was - 6.21, unchanged from the previous value, with a 1 - year historical quantile of 46.10% [2] - The spread between silver TD and Shanghai silver main contract was - 22, up 158 from the previous value, with a 1 - year historical quantile of 60.60% [2] - The spread between London gold and COMEX gold was 3.66, up 0.74 from the previous value, with a 1 - year historical quantile of 99.20% [2] - The spread between London silver and COMEX silver was - 0.05, up 0.02 from the previous value, with a 1 - year historical quantile of 59.70% [2] 5. Ratios - The ratio of COMEX gold to silver was 64.35, up 0.10 (0.16%) from the previous value [2] - The ratio of Shanghai Futures Exchange's gold to silver was 57.10, up 0.10 (0.17%) from the previous value [2] - The ratio of NYMEX platinum to palladium was 1.35, up 0.02 (1.48%) from the previous value [2] - The ratio of Guangzhou Futures Exchange's platinum to palladium was 1.38, unchanged from the previous value, with a change rate of - 0.21% [2] 6. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.44% on March 27, up 0.02 percentage points (0.5%) from the previous value [2] - The 2 - year US Treasury yield was 3.88% on March 27, down 0.08 percentage points (- 2.0%) from the previous value [2] - The 10 - year TIPS Treasury yield was 2.13% on March 27, up 0.05 percentage points (2.4%) from the previous value [2] - The US dollar index was 100.17 on March 27, up 0.26 (0.26%) from the previous value [2] - The offshore RMB exchange rate was 6.9198 on March 27, down 0.0007 (- 0.01%) from the previous value [2] 7. Inventories and Positions - The Shanghai Futures Exchange's gold inventory was 106,644 kilograms on March 27, down 99 kilograms (- 0.09%) from the previous value [2] - The Shanghai Futures Exchange's silver inventory was 371,799 on March 27, up 1500 (0.41%) from the previous value [2] - COMEX gold inventory was 31,713,528 on March 27, down 192,945 (- 0.60%) from the previous value [2] - COMEX silver inventory was 328,297,364 on March 27, down 250,587 (- 0.08%) from the previous value [2] - COMEX gold registered warehouse receipts were 16,618,235 on March 27, down 123,951 (- 0.74%) from the previous value [2] - COMEX silver registered warehouse receipts were 76,024,857 on March 27, down 1,144,816 (- 1.48%) from the previous value [2] - The SPDR gold ETF position was 1053 on March 27, up 0.28 (0.03%) from the previous value [2] - The SLV silver ETF position was 15,409 on March 27, unchanged from the previous value [2]

Report 1: Stock Index Futures Spread Daily Report 1. Report Industry Investment Rating No information provided. 2. Report Core View No information provided. 3. Summary by Relevant Catalog - **Price Spread Data**: The report presents the latest values, changes from the previous day, historical 1 - year quantiles, and all - time quantiles of various stock index futures price spreads, including H period - spot price spreads, IC period - spot price spreads, IM period - spot price spreads, and cross - period price spreads of IF, IC, and IM. It also shows cross - variety ratios such as CSI 500/CSI 300, CSI 200/CSI 20, etc. [1] Report 2: Treasury Bond Futures Spread Daily Report 1. Report Industry Investment Rating No information provided. 2. Report Core View No information provided. 3. Summary by Relevant Catalog - **Price Spread Data**: The report provides the latest values, changes from the previous trading day, and percentiles since listing of various treasury bond futures price spreads, including basis, cross - period price spreads, and cross - variety price spreads of TS, TF, T, and TL. [2] Report 3: Precious Metals Spot - Futures Daily Report 1. Report Industry Investment Rating No information provided. 2. Report Core View - In the short term, although the US signals peace talks with Iran, the conditions for a cease - fire agreement may be harsh. There may be more intense conflicts, causing a liquidity shock and a decline in gold prices. However, the impact of geopolitical conflicts on the market is expected to be gradually digested. The halt of outflows from gold ETF funds is beneficial for price stabilization, and the market may enter a technical repair phase. One can try to buy call options below $4400 to capture short - term rebound opportunities. - Silver may gradually bottom out around $60 - $65 as gold stops falling, with resistance at $85. It is recommended to continue holding short - position call options on Shanghai silver. - Platinum and palladium follow the trends of gold and silver and enter a volatile phase. Platinum fluctuates in the range of $1850 - $2000, and palladium fluctuates in the range of $1450 - $1600. Palladium has relatively weaker fundamentals, and one can try to go long on the palladium - platinum ratio at low prices. [4] 3. Summary by Relevant Catalog - **Futures Closing Prices**: It shows the closing prices, price changes, and price change rates of domestic and foreign precious metals futures contracts on March 27 and March 26, including AU2606, AG2606, COMEX gold, COMEX silver, etc. [4] - **Spot Prices**: Presents the current values, previous values, price changes, and price change rates of precious metals spot prices, such as London gold, London silver, and Shanghai Gold Exchange gold T + D. [4] - **Basis**: Provides the current basis values, previous values, price changes, and historical 1 - year quantiles of precious metals, including gold TD - Shanghai gold main contract, silver TD - Shanghai silver main contract, etc. [4] - **Ratios**: Shows the current values, previous values, price changes, and price change rates of various precious metals ratios, such as COMEX gold/silver, Shanghai Futures Exchange gold/silver. [4] - **Interest Rates and Exchange Rates**: Lists the current values, previous values, price changes, and price change rates of interest rates and exchange rates, including 10 - year US Treasury bond yield, 2 - year US Treasury bond yield, US dollar index, etc. [4] - **Inventory and Positions**: Presents the current values, previous values, price changes, and price change rates of precious metals inventories and positions, including Shanghai Futures Exchange gold inventory, COMEX gold inventory, SPDR gold ETF position, etc. [4]