1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - In the short term, although the US is actively promoting peace talks with Iran, the conditions for reaching a cease - fire agreement may be harsh. There is a possibility of intense conflicts between the two sides, causing the gold price to fall again. Gold ETF funds may stop flowing out, and there will be a liquidity shock. In the medium - to - long - term, allocation should be cautious. Intraday, one can try to buy call options around $4400 to seize the opportunity of a phased recovery [2] - The silver correction may gradually bottom out around $60 - 65, with resistance at $85. It is recommended to continue holding the short position of out - of - the - money call options on Shanghai silver [2] - Platinum and palladium follow the wide - range fluctuations of gold and silver. Platinum fluctuates in the range of $1850 - 2000, and palladium fluctuates in the range of $1450 - 1600 [2] 3. Summary by Relevant Catalogs 3.1 Domestic Futures Closing Prices - AU2606 contract closed at 995.98 yuan/gram on March 26, down 1.77% from the previous day [2] - AG2606 contract closed at 17472 yuan/kilogram on March 26, down 3.53% from the previous day [2] - PT2606 contract closed at 487.40 yuan/gram on March 26, down 3.65% from the previous day [2] - PD2606 contract closed at 353.35 yuan/gram on March 26, down 4.12% from the previous day [2] 3.2 Foreign Futures Closing Prices - COMEX gold main contract closed at 4376.90 on March 26, down 2.81% from the previous day [2] - COMEX silver main contract closed at 68.13 dollars/ounce on March 26, down 4.65% from the previous day [2] - NYMEX platinum main contract closed at 1813.30 on March 26, down 5.06% from the previous day [2] - NYMEX palladium main contract closed at 1365.00 on March 26, down 3.77% from the previous day [2] 3.3 Spot Prices - London gold was at 4379.82 on March 26, down 2.79% from the previous day [2] - London silver was at 68.06 dollars/ounce on March 26, down 4.38% from the previous day [2] - Spot platinum was at 1869.00 dollars/ounce on March 26, down 4.15% from the previous day [2] - Spot palladium was at 1372.00 on March 26, down 4.32% from the previous day [2] - Shanghai Gold Exchange gold T + D was at 989.77 yuan/gram on March 26, down 2.43% from the previous day [2] - Shanghai Gold Exchange silver T + D was at 17292 yuan/ten grams on March 26, down 4.57% from the previous day [2] - Shanghai Gold Exchange platinum 9995 was at 485 yuan/gram on March 26, down 4.88% from the previous day [2] 3.4 Basis - The basis of gold TD - Shanghai gold main contract was - 6.21, down 6.69 from the previous day, with a 1 - year historical quantile of 46.10% [2] - The basis of silver TD - Shanghai silver main contract was - 180, down 190 from the previous day, with a 1 - year historical quantile of 60.60% [2] - The basis of London gold - COMEX gold was - 9.13, up 4.16 from the previous day, with a 1 - year historical quantile of 75.60% [2] - The basis of London silver - COMEX silver was - 0.37, down 0.15 from the previous day, with a 1 - year historical quantile of 21.70% [2] 3.5 Price Ratios - The ratio of COMEX gold/silver was 64.25, up 1.93% from the previous day [2] - The ratio of SHFE main gold/silver was 57.00, up 1.82% from the previous day [2] - The ratio of NYMEX platinum/palladium was 1.33, down 1.34% from the previous day [2] - The ratio of GZFE platinum/palladium was 1.38, up 0.50% from the previous day [2] 3.6 Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.42%, up 2.1% from the previous day [2] - The 2 - year US Treasury yield was 3.96%, up 3.1% from the previous day [2] - The 10 - year TIPS Treasury yield was 2.08%, up 3.0% from the previous day [2] - The US dollar index was 99.92, up 0.29% from the previous day [2] - The offshore RMB exchange rate was 6.9206, up 0.23% from the previous day [2] 3.7 Inventories and Positions - The SHFE gold inventory was 106743, unchanged from the previous day [2] - The SHFE silver inventory was 370299 kilograms, down 1.54% from the previous day [2] - The COMEX gold inventory was 31906473, down 0.12% from the previous day [2] - The COMEX silver inventory was 328547950, down 0.09% from the previous day [2] - The COMEX gold registered warehouse receipts were 16742186, down 0.12% from the previous day [2] - The COMEX silver registered warehouse receipts were 77169673, up 0.65% from the previous day [2] - The SPDR gold ETF position was 1053, up 0.03% from the previous day [2] - The SLV silver ETF position was 15409, down 0.67% from the previous day [2]

Report Industry Investment Rating - Not provided in the given content Core View of the Report - Not provided in the given content Summary by Categories Ferrous Metals - Silicon iron (SF603) has a spot price of 5982, a futures price of 5998, a historical quantile of 57.60%, and a basis rate of 1.03% [1] - Silicon manganese (SM603) has a historical quantile of 39.10% [1] - Rebar (RB2605) has a spot price of 3220, a futures price of 3128, a historical quantile of 45.10%, and a basis rate of -0.45% [1] - Hot-rolled coil (HC2605) has a spot price of 3290, a futures price of 3305, a historical quantile of 13.10% [1] - Iron ore (I2605) has a spot price of 817, a futures price of 851, a historical quantile of 28.80%, and a basis rate of -0.29% [1] - Coke (J2605) has a historical quantile of 64.19% [1] - Coking coal (JM2605) has a spot price of 1333, a futures price of 1230, a historical quantile of 54.00%, and a basis rate of 8.37% [1] Non-ferrous Metals - Copper (CU2605) has a spot price of 95325, a futures price of 95350, a historical quantile of 46.04%, and a basis rate of -0.03% [1] - Aluminum (AL2605) has a spot price of 23725, a futures price of 23510, a historical quantile of 11.25%, and a basis rate of -0.91% [1] - Alumina (AO2605) has a spot price of 2773, a futures price of 2931, a historical quantile of 12.55% [1] - Zinc (ZN2605) has a spot price of 22770, a futures price of 23070, a historical quantile of 92.70%, and a basis rate of -1.30% [1] - Tin (SN2604) has a spot price of 352800, a futures price of 348790, a historical quantile of 81.45%, and a basis rate of 1.15% [1] - Nickel (MISEOR) has a spot price of 135860, a futures price of 136450, a historical quantile of 1.95% [1] - Stainless steel (SS2605) has a spot price of 14500, a futures price of 14390, a historical quantile of 48.71%, and a basis rate of 0.76% [1] - Lithium carbonate (LC2605) has a spot price of 156500, a futures price of 157200, a historical quantile of 46.03%, and a basis rate of -0.45% [1] - Industrial silicon (SISEO5) has a spot price of 8735, a futures price of 9200, a historical quantile of 28.69%, and a basis rate of 5.32% [1] Precious Metals - Gold (AU2606) has a spot price of 995.98, a futures price of 989.8, a historical quantile of 0.90%, and a basis rate of -0.62% [1] - Silver (AG2606) has a spot price of 17472.0, a futures price of 17292.0, a historical quantile of 5.80%, and a basis rate of 1.04% [1] Agricultural Products - Soybean meal (M2605) has a spot price of 3190, a futures price of 2952.0, a historical quantile of 67.10%, and a basis rate of 2.82% [1] - Soybean oil (ASEO2) has a spot price of 8890, a futures price of 8646.0, a historical quantile of 52.40%, and a basis rate of 2.82% [1] - Palm oil (P2605) has a spot price of 9580, a futures price of 9614.0, a historical quantile of 16.70%, and a basis rate of -0.35% [1] - Rapeseed meal (RM605) has a spot price of 2350, a historical quantile of 48.70% [1] - Rapeseed oil (Oleos) has a spot price of 10350, a futures price of 9840.0, a historical quantile of 91.60%, and a basis rate of 5.18% [1] - Corn (C2605) has a spot price of 2400, a futures price of 2376.0, a historical quantile of 46.00%, and a basis rate of 1.01% [1] - Corn starch (CS2605) has a spot price of 2765.0, a futures price of 2900, a historical quantile of 69.90%, and a basis rate of 4.88% [1] - Live pigs (H2605) has a spot price of 9500, a futures price of 9835.0, a historical quantile of 30.40%, and a basis rate of -3.41% [1] - Eggs (JD2605) has a spot price of 3512.0, a futures price of 3180, a historical quantile of 16.00%, and a basis rate of -9.45% [1] - Cotton (CF605) has a spot price of 16550, a futures price of 15420.0, a historical quantile of 72.90%, and a basis rate of 7.33% [1] - White sugar (SR605) has a spot price of 5463.0, a futures price of 5480, a historical quantile of 6.50%, and a basis rate of -1.47% [1] - Apples (AP605) has a spot price of 9946.0, a futures price of 9800, a historical quantile of 17.40%, and a basis rate of -1.47% [1] - Red dates (CJ605) has a spot price of 8835.0, a futures price of 7900, a historical quantile of 43.80%, and a basis rate of -10.58% [1] Energy and Chemicals - Paraxylene (PX605) has a spot price of 9774.0, a futures price of 9811.8, a historical quantile of 42.00%, and a basis rate of 0.39% [1] - PTA (TA605) has a spot price of 6670.0, a futures price of 6778.0, a historical quantile of 15.50%, and a basis rate of -1.59% [1] - Ethylene glycol (EG2605) has a spot price of 4975.0, a futures price of 5058.0, a historical quantile of 25.30%, and a basis rate of -1.63% [1] - Polyester staple fiber (PF604) has a spot price of 8150.0, a futures price of 8260.0, a historical quantile of 18.80%, and a basis rate of -1.33% [1] - Styrene (EB2604) has a spot price of 10046.0, a futures price of 10245.0, a historical quantile of 68.10%, and a basis rate of 1.98% [1] - Methanol (MA605) has a spot price of 3202.0, a futures price of 3265.0, a historical quantile of 69.10%, and a basis rate of 1.97% [1] - Urea (UR605) has a spot price of 1890.0, a futures price of 1875.0, a historical quantile of 22.10%, and a basis rate of -0.80% [1] - LLDPE (L2605) has a spot price of 8767.0, a futures price of 8600.0, a historical quantile of 1.60%, and a basis rate of -1.90% [1] - PP (PP2605) has a spot price of 9120.0, a futures price of 9025.0, a historical quantile of 7.20%, and a basis rate of -1.04% [1] - PVC (V2605) has a spot price of 5500.0, a futures price of 5650.0, a historical quantile of 41.10%, and a basis rate of -2.65% [1] - Caustic soda (SH605) has a spot price of 2509.0, a futures price of 2275.0, a historical quantile of 21.50%, and a basis rate of -9.33% [1] - LPG (PG2604) has a spot price of 6541.0, a futures price of 7198.0, a historical quantile of 81.50%, and a basis rate of 10.04% [1] - Asphalt (BU2604) has a spot price of 4543.0, a futures price of 4330.0, a historical quantile of 10.70%, and a basis rate of -4.69% [1] - Butadiene rubber (BR2604) has a spot price of 18500.0, a futures price of 17975.0, a historical quantile of 85.10%, and a basis rate of 2.92% [1] - Float glass (FG605) has a spot price of 1036.0, a futures price of 960.0, a historical quantile of 51.10%, and a basis rate of -7.92% [1] - Soda ash (SA605) has a spot price of 1225.0, a futures price of 1205.0, a historical quantile of 46.60%, and a basis rate of -1.66% [1] - Pure benzene (BZ2604) has a spot price of 8420.0, a futures price of 8245.0, a historical quantile of 12.50%, and a basis rate of -2.08% [1] - Propylene (PL2605) has a spot price of 8851.0, a futures price of 8800.0, a historical quantile of 35.10%, and a basis rate of -0.58% [1] - Bottle chips (PR2605) has a spot price of 8222.0, a historical quantile of 95.70% [1] - Natural rubber (RU2605) has a spot price of 16950.0, a futures price of 16895.0, a historical quantile of 97.10%, and a basis rate of 0.32% [1] Financials - IF2606.CFE has a spot price of 4477.5343, a futures price of 4396.0, a historical quantile of 2.20%, and a basis rate of -1.85% [1] - IH2606.CFE has a spot price of 2824.6744, a futures price of 2804.8, a historical quantile of 8.40%, and a basis rate of -0.70% [1] - IC2606.CFE has a spot price of 7642.1302, a futures price of 7413.8, a historical quantile of 0.10%, and a basis rate of -3.08% [1] - IM2606.CFE has a spot price of 7639.3762, a futures price of 7375.6, a historical quantile of 0.30%, and a basis rate of -3.58% [1] - 2-year bond (TS2606) has a spot price of 102.51, a futures price of 100.11, a historical quantile of 43.90%, and a basis rate of 0.04% [1] - 5-year bond (TF2606) has a spot price of 105.97, a futures price of 100.22, a historical quantile of 40.40%, and a basis rate of 0.07% [1] - 10-year bond (T2606) has a spot price of 108.25, a futures price of 99.86, a historical quantile of 23.80%, and a basis rate of 0.06% [1] - 30-year bond (TL2606) has a spot price of 122.25, a futures price of 111.49, a historical quantile of 48.20%, and a basis rate of 0.34% [1]

1. Report Industry Investment Ratings - No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Pure Benzene - Styrene - Pure benzene supply is expected to decline due to reduced refinery loads and planned maintenance, while downstream product prices are rising, leading to improved supply - demand expectations. It may follow oil price fluctuations, and the strategy is to wait and see and shrink the EB05 - BZ05 spread on rallies [1]. - Styrene supply is stable with some装置restarts and maintenance. Demand is weak in procurement but the supply - demand situation remains tight. It also follows oil price fluctuations, and the strategy is the same as that for pure benzene [1]. LPG - No overall view is provided, but price, inventory, and开工率 data are presented, showing changes in various aspects such as prices, inventory levels, and开工率 of LPG - related products [2]. Natural Rubber - Supply is tight in Southeast Asia, and domestic new rubber supply is limited in the short term. Demand from tire enterprises is stable. The price is expected to fluctuate widely, and attention should be paid to the development of the US - Iran conflict [3]. Crude Oil - The current conflict has lasted for more than four weeks, and the focus is on the control of the Strait of Hormuz and energy supply chain security. Oil prices are expected to maintain wide - range fluctuations, with the main factors being geopolitical support and policy suppression. Short - term focus is on the actual resumption of navigation in the Strait of Hormuz and the progress of negotiations [4]. Glass and Soda Ash - Soda ash has a pattern of strong supply and weak demand. Short - term price is supported by plant maintenance, but supply will increase next week, and it is expected to be weak and volatile. Attention should be paid to the support at around 1150 for SA605, and 5 - 9 reverse arbitrage can be considered [5]. - Glass has weak market trading. Supply is slightly reduced, and demand is weak. Inventory reduction is weakening. Attention should be paid to the support at around 1030 for FG605, and short - selling can be tried lightly if demand or inventory reduction does not improve [5]. Methanol - Methanol futures are rising, and the basis is strengthening. Supply is increasing domestically but imports are expected to decrease. Demand is improving. However, risks of sharp fluctuations and price corrections due to geopolitical easing should be noted [9]. Polyester Industry Chain - PX supply is expected to decline, but downstream polyester has cost - transmission problems, and short - term PX follows oil price fluctuations. PTA has limited self - driving force and follows cost - end fluctuations [10]. - Ethylene glycol has strong cost support, and supply is decreasing. Port inventory is expected to decline, and the price may continue to rise, but there is a risk of a pull - back [10]. - Short - fiber has weak self - driving force and follows raw material fluctuations. Attention should be paid to the resumption of navigation in the Strait of Hormuz and downstream cost transmission [10]. Polyolefins - The polyolefin market is trading based on the logic of "strong cost, reduced supply". The 05 - contract inventory is expected to be low, driving up prices. However, demand is limited, and long positions can be reduced on rallies [11]. PVC and Caustic Soda - Caustic soda futures fluctuate greatly, and the spot price is stable. Supply is increasing slightly, and inventory is accumulating. The overall supply - demand pattern is weak, and attention should be paid to the impact of the Middle East situation [8]. - PVC futures are weakly volatile, and the spot price is falling. The supply - demand fundamentals are weak, but it may be pushed up passively by the overall environment, and attention should be paid to the impact of regional trends [8]. Urea - Urea futures open low and close high, and the spot market is weak. Supply is slightly reduced, and inventory is relatively low, providing some support. However, the supply is still abundant, and demand is weak. It is expected to fluctuate and consolidate in the short term, and attention should be paid to the 1830 - 1900 range [7]. 3. Summaries by Relevant Catalogs Pure Benzene - Styrene - **Upstream Prices and Spreads**: Brent and WTI crude oil prices decreased on March 26 compared to March 25, while CFR Japan naphtha and CFR China pure benzene prices increased. The spreads between pure benzene and naphtha, and toluene and naphtha decreased [1]. - **Styrene - Related Prices and Spreads**: Styrene spot and futures prices decreased slightly, and the EB - BZ spread decreased [1]. - **Downstream Cash Flows**: Cash flows of some downstream products such as phenol and caprolactam improved, while those of aniline decreased [1]. - **Inventory**: Pure benzene inventory in Jiangsu ports decreased, while styrene inventory increased [1]. - **开工率**: The开工率 of some pure benzene and styrene - related industries changed slightly, with some increasing and some decreasing [1]. LPG - **Prices and Spreads**: LPG futures prices showed different trends, with some increasing and some decreasing. The spreads between different contracts decreased. Spot prices and basis also changed [2]. - **外盘Prices**: FEI and CP contracts' prices increased [2]. - **Inventory**: LPG refinery storage ratio, port inventory, and port storage ratio all increased [2]. - **开工率**: The开工率 of upstream refineries decreased, while the开工 rate of downstream PDH increased [2]. Natural Rubber - **Spot Prices and Basis**: Some spot prices such as Yunnan state - owned whole - latex and Thai standard mixed rubber changed slightly, and the basis also changed [3]. - **月间Spreads**: The 9 - 1 spread decreased, while the 1 - 5 spread increased [3]. - **Fundamentals**: Production in some countries and regions changed, and the开工 rate of tire enterprises was stable. Import and export volumes of rubber and related products changed [3]. Crude Oil - **Prices and Spreads**: Brent, WTI, and SC crude oil prices changed, and the spreads between different contracts and different types of crude oil also changed [4]. - **Refined Oil Prices and Spreads**: NYM RBOB, NYM ULSD, and ICE Gasoil prices increased, and the spreads between different contracts also changed [4]. - **Refined Oil Crack Spreads**: Crack spreads of various refined oils such as US gasoline, European gasoline, and Singapore gasoline changed [4]. Glass and Soda Ash - **Glass - Related Prices and Spreads**: Glass spot prices were stable, and futures prices decreased. The basis increased [5]. - **Soda Ash - Related Prices and Spreads**: Soda ash spot prices were stable, and futures prices decreased. The basis increased [5]. - **Supply**: Soda ash production capacity utilization and weekly output decreased, and the daily melting volume of float glass and photovoltaic glass also decreased [5]. - **Inventory**: Glass factory inventory decreased slightly, and soda ash factory inventory decreased slightly [5]. - **Real Estate Data**: New construction area decreased, construction area increased, completion area increased, and sales area increased [5]. Methanol - **Futures Prices and Spreads**: Methanol futures prices increased, and the spreads between different contracts changed [7][9]. - **Upstream Raw Materials**: Some upstream raw material prices such as anthracite and动力煤changed slightly [7]. - **Spot Market Prices**: Methanol spot prices in different regions changed slightly [7]. - **跨区Spreads and Basis**:跨区spreads and basis changed [7]. - **下游Products**: Prices of some downstream products such as melamine increased [7]. - **Supply - Demand Overview**: Domestic urea daily production decreased, and the开工率 of urea production enterprises decreased [7]. Polyester Industry Chain - **Upstream Prices**: Brent and WTI crude oil prices increased, and CFR Japan naphtha and CFR China MX prices increased [10]. - **下游Polyester Product Prices and Cash Flows**: Prices of some polyester products such as POY, FDY, and DTY changed, and cash flows also changed [10]. - **PX - Related Prices and Spreads**: PX prices and spreads changed [10]. - **PTA - Related Prices and Spreads**: PTA prices and spreads changed, and the开工 rate decreased [10]. - **MEG - Related Prices and Spreads**: MEG prices and spreads changed, and the开工 rate decreased [10]. - **开工率**:开工 rates of various industries in the polyester industry chain such as polyester comprehensive开工率and straight - spun filament开工率changed [10]. Polyolefins - **Futures Prices and Spreads**: L and PP futures prices increased, and the spreads between different contracts changed [11]. - **Spot Prices and Basis**: Spot prices of LLDPE and PP increased slightly, and the basis changed [11]. - **Non - Standard Prices**: Non - standard prices of PE and PP changed slightly [11]. - **开工率**: PE and PP装置开工 rates decreased, and downstream加权开工 rates increased [11]. - **Inventory**: PE and PP enterprise and social inventories changed [11]. PVC and Caustic Soda - **PVC and Caustic Soda Spot & Futures**: PVC and caustic soda spot and futures prices changed [8]. - **Caustic Soda Overseas Quotes & Export Profits**: Overseas quotes and export profits of caustic soda increased [8]. - **PVC Overseas Quotes & Export Profits**: Overseas quotes and export profits of PVC increased [8]. - **Supply: Chlor - Alkali开工率& Industry Profits**: The开工 rate of the caustic soda industry and PVC decreased, and profits changed [8]. - **Demand: Caustic Soda下游开工率**: The开工 rate of some downstream industries of caustic soda such as alumina and viscose staple fiber decreased slightly [8]. - **Demand: PVC下游制品开工率**: The开工 rate of some downstream products of PVC such as pipes and profiles increased [8]. - **Chlor - Alkali Inventory:社库&厂库**: Caustic soda and PVC inventories decreased slightly [8].

1. Report Industry Investment Ratings - There is no information about industry investment ratings in the provided reports. 2. Core Views of the Reports Steel Industry - The steel industry's production has a seasonal rebound this week, but the increase is slow. The iron - water output has increased by 30,000 tons, and the output of the five major steel products remains stable. The apparent demand has increased more than the output, and the inventory is decreasing. The demand for hot - rolled coils is slightly better than that for rebar, and the domestic demand expectation is still weak, while the export orders remain stable. Affected by the steel mills' production cuts in the first quarter, although the demand is weak, the inventory reduction is normal, and the supply - demand contradiction is not significant. However, it lacks upward driving force, and the upward driving force mainly comes from the raw material end. Recently, the strengthening of crude oil may affect the trend of ferrous metals. It is expected that rebar and hot - rolled coils will fluctuate around 3,150 and 3,200 respectively [1]. Iron Ore Industry - The main iron ore contract rose slightly yesterday, mainly affected by news. Geopolitical games, the undetermined negotiation between BHP and Chinese mines, and the resumption of iron - water production are the focus of future iron ore trading. Fundamentally, the global iron ore shipment volume has increased slightly this period, the Australian shipment volume continues to rise, and BHP's shipment has dropped to a historical low. A super typhoon in Australia may cause a short - term decline in iron ore shipments, but subsequent replenishment is possible. On the demand side, the iron - water output has increased slightly, slightly lower than expected, and some steel mills have carried out rational maintenance, with the profitability of steel mills improving. Currently, the terminal demand recovery is slow, domestic demand is relatively weak, and steel exports are uncertain. In terms of inventory, both steel mill and port inventories have decreased slightly. It is expected that the port inventory will either decrease slightly or remain unchanged. In the short term, the main iron ore contract will fluctuate at a high level, with the reference range of 780 - 830 [4]. Coke and Coking Coal Industry - The coke futures showed a high - level decline trend yesterday. The mainstream coke enterprises initiated the first round of price increase after the Spring Festival on March 23, which is expected to be successfully implemented. The increase in coking coal prices provides cost support for coke price increases, and port prices fluctuate with futures. On the supply side, coke price adjustments lag behind coking coal, and the increase in chemical production prices makes up for coke losses. After the Two Sessions, the coking start - up rate has increased. On the demand side, after the Two Sessions, the steel mill production restrictions were lifted, iron - water output increased, steel prices rebounded at a low level, and the replenishment demand will gradually recover later. In terms of inventory, coking plants are reducing inventory, while steel mills and ports are increasing inventory, and the overall inventory is slightly increasing, with the short - term supply and demand of coke basically balanced. It is recommended to go long on the coke 2605 contract at low prices, with the reference range of 1,650 - 1,850, and for arbitrage, go long on coking coal and short on coke. - The coking coal futures also showed a high - level decline trend yesterday. The spot auction prices in Shanxi have turned into a general increase pattern, and Mongolian coal quotes fluctuate with futures. After the festival, the replenishment demand is gradually warming up. On the supply side, coal mines are gradually resuming production, and the daily coal output is increasing; in terms of imported coal, the port inventory is slowing down and remains at a relatively high level after the resumption of customs clearance. On the demand side, after the Two Sessions, the steel mill production restrictions were lifted, iron - water output increased, coking production increased synchronously, and with the cost increase, coke prices are expected to bottom out and rebound. In terms of inventory, washing plants, coking enterprises, steel mills, ports, and ports are all increasing inventory, while coal mines are reducing inventory, and the overall inventory shows a change of downstream active replenishment. It is recommended to go long on the coking coal 2605 contract at low prices, with the reference range of 1,150 - 1,350, and for arbitrage, go long on coking coal and short on coke [6]. Ferrosilicon and Ferromanganese Industry - The main ferrosilicon contract oscillated weakly recently. Geopolitical conflicts, coal prices, and supply growth rate jointly affect ferrosilicon prices. Fundamentally, ferrosilicon production has decreased slightly, the start - up rate in production areas has also declined, and the resumption of production is lower than expected. The manufacturer's profit has improved. In terms of steel demand, the iron - water output has increased slightly, slightly lower than expected, and some steel mills have carried out rational maintenance, with the profitability of steel mills improving. Currently, the terminal demand recovery is slow, domestic demand is relatively weak, and steel exports are uncertain. In terms of non - steel demand, the daily output of magnesium alloy is at a relatively high level and has increased. The ferrosilicon export has weakened, but the export profit has improved. In terms of cost, the price of semi - coke may rise. In the short term, due to the complex international geopolitical situation, the supply and demand of ferrosilicon both increase, but the supply growth rate is lower than expected, and the supply - demand is still in a tight balance. It is recommended to wait and see, and try to long ferrosilicon and short ferromanganese for price difference repair. - The main ferromanganese contract fluctuated widely. Hebei Iron and Steel Group released a new round of steel procurement, and CML announced the May quotation to China. Fundamentally, the ferromanganese supply continues to decline, the start - up rate has declined for several consecutive weeks, and the joint production reduction of manufacturers may be in progress. The production pressure in the south is still relatively large, and the electricity price subsidy in Yunnan has led to some resumption of production; there will be new production capacity of ferromanganese plants in the second quarter. In terms of demand, the iron - water output has increased slightly, slightly lower than expected, and some steel mills have carried out rational maintenance, with the profitability of steel mills improving. Currently, the terminal demand recovery is slow, domestic demand is relatively weak, and steel exports are uncertain. In terms of cost, the import of manganese ore is in a tight balance, and factors such as the resumption of downstream ferromanganese production and increased shipping costs boost prices. It is expected that the price will fluctuate widely, with the reference range of 5,700 - 6,800 [7]. 3. Summaries According to Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China are 3,230 yuan/ton, 3,200 yuan/ton, and 3,300 yuan/ton respectively, with price changes of - 10 yuan/ton, 0 yuan/ton, and 0 yuan/ton. The 05, 10, and 01 contracts of rebar are 3,132 yuan/ton, 3,162 yuan/ton, and 3,184 yuan/ton respectively, with price changes of - 4 yuan/ton, - 4 yuan/ton, and - 2 yuan/ton. - Hot - rolled coil spot prices in East China, North China, and South China are 3,290 yuan/ton, 3,240 yuan/ton, and 3,300 yuan/ton respectively, with price changes of 0 yuan/ton, - 10 yuan/ton, and 0 yuan/ton. The 05, 10, and 01 contracts of hot - rolled coils are 3,313 yuan/ton, 3,322 yuan/ton, and 3,321 yuan/ton respectively, with price changes of - 8 yuan/ton, - 9 yuan/ton, and - 4 yuan/ton [1]. Cost and Profit - The steel billet price is 2,980 yuan/ton, and the slab price is 3,730 yuan/ton, both unchanged. The cost of electric - arc furnace rebar in Jiangsu is 3,262 yuan/ton, and the cost of converter rebar is 3,174 yuan/ton, both unchanged. The profits of rebar in East China, North China, and South China are - 21 yuan/ton, - 51 yuan/ton, and 199 yuan/ton respectively, with changes of - 21 yuan/ton, - 21 yuan/ton, and - 11 yuan/ton. The profits of hot - rolled coils in East China, North China, and South China are - 21 yuan/ton, - 11 yuan/ton, and 49 yuan/ton respectively, with changes of - 21 yuan/ton, - 11 yuan/ton, and - 11 yuan/ton [1]. Production and Inventory - The daily average iron - water output is 228.2 tons, an increase of 7.0 tons or 3.1% compared with the previous value. The output of the five major steel products is 839.6 tons, a decrease of 0.2 tons or 0.0% compared with the previous value. The rebar output is 197.9 tons, a decrease of 5.5 tons or - 2.7% compared with the previous value, including an electric - arc furnace output of 32.7 tons, a decrease of 1.5 tons or - 4.3%, and a converter output of 165.2 tons, a decrease of 4.0 tons or - 2.4%. The hot - rolled coil output is 305.6 tons, an increase of 5.4 tons or 1.8% compared with the previous value. - The inventory of the five major steel products is 1,897.8 tons, a decrease of 48.4 tons or - 2.5% compared with the previous value. The rebar inventory is 861.9 tons, a decrease of 27.5 tons or - 3.1% compared with the previous value. The hot - rolled coil inventory is 453.3 tons, a decrease of 8.0 tons or - 1.7% compared with the previous value [1]. Transaction and Demand - The building materials trading volume is 8.9 tons, an increase of 0.3 tons or 4.0% compared with the previous value. The apparent demand for the five major steel products is 888.0 tons, an increase of 19.5 tons or 2.2% compared with the previous value. The apparent demand for rebar is 225.4 tons, an increase of 17.3 tons or 8.3% compared with the previous value. The apparent demand for hot - rolled coils is 313.6 tons, an increase of 3.1 tons or 1.0% compared with the previous value [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of Carajás fines, PB fines, Brazilian mixed fines, and Jinbuba fines are 927.5 yuan/ton, 846.8 yuan/ton, 847.4 yuan/ton, and 884.0 yuan/ton respectively, with price increases of 7.6 yuan/ton, 7.7 yuan/ton, 7.6 yuan/ton, and 7.6 yuan/ton, and increases of 0.8%, 0.9%, 0.9%, and 0.9% respectively. - The 05 - contract basis of Carajás fines, PB fines, Brazilian mixed fines, and Jinbuba fines are 110.5 yuan/ton, 29.8 yuan/ton, 30.4 yuan/ton, and 67.0 yuan/ton respectively, with price changes of - 2.9 yuan/ton, - 2.8 yuan/ton, - 2.9 yuan/ton, and - 2.9 yuan/ton, and changes of - 2.5%, - 8.6%, - 8.8%, and - 4.1% respectively. The 5 - 9 spread is 29.5 yuan/ton, an increase of 0.5 yuan/ton or 1.7%. The 9 - 1 spread is 20.0 yuan/ton, a decrease of 0.5 yuan/ton or - 2.4% [4]. Supply - The 45 - port arrival volume (weekly) is 2,271.6 tons, an increase of 56.6 tons or 2.6% compared with the previous value. The global shipment volume (weekly) is 3,144.3 tons, an increase of 95.5 tons or 3.1% compared with the previous value. The national monthly import volume is 9,763.8 tons, a decrease of 2,200.9 tons or - 18.4% compared with the previous value [4]. Demand - The daily average iron - water output of 247 steel mills (weekly) is 228.2 tons, an increase of 7.0 tons or 3.1% compared with the previous value. The 45 - port daily average desilting volume (weekly) is 321.0 tons, an increase of 3.1 tons or 1.0% compared with the previous value. The national monthly pig iron output is 0.0 tons, a decrease of 6,072.2 tons or - 100.0% compared with the previous value. The national monthly crude steel output is 0.0 tons, a decrease of 6,817.7 tons or - 100.0% compared with the previous value [4]. Inventory Changes - The 45 - port inventory is 17,098.40 tons, a decrease of 89.1 tons or - 0.5% compared with the previous value. The imported ore inventory of 247 steel mills (weekly) is 9,034.1 tons, an increase of 105.0 tons or 1.2% compared with the previous value. The inventory available days of 64 steel mills (weekly) is 23.0 days, an increase of 2.0 days or 9.5% compared with the previous value [4]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The price of first - grade wet - quenched coke in Shanxi (warehouse - receipt) is 1,681 yuan/ton, unchanged. The price of quasi - first - grade wet - quenched coke in Rizhao Port (warehouse - receipt) is 1,767 yuan/ton, an increase of 11 yuan/ton or 0.6%. The 05 contract of coke is 1,761 yuan/ton, a decrease of 15 yuan/ton or - 0.8%. The 09 contract of coke is 1,846 yuan/ton, a decrease of 19 yuan/ton or - 1.0%. The steel - union coking profit (weekly) is 0 yuan/ton, a decrease of 17 yuan/ton [6]. Coking Coal - Related Prices and Spreads - The price of medium - sulfur primary coking coal in Shanxi (warehouse - receipt) is 1,330 yuan/ton, unchanged. The price of Mongolian No. 5 raw coal (warehouse - receipt) is 1,333 yuan/ton, unchanged. The 05 contract of coking coal is 1,230 yuan/ton, a decrease of 11 yuan/ton or - 0.9%. The 09 contract of coking coal is 1,369 yuan/ton, a decrease of 9 yuan/ton or - 0.7%. The sample coal mine profit (weekly) is 552 yuan/ton, an increase of 57 yuan/ton or 11.5% [6]. Supply and Demand - The daily average output of all - sample coking plants is 64.8 tons, an increase of 0.5 tons or 0.8% compared with the previous value. The daily average output of 247 steel mills is 47.3 tons, unchanged. The iron - water output of 247 steel mills is 231.1 tons, an increase of 2.9 tons or 1.3% compared with the previous value [6]. Inventory Changes - The total coke inventory is 997.8 tons, an increase of 16.3 tons or 1.7% compared with the previous value. The coke inventory of all - sample coking plants is 90.1 tons, a decrease of 4.2 tons or - 4.4% compared with the previous value. The coke inventory of 247 steel mills is 691.7 tons, an increase of 3.5 tons or 0.5% compared with the previous value. The port inventory is 216.1 tons, an increase of 17.0 tons or 8.5% compared with the previous value. - The coking coal inventory of Fenxi Coal Mine's cleaned coal is 97.2 tons, a decrease of 11.0 tons or - 10.2% compared with the previous value. The coking coal inventory of all - sample coking plants is 1,047.5 tons, an increase of 42.5 tons or 4.2% compared with the previous value. The coking coal inventory of 247 steel mills is 782.4 tons, an increase of 8.5

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views Aluminum - The current oversupply situation in the aluminum market has not been substantially reversed. Short - term strategy is to maintain a bearish view on rallies. For long - term, the global supply growth elasticity is limited, and the long - term bullish logic remains valid. The short - term aluminum price will fluctuate widely with macro - sentiment and geopolitical news, with the Shanghai Aluminum main contract expected to trade between 23,000 - 25,000 yuan/ton [1]. Aluminum Alloy - The short - term raw material cost at a high level strongly supports the ADC12 price, but the demand follows slowly and the negative feedback effect of high prices is emerging. The market is expected to continue the high - level shock pattern, with the main contract reference range of 22,000 - 23,500 yuan/ton [2]. Copper - In the short - term, the copper price is in an adjustment phase. The supply - demand fundamentals have improved and the inventory pressure has weakened. The medium - to - long - term logic of copper supply - demand contradiction has not changed significantly. The short - term adjustment may provide an opportunity for long - term long positions, but the price is still suppressed before the market risk appetite recovers significantly. The main focus is on the pressure around 97,000 - 98,000 yuan/ton [3]. Zinc - In the context of supply improvement, high inventory, and limited macro - bullish factors, the zinc price is under short - term pressure. It is recommended to pay attention to the zinc ore TC, marginal changes in demand, and macro - indicators, with the main focus on the support around 22,000 - 22,500 yuan/ton [5]. Nickel - The news of Indonesia's export tax has a short - term positive impact on sentiment. The macro - expectation is volatile. The contradiction in the raw material end supports the price, but the insufficient digestion of actual inventory is a constraint. The disk is expected to run in a strong range, with the main contract reference range of 134,000 - 142,000 yuan/ton [7]. Stainless Steel - Recently, the cost logic of stainless steel is strong. The news fermentation and the tight raw material end in reality provide support. The steel mill production has increased significantly, and the demand is gradually recovering but the terminal acceptance is still weak. It is expected to maintain a strong shock in the short - term, with the main contract reference range of 14,200 - 14,800 yuan/ton [10]. Lithium Carbonate - The war expectation is volatile, and the macro - sentiment has weakened again. The fundamentals are resilient but the marginal driving force is weakening. The mine - end disturbance still has room for fermentation, and the bottom support is still strong. It is expected to maintain range - bound fluctuations in the short - term, with the main contract reference range of 150,000 - 160,000 yuan/ton [12]. Tin - The US - Iran conflict is at a stalemate, and the market risk - aversion sentiment has resurfaced, causing the tin price to fall. The medium - to - long - term bullish logic still exists. If there are signs of the conflict ending, long positions can be established on dips [14]. Industrial Silicon - Industrial silicon is facing the pressure of oversupply with expected production growth. The cost end strongly supports the bottom. It is expected to oscillate around 8,000 - 9,000 yuan/ton. It is necessary to pay attention to production control, environmental protection, and cost - end fluctuations [15]. Polysilicon - The polysilicon market is oversupplied, and the price is expected to continue to fall. The market sentiment tends to trade for market - clearing, and the price is expected to fall towards the lowest cash cost. It is recommended to wait and see for now [17]. 3. Summaries by Directory Aluminum Price and Spread - SMM A00 aluminum price decreased by 1.05% to 23,510 yuan/ton, and the alumina prices in different regions had small increases or remained unchanged [1]. Fundamental Data - In February, the production of alumina, domestic and overseas electrolytic aluminum decreased, while the electrolytic aluminum import volume increased and the export volume decreased. The开工 rates of some aluminum - related industries increased, and the social inventory of electrolytic aluminum and aluminum rods, as well as the inventory of electrolytic aluminum plants and alumina plants, showed different changes [1]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices in different regions decreased, and the price difference between Jiangxi Baotai Network ADC12 and A00 aluminum increased significantly [2]. Fundamental Data - In February, the production of recycled and primary aluminum alloy ingots, as well as waste aluminum, decreased. The import and export volumes of unforged aluminum alloy ingots also decreased. The开工 rates of recycled and primary aluminum alloy industries decreased, and the inventory of recycled aluminum alloy showed a downward trend [2]. Copper Price and Spread - SMM 1 electrolytic copper price decreased by 0.28% to 95,325 yuan/ton, and the refined - scrap price difference decreased by 80.31% [3]. Fundamental Data - In February, the production and import volume of electrolytic copper decreased. The import copper concentrate index decreased, and the domestic mainstream port copper concentrate inventory decreased slightly. The开工 rates of electrolytic copper and scrap copper rod - making industries increased, and the global visible inventory started to decline this week [3]. Zinc Price and Spread - SMM 0 zinc ingot price decreased by 0.35% to 22,840 yuan/ton, and the import loss increased [5]. Fundamental Data - In February, the production of refined zinc decreased, the import volume decreased significantly, and the export volume increased. The开工 rates of galvanizing, die - casting zinc alloy, and zinc oxide industries increased, and the domestic zinc ingot seven - region social inventory decreased [5]. Nickel Price and Spread - SMM 1 electrolytic nickel price increased by 1.12% to 139,350 yuan/ton, and the prices of some nickel - related products and cost data showed different changes [7]. Fundamental Data - China's refined nickel production decreased, and the import volume increased significantly. The SHFE inventory decreased slightly, the social inventory increased, and the LME inventory decreased slightly [7]. Stainless Steel Price and Spread - The prices of 304/2B stainless steel coils in Wuxi and Foshan remained unchanged, and the futures - spot price difference increased [10]. Fundamental Data - China's 300 - series stainless steel crude steel production increased, while Indonesia's decreased. The import and export volumes of stainless steel increased significantly, and the 300 - series social inventory and SHFE warehouse receipts increased slightly [10]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate average price increased by 2.62% to 156,500 yuan/ton, and the prices of other lithium - related products also had different changes [12]. Fundamental Data - In February, the production and demand of lithium carbonate decreased, the import volume decreased slightly, and the export volume increased. The total inventory, downstream inventory, and smelter inventory of lithium carbonate decreased [12]. Tin Price and Spread - SMM 1 tin price decreased by 1.34% to 352,800 yuan/ton, and the import loss increased [14]. Fundamental Data - In February, the import of tin ore decreased, the production of refined tin decreased, the import volume increased, and the export volume decreased. The开工 rates of tin - related industries decreased, and the inventory of tin decreased [14]. Industrial Silicon Price and Spread - The prices of industrial silicon in different regions remained unchanged, and the futures price decreased slightly [15]. Fundamental Data - The national and regional production of industrial silicon decreased, the开工 rates decreased, the production of organic silicon DMC and polysilicon decreased, and the export volume decreased. The social inventory increased slightly [15]. Polysilicon Price and Spread - The average price of N - type re - feed material decreased by 1.85% to 39,750 yuan/ton, and the futures price decreased by 3.29% to 35,540 yuan/ton [17]. Fundamental Data - The production of polysilicon and silicon wafers decreased, the import and export volumes of polysilicon and silicon wafers had different changes, and the inventory of polysilicon and silicon wafers decreased [17].

Report Industry Investment Ratings - There is no information about industry investment ratings in the provided reports. Core Views 1. Oils and Fats Industry - Malaysian BMD crude palm oil futures may test the support at 4,500 ringgit, and Dalian palm oil futures will test the support at 9,500 yuan. If it breaks below 9,500 yuan, it may rise again. US biodiesel policy is approaching, and NOPA member companies' soybean oil inventory is at a 13 - year high. Domestic traders are cautious, and the supply is sufficient currently, but the refinery's operating rate may decline later, and the basis quote may rise slightly [1]. 2. Cotton Industry - ICE cotton futures are slightly up. US cotton production areas face drought and cold air, and the inspection progress exceeds 100%. The domestic cotton market is in the second half of the "Golden March", with slower yarn transactions. The market is expected to be oscillating and slightly strong, and attention should be paid to spinning mills' orders and macro - news [2]. 3. Sugar Industry - ICE raw sugar futures have fallen from a five - month high. Brazil's sugarcane crush volume is expected to increase, but sugar production may be adjusted down. India's sugar production is also expected to be lower. Domestic sugar imports exceed expectations, and the spot market is weak, but prices are supported. Short - term sugar futures are likely to maintain a high - level oscillation [4]. 4. Red Date Industry - The futures market has a small rebound at a low level, but the upside is limited due to weak consumption in the off - season. The inventory reduction is slow, and the number of registered futures warrants is decreasing year - on - year. It is recommended to short on rebounds [5]. 5. Apple Industry - The futures market has fallen from a high level, and the trading volume has decreased significantly. The spot market is divided, with good - quality apples having a good trading atmosphere and ordinary apples having inventory pressure. The national cold - storage inventory is at a historical low, and the market is expected to oscillate in the short term, with attention to the inventory reduction of ordinary apples and weather changes [7]. 6. Corn and Corn Starch Industry - The corn price in the Northeast is stable, the price in the North Port is weak, and the price in North China is stable. The demand from deep - processing and feed enterprises exists, but the substitution of wheat is increasing. Policy - related factors such as wheat auctions and expected rice auctions may affect the price. Corn prices are under pressure but limited by low social inventory, and the operation range is 2,350 - 2,420 yuan/ton [9]. 7. Meal Industry - US soybean prices are supported at around 1,160 cents, with multiple factors affecting the market. Domestic soybean meal has digested concerns about shutdowns and supply continuity. The inventory is not loose, but the speculation is weak. There is a potential negative impact from the expected increase in soybean planting area [10]. 8. Pig Industry - The futures market is oscillating at the bottom, and the spot market is weak. The large - scale pig slaughter, high slaughter weight, and weak price difference between fat and lean pigs are not conducive to secondary fattening. The demand is in the off - season, and the market is pessimistic. The futures price has limited room to fall after breaking below 10,000 yuan, but the weak spot market may continue until April [12]. 9. Egg Industry - The supply of eggs is relatively loose, with an increase in the number of culled chickens and a slight increase in newly - laid hens. The demand is affected by high raw material prices and the end of pre - holiday stocking. The overall market is weak, and the egg price is expected to maintain a low - level oscillation [15]. Summaries by Related Catalogs 1. Oils and Fats Industry - **Price Changes**: The spot price of soybean oil in Jiangsu is 8,970 - 9,040 yuan, down 70 yuan (-0.77%); the futures price of Y2605 is 8,594 yuan, down 146 yuan (-1.67%); the basis of Y2605 is 376 yuan, up 76 yuan (25.33%). The spot price of palm oil in Guangdong is 9,918 yuan, down 210 yuan; the futures price of P2605 is 9,942 yuan, down 298 yuan. The spot price of rapeseed oil in Jiangsu is 10,378 yuan, down 140 yuan; the futures price of OI605 is 9,950 yuan, down 137 yuan [1]. - **Market Analysis**: The Malaysian palm oil market is affected by US soybean oil and crude oil. The domestic soybean oil market has sufficient supply currently, and the refinery's operating rate may decline. The rapeseed oil market is affected by the US - Iran cease - fire plan and the decline of US crude oil prices [1]. 2. Cotton Industry - **Price Changes**: The futures price of cotton 2605 is 15,340 yuan/ton, up 60 yuan (0.39%); the futures price of cotton 2609 is 15,465 yuan/ton, up 65 yuan (0.42%); the 5 - 9 spread is - 125 yuan/ton, down 5 yuan (-4.17%). The Xinjiang arrival price of 3128B cotton is 16,573 yuan, down 17 yuan (-0.10%); the CC Index of 3128B is 16,711 yuan, down 21 yuan (-0.13%) [2]. - **Industry Situation**: The commercial inventory is 0.00 million tons, down 547.70 million tons (-100%); the industrial inventory is 102.40 million tons, up 13.00 million tons (14.5%); the import volume is 16.65 million tons, down 3.91 million tons (-19.0%); the bonded area inventory is 47.10 million tons, up 4.20 million tons (9.8%) [2]. 3. Sugar Industry - **Price Changes**: The futures price of sugar 2605 is 5,450 yuan/ton, unchanged; the futures price of sugar 2609 is 5,461 yuan/ton, up 1 yuan (0.02%); the 5 - 9 spread is - 32 yuan/ton, down 1 yuan (-3.23%). The spot price in Nanning is 5,470 yuan, unchanged; the spot price in Kunming is 5,320 yuan, unchanged [4]. - **Industry Situation**: The national sugar production cumulative value is 926.00 million tons, down 45.61 million tons (-4.69%); the national sugar sales cumulative value is 345.00 million tons, down 130.16 million tons (-27.39%); the sugar production in Guangxi cumulative value is 565.13 million tons, down 51.58 million tons (-8.36%) [4]. 4. Red Date Industry - **Price Changes**: The futures price of red date 2605 is 8,890 yuan/ton, down 35 yuan (-0.39%); the futures price of red date 2607 is 9,060 yuan/ton, down 30 yuan (-0.33%); the futures price of red date 2609 is 9,265 yuan/ton, down 45 yuan (-0.48%); the 5 - 7 spread is - 170 yuan/ton, down 5 yuan (-3.03%); the 5 - 9 spread is - 385 yuan/ton, up 10 yuan (2.60%) [5]. - **Market Analysis**: The futures market rebounds slightly at a low level, but the consumption in the off - season is weak, and the inventory reduction is slow [5]. 5. Apple Industry - **Price Changes**: The futures price of apple 2605 is 9,978 yuan/ton, down 94 yuan (-0.93%); the futures price of apple 2610 is 8,666 yuan/ton, up 35 yuan (0.41%); the 5 - 10 spread is 1,312 yuan/ton, down 129 yuan (-8.95%) [7]. - **Market Analysis**: The futures market falls from a high level, and the spot market is divided. The cold - storage inventory is at a historical low [7]. 6. Corn and Corn Starch Industry - **Price Changes**: The futures price of corn 2605 is 2,376 yuan/ton, down 7 yuan (-0.29%); the Jinzhou Port flat - cabin price is 2,390 yuan, down 20 yuan (-0.83%); the basis is 14 yuan, down 13 yuan (-48.15%); the 5 - 9 spread is - 23 yuan/ton, down 2 yuan (-9.52%). The futures price of corn starch 2605 is 2,763 yuan/ton, down 9 yuan (-0.32%); the average price of corn starch is 2,972 yuan, down 5 yuan (-0.17%); the basis is 209 yuan, up 4 yuan (1.95%) [9]. - **Market Analysis**: The corn price in the Northeast is stable, the price in the North Port is weak, and the price in North China is stable. The demand from deep - processing and feed enterprises exists, but the substitution of wheat is increasing. Policy - related factors may affect the price [9]. 7. Meal Industry - **Price Changes**: The spot price of soybean meal in Jiangsu is 3,280 yuan, down 20 yuan (-0.61%); the futures price of M2605 is 2,932 yuan, down 29 yuan (-0.98%); the basis of M2605 is 339 yuan, down 9 yuan (-2.65%). The spot price of rapeseed meal in Jiangsu is 2,560 yuan, down 40 yuan (-1.54%); the futures price of RM2605 is 2,339 yuan, down 26 yuan (-1.10%); the basis of RM2605 is 221 yuan, down 14 yuan (-5.96%) [10]. - **Market Analysis**: US soybean prices are affected by multiple factors. Domestic soybean meal has digested concerns about shutdowns and supply continuity, and the inventory is not loose [10]. 8. Pig Industry - **Price Changes**: The futures price of the main contract of pigs 2605 is 9,980 yuan/ton, down 65 yuan (-0.65%); the futures price of pigs 2607 is 11,310 yuan/ton, up 60 yuan (0.53%); the 5 - 7 spread is - 1,330 yuan/ton, down 125 yuan (-10.37%) [12]. - **Market Analysis**: The futures market is oscillating at the bottom, and the spot market is weak. The large - scale pig slaughter, high slaughter weight, and weak price difference between fat and lean pigs are not conducive to secondary fattening [12]. 9. Egg Industry - **Price Changes**: The futures price of egg 04 contract is 3,330 yuan/500KG, up 18 yuan (0.54%); the futures price of egg 05 contract is 3,410 yuan/500KG, up 9 yuan (0.26%); the 4 - 5 spread is - 80 yuan/500KG, up 9 yuan (10.11%) [15]. - **Market Analysis**: The supply of eggs is relatively loose, and the demand is affected by high raw material prices and the end of pre - holiday stocking. The overall market is weak [15].

Report Information - Report Title: "Fund Flow and Key Seats' Position Changes Daily Report" [1] - Report Date: March 26, 2026 [1] - Data Date: March 25, 2026 [2] Industry Investment Rating - Not provided Core View - Not provided Summary by Related Catalogs Fund Inflow and Outflow - The vertical axis percentage is calculated as net position divided by total position (unilateral) and daily position change divided by total position (unilateral) [2] Key Seats' Position Changes - **Morgan Chase**: Data on net position and daily position change are presented, with the same - color indicating position increase and the opposite - color indicating position decrease [2] - **Qiankun Futures**: Position data for varieties such as CSI 300 Futures, Peanuts, etc., with net position and daily position change shown, and the color rule for position increase or decrease [3] - **UBS Futures**: Position data for various products are presented, including net position and daily position change, and the color rule for position increase or decrease [3] - **Sinolink Futures**: Position data for some products with daily position change, and the color rule for position increase or decrease [3] - **Guotai Junan**: Position data for some products with daily position change, and the color rule for position increase or decrease [3]

Report Date - The report is dated March 26, 2026 [3] Data Sources - The data sources include Wind, Mysteel, and GF Futures Research Institute [3] Commodity Market Information Ferrous Metals - **Silicon Iron (SF603)**: The futures price is 6088, down 110 from the previous value, with a historical quantile of 46.50%. The spot price of 72 silicon iron qualified blocks (Inner Mongolia - Tianjin warehouse receipt) is 5978, down 1.11% or 72 [1] - **Silicon Manganese (SM603)**: The futures price is 6492, and the spot price of 6517 silicon manganese (Inner Mongolia - Hubei warehouse receipt) is 6420, with a historical quantile of 14.60% [1] - **Rebar (RB2605)**: The futures price is 3230, with a historical quantile of 46.70%. The spot price of HRB400 20mm in Shanghai is 3290, down 0.09% or 23 [1] - **Hot - Rolled Coil (HC2605)**: The futures price is 3313 [1] - **Iron Ore (12605)**: The futures price is 1776, down 9 or 0.93%. The spot price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 855, up 6.01% from 807, with a historical quantile of 40.60% [1] - **Coke (J2605)**: The futures price is 1767, with a historical quantile of 61.67%. The spot price of quasi - first - grade metallurgical coke (A13, S0.7, CSR60, MT7) at Rizhao Port is 1767 [1] - **Coking Coal (JM2605)**: The futures price is related to the spot price of S1.3 G75 main coking coal (Meng 5) at Shaheyi, which is 1333, up 7.41% from 1241, with a historical quantile of 50.30% [1] Non - Ferrous Metals - **Copper (CUSEOS)**: The spot price is 95590, and the futures price is also 95590, with a historical quantile of 48.54% [1] - **Aluminum (AL2605)**: The futures price is 23860, and the SMM A00 aluminum average price is 23760, down 100, with a historical quantile of 32.29% [1] - **Alumina (AO2605)**: The futures price is 2963, and the SMM heavy - duty aluminum index average price is 2769, down 194, with a historical quantile of 8.14% [1] - **Zinc (ZN2605)**: The futures price is 22935, and the SMM 1 zinc ingot average price is 22850, down 82, with a historical quantile of 42.29% [1] - **Tin (SN2604)**: The futures price is 352430, and the SMM 1 tin average price is 357600, with a historical quantile of 94.37% [1] - **Nickel (MISEOR)**: The futures price is 136130, and the SMM 1 imported nickel average price is 134700, down 1430, with a historical quantile of 9.79% [1] - **Stainless Steel (SS2605)**: The futures price is 14500, and the price of 304/2B:2*1240*C: Wuxi Hongwang (including trimming fee) is 14490, up 180 [1] - **Lithium Carbonate (LC2605)**: The futures price is 159120, and the SMM battery - grade lithium carbonate average price is 152500, down 6620, with a historical quantile of 5.72% [1] - **Industrial Silicon (SIS605)**: The SMM Huannian Tongyang 215530 average price is 8770, up 430 or 4.90%, with a historical quantile of 25.31% [1] Precious Metals - **Gold (AU2606)**: The futures price is 1014.4, and the Shanghai Gold Exchange gold spot AU (T + D) price is 1013.96, with a historical quantile of 96.10% [1] - **Silver (AG2606)**: The futures price is 18111.0, and the Shanghai Gold Exchange silver spot AG (T + D) price is 18121.0, with a historical quantile of 90.30% [1] Agricultural Products - **Soybean Meal (M2605)**: The futures price is 3190, and the factory price of ordinary protein soybean meal in Zhangjiagang, Jiangsu is 2932, with a historical quantile of 67.90% [1] - **Soybean Oil (ASEO2)**: The futures price is related to the factory price of fourth - grade soybean oil in Zhangjiagang, Jiangsu, which is 8550, with a historical quantile of 54.50% [1] - **Palm Oil (P2605)**: The futures price is 9500, and the delivery price of 24 - degree palm oil at Huangpu Port is 9510, down 10, with a historical quantile of 24.70% [1] - **Rapeseed Meal (RM605)**: The futures price is 2340, and the factory price of rapeseed meal in Zhanjiang, Guangdong is 2339, with a historical quantile of 47.20% [1] - **Rapeseed Oil (01605)**: The futures price is 10220, and the factory price of fourth - grade rapeseed oil in Nantong, Jiangsu is 9707, with a historical quantile of 91.60% [1]. - **Corn (C2605)**: The futures price is 2400, and the flat - hatch price of corn at Jinzhou Port is 2376, up 24, with a historical quantile of 46.00% [1] - **Corn Starch (CS2605)**: The futures price is 2900, and the factory price of corn starch in Changchun, Jilin is 2763, down 137, with a historical quantile of 71.20% [1] - **Live Pigs (H2605)**: The futures price is 9650, and the ex - factory price of live pigs (external ternary) in Henan is 9980, down 330, with a historical quantile of 30.60% [1] - **Eggs (JD2605)**: The futures price is 3180, and the ex - factory price of eggs in Shijiazhuang, Hebei is 3410, down 230, with a historical quantile of 19.70% [1] - **Cotton (CF605)**: The futures price is 15340, and the market price of cotton in Xinjiang is 16600, up 1260, with a historical quantile of 86.40% [1] - **Sugar (SR605)**: The futures price is 5480, and the spot price of white sugar at Liuzhou Station (origin: Guangxi) is 5429, down 51, with a historical quantile of 7.90% [1] - **Apples (AP605)**: The futures price is 9978, and the delivery theoretical price of apples is 9800, with a historical quantile of 16.40% [1] - **Red Dates (CJ605)**: The futures price is related to the wholesale price of first - grade grey dates in Hebei, which is 7900, and the futures price is 8890, down 990, with a historical quantile of 41.40% [1] Energy and Chemicals - **Para - Xylene (PX605)**: The futures price is 9502, and the spot price of para - xylene at the Chinese main port (CFR, converted to RMB) is 9590, with a historical quantile of 55.80% [1] - **PTA (TA605)**: The futures price is 6592, and the market price (intermediate price) of PTA in East China is 6490, down 102, with a historical quantile of 16.70% [1] - **Ethylene Glycol (EG2605)**: The futures price is 5060, and the market price (intermediate price) of ethylene glycol in East China is 5036, up 24, with a historical quantile of 65.50% [1] - **Polyester Staple Fiber (PF606)**: The futures price is related to the market price (mainstream price) of polyester staple fiber (1.4D*38mm (direct - spinning)) in the East China market, which is 8060, with a historical quantile of 28.30% [1] - **Styrene (EB2605)**: The futures price is 10175, and the market price (spot benchmark price) of styrene in East China is 10105, with a historical quantile of 43.10% [1] - **Methanol (MA605)**: The futures price is 3045, and the market price (spot benchmark price) of methanol in Taicang, Jiangsu is 3089, down 44, with a historical quantile of 13.30% [1] - **Urea (UR605)**: The futures price is 1863, and the market price (mainstream price) of urea (small particles) in Shandong is 1890, up 27, with a historical quantile of 25.60% [1] - **LLDPE (L2605)**: The futures price is 8715, and the duty - paid self - pick - up price (intermediate price) of LLDPE (film - grade) in Shandong is 8500, down 215, with a historical quantile of 0.50% [1] - **PP (PP2605)**: The futures price is 8950, and the duty - paid self - pick - up price (intermediate price) of PP (拉丝级, melt index 2 - 4) in Zhejiang is 8975, down 25, with a historical quantile of 20.60% [1] - **PVC (V2605)**: The futures price is 5500, and the market price (mainstream price) of PVC (SG - 5) in the Changzhou market is 5703, down 203, with a historical quantile of 28.60% [1] - **Caustic Soda (SH605)**: The futures price is 2274, and the market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in Shandong (converted to 100%) is 2502, down 228, with a historical quantile of 21.70% [1] - **LPG (PG2605)**: The futures price is 7198, and the market price of LPG in Guangzhou is 6550, up 648, with a historical quantile of 80.80% [1] - **Asphalt (BU2606)**: The futures price is 4410, and the market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong is 4280, down 130, with a historical quantile of 25.00% [1] - **Butadiene Rubber (BR2605)**: The futures price is 18500, and the distribution price of cis - butadiene rubber (Daqing, BR9000) in East China is 17720, up 780, with a historical quantile of 96.80% [1] - **Float Glass (FG605)**: The futures price is 960, and the market price of 5mm float glass in Shahe (Shahe Great Wall Glass) is 1057, down 97, with a historical quantile of 40.75% [1] - **Soda Ash (SA605)**: The futures price is 1244, and the market price of soda ash in Chongqing (Shahe) is 1224, down 20, with a historical quantile of 46.84% [1] - **Pure Benzene (BZ2605)**: The futures price is 8313, and the market price (intermediate price) of pure benzene in East China is 8245, down 68, with a historical quantile of 70.60% [1] - **Propylene (PL2605)**: The futures price is 8985, and the market price of propylene in East China is 8752, up 233, with a historical quantile of 82.90% [1] - **Bottle Chips (PR2605)**: The futures price is 8236, and the spot leading price of bottle chips is 8108, up 128, with a historical quantile of 96.20% [1] - **Natural Rubber (RU2605)**: The futures price is 16300, and the market price of natural rubber (Yunnan state - owned whole latex) in Shanghai is 16430, down 130, with a historical quantile of 84.06% [1] Financial Futures - **Stock Index Futures** - **IF2606.CFE**: The futures price is 4450, and the basis is - 87.4656, with a historical quantile of 2.00% [1] - **IH2606.CFE**: The futures price is 2830, and the basis is - 29.5345, with a historical quantile of 2.50% [1] - **IC2606.CFE**: The futures price is 7767.6654, and the basis is - 237.6654, with a historical quantile of 16% [1] - **IM2606.CFE**: The futures price is 7751.1809, and the basis is - 273.7809, with a historical quantile of 0.20% [1] - **Treasury Bond Futures** - **2 - year Treasury Bond (TS2606)**: The futures price is 102.49, and the basis is calculated with a conversion factor of 0.9762, with a historical quantile of 43.30% [1] - **5 - year Treasury Bond (TF2606)**: The futures price is 105.90, and the basis is calculated with a conversion factor of 0.9450, with a historical quantile of 44.00% [1] - **10 - year Treasury Bond (T2606)**: The futures price is 108.16, and the basis is calculated with a conversion factor of 0.9219, with a historical quantile of 31.90% [1] - **30 - year Treasury Bond (TL2606)**: The futures price is 111.19, and the basis is calculated with a conversion factor of 1.0935, with a historical quantile of 84.70% [1]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - In the short term, although the US is actively promoting peace talks with Iran, the conditions for a cease - fire agreement may be harsh. There is a possibility of intense conflicts between the two sides, and the gold price may fall again. Gold ETF funds have stopped flowing out, but long - term allocation requires caution. For short - term intraday trading, one can try to buy call options around $4400 - $4450 to seize the opportunity of a phased recovery [2] - If the US - Iran war eases, the silver price is expected to stop falling and rise. However, if the situation escalates again, it may fall back to around $60 - $65. The upper resistance is at $85. It is recommended to continue holding the short position of out - of - the - money call options on Shanghai silver [2] - Platinum fluctuates in the range of $1850 - $2000, and palladium fluctuates in the range of $1450 - $1600 [2] Group 3: Summary by Related Catalogs Domestic Futures Closing Prices - AU2606 contract closed at 1013.96 yuan/gram on March 25, up 36.68 yuan or 3.15% from March 24 [2] - AG2606 contract closed at 18111 yuan/kilogram on March 25, up 1026 yuan or 6.01% from March 24 [2] - PT2606 contract closed at 505.85 yuan on March 25, up 18.45 yuan or 3.79% from March 24 [2] - PD2606 contract closed at 368.55 yuan/gram on March 25, up 9.05 yuan or 2.52% from March 24 [2] Foreign Futures Closing Prices - COMEX gold main contract closed at 4503.30 on March 25, up 28.40 or 0.63% from March 24 [2] - COMEX silver main contract closed at 71.45 on March 25, unchanged from March 24 [2] - NYMEX platinum main contract closed at 1910.00 dollars/ounce on March 25, down 10.50 or - 0.55% from March 24 [2] - NYMEX palladium main contract closed at 1418.50 on March 25, down 26.00 or - 1.80% from March 24 [2] Spot Prices - London gold was at 4505.31 on March 25, up 33.29 or 0.74% from the previous value [2] - London silver was at 71.18 dollars/ounce on March 25, down 0.10 or - 0.14% from the previous value [2] - Spot platinum was at 1950.00 on March 25, up 58.00 or 3.07% from the previous value [2] - Spot palladium was at 1434.00 on March 25, up 41.00 or 2.94% from the previous value [2] - Shanghai Gold Exchange's gold T + D was at 1014.44 yuan/gram on March 25, up 36.45 or 3.73% from March 24 [2] - Shanghai Gold Exchange's silver T + D was at 18121 yuan/kilogram on March 25, up 5.56% from March 24 [2] - Shanghai Gold Exchange's platinum 9995 was at 509 yuan/gram on March 25, up 34 or 7.21% from the previous value [2] Basis - The basis of gold TD - Shanghai gold main contract was 0.48, down 0.23 from the previous value, with a 1 - year historical quantile of 46.10% [2] - The basis of silver TD - Shanghai silver main contract was 10, down 71 from the previous value, with a 1 - year historical quantile of 60.60% [2] - The basis of London gold - COMEX gold was - 9.13, up 4.16 from the previous value, with a 1 - year historical quantile of 75.60% [2] - The basis of London silver - COMEX silver was - 0.37, down 0.15 from the previous value, with a 1 - year historical quantile of 21.70% [2] Price Ratios - The ratio of COMEX gold/silver was 63.03 on March 25, up 0.40 or 0.63% from the previous value [2] - The ratio of Shanghai Futures Exchange's gold/silver was 55.99 on March 25, down 1.22 or - 2.12% from the previous value [2] - The ratio of NYMEX platinum/palladium was 1.35 on March 25, up 0.02 or 1.28% from the previous value [2] - The ratio of Guangzhou Futures Exchange's platinum/palladium was 1.37 on March 25, up 0.02 or 1.24% from the previous value [2] Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.33 on March 25, down 0.06 or - 1.4% from the previous value [2] - The 2 - year US Treasury yield was 3.84 on March 25, down 0.06 or - 1.5% from the previous value [2] - The 10 - year TIPS Treasury yield was 2.02 on March 25, down 0.04 or - 1.9% from the previous value [2] - The US dollar index was 99.63 on March 25, up 0.40 or 0.41% from the previous value [2] - The offshore RMB exchange rate was 6.9046 on March 25, up 0.0120 or 0.17% from the previous value [2] Inventory and Positions - The Shanghai Futures Exchange's gold inventory was 106743 on March 25, unchanged from the previous value [2] - The Shanghai Futures Exchange's silver inventory was 376094 kilograms on March 25, up 10171 or 2.78% from the previous value [2] - COMEX gold inventory was 31945633 on March 25, down 70802 or - 0.22% from the previous value [2] - COMEX silver inventory was 328841370 on March 25, down 2610436 or - 0.79% from the previous value [2] - COMEX gold registered warehouse receipts were 16762284 on March 25, up 217355 or 1.31% from the previous value [2] - COMEX silver registered warehouse receipts were 76672090 on March 25, up 123511 or 0.16% from the previous value [2] - SPDR gold ETF position was 1052 on March 25, down 0.57 or - 0.05% from the previous value [2] - SLV silver ETF position was 15514 on March 25, unchanged from the previous value [2]

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the documents [1][2][3] 2. Report Core Views Futures Index Spread Report - Presents the latest values, changes from the previous day, historical 1 - year percentiles, and all - time percentiles of various futures index spreads, including IF, IH, IC, and IM, as well as cross - variety ratios. [1] Treasury Bond Futures Spread Report - Displays the latest data on basis, cross - period spreads, and cross - variety spreads of Treasury bond futures such as TS, TF, T, and TL, along with their changes and percentiles since listing. [2] Precious Metals Spot - Futures Report - Shows the closing prices of domestic and foreign precious metals futures, spot prices, basis, price ratios, interest rates, exchange rates, inventory, and positions. It also provides short - and medium - term investment views on precious metals. [3] 3. Summary by Relevant Catalog Futures Index Spread - **IF**: The latest E period - spot spread is - 87.47, with a change of - 1.14 from the previous day, and a 1 - year percentile of 1.20%. Various cross - period spreads are also presented, such as the next - month - to - current - month spread of - 17.80, with a change of 4.60 and a 1 - year percentile of 29.50%. [1] - **IH**: The H period - spot spread is - 29.53, down 9.28 from the previous day, and the 1 - year percentile is 3.60%. Different cross - period spreads are given, like the next - month - to - current - month spread of - 1.00, with a change of 4.60 and a 1 - year percentile of 59.00%. [1] - **IC**: The IC period - spot spread is - 237.67, a decrease of 49.89 from the previous day, and the 1 - year percentile is 0.80%. Multiple cross - period spreads are shown, for example, the next - month - to - current - month spread of - 63.80, with a change of 16.20 and a 1 - year percentile of 22.20%. [1] - **IM**: The IM period - spot spread is - 273.78, down 60.12 from the previous day, and the 1 - year percentile is 5.00%. Cross - period spreads are also included, such as the next - month - to - current - month spread of 47.10, with a change of 20.10 and a 1 - year percentile of - 55.60. [1] - **Cross - variety Ratios**: Ratios like CSI 500/CSI 300 are 1.7119, with a change of 0.0141, and a 1 - year percentile of 82.30%. [1] Treasury Bond Futures Spread - **Basis**: TS basis is 1.1768, up 0.0388 from the previous day, with a listing - since percentile of 8.80%. TF basis is 1.1019, up 0.0989, and the percentile is 25.70%. T basis is 1.1709, up 0.0144, and the percentile is 39.30%. TL basis is 0.6769, down 0.0236, and the percentile is 13.10%. [2] - **Cross - period Spreads**: For example, in TS, the current - quarter - to - next - quarter spread is - 0.0060, up 0.0060, and the percentile is 24.90%. [2] - **Cross - variety Spreads**: TS - TF is - 3.4150, up 0.0220, and the percentile is 17.80%. [2] Precious Metals Spot - Futures - **Domestic Futures Closing Prices**: AU2606 contract closed at 1013.96 yuan/gram on March 25, up 36.68 yuan or 3.75% from March 24. AG2606 contract closed at 18111 yuan/kilogram, up 1026 yuan or 6.01%. [3] - **Foreign Futures Closing Prices**: COMEX gold closed at 4503.30, up 28.40 or 0.63%. COMEX silver remained unchanged at 71.45. [3] - **Spot Prices**: London gold was at 4505.31, up 33.29 or 0.74%. London silver was at 71.18, down 0.10 or - 0.14%. [3] - **Basis**: Gold TD - Shanghai gold main contract basis is 0.48, down 0.23, and the 1 - year percentile is 46.10%. [3] - **Price Ratios**: COMEX gold/silver is 63.03, up 0.40 or 0.63%. [3] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.33%, down 0.06 or - 1.4%. Dollar index is 99.63, up 0.40 or 0.41%. [3] - **Inventory and Positions**: Shanghai Futures Exchange gold inventory remained unchanged at 106743. COMEX gold inventory decreased by 70802 to 31945633. [3] - **Investment Views**: In the short - term, gold may fall again. Buy call options around 4400 - 4450 dollars. Silver may rise if the US - Iran war eases, or fall back to 60 - 65 dollars if the situation escalates. Platinum fluctuates between 1850 - 2000 dollars, and palladium between 1450 - 1600 dollars. [3]