1. Report Industry Investment Ratings - No information provided in the reports about industry investment ratings 2. Core Views Industrial Silicon - Spot prices are stable, and the futures main contract has risen. The industry still faces oversupply pressure, but cost supports the bottom. It is expected to fluctuate between 8,000 - 9,000 yuan/ton. Pay attention to production regulation, environmental protection, and cost fluctuations. [1] Polysilicon - N - type re - feedstock has fallen, and the futures main contract has risen. Although there is currently high supply pressure, demand is expected to recover in March. However, annual demand remains weak. Pay attention to production regulation and demand - stimulating policies. [2] Aluminum Alloy - The price is driven by the cost of scrap aluminum. Supply recovery is slow, and demand improvement is limited. It is expected to maintain a high - level shock pattern, with the main contract in the range of 22,000 - 23,500 yuan/ton. [3] Copper - Short - term copper prices are in an adjustment phase. Supply is tight at the mine end, and demand has recovered. There is an opportunity to lay out long - term orders. Pay attention to the US - Iran conflict and inventory changes. [5] Zinc - Zinc prices are mainly in a shock operation. Supply has improved, and demand is relatively stable. Prices are under short - term pressure. Pay attention to zinc ore TC, demand changes, and macro - guidance. [7] Alumina - The market is in an oversupply situation. The short - term strategy is to be bearish on rallies. A trend reversal requires clearer supply contraction signals or policy - driven production control. [9] Aluminum - Short - term aluminum prices will fluctuate widely. The global supply - demand pattern is in a tight balance in the long - term. Pay attention to inventory inflection points and the impact of the Middle East situation. [9] Tin - Tin prices have rebounded due to the improvement of market risk appetite. Supply has increased, and demand is gradually recovering. Pay attention to the US - Iran conflict. [10] Nickel - The nickel market is affected by the news of Indonesian export tax and raw material supply. Although there is supply pressure, prices are expected to be strong in the short - term, with the main contract in the range of 135,000 - 142,000 yuan/ton. [11] Stainless Steel - Stainless steel prices are supported by cost. Production has increased, demand is gradually recovering, and inventory is being digested. It is expected to maintain a strong shock, with the main contract in the range of 14,200 - 14,800 yuan/ton. [13] Lithium Carbonate - The futures of lithium carbonate are strong. The market sentiment has improved, and the fundamentals are resilient but with weakening marginal drivers. It is expected to maintain a strong range, with the main contract in the range of 154,000 - 162,000 yuan/ton. [17] 3. Summary by Directory Industrial Silicon - **Spot Price and Basis**: The prices of various industrial silicon varieties remained unchanged on March 25 compared to March 24, but the basis of some varieties decreased significantly. [1] - **Monthly Spread**: The main contract rose by 1.92%, and some monthly spreads changed significantly. [1] - **Fundamental Data**: National and regional industrial silicon production,开工率, and related product production all decreased. Exports also decreased. [1] - **Inventory Changes**: Some factory and social inventories increased slightly, while some decreased slightly. [1] Polysilicon - **Spot Price and Basis**: N - type re - feedstock price decreased, and the basis of N - type material decreased significantly. [2] - **Futures Price and Monthly Spread**: The main contract rose by 2.85%, and some monthly spreads changed significantly. [2] - **Fundamental Data**: Weekly and monthly polysilicon production decreased, and imports and exports changed. Silicon wafer production and demand also changed. [2] - **Inventory Changes**: Polysilicon and silicon wafer inventories decreased. [2] Aluminum Alloy - **Price and Spread**: The prices of various ADC12 alloys increased slightly, and some price spreads changed. [3] - **Monthly Spread**: Some monthly spreads changed. [3] - **Fundamental Data**: Production of various aluminum alloy products decreased, and开工率 decreased significantly. Import and export volumes also decreased. [3] - **Inventory Changes**: Social and factory inventories decreased slightly. [3] Copper - **Price and Basis**: The prices of various copper products increased, and the basis and some price spreads changed. [5] - **Monthly Spread**: Some monthly spreads decreased. [5] - **Fundamental Data**: Copper production and imports decreased, and开工率 of copper - related industries increased. Global inventories decreased. [5] Zinc - **Price and Spread**: The price of zinc ingots increased slightly, and the import profit and loss and monthly spreads changed. [7] - **Fundamental Data**: Zinc production and imports decreased, and exports increased.开工率 of zinc - related industries increased, and domestic social inventories decreased. [7] Alumina - **Price and Spread**: The prices of aluminum and alumina increased slightly, and some price spreads and import profit and loss changed. [9] - **Monthly Spread**: Some monthly spreads changed. [9] - **Fundamental Data**: Alumina and aluminum production decreased, and import and export volumes changed.开工率 of related industries changed. Inventories showed a structural differentiation. [9] Tin - **Spot Price and Basis**: The price of tin increased, and the basis decreased. [10] - **Monthly Spread**: Some monthly spreads changed significantly. [10] - **Fundamental Data**: Tin ore imports, refined tin production, and开工率 decreased, while imports increased and exports decreased. [10] - **Inventory Changes**: Various inventories decreased. [10] Nickel - **Price and Basis**: The prices of nickel products increased, and the basis and import profit and loss changed. [11] - **Cost**: The cost of producing electrolytic nickel from different raw materials changed. [11] - **Monthly Spread**: Some monthly spreads changed. [11] - **Supply and Inventory**: Nickel production decreased, imports increased, and inventories in different regions changed. [11] Stainless Steel - **Price and Basis**: The price of stainless steel increased slightly, and the basis decreased. [13] - **Raw Material Price**: The prices of raw materials remained unchanged. [13] - **Monthly Spread**: Some monthly spreads changed. [13] - **Fundamental Data**: Stainless steel production, import, and export volumes changed, and social inventories decreased. [13] Lithium Carbonate - **Price and Basis**: The prices of lithium carbonate products increased, and the basis and monthly spreads changed. [17] - **Fundamental Data**: Lithium carbonate production, demand, and inventory changed. [17]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports Pure Benzene - Styrene - Pure benzene supply is expected to decline due to refinery load reduction and planned maintenance, while downstream product prices are rising, improving the supply - demand outlook. Short - term price may follow oil prices, and the strategy is to wait and see and reduce the EB05 - BZ05 spread when it is high [1]. - Styrene supply remains stable with a mix of restarts and maintenance. Demand is weak in procurement, but the supply - demand is still tight. Short - term price follows oil prices, and the strategy is the same as for pure benzene [1]. Glass - Soda Ash - Soda ash has a pattern of strong supply and weak demand, and the market will be a game between supply - demand and cost support, with an expected weakening trend. Attention should be paid to the support at around 1150 for SA605 [2]. - Glass has a similar situation of supply - demand and cost support game. The market is expected to be weak, and attention should be paid to the support at around 1030 for FG605 [2]. Natural Rubber - As domestic production areas start full - scale tapping, supply pressure will dominate the market. The US - Iran conflict affects tire exports, and rubber prices are expected to face pressure [3]. Crude Oil - 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 negotiation progress [4]. Methanol - The current market is dominated by reduced imports. High volatility requires caution regarding demand sustainability and policy risks. The 05 contract is expected to see significant de - stocking [7]. Polyester Industry Chain - PX has a situation of weak supply and demand, and its price is expected to follow oil prices in the short term. The strategy is to wait and see and monitor oil prices [9]. - PTA has limited self - drive, and its absolute price follows the cost side. The strategy is the same as for PX [9]. - Ethylene glycol has upward price momentum in the short term, but attention should be paid to the risk of price decline after the rise [9]. - Short - fiber has weak self - drive and follows raw material fluctuations. The strategy for the PF contract is to expand the processing margin when it is below 800 [9]. - Polyester bottle - chip supply is expected to be tight, and the processing margin of the PR main contract is expected to be strong [9]. PVC - Caustic Soda - Caustic soda's fundamentals have marginally improved, but the overall supply - demand is still weak. The price may be affected by export expectations and downstream demand [10]. - PVC has a weak supply - demand situation, but the overall market price is likely to rise due to the impact of rising energy prices [10]. Urea - Urea supply remains in a loose pattern, and demand is weak. The price is expected to fluctuate and consolidate in the short term, with the main contract focusing on the 1830 - 1900 range [11]. LPG - The LPG market shows price declines in futures contracts. Inventory and upstream - downstream开工率 have some changes, but no clear market trend conclusion is given in the report [12]. Polyolefin - Polyolefins are traded based on the logic of "strong cost, reduced supply", with low valuations. However, demand is limited, and long positions can be reduced [13]. 3. Summaries by Relevant Catalogs Pure Benzene - Styrene - **Upstream Prices and Spreads**: Most upstream prices such as crude oil, naphtha, and ethylene decreased on March 25 compared to March 24, with varying decline rates. Some spreads also changed, like the pure benzene - naphtha spread decreased by 335.3% [1]. - **Styrene - related Prices and Spreads**: Styrene prices and related spreads also showed declines, and the EB cash flow (non - integrated) increased by 139.0% [1]. - **Downstream Cash Flows**: Cash flows of downstream products like caprolactam and phenol changed, with some increasing and some decreasing [1]. - **Inventory**: Pure benzene inventory in Jiangsu ports decreased by 6.6%, while styrene inventory increased by 3.6% [1]. - **开工率**: Asian and domestic pure benzene开工率, as well as downstream product开工率, had different degrees of change [1]. Glass - Soda Ash - **Prices and Spreads**: Glass and soda ash spot and futures prices had small changes, and some basis and spreads also changed [2]. - **Supply and Demand**: Soda ash production and float glass melting volume had slight changes, and the supply - demand situation was generally weak [2]. - **Inventory**: Glass and soda ash factory inventories decreased, and glass factories' soda ash inventory days increased [2]. - **Real Estate Data**: Real estate data showed different trends, with some indicators improving and some still negative [2]. Natural Rubber - **Prices and Spreads**: Spot prices of natural rubber and related spreads changed, with some prices increasing and some decreasing [3]. - **月间价差**: 9 - 1, 1 - 5, and 5 - 9 spreads of natural rubber contracts had varying degrees of change [3]. - **Fundamentals**: Production in some countries,开工率 of tire enterprises, and import and export data of tires and natural rubber had changes [3]. - **Inventory**: Bonded area inventory increased, and factory - warehouse futures inventory decreased [3]. Crude Oil - **Prices and Spreads**: Crude oil prices such as Brent, WTI, and SC decreased on March 25 compared to March 24, and various spreads also changed [4]. - **Refined Oil Prices and Spreads**: Refined oil prices and spreads decreased, with significant decline rates in some products [4]. - **Refined Oil Crack Spreads**: Crack spreads of refined oil products decreased, with some products having a 100% decline [4]. Methanol - **Prices and Spreads**: Methanol futures prices, basis, and spreads changed, with some prices decreasing and some spreads increasing [7]. - **Inventory**: Methanol enterprise, port, and social inventories decreased [7]. - **开工率**: Upstream and downstream开工率 of methanol had different degrees of change, with some increasing and some decreasing [7]. Polyester Industry Chain - **Upstream Prices**: Upstream prices such as crude oil, naphtha, and PX decreased, and related spreads also changed [9]. - **Downstream Product Prices and Cash Flows**: Downstream polyester product prices and cash flows had different degrees of change, with some prices decreasing and some cash flows increasing [9]. - **PX - related Prices and Spreads**: PX prices and spreads decreased, and some spreads had significant decline rates [9]. - **PTA - related Prices and Spreads**: PTA prices and spreads decreased, and the basis and processing margin also changed [9]. - **MEG - related Prices and Spreads**: MEG prices and spreads decreased, and the inventory and to - port expectations also changed [9]. - **开工率**:开工率 of various products in the polyester industry chain had different degrees of change [9]. PVC - Caustic Soda - **Prices and Spreads**: PVC and caustic soda spot and futures prices had changes, and some spreads and basis also changed [10]. - **Overseas Quotes and Export Profits**: Overseas quotes and export profits of PVC and caustic soda increased [10]. - **Supply**:开工率 of caustic soda and PVC decreased, and the profit of PVC production also changed [10]. - **Demand**:开工率 of downstream industries of caustic soda and PVC had different degrees of change [10]. - **Inventory**: Factory inventories of caustic soda and PVC decreased [10]. Urea - **Futures Prices and Spreads**: Urea futures prices and spreads changed, with some prices decreasing and some spreads increasing [11]. - **主力持仓**: The main positions of urea trading decreased [11]. - **Raw Material Prices**: Upstream raw material prices such as coal and synthetic ammonia had small changes [11]. - **Spot Prices**: Urea spot prices in different regions had small changes [11]. - **价差**: Regional, cross - border, and basis spreads of urea had different degrees of change [11]. - **Downstream Products**: Prices of downstream products such as melamine and compound fertilizer had different degrees of change [11]. - **Supply and Demand**: Urea daily production,开工率, and inventory had changes, with supply being loose and demand being weak [11]. LPG - **Prices and Spreads**: LPG futures prices decreased, and some spreads and basis also changed [12]. - **外盘价格**: LPG outer - market prices decreased, with different decline rates for different contracts [12]. - **Inventory**: LPG refinery and port inventories increased, and the inventory ratio also changed [12]. - **开工率**: Upstream and downstream开工率 of LPG had different degrees of change [12]. Polyolefin - **Prices and Spreads**: LLDPE and PP futures prices decreased, and some spreads and basis also changed [13]. - **Non - standard Prices**: Non - standard prices of PE and PP decreased, with different decline rates [13]. - **开工率**: PE and PP装置开工率 and downstream加权开工率 had different degrees of change [13]. - **Inventory**: PE and PP enterprise and social inventories had different degrees of change [13].

1. Report Industry Investment Ratings - No information about industry investment ratings is provided in the reports. 2. Core Views Steel Industry - The short - term contradiction in the steel industry is not significant, but it lacks upward driving force on its own. The upward driving force mainly comes from the raw material end. The steel price has risen to the upper edge of the range, with rebar and hot - rolled coil rising to 3131 yuan and 3311 yuan respectively. It is necessary to pay attention to the conduction of crude oil and natural gas to coking coal prices, which affects the price fluctuations of ferrous metals. The year - on - year comparison shows that due to the environmental protection production restrictions in March, the production from January to March decreased year - on - year, and the supply and demand were basically balanced, with the demand for hot - rolled coil better than that for rebar. The raw materials support the steel price [1]. Iron Ore Industry - The main iron ore contract fluctuated at a high level in the short term. The geopolitical conflict game intensified, the negotiation between BHP and Chinese mines, and the resumption of iron - making production are the trading focuses. The supply side shows that the global iron ore shipment volume increased slightly, the Australian shipment volume continued to rise, and the BHP shipment volume decreased to a historically low level. The demand side shows that the iron - making production increased significantly, but the terminal demand recovery is slow, and the domestic demand is relatively weak. The inventory of steel mills increased, and the port inventory decreased slightly [3]. Coke and Coking Coal Industry - For coke, the price has a bottom - building and rebound expectation. The supply side shows that the coke price adjustment lags behind coking coal, and the coking production starts to increase after the two sessions. The demand side shows that the iron - making production increases, and the restocking demand will gradually recover. The inventory is slightly increased at a medium level, and the supply and demand are basically balanced in the short term. For coking coal, the geopolitical conflict supports the coking coal price, and the spot reaction lags. It is recommended to go long on the coke 2605 contract at a low price, with the range of 1700 - 1900, and the arbitrage strategy is to go long on coking coal and short on coke. It is also recommended to go long on the coking coal 2605 contract at a low price, with the range of 1150 - 1350 [5]. Ferrosilicon and Ferromanganese Industry - For ferrosilicon, the production increased slightly, the profit of manufacturers improved, and the supply is expected to continue to grow. The iron - making demand increased significantly, and the non - steel demand is also at a relatively high level. The cost is supported by coal prices. The price is expected to fluctuate widely in the short term, and it is recommended to wait and see, or try to long ferrosilicon and short ferromanganese to repair the price difference. For ferromanganese, the supply decreased slightly, the manganese ore spot is strong, and the cost is pushed up. The price is expected to fluctuate widely in the range of 5700 - 6800 [6]. 3. Summary by Directory Steel Industry Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China are 3230 yuan/ton, 3200 yuan/ton, and 3300 yuan/ton respectively. The 05, 10, and 01 contracts are 3132 yuan/ton, 3162 yuan/ton, and 3184 yuan/ton respectively. Hot - rolled coil spot prices in East China, North China, and South China are 3290 yuan/ton, 3240 yuan/ton, and 3300 yuan/ton respectively. The 05, 10, and 01 contracts are 3313 yuan/ton, 3322 yuan/ton, and 3321 yuan/ton respectively [1]. Cost and Profit - The cost of Jiangsu electric - furnace rebar is 3264 yuan/ton, and the cost of Jiangsu converter rebar is 3184 yuan/ton. The profit of East China hot - rolled coil is 61 yuan/ton, and the profit of North China hot - rolled coil is 1 yuan/ton [1]. Production and Inventory - The daily average iron - making production is 228.2 tons, a 3.1% increase. The production of five major steel products is 839.8 tons, a 2.3% increase. The rebar production is 203.3 tons, a 4.1% increase. The inventory of five major steel products is 1946.2 tons, a 1.5% decrease. The rebar inventory is 894.2 tons, a 0.5% decrease. The hot - rolled coil inventory is 461.3 tons, a 2.2% decrease [1]. Transaction and Demand - The building materials trading volume is 8.6 tons, an 8.4% decrease. The apparent demand for five major steel products is 798.1 tons, an 8.8% increase. The apparent demand for rebar is 208.1 tons, a 17.7% increase. The apparent demand for hot - rolled coil is 310.5 tons, a 5.1% increase [1]. Iron Ore Industry Iron Ore Prices and Spreads - The warehouse - receipt costs of Karara powder, PB powder, Brazilian mixed powder, and Jinbuba powder are 861.6 yuan/ton, 854.5 yuan/ton, 858.2 yuan/ton, and 891.6 yuan/ton respectively. The 05 - contract basis of these four types of iron ore is 113.3 yuan/ton, 32.6 yuan/ton, 33.3 yuan/ton, and 69.9 yuan/ton respectively. The 5 - 9 spread is 29.0 yuan/ton, and the 9 - 1 spread is 20.5 yuan/ton [3]. Supply - The 45 - port arrival volume is 2271.6 tons, a 2.6% increase. The global shipment volume is 3144.3 tons, a 3.1% increase. The national monthly import volume is 9763.8 tons, an 18.4% decrease [3]. Demand - The daily average iron - making production of 247 steel mills is 228.2 tons, a 3.1% increase. The 45 - port daily average desilting volume is 321.0 tons, a 1.0% increase. The national monthly pig - iron production is 0.0 tons, a 100.0% decrease. The national monthly crude - steel production is 0.0 tons, a 100.0% decrease [3]. Inventory - The 45 - port inventory is 17098.40 tons, a 0.5% decrease. The imported iron - ore inventory of 247 steel mills is 9034.1 tons, a 1.2% increase. The inventory available days of 64 steel mills is 21.0 days, an 8.7% decrease [3]. Coke and Coking Coal Industry Coke and Coking Coal Prices and Spreads - The price of Shanxi first - grade wet - quenched coke (warehouse - receipt) is 1681 yuan/ton, and the price of Rizhao Port quasi - first - grade wet - quenched coke (warehouse - receipt) is 1756 yuan/ton. The 05 - contract price of coke is 1776 yuan/ton, and the 09 - contract price is 1865 yuan/ton. The price of Shanxi medium - sulfur primary coking coal (warehouse - receipt) is 1330 yuan/ton, and the price of Mongolian No. 5 raw coal (warehouse - receipt) is 1333 yuan/ton. The 05 - contract price of coking coal is 1241 yuan/ton, and the 09 - contract price is 1378 yuan/ton [5]. Supply - The daily average production of all - sample coking plants is 64.2 tons, a 0.5% increase. The daily average production of 247 steel mills is 47.3 tons, a 0.7% increase. The raw - coal production is 6088 tons, a 0.8% increase [5]. Demand - The iron - making production of 247 steel mills is 228.2 tons, a 3.1% increase. The daily average production of all - sample coking plants is 64.2 tons, a 0.5% increase [5]. Inventory - The total coke inventory is 981.5 tons, a 0.3% decrease. The coke inventory of all - sample coking plants is 94.2 tons, a 6.2% decrease. The coke inventory of 247 steel mills is 688.2 tons, a 0.1% increase. The coking - coal inventory of all - sample coking plants is 1005.0 tons, a 3.7% increase. The coking - coal inventory of 247 steel mills is 773.9 tons, a 0.5% decrease [5]. Ferrosilicon and Ferromanganese Industry Futures and Spot Prices - The closing price of the ferrosilicon main contract is 6088.0 yuan/ton, and the closing price of the ferromanganese main contract is 6492.0 yuan/ton. The spot prices of ferrosilicon in Inner Mongolia, Qinghai, Ningxia, and Gansu are 5630.0 yuan/ton, 5600.0 yuan/ton, 5600.0 yuan/ton, and 5600.0 yuan/ton respectively. The spot prices of ferromanganese in Inner Mongolia, Guangxi, Ningxia, and Guizhou are 6150.0 yuan/ton, 6200.0 yuan/ton, 6050.0 yuan/ton, and 6150.0 yuan/ton respectively [6]. Cost and Profit - The production cost of ferrosilicon in Inner Mongolia is 6336.8 yuan/ton, and the production profit is - 39.9 yuan/ton. The production cost of ferromanganese in Inner Mongolia is 5494.0 yuan/ton, and the production profit is 136.0 yuan/ton [6]. Supply - The ferrosilicon production is 10.4 tons, a 7.2% increase. The ferromanganese production decreased slightly, and the manganese - ore shipment volume is 94.7 tons, a 54.5% increase [6]. Demand - The ferrosilicon demand is 1.9 tons, a 2.94% increase. The iron - making production of 247 steel mills is 228.2 tons, a 3.14% increase [6]. Inventory - The ferrosilicon inventory of 60 sample enterprises is 5.9 tons, a 2.9% decrease. The inventory of 63 sample enterprises is 38.5 tons, a 2.4% increase [6].

1. Report on Stock Index Futures Spread 1.1 Core Data - **IF Futures-Spot Spread**: The latest value is -86.32, a change of -12.73 from the previous day, with a 1-year historical quantile of 1.20% and an all-time quantile of 2.00% [1]. - **IH Futures-Spot Spread**: The latest value is -20.25, a change of -3.93 from the previous day, with a 1-year historical quantile of 12.70% and an all-time quantile of 8.10% [1]. - **IC Futures-Spot Spread**: The latest value is -187.77, a change of 17.97 from the previous day, with a 1-year historical quantile of 2.00% and an all-time quantile of 2.40% [1]. - **IM Futures-Spot Spread**: The latest value is -213.66, with relevant quantiles provided [1]. - **Cross-Term Spreads**: Various cross - term spreads for IF, IH, IC, and IM are presented, including differences between different contract months and their changes, historical quantiles [1]. - **Cross-Variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, CSI 300/SSE 50, etc., along with their changes and historical quantiles, are reported [1]. 2. Report on Treasury Bond Futures Spread 2.1 Core Data - **Basis**: On March 24, 2026, the TS basis was 1.1278, TF basis was 1.1961, T basis was 1.2398, and TL basis was 0.6196, with corresponding changes and historical percentiles since listing [2]. - **Cross - Term Spreads**: Cross - term spreads for TS, TF, T, and TL are provided, including differences between different seasons and their changes and historical percentiles [2]. - **Cross - Variety Spreads**: Cross - variety spreads such as TS - TF, TS - T, TF - T, etc., along with their changes, are reported [2].

Report Industry Investment Rating - Not provided in the given content Core View - The report presents the spot prices, futures prices, historical quantiles, basis, and basis rates of various commodities across multiple sectors including metals, agriculture, energy, and finance, offering a comprehensive view of the market conditions for these commodities [1] Summary by Related Catalogs Ferrous Metals - Silicon iron (SF603): Spot price is 6100, with a historical quantile of 48.60%, and the futures price is 6028, down 0.15% [1] - Silicon manganese (SM603): Spot price is 6470, with a historical quantile of 23.30% [1] - Rebar (RB2605): Spot price is 3240, and the futures price is 3145, up 45.80%, down 0.72% [1] - Hot-rolled coil (HC2605): Spot price is 3300, and the futures price is 3324, up 9.40% [1] - Iron ore (I2605): Spot price is 857, and the futures price is 824, up 28.20%, down 1.75% [1] - Coke (J2605): The conversion price of quasi-primary metallurgical coke is 1767, and the futures price is 1798, up 51.89% [1] - Coking coal (JM2605): Spot price is 1250, down 0.92% [1] Non-ferrous Metals - Copper (CU2605): Spot price is 93965, and the futures price is 94030, with a historical quantile of 41.87% [1] - Aluminum (AL2605): Spot price is 23470, and the futures price is 23625, with a historical quantile of 21.66% [1] - Alumina (AO2605): Spot price is 2758, down 8.50%, and the futures price is 3014, up 3.96% [1] - Zinc (ZN2605): Spot price is 22975, down 0.81%, and the futures price is 22790, with a historical quantile of 17.91% [1] - Tin (SN2604): Spot price is 347970, down 1.23%, and the futures price is 343700, up 6.87% [1] - Nickel (MISEOR): Spot price is 132900, and the futures price is 133480, with a historical quantile of 24.58% [1] - Stainless steel (SS2605): Spot price is 14450, up 2.31%, and the futures price is 14290, with a historical quantile of 59.01% [1] - Lithium carbonate (LC2605): Spot price is 147500, and the futures price is 152940, up 7.48%, down 3.56% [1] - Industrial silicon (SISEO5): Spot price is 8605, with a historical quantile of 39.57%, and the futures price is 9200, up 6.91% [1] Precious Metals - Gold (AU2606): Spot price is 977.28, up 0.07%, and the futures price is 978.0, with a historical quantile of 97.20% [1] - Silver (AG2606): Spot price is 81.0, up 0.47%, and the futures price is 17166.0, with a historical quantile of 96.90% [1] Agricultural Products - Soybean meal (M2605): Spot price is 2961.0, and the futures price is 3260, with a historical quantile of 73.70%, and the basis rate is 3.21% [1] - Soybean oil (Y2605): Spot price is 8594.0, and the futures price is 8870, with a historical quantile of 56.50%, and the basis is 276.0 [1] - Palm oil (P2605): Spot price is 9690, and the futures price is 9644.0, with a historical quantile of 35.40%, and the basis rate is 0.48% [1] - Rapeseed meal (RM605): Spot price is 2400, and the futures price is 2365.0, with a historical quantile of 53.20%, and the basis is 35.0 [1] - Rapeseed oil (Oleos): Spot price is 9813.0, and the futures price is 10380, with a historical quantile of 92.70%, and the basis rate is 1.55% [1] - Corn (C2605): Spot price is 2420, and the futures price is 2383.0, with a historical quantile of 53.50%, and the basis is 37.0 [1] - Corn starch (CS2605): Spot price is 2900, and the futures price is 2772.0, with a historical quantile of 64.90%, and the basis rate is -2.94% [1] - Live pigs (LH2605): Spot price is 9750, and the futures price is 10045.0, with a historical quantile of 32.40%, and the basis is -295.0 [1] - Eggs (JD2605): Spot price is 3180, and the futures price is 3401.0, with a historical quantile of 20.60%, and the basis is -221.0 [1] - Cotton (CF605): Spot price is 15215.0, and the futures price is 16450, with a historical quantile of 84.80%, and the basis rate is 8.12% [1] - White sugar (SR605): Spot price is 5429.0, and the futures price is 5480, with a historical quantile of 7.90%, and the basis is 51.0 [1] - Apples (AP605): Spot price is 9800, and the futures price is 10072.0, with a historical quantile of 13.00%, and the basis is -272.0 [1] - Red dates (CJ605): Spot price is 7900, and the futures price is 8925.0, with a historical quantile of 40.60%, and the basis is -1025.0, down 11.48% [1] Energy and Chemicals - Paraxylene (PX605): Spot price is 9708.0, up 0.34%, and the futures price is 9740.9, with a historical quantile of 39.60% [1] - PTA (TA605): Spot price is 6694.0, up 0.61%, and the futures price is 6735.0, with a historical quantile of 74.70%, and the basis rate is 7.35% [1] - Ethylene glycol (EG2605): Spot price is 5119.0, and the futures price is 5495.0, with a historical quantile of 97.70%, and the basis is 376.0 [1] - Polyester staple fiber (PF606): Spot price is 8254.0, and the futures price is 8390.0, with a historical quantile of 76.00%, and the basis is 136.0, up 1.35% [1] - Styrene (EB2605): Spot price is 10242.0, and the futures price is 10380.0, with a historical quantile of 55.40% [1] - Methanol (MA605): Spot price is 3139.0, up 2.25%, and the futures price is 3210.0, with a historical quantile of 71.10%, and the basis rate is 0.85% [1] - Urea (UR605): Spot price is 1880.0, and the futures price is 1864.0 [1] - LLDPE (L2605): Spot price is 8918.0, down 0.76%, and the futures price is 8850.0, with a historical quantile of 8.60%, and the basis rate is 2.32% [1] - PP (PP2605): Spot price is 9114.0, and the futures price is 9325.0, with a historical quantile of 78.30%, and the basis is 211.0 [1] - PVC (V2605): Spot price is 5860.0, and the futures price is 5853.0, with a historical quantile of 83.00%, and the basis rate is 0.12% [1] - Caustic soda (SHEOS): Spot price is 2557.0, down 288.3, and the futures price is 2268.8, with a historical quantile of 18.60% [1] - LPG (PG2605): Spot price is 7098.0, and the futures price is 6836.0, with a historical quantile of 47.50%, up 3.83% [1] - Asphalt (BU2606): Spot price is 4401.0, down 0.70%, and the futures price is 4370.0, with a historical quantile of 46.90% [1] - Butadiene rubber (BR2605): Spot price is 17500.0, and the futures price is 16800.0, with a historical quantile of 94.80%, and the basis is 700.0, up 4.17% [1] - Float glass (FG605): Spot price is 960.0, and the futures price is 1064.0, with a historical quantile of 36.97%, down 10.83% [1] - Soda ash (SA605): Spot price is 1240.0, and the futures price is 1220.0, with a historical quantile of 46.84%, down 1.64% [1] - Pure benzene (BZ2605): Spot price is 8501.0, and the futures price is 8635.0, with a historical quantile of 98.80%, up 1.58% [1] - Propylene (PL2605): Spot price is 8874.0, and the futures price is 9030.0, with a historical quantile of 65.00%, up 1.76%, and the basis is 156.0, up 1.86% [1] - Bottle chips (PR2605): Spot price is 8186.0, and the futures price is 8338.0, with a historical quantile of 97.40% [1] - Natural rubber (RU2605): Spot price is 16100.0, and the futures price is 16225.0, with a historical quantile of 84.27%, down 0.78%, and the basis is -125.0 [1] Financial Instruments - Stock index futures IF2606.CFE: Spot price is 4474.7224, down 1.97%, and the futures price is 4388.4, with a historical quantile of 2.00%, and the basis is -86.3224 [1] - Stock index futures IH2606.CFE: Spot price is 2830.8540, and the futures price is 2810.6, down 0.72%, with a historical quantile of 8.10%, and the basis is -20.2540 [1] - Stock index futures IC2606.CFE: Spot price is 7597.3732, and the futures price is 7409.6, down 2.53%, and the basis is -187.7732 [1] - Stock index futures IM2606.CFE: Spot price is 7600.8569, and the futures price is 7387.2, down 2.89%, with a historical quantile of 2.40%, and the basis is -213.6569 [1] - 2-year treasury bond futures (TS2606): Spot price is 102.47, up 0.05, with a historical quantile of 48.00%, and the conversion factor is 100.09 [1] - 5-year treasury bond futures (TF2606): Spot price is 105.90, up 0.08, with a historical quantile of 40.90%, and the conversion factor is 0.9450, and the basis is 0.10, up 0.09% [1] - 10-year treasury bond futures (T2606): Spot price is 108.16, with a historical quantile of 29.70%, and the conversion factor is 0.9219, and the basis is 99.80 [1] - 30-year treasury bond futures (TL2606): Spot price is 111.17, up 0.64, with a historical quantile of 88.30%, and the conversion factor is 1.0935, and the basis is 122.20 [1]

Report Industry Investment Ratings No information provided in the reports regarding industry investment ratings. Core Views Oils and Fats - Malaysian BMD crude palm oil futures are pressured by crude oil trends and may test the support at 4,500 ringgit. Domestic Dalian palm oil futures are in a downward adjustment, seeking support at 9,500 yuan, with a chance of a weak rebound but continued downward pressure [1]. - CBOT soybean oil may rise if the US biodiesel policy is favorable. In China, if the zero - tolerance policy for Brazilian soybeans is relaxed, soybean supply will increase, dragging down the spot basis [1]. - Rapeseed oil prices are affected by geopolitical events. The market is waiting for the US biodiesel policy and the development of the Middle East conflict. Spot prices fluctuate with the market, and the basis fluctuates within 20 yuan/ton [1]. Cotton - ICE cotton futures are affected by a stronger US dollar and inflation concerns. US cotton production is expected to be around 3.05 million tons. It is expected to maintain a wide - range oscillation between 65 - 70 cents/pound. In China, the cotton price may also oscillate widely due to the balance of long - and short - term factors [2]. Sugar - ICE raw sugar futures reach a five - month high, supported by energy prices. Brazilian sugar production may be affected by the preference for ethanol production. Indian sugar production is approaching the end of the season. Short - term raw sugar is expected to be oscillating and slightly stronger. In China, sugar imports in January - February exceed expectations. The spot market has weak sales but stable prices, and the futures market is strong but limited by weak production and sales in February and increased industrial inventory [4]. Red Dates - Affected by macro funds and the good quality of new dates, the futures market rebounds slightly from the low - valuation range, but the upside is limited by weak market conditions. In the off - season, the consumption end is weak, inventory reduction is slow, and the number of futures warehouse receipts registered is decreasing year - on - year. It is recommended to short on rebounds [6]. Apples - The apple spot market shows a more obvious structural differentiation. Good - quality apples have a better trading atmosphere, while ordinary apples in Shandong have inventory pressure. The national apple cold - storage inventory is at a historical low, which supports the futures price. There is a short - term risk of price correction, and attention should be paid to the inventory reduction of ordinary apples and weather changes [11]. Corn and Corn Starch - The supply and demand of corn in the Northeast and North China are relatively balanced, and prices are stable. The demand from deep - processing enterprises exists, but feed enterprises' demand for high - priced corn is average, and wheat substitution is increasing. Policy wheat auctions may squeeze corn demand. Corn prices are under pressure but limited by low social inventory, and the operation range is 2,350 - 2,420 yuan/ton [14]. Meal - The US soybean futures are oscillating around 1,160 cents, with mixed long - and short factors. The domestic soybean meal market has fully priced in concerns about shutdowns and supply continuity. The concern about delayed arrivals of Brazilian soybeans is easing, and the spot market is weak. Short - term inventory is expected to be tight, and soybean meal is expected to maintain a high - level oscillation, waiting for the planting intention report at the end of March [16]. Pigs - The futures and spot prices of pigs continue to decline, and market sentiment is pessimistic. The large number of pig sales, high slaughter weight, and weak price difference between fat and lean pigs are not conducive to secondary fattening. In the off - season, downstream procurement recovers slowly, and the increase in slaughter volume has limited impact. The market focuses on secondary fattening and frozen product storage. The price may stop falling after breaking 10,000 yuan/ton, and the spot price is expected to continue to bottom out [18]. Eggs - On the supply side, the price of culled chickens is high and shows a downward trend, and farmers' willingness to cull chickens has increased. The number of newly - laid hens has increased slightly but is still at a relatively low level. The overall supply is relatively loose, and the inventory pressure is not large this week. On the demand side, the demand is slightly boosted by the Tomb - Sweeping Festival, but the supply is sufficient, and the price increase is limited. The terminal demand is weak, and the egg price is expected to maintain a low - level oscillation [20]. Summary by Related Catalogs Oils and Fats - **Price Changes**: The 05 - 09 spreads of soybean oil, palm oil, and rapeseed oil all decreased, with decreases of 16.22%, 59.26%, and 9.24% respectively. The spot and futures prices of various oils also changed to different degrees [1]. - **Inventory Changes**: The palm oil warehouse receipts decreased by 100% to 0 [1]. Cotton - **Futures Market**: The price of cotton 2605 remained unchanged, while the price of cotton 2609 increased by 0.23%. The 5 - 9 spread decreased by 33.33%. The main contract's open interest decreased by 1.07%, and the number of warehouse receipts decreased by 0.24%, while the valid forecast increased by 22.06% [2]. - **Spot Market**: The Xinjiang arrival price and CC Index of 3128B increased, while the FC Index:M: 1% decreased. The spreads between 3128B and futures contracts and between CC Index:3128B and FC Index:M: 1% all increased [2]. - **Industry Situation**: The weekly inventory decreased by 100%, the industrial inventory increased by 14.5%, the import volume decreased by 19.0%, the bonded area inventory increased by 9.8%, the yarn inventory days decreased by 1.2%, the grey fabric inventory days increased by 0.3%, the spinning enterprise's processing profit decreased by 4.8%, the retail sales of clothing and textiles increased by 7.7%, the year - on - year growth rate of clothing and textiles decreased by 82.9%, and the export volume of textile yarns and clothing decreased [2]. Sugar - **Futures Market**: The prices of sugar 2605 and 2609 decreased by 0.44% and 0.40% respectively, and the 5 - 9 spread decreased by 6.90%. The main contract's open interest decreased by 3.77%, the number of warehouse receipts remained unchanged, and the valid forecast increased from 0 to 520 [4]. - **Spot Market**: The prices in Nanning and Kunming decreased, and the basis increased. The prices of imported Brazilian sugar (both within and outside the quota) increased, and the spreads between imported sugar and Nanning prices also increased [4]. - **Industry Situation**: The cumulative sugar production and sales nationwide and in Guangxi decreased, the sugar sales rate decreased, the industrial inventory increased, and the sugar import volume increased significantly [4]. Red Dates - **Futures Market**: The prices of red date 2605, 2607, and 2609 all increased, and the 5 - 7 and 5 - 9 spreads also increased. The open interest increased by 0.41%, the number of warehouse receipts remained unchanged, the valid forecast increased by 45.98%, and the sum of warehouse receipts and valid forecasts increased by 1.87% [6]. - **Spot Market**: The prices of Cangzhou's special - grade, first - grade, and second - grade red dates remained unchanged, and the basis decreased [6]. Apples - **Futures Market**: The price of apple 2605 decreased by 0.71%, the price of apple 2610 decreased by 0.09%, the basis decreased by 6.35%, the 5 - 10 spread decreased by 4.25%, the open interest decreased by 10.12%, and the national cold - storage inventory decreased by 6.26% [8]. - **Spot Market**: The arrival volume at some fruit wholesale markets increased [8]. Corn and Corn Starch - **Corn**: The price of corn 2605 decreased by 1.33%, the Jinzhou Port FAS price increased by 0.21%, the basis increased by 370.00%, the 5 - 9 spread decreased by 61.54%, the Shekou Port market price remained unchanged, the north - south trade profit increased by 35.71%, the Brazilian CIF duty - paid price decreased by 0.76%, the import profit increased by 14.08%, the number of remaining vehicles at Shandong deep - processing enterprises in the morning decreased by 19.09%, the open interest decreased by 1.61%, and the number of warehouse receipts remained unchanged [14]. - **Corn Starch**: The price of corn starch 2605 decreased by 1.18%, the average price of corn starch decreased by 0.13%, the basis increased by 16.48%, the Weifang spot price decreased by 0.33%, the Changchun spot price remained unchanged, the 5 - 9 spread decreased by 150.00%, the 05 spread between starch and corn decreased by 0.26%, the Shandong starch profit remained unchanged, the open interest decreased by 2.06%, and the number of warehouse receipts remained unchanged [14]. Meal - **Soybean Meal**: The spot price in Jiangsu decreased by 0.90%, the futures price of M2605 decreased by 0.73%, the basis decreased by 2.49%, the spot basis quote remained unchanged, the Brazilian May shipment basis import crushing profit decreased by 5.6%, and the number of warehouse receipts decreased by 3.6% [16]. - **Rapeseed Meal**: The spot price in Jiangsu decreased by 1.12%, the futures price of RM2605 decreased by 0.99%, the basis decreased by 2.43%, the Canadian July shipment basis import crushing profit increased by 400.00%, and the number of warehouse receipts remained at 0 [16]. - **Soybeans**: The spot price of Harbin soybeans remained unchanged, the futures price of the main soybean contract decreased by 0.83%, the basis increased by 9.76%, the spot price of imported soybeans in Jiangsu remained unchanged, the futures price of the main soybean contract 2 remained unchanged, the basis remained unchanged, and the number of warehouse receipts decreased by 0.50% [16]. - **Spreads**: The 05 - 09 spreads of soybean meal and rapeseed meal decreased, the ratio of soybean to rapeseed meal in the spot market increased by 0.68%, the ratio of oil to meal in the main contract decreased by 0.14%, and the soybean - rapeseed meal spreads in the spot market and 2605 contract remained basically unchanged [16]. Pigs - **Futures Market**: The main contract basis increased by 36.36%, the price of pig 2605 increased by 0.65%, the price of pig 2603 decreased by 3.23%, the 3 - 5 spread decreased by 53.68%, the main contract open interest increased by 2.41%, and the number of warehouse receipts decreased by 1.81% [18]. - **Spot Market**: The prices in various regions decreased to different degrees, and the slaughter rate decreased by 0.47%, the white - strip price, piglet price, and sow price remained unchanged, the slaughter weight increased by 0.05%, the self - breeding profit decreased by 5.13%, the purchased - pig breeding profit decreased by 19.72%, and the number of fertile sows decreased by 0.73% [18]. Eggs - **Futures Market**: The prices of egg 04 and 05 contracts decreased by 0.66% and 1.22% respectively, the basis increased by 27.56%, and the 4 - 5 spread increased by 18.35% [20]. - **Spot Market**: The egg - producing area price remained unchanged, the egg - chick price increased by 2.86%, the culled - chicken price increased by 1.25%, the egg - feed ratio increased by 1.24%, and the breeding profit increased by 9.98% [20].

Report Information - Report title: "Fund Flow and Key Seats' Position Change Daily Report" [1] - Report date: March 25, 2026 [1] - Data date: March 24, 2026 [2] Industry Investment Rating - No relevant information provided Core View - No clear core view is presented in the given content Summary by Related Content Variety Fund Inflow and Outflow - The vertical axis percentage represents net position divided by total position (unilateral) and daily position change divided by total position (unilateral) [2] Key Seats' Position Changes - Information about the net positions and daily position changes of Morgan大通, 乾坤期货, 瑞银期货, 中信期货, and 国泰君安 is presented, with different percentage values for various varieties such as peanuts, fuel oil, CSI 300 futures, etc. [2][3]

Group 1: Report Investment Rating - No relevant information provided Group 2: Core Viewpoints - No relevant information provided Group 3: Summary by Categories 1. Futures Closing Prices - **Domestic Futures**: On March 24, 2026, the AU2606 contract closed at 977.28 yuan/gram, up 37.28 yuan or 3.97% from March 23; the AG2606 contract closed at 17085 yuan/kilogram, up 1674 yuan or 10.86%; the PT2606 contract closed at 487.40, up 29.65 or 6.48%; the PD2606 contract closed at 359.50 yuan/gram, up 31.65 yuan or 9.65% [1] - **Foreign Futures**: The COMEX gold主力合约 closed at 4474.90 on March 24, up 64.50 or 1.46% from March 23; the COMEX白银主力合约 closed at 71.45, up 2.13 or 3.07%; the NYMEX铂金主力合约 closed at 1920.50 dollars/ounce, up 46.10 or 2.46%; the NYMEX钮金主力合约 closed at 1444.50, up 5.50 or 0.38% [1] 2. Spot Prices - **International Spots**: London gold was at 4472.02 on March 24, up 64.67 or 1.47% from the previous value; London silver was at 71.28, up 2.17 or 3.13%; spot platinum was at 1892.00 dollars/ounce, down 1.00 or -0.05%; spot palladium was at 1393.00, down 55.00 or -3.80% [1] - **Domestic Spots**: The Shanghai Gold Exchange's gold T+D was at 977.99 yuan/gram on March 24, up 57.00 yuan or 6.19% from the previous value; the silver T+D was at 17166 yuan/kilogram, up 1897 yuan or 12.42%; the platinum 9995 was at 475 yuan/gram, up 15 yuan or 3.33% [1] 3. Basis - The gold TD - Shanghai gold主力 was at 0.71, up 19.72 from the previous day, with a 1 - year historical quantile of 46.10%; the silver TD - Shanghai silver主力 was at 81, up 223, with a 1 - year historical quantile of 60.60% [1] - London gold - COMEX gold was at - 9.13, up 4.16, with a 1 - year historical quantile of 75.60%; London silver - COMEX silver was at - 0.37, down 0.15, with a 1 - year historical quantile of 21.70% [1] 4. Ratios - COMEX gold/silver was at 62.63, down 0.99 or -1.56% from the previous value; the Shanghai Futures Exchange's gold/silver was at 57.20, down 3.79 or -6.22% [1] - NYMEX platinum/palladium was at 1.33, up 0.03 or 2.07%; the Guangzhou Futures Exchange's platinum/palladium was at 1.36, down 0.04 or -2.90% [1] 5. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was at 4.39%, up 0.05 percentage points or 1.2% from the previous value; the 2 - year US Treasury yield was at 3.90%, up 0.07 percentage points or 1.8% [1] - The 10 - year TIPS Treasury yield was at 2.06%, up 0.05 percentage points or 2.5%; the US Dollar Index was at 99.23, up 0.07 or 0.07% [1] - The offshore RMB exchange rate was at 6.8926, up 0.0066 or 0.10% [1] 6. Inventories and Positions - The Shanghai Futures Exchange's gold inventory was 106743 kilograms, down 3 kilograms or 0.00% from the previous value; the silver inventory was 365923, up 1374 or 0.38% [1] - COMEX gold inventory was 32016435, down 16108 or -0.05%; COMEX silver inventory was 331451807 ounces, down 638687 or -0.19% [1] - COMEX gold registered warehouse receipts were 16544929, up 29708 or 0.18%; COMEX silver registered warehouse receipts were 76548579, down 2650968 or -3.35% [1] - The SPDR gold ETF position was 1053, up 0.29 or 0.03% [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - For caustic soda, on March 24, the early - morning caustic soda market followed the chemical commodities to rise and then fall. The spot price continued to increase, with the liquid caustic soda price in Shandong region being adjusted upwards. Although the demand for low - concentration caustic soda has no obvious increase, some caustic soda plants have low inventory, and with the high futures price, the market is bullish. High - concentration caustic soda is strong in the short - term supported by export orders. This week, the supply of caustic soda decreased further, the number of maintenance enterprises increased, the operating rate of chlor - alkali enterprises decreased, the profit increased significantly compared with the previous period, the price of liquid chlorine increased simultaneously, and the export is expected to rise, which may drive up the caustic soda price. The operating rate of downstream alumina manufacturers has gradually increased, non - aluminum demand has improved, and downstream trading volume has increased. Affected by the Middle East conflict, the price of energy and chemical commodities fluctuated sharply, causing the caustic soda futures to rise and fall greatly. Although the fundamentals of caustic soda have improved marginally, the overall pattern of weak supply and demand remains unchanged. With the easing of the Middle East situation recently, the futures price has fallen [1]. - For PVC, on March 24, the PVC futures market fluctuated weakly, and the spot market price retreated weakly from a high level. The market sentiment fluctuated with crude oil. The domestic market shows a polarized trend. The calcium carbide - based PVC has insufficient motivation to chase the price in the short - term due to sufficient supply, while the ethylene - based PVC keeps rising under the continuous cost push. In the short - term, the supply of raw materials such as ethylene in the region is difficult to solve, the high cost of ethylene - based PVC and the Asian - region production cut continue to be beneficial. The calcium carbide - based PVC has foreign trade demand in the long - term. The overall increase in energy prices has raised the cost of the chemical industry, and bulk commodities face the pressure of continued price increases. Although the supply - demand fundamentals of PVC are weak, there is still a passive upward trend in the general environment, and the overall market price center remains in a situation where it is easy to rise and difficult to fall. Attention should be paid to the impact of regional trends on energy and other raw materials [1]. 3. Summary by Relevant Catalogs PVC and Caustic Soda Spot & Futures - **Price Changes**: The price of Shandong 32% liquid caustic soda remained unchanged at 1843.8, while the price of Shandong 50% liquid caustic soda increased by 60.0 to 2800.0, with a growth rate of 2.2%. The price of East China calcium carbide - based PVC decreased by 210.0 to 5790.0, a decline of 3.5%. The price of East China ethylene - based PVC remained at 7400.0. SHSROS decreased by 77.0 to 2557.0, a decline of 2.9%. 2H2609 decreased by 60.0 to 2605.0, a decline of 2.3%. SH base difference increased by 77.0 to - 713.3, an increase of 9.7%. SH2605 - 2609 decreased by 17.0 to - 48.0, a decline of 54.8%. V2605 decreased by 398.0 to 5853.0, a decline of 6.4%. V2609 decreased by 347.0 to 5940.0, a decline of 5.5%. V base difference increased by 137.0 to - 150.0, an increase of 47.7%. V2605 - V2609 decreased by 51.0 to - 87.0, a decline of 141.7% [1]. Caustic Soda Overseas Quotes & Export Profits - **Price Changes**: The FOB price at East China ports increased by 55.0 to 400.0 US dollars per ton, a growth rate of 15.9%. The export profit increased by 98.7 to 176.4 yuan per ton, a growth rate of 127.2% [1]. PVC Overseas Quotes & Export Profits - **Price Changes**: CFR Southeast Asia increased by 210.0 to 1050.0, a growth rate of 25.0%. CFRED India increased by 110.0 to 1050.0 US dollars per ton, a growth rate of 11.7%. FOB Tianjin Port calcium carbide - based PVC increased by 50.0 to 900.0, a growth rate of 5.9%. The export profit decreased by 34.9 to 1060.7 yuan per ton, a decline of 3.4% [1]. Supply: Chlor - Alkali Operating Rate & Industry Profits - **Operating Rate Changes**: The operating rate of the caustic soda industry decreased by 1.4 to 83.9%, a decline of 1.6%. The total operating rate of PVC decreased by 1.2 to 80.1%, a decline of 1.5%. - **Profit Changes**: The profit of externally - purchased calcium carbide - based PVC decreased by 140.0 to 86.0 yuan per ton, a decline of 61.9%. The profit of northwest integrated production increased by 150.0 to 777.0 yuan per ton, a growth rate of 23.9% [1]. Demand: Caustic Soda Downstream Operating Rate - **Operating Rate Changes**: The operating rate of the alumina industry decreased by 0.2 to 82.5%, a decline of 0.3%. The operating rate of the viscose staple fiber industry decreased by 1.2 to 89.0%, a decline of 1.3%. The operating rate of the printing and dyeing industry increased by 2.4 to 52.6%, a growth rate of 4.8% [1]. Demand: PVC Downstream Product Operating Rate - **Operating Rate Changes**: The operating rate of Longzhong sample pipe production increased by 1.2 to 39.2%, a growth rate of 3.2%. The operating rate of Longzhong sample profile production increased by 4.4 to 34.4%, a growth rate of 14.5%. The pre - sales volume of Longzhong sample PVC decreased by 30.8 to 78.4 million tons, a decline of 28.2% [1]. Chlor - Alkali Inventory: Social Inventory & Factory Inventory - **Inventory Changes**: The factory inventory of caustic soda decreased by 3.0 to 50.0, a decline of 5.7%. The upstream factory inventory of PVC decreased by 1.2 to 36.5 million tons, a decline of 3.1%. The total social inventory of PVC decreased by 1.2 to 36.5, a decline of 3.1% [1].

1. Investment Rating of the Report - The provided reports do not mention any industry investment ratings. 2. Core Views of the Reports Steel Industry - The black metal market is in a high - level volatile trend. Affected by the decline in the futures market, the basis has strengthened. The supply - demand of the steel industry is basically balanced with few contradictions. Currently, both supply and demand are increasing, and last week's apparent demand increased more than production. The industry is in the seasonal de - stocking phase. Later, the height of the recovery of apparent demand needs to be monitored. Raw materials support steel prices due to iron ore supply disruptions and the energy substitution logic of coking coal. Steel prices have risen to the upper limit of the range, and the short - term industry contradictions are not significant. The steel price center may rise due to raw material promotion, but attention should be paid to the interference of natural gas fluctuations on black metals including coking coal [1]. Iron Ore Industry - The iron ore main contract maintained a high - level volatile trend. Affected by a super typhoon, Rio Tinto's Dampier Port was closed until Saturday, and short - term Australian shipments are expected to decline but will be replenished later. On the supply side, the global iron ore shipments increased slightly week - on - week, with Australian shipments continuing to rise and BHP's shipments falling to a historical low. The impact of the Australian typhoon on shipments needs to be monitored. On the demand side, last week's hot metal production increased significantly week - on - week as previously - overhauled steel mills resumed production. Currently, terminal demand recovery is slow, domestic demand is relatively weak, and steel exports are uncertain. Attention should be paid to the height and sustainability of hot metal production recovery. In terms of inventory, steel mill inventories increased week - on - week, and port inventories decreased slightly. It is expected that port inventories will either slightly decrease or remain flat as arrivals return to a low level and resumption of production drives an increase in port clearance. In the short term, the iron ore main contract will operate in a high - level volatile range [4]. Coke and Coking Coal Industry - **Coking Coal**: The coking coal futures showed a high - level decline. Spot auction prices in Shanxi turned to more increases than decreases, and Mongolian coal prices fluctuated with the futures. After the holiday, restocking demand gradually recovered. The US - Iran conflict caused high - level fluctuations in crude oil and natural gas. On the supply side, coal mines gradually resumed production, and daily coal production increased. Imported coal port inventories accumulated at a slower pace and remained at a relatively high level after customs clearance. On the demand side, after the Two Sessions, steel mill production restrictions were lifted, hot metal production increased, and coking production also increased. With cost increases, coking coal prices are expected to bottom out and rebound. In terms of inventory, coal washing plants, coking enterprises, and ports accumulated inventory, while coal mines, steel mills, and ports reduced inventory, with overall inventory starting to accumulate downstream. It is recommended to go long on the coking coal 2605 contract in the range of 1150 - 1350 and conduct an arbitrage strategy of going long on coking coal and short on coke [6]. - **Coke**: The coke futures showed a high - level decline. Mainstream coking enterprises initiated the first round of price increases on March 23, which are expected to be successfully implemented. The increase in coking coal prices provides cost support for coke price increases. Port prices fluctuate with the futures. On the supply side, coke price adjustments lag behind coking coal, and coking production prices have increased significantly to make up for coke losses. After the Two Sessions, coking plant operations began to increase. On the demand side, after the Two Sessions, steel mill production restrictions were lifted, hot metal production increased, steel prices rebounded from a low level, and restocking demand will gradually recover later. In terms of inventory, coking plants reduced inventory, while steel mills and ports accumulated inventory, with overall inventory slightly increasing at a medium level. The short - term supply - demand of coke is basically balanced. It is recommended to go long on the coke 2605 contract in the range of 1700 - 1900 and conduct an arbitrage strategy of going long on coking coal and short on coke [6]. Ferrosilicon and Ferromanganese Industry - **Ferrosilicon**: The ferrosilicon main contract rose slightly, with the price rising on the futures market and then falling back. Geopolitical conflicts affected coal price expectations, and market sentiment was volatile. A ferrosilicon plant in Ningxia started a 33000kva ferrosilicon furnace and produced iron. This week, ferrosilicon production increased slightly week - on - week, with production increasing in Ningxia, Inner Mongolia, and Gansu. Due to recent price increases, manufacturers' profits have improved, and it is expected that supply will continue to grow. In terms of demand, hot metal production increased significantly week - on - week, and steel mill overhaul impacts continued to decline. Non - steel demand, such as magnesium ingot daily production, was at a relatively high level and increased. Ferrosilicon exports weakened, but export profits improved. Lanthanum prices remained stable, but rising coal prices may drive up lanthanum prices, providing cost support for ferrosilicon. In the short term, affected by international geopolitical conflicts, market sentiment is volatile, supply and demand of ferrosilicon both increase, and costs are affected by coal. Attention should be paid to the resumption of production rhythm and cost changes. It is expected that prices will fluctuate widely in the range of 5700 - 6800, and it is recommended to wait and see, or try to go long on ferrosilicon and short on ferromanganese for price repair [7]. - **Ferromanganese**: The ferromanganese main contract rose and then fell, closing slightly lower. The Global Manganese Industry Association announced energy - saving and emission - reduction measures, with a total reduction of 30%. Spot manganese - silicon sentiment was high, with no low - price sales in the market, and increased participation in hedging on the futures market. Manganese ore spot was strong. Last week, ferromanganese supply decreased slightly week - on - week, with consecutive weeks of declining operating rates. Inner Mongolia's production decreased slightly, and southern production pressure remained high. Yunnan's power price subsidies led to some resumption of production. New production capacity will be launched in the second quarter, and attention should be paid to changes in ferromanganese supply. In terms of demand, hot metal production increased significantly week - on - week, and steel mill overhaul impacts continued to decline. In terms of cost, some manganese ore port supplies were in tight balance, and factors such as the resumption of manganese - silicon production and rising shipping costs pushed up prices. Coking coal price increases also drove up chemical coke prices, pushing up ferromanganese costs. In the short term, affected by international geopolitical conflicts, market sentiment is volatile, supply and demand of ferromanganese both increase, and costs are pushed up. It is expected that prices will fluctuate widely [7]. 3. Summary by Directory Steel Industry Steel Prices and Spreads - **Threaded Steel**: Spot prices in East China, North China, and South China were 3240 yuan/ton, 3210 yuan/ton, and 3300 yuan/ton respectively. The 05, 10, and 01 contracts were 3145 yuan/ton, 3173 yuan/ton, and 3196 yuan/ton respectively, all showing declines [1]. - **Hot - Rolled Coil**: Spot prices in East China, North China, and South China were 3300 yuan/ton, 3240 yuan/ton, and 3300 yuan/ton respectively. The 05, 10, and 01 contracts were 3324 yuan/ton, 3331 yuan/ton, and 3333 yuan/ton respectively, all showing declines [1]. Cost and Profit - **Cost**: Steel billet price was 2990 yuan/ton, and slab price was 3730 yuan/ton, both unchanged. Jiangsu electric - furnace threaded steel cost was 3264 yuan/ton, up 1 yuan/ton; Jiangsu converter threaded steel cost was 3184 yuan/ton, up 2 yuan/ton [1]. - **Profit**: East China hot - rolled coil profit was 38 yuan/ton, up 18 yuan/ton; North China hot - rolled coil profit was - 32 yuan/ton, up 18 yuan/ton; East China threaded steel profit was - 12 yuan/ton, up 18 yuan/ton; North China threaded steel profit was - 52 yuan/ton, up 18 yuan/ton; South China threaded steel profit was 188 yuan/ton, up 38 yuan/ton [1]. Production - **Daily Average Hot Metal Production**: It was 228.2 tons, up 7.0 tons or 3.1% from the previous value [1]. - **Five - Variety Steel Production**: It was 839.8 tons, up 18.9 tons or 2.3% from the previous value. Threaded steel production was 203.3 tons, up 8.0 tons or 4.1%, including an increase of 5.1 tons or 17.6% in electric - furnace production and 2.9 tons or 1.8% in converter production. Hot - rolled coil production was 300.2 tons, up 4.9 tons or 1.7% [1]. Inventory - **Five - Variety Steel Inventory**: It was 1946.2 tons, down 28.7 tons or - 1.5% from the previous value. Threaded steel inventory was 889.4 tons, down 4.8 tons or - 0.5%; hot - rolled coil inventory was 461.3 tons, down 10.3 tons or - 2.2% [1]. Transaction and Demand - **Building Materials Transaction Volume**: It was 9.4 tons, down 1.6 tons or - 14.9% from the previous value. The apparent demand for five - variety steel was 868.5 tons, up 70.4 tons or 8.8%; the apparent demand for threaded steel was 208.1 tons, up 31.3 tons or 17.7%; the apparent demand for hot - rolled coil was 310.5 tons, up 15.2 tons or 5.1% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - **Warehouse Receipt Cost**: The warehouse receipt cost of Karara fines was 1956 yuan/ton, up 2.2 yuan/ton or 0.2%; the warehouse receipt cost of PB fines was 854.5 yuan/ton, up 1.1 yuan/ton or 0.1%; the warehouse receipt cost of Brazilian mixed fines was 858.2 yuan/ton, up 1.1 yuan/ton or 0.1%; the warehouse receipt cost of Jinbuba fines was 891.6 yuan/ton, up 1.1 yuan/ton or 0.1% [4]. - **05 Contract Basis**: The 05 contract basis of Karara fines was 111.1 yuan/ton, down 2.8 yuan/ton or - 2.5%; the 05 contract basis of PB fines was 30.5 yuan/ton, down 3.9 yuan/ton or - 11.3%; the 05 contract basis of Brazilian mixed fines was 34.2 yuan/ton, down 3.9 yuan/ton or - 10.3%; the 05 contract basis of Jinbuba fines was 67.6 yuan/ton, down 3.9 yuan/ton or - 5.5% [4]. - **5 - 9 Spread**: It was 33.5 yuan/ton, up 1.0 yuan/ton or 3.1%; the 9 - 1 spread was 24.0 yuan/ton, unchanged [4]. Spot Prices and Price Indexes - **Rizhao Port Spot Prices**: The price of Karara fines was 960.0 yuan/wet ton, up 2.0 yuan/ton or 0.2%; the price of PB fines was 797.0 yuan/wet ton, down 1.0 yuan/ton or 0.1%; the price of Brazilian mixed fines was 835.0 yuan/wet ton, up 1.0 yuan/ton or 0.1%; the price of Jinbuba fines was 743.0 yuan/wet ton, up 1.0 yuan/ton or 0.1% [4]. - **Singapore Exchange 62% Fe Swap**: It was 106.7 dollars/ton, unchanged [4]. Supply - **45 - Port Arrivals (Weekly)**: It was 2271.6 tons, up 56.6 tons or 2.6% from the previous value. Global shipments (weekly) were 3144.3 tons, up 3048.8 tons or 3.1% from the previous value. The national monthly import volume was 9763.8 tons, down 2200.9 tons or - 18.4% from the previous value [4]. Demand - **247 Steel Mills' Daily Average Hot Metal (Weekly)**: It was 228.2 tons, up 7.0 tons or 3.1% from the previous value. The 45 - port daily average port clearance (weekly) was 321.0 tons, up 3.1 tons or 1.0% from the previous value. The national monthly pig iron production was 6072.2 tons, down 6072.2 tons or - 100.0% from the previous value; the national monthly crude steel production was 0.0 tons, down 6817.7 tons or - 100.0% from the previous value [4]. Inventory Changes - **45 - Port Inventory**: It was 17187.52 tons, down 89.1 tons or - 0.5% from the previous value. The 247 steel mills' imported ore inventory (weekly) was 9034.1 tons, up 105.0 tons or 1.2% from the previous value. The 64 steel mills' inventory available days (weekly) were 21.0 days, down 2.0 days or - 8.7% from the previous value [4]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - **Coke Spot Prices**: The price of Shanxi first - grade wet - quenched coke (warehouse receipt) was 1681 yuan/ton, unchanged; the price of Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) was 1767 yuan/ton, unchanged [6]. - **Coke Futures Contracts**: The 05 contract was 1798 yuan/ton, down 49 yuan/ton or - 2.7%; the 09 contract was 1874 yuan/ton, down 42 yuan/ton or - 2.2% [6]. - **Basis and Spread**: The 05 basis was - 31 yuan/ton, up 49 yuan/ton; the 09 basis was - 107 yuan/ton, up 42 yuan/ton; the 05 - 09 spread was - 76 yuan/ton, down 8 yuan/ton [6]. - **Coking Profit**: The Steel Union's coking profit (weekly) was 0 yuan/ton, down 17 yuan/ton [6]. Coking Coal - Related Prices and Spreads - **Coking Coal Spot Prices**: The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) was 1330 yuan/ton, up 30 yuan/ton or 2.3%; the price of Mongolian 5 raw coal (warehouse receipt) was 1337 yuan/ton, down 10 yuan/ton or - 0.7% [6]. - **Coking Coal Futures Contracts**: The 05 contract was 1250 yuan/ton, down 40 yuan/ton or - 3.1%; the 09 contract was 1372 yuan/ton, down 7 yuan/ton or - 0.5% [6]. - **Basis and Spread**: The 05 basis was 88 yuan/ton, up 30 yuan/ton; the 09 basis was - 35 yuan/ton, down 3 yuan/ton; the JM05 - JM09 spread was - 122 yuan/ton, down 33 yuan/ton [6]. - **Sample Coal Mine Profit**: It was 495 yuan/ton, up 13 yuan/ton or 2.7% [6]. Supply - **Coke Production (Weekly)**: The daily average production of all - sample coking plants was 64.2 tons, up 0.3 tons or 0.5% from the previous value; the daily average production of 247 steel mills was 47.3 tons, up 0.3 tons or 0.7% from the previous value [6]. - **Coking Coal Production (Weekly)**: The raw coal production of Fenwei sample coal mines was 6088 tons, up 7.0 tons or 0.8% from the previous value; the clean coal production was 448.5 tons, up 2.6 tons or 0.64% from the previous value [6]. Demand - **Hot Metal Production (Weekly)**: The 247 steel mills' hot metal