1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - For ferromanganese - silicon, last week, the ferromanganese - silicon futures fluctuated strongly, the spot price rose slightly, and the basis mainly fluctuated. Domestically, the macro - outlook is positive, while overseas, the Middle - East situation is unclear, the crude oil price has risen, but the thermal coal price has started to decline. The forward price of manganese ore continues to rise, with some ore varieties having an inverted arrival price, but according to Shanghai Steel Union shipping data, manganese ore shipments are at a high level and there is no supply - demand gap in the market currently. A landmark steel mill has started steel procurement with a price increase but a volume decrease. It is recommended to view it mainly as a fluctuating market [47]. - For ferrosilicon, last week, the ferrosilicon futures and spot prices both rose, and the basis remained flat at a low level. The thermal coal spot market has weakened, and electricity prices in different regions have different trends. The production profit of ferrosilicon has recovered, and the output has increased. According to Mysteel statistics, for 136 independent ferrosilicon enterprises in the country, the national capacity utilization rate is 27.86%, an increase of 1.31% compared with last week; the daily average output is 13,920 tons, an increase of 1.02% (140 tons) compared with last week. The trend of ferrosilicon depends on energy price changes, and it is recommended to view it with a slightly bullish and fluctuating outlook [47]. 3. Summary by Directory 3.1 Part 1: Market Review - **News Overview**: In the first two months of 2026, China's total value of goods trade imports and exports was 7.73 trillion yuan, a year - on - year increase of 18.3%, returning to double - digit growth for the first time since January 2024. The Iran war is bringing unprecedented turmoil to the global oil market, affecting about 7.5% of the global oil supply. China and the US will hold economic and trade consultations in France. Iran launched a military operation, attacking multiple military bases. The US will launch a 301 investigation against 16 trading partners. The total sales of 14 key real - estate enterprises from January to February 2026 decreased by 23.7% year - on - year, and the sales in February decreased by 35.2% year - on - year and 25.6% month - on - month [5][6]. - **Manganese - Silicon Futures and Price Changes**: The basis of manganese - silicon in different regions has different trends in year - on - year, 30 - day, and one - week changes. The spot prices of different manganese ores also have different year - on - year, 30 - day, and one - week changes [10]. - **Silicon - Iron Futures and Related Data**: The report also shows the trends of silicon - iron futures, basis, and the changes in electricity prices in main production areas and coal prices in main production areas and ports [13][19][21]. 3.2 Part 2: Overview of the Manganese - Silicon Industry Chain - **Manganese Ore Price and Inventory**: The report shows the price trends of 38Mn/42Mn manganese ore from 2019 - 2026 and the inventory situation of manganese ore [25][29]. - **Manganese - Silicon Profit Estimation, Output, and Demand**: The profit estimation of manganese - silicon shows a certain trend. The output of manganese - silicon in 2026 and previous years is presented, and the demand for manganese - silicon is related to steel production [30][33][35]. 3.3 Part 3: Overview of the Silicon - Iron Industry Chain - **Silicon - Iron Profit Estimation and Output**: The profit estimation of silicon - iron is shown. The output of silicon - iron in 2026 and previous years is presented, and the demand for silicon - iron is related to steel production [38][41][44]. 3.4 Part 4: Outlook for the Future - For ferromanganese - silicon, it is recommended to view it as a fluctuating market. For ferrosilicon, it is recommended to view it with a slightly bullish and fluctuating outlook [47].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Shanghai nickel market showed a narrow - range oscillation this week. Although there was intense short - term competition between bulls and bears, the medium - to - long - term outlook remains bullish. The nickel inventory is at a high level in the same period. Nickel ore supply is tight, with domestic trade ore premiums at a high level. The downstream stainless steel de - stocking is slow, and the inventory is still high. The expected peak season of "Golden March and Silver April" is still favored by the market. The estimated operating range of the Shanghai nickel main contract is approximately 129,000 to 150,000 yuan/ton, and that of the stainless steel main contract is about 13,600 to 14,800 yuan/ton [32] 3. Summary by Directory 3.1 Market Review - The report presents the price trend of the nickel futures main contract, but no specific analysis is provided in the given content [5] 3.2 Fundamental Analysis - **Upstream**: The report shows the inventory of Chinese nickel ore ports, but no detailed analysis is given [8] - **Midstream**: It includes the price of electrolytic nickel, the price of nickel sulfate, the monthly import volume of ferronickel and the Fubao price of 8 - 12% ferronickel, but no in - depth analysis is provided [11][13][15] - **Downstream**: It covers the price of stainless steel, stainless steel futures positions, Wuxi stainless steel inventory, the production of power and energy - storage batteries, and the production of new - energy vehicles, but no detailed analysis is given [17][19][22][24][27] 3.3 Future Outlook - In the US, the recent escalation of the Middle East conflict has led to a sharp rise in oil prices, which may push up inflation expectations again and further reduce the room for interest - rate cuts. The Fed's future policy path will depend on data, especially the evolution of inflation and the employment market. In China, the economy is in the beginning year of the "15th Five - Year Plan", facing a complex situation of structural transformation and both internal and external challenges. The government's economic growth target for 2026 is set at 4.5% - 5%, and the policy focus is on "expanding domestic demand and building a strong domestic market" while cultivating new - quality productivity [32]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - In the past week, the corn spot market remained firm. The number of trucks arriving at Shandong deep - processing enterprises first increased and then decreased, while in Heilongjiang, it first decreased and then increased. The average daily number of trucks arriving since March was at a low level year - on - year, indicating low supply. The futures market fluctuated. The main C2605 contract faced strong resistance at the 2400 yuan level and closed at 2386 yuan, down 0.29%. The basis of Jinzhou Port for 05 increased by 37 to 4 yuan/ton. Domestically, the post - holiday corn sales rhythm was slow, with sales in North China and Northeast China trailing behind last year. Considering the increase in production this market year, there is relatively sufficient surplus grain at the grass - roots level. In terms of demand, the存栏 of pigs and poultry is high, resulting in strong feed demand. However, due to the deterioration of breeding profits, the later - stage capacity reduction may accelerate, and the feed demand outlook is pessimistic. Deep - processing profits are poor, the operating rate is low, and corn consumption has decreased significantly year - on - year. Regarding substitutes, wheat prices have risen significantly recently, the wheat - corn price difference has rebounded, the arrival of imported sorghum and barley has increased, and the price difference between imported sorghum/barley and corn has decreased, so the substitution may increase later, but the overall substitution degree is limited. In terms of inventory, the inventories of feed and deep - processing enterprises have decreased, and there is a certain demand for replenishment later. The inventory at the northern port has increased, but the absolute level is still not high. The corn inventory in Guangdong has decreased, the sorghum and barley inventory has increased, and the overall grain inventory has decreased slightly. Overall, the current social inventory is not high, and the supply is limited, so the market supply - demand tightness still exists. Later, attention should be paid to the import rhythm and the auction of policy - sourced grains. The operation should be treated with a fluctuating view [7]. 3. Summary According to the Directory 1. Weekly Analysis and Outlook - **Corn Futures Market Changes**: The main C2605 contract faced strong resistance at the 2400 yuan level and closed at 2386 yuan, down 0.29% [7] - **Corn Spot Market Changes**: The corn spot market remained firm. The number of trucks arriving at Shandong deep - processing enterprises first increased and then decreased, while in Heilongjiang, it first decreased and then increased. The average daily number of trucks arriving since March was at a low level year - on - year [7] - **Corn Spot Market: Regional Spread**: Not provided in the report - **Corn Sales Progress**: Post - holiday domestic corn sales rhythm was slow, with sales in North China and Northeast China trailing behind last year. Considering the increase in production this market year, there is relatively sufficient surplus grain at the grass - roots level [7] - **Corn Import**: Not provided in the report - **Feed and Aquaculture Demand**: The存栏 of pigs and poultry is high, resulting in strong feed demand. However, due to the deterioration of breeding profits, the later - stage capacity reduction may accelerate, and the feed demand outlook is pessimistic [7] - **Feed and Aquaculture Demand: Feed Production**: Not provided in the report - **Deep - processing Demand**: Deep - processing profits are poor, the operating rate is low, and corn consumption has decreased significantly year - on - year [7] - **Substitutes**: Wheat prices have risen significantly recently, the wheat - corn price difference has rebounded, the arrival of imported sorghum and barley has increased, and the price difference between imported sorghum/barley and corn has decreased, so the substitution may increase later, but the overall substitution degree is limited [7] - **Northern Port Corn Dynamics**: The inventory at the northern port has increased due to increased collection and a price difference inversion for shipping to the south, but the absolute level is still not high [7] - **Southern Port Corn Dynamics**: The corn inventory in Guangdong has decreased [7] - **Southern Port Grain Dynamics**: The sorghum and barley inventory has increased, and the overall grain inventory has decreased slightly [7] 2. Domestic Corn Starch Market Dynamics - **Corn Starch Futures**: Not provided in the report - **Corn Starch Spot**: Not provided in the report - **Corn - Starch Spread**: Not provided in the report - **Corn Starch Production and Inventory**: Not provided in the report - **Corn Starch Downstream Demand**: Not provided in the report - **Cassava Starch**: Not provided in the report 3. International Corn Market Dynamics - **US Corn Futures Market**: Not provided in the report - **US Corn Sowing and Growth Progress**: Not provided in the report - **US Corn Export Sales**: Not provided in the report - **Brazilian Corn Crop Progress**: Not provided in the report

Report Industry Investment Rating - Not provided in the content Core View of the Report - This week, international and domestic oil prices have risen significantly due to the continuous fermentation of the Middle - East situation, which has led to a sharp increase in international crude oil prices. The upward trend of international oil may continue in the short term, but there is a risk of high - level adjustment if the Middle - East situation eases. Domestic oils follow the international market, with high - level long - position profit - taking orders accumulating. Caution is advised when chasing high prices, and low - position long orders should be held cautiously [6][64] Summary by Relevant Catalogs Part 1: Oil Market Analysis 1. Oil Market Review - International oils rose significantly this week. The continuous fermentation of the Middle - East situation led to a sharp increase in international crude oil prices, reaching $119.48 per barrel on Monday. Biodiesel production has shown commercial profits, driving up the price of US soybean oil. Malaysian palm oil showed a significant catch - up trend. On Monday, domestic palm oil and rapeseed oil on the Dalian and Zhengzhou exchanges once hit the daily limit, and soybean oil hovered near the daily limit. Subsequently, prices continued to rise. Domestic palm oil had the largest increase, followed by rapeseed oil, and soybean oil's upward trend expanded on Friday [6] 2. Recent International Oil Information - **Indonesia's B50 Policy**: Indonesia is re - evaluating the previously shelved B50 biodiesel plan. The energy department is studying the possibility of restarting the B50 mandatory blending policy in mid - year. Road tests for B50 biodiesel are accelerating, and vehicle road tests are expected to be completed by June [9] - **India's Oil Purchase**: As international soybean oil prices soar, Indian buyers choose to cancel purchase contracts for imported crude soybean oil to earn more profits. Palm oil is a cheaper alternative, and India may buy more palm oil in the future [10] - **Malaysian Palm Oil Inventory**: In February, Malaysia's palm oil inventory decreased for the second consecutive month to a four - month low of 2.704 million tons, a 3.94% month - on - month decrease. Production decreased significantly to 1.285 million tons, a 18.55% month - on - month decrease. Exports were 1.128 million tons, a 22.48% month - on - month decrease. The increase in imports (76,300 tons, a 136% month - on - month increase) mitigated the decline in inventory [11] - **March Outlook**: Malaysia's palm oil inventory may continue to decline in March due to seasonal low production. The specific change depends on export performance. In the first ten days of March, exports increased significantly compared to the same period in February. The rise in crude oil prices and shipping costs may indirectly boost palm oil demand [12][14] - **Other News**: Some super - tankers are diverting to the Red Sea due to shipping disruptions in the Strait of Hormuz, which has a negative impact on the crude oil market. Brazil and Thailand are promoting an increase in the proportion of biodiesel in diesel. Shipments of Indonesian palm oil may slow down, leading to inventory accumulation [13][14] 3. Southeast Asian Weather - Not provided in the content 4. Futures and Spot Price Trends of Three Major Vegetable Oils - The report presents the comparison charts of the futures and spot price trends of soybean oil, palm oil, and rapeseed oil, but no detailed analysis is provided in the text [22] 5. Analysis of Domestic and International Oil Price Spreads - The report presents the comparison charts of the domestic and international spot and futures price spreads of soybean oil, palm oil, and rapeseed oil, but no detailed analysis is provided in the text [24] 6. Domestic Oil Inventory - As of the end of the 10th week of 2026, the total inventory of the three major edible oils in China was 2.0463 million tons, a weekly increase of 22,700 tons, a 1.12% month - on - month increase, and an 8.26% year - on - year decrease. Among them, soybean oil inventory was 1.0108 million tons, a weekly decrease of 4,300 tons, a 0.42% month - on - month decrease, and a 1.98% year - on - year decrease; edible palm oil inventory was 744,700 tons, a weekly increase of 30,400 tons, a 4.26% month - on - month increase, and a 94.69% year - on - year increase; rapeseed oil inventory was 290,800 tons, a weekly decrease of 3,500 tons, a 1.19% month - on - month decrease, and a 64.40% year - on - year decrease [32] 7. Analysis of Oil Basis - The report presents the regional basis and basis structure charts of soybean oil, palm oil, and rapeseed oil, but no detailed analysis is provided in the text [37][40][43] 8. Futures Price Spread Relationship between Oils - This week, the overall trend of oils is palm oil > rapeseed oil > soybean oil. The price spread between soybean oil and palm oil continued to decline [48] 9. Inter - monthly Spread Arbitrage Relationship of Oils - This week, the 5 - 9 spread of soybean oil and palm oil rebounded slightly, and the 5 - 9 spread of rapeseed oil continued to rebound [51] Part 2: Market Outlook for the Future 1. Seasonal Analysis - The report presents the seasonal index charts of domestic and international soybean oil, Malaysian palm oil, domestic palm oil, and domestic rapeseed oil, but no detailed analysis is provided in the text [55][57][60] 2. Market Outlook for Next Week - **Technical Aspect**: For the main contracts, the short - term, medium - term, and long - term indicators of soybean oil and palm oil are bullish. The short - term and medium - term indicators of rapeseed oil are bullish, while the long - term indicators are intertwined [63] - **Fundamental Aspect**: In the international market, the rise in international crude oil prices caused by the Middle - East situation is still the key factor affecting oils. The upward trend of international oils may continue in the short term. In the US soybean oil market, attention should be paid to the release of the US biodiesel ROV blending policy. For Malaysian palm oil, attention should be paid to exports, production, and Indonesia's biodiesel policy. In the domestic market, oils follow the international market, but there is a risk of high - level adjustment if funds leave the market [64]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The short - term bullish trend of the domestic rapeseed meal market continues, but as this round of price increase is mainly driven by event shocks, once the events ease, a large number of long - position profit - taking orders may emerge. Investors should be vigilant about the risk of high - level liquidation and be cautious when chasing high prices. Low - position long orders can be held with caution [6][81]. - In the international market, the focus next week will be on the new round of Sino - US consultations and the development of the Middle East situation. The continuous rise in international crude oil prices has led to an increase in US soybean oil prices, which in turn supports the upward movement of US soybeans. The market is also paying attention to new changes in US soybean exports. In the short term, CBOT soybeans will operate strongly above 1200 cents per bushel [81]. 3. Summary by Relevant Catalogs 3.1 Protein Meal Market Analysis - **Market Trends**: This week, CBOT soybeans fluctuated upwards, with the main contract above 1200 cents per bushel. The continuous rise in international crude oil prices drove up the price of US soybeans. The USDA report was neutral, with an increase in US soybean crushing offset by an increase in imports, and the inventory remained at 350 million bushels. Affected by this, the main contract of Dalian rapeseed meal rose significantly. The domestic rapeseed meal spot price continued to rise, and the near - month basis was firm [6]. - **US Market - US Soybean Exports**: The US soybean export inspection volume decreased by 24% compared with the previous week but increased by about 3% compared with the same period last year. As of March 5, 2026, the US soybean export inspection volume was 879,190 tons. The total US soybean export inspection volume for the 2025/26 season reached 27,086,903 tons, a year - on - year decrease of 29.6%. The US soybean exports to China (Mainland) in the week ending March 5, 2026, were 411,462 tons [11]. - **South American Market - Brazil and Argentina**: In Brazil, as of March 5, 2026, the 2025/26 Brazilian soybean harvest progress was 51%. In Argentina, recent rainfall has provided much - needed moisture for corn and soybeans in many central and northern production areas, but drought - affected areas still face crop stress, and the sunflower harvest progress has reached 39% [22][23][30]. - **Domestic and International Oilseed Markets**: Analysts expect the 2025/26 US soybean ending inventory to be lowered to 343 million bushels. The average global soybean ending inventory forecast is 125 million tons. In 2026, from January to February, China's soybean imports were 12.55 million tons, a year - on - year decrease of 7.8%. It is expected that China's soybean imports will increase significantly in the next few months [30][31]. - **Soybean - South American Soybean Sowing and Harvest Progress**: As of March 7, 2026, the Brazilian soybean harvest rate was 50.6%. In Argentina, the overall soybean sowing progress was close to completion [31][36][38]. - **Soybean - Port Inventory and Crushing Profit**: This week, the crush margin of Brazilian soybeans on the futures market continued to recover. As of the end of this week, the total inventory of imported soybeans at domestic ports was about 8.3357 million tons, and the theoretical crushable days of port - imported soybeans were 28 days [44]. - **Soybean - Import Cost and Domestic - Foreign Price Difference**: The cost of US Gulf soybeans arriving in May (with additional tariffs) is 4716 yuan/ton, and the cost of Brazilian soybeans arriving in May is 3940 yuan/ton. This week, the Brazilian soybean premium stopped falling and rebounded [47]. - **Rapeseed Meal - Rapeseed Processing Rate and Crush Volume**: As of the end of the 10th week (March 7, 2026), the processing rate of imported rapeseed at domestic main oil mills increased compared with the previous week, but it was still at a nearly stagnant level. The domestic rapeseed processing volume was 24,500 tons this week [60]. - **Rapeseed Meal - Basis Analysis**: This week, the domestic rapeseed meal spot price rose, and the rapeseed meal basis stopped falling and rebounded [58]. - **Oilseed and Oil Product Inter - Variety Arbitrage Relationship**: This week, the oil - meal ratio of soybeans fell from a high level, the oil - meal ratio of rapeseed main contracts fell slightly, and the price difference between soybean meal and rapeseed meal main contracts widened slightly [67]. - **Protein Meal Inter - Month Spread Arbitrage Relationship**: This week, the 5 - 9 spread of soybean meal and rapeseed meal rebounded significantly [72]. 3.2 Future Market Outlook - **Seasonal Analysis**: There are seasonal index charts for US soybeans, US rapeseed meal, Dalian rapeseed meal, and live pigs, but no specific analysis content is provided [75][76][78]. - **Next Week's Market Outlook**: Technically, the short - term and medium - term indicators of soybean meal and rapeseed meal are bullish, while the long - term indicators are intertwined. Fundamentally, in the international market, the focus will be on Sino - US consultations and the Middle East situation. In the domestic market, due to the Middle East situation and Brazilian soybean quality inspection issues, the arrival of imported soybeans in April may be lower than expected, and the supply of rapeseed meal may decrease, which will boost the rapeseed meal market [80][81].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - Domestically, Zhengzhou cotton strengthened again after fluctuations this week. The geopolitical situation between the US and Iran initially suppressed Zhengzhou cotton, but with the weakening of macro - impacts, it chose to rise. Strong export data supports demand, and yarn prices also increased after the rise in cotton prices, indicating a stable cotton market. Attention should be paid to the planting area in major production areas, and the expected issuance of sliding - scale tariff quotas has limited short - term negative impact. The internal - external price difference is expected to narrow [53]. - Internationally, the global cotton production forecast has been raised by over 1.1 million bales due to increased planting in Brazil and improved yields in China, partially offset by reduced production in Argentina. Global consumption is down 140,000 bales, with weak consumption in many countries partially offset by increased consumption in China. The global inventory - to - consumption ratio has increased by 1 percentage point to 64%, showing a pattern of stable supply - demand in US cotton, increased supply and weakening demand globally, and a slight increase in inventory pressure. The rumor of China issuing import quotas has boosted the US cotton market, and official confirmation is awaited [53]. - The operation suggestion is to focus on range - band trading [54]. 3. Summary by Relevant Catalog 3.1 Cotton Market Analysis 3.1.1 Futures Price - Zhengzhou cotton strengthened slightly this week, with a weekly increase of 0.78%. ICE cotton rebounded, with a weekly increase of 2.88% [10]. 3.1.2 Spot Price - This week, the cotton price index rebounded. The 3128 index rose by 243 yuan/ton compared to last week, and the 2129 index rose by 265 yuan/ton [14]. 3.1.3 Cotton Import - In December, 180,000 tons of cotton were imported, a year - on - year increase of 40,000 tons [19]. 3.1.4 Cotton Inventory - In the second half of February, the commercial cotton inventory was 5.477 million tons, and the commercial inventory continued to decline [21]. 3.1.5 Downstream Inventory - In February, the yarn inventory was 21.45 days, a year - on - year decrease of 0.87 days. The grey cloth inventory was 33.24 days, a year - on - year increase of 3.81 days [29]. 3.1.6 Yarn Price - This week, yarn prices rose. The price of 10 - count airflow - spun cotton yarn increased by 70 yuan/ton compared to last week, the price of 32 - count carded cotton yarn increased by 80 yuan/ton, and the price of 40 - count combed cotton yarn increased by 70 yuan/ton [34]. 3.1.7 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the sum of Zhengzhou cotton warehouse receipts and forecasts increased by 53. The number of warehouse receipts was 12,325, and the valid forecasts were 446, totaling 12,771 [39]. 3.1.8 Seed Cotton Purchase - Not elaborated in depth in the report, only the price data of Xinjiang seed cotton purchase is presented [42][43]. 3.1.9 US Cotton Export - According to the USDA weekly export sales report, as of March 5th, the net sales of US upland cotton exports in the current year increased by 253,200 bales, and the net sales of exports in the next year were 36,600 bales [47]. 3.1.10 US Weather - The drought situation in the US is as follows: the area with abnormally dry conditions (D0) accounts for 21.0%, moderate drought (D1) accounts for 25.3%, severe drought (D2) accounts for 14.8%, extreme drought (D3) accounts for 5.5%, exceptional drought (D4) accounts for 0.3%, and the total drought - affected area (D1 - D4) accounts for 45.9% [50]. 3.2 Market Outlook - Domestically, Zhengzhou cotton strengthened after fluctuations. The geopolitical situation between the US and Iran initially suppressed the price, but with the weakening of macro - impacts, it chose to rise. Strong export data supports demand, and yarn prices increased. Attention should be paid to the planting area in major production areas, and the expected issuance of sliding - scale tariff quotas has limited short - term negative impact. The internal - external price difference is expected to narrow [53]. - Internationally, the global cotton production forecast has been raised, consumption has decreased, and the inventory - to - consumption ratio has increased. The rumor of China issuing import quotas has boosted the US cotton market, and official confirmation is awaited [53]. - The operation suggestion is to focus on range - band trading [54].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - As of March 12, 2026, the national cold storage inventory of apples was 4.4404 million tons, with a cold storage inventory ratio of about 33.72%, 2.29 percentage points lower than the same period last year. There is a supply gap due to the low proportion of high - quality goods. The national cold storage capacity ratio decreased by 2.01 percentage points this week, and the de - stocking rate was 39.65%. The price of high - quality apples in the northwest产区 may continue to rise slightly in March, and the national apple price may show a pattern of stronger in the west and weaker in the east. As cold - stored apples enter the middle and late stages of sales, the price difference between large and small fruits may further widen. The long positions have significantly reduced, and the market has fallen from its high. Due to the decline in the high - quality fruit rate, there is still some support at the bottom. It is recommended to adopt an interval - trading strategy [35]. 3. Summary by Directory 3.1 This Week's Market Review - The main contract of apple futures, AP2605, hit a new high and then fell sharply. The market reduced positions as long positions took profits and left the market [8]. 3.2 Supply - side Situation - As of March 12, 2026, the national cold storage inventory was 4.4404 million tons, and the cold storage inventory ratio was about 33.72%, 2.29 percentage points lower than the same period last year. The inventory structure shows that the proportion of high - quality goods is relatively small [12]. 3.3 Demand - side Situation - **Inventory Removal**: As of March 12, 2026, the national cold storage capacity ratio decreased by 2.01 percentage points this week (from March 5th to 11th, 2026), and the de - stocking rate was 39.65%. In the Shandong production area, foreign trade merchants mainly purchase small and medium - sized fruits, and the sales of fruit preserves are also good. In the Shaanxi production area, merchants mainly purchase, pack and ship in northern Shaanxi. It is difficult to find suitable supplies, and some cold storages have a certain sentiment of reluctant to sell [16]. - **Export**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. Affected by Christmas and New Year's Day, overseas demand increased, and the export volume increased significantly month - on - month. The first quarter is the peak export season for fresh apples, and the export volume is expected to remain at a high level [18]. - **Substitute Fruit Prices**: Not provided in the given content - **Spot Prices in Production Areas**: As of March 12th, the apple price in Qixia, Yantai, Shandong was stable. The intended price of 80 and above first - and second - grade fruit farmer's slice - red apples was 3.7 - 4.0 yuan per catty, and that of striped apples was 4.0 - 4.7 yuan per catty. The intended price of 80 and above first - and second - grade merchant's goods was 4.2 - 5.2 yuan per catty. The price of 80 and above first - to third - grade fruit farmer's supplies was 3.0 - 3.5 yuan per catty, the price of general goods was 2.5 - 3.0 yuan per catty, and the price of third - grade apples was 1.8 - 2.5 yuan per catty. The mainstream transaction price of 70 apples was 2.2 - 2.3 yuan per catty [31].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The pulp futures main contract SP2605 continued its low - level oscillation pattern. The weak downstream demand restricted the upward movement of the market. Although the downstream paper mills' demand for pulp has improved slightly, the pace is slow. The domestic pulp port inventory is still at a relatively high historical level. The external market price continues to rise, providing some support for the cost of pulp prices. If the demand improves, it is recommended to consider buying on dips [7][36]. 3. Summary by Directory 3.1 This Week's Market Review - The pulp futures main contract SP2605 continued its low - level oscillation. Weak downstream demand made it difficult for the market to rise [7]. 3.2 Fundamental Analysis - **Price**: As of March 10, the monthly average prices of imported softwood pulp, imported chemimechanical pulp, and imported hardwood pulp were 5,251.24 yuan/ton, 3,883.33 yuan/ton, and 4,564.70 yuan/ton respectively, with month - on - month changes of - 0.61%, - 0.01%, and +0.20% [12]. - **Import Volume**: From January to February 2026, China's pulp imports were 6.044 billion tons, with an import value of 3.48 billion US dollars and an average unit price of 575.78 US dollars/ton. The cumulative import volume and value decreased by 5.4% and 12.8% respectively compared with the same period last year [16][36]. - **Domestic Port Inventory**: As of March 12, 2026, the weekly total inventory of pulp in major Chinese regions and ports decreased by 5.52% month - on - month, changing from an upward trend to a downward one. The destocking situation of domestic pulp ports needs to be observed [20]. - **European Port Inventory**: In January 2026, the total inventory in European ports decreased by 14.72% month - on - month and 11.34% compared with January 2025. The port inventories in most European countries showed a reduction trend [23]. - **Downstream Capacity and Start - up Rate**: Waste paper pulp accounts for 63% of China's total pulp consumption. In March, there is no new production capacity for white cardboard and coated paper. Double - offset paper has an expected trial run of 300,000 tons of new capacity at the end of the month, and tissue paper has an expected production of 120,000 tons of new capacity. The operating rate of downstream enterprises has increased, but the pace is slow [30]. 3.3 Future Outlook - The import volume and value from January to February 2026 decreased compared with the same period last year. In March, the operating rate of most downstream paper mills has returned to normal, and the demand for pulp has improved slightly but slowly. The domestic pulp port inventory is still at a relatively high level. The external market prices of major producing countries continue to rise, increasing the subsequent import cost and providing some support for pulp prices. If the demand improves, it is recommended to consider buying on dips [36].

研究所 偏多运行 郑糖空头回避 ——国信期货白糖周报 2026年3月13日 研究所 目 录 CONTENTS 1 白糖市场分析 2 后市展望 一、白糖市场分析 研究所 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 3 ICE期糖价格走势 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 4 1、现货价格及基差走势 研究所 郑商所白糖期货价格走势 郑糖强势运行，周度涨幅1.42%。 ICE期糖偏强震荡，周度涨幅2.41%。 数据来源：博易云 国信期货 数据来源：WIND 国信期货 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 5 数据来源：广西糖协 云南糖协 国信期货 0 20 40 60 80 100 120 140 160 11月 12月 1月 2月 3月 4 月 5月 6月 7月 8月 9月 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 0 5 10 15 20 25 30 35 11月 12月 1月 2月 3月 4 月 5月 6月 7月 8月 9月 2020/21 2021/22 2022/23 2023/24 2024/ ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The domestic crude oil futures prices may experience high - level oscillatory adjustments in the short term. It is recommended to wait and see or focus on intraday short - term trading [52] 3. Summary by Directory 3.1 Market Review - **China INE Crude Oil Futures Main Contract Price Trend**: Data source is Boyiyun and Guoxin Futures [10][12] - **US WTI Crude Oil Futures Continuous Contract Price Trend**: Data source is Boyiyun and Guoxin Futures [13][15] 3.2 Crude Oil Supply - Demand Fundamental Analysis - **China's Crude Oil Monthly Output**: In December, China's above - scale industrial crude oil output was 17.8 million tons, a year - on - year decrease of 0.6%, with a daily output of 574,000 tons. From January to December, the output was 216.05 million tons, a year - on - year increase of 1.5%. Crude oil processing speeded up. Data source is WIND and Guoxin Futures [19][20] - **China's Crude Oil Monthly Import Volume**: In December 2025, China's crude oil import volume was 55.973 million tons, a year - on - year increase of 17%. From January to December, the cumulative import volume was 577.726 million tons, a year - on - year increase of 4.4%. Data source is WIND and Guoxin Futures [21][22] - **China's Refinery Operating Rate and Monthly Crude Oil Processing Volume**: In December, China's above - scale industrial crude oil processing volume was 62.46 million tons, a year - on - year increase of 5%, and the growth rate was 1.1 percentage points faster than that in November, with a daily processing volume of 2.015 million tons. From January to December, the processing volume was 737.59 million tons, a year - on - year increase of 4.1%. Data source is Zhuochuang Information and Guoxin Futures [24][26] - **INE Crude Oil Registered Warehouse Receipt Inventory and Downstream Refinery Product Inventory**: Data source is INE and Guoxin Futures [28][29] - **US Crude Oil Production and Downstream Refinery Operating Rate**: As of the week ending January 30, the US daily crude oil production was 13.215 million barrels, 481,000 barrels less than the previous week and 263,000 barrels less than the same period last year. The four - week average daily production as of January 30 was 13.599 million barrels, 1.3% higher than the same period last year. Since the beginning of this year, the average daily production has been 13.606 million barrels, 1.3% higher than the same period last year. Data source is Zhuochuang Information and Guoxin Futures [31][33] - **US Crude Oil Rig Count**: As of the week ending February 20, the number of active oil - drilling wells in the US was 409, the same as the previous week and 79 less than the same period last year. Data source is Zhuochuang Information and Guoxin Futures [34][36] - **US Crude Oil Inventory**: As of the week ending February 27, 2026, the total US crude oil inventory including reserves was 854.72 million barrels, an increase of 3.475 million barrels from the previous week; the commercial crude oil inventory was 439.279 million barrels, an increase of 3.475 million barrels; the gasoline inventory was 253.13 million barrels, a decrease of 1.704 million barrels; the distillate inventory was 120.78 million barrels, an increase of 429,000 barrels. The crude oil inventory in Cushing, Oklahoma was 26.463 million barrels, an increase of 1.564 million barrels. The US oil reserve remained stable at 415.441 million barrels. Data source is WIND and Guoxin Futures [38][40] - **US Crude Oil Inventory Change (EIA)**: Data source is WIND and Guoxin Futures [41][43] - **Saudi Crude Oil Production**: Data source is Zhuochuang Information and Guoxin Futures [44][46] - **OPEC Crude Oil Production**: Data source is Zhuochuang Information and Guoxin Futures [47][48] 3.3 Market Outlook - **Crude Oil Market Outlook**: The US crude oil and distillate inventories increased, while the gasoline inventory decreased last week. As of the week ending February 27, 2026, the total US crude oil inventory including reserves was 854.72 million barrels, an increase of 3.475 million barrels from the previous week; the commercial crude oil inventory was 439.279 million barrels, an increase of 3.475 million barrels; the gasoline inventory was 253.13 million barrels, a decrease of 1.704 million barrels; the distillate inventory was 120.78 million barrels, an increase of 429,000 barrels. The crude oil inventory in Cushing, Oklahoma was 26.463 million barrels, an increase of 1.564 million barrels. The US oil reserve remained stable at 415.441 million barrels. International oil prices have been rising due to armed conflicts in the Persian Gulf. On March 5, the Iranian military clarified that Iran did not block the Strait of Hormuz. Currently, Iran may mainly prevent US and Israeli - related vessels from passing. The risk of supply interruption in Asia has slightly eased. Saudi Arabia is also considering diverting its crude oil exports around the Strait of Hormuz. Data source is Zhuochuang Information and Guoxin Futures [50][51]