1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - For industrial silicon, the current market supply - demand situation has limited positive factors, and price fluctuations are mainly driven by the macro - environment with cost as the bottom support. Short - term supply surplus remains the main market contradiction, and the price is expected to fluctuate within a narrow range. It is recommended to consider short - selling opportunities for si2605 with a reference pressure level of 9100 - 9200 yuan/ton or buy put options [8]. - For polysilicon, the market still faces dual pressures of high inventory and weak demand, and the industry reshuffle continues. In the short term, the market will continue the weak bottom - seeking trend, and the price still has a small downward space. It is recommended to consider short - selling opportunities for PS2605 with a reference price of 46000 - 47000 yuan/ton or buy put options [11]. 3. Summary by Directory 3.1 Week - ly Views and Hot News Industrial Silicon - **Market Review**: From March 6 to March 13, 2026, the spot price of industrial silicon was basically stable. As of March 13, the benchmark spot price was 8849 yuan/ton, up 1.25% from March 6. In the futures market, the main contract of industrial silicon slightly rose, with the latest transaction price of 8675 yuan/ton and a weekly decline of 0.17%. The open interest of the main - month contract was about 238,300 lots [8]. - **Supply**: The number of open furnaces increased this week. In Xinjiang, the output was steadily released after the power - on of manufacturers last week. In Yunnan, individual manufacturers rotated open furnaces, and the start - up increased this week. A company in Leshan, Sichuan was baking the furnace for self - use [8]. - **Demand**: The demand of some downstream manufacturers increased slightly this week. The operation of polysilicon was stable, and individual manufacturers signed silicon powder at low prices. The organic silicon monomer plants had large inventory pressure and made rigid purchases of industrial silicon. This week, some aluminum rod enterprises resumed production in Gansu, Inner Mongolia, and Sichuan, increasing the consumption of industrial silicon [8]. - **Cost, Profit, and Inventory**: The production cost of industrial silicon increased slightly this week. Due to the continuous fermentation of international conflicts, the price of petroleum coke increased, and the average production cost of the industry increased slightly. The prices of silica and silicon coal remained unchanged. The cost will remain stable next week. The profit of industrial silicon increased slightly, and the market transaction price was higher than before, with the profit of holders slightly repaired. The overall inventory remained at a high level, and the inventory pressure of manufacturers was relieved [8]. Polysilicon - **Market Review**: From March 6 to March 13, 2026, the spot price of polysilicon was generally stable. As of March 13, the benchmark spot price was 45,000 yuan/ton, almost the same as that on March 6. In the futures market, the main contract of polysilicon slightly rose, with the latest transaction price of 42,040 yuan/ton and a weekly increase of 2.04%. The open interest of the main - month contract was about 34,400 lots [11]. - **Supply**: New production capacity will contribute a small part of the output this month. A factory increased its operation rate to reduce costs. Currently, the overall operation rate of the polysilicon industry is maintained at 30%. According to the current production plan of enterprises, the domestic polysilicon output in March is expected to recover to 85,000 - 90,000 tons, and the supply side may show a mild recovery [11]. - **Demand**: The demand side of polysilicon continued to be weak this week, and the recovery pace was slower than expected. The downstream purchasing willingness was low, only maintaining rigid restocking, and did not effectively support the market. The demand transmission in the industrial chain was blocked. Although there were signs of resumption of production in the downstream silicon wafer segment, the overall operation rate recovery was weak. The enterprise raw material inventory was in a reasonable range, and the procurement was mainly for short - term rigid demand, with a low willingness for long - term locked orders and limited purchasing power for polysilicon [11]. - **Inventory**: The overall inventory was still at a historical high, and the de - stocking pressure was not fundamentally relieved [11]. 3.2 Industry Pattern - The industrial silicon and polysilicon industry chain involves multiple links. Industrial silicon is produced from raw materials such as petroleum coke, charcoal, and silicon ore, and is then processed into organic silicon, polysilicon, and aluminum alloy. These products are further used in various fields such as electronics, construction, and photovoltaic [19]. 3.3 Spot and Futures Market - The report presents various price charts of industrial silicon, including basis, spot prices of different grades and ports, and prices of continuous and active contracts in the futures market [23][32][45]. 3.4 Inventory - The report shows charts of industrial silicon inventory, including industry inventory, factory inventory, market inventory, and futures inventory [56][60]. 3.5 Cost and Profit - The report includes charts of industrial silicon comprehensive profit, comprehensive cost of all models, main - producing area electricity prices, prices of silicon ore, petroleum coke, electrodes, and silicon coal [67][73][83]. 3.6 Supply - The report shows the weekly and monthly production of industrial silicon, as well as the operation rate and monthly production capacity. There are also new production capacity projects in multiple regions, with a total planned new capacity of 1.98 million tons [99][104][107]. 3.7 Demand - The report presents the consumption overview of industrial silicon, including consumption breakdown and structure. It also shows the production and price of polysilicon, the price and production of organic silicon, the production of aluminum rods, and the production and operation rate of different types of aluminum alloys, as well as the production and price of solar cells [110][115][126]. 3.8 Import and Export - The report shows the import and export volume charts of industrial silicon and polysilicon [171][175].

Report Industry Investment Rating No information provided. Core View of the Report - In 2026, the price trends of gold showed a mixed picture. The London Gold and Shanghai Gold indices had year - to - date increases of 17.59% and 15.9% respectively, but last week they declined by 1.76% and 0.68% respectively. Short - term gold is weak, affected by factors such as the rising US dollar index and market liquidity risks. In the medium term, geopolitical factors and inflation risks need to be considered, and there is uncertainty. In the long term, de - dollarization is still ongoing, which is a long - term positive factor for gold. It is recommended to hold the remaining long positions of gold in the medium term and wait for an opportunity to add positions. For options, a short - term double - buying strategy can be considered [7][8]. Summary by Directory 1. Week - ly View and Strategy - **Market Performance**: In 2026, the London Gold and Shanghai Gold indices had year - to - date increases of 17.59% and 15.9% respectively, and last week they declined by 1.76% and 0.68% respectively [7][28]. - **Inflation**: In June 2022, CPI reached a high of 9.1% and then declined. Core CPI and core PCE also trended down. Since September 2024, CPI has been in a strong oscillation. In February 2026, US CPI rose 2.4% year - on - year. Due to geopolitical escalation and a sharp rise in oil prices, inflation may rise again [7][32]. - **Interest Rates**: US medium - term treasury bond yields have been oscillating downward since mid - to - late October 2023 until January this year. After wide - range oscillations in 2024, they continued to decline in 2025 and rebounded in February [7][37]. - **Supply and Demand**: In 2024, the global gold supply and demand was loose due to rising inventories, and central bank gold purchases remained above 1000 tons. In 2024, the domestic gold supply and demand was in a tight balance, with a slight increase in supply. Demand structure changed, with a decline in jewelry demand and a significant increase in demand for gold bars, coins, and investment. In 2025, global and domestic investment demand reached a record high. Due to the new gold tax policy, domestic physical gold demand may be affected, and jewelry demand may continue to decline in 2026 [7][54]. - **US Economy**: In February 2026, non - farm payrolls decreased by 92,000, far lower than the expected increase of 55,000. The unemployment rate rose 0.1 percentage point to 4.4%, and the average hourly wage rose 0.3% month - on - month [7][48]. - **Outlook and Strategy**: On Friday, gold oscillated and adjusted. The US dollar index reached a new high, and risk assets fell, which was negative for gold. In the short term, factors such as market liquidity risk, the US dollar index, and risk - aversion sentiment need to be monitored. In the medium term, geopolitical factors and inflation risks are important. It is recommended to hold the remaining long positions of gold in the medium term and wait for an opportunity to add positions. For options, a short - term double - buying strategy can be considered [8]. 2. Futures and Spot Market - Last week, gold oscillated slightly. In 2026, the London Gold and Shanghai Gold indices had year - to - date increases of 17.59% and 15.9% respectively, and last week they declined by 1.76% and 0.68% respectively [22][28]. 3. Inflation - In June 2022, CPI reached a high of 9.1% and then declined. PCE also peaked and declined in June 2022. Core CPI and core PCE trended down. Since September 2024, CPI has been in a strong oscillation, and core inflation has remained stable. In February 2026, US CPI rose 2.4% year - on - year, the same as the previous value. Due to geopolitical escalation and a sharp rise in oil prices, inflation may rise again [32]. 4. Interest Rates - US medium - term treasury bond yields have been oscillating downward since mid - to - late October 2023 until January this year. After wide - range oscillations in 2024, they continued to decline in 2025 and rebounded in February. The real interest rate continued to decline [37][42]. 5. US Economy - In the fourth quarter of 2026, US GDP increased 2.23% year - on - year, down 0.1% from 2.33%. In February 2026, the ISM manufacturing PMI was 52.4, down 0.2%, and the service PMI was 56.1, up 2.3%. In February 2026, non - farm payrolls decreased by 92,000, far lower than the expected increase of 55,000. The unemployment rate rose 0.1 percentage point to 4.4%, and the average hourly wage rose 0.3% month - on - month [45][48]. 6. Gold Supply - Demand Balance Sheet - In 2024, the global gold supply and demand was loose due to rising inventories, and central bank gold purchases remained above 1000 tons. In 2024, the domestic gold supply and demand was in a tight balance, with a slight increase in supply. Demand structure changed, with a decline in jewelry demand and a significant increase in demand for gold bars, coins, and investment. In 2025, global and domestic investment demand reached a record high. Due to the new gold tax policy, domestic physical gold demand may be affected, and jewelry demand may continue to decline in 2026 [54]. 7. Exchange Rate and US Dollar Index No detailed analysis of the impact on gold is provided, only relevant data charts are presented. 8. Gold Domestic - Foreign Price Difference - Shanghai Gold mostly has a premium [85]. 9. Gold Basis No information provided. 10. Gold - Silver - Oil Ratio No information provided.

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Last week, Shanghai tin prices fluctuated significantly at high levels. On March 13, 2026, the spot price of Mysteel's comprehensive 1 tin was 387,000 yuan/ton, with large price and basis fluctuations [16]. - In terms of supply, refined tin production in February was 10,613 tons, showing a seasonal decrease. Domestic tin ore production in December was 5,300 tons, with a slight year - on - year decrease. Myanmar is promoting the resumption of tin mining production, and Indonesia's exports continued to decline in January [16]. - Regarding demand, it is expected that the emerging sectors will maintain demand resilience in January - February, while the traditional sectors will see some adjustments. The government's moderately loose policy and support for emerging industries will boost tin demand, but the Middle East conflict may suppress demand. In February, China's automobile sales were 1.805 million, a year - on - year decrease of 15.2%, and new energy vehicle sales were 765,000, a year - on - year decrease of 14.2% [16]. - For cost and profit, the tightness of the ore end has been alleviated, and processing fees have continued to rebound from a low level [16]. - In terms of inventory, LME, SHFE inventories increased slightly week - on - week, and social inventory decreased slightly week - on - week [16]. - The strategy is to trade with a light position due to large market sentiment fluctuations. Consider lightly buying call or put options, with support at 350,000 - 360,000 yuan/ton and resistance at 440,000 - 450,000 yuan/ton. Pay attention to market sentiment, disturbances from Myanmar and Congo mines, and the progress of the Middle East situation [16]. 3. Summary by Directory 3.1 Week - ly View and Strategy - **Week - ly View**: High - level wide - range fluctuations in Shanghai tin prices, with complex supply and demand factors. Supply is affected by production changes and overseas resumption, demand is influenced by emerging and traditional sectors, and cost and inventory also show certain trends [16]. - **Strategy**: Light - position trading, buying call or put options, with reference support and resistance levels, and focus on key influencing factors [16]. 3.2 Industrial Chain Structure No detailed content provided for in - depth summary. 3.3 Futures and Spot Market No detailed analysis content provided, only mentions the presentation of SHFE and LME tin futures and spot prices and basis [23]. 3.4 Inventory - As of March 13, 2026, SHFE inventory was 12,273 tons, increasing week - on - week; as of March 11, 2026, LME total inventory was 8,630 tons, increasing week - on - week; as of March 6, 2026, refined tin social inventory was 13,250 tons, decreasing slightly week - on - week [35][39]. 3.5 Cost and Profit As of March 13, 2026, the processing fee for Yunnan concentrate was 16,000 yuan/ton, and that for Guangxi concentrate was 12,000 yuan/ton, with processing fees continuing to rebound from a low level [46]. 3.6 Supply - In February 2026, refined tin production was 10,613 tons, with a seasonal decrease; domestic tin ore production in December was 5,362.43 tons, with a slight month - on - month increase. In February 2026, the capacity utilization rate of tin enterprises was about 45.57%, dropping significantly month - on - month due to holiday factors [54][59]. 3.7 Demand - In December 2025, China's automobile production was 3.4115 million, a year - on - year decrease of 2.8%; electronic computer production was 31.3956 million, a year - on - year decrease of 12.5%. In February 2026, China's PVC production was 1.9851 million tons, a year - on - year decrease of 5.3%. In December 2025, mobile electronic communication production was 146.5594 million, a year - on - year decrease of 9.5%. In December 2025, air - conditioner production was 21.6289 million, a year - on - year decrease of 9.6%; refrigerator production was 10.0114 million, a year - on - year increase of 5%. In December 2025, washing machine production was 11.975 million, a year - on - year decrease of 4.4%; color TV production was 19.5206 million, a year - on - year decrease of 1.2%. In December 2025, solar cell production was 74.44 million kilowatts, a year - on - year decrease of 9.7% and a month - on - month increase; integrated circuit production was 48.073455 billion pieces, a year - on - year increase of 12.9% [65][72][76][81][85]. 3.8 Import and Export In December 2025, China imported 17,600 tons of tin ore, with a significant month - on - month increase; imported 1,547.7 tons of tin ingots; and exported 2,763 tons of refined tin and alloys [91]. 3.9 Supply - Demand Table - From 2018 to 2026E, China's tin production shows a certain upward trend, while overseas production fluctuates. Global supply and demand are in a state of imbalance, with a supply shortage in most years [94].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The spot price of eggs in the national market showed a slight rebound this week. The average price in the main producing areas was 3.03 yuan per catty, a 1.34% increase from last week. However, due to the seasonal off - peak season and insufficient terminal consumption, there is no continuous upward momentum [12][25]. - In February 2026, the national laying - hen inventory was about 1.296 billion, a 0.62% month - on - month increase and a 5.28% year - on - year increase. In March, the total laying - hen inventory will remain high with a slight downward trend, and the supply - side benefits are limited. The spot market still faces great pressure to sell off inventory [12][38]. - The overall replenishment volume in the second half of 2025 was low. The medium - term laying - hen inventory shows a definite downward trend, but the current absolute value is still high. If the old - hen culling rhythm accelerates as expected, the supply - side pressure is expected to be marginally reduced. The cost of feed raw materials is relatively stable, and the current egg price is close to the cost line, which provides bottom support for the egg price [15]. - The main contract has intensified short - term long - short games. After the off - peak season's negative factors are released, investors can try to go long with a light position based on the breeding cost line or buy call options for far - month contracts [15]. 3. Summary According to Relevant Catalogs 3.1 Week - long Viewpoint and Strategy - **Fundamental Viewpoint**: The spot price of eggs rebounded slightly. The laying - hen inventory in February increased, and in March, the inventory will remain high with a slight decline. The medium - term supply - demand expectation has improved. Attention should be paid to the culling of old hens, capacity reduction progress, and demand fulfillment [12]. - **Outlook**: The laying - hen inventory will decline in the medium term. If the culling of old hens accelerates and the number of newly - opened layers is limited, the supply - side pressure will be reduced. The stable feed cost and the egg price close to the cost line provide support for the egg price [15]. - **Strategy**: The main contract has intensified short - term long - short games. After the off - peak season's negative factors are released, investors can try to go long with a light position based on the breeding cost line or buy call options for far - month contracts [15]. 3.2 Spot - Futures Market - **Spot Price**: The national egg spot market rebounded slightly this week. The average price in the main producing areas was 3.03 yuan per catty, a 1.34% increase from last week. Due to the seasonal off - peak season, there is no continuous upward momentum [12][25]. - **Futures Price and Spread**: The report provides relevant charts of the closing price of the main egg futures contract, the basis between spot and futures, and the spreads between different contract months, but no specific analysis of the futures price and spread is provided. 3.3 Capacity - **Laying - Hen Inventory**: In February 2026, the national laying - hen inventory was about 1.296 billion, a 0.62% month - on - month increase and a 5.28% year - on - year increase. The number of newly - opened layers in February was small, and the number of culled old hens decreased during the Spring Festival. The number of newly - opened layers was greater than the number of culled old hens, resulting in a slight increase in the inventory [12][38]. - **Laying - Hen Proportion**: The proportion of main - producing laying hens has reached a new high, indicating that the short - term egg supply will remain abundant, which suppresses the egg price. The proportions of reserve laying hens and hens to be culled are at low levels, indicating that the farmers' willingness to replenish is cautious [41]. - **Replenishment Volume**: In February 2026, the sales volume of commercial - generation chicken seedlings of 15 representative enterprises was 42.22 million, a 7.76% month - on - month increase. In March, the farmers' enthusiasm for replenishment has generally increased, but some farmers are still cautious. It is expected that the chicken - seedling price will be stable and slightly stronger next month, with an average monthly price of 3.40 - 3.50 yuan per chick [45]. - **Culled - Hen Price and Quantity**: This week, the total culling volume of old hens in 19 representative markets in 10 key producing areas was 321,400, a 0.86% month - on - month decrease and an 18.32% year - on - year decrease. The culling sentiment of farmers has declined, and the overall culling volume has decreased slightly [48]. - **Culled - Hen Age**: This week, the average culling age of old hens was 492 days, a 0.20% month - on - month increase and an 8.04% year - on - year decrease. The available cullable hens are limited, and farmers mainly cull old hens with low egg - laying performance [51]. 3.4 Supply Side - The laying - hen inventory in February increased, and in March, the total inventory will remain high with a slight downward trend. The supply - side benefits are limited, and the spot market still faces great pressure to sell off inventory [12][38]. 3.5 Demand Side - **Sales Volume in Sales Areas**: The report provides relevant charts of the sales volume in the main sales areas and the national egg sales volume, but no specific analysis of the sales volume is provided. - **Substitute Prices**: The report provides relevant charts of the prices of substitute products such as white - striped chicken, pork, beef, and mutton, but no specific analysis of the substitute prices is provided. - **Seasonal Demand**: Egg prices show obvious seasonal characteristics. They usually reach the annual low around April, the first - half - year high at the end of May, the annual high from mid - to late September, and then decline and gradually stabilize from November to December [76]. 3.6 Cost and Profit - **Feed Price**: The egg cost is mainly affected by the prices of corn and soybean meal. The egg price, cost, and profit are generally positively correlated [82]. - **Laying - Hen Breeding Cost**: The feed cost accounts for about 80% of the total cost. The feed raw materials such as corn and soybean meal are relatively stable. The current egg price is close to the cost line, which provides bottom support for the egg price. It is expected that the egg feed cost in 2026 will decrease by 1% - 2% year - on - year [86]. - **Laying - Hen Breeding Profit**: This week, the cost per catty of eggs was 3.62 yuan, a 1.69% month - on - month increase and a 0.84% year - on - year increase. The profit was - 0.59 yuan per catty, a 3.51% month - on - month decrease and a 180.95% year - on - year decrease. The breeding cost per hen was 137.27 yuan, a 1.61% month - on - month increase and a 0.07% year - on - year increase. The breeding profit was - 6.92 yuan per hen, a 3.49% month - on - month increase and a 209.49% year - on - year decrease [93].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - It is expected that soybean and rapeseed meal will be mainly volatile and strong in the short term [5][8] - Factors supporting the price of US soybeans include a sharp rise in crude oil, potentially favorable biodiesel demand, and concerns about shipping disruptions [6] - Cargill has suspended some soybean exports due to changes in the Brazilian government's inspection system [6] - Some oil mills in Dongguan have announced shutdown plans, downstream feed enterprises' inventory has declined, and their willingness to replenish inventory is strong [6] - The market expects that China will strictly examine the phytosanitary certificates of Brazilian soybeans, resulting in a significant reduction in the arrival volume of imported soybeans from March to April compared with expectations [6] 3. Summary Based on Relevant Catalogs 3.1 Weekly Views and Strategies - Unilateral: It is recommended that the support level of soybean meal 2605 be 2900 - 3000 [8] - Arbitrage: Temporarily wait and see [8] - Outlook: Pay attention to the weather conditions in the South American soybean - producing areas, the arrival of imported soybeans, the domestic demand for soybean meal, and the volume of China's imported rapeseed and rapeseed meal [8] 3.2 Industrial Chain Structure - Futures and Spot Markets - Last week, soybean meal futures were volatile and strong [20] - The March USDA report was neutral. Argentina's soybean production forecast was lowered by 500,000 tons to 48 million tons, Brazil's soybean production forecast remained unchanged at 180 million tons, and the US soybean balance sheet remained basically unchanged [21] - The price difference between soybean and rapeseed meal was volatile and strong. Currently, the price difference is at a historical mid - level, and it is recommended to wait and see [26] 3.3 Supply Side - As of January 16, 2026, the US soybean crushing profit was $2.40 per bushel, a 13.21% increase from the previous week and a 2.44% decrease from the same period last year [47] - In December 2025, China imported 8.044 million tons of soybeans, a decrease of 63,000 tons from November and a 1.3% increase from December 2024. The cumulative import volume of soybeans in 2025 was 111.833 million tons, a 6.46% increase year - on - year [51] 3.4 Demand Side - Data on pig prices, pig - grain ratio, pig self - raising profit, pig外购 profit, white - feather broiler breeding profit, and laying hen breeding profit are presented through charts, but no specific analysis is provided in the text [69][73][79] 3.5 Inventory - As of March 6, the national port soybean inventory was 5.7267 million tons, a 4.03% decrease from the previous week and a 54.73% increase from the same period last year; the domestic oil mill soybean meal inventory was 760,500 tons, an 8.46% increase from the previous week and a 28.27% increase from the same period last year [84] - As of March 13, 2026, the physical inventory of soybean meal in national feed enterprises was 8.64 days, a decrease of 0.50 days from the previous period and a decrease of 1.34 days from the same period last year [88] - As of the 10th week of 2026, the total rapeseed meal inventory in major regions of the country was 398,400 tons, a decrease of 19,000 tons from the previous week [92]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The report predicts that the short - term trend of edible oils may be oscillating and slightly bullish, mainly influenced by the progress of biodiesel policies in various countries, the production and export of palm oil in Southeast Asia, the progress of China's rapeseed imports, and the price of crude oil [5][9] 3. Summary by Relevant Catalogs 3.1 Fundamental Viewpoints - **Soybean oil**: The US biodiesel policy may be finalized by the end of March. The market expects large refineries to make up a certain proportion of the biofuel blending exemption quota, and attention should be paid to the policy trend [5] - **Palm oil**: High - frequency data shows that from March 1 - 10, the export of Malaysian palm oil increased by 37.9% - 45.3% month - on - month, strongly supporting the price of edible oils. Indonesia is accelerating the road test of B50 biodiesel, and its progress needs to be monitored [5] - **Rapeseed oil**: The arrival volume of rapeseed from March to May will increase, and the domestic rapeseed oil inventory will increase in the later period [5] 3.2 Strategy Views and Outlook - **Unilateral trading**: It is recommended that the support level of palm oil 05 be referred to 9200 - 9300; for options, it is recommended to wait and see [7] - **Arbitrage**: It is recommended to wait and see [9] - **Outlook**: Attention should be paid to the biodiesel policies of various countries, the production and export of palm oil in Southeast Asia, the progress of China's rapeseed imports, and the price of crude oil. Overall, edible oils may be oscillating and slightly bullish in the short term [9] 3.3 Futures and Spot Markets - Last week, edible oils rose significantly, mainly affected by the increase in crude oil prices [19] - **Futures price differences between varieties**: The soybean - palm oil price difference and the rapeseed - palm oil price difference are oscillating weakly, and the rapeseed - soybean oil price difference is oscillating widely. It is recommended to wait and see [26] 3.4 Supply Side - **Malaysian palm oil monthly data**: According to the February MPOB report, the production of Malaysian palm oil in February decreased by 18.55% month - on - month, exports decreased by 22.46% month - on - month, and the ending inventory decreased by 3.94% to 2.704 million tons, higher than the market expectation of 2.63 million tons, and the de - stocking amplitude was less than expected [40] - **Domestic soybean and soybean oil imports, crushing volume, and inventory**: Data on China's soybean imports, crushing volume, port inventory, and soybean oil imports are presented through charts [42] - **Domestic rapeseed and rapeseed oil imports, crushing volume, and inventory**: Data on China's rapeseed imports, crushing volume, port inventory, and rapeseed oil imports are presented through charts [50] - **China's palm oil imports**: Data on China's palm oil imports are presented through charts [60] 3.5 Demand Side - Data on the trading volume of domestic rapeseed oil, three major edible oils, soybean oil, and palm oil are presented through charts [65] 3.6 Inventory - **Domestic edible oil inventory**: As of March 6, 2026, the national commercial inventory of soybean oil was 1.094 million tons, a decrease of 0.28 tons from the previous week, a decline of 0.26%, and an increase of 20,200 tons year - on - year, an increase of 1.88%. The commercial inventory of palm oil in key regions was 812,100 tons, an increase of 25,400 tons from the previous week, an increase of 3.23%, and an increase of 399,600 tons compared with 412,500 tons last year, an increase of 96.87%. The total inventory of rapeseed oil in major regions was 434,500 tons, a decrease of 14,000 tons from the previous week [75][79] 3.7 Disk Import Profit - As of March 13, 2026, the disk import profit of 24 - degree palm oil for the April shipment was - 134 yuan/ton [85]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Last week, platinum and palladium showed a weak and volatile trend. Uncertainties in the Middle East situation persist. With the strengthening of oil prices and the renewed upward movement of the US dollar index, precious metals were suppressed. Continued attention should be paid to changes in energy prices and interest rate cut expectations, and market sentiment is expected to fluctuate. [8][9] - Fundamentally, the global platinum market has been in short supply for two consecutive years. The supply of platinum has shrunk, and industrial demand has increased. The relatively low price has stabilized the demand for jewelry and investment, highlighting the supply - demand contradiction. It is expected that the supply - demand gap for platinum will persist in the coming years, so the long - term fundamentals of platinum are optimistic. [9] - For palladium, automotive demand dominates. Due to the sharp increase in the penetration rate of new energy vehicles in China, the incremental demand for palladium is restricted, and it is difficult to see an improvement in the short term. Therefore, the fundamental support for palladium is limited, and its trend is affected by the linkage with platinum and the macro - environment. Overall, without significant changes in fundamentals, it may move in tandem with the precious metals market. [9] - Operationally, it is recommended to buy on dips in the medium term. For options, a double - buy strategy is suggested. [9] 3. Summary by Directory 3.1 Weekly Views and Strategies - **Platinum and Palladium Trends**: Last Friday, platinum and palladium showed a weak and volatile trend. The main platinum contract closed down 3.72% at 541.6, and the main palladium contract closed down 2.43% at 408.1. The closing prices of overseas spot platinum and palladium on Saturday morning were 2022.3 and 1551 respectively. The weekly declines of domestic platinum and palladium were 3.37% and 3.18% respectively. [8] - **Macroeconomic Situation**: In February, the US manufacturing PMI was 52.4, higher than the expected 51.8, with the previous value at 52.6, indicating continuous expansion for the second month. In terms of employment, the number of non - farm payrolls decreased by 92,000 in February, significantly lower than expected, and the unemployment rate rose to 4.4%, higher than the expected 4.3%. The weak employment data kept market hopes for a Fed rate cut alive. The inflation data in February generally met market expectations, but the rise in oil prices increased inflation concerns, replacing rate - cut expectations with rate - hike expectations. The Fed is expected to keep interest rates unchanged at its meeting on March 18, but rate hikes may be back on the agenda after the oil price surge. [8] - **News**: The US - Iran conflict has entered its third week. Since March 1st, only 77 ships have passed through the Strait of Hormuz. Affected by frequent ship - attack incidents, oil prices have soared to around $100. The market is shifting from pricing short - term conflicts to long - term Middle East wars, and inflation expectations are rising rapidly. The US dollar index has returned to 100, and US bond yields have exceeded the 2026 high. Attention should be paid to whether the inflation caused by rising oil prices will lead to US rate hikes. [8] - **Fundamentals**: In 2026, the supply and demand of platinum and palladium are expected to diverge significantly. Platinum supply is continuously restricted, with South Africa accounting for over 70% of global production. Its demand structure is diverse, with automotive exhaust catalysts accounting for about 40%, and the rest from investment, jewelry, and industrial sectors. With the rise in platinum prices, investment demand has increased significantly, and emerging fields such as the hydrogen energy industry and commercial aerospace have opened up long - term growth prospects. It is expected that the supply - demand gap for platinum will continue and may widen in 2026. Palladium's terminal demand is highly dependent on automotive exhaust catalysts, accounting for over 80%. Affected by the acceleration of new energy vehicle penetration and the substitution trend of platinum, the growth of palladium demand lacks potential. Although there is still a short - term supply gap, it is expected to narrow significantly in 2026, with limited fundamental support. [8] 3.2 Futures and Spot Markets - The report presents the price trends of platinum and palladium in NYMEX futures, London spot, Guangzhou Futures Exchange futures, and Shanghai Gold Exchange through multiple charts, including price ranges and data sources. [12][16][20][24] 3.3 US Economy - The report shows the trends of US GDP, PMI (including manufacturing and service sectors), non - farm payrolls, and unemployment rate through charts, reflecting the overall economic situation of the United States. [31][32] 3.4 Inflation - The report shows the trends of US CPI, PCE, core CPI, and core PCE through charts, reflecting the inflation situation in the United States. [39][40] 3.5 Interest Rates - The report shows the trends of US short - term and medium - long - term bond yields and real interest rates through charts, reflecting the interest rate situation in the United States. [48][50] 3.6 Fundamentals - **Platinum**: The global platinum supply - demand balance sheet from 2013 to 2026f is presented, including supply (from different regions, recycling, etc.) and demand (automotive, jewelry, IT, etc.) data, showing the supply - demand gap and inventory changes over the years. [54] - **Palladium**: The global palladium supply - demand balance sheet from 2009 to 2025 is presented, including supply (first - stage and second - stage supply) and demand (automotive, chemical, dental, etc.) data, showing the supply - demand gap over the years. [55] 3.7 Futures Positioning - The report shows the non - commercial net long positions and total positions of NYMEX platinum and palladium futures through charts, reflecting the market's positioning situation. [56][59][60] 3.8 Passenger Car Sales - The report shows the retail and wholesale data of the Chinese passenger car market and their year - on - year changes through charts, reflecting the sales situation of the passenger car market. [62][63][64] 3.9 US Dollar Index and Exchange Rates - **US Dollar Index**: The trend of the US dollar index is presented. [69][70] - **Exchange Rates**: The exchange rate trends of the US dollar against the Chinese yuan, British pound, Canadian dollar, euro, and Japanese yen are presented. [72][77][79] 3.10 Platinum and Palladium Price Differences between Domestic and Overseas Markets - The report shows the price trends of domestic and overseas platinum spot and the price differences between them through charts. [86][87][89] 3.11 Platinum - Palladium Price Ratio - The report shows the platinum - palladium price ratio in NYMEX and LPPM through charts. [94][95]

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 silver market is affected by multiple factors. The recent trend of precious metals is strongly negatively correlated with crude oil and the US dollar index. Due to the continuous tension in the Middle - East situation, energy prices are strong, and the inflation expectation in March has increased, which reduces the expectation of interest rate cuts. The US dollar index has returned to the 100 mark, suppressing precious metals. The silver main contract oscillated weakly last week. In the future, attention should be paid to energy prices, interest - rate cut expectations, the delivery data of COMEX silver in March, geopolitical risks, global liquidity, and the trend of the US dollar index. The long - term financial and monetary attributes of silver still exist [8][10]. - The operation strategy is to hold the remaining long positions in the medium - term and adopt the double - buying strategy for options [10]. 3. Summary According to Relevant Catalogs 3.1 Weekly Views and Strategies 3.1.1 Weekly Views - **Silver Trend**: The recent trend of precious metals is strongly negatively correlated with crude oil and the US dollar index. Affected by the continuous tension in the Middle - East situation, energy prices are strong, with the crude oil price closing at $99.3 per barrel. The inflation expectation in March has increased, reducing the expectation of interest rate cuts. The US dollar index has returned to the 100 mark, suppressing precious metals. As of last Friday's close, the weekly decline of Shanghai silver was 3.8%; as of the early morning of March 14, London silver closed at 80.58, with a weekly decline of 4.6% [8]. - **US Economy**: The US manufacturing PMI in February was 52.4, higher than the expected value of 51.8 and the previous value of 52.6, with the manufacturing PMI remaining in the expansion range for the second consecutive month. In terms of employment, the US Department of Labor data showed that the non - farm payrolls in February decreased by 92,000, far lower than the expected value, and the unemployment rate rose to 4.4%, higher than the expected 4.3%. The weak US employment data still keeps the market's hope for the Fed to cut interest rates [8]. - **Inflation**: The US inflation data in February generally met market expectations. The US CPI in February increased by 2.4% year - on - year, in line with expectations and the previous value. The core CPI increased by 2.5% year - on - year, also in line with expectations and the previous value. However, the rise in crude oil prices further intensifies inflation concerns, and the market continues to postpone the time point of the Fed's interest - rate cuts. The Fed will hold a meeting on March 18, and the market generally expects the interest rate to remain unchanged [8]. - **Interest Rate**: Last week, both the US dollar index and the US Treasury bond yield increased. The US dollar index returned to the 100 mark, putting pressure on precious metals such as gold and silver [8]. - **Supply and Demand**: According to the World Silver Association, the silver market has been in a supply shortage for the fifth consecutive year, and the shortage is expected to continue in 2026, with a possible gap of 67 million ounces. In terms of physical investment demand for silver, as of March 13, 2026, the holdings of the world's largest silver ETF - SLV were 15,460 tons, a month - on - month decrease of 1.91%. In terms of inventory, after the US temporarily exempted silver and other precious metals from additional tariffs, the COMEX silver inventory flowed out significantly, mostly to the London spot market; the silver inventories of the Shanghai Futures Exchange and the Shanghai Gold Exchange in China are still decreasing and are at historically low levels [8]. - **Price Spread**: Last week, the price spread between domestic and foreign silver futures widened from 2,956 to 3,025; the London spot gold - silver ratio was reported at 62.27 [8]. 3.1.2 Strategies - Hold the remaining long positions in the medium - term; for options, use the double - buying strategy [10]. 3.2 Spot and Futures Markets - There are trend charts of COMEX silver futures, London silver spot, Shanghai Futures Exchange silver futures, and Shanghai Gold Exchange silver, but no specific text analysis is provided [13][17]. 3.3 US Economy - There are charts of US GDP, PMI, new non - farm payrolls, and unemployment rate, but no specific text analysis is provided [25][26]. 3.4 Inflation - There are charts of US CPI/PCE and core CPI/PCE, but no specific text analysis is provided [33][34][35]. 3.5 Interest Rate - There are charts of US Treasury bond yields (short - term and medium - long - term) and real interest rates, but no specific text analysis is provided [42][44]. 3.6 Fundamentals - **Supply and Demand Balance**: The silver market has been in a supply shortage for the fifth consecutive year, and the shortage is expected to continue in 2026, with a possible gap of 67 million ounces. The global silver supply and demand balance table shows the changes in supply and demand from 2016 to 2025F [8][48]. - **Silver Demand**: There is a chart of silver ETF holdings, but no specific text analysis is provided [49][50]. - **Silver Inventory**: There are charts of COMEX silver inventory, LBMA silver inventory, Shanghai Futures Exchange silver inventory, and Shanghai Gold Exchange silver inventory, but no specific text analysis is provided [52][55]. 3.7 US Dollar Index and Exchange Rate - **US Dollar Index**: There is a chart of the US dollar index, but no specific text analysis is provided [61][62]. - **Renminbi Exchange Rate**: There is a chart of the US dollar against the renminbi (CFETS spot exchange rate), but no specific text analysis is provided [64][65]. - **Other Exchange Rates**: There are charts of the British pound against the US dollar, the US dollar against the Canadian dollar, the euro against the US dollar, and the US dollar against the Japanese yen, but no specific text analysis is provided [69][71]. 3.8 Silver Domestic - Foreign Price Spread - There are charts of the domestic - foreign silver futures trend and the domestic - foreign silver price spread, but no specific text analysis is provided [78][79]. 3.9 Silver Basis - There are charts of the domestic and foreign silver basis, but no specific text analysis is provided [86][88]. 3.10 Gold - Silver Ratio - There is a chart of the gold - silver ratio, but no specific text analysis is provided [91][92].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The polyolefin market is affected by the unstable Middle - East situation, with a significant increase in crude oil prices. The production profit of polyolefins is poor, and the cost - side drive is strong. Although there is a large new production capacity in recent years and the production capacity is abundant, imports are affected, and raw material supply is short, leading some producers to reduce production preventively, thus alleviating the supply pressure. After the holiday, the downstream start - up rate gradually increases, and demand recovers. In the medium term, the pressure of new production capacity is still high, and the pattern of supply exceeding demand remains unchanged. In the short - term, due to blocked imports and defensive load - reduction, the producer's operating rate decreases, supply tightens, and with the sharp increase in the prices of crude oil, LPG, and methanol, polyolefin prices may run strongly at a high level [10]. - For the PP single - side strategy, considering the large new PP production capacity and weak downstream demand, the medium - to - long - term trend of PP is relatively weak. However, due to the unstable Middle - East situation and the sharp increase in crude oil prices, the short - term PP price is strong. It is recommended to hold short positions on PP (temporarily on the sidelines) [13]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals - **Inventory**: The expected inventory of Chinese polyethylene producers is about 590,000 tons, and the inventory is expected to rise. The expected commercial inventory of polypropylene is about 890,000 tons, which is lower than the current period [9]. - **Supply**: This week, due to the planned maintenance of new devices such as Jilin Petrochemical, Zhong'an United, Lanzhou Petrochemical, and Guangdong Petrochemical, and the non - restart of previously maintained devices, the expected total production in the next period is 662,800 tons, a decrease of 20,500 tons compared with the current total production. The capacity utilization rate of polypropylene is likely to decline [9]. - **Demand**: This week, with the concentrated release of demands such as spring plowing and preparation, grain packaging, and logistics express, the downstream start - up rates of PP and PE have increased [9]. - **Industrial Chain Profits**: The losses of oil - based PE and PP profits have expanded, the profits of ethylene - based PE and propylene - based PP are in the red, and the losses of PDH - based PP have also increased, indicating cost - side support [9]. 3.2 Futures and Options Strategies - Hold long positions with a light position [10]. 3.3 PP Single - Side Strategy - Strategy: Short PP (temporarily on the sidelines). As of March 5th, the price has risen significantly to 7,458 yuan/ton. The logic is that the new PP production capacity is large and downstream demand is weak, so the medium - to - long - term trend of PP is relatively weak. However, due to the unstable Middle - East situation and the sharp increase in crude oil prices, the short - term PP price is strong. It is recommended to wait and see [13]. 3.4 Industrial Chain Structure - The report presents the industrial chain structures of polyethylene and polypropylene, but no specific analysis content is provided [16][19] 3.5 Spot and Futures Markets - The report shows the price trends of L2505 and PP2505 contracts, as well as the basis trends of PE and PP [26][31] 3.6 Industrial Chain Profit Situation - The report shows the production profit trends of PE and PP, including oil - based, ethylene - based, propylene - based, PDH - based, and coal - based production profits, as well as import and export profits [34][41][46] 3.7 Inventory - The report shows the inventory trends of PE and PP, including producer inventory, trader inventory, port inventory, and coal - based inventory [55][61] 3.8 Supply Side - **PE Production**: The report shows the weekly production, start - up rate, and maintenance loss volume of PE, as well as the import volume. The plastic production capacity has maintained high - speed growth in the past five years, with an average annual growth rate of 12%. In 2025, the new production capacity was 5.43 million tons, and the production capacity base increased to 41.14 million tons, a year - on - year increase of 15.2%. In 2026, the planned production capacity of PE is 9.24 million tons, a year - on - year increase of 22.45%, but considering the poor production profit, the actual production volume may be about half [71][86][91] - **PP Production**: The report shows the weekly production, start - up rate, and maintenance loss volume of PP, as well as the import volume. PP production capacity has maintained high - speed growth in the past five years, with an average annual growth rate of 11%. In 2025, China's PP production capacity was about 4.555 million tons, and the production capacity base increased to 49.165 million tons, an increase of 10.2% compared with 2024. In 2026, the planned production capacity of PP is 9.9 million tons, a year - on - year increase of 20.1%, but considering the poor production profit, the actual production volume may be about half [79][86][97] 3.9 Demand Side - **Downstream Start - up Rate**: The report shows the downstream start - up rates of PE and PP, including the start - up rates of various sub - industries such as agricultural film, packaging film, blow - molding, PE pipes, plastic weaving, BOPP, injection molding, and PP pipes [107][112][117] - **Export Volume**: The report shows the export volume trends of PE and PP [126] - **Plastic Products**: The report shows the production volume of plastic products, the inventory of the rubber and plastic products industry, the year - on - year growth rate of monthly production of automobiles and home appliances, the export volume of home appliances, the domestic automobile production volume, and the Chinese automobile export volume [129][130][135]

Report Industry Investment Rating - Not provided in the given report Core Viewpoints - Last week, the expectation of the Fed's interest rate cut cooled down, the US dollar index was strong, precious metals adjusted weakly, and platinum and palladium suffered a significant pullback. The soaring energy prices and the rise of crude oil prices above $90 per barrel had a siphon effect on speculative funds, significantly amplifying the price fluctuations of platinum and palladium. However, there are still uncontrollable geopolitical risks, and positive factors remain. [8][9] - Fundamentally, the global platinum market has been in short supply for two consecutive years. The shrinking supply, rising industrial demand, and relatively low prices have stabilized the demand for jewelry and investment, highlighting the supply - demand contradiction. It is expected that the supply - demand gap of platinum will still exist in the next few years, so the long - term fundamentals of platinum are optimistic. [9] - For palladium, automobile demand dominates. Due to the sharp increase in the penetration rate of new energy vehicles in China, the incremental demand for palladium is suppressed, and it is difficult to see improvement in the short term. Therefore, the fundamental support for palladium is limited, and its trend is affected by the linkage with platinum and the macro - environment. Overall, without significant changes in fundamentals, it may move in sync with the trend of precious metals. [9] - In terms of strategies, it is recommended to buy on dips in the medium term, and short - term fluctuations are large. For options, a double - buying strategy is suggested for reference. [9] Summary by Directory 1. Weekly Views and Strategies - **Platinum and Palladium Trends**: Last Friday, the main platinum and palladium contracts fell under pressure. The main platinum contract closed down 1.2% at 560.5, and the main palladium contract closed down 1.79% at 421.5. The expectation of the Fed's interest rate cut cooled down last week, the US dollar index was strong, precious metals adjusted weakly, and platinum and palladium fell under pressure. The spot platinum in the outer market closed at 2164.1 early on Saturday, and the spot palladium closed at 1622.6. The weekly declines of domestic platinum and palladium were 10.14% and 9.33% respectively. [8] - **Macroeconomic Situation**: The US manufacturing PMI in February was 52.4, higher than the expected 51.8 and the previous value of 52.6, with the manufacturing PMI remaining in an expansionary range for the second consecutive month. In terms of employment, the US non - farm payrolls in February decreased by 92,000, significantly lower than expected, and the unemployment rate rose to 4.4%, higher than the expected 4.3%. The weak US employment data still keeps the market's hope for the Fed's interest rate cut. However, the rise in crude oil prices further intensifies inflation concerns, and the market continues to postpone the expected time of the Fed's interest rate cut. The Fed will hold a meeting on March 18, and the market generally expects the interest rate to remain unchanged. According to the CME FedWatch tool, the first interest rate cut is expected to be in July. [8] - **News**: On February 28, the US and Israel launched a large - scale air strike on Iran, killing Iran's supreme leader and many senior military and political officials. Iran then counterattacked the US military bases in the Gulf and Israel, and some Middle Eastern countries were affected. The traffic volume in the Strait of Hormuz plummeted, and the Iranian Self - Defense Forces reiterated the closure of the strait and claimed "full control." Energy prices soared, and the crude oil price rose above $90 per barrel, having a siphon effect on speculative funds and significantly amplifying the price fluctuations of platinum and palladium. [8] - **Fundamentals**: In 2026, the supply and demand of platinum and palladium are expected to show obvious differentiation. Platinum supply is continuously restricted, with South Africa accounting for over 70% of global production. Its demand structure is diversified, with automobile exhaust catalysts accounting for only about 40%, and the rest coming from investment, jewelry, and industrial fields. Against the background of rising platinum prices, investment demand has increased significantly, and emerging fields such as the hydrogen energy industry and commercial aerospace have opened up long - term growth space. It is expected that the supply - demand gap of platinum will continue in 2026 and may further widen. Palladium's terminal demand is highly dependent on automobile exhaust catalysts, accounting for over 80%. Suppressed by the accelerated penetration of new energy vehicles and the substitution trend of platinum, the growth of palladium demand lacks imagination. Although there is still a supply gap in the short term, it is expected that the gap will narrow significantly in 2026, and the fundamental support is relatively limited. [8] 2. Futures and Spot Markets - Multiple charts are provided, including the futures and spot price trends of platinum and palladium in NYMEX, London, Guangzhou Futures Exchange, and Shanghai Gold Exchange, showing the price trends of platinum and palladium in different markets. [13][17][21][25] 3. US Economy - Multiple charts are provided, including the trends of US GDP, PMI, non - farm payrolls, and unemployment rate, reflecting the overall economic situation of the United States. [31][32] 4. Inflation - Charts of US CPI/PCE and core CPI/PCE are provided, showing the inflation situation in the United States. [38] 5. Interest Rates - Charts of US Treasury bond yields (short - term and medium - long - term) and real interest rates are provided, reflecting the interest rate situation in the United States. [47][48] 6. Fundamentals - **Platinum**: The global platinum supply - demand balance sheet from 2013 to 2026f is provided, showing the supply and demand situation of platinum in different regions and application fields, and it is expected that the supply - demand gap will continue in 2026. [53] - **Palladium**: The global palladium supply - demand balance sheet from 2009 to 2025 is provided, showing the supply and demand situation of palladium in different regions and application fields, and it is expected that the supply - demand gap will narrow significantly in 2026. [54] 7. Futures Positioning - Charts of the futures position of platinum and palladium in the outer market are provided, including non - commercial net long positions and total positions, reflecting the market's trading sentiment towards platinum and palladium. [55] 8. Passenger Car Sales - Charts of China's passenger car market retail and wholesale data are provided, showing the sales situation of the passenger car market. [62] 9. US Dollar Index and Exchange Rates - Charts of the US dollar index, US dollar - RMB exchange rate, euro - US dollar exchange rate, US dollar - Japanese yen exchange rate, British pound - US dollar exchange rate, and US dollar - Canadian dollar exchange rate are provided, reflecting the exchange rate situation. [68][71][74][76] 10. Platinum and Palladium Price Differences between Domestic and Foreign Markets - Charts of the spot price trends and price differences of platinum between domestic and foreign markets are provided, showing the price differences of platinum in different markets. [85] 11. Platinum - Palladium Ratio - A chart of the platinum - palladium ratio is provided, showing the price ratio relationship between platinum and palladium. [94]