Maike 迈科期货 2026年03月26日9:00 | 2.数据来源：iFinD、Wind、钢联数据。带"报价为周更数据;带"报价现货与基准交割品有差别。 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ※有色金属期货价格为结算价,其他期货价格为收盘价。 1.基差率为主力合约基差率，计算公式：主力基差率=（现货价格-主力合约价格）/主力合约价格。基差率历史最值计算的样本为2015年1月1日至今, | 备注: | | | | | | | | | | | | | 名称 主力基差率 | | 交易代码 | | 较昨日増减 | 当月甚差 | 次月基差 | 再次月基差 | 当月合约 | 次月合约 | 再次月合约 | 现货价格 | 现货价格来源 | | 铜 | | CU | 0.42% | 1.00% | 210 | 400 | 260 | 95380 | 95190 | 95330 | 06556 | SMM 1#电解铜 | | 铝 | | AL | - ...

www.mkqh.com 近端供应担忧缓解，粕类震荡 回调 投研服务中心 2026.3.27 @2019 Maike Futures 豆粕 近端供应担忧缓解，豆粕震荡回调 近端供应担忧缓解，豆粕震荡回调 - 国际方面： 中美会谈推迟，美豆出口需求存疑，上周CBOT大豆震荡回调。美豆若未能大规模进入中国市场，大 豆进口需求仍将落在巴西，巴西大豆CNF报价走高，弥补美豆跌幅。能源市场仍为大豆市场定价的关 键变量，美豆油需求预计仍将支撑CBOT大豆价格。 - 国内供需： 中国放宽巴西大豆中杂草含量的相关规定，进口大豆到港清关问题将解决，豆粕5-9价差回落。进口 大豆近月采购完成，远月采购陆续展开。油厂开机偏高。饲企对高价持观望心态，小幅补库，但建库 积极性有限。 - 结论及观点： 能源市场仍为大豆市场定价的关键变量，进口大豆成本跟随波动，存在支撑。巴西大豆清关问题解决， 盘面震荡回调。豆粕05合约测试支撑MA20。中长期需关注两大潜在风险：一是地缘局势缓和带来的 成本支撑松动；二是巴西大豆集中到港带来的季节性供应压力。 3 USDA3月供需报告未作大幅改动，南美大豆丰产预期维持 | | | | | | 全球和主要国 ...

TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE www.mkqh.com 迈科期货基差统计表 Maike 迈科期货 100% | 暴走势 80% 60% 40% 20% 0% -20% | -40% | | | --- | --- | | -60% | | | -80% | | | -100% | | | LP | 嘉義縣井德局常縣營業區營業區營業貸款貸款貸款貸款貸款貸款貸款貸款貸款貸款貸款貸款貸款貸款貸款 | | 投资咨询业务资格: 陕证监许可[2015]17号 | | | 邓宏 从业资格号F0247191 投资咨询号Z0001295 | | 备注: 1.基差率为主力合约基差率，计算公式: 主力基差率=（现货价格-主力合约价格）/主力合约价格。基差率历史最值计算的样本为2015年1月1日至今, 2.数据来源：iFinD、Wind、钢联数据。带*报价为周更数据;带**报价现货与基准交割品有差别 | 名称 交易代码 主力基差率 较昨日増减 当月基差 次月基差 | | 录自导科 | | 次月合约 再次月合约 现货价格 现货价格来源 | | | | | | | | ...

www.mkqh.com 地缘冲突升级，油脂跟随上涨 投研服务中心 2026.3.9 @2026 Maike Futures 核心观点 3 - 风险因素：宏观风险，贸易摩擦，产区天气，产地政策等。 2 - 受原油大幅上涨影响，美国豆油生柴掺混利润和棕榈油生柴掺混利润明显好转，油脂生柴端需 求预期增加，地缘带来的海运费增加，也抬升了油脂成本，油脂整体易涨难跌。棕榈油方面， 马棕2月或将继续减产去库，高基数下库存或持续维持偏高水平，国内棕榈油延期到港后存在阶 段性累库压力，不过印度对于棕榈油进口较多，以及生柴掺混利润增加利于棕榈油需求。豆油 方面，一方面受美国生柴政策预期向好支撑，以及地缘带动油脂整体上涨，另一方面国内豆油 供应充足，需求疲软，使得盘面呈现外强内弱，市场处于强预期与弱现实的博弈。短期在加菜 籽没有大量到港前，菜油维持中性略偏低的库存水平，以及中东地缘战争持续，迪拜菜运输中 断等均对菜油价格起到一定的推动作用，菜油或将继续震荡向上，后期若中东战争有所弱化， 以及加菜籽在4月逐渐大量到港，菜油上涨压力也将凸显。 - 结论：短期油脂以阶段性看多为主，主力参考豆油8500-8800，棕榈油9600-990 ...

玻璃核心观点 投研服务中心 -- 符佳敏 2026.03.16 Maike 迈科期货 @2019 Maike Futures www.mkqh.com 地缘冲突扰动较大，玻璃纯碱库存高位 TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE - 近日玻璃盘面走高，主要跟随能源价格变化，自身基本面权重降低。 美以伊冲突带动能源价格上行，带动玻璃成本有走高预期。 - 目前玻璃点火和冷修预期并存,现货价格对其影响较大,价格走低冷 修预期将增加,价格走强点火预期将增加。上周玻璃期现走高,带动 投机需求升温，中下游库存上升，玻璃厂库存去化。当前中上游库存 均处高位水平,这将对盘面有较强利空影响。后续重点关注需求恢复 能否带动中上游库存去化。 - 结论及观点：当前能源价格变动对玻璃盘面影响较大，考虑到中上游 库存高位对盘面驱动向下，玻璃观望为宜。玻璃指数运行区间参考 1100-1180。 - 关注事件: 下游需求、玻璃厂库存、玻璃现货价格。 纯碱核心观点 - 结论及观点：受能源成本上行影响，纯碱跟随反弹，但供需宽松格局 下,维持偏空思路对待。短线观望为宜,中长线关注逢高偏空思路 ...

Maike 迈科期货 ※有色金属期货价格为结算价,其他期货价格为收盘价。 基差率历史最值计算的样本为2015年1月1日至今。 1.基差率为主力合约基差率,计算公式:主力基差率=(现货价格-主力合约价格) /主力合约价格。 2.数据来源：iFinD、Wind、钢联数据。带*报价为周更数据;带**报价现货与基准交割品有差别 | | 名称 | 交易代码 | 主力基差率 | 较昨日増減 | 当月基差 | 次月基差 | 再次月基差 | 录自合组 | 次月合约 | 再次月合约 | 现货价格 | 现货价格来源 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 铜 | CU | -0.43% | -0.35% | -430 | -540 | -680 | 99610 | 99720 | 09866 | 99180 | SMM 1#电解铜 | | | 铝 | AL | -1.20% | -0.90% | -195 | -300 | -350 | 24985 | 06052 | 25140 | 24790 | ...

2026年03月20日9:00 ※有色金属期货价格为结算价,其他期货价格为收盘价。 Maike 迈科期货 TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE www.mkqh.com 迈科期货基差统计表 | 次月基差 | 主力基差率 | 当月基差 | 再次月合约 | 现货价格 | 名称 | 较昨日増減 | 次月合约 | 再次月基差 | 录自合公 | 交易代码 | 现货价格来源 | SMM 1#电解铜 | 铜 | CU | -0.18% | -0.29% | -82 | 02850 | 95790 | 95700 | 95615 | -532 | -175 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 铝 | AL | -90 | રેર | -60 | -0.24% | 1.06% | 24455 ...

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - There is no clear core view presented in the provided content. The document mainly shows the Maike Futures basis statistics table, including the basis rate, spot price, and contract price of various futures products. 3. Summary According to the Catalog 3.1 Metals - **Copper**: The spot price of SMM 1 electrolytic copper is 100,860, with a主力基差率 of -0.19% and a change of -0.19% compared to the previous day [3]. - **Aluminum**: The spot price of SMM A00 aluminum is 25,410, with a主力基差率 of 0.24% [3]. - **Zinc**: The spot price of SMM 0 zinc is 24,285, with a主力基差率 of 0.64% [3]. - **Lead**: The spot price of SMM 1 lead ingot is 16,655, with a主力基差率 of -0.93% [3]. - **Tin**: The spot price of SMM 1 tin is 392,650, with a主力基差率 of 0.61% [3]. - **Nickel**: The spot price of SMM 1 electrolytic nickel is 140,950, with a主力基差率 of 0.22% [3]. - **Industrial Silicon**: The spot price of SMM East China oxygen - passing 553 silicon brick is 8,682, with a主力基差率 of 5.93% [3]. - **Lithium Carbonate**: The spot price of steel - linked high - quality battery - grade lithium carbonate is 158,250, with a主力基差率 of 1.63% [3]. - **Gold**: The spot price of AuT + D (Shanghai Gold Exchange) is 1,151.52, with a主力基差率 of -5.26 [3]. - **Silver**: The spot price of Ag(T + D) (Shanghai Gold Exchange) is 22,062, with a主力基差率 of -0.96% [3]. 3.2 Black Industry - **Steel Products** - **Rebar**: The spot price of HRB400 20mm in Shanghai is 3,230, with a主力基差率 of 3.53% [3]. - **Hot - Rolled Coil**: The spot price of Q235B 4.75mm in Shanghai is 3,275, with a主力基差率 of 1.04% [3]. - **Iron Ore**: The spot price of PB powder 61% in Qingdao is 821.5, with a主力基差率 of 3.26% [3]. - **Coke**: The spot price of quasi - first - grade metallurgical coke is 1,896.0, with a主力基差率 of -7.66% [3]. - **Coking Coal**: The spot price of main coking coal (Jixian, Mongolia 5) is 1,466.0, with a主力基差率 of 2.99% [3]. - **Power Coal**: The spot price of Shanxi Q500 at Qinhuangdao Port is 801.4, with a主力基差率 of -7.31% [3]. - **Silicon Iron**: The spot price of FeSi75 - B in Inner Mongolia is 6,002, with a主力基差率 of -7.3% [3]. - **Manganese Silicon**: The spot price of FeMn68Si18 in Hebei is 5,920, with a主力基差率 of -0.72% [3]. - **Stainless Steel**: The spot price of 304/2B 2.0*1219 from Angang Lianzhong in Wuxi is 14,495, with a主力基差率 of -0.50% [3]. 3.3 Agricultural Products - **Grains and Oils** - **Soybean**: The spot price of domestic first - grade soybean in Harbin is 4,862, with a主力基差率 of -9.26% [3]. - **Soybean Meal**: The spot price of ordinary protein soybean meal in Zhangjiagang is 3,078, with a主力基差率 of 7.07% [3]. - **Rapeseed Meal**: The spot price of ordinary rapeseed meal in Nantong is 2,470, with a主力基差率 of 4.74% [3]. - **Soybean Oil**: The spot price of first - grade soybean oil in Zhangjiagang is 9,000, with a主力基差率 of 1.00% [3]. - **Rapeseed Oil**: The spot price of rapeseed oil in Jiangsu is 10,440, with a主力基差率 of 6.87% [3]. - **Peanut**: The spot price of Baisha peanuts (45% oil content, 9% water content) in Changtu is 9,200, with a主力基差率 of 13.66% [3]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong is 9,780, with a主力基差率 of 0.99% [3]. - **Other Agricultural Products** - **Corn**: The spot price of national - standard first - grade corn at Qishenquan Port is 2,405, with a主力基差率 of 0.38% [3]. - **Corn Starch**: The spot price of corn starch at the factory in Changchun is 2,734, with a主力基差率 of 0.91% [3]. - **Apple**: The spot price of red Fuji apples in Yantai Qixia and Shaanxi Luochuan is 8,530, with a主力基差率 of 1.87% [3]. - **Egg**: The spot price of eggs in Hebei Cangzhou is 3,861, with a主力基差率 of -0.48% [3]. - **Pig**: The spot price of external ternary pigs in Henan is 13,790, with a主力基差率 of -9.0% [3]. - **Cotton**: The spot price of cotton price index 328 in Xinjiang is 16,848, with a主力基差率 of 8.38% [3]. - **Sugar**: The spot price of white sugar in Liuzhou is 5,480, with a主力基差率 of 1.18% [3]. 3.4 Energy and Chemicals - **Methanol**: The spot price of methanol in East China is 2,850, with a主力基差率 of 4.55% [3]. - **Ethanol**: The spot price of ethanol in East China is 4,560, with a主力基差率 of -2.00% [3]. - **PTA**: The spot price of PTA in East China is 6,606, with a主力基差率 of 0.74% [3]. - **Polypropylene**: The spot price of Hangzhou Shaoxing Sanyuan T30S is 8,950, with a主力基差率 of 2.88% [3]. - **Ethylene Benzene**: The spot price of ethylene benzene in East China is 10,350, with a主力基差率 of 3.46% [3]. - **Short - Fiber**: The spot price of Shangfangxiang semi - bright natural white 1.56*38mm short - fiber is 8,070, with a主力基差率 of 0.52% [3]. - **Plastic**: The spot price of Yuyao Zhejiang Petrochemical 7042 is 8,650, with a主力基差率 of 4.46% [3]. - **PVC**: The spot price of East China SG - 5 Xinjiang Zhongtai mainstream is 5,633, with a主力基差率 of 5.40% [3]. - **Rubber**: The spot price of Thai - produced rubber at Qingdao Bonded Area is 17,685, with a主力基差率 of 1.61% [3]. - **20 - Number Rubber**: The spot price of Thai 20 standard rubber at Qingdao Bonded Area is 14,155, with a主力基差率 of 0.62% [3]. - **Soda Ash**: The spot price of heavy - quality soda ash in Shahe is 1,363, with a主力基差率 of -1.99% [3]. - **Urea**: The spot price of small - particle urea in Henan is 1,890, with a主力基差率 of -0.80% [3]. - **Paper Pulp**: The spot price of bleached softwood pulp (Silver Star, Chile) is 5,313, with a主力基差率 of 0.25% [3]. - **Crude Oil**: The spot price of Chinese Shengli crude oil in the Pacific Rim is 658.7, with a主力基差率 of -7.26% [3]. - **Fuel Oil**: The spot price of bonded marine fuel oil 380CST in Zhoushan is 3,879, with a主力基差率 of -3.88% [3]. - **Asphalt**: The spot price of heavy - traffic asphalt in Shandong is 4,000, with a主力基差率 of 2.67% [3]. - **Low - Sulfur Fuel Oil**: The spot price of 0.5% low - sulfur marine fuel oil in Singapore is 4,445, with a主力基差率 of 1195% [3]. - **LPG**: The spot price of LPG in Guangzhou is 6,098, with a主力基差率 of -3.85% [3]. 3.5 Stock Index Futures - **CSI 300**: The spot price is 4,687.6, with a主力基差率 of 0.25% [3]. - **SSE 50**: The spot price is 2,966.4, with a主力基差率 of 0.17% [3]. - **CSI 500**: The spot price is 8,359.5, with a主力基差率 of 0.70% [3].

Report Summary 1. Industry Investment Rating No information provided. 2. Core View No information provided. 3. Summary by Category Metals - Copper (CU): The spot price is 101,560, with a main contract basis rate of 0.14% and a change of 1.04% from the previous day. The current month basis is 145, and the spot price source is SMM 1 electrolytic copper [3]. - Aluminum (AL): The spot price is 25,120, with a main contract basis rate of -0.16% and a change of -0.80% from the previous day. The current month basis is -40, and the spot price source is SMM A00 aluminum [3]. - Zinc (ZN): The spot price is 24,710, with a main contract basis rate of 0.26% and a change of 0.89% from the previous day. The current month basis is 5, and the spot price source is SMM 0 zinc ingot [3]. - Lead (PB): The spot price is 16,625, with a main contract basis rate of -1.16% and a change of 0.79% from the previous day. The current month basis is -195, and the spot price source is SMM 1 lead ingot [3]. - Tin (SN): The spot price is 406,850, with a main contract basis rate of 1.59% and a change of 5.02% from the previous day. The current month basis is 6370, and the spot price source is SMM 1 tin [3]. - Nickel (NI): The spot price is 140,350, with a main contract basis rate of 1.88% and a change of -0.53% from the previous day. The current month basis is 3210, and the spot price source is SMM 1 electrolytic nickel [3]. - Industrial Silicon: The spot price is 9050, with a main contract basis rate of 5.85% and a change of -4.12% from the previous day. The current month basis is 545, and the spot price source is SMM Huatong Oxygen 53 silicon [3]. - Lithium Carbonate (LC): The spot price is 155,650, with a main contract basis rate of 0.10% and a change of 2.67% from the previous day. The current month basis is -170, and the spot price source is Steel Union high - quality battery - grade lithium carbonate [3]. - Gold (AU): The spot price is 1181.56, with a main contract basis rate of 2.57% and a change of 2.60% from the previous day. The current month basis is 29.56, and the spot price source is AuT + D: Shanghai Gold Exchange [3]. - Silver (AG): The spot price is 21,427, with a main contract basis rate of -0.98% and a change of 0.03% from the previous day. The current month basis is -212, and the spot price source is Ag(T + D): Shanghai Gold Exchange [3]. Ferrous Metals - Rebar (RB): The spot price is 3170, with a main contract basis rate of -0.13% and a change of -0.13% from the previous day. The current month basis is 66, and the spot price source is HRB400:20mm: Shanghai [3]. - Hot - Rolled Coil (HC): The spot price is 3250, with a main contract basis rate of 1.28% and a change of 1.34% from the previous day. The current month basis is 41, and the spot price source is Q235B:4.75mm: Shanghai [3]. - Iron Ore: The spot price is 801.8, with a main contract basis rate of 5.64% and a change of 0.03% from the previous day. The current month basis is 42.8, and the spot price source is PB powder:61%: Qingdao [3]. - Coke: The spot price is 1605, with a main contract basis rate of -4.26% and a change of -0.26% from the previous day. The current month basis is -71.5, and the spot price source is metallurgical coke: quasi - first - grade [3]. - Coking Coal (JIM): The spot price is 1187.5, with a main contract basis rate of -0.83% and a change of -0.83% from the previous day. The current month basis is 82.0, and the spot price source is main coking coal: clean coal: Meng 5 [3]. - Thermal Coal (ZC): The spot price is 749.0, with a main contract basis rate of -6.54% and a change of -0.12% from the previous day. The current month basis is -52.4, and the spot price source is Shanxi Q500: Qinhuangdao Port [3]. - Ferrosilicon (SF): The spot price is 5500, with a main contract basis rate of -5.63% and a change of 1.21% from the previous day. The current month basis is -328, and the spot price source is FeSi75 - B: Inner Mongolia [3]. - Manganese Silicon (SM): The spot price is 5920, with a main contract basis rate of 0.44% and a change of 0.44% from the previous day. The current month basis is -172, and the spot price source is FeMn68Si18: Hebei [3]. - Stainless Steel: The spot price is 14500, with a main contract basis rate of 2.80% and a change of 0.83% from the previous day. The current month basis is 385, and the spot price source is B04/2B:2.0*1219: Ansteel Liuzhong seamless [3]. Agricultural Products - Soybean: The spot price is 4100, with a main contract basis rate of -11.87% and a change of 0.77% from the previous day. The current month basis is -552, and the spot price source is domestic third - grade soybean: Harbin [3]. - Soybean Meal (M): The spot price is 2990, with a main contract basis rate of 5.17% and a change of -0.87% from the previous day. The current month basis is 147, and the spot price source is ordinary protein soybean meal: Zhangjiagang [3]. - Rapeseed Meal (RM): The spot price is 2450, with a main contract basis rate of 5.69% and a change of -1.12% from the previous day. The current month basis is 132, and the spot price source is ordinary rapeseed meal: Nantong [3]. - Vegetable Oil: The spot price is 8680, with a main contract basis rate of 3.70% and a change of 0.00% from the previous day. The current month basis is 310, and the spot price source is first - grade soybean oil: Zhangjiagang [3]. - Rapeseed Oil (Ol): The spot price is 10150, with a main contract basis rate of 6.97% and a change of 0.49% from the previous day. The current month basis is 661, and the spot price source is rapeseed oil: Jiangsu [3]. - Peanut (PK): The spot price is 9200, with a main contract basis rate of 16.34% and a change of 0.00% from the previous day. The current month basis is 1312, and the spot price source is Rizha: 45% oil - content, 9% water - content, Changtu [3]. - Palm Oil: The spot price is 9000, with a main contract basis rate of -0.77% and a change of -0.75% from the previous day. The current month basis is -70, and the spot price source is 24 - degree palm oil: Guangdong [3]. - Corn: The spot price is 2390, with a main contract basis rate of 0.25% and a change of -0.21% from the previous day. The current month basis is 6, and the spot price source is second - grade national standard corn: Bayuquan Port [3]. - Corn Starch (CS): The spot price is 2670, with a main contract basis rate of -0.96% and a change of -0.15% from the previous day. The current month basis is -26, and the spot price source is ex - factory price of corn starch: Changchun [3]. - Apple (AP): The spot price is 8350, with a main contract basis rate of 22.35% and a change of -2.26% from the previous day. The current month basis is -2403, and the spot price source is Yantai Qixia, Shaanxi Luochuan Red Fuji [3]. - Egg (JD): The spot price is 2900, with a main contract basis rate of -14.61% and a change of -4.98% from the previous day. The current month basis is -496, and the spot price source is eggs: Hebei Cangzhou [3]. - Pig: The spot price is 10500, with a main contract basis rate of -5.75% and a change of -2.33% from the previous day. The current month basis is -640, and the spot price source is live pigs: one - yuan breed in Henan [3]. - Cotton (CF): The spot price is 16583, with a main contract basis rate of 8.74% and a change of -0.24% from the previous day. The current month basis is 1333, and the spot price source is cotton price index 328: Xinjiang [3]. Soft Commodities and Chemicals - Sugar (SR): The spot price is 5390, with a main contract basis rate of 1.13% and a change of -0.42% from the previous day. The current month basis is 60, and the spot price source is white sugar: Liuzhou [3]. - Methanol (MA): The spot price is 2535, with a main contract basis rate of 1.93% and a change of 1.93% from the previous day. The current month basis is 48, and the spot price source is methanol: East China [3]. - Ethanol (EG): The spot price is 4170, with a main contract basis rate of -0.33% and a change of 1.21% from the previous day. The current month basis is -14, and the spot price source is ethanol: East China [3]. - PTA (TA): The spot price is 5820, with a main contract basis rate of 1.48% and a change of 1.48% from the previous day. The current month basis is 0, and the spot price source is PTA: East China [3]. - Polypropylene (PP): The spot price is 7900, with a main contract basis rate of 5.93% and a change of 0.68% from the previous day. The current month basis is 442, and the spot price source is Hangzhou Shaoxing Sanyuan T30S market price [3]. - Styrene (EB): The spot price is 8660, with a main contract basis rate of 0.05% and a change of 0.51% from the previous day. The current month basis is 87, and the spot price source is styrene: East China [3]. - Short - Fiber (PF): The spot price is 7250, with a main contract basis rate of -0.41% and a change of 0.40% from the previous day. The current month basis is -18, and the spot price source is Fangxiang semi - bright natural white 1.56*38mm polyester [3]. - Plastic: The spot price is 7500, with a main contract basis rate of 1.45% and a change of -0.52% from the previous day. The current month basis is 107, and the spot price source is Yuyao Zhejiang Petrochemical 7042 market price [3]. - PVC (V): The spot price is 4870, with a main contract basis rate of -2.91% and a change of 0.99% from the previous day. The current month basis is -146, and the spot price source is East China SG - 5 Xinjiang Zhongtai mainstream price [3]. - Rubber (RU): The spot price is 16700, with a main contract basis rate of 0.88% and a change of 1.11% from the previous day. The current month basis is 145, and the spot price source is Thai - produced: Qingdao Free Trade Zone [3]. - 20 - number Rubber (NR): The spot price is 13821, with a main contract basis rate of 3.37% and a change of -1.22% from the previous day. The current month basis is 451, and the spot price source is Thai 20 standard rubber: Qingdao Free Trade Zone [3]. - Soda Ash and Urea (UR): The spot price of soda ash (Shahe heavy - quality market price) is 1210, and the spot price of urea (small - particle urea: Henan) is 1850. The main contract basis rate of soda ash is 1.98% and a change of -0.10% from the previous day, with a current month basis of 36. The main contract basis rate of urea is 0.44% and a change of -0.10% from the previous day, with a current month basis of 36 [3]. - Pulp (SP): The spot price is 5315, with a main contract basis rate of 1.24% and a change of -0.08% from the previous day. The current month basis is 9, and the spot price source is bleached softwood pulp Silver Star: Chile [3]. Energy - Crude Oil (SC): The spot price is 549.0, with a main contract basis rate of -17.34% and a change of -4.14% from the previous day. The current month basis is -80.0, and the spot price source is Chinese Shengli: Pacific Rim [3]. - Fuel Oil: The spot price is 4446, with a main contract basis rate of 15.63% and a change of 6.22% from the previous day. The current month basis is 601, and the spot price source is bonded marine fuel oil 380CST: Zhoushan [3]. - Asphalt (BU): The spot price is 3550, with a main contract basis rate of -2.98% and a change of 0.57% from the previous day. The current month basis is -110, and the spot price source is heavy - traffic asphalt: market price: Shandong [3]. - Low - Sulfur Fuel Oil (LU): The spot price is 4518, with a main contract basis rate of 4.72% and a change of 5.37% from the previous day. The current month basis is 203, and the spot price source is marine fuel oil 0.5% low - sulfur: Singapore [3]. - LPG (PG): The spot price is 5148, with a main contract basis rate of 0.41% and a change of 3.35% from the previous day. The current month basis is 126, and the spot price source is market price: Guangzhou [3]. Index - CSI 300 (IF): The spot price is 4647.7, with a main contract basis rate of 0.40% and a change of 0.15% from the previous day. The current month basis is 18.7 [3]. - SSE 50 (IH): The spot price is 2988.5, with a main contract basis rate of 0.05% and a change of -0.02% from the previous day. The current month basis is 1.5 [3]. - CSI 500 (IC): The spot price is 8309.2, with a main contract basis rate of 0.65% and a change of 0.29% from the previous day. The current month basis is 53.6 [3].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The geopolitical risks have brought disturbances, and the volatile trend of meal products will continue. The soybean meal 05 contract will maintain a range - bound operation between 2700 - 2860, and the rapeseed meal 05 contract will maintain a range - bound trend between 2230 - 2430 [5][7][39]. 3. Summary by Relevant Catalogs 3.1 Soybean Meal 3.1.1 International Situation - The USDA February report predicts that the global soybean supply - demand pattern will remain loose. Recently, affected by geopolitical risks, the strengthening of the crude oil market has driven up vegetable oils, and CBOT soybeans have been boosted to run strongly. However, the increase in Brazil's soybean production, the harvest season has arrived, and the crops are basically free from weather disasters, maintaining the expectation of a bumper harvest, which suppresses the rebound height of US soybeans. South American soybeans are about to enter the peak shipping season, and there may be some selling pressure on CNF premiums. The subsequent trading focus of the US soybean market lies in the progress of US soybean demand implementation and the final confirmation of South American production [7]. - The USDA February monthly supply - demand report did not make significant changes to the global soybean supply - demand data. The carry - over stock of US soybeans remains at 350 million bushels. Although China has adjusted the tariffs on US soybeans, the export item of US soybeans has not made corresponding adjustments for China's possible purchases. The export item is 1575 million bushels, a year - on - year decrease of 16.31% compared with the previous year. In South America, Brazil's soybean production in the 2025/26 season has been raised from 178 million tons to 180 million tons, continuing the expectation of a bumper harvest. Domestic crushing has been raised from 60 million tons to 61 million tons, and the carry - over stock has been raised from 36.91 million tons to 37.91 million tons [8][9]. - The US Department of Agriculture released preliminary forecasts at the annual outlook forum. In 2026, American farmers will plant more soybeans and reduce the corn - planting area. The US soybean - planting area is expected to increase by 3.8 million acres to 85 million acres, in line with analysts' expectations. Based on a trend yield of 53 bushels per acre, the US soybean production in the next year will reach 4.45 billion bushels, a year - on - year increase of 4.4%. The total demand is expected to increase by 207 million bushels to 4.464 billion bushels, of which exports will increase by 125 million bushels to 1.7 billion bushels, and crushing will increase by 85 million bushels to 2.655 billion bushels. The ending stock is basically flat at 355 million bushels. The new US soybean crop is expected to remain in a state of relatively loose supply, limiting the upside space of the CBOT soybean market [10]. 3.1.2 Domestic Supply - Demand - The cost of imported soybeans has increased following the rise of CBOT soybeans, and the rumor of customs clearance restrictions has magnified the fluctuations of the Dalian soybean meal market. During the festival, domestic oil mills shut down, and the port soybean inventory increased slightly. After the festival, the downstream demand was sluggish, the market trading was light, the spot price was slow to rise, and the basis continued to shrink. Attention should be paid to whether the import soybean arrival policy and the oil mill startup rhythm will bring supply - tightening risk events [7]. - As of February 27, the total planned shipment volume of soybeans from Brazilian ports to China was 6.816317 million tons. In terms of shipments, as of February 27, the total shipment volume from Brazilian ports to China since February was 6.048524 million tons, an increase of 1.219166 million tons from the previous week [13]. - Monitoring data shows that as of February 24, the cumulative procurement volume for the February shipment was 10.518 million tons, a weekly increase of 1 million tons, and the procurement progress was 100%. The cumulative procurement volume for the March shipment was 11.588 million tons, and the procurement progress was 96.57%. The cumulative procurement volume for the April shipment was 8.255 million tons, a weekly increase of 0.852 million tons, and the procurement progress was 71.78%. The cumulative procurement volume for the May shipment was 4.46 million tons, a weekly increase of 0.458 million tons, and the procurement progress was 38.78%. The cumulative procurement volume for the June shipment was 3.377 million tons, a weekly increase of 0.33 million tons, and the procurement progress was 30.7% [22]. - According to the survey by Mysteel Agricultural Products, in February 2026, due to the shutdown during the holiday, the national oil mill soybean crushing volume was 4.7977 million tons, a decrease of 5.1138 million tons from the previous month, a decrease of 51.59%; a decrease of 1.7537 million tons from the same period last year, a decrease of 26.76% [25]. - In February, the national oil mill soybean meal inventory decreased slightly. As of February 27, the soybean meal inventory was 701,200 tons, a decrease of 114,400 tons from the end of last month, a decrease of 14.03%, and an increase of 143,900 tons compared with the same period last year, an increase of 25.82%. As of February 27, the physical inventory of soybean meal in national feed enterprises was 9.89 days, a decrease of 2.7 days from the end of last week and an increase of 0.05 days compared with the same period last year [28]. - The basis of the soybean meal 05 contract is 187 yuan/ton, compared with 283 yuan/ton in the same period last month. The spread between the soybean meal 5 - 9 contracts is - 117 yuan/ton, compared with - 102 yuan/ton in the same period last month [34]. 3.2 Rapeseed Meal 3.2.1 International Situation - Last month, the operating range of ICE rapeseed futures moved up as a whole. The implementation of the new US biodiesel policy boosted the demand for soybean oil, and the vegetable oil market rose following the soybean oil market, which was beneficial to the rapeseed market. The Canadian Prime Minister visited China and reached a new tariff agreement. China will exempt the punitive tariffs on Canadian rapeseed and related products, which is beneficial to the export demand of Canadian rapeseed and led to the rise of ICE rapeseed. The settlement price of the rapeseed futures main contract was 687.7 Canadian dollars, an increase of 31.3 Canadian dollars from the end of the month, a month - on - month increase of 4.76% [39][48]. 3.2.2 Domestic Supply - Demand - China's anti - dumping ruling on Canadian rapeseed has been implemented, and a 5.9% tariff will be imposed on imported Canadian rapeseed. The resumption of domestic import purchases has allowed Canadian rapeseed to re - enter the Chinese market, improving the supply - side structure of rapeseed meal, but the cost is high and the crushing profit is poor. The inventory of rapeseed and rapeseed meal in domestic oil mills is at a low level. Aquaculture activities are sluggish in winter, the demand for rapeseed meal feed is small, and oil mills are not in operation. Downstream customers purchase a small number of forward contracts, and the market trading volume is limited. After the weather warms up, aquaculture activities will restart, and the supply - demand of rapeseed meal is expected to gradually recover [39]. - In March, the arrival volume of rapeseed at major oil mills is about 195,000 tons. In the 9th week, the rapeseed inventory of oil mills was 151,000 tons [52]. - In the 9th week, the startup rate of rapeseed crushing plants was about 0%. In the 9th week, the rapeseed meal output was 120 tons [57]. - In the 9th week, the pick - up volume of rapeseed meal at coastal pressing plants was 6,600 tons. In the 9th week, the spot trading volume of the rapeseed meal market was 1,000 tons [60]. - In the 9th week, the rapeseed meal inventory of oil mills was 6,500 tons. The granular rapeseed meal inventory was 93,500 tons, and the consumption volume was 0 tons [63]. - The basis of the rapeseed meal 05 contract is 210 yuan/ton, compared with 253 yuan/ton in the same period last month. The spread between the rapeseed meal 5 - 9 contracts is - 59 yuan/ton, compared with - 48 yuan/ton in the same period last month [69]. 3.3 Spread Summary - The bean oil - meal ratio is 2.9, compared with 2.99 at the end of last month. The spread between the main contracts of soybean meal and rapeseed meal is 526 yuan/ton, compared with 493 yuan/ton at the end of last month [76].