Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The peanut spot price is expected to be relatively weak in the short term, with the 05 peanut contract showing a weak and volatile trend [3][6] - The peanut oil spot price is stable, and the peanut meal price has been stable recently. The theoretical profit of oil mills from pressing is good [3][4][6] - The supply of peanut kernels is still low, and downstream demand is still weak. The peanut futures market is trading on the abundant supply of oil peanuts and low import prices, but the cost of warehouse receipts is still relatively high [6] Group 3: Summary by Section First Part: Data - **Futures Disk**: PK604 closed at 8070, up 2 (0.02%), with a trading volume of 944 (up 34.09%) and an open interest of 6,109 (down 7.80%); PK610 closed at 8440, up 8 (0.09%), with a trading volume of 13,285 (up 5.14%) and an open interest of 39,801 (up 7.07%); PK601 closed at 8416, down 6 (-0.07%), with a trading volume of 152 (up 7.80%) and an open interest of 800 (up 10.34%) [1] - **Spot and Basis**: The spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7800, 8000, and 8000 respectively, with no change. The price of Rizhao peanut meal was 3350, and the price of Rizhao soybean meal was 3160 (down 10). The price of peanut oil was 14300, and the price of Rizhao first - grade soybean oil was 8970 (up 100). The basis was - 270, - 70, - 70 respectively. The import price of Sudanese peanuts was 8600, and that of Senegalese peanuts was 7200 (for oil peanuts) and 7700 (for commodity peanuts) [1][3] - **Spreads**: The spread of PK01 - PK04 was 346 (down 8), PK04 - PK10 was - 370 (down 6), and PK10 - PK01 was 24 (up 14) [1] Second Part: Market Analysis - The peanut prices in Henan and Northeast China are stable. The price of 308 common peanuts in Fuyu, Jilin is 4.45 yuan/jin, that in Changtu, Liaoning is 4.45 yuan/jin, and the price of Huayu 23 in Xingcheng is 4.3 yuan/jin. The price of Baisha common peanuts in Henan is 3.6 - 3.9 yuan/jin, and that in Junan, Shandong is 3.4 yuan/jin. The import prices of Senegalese peanuts are stable [3] - The purchase prices of some peanut oil mills are stable, with the mainstream transaction price between 7200 - 7900 yuan/ton, and the theoretical break - even price of oil mills is 7850 yuan/ton. The price of soybean oil has risen, while the price of peanut oil is stable. The domestic first - grade ordinary peanut oil is quoted at 14300 yuan/ton, and the small - pressed fragrant peanut oil is quoted at 16500 yuan/ton [3] - The spot price of Rizhao soybean meal has fallen to 3150 yuan/ton (down 10 yuan/ton). The unit - protein price difference between peanut meal and soybean meal is low, and peanut meal is relatively strong in the short term, with the 48 - protein peanut meal quoted at 3200 yuan/ton [4] Third Part: Trading Strategies - **Unilateral**: The 05 peanut contract is oscillating at the bottom and within a narrow range [7] - **Monthly Spread**: Hold a wait - and - see attitude [8] - **Options**: Sell the pk605 - P - 7700 option on dips [9] Fourth Part: Related Attachments - The report provides six figures, including the spot price of Shandong peanuts, the pressing profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread between peanut 4 - 10 contracts, and the spread between peanut 1 - 4 contracts [11][17][19]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The supply pressure of US corn is weakening, and crude oil is expected to oscillate strongly. It is predicted that the bottom of US corn will oscillate strongly. The supply of North China corn is decreasing, and the spot corn still has room to decline in the short term. The corn in Northeast China is weak, and the purchase price at the northern port is weak today. The auction transaction price of North China wheat has declined, and the price difference between Northeast corn and North China corn has narrowed. Recently, the volume of wheat auctions has increased, and it is expected that the spot price of Northeast corn still has room to decline. The 05 corn contract is expected to maintain a weak oscillation [9]. - The number of trucks arriving at Shandong deep - processing plants has increased, the spot price of Shandong corn has declined, and the spot price of starch in Shandong and Northeast China is also weak. The inventory of corn starch has increased this week. The current starch price mainly depends on the corn price and downstream inventory - building. The by - product price is relatively strong, and the spot price difference between corn and starch is at a low level. The 05 starch contract is expected to oscillate weakly in the short term [8]. Group 3: Summary by Directory 1. Data - **Futures Disk**: For corn futures (C2601, C2605, C2509) and corn starch futures (CS2601, CS2605, CS2509), the closing prices, price changes, price change percentages, trading volumes, trading volume change percentages, open interest, and open interest change percentages are provided. For example, C2601 closed at 2365, up 3 with a 0.13% increase, trading volume was 4,068 with a - 38.63% decrease, and open interest was 21,860 with a 0.16% increase [2]. - **Spot and Basis**: Corn spot prices are given for different locations such as Qinggang, Songyuan Jiajie, etc., along with price changes and basis. Starch spot prices are provided for different manufacturers like Longfeng, COFCO, etc., with price changes and basis. For example, the corn price in Qinggang is 2225 with no change, and the basis is - 155 [2]. - **Price Spreads**: Corn inter - delivery spreads (e.g., C01 - C05, C05 - C09), starch inter - delivery spreads (e.g., CS01 - CS05, CS05 - CS09), and cross - variety spreads (e.g., CS09 - C09, CS01 - C01) are presented, along with their price changes [2]. 2. Market Judgment - **Corn**: The global corn supply pressure is weakening, and US corn is expected to oscillate strongly. The import profit of foreign corn has increased. The northern port's flat - hatch price is weak, and the spot price in the Northeast corn - producing area is weak. The price difference between North China and Northeast corn has narrowed. The wheat price is weak, and the price difference between wheat and corn has narrowed, reducing the cost - effectiveness of corn. The domestic aquaculture demand is average, and the inventory of downstream feed enterprises has increased. The 05 corn contract is expected to oscillate weakly in the short term, and attention should be paid to the auction policy [4][7]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants has increased, the spot price of Shandong corn has declined, and the spot price of starch in Shandong and Northeast China is weak. The inventory of corn starch has increased this week. The current starch price mainly depends on the corn price and downstream inventory - building. The by - product price is relatively strong, and the spot price difference between corn and starch is at a low level. The 05 starch contract is expected to oscillate weakly in the short term [8]. 3. Trading Strategies - **Unilateral**: The 05 US corn has support at 450 cents per bushel. It is recommended to wait and see for the 05 corn contract [10]. - **Arbitrage**: Short the spread between the 07 corn and starch contracts when the price is high [11]. 4. Corn Options - Option Strategy: Adopt a short - put strategy in the short term and conduct rolling operations [12]. 5. Related Attached Figures - The report includes figures such as the northern port's corn flat - hatch price, corn 05 contract basis, corn 5 - 9 spread, corn starch 5 - 9 spread, corn starch 05 contract basis, and corn starch 05 contract spread, which provide historical data and trends for reference [16][17][22].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The spot prices of live pigs across the country are oscillating, and the downward pressure on pig prices in various regions has generally improved. The overall出栏量 of large - scale enterprises has decreased, and the pressure on future pig出栏量 may be better than before. The出栏量 of ordinary farmers has changed little and remains at a relatively low level, and future出栏量 may increase. Secondary fattening has shown some signs of entry, but the market is still cautious. The supply - side pressure is still obvious, and the short - term supply and demand in the live pig market are still relatively loose. The downward pressure on live pig futures prices has shifted to the far - month contracts, and the near - month contracts show obvious support. In the short term, futures prices may stabilize. If the spot price stabilizes, secondary fattening may drive the spot price up again, and futures may be supported. In the long - term, the supply - side pressure is still significant, and the overall price is expected to decline [1][3] 3. Summary by Relevant Catalogs Spot Information - Today, live pig prices across the country are oscillating, and the downward pressure on pig prices in various regions has generally improved. The overall出栏量 of large - scale enterprises has decreased, and the pressure on future pig出栏量 may be better than before. The出栏量 of ordinary farmers has changed little and remains at a relatively low level, and future出栏量 may increase. Secondary fattening has shown some signs of entry, but the market is still cautious. The出栏 weight of live pigs remains at a relatively high level, and the supply - side pressure is still obvious [1] Futures Information - The downward pressure on live pig futures prices has shifted to the far - month contracts, and the near - month contracts show obvious support. The decline has narrowed. In the short term, futures prices may stabilize. If the spot price stabilizes, secondary fattening may drive the spot price up again, and futures may be supported. In the long - term, the supply - side pressure is still significant, and the overall price is expected to decline [3] Transaction Strategies - Unilateral: It is recommended to take a bearish view on the 07 contract. Arbitrage: LH79 reverse spread. Options: Near - month short straddle strategy [4]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Today, the black futures market declined overall. Steel spot trading was generally weak, with low - price rigid demand purchases as the main form, and there was price - holding behavior in the spot market. - Last week, the output of the five major steel products decreased slightly. Among them, rebar production decreased while hot - rolled coil production continued to increase. It is expected that the molten iron output will continue to rise this week. - Steel apparent demand is still recovering, but the recovery progress has slowed down. Rebar performs better than hot - rolled coil. Rebar inventory is decreasing rapidly, while the inventory reduction speed of hot - rolled coil has slowed down. - Recently, the capital and resumption of work of downstream construction sites have continued to improve. Plate exports have declined due to the impact of the Middle East region. The overall inventory level of hot - rolled coil is still high, and there is pressure on supply and demand. However, billet exports have continued to improve, and the order - receiving situation is generally good. Steel exports have returned to profitability. - Affected by overseas raw material sentiment, the black sector rose earlier, but the sentiment has declined recently, driving the sector down. The subsequent performance of downstream demand and overseas geopolitical frictions still need to be monitored [5]. 3. Summary by Relevant Catalogs 3.1 Market Information - **Relevant Prices**: Shanghai Zhongtian rebar is priced at 3,190 yuan (-10), Beijing Jingye rebar at 3,170 yuan (-10), Shanghai Angang hot - rolled coil at 3,290 yuan (-), and Tianjin Hegang hot - rolled coil at 3,230 yuan (-) [4]. 3.2 Market Judgement - **Trading Strategy** - **Unilateral**: It will still maintain a volatile trend following overseas sentiment and the raw material end. - **Arbitrage**: It is recommended to go long on the HC05 - 10 spread at low prices. - **Options**: It is recommended to wait and see [5][6]. - **Important Information** - From March 23rd to March 29th, the total contracted area of newly - built commercial housing in 10 key cities was 3.3472 million square meters, a month - on - month increase of 77.1% and a year - on - year increase of 4.5%. - In March, the Manufacturing Purchasing Managers' Index (PMI) was 50.4%, up 1.4 percentage points from the previous month, above the critical point, indicating a recovery in the manufacturing industry's prosperity level [7]. 3.3 Relevant Attachments - The report provides multiple charts, including those related to rebar and hot - rolled coil prices, basis, spreads, and profits, with data sources from Galaxy Futures, Mysteel, and Wind [10][14][16].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - On March 31, ferroalloy futures prices dropped significantly. The silicon - iron (SF) main contract closed at 5874, down 3.17% with a decrease of 12,660 in open interest; the manganese - silicon (SM) main contract closed at 6444, down 2.19% with a decrease of 13,279 in open interest [5]. - For silicon - iron, the spot price on March 31 was stable to weak, with prices in some regions dropping by 30 - 100 yuan/ton. Supply is currently at a low level, but production is expected to increase due to profit recovery. Demand from the steel industry is rising as steel inventories decline seasonally and steel apparent demand and hot metal production increase. The cost of electricity in major production areas is stable. The fundamentals of silicon - iron show both supply and demand increasing, and it is highly affected by crude oil price fluctuations, currently in high - level volatile operation [5]. - For manganese - silicon, manganese ore spot prices were stable to strong on March 31, with the semi - carbonate ore at Tianjin Port rising by 0.2 yuan/ton - degree, while manganese - silicon spot prices generally dropped by 50 - 100 yuan/ton. Supply may remain low in the short term due to new maintenance in some enterprises. Demand from the steel industry is still increasing. The cost is affected by high - level crude oil prices, which increase transportation costs and may affect mining and transportation. The bottom support for manganese ore remains until the energy crisis is resolved [5]. - Trading strategies: Unilateral trading should expect high - level volatility affected by sharp oil price fluctuations; for arbitrage, it is recommended to wait and see; for options, sell out - of - the - money put options [6]. 3. Summary by Directory 3.1 Market Information - **Futures Market** - SF main contract: closed at 5874, down 192 for the day and 226 for the week, with a trading volume of 166,212 (up 30,141) and an open interest of 171,561 (down 12,660) [3]. - SM main contract: closed at 6444, down 144 for the day and 36 for the week, with a trading volume of 359,939 (up 48,953) and an open interest of 353,594 (down 13,279) [3]. - **Spot Market** - Silicon - iron: 72% FeSi prices in Inner Mongolia, Ningxia, and Qinghai dropped by 30 - 50 yuan/ton, while prices in Jiangsu remained unchanged and in Tianjin dropped by 100 yuan/ton [3]. - Manganese - silicon: 6517 manganese - silicon prices in Inner Mongolia rose by 30 yuan/ton, in Ningxia dropped by 50 yuan/ton, in Guangxi remained unchanged, in Jiangsu dropped by 100 yuan/ton, and in Tianjin dropped by 50 yuan/ton [3]. - **Basis/Spread** - Silicon - iron: Inner Mongolia - main contract basis was - 174 (up 162 for the day and 176 for the week); SF - SM spread was - 570 (down 48 for the day and 190 for the week) [3]. - Manganese - silicon: Inner Mongolia - main contract basis was - 114 (up 174 for the day and 166 for the week) [3]. - **Raw Materials** - Manganese ore: Australian lump remained at 47 yuan/ton - degree (down 0.5 for the week), South African semi - carbonate rose by 0.2 yuan/ton - degree, and Gabonese lump remained at 47.5 yuan/ton - degree (down 0.5 for the week) [3]. - Blue charcoal small materials: prices in Shaanxi, Ningxia, and Inner Mongolia remained unchanged for the day, with increases of 65, 10, and 65 yuan/ton respectively for the week [3]. 3.2 Market Judgement - **Trading Strategies** - Unilateral: High - level volatility affected by sharp oil price fluctuations [6]. - Arbitrage: Wait and see [6]. - Options: Sell out - of - the - money put options [6]. - **Important Information** - A steel mill in Jiangsu set the price of manganese - silicon at 6580 yuan/ton, with a tender quantity of 2000 tons, delivered to the factory including acceptance and tax [7]. - Inner Mongolia Baite Metallurgical Building Materials Co., Ltd. reduced production of one 42000KVA manganese - silicon alloy submerged arc furnace from the night of March 31, actually affecting the daily output of manganese - silicon by 300 tons [7]. 3.3 Related Attachments - **Price Difference Diagrams** - Silicon - iron monthly spread: The current 1 - 2 spread is 40, 2 - 3 spread is - 126, etc. [11]. - Manganese - silicon monthly spread: The current 1 - 2 spread is - 32, 2 - 3 spread is - 64, etc. [13]. - **Basis Diagrams** - Silicon - iron basis (main contract - Inner Mongolia) and other related basis diagrams [16]. - Manganese - silicon basis (main contract - Inner Mongolia) and other related basis diagrams [16]. - **Spot Price Diagrams** - 72% silicon - iron spot prices in Inner Mongolia, Ningxia, and Qinghai [16]. - 6517 manganese - silicon spot prices in Inner Mongolia, Ningxia, and Guangxi [16]. - **Electricity Price Diagram** - Ferroalloy electricity prices in Gansu, Guangxi, and other regions, with little change recently [17]. - **Cost and Profit Diagrams** - Silicon - iron production cost and profit in Inner Mongolia, Ningxia, etc. [18]. - Manganese - silicon production cost and profit in Inner Mongolia, Ningxia, etc. [21].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The recent sharp rise in the price of the main May contract of eggs is due to the increase in feed costs and good market sales, but considering the current loose supply in the fundamentals and the high price of the May contract, and the limited trading time approaching the position limit, it is not recommended to chase the rise of eggs [6]. 3. Summary by Directory 3.1 Futures Market - **Contract Prices**: JD01 closed at 3727, down 4 from the previous day; JD05 closed at 3440, down 13; JD09 closed at 3778, down 11 [2]. - **Cross - month Spreads**: The 01 - 05 spread closed at 287, up 9; the 05 - 09 spread closed at - 338, down 2; the 09 - 01 spread closed at 51, down 7 [2]. - **Ratios**: The 01 egg/corn ratio was 1.58, unchanged; the 05 egg/corn ratio was 1.46, down 0.01; the 09 egg/corn ratio was 1.59, down 0.01. The 01 egg/bean meal ratio was 1.23, unchanged; the 05 egg/bean meal ratio was 1.18, unchanged; the 09 egg/bean meal ratio was 1.26, unchanged [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 3.31 yuan/jin, down 0.09 yuan/jin from the previous day; the average price in the main sales areas was 3.51 yuan/jin, down 0.03 yuan/jin. The national mainstream prices were stable or falling [4]. - **淘汰鸡 Prices**: The average price of culled chickens in the main production areas was 5.02 yuan/jin, up 0.01 yuan/jin from the previous day [5]. 3.3 Profit Calculation - **Costs**: The average price of culled chickens was 5.02 yuan/jin, unchanged; the average price of chicken seedlings was 3.21 yuan, up 0.04 yuan; the cost of egg - chicken vaccines was 3 yuan, unchanged. The average price of corn was 2449 yuan, down 2 yuan; the average price of bean meal was 3260 yuan, unchanged; the price of egg - chicken compound feed was 2.69 yuan, unchanged [2]. - **Profits**: The profit per chicken was 11.71 yuan, down 3.75 yuan from the previous day [2]. 3.4 Fundamental Information - **Production and Sales**: In February, the national inventory of laying hens was 1.35 billion, an increase of 60 million from the previous month and a year - on - year increase of 3.4%. The monthly output of chicken seedlings in February was about 43.3 million, with little change from the previous month and a year - on - year decrease of 5% [4]. - **Chicken Culling**: In the week of March 19, the number of culled laying hens in the main production areas was 15.4 million, an increase of 5.8% from the previous week. The average culling age was 505 days, unchanged from the previous week [5]. - **Sales Volume**: As of the week of March 19, the egg sales volume in the representative sales areas was 6898 tons, an increase of 7.2% from the previous week, in the middle - low position of the same period over the years [5]. - **Profit and Inventory**: As of March 19, the weekly average profit per jin of eggs was - 0.22 yuan/jin, a recovery of 0.11 yuan/jin from the previous week; the expected profit of laying - hen farming was - 10.39 yuan per chicken, a recovery of 0.2 yuan per chicken from the previous week. The average inventory in the production link was 1.04 days, a decrease of 0.03 days from the previous week; the average inventory in the circulation link was 1.17 days, unchanged from the previous week [5]. 3.5 Trading Logic - The recent sharp rise in the price of the main May contract of eggs is due to the increase in feed costs and good market sales. However, considering the current loose supply in the fundamentals and the high price of the May contract, and the limited trading time approaching the position limit, it is not recommended to chase the rise of eggs [6]. 3.6 Trading Strategies - **Single - side**: Consider shorting the June contract on rallies [7]. - **Arbitrage**: It is recommended to wait and see [7]. - **Options**: It is recommended to wait and see [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report presents the daily market data of stock index futures, including the closing prices, trading volumes, open interests, and basis information of IM, IF, IC, and IH contracts, as well as the trading volume and position data of major member seats [4][22][42][58]. 3. Summary by Related Catalogs IM (CSI 1000 Index Futures) - **Daily Market**: The main contract (IM2606) fell 1.69% to close at 7379.4 points. The total trading volume of the four contracts was 233,473 lots, a decrease of 3,452 lots from the previous day; the total open interest was 393,494 lots, an increase of 6,672 lots from the previous day. The main contract was at a discount of 240.45 points, an increase of 18.08 points from the previous day; the annualized basis rate was -14.16% [4][5]. - **Major Member Seats**: The trading volume, long - position volume, and short - position volume of major member seats such as CITIC Futures, Guotai Junan, and Haitong Futures are presented, along with their changes from the previous day [17][19][21]. IF (CSI 300 Index Futures) - **Daily Market**: The main contract (IF2606) fell 0.77% to close at 4375.8 points. The total trading volume of the four contracts was 97,664 lots, an increase of 2,925 lots from the previous day; the total open interest was 257,846 lots, an increase of 4,198 lots from the previous day. The main contract was at a discount of 74.25 points, an increase of 3.7 points from the previous day; the annualized basis rate was -7.37% [22][23]. - **Major Member Seats**: The trading volume, long - position volume, and short - position volume of major member seats such as CITIC Futures, Guotai Junan, and Dongzheng Futures are presented, along with their changes from the previous day [37][39][40]. IC (CSI 500 Index Futures) - **Daily Market**: The main contract (IC2606) fell 1.73% to close at 7425 points. The total trading volume of the four contracts was 166,503 lots, an increase of 6,990 lots from the previous day; the total open interest was 294,843 lots, an increase of 13,419 lots from the previous day. The main contract was at a discount of 192.33 points, an increase of 0.79 points from the previous day; the annualized basis rate was -11.26% [42][43]. - **Major Member Seats**: The trading volume, long - position volume, and short - position volume of major member seats such as CITIC Futures, Guotai Junan, and Haitong Futures are presented, along with their changes from the previous day [53][54][56]. IH (SSE 50 Index Futures) - **Daily Market**: The main contract (IH2606) fell 0.33% to close at 2804 points. The total trading volume of the four contracts was 47,813 lots, an increase of 1,832 lots from the previous day; the total open interest was 101,567 lots, an increase of 55 lots from the previous day. The main contract was at a discount of 22.12 points, a decrease of 1.31 points from the previous day; the annualized basis rate was -3.43% [58][59]. - **Major Member Seats**: The trading volume, long - position volume, and short - position volume of major member seats such as CITIC Futures, Guotai Junan, and Dongzheng Futures are presented, along with their changes from the previous day [72][74][76].

Group 1: Report Information - Report title: Lead 3 Monthly Report, R & D Report of Non - ferrous Metals Sector [10][22][28] - Report date: March 31, 2026 [10][22][28] Group 2: Core View - The supply - demand contradiction of lead is not prominent, and the lead price may maintain a range - bound oscillation [4] Group 3: Fundamental Situation Lead Ore and Supply - Global lead concentrate production is presented in figures measured in thousands of tons [26] - Lead concentrate import profit and loss, import volume, domestic production, and total supply are shown in figures, with import volume in ten thousand physical tons and production in ten thousand tons [33][36] - The price of lead - containing waste and waste batteries is presented in figures measured in yuan per ton [45] Refined Lead - Global refined lead production, demand, and balance are presented in figures measured in thousands of tons [47][48] - China's electrolytic lead monthly production is presented in figures measured in ten thousand tons [55] - The monthly total and scale - divided start - up rates of primary lead smelting, lead concentrate processing fees, and primary lead smelting profit are presented in figures, with the start - up rate in percentage and profit in yuan per ton [57][59] - The monthly total and scale - divided start - up rates, cost, production profit, and monthly output of secondary lead smelting are presented in figures, with the start - up rate in percentage, cost and profit in yuan per ton, and output in ten thousand tons [65][70][72] - Refined lead import and export profit and loss, import and export volume are presented in figures, with profit and loss in yuan per ton and volume in ten thousand tons [76][78] - Domestic lead ingot total supply and monthly apparent consumption are presented in figures measured in ten thousand tons [81] - Domestic lead concentrate and lead ingot supply data from 2025 to 2026 are presented in a table, including production, net import volume, total supply, etc., with production and supply in ten thousand tons and growth rate in percentage [84] Downstream Demand - SMM lead - acid battery monthly and weekly start - up rates are presented in figures [87] - Lead - acid battery import and export are presented in figures [92] - Lead - acid battery enterprise and dealer monthly finished product inventory days are presented in figures [93] - Automobile, new energy vehicle, motorcycle production, and automobile export, new energy vehicle export are presented in figures [97][105][111] - Power project investment completion amount, communication base station construction volume, and lead alloy import and export are presented in figures [113][115] Group 4: Market Outlook and Strategy Recommendation - The report has a section on market outlook and strategy recommendation, but specific content is not provided in the given text [123]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In March 2026, the manufacturing PMI rebounded beyond expectations, indicating an economic recovery, but the recovery strength is average and the expectations are cautious. Without considering external uncertainties, the prices of domestically - priced commodities are expected to rise. The manufacturing PMI in April 2026 is likely to decline, which is a crucial observation window [4][5][6]. - In March 2026, the non - manufacturing PMI rose, but multiple sub - items are at historically low levels, and the non - manufacturing industry is still in the bottom - building process. The construction industry is still in a downward trend, but the sales price sub - item has bottomed out [29][32]. 3. Summary by Relevant Catalogs Part 1: Review of China's Manufacturing and Non - manufacturing PMI Data Tables - Manufacturing PMI: In March 2026, all sub - items of the manufacturing PMI increased compared to February. The significant increases include the purchase price of main raw materials (up 9 to 63.9), ex - factory price (up 4.8 to 55.4), import (up 4.2 to 49.8), new export orders (up 4.1 to 49.1), and new orders (up 3 to 51.6) [3][4]. - Non - manufacturing PMI: In March 2026, the business activity of non - manufacturing PMI was 50.1, up 0.6 from the previous month. The sub - items with relatively large increases were new export orders, input prices, sales prices, and delivery time. The sub - items with relatively large decreases were domestic demand, inventory, business activity expectations, and employees [3][29]. Part 2: March Manufacturing PMI Reflects Economic Service Beyond Expectations - Manufacturing PMI reached 50.4 in March 2026, up 1.4 from the previous month, higher than the market expectation of 50.1, and above the 50 boom - bust line again after two months. All sub - items increased, indicating an economic recovery. However, some key sub - items are still below 50, and some sub - items are at the second - lowest or lowest levels in the same period since 2018. The economic recovery is influenced by factors such as the arrival of the demand peak season, economic improvement, and price increases due to the Middle East conflict. The recovery strength is average, and expectations are cautious. The prices of domestically - priced commodities are expected to rise. In April 2026, the manufacturing PMI is likely to decline, which is a crucial observation window [4][5][6]. Part 3: Multiple Sub - items of March Non - manufacturing PMI are at Historically Low Levels - In March 2026, the non - manufacturing PMI business activity was 50.1, up 0.6 from the previous month and higher than the expected 49.9, returning above 50 again after two months. The sub - items of non - manufacturing PMI showed mixed trends. The new orders and domestic demand sub - items decreased against the season, indicating that the non - manufacturing industry is still in the bottom - building process. Some sub - items are at the lowest or second - lowest levels in the same period over the years. The construction industry PMI shows a downward trend, but the sales price sub - item has bottomed out, suggesting that the housing price may be stabilizing, but the sustainability needs to be observed [29][32].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - In March, affected by the complete closure of the Strait of Hormuz, the cracking spreads and premiums of high - and low - sulfur fuel oils reached historical highs and then slightly declined. The high - sulfur market was weaker than the low - sulfur market in March. High - sulfur fuel oil is gradually entering the peak - season fundamental logic, while the near - term supply of low - sulfur fuel oil remains tight [4][5]. - In the future, attention should be paid to the processing volume and export logistics of refineries in the near term, the demand - driving rhythm of high - sulfur fuel oil under the tight natural gas situation, and the negative feedback from terminal bunkering for low - sulfur fuel oil [5]. - The recommended trading strategies include a strong high - level oscillation for the unilateral market, paying attention to the positive spread opportunities of FU7 - 9 and LU6 - 7, and the opportunity to narrow the LUFU spread while focusing on the low - sulfur production reduction rhythm and the start of high - sulfur peak - season demand [7][41]. 3. Summary by Relevant Catalogs 3.1 Introduction and Market Review - In March, due to the closure of the Strait of Hormuz, the cracking spreads and premiums of high - and low - sulfur fuel oils reached historical highs. The high - sulfur cracking spread reached about $27 per barrel in mid - March, and the Singapore spot basis reached about $72 per ton. The low - sulfur cracking spread and Singapore spot premium also reached historical highs in mid - to late March. The high - sulfur market was weaker, with supply tension alleviated by Russian exempted oil, and high prices suppressing refinery feed demand. The low - sulfur fuel oil supply was tight both at home and abroad. In late March, there was some negative feedback from downstream demand, and the low - sulfur premium began to decline but remained at a historically high level [4][9]. 3.2 Fundamental Analysis of Supply and Demand 3.2.1 Russia - In March, Russian refineries that were previously attacked gradually recovered, and the crude oil processing volume increased. The export of Russian oil products increased due to the exemption order, but the Baltic ports were attacked again at the end of March. The average crude oil processing rate from March 5th to 11th was 5.32 million barrels per day, a month - on - month increase of 240,000 barrels per day. As of March 16th, the total export was about 1.95 million tons, with a daily average of 120,000 tons, a month - on - month increase of 18,000 tons (+17%) and a year - on - year increase of 27,000 tons (+28%) [15][16][17]. 3.2.2 Mexico - As of March 16th, the total high - sulfur export was about 280,000 tons, with a daily average of 174,000 tons, a month - on - month increase of 28%. In the week of March 6th, the high - sulfur export surged to about 210,000 tons. However, the total supply is limited due to the reduced production after the secondary device commissioning of Tula and Olmeca refineries [20]. 3.2.3 Middle East - Due to the intensification of the conflict between the US, Iran, and Israel, the Strait of Hormuz was closed, and some refineries in the Middle East reduced production or shut down completely. As of March 16th, the total high - sulfur export was about 1.02 million tons, with a daily average of 64,000 tons, a month - on - month decrease of 61%. The low - sulfur fuel oil export from Al - Zour refinery was stable but with a stagnant export expectation [23]. 3.2.4 Nigeria - After the secondary device of Dangote refinery resumed stable operation in mid - February, the low - sulfur production and export decreased month - on - month. In March, there was no low - sulfur fuel oil export, and the export to the Pan - Singapore area in February decreased by 70,000 tons to 80,000 tons [28]. 3.2.5 South Sudan - The export of Dar Blend crude oil gradually recovered, with a total loading of 1.8 million barrels in March, returning to the normal level of last year. India began to import and divert Dar crude oil [29]. 3.2.6 Singapore - As of the week of March 11th, the fuel oil inventory in Singapore reached 24.16 million barrels (about 3.8 million tons), a new high in four weeks. The import and export of fuel oil in land - based storage tanks increased. There are concerns about future raw material supply, and alternative supply sources are limited [31]. 3.3 Future Outlook and Strategy Recommendations - The situation of the Middle East conflict is volatile, increasing the risk of oil price fluctuations. The recent attacks on major Baltic ports in Russia may affect the near - term oil product loading and export. The fuel oil inventory in Singapore remains at a high level. As the second quarter approaches, attention should be paid to the start of power - generation stockpiling and import demand in South Asia, Saudi Arabia, and Egypt. The bunkering demand in Singapore may increase. The near - term supply of low - sulfur fuel oil is tight [41]. - Strategy recommendations: a strong high - level oscillation for the unilateral market; pay attention to the positive spread opportunities of FU7 - 9 and LU6 - 7; pay attention to the opportunity to narrow the LUFU spread [41].