1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - Steel prices rose today. The black sector as a whole surged in the morning, with coking coal hitting the daily limit, but the market pulled back in the afternoon. Spot steel transactions were generally favorable, with active spot and futures purchases and improved rigid demand. The basis narrowed. Last week, the output of the five major steel products increased slightly, with an increase in rebar output and a shift to increased hot-rolled coil output. Steel mills were still in the mode of shutdown and maintenance. After the Spring Festival, downstream demand recovered seasonally, but inventories continued to accumulate rapidly, especially for rebar, and inventory shifted from mill warehouses to social warehouses. Last week, the capital availability of downstream construction sites across the country improved, with better capital availability for housing construction projects than non-real estate projects. The "Two Sessions" announced this year's economic growth target, with the GDP growth rate lower than last year, and the other targets remaining the same as in 2025. Since capital expenditure in the first quarter may fall short of expectations, the demand recovery situation remains to be seen. The pessimistic expectations of steel mills may also limit the height of hot metal production this year, putting pressure on raw materials. However, overseas geopolitical frictions have increased, and the oil price has soared due to the impact of the Strait of Hormuz, driving up global energy prices in the short term and raising the cost of steel raw materials. Therefore, steel prices are likely to remain volatile and slightly stronger in the near term, but there is still a chance for steel prices to return to fundamentals in March, and pressure on steel prices remains. Follow-up attention should be paid to hot metal production, downstream demand performance, and overseas geopolitical frictions [6] 3. Summary by Relevant Catalogs 3.1 Market Information 3.1.1 Rebar - **Futures**: RB05 rose 31 yuan to 3088 yuan/ton, RB10 rose 32 yuan to 3147 yuan/ton, and RB01 rose 33 yuan to 3174 yuan/ton. The spreads between different contracts also changed. The 05 contract rebar disk profit decreased by 10 yuan to -151 yuan/ton, the 10 contract decreased by 6 yuan to -108 yuan/ton, and the 01 contract decreased by 9 yuan to -99 yuan/ton [2] - **Spot**: The prices of rebar in different regions increased to varying degrees. The cheapest deliverable was 3190 yuan/ton, and the basis for different contracts also changed. The regional spreads and spot profits also showed different trends [2] 3.1.2 Hot-rolled Coil - **Futures**: HC05 rose 40 yuan to 3270 yuan/ton, HC10 rose 38 yuan to 3282 yuan/ton, and HC01 rose 28 yuan to 3291 yuan/ton. The spreads between different contracts changed. The 05 contract hot-rolled coil disk profit decreased by 1 yuan to 0 yuan/ton, the 10 contract remained unchanged at 27 yuan/ton, and the 01 contract decreased by 14 yuan to 18 yuan/ton [2] - **Spot**: The prices of hot-rolled coils in different regions increased. The cheapest deliverable was 3260 yuan/ton, and the basis for different contracts also changed. The regional spreads and spot profits also showed different trends [2] 3.2 Market Analysis 3.2.1 Relevant Prices - The spot price of Shanghai Zhongtian rebar was 3190 yuan (+30), Beijing Jingye was 3130 yuan (+30), Shanghai Angang hot-rolled coil was 3260 yuan (+30), and Tianjin Hegang hot-rolled coil was 3180 yuan (+40) [5] 3.2.2 Trading Strategies - **Options**: It is recommended to wait and see [7] - **Unilateral**: Follow overseas sentiment and maintain a volatile and slightly stronger trend [9] - **Arbitrage**: It is recommended to short the hot-rolled coil to coking coal ratio at high levels and continue to hold the short position of the hot-rolled coil to rebar spread [9] 3.2.3 Important Information - In February 2026, the national consumer price index increased by 1.3% year-on-year and 1.0% month-on-month. The average consumer price from January to February increased by 0.8% compared with the same period last year [8][10] - In February 2026, the national industrial producer price index decreased by 0.9% year-on-year, with the decline narrowing by 0.5 percentage points compared with the previous month, and increased by 0.4% month-on-month. The average industrial producer price from January to February decreased by 1.2% compared with the same period last year [10] 3.3 Related Attachments - Multiple charts are provided, including the price trends, basis, spreads, and disk profits of rebar and hot-rolled coils, as well as the cash profits of different steel products and the cost of electric furnaces [15][17][20]

研究所 农产品研发报告 生猪日报 2026 年 3 月 9 日 研究员：陈界正 期货从业证号： chenjiezheng_qh@chinastock.c om.cn | | | | | 生猪价格日报 | | 2026/3/9 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 现货价格 | | | | | | | 今 日 | 昨 日 | 变 化 | | 今 日 | 昨 日 | 变 化 | | 河南（0） | 10.37 | 10.53 | -0.16 | 山西（-100） | 9.95 | 9.99 | -0.04 | | 湖北（0） | 10.12 | 10.42 | -0.30 | 辽宁（-300） | 10.04 | 10.07 | -0.03 | | 安徽（200） | 10.57 | 10.58 | -0.01 | 吉林（-300） | 9.99 | 10.03 | -0.04 | | 湖南（100） | 10.03 | 10.13 | -0.10 | 黑龙江 | 9.97 | 10.00 | -0.03 | | 四川（-100 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - Historically, the correlation between domestic and international sugar prices is high, but the price fluctuation of US sugar is greater than that of Zhengzhou sugar. When both domestic and international sugar prices decline, the price difference tends to widen, and long - term cross - market arbitrage can consider shorting international sugar and going long on domestic sugar. When prices are on an upward cycle, the price difference tends to narrow, and long - term cross - market arbitrage can consider going long on international sugar and shorting domestic sugar [4][11][13]. - In the 2025/26 sugar - crushing season, the production increase of Brazilian, Indian, and Thai sugar may fall short of expectations, while the production increase in the Chinese market is still strongly expected. For the 2026/27 sugar - crushing season, various institutions have started to lower their production forecasts, and the global sugar supply - demand pattern is likely to improve. The upward cycle of international sugar prices is expected to start after the peak of the 2026/27 Brazilian sugar - crushing season when the biggest negative factor is priced in by the market. The domestic market is in the peak of sugar - crushing, with sufficient short - term supply and a short - term demand slump. Domestic sugar is likely to experience bottom - oscillating prices in the first half of 2026, and its trend in the second half will depend on international sugar prices. The price difference between domestic and international sugar is expected to remain wide in the first half of 2026 and gradually narrow in the second half as international sugar prices rise [4][41]. Group 3: Summary by Directory Part 1: Preface Summary Background Introduction - In 2025, both domestic and international sugar prices dropped significantly. The international raw sugar price fell to around 14 - 15 cents per pound, and the domestic sugar price was around 5000 - 5300 yuan per ton. The large drop in international sugar prices led to low import costs, and the widened price difference between domestic and international sugar resulted in high import profits. In the 2026/27 season, the global sugar supply pattern may improve, and domestic and international sugar prices are expected to reverse from the bottom. The report analyzes the future price difference based on historical price - difference rules and the fundamentals of domestic and international markets [3]. Market Outlook - No relevant content provided Strategy Recommendation - Based on fundamental analysis, in the 2025/26 sugar - crushing season, the production increase of Brazilian, Indian, and Thai sugar may be less than expected, while the Chinese market still has a strong production - increase expectation. For the 2026/27 sugar - crushing season, various institutions have started to lower their production forecasts, and the global sugar supply - demand pattern is likely to improve. The upward cycle of international sugar prices is expected to start after the peak of the 2026/27 Brazilian sugar - crushing season. The domestic market is in the peak of sugar - crushing, with sufficient short - term supply and a short - term demand slump. Domestic sugar is likely to experience bottom - oscillating prices in the first half of 2026, and its trend in the second half will depend on international sugar prices. The price difference between domestic and international sugar is expected to remain wide in the first half of 2026 and gradually narrow in the second half as international sugar prices rise [4][41]. Part 2: Analysis of the Price Difference between Domestic and International Sugar Analysis of the Correlation Changes and Reasons for Domestic and International Sugar Prices - China consumes about 15 million tons of sugar annually, with over 10 million tons supplied by domestic production and about one - third relying on imports. To protect the domestic sugarcane industry, China has high import tariffs and a quota system. In recent years, the in - quota tariff has been stable at 15%, the out - of - quota tariff at 50%, and the import quota at 1.945 million tons. In addition, in recent years, many enterprises have imported a large amount of syrup and pre - mixed powder from Southeast Asian countries. In 2024, the import volume of syrup and pre - mixed powder reached a historical high of 2.37 million tons. In recent years, China has tightened the import of syrup and pre - mixed powder [9]. - Since 2025, the price difference between domestic and international sugar has been large, and the import volume has been high. In early 2026, the out - of - quota完税 cost of Brazilian imported sugar was below 5000 yuan per ton, and the in - quota import cost was as low as around 3900 yuan per ton. The spot sugar cost in Guangxi and Yunnan was generally between 5300 - 5400 yuan per ton, and the out - of - quota spot import profit was at a historical high. The sugar - equivalent cost of imported syrup and pre - mixed powder was as low as 4600 - 4800 yuan per ton, which impacted domestic sugar. In 2025, China's cumulative sugar imports were 4.9188 million tons, an increase of 0.5622 million tons year - on - year. The cumulative imports of syrup and pre - mixed powder were 1.1888 million tons, a decrease of 1.1879 million tons year - on - year [10]. - Historically, the correlation between domestic and international sugar prices is high, but the price fluctuation of US sugar is greater than that of Zhengzhou sugar. The shorter the cycle, the higher the correlation. The reason is that in a short cycle, domestic and international sugar are often in the same upward or downward cycle. In the past 20 years, the volatility of Zhengzhou sugar has been lower than that of ICE raw sugar. When prices rise, the increase in ICE raw sugar price often exceeds that of Zhengzhou sugar, and when prices fall, the decrease in ICE raw sugar price also often exceeds that of Zhengzhou sugar. The reason for the lower volatility of Zhengzhou sugar is that there is a ceiling and a floor for domestic sugar prices. The ceiling is due to high out - of - quota import tariffs, and the floor is due to policies to protect domestic sugarcane farmers, such as high import tariffs, license issuance, anti - smuggling, and sugar storage policies [11][12][13]. Factors Affecting Domestic and International Sugar Prices - **International Sugar Price Factors**: International sugar prices are mainly affected by macroeconomic factors (such as the US dollar index, the Brazilian real, and global economic growth), supply - demand factors (including production in major exporting countries, weather, import - export policies, and food and industrial sugar demand), cost factors (with Brazilian sugar having relatively low costs), and substitute factors (such as ethanol substitution and the substitution of natural and artificial sweeteners). Other factors include sugar - related policies, crude oil prices, futures market funds, and logistics and trade progress [25]. - **Domestic Sugar Price Factors**: Domestic sugar prices are also affected by macroeconomic factors (such as the US dollar index, domestic economic growth, and sugar - related policies), supply - demand factors (including production in main domestic producing areas, weather, import volume, and seasonal consumption), cost factors (including domestic sugar - mill processing costs and import costs), and substitute factors (such as natural and artificial sweeteners and imported syrup and pre - mixed powder). International sugar prices also have a significant impact on domestic sugar prices [26][28]. - **International Sugar Fundamental Analysis**: In the 2025/26 sugar - crushing season, the global sugar production is at a high level. The International Sugar Organization (ISO) predicts that the global sugar production in the 2025/26 season will be 181.29 million tons, a decrease of 480,000 tons from the previous forecast; the consumption will be 180.07 million tons, a decrease of 70,000 tons; and the supply surplus will be 1.22 million tons, a decrease of 410,000 tons. Recently, the increase in Brazilian sugar production may be less than expected, but the production is still at a high level, and the export volume has decreased. In the Northern Hemisphere, the production increases in India and Thailand are both less than expected. For the 2026/27 sugar - crushing season, various institutions have lowered their production forecasts, and the global sugar supply surplus is expected to decrease [29][32]. - **Domestic Sugar Fundamental Analysis**: In this sugar - crushing season, the domestic sugar production is expected to increase, with the main producing areas of Guangxi and Yunnan both expected to increase. Currently, it is the peak of domestic sugar - crushing, and there is pressure on the supply side. The industrial inventory in both Yunnan and Guangxi is at a relatively high level. The processing cost of Yunnan sugar is relatively low, while that of Guangxi sugar is basically above 5300 - 5400 yuan per ton. Although the current sugar price is low, it is below the production cost of most sugar mills in Guangxi, so there is strong cost support. If the sugar price drops significantly, it may trigger domestic policy support, such as tightening the import of sugar and syrup and pre - mixed powder, and the import license for sugar in 2026 is likely to decrease year - on - year [36][38]. Expected Future Trend of the Price Difference between Domestic and International Sugar - Globally, in the 2025/26 sugar - crushing season, the production increase of Brazilian, Indian, and Thai sugar may fall short of expectations, while the Chinese market still has a strong production - increase expectation. For the 2026/27 sugar - crushing season, various institutions have started to lower their production forecasts, and the global sugar supply - demand pattern is likely to improve. The upward cycle of international sugar prices is expected to start after the peak of the 2026/27 Brazilian sugar - crushing season. The domestic market is in the peak of sugar - crushing, with sufficient short - term supply and a short - term demand slump. Domestic sugar is likely to experience bottom - oscillating prices in the first half of 2026, and its trend in the second half will depend on international sugar prices. The price difference between domestic and international sugar is expected to remain wide in the first half of 2026 and gradually narrow in the second half as international sugar prices rise [41].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Relevant Catalogs Futures Market - DCE01 price rose from 729.0 to 741.0, an increase of 12.0; DCE05 rose from 772.0 to 784.5, an increase of 12.5; DCE09 rose from 746.5 to 758.0, an increase of 11.5 [2] - I01 - I05 spread decreased by 0.5 to -43.5; I05 - I09 spread increased by 1.0 to 26.5; I09 - I01 spread decreased by 0.5 to 17.0 [2] Spot Market - Most iron ore spot prices increased, such as PB powder (60.8%) rising from 753 to 760, an increase of 7; Newman powder rising from 753 to 760, an increase of 7; etc [2] - The optimal delivery product is IOC6 with a price of 809, 01 - factory - warehouse basis of 72, 05 - factory - warehouse basis of 29, and 09 - factory - warehouse basis of 55 [2] Spot Variety Spread - The spread between some spot varieties changed, for example, the spread of Carajás fines - PB powder increased by 1 from 131 to 132; the spread of Newman powder - Jimbob fines decreased by 1 from 44 to 43; etc [2] Import Profit - Import profit of some iron ores changed, like Carajás fines' import profit increased by 1 from 1 to 2; Newman powder's import profit decreased by 2 from 35 to 33; etc [2] Indexes - The price of Platts Iron Ore 61% increased by 1.3 from 101.4 to 102.7; the price of Platts Iron Ore 65% increased by 1.3 from 120.0 to 121.3; the price of Platts Iron Ore 58% increased by 0.8 from 92.6 to 93.4 [2] - The spread between SGX main contract and DCE01 increased by 0.8 from 10.5 to 11.3; the spread between SGX main contract and DCE05 increased by 0.1 from 5.6 to 5.8; the spread between SGX main contract and DCE09 increased by 0.4 from 8.7 to 9.0 [2]

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The contraction in supply and demand led to the official manufacturing PMI in February being weaker than expected, but holiday seasonal factors may be the main disturbance. Leading indicators and high - frequency data show that current external demand has strong support, and the actual performance may be better than the new export order sub - item of the manufacturing PMI. The fiscal policy strength in the government work report during the "Two Sessions" is generally stable compared to last year, with the narrow - sense deficit rate remaining at 4.0% and the broad - sense deficit rate falling by 0.4 percentage points to 8.1%. The central bank's reduction in the net purchase of national bonds in February and the reduction in the roll - over of three - month repurchase in March are likely routine operations to adjust the medium - and long - term liquidity injection rhythm, which may make it difficult for market capital prices to decline further in the short term. The Middle East geopolitical disturbance has led to a short - term decline in market risk appetite, which is favorable for the bond market, but in the long term, it may lead to a "stagflation" situation and a "double - kill" of stocks and bonds. The bond market may switch between safe - haven and "stagflation" trading. Considering the marginal reduction in the central bank's medium - and long - term liquidity injection and the increase in short - term inflation readings due to input factors, it is recommended to take profits on the remaining T - contract long positions and short the TS contract at high prices [8]. Summary According to Relevant Catalogs First Part: Weekly Core Points Analysis and Strategy Recommendation Comprehensive Analysis - The official manufacturing PMI in February was 49.0, a 0.3 - percentage - point decline from the previous month, with both production and demand weakening. The production index fell 1.0 percentage point to 49.6, and the new export order index led the overall new order index to fall 0.6 percentage points to 48.6, reaching a new low in recent years. The raw material inventory index rose 0.1 percentage point to 47.5, and the finished - product inventory fell 2.8 percentage points to 45.8, showing a state of small - scale replenishment at the raw material end and passive destocking at the finished - product end, which is in line with price indicators, indicating that the contraction in production and demand may be mainly due to the Spring Festival holiday [13][10]. - Leading indicators and high - frequency data show that current external demand has strong support, and the actual performance may be better than the new export order sub - item of the manufacturing PMI. As of early March, the year - on - year growth rate of the sales area of commercial housing in 30 large - and medium - sized cities was - 23.7%. In late February, the month - on - month decline of the domestic second - hand housing listing price index was significant again [19]. - The government work report during the "Two Sessions" shows that the main economic and fiscal targets are generally consistent with last year. The narrow - sense deficit rate is still set at around 4%, the narrow - sense deficit scale is 5.89 trillion yuan, an increase of 230 billion yuan year - on - year. The ultra - long - term special treasury bonds are 1.3 trillion yuan, and the new special bond quota is 4.4 trillion yuan, both remaining the same as last year. The injection special treasury bonds are 300 billion yuan, a reduction of 200 billion yuan. The new policy - based financial instruments are 800 billion yuan, an increase of 300 billion yuan. Without considering factors such as the carry - over of existing funds, the part of special bonds used for debt resolution and storage, and quasi - fiscal tools, the broad - sense deficit rate this year is 8.1%, a 0.4 - percentage - point decline from last year [24]. - The Middle East geopolitical disturbance continued to ferment this week, and as of the weekend, the Strait of Hormuz was still in a state of de facto blockade, with supply contraction driving up energy prices rapidly. In the short term, the event led to a decline in market risk appetite, which is favorable for the bond market. But in the long term, the impact of supply contraction and price increases on the demand side may gradually appear, increasing the probability of the global economy entering a "stagflation" state and easily leading to a "double - kill" of stocks and bonds. For China, although imported inflation from the overseas supply side is unlikely to cause the central bank to tighten monetary policy, the timing of "loose money" intensification may be postponed [29][26]. - At the beginning of the month, the market capital situation was balanced and slightly loose. As of Friday's close, DR001 and DR007 were 1.3194% and 1.4149% respectively. The overnight and 7 - day non - bank capital spreads were 6.88bp and 7.71bp respectively. In terms of long - term funds, the issuance interest rate of 1 - year inter - bank certificates of deposit of joint - stock banks further declined to the range of 1.55 - 1.56%. With the tax period not yet coming and the net payment scale of government bonds turning negative, the disturbances faced by the market capital situation next week are relatively limited. However, the central bank's net purchase of national bonds in February decreased by 50 billion yuan, and in March, the three - month repurchase was also rolled over with a reduction of 200 billion yuan. This is likely a routine operation to adjust the medium - and long - term liquidity injection rhythm, which may mean that market capital prices are difficult to decline further in the short term [35]. - Calculated according to the ChinaBond valuation and futures settlement price, as of Friday's close, the IRR of the TS, TF, T, and TL main contracts were 1.4263%, 1.4873%, 1.6175%, and 1.3861% respectively. Except for the slightly high valuation of the T main contract, the futures bond market valuation is at a neutral level [40]. - As of Friday's close, the net long - position ratios of the top ten seats of TS, TF, T, and TL were - 23.71%, - 7.79%, - 1.29%, and - 2.98% respectively, changing by - 3.20, + 3.64, + 0.95, and - 1.36 percentage points compared to last Friday [42]. Strategy Recommendation - Unilateral: Take profits on the previous long positions of the T contract and try to short the TS contract at high prices with a light position. - Arbitrage: Wait and see [7]. Second Part: Relevant Data Tracking - This part provides data on various aspects such as the price difference between treasury bond futures contracts, trading volume and open interest, spot bond yields and spreads, and US treasury bond yields and exchange rates, but no specific text analysis of these data is provided. The data includes the price difference between different - term contracts of TS, TF, T, and TL; the trading volume and open interest of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures; the yield curve, term spreads, spreads between national bonds and local bonds, and spreads between 10 - year national bonds and national development bonds of national bond spot bonds; and the 10 - year US treasury bond yield, Sino - US 10 - year treasury bond spread, US dollar index, and US dollar - offshore RMB exchange rate [48][51][54][57].

Group 1: Report Overview - Report Title: Sugar Daily Report [2] - Report Date: March 9, 2026 [2] - Report Type: Agricultural Product R & D Report [1][7][17] Group 2: Data Analysis Futures Market - SR09: Closing price 5,449, up 65 (1.21%); Volume 166,952, increase 103,656; Open interest 173,689, increase 9,466 [3] - SR01: Closing price 5,557, up 54 (0.98%); Volume 9,265, increase 5,557; Open interest 13,083, increase 1,794 [3] - SR05: Closing price 5,436, up 65 (1.21%); Volume 787,404, increase 426,834; Open interest 438,027, decrease 13,195 [3] Spot Market - Spot prices in different regions: Liuzhou 5540, up 130; Kunming 5375, up 135; Wuhan 5820, up 140; Nanning 5530, up 120; Bayuquan 5435, unchanged; Rizhao 5690, up 150; Xi'an 5960 [3] - Basis: Liuzhou 104, Kunming -61, Wuhan 384, Nanning 94, Bayuquan -1, Rizhao 254, Xi'an 524 [3] Inter - month Spread - SR05 - SR01: Spread -121, up 11; SR09 - SR05: Spread 13, unchanged; SR09 - SR01: Spread -108, up 11 [3] Import Profit - Brazil: ICE main contract 14.77, premium 0.60, freight 41.75; In - quota price 4002, out - of - quota price 5083, spread with Liuzhou 457, spread with Rizhao 607, spread with futures 353 [3] - Thailand: ICE main contract 14.77, premium 1.25, freight 18.00; In - quota price 3921, out - of - quota price 4977, spread with Liuzhou 563, spread with Rizhao 713, spread with futures 459 [3] Group 3: Market Research Important Information - India's 2025 - 26 sugar production may be 2.83 million tons, down 4.4% from the previous forecast, due to bad weather reducing yields in major producing states [5] - In Guangxi, as of February 28, 2026, 2 sugar mills have closed, 35 less than the same period last year; Sugarcane crushed 4603.58 million tons, down 36.76 million tons; Sugar output 565.13 million tons, down 51.58 million tons; Sugar production rate 12.28%, down 1.01 percentage points; Cumulative sugar sales 199.23 million tons, down 89.10 million tons; Sales - to - production ratio 35.25%, down 11.50 percentage points [6] - In Guangdong, as of February 2026, cumulative sugarcane crushed 489.61 million tons (514.35 million tons last year), sugar output 49.67 million tons (52.98 million tons last year), sugar - extraction rate 10.14% (10.30% last year), sales 29.10 million tons (38.61 million tons last year), inventory 20.57 million tons (14.37 million tons last year), sales - to - production ratio 58.59% (72.88% last year) [6][8] Logical Analysis - International market: This season's sugar production growth in India and Thailand is likely to be lower than expected. The ISO predicts 2025/26 global sugar production at 181.29 million tons, down 480,000 tons from the previous forecast, and the surplus at 1.22 million tons, down 410,000 tons. Most global institutions are lowering 2026/27 production forecasts, supporting international sugar prices. However, with Brazil's new season starting in April - May, supply pressure will increase. Short - term international oil price hikes and stronger ethanol prices are expected to keep international sugar prices strong [9] - Domestic market: China's sugar is in the peak production period, and this season's output is likely to increase significantly, causing supply pressure. But considering the low sugar price and possible import policy tightening, sugar prices will be affected by both bullish and bearish factors, with a bottom - oscillating trend. Recently, rising crude oil prices are expected to push domestic sugar prices up in the short term [9] Trading Strategy - Unilateral: International and Zhengzhou sugar prices are likely to rise in the short term [10] - Arbitrage: Wait and see [10] - Options: Buy call options [10] Group 4: Related Attachments - Figures include Guangxi and Yunnan's monthly inventory, monthly production, Liuzhou's spot price, Liuzhou - Kunming spot spread, sugar's September, January, May basis, and Zhengzhou sugar's 5 - 9, 9 - 1, 1 - 5 spreads [12][18][22][24][26][28]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The fundamental situation of apples is strong. The cold - storage inventory of apples is at a relatively low level in the same period over the years. As of February 27, 2026, the cold - storage inventory of apples in the main producing areas was 552.92 million tons, a decrease of 19.08 million tons from the previous week and a year - on - year decrease of 18.11 million tons, a reduction of 3.2%. The inventory is only higher than that in the 2018/19 fruit season [5]. - Although the apple price is relatively high this fruit season, the sales and delivery situation before the Spring Festival was acceptable. After the Spring Festival, from March to April is a relatively off - season for other fruits to be on the market. Recently, the sales situation of apples has improved, and the inventory reduction speed has accelerated compared with last week [5]. - As March enters the delivery month, the market has once again focused on whether the cold - storage apples can meet the delivery requirements and the cost of making warehouse receipts. The fundamental situation of the May contract for apples is indeed strong, but the price of the May contract has increased significantly today, and there may be some profit - taking orders for closing positions. It is necessary to be cautious when chasing high prices. It is recommended to build long positions after a pullback [5]. 3. Summary by Relevant Catalogs 3.1 Market Information - **Spot Price**: The Fuji apple price index was 110.41, the next - working - day price was 110.56, with a decrease of 0.15. The prices of various apple varieties in different regions remained stable, such as the price of Luochuan semi - commercial paper - bagged 70 apples was 4.20, and the prices of Qixia and Penglai first - and second - grade paper - bagged 80 apples were 4.00 and 4.10 respectively, with no change. The average wholesale price of 6 kinds of fruits was 8.00, and the next - working - day price was 8.06, with a decrease of 0.06 [2]. - **Futures Price**: For AP01, the price was 8540, the previous closing price was 8586, with a decrease of 46; for AP05, the price was 10316, the previous closing price was 10753, with a decrease of 437; for AP10, the price was 8652, the previous closing price was 8690, with a decrease of 38. The spreads between different contracts also changed, such as AP01 - AP05 increased by 391, AP05 - AP10 decreased by 399, and AP10 - AP01 increased by 8 [2]. - **Basis**: The basis of Qixia first - and second - grade 80 apples against AP01 was - 540, an increase of 46 compared with the previous trading day; against AP05 was - 2316, an increase of 437; against AP10 was - 652.0, an increase of 38 [2]. 3.2 Market News and Views - **Apple Market News** - As of March 5, 2026, the cold - storage inventory of apples in the main producing areas was 527.53 million tons, a decrease of 25.39 million tons from the previous week and a year - on - year decrease of 21.7 million tons, a reduction of 4.1% [7]. - In December 2025, the export volume of fresh apples was about 15.65 million tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. The import volume was 0.31 million tons, a month - on - month increase of 21.31% and a year - on - year increase of 20.02%. The cumulative import volume in 2025 was 11.68 million tons, a year - on - year increase of 19.72% [7]. - In Shandong, the apple price remained stable, the number of customers increased, and in Shaanxi, the demand for high - quality goods was good, and the purchasing enthusiasm of merchants was relatively high. The market arrivals increased slightly, sales were stable, and prices were stable [7]. - In Shandong, the price of late - maturing paper - bagged Fuji high - quality apples in cold storage was stable, and there were merchants packing in the cold storage, concentrated in the main producing areas. Currently, the trading volume in the cold storage was not large, and foreign trade merchants mainly purchased medium - and small - sized fruits, and the number of merchants increased compared with before. In Qixia, the mainstream quotation of 80 and above first - and second - grade paper - bagged Fuji apples was 3.0 - 3.5 yuan per catty. In Shaanxi, the mainstream price was stable, the number of merchants increased, mainly purchasing high - quality goods. Recently, the transactions were good, the supply of high - quality goods was less, and the purchasing difficulty was relatively large. In Luochuan, the mainstream price of cold - storage paper - bagged Fuji 70 and above was 4.0 - 4.5 yuan per catty, priced according to quality [7]. - **Trading Logic**: The apple market has a strong fundamental situation. The low inventory, good pre - and post - festival sales, and market attention during the delivery month all support the market. However, due to the significant increase in the price of the May contract, there may be profit - taking, and it is recommended to build long positions after a pullback [5]. - **Trading Strategy** - **Unilateral**: Considering that the price of the May contract is already relatively high, it is recommended to leave the market and wait and see [8]. - **Arbitrage**: Go long on the May contract and short on the October contract [8]. - **Options**: It is recommended to wait and see [8]. 3.3 Related Attachments The report provides 10 figures, including the price trends of Qixia first - and second - grade paper - bagged 80 apples, Luochuan semi - commercial paper - bagged 70 apples, AP contract main basis, spreads between different AP contracts, the arrival volume of apples in wholesale markets, the price of 6 kinds of fruits, the cold - storage inventory of apples in the whole country, and the cold - storage apple delivery volume, etc. The data sources are mainly Galaxy Futures, Steel Union, and Wind Information [10][11][13]

1. Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: March 9, 2026 [2] 2. IM Futures 2.1 Market Quotes - The main contract of IM fell 0.37% to close at 8,191 points. The total trading volume of the four IM contracts was 274,410 lots, an increase of 98,751 lots from the previous day. The total open interest was 399,385 lots, an increase of 31,272 lots from the previous day. The main contract of IM was at a discount of 12.87 points, an increase of 24.19 points from the previous day, and the annualized basis rate was -4.78%. The dividend impacts of the four IM contracts were 0.01 points, 0.2 points, 39.65 points, and 62.1 points respectively [3][4]. 2.2 Basis - The basis and annualized basis rates of different contracts were presented, showing the relationship between futures prices and spot prices [8][12]. 2.3 Open Interest - The net short - position ratio and the positions of major seats in different contracts (IM2603, IM2606, IM2609) were analyzed, including the trading volume, long - position volume, and short - position volume of top - ranked members and their changes from the previous day [13][16][20]. 3. IF Futures 3.1 Market Quotes - The main contract of IF fell 1.2% to close at 4,599.2 points. The total trading volume of the four IF contracts was 147,766 lots, an increase of 53,708 lots from the previous day. The total open interest was 290,000 lots, an increase of 18,910 lots from the previous day. The main contract of IF was at a discount of 16.26 points, a decrease of 1.82 points from the previous day, and the annualized basis rate was -10.75%. The dividend impacts of the four IF contracts were 0 points, 0.45 points, 29.43 points, and 83.61 points respectively [21][22]. 3.2 Basis - The basis and annualized basis rates of different contracts were provided, reflecting the price differences between futures and spot [25][30]. 3.3 Open Interest - The net short - position ratio and the positions of major seats in different contracts (IF2603, IF2606, IF2609) were detailed, including the trading volume, long - position volume, and short - position volume of top - ranked members and their changes from the previous day [31][34][37]. 4. IC Futures 4.1 Market Quotes - The main contract of IC fell 0.79% to close at 8,267 points. The total trading volume of the four IC contracts was 203,367 lots, an increase of 66,844 lots from the previous day. The total open interest was 307,707 lots, an increase of 17,558 lots from the previous day. The main contract of IC was at a discount of 12.48 points, an increase of 25.25 points from the previous day, and the annualized basis rate was -4.59%. The dividend impacts of the four IC contracts were 0.36 points, 6.86 points, 60.53 points, and 97.5 points respectively [39][40]. 4.2 Basis - The basis and annualized basis rates of different contracts were shown, indicating the price relationships between futures and spot [44][49]. 4.3 Open Interest - The net short - position ratio and the positions of major seats in different contracts (IC2603, IC2606, IC2609) were analyzed, including the trading volume, long - position volume, and short - position volume of top - ranked members and their changes from the previous day [50][54][57]. 5. IH Futures 5.1 Market Quotes - The main contract of IH fell 1.04% to close at 2,962.4 points. The total trading volume of the four IH contracts was 64,688 lots, an increase of 21,193 lots from the previous day. The total open interest was 111,606 lots, an increase of 4,497 lots from the previous day. The main contract of IH was at a discount of 0.59 points, an increase of 2.11 points from the previous day, and the annualized basis rate was -0.6%. The dividend impacts of the four IH contracts were 0 points, 0 points, 18.27 points, and 63.94 points respectively [59][60]. 5.2 Basis - The basis and annualized basis rates of different contracts were presented, showing the price differences between futures and spot [64][68]. 5.3 Open Interest - The net short - position ratio and the positions of major seats in different contracts (IH2603, IH2606, IH2609) were detailed, including the trading volume, long - position volume, and short - position volume of top - ranked members and their changes from the previous day [69][72][76].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - On March 9th, ferroalloy futures prices rose and then fell. The silicon - iron (SF) main contract closed at 5868, with a 0.00% increase and a decrease of 24,798 in positions. The manganese - silicon (SM) main contract closed at 6132, with a 0.03% increase and a decrease of 37,804 in positions [5]. - For silicon - iron, on the 9th, the spot price was stable with a slight upward trend, rising by 150 - 320 yuan/ton in some regions. Supply - side sample enterprise operating rates and output decreased slightly, but recent price increases have led to profit recovery, and some supply has started to resume production. Steel output is increasing steadily, and it is expected to continue to climb slowly in March. The electricity price is firm, and the market is in a positive feedback loop between the cost side and the demand side. Due to the sharp rise in crude oil prices, the price opened higher, but the transmission to domestic ferroalloy energy costs is long - term, and the short - term impact is limited. As the price reaches a high level, the risk - return ratio decreases, so it is recommended to partially take profits on previous long positions [5]. - For manganese - silicon, on the 9th, the manganese ore spot price was stable with a slight upward trend, with the semi - carbonate at Tianjin Port rising by 0.5 yuan/ton degree, and the manganese - silicon spot price also showed a similar trend, rising by 50 - 150 yuan/ton in some regions. The sample output decreased slightly, and after the commissioning of some new production capacities, the overall supply is expected to be stable. Steel output is increasing steadily and is expected to continue to climb slowly in March. The manganese ore spot price is strong, and overseas mines' April quotes continue to rise. The short - term market is in a positive feedback loop. Similar to silicon - iron, the impact of crude oil on manganese - silicon costs is indirect, and at the current valuation level, the risk - return ratio is not high, so it is recommended to partially reduce positions and take profits [6]. - Trading strategies: For unilateral trading, the risk - return ratio is not high after the price has risen significantly, so it is recommended to partially take profits on previous long positions; for arbitrage, it is advisable to wait and see; for options, sell out - of - the - money put options [7]. 3. Summary According to the Directory 3.1 Market Information - **Futures**: The SF main contract closed at 5868, with no daily change and a weekly increase of 104. The trading volume was 404,791, with a daily increase of 246,840, and the open interest was 223,284, with a daily decrease of 24,798. The SM main contract closed at 6132, with a daily increase of 2 and a weekly increase of 50. The trading volume was 629,224, with a daily increase of 411,545, and the open interest was 396,316, with a daily decrease of 37,804 [3]. - **Spot**: For silicon - iron, the 72%FeSi in Inner Mongolia was priced at 5770 yuan/ton, with a daily increase of 270 and a weekly increase of 370; in Ningxia, it was 5750 yuan/ton, with a daily increase of 270 and a weekly increase of 350; in Qinghai, it was 5800 yuan/ton, with a daily increase of 320 and a weekly increase of 450; in Jiangsu, it was 6050 yuan/ton, with a daily increase of 150 and a weekly increase of 300; in Tianjin, it was 6200 yuan/ton, with no daily change and a weekly increase of 350. For manganese - silicon, the 6517 manganese - silicon in Inner Mongolia was priced at 5900 yuan/ton, with a daily increase of 50 and a weekly increase of 150; in Ningxia, it was 5900 yuan/ton, with a daily increase of 150 and a weekly increase of 200; in Guangxi, it was 6050 yuan/ton, with a daily increase of 150 and a weekly increase of 230; in Jiangsu, it was 6000 yuan/ton, with a daily increase of 50 and a weekly increase of 150; in Tianjin, it was 5950 yuan/ton, with a daily increase of 50 and a weekly increase of 150 [3]. - **Basis/Spread**: The basis between Inner Mongolia and the main contract for silicon - iron was - 98, with a daily increase of 270 and a weekly increase of 266; for manganese - silicon, it was - 232, with a daily increase of 48 and a weekly increase of 100. The SF - SM spread was - 264, with a daily decrease of 2 and a weekly increase of 54 [3]. - **Raw Materials**: For manganese ore in Tianjin, the Australian lump was priced at 43 yuan/ton degree, with no daily change and a weekly increase of 0.7; the South African semi - carbonate was 39 yuan/ton degree, with a daily increase of 0.5 and a weekly increase of 1; the Gabonese lump was 43.8 yuan/ton degree, with no daily change and a weekly increase of 0.6. For semi - coke small materials, in Shaanxi, it was 705 yuan/ton, with no daily or weekly change; in Ningxia, it was 805 yuan/ton, with no daily or weekly change; in Inner Mongolia, it was 695 yuan/ton, with no daily or weekly change [3]. 3.2 Market Judgement - **Trading Strategies**: Unilateral trading: Partially take profits on previous long positions; Arbitrage: Wait and see; Options: Sell out - of - the - money put options [7]. - **Important Information**: On the 9th, the semi - carbonate at Tianjin Port was quoted at 40 yuan/ton degree, the Gabonese lump at 45 yuan/ton degree, the CML Australian lump at 46 yuan/ton degree, and the South32 Australian lump at 44 yuan/ton degree. Starting from March 10, 2026, Shagang raised the scrap steel price by 50 yuan/ton [8][9]. 3.3 Related Attachments - The report provides multiple charts, including the trend of ferroalloy main contracts, the spread between SF and SM on the disk, the monthly spread of silicon - iron and manganese - silicon, the basis of silicon - iron and manganese - silicon, the spot price of silicon - manganese, the electricity price of ferroalloys, the production cost and profit of silicon - iron and manganese - silicon [11][13][15][18][20][23].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The supply pressure of US corn has weakened, and the rise in crude oil has driven up the price of corn. It is expected that US corn will oscillate strongly at the bottom. The supply of North China corn remains low, and the spot price of corn continues to rise, as does the price of Northeast corn, with the purchase price of northern ports being strong today. The price of North China wheat continues to rise, and the price difference between Northeast and North China corn remains low. However, farmers are selling more grain in March, so the upside potential of the spot price of Northeast corn is expected to be limited, as is the upside potential of the 05 corn contract [8]. - The price of Shandong corn is strong, and the price of starch in Shandong and Northeast China is rising. The inventory of corn starch has increased this week. Currently, the price of starch mainly depends on the price of corn and downstream stocking. The price difference between corn and starch is at a low level. The short - term price of North China corn is strong, and the price of Northeast corn is still rising. As the weather warms up, the supply of corn is expected to increase, and the upside potential of the corn spot price is limited. The 05 starch contract followed corn and rose then fell. The spot price of starch is rising in the short term, and it is expected to oscillate at a high level in the short term [7]. 3. Summary of Each Section Part 1: Data Futures Market - For corn futures, the closing prices of C2601, C2605, and C2509 are 2368, 2395, and 2416 respectively, with price increases of 17, 2, and 4, and price increase rates of 0.72%, 0.08%, and 0.17%. The trading volumes of C2601, C2605, and C2509 are 6,857, 1,545,357, and 103,172 respectively, with increase rates of 115.97%, 95.41%, and 121.04%. The open interests of C2601, C2605, and C2509 are 9,246, 1,435,081, and 123,072 respectively, with change rates of 29.97%, - 5.56%, and 0.79% [2]. - For corn starch futures, the closing prices of CS2601, CS2605, and CS2509 are 2707, 2716, and 2727 respectively, with price increases of 12, 5, and - 5, and price increase rates of 0.44%, 0.18%, and - 0.18%. The trading volumes of CS2601, CS2605, and CS2509 are 82, 130,647, and 7,064 respectively, with increase rates of 26.15%, 64.97%, and 80.07%. The open interests of CS2601, CS2605, and CS2509 are 135, 261,060, and 16,077 respectively, with change rates of 0.00%, - 1.74%, and - 2.37% [2]. Spot Market and Basis - For corn, the spot prices in Qinggang, Songyuan Jiajie, Zhucheng Xingmao, Shouguang, Jinzhou Port, Nantong Port, and Guangdong Port are 2210, 2260, 2440, 2400, 2400, 2530, and 2530 respectively. The price changes are 20, 0, 0, 0, 5, 30, and 10 respectively. The basis values are - 206, - 156, 24, - 16, 5, 114, and 114 respectively [2]. - For starch, the spot prices of Longfeng, COFCO, Yihai (Heilongjiang), Yufeng, Jinyu, Zhucheng Xingmao, and Hengren Industry and Trade are 2830, 2700, 2750, 2950, 2960, 2990, and 2900 respectively. The price changes are 50, 0, 0, 0, 20, 20, and 0 respectively. The basis values are 114, - 16, 34, 234, 244, 274, and 184 respectively [2]. Price Spreads - For corn inter - delivery spreads, C01 - C05 is - 27 with a change of 15, C05 - C09 is - 21 with a change of - 2, and C09 - C01 is 48 with a change of - 13. - For starch inter - delivery spreads, CS01 - CS05 is - 9 with a change of 7, CS05 - CS09 is - 11 with a change of 10, and CS09 - CS01 is 20 with a change of - 17. - For cross - variety spreads, CS09 - C09 is 311 with a change of - 9, CS01 - C01 is 339 with a change of - 5, and CS05 - C05 is 321 with a change of 3 [2]. Part 2: Market Analysis Corn - Affected by the sharp rise in crude oil, US corn prices have risen, and the global corn supply pressure has weakened. The import profit of foreign corn has increased, and the import price from Brazil in July is 2325 yuan. The closing prices at northern ports are strong, around 2400 yuan, and the spot prices in Northeast corn - producing areas continue to rise. The deep - processing operating rate has increased, and the supply of corn has increased on weekends. The spot price of corn continues to rise, and the price difference between North China and Northeast corn has widened. The wheat and corn auctions continue. The price of North China wheat is relatively strong, around 2550 yuan/ton, and the price difference between wheat and corn has narrowed. The domestic breeding demand will decline in March, and the inventory of downstream feed enterprises has increased. The short - term spot price of corn is relatively strong. However, the supply of Northeast corn has increased, and the upside potential of the 05 corn contract is expected to be limited [4][6]. Starch - The number of trucks arriving at Shandong deep - processing enterprises is still low, and the spot price of Shandong corn is strong. The spot price of starch in Shandong is around 2920 yuan, and the spot price of Northeast starch is also rising. The inventory of corn starch has increased this week to 121.9 million tons, an increase of 2.1 million tons from last week, with a monthly increase rate of 1.75% and a year - on - year decrease rate of 11.4%. The current starch price mainly depends on the corn price and downstream stocking. The by - product prices are relatively strong, and the price difference between corn and starch is at a low level. The short - term price of North China corn is strong, and the price of Northeast corn is still rising. As the weather warms up, the supply of corn is expected to increase, and the upside potential of the corn spot price is limited. The 05 starch contract followed corn and rose then fell. The spot price of starch is rising in the short term, and it is expected to oscillate at a high level in the short term [7]. Trading Strategies - Unilateral trading: The 05 US corn has support at 440 cents per bushel. For the 05 corn contract, go short on short - term rallies with a light position and set a stop - loss. - Arbitrage: Go long on the spread between the 05 corn and starch contracts when the spread is low [9][10]. Part 3: Corn Options - Option strategy: Adopt a short - term put - accumulation strategy and conduct rolling operations [11]. Part 4: Related Diagrams - The report provides six diagrams, showing the closing price of northern port corn, the basis of the 05 corn contract, the price spread between the 5th and 9th corn contracts, the price spread between the 5th and 9th corn starch contracts, the basis of the 05 corn starch contract, and the price spread between the 05 corn starch and corn contracts [14][15][19].