1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The cotton market has certain fundamental support, and the cotton price is expected to be volatile and slightly stronger in the short - term. The US cotton market is expected to be range - bound, while the Zhengzhou cotton may also have a short - term range - bound trend. Traders can consider building long positions on dips for Zhengzhou cotton but should avoid chasing high prices. For options, it is recommended to wait and see, and for arbitrage, also wait and see [29][42] 3. Summary by Directory 3.1 First Part: Domestic and International Market Analysis 3.1.1 International Market Analysis - **US Cotton Market**: The fundamentals of the US cotton market have changed little, and it is expected to be range - bound. As of February 27, 2026, the cumulative inspection volume of US upland cotton + Pima cotton was 3.0387 million tons, accounting for 100.3% of the estimated annual US cotton production, a 4% year - on - year decline. The weekly deliverable ratio was 71.2%, and the quarterly deliverable ratio was 81.7%, 1.1 percentage points higher year - on - year. The final inspection volume is expected to be around 3.05 - 3.07 million tons [9] - **US Cotton Growing Conditions**: As of March 3, the drought index in the main US cotton - producing areas continued to rise, and the drought level in the main producing areas and Texas was at a relatively high level in recent years. According to the quarterly outlook, the drought in the main US cotton - producing areas will continue from March to May, intensify in the central - western regions, and ease in the eastern regions [9] - **US Cotton Sales**: As of the week of February 26, the weekly signing volume of 2025/26 US upland cotton was 34,100 tons, a 41% weekly decrease and a 50% decrease compared with the average of the previous four weeks. The weekly shipment volume was 64,000 tons, a 46% weekly increase and a 43% increase compared with the average of the previous four weeks [9] - **CFTC Data**: As of February 27, the number of un - priced contracts of sellers on the ON - CALL 2605 contract increased by 1,563 to 20,815, an increase of 40,000 tons compared with the previous week. The total number of un - priced contracts of sellers in the 2025/26 season increased by 2,667 to 35,139, equivalent to 800,000 tons, an increase of 60,000 tons compared with the previous week [9] - **Brazil**: Reports of excessive rainfall in the main producing state of Mato Grosso were exaggerated. Although many private forecasting agencies' production estimates are slightly lower than the official CONAB's 2.6232 million tons in the February report, nearly 70% of the crops were planted within the ideal sowing window [9] - **Global Situation**: According to the latest USDA February global cotton production and sales forecast, the global cotton production in February was 26.09 million tons, a month - on - month increase of 90,000 tons. China's total production increased by 100,000 tons to 7.62 million tons. The total consumption was adjusted down by 45,000 tons to 25.84 million tons, and the ending inventory was adjusted up by 140,000 tons to 16.35 million tons [8][9] 3.1.2 Domestic Market Logic Analysis - **Supply Side**: As of the week of March 5, the operating rate of national ginneries continued to decline to 5.78%, a slight increase of 0.29% compared with before the festival. As of March 4, 2026, the cumulative public inspection was 33,155,737 bales, totaling 7,484,308 tons, a 12.79% year - on - year increase. As of February 27, 2026, the total commercial cotton inventory was 5.2676 million tons, a week - on - week decrease of 87,800 tons (a 1.64% decrease) [29] - **Demand Side**: As of February 27, the cumulative sales volume of national lint cotton was 5.146 million tons, a year - on - year increase of 1.846 million tons and an increase of 2.309 million tons compared with the average of the past four years. As of March 5, the operating load of spinning mills in the mainstream areas was 73.2%, a 13.31% increase compared with the previous week [29] - **Overall Situation**: The current market contradictions are not significant. With the resumption of work in the downstream, the market has certain expectations for the "Golden March and Silver April". The cotton sales progress is still fast, at a high level in the same period of previous years. The cotton fundamentals have certain support, but considering that the previous positive factors have been reflected, it is expected that Zhengzhou cotton will be range - bound in the short term [29] 3.1.3 Futures Trading Strategy - **Unilateral**: It is expected that the US cotton will be range - bound in the short term. Zhengzhou cotton has certain fundamental support, and traders can consider building long positions on dips but should not chase high prices [42] - **Arbitrage**: Wait and see [42] - **Options**: Wait and see [41] 3.2 Second Part: Weekly Data Tracking - **Internal and External Price Difference**: The document shows the historical data of the internal and external cotton price difference and the 9 - 1 spread trend [45][46] - **Cotton Inventory**: It shows the historical data of national cotton commercial inventory, spinning mill cotton industrial inventory, reserve inventory, and other aspects [48] - **Spot - Futures Basis**: It shows the basis data of cotton in different months and the basis trend of US seven - major market upland cotton [51]

Report Industry Investment Rating - Not provided Core Viewpoints - The "15th Five-Year Plan" draft provides positive signals and stable support for the market, and the A-share market is more likely to form a "stable and improving" pattern [3][12] - The economic growth in 2026 may exceed expectations, which is conducive to boosting confidence and supporting the development of the capital market [1][7] - The capital market will serve the development of new productive forces and support high-quality development [2][10] Summary by Directory Targets are reasonable and practical, leaving room for development from quantity to quality - The "15th Five-Year Plan" draft refines 20 main indicators, including 3 in economic development, with GDP growth to be kept in a reasonable range and determined annually as appropriate [6] - The 2026 economic growth target of 4.5% - 5% is practical and leaves room, and the actual growth may reach 5.2% [6][7] Emphasize new productive forces, achieve scientific and technological self-reliance, and embrace the new round of scientific and technological revolution - In the innovation-driven aspect, the draft proposes 3 indicators, including an average annual growth of over 7% in R & D expenditure, and the added value of the digital economy's core industries to account for 12.5% of GDP [8] - It proposes 28 projects to lead the development of new productive forces, and emphasizes seizing the opportunity of the scientific and technological revolution to promote in-depth integration of scientific and technological and industrial innovation [2][8] - The capital market will serve the development of new productive forces, support the construction of a modern industrial system, and enhance the quality of listed companies [2][10] Highlight people's well - being, boost consumer confidence, and realize people's aspiration for a better life - The draft proposes 7 indicators in people's well - being and 25 projects, aiming to improve people's living quality and boost long - term consumer confidence [11] - In the green - low - carbon and safety -保障 aspects, it proposes relevant indicators and projects to ensure national security and environmental protection [12]

Report Industry Investment Rating No information provided in the report Core Viewpoints - The market is in a state of uncertainty and volatility, affected by various factors such as geopolitical conflicts, economic policies, and supply - demand relationships. Different sectors have different trends and investment opportunities, and investors need to pay attention to risk control and market changes [22][61][75] Summary by Category Financial Derivatives - **Stock Index Futures**: The market rebounded hesitantly. On Thursday, the stock index rebounded across the board, but the performance of different indexes was differentiated. The trading volume and positions of each variety decreased. It is expected to be high - volatile, and it is recommended to go long on dips [20][21][22] - **Treasury Bond Futures**: The fiscal policy is stable, and the market sentiment is average. It is recommended to hold long positions in the T - contract lightly and pay attention to the information from the press conference [23][24] Agricultural Products - **Protein Meal**: Macro - disturbances increase, and the domestic soybean and meal inventories are relatively high. It is recommended to have a bearish view, reduce the spread of MRM09, and use seagull put options [26][27] - **Sugar**: The international sugar price fluctuates and adjusts, and the domestic sugar price is relatively strong. It is recommended to go long on dips for Zhengzhou sugar and wait and see for arbitrage and options [30][32][33] - **Oilseeds and Oils**: The biodiesel profit improves, and the oils fluctuate and rise. It is recommended to hold a short - term volatile view, consider reverse arbitrage for p59 and y59, and wait and see for options [35][36][37] - **Corn/Corn Starch**: The spot price in the production area is strong, and the futures price fluctuates at a high level. It is recommended to go long on dips for the outer - market 05 corn, hold a high - volatile view for the 05 corn, and expand the spread between 05 corn and starch [39][40][41] - **Hogs**: The supply is stable, and the price fluctuates. It is recommended to short the far - month contracts, wait and see for arbitrage, and use the short straddle strategy [42][44] - **Peanuts**: The spot price is stable, and the futures price fluctuates at the bottom. It is recommended to go long on dips lightly for the 05 peanuts, wait and see for arbitrage, and sell the pk605 - P - 7700 option [45][46][48] - **Eggs**: After the Spring Festival, it enters the off - season, and the egg price is stable with a slight decline. It is recommended to short the June contract, wait and see for arbitrage and options [49][50][51] - **Apples**: The inventory is low, and the price is firm. It is recommended to be cautious about chasing high for the May contract and wait and see for arbitrage and options [53][54][55] - **Cotton - Cotton Yarn**: The cotton price has strong support below and fluctuates strongly. It is recommended to go long on dips for Zhengzhou cotton, wait and see for arbitrage and options [57][58][59] Ferrous Metals - **Steel**: During the "Two Sessions", the steel price continues to fluctuate. It is recommended to maintain a volatile view, short the coil - coal ratio and hold the short position of the coil - rebar spread, and wait and see for options [61][62] - **Coking Coal and Coke**: The price fluctuates greatly, but the trend is not obvious. It is recommended to wait and see or go long on dips, wait and see for arbitrage, and sell out - of - the - money put options [65] - **Iron Ore**: Geopolitical conflicts increase, and the ore price fluctuates. It is recommended to hold a volatile view, wait and see for arbitrage and options [68][69] - **Ferroalloys**: The profit - loss ratio decreases, and it is recommended to partially take profit on long positions, wait and see for arbitrage, and sell out - of - the - money put options [70][71][72] Non - Ferrous Metals - **Gold and Silver**: The market sentiment is changeable, and gold and silver are under pressure. It is recommended to temporarily leave the market and wait and see, wait and see for arbitrage and options [74][75][76] - **Platinum and Palladium**: The Middle - East conflict continues, and the precious metals maintain a volatile pattern. It is recommended to go long on platinum on dips, wait and see for palladium, and conduct long - platinum and short - palladium arbitrage [77][78][80] - **Copper**: It fluctuates in the short term, and it is necessary to pay attention to changes in macro - sentiment. It is recommended to wait and see for arbitrage and options [81][82] - **Alumina**: The overseas alumina price falls, and there is short - term production reduction in China. It is recommended to go short on rallies [84][85][86] - **Electrolytic Aluminum**: Geopolitical conflicts affect the Qatari electrolytic aluminum plant, and the Middle - East situation is uncertain. It is recommended to fluctuate widely with the sector, wait and see for arbitrage and options [87][88] - **Cast Aluminum Alloy**: It fluctuates widely with the sector. It is recommended to wait and see for arbitrage and options [91][92][93] - **Zinc**: It is recommended to buy on dips, wait and see for arbitrage and options [94][95][96] - **Lead**: It fluctuates within a range. It is recommended to buy high and sell low within the range, wait and see for arbitrage and options [97][98][99] - **Nickel**: The macro - situation weakens, dragging down the nickel price. It is recommended to wait for the macro - sentiment to stabilize and then buy, wait and see for arbitrage and options [100][101] - **Stainless Steel**: Supported by cost, it follows the nickel price. It is recommended to wait for the macro - sentiment to stabilize and then buy, wait and see for arbitrage [103] - **Industrial Silicon**: It fluctuates within a range, and it is necessary to pay attention to supply - side policies. It is recommended to buy on dips in the short term and try shorting after the manufacturer hedges [104][105] - **Polysilicon**: The spot transaction price declines, and it is weak in the short term. It is recommended to be cautious about liquidity risks, wait and see for arbitrage and options [107] - **Lithium Carbonate**: The risk preference decreases, and funds continue to withdraw. It is recommended to buy after the price stabilizes on a pullback, wait and see for arbitrage and options [109][110][111] - **Tin**: The long - term resumption of production in Myanmar is expected to accelerate, and the tin price may fluctuate and consolidate. It is recommended to pay attention to changes in macro - sentiment, wait and see for options [113][114][115] Shipping and Carbon Emissions - **Container Shipping**: Iran's blockade only targets ships from the US, Israel, and Europe, and the warring parties' stances are still tough. It is recommended to take profit on long positions in the 04 contract in the off - season and then wait and see, wait and see for arbitrage [116][117][119] - **Dry Bulk Freight**: Geopolitical conflicts continue to ferment, supporting the rent at a high level. It is necessary to pay attention to the duration of the closure of the Strait of Hormuz [119][120][122] - **Carbon Emissions**: The domestic carbon trading is in a dull period, and many industries in the EU support the carbon market. It is necessary to pay attention to the pre - issuance of CEA2025 quotas and the detailed rules of the new carry - over policy in China, and the geopolitical conflicts and policy trends in the EU [122][125][126] Energy and Chemicals - **Crude Oil**: Geopolitical news is changeable, and US oil breaks through and rises. It is recommended to be bullish, wait and see for arbitrage, and take profit on out - of - the - money call options [129][130] - **Asphalt**: Under the background of geopolitical conflicts, the cost fluctuates sharply. It is recommended to hold long positions in the BU2606 contract and pay attention to geopolitical risks, wait and see for arbitrage and options [131][132][133] - **Fuel Oil**: Geopolitical risks increase. It is recommended to hold long positions in the FU2605 contract and pay attention to short - term geopolitical fluctuations, wait and see for arbitrage and options [134][135][136] - **LPG**: The supply is gradually tightening, and the freight rate soars. It is recommended to be bullish with fluctuations, wait and see for arbitrage and options [137][138] - **Natural Gas**: The market uncertainty is extremely high, and the price fluctuates widely. It is recommended to wait and see, wait and see for arbitrage and options [140][141][142] - **PX & PTA**: PX reduces production preventively. It is recommended to be bullish on the aromatics sector, conduct positive arbitrage, and wait and see for options [145][146] - **BZ & EB**: Refineries reduce production preventively, affecting the supply of aromatics. It is recommended to be bullish on the aromatics sector, conduct positive arbitrage, and wait and see for options [147][148][149] - **Ethylene Glycol**: Iranian plants stop production, and Middle - East imports are affected. It is recommended to be bullish with fluctuations [150][151] - **Short - Fiber**: It follows the cost and strengthens. It is recommended to follow the cost - side strengthening, conduct 5 - 9 positive arbitrage, and wait and see for options [153][154][155] - **Bottle Chips**: The factory load gradually recovers. It is recommended to follow the cost - side strengthening, wait and see for arbitrage and options [157][158] - **Propylene**: The main raw material price rises. It is recommended to pay attention to the development of the Middle - East situation, the propylene market is active, and the price is bullish in the short term, wait and see for arbitrage and options [159][160] - **Plastic PP**: PP production increases. It is recommended to hold long positions in the L2605 and PP2605 contracts, set stop - losses, hold short positions in the SPC L2605&PP2605 spread, set stop - losses, and wait and see for options [161][162][163] - **Caustic Soda**: The caustic soda price fluctuates. It is recommended to be bullish with fluctuations, wait and see for arbitrage and options [165][166] - **PVC**: It follows the price increase firmly. It is recommended to go long on dips, not chase high, wait and see for arbitrage and options [168][169] - **Soda Ash**: The price fluctuates strongly. It is recommended to be bullish with short - term fluctuations, take profit on the short - glass and long - soda - ash spread, and wait and see for options [170][171][172] - **Glass**: The price fluctuates. It is recommended to short on rallies or sell call options, take profit on the short - glass and long - soda - ash spread, and wait and see for options [173][174][175] - **Methanol**: It fluctuates widely. It is recommended to hold positions cautiously, pay attention to the 59 positive arbitrage, and sell put options on pullbacks [176][177] - **Urea**: It fluctuates. It is recommended to conduct range trading, wait and see for arbitrage and options [179][180] - **Pulp**: The supply - demand contradiction is slightly alleviated. It is recommended to buy on dips, wait and see for arbitrage, and sell the SP2605 - P - 5200 option [181][182][183] - **Offset Printing Paper**: High inventory suppresses the paper price. It is recommended to short on rallies, wait and see for arbitrage, and sell the OP2604 - C - 4250 option [184][185][186] - **Logs**: The overseas price rises, and the spot price is stable with a slight increase. It is recommended to buy on dips, wait and see for arbitrage and options [186][187][188] - **Natural Rubber and No. 20 Rubber**: The increase in electricity consumption in the rubber and plastics industry narrows. It is recommended to wait and see for the RU05 and NR05 contracts, pay attention to the support levels, wait and see for arbitrage and options [189][190][191] - **Butadiene Rubber**: The tire production starts to increase. It is recommended to hold long positions in the BR05 contract, set stop - losses, hold the BR2605 - RU2605 spread, set stop - losses, and wait and see for options [194][195][196]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - Due to better profit performance in the early stage, the market's enthusiasm for culling has declined, slowing down overall capacity reduction. Considering the post - Spring Festival egg consumption off - season and the recent good egg price weakening the overall reduction, it is recommended to short the June contract on rallies [7]. Group 3: Summary by Directory 1. Futures and Spot Market Data - **Futures Market**: JD01 closed at 3633, up 18 from the previous day; JD05 closed at 3396, up 31; JD09 closed at 3798, up 18. The 01 - 05 spread was 237, down 13; the 05 - 09 spread was - 402, up 13; the 09 - 01 spread was 165, unchanged. The ratios of 01, 05, and 09 eggs to corn and soymeal also had corresponding changes [2]. - **Spot Market**: The average price in the main producing areas was 2.89 yuan/jin, down 0.03 yuan/jin from the previous day; the average price in the main selling areas was 3.07 yuan/jin, down 0.05 yuan/jin. Most national mainstream prices were stable, with some areas seeing price drops or stability. The average price of culled chickens was 4.88 yuan/jin, up 0.01 yuan/jin [2][4]. - **Profit Calculation**: The profit per chicken was - 2.47 yuan, down 1.54 yuan from the previous day. The average price of culled chickens was 4.88 yuan/jin, up 0.01 yuan; the average price of chicks was 3.21 yuan, up 0.04 yuan; the price of egg - laying chicken vaccines was 3 yuan, unchanged. The average price of corn was 2411 yuan, up 8 yuan; the average price of soymeal was 3126 yuan, unchanged; the compound feed for egg - laying chickens was 2.63 yuan, up 0.01 yuan [2]. 2. Fundamental Information - **Egg Price**: The average price in the main producing areas was 2.89 yuan/jin, down 0.03 yuan/jin; the average price in the main selling areas was 3.07 yuan/jin, down 0.05 yuan/jin. Most national mainstream prices were stable, with price drops in some areas [4]. - **Laying Hen Inventory**: In February, the national inventory of laying hens was 1.35 billion, an increase of 60 million from the previous month and a 3.4% year - on - year increase, higher than expected. The monthly output of chicks in the sample enterprises monitored by Zhuochuang Information (about 50% of the country) was 43.3 million, with little change month - on - month and a 5% year - on - year decrease [4]. - **Culled Chicken**: From February 26th, the weekly culling volume of laying hens in the main producing areas was 8.78 million, a 42% increase from the previous week. The average culling age was 501 days, an increase of 1 day from the previous week [5]. - **Egg Sales**: As of the week of February 26th, the egg sales volume in the representative selling areas was 4278 tons, at a relatively low level in the same period over the years [6]. - **Profit**: As of February 26th, the weekly average profit per jin of eggs was - 0.35 yuan/jin, a decrease of 0.2 yuan/jin from the previous week; on February 26th, the expected profit of egg - laying chicken farming was - 11.85 yuan per chicken, a decrease of 1.27 yuan per chicken from the previous week [6]. - **Inventory**: As of the week of February 26th, the production - link weekly average inventory was 1.29 days, an increase of 0.05 days from the previous week; the circulation - link weekly average inventory was 1.18 days, a decrease of 0.08 days from the previous week [6]. 3. Trading Logic - Due to better profit performance in the early stage, the market's enthusiasm for culling has declined, slowing down overall capacity reduction. Considering the post - Spring Festival egg consumption off - season and the recent good egg price weakening the overall reduction, it is recommended to short the June contract on rallies [7]. 4. Trading Strategy - **Single - sided**: Consider shorting the June contract on rallies [8]. - **Arbitrage**: It is recommended to wait and see. - **Options**: It is recommended to wait and see.

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The fundamentals of cotton have certain support, and it is recommended to consider building long positions on dips. The short - term trend of US cotton is likely to be range - bound, while the technical performance of Zhengzhou cotton is strong. It is advisable to build long positions on dips and not to chase high prices. For arbitrage and options, it is recommended to wait and see [7][8][9] Group 3: Summary by Directory First Part: Market Information - **Futures Disk Information**: The closing prices, price changes, trading volumes, and open interest of CF01, CF05, CF09, CY01, CY05, and CY09 contracts are provided, along with their corresponding changes. For example, the CF01 contract closed at 15635 with a price increase of 70, and the trading volume was 3,005, a decrease of 538 [2] - **Spot Price Information**: Spot prices and price changes of various products such as CCIndex3128B, Cot A, and others are given. For instance, the CCIndex3128B price was 16583 yuan/ton, a decrease of 8 [2] - **Spread Information**: Cotton and棉纱 inter - period spreads, cross - variety spreads, and internal - external spreads are presented. For example, the 1 - 5 month spread of cotton was 385, an increase of 25 [2] Second Part: Market News and Views Cotton Market News - On March 5, 2026, the road transportation price index of Xinjiang - outbound cotton was 0.1437 yuan/ton·km, a 2.38% decrease from the previous day. It is expected to show a narrow - range fluctuation in the short term [5] - In January 2026, Vietnam's cotton textile output was 0.88 billion square meters, a 1.51% year - on - year increase and a 7.259% month - on - month decrease; clothing output was 5.49 billion pieces, a 20.3% year - on - year increase and a 7.02% month - on - month decrease. The decline was mainly due to the Spring Festival holiday [5] - In December 2025/26, India's total export volume of cotton yarn (HS:5205) was 10.14 tons, a 5.01% year - on - year increase and an 11.64% month - on - month increase. From August to December 2025, India's cotton yarn export volume was 45.6 tons, with 19.48 tons exported to Bangladesh (a 117.06% year - on - year decrease, accounting for 42.94%) and 7.42 tons exported to China (a 94.76% year - on - year increase, accounting for 16.35%). In 2025, India's cumulative cotton yarn export volume was 108.19 tons, a 0.18% year - on - year increase [6] Trading Logic - The fundamentals of cotton have no obvious negative factors. According to the previous USDA annual report, the global cotton output was reduced by 3% (9% reduction in China and a reduction in the US). The supply - demand situation is relatively tight, and if consumption continues to increase, there may be a tight - balance situation. As of February 12, the US cotton signing volume was 10.57 tons, a 5.33 - ton increase from the previous period, and the cumulative signing volume was 192.79 tons, 7 percentage points lower than the same period last year [7] Trading Strategies - **Unilateral**: It is expected that the short - term trend of US cotton will be range - bound, and the technical performance of Zhengzhou cotton is strong. It is advisable to build long positions on dips and not to chase high prices [8] - **Arbitrage**: Wait and see [9] - **Options**: Wait and see [10] Cotton Yarn Industry News - The trading in the pure cotton yarn market is still weak, but new orders are starting to improve marginally. Spinning mills' price cuts and the stability of Zhengzhou cotton have increased downstream purchasing willingness, and transactions have slightly increased. Spinning mills are mainly fulfilling pre - holiday orders, inventory is decreasing, and the operating rate in the inland area is rising. Manufacturers are maintaining a wait - and - see attitude, and the future trend of Zhengzhou cotton and new orders need to be continuously monitored [12] - The overall trading atmosphere of all - cotton grey cloth is stable, and manufacturers are maintaining shipments. The increase in new orders for weaving mills is insufficient. Home textile mills are currently producing pre - holiday orders, and prices have increased compared to before the holiday. It is expected that home textile mills can continue production in March, and weaving mills may be worried about whether orders can start in March [12] Third Part: Options - Information on cotton options such as option contract names, underlying contract prices, closing prices, price changes, implied volatility, and other parameters is provided. For example, for the CF605C14600.CZC option on January 19, 2026, the underlying contract price was 14545.00, the closing price was 334.00, and the price change was - 16.9% [14] - The 60 - day historical volatility (HV) of cotton is 9.2812, slightly higher than the previous day. The implied volatility of CF605 - C - 14600 is 13.3%, that of CF605 - C - 14200 is 11.3%, and that of CF605 - P - 13800 is 11.2% [14] - The previous day's position PCR of the Zhengzhou cotton main contract was 0.8667, and the trading volume PCR of the main contract was 0.4688. The trading volumes of both call and put options decreased today. It is recommended to wait and see for options [15][16] Fourth Part: Relevant Attachments - Multiple charts are provided, including the internal - external cotton price spread under 1% tariff, cotton 1 - month basis, cotton 5 - month basis, cotton 9 - month basis, CY05 - CF05 spread, CY01 - CF01 spread, CF9 - 1 spread, and CF5 - 9 spread [17][21][22][27]

1. Report's Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - No explicit core viewpoints presented in the given content 3. Summary According to the Report Content Futures Price and Spread - DCE01 price increased from 717.5 to 721.5, DCE05 from 752.0 to 759.0, and DCE09 from 731.5 to 735.5 [2] - I01 - I05 spread decreased by 3.0 to -37.5, I05 - I09 spread increased by 3.0 to 23.5, and I09 - I01 spread remained unchanged at 14.0 [2] Spot Price and Basis - Most spot prices decreased, such as PB powder (60.8%) from 750 to 748, while BRBF (62.5%) and BRBF (63%) increased [2] - The optimal delivery product is IOC6, with 01 - contract basis of 69, 05 - contract basis of 35, and 09 - contract basis of 55 [2] Spot Variety Spread and Import Profit - Some spot variety spreads changed slightly, like the spread between Newman block and Newman powder increased by 2 to 119 [2] - Import profits of most products decreased, for example, the import profit of PB powder decreased from 1 to -4 [2] Index and Spread - The price of the Platts 61% iron ore index remained unchanged at 100.6, the 65% index decreased from 118.8 to 118.5, and the 58% index remained at 91.6 [2] - The spreads between the SGX main contract and DCE contracts increased, e.g., SGX main - DCE01 increased from 9.6 to 10.1 [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Short - term, the volatility of oils and fats may increase due to geopolitical factors, and the overall trend will remain volatile. It is difficult to conduct unilateral trading, so it is recommended to wait and see temporarily. P59 and Y59 can consider reverse arbitrage at high prices, and options are recommended to wait and see [9][10][11]. 3. Summary by Directory 3.1 Data Analysis - **Spot Prices and Basis**: The closing price of soybean oil on 2605 was 8370 with no change. The spot prices in Zhangjiagang, Guangdong, and Tianjin were 8650, 8730, and 8590 respectively, and the basis in these areas were 360, 280, and 220 respectively, with the Tianjin basis down 10. The closing price of palm oil on 2605 was 9070, up 68. The spot prices in Guangdong, Zhangjiagang, and Tianjin were 9020, 9010, and 9130 respectively, and the basis were - 50, - 60, and 60 respectively, with no change. The closing price of rapeseed oil on 2605 was 9489, up 3. The spot prices in Zhangjiagang, Guangxi, and Guangdong were 10149, 9769, and the basis in Zhangjiagang and Guangdong were 660 and 280 respectively, with the Guangdong basis down 80 [2]. - **Monthly Spread Closing Prices**: The 5 - 9 monthly spread of soybean oil was 28, down 2; that of palm oil was - 22, with no change; that of rapeseed oil was 74, down 11 [2]. - **Cross - Variety Spreads**: For the 05 contract, the Y - P spread was - 700, down 68; the OI - Y spread was 1119, up 3; the OI - P spread was 419, down 65; the oil - meal ratio was 2.94, down 0.01 [2]. - **Import Profits**: The disk profit of 24 - degree palm oil from Malaysia and Indonesia was - 183, and the CNF price was 1111. The disk profit of crude rapeseed oil from Rotterdam was - 1527, and the FOB price was 1085 [2]. - **Weekly Commercial Inventories**: In the 9th week of 2026, the soybean oil inventory was 91.3 tons, down from 94.5 tons last week and compared with 92.1 tons in the same period last year; the palm oil inventory was 78.7 tons, up from 70.6 tons last week and compared with 41.3 tons in the same period last year; the rapeseed oil inventory was 27.1 tons, up from 24.7 tons last week and compared with 75.1 tons in the same period last year [2]. 3.2 Fundamental Analysis - **International Market**: The USDA monthly report is expected to show that the ending inventory of US soybeans in the 2025/26 season is 344 million bushels, and the soybean production in Brazil in the 2025/26 season is 179.06 million tons [4]. - **Domestic Market - Palm Oil**: As of February 27, 2026 (the 9th week), the commercial inventory of palm oil in key national regions was 78.67 tons, up 8.03 tons from last week. The origin quotes were stable, the disk import profit was inverted by about 180, and there were rumors of palm oil purchases in the past two days. The basis was stable, and the spot market changed little. The short - term palm oil was affected by geopolitical factors, and the POGO basis quickly turned negative, which was beneficial to the increase in biodiesel demand. It is expected to remain volatile, and it is recommended to wait and see [4]. - **Domestic Market - Soybean Oil**: As of February 27, 2026, the commercial inventory of soybean oil in key national regions was 91.33 tons, down 3.16 tons from last week, a decrease of 3.34%. The basis of soybean oil was stable with a slight decline. The oil mill's crushing operation rate was gradually increasing, the supply of soybean oil was increasing, and the spot market transactions increased. The domestic soybean oil supply was sufficient, and it was recommended to maintain the reverse arbitrage idea in the monthly direction [5][6]. - **Domestic Market - Rapeseed Oil**: As of February 27, 2026, the rapeseed inventory of major coastal oil mills was 15.1 tons, up 5.3 tons from last week, and the rapeseed oil inventory was 27.1 tons, up 2.4 tons. The FOB quote of European rapeseed oil was stable at around 1080 US dollars, and the import profit was inverted by about - 1500. As the rapeseed arrival volume increases in the later period, the supply recovery expectation is enhanced, and the market demand is weak. It is expected that the rapeseed oil basis will show a weak trend. The short - term low inventory and geopolitical factors support the rapeseed oil price, but the large arrival of Canadian rapeseed will suppress the increase [7]. 3.3 Trading Strategies - **Unilateral**: It is recommended to wait and see temporarily as the short - term volatility of oils and fats may increase due to geopolitical factors, and the overall trend will remain volatile [9]. - **Arbitrage**: P59 and Y59 can consider reverse arbitrage at high prices [10]. - **Options**: It is recommended to wait and see [11]. 3.4 Related Attachments - The report provides 8 figures, including the spot basis of East China first - grade soybean oil, South China 24 - degree palm oil, East China third - grade rapeseed oil, and the monthly spreads and cross - variety spreads of soybean oil, palm oil, and rapeseed oil [14][15][18][22].

Group 1: Market Information - SF main contract closed at 5828, up 10 (0.17%) daily and 290 weekly, with a trading volume of 159,825 (down 67,616) and an open interest of 207,380 (up 742). SM main contract closed at 6092, down 28 (0.46%) daily and up 174 weekly, with a trading volume of 242,409 (down 143,602) and an open interest of 435,845 (down 8,150) [3] - 72% FeSi spot prices in Inner Mongolia, Ningxia, Qinghai, and Tianjin increased by 50, 20, 50, and 50 yuan/ton respectively, while the prices in Jiangsu remained unchanged. For 6517 SiMn, the prices in Inner Mongolia, Guangxi, Jiangsu, and Tianjin remained unchanged, and the price in Ningxia decreased by 20 yuan/ton [3] - The price of manganese ore in Tianjin Port increased slightly, with Australian lump ore up 0.3 yuan/ton degree, South African semi - carbonate up 0.2 yuan/ton degree, and Gabon lump ore up 0.1 yuan/ton degree. The prices of semi - coke small materials in Shaanxi, Ningxia, and Inner Mongolia remained unchanged [3] Group 2: Market Analysis and Trading Strategies - **Core View**: After the significant increase in ferroalloy prices, the risk - return ratio has decreased. It is recommended to partially take profits on the previously suggested long positions [5][6] - **Silicon Iron**: On March 5, the spot price was stable with a slight upward trend. The supply has slightly increased recently. Steel production has started a seasonal recovery, but the recovery speed is slow due to the increasing steel inventory. The cost - demand positive feedback is in place, but there are signs of production resumption in other regions. It is advisable to partially take profits on long positions [5] - **Silicon Manganese**: On March 5, manganese ore spot prices were stable with a slight upward trend, while SiMn spot prices were stable with a slight downward trend. The supply has slightly increased due to new capacity and price increases. The demand recovery of steel is slow. The manganese ore spot is strong, and overseas mines' April quotes continue to rise. It is recommended to partially reduce positions and take profits [5] - **Trading Strategies**: For unilateral trading, partially take profits on previous long positions; for arbitrage, stay on the sidelines; for options, sell out - of - the - money put options [6] Group 3: Important News - Comilog announced its April 2026 offer price for Gabon lump ore to China at $5.25/ton degree, a month - on - month increase of $0.27/ton degree [7] - The Government Work Report proposed that the main expected target for economic growth this year is 4.5% - 5%, and efforts will be made to achieve better results in actual work [7] Group 4: Related Attachments - **Graphs Included**: Ferroalloy main contract price trends, SF - SM price spreads, monthly spreads of silicon iron and silicon manganese, basis of silicon iron and silicon manganese, spot prices of silicon manganese, ferroalloy electricity prices, production costs and profits of silicon iron and silicon manganese [10][11][12]

1. Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Date: March 5, 2026 [2] 2. IM (CSI 1000 Index Futures) 2.1 Daily Quotes - The CSI 1000 index closed at 8,171.12, up 0.95%. The total trading volume of the four IM contracts was 219,081 lots, a decrease of 26,392 lots from the previous day. The total open interest was 383,031 lots, a decrease of 11,636 lots from the previous day. The main contract (IM2603) rose 0.71% to close at 8,130 points [4][5]. - The main contract was at a discount of 41.12 points to the spot, a decrease of 10.8 points from the previous day. The annualized basis rate was -11.54%. The dividend impacts of the four contracts were 0.01 points, 0.18 points, 40.02 points, and 62.88 points respectively [5]. 2.2 Main Seats - In IM2603, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients). The top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Haitong Futures (on behalf of clients), Galaxy Futures (on behalf of clients), and Dongzheng Futures (on behalf of clients). The top five seats in terms of short positions were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Huatai Futures (on behalf of clients), UBS Futures (on behalf of clients), and Haitong Futures (on behalf of clients) [16]. 3. IF (CSI 300 Index Futures) 3.1 Daily Quotes - The CSI 300 index closed at 4,647.69, up 0.98%. The total trading volume of the four IF contracts was 112,866 lots, a decrease of 27,060 lots from the previous day. The total open interest was 276,115 lots, a decrease of 12,637 lots from the previous day. The main contract (IF2603) rose 0.87% to close at 4,629 points [21][22]. - The main contract was at a discount of 18.69 points to the spot, a decrease of 7.07 points from the previous day. The annualized basis rate was -9.21%. The dividend impacts of the four contracts were 0 points, 0.53 points, 29.61 points, and 83.67 points respectively [22]. 3.2 Main Seats - In IF2603, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Guoxin Futures (on behalf of clients). The top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Dayue Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and GF Futures (on behalf of clients). The top five seats in terms of short positions were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Huatai Futures (on behalf of clients), and Dongzheng Futures (on behalf of clients) [35]. 4. IC (CSI 500 Index Futures) 4.1 Daily Quotes - The CSI 500 index closed at 8,309.17, up 0.73%. The total trading volume of the four IC contracts was 175,544 lots, a decrease of 27,524 lots from the previous day. The total open interest was 304,918 lots, a decrease of 4,910 lots from the previous day. The main contract (IC2603) rose 0.31% to close at 8,255.6 points [40][41]. - The main contract was at a discount of 53.57 points to the spot, a decrease of 24.02 points from the previous day. The annualized basis rate was -14.8%. The dividend impacts of the four contracts were 0.36 points, 7.23 points, 61.05 points, and 98.32 points respectively [41]. 4.2 Main Seats - In IC2603, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients). The top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Yide Futures (on behalf of clients), Galaxy Futures (on behalf of clients), and Haitong Futures (on behalf of clients). The top five seats in terms of short positions were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), UBS Futures (on behalf of clients), and Huatai Futures (on behalf of clients) [57]. 5. IH (SSE 50 Index Futures) 5.1 Daily Quotes - The SSE 50 index closed at 2,988.45, up 0.48%. The total trading volume of the four IH contracts was 48,047 lots, a decrease of 23,043 lots from the previous day. The total open interest was 105,814 lots, a decrease of 9,290 lots from the previous day. The main contract (IH2603) rose 0.54% to close at 2,987 points [62]. - The main contract was at a discount of 1.45 points to the spot, an increase of 0.56 points from the previous day. The annualized basis rate was -1.11%. The dividend impacts of the four contracts were 0 points, 0 points, 18.33 points, and 63.97 points respectively [63]. 5.2 Main Seats - In IH2603, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Guoxin Futures (on behalf of clients). The top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Nanhua Futures (on behalf of clients), Zhongyin Futures (on behalf of clients), and Yong'an Futures (on behalf of clients). The top five seats in terms of short positions were CITIC Futures (on behalf of clients), Haitong Futures (on behalf of clients), Guotai Junan (on behalf of clients), GF Futures (on behalf of clients), and Guoxin Futures (on behalf of clients) [73].

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - Today, steel prices declined slightly, with rebar performing stronger than hot-rolled coils. The overall spot steel trading volume was generally weak, with weak rigid demand and stable spot prices. This week, the data from Steel Union showed a slight increase in the production of the five major steel products, with an increase in rebar production and a shift to increased production of hot-rolled coils. Steel mills are still in the mode of shutdown and maintenance. After the Spring Festival, downstream demand has seasonally recovered, but inventories are still accumulating rapidly, with rebar inventory accumulating faster and shifting from mill inventory to social inventory. This week, the capital availability of downstream construction sites across the country has improved, and the capital availability of housing construction projects is better than that of non-real estate projects. The "Two Sessions" released 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 pig iron production this year, putting pressure on raw materials. Recently, overseas geopolitical frictions have increased, and the resonance of oil and precious metals has driven up the prices of black metals. If the frictions intensify in the future, it may drive up the raw material costs of steel. However, after the Two Sessions, steel prices may still return to the fundamentals, and there is still pressure on steel prices. In the future, it is still necessary to pay attention to the pig iron production situation, downstream demand performance, overseas geopolitical frictions, and the results of the Two Sessions [6]. - Unilateral trading: Follow overseas sentiment and maintain a volatile trend. - 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. - Options: It is recommended to wait and see [7]. 3. Summary by Relevant Catalogs 3.1 Market Information 3.1.1 Rebar - **Futures**: The prices of RB05, RB10, and RB01 contracts increased by 4 yuan/ton, 4 yuan/ton, and 1 yuan/ton respectively compared to yesterday. The spreads between different contracts also changed, such as HC05 - RB05 decreasing by 7 yuan/ton, and RB01 - RB05 decreasing by 3 yuan/ton. The disk profits of the 05, 10, and 01 contracts decreased by 10 yuan/ton, 1 yuan/ton, and 7 yuan/ton respectively [2]. - **Spot**: The prices of rebar in different regions were stable or slightly increased. The basis of different contracts in different regions also varied, with the cheapest delivery product having a 05 basis of 65 yuan/ton, a 10 basis of 36 yuan/ton, and a 01 basis of 8 yuan/ton. The regional price differences remained mostly unchanged, and the spot profits in different regions decreased to varying degrees [2]. 3.1.2 Hot-rolled Coils - **Futures**: The prices of HC05, HC10, and HC01 contracts decreased by 3 yuan/ton, 2 yuan/ton, and 5 yuan/ton respectively compared to yesterday. The spreads between different contracts also changed, such as HC01 - HC05 decreasing by 2 yuan/ton, and HC10 - HC01 increasing by 3 yuan/ton. The disk profits of the 05, 10, and 01 contracts decreased by 17 yuan/ton, 7 yuan/ton, and 13 yuan/ton respectively [2]. - **Spot**: The prices of hot-rolled coils in different regions were stable or slightly increased. The basis of different contracts in different regions also varied, with the cheapest delivery product having a 05 basis of 21 yuan/ton, a 10 basis of 0 yuan/ton, and a 01 basis of -18 yuan/ton. The regional price differences changed to some extent, and the spot profits in different regions decreased to varying degrees [2]. 3.2 Market Judgment - **Related Prices**: The spot price of Shanghai Zhongtian rebar was 3160 yuan, that of Beijing Jingye rebar was 3100 yuan, that of Shanghai Angang hot-rolled coil was 3240 yuan, and that of Tianjin Hegang hot-rolled coil was 3140 yuan [5]. - **Trading Strategy**: Unilateral trading should follow overseas sentiment and maintain a volatile trend; for 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; for options, it is recommended to wait and see [7]. - **Important Information**: In 2026, China plans to set the deficit ratio at around 4%, the target for the increase in the consumer price index at around 2%, issue 1.3 trillion yuan of ultra-long-term special treasury bonds, 300 billion yuan of special treasury bonds, and 4.4 trillion yuan of local special bonds. The expected economic growth target for 2026 is 4.5 - 5%. The government work report emphasizes strengthening anti-monopoly and anti-unfair competition, and regulating "involutionary" competition [8][9]. 3.3 Related Attachments - The report provides multiple charts, 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 in different regions [10][13][15][17][21][24][27][30][32][33][35][36][38][40][42][46][48][50][52][55].