1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - Due to the good profit performance in the early stage, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering that the egg consumption enters the off - season after the Spring Festival, although the inventory has been alleviated, the recent good egg price has weakened the overall capacity reduction. It is advisable to consider shorting the June contract on rallies [7]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices**: JD01 closed at 3606, down 12 from the previous day; JD05 closed at 3343, down 63; JD09 closed at 3777, down 31 [2]. - **Inter - month Spreads**: The 01 - 05 spread was 263, up 51; the 05 - 09 spread was - 434, down 32; the 09 - 01 spread was 171, down 19 [2]. - **Price Ratios**: The 01 egg/corn ratio was 1.54, unchanged; the 01 egg/soybean meal ratio was 1.20, down 0.01. The 05 egg/corn ratio was 1.41, down 0.02; the 05 egg/soybean meal ratio was 1.18, down 0.03. The 09 egg/corn ratio was 1.58, down 0.01; the 09 egg/soybean meal ratio was 1.28, down 0.01 [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main producing areas was 2.99 yuan/jin, down 0.03 yuan/jin from the previous day; the average price in the main selling areas was 3.14 yuan/jin, down 0.03 yuan/jin [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main producing areas was 4.89 yuan/jin, unchanged from the previous day [2][6]. 3.3 Profit Calculation - **Costs**: The average price of culled chickens was 4.89 yuan/jin, unchanged; the average price of chicks was 3.21 yuan/feather, up 0.04; the price of layer vaccines was 3 yuan, unchanged. The average price of corn was 2398 yuan, up 3; the average price of soybean meal was 3142 yuan, unchanged; the price of layer compound feed was 2.62 yuan, unchanged [2]. - **Profits**: The profit per feather was 1.89 yuan, down 1.24 from the previous day [2]. 3.4 Fundamental Information - **Egg Prices**: The national mainstream egg prices remained stable, with prices in most regions unchanged, and the prices continued to fluctuate and consolidate with normal sales [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 year - on - year increase of 3.4%, higher than expected. The monthly output of layer chicks in February was 43.3 million, with little change month - on - month and a year - on - year decrease of 5% [4]. - **Culled Chicken Information**: In the week of February 26, the number of culled laying hens in the main producing areas was 8.78 million, a 42% increase from the previous week. The average culling age of culled chickens was 501 days, an increase of 1 day from the previous week [5][7]. - **Egg Sales**: As of the week of February 26, 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 Situation**: As of February 26, the weekly average profit per jin of eggs was - 0.35 yuan/jin, a decrease of 0.2 yuan/jin from the previous week; the expected profit of layer farming was - 11.85 yuan/feather, a decrease of 1.27 yuan/feather from the previous week [6]. - **Inventory Situation**: As of the week of February 26, the average weekly inventory in the production link was 1.29 days, an increase of 0.05 days from the previous week; the average weekly inventory in the circulation link was 1.18 days, a decrease of 0.08 days from the previous week [6]. 3.5 Trading Logic - Due to the good profit performance in the early stage, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering the off - season of egg consumption after the Spring Festival, although the inventory has been alleviated, the recent good egg price has weakened the overall capacity reduction [7]. 3.6 Trading Strategies - **Single - sided**: Consider shorting the June contract on rallies [8]. - **Arbitrage**: It is recommended to wait and see [8]. - **Options**: It is recommended to wait and see [8].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The cotton fundamentals have some support, and it is advisable to consider building long positions on dips. The US cotton is expected to move in a range in the short - term, while the technical performance of Zhengzhou cotton is strong. It is advisable to build long positions on dips rather than chase the highs. For arbitrage and options, the recommendation is to wait and see [7][8][9] Summary by Directory First Part: Market Information - **Futures Market**: The closing prices, price changes, trading volumes, and open interest of various cotton (CF) and cotton yarn (CY) contracts are presented. For example, the CF01 contract closed at 15640 with a price increase of 10, and the trading volume decreased by 1164 to 3,324 lots [2] - **Spot Market**: The prices and price changes of various cotton and cotton yarn spot products are provided. For instance, the CCIndex3128B was 16591 yuan/ton with a decrease of 40, and the CY IndexC32S was 21920 with no change [2] - **Spreads**: Different types of spreads are listed, including cotton and cotton - yarn inter - month spreads and cross - variety spreads. The 1 - 5 month spread of cotton was 385 with a decrease of 20 [2] Second Part: Market News and Views Cotton Market News - **Inventory in Zhangjiagang**: As of March 2, 2026, the total cotton inventory in Zhangjiagang Free Trade Zone was 4.70 million tons, a year - on - year decrease of 0.16%. The inventory increased significantly due to more in - bound and less out - bound shipments before the Spring Festival, mainly with Brazilian cotton [5] - **US Cotton Inspection**: As of February 27, 2026, the cumulative inspection volume of US upland cotton + Pima cotton was 3.0387 billion tons, accounting for 100.3% of the annual US cotton production forecast, a year - on - year decrease of 4%. The final inspection volume is expected to be around 3.05 - 3.07 billion tons [6] - **CFTC Data**: As of February 24, 2026, the net long position ratio of ICE cotton futures funds was - 20.66% (a week - on - week increase of 3.2 percentage points) [6] Trading Logic - The global cotton production has decreased by 3% according to the previous USDA annual report. The overall supply is expected to be 2525, while consumption is 2614, showing a relatively tight balance. If consumption continues to increase, a tight - balance situation may occur [7] Trading Strategy - **Single - side**: It is expected that the US cotton will move in a range in the short - term, and Zhengzhou cotton shows strong technical performance. It is advisable to build long positions on dips and not chase the highs [8] - **Arbitrage**: Wait and see [9] - **Options**: Wait and see [10] Cotton Yarn Industry News - **Cotton Yarn Market**: The trading in the pure cotton yarn market is light, and downstream orders are unclear. The inventory has decreased, and manufacturers are cautious and waiting [12] - **Cotton Grey Cloth Market**: The overall trading atmosphere of all - cotton grey cloth is still insufficient, with few new orders for weavers. Some thin fabric re - orders have been confirmed, while others have not improved much [12] Third Part: Options - **Option Contract Data**: The data of several cotton option contracts are presented, including the closing price, price change rate, implied volatility, and other indicators. For example, the CF605C14600.CZC contract closed at 334.00, with a price change rate of - 16.9% and an implied volatility of 13.3% [14] - **Volatility**: The 60 - day HV of cotton is 9.2812, with a slight increase compared to the previous day [14] - **Option Strategy**: The PCR of the main contract's open interest of Zhengzhou cotton was 0.8667, and the PCR of the main contract's trading volume was 0.4688. The trading volumes of both call and put options decreased. The recommendation is to wait and see [15][16] Fourth Part: Related Attachments - Multiple charts are provided, including the 1% tariff - based domestic and international cotton price difference, cotton 1 - month, 5 - month, and 9 - month basis, CY - CF spreads, and CF inter - month spreads [17][21][26]

研究所 黑色研发报告 铁矿石日报 2026 年 03 月 03 日 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 719.5 | 721.5 | -2.0 | I01-I05 | -34.0 | -33.0 | -1.0 | | DCE05 | 753.5 | 754.5 | -1.0 | I05-I09 | 20.5 | 21.0 | -0.5 | | DCE09 | 733.0 | 733.5 | -0.5 | I09-I01 | 13.5 | 12.0 | 1.5 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | P B粉(60.8%) | 751 | 748 | 3 | 815 | 86 | 53 | 74 | | 纽曼粉 | 751 | 748 | 3 | 821 | 92 | 59 | 80 | | 麦克粉 | 747 | 744 | 3 | 825 | 96 | 63 | 84 | ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Due to the closure of Qatar's LNG plant, global energy prices have strengthened, with the coking coal contract rising sharply today, and steel maintaining a volatile and moderately strong trend. However, the overall spot trading volume of steel is generally weak, and the speculative sentiment is low. The fundamentals of the steel industry continue to weaken, with high inventory, uncertain post - holiday demand recovery, and potential pressure on raw materials. After the Two Sessions, steel prices may return to fundamentals and face pressure. [5] Group 3: Summary by Related Catalogs Market Information - Spot prices: Shanghai Zhongtian thread steel is 3160 yuan, Beijing Jingye thread steel is 3100 yuan, Shanghai Angang hot - rolled coil is 3240 yuan, and Tianjin Hegang hot - rolled coil is 3140 yuan [4] Market Judgement Related Prices - Shanghai Zhongtian thread steel is 3160 yuan, Beijing Jingye thread steel is 3100 yuan, Shanghai Angang hot - rolled coil is 3240 yuan, and Tianjin Hegang hot - rolled coil is 3140 yuan [4] Trading Strategies - Unilateral trading: Follow overseas sentiment and maintain a volatile and moderately strong trend [6] - 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 thread steel spread [6] - Options: It is recommended to wait and see [7] Important Information - After the Spring Festival in 2026, coal and coke enterprises have gradually resumed production, with a good capacity release trend. The proportion of enterprises with a capacity utilization rate of over 50% is 62.8%, 31.75% for 10% - 50%, and 5.45% for less than 10%. Compared with the same period last year, the industry's order pattern is balanced and operating smoothly, with 30.69% of enterprises having increased orders, 45.85% having flat orders, and 23.47% having decreased orders [8][9] - From February 23 to March 1, 2026, global shipyards received 49 new ship orders, with Chinese shipyards receiving 31, South Korean shipyards receiving 3, and shipyards in Italy, Sri Lanka, Malaysia, and India also receiving relevant orders [9] Related Attachments - Multiple charts are provided, including those related to the basis of thread steel and hot - rolled coil contracts (01, 05, 10 contracts), price spreads between different contracts (01 - 05, 05 - 10, 10 - 01), volume - to - thread spreads, contract disk profits, cash profits of different steel products in different regions, and cost - related charts [14][16][19]

Group 1: Market Information - SF main contract closed at 5786, up 22 from the previous day and 316 from the previous week, with a trading volume of 227,583 (down 47,756) and an open interest of 207,578 (up 1,181) [3] - SM main contract closed at 6118, up 36 from the previous day and 380 from the previous week, with a trading volume of 437,375 (down 3,007) and an open interest of 445,082 (down 9,758) [3] - Spot prices of ferrosilicon in some regions rose by 20 - 150 yuan/ton, and those of silicomanganese rose by 30 - 50 yuan/ton [3] - Tianjin Port manganese ore spot prices rose by 0.3 - 0.4 yuan/ton degree [3] Group 2: Market Analysis and Trading Strategies - On March 3, ferroalloy futures prices rose overall. SF main contract rose 0.38%, and SM main contract rose 0.59% [5] - For ferrosilicon, supply is slightly increasing, demand may be affected by steel de - stocking, and cost is pushed up in Shaanxi. Previous long positions can be partially taken profit [5] - For silicomanganese, supply is increasing due to new capacity and price rise, demand is supported by seasonal resumption of short - process steel mills, and cost is pushed up by manganese ore. Previous long positions can be partially reduced [5] - Trading strategies: Partially take profit on previous long positions, hold off on arbitrage, and sell out - of - the - money put options [6] Group 3: Important Information - On March 3, Tianjin Port semi - carbonate Mn36.5% was traded at 38 yuan/ton degree, Australian lump Mn42.2% was quoted at 43.3 yuan/ton degree, and Gabon lump Mn44% was quoted at 44 yuan/ton degree [7] - The Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference will be held from March 4 to March 11 [7] Group 4: Cost and Profit - Ferrosilicon production costs in Inner Mongolia, Ningxia, Shaanxi, Qinghai, and Gansu are 5500, 5401, 5505, 5849, and 5687 yuan/ton respectively, with corresponding profits of - 150, - 81, - 205, - 549, and - 387 yuan/ton [19] - Silicomanganese production costs in Inner Mongolia, Ningxia, Guangxi, and Guizhou are 6020, 5986, 6286, and 6170 yuan/ton respectively, with corresponding profits of - 270, - 286, - 466, and - 400 yuan/ton [22]

研究所 农产品研发报告 花生日报 2026 年 3 月 3 日 | 第一部分 | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | 2026/3/3 | | 期货盘面 | | | | | | | | | 期货 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | PK604 | 7888 | -24 | -0.30% | 7,524 | -55.38% | 31,277 | 0.85% | | PK610 | 8244 | -8 | -0.10% | 483 | -27.48% | 3,994 | -0.03% | | PK601 | 8282 | -4 | -0.05% | 25 | -39.02% | 140 | 21.74% | | 现货与基差 | | | | | | | | | 现货 | 河南南阳 | 山东济宁 | 山东临沂 | 日照花生粕 | 日照豆粕 | 花生油 | 日照一级豆油 | | 今日报价 | 7600 | 8000 | 80 ...

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: March 3, 2026 [2] IM Futures Market Quotes - The closing price of the CSI 1000 index was 8,142.45 points, down 3.95%. The total trading volume of the four IM contracts was 293,689 lots, an increase of 67,713 lots from the previous day. The total open interest was 401,907 lots, an increase of 18,912 lots [3][4]. - The main contract IM2603 closed at 8,129.40 points, down 3.54%. It was at a discount of 13.05 points to the spot, with an annualized basis rate of -3.26% [4]. Basis and Spread - The basis and spread data of different contracts, including the spot, current month, next month, first quarter, and second quarter contracts, were presented, along with the corresponding expiration dates, remaining days, dividend values, premium/discount points, premium/discount rates, and annualized premium/discount rates [8][12]. Positions - The positions of major members in different contracts (IM2603, IM2606, IM2609) were detailed, including trading volume, long positions, short positions, and their changes from the previous day [16][18][19]. IF Futures Market Quotes - The closing price of the CSI 300 index was 4,655.90 points, down 1.54%. The total trading volume of the four IF contracts was 166,629 lots, an increase of 37,821 lots from the previous day. The total open interest was 287,927 lots, an increase of 384 lots [20][21]. - The main contract IF2603 closed at 4,651.40 points, down 1.37%. It was at a discount of 4.5 points to the spot, with an annualized basis rate of -1.96% [20][21]. Basis and Spread - Similar to IM futures, the basis and spread data of different IF contracts were provided, including expiration dates, remaining days, dividend impacts, premium/discount points, premium/discount rates, and annualized premium/discount rates [24][27][29]. Positions - The positions of major members in different IF contracts (IF2603, IF2604, IF2606, IF2609) were reported, including trading volume, long positions, short positions, and their changes from the previous day [33][35][36]. IC Futures Market Quotes - The closing price of the CSI 500 index was 8,281.61 points, down 4.35%. The total trading volume of the four IC contracts was 261,332 lots, an increase of 82,526 lots from the previous day. The total open interest was 332,103 lots, an increase of 20,482 lots [38][39]. - The main contract IC2603 closed at 8,266.20 points, down 4.57%. It was at a discount of 15.41 points to the spot, with an annualized basis rate of -3.78% [38][39]. Basis and Spread - The basis and spread information of different IC contracts were given, including expiration dates, remaining days, dividend values, premium/discount points, premium/discount rates, and annualized premium/discount rates [42][46]. Positions - The positions of major members in different IC contracts (IC2603, IC2606, IC2609) were presented, including trading volume, long positions, short positions, and their changes from the previous day [51][52][54]. IH Futures Market Quotes - The closing price of the SSE 50 index was 3,014.27 points, down 1.06%. The total trading volume of the four IH contracts was 78,973 lots, an increase of 17,839 lots from the previous day. The total open interest was 114,542 lots, an increase of 1,678 lots [56]. - The main contract IH2603 closed at 3,019.00 points, down 0.93%. It was at a premium of 4.73 points to the spot, with an annualized basis rate of 3.18% [56][57]. Basis and Spread - The basis and spread data of different IH contracts were shown, including expiration dates, remaining days, dividend values, premium/discount points, premium/discount rates, and annualized premium/discount rates [62][64]. Positions - The positions of major members in different IH contracts (IH2603, IH2606, IH2609) were disclosed, including trading volume, long positions, short positions, and their changes from the previous day [68][70][72].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The overall price of US soybeans is expected to fluctuate at a high level, with limited room for further increase and decline. Domestic soybean meal is mainly bearish, while rapeseed meal is expected to be strong, and the spread between soybean meal and rapeseed meal will narrow [6]. - The trading strategy suggests a bearish approach for single - side trading, narrowing the MRM09 spread for arbitrage, and using seagull put options [7]. Group 3: Summary of Each Section 1. Market Review - The US soybean market is running strongly due to optimistic export prospects, strong domestic demand, and reduced South American production. The domestic soybean meal market is in high - level shock, and the rapeseed meal market is rising. The inter - month spreads of soybean meal follow the single - side trend, while those of rapeseed meal fluctuate slightly [3]. 2. Fundamental Analysis - **International Market**: The US soybean carry - over inventory remains at about 350 million bushels, with general export inspection data and a relatively loose supply - demand situation. In South America, some institutions have lowered Brazil's soybean yield, but the overall yield is still high. Brazil's old - crop exports and crushing are good, while Argentina's old - crop demand is strong, but the new - crop yield has decreased [4]. - **Domestic Market**: The domestic soybean meal supply is gradually recovering, but the market demand is average. As of February 27, the soybean inventory increased by 8.83% week - on - week and 3.61% year - on - year, and the soybean meal inventory increased by 14.85% week - on - week and 43.64% year - on - year. The domestic rapeseed meal demand is average, the supply is still at a low level, and the inventory is relatively high [5]. 3. Logical Analysis - US soybeans are expected to fluctuate at a high level. The domestic soybean meal is bearish, and the rapeseed meal is expected to be strong. The spread between soybean meal and rapeseed meal will narrow, and the inter - month spreads are expected to decline [6]. 4. Trading Strategy - **Single - side**: Bearish approach [7]. - **Arbitrage**: Narrow the MRM09 spread [7]. - **Options**: Seagull put options [7]. 5. Soybean Pressing Profit - The report provides the pressing profit data of Brazilian soybeans from April to August, including CNF, CBOT, contract, exchange rate, soybean meal price, soybean oil price, and pressing profit [8].

研究所 农产品研发报告 锦州港平舱价 元 吨 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2026/3/3 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2335 | -9 | -0.39% | 1,236 | -62.41% | 5,892 | 0.74% | | C2605 | | 2373 | -11 | -0.46% | 636,852 | -33.07% | 1,455,854 | -3.08% | | C2509 | | 2384 | -12 | -0.50% | 29,645 | -32.59% | 118,142 | -0.77% | | CS2601 | | 2660 | -11 | -0.41% | 80 | 23.08% | 111 | 0.00% | | CS2605 | | 2678 | -16 | -0.60% ...

研究所 液化气研发报告 液化气日报 2026 年 3 月 3 日 液化气日报 日度数据 Z0023496 ： zhaoruochen_qh @chinastock.com.cn 1 / 6 | | | 液化气数据汇总表 | | | | --- | --- | --- | --- | --- | | 类别 | 名称 | 2026/3/3 | 2026/3/2 | 涨跌 | | 国内期货 | PG2602 | 5126 | 4794 | 332.0 | | | 主力持仓 | 93425 | 85647 | 7778 | | | 仓单数量 | 5679 | 5679 | 0 | | 国内现货 | 华南炼厂气 | 5070 | 4980 | 90 | | | 华南进口气 | 5180 | 5130 | 50 | | | 华东炼厂气 | 4591 | 4541 | 50 | | | 华东进口气 | 5165 | 5132 | 33 | | | 山东炼厂气 | 4630 | 4620 | 10 | | | 山东醚后C4 | 4740 | 4730 | 10 | | 基差 | | -78.0 | 154.0 | -232 ...