Group 1: Report Industry Investment Rating - Not provided in the report Group 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 performance has weakened the overall capacity reduction. It is advisable to consider shorting the June contract on rallies [8] Group 3: Summary by Directory 1. Futures and Spot Market - **Futures Market**: JD01 closed at 3690, up 8 from the previous day; JD05 closed at 3410, up 9; JD09 closed at 3793, up 10. The 01 - 05 spread was 280, down 1; 05 - 09 spread was - 383, down 1; 09 - 01 spread was 103, up 2. The ratios of 01, 05, and 09 eggs to corn and soybean meal all increased by 0.01 [2] - **Spot Market**: The average price in the main production areas was 3.31 yuan/jin, up 0.03 yuan/jin from the previous day; the average price in the main sales areas was 3.47 yuan/jin, unchanged from the previous day. Most of the national mainstream prices remained stable. The average price of culled chickens was 5.05 yuan/jin, unchanged from the previous day [2][4] 2. Fundamental Information - **Production and Sales**: In February, the national inventory of laying hens was 1.35 billion, an increase of 0.06 billion from the previous month and a year - on - year increase of 3.4%. The monthly output of laying hen chicks in February was about 43.3 million, with little change month - on - month and a year - on - year decrease of 5% [4] - **Culling**: In the week of March 5, the number of culled laying hens in the main production areas was 10.94 million, a 24% increase from the previous week. The average culling age was 502 days, an increase of 1 day from the previous week [5] - **Sales Volume**: As of the week of March 5, the egg sales volume in the representative sales areas was 7304 tons, a 1.5% increase from the previous week, at a relatively high level in the same period over the years [5] - **Profit**: As of the week of March 5, the weekly average profit per jin of eggs was - 0.29 yuan/jin, a decrease of 0.06 yuan/jin from the previous week. On February 27, the expected profit of laying hen farming was - 11.85 yuan/feather, a decrease of 1.27 yuan/jin from the previous week [5] - **Inventory**: As of the week of March 5, the average weekly inventory in the production link was 1.22 days, a decrease of 0.04 days from the previous week; the average weekly inventory in the circulation link was 1.27 days, an increase of 0.02 days from the previous week [6][7] 3. 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 and the recent good egg price performance, it is advisable to consider shorting the June contract on rallies [8] 4. Trading Strategy - **Single - side**: Consider shorting the June contract on rallies [9] - **Arbitrage**: It is recommended to wait and see [9] - **Options**: It is recommended to wait and see [9]

1. Report's Industry Investment Rating - No information provided in the report 2. Core View of the Report - International sugar prices are expected to show a strong trend due to higher international oil prices and major sugar - producing countries lowering their sugar production expectations. Domestic sugar prices are likely to follow slightly, considering the current low domestic sugar prices and the narrowing of the domestic - international price difference. Zhengzhou sugar futures are expected to have a generally strong trend [9] 3. Summary by Relevant Catalogs 3.1 Data Analysis - **Futures Market**: On March 25, 2026, the closing price of SR09 was 5,461, up 1 (0.02%); SR01 was 5,601, up 12 (0.21%); SR05 was 5,429, unchanged. The trading volume of SR09 was 118,078, a decrease of 1536; SR01 was 6,186, an increase of 193; SR05 was 262,921, a decrease of 7402. The open interest of SR09 was 263,852, an increase of 14,875; SR01 was 27,241, an increase of 2386; SR05 was 318,672, a decrease of 10,177 [3] - **Spot Market**: The spot prices in different regions on March 25, 2026, were as follows: 5480 in Liuzhou, 5320 in Kunming, 5790 in Wuhan, 5470 in Nanning, 0 in Bayuquan, 5650 in Rizhao, and 5920 in Xi'an. All prices remained unchanged. The corresponding basis values were 51, - 109, 361, 41, 0, 221, and 491 respectively [3] - **Monthly Spread**: The SR05 - SR01 spread was - 172, down 12; the SR09 - SR05 spread was 32, up 1; the SR09 - SR01 spread was - 140, down 11 [3] - **Import Profit**: The quota - free import price from Brazil was 5539, with a spread of - 59 compared to Liuzhou and 111 compared to Rizhao, and - 110 compared to the futures price. The quota - free import price from Thailand was 5456, with a spread of 24 compared to Liuzhou and 194 compared to Rizhao, and - 27 compared to the futures price [3] 3.2 Market Judgment 3.2.1 Important Information - In Guangdong, from March 20 - 24, 2026, 2 more sugar mills in Zhanjiang completed the sugar - pressing season. As of March 24, 12 sugar mills had finished, and 5 were still operating. The last sugar mill is expected to stop production in early April. The total sugar production in the 2025/26 season is expected to be slightly less than the 650,000 tons in the previous season [5] - In Guangxi, on March 24, 1 more sugar mill in Chongzuo completed the sugar - pressing season. As of that day, 27 sugar mills had finished, and 46 were still operating, 45 more than the same period last year. Among the operating mills, nearly 1/3 are large - scale mills with a daily cane - pressing capacity of over 10,000 tons. The total daily cane - pressing capacity of the finished mills is 256,500 tons, 332,500 tons less than last year. Chongzuo has a relatively fast progress, while Liuzhou and Guigang have not had any mills finish yet, with the earliest expected finish time at the end of March [5] - In India, the sugar - making industry in Maharashtra has called on the state and central governments to intervene due to increasing financial pressure. Their main requests include raising the minimum support price of sugar from 31 rupees per kilogram (about 2275 yuan/ton) to 41 rupees (about 3009 yuan/ton), increasing the ethanol production limit from 30% to 50%, and providing a subsidy of 500 rupees per quintal (about 367 yuan/ton). Due to bad weather, the sugarcane yield in this state has decreased by about 15% this year, and the pressing period has been shortened to less than 100 days from the usual 160 days [8] 3.2.2 Logical Analysis - Internationally, the sugar production increase in India in this sugar - pressing season is likely to be lower than market expectations, and global sugar - industry institutions have lowered their sugar production forecasts for the 2025/26 and 2026/27 seasons, which strongly supports international sugar prices [9] - Domestically, China is currently in the peak sugar - pressing season, and sugar production in the 2025/26 season is likely to increase significantly, putting pressure on the supply side. The large sugar imports from January to February have a negative impact on the market, causing short - term price drops. However, considering the current low sugar prices and the narrowing domestic - international price difference, domestic sugar prices are expected to follow slightly [9] 3.2.3 Trading Strategies - **Single - side Trading**: International sugar prices are expected to fluctuate slightly upwards in the short term. Zhengzhou sugar futures are expected to have a generally strong trend, and it is recommended to buy at low prices and sell at high prices [10] - **Arbitrage**: Go long on ICE sugar futures and short on Zhengzhou sugar futures [15] - **Options Trading**: Sell put options [15] 3.3 Related Attachments - The report provides multiple graphs, including monthly inventory and production in Guangxi and Yunnan, Liuzhou's spot sugar prices, price spreads between Liuzhou and Kunming, and various basis and price differences of sugar futures contracts [12][17][21]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The issuance of 300,000 tons of import sliding - duty quotas is likely to benefit US cotton, narrowing the price gap between domestic and international cotton. The impact on domestic cotton supply is relatively small, and the price of Zhengzhou cotton may follow the upward trend of US cotton. Although cotton prices have declined due to the overall market atmosphere, the downward space is expected to be limited [6]. - In the short - term future, US cotton is expected to fluctuate and strengthen. The fundamentals of Zhengzhou cotton have not changed significantly. It is advisable to build long positions at low prices and not chase high prices. For arbitrage and options, it is recommended to wait and see [7]. 3. Summary According to Relevant Catalogs 3.1 Market Information - **Futures Market**: The closing prices of CF01, CF05, and CF09 contracts are 15,865, 15,340, and 15,465 respectively, with price increases of 85, 125, and 110. The trading volumes are 5,404, 351,511, and 169,007 hands respectively, with changes of - 86, + 108,565, and + 47,783 hands. The open interest is 22,681, 553,641, and 326,286, with changes of - 974, - 17,996, and + 5,316. For CY01, CY05, and CY09 contracts, the closing prices are 0, 21,670, and 21,670 respectively, with price increases of 0, 115, and 240. The trading volumes are 0, 14,593, and 28 hands respectively, and the open interest is 0, 12,972, and 67, with changes of 0, - 994, and + 5 [2]. - **Spot Market**: The price of CCIndex3128B is 16,711 yuan/ton, up 119 yuan; the price of IndexC32S CY is 22,180 yuan, up 30 yuan. The price of Cot A is 77.75 cents/pound, and the price of FCY IndexC33S is 22,528 yuan, up 12 yuan. The price of polyester staple fiber is 7,450 yuan, up 70 yuan; the price of pure polyester yarn T32S is 11,400 yuan, unchanged. The price of viscose staple fiber is 13,200 yuan, up 50 yuan; the price of viscose yarn R30S is 17,400 yuan, unchanged [2]. - **Price Spreads**: In the cotton inter - month spreads, the 1 - 5 spread is 525, down 40; the 5 - 9 spread is - 125, up 15; the 9 - 1 spread is - 400, up 25. In the cotton yarn inter - month spreads, the 1 - 5 spread is - 21,670, down 115; the 5 - 9 spread is 0, down 125; the 9 - 1 spread is 21,670, up 240. In the cross - variety spreads, CY01 - CF01 is (15,865), down 85; CY05 - CF05 is 6,330, down 10; CY09 - CF09 is 6,205, up 130. The 1% tariff - based domestic - foreign cotton price gap is 2,688, down 547; the sliding - duty domestic - foreign cotton price gap is - 1,342, down 184; the domestic - foreign cotton yarn price gap is - 348, up 18 [2]. 3.2 Market News and Views 3.2.1 Cotton Market News - On March 25, 2026, the road freight price index for Xinjiang - bound cotton was 0.1561 yuan/ton·km, a 0.06% decrease from the previous day. Transport demand decreased, and freight capacity was relatively sufficient, resulting in a slight decline in the freight price index. In the short - term, the index will fluctuate within a narrow range [4]. - In February 2026, Pakistan's textile and clothing export value reached 1.311 billion US dollars, a year - on - year decrease of 7.22% and a month - on - month decrease of 24.59%. The export volume of cotton yarn was 30,900 tons, a year - on - year increase of 56.97% and a month - on - month increase of 1.52%. The export volume of cotton cloth was 259 million tons, a year - on - year decrease of 9.2% and a month - on - month decrease of 19.37% [4]. - In 2026, from January to February, China's cumulative import volume of cotton cloth was 61 million meters, a year - on - year increase of 7.76%; the cumulative import weight was 4,600 tons, a year - on - year decrease of 29.63%; the cumulative import value was 29 million US dollars, a year - on - year decrease of 38.65% [5]. 3.2.2 Trading Logic - The issuance of 300,000 tons of import sliding - duty quotas, which is only 100,000 tons more than last year, has a relatively small impact on domestic supply. However, the issuance time is earlier, leaving room for future policies. It is expected to benefit US cotton, narrowing the domestic - foreign price gap, and Zhengzhou cotton prices may follow the upward trend of US cotton. Although cotton prices have declined due to the impact of the overall market atmosphere, the downward space is limited [6]. 3.2.3 Trading Strategies - **Unilateral**: In the short - term future, US cotton is expected to fluctuate and strengthen. The fundamentals of Zhengzhou cotton have not changed significantly. It is advisable to build long positions at low prices and not chase high prices. - **Arbitrage**: Wait and see. - **Options**: Wait and see [7]. 3.2.4 Cotton Yarn Industry News - The trading of pure cotton yarn is average. Spinning mills mainly execute previous orders, with few new orders, and inventory has increased. Downstream weavers and traders are cautious, mainly making purchases based on rigid demand. Prices are stable with a downward trend, the quantity of high - priced spot goods is decreasing, some traders are offering discounts, and yarn mills' quotes remain stable. - The market atmosphere has weakened recently, and the production and sales of all - cotton grey fabric have also declined. Due to the sluggish overseas economy, the number of overseas orders has decreased. The number of new domestic orders is also scarce, and in - production orders are gradually shrinking. It is expected that the number of orders will continue to decrease in the future, and price negotiations for grey fabric have increased [8]. 3.3 Relevant Attachments - The report provides multiple charts, including the 1% tariff - based domestic - foreign cotton price gap, cotton 1 - month, 5 - month, and 9 - month basis, CY05 - CF05 and CY01 - CF01 spreads, and CF9 - 1 and CF5 - 9 spreads [9][10][11][13][14][15][16][17][19][20]

1. Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: March 25, 2026 [2] 2. IM Futures 2.1 Daily Quotes - The CSI 1000 index closed at 7,751.18, up 1.98%. The IM2604 contract closed at 7,650.00, up 1.75%; IM2605 at 7,586.20, up 1.79%; IM2606 at 7,477.40, up 1.73%; IM2609 at 7,253.00, up 1.64%. The main contract (IM2606) rose 1.73% to close at 7,477.4 points [4]. - The total trading volume of the four IM contracts was 223,852 lots, down 68,635 lots from the previous day; the total open interest was 375,608 lots, down 27,416 lots from the previous day [5]. - The main contract was at a discount of 273.78 points to the spot, down 60.12 points from the previous day; the annualized basis rate was -14.85% [5]. 2.2 Basis - The basis and annualized basis rates for different contracts are as follows: IM2604 -101.18 points (-1.3%, -20.1% annualized); IM2605 -164.98 points (-2.1%, -15.3% annualized); IM2606 -273.78 points (-3.5%, -14.8% annualized); IM2609 -498.18 points (-6.4%, -14.1% annualized) [13]. 2.3 Positions - Details of the top - ranking members' trading volume, long positions, and short positions for different contracts (IM2604, IM2606, IM2609) are provided, including changes from the previous day [17][21] 3. IF Futures 3.1 Daily Quotes - The SSE 300 index closed at 4,537.47, up 1.40%. The IF2604 contract closed at 4,505.60, up 1.56%; IF2605 at 4,487.80, up 1.62%; IF2606 at 4,450.00, up 1.61%; IF2609 at 4,364.40, up 1.56%. The main contract (IF2606) rose 1.61% to close at 4,450 points [22]. - The total trading volume of the four IF contracts was 102,275 lots, down 15,310 lots from the previous day; the total open interest was 260,543 lots, down 3,478 lots from the previous day [23]. - The main contract was at a discount of 87.47 points to the spot, down 1.15 points from the previous day; the annualized basis rate was -7.97% [23]. 3.2 Basis - The basis and annualized basis rates for different contracts are as follows: IF2604 -31.87 points (-0.7%, -10.8% annualized); IF2605 -49.67 points (-1.1%, -7.8% annualized); IF2606 -87.47 points (-1.9%, -8.0% annualized); IF2609 -173.07 points (-3.8%, -8.1% annualized) [31]. 3.3 Positions - Details of the top - ranking members' trading volume, long positions, and short positions for different contracts (IF2604, IF2606, IF2609) are provided, including changes from the previous day [35][38] 4. IC Futures 4.1 Daily Quotes - The CSI 500 index closed at 7,767.67, up 2.24%. The IC2604 contract closed at 7,685.60, up 2.18%; IC2605 at 7,630.00, up 2.20%; IC2606 at 7,530.00, up 2.17%; IC2609 at 7,355.00, up 2.25%. The main contract (IC2606) rose 2.17% to close at 7,530 points [40]. - The total trading volume of the four IC contracts was 176,384 lots, down 18,991 lots from the previous day; the total open interest was 285,815 lots, down 8,517 lots from the previous day [41]. - The main contract was at a discount of 237.67 points to the spot, down 49.9 points from the previous day; the annualized basis rate was -12.8% [41]. 4.2 Basis - The basis and annualized basis rates for different contracts are as follows: IC2604 -82.07 points (-1.1%, -16.2% annualized); IC2605 -137.67 points (-1.8%, -12.7% annualized); IC2606 -237.67 points (-3.1%, -12.8% annualized); IC2609 -412.67 points (-5.3%, -11.5% annualized) [51]. 4.3 Positions - Details of the top - ranking members' trading volume, long positions, and short positions for different contracts (IC2604, IC2606, IC2609) are provided, including changes from the previous day [55][58] 5. IH Futures 5.1 Daily Quotes - The SSE 50 index closed at 2,859.53, up 1.01%. The IH2604 contract closed at 2,848.00, up 0.92%; IH2605 at 2,847.00, up 1.01%; IH2606 at 2,830.00, up 0.81%; IH2609 at 2,793.20, up 0.86%. The main contract (IH2606) rose 0.81% to close at 2,830 points [60]. - The total trading volume of the four IH contracts was 51,519 lots, down 7,603 lots from the previous day; the total open interest was 103,242 lots, down 3,201 lots from the previous day [60]. - The main contract was at a discount of 29.53 points to the spot, down 9.28 points from the previous day; the annualized basis rate was -4.23% [61]. 5.2 Basis - The basis and annualized basis rates for different contracts are as follows: IH2604 -11.53 points (-0.4%, -6.2% annualized); IH2605 -12.53 points (-0.4%, -3.1% annualized); IH2606 -29.53 points (-1.0%, -4.2% annualized); IH2609 -66.33 points (-2.3%, -4.9% annualized) [70]. 5.3 Positions - Details of the top - ranking members' trading volume, long positions, and short positions for different contracts (IH2604, IH2606, IH2609) are provided, including changes from the previous day [75][79]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report provides a comprehensive analysis of various futures markets, including financial derivatives, agricultural products, black metals, non - ferrous metals, shipping and carbon emissions, and energy chemicals. It takes into account factors such as geopolitical conflicts, supply and demand, and policy changes to offer trading strategies for different futures products. Summary by Category Financial Derivatives - **Stock Index Futures**: The rebound is expected to continue. The market rebounded on Tuesday, but it is a weak - market rebound. The probability of a future rebound is high, and trading strategies include grid operations, IM/IC 2609 long + ETF short arbitrage, and option watching [18][21]. - **Treasury Bond Futures**: Partially stop - profit on cross - variety arbitrage positions. The bond market is recommended to wait and see in the short term, and the 30Y - 7Y term spread short position (TL - 3T) can be partially stopped - profit and then continue to hold in moderation [22][24]. Agricultural Products - **Protein Meal**: Supply pressure increases, and the market is generally downward. It is recommended to place a small number of long orders in the far - month contracts and narrow the MRM09 spread [25][27]. - **Sugar**: International sugar prices soar, while domestic sugar prices fluctuate. It is recommended to build long positions on Zhengzhou sugar at low prices and sell put options [27][31]. - **Edible Oils**: Oils maintain high - level fluctuations. In the short term, they may fluctuate at a high level, and p59 can consider short - selling opportunities at high prices [31][34]. - **Corn/Corn Starch**: Corn supply increases, and the market fluctuates weakly. It is recommended to go long on the 05 corn on dips and narrow the 05 corn - starch spread [34][38]. - **Hogs**: Supply pressure increases, and prices are mainly downward. It is recommended to wait and see and sell wide - straddle options [39][41]. - **Peanuts**: Peanut spot prices are strong, and the market fluctuates strongly. It is recommended to go long on the 05 peanut on dips and sell pk605 - P - 7700 options [41][43]. - **Eggs**: The enthusiasm for culling hens decreases, and egg prices are mainly stable. It is recommended to short the June contract on rallies [43][46]. - **Apples**: The inventory reduction speed is fast, and apple prices are firm. It is recommended to wait and see for the May contract [47][49]. - **Cotton - Cotton Yarn**: Cotton prices have strong support below, and the trend is oscillating and strengthening. It is recommended to build long positions on dips [49][52]. Black Metals - **Steel**: Overseas sentiment affects futures prices, and there is no trending market. It is recommended to maintain an oscillating trend and short the coil - coal ratio [54][56]. - **Coking Coal and Coke**: Fluctuations are large, and attention should be paid to the progress of geopolitical conflicts. It is recommended to wait and see and be cautious about short - term trading [56][59]. - **Iron Ore**: Supply disturbances increase, and ore prices are at a high level. It is recommended for spot enterprises to hedge at high prices and conduct 5/9 month - spread short - selling [60][61]. - **Ferroalloys**: Driven by energy costs, they fluctuate strongly. It is recommended to go long on a rising trend and sell out - of - the - money put options [62][63]. Non - Ferrous Metals - **Gold and Silver**: There is a glimmer of hope for the easing of the Middle East situation, and gold and silver prices recover. If Shanghai gold and silver can stand firm on the 120 - day moving average, consider an oscillating trading strategy [64][66]. - **Platinum and Palladium**: The expectation of peace talks strengthens, and precious metal prices rise. It is recommended for high - risk - tolerance investors to go long on platinum cautiously, and conduct long - platinum and short - palladium arbitrage [68][70]. - **Copper**: Geopolitical risks are expected to ease, and copper prices rebound slightly. It is recommended to pay attention to macro changes in a low - level oscillation [71][73]. - **Alumina**: Attention should be paid to the mining policy in Guinea and the Middle East geopolitical conflict. It is recommended to wait and see as the price oscillates weakly [73][76]. - **Electrolytic Aluminum**: There is uncertainty in the geopolitical conflict. It is recommended to wait and see as the price oscillates and rebounds [76][80]. - **Cast Aluminum Alloy**: There is uncertainty in the geopolitical conflict. It is recommended to wait and see as the price oscillates and rebounds with aluminum prices [80][82]. - **Zinc**: Attention should be paid to macro and capital sentiment. Zinc prices may oscillate at a low level in the short term [82][85]. - **Lead**: It oscillates at a low level. It is recommended to wait and see [86][88]. - **Nickel**: The short - term price is dominated by the macro situation. It is recommended to wait for the macro situation to stabilize [88][90]. - **Stainless Steel**: Supported by costs, it follows the nickel price. It is recommended to wait for the macro situation to stabilize [90][92]. - **Industrial Silicon**: It oscillates within a range. It is recommended to buy on dips at the lower end of the range [93][94]. - **Polysilicon**: It is weak in the short term, and attention should be paid to policy guidance. It is recommended to be cautious about liquidity risks [97][99]. - **Lithium Carbonate**: Low prices attract downstream buyers. It is recommended to go long as the price is strong [99][102]. - **Tin**: Tin prices change with macro sentiment. It is recommended to pay attention to the negative impact of helium blockade on tin consumption [103][107]. Shipping and Carbon Emissions - **Container Shipping**: The US proposes a one - month cease - fire agreement, and short - term geopolitical sentiment eases. The short - term market is expected to continue to correct, but geopolitical risks should be vigilant [108][111]. - **Dry Bulk Freight**: Iran sets up a safety corridor for ships, which may improve the shipping environment. Attention should be paid to the shipping situation in the Middle East and the impact of fuel prices on freight rates [111][114]. - **Carbon Emissions**: The Chinese carbon market has dull trading, while the EU carbon market's confidence and price are recovering. The Chinese carbon price is expected to oscillate strongly in the short term, and the EU carbon price is expected to be strong in the medium and long term [114][118]. Energy Chemicals - **Crude Oil**: The trend closely follows the geopolitical situation, with sharp intraday fluctuations. It is recommended to go long at a high level [120][122]. - **Asphalt**: Geopolitical tensions ease, and attention should be paid to the short - term oil price fluctuation risk. It is recommended to go long on the BU2606 contract on dips [122][125]. - **Fuel Oil**: Geopolitical tensions ease, and attention should be paid to the short - term oil price fluctuation risk. It is recommended to wait and see and pay attention to the spread between high - and low - sulfur fuel oils [125][128]. - **LPG**: The decline in the external market drives the internal market down. It is recommended to wait and see as the price oscillates strongly at a high level [128][129]. - **Natural Gas**: Geopolitical risks persist, and the upward trend remains unchanged. It is recommended to sell deep out - of - the - money put options on TTF [130][134]. - **PX & PTA**: There is an expected unplanned reduction in supply, and PTA enterprises may be forced to cut production. It is recommended to wait and see [136][138]. - **BZ & EB**: There are concerns about raw material supply, and styrene exports are good. It is recommended to wait and see [139][143]. - **Ethylene Glycol**: The import volume is revised down. It is recommended to wait and see [143][146]. - **Short - Fiber**: The processing margin fluctuates within a range. It is recommended to wait and see [146][148]. - **Bottle Chips**: Inventory is continuously being reduced. It is recommended to wait and see [148][152]. - **Propylene**: Supply is tight. It is recommended to wait and see due to the volatile Middle East situation [152][155]. - **Plastic PP**: Reduce long positions. It is recommended to wait and see for L and PP, and reduce the SPC L2605&PP2605 spread position [155][157]. - **Caustic Soda**: Caustic soda weakens. It is recommended to oscillate and follow the market sentiment caused by the US - Iran conflict [158][159]. - **PVC**: It falls weakly. It is recommended to wait and see [160][162]. - **Soda Ash**: It oscillates at a high level. It is recommended to short at high levels and sell call options [163][164]. - **Glass**: It falls weakly. It is recommended to short at high levels and sell call options [164][166]. - **Methanol**: It continues to be weak. It is expected to oscillate weakly [166][169]. - **Urea**: It oscillates mainly. It is recommended to close long positions and wait and see, and sell put options on pullbacks [169][172]. - **Pulp**: High inventory suppresses the pulp price, and the rebound is weak. It is recommended to operate within a range and buy on dips, and sell SP2605 - P - 5100 options [173][177]. - **Offset Printing Paper**: The market purchases based on rigid demand, and the upward movement is weak. It is recommended to short at high levels and sell OP2604 - C - 4250 options [177][180]. - **Logs**: The shipment improves, and log prices are strong. It is recommended to buy on dips [181][185]. - **Natural Rubber and No. 20 Rubber**: The import of dark - colored rubber continues to decrease. It is recommended to hold long positions in RU and NR, and hold the NR2605 - RU2605 spread position [185][188]. - **Butadiene Rubber**: The domestic automobile inventory is slightly reduced. It is recommended to hold long positions in the BR 05 contract and hold the BR2505 - RU2505 spread position [189][191].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - International sugar prices are expected to remain in a volatile and slightly upward - trending pattern. Zhengzhou sugar is expected to show a generally upward trend, and it is recommended to buy at low prices and sell at high prices. For arbitrage, it is advisable to wait and see, and for options, it is recommended to sell put options [9][10] 3. Summary by Relevant Catalogs 3.1 Data Analysis - **Futures盘面**: SR09 closed at 5,460, down 22 (-0.40%); SR01 closed at 5,589, down 31 (-0.55%); SR05 closed at 5,429, down 24 (-0.44%). The trading volume of SR09 was 119,614, a decrease of 42,499; SR01 was 5,993, a decrease of 3,461; SR05 was 270,323, a decrease of 132,250. The open interest of SR09 was 248,977, an increase of 5,812; SR01 was 24,855, an increase of 1,761; SR05 was 328,849, a decrease of 11,829 [3] - **Spot Prices**: In the spot market, the price in Liuzhou was 5,480, down 20; in Kunming was 5,320, down 10; in Wuhan was 5,790, unchanged; in Nanning was 5,470, down 20; in Rizhao was 5,650, unchanged; in Xi'an was 5,920, down 20. The basis in Liuzhou was 51, in Kunming was - 109, in Wuhan was 361, in Nanning was 41, in Rizhao was 221, and in Xi'an was 491 [3] - **Monthly Spread**: The SR05 - SR01 spread was - 160, up 7; the SR09 - SR05 spread was 31, up 2; the SR09 - SR01 spread was - 129, up 9 [3] - **Import Profit**: For Brazilian imports, with an ICE main contract price of 14.77, a premium of 0.36, and a freight of 44.25, the in - quota price was 4,299, the out - of - quota price was 5,471, the difference with Liuzhou price was 9, the difference with Rizhao price was 179, and the difference with the futures price was - 42. For Thai imports, with an ICE main contract price of 14.77, a premium of 1.20, and a freight of 18.00, the in - quota price was 4,210, the out - of - quota price was 5,355, the difference with Liuzhou price was 125, the difference with Rizhao price was 295, and the difference with the futures price was 74 [3] 3.2 Market Judgment - **Important Information** - As of March 24, 2026, 27 sugar mills in Guangxi had completed the sugar - pressing process in the 2025/26 season, with 46 still in operation, 45 more than the same period last year. The daily sugar - cane pressing capacity of the completed mills was 256,500 tons per day, a decrease of 332,500 tons per day compared to the previous year. Sugar mills in Chongzuo and Laibin had relatively fast completion progress, while those in Liuzhou and Guigang had not completed yet, with the earliest completion expected at the end of March [5] - Due to the recent Middle East conflict driving up oil prices, Brazil is expected to divert more sugarcane to ethanol production, leading to a tightening of global sugar supply and higher prices. Indian sugar exports have recovered, with about 100,000 tons contracted, and the total exports in this season are expected to reach 1.5 million tons [6] - On March 24, the spot price of white sugar in Guangxi was 5,421 yuan/ton, down 23 yuan/ton. The price range of Guangxi sugar - making groups was 5,420 - 5,510 yuan/ton, down 10 - 20 yuan/ton; Yunnan sugar - making groups' price was 5,280 - 5,320 yuan/ton, down 20 yuan/ton; the mainstream price range of processing sugar mills was 5,680 - 5,890 yuan/ton, down 10 - 30 yuan/ton. The spot trading atmosphere was weak [8] - **Logical Analysis** - Internationally, the sugar production increase in India this season is likely to be lower than expected, and major global sugar institutions have lowered their sugar production forecasts for the 2025/26 and 2026/27 seasons, which supports international sugar prices. Given high international oil prices and lower sugar production expectations in major producing countries, international sugar prices are expected to remain volatile and slightly upward [9] - Domestically, the domestic sugar - pressing season is at its peak, and sugar production is likely to increase significantly this season, putting pressure on the supply side. The large sugar imports from January to February have a negative impact on the market, causing short - term price drops. However, considering the relatively low sugar prices and the narrowing gap between domestic and international prices due to the recent sharp rise in international sugar prices, domestic sugar prices are expected to rise slightly [9] - **Trading Strategy** - **Single - side trading**: International sugar prices are expected to be slightly upward in the short term. Zhengzhou sugar is expected to show an upward trend, and it is recommended to buy at low prices and sell at high prices [10] - **Arbitrage**: Wait and see [10] - **Options**: Sell put options [10] 3.3 Related Attachments - The report includes multiple charts showing monthly inventory, monthly production, spot prices, price spreads, and basis of white sugar in Guangxi and Yunnan, with data sources from Galaxy Futures and WIND [12][15][19][21][23][25]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint LPG prices are still driven by geopolitical factors. The ongoing conflict has led to high oil prices and a reduction in LPG production. Although the current PDH operation is okay, the lack of raw materials poses a potential risk. The market is currently focused on the possibility of negotiations between the two parties. The trading strategy is to hold long positions with a bullish bias [7]. 3. Summary by Directory 3.1 Oil and Gas Market - The freight rate for shipping Saudi crude oil from the Red Sea to Asia by shipowners has plummeted in the past few weeks due to more tankers flocking to Yanbu Port to carry oil diverted from the closure of the Strait of Hormuz [3]. - US President Trump said that after what he called a "fruitful dialogue" between the US and Iran, the US will postpone the strike on Iran's energy infrastructure, which has caused confusion about the participants in the dialogue and the specific scope of the agreement [3]. - The Wall Street Journal reported that Saudi Arabia and the United Arab Emirates have taken steps to intervene in the Iranian war, which may mean an escalation of the conflict [3]. - A Chinese fuel tanker has sailed out of the Persian Gulf through the Strait of Hormuz on a route previously used by other ships with Iran's approval [3]. 3.2 Spot Overview - **Shandong Region**: The estimated price of civil LPG in Shandong is 6,560 yuan/ton, a daily increase of 10 yuan/ton. The market had a smooth sales volume and premium performance yesterday, but the market's upward momentum decreased after the early morning plunge in crude oil prices. Due to the tight supply-demand fundamentals, the mainstream prices remained stable with sporadic small increases today. The ether post - market in Shandong was generally stable with sporadic price changes, and the overall trading atmosphere was okay. Although the short - term decline in crude oil prices was a constraint, the low - supply expectations inside and outside the region still exist. Each manufacturer's shipments and inventory are controllable, and they are holding prices and waiting. It is expected that the ether post - market in Shandong will remain generally stable and sporadically try to increase prices tomorrow [5]. - **East China Region**: The mainstream transaction price of imported LPG in East China is 7,570 yuan/ton, an increase of 45 yuan/ton from the previous working day. Today, the mainstream price of imported LPG in the East China market is between 7,350 - 7,800 yuan/ton. With limited future arrivals, terminals are reluctant to sell, and importers have a firm attitude. Although the decline in crude oil prices affects market sentiment, most terminals have low inventories, and domestic gas prices are strong. Today, the imported LPG in East China remained generally stable with individual increases [5]. - **South China Region**: The average transaction price of domestic LPG in South China is 7,105 yuan/ton, a daily increase of 25 yuan/ton; the average price of imported LPG is 7,300 yuan/ton, remaining stable from yesterday. Today, the South China market was generally stable with sporadic adjustments. Some low - priced areas still had price increases, while high - priced resources gradually stabilized, and some even showed signs of weakening. As prices are at a high level, the decline in international oil prices affects sentiment, and downstream inventory levels are high, the market's trading atmosphere has become weaker, and industry players are mostly on the sidelines. However, due to concerns about the supply side in the volatile situation, it is expected that prices will remain at a high level in the short term [6]. - **North China Region**: The benchmark price of civil LPG in North China is 6,288 yuan/ton, a decrease of 8 yuan/ton from the previous working day. Today, the North China market was generally stable with individual price drops. Downstream buyers entered the market cautiously, and production and sales were controllable [6].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The issuance of 300,000 tons of import sliding tax quotas is likely to benefit US cotton, leading to a narrowing of the domestic - foreign price difference. The impact on domestic cotton supply is relatively small, and the price of Zhengzhou cotton may follow the upward trend of US cotton [6]. - Crude oil has declined recently, and cotton has also fallen under the overall market atmosphere. However, considering the current market support, the downward space is expected to be limited [6]. Group 3: Summary According to the Directory First Part: Market Information - **Futures Market**: For cotton futures, the closing prices of CF01, CF05, and CF09 contracts are 15,780, 15,215, and 15,355 respectively, with price changes of - 20, - 65, and - 45. For棉纱 futures, the closing prices of CY05 and CY09 contracts are 21,555 and 21,430 respectively, with price changes of 20 and 20. The CY01 contract has no trading data [2]. - **Spot Market**: The price of CCIndex3128B is 16,732 yuan/ton, up 83 yuan; the price of CY IndexC32S is 22,150 yuan/ton, up 50 yuan. Other spot prices such as Cot A, FCY IndexC33S, etc. also have corresponding changes [2]. - **Price Spreads**: In cotton inter - period spreads, the 1 - 5 spread is 565, up 45; the 5 - 9 spread is - 140, down 20; the 9 - 1 spread is - 425, down 25. In棉纱 inter - period spreads, the 1 - 5 spread is - 21,555, down 20; the 5 - 9 spread is 125, unchanged. In cross - variety spreads, CY01 - CF01 is - 15,780, up 20; CY05 - CF05 is 6,340, up 85; CY09 - CF09 is 6,075, up 65. The domestic - foreign cotton price spreads (1% tariff) is 2,709, down 386; the domestic - foreign cotton price spreads (sliding tax) is - 1,321, down 23; the domestic - foreign yarn price spread is - 366, up 116 [2]. Second Part: Market News and Views - **Cotton Market News** - On March 24, 2026, the road transportation price index of Xinjiang - outbound cotton was 0.1562 yuan/ton·km, up 0.58% month - on - month. The transportation demand decreased month - on - month, and the freight rate index is expected to fluctuate slightly in the short term [4]. - As of March 17, 2026, the net long position ratio of ICE cotton futures funds was - 11.67% (an increase of 8.9 percentage points week - on - week, and an increase of 2 percentage points last week) [4]. - Due to the continuous fermentation of the Middle East conflict, global oil and gas prices have risen significantly, and domestic fertilizer prices have generally increased. However, most cotton farmers who completed winter stockpiling before the Spring Festival are less affected, while those who did not will face increased procurement costs [5]. - **Trading Logic** - The issuance of 300,000 tons of import sliding tax quotas is likely to benefit US cotton and narrow the domestic - foreign price difference, with a relatively small impact on domestic cotton supply. Zhengzhou cotton prices may follow the upward trend of US cotton [6]. - **Trading Strategies** - **Unilateral**: It is expected that US cotton will be volatile and slightly stronger in the short term. The fundamentals of Zhengzhou cotton have not changed much. It is advisable to build long positions on dips and not chase high prices [7]. - **Arbitrage**: Wait and see [7]. - **Options**: Wait and see [7]. - **Cotton Yarn Industry News** - Spinning mills are actively purchasing raw materials. The trading in the pure cotton yarn market is fair, but downstream orders are weakening. Spinning mills are reluctant to lower prices, and the high - price spot prices of some products are weakening [8]. - The market of all - cotton grey cloth has not changed much, and the sales continue. The in - machine orders of weaving factories continue, mainly for domestic sales. Foreign trade inquiries are active, but orders need further confirmation. Weaving factories are trying to reduce inventory [8]. Third Part: Related Attachments - The report provides multiple charts, including the domestic - foreign cotton price difference under 1% tariff, the basis of cotton in January, May, and September, the spread between CY05 - CF05 and CY01 - CF01, and the spreads of CF9 - 1 and CF5 - 9 [9][11][15][17][19][22]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints 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 the post - Spring Festival egg consumption off - season, although the inventory has been alleviated, the recent good egg price performance has weakened the overall reduction. It is advisable to consider shorting the June contract on rallies [8] Group 3: Summary by Relevant Catalogs 1. Futures Market - **Futures Contract Prices**: JD01 closed at 3682, down 3 from the previous day; JD05 closed at 3401, down 42; JD09 closed at 3783, down 25 [2] - **Cross - month Spreads**: The 01 - 05 spread was 281, up 39; the 05 - 09 spread was - 382, down 17; the 09 - 01 spread was 101, down 22 [2] - **Ratio of Egg to Feed**: The 01 egg/corn ratio was 1.55, up 0.01; 05 egg/corn was 1.43, unchanged; 09 egg/corn was 1.57, up 0.01. The 01 egg/bean meal ratio was 1.20, up 0.01; 05 egg/bean meal was 1.15, up 0.00; 09 egg/bean meal was 1.25, unchanged [2] 2. Spot Market - **Egg Prices**: The average price in the main producing areas was 3.28 yuan/jin, up 0.01 yuan/jin from the previous day; the average price in the main selling areas was 3.47 yuan/jin, unchanged [4] - **Culled Chicken Prices**: The average price of culled chickens in the main producing areas was 5.05 yuan/jin, down 0.02 yuan/jin from the previous day [2] 3. Profit Calculation - **Cost and Profit**: The average price of culled chickens was 5.05 yuan/jin, down 0.02 yuan/jin; the average price of chicks was 3.21 yuan, up 0.04 yuan; the profit per chicken was 9.34 yuan, up 0.41 yuan from the previous day. The average price of corn was 2453 yuan, unchanged; the average price of bean meal was 3346 yuan, unchanged; the price of egg - laying chicken compound feed was 2.72 yuan, unchanged [2] 4. Fundamental Information - **Egg Production and Sales**: In February, the national laying hen inventory was 1.35 billion, an increase of 60 million from the previous month and a year - on - year increase of 3.4%. The monthly chick output of sample enterprises in February was 43.3 million, with little change month - on - month and a year - on - year decrease of 5% [4] - **Culled Chicken Statistics**: In the week of March 5th, the number of culled laying hens in the main producing areas was 10.94 million, a 24% increase from the previous week. The average culling age was 502 days, an increase of 1 day from the previous week [5] - **Egg Sales Volume**: As of the week of March 5th, the egg sales volume in the representative selling areas was 7304 tons, a 1.5% increase from the previous week, at a relatively high level in the same period over the years [5] - **Profit and Inventory**: As of March 5th, the weekly average profit per jin of eggs was - 0.29 yuan/jin, a decrease of 0.06 yuan/jin from the previous week. The average inventory in the production link was 1.22 days, a decrease of 0.04 days from the previous week; the average inventory in the circulation link was 1.27 days, an increase of 0.02 days from the previous week [5][6][7] 5. Trading Strategy - **Single - side Trading**: Consider shorting the June contract on rallies [9] - **Arbitrage**: It is recommended to wait and see [9] - **Options**: It is recommended to wait and see [9]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoint - No relevant content found 3. Summary by Related Catalog Futures Prices - DCE01 price increased from 762.5 to 766.5, a rise of 4.0; DCE05 rose from 819.0 to 824.0, an increase of 5.0; DCE09 climbed from 786.5 to 790.5, a gain of 4.0 [2] - The spread I01 - I05 decreased by 1.0 to -57.5; I05 - I09 increased by 1.0 to 33.5; I09 - I01 remained unchanged at 24.0 [2] Spot Prices - PB powder (60.8%) remained at 794; Newman powder stayed at 739; Macfarlane powder rose from 780 to 782; etc. [2] - The optimal deliverable is Newman powder, with a price of 808, 01 - contract basis of 38, 05 - contract basis of -19, and 09 - contract basis of 14 [2] Spot Variety Spreads - The spread of Carajás - PB powder increased by 2 to 159; Newman - Jinbuba decreased by 2 to -11; etc. [2] Import Profits - Carajás import profit increased from 15 to 18; Newman powder's import profit rose from -23 to -21; etc. [2] Indexes - The price of Platts Iron Ore 61% decreased from 109.6 to 109.5; 65% dropped from 127.2 to 127.1; 58% fell from 99.1 to 98.9 [2] - The spread of SGX main - DCE01 decreased from 14.0 to 13.4; SGX main - DCE05 dropped from 6.7 to 6.1; SGX main - DCE09 declined from 11.1 to 10.3 [2]