Group 1: Report Overview - The report is an apple daily report in the agricultural product research report on March 24, 2024 [1] Group 2: Market Information Spot Price - The Fuji apple price index is 110.41 today, with a decrease of 0.15 compared to the next working day price of 110.56. The average wholesale price of 6 kinds of fruits is 7.84 today, with a decrease of 0.10 compared to the next working day price of 7.94. The prices of various apple varieties such as Luochuan semi - commodity paper - bag 70, Qixia first and second - grade paper - bag 80, etc., remain stable [2] Futures Price - AP01 closes at 8532 today, down 115 from yesterday's close of 8647; AP05 closes at 10144, down 577 from yesterday's close; AP10 closes at 8639, down 191 from yesterday's close. The spreads between different contracts also show corresponding changes [2] Basis - The basis of Qixia first and second - grade 80 - AP01 is - 532 today, up 115 from the previous trading day; the basis of Qixia first and second - grade 80 - AP05 is - 2144, up 577; the basis of Qixia first and second - grade 80 - AP10 is - 639.0, up 191 [2] Group 3: Market News and Views Market News - As of March 19, the national cold - storage apple inventory is 468.43 million tons, a decrease of 31.29 million tons from last week, and the de - stocking speed is at a relatively high level in the same period in recent years. The main market price of apples in the origin remains stable, with smooth transactions. The supply of high - quality goods in cold - storage is tight. The arrival of goods in the market is stable, and the overall sales situation is okay [7] Trading Logic - The fundamental situation of apples is strong, with low cold - storage inventory and poor quality, and the high cost of May contracts in the early stage led to a sharp rise in the price of May contracts. However, considering the high price of the May contract on the disk and the approaching position - limit time for the May contract, the upward momentum and time for the May contract are insufficient. As the key growth period of new - season apples approaches, the market will focus on the production of new - season apples. New - season apples currently have many flower buds, but the high early - stage temperature has increased the accumulated temperature, which may advance the apple flowering period and increase the risk of freezing damage. The current price of the October contract is high, and if the weather is normal later, it is an opportunity to arrange short positions. It is recommended to wait and see [5] Trading Strategy - For the single - side trading of the May contract, it is recommended to leave the market and wait and see. For both arbitrage and options, it is recommended to wait and see [6][8] Group 4: Related Attachments - The report provides 10 related figures, including the price of Qixia first and second - grade paper - bag 80, the price of Luochuan semi - commodity paper - bag 70, AP contract main basis, spreads between different AP contracts, the total apple arrival volume in Chalong, Jiangmen and Xiaqiao, the price of 6 kinds of fruits, the national cold - storage apple inventory, and the national cold - storage apple outbound volume [11][13][21]

研究所 原油研发报告 原油日报 2026 年 3 月 24 日 原油现货市场日报 Z0023496 ： zhaoruochen_qh @chinastock.com.cn | | 唐纳德·特朗普总统表示， 在美伊双方进行他所谓的 "富有成果的对话 | | --- | --- | | | " 后， 美国将推迟打击伊朗的能源基础设施。 此番言论引发了外界对对 | | | 话参与者及协议具体范围的困惑 | | | 《华尔街日报》报道称， 沙特阿拉伯与阿拉伯联合酋长国已采取步骤介 | | 地缘政治 | 入伊朗战事， 此举可能意味着冲突的升级。 | | | 休斯顿的旗舰能源盛会通常是人情往来的社交场合。 但今年， 与会高管 | | | 们正紧张关注着伊朗战事的影响， 以及僵局化解途径的缺失。 | | | 中国周一采取行动以缓解燃料价格上涨的影响， 上调了零售汽油和柴油 | | | 的管制上限价格， 但将涨幅限制在政府定价机制下常规调整幅度的一半 | | | 左右。 | | 贸易物流 | 船东从红海向亚洲运输沙特原油的运费在过去几周内暴跌， 原因是有更 | | | 多油轮涌向延布港， 以承运因霍尔木兹海峡关闭而改道的石油 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report The report presents daily data on stock index futures, including IM, IF, IC, and IH. It details the closing prices, trading volumes, trading amounts, open interests, basis points, and other relevant information of different contracts, as well as the changes compared with the previous day. 3. Summary by Relevant Catalogs IM Futures - **Daily Quotes**: The closing price of the CSI 1000 was 7,600.86, up 2.59%. The main contract IM2606 rose 3.09% to close at 7,387.2 points. The total trading volume of the four IM contracts was 292,487 lots, down 32,679 lots from the previous day, and the total open interest was 403,024 lots, down 5,904 lots [3][4]. - **Basis**: The main contract was at a discount of 213.66 points, up 5.45 points from the previous day, and the annualized basis rate was -11.6%. The dividend impacts of the four IM contracts were 0.16 points, 5.27 points, 37.96 points, and 59.1 points respectively [4][11]. - **Positions**: The report shows the trading volumes, long positions, and short positions of the top members of different contracts, as well as the changes compared with the previous day [15][17][19]. IF Futures - **Daily Quotes**: The closing price of the CSI 300 was 4,474.72, up 1.28%. The main contract IF2606 rose 1.41% to close at 4,388.4 points. The total trading volume of the four IF contracts was 117,585 lots, down 39,333 lots from the previous day, and the total open interest was 264,021 lots, down 12,902 lots [20][21]. - **Basis**: The main contract was at a discount of 86.32 points, down 12.72 points from the previous day, and the annualized basis rate was -7.89%. The dividend impacts of the four IF contracts were 0.5 points, 7.62 points, 29.26 points, and 82.86 points respectively [21][30]. - **Positions**: The report shows the trading volumes, long positions, and short positions of the top members of different contracts, as well as the changes compared with the previous day [34][36][38]. IC Futures - **Daily Quotes**: The closing price of the CSI 500 was 7,597.37, up 2.11%. The main contract IC2606 rose 2.72% to close at 7,409.6 points. The total trading volume of the four IC contracts was 195,375 lots, down 22,348 lots from the previous day, and the total open interest was 294,332 lots, down 4,523 lots [40][41]. - **Basis**: The main contract was at a discount of 187.77 points, up 17.98 points from the previous day, and the annualized basis rate was -10.16%. The dividend impacts of the four IC contracts were 7.06 points, 11.99 points, 58.12 points, and 93.43 points respectively [41][49]. - **Positions**: The report shows the trading volumes, long positions, and short positions of the top members of different contracts, as well as the changes compared with the previous day [55][56][58]. IH Futures - **Daily Quotes**: The closing price of the SSE 50 was 2,830.85, up 1.38%. The main contract IH2606 rose 1.66% to close at 2,810.6 points. The total trading volume of the four IH contracts was 59,122 lots, down 19,258 lots from the previous day, and the total open interest was 106,443 lots, down 9,026 lots [60]. - **Basis**: The main contract was at a discount of 20.25 points, down 3.92 points from the previous day, and the annualized basis rate was -2.89%. The dividend impacts of the four IH contracts were 0 points, 3.04 points, 17.81 points, and 61.93 points respectively [61][66]. - **Positions**: The report shows the trading volumes, long positions, and short positions of the top members of different contracts, as well as the changes compared with the previous day [71][73][75].

Group 1: Report Information - Report date: March 24, 2026 [1] - Researcher: Zhou Tao [2] - Futures practice certificate number: F03134259 [2] - Investment consulting certificate number: Z0021009 [2] - Contact information: zhoutao_qh1@chinastock.com.cn [2] Group 2: Market Information Futures - SF main contract: closing price 6100, daily change -20, weekly change 172, trading volume 284,622, daily change -39,161, open interest 181,930, daily change -3,897 [3] - SM main contract: closing price 6480, daily change -76, weekly change 240, trading volume 897,615, daily change 229,414, open interest 406,591, daily change 1,558 [3] Spot - Silicon iron: 72%FeSi in Inner Mongolia, Ningxia, and Qinghai had a spot price of 5750, with daily changes of 80, 100, and 100 respectively, and weekly changes of 100, 150, and 170 respectively. In Jiangsu and Tianjin, the spot prices were 6200 and 6100, with weekly changes of 150 and 50 respectively [3] - Manganese silicon: The spot price of silicon manganese 6517 in Inner Mongolia, Ningxia, and Guangxi was 6200, 6150, and 6350 respectively, with daily changes of 50 and weekly changes of 270, 240, and 300 respectively. In Jiangsu and Tianjin, the spot prices were 6400 and 6300, with weekly changes of 300 [3] Basis/Spread - Silicon iron: The basis of Inner Mongolia, Ningxia, and Qinghai relative to the main contract was -350, with daily changes of 100, 120, and 120 respectively, and weekly changes of -72, -22, and -2 respectively. The spread between Jiangsu and Inner Mongolia was 450, with a daily change of -80 and a weekly change of 50. The SF - SM spread was -380, with a daily change of 56 and a weekly change of -68 [3] - Manganese silicon: The basis of Inner Mongolia, Ningxia, and Guangxi relative to the main contract was -280, -330, and -130 respectively, with daily changes of 126 and weekly changes of 30, 0, and 60 respectively. The spread between Guangxi and Inner Mongolia was 150, with a weekly change of 30 [3] Raw Materials - Manganese ore (Tianjin): The prices of Australian lumps, South African semi - carbonates, and Gabonese lumps were 47.5, 44, and 48 respectively, with daily changes of 2.5, 1.5, and 1.5 respectively, and weekly changes of 3.7, 4, and 3.5 respectively [3] - Blue charcoal small materials: The prices in Shaanxi, Ningxia, and Inner Mongolia were 705, 805, and 695 respectively, with no daily or weekly changes [3] Group 3: Market Judgment Trading Strategy - On March 24, ferroalloy futures prices declined overall. The silicon iron main contract closed at 6100, down 0.33%, with open interest decreasing by 3,897 lots. The manganese silicon main contract closed at 6480, down 1.16%, with open interest increasing by 1,558 lots [5] - Silicon iron: On the 24th, the spot price was stable with a slight upward trend, with some regional spot prices rising by 80 - 100 yuan/ton. On the supply side, the recent price recovery has led to the restoration of manufacturers' profits, and the output of sample enterprises has continued to increase, with the resumption speed exceeding the seasonal average. On the demand side, Steel Union data shows that the steel inventory has reached an inflection point, and the apparent demand and output of steel continue to rise, which still drives the demand for raw materials. On the cost side, the electricity price is stable with a slight upward trend. Silicon iron is still in a positive feedback loop of demand and cost in the short term, but as an energy - intensive variety, it is greatly affected by large fluctuations in energy prices such as crude oil and coal. Long positions need to pay attention to position control [5] - Manganese silicon: On the 24th, the manganese ore spot prices rose overall, with each spot in Tianjin Port rising by 1.5 - 2.5 yuan/ton - degree. The manganese silicon spot price was stable with a slight upward trend, with some regional prices rising by 50 yuan/ton. On the supply side, the output within the sample has decreased slightly recently, and some industry associations have called for self - discipline in production cuts, but the actual implementation needs to be monitored under the background of profit restoration. On the demand side, the steel inventory has reached an inflection point, and the apparent demand and output of steel continue to rise, which still drives the demand for raw materials. On the cost side, the sharp rise in crude oil has led to an increase in freight rates. Currently, Hurricane Narelle has not caused serious damage to South32's shipping infrastructure, and the actual impact on the subsequent shipments of Australian manganese ore needs to be monitored [6] - Unilateral: Driven by energy costs, it is still in a positive feedback loop of demand and cost, and the price fluctuates with an upward trend; Arbitrage: Wait and see; Options: Sell out - of - the - money put options [7] Important Information - On the 24th, the semi - carbonate Mn36.5% at Tianjin Port was traded at 44.2 yuan/ton - degree, the Gabonese lump Mn46% was quoted at 48 yuan/ton - degree, and the semi - carbonate powder Mn34.48% was quoted at 39 yuan/ton - degree [8] - According to research by Ferroalloy Online, Tropical Cyclone "Narelle" has weakened to a tropical depression and has passed through Groote Eylandt. It has not caused large - scale damage to the mining infrastructure. Currently, some employees of South32 are preparing to return to work [8] Group 4: Relevant Attachments - The report includes multiple figures, such as the trend of ferroalloy main contracts, the spread between the main contracts of SF and SM, the monthly spread of silicon iron and manganese silicon, the basis of silicon iron and manganese silicon, the spot price of silicon manganese, the electricity price of ferroalloy, and the cost and profit of silicon iron and manganese silicon [17][19]

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The black - metal sector maintained a volatile trend today. Overseas sentiment was fluctuating. Spot steel sales were generally average, and there was no willingness to increase positions in the spot and futures markets. The sentiment of speculators and end - users for purchasing improved compared to last week. The five major steel products continued to increase production last week, with the increase rate of rebar production slowing down and hot - rolled coil production turning to increase. Hot - rolled coil inventory was being depleted at an accelerated pace, but the overall inventory level was still high, and there was pressure on supply and demand. Due to the intensification of the US - Iran conflict, energy prices and shipping freight rates continued to rise, and coking coal prices rose due to the substitution of coal for crude oil. If the conflict intensifies, it may drive up the raw material cost of steel. Rumors of import restrictions on Newman powder supported the iron ore price. Therefore, steel prices are expected to maintain a volatile and slightly upward trend in the short term, influenced by overseas factors and raw materials. Attention should still be paid to hot - metal production, downstream demand, and overseas geopolitical frictions [6]. 3. Summary by Relevant Catalog 3.1 Market Information 3.1.1 Rebar - **Futures**: RB05 was at 3145 yuan/ton (down 9 yuan), RB10 at 3173 yuan/ton (down 9 yuan), and RB01 at 3196 yuan/ton (down 13 yuan). The 05 - contract rebar disk profit was - 215 yuan (up 5 yuan), the 10 - contract was - 166 yuan (up 3 yuan), and the 01 - contract was - 143 yuan (unchanged) [2]. - **Spot**: The price of Shanghai Zhongtian rebar was 3210 yuan/ton (down 10 yuan), Nanjing Iron and Steel's was 3350 yuan/ton (unchanged), Shandong Shiheng's was 3320 yuan/ton (up 10 yuan), and Tangshan Tanggang's was 3120 yuan/ton (unchanged). The profit of Shanghai rebar compared to other regions showed different changes, and the profit of rebar production in different regions also varied [2]. 3.1.2 Hot - rolled Coil - **Futures**: HC05 was at 3324 yuan/ton (down 6 yuan), HC10 at 3331 yuan/ton (down 5 yuan), and HC01 at 3333 yuan/ton (down 12 yuan). The 05 - contract hot - rolled coil disk profit was - 36 yuan (up 8 yuan), the 10 - contract was - 8 yuan (up 7 yuan), and the 01 - contract was - 6 yuan (up 2 yuan) [2]. - **Spot**: The price of Tianjin Hegang hot - rolled coil was 3240 yuan/ton (up 10 yuan), Lecong Rigan's was 3300 yuan/ton (unchanged), and Shanghai Angang's was 3300 yuan/ton (unchanged). The profit of hot - rolled coil production in different regions also changed [2]. 3.2 Market Judgment - **Related Prices**: The spot price of Shanghai Zhongtian rebar was 3210 yuan (down 10 yuan), Beijing Jingye's was 3170 yuan (unchanged), Shanghai Angang hot - rolled coil was 3300 yuan (unchanged), and Tianjin Hegang hot - rolled coil was 3240 yuan (up 10 yuan) [5]. - **Trading Strategy** - **Unilateral**: Follow overseas sentiment and maintain a volatile trend [7]. - **Arbitrage**: It is recommended to continue holding the short position on the hot - rolled coil to coking coal ratio when the price is high [7]. - **Options**: It is recommended to wait and see [8]. - **Important Information** - During the 15th Five - Year Plan period, the State Grid will accelerate the construction of pumped - storage power stations, with a planned newly - started installed capacity exceeding 30 million kilowatts. By 2030, the installed capacity in operation and under construction will exceed 120 million kilowatts, providing over 150 million kilowatts of power regulation capacity, a more than 70% increase compared to the end of the 14th Five - Year Plan [9]. - On March 23, 2026, Mexico's Ministry of Economy issued an anti - dumping affirmative preliminary ruling on hot - rolled steel originating from China and Vietnam, imposing temporary anti - dumping duties on the涉案 products. Different Chinese exporters have different tax rates [10]. 3.3 Related Attachments - The document provides multiple figures related to rebar and hot - rolled coil, including price trends, basis, spreads, and profit charts from 2022 - 2026, with data sources from Galaxy Futures, Mysteel, and Wind [13][17][19]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The conflict between the US, Israel, and Iran has reversed the previous pro - cyclical and re - inflation environment, and the commodity market may seek a direction between stagflation and recession in the future. The impact on oil prices, the macro - economy, and asset pricing logic will significantly exceed that of the same period in history [7][12]. - In the shipping industry, the geopolitical conflict has increased costs, and the recovery of shipping will take time. The price of shipping depends on the duration of the blockade [12][22]. - In the polyester bottle - chip industry, the supply is tightening, and the industry has emerged from the loss dilemma. In the short term, it can be operated with a long - bias, but there is a risk of decline if the geopolitical situation eases [22][30]. - In the asphalt industry, the supply is tight, the demand is weak, and the support for the price is strong. It is expected to maintain a high - level shock in the second quarter [31][35]. - In the soda ash industry, the market may first trade the speculative purchases of the downstream and mid - stream due to imported inflation, but there are opportunities for short - selling at high levels later [37][40]. - In the precious metals market, gold and silver are facing short - term headwinds due to tightened liquidity and concerns about interest - rate hikes [41][46]. - In the agricultural products market, the rise in oil prices affects agricultural products through cost and substitution paths. If oil prices remain high for a long time, the impact on agricultural product prices will become more obvious [50][57]. Summary by Directory Macro: From Risk Shock to Supply - Demand Reshaping - The Impact of Middle East Geopolitical Risks on Commodity Trends - Before the conflict, the market had a pro - cyclical expectation. After the US - Israel attack on Iran on February 28, the situation reversed. The conflict cut off the industrial chain cycle, causing a sharp rise in oil prices and a greater impact on the economy [7]. - Historically, in seven US - involved conflicts related to geopolitics or resource - rich countries, the price of crude oil rose in three cases and fell in four cases. Gold showed different trends in different conflicts, mainly related to the market's understanding of monetary policy during the war. The US dollar's trend is complex, and in this Iran conflict, it may not be very weak in the short and medium term. Copper will trade the recession expectation at a certain stage and then rebound [9][11]. - After the US - Israel attack on Iran, the pro - cyclical and re - inflation environment has changed. The commodity market may face stagflation or recession. The supply constraint - driven price increase may not be sustainable, and the risk of commodity price decline is accumulating [12]. Shipping: Geopolitical Conflict Raises Costs, Shipping Companies Impose Fuel Surcharges - The passage of the Hormuz Strait remains basically stagnant, with 1110 ships stranded, including 773 of the three major ship types. The passage situation is unlikely to improve significantly in the short term, and it will take time for shipping to recover even if the war eases [14][16]. - The Mandeb Strait and the Suez Canal have not been significantly affected for the time being, but if the Houthi rebels restart attacks in the Red Sea, these routes will be greatly affected [17]. - Fuel costs and insurance premiums have risen significantly. The price of marine low - sulfur fuel oil has more than doubled, and most shipping companies have suspended bookings for Middle - East routes [18]. - There are alternative solutions for Middle - East routes, but they have high costs and low efficiency. The follow - up actions of the Houthi rebels will affect shipping companies' capacity deployment [19]. - The spot freight rate of European routes is oscillating in the off - season, and the freight rate of Middle - East routes is in high - level game. The short - term focus is on the cargo - receiving situation of shipping companies in April, and the medium - and long - term freight rate depends on the blockade time [20][22]. Polyester Bottle Chips: Tightening Supply and Peak Season, Bottle Chips Out of the Loss Dilemma - The driving logic of the market has shifted from the cost side to the supply side. The reduction of PX load will affect the supply of downstream PTA [22]. - In the price - difference structure, naphtha is the strongest, and the price difference between PX and naphtha is weak. The profit - compression space of PX and PTA is large [23]. - Due to refinery load reduction and the maintenance season, the supply of PX is expected to decrease, and the supply of PTA is also under pressure. The load of ethylene glycol is affected by raw materials, and the import is expected to decrease [24][26]. - The load of polyester is seasonally rising, and the inventory of polyester products is differentiated. Bottle chips perform better than short - fibers, and the price difference strategy between them can be concerned [29]. - In the short term, the market can be operated with a long - bias, but there is a risk of decline if the geopolitical situation eases. It is not recommended to chase positive spreads in the month - spread, and the month - spread can be narrowed at high prices [30]. Asphalt: Tight Supply, Weak Demand, and Continued Concerns about Raw Materials - The current market is driven by supply tightening and domestic refinery production cuts. In mid - March, as the Middle - East situation intensified and the cost increased, some refineries reduced or stopped production, driving the price up [31]. - The supply of asphalt in the southern region has decreased significantly, and the demand recovery is still weak. The demand for road - modified asphalt is at the lowest level in the same period, and the demand for waterproofing membranes has only recovered to the medium - low level [32]. - The core driving factors include the increase in raw material prices due to the Middle - East conflict, the problem of raw material inventory from the Venezuela event, and the supply concern of other heavy - quality raw materials [33][34]. - In the future, at least in the second quarter, the asphalt price is expected to maintain a high - level shock due to the peak demand season and raw - material inventory consumption [35]. Soda Ash: Continued Geopolitical Disturbance, Differentiated Trends of Weak - Fundamentals Varieties - In the first three weeks of the conflict, the market sentiment was intense in the first week, with energy products leading the rise. In the second week, the sentiment was differentiated, and the rise and fall narrowed. In the third week, glass and soda ash entered the top ten decliners [36]. - In the fourth week, the mutual attacks on energy facilities between the US and Iran strengthened the market's pricing of the energy crisis. Coal prices rose, driving soda ash prices up [37]. - The cost of soda ash is affected by coal prices, but the impact is limited. The supply of soda ash is at a historical high, and the demand is strong in the short term but may face negative feedback later [38][39]. - In the short term, soda ash prices may be strong, but there are opportunities for short - selling at high levels. The strategy of going long on soda ash and short on glass can be considered, and selling call options can also be considered [40]. Gold and Silver: Geopolitical Factors Drag on Liquidity Tightening, Gold and Silver Face Short - Term Headwinds - Since March 2, the prices of gold and silver have weakened due to tightened liquidity and concerns about interest - rate hikes, and they have broken through key moving averages technically [41][42]. - Historically, the price of gold is highly sensitive to the US real yield. In the short term, the negative factors of gold are dominant, and it is recommended to operate with a short - bias in the short term and wait for positive signals in the medium and long term [45][46]. - The price of silver generally follows that of gold. The relative valuation adjustment of silver has been completed, but attention should be paid to the impact of changes in ETF demand on the supply - demand pattern. It is recommended to operate with a short - bias in the short term [47][49]. Agricultural Products: Geopolitical Conflict Raises Costs, Analysis of the Impact on Agricultural Products - Crude oil affects agricultural products through cost and substitution paths. The cost of fertilizers and transportation has increased significantly since the conflict [50][51]. - The correlation between US agricultural products and crude oil is higher than that in China. Different agricultural products have different correlations with crude oil, and the impact paths are also different [52]. - Different crops and countries have different sensitivities to fertilizer price increases. Corn is the most sensitive, and Brazil is highly sensitive to fertilizer price increases [56]. - The rise in oil prices affects agricultural products through multiple paths. If oil prices remain high for a long time, the impact on agricultural product prices will become more obvious [57].

1. Report's Investment Rating for the Industry No investment rating for the industry is provided in the report. 2. Core Views of the Report - The overall market is significantly influenced by the geopolitical situation in the Middle East, especially the US - Iran conflict. Uncertainty in the negotiation between the US and Iran has led to large fluctuations in the prices of various commodities, including oil, precious metals, and industrial raw materials [22][69][118]. - Different sectors show different trends. For example, the financial derivatives market is expected to have technical rebounds in the stock index futures but with unclear directions due to the unstable Middle - East situation; the bond market is likely to be in a narrow - range fluctuation [22][25]. In the agricultural products market, factors such as supply, demand, and external market conditions lead to different price trends for each variety [28][29][34]. 3. Summary by Relevant Categories 3.1 Financial Derivatives Stock Index Futures - **Market Performance**: The stock index tumbled on Monday, with all major indices and futures contracts experiencing significant declines, and the trading volume and open interest increased. The main reason for the decline is the impact of the escalating Middle - East situation on market sentiment [21]. - **Investment Logic**: After continuous sharp drops, a technical rebound may occur, but the Middle - East situation remains unclear, and the risk preference is decreasing. The market direction after the shock is still uncertain [22]. - **Trading Strategy**: Adopt a grid operation in the shock consolidation; conduct the cash - and - carry arbitrage of IM\IC long 2609 + short ETF; and wait and see for options [23]. Bond Futures - **Market Performance**: Most bond futures closed down on Monday, with the yields of most active bonds in the inter - bank market rising, and the market capital tightened. The long - end spread narrowed slightly [24]. - **Investment Logic**: The bond market is short of substantial positive drivers for upward movement. However, factors such as the narrow - range fluctuation of capital prices, the general profit - making effect in the equity market, and relatively weak domestic demand support the bond market to some extent [25]. - **Trading Strategy**: Wait and see for single - side trading; consider lightly shorting the 30Y - 7Y term spread (TL - 3T) for arbitrage [26]. 3.2 Agricultural Products Protein Meal - **Market Performance**: The CBOT soybean index rose, while the CBOT soybean meal index fell. The domestic soybean crushing volume decreased slightly, and the soybean meal inventory increased [28][29]. - **Investment Logic**: Market disturbances have increased, and the market is in a wide - range shock. The fundamentals of US soybeans are under pressure, and rapeseed meal generally follows the trend of soybean meal [29]. - **Trading Strategy**: Wait and see for single - side trading, arbitrage, and options [29]. Sugar - **Market Performance**: The international sugar price declined slightly, and the domestic sugar price fluctuated. The number of sugar mills in Guangxi that have completed the crushing process has increased, and the spot price in the main production areas has remained stable [30][32][33]. - **Investment Logic**: Internationally, the expected increase in sugar production in India and Thailand may be lower than expected, which supports the international sugar price. Domestically, the supply pressure is relatively high, but considering the price difference between the domestic and international markets, the domestic sugar price is expected to follow the international trend slightly [34][35]. - **Trading Strategy**: For single - side trading, the international sugar price is expected to fluctuate slightly stronger, and Zhengzhou sugar is recommended to buy low and sell high; wait and see for arbitrage; sell put options [35]. Oilseeds and Oils - **Market Performance**: The overnight CBOT soybean oil price changed slightly, and the Malaysian market was closed for a holiday. The domestic palm oil inventory decreased, and the soybean arrival concern has alleviated [37]. - **Investment Logic**: Affected by the geopolitical conflict in the Middle East, the oil price dropped sharply and then rebounded, and the oil market followed the trend. The inventory of domestic oils is at a moderately high level [37]. - **Trading Strategy**: For single - side trading, the oil may fluctuate at a high level in the short term; consider the reverse arbitrage opportunity for p59; wait and see for options [38]. Corn and Corn Starch - **Market Performance**: The CBOT corn futures price declined. The domestic wheat price rose slightly, and the export of corn starch increased. The corn inventory in the northern ports increased [39][40][41]. - **Investment Logic**: The US corn price is expected to fluctuate strongly in the short term. The demand for deep - processing of corn has increased, and the port price is stable. The 05 corn contract is expected to fluctuate at a high level in the short term [40][41]. - **Trading Strategy**: For single - side trading, consider a long - position idea for the 05 corn contract on the callback; for the 05 corn - starch spread, consider narrowing the spread when it is high; wait and see for options [41]. Live Pigs - **Market Performance**: The live pig price has declined overall, and the prices of piglets and sows have also decreased [42]. - **Investment Logic**: The relatively strong feed price has affected the breeding profit, and there is still pressure on live pig sales due to the large inventory [42]. - **Trading Strategy**: Wait and see for single - side trading; wait and see for arbitrage; sell the wide - straddle strategy for options [43]. Peanuts - **Market Performance**: The average price of peanut kernels has decreased slightly, the price of peanut oil has been stable, and the price of peanut meal has been stable. The inventory of peanuts and peanut oil in sample enterprises has increased [45][46]. - **Investment Logic**: The peanut spot price is stable, and the 05 peanut contract is expected to fluctuate strongly. The current price is at a high level, and the market is in a state of contango [46]. - **Trading Strategy**: For single - side trading, consider short - term long positions when the 05 peanut contract is in a narrow - range shock; wait and see for arbitrage; sell the pk605 - P - 7700 option [47]. Eggs - **Market Performance**: The main egg price has remained stable, the inventory of laying hens has increased, and the sales volume of eggs has increased [48][49]. - **Investment Logic**: The previous good profit has reduced the enthusiasm for culling hens, and the future supply may be under pressure. Consider short - selling the June contract [50]. - **Trading Strategy**: For single - side trading, consider short - selling the June contract; wait and see for arbitrage and options [50]. Apples - **Market Performance**: The inventory of apples in cold storage has decreased rapidly, and the price in the origin has remained stable [51]. - **Investment Logic**: Although the fundamentals of apples are strong, the upward momentum of the May contract is limited. The market may focus on the production of new - season apples in the future, and there is a risk of frost damage [52]. - **Trading Strategy**: For single - side trading, exit and wait and see for the May contract; wait and see for arbitrage and options [53]. Cotton - Cotton Yarn - **Market Performance**: The outer - market cotton price has declined. The drought in the US cotton - producing areas is still at a relatively high level, and the price of Pakistani yarn has increased [54][55]. - **Investment Logic**: The increase in the import quota is expected to have a positive impact on the US cotton price and narrow the price difference between the domestic and international markets. The domestic cotton price is expected to follow the upward trend of the US cotton price, but the decline space is limited [56]. - **Trading Strategy**: For single - side trading, consider building long positions at low prices for Zhengzhou cotton; wait and see for arbitrage and options [56]. 3.3 Black Metals Steel Products - **Market Performance**: The downstream construction restart progress is slightly slower than last year, and the inventory of Shanghai construction steel is expected to start to decline in early April [58]. - **Investment Logic**: The black - metal sector declined at night due to the fall in the international oil price. The supply of steel products has increased, the demand has improved, but the overall inventory is still high. The steel price is expected to remain volatile in the short term [58]. - **Trading Strategy**: For single - side trading, the steel price is expected to remain volatile without a clear trend; for arbitrage, consider shorting the coil - coal ratio; wait and see for options [59]. Coking Coal and Coke - **Market Performance**: The imported Mongolian coking coal market is strong, and the first - round price increase of coke has started [60]. - **Investment Logic**: The coking coal price followed the oil price decline at night. The market is mainly driven by funds and emotions, and the fluctuation is large. It is recommended to wait and see [62]. - **Trading Strategy**: Wait and see for single - side trading, arbitrage, and options [62]. Iron Ore - **Market Performance**: The global iron - ore shipment volume has increased, and the port trading volume has increased [63]. - **Investment Logic**: The iron - ore price has risen to a high level, and the market game has intensified. Although the supply is still at a high level, there are multiple supply disturbances. It is recommended that spot enterprises hedge at high prices [63][64]. - **Trading Strategy**: For single - side trading, hedge at high prices for spot; for arbitrage, enter the reverse arbitrage for the 5/9 spread; wait and see for options [64]. Ferroalloys - **Market Performance**: The prices of ferrosilicon and ferromanganese have risen, and the supply and demand of steel products have improved [65][66]. - **Investment Logic**: Driven by energy costs, the prices of ferrosilicon and ferromanganese are expected to fluctuate strongly in the short term [65][66]. - **Trading Strategy**: For single - side trading, the price is expected to fluctuate strongly; wait and see for arbitrage; sell out - of - the - money put options [66]. 3.4 Non - ferrous Metals Gold and Silver - **Market Performance**: The gold and silver markets fluctuated widely, with gold prices falling and silver prices rising [68]. - **Investment Logic**: Affected by the Middle - East geopolitical situation and the Fed's attitude towards interest rates, the gold and silver prices are under pressure. In the short term, they are expected to face "headwinds" [69]. - **Trading Strategy**: For single - side trading, conservative investors should wait and see, while aggressive investors can consider short - term short - selling; wait and see for arbitrage and options [70][71]. Platinum and Palladium - **Market Performance**: The platinum and palladium markets fluctuated weakly and then rebounded [72]. - **Investment Logic**: The market is affected by the energy price, and the uncertainty is high. The platinum market is in a tight - balance state, and the palladium market is in a surplus state [72][73]. - **Trading Strategy**: Wait and see for single - side trading; wait for the opportunity to go long on the platinum - palladium spread at a low level; wait and see for options [73]. Copper - **Market Performance**: The copper futures price has risen, and the LME inventory has increased [75]. - **Investment Logic**: The US - Iran negotiation situation is uncertain. The copper supply is tight, and the copper price is expected to be affected by the negotiation situation [75]. - **Trading Strategy**: For single - side trading, the price is expected to fluctuate at a low level; wait and see for arbitrage and options [76]. Alumina - **Market Performance**: The alumina futures price has declined, and the spot price has risen slightly [77]. - **Investment Logic**: Guinea's bauxite export policy is uncertain. The new domestic alumina production capacity needs time to be released stably, and the alumina price is expected to fluctuate weakly [78]. - **Trading Strategy**: For single - side trading, the price is expected to fluctuate weakly; wait and see for arbitrage and options [79]. Electrolytic Aluminum - **Market Performance**: The electrolytic aluminum futures price has risen, and the spot price has declined [80]. - **Investment Logic**: The Middle - East situation is uncertain, and the aluminum price is expected to fluctuate. The local aluminum production capacity has reduced production preventively [82]. - **Trading Strategy**: No specific trading strategy is provided in the report. Cast Aluminum Alloy - **Market Performance**: No significant market performance information is provided in the report. - **Investment Logic**: The Middle - East situation is uncertain, and the financial attribute has a significant impact on the price. The supply and demand fundamentals are weak [84]. - **Trading Strategy**: For single - side trading, the price is expected to fluctuate with the aluminum price; wait and see for arbitrage and options [84]. Zinc - **Market Performance**: The zinc futures price has risen, and the spot price has been stable. The domestic inventory has decreased [87]. - **Investment Logic**: The zinc price is affected by macro and capital emotions. Although the domestic inventory is high, the consumption shows signs of recovery, and the overseas supply may be reduced [87]. - **Trading Strategy**: For single - side trading, the price is expected to fluctuate at a low level; wait and see for arbitrage and options [88]. Lead - **Market Performance**: The lead futures price has risen, and the spot price has been stable. The domestic inventory has decreased [89][90]. - **Investment Logic**: The lead price has been under pressure due to macro and fundamental factors, but there is support at the bottom due to the upcoming peak season [90]. - **Trading Strategy**: For single - side trading, the price is expected to fluctuate at a low level; wait and see for arbitrage and options [90]. Nickel - **Market Performance**: The nickel futures price has risen, and the LME inventory has decreased [91]. - **Investment Logic**: The nickel price is mainly affected by macro factors in the short term. The supply and demand in March have narrowed, and the inventory has decreased. It is necessary to wait for the trading logic to switch [91]. - **Trading Strategy**: Wait and see for single - side trading, arbitrage, and options [91]. Stainless Steel - **Market Performance**: No significant market performance information is provided in the report. - **Investment Logic**: The stainless - steel price is expected to follow the nickel price, and the short - term macro impact is large [93]. - **Trading Strategy**: Wait and see for single - side trading and arbitrage [93]. Industrial Silicon - **Market Performance**: The industrial silicon price is expected to fluctuate within a range [95]. - **Investment Logic**: The demand for industrial silicon from the silicone industry is expected to decrease, and the polysilicon production may increase in April. The short - term price is expected to fluctuate within a range [95]. - **Trading Strategy**: For single - side trading, consider buying at the lower end of the range; no specific strategy for arbitrage and options [97]. Polysilicon - **Market Performance**: The polysilicon price is expected to be weak in the short term [98]. - **Investment Logic**: The polysilicon production has increased in March, and the demand in April is expected to weaken. It is necessary to pay attention to policy guidance [98]. - **Trading Strategy**: For single - side trading, the price is expected to be weak; no specific strategy for arbitrage and options [99]. Lithium Carbonate - **Market Performance**: No significant market performance information is provided in the report. - **Investment Logic**: The domestic supply and demand in March have loosened, and the price is expected to remain volatile in the short term [101]. - **Trading Strategy**: No specific trading strategy is provided in the report. Tin - **Market Performance**: The tin futures price has risen, and the LME inventory has decreased [103]. - **Investment Logic**: The tin price is affected by the macro - sentiment and the supply and demand situation. It is necessary to pay attention to the negative impact of the helium blockade on tin consumption [105]. - **Trading Strategy**: For single - side trading, the price is expected to fluctuate widely; wait and see for arbitrage and options [105]. 3.5 Shipping and Carbon Emissions Container Shipping - **Market Performance**: The spot freight rate index has risen, and the market is affected by the US - Iran negotiation rumor [107]. - **Investment Logic**: The US - Iran negotiation rumor has disrupted the market expectation, and the oil price has fallen significantly. The shipping market is in the off - season, and it is necessary to pay attention to the negotiation situation and fuel cost changes [108][110]. - **Trading Strategy**: Wait and see for single - side trading and arbitrage [110]. Dry Bulk Freight - **Market Performance**: The spot freight rate index has shown different trends, with different ship - type sectors showing obvious differentiation [110]. - **Investment Logic**: The Middle - East situation has disrupted global shipments, and the high fuel price has put pressure on shipowners. Different ship - type markets are affected by different factors, and it is necessary to pay attention to the long - term impact of the conflict on the dry - bulk shipping chain [111][112]. - **Trading Strategy**: No specific trading strategy is provided in the report.

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No information provided. 3. Summary Based on Relevant Catalog Futures Prices - DCE01 increased from 759.0 to 762.5, a rise of 3.5 [2] - DCE05 increased from 815.5 to 819.0, a rise of 3.5 [2] - DCE09 increased from 781.0 to 786.5, a rise of 5.5 [2] Spread between Contracts - I01 - I05 remained unchanged at -56.5 [2] - I05 - I09 decreased from 34.5 to 32.5, a drop of 2.0 [2] - I09 - I01 increased from 22.0 to 24.0, a rise of 2.0 [2] Spot Prices - PB powder (60.8%) increased from 787 to 794, a rise of 7 [2] - Newman powder increased from 732 to 739, a rise of 7 [2] - Mac powder increased from 778 to 780, a rise of 2 [2] Spot Price Spreads - The spread between Carajás fines and PB powder remained unchanged at 157 [2] - The spread between Newman powder and Jimbour increased from -11 to -9, a rise of 2 [2] - The spread between Carajás fines and Jimbour increased from 205 to 207, a rise of 2 [2] Import Profits - The import profit of Carajás fines increased from 13 to 15, a rise of 2 [2] - The import profit of Newman powder increased from -23 to -22, a rise of 1 [2] - The import profit of PB powder decreased from -20 to -21, a drop of 1 [2] Platts Index - Platts iron ore 61% price increased from 108.4 to 109.6, a rise of 1.1 [2] - Platts iron ore 65% price increased from 126.1 to 127.2, a rise of 1.2 [2] - Platts iron ore 58% price increased from 98.1 to 99.1, a rise of 1.0 [2] USD Spread between Domestic and Overseas Markets - SGX main - DCE01 increased from 13.2 to 14.0, a rise of 0.8 [2] - SGX main - DCE05 increased from 6.7 to 6.8, a rise of 0.1 [2] - SGX main - DCE09 increased from 10.7 to 11.1, a rise of 0.4 [2]

Group 1: Report Overview - The report is an agricultural product research report focusing on apples, dated March 23, 2024 [1] Group 2: Market Information Spot Prices - Fuji apple price index is 110.41 today, down 0.15 from the next working day; 6 - fruit average wholesale price is 7.94, up 0.24 from the next working day [2] - Prices of various apple varieties like Luochuan semi - commodity paper - bagged 70, Qixia first and second - grade paper - bagged 80, etc., remain stable [2] Futures Prices - AP01 is 8647, down 25 from yesterday's close; AP05 is 10721, up 110 from yesterday's close; AP10 is 8830, up 3 from yesterday's close [2] - Price differences between different contracts also show certain changes, e.g., AP01 - AP05 is - 2074, down 135 [2] Basis - Qixia first and second - grade 80 - AP01 is - 647, up 25; Qixia first and second - grade 80 - AP10 is - 830.0, down 3 [2] Group 3: Market News and Views Market News - As of March 19, the national cold - storage apple inventory is 4.6843 million tons, a decrease of 0.3129 million tons from last week, and the de - stocking speed is at a relatively high level in recent years [6] - In the origin, the mainstream apple market is stable, with smooth transactions. Cold - storage high - quality goods are in short supply. Market arrivals are stable, and overall sales are okay, with stable mainstream prices [6] - In Shandong, the price of late - maturing paper - bagged Fuji in inventory is stable, with slow transactions for medium - quality goods. In Shaanxi, the mainstream price is stable, but customer purchasing enthusiasm has declined slightly, and high - end goods are still in high demand [6] Trading Logic - Although the apple fundamentals are strong, with low cold - storage inventory and high cost for May contracts, the upward momentum and time for the May contract are insufficient due to the high previous price and upcoming position - limit for the May contract [5] - As the key growth period of new - season apples approaches, the market will focus on the new - season apple production, and the market is starting to pay attention to the expected high accumulated temperature this year [5] Trading Strategies - For the May contract, it is recommended to leave the market and wait and see [7] - For both arbitrage and options, it is recommended to wait and see [7] Group 4: Related Attachments - The report provides multiple charts, including the price trends of Qixia first and second - grade paper - bagged 80, Luochuan semi - commodity paper - bagged 70, AP contract basis, and apple arrival volume in some markets, etc. [9][10][19]

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: March 23, 2026 [2] IM Futures Market Quotes - The closing price of CSI 1000 was 7,409.11, down 4.81%. The main contract of IM fell 5.55% to close at 7,190 points. The total trading volume of the four IM contracts was 325,166 lots, an increase of 73,858 lots from the previous day; the total open interest was 408,928 lots, an increase of 16,966 lots from the previous day [3][4]. - The main contract of IM was at a discount of 219.11 points, up 4.32 points from the previous day; the annualized basis rate was -12.09%. The dividend impacts of the four IM contracts were 0 points, 0.14 points, 38.43 points, and 59.68 points respectively [4]. Main Seats - In IM2604, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients) with 69,057 lots, Guotai Junan (on behalf of clients) with 58,217 lots, Zhongtai Futures (on behalf of clients) with 23,433 lots, Haitong Futures (on behalf of clients) with 19,108 lots, and Dongzheng Futures (on behalf of clients) with 17,427 lots [16]. - Similar data is provided for IM2606 and IM2609 contracts [20]. IF Futures Market Quotes - The closing price of CSI 300 was 4,418.00, down 3.26%. The main contract of IF fell 3.56% to close at 4,344.4 points. The total trading volume of the four IF contracts was 156,918 lots, an increase of 42,290 lots from the previous day; the total open interest was 276,923 lots, an increase of 13,787 lots from the previous day [21][22]. - The main contract of IF was at a discount of 73.6 points, up 7.02 points from the previous day; the annualized basis rate was -6.72%. The dividend impacts of the four IF contracts were 0 points, 0.48 points, 29.67 points, and 83.19 points respectively [22]. Main Seats - In IF2604, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients) with 32,723 lots, Guotai Junan (on behalf of clients) with 24,845 lots, Haitong Futures (on behalf of clients) with 10,623 lots, Dongzheng Futures (on behalf of clients) with 10,088 lots, and Guoxin Futures (on behalf of clients) with 8,652 lots [36]. - Similar data is provided for IF2606 and IF2609 contracts [39]. IC Futures Market Quotes - The closing price of CSI 500 was 7,440.75, down 4.11%. The main contract of IC fell 4.88% to close at 7,235 points. The total trading volume of the four IC contracts was 217,723 lots, an increase of 42,968 lots from the previous day; the total open interest was 298,855 lots, an increase of 8,495 lots from the previous day [41][42]. - The main contract of IC was at a discount of 205.75 points, down 5.11 points from the previous day; the annualized basis rate was -11.28%. The dividend impacts of the four IC contracts were 0 points, 7.07 points, 58.9 points, and 95.52 points respectively [42]. Main Seats - In IC2604, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients) with 25,155 lots, Guotai Junan (on behalf of clients) with 18,565 lots, Haitong Futures (on behalf of clients) with 9,339 lots, Dongzheng Futures (on behalf of clients) with 5,214 lots, and Zhongtai Futures (on behalf of clients) with 4,372 lots [55]. - Similar data is provided for IC2606 and IC2609 contracts [57]. IH Futures Market Quotes - The closing price of SSE 50 was 2,792.33, down 3.17%. The main contract of IH fell 3.43% to close at 2,776 points. The total trading volume of the four IH contracts was 78,380 lots, an increase of 24,589 lots from the previous day; the total open interest was 115,469 lots, an increase of 14,676 lots from the previous day [59]. - The main contract of IH was at a discount of 16.33 points, up 1.73 points from the previous day; the annualized basis rate was -2.33%. The dividend impacts of the four IH contracts were 0 points, 0 points, 18.31 points, and 62.65 points respectively [60]. Main Seats - In IH2604, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients) with 15,950 lots, Guotai Junan (on behalf of clients) with 12,718 lots, Haitong Futures (on behalf of clients) with 5,530 lots, Dongzheng Futures (on behalf of clients) with 4,540 lots, and Guoxin Futures (on behalf of clients) with 4,215 lots [71]. - Similar data is provided for IH2606 and IH2609 contracts [73][75].