1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - No clear core viewpoints are presented in the provided text. The document mainly consists of various profit - related charts for different chemical products over multiple years. 3. Summary by Related Charts Refining and Bitumen - Charts show the relationship between low - sulfur and asphalt, Singapore 3.5% cracking, and the relationship between refinery profit and asphalt - fuel oil spread [1]. PTA and Polyester - Include PTA spot processing fees, PXN, and cash flows of POY, polyester staple fiber, and polyester bottle chips [1]. Aromatics - Cover China pure benzene - naphtha, China disproportionation profit, South Korea STDP, and related profits of downstream products such as pure benzene downstream weighted profit, caprolactam profit, etc. [1]. Plastics - Display production profits of plastics from different production methods including oil - based, coal - based, methanol - based, and light hydrocarbon - based production, along with their seasonal patterns [1]. PP - Show production profits of PP from oil - based, coal - based, methanol - based, and propane - based production, and their seasonal patterns [1]. Methanol - Include production profits of methanol from coal - based in Inner Mongolia, coke oven gas - based in Hebei, and natural gas - based in Chongqing, along with their seasonal patterns [1]. Other Chemical Products - Include production profits of formaldehyde in Shandong, dimethyl ether in Henan, and production profits of urea from different production processes (natural gas - based, new coal gasification, and Shanxi fixed - bed process), as well as compound fertilizer production profit [1].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Qatar's LNG export reduction due to long - term damage of facilities will reverse the expected LNG supply surplus this year and may raise the LNG price center [1][3] - Short - term, Eurasian gas prices will be volatile and strong, with Asian gas prices stronger than European ones; mid - term, prices may fall if Middle - East exports recover, but restocking demand will support prices [3] - The long - term reduction in Middle - East exports will increase the demand for US LNG, which is beneficial to US gas prices, but a further increase in the US gas price center requires new LNG export facilities to be put into production [3] Summary by Related Content Qatar LNG Export Situation - Qatar's Ras Laffan complex suffered long - term damage from Iranian attacks, with the 4th and 6th units needing 3 - 5 years to repair, affecting about 12.8 million tons/year of LNG exports, accounting for about 17% of Qatar's total LNG exports [1] - Some long - term contracts to China, South Korea, Italy, and Belgium will be cancelled due to force majeure [1] Impact on China - In 2025, Qatar's LNG exports to South Korea, Italy, and Belgium were 6.97 million, 4.99 million, and 1.57 million tons respectively, while exports to China reached 19.82 million tons [2] - More than 50% of the future export reduction will be concentrated in China, about 6 - 7 million tons, accounting for about 10% of China's LNG imports in 2025, and about 2% of China's total natural gas supply [2] Middle - East LNG Export Loss - Since March 1, LNG exports from Qatar and the UAE have been zero. The loss from the interruption of exports in the Middle - East is at least 13 million tons this year. If the Strait of Hormuz remains restricted, the export reduction will increase [2] Price Outlook - The expected LNG supply surplus this year is reversed, and the LNG price center may rise year - on - year [3] - Short - term, Eurasian gas prices will be volatile and strong, with Asian gas prices stronger than European ones [3] - Mid - term, if Middle - East exports recover, prices may fall, but restocking demand will support prices. A trend decline in the price center requires new LNG export capacity and increased inventories [3] - The long - term reduction in Middle - East exports increases the demand for US LNG, which is beneficial to US gas prices, but a further increase in the US gas price center requires new LNG export facilities [3]

Group 1: Report's Industry Investment Rating - Not mentioned Group 2: Report's Core View - Qatar's LNG export reduction due to facility damage will reverse the expected supply surplus of LNG this year and may raise the price center [1][3] - Short - term Eurasian gas prices will fluctuate strongly with geopolitical conflicts, and Asian prices will be stronger than European [3] - In the medium - term, Eurasian gas prices may fall if Middle - East exports recover, but replenishment demand will support prices [3] Group 3: Summary of Key Information from Different Aspects Impact of Qatar's LNG Export Reduction - Qatar's Ras Laffan facilities' damage will affect 12.8 million tons/year of LNG exports, accounting for about 17% of total exports, and some long - term contracts to China, South Korea, Italy, and Belgium will be cancelled [1] - More than 50% of future export reduction will focus on China, about 6 - 7 million tons, accounting for about 10% of China's 2025 LNG imports and 2% of total gas supply [2] Middle - East LNG Export Losses - Middle - East LNG exports have lost at least 13 million tons this year. If the Strait of Hormuz remains blocked, losses will increase [2] Impact on Gas Prices - The reduction in Middle - East exports will increase the demand for US LNG, which is beneficial for US gas prices, but further price increases need new export facilities [3]

Report Industry Investment Rating - No information provided in the given content Core Viewpoints - Geopolitical conflicts and a hawkish Fed stance have led to a significant decline in the non - ferrous metals sector on March 19, with short - term market risk appetite difficult to repair, and the overall non - ferrous metals market in a state of shock and pressure [3][11] - Medium - term attention should be paid to the duration of the US - Iran war and oil price trends [11] - Aluminum prices are expected to continue a shock - strengthening trend, and nickel prices have strengthened bottom support, suggesting waiting for price stabilization before considering low - buying opportunities [11] Summary by Variety Copper - Short - term: Affected by geopolitical conflicts and a hawkish Fed, the market is pessimistic, and copper prices are expected to be weak. Long - term: The supply - demand tension remains unchanged, and low - buying opportunities can be considered after the price stabilizes [4] Alumina - Short - term: Cost support has increased, and the fundamentals have slightly improved. Medium - long - term: Guinea's policies and sea freight will affect prices, and the supply may increase, with the price showing a slight upward trend while fluctuating [5] Aluminum - Short - term: Pessimistic macro - sentiment, expected to maintain high - level shock. Medium - term: Supply - demand is expected to be tight, and the price center may move up. Low - buying opportunities can be considered [5] Aluminum Alloy - Driven by aluminum prices, with stable supply - demand and cost support, it is expected to follow aluminum prices, and low - buying opportunities can be considered [6] Zinc - Short - term: Pessimistic macro - situation, prices are weak. Medium - term: Global zinc ore increment is small, and overseas supply - demand is expected to be tight. After the price drops, downstream procurement demand improves, and spot procurement opportunities can be considered after price stabilization [7] Lead - Short - term: Scrap battery prices provide bottom support. Medium - term: Supply in China and overseas is in surplus, and prices are expected to fluctuate at a low level around the cost of recycled lead [7] Nickel - Supply pressure has slightly increased, and the bottom support is strengthening. It is expected to be shock - strengthening, but short - term fluctuations are large. Low - buying opportunities can be considered after price stabilization [7] Stainless Steel - Cost support exists, and production is expected to increase. It is expected to be shock - strengthening in the medium - term, but short - term fluctuations are large. Low - buying opportunities can be considered after price stabilization [8] Tin - Short - term: Pressured by macro - sentiment and supply recovery expectations. Medium - long - term: Supply risks exist, and demand is expected to increase, with prices expected to be in a shock - positive state [8] Industrial Silicon - Short - term: May fluctuate at a low valuation. Medium - long - term: In a loose supply - demand situation, prices are under pressure. Upstream can hedge at high prices, and investors can consider short - selling at high prices [9] Polysilicon - Short - term: Pressured by market sentiment and high inventory, prices may continue to compete around the cost area. Medium - term: "Anti - involution" policies need to be monitored, and the supply - demand situation is expected to improve, with prices in a wide - range shock pattern. The anti - arbitrage strategy between the 05 contract and far - month contracts can be continued [10] Lithium Carbonate - Short - term: Trading on macro - issues and weak demand expectations, prices are under shock pressure. Medium - long - term: Supply problems may drive prices up after May [10]

Report Industry Investment Rating - Not provided Core Viewpoints - On March 19, 2026, the platinum and palladium futures prices on the Guangzhou Futures Exchange dropped significantly, with the platinum main contract down 7.66% to 506.95 yuan/gram and the palladium main contract down 8.18% to 371.45 yuan/gram [1] - The platinum price is expected to oscillate due to the high energy prices driving up inflation expectations in the US and delaying the Fed's rate - cut expectations [2] - The palladium price is also expected to oscillate as the short - term supply disturbances persist while the long - term supply - demand situation tends to ease, and it currently follows the overall fluctuations of the precious metals sector [3] Summary by Related Catalogs Platinum - **Main Logic**: The Fed's hawkish resolution led to a sharp decline in platinum prices. The March Fed meeting paused rate cuts as expected, and the dot - plot maintained the prediction of one rate cut in 2026. The Iran situation is the main trading line. On one hand, the risk - aversion sentiment supports precious metal prices; on the other hand, high oil prices increase inflation expectations, delay the Fed's rate - cut expectations, and may lead the US into a stagflation stage, suppressing prices. In the long run, the weakening of the US dollar index is beneficial for platinum valuation, but the current US - Iran geopolitical conflict still significantly affects market expectations and platinum prices [2] - **Outlook**: The platinum price is expected to oscillate [2] Palladium - **Main Logic**: There is continuous uncertainty on the supply side of palladium. The US imposed anti - dumping duties on Russian unforged palladium, and Europe is considering new sanctions on Russian palladium. On the demand side, palladium faces structural pressure. In general, the long - term supply - demand of palladium tends to ease, but short - term supply disturbances still exist, and it currently follows the overall fluctuations of the precious metals sector [3] - **Outlook**: The palladium price is expected to oscillate [3] Commodity Index - **Comprehensive Index**: The comprehensive index was 2569.19, down 0.50%; the commodity 20 index was 2885.41, down 1.06%; the industrial products index was 2567.44, up 0.39% [48] Non - ferrous Metals Index - **Performance**: On March 19, 2026, the non - ferrous metals index was 2616.34, with a daily decline of 2.17%, a 5 - day decline of 3.56%, a 1 - month decline of 2.91%, and a year - to - date decline of 2.59% [50]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The risk appetite in the financial derivatives market is under pressure. The stock index futures showed a weak performance throughout the day, the volatility of stock index options soared and a defensive strategy should be maintained, and the trading of treasury bond futures was affected by the intertwined factors of risk - aversion and inflation concerns [1][2]. 3. Summary by Related Catalogs (1) Market Outlook Stock Index Futures - The equity market on Thursday opened lower and moved lower, with only a few industries such as coal and oil and gas rising against the trend. The reasons for the decline include a weaker liquidity environment, further fermentation of geopolitical situations, and a strong US dollar index. Currently, the option indicators imply that it has entered the second half of the adjustment. The operation suggestion is to hold the bottom - position of IM and wait for the geopolitical situation to become clear before making further layouts [7]. Stock Index Options - The trading volume of the option market soared back above the 10 - billion mark. The proportion of put options in multiple varieties increased significantly, and the overall volatility and skewness rose. Short - term hedging and multi - volatility trading both exist. It is not recommended to immediately layout short - volatility strategies after the volatility rises. The short - term main strategy is to maintain defense [7]. Treasury Bond Futures - Treasury bond futures rose across the board yesterday, but the T main contract weakened in the afternoon. The risk - aversion sentiment and inflation concerns are intertwined. The intensification of the Middle East geopolitical conflict has increased risk - aversion sentiment and may have driven the bond market. At the same time, rising oil prices have strengthened inflation concerns, restricting the bullish sentiment in the bond market. The central bank emphasized maintaining the stable operation of the financial market, and liquidity may remain abundant. The bond market may still have support. Operation suggestions include a trend strategy of range - bound trading, paying attention to short - hedging at low basis levels, paying attention to the basis opportunities of ultra - long - term bonds, and paying attention to the convergence opportunity of the 30Y - 10Y spread [8]. (2) Derivatives Market Monitoring - The report mentions the monitoring of stock index futures, stock index options, and treasury bond futures data, but no specific data content is provided in the given text [9][13][25].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The energy and chemical industry continues to be in a pattern where prices are more likely to rise than fall due to the damage of more energy infrastructure and geopolitical tensions. The supply of energy is disrupted, and although the downstream demand is weak, it is not the main contradiction at present. The overall situation of the chemical industry is expected to maintain a strong and volatile pattern, led by crude oil [1][2]. 3. Summary by Relevant Catalogs 3.1 Market Outlook - **Overall Situation**: The geopolitical situation in the Middle East is tense, affecting the supply of energy and chemical products. The supply of energy facilities is at risk, and the market is worried about inflation and the tightening of central bank liquidity policies. The stock markets in China and the United States have declined. The damage to Qatar's LNG export capacity has changed the narrative of LNG oversupply. The chemical industry chain is in a process where upstream production decreases and downstream and terminal production gradually recovers [1]. - **Specific Varieties** - **Crude Oil**: The risk of energy facility operation in the Middle East remains, and the shortage pattern continues. The low traffic volume in the Strait of Hormuz, the potential release of Iranian floating storage is limited, and the inventory pressure of Persian Gulf countries may lead to further production cuts. The price is expected to be volatile and strong [8]. - **Asphalt**: The asphalt futures price fluctuates at a high level, waiting for the geopolitical situation to become clear. The refinery profit has deteriorated, and the inventory is accumulating. The long - term valuation is expected to decline [9]. - **High - Sulfur Fuel Oil**: Supported by the geopolitical situation, it fluctuates at a high level. The high import dependence and strong geopolitical attributes push up the price, but the long - term demand is negatively affected by the substitution of natural gas and photovoltaic [9]. - **Low - Sulfur Fuel Oil**: Follows the crude oil to fluctuate at a high level. It has product attributes, and the valuation has been repaired. It is affected by factors such as the decline in shipping demand and green energy substitution [11]. - **PX**: The cost support is strong, but the increase is limited due to the drag of polyester demand. It is expected to maintain a high - level wide - range consolidation [12]. - **PTA**: The device restarts unexpectedly, and the supply - demand margin is under pressure. The price is expected to follow the upstream cost to fluctuate at a high level [13]. - **Ethylene Glycol**: The supply further declines, and the supply - demand margin improves. The price is expected to fluctuate at a high level in the short term [19]. - **Benzene**: Driven by the geopolitical situation, it fluctuates strongly. The supply is reduced, and the demand is acceptable. The inventory is expected to decrease in advance [16]. - **Styrene**: The geopolitical situation brings positive effects on supply and demand, and it fluctuates strongly. The supply may be reduced, and there is an expected increase in export demand [17]. - **Short Fiber**: The upstream and downstream are in a strong game, and the transactions are highly differentiated. The price follows the cost to fluctuate at a high level [20]. - **Bottle Chip**: The intraday transaction fades, and the price difference is large. The price follows the upstream raw material to fluctuate [22]. - **Methanol**: Affected by the geopolitical conflict, it fluctuates within a range. The inventory decreases, and the demand from the MTO industry is expected to increase [25]. - **Urea**: The commercial storage is released in a concentrated manner, and it is stable and slightly weak. The supply is stable at a high level, and the agricultural demand support weakens slightly [26]. - **LLDPE**: The refinery operation rate declines, and it should be viewed with caution. The raw material end is supported by the geopolitical situation, but the downstream demand is affected by price increases [30]. - **PP**: The geopolitical situation boosts the support of the raw material end, and it fluctuates. The raw material cost provides support, and the spot trading is average [31]. - **PL**: The refinery operation rate declines, and the downstream is still under pressure, fluctuating. The downstream buying demand recovers, but the powder profit is under pressure [32]. - **PVC**: The geopolitical disturbance still exists, and it is cautiously optimistic. The supply decreases, the inventory is reduced, and the cost of ethylene - based PVC increases [33]. - **Caustic Soda**: The supply decreases, and it is cautiously optimistic. The overseas and domestic production reduction scale expands, and the export improves [33]. 3.2 Variety Data Monitoring - **Energy and Chemical Daily Index Monitoring** - **Inter - period Spread**: The inter - period spreads of various varieties such as Brent, Dubai, PX, PTA, etc. have different changes, which reflect the market's expectations for different periods of each variety [35]. - **Basis and Warehouse Receipts**: The basis and warehouse receipts of different varieties also show different trends, which can help analyze the market supply - demand relationship and price trends [36]. - **Cross - Variety Spread**: The cross - variety spreads between different varieties such as PP - 3MA, TA - EG, etc. change, which can reflect the relative price relationship between different varieties [37]. - **Chemical Basis and Spread Monitoring** - Although the specific content of each variety in this part is not detailed in the text, it is expected to focus on the basis and spread analysis of specific chemical varieties to help investors understand the price relationship and market trends of different varieties.

1. Report Industry Investment Rating - The mid - term outlook for the industry is "Oscillation" [5] 2. Core Viewpoints of the Report - The weakening expectation of Fed rate cuts and the strong atmosphere of stagflation trading. Although steel inventories have peaked and declined, the expectation for the peak season is cautious, and there is still inventory pressure in the industrial chain. The fundamentals have limited highlights, and the upward driving force for the market is insufficient. However, due to intensified geopolitical risks, the prices of coking coal and coke fluctuate more in line with crude oil, there are continuous disturbances on the supply side of iron ore, the liquidity of some spot varieties is expected to tighten, and there is still an upward expectation for hot metal production, so the cost side still has support. It is necessary to continue to pay attention to the disturbances from the geopolitical end and the iron ore supply side [1] - Overall, the expectation for the peak season is cautious, and the upward driving force from the real - end remains to be verified. Currently, there are still uncertainties in domestic and overseas macro - expectations and geopolitical disturbances. If geopolitical conflicts continue, price support will be strong; if they ease, prices may face a correction [5] 3. Summary by Relevant Catalogs 3.1 Iron Element - **Iron Ore**: In the short term, it is difficult to price the fundamentals of iron ore due to continuous supply - side and geopolitical disturbances, and it is expected to oscillate. In the medium to long term, the high - inventory pressure of iron ore is difficult to ease, and the overall pattern remains loose. If macro disturbances weaken, the fundamental pressure on iron ore will be large, and it is expected to oscillate weakly in the medium term [1] - **Scrap Steel**: In the short term, the recovery rhythm of short - process demand is slightly faster than that of supply, and the fundamentals support the price. Recently, the spot performance of finished products has been relatively good, and it is expected to operate in an oscillatory manner in the short term. In the future, it is necessary to focus on the actual recovery progress of terminal demand [9] 3.2 Carbon Element - **Coke**: In the short term, both supply and demand of coke are increasing, the resumption speed of hot metal may be faster, and the cost - side price of the spot has increased, so the spot support for coke is strong. The market is expected to follow the cost - side coking coal [2] - **Coking Coal**: The resumption of coal mines is still restricted, but there is still real - world pressure on the fundamentals of coking coal due to high imports from Mongolia. It is less likely for the spot price to rise sharply. The current market price is more affected by domestic and overseas macro - expectations and geopolitical conflicts. If the geopolitical conflicts continue, it may follow the strong performance of crude oil prices; if they ease, it is expected to operate in an oscillatory manner [2] 3.3 Alloys - **Silicomanganese**: The supply - demand relaxation state of the silicomanganese market is difficult to reverse, the upstream inventory remains high, there is resistance to cost downward transmission, and there is obvious selling - hedging pressure above the market. The current market valuation is still at a relatively high level, and the futures price is at risk of correction [2][16] - **Ferrosilicon**: Although the market inventory pressure is limited and the supply - demand contradiction is not significant, the continuous repair of profits may accelerate the resumption progress of manufacturers, making the supply - demand relationship gradually turn to relaxation and suppressing the upward space of prices. The current market valuation of ferrosilicon is still much higher than the comprehensive cost, and the futures price is at risk of a high - level correction [2][17] 3.4 Glass and Soda Ash - **Glass**: There are still expectations of supply disturbances, but the inventories of the mid - and downstream are moderately high. From the perspective of fundamentals, the current supply - demand is still in surplus. If the production and sales cannot improve continuously, the high inventory will always suppress the price [2] - **Soda Ash**: The supply is stable at a high level in the short term, and the overall supply - demand is still in surplus. It is expected to mainly oscillate in the short term. In the long run, the supply - surplus pattern will further intensify, the price center will continue to decline, and capacity reduction will be promoted [2] 3.5 Specific Product Analysis - **Steel**: The inventory has peaked and declined, but there are few highlights. The cost side still has some support, but the current steel inventory is high, and the expectation for the peak season is still cautious, so the upward driving force for prices is limited [7] - **Iron Ore**: The hot metal has recovered month - on - month, and port inventories have declined. In the short term, it is expected to oscillate; in the medium term, it is expected to oscillate weakly [7] - **Scrap Steel**: The daily consumption continues to rise, and the spot price has increased slightly. It is expected to operate in an oscillatory manner in the short term [9] - **Coke**: Both supply and demand have increased, and coke enterprises have slightly reduced their inventories. The market is expected to follow coking coal [10][11] - **Coking Coal**: Downstream procurement is strong, and coal mines continue to reduce their inventories. The spot price is less likely to rise sharply. If the geopolitical conflict continues, it may follow the strong performance of crude oil prices; if it eases, it is expected to operate in an oscillatory manner [12] - **Glass**: Supply cuts continue, and the upstream has slightly reduced its inventory. It is expected to operate in an oscillatory manner in the short term [13] - **Soda Ash**: Maintenance has affected production decline, and the supply - demand is still in surplus. It is expected to oscillate in the short term, and the supply - surplus pattern will intensify in the long term [15] - **Silicomanganese**: The cost is operating firmly, and the market is under pressure above. The market is in a supply - demand relaxation state, and the futures price is at risk of correction [16] - **Ferrosilicon**: There is insufficient supply - demand driving force, and the market valuation is high. The supply - demand relationship may turn to relaxation, and the futures price is at risk of a high - level correction [17] 3.6 Index Information - **Comprehensive Index**: The commodity index was 2569.19, down 0.50%; the commodity 20 index was 2885.41, down 1.06%; the industrial products index was 2567.44, up 0.39% [101] - **Steel Industry Chain Index**: On March 19, 2026, the daily decline was 0.47%, the decline in the past 5 days was 0.58%, the increase in the past month was 3.85%, and the increase since the beginning of the year was 1.32% [103]

Report Summary 1. Investment Rating - No investment rating provided in the report. 2. Core View - The short - term trading logic of precious metals has shifted from geopolitical hedging to "energy shock - inflation increase - delayed interest rate cuts". Precious metals have entered a stage of re - pricing between hedging attributes and interest rate constraints. Gold has been in a continuous correction, and silver has fallen more significantly due to high volatility and resonance with risk assets [2]. 3. Summary by Section Gold - **Logic**: - The positive reaction of gold to geopolitical risks is partially offset by higher interest rate expectations as the market focuses more on the secondary impact of damaged energy facilities on global inflation [3]. - The Fed maintains interest rates and sends a more cautious easing signal, leading to a re - contraction of the market's expectation of interest rate cuts this year. The real interest rate and the US dollar are relatively strong, suppressing the valuation of gold [3]. - The continuous outflow of gold ETFs indicates that some Western allocation funds are turning to a wait - and - see attitude at high levels, and gold has shifted from a "safe asset" to a "high - volatility asset" in short - term pricing, with significantly reduced price elasticity [3]. - **Outlook**: If oil prices remain high and inflation expectations continue to be revised upwards, gold will face short - term pressure from delayed interest rate cuts. If geopolitical conflicts further spill over and cause more widespread risk aversion, the medium - term allocation value of gold still exists. In the short term, gold may continue its weak consolidation under high volatility, and the medium - term direction depends on whether the oil price shock can be continuously transmitted to core inflation and the Fed's tolerance for slow growth [3]. Silver - **Logic**: - Silver has both precious metal and industrial metal attributes. While the precious metal sector is under pressure, it is also dragged down by the decline in global growth and risk appetite, so its decline is usually greater than that of gold [4]. - Silver had a rapid increase and a more crowded position in the early stage. When the macro - economic expectations change rapidly, it is easier to trigger profit - taking and passive position reduction, resulting in an amplified price adjustment [4]. - If the outflow of gold ETFs, rising interest rates, and a general decline in commodities resonate, silver will bear the dual pressures of a retreat in its financial attribute and a cooling of its industrial attribute, and its short - term performance is often weaker [4]. - **Outlook**: In the short term, silver may still be mainly in a high - amplitude adjustment, waiting for the re - balance of oil prices, the US dollar, and US Treasury yields. If the market gradually shifts from "re - inflation concerns" to "slow growth + return of easing", the elasticity of silver relative to gold is expected to be re - reflected. Currently, silver should be regarded as a high - volatility asset, and attention should be paid to the repair window brought about by the change in macro - economic expectations [4]. Commodity Index - **Comprehensive Index**: The commodity index was 2569.19, down 0.50%; the commodity 20 index was 2885.41, down 1.06%; the industrial products index was 2567.44, up 0.39% on March 19, 2026 [46]. - **Precious Metal Index**: On March 19, 2026, the precious metal index was 4048.12, with a daily decline of 4.22%, a 5 - day decline of 7.87%, a 1 - month decline of 5.16%, and a year - to - date increase of 5.85% [48].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On March 19, 2026, equity index futures dropped, and most commodities declined, with energy and chemicals leading the rise and precious metals plunging [9][11]. - Geopolitical tensions have cut crude oil supplies, and the crude oil market is expected to remain volatile but strong [17][21]. - Venezuela's expected rise in oil production will exert long - term downward pressure on high - sulfur fuel oil, while short - term trends depend on Middle East geopolitical developments [23][26]. - The situation in Iran is severe, and the methanol market has priced in a geopolitical premium. It is expected to trade in a range - bound pattern despite weak fundamentals [31][35]. 3. Summary According to Relevant Catalogs 3.1 China Futures - 1.1 Overview - On March 19, equity index futures dropped (IC dropped 2.4%, IH dropped 1.9%), and commodities declined. Energy & Chemicals led the raise, and Precious Metals plunged [9][11]. - In commodity futures, the top three gainers were LPG (up 11.0% with a 1.4% month - on - month increase in open interest), LSFO (up 10.5% with a 10.1% month - on - month increase in open interest), and Methanol (up 8.6% with a 3.1% month - on - month increase in open interest). The top three decliners were Silver (down 10.3% with a 0.8% month - on - month increase in open interest), Platinum (down 7.7% with a 1.9% month - on - month decrease in open interest), and Tin (down 6.6% with a 3.2% month - on - month decrease in open interest) [10][12]. 3.2 China Futures - 1.2 Daily Raise 3.2.1 Crude Oil - On March 19, the crude oil main contract rose 8.5% to 815 yuan/barrel (INE). Geopolitical tensions have cut supplies, and the market faces a supply deficit, with the price outlook being volatile but strong [17][21]. - Middle East geopolitical events include a missile attack on Qatar's Ras Laffan Industrial City and Iran's warning to retaliate against attacks on its energy infrastructure [18][19]. 3.2.2 Fuel Oil - On March 19, the main contract of fuel oil rose 6.9% to 5011 yuan/ton (SHFE). Venezuela's expected oil production increase will put long - term downward pressure on high - sulfur fuel oil, and short - term trends depend on Middle East geopolitics [23][26]. - Current geopolitical tensions are pushing up fuel oil futures prices, and the medium - to - long - term replacement of fuel oil for power generation by natural gas and solar power is a bearish factor [24][25]. 3.2.3 Methanol - On March 19, the main contract of methanol rose 8.6% to 3182 yuan/ton (ZCE). The market is pricing in a geopolitical premium due to the severe situation in Iran and is expected to trade in a range - bound pattern [31][35]. - Domestic methanol prices rose, producer and port inventories decreased, and arrivals increased. Expectations of higher operating rates in the coastal MTO sector boosted demand [32][33][34]. 3.3 Important News - 2.1 Macro News - The People's Bank of China will actively defuse key - area financial risks and maintain the stable operation of stock, bond, and foreign exchange markets [42][43]. - The Federal Reserve kept the target range for the federal funds rate unchanged at 3.5% to 3.75%, the second consecutive pause in rate adjustments [42][43]. - The United States and Israel attacked key Iranian natural gas facilities in South Pars and Assaluyeh [42][43].