1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The government work report in 2026 emphasizes "new - quality productivity" and "artificial intelligence +", proposing to build emerging pillar industries and cultivate future industries. It also focuses on AI underlying computing power infrastructure [1][10]. - The overall position of convertible bonds should be maintained with prudent neutrality. It is expected that there will be better allocation opportunities after the equity and convertible bond markets fully digest the high valuations in the second quarter. Attention should be paid to individual bonds with strong conversion demands and conversion capabilities, and high - price and high - premium convertible bonds should be avoided unless the underlying stocks have sufficient short - term elasticity [3][27]. - The convertible bond market declined last week, and the valuations of low - rated and small - scale convertible bonds increased significantly. The market is in the process of digesting high valuations, and the valuations of high - price and newly issued convertible bonds have declined more significantly [25][40]. 3. Summary According to the Table of Contents 3.1 From the Two Sessions, Which Sectors in the Convertible Bond Market Are Worth Paying Attention To? - **Policy Focus**: The Two Sessions' policy orientation shows that emerging expenditure industries and future industries are still the policy focus. The government work report in 2026 emphasizes "new - quality productivity" and "artificial intelligence +", proposing to build emerging pillar industries such as integrated circuits, aerospace, biomedicine, and low - altitude economy, and cultivate future industries such as future energy, quantum technology, embodied intelligence, brain - machine interface, and 6G. It also focuses on AI underlying computing power infrastructure [1][10]. - **Integrated Circuit Sector**: There are many convertible bond targets in the integrated circuit sector, covering the upstream and mid - stream. However, some individual bonds are about to leave the non - call commitment period, and some are about to trigger the call, which may be a disturbing factor [12]. - **Aerospace Sector**: Convertible bond targets in the aerospace sector are concentrated in materials and parts, mainly involving core component manufacturing, complete machine matching, and operation services. The policy of "encouraging central and state - owned enterprises to take the lead in opening up application scenarios" may drive private aerospace entities [14]. - **Biomedical Sector**: The trading in the biomedical sector has cooled down. The conversion premium rate of the pharmaceutical sector is at the 63.70% quantile since 2023, and the trading congestion is relatively low. Attention can be paid to the performance realization of innovative drug - related targets [15]. - **Future Industries**: There are few targets in future industries. Future energy and embodied intelligence - related targets are relatively abundant. The 6G concept includes Ruike Convertible Bond and Hongtu Convertible Bond. Attention can be paid to the progress of convertible bonds in the pre - issuance stage [2][17]. 3.2 Convertible Bond Strategy: Maintain a Prudent and Neutral Position and Shift Elastic Allocation to Balance - **Market Trends**: The trading mainline of the equity market this week is concentrated on geopolitical conflicts and the Two Sessions. Geopolitical conflicts in the Middle East have strengthened the expectation of rising oil and gas prices, and some chemical, energy, and shipping sectors have shown obvious high - volatility rises. The technology - growth sectors that performed well at the beginning of this year have adjusted significantly this week [22]. - **Investment Strategy**: As the impact of geopolitical conflicts reaches a climax, participation in relevant sectors should focus on trading thinking. Although the technology - growth sectors have adjusted in the past two weeks, their long - term logic remains unchanged. Attention should be paid to the performance - realization directions during the performance disclosure period. Overall, the position should be maintained with prudent neutrality, and better allocation opportunities may appear after the second quarter [22][27]. 3.3 Market Review: The Convertible Bond Market Declined Weekly, and Valuations Rose - **Weekly Market Conditions**: Most major stock indexes declined last week. The CSI 300 index fell 1.07%, the CSI 500 fell 3.44%, the CSI 1000 fell 3.64%, the CSI 2000 fell 3.00%, and the CSI Convertible Bond Index fell 2.07%. Small - cap stocks and convertible bonds performed weakly overall. Different concepts showed different performances [36][37]. - **Valuation Performance**: The closing prices of equity - biased, bond - biased, and balanced convertible bonds all declined. The proportion of convertible bonds in the range above 150 decreased significantly. The median price decreased by 1.09%. The premium rates of low - rated and small - scale convertible bonds increased significantly, while the conversion premium rate of convertible bonds in the 120 - 130 (inclusive) parity range decreased by 3.06 percentage points [40]. 3.4 Terms and Supply: Three Convertible Bonds Announced Call, and the Total Newly - Promoted Scale Is Approximately 6.993 Billion - **Terms**: As of March 6, Zhonghuan Zhuan 2, Hengyi, and Anji Convertible Bonds announced early redemption; no convertible bonds announced non - early redemption; Fenggong, Hangxin, Liyang, Baichuan Zhuan 2, and other convertible bonds announced that they were expected to meet the call conditions. Qiaoyin, Hongtu, and Wentai Convertible Bonds proposed downward revision of the conversion price by the board of directors; Bairun Convertible Bond announced the downward revision result; Xianle Convertible Bond announced no downward revision; four convertible bonds announced that they were expected to trigger downward revision [4][56]. - **Primary Market**: Last week, Changgao, Xianghe, and Tonglian Convertible Bonds were issued, with a total scale of 173.5 million yuan, and no convertible bonds were listed. Two companies added board of directors' pre - plans, one company passed the shareholders' meeting, two companies passed the review by the issuance review committee, and no new companies were approved by the CSRC. As of March 6, five listed companies obtained approval for convertible bond issuance, with a planned issuance scale of 3.828 billion yuan; two companies newly passed the review by the issuance review committee, with a total scale of 1.79 billion yuan; two companies newly added board of directors' pre - plans, with a total scale of 1.375 billion yuan [5][59][70].

Investment Rating - The report assigns a positive investment rating to Marvell Technology, indicating expectations of significant outperformance relative to benchmark indices in the coming months [56]. Core Insights - Marvell Technology reported record revenue for FY26Q4, with a total revenue of $2.219 billion, reflecting a quarter-over-quarter increase of 7% and a year-over-year increase of 22%, driven by strong demand in the data center market [3][8]. - The company expects FY27Q1 revenue to be approximately $2.4 billion, with a projected growth of around 10% in the data center segment, despite seasonal declines in local deployment data centers [4][24]. - Non-GAAP gross margin for FY26Q4 was reported at 59.0%, slightly down from the previous quarter and year, while GAAP gross margin was 51.7%, exceeding guidance [9][4]. - The company is experiencing robust growth in its data center market, with FY26Q4 revenue of $1.651 billion, up 21% year-over-year, and expects continued growth in FY27Q1 [15][22]. - Marvell's capital return program included $200 million in stock repurchases and $51 million in cash dividends during FY26Q4 [10]. Revenue Performance - FY26Q4 revenue reached $2.219 billion, with a breakdown showing $1.651 billion from the data center market and $567 million from communications and other markets [3][23]. - The company anticipates FY27 revenue to approach $11 billion, representing over 30% year-over-year growth, with expectations of continued strong quarterly growth [24]. Margin and Cost Structure - Non-GAAP operating margin for FY26Q4 was reported at 35.7%, while GAAP operating margin was 18.2% [11]. - The company expects FY27Q1 Non-GAAP gross margin to be between 58.25% and 59.25%, with GAAP gross margin projected between 51.4% and 52.4% [4][25]. Inventory and Cash Flow - Inventory for FY26Q4 was reported at $1.39 billion, an increase of $374 million from the previous quarter [12]. - Operating cash flow for FY26Q4 was $374 million, indicating strong cash generation capabilities [12]. Market Segmentation - The data center market is expected to continue driving revenue growth, with significant demand for interconnect products and custom chips [15][20]. - The communications and other markets segment reported revenue of $567 million in FY26Q4, with expectations of continued growth in FY27Q1 [22]. Future Guidance - Marvell expects to maintain strong growth in its data center segment, with projections for FY27Q1 indicating a revenue increase of approximately 10% [4][24]. - The company is optimistic about its custom business, projecting over 20% growth in FY27, driven by new product developments and customer demand [20][30].

证 券 研 究 报 告 有色金属行业周报（20260302-20260306） 推荐（维持） 中东冲突扰动全球铝供给，铝价高波震荡运行 ❑ 一、工业金属 ❑ 行业观点：中东冲突扰动全球铝供给格局，铝价高波震荡运行 首先，从中东区域看，中东六国电解铝产量 685 万吨，占全球 9%，当前铝减 停产正在扩大化，考虑近 2 年全球铝本身紧平衡，当前铝厂减停产影响全球现 货供应，当前卡塔尔 64 万吨项目已经停产，考虑其全面复产或需 6-12 个月， 仅考虑该项目，测算下未来或至少影响 32 万吨-64 万吨产量； 其次，霍尔木兹海峡封闭限制原料/铝锭贸易，对中东生产&全球现货双杀，根 据 Mysteel 数据，中东企业氧化铝库存在 30 天左右，而从产能自给率看，我 们测算中东企业氧化铝 60%以上靠进口、铝锭出口依赖度高，海峡长久封锁将 影响现货，推升海外铝高升水，若巴林铝业出口受限影响 4 周，则测算影响 12.5 万吨电解铝流通，若中东电解铝企业（不含卡特尔）发运均影响 4 周，则 测算影响 48 万吨电解铝流通； 再次，能源成本上涨或导致供给风险全球化波及，当前冲突已造成原油、欧洲 天然气等能源价格暴涨，考 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The most significant changes in market sentiment this week were observed in the oil and petrochemical, and transportation sectors, with the oil and petrochemical sector showing a positive change rate of 154.9% [27] - The overall market valuation for major indices is high, with the rolling 5-year historical percentiles for the CSI 300, CSI 500, and CSI 1000 at 93%, 99%, and 99% respectively [41] - The report highlights that several primary and secondary industries are currently above the 80% historical percentile, indicating potential overvaluation, including power equipment, electronics, and steel [43][44] Market Sentiment Monitoring - The weekly heat change rates for major indices showed that the CSI 300 increased by 10.5%, while the CSI 2000 decreased by 3.52% [16] - The top five primary industries with positive heat change rates were oil and petrochemical, transportation, public utilities, agriculture, forestry, animal husbandry, and fishing, and steel [27] - The top five secondary industries with the highest positive heat change rates included refining and trading, gas II, oil service engineering, shipping ports, and agricultural chemical products [27] Market Valuation Monitoring - The report indicates that the current valuation of several primary industries is above the 80% historical percentile, including power equipment, electronics, and steel [43] - Conversely, industries such as food and beverage, and non-bank financials are below the 20% historical percentile, suggesting potential undervaluation [43] Weekly Event Tracking - A total of 12 stock incentive events were tracked this week, indicating ongoing corporate governance activities [45] - There were 26 significant shareholder changes, with 22 reductions and 4 increases, reflecting shifts in investor sentiment [48] - The report also tracked 10 private placement events, highlighting capital-raising activities within the market [50] Summary - The report emphasizes the importance of monitoring market sentiment and valuation metrics to identify potential investment opportunities and risks within the industry [6][39]

- The report introduces a quantitative rotation strategy based on the weekly rate of change in the total heat rate (MA2) of broad-based indices. The strategy involves buying the broad-based index with the highest weekly heat rate change on the last trading day of the week. If the "Others" group has the highest change rate, the strategy remains in cash. The strategy's annualized return since 2017 is 8.74%, with a maximum drawdown of 23.5%. The return for 2026 is 1.8%[13][16][15] - The report defines the "total heat rate" indicator as the sum of the browsing, self-selection, and click counts of a stock, normalized as a percentage of the total market on the same day, and then multiplied by 10,000. The value range of the indicator is [0, 10,000]. This aggregated total heat rate is used as a proxy variable for "sentiment heat" to track the sentiment at the broad-based, industry, and concept levels[8] - The report also constructs two simple portfolios based on concept heat: the "TOP" portfolio, which selects the top 10 stocks with the highest total heat from the top 5 concepts with the highest heat change, and the "BOTTOM" portfolio, which selects the bottom 10 stocks with the lowest total heat from the same concepts. The BOTTOM portfolio has historically achieved an annualized return of 15.71% with a maximum drawdown of 28.89%. The return for 2026 is 0.00%[32][34]

证 券 研 究 报 告 有色金属行业周报（20260302-20260306） 推荐（维持） 中东冲突扰动全球铝供给，铝价高波震荡运行 我们认为当前在没有中东冲突风波下，铝本身基本面已经比较稳定：一是受制 于电力、项目建设周期等影响，未来几年供给相对刚性，电力扰动存量项目仍 存减产预期，莫桑比克铝厂 58 万吨项目因电力合约问题计划本月转入维护停 产；二是当前我国财政政策较为积极，货币政策适度宽松，市场铝代铜、储能 新需求领域层出，全球原铝供需维持紧平衡；三是全球库存总体维持低位，尽 管国内受消费淡季影响持续累库，但节后铝锭社会库存基本如预期，海外维持 去库态势，全球铝库存总体维持低位，铝价支撑强，国内外铜铝比高位+海外 铝高升水，铝补涨空间仍存。 而铝作为"固态的电"，当前在中东冲突下，供给刚性持续强化，全球低库存 对铝价强支撑，需打开价格想象力空间，考虑中国电力结构情况以及电力成本 相对处于全球低位，我们持续看好国内电解铝红利属性，建议关注低成本的新 疆企业和电力优势明显的绿电企业。本周电解铝行业平均利润在 8100 元/吨附 近，预计未来电解铝利润有望维持高位。从分红意愿看，因为这几年电解铝企 业总体进 ...

Investment Rating - The report assigns a strong buy rating for Marvell Technology, expecting it to outperform the benchmark index by over 20% in the next six months [57]. Core Insights - Marvell Technology reported record revenue for FY26Q4, with a total revenue of $2.219 billion, reflecting a quarter-over-quarter increase of 7% and a year-over-year increase of 22% [3][8]. - The strong demand from the data center market significantly contributed to the revenue growth, with data center revenue reaching $1.651 billion in FY26Q4, up 9% quarter-over-quarter and 21% year-over-year [3][15]. - The company expects FY27Q1 revenue to be approximately $2.4 billion, with a projected quarter-over-quarter growth of about 8% and a year-over-year growth exceeding 30% [4][24]. Revenue Performance - FY26Q4 revenue breakdown shows data center market revenue at $1.651 billion and communications and other markets at $567 million, with the latter expected to grow at a low single-digit rate quarter-over-quarter and approximately 30% year-over-year [22][23]. - Non-GAAP gross margin for FY26Q4 was reported at 59.0%, while GAAP gross margin was 51.7%, both exceeding the guidance midpoint [9][10]. Guidance for FY27Q1 - The company anticipates FY27Q1 Non-GAAP gross margin to be between 58.25% and 59.25%, with GAAP gross margin expected between 51.4% and 52.4% [4][25]. - Operating expenses for FY27Q1 are projected to be around $872 million for GAAP and approximately $575 million for Non-GAAP [24][25]. Market Segmentation - The data center market is expected to see a quarter-over-quarter revenue growth of about 10% in FY27Q1, despite a seasonal decline in local deployment data center revenue [4][15]. - The communications and other markets are projected to maintain low single-digit quarter-over-quarter growth with a year-over-year increase of around 30% [4][22]. Strategic Developments - Marvell is focusing on expanding its product offerings in the data center segment, including advancements in custom chips and interconnect products, which are expected to drive significant revenue growth [20][21]. - The company has established strong partnerships with major data center operators, enhancing its market position and diversifying its customer base [26][27].

1. Report Industry Investment Rating No relevant information is provided in the report. 2. Core Viewpoints - The interest rate cut space is limited, and around 1.55% may be the "resistance level" for the pricing of 1-year state-owned and joint-stock bank certificates of deposit. The supply of certificates of deposit may be relatively active in March due to a high maturity scale and strong credit performance. There is still a strong allocation preference from small and medium-sized banks and product accounts. Policy rate cuts may be relatively cautious, and if the policy rate does not cut, the probability of further compression of MLF pricing is limited, so the downward breakthrough space for 1-year state-owned and joint-stock bank certificates of deposit is narrow [2][49]. 3. Summary by Relevant Catalogs Supply: Net financing turns positive, and the term structure continues to widen - This week (March 2 - March 8), the issuance scale of certificates of deposit was 71.72 billion yuan, and the net financing amount was 12.921 billion yuan (last week was -21.271 billion yuan). The issuance proportion of state-owned banks increased from 15% to 19%, and that of joint-stock banks decreased from 46% to 35%. The weighted issuance term of certificates of deposit lengthened to 8.66 months (previous value was 6.96 months) [2][5]. - Next week (March 9 - March 15), the maturity scale will increase significantly to 100.64 billion yuan, a week-on-week increase of 41.888 billion yuan. The maturities are mainly concentrated in state-owned and joint-stock banks. From a term perspective, the maturity amounts of 3M and 6M certificates of deposit are relatively high, at 25.7 billion yuan and 23.026 billion yuan respectively [2][5]. Demand: Small and medium-sized banks are the main secondary allocation players, and the primary market subscription rate declines slightly - In terms of secondary allocation institutions, the weekly net purchases of small and medium-sized banks increased slightly from 7.4479 billion yuan to 18.2892 billion yuan; the weekly net purchases of large banks increased from -4.9069 billion yuan to 197.43 yuan; the weekly net sales of money market funds increased from 4.5129 billion yuan to 16.3888 billion yuan; other types of institutions had weekly net purchases of 4.6689 billion yuan, an increase of 1.8155 billion yuan compared with last week (2.8534 billion yuan) [2][19]. - In terms of primary issuance, the overall primary market subscription rate (15DMA) declined to 93%. By institution, the subscription rate of joint-stock banks remained unchanged at 96%, that of city commercial banks decreased from 89% to 87%, that of state-owned banks decreased from 99% to 98%, and that of rural commercial banks increased from 84% to 85% [2][19]. Valuation: The primary and secondary pricing of certificates of deposit declines slightly - In terms of primary pricing, the weighted issuance rate of 1-year joint-stock bank certificates of deposit declined to 1.56%. Specifically, the 3M certificates of deposit of joint-stock banks declined by 5bp compared with last week, the 9M certificates of deposit declined by 4bp, and the 1-year variety continued to fluctuate at a low level, declining by 4bp compared with last week. The 1Y - 3M term spread of joint-stock banks is 4.15bp, at the 12% historical quantile. In terms of credit spreads, the spread between 1-year city commercial banks and joint-stock banks is 9.7BP, with the spread quantile around 12%; the spread between rural commercial banks and joint-stock banks is 12.05BP, with the spread quantile around 37% [2][21]. - In terms of secondary yields, the yields of AAA-rated certificates of deposit declined slightly. Specifically, the 1M variety remained unchanged compared with last week, the 3M and 9M varieties declined by 5bp compared with last week, the 6M variety declined by 4bp, and the 1Y variety declined by 3bp, around 1.55%. The 1Y - 3M term spread of AAA-rated certificates of deposit is 4.5bp, at the 17% historical quantile level [2][31]. Comparison: The spreads between certificates of deposit and treasury bonds and policy bank bonds have narrowed - In terms of asset comparison, the spreads between certificates of deposit and treasury bonds and policy bank bonds have narrowed. Specifically, the spread between the yield of 1-year AAA-rated certificates of deposit and the DR007:15DMA funding spread widened from -7.58BP to 8.56BP; the spread with the R007:15DMA funding spread narrowed from -1.75BP to -0.65BP; the spread between certificates of deposit and treasury bonds slightly narrowed from 3.27BP to 1.98BP, and the quantile declined to 17%; the spread between certificates of deposit and policy bank bonds narrowed from 2.41BP to -2.20BP, and the quantile declined to around 33%. In addition, the spread between AAA medium and short-term notes and certificates of deposit widened from 0BP to 1.68BP, and the quantile increased to around 8% [2][37].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Geopolitical tensions, especially the escalation of the US - Iran conflict, have led to increased inflation concerns. Rising oil prices mainly affect PPI, with a relatively limited impact on CPI, and the long - term impact on the bond market is controllable, but short - term inflation expectations may cause fluctuations [1][25][33]. - The Two Sessions set a clear macroeconomic tone, including promoting high - quality development in the 14th Five - Year Plan, implementing proactive fiscal policies, maintaining moderately loose monetary policies, and strengthening financial supervision [34][38][39][42]. - In the bond market strategy, the short - end has limited downward space, while the long - end suggests holding existing assets and preferring elastic varieties for new funds [2][3][50][61]. 3. Summary by Relevant Catalogs 3.1 Geopolitical Driven Inflation Concerns 3.1.1 US - Iran Tensions and Market Volatility - The escalation of the US - Iran conflict has increased risk - aversion sentiment, causing significant fluctuations in the equity and commodity markets. Oil prices have soared, with Brent and WTI crude futures exceeding $90 per barrel. The CSI 300 has fallen 1.1%, and energy and defensive sectors have performed relatively well [11][13]. 3.1.2 Impact of Oil Prices on Inflation and the Bond Market - Oil prices mainly affect PPI, with a 10% adjustment in oil prices potentially driving a 0.35 - percentage - point change in PPI, and a relatively small impact on CPI (usually within 0.1 percentage points). If oil prices remain high, PPI may turn positive in April [15][16][22]. - In the long run, the impact of rising oil prices on the bond market is controllable, but short - term inflation expectations may cause fluctuations, especially when PPI breaks through critical points [25][29]. 3.2 Two Sessions Tracking 3.2.1 Macroeconomic Tone - The 14th Five - Year Plan focuses on high - quality development. The expected GDP growth rate of 4.5% - 5% is achievable. In consumption, there are measures for commodity and service consumption, as well as targeted policies for the sinking market. Investment will increase government investment and promote the construction of "six networks" and key areas. A national - level merger fund will be established to develop six new pillar industries and six future industries [34][35][37]. 3.2.2 Fiscal Policy - The proactive fiscal policy is reflected in both the scale of funds and policy synergy. In 2026, fiscal spending, new government bonds, and central - to - local transfer payments have reached new highs. A 100 - billion - yuan package of policies to promote domestic demand through fiscal - financial cooperation has been introduced [38]. 3.2.3 Monetary Policy - The moderately loose monetary policy will continue, with comprehensive use of short -, medium -, and long - term policy tools. The central bank will strengthen the implementation and supervision of interest rate policies, and the exchange rate is at a medium - level range. It is also studying a liquidity support mechanism for non - bank institutions in specific situations [39][40]. 3.2.4 Financial Supervision - Two measures will be introduced soon: deepening the reform of the Growth Enterprise Market and optimizing the refinancing mechanism. The goal is to guide industry institutions to focus on their main businesses and develop in a standardized way [42]. 3.3 Bond Market Strategy 3.3.1 Short - end Bonds - After the Spring Festival, the capital situation has remained loose, but the central bank's liquidity injection has been relatively restrained. The short - end bond market has limited downward space, with the 1 - year national and joint - stock bank certificates of deposit potentially reaching a "resistance level" at 1.55%. The credit spread of bonds with a maturity of less than 5 years has been compressed to a historical low [2][50][52]. 3.3.2 Long - end Bonds - The 10 - year Treasury bond is likely to remain within the range of 30 - 50bp above the OMO rate. The US - Iran situation may affect market risk appetite, and inflation expectations may rise due to rising oil prices. For coupon collection, convex - type bonds can be considered, such as 5 - year China Development Bank bonds for the medium - short term, 8 - year Export - Import Bank of China bonds for the long term, and 15 - 20 - year local government bonds for insurance funds. Existing assets can be held, and new funds can be invested in more liquid and elastic varieties [54][58][61]. 3.4 Interest - rate Bond Market Review 3.4.1 Capital Market - The central bank has significantly net -回笼 funds through OMO, but the capital market has remained balanced and loose [62][64][65]. 3.4.2 Primary Market Issuance - The net financing of Treasury bonds has decreased, while the net financing of policy - financial bonds, local government bonds, and inter - bank certificates of deposit has increased [75][77][78]. 3.4.3 Benchmark Changes - The term spreads of Treasury bonds and China Development Bank bonds have both widened, with short - end bonds performing better than long - end bonds [68][79][80].

证 券 研 究 报 告 交通运输行业周报（20260302-20260308） 聚焦：中东冲突大幅推涨油轮运价，继续看好油运 推荐（维持） 中长期景气逻辑 ❑ 一、聚焦：中东冲突大幅推涨油轮运价，继续看好油运中期景气 1、霍尔木兹海峡通行量显著：由于伊朗威胁持续及多家保险公司取消承保， 3 月 2 日-5 日霍尔木兹海峡船舶通行量平均下降超过 90%。截至 3 月 6 日， 约 3%的船舶停留在波斯湾内，其中 VLCC 有 74 艘，占全球总运力约 8%。 2、船舶和海事基础设施受到袭击：克拉克森统计已确认至少有 12 艘船舶遇 袭；阿联酋富查伊拉港和阿曼杜库姆港遭到袭击，导致港口运营出现临时或局 部中断；由于储存能力有限，伊拉克两座陆上油田已暂停生产；作为预防措施， 连接伊拉克库尔德斯坦与土耳其杰伊汉的输油管道已暂停运行。 3、油价、油轮运费大幅上行：截至 3 月 6 日，布伦特原油价格收于 93 美元/ 桶，较 2 月底上涨 12%。克拉克森 VLCC-TCE 收于 38 万美元/天，周环比 +91.2%，创历史以来最高水平；其中，中东-中国航线报于 47 万美元/天，周 环比+111%，但中东地区实际成 ...