国际金价再破历史新高，原油价格继续承压调整

Investment Rating - The report maintains a rating of "Outperform the Market" for the logistics sector [4]. Core Insights - International gold prices have reached a new historical high, aiming for 3000 points, with the price peaking at 2989 USD/ounce, reflecting a daily increase of 1.89% due to expectations of interest rate cuts, geopolitical risks, and tariff disputes [1][3]. - Oil prices continue to face downward pressure amid expectations of a potential short-term ceasefire in the Russia-Ukraine conflict, which may lead to further negotiations or renewed conflicts, indicating volatility in oil prices [1][3]. - There is a temporary recovery in demand for thermal coal, with a reported capacity utilization rate of 96.3% across 462 mines, a week-on-week increase of 1.5 percentage points, although overall purchasing remains cautious [3]. Summary by Sections Market Overview - The logistics sector overall saw an increase of 1.21% in the week from February 24 to February 28, with the raw material supply chain services segment rising by 1.44% [2][9]. Industry Dynamics - Global commodity futures prices have generally declined, with oil prices experiencing significant drops [7]. - The logistics sector's performance relative to the Shanghai Composite Index indicates a mixed outlook, with some segments showing resilience [10]. Commodity Prices - The report highlights the recent performance of major commodities, including gold and oil, with gold prices showing a significant upward trend while oil prices are under pressure [16]. - The report also notes fluctuations in domestic commodity price indices, with a 1.3% month-on-month increase in China's commodity price index for February [26].