中国期货每日简报-20260305

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints - On March 4, equity index futures showed low performances, while commodities were mixed, with Precious Metals leading the drop [11][13]. - The strengthening US Dollar Index weighed on platinum prices, and the US - Iran tensions have continued to roil the precious metals market [33][34]. - Poly - Silicon prices have broken below the cost support level, and in the short - term, prices are under pressure, but may gradually recover in the medium - term [27][29]. 3. Summary by Directory 1. China Futures 1.1 Overview - On March 4, in equity index futures, IH dropped 1.3% and IF dropped 1.2%; in CGB futures, TF rose 0.08% and TL dropped 0.01%. In commodity futures, the top three gainers were SCFIS(Europe), Crude Oil and Fuel Oil, while the top three decliners were Tin, Platinum and Poly - Silicon [11][13]. 1.2 Daily Drop 1.2.1 Silver - On March 4, the main contract of Silver dropped 4.4% to 21,854 yuan/g. Silver's high beta characteristic has amplified price volatility. Geopolitical risks, energy price trends, and air transportation disruptions have affected silver prices. If risk premiums persist and energy prices remain high, silver will retain resilience; if the US dollar and yields strengthen, silver prices may correct more than gold [18][20][21]. 1.2.2 Poly - Silicon - Poly - Silicon prices have been sliding since the New Year. On March 4, the main poly - silicon futures contract dropped 4.5% to 42,200 yuan/ton. Market expectations of "anti - cutthroat competition" have wavered, and demand has been weak. Supply has decreased in February, and is expected to remain low in March. In the short - term, prices are under pressure, but may gradually recover in the medium - term [24][25][27]. 1.2.3 Platinum - On March 4, the main contract of Platinum dropped 4.5% to 563.5 yuan/g. The strengthening US Dollar Index weighed on platinum prices. The US - Iran tensions have roiled the precious metals market. In the medium - to long - term, platinum prices are expected to trend upward with fluctuations [33][34][37]. 2. China News 2.1 Macro News - The 4th Session of the 14th National People's Congress will open on the morning of March 5 and last for 8 days. In February, the Manufacturing PMI was 49.0%, down 0.3 percentage points from the previous month; the Non - Manufacturing Business Activity Index was 49.5%, up 0.1 percentage point; the Composite PMI Output Index was 49.5%, down 0.3 percentage points [40][41]. 2.2 Industry News - Multiple exchanges adjusted price limits and trading margin ratios for various futures contracts on March 4, including INE (crude oil, low - sulfur fuel oil, SCFIS(Europe)), SHFE (fuel oil), DCE (LPG, ethenylbenzene, ethylene glycol), and ZCE (methanol) [46][48][49].