国内商品期市收盘多数下跌，能源品全部下跌

1. Report Industry Investment Rating - The report downgrades the previous overweight rating of stock indices, non - ferrous metals, and precious metals to equal - weight in the short term, and relatively recommends allocating TS and TF [1] 2. Core Viewpoints - For the expectation of US dollar monetary policy, it's important to judge the stage of the current geopolitical conflict, as it affects the market's judgment on inflation and the economy. The Fed will react when long - term inflation expectations change. It's too early to discuss the duration of the war, and a neutral scenario is recommended as the benchmark for asset allocation. In the short term, it's advisable to manage the positions of risk assets such as equities and commodities [1] - After the release of the "Report", the market's policy expectation of the government's active efforts in the first half of the year to support the economic start of the "15th Five - Year Plan" will gradually converge, and then shift to the verification stage of real data [1] - Stock indices may enter a period of shock adjustment due to the convergence of policy boost expectations and overseas event impacts. Non - ferrous metals and precious metals may be affected by the unfalsifiable expectation of tightened monetary conditions. Investors are advised to pay attention to the development of geopolitical events and the verification of domestic economic data before re - evaluating asset cost - effectiveness and portfolio construction strategies [1] 3. Summary by Directory 3.1 Market Performance - Domestic Commodity Futures Market: Most domestic commodity futures closed lower. Shipping futures led the decline, with the Container Shipping Index (European Line) down 13.92%. All energy products fell, with crude oil down 10.76%. Most chemical products declined, with ethylene glycol down 5.26%. Most black - series products dropped, with coke down 4.49%. All non - metallic building materials decreased, with glass down 4.44%. All oilseeds and oils declined, with soybean oil down 3.14%. All agricultural and sideline products fell, with logs down 2.28%. Most new - energy materials declined, with industrial silicon down 1.88%. Precious metals led the gains, with Shanghai silver up 7.11%. Most base metals rose, with Shanghai tin up 2.24% [1] - Financial Market: On March 10, 2026, stock index futures generally rose, with CSI 300 futures up 1.35%, SSE 50 futures up 0.63%, CSI 500 futures up 1.46%, and CSI 1000 futures up 1.53%. Treasury bond futures showed mixed performance, with 2 - year Treasury bond futures up 0.01%, 5 - year Treasury bond futures unchanged, 10 - year Treasury bond futures down 0.01%, and 30 - year Treasury bond futures up 0.01%. The US dollar index was down 0.24% [7] - Industry Index: On March 10, 2026, among the CITIC industry indices, industries such as national defense and military industry, machinery, and electronics rose, while industries such as petroleum and petrochemicals and coal declined [8][9] - Overseas Commodities: On March 9, 2026, NYMEX WTI crude oil was down 6.4%, ICE Brent crude oil was down 3.13%, COMEX gold was down 0.19%, and COMEX silver was up 3.6% [10][11] - Domestic Main Commodities: On March 10, 2026, shipping futures such as the Container Shipping Index (European Line) declined significantly, precious metals such as gold and silver rose, and most energy - chemical products such as crude oil and methanol fell [12][13][14] 3.2 Asset Views by Sector - Financial: Stock index futures and options are affected by risk factors and are in a state of shock. The market is waiting and observing. The focus is on incremental funds and AI enterprise credit risks. Treasury bond futures are affected by how fiscal policy will be implemented this year and are in a state of shock. Gold and silver are affected by rising inflation expectations suppressing interest - rate cut expectations and are in a state of shock. The focus is on US fundamental data, Fed monetary policy, and the geopolitical situation [4] - Shipping: The Container Shipping Index (European Line) is affected by geopolitical conflicts and shipping companies' price - holding, and is in a state of weak shock. The focus is on the progress of geopolitical events, ship traffic in the Strait of Hormuz, the situation in the Middle East, and the opening of the spot market [4] - Black Building Materials: The prices of black - building materials such as steel, iron ore, and coke are affected by factors such as cost support, supply and demand, and geopolitical risks, and are in a state of shock [4] - Non - ferrous and New Materials: The prices of non - ferrous metals and new materials such as copper, aluminum, and nickel are affected by factors such as oil price fluctuations, supply and demand, and geopolitical risks, and are in a state of wide - range shock [4] - Energy and Chemicals: Energy - chemical products such as crude oil, LPG, and methanol are affected by factors such as geopolitical situations, oil price fluctuations, and supply and demand, and are in a state of high - volatility shock [4][5] - Agriculture: Agricultural products such as soybeans, corn, and livestock are affected by factors such as the situation in the Middle East, oil price fluctuations, and supply and demand, and are in a state of shock [4][5]