Ruida Futures(SZ:002961) Rui Da Qi Huo·2026-03-31 10:31Report Industry Investment Rating - Not provided Core Viewpoints of the Report - A股 major indices closed down collectively, with small and medium - cap stocks weaker than large - cap blue - chip stocks. The trading volume of the Shanghai and Shenzhen stock markets rebounded slightly. Most industry sectors declined, with the coal and power equipment sectors weakening significantly and the household appliances sector leading the rise. Overseas, Trump's statement on ending the war caused an initial drop in oil prices, but the decline narrowed later. A - shares moved in the opposite direction to oil prices. In March 2026, after the Spring Festival, manufacturing PMI reached a one - year high. Among the four broad - based indices of listed companies that have disclosed 2025 annual reports, CSI 300 and SSE 50 showed accelerating revenue growth and slightly declining net profit growth, while CSI 500 and CSI 1000 had accelerating revenue and net profit growth. Overall, the three PMI indices returned to the expansion range in March, and the economic fundamentals are expected to continue to recover. However, due to the uncertainty of overseas geopolitical situations, caution is still needed [2]. Summary by Relevant Catalog Futures Market - Futures Contract Prices: IF (2606) latest price is 4375.8, down 34.0; IH (2606) is 2804.0, down 9.2; IC (2606) is 7425.0, down 130.8; IM (2606) is 7379.4, down 126.6. IF (2604) is 4433.8, down 33.0; IH (2604) is 2824.4, down 5.4; IC (2604) is 7575.6, down 129.4; IM (2604) is 7573.6, down 118.4 [2]. - Futures Contract Spreads: IF - IH spread is 1609.4, down 34.0; IC - IF spread is 3141.8, down 92.6; IM - IC spread is - 2.0, up 9.0; IC - IH spread is 4751.2, down 126.6; IM - IF spread is 3139.8, down 83.6; IM - IH spread is 4749.2, down 117.6 [2]. - Quarter - to - Current Month Spreads: IF quarter - current month is - 58.0, up 0.4; IF next quarter - current month is - 140.4, up 1.8; IH quarter - current month is - 20.4, down 3.8; IH next quarter - current month is - 60.2, down 2.0; IC quarter - current month is - 150.6, down 4.4; IC next quarter - current month is - 320.2, down 0.6; IM quarter - current month is - 194.2, down 7.8; IM next quarter - current month is - 413.6, down 0.4 [2]. - Futures Positions: IF top 20 net positions are 24,653.00, up 1907.0; IH top 20 net positions are 18,790.00, down 1316.0; IC top 20 net positions are 29,687.00, up 385.0; IM top 20 net positions are 47,138.00, up 1533.0 [2]. - Spot Prices and Basis: CSI 300 is 4450.05, down 41.9, IF basis is - 74.3, up 3.7; SSE 50 is 2826.1, down 7.1, IH basis is - 22.1, down 1.3; CSI 500 is 7617.3, down 136.4, IC basis is - 192.3, up 0.8; CSI 1000 is 7619.9, down 148.1, IM basis is - 240.5, up 18.1 [2]. Market Sentiment - A - share trading volume is 20,059.05 billion yuan, up 783.57 billion yuan; margin trading balance is 26,169.14 billion yuan, up 80.69 billion yuan; north - bound trading volume is 2462.66 billion yuan, up 16.98 billion yuan; reverse repurchase operation is + 325.0 billion yuan, maturity is - 175.0 billion yuan; main funds flow is - 835.29 billion yuan; the proportion of rising stocks is 18.37%, down 33.83%; Shibor is 1.277%, down 0.041%; IO at - the - money call option closing price (2604) is 64.80, down 19.80; implied volatility is 18.04%, up 0.69; IO at - the - money put option closing price (2604) is 76.20, up 16.40; implied volatility is 17.61%, up 0.26; CSI 300 20 - day volatility is 18.12%, down 0.43; volume PCR is 82.10%, down 9.73; position PCR is 66.27%, up 0.47 [2]. Wind Market Strength and Weakness Analysis - All A - shares score is 2.80, down 2.60; technical aspect score is 1.80, down 3.40; capital aspect score is 3.80, down 1.70 [2]. Industry News - Trump said Iran agreed to "most of the content" in the "15 - point ceasefire plan", and the US is in serious consultations with Iran. Trump threatened to destroy Iranian power plants, oil wells, etc. if no agreement is reached soon. Iran said it would cause a power outage in the region if power facilities are attacked, and has not directly negotiated with the US, considering the "15 - point plan" unreasonable and will not participate in the Pakistan - led war - related meeting [2]. - Trump told his assistants he is willing to end the military action against Iran even if the Strait of Hormuz remains closed [2]. - In March, manufacturing PMI, non - manufacturing PMI, and composite PMI output index all returned to the expansion range, at 50.4%, 50.1%, and 50.5% respectively, up 1.4, 0.6, and 1.0 percentage points from the previous month [2]. Key Data to Focus On - March 31, 22:00, US February JOLTs job openings - April 1, 20:30, US February retail sales, core retail sales; 22:00, US March ISM manufacturing PMI - April 2, 19:30, US March Challenger job - cut numbers - April 3, 20:30, US March non - farm payrolls, unemployment rate [3]