Report Overview - The report aims to objectively reflect the research views of futures and securities companies on various commodity varieties, track hot varieties, analyze market investment sentiment, and summarize investment driving logic [1] Market Data Commodities - Methanol closed at 3296.00 with a weekly increase of 5.24%;焦煤 closed at 1219.00 with a 4.10% increase; PTA closed at 6876.00 with a 3.40% increase; copper closed at 95930.00 with a 1.26% increase; palm oil closed at 9768.00 with a 0.51% increase; rebar closed at 3124.00 with a 0.03% increase. Aluminum closed at 23935.00 with a -0.35% decrease; iron ore closed at 812.00 with a -0.43% decrease; corn closed at 2369.00 with a -0.75% decrease; silver closed at 17489.00 with a -0.77% decrease; glass closed at 1041.00 with a -1.23% decrease; ethylene glycol closed at 5279.00 with a -1.38% decrease; live pigs closed at 9965.00 with a -2.50% decrease; soybean meal closed at 2937.00 with a -3.04% decrease; gold closed at 998.66 with a -4.16% decrease; crude oil closed at 740.80 with a -4.24% decrease; PVC closed at 5615.00 with a -4.43% decrease; polysilicon closed at 35680.00 with a -5.52% decrease [2] A-shares - CSI 500 closed at 7737.61 with a -0.29% decrease; SSE 300 closed at 4502.57 with a -1.41% decrease; SSE 50 closed at 2837.31 with a -1.61% decrease [2] Overseas Stocks - FTSE 100 closed at 9967.35 with a -1.29% decrease; France CAC40 closed at 7701.95 with a 0.47% increase; Nikkei 225 closed at 53373.07 with a 0.49% increase; Hang Seng Index closed at 24951.88; S&P 500 closed at 6368.85 with a -2.12% decrease; Nasdaq Index closed at 20948.36 with a -3.23% decrease [2] Bonds - China's 5-year treasury bond yield was 1.56 with a 0.67bp increase; 10-year treasury bond yield was 1.82 with a 0.39bp increase; 2-year treasury bond yield was 1.31 with a -0.28bp decrease [2] Foreign Exchange - US Dollar Index closed at 100.17 with a 0.67% increase; US Dollar mid-price was 6.91 with a 0.35% increase; Euro to US Dollar was 1.15 with a -0.50% decrease [2] Commodity Views Macro-financial Sector Stock Index Futures - Strategy views: Among 7 institutions, 1 is bullish, 0 is bearish, and 6 expect a sideways trend. Bullish logic: 1-2 month industrial enterprise profits increased by 15.2% year-on-year, high-tech manufacturing profits grew by 58.7%, policies are releasing signals for stable growth, and stock index valuations are at a low historical level. Bearish logic: Uncertainty in the Middle East, rising Fed rate hike expectations, decreased trading volume, and potential weak terminal demand [3] Treasury Bond Futures - Strategy views: Among 7 institutions, 0 is bullish, 2 is bearish, and 5 expect a sideways trend. Bullish logic: Safe-haven sentiment supports bonds, loose liquidity, and policy support. Bearish logic: Strong economic resilience, rising inflation expectations, and reduced short-term rate cut expectations [3] Energy Sector Crude Oil - Strategy views: Among 7 institutions, 4 are bullish, 1 is bearish, and 2 expect a sideways trend. Bullish logic: Military confrontation between Iran and the US, disrupted shipping in the Strait of Hormuz, slow inventory reconstruction, and supply-demand imbalance. Bearish logic: Release of strategic reserves, increased Russian oil supply, OPEC+ production increase plan, and potential for a ceasefire [4] Agricultural Products Sector Soybean Meal - Strategy views: Among 7 institutions, 2 are bullish, 2 are bearish, and 3 expect a sideways trend. Bullish logic: High US soybean export inspections, rising fertilizer prices, slow Brazilian soybean arrivals, and increased feed demand. Bearish logic: Increasing soybean arrivals in April, faster Brazilian soybean harvest, expected increase in new-season soybean planting area, and long-term supply surplus [4] Non-ferrous Metals Sector Aluminum - Strategy views: Among 7 institutions, 5 are bullish, 0 is bearish, and 2 expect a sideways trend. Bullish logic: Attacks on aluminum plants in Bahrain and UAE, strong LME spot premium, rising domestic downstream processing enterprise operating rates, and a strong technical rebound. Bearish logic: Global inflation, potential recession trading, high domestic aluminum inventories, and low aluminum rod processing fees [5] Chemical Sector Methanol - Strategy views: Among 7 institutions, 6 are bullish, 0 is bearish, and 1 expects a sideways trend. Bullish logic: Decreased Iranian methanol plant operating rates, improved downstream enterprise profits, increased downstream olefin demand, and accelerated inventory reduction. Bearish logic: Uncertainty in the conflict and potential price corrections [5] Precious Metals Gold - Strategy views: Among 7 institutions, 1 is bullish, 1 is bearish, and 5 expect a sideways trend. Bullish logic: Geopolitical risks, high oil prices, and potential capital inflows. Bearish logic: Reduced market liquidity, unclear Fed rate cut path, strong US Dollar, and gold sales by some countries [6] Black Sector Coking Coal - Strategy views: Among 7 institutions, 2 are bullish, 0 is bearish, and 5 expect a sideways trend. Bullish logic: Rising energy prices, increased blast furnace operating rates, increased downstream inventory replenishment, and a favorable supply-demand pattern. Bearish logic: High domestic coking coal production, high Mongolian coal imports, and intense futures market competition [6]

Investment Rating - The report maintains a "Buy" rating for China Railway Industry (600528) [6] Core Views - The company has shown a significant improvement in operating cash flow, with a year-on-year increase of 70.4% to 1.098 billion [5] - New orders signed in Q4 increased by 15% year-on-year, indicating a positive trend in business activity [5] - The company is expected to benefit from government debt reduction and stable growth measures, which are likely to drive a recovery in performance [6] Financial Summary - Total revenue for 2025 was 27.69 billion, a decrease of 4.53% year-on-year, while net profit attributable to shareholders was 1.367 billion, down 22.78% [5] - Q4 revenue was 7.604 billion, a decline of 10.16% year-on-year, with net profit of 373 million, down 17.27% [5] - The gross margin slightly decreased by 0.4 percentage points to 18.73% due to increased market competition [5] - The company’s dividend payout increased to 201 million, with a payout ratio of 14.68%, up 1.68 percentage points from the previous year [5] Earnings Forecast - The company’s projected net profits for 2026, 2027, and 2028 are 1.450 billion, 1.528 billion, and 1.614 billion respectively, reflecting year-on-year growth rates of 6.05%, 5.44%, and 5.60% [6][7] - Revenue is expected to grow to 28.824 billion in 2026, with a growth rate of 4.09% [7] - The projected P/E ratios for 2026, 2027, and 2028 are 11.89, 11.28, and 10.68 respectively [7]

Investment Rating - The report maintains a rating of "Buy" for the company, indicating a positive outlook for its stock performance relative to the market index [6]. Core Views - The company has shown a significant improvement in operating cash flow, with a year-on-year increase of 70.4% to 1.098 billion [5]. - New signed orders in Q4 increased by 15% year-on-year, reflecting successful expansion in tunnel excavation equipment and overseas markets [5]. - The company is expected to benefit from government debt reduction and stable growth measures, which are anticipated to drive a recovery in performance [6]. Financial Summary - For the year 2025, the company reported revenues of 27.69 billion, a decrease of 4.53% year-on-year, and a net profit of 1.367 billion, down 22.78% [5]. - The Q4 revenue was 7.604 billion, a decline of 10.16% year-on-year, with a net profit of 373 million, down 17.27% [5]. - The gross margin slightly decreased by 0.4 percentage points to 18.73% due to increased market competition [5]. - The company’s dividend payout increased to 201 million, with a dividend rate of 14.68%, up 1.68 percentage points from the previous year [5]. Earnings Forecast - The company’s projected net profits for 2026, 2027, and 2028 are 1.450 billion, 1.528 billion, and 1.614 billion respectively, reflecting growth rates of 6.05%, 5.44%, and 5.60% [6][7]. - Revenue is expected to grow to 28.824 billion in 2026, with a growth rate of 4.09% [7]. - The projected P/E ratios for 2026, 2027, and 2028 are 11.89, 11.28, and 10.68 respectively [7].

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector, indicating a positive outlook for the industry [4]. Core Insights - The construction materials sector experienced a 5.04% increase from March 23 to March 27, 2026, with notable gains in various sub-sectors such as cement (2.87%), glass manufacturing (1.78%), and fiberglass manufacturing (6.78%) [13]. - Government debt issuance increased by 34.2% month-on-month in February 2026, which is expected to alleviate fiscal pressure and accelerate municipal engineering projects [13]. - The report highlights a structural recovery in demand for construction materials, particularly in municipal projects and consumer building materials, driven by policies stimulating consumption and renovation of existing properties [13]. Summary by Sections Cement Industry Tracking - As of March 27, 2026, the national cement price index was 337.5 CNY/ton, up 0.76% week-on-week, with a significant increase in cement dispatch volume by 30.33% [18]. - The cement market is in a seasonal recovery phase, but demand recovery remains weak, particularly in the housing sector, which is constrained by funding issues and insufficient new projects [18]. - The report notes a strong willingness among cement companies to raise prices due to rising costs, although actual price increases depend on demand improvements [18]. Glass Industry Tracking - The average price of float glass as of March 26, 2026, was 1196.28 CNY/ton, reflecting a 0.21% increase week-on-week, with inventory levels showing a slight decrease [32]. - The glass market is experiencing mixed trends, with some price increases not fully realized due to insufficient new orders from downstream processing plants [32]. - The report emphasizes the need to monitor order volumes and production line changes in the glass sector [32]. Fiberglass Industry Tracking - The market for fiberglass remains stable, with no significant changes in pricing for non-alkali roving, while demand for certain high-end products is showing improvement [43]. - The report indicates that the overall inventory levels are low, and there is potential for price increases in high-end products due to rising costs [43]. - As of March 26, 2026, the average price for 2400tex non-alkali winding yarn was 3716 CNY/ton, remaining stable week-on-week but down 3.05% year-on-year [43]. Consumer Building Materials - The demand for consumer building materials continues to show signs of weak recovery, with upstream raw material prices experiencing fluctuations [7]. - The report highlights the potential for long-term market share growth in consumer building materials, supported by renovation trends in the second-hand housing market [13]. - Key companies recommended for investment in this sector include SanKeTree, Beixin Building Materials, and Weixing New Materials [8].

Investment Rating - The report maintains an "Add" rating for the company [6] Core Views - The company reported a revenue of 82.53 billion yuan in 2025, a year-on-year decrease of 9.33%, while the net profit attributable to shareholders was 8.11 billion yuan, an increase of 5.42% [5] - In Q4 2025, the revenue was 21.23 billion yuan, down 7.19% year-on-year, and the net profit attributable to shareholders was 1.81 billion yuan, a decrease of 27.59% [5] - The decline in revenue was attributed to a decrease in cement and clinker sales volume, which totaled 26.5 million tons, down 1.13% year-on-year, although overseas export sales increased [5] - The average selling price of cement and clinker was 230 yuan per ton, a decrease of 13 yuan per ton year-on-year, but the reduction in fuel costs led to a decrease in unit costs, resulting in a gross profit per ton increase of 6 yuan to 64 yuan [5] - The company’s dividend payout ratio increased to 55.29%, up 6.6 percentage points year-on-year, with a total cash dividend of 0.85 yuan per share [5] - The company has a strong cash position of 63 billion yuan, providing ample room for mergers and acquisitions during industry downturns [5] Financial Summary - For 2025, the company’s operating income was 825.32 billion yuan, with a projected growth rate of -9.33% [7] - The net profit attributable to the parent company is expected to grow to 8.88 billion yuan in 2026, representing a year-on-year increase of 9.48% [7] - The earnings per share (EPS) for 2025 was 1.54 yuan, with projections of 1.68 yuan, 1.71 yuan, and 1.81 yuan for 2026, 2027, and 2028 respectively [7] - The price-to-earnings (P/E) ratio is projected to be 14.19 for 2025, decreasing to 12.83 by 2028 [7]

Core Viewpoints - The A-share market showed mixed performance last Friday, with the Shanghai Composite Index down 1.24% and the Shenzhen Component Index down 0.25%, while the ChiNext Index rose by 1.3%. The total trading volume in the Shanghai and Shenzhen markets was 22,865.94 billion [1][7] - In terms of industry performance, power equipment, telecommunications, and coal sectors led the gains, while the comprehensive, computer, and defense industries lagged behind. Concept sectors such as BC batteries, TOPCON batteries, and HJT batteries performed well, while MLOps, Huawei Euler, and combustible ice concepts saw declines [1][7] Important News - The draft of the Financial Law of the People's Republic of China was publicly solicited for opinions on March 20, 2026. The draft consists of 11 chapters and 95 articles, focusing on various aspects such as establishing a modern central banking system, regulating financial institutions, enhancing financial product and service standards, and strengthening financial supervision [2][8] - Premier Li Qiang attended the opening ceremony of the China Development Forum 2026 and emphasized three core points: creating incremental markets through openness and technological progress, advocating for healthy competition and cooperation, and committing to high-quality development as a "certainty cornerstone" and "stability harbor" for the world [2][8] Investment Strategy - The report indicates that the policy environment in 2026 will focus on stabilizing growth and capital replenishment, with a projected economic growth target of 4.5%-5% and a consumer price increase of around 2%. It is expected that social financing and money supply growth will slightly decline, with a supportive monetary policy likely to continue [9] - The banking sector is anticipated to maintain steady performance in 2026, with net interest margins expected to stabilize. Interest income growth is projected to recover, supported by a rebound in wealth management-related businesses and increased demand for settlement services as the economy improves [10][11] - The report suggests that the current geopolitical risks may push up prices, particularly in oil, which could affect bond yields and non-interest income. However, the overall asset quality of banks is expected to remain stable, with credit costs at low levels [10][11] - The investment strategy emphasizes the continued collaboration of domestic monetary and fiscal policies to promote stable growth, with a focus on defensive assets amid market volatility caused by external geopolitical risks. The banking sector is viewed as having allocation value, particularly in high-dividend stocks and undervalued regional banks [11]

Core Viewpoint - The A-share market is experiencing a divergence, with major indices generally declining, particularly the ChiNext and CSI 500, while the Shanghai 50 and small-cap indices have seen relatively smaller declines [4]. Group 1: Important Events Review - The Ministry of Industry and Information Technology issued recommendations to prevent security risks associated with open-source AI [5]. - The National People's Congress concluded its fourth session, passing several resolutions and laws [5]. - The Governor of the People's Bank of China indicated that the central bank will continue to implement a moderately loose monetary policy in the next phase [5]. Group 2: Inflation and Investment Strategy - Concerns about "stagflation" are rising overseas, prompting a shift in investment logic from "pro-cyclical growth" to "anti-inflation, stable growth, and high certainty" [6]. - Recommended core holdings include upstream resource products (oil, coal, non-ferrous metals, agricultural products) and essential consumer goods (food and beverages, pharmaceuticals, essential retail) [6]. - It is advised to also consider sectors benefiting from independent prosperity and policy support, such as hard technology (semiconductors, aerospace, high-end equipment manufacturing, AI computing) and government consumption (traditional and emerging infrastructure) [6]. Group 3: Market Outlook - The external disturbances are expected to gradually weaken, making market performance more promising [7]. - The overall tone of the National Two Sessions is stable, which is likely to lay a solid policy foundation for stock market growth [7]. - The upcoming month will see a concentration of data and policy validation, which is expected to support economic and corporate profit data in the capital market [7].

Group 1: Macroeconomic Trends - February US non-farm employment data significantly underperformed market expectations, continuing a slowdown trend since the end of 2025[1] - The unemployment rate has increased but remains within a controllable range, while labor participation rate has slightly decreased after population control adjustments[1] - Recent oil price increases are expected to raise overall US inflation by approximately 0.6 percentage points, complicating future Federal Reserve decisions[1] Group 2: Domestic Economic Environment - Exports in January-February exceeded expectations due to the impact of the Spring Festival, tax rebate policy adjustments, and improved overseas manufacturing sentiment[3] - February's Producer Price Index (PPI) showed a narrowing year-on-year decline, driven by rising prices in the non-ferrous and oil sectors, while downstream prices remain weak[3] - Consumer Price Index (CPI) growth rebounded significantly, with core services performing strongly due to holiday consumption, while core goods faced demand constraints[3] Group 3: Policy and Market Outlook - Strong signals were released during the Two Sessions regarding stable growth, expanding domestic demand, and promoting reforms, with a focus on fiscal and financial collaboration[3] - The geopolitical landscape remains uncertain, potentially affecting market risk appetite and leading to policy adjustments in response to unexpected economic changes[2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The policy signals from the "Two Sessions" for crude oil present triple characteristics: short - term stable growth to support oil product demand, medium - term energy security to enhance the strategic attribute of crude oil, and long - term green transformation to force the upgrading of refining and chemical industries [4]. 3. Summary by Directory I. Stable growth remains the main tone, and crude oil demand expectations are supported by policies - The "Two Sessions" continue to prioritize stable growth and expanding domestic demand. Policy support in consumption and investment stabilizes the overall demand for crude oil rather than driving high - speed growth. It provides a bottom - up support for diesel, jet fuel, and industrial energy use expectations, with a "lower bound support and upper bound constraint" effect on the oil product chain [6]. - In 2025, domestic refined oil consumption decreased by 2.9% year - on - year, indicating that the core contradiction of crude oil demand has shifted from total expansion to structural optimization [6]. II. The geopolitical statements during the "Two Sessions" are worthy of attention, and the geopolitical premium of crude oil will not easily disappear - The official statements on the Middle East situation and global supply chain stability during the "Two Sessions" imply that energy supply security, maritime transportation security, and industrial chain resilience have become part of macro - policy considerations [7]. - For China, which highly depends on overseas crude oil imports, the statements on preventing the spill - over of the Middle East situation and opposing decoupling mean that geopolitical premium, freight premium, and supply chain premium in crude oil prices are likely to be important variables affecting market expectations, and freight rates and related insurance will have a more significant weight in crude oil pricing [7]. III. The weight of energy security has significantly increased, and the demand attribute of crude oil SPR continues to be strengthened - The "Two Sessions" emphasized enhancing supply guarantee capabilities for energy and other aspects, and proposed energy - related projects and goals. The government also plans to formulate an energy - power - building plan and strengthen the clean and efficient use of fossil energy [8]. - In 2025, China's domestic crude oil production was 216 million tons, and imports were 578 million tons, with about 40 import source countries. The dual attributes of oil as "security support + industrial raw material" remain prominent, and the government's SPR demand will be an important pricing factor in the crude oil market [8]. IV. Summary and Outlook - Stable growth and expanding domestic demand will support crude oil demand, and China's import demand will provide a bottom - up support for international oil prices [9]. - Geopolitical disturbances and supply chain security will continue to affect crude oil risk pricing [9]. - The co - promotion of energy security goals and green transformation deployment means that the strategic position of crude oil in China's energy system will not be easily weakened in the short term, but the structural differentiation within the refining and chemical industry will continue to deepen [9].

1. Report Industry Investment Rating - The mid - term outlook for the industry is "oscillation" [5] 2. Core Viewpoints of the Report - Geopolitical conflicts increase energy valuation, and the expectation of stable growth provides support for domestic demand. Steel mills are expected to resume production during the peak season, leading to strong cost support and firm prices in the sector. However, there are still inventory contradictions in steel products, and the peak - season expectations are cautious. High inventory pressure in iron ore is difficult to relieve, Mongolian coal imports are high, the supply - demand surplus in glass and soda ash remains unchanged, and the fundamentals of alloys provide limited support. Thus, the upward potential of the futures prices is restricted [1] - In the off - season, the fundamentals lack highlights, and the peak - season expectations are cautious. The upward driving force from the real - world situation is limited. Uncertainties such as domestic and overseas macro - expectations and geopolitical disturbances still exist, and the futures prices may fluctuate sharply. Attention should be paid to geopolitical risks and the fulfillment of peak - season demand [5] 3. Summary by Relevant Catalogs 3.1 Iron Element - Iron ore: The supply - side shipping has recovered but there are still expectations of disruptions. The high inventory pressure is difficult to relieve in the short term. With the Two Sessions and geopolitical disturbances, there are still macro uncertainties. Recently, commodities have shown strength. If macro disturbances weaken, the fundamental pressure on iron ore will be greater, and it is expected to oscillate weakly [1][8] - Scrap steel: The supply - demand pattern of the short - term scrap steel market, which was previously weak in both supply and demand, has marginally improved. The demand recovery rhythm is slightly faster than the supply, and the fundamentals provide some support for the price. Driven by the rise in finished - product prices, it is expected to follow the upward trend in the short term [9] 3.2 Carbon Element - Coke: In the short term, there are disturbances in hot metal production, but there is still long - term rigid demand support for coke. The possibility of multiple consecutive rounds of price cuts after the first round of spot price cuts is small. The futures prices are expected to follow the cost - side coking coal. If the geopolitical conflict persists, it may follow the energy prices and show strength; if the conflict eases, it is expected to maintain an oscillating operation [2][10] - Coking coal: The resumption of coal mine production is still restricted, but there is still real - world fundamental pressure on coking coal due to high Mongolian coal imports. The spot prices are expected to oscillate. The current futures prices are greatly affected by domestic and overseas macro - expectations and geopolitical conflicts. If the conflict persists, it may follow the crude oil prices and show strength; if the conflict eases, it is expected to maintain an oscillating operation [2][12] 3.3 Alloys - Manganese silicon: The supply - demand of the manganese silicon market is loose, the upstream inventory is high, and there are obstacles in cost transmission. There is obvious selling - hedging pressure above the futures prices. Attention should be paid to the risk of price correction when the futures prices rise above the cost line [2][15] - Ferrosilicon: Currently, there is not much supply - demand contradiction in ferrosilicon, but the continuous repair of profits may accelerate the resumption of production by manufacturers, making the supply - demand relationship gradually turn loose. The current futures valuation is higher than the comprehensive cost of ferrosilicon, and attention should be paid to the risk of high - level price correction [2][17] 3.4 Glass and Soda Ash - Glass: There are still expectations of supply disruptions, but the inventories of middle - and downstream enterprises are moderately high. Fundamentally, the current supply - demand is still in surplus. If the production and sales cannot improve continuously, the high inventory will always suppress the price [2][13] - Soda ash: The supply is stable at a high level in the short term, and the overall supply - demand is still in surplus. It is expected to oscillate in the short term. In the long run, the supply - surplus pattern will further intensify, the price center will continue to decline, and capacity reduction will be promoted [2][15] 3.5 Specific Product Analysis - Steel: There is still cost support, and the futures prices have risen slightly. After the festival, downstream demand has gradually started, and price rebounds have stimulated the entry of futures - spot traders and rigid - demand replenishment. However, the overall supply level is low, demand is at a low level, and inventories are accumulating. The upward potential of prices is limited, and attention should be paid to the peak - season demand [7] - Iron ore: The fundamentals have limited changes, and the futures prices oscillate. Overseas mine shipping has decreased, arrivals have increased, demand has declined in the short term but is expected to recover seasonally later. The inventory has increased slightly, and the futures prices oscillate. If macro disturbances weaken, the fundamentals will face greater pressure [7][8] - Scrap steel: The supply - demand has marginally improved, and the spot prices have risen slightly. Supply recovery is slow, demand has recovered faster, and inventories have decreased. It is expected to follow the upward trend in the short term, and attention should be paid to the sustainability of the finished - product price rebound and the actual recovery progress of terminal demand [9] - Coke: The fundamentals have limited changes, and the futures prices follow the oscillation. After the first round of price cuts, supply has decreased slightly, demand has rigid support, and inventories have accumulated at a slower pace. The futures prices follow the cost - side coking coal [10] - Coking coal: There is still a geopolitical premium, and the futures prices follow the oscillation. Supply has basically recovered, imports are high, and downstream procurement enthusiasm is general. The spot prices are expected to oscillate, and the futures prices are affected by macro and geopolitical factors [12] - Glass: The improvement in sentiment has driven the production and sales of spot products, and the upstream expects to reduce inventories. Supply may decline in the long term, demand has not fully recovered, and middle - stream inventories are large, suppressing the futures valuation. It is expected to oscillate in the short term [13] - Soda ash: Driven by the increase in energy costs, the price center has rebounded. Supply is stable at a high level, demand is stable, and the supply - demand fundamentals have not changed significantly. It is expected to oscillate in the short term and decline in the long term [13][15] - Manganese silicon: The cost remains high, and the futures prices oscillate strongly. The cost has support, supply is relatively loose, demand recovery is slow, and there is selling - hedging pressure above the futures prices. Attention should be paid to the risk of price correction [15] - Ferrosilicon: The futures valuation is high, and attention should be paid to the risk of price correction. The cost has support, demand recovery is slow, supply is expected to increase, and the current futures valuation is higher than the cost. Attention should be paid to the risk of high - level price correction [17] 3.6 Index Information - On March 11, 2026, the comprehensive index of CITIC Futures was 2565.65, a decrease of 0.28%; the commodity 20 index was 2921.03, a decrease of 0.32%; the industrial products index was 2484.54, a decrease of 1.01% [102] - The steel industry chain index on March 11, 2026, had a daily increase of 0.06%, a 5 - day increase of 1.85%, a 1 - month decrease of 0.24%, and a year - to - date decrease of 0.55% [104]