Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View Stainless steel futures are expected to fluctuate strongly in the short term supported by nickel ore costs and capital, but the rebound space may be limited due to the unresolved social inventory pressure under the pattern of both supply and demand increasing and the slow recovery of terminal consumption. Attention should be paid to the policy trends of Indonesian nickel ore and the sustainability of downstream restocking [6]. 3. Summary by Directory 3.1 Futures Market On March 24, 2026, the closing price of the stainless steel futures main contract SS2605 was reported at 14,290 yuan/ton, up 205 yuan or 1.46% from the previous trading day's settlement price of 14,085 yuan/ton. The trading volume on that day was 262,223 lots, a month-on-month increase of 49.7%; the open interest was 124,889 lots, an increase of 6,453 lots from the previous day [2]. 3.2 Spot Market Spot prices were stable with an upward trend. The national absolute price index of 304 cold-rolled stainless steel coils was reported at 14,873 yuan/ton. The price of 316 furnace scrap steel in Dainan Town was raised to 18,700 yuan/ton, a month-on-month increase of 200 yuan; the price of 430 film-coated scrap steel remained stable at 3,550 yuan/ton [3]. 3.3 Influencing Factors In terms of inventory, on March 20, the total social inventory of stainless steel was 1.0726 million tons, a month-on-month decrease of 1.24%, among which the inventory of the 300 series was 693,700 tons, a month-on-month decrease of 1.90%. The national social inventory of stainless steel continued the destocking trend, and the social inventory data of the 300 series in Wuxi + Foshan showed that the inventory pressure was relieved. The MACD indicator of the stainless steel main contract showed that the fast and slow lines were running above the zero axis, and the red column was enlarged, indicating that the short-term upward momentum was enhanced. The KDI indicator's three lines oscillated above 50, and the I value was running in the overbought area, indicating that the short-term long power was relatively dominant but the callback risk needed to be vigilant. The RSI indicator oscillated in the range of 55 - 65, indicating that the market was in a relatively strong state but not in the overbought area. The Bollinger Band indicator showed that the price was running above the middle track, and the opening was enlarged, indicating that the market volatility increased and the trend was strong [4][5]. 3.4 Market Outlook Stainless steel futures are expected to fluctuate strongly in the short term supported by nickel ore costs and capital, but the rebound space may be limited due to the unresolved social inventory pressure under the pattern of both supply and demand increasing and the slow recovery of terminal consumption. Attention should be paid to the policy trends of Indonesian nickel ore and the sustainability of downstream restocking [6].

Core Viewpoint - The silver futures market is experiencing significant price movements, with both domestic and international markets showing upward trends in silver prices [1]. Domestic Market Summary - The Shanghai silver futures (沪银) are currently priced at 23,019.00 CNY per kilogram, reflecting a daily increase of 0.57% from the previous closing price of 22,572.00 CNY per kilogram [1]. - The opening price for today was 22,088.00 CNY per kilogram, with a daily high of 24,699.00 CNY and a low of 23,101.00 CNY, alongside a trading volume of 389,182 contracts [1]. International Market Summary - The COMEX silver price has risen to 90.34 USD per ounce, marking a daily increase of 1.65% from the previous closing price of 88.87 USD per ounce [1]. - Today's opening price was 89.08 USD per ounce, with a high of 91.17 USD and a low of 88.31 USD, and a trading volume of 11,305 contracts [1]. Technical Analysis - The MACD indicator for Shanghai silver futures is signaling a bullish trend, while the KDJ indicator is indicating a bearish trend, and the RSI is showing a bullish signal [1]. - For COMEX silver, the MACD and KDJ indicators are both signaling a bearish trend, while the RSI is indicating a bullish signal [1].

Core Viewpoint - The silver futures market shows mixed performance, with domestic silver prices slightly rising while international silver prices experience a significant decline [1]. Domestic Market Summary - As of the latest report, the main silver futures in Shanghai are priced at 22,572.00 yuan per kilogram, reflecting a daily increase of 0.47% [1]. - The opening price for the day was 22,975.00 yuan per kilogram, with a high of 24,699.00 yuan and a low of 23,101.00 yuan, alongside a trading volume of 357,610 contracts [1]. - The previous trading day's closing price was 23,029.00 yuan per kilogram [1]. International Market Summary - The COMEX silver price is currently at 88.96 USD per ounce, showing a daily decrease of 1.00% [1]. - The opening price for the day was 89.56 USD per ounce, with a high of 90.99 USD and a low of 87.80 USD, and a trading volume of 15,443 contracts [1]. - The previous trading day's closing price was 89.86 USD per ounce [1]. Technical Analysis - For Shanghai silver, the daily MACD indicator is signaling a bullish trend, while the KDJ indicator indicates a bearish trend, and the RSI shows a bullish signal [1]. - In contrast, the COMEX silver's daily MACD and KDJ indicators are both signaling a bearish trend, while the RSI indicates a bullish signal [1].

Core Viewpoint - COMEX silver prices have experienced a significant increase, with the latest price reported at 86.47 USD/ounce, reflecting a daily change of 2.24% from the previous closing price of 84.57 USD/ounce [1] Price Movement Summary - Opening price today was 84.60 USD/ounce, with a daily high of 87.69 USD/ounce and a low of 84.56 USD/ounce, resulting in a trading volume of 19,070 contracts [1] - The 5-day price increase stands at 17.93%, while the 10-day increase is 6.99%, the 15-day increase is 2.00%, the 30-day change is -0.10%, and the 60-day increase is 46.03% [1] - Year-to-date, the price has risen by 21.82% [1] Technical Analysis - The daily MACD indicator for COMEX silver is showing bullish signals, while the KDJ indicator is indicating bearish signals, and the RSI is also reflecting bullish signals [2]

Core Viewpoint - Silver has strongly broken out of a symmetrical triangle structure that it had been consolidating in for most of February, with the $92 area now identified as a key resistance level to test [3][8]. Group 1: Price Levels and Breakout Potential - The price is expected to retest the upper boundary around $92.20, which is considered crucial [3][8]. - If silver can break through $92.20 and $92.88, it may encourage sidelined bulls to seek a retest of the historical high of $121.66 set on January 29 [4][10]. - A sustained breakout above $92.88 could lead to long positions, with initial targets set at $95.90, $102, or $112.50, which previously acted as minor support or resistance levels [4][11]. Group 2: Alternative Entry Points and Indicators - For traders unwilling to wait for further confirmation of a breakout, a pullback to $86 may present a potential entry point, aligning with the 38.2% retracement level from the January-February movement [4][11]. - The 50-day moving average is another critical level to monitor; a drop below this could raise doubts about the validity of the triangle breakout and shift the directional bias back to neutral [4][11]. - The RSI (14) is currently above 50 and rising, indicating that upward momentum is beginning to build, while the MACD is close to crossing above the signal line, suggesting a potential shift in momentum [5][11].

Core Viewpoint - COMEX gold prices have shown a significant upward trend, with a year-to-date increase of 19.27% as of February 23 [1] Price Movement Summary - The latest COMEX gold price is reported at $5166.80 per ounce, with a daily change of 0.72% [1] - Over the last 5 days, the price has increased by 5.49% [1] - In the last 10 days, the price has risen by 2.25% [1] - The price has increased by 4.05% over the last 15 days [1] - For the last 30 days, the increase is 12.45% [1] - Over the past 60 days, the price has surged by 21.78% [1] Technical Analysis - The daily MACD indicator is signaling a bullish trend [1] - The KDJ indicator is indicating a bearish signal [1] - The RSI is showing a bullish signal [1]

Core Viewpoint - The latest silver futures price is reported at $73.43 per ounce, with a slight daily decline of 0.16% and various fluctuations over different time frames [1] Price Performance Summary - The recent 5-day price change for silver futures shows a decline of 1.69% [1] - Over the last 10 days, the price has increased by 0.57% [1] - The 15-day price change indicates a significant drop of 37.10% [1] - The 30-day price change reflects a decrease of 4.34% [1] - In the last 60 days, the price has risen by 36.42% [1] - Year-to-date, the COMEX silver price has increased by 3.45% [1] Technical Analysis - The daily MACD indicator is signaling a bullish trend [1] - The KDJ indicator is indicating a bearish trend [1] - The RSI is also showing a bearish signal [1]

Group 1 - The core viewpoint of the article indicates that Suoao Sensor (300507) experienced a net outflow of 31.6284 million yuan in main funds, accounting for 14.84% of the total transaction volume, with a slight decline in stock price by 0.30% on February 12, 2026 [1] Group 2 - In the recent stock performance, Suoao Sensor's price fluctuated between a 6.21% increase and an 8.67% amplitude over the past week, with a notable single-day increase of 2.81% on February 11, closing at 9.89 yuan, and a slight rise of 0.61% on February 13, closing at 9.92 yuan [2] - The automotive parts sector index increased by 2.23%, indicating that Suoao Sensor's stock performance was stronger than the industry average [2] - Technical analysis shows the current stock price is near the 20-day Bollinger Band middle track (9.80 yuan), with MACD indicators showing a bullish crossover, suggesting a need to monitor the resistance level at 10.56 yuan in the short term [2] Group 3 - Institutional ratings are currently neutral, with a fund holding ratio of only 0.09% [3] - One institution predicts a 19.05% year-on-year growth in net profit for the company in 2025, but the current price-to-earnings ratio (TTM) stands at 69.80, which is above the industry average, indicating valuation pressure [3]

Company Performance - Hengli Hydraulic (601100) experienced stock price fluctuations over the past week, with a 2.03% increase on February 10, closing at 123.74 CNY, and a net inflow of 7.96 million CNY in main funds [1] - On February 11, the stock price corrected, decreasing by 1.28% to 122.15 CNY, with a net outflow of 66.93 million CNY in main funds and a trading volume of 708 million CNY [1] - As of February 11, the MACD indicator showed a divergence value of 2.7, indicating a bullish zone, while the KDJ indicator's J line reached 101.66, suggesting short-term overbought risks [1] Industry Overview - The engineering machinery industry showed mixed performance, with excavator sales in January increasing by 49.50% year-on-year, and domestic sales growth reaching 61.39% [1] - The acceleration of special bond issuance may provide support for downstream demand [1]

Group 1 - The core viewpoint of the news is that both domestic and international silver futures have experienced significant declines, with domestic silver futures dropping by 16.05% and international COMEX silver prices falling by 14.66% [1][3]. - The latest price for domestic silver futures is reported at 19,073.00 yuan per kilogram, with a trading volume of 1,408,789 contracts [1]. - The opening price for domestic silver was 23,550.00 yuan per kilogram, reaching a high of 24,699.00 yuan and a low of 23,101.00 yuan during the trading session [1]. Group 2 - The latest price for COMEX silver is 74.90 USD per ounce, with a trading volume of 46,804 contracts [1]. - The opening price for COMEX silver was 87.65 USD per ounce, with a high of 89.83 USD and a low of 73.42 USD [1]. - Technical indicators for both domestic and international silver futures show mixed signals, with MACD indicating bullish signals while KDJ and RSI indicate bearish signals [2][3].