Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - **Iron Ore**: Expected to fluctuate repeatedly [2][6] - **Rebar and Hot - Rolled Coil**: Sentiment has improved, with short - term rebounds expected [2][7] - **Silicon Ferrosilicon**: Due to the resonance of the black sector, it will experience wide - range fluctuations [2][12] - **Manganese Silicide**: Disturbed by ore - end information, it will have a slight rebound [2][13] - **Coke**: The expectation of price increases is rising, and the trend is oscillating strongly [2][17] - **Coking Coal**: Expected to be oscillating strongly [2][17] - **Steam Coal**: With high - level inventory, prices are under pressure [2][21] - **Glass**: The price of the original sheet remains stable [2][25] 3. Summary by Commodity Iron Ore - **Price Data**: The closing price of I2505 was 792.0 yuan/ton, up 19.0 yuan/ton with a 2.46% increase. The import prices of some ores decreased slightly, while the price of domestic Tangshan ore increased by 2.0 yuan/ton [5] - **News**: The Caixin China Manufacturing PMI in March was 51.2, up 0.4 percentage points from February, reaching a new high since December 2024 [5] - **Trend Intensity**: 0, indicating a neutral trend [5] Rebar and Hot - Rolled Coil - **Price Data**: The closing price of RB2505 was 3,170 yuan/ton, down 3 yuan/ton (- 0.09%); HC2505 was 3,359 yuan/ton, up 8 yuan/ton (0.24%). Some spot prices increased [7] - **News**: In the weekly data on March 28, rebar production increased by 1.22 tons, hot - rolled coil by 0.42 tons; total inventory of rebar decreased by 17.89 tons, hot - rolled coil by 13.94 tons; apparent demand of rebar increased by 2.33 tons, hot - rolled coil by 8.04 tons. The Caixin China Manufacturing PMI in March was 51.2 [7][8][9] - **Trend Intensity**: 1 for both, indicating a moderately strong trend [10] Silicon Ferrosilicon and Manganese Silicide - **Price Data**: The closing prices of silicon ferrosilicon 2504 and 2505 were 5958 and 5984 yuan/ton respectively; manganese silicide 2504 and 2505 were 6274 and 6146 yuan/ton respectively. Some spot prices changed [13] - **News**: The prices of some silicon ferrosilicon and silicon manganese products changed. UMK will export manganese ore by rail due to decreased demand. South Africa's manganese ore exports in February decreased compared to the same period last year [14][15] - **Trend Intensity**: 0 for both, indicating a neutral trend [16] Coke and Coking Coal - **Price Data**: The closing prices of JM2505 and J2505 were 1008 and 1648 yuan/ton respectively, with increases of 19.5 yuan/ton (1.97%) and 65.5 yuan/ton (4.14%). Some spot prices remained stable [17] - **News**: Some metallurgical coal index prices changed. On April 1, in the top 20 member positions of DCE, the long positions of JM2505 decreased by 17475 hands, and the short positions decreased by 16291 hands; for J2505, the long positions increased by 1222 hands, and the short positions increased by 1525 hands [17][18][19] - **Trend Intensity**: 0 for both, indicating a neutral trend [19] Steam Coal - **Price Data**: ZC2504 had no trading on the previous day. The previous opening price was 931.6000 yuan/ton, the highest was 931.6000 yuan/ton, the lowest was 840.0000 yuan/ton, and it closed at 840.0000 yuan/ton, down 51.4 yuan/ton [22] - **News**: There were price quotes for southern port foreign - trade steam coal and domestic steam coal production areas. On April 1, in the top 20 member positions of ZCE, the long and short positions of ZC2504 decreased by 0 hands [23] - **Trend Intensity**: 0, indicating a neutral trend [24] Glass - **Price Data**: The closing price of FG505 was 1235, up 4.04%. Some spot prices increased [25] - **News**: The domestic float glass original sheet was mainly stable, with price increases in the Shahe and Hubei markets. The sales of some float glass factories improved [25] - **Trend Intensity**: 1, indicating a moderately strong trend [25]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The soybean meal market is affected by multiple factors, including the Sino - US tariff war, South American soybean harvest weather, and Brazilian soybean production expectations. It is expected to be in a short - term volatile and slightly bullish pattern, with the bottom supported but the upward space limited [8][10]. - The soybean market is also influenced by similar factors. The domestic soybean has certain support at the bottom due to the high cost of imported soybeans and the national reserve purchase expectations, but the market is under pressure from the expected high yield of Brazilian soybeans and the expected increase in domestic soybean production [11][13]. Summary According to the Table of Contents 1. Daily Prompt - Soybean meal M2505: Operate within the range of 2820 - 2880 intraday [9]. - Soybean A2505: Operate within the range of 3900 - 4000 intraday [12]. 2. Recent News - After the Sino - US tariff war, the US soybeans are in a volatile consolidation. The weather in South American soybean - producing areas is still variable, and the Brazilian soybean harvest is accelerating. The US soybean market is waiting for further guidance on US soybean exports, South American soybean harvest weather, and the follow - up of the Sino - US tariff war [15]. - The US bio - policy agreement supports the short - term rebound of the US soybean market. The arrival of imported soybeans in China will reach a high level in April. After the Spring Festival, the domestic soybean and soybean meal inventories are low in the short term, and the short - term spot price of soybean meal is relatively strong due to the low supply [15]. - The reduction in domestic pig - breeding profits leads to low expectations for pig restocking. The demand for soybean meal is weak after the Spring Festival, but the tight supply supports the price expectation. Driven by the US soybean trend, the soybean meal may maintain a volatile pattern in the short and medium term [15]. - The low - level inventory of domestic oil - mill soybean meal has rebounded, and the falling spot price suppresses the short - term price expectation. The possibility of weather speculation in South American soybean - producing areas and the expected high yield are intertwined, and the soybean meal will remain volatile in the short term, waiting for the clear yield of South American soybeans and the further trend of US soybeans [15]. 3. Bullish and Bearish Concerns - **Soybean Meal Bullish Factors**: Short - term low arrival of imported soybeans in China, low - level inventory of domestic oil - mill soybean meal, and variable weather in South American soybean - producing areas [16]. - **Soybean Meal Bearish Factors**: The arrival of imported soybeans in China will increase to a high level in April, the progress of Brazilian soybean harvest is advancing, and the expected high yield continues [16]. - **Soybean Bullish Factors**: The high cost of imported US soybeans supports the bottom of the domestic soybean market, and the expectation of national reserve soybean purchase supports the domestic soybean price [17]. - **Soybean Bearish Factors**: The continuous expected high yield of Brazilian soybeans and China's increased purchase of Brazilian soybeans, and the expected increase in domestic new - season soybean production suppress the price expectation of soybeans [17]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 3020, with a basis of 216, showing a premium over the futures. The oil - mill soybean meal inventory is 74.8 million tons, a 0.16% decrease from last week and a 139.13% increase from the same period last year [10]. - **Soybean**: The oil - mill soybean inventory is 247.92 million tons, a 1.54% decrease from last week and a 20.37% decrease from the same period last year [13]. 5. Position Data - For soybean meal, the short positions of the main force have decreased, and the funds have flowed out [10]. - For soybeans, the short positions of the main force have increased, and the funds have flowed out [13].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The soybean meal market is expected to maintain a short - term oscillatory and slightly stronger pattern, with the mid - term remaining range - bound. The soybean market will also experience short - term oscillations, influenced by factors such as the Sino - US tariff war, South American soybean harvest weather, and domestic policies [9][12]. - The short - term supply and demand of soybean meal after the Spring Festival are both weak, and the overall situation is affected by the trend of US soybeans. The domestic soybean market is affected by the Sino - US tariff war and the expected domestic soybean purchase and storage policy [10][13]. Summary by Directory 1. Daily Prompt - Soybean Meal M2505: Operate within the range of 2800 - 2860 intraday [9]. - Soybean A2505: Operate within the range of 3840 - 3940 intraday [12]. 2. Recent News - After the Sino - US tariff war, US soybeans are oscillating. The weather in South American soybean - producing areas is still variable, and the Brazilian soybean harvest is accelerating. The US soybean market is waiting for further guidance on Sino - US tariffs, exports, and harvest weather [15]. - The US bio - policy agreement supports the short - term rebound of the US soybean market. The arrival of imported soybeans in China will reach a high in April. After the Spring Festival, the short - term inventory of domestic soybeans and soybean meal is low, and the short - term spot price of soybean meal is relatively strong [15]. - The reduction in domestic pig - breeding profits leads to low expectations for pig restocking. The demand for soybean meal weakens after the Spring Festival, but the tight supply supports the price. Driven by the trend of US soybeans, soybean meal may maintain an oscillatory pattern in the short and medium term [15]. - The inventory of domestic oil - mill soybean meal is rising from a low level, and the falling spot price suppresses short - term price expectations. The speculation about the weather in South American soybean - producing areas and the expected high yield are intertwined, and soybean meal will maintain an oscillatory pattern in the short term [15]. 3. Bullish and Bearish Factors Bullish Factors for Soybean Meal - Short - term low arrival of imported soybeans in China [16]. - Low inventory of domestic oil - mill soybean meal [16]. - Uncertain weather in South American soybean - producing areas [16]. Bullish Factors for Soybeans - High cost of imported US soybeans supports the bottom of the domestic soybean market [17]. - Expected state purchase and storage of soybeans support domestic soybean prices [17]. Bearish Factors for Soybean Meal - The arrival of imported soybeans in China will increase to a high level in April [16]. - The progress of the Brazilian soybean harvest continues, and the expected high yield persists [16]. Bearish Factors for Soybeans - The expected high yield of Brazilian soybeans continues, and China is increasing purchases of Brazilian soybeans [17]. - The expected increase in domestic soybean production suppresses the price [17]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 3050, with a basis of 199, indicating a premium over futures. The oil - mill soybean meal inventory is 74.8 million tons, a 0.16% decrease from last week and a 139.13% increase from the same period last year [10]. - **Soybeans**: The spot price is 4000, with a basis of 93, indicating a premium over futures. The oil - mill soybean inventory is 247.92 million tons, a 1.54% decrease from last week and a 20.37% decrease from the same period last year [13]. 5. Position Data - **Soybean Meal**: The main short positions are decreasing, and funds are flowing out [10]. - **Soybeans**: The main short positions are increasing, and funds are flowing in [13]. Other Data - **Price and Transaction Data**: The report provides the trading data of soybean meal and rapeseed meal from March 20 to March 31, including transaction prices, volumes, and the price difference between soybean meal and rapeseed meal [18]. - **Supply - Demand Balance Sheets**: Global and domestic soybean supply - demand balance sheets from 2015 to 2024 are presented, including harvest area, inventory, production, consumption, etc. [35][36]. - **Sowing and Growth Progress**: The sowing, growth, and harvest progress of soybeans in the US, Brazil, and Argentina from 2023 to 2025 are provided [37][38][39][40][41][42][43][44]. - **USDA Reports**: The USDA's monthly supply - demand reports from September 2024 to March 2025 are included, covering harvest area, yield, production, inventory, etc. [45]. - **Industry Conditions**: The export inspection of US soybeans is decreasing week - on - week and year - on - year. The inventory of oil - mill soybeans is decreasing, while the soybean meal inventory is rising from a low level. The unexecuted contracts of oil mills are decreasing, and the demand for stockpiling is weak in the short term. The soybean crushing volume of oil mills remains low, and the soybean meal production in February increased year - on - year. The import cost of Brazilian soybeans fluctuates slightly, and the import profit of soybeans is good. The inventory of pigs and sows decreased slightly in December, and the prices of pigs and piglets fluctuate slightly. The proportion of large pigs in China is decreasing, and the cost of secondary fattening of pigs is slightly decreasing. The domestic pig - breeding profit is slightly decreasing [46][48][50][52][54][56][58][60][62].

今 日 早 评 重点品种： 【短评-PTA】PXCFR当前报841美元/吨，PX-N205美元/吨； 华东PTA报4830元/吨，PTA现金流成本为4752元/吨。PTA负荷提 升至79.3%，处于历年同期中性水平。本周装置变动较多，恒力 3线220万吨、仪化300万吨恢复运行三房巷120万吨重启中，逸 盛大化375万吨按计划检修。评：随着PX正式进入集中检修季， 近期PX负荷逐步下滑，二季度PX整体去库预期可观；叠加目前 PX整体估值偏低，预计PX价格支撑逐步转强。PTA方面，本周三 套检修装置复工，PTA负荷提升至中位数水平，关注后续4月逸 盛海南等PTA装置检修兑现情况，下游看，织造坯布库存偏高叠 加年后接单较差，织造开机趋于见顶，整体不如去年；如果订 单持续疲弱，不排除开机可能会下调。整体上，终端需求负反 馈影响PTA加工费改善效果及心态，当前PTA反弹空间仍依赖原 油。逢低做多思路。 【短评-纯碱】 全国重质纯碱主流价1505元/吨，下降13元 /吨；纯碱开工82.49%，开工提升；金山、江苏井神检修结束， 盐湖、青海昆仑设备恢复；江苏德邦60万吨/年、连云港碱业 110万吨/年新产能预期一季度投产 ...

Core Viewpoint - The article discusses the challenges and uncertainties facing the international order in 2025, particularly in the context of falling oil prices and the need for effective trading tools for investors [1]. Group 1: Market Context - The international oil market has experienced a significant decline, with Brent crude oil prices dropping below $70 in March, leading to a weakening of domestic commodities [1]. - Despite the crisis, there are opportunities for skilled futures investors who are equipped with the right analytical tools [1]. Group 2: Evaluation of Futures Apps - The article evaluates several prominent futures trading apps in China, highlighting their features, content, and advantages [2]. Sina Finance App - Not a dedicated futures trading app but excels in providing real-time market data and analysis for various futures products, including international oil and metals [4]. - Offers a comprehensive news coverage with a rapid response to major events, covering over 80% of international financial conferences [5]. - The app is suitable for both novice and long-term investors due to its authoritative information and community of high-net-worth users [6]. Tonghuashun Futures - Features a comprehensive suite of tools including real-time market data, trading, and data analysis, with unique data on market positions [8]. - Provides a wealth of information on futures terminology, investment techniques, and market updates [9]. - User-friendly interface makes it accessible for beginners while meeting advanced analytical needs [10]. Wenhua Finance - Known for its stable system and accurate market data, offering real-time monitoring and advanced technical analysis tools [10]. - While it lacks the extensive news coverage of other apps, it provides professional market analysis reports [11]. - Strong technical analysis capabilities make it ideal for advanced users [12]. Dongfang Caifu Futures - Integrates resources from Dongfang Caifu Network, allowing seamless trading across stocks, funds, and futures [14]. - Timely and comprehensive news updates covering macroeconomic analysis and industry dynamics [15]. - Active community interaction provides diverse investment insights [16]. Boyi Master - Offers rapid and accurate market data display with various trading options and quantitative tools [16]. - Provides basic market information but lacks depth in news coverage [17]. - Excels in trading functionality, catering to investors focused on timely data [18]. Group 3: Overall Assessment - Each futures app has its unique strengths, with Sina Finance leading in information authority and market coverage, while Tonghuashun Futures stands out for its functionality and ease of use [19]. - Investors are encouraged to choose the app that best fits their needs to seize opportunities in the futures market [19].

Core Viewpoint - The importance of timely information in investment is emphasized, particularly in the futures market where margin trading and high leverage can amplify both gains and losses [1]. Group 1: Importance of Information in Futures Trading - Investors require high-quality news and information to make informed decisions in the futures market due to its high leverage characteristics [1]. - The selection of an appropriate futures news and information software is crucial for investors to seize market opportunities [2]. Group 2: Top Futures News and Information Apps - **First Place: Sina Finance APP** - Offers comprehensive coverage of various futures markets with real-time quotes and high data update frequency [5]. - Integrates breaking news, market analysis, and policy updates, allowing users to quickly capture event-driven trading opportunities [5]. - Provides a rich set of tools including financial calendars, historical data, and simulated trading features [5]. - **Second Place: Tonghuashun Futures** - Features a robust platform that integrates real-time quotes, trading, news, and data analysis [9]. - Offers extensive news content and timely updates on futures market trends and investment strategies [9]. - Includes unique data features like multi-position rankings to help investors track market flows [9]. - **Third Place: Eastmoney Futures** - Leverages strong financial resources for timely and comprehensive news updates covering macroeconomic analysis and policy interpretations [11]. - Provides real-time market quotes with a user-friendly interface and community interaction features for sharing investment insights [11]. - **Fourth Place: Wenhua Finance** - Known for its stable system and accurate market data, it offers real-time monitoring and quick order placement [13]. - Provides professional futures research reports and market analysis, although less extensive in news integration compared to others [13]. - **Fifth Place: Xueqiu** - While not exclusively focused on futures, it offers a unique social platform where investors share experiences and strategies related to futures trading [15]. - Provides basic market data including real-time prices and percentage changes for futures products [16]. - **Sixth Place: Jinshi Data** - Renowned for rapid and precise news dissemination, focusing on global financial news with timely updates on international futures markets [17]. - Offers 24/7 news push services and trading tools like reminders and economic calendars, although it lacks depth in market data analysis [17].

Core Viewpoint - Since the beginning of 2024, gold prices have been on the rise, nearing the $3000 mark, with a strong bullish sentiment in the market and record net inflows into gold ETFs since 2022, supporting the price trend [1]. Group 1: Gold Market Overview - Gold prices have shown a continuous upward trend, with short-term gains temporarily pausing [1]. - The net inflow of funds into gold ETFs has reached the highest level since 2022, indicating strong market interest [1]. Group 2: Investment Opportunities - Besides purchasing gold bars from banks or jewelry stores, individuals can also trade gold futures through futures accounts [1]. - The article reviews various futures trading apps available in the market, highlighting their features and advantages for investors [1]. Group 3: Futures Trading Apps - **Sina Finance APP**: A comprehensive financial information platform providing real-time quotes for various futures, market news, and professional reports [3]. - **Tonghuashun Futures**: Offers a user-friendly interface, extensive market information, and tools for analysis and trading [6]. - **Yinhe Futures**: Backed by strong technical support, it provides efficient trading and a wealth of market research [6]. - **Boyi Master**: Features rapid data updates and customizable indicators, suitable for advanced users [6]. - **Guangfa Futures**: Simple interface and 24/7 market information, ensuring fund safety through third-party management [6]. - **Wenhua Finance**: Intuitive interface with strong data processing capabilities, catering to user trading habits [8]. - **Guotai Junan Futures**: Comprehensive features for both beginners and professionals, with real-time market updates [10]. - **CITIC Futures**: Offers a wide range of services including trading and market analysis, with a focus on security [11]. - **Dongfang Caifu Futures**: Provides extensive market coverage and analysis tools, enhancing decision-making for investors [13].

写到这，掏出手机拍一张照片，给大家看看我的两个本。 我现在和哥们打5e平台1900-2000分段的局。每次游戏结束后的数据表有每个选手的反应速度统计，我平均300-320毫秒，大多数时候都是场上10个人里最 慢的那几个，没办法，大龄选手。 每晚3-4局，打到1点半左右就散了，他们两个第二天还要上班，剩下我一个人也不会立刻去睡。 又是周末闲聊的时间，昨天后台有很多读者对我多年不上班，每天在家里都干些什么感到好奇，那今天就说说这个。我按照24小时的作息来叙述吧。 0点，夜报刚收摊不久，这个时候脑袋还处于亢奋状态，睡是不可能睡的。大学的两个哥们会滴我赶紧上yy（语音聊天软件），然后组队去打cs2比赛。我 做投资专用的苹果电脑配置不够，所以专门买了一台枪神8游戏本。 我会逛一遍链上自己重点关注的项目，看看有没有捡漏的机会，其实也就是很随意的扫一遍，我为了节省精力安装了一个谷歌的插件，叫做Distill web moniter。它可以帮我检测将近20个页面的特定位置数据，平均3-5分钟刷新一次，如果数据有变化就会发出尖锐的声音，提醒我去搞钱。 其实这个插件的功能还是有些粗糙，比如我希望它在数据波动小的时候忽略，数据波动 ...