1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - After the closing of the Two Sessions, the market has gradually realized the policy benefits brought by the National Two Sessions, and the subsequent market will shift to the fact - verification stage [2] - The domestic economic fundamentals in February were strong, and the macro - fundamentals remained stable, providing support for the stock market. Although external shocks had a short - term impact on the domestic market, after the negative impact of rising oil prices was digested, the A - share market was still expected to continue the slow - bull market [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - IF main contract (2603) latest price was 4662.8, up 3.0; IF sub - main contract (2606) latest price was 4589.0, up 1.6 [2] - IH main contract (2603) latest price was 2952.0, down 7.6; IH sub - main contract (2606) latest price was 2942.2, down 6.0 [2] - IC main contract (2603) latest price was 8178.4, down 51.4; IC sub - main contract (2606) latest price was 8003.4, down 45.0 [2] - IM main contract (2603) latest price was 8187.0, down 17.0; IM sub - main contract (2606) latest price was 7952.8, down 14.0 [2] - IF - IH current - month contract spread was 1710.8, up 9.8; IC - IF current - month contract spread was 3515.6, down 40.2 [2] - IM - IC current - month contract spread was 8.6, up 35.4; IC - IH current - month contract spread was 5226.4, down 30.4 [2] - IM - IF current - month contract spread was 3524.2, down 4.8; IM - IH current - month contract spread was 5235.0, up 5.0 [2] - IF quarterly - current - month was - 73.8, up 0.6; IF next - quarter - current - month was - 152.8, down 3.2 [2] - IH quarterly - current - month was - 9.8, up 1.4; IH next - quarter - current - month was - 46, up 4.4 [2] - IC quarterly - current - month was - 175.0, up 8.0; IC next - quarter - current - month was - 339.6, up 10.8 [2] - IM quarterly - current - month was - 234.2, up 1.6; IM next - quarter - current - month was - 444.2, down 3.2 [2] 3.2 Futures Position - IF top 20 net position was 29,362.00, down 954.0; IH top 20 net position was 20,657.00, up 920.0 [2] - IC top 20 net position was 27,819.00, up 1844.0; IM top 20 net position was 56,018.00, up 624.0 [2] 3.3 Spot Price - CSI 300 was 4671.56, up 2.4; IF main contract basis was - 8.8, up 2.4 [2] - SSE 50 was 2,954.1, down 2.8; IH main contract basis was - 2.1, down 2.2 [2] - CSI 500 was 8,185.2, down 54.7; IC main contract basis was - 6.8, up 19.3 [2] - CSI 1000 was 8,211.4, down 2.9; IM main contract basis was - 24.4, up 2.9 [2] 3.4 Market Sentiment - A - share trading volume (daily, billion yuan) was 23,399.03, down 773.72; margin trading balance (previous trading day, billion yuan) was 26,517.11, down 129.47 [2] - Northbound trading total (previous trading day, billion yuan) was 2952.45, down 9.33; reverse repurchase (maturity volume, operation volume, billion yuan) was - 6485.0, up 6373.0 [2] - Main - force funds (yesterday, today, billion yuan) were - 774.10 and - 430.85; MLF (roll - over volume, net injection, billion yuan) had no data [2] - Rising stock ratio (daily, %) was 51.48, up 24.09; Shibor (daily, %) was 1.320, down 0.001 [2] - IO at - the - money call option closing price (2603) was 40.60, down 7.00; IO at - the - money call option implied volatility (%) was 13.83, down 2.55 [2] - IO at - the - money put option closing price (2603) was 26.40, down 13.60; IO at - the - money put option implied volatility (%) was 13.82, down 2.56 [2] - CSI 300 index 20 - day volatility (%) was 13.35, down 0.17; trading volume PCR (%) was 75.76, up 12.81 [2] - Position PCR (%) was 71.57, up 0.02 [2] 3.5 Wind Market Strength and Weakness Analysis - All A - shares were 5.00, up 1.60; technical aspect was 5.20, up 2.50 [2] - Capital aspect: from January to February, the added value of industrial enterprises above designated size increased by 6.3% year - on - year. In February, it increased by 0.83% month - on - month [2] - From January to February, the total retail sales of consumer goods were 86079 billion yuan, a year - on - year increase of 2.8%. From January to February, the national fixed - asset investment (excluding rural households) was 52721 billion yuan, a year - on - year increase of 1.8%. Among them, private fixed - asset investment decreased by 2.6% year - on - year. In February, fixed - asset investment (excluding rural households) increased by 0.39% month - on - month [2] - From January to February, the national real estate development investment was 9612 billion yuan, a year - on - year decrease of 11.1%. From January to February, the floor area under construction of real estate development enterprises decreased by 11.7% year - on - year, the newly started floor area decreased by 23.1%, and the completed floor area decreased by 27.9%. From January to February, the sales area of newly built commercial housing decreased by 13.5% year - on - year, and the sales volume decreased by 20.2% [2] 3.6 Industry News - The central bank announced that in the first two months of this year, RMB loans increased by 5.61 trillion yuan; the increment of social financing scale was 9.6 trillion yuan, an increase of 3162 billion yuan year - on - year. At the end of February, M2 increased by 9% year - on - year, and the stock of social financing scale increased by 8.2% year - on - year [2] - US President Trump said that Iran had expressed its willingness to negotiate a cease - fire, but the current conditions were "not good enough", so the US would not reach an agreement to end the war with Iran for the time being. Iranian Foreign Minister Araqchi said that Iran had never requested a cease - fire and would continue to defend until President Trump recognized it as an "illegal and unwinnable war" [2] - A - share major indices closed with mixed results, with the three major indices showing differentiation. The Shenzhen market was stronger than the Shanghai market. At the close, the Shanghai Composite Index fell 0.26%, the Shenzhen Component Index rose 0.19%, and the ChiNext Index rose 1.41%. The trading volume of the Shanghai and Shenzhen stock markets decreased slightly. Industry sectors rose and fell mixed, with the steel and non - ferrous metal sectors weakening significantly, and the food and beverage sector leading the gains [2] - Overseas, the conflict between the US and Iran continued, and the latest statements of both sides were tough, which pushed up the geopolitical risk premium of crude oil. On March 16, during the Asian trading session, Brent crude oil reached $105 and fluctuated repeatedly [2] - Domestically, in terms of economic fundamentals, from January to February 2026, the added value of domestic industrial enterprises above designated size, fixed - asset investment, social retail sales, imports and exports, and inflation data all rebounded significantly compared with the previous values, only the real - estate demand side remained weak, and the national economy in 2026 had a good start [2] - In terms of financial data, the growth rate of M2 in February was flat compared with the previous value, the growth rate of M1 accelerated significantly, the gap between M1 and M2 further narrowed, and the activation degree of funds increased. In addition, the gap between household deposits and M2 increased, indicating that the pace of household deposits flowing into the stock market slowed down, but since the gap was still in the negative range, it showed that the transfer of household deposits continued [2] 3.7 Key Concerns - On March 18 at 20:30, the US February PPI and core PPI data will be released [3] - On March 19 at 2:00, the Federal Reserve will announce its interest - rate decision [3] - On March 19 at 20:00, the Bank of England will announce its interest - rate decision [3] - On March 19 at 21:15, the European Central Bank will announce its interest - rate decision [3]