Group 1 - The Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange announced the market closure schedule for the Qingming Festival in 2026, which will be from April 4 (Saturday) to April 6 (Monday), with normal trading resuming on April 7 (Tuesday) [1] - The Hong Kong Stock Connect trading days during the Hong Kong Good Friday, Qingming Festival, and Easter in 2026 will not provide services from April 3 (Friday) to April 7 (Tuesday), with services resuming on April 8 (Wednesday) [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Urea spot ex-factory prices have reached the March guidance price, remaining stable during the critical period of spring plowing supply guarantee and price stability. The off-season reserve starts to be fully released in March. Affected by geopolitical conflict news, the overall volatility of bulk commodities has intensified, leading to fluctuations in the urea futures market and a slowdown in spot transactions. Downstream demand is mainly for rigid needs. Supply has decreased slightly due to an increase in temporary malfunctions. In the demand side, the application of greening fertilizers in central regions is nearing completion, while spring plowing in South China and Southwest China is in progress. The operating rate of compound fertilizers continues to rise, with good sales of previously low-priced orders but some resistance to high prices in the market. The melamine market sentiment is positive, with good export prospects, rising prices, and an increasing operating rate, leading to rigid demand for purchases. Recently, industrial demand has increased, resulting in a reduction in factory inventories and a slight increase in port inventories. The situation in Iran has caused a significant increase in international urea prices, but there is no new news about domestic export quotas, so the high overseas urea prices cannot be effectively transmitted to the domestic market. Continued attention should be paid to export dynamics, the rhythm of off-season reserve release, and the sustainability of spot purchase sentiment [2] Summary by Directory 1. Urea Basis Structure - On March 30, 2026, the closing price of the urea main contract was 1,882 yuan/ton (+5). The ex-factory price of small granular urea in Henan was 1,860 yuan/ton (0), in Shandong was 1,900 yuan/ton (+0), and in Jiangsu was 1,900 yuan/ton (+10). The basis in Shandong was 18 yuan/ton (-5), in Henan was -22 yuan/ton (-5), and in Jiangsu was 18 yuan/ton (+5) [1] 2. Urea Production - As of March 30, 2026, the enterprise capacity utilization rate was 88.35% (0.08%). The total inventory of sample enterprises was 70.05 tons (-10.84), and the port sample inventory was 16.90 tons (+0.20) [1] 3. Urea Production Profit and Operating Rate - The urea production profit was 300 yuan/ton (+0) [1] 4. Urea FOB Price and Export Profit - The export profit was 3,112 yuan/ton (+285) [1] 5. Urea Downstream Operating Rate and Orders - As of March 30, 2026, the capacity utilization rate of compound fertilizers was 51.24% (+1.27%); the capacity utilization rate of melamine was 65.98% (+6.67%); the number of pre - received order days of urea enterprises was 8.24 days (-0.05) [1] 6. Urea Inventory and Warehouse Receipts - As of March 30, 2026, the total inventory of sample enterprises was 70.05 tons (-10.84), and the port sample inventory was 16.90 tons (+0.20) [1] Strategies - Unilateral: Range - bound oscillation - Inter - period: Wait - and - see - Inter - variety: None [3]

Group 1 - The article reports a navigation warning issued by the Dalian Maritime Safety Administration, stating that from March 29, 16:00 to April 5, 16:00, military operations will be conducted in the Bohai Strait and northern Yellow Sea, prohibiting entry into the area [1] Group 2 - The article highlights significant market movements, including a surge in storage chip stocks and mentions that institutions see this as a buying opportunity [4] - It also discusses the evolving geopolitical situation involving Iran, the U.S. military, and potential impacts on gold prices, indicating a volatile market environment [4] - The article notes that a major stock has received positive news, suggesting a new catalyst for growth in a promising sector [4]

Group 1 - A fire occurred in a high-rise building near Qinxian North Street in Xiaodian District, Taiyuan City, Shanxi Province, resulting in 1 death, 7 serious injuries, and 18 minor injuries [1] - The fire was extinguished on the evening of the 28th, and initial reports indicate the extent of casualties [1] Group 2 - There are ongoing developments in the geopolitical landscape, including Iran's formulation of conditions for ending the war and new movements from the US aircraft carrier [3] - The situation in Iran has led to a collective surge in the market, with gold prices experiencing significant increases [3] - A notable stock has received positive news, indicating potential investment opportunities in a high-growth sector [3]

Group 1 - The core viewpoint of the article emphasizes the need to mitigate the regional impact and economic fallout of the current Middle East conflict, particularly regarding the situation in Iran [1] - The G7 foreign ministers and the EU's High Representative for Foreign Affairs and Security Policy called for a reduction in the conflict's effects on regional partners, civilians, and critical infrastructure, while coordinating humanitarian aid efforts [1] - The statement advocates for the permanent restoration of navigation in the Strait of Hormuz as a measure to alleviate economic shocks stemming from the conflict [1]

Core Viewpoint - The G7 foreign ministers and the EU's High Representative for Foreign Affairs and Security Policy issued a joint statement addressing the situation in Iran, emphasizing the need to mitigate the regional impact of current Middle Eastern conflicts and their economic repercussions [3]. Group 1 - The statement calls for reducing the impact of conflicts on regional partners, civilians, and critical infrastructure, while coordinating humanitarian aid efforts [3]. - It urges an immediate cessation of attacks on civilians and civilian infrastructure [3]. - The G7 emphasizes the importance of establishing diversified partnerships, enhancing coordination, and supporting relevant initiatives to alleviate the economic shocks stemming from the conflicts [3]. - The statement also advocates for the permanent restoration of navigation in the Strait of Hormuz [3].

Group 1 - The core viewpoint of the article emphasizes the importance of the long-term stable comprehensive strategic partnership between China and the UK, as highlighted by the positive evaluations following Prime Minister Starmer's historic visit to China in January [1] - Both parties aim to implement the consensus reached by their leaders, enhance communication and cooperation, and manage differences effectively to promote the stable development of China-UK relations [1] - Discussions also included the situations in Iran and Ukraine, with China advocating for a political resolution through dialogue rather than exacerbating tensions [1]

Report Industry Investment Rating - Not provided Core View of the Report - The change in the interest rate trend expectations of major central banks has significantly increased the holding cost of non - interest - generating precious metals, suppressing the price trends of gold and silver. After a sharp short - term decline, the short - selling force has been somewhat released, and the prices may fluctuate widely at the current level. Continuous attention should be paid to the evolution of the Iranian situation. [2] Summary by Relevant Catalogs Market Quotes - COMEX gold futures fell 4.99% to $4651.90 per ounce, and COMEX silver futures fell 6.16% to $72.81 per ounce. Shanghai gold's main contract fell 4.99% to 1026.74 yuan per gram, and Shanghai silver's main contract fell 6.07% to 17660 yuan per kilogram. [1] Important Information - On March 19, the holdings of the world's largest gold ETF, SPDR Gold Trust, decreased by 4.858 tons from the previous day, with the current holding at 1062.135 tons. The holdings of the world's largest silver ETF, iShares Silver Trust, decreased by 77.46 tons from the previous day, with the current holding at 15186.94 tons. [1] - According to CME's "FedWatch", the probability of the Fed raising interest rates by 25 basis points in April is 7.2%, and the probability of keeping the interest rate unchanged is 92.8%. By June, the probability of a cumulative 25 - basis - point interest rate hike is 9.2%, the probability of a cumulative 50 - basis - point interest rate hike is 0.2%, and the probability of keeping the interest rate unchanged is 90.6%. [1] - On Thursday, the European Central Bank announced to keep the deposit facility rate at 2.00%, the main refinancing rate at 2.15%, and the marginal lending rate at 2.40%, in line with market expectations. The Bank of England unanimously decided to keep the interest rate unchanged and opened the channel for "possible interest rate hikes". The Bank of Japan kept the interest rate at 0.75% for the second consecutive meeting and mentioned in the statement that it is concerned about the impact of rising oil prices. [1] - The number of initial jobless claims in the US last week was 205,000, lower than the estimated 215,000 and the previous value of 213,000. The number of continued jobless claims in the week of March 7 increased by 10,000 to 1.857 million. [1] - US Treasury Secretary Besent said on March 19 that the US did not attack Iran's energy infrastructure, has allowed Iranian oil to continue to be transported through the Gulf region, and may lift sanctions on Iranian oil at sea in the next few days. In addition, the US may release strategic oil reserves again to suppress oil prices. [1] - France, the UK, Germany, Italy, the Netherlands, and Japan announced in a joint statement that they are prepared to take appropriate measures together to ensure the safety of navigation in the Strait of Hormuz. [1] - Iran said its offensive and defensive capabilities are unprecedented and warned that it will retaliate if its energy facilities are attacked again. According to Iranian lawmakers, the Iranian parliament is promoting a bill that requires relevant countries to pay tolls and taxes to Iran if the Strait of Hormuz is used as a safe passage for ship traffic, energy, and food transportation. [1] Market Logic - The US Producer Price Index in February rose 3.4% year - on - year, higher than the market forecast of 3.0%. Traders further reduced their bets on Fed rate cuts in 2026. The number of initial jobless claims in the US last week was lower than expected, reducing the expectation of Fed rate cuts in 2026 and leading to bets on interest rate hikes. The Fed decided to keep the federal funds rate unchanged in March, in line with market expectations. The European, British, and Japanese central banks all announced unchanged interest rates, and the European Central Bank raised its inflation forecast. [2] - The US dollar index fell 1.10% to 99.19 on Thursday, and the yield of the benchmark 10 - year US Treasury bond first rose and then fell, closing at 4.25%. After Iran counterattacked the oil and gas facilities of relevant Middle - Eastern countries, the US Treasury Secretary said that sanctions on Iranian oil on sea tankers might be lifted, and Israel would "suspend" air strikes on Iranian energy facilities. International crude oil prices rose sharply on Thursday and then declined. [2] Trading Strategy - The market's short - term volatility has increased, and investors should pay attention to controlling positions and preventing risks. [2]

Group 1 - Iranian security forces arrested 54 anti-government personnel and spies, seizing 3 firearms, 76 cold weapons, 1 grenade, and a large quantity of ammunition [1] - The situation indicates ongoing tensions within Iran, potentially impacting regional stability and oil markets [1] Group 2 - Trump claimed that Iran has been "completely defeated," suggesting a shift in U.S. policy towards Iran [2] - Trump also mentioned plans to conduct airstrikes on Iran's oil export hubs, which could have significant implications for global oil supply and prices [2]

Core Viewpoint - The Chinese government is actively engaging in diplomatic efforts to mediate the escalating tensions in the Middle East, particularly regarding the situation in Iran, emphasizing the need for dialogue and a political resolution [2][3]. Group 1: Diplomatic Efforts - Foreign Minister Wang Yi has been in communication with foreign ministers from Kuwait, Bahrain, Pakistan, and Qatar to discuss the Iranian situation and promote peace [2]. - China has consistently called for a ceasefire and a return to dialogue since the outbreak of hostilities, with the Chinese special envoy for Middle Eastern affairs currently visiting the region [2]. Group 2: Urgency of Action - There is a strong sense of urgency for all parties involved to immediately halt military actions and return to negotiations to prevent further escalation of the conflict [3].