1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The overall performance of listed companies that have disclosed their 2025 annual reports is good. However, the current oil price increase caused by the US - Iran conflict impacts the global financial market. Although Trump has sent a signal of easing, the oil price may still rise before the war ends completely. The concerns about economic recession and rising prices due to stagflation have a significant suppressing effect on the equity market, especially growth - style stocks [2] 3. Summary by Related Catalogs 3.1 Futures Market - **Futures Contract Prices**: IF main contract (2606) is at 4388.4, up 61.2; IF sub - main contract (2604) is at 4449.4, up 61.4. IH main contract (2606) is at 2810.6, up 46.0; IH sub - main contract (2604) is at 2826.2, up 178.4. IC main contract (2606) is at 7409.6, up 196.2; IC sub - main contract (2604) is at 7554.8, up 178.4. IM main contract (2606) is at 7387.2, up 221.2; IM sub - main contract (2604) is at 7552.6, up 209.2 [2] - **Futures Contract Spreads**: IF - IH monthly contract spread is 1623.2, up 18.8; IC - IF monthly contract spread is 3105.4, up 115.8. IM - IC monthly contract spread is - 2.2, up 21.4; IC - IH monthly contract spread is 4728.6, up 134.6. IM - IF monthly contract spread is 3103.2, up 137.2; IM - IH monthly contract spread is 4726.4, up 156.0 [2] - **Futures Seasonal - Monthly Spreads**: IF current season - monthly is - 61.0, down 7.4; IF next season - monthly is - 144.2, down 5.0. IH current season - monthly is - 15.6, up 2.0; IH next season - monthly is - 53.2, down 0.8. IC current season - monthly is - 145.2, up 7.4; IC next season - monthly is - 315.4, up 23.2. IM current season - monthly is - 165.4, up 8.6; IM next season - monthly is - 379, up 15.0 [2] - **Futures Net Positions of Top 20**: IF top 20 net positions are 25,084.00, down 578.0; IH top 20 net positions are 20,683.00, down 57.0. IC top 20 net positions are 34,618.00, down 1714.0; IM top 20 net positions are 47,320.00, down 2565.0 [2] - **Spot Prices and Basis**: The Shanghai and Shenzhen 300 index is at 4474.72, up 56.7; IF main contract basis is - 86.3, down 12.7. The Shanghai Stock Exchange 50 index is at 2830.9, up 38.5; IH main contract basis is - 20.3, down 3.9. The CSI 500 index is at 7597.4, up 156.6; IC main contract basis is - 187.8, up 18.0. The CSI 1000 index is at 7600.9, up 191.8; IM main contract basis is - 213.7, up 5.4 [2] 3.2 Market Sentiment - A - share trading volume (daily, billion yuan) is 20,960.70, down 3520.35; margin trading balance (previous trading day, billion yuan) is 26,200.31, down 122.63. North - bound trading volume (previous trading day, billion yuan) is 3523.41, up 132.53; reverse repurchase (maturity volume, operation volume, billion yuan) is - 510.0, up 175.0. Main funds (yesterday, today, billion yuan) are - 1253.99, up 82.89. The proportion of rising stocks (daily, %) is 93.55, up 87.99. Shibor (daily, %) is 1.318, up 0.001 [2] - IO at - the - money call option closing price (2604) is 85.80, down 12.80; IO at - the - money call option implied volatility (%) is 18.53, down 6.18. IO at - the - money put option closing price (2604) is 88.40, down 52.40; IO at - the - money put option implied volatility (%) is 18.53, down 5.98. The 20 - day volatility of the Shanghai and Shenzhen 300 index (%) is 17.35, up 0.28; trading volume PCR (%) is 65.19, down 27.07. Position PCR (%) is 63.35, down 0.27 [2] 3.3 Wind Market Strength - Weakness Analysis - All A - shares score 8.60, up 6.80; technical aspect scores 9.40, up 8.90; capital aspect scores 7.80, up 4.80 [2] 3.4 Industry News - A - share major indices closed up collectively. The three major indices opened higher in the morning and showed differentiation, then turned positive at the end of the session. Small - and medium - cap stocks outperformed large - cap blue - chip stocks. By the close, the Shanghai Composite Index rose 1.78%, the Shenzhen Component Index rose 1.43%, and the ChiNext Index rose 0.5%. The trading volume of the Shanghai and Shenzhen stock markets declined significantly. More than 5100 stocks in the whole market rose. Most industry sectors rose, with environmental protection and textile and apparel sectors strengthening significantly, while only the coal and oil and petrochemical sectors declined [2] - Overseas, on March 23 local time, the US said it had positive progress in peace talks with Iran, easing market concerns and causing international oil prices to decline sharply. However, Iran later denied it, and the decline in oil prices narrowed. Domestically, in terms of the economic fundamentals, from January to February 2026, the added value of above - scale industries, fixed - asset investment, social retail sales, imports and exports, and inflation data all rebounded significantly compared with the previous values, and the national economy in 2026 had a good start. In terms of the fundamentals of listed companies, among the four broad - based indices of the listed companies that have disclosed their 2025 annual reports, the revenue and net profit growth rates of the CSI 500 and CSI 1000 have accelerated, and the revenue growth rate of the Shanghai and Shenzhen 300 has also increased slightly [2] 3.5 Key Concerns - March 24, 16:15 - 17:30: France, Germany, Eurozone, UK March SPGI manufacturing, services, and composite PMI flash values; US March SPGI manufacturing, services, and composite PMI flash values - March 27, 9:30: China's industrial enterprise profits above designated size in February [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - A股主要指数收盘集体大幅下跌，三大指数低开低走，上证指数一度跌破3800点，至尾盘小幅回升，中小盘股弱于大盘蓝筹股，沪深两市成交额有所回升，行业板块普遍下跌，仅煤炭、石油石化板块逆市上涨 [2] - 2026年1 - 2月国内规上工业增加值、固投、社零、进出口、通胀数据均较前值显著回升，国民经济整体录得良好开局；从已披露2025年年报的上市公司看，中证500、中证1000营收与净利增速均加快，沪深300营收增速亦小幅抬升，2月份国内经济基本面表现强劲 [2] - 3月下半月上市公司进入年报密集披露期，市场转向事实验证阶段，目前披露2025年年报的上市公司整体表现良好 [2] - 美伊冲突带来的油价上涨冲击全球金融市场，战争局势未见明显好转，后续油价仍有进一步走高可能，停滞性通货膨胀带来的经济衰退和物价上涨忧虑对权益市场尤其是成长风格股票产生明显压制 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Futures Contract Prices - IF主力合约（2606）价格为4344.4，环比下降160.4；IF次主力合约（2604）价格为4398.0，环比下降160.4 [2] - IH主力合约（2606）价格为2776.0，环比下降98.6；IH次主力合约（2604）价格为2793.6，环比下降95.2 [2] - IC主力合约（2606）价格为7235.0，环比下降371.2；IC次主力合约（2604）价格为7387.6，环比下降356.6 [2] - IM主力合约（2606）价格为7190.0，环比下降422.6；IM次主力合约（2604）价格为7364.0，环比下降410.8 [2] 3.1.2 Futures Contract Spreads - IF - IH当月合约价差为1604.4，环比下降54.2；IC - IF当月合约价差为2989.6，环比下降167.0 [2] - IM - IC当月合约价差为 - 23.6，环比下降54.8；IC - IH当月合约价差为4594.0，环比下降221.2 [2] - IM - IF当月合约价差为2966.0，环比下降221.8；IM - IH当月合约价差为4570.4，环比下降276.0 [2] - IF当季 - 当月为 - 53.6，环比无变化；IF下季 - 当月为 - 139.2，环比下降5.8 [2] - IH当季 - 当月为 - 17.6，环比下降2.0；IH下季 - 当月为 - 52.4，环比下降3.6 [2] - IC当季 - 当月为 - 152.6，环比下降15.4；IC下季 - 当月为 - 338.6，环比下降24.8 [2] - IM当季 - 当月为 - 174.0，环比下降6.2；IM下季 - 当月为 - 394，环比下降10.2 [2] 3.1.3 Futures Positions - IF前20名净持仓为24,067.00，环比下降1040.0；IH前20名净持仓为20,392.00，环比增加331.0 [2] - IC前20名净持仓为33,090.00，环比增加108.0；IM前20名净持仓为51,403.00，环比下降311.0 [2] 3.2 Spot Market - 沪深300现货价格为4418.00，环比下降149.0；IF主力合约基差为 - 73.6，环比增加7.0 [2] - 上证50现货价格为2,792.3，环比下降91.5；IH主力合约基差为 - 16.3，环比增加1.7 [2] - 中证500现货价格为7,440.8，环比下降319.3；IC主力合约基差为 - 205.8，环比下降5.1 [2] - 中证1000现货价格为7,409.1，环比下降374.3；IM主力合约基差为 - 219.1，环比增加4.3 [2] 3.3 Market Sentiment - A股成交额（日，亿元）为24,481.05，环比增加1452.81；两融余额（前一交易日，亿元）为26,322.94，环比下降178.34 [2] - 北向成交合计（前一交易日，亿元）为3390.88，环比增加644.56；逆回购（到期量，操作量，亿元）为 - 1373.0，环比增加80.0 [2] - 主力资金（昨日，今日，亿元）为 - 738.53，环比下降1253.99 [2] - 上涨股票比例（日，%）为5.56，环比下降6.48；Shibor（日，%）为1.317，环比下降0.002 [2] - IO平值看涨期权收盘价（2604）为124.80，环比下降65.40；IO平值看涨期权隐含波动率（%）为25.36，环比增加4.99 [2] - IO平值看跌期权收盘价（2604）为118.00，环比增加73.00；IO平值看跌期权隐含波动率（%）为25.36，环比增加5.07 [2] - 沪深300指数20日波动率（%）为17.07，环比增加3.57；成交量PCR（%）为92.21，环比增加15.76 [2] - 持仓量PCR（%）为64.23，环比下降4.65 [2] 3.4 Wind Market Strength - Weakness Analysis - 全部A股为1.80，环比下降0.70；技术面为0.60，环比下降0.60 [2] - 资金面为3.00，环比下降0.90 [2] 3.5 Industry News - 当地时间3月21日，特朗普要求伊朗在48小时内开放霍尔木兹海峡，否则将对伊朗“各类发电厂”发动打击并摧毁；伊朗方面回应若发电站等基础设施被打击，将采取包括关闭霍尔木兹海峡等4项措施，油价将长期上涨 [2] - A股主要指数收盘集体大幅下跌，三大指数低开低走，行业板块普遍下跌，仅煤炭、石油石化板块逆市上涨 [2] - 当地时间3月18日周末期间，美伊局势进一步升级，特朗普表示若伊朗不开放霍尔木兹海峡将袭击其电力设备，伊朗回应若电力设施遭到打击将完全关闭霍尔木兹海峡，市场对美联储在10月份议息会议上加息的预期为29.2% [2] 3.6 Key Points of Attention - 3月24日16:15 - 17:30关注法国、德国、欧元区、英国3月SPGI制造业、服务业、综合PMI初值以及美国3月SPGI制造业、服务业、综合PMI初值 [3] - 3月27日9:30关注中国2月规上工业企业利润 [3]

Core Viewpoint - Despite challenges such as inflation risks and a weak employment outlook, the U.S. stock market is expected to finish the year on a positive note, with a majority of investors anticipating further gains in the S&P 500 index by 2025 [1] Group 1: Market Sentiment - A survey conducted from September 5 to 10 revealed that two-thirds of the 116 respondents believe the S&P 500 index will continue to rise by 2025 [1] - Most respondents expect signals of further interest rate cuts from the Federal Reserve before the end of the year to drive the S&P 500 index higher [1] Group 2: Economic Concerns - Despite the optimistic outlook for the stock market, economic concerns remain prevalent, with less than one-fifth of respondents viewing a rebound in economic data as a catalyst for stock market gains [1] - Among the bearish investors, the prospect of stagflation in the U.S. is seen as a greater risk than declines in technology stocks or potential tariff increases by Trump [1]