Core Viewpoint - The article discusses a lawsuit filed by Oregon and 23 other states against the Trump administration's new tariff measures, claiming they are illegal and harmful to the U.S. economy [1][2]. Group 1: Legal and Economic Implications - The lawsuit argues that the Trump administration has imposed tariffs without legal authorization, leading to economic chaos in the U.S. [1] - A recent Supreme Court ruling deemed the previous tariff actions under the International Emergency Economic Powers Act illegal, yet Trump invoked the Trade Act of 1974 to impose a 15% tariff on most products globally [1]. - The Trade Act's provisions are only applicable under specific conditions, such as a "huge and serious international balance of payments deficit," which does not equate to a trade deficit, indicating another potential violation of the law [1]. Group 2: Impact on Consumers - An analysis by researchers at the New York Federal Reserve indicates that by 2025, approximately 90% of the "tariff costs" will be borne by U.S. consumers and businesses [1]. - In Oregon, the new tariff measures are projected to increase the annual living costs for average households by over $1,200 [1].

Core Viewpoint - The article discusses a lawsuit filed by Oregon and 23 other states against the Trump administration's new tariff measures, claiming they are illegal and harmful to the U.S. economy [1][2]. Group 1: Legal Action - Oregon's Attorney General, along with counterparts from Arizona, California, and New York, is leading the lawsuit against the Trump administration [2]. - The lawsuit argues that the tariffs were imposed without legal authority and violate constitutional principles of separation of powers [1]. Group 2: Economic Impact - A recent analysis from the New York Federal Reserve indicates that by 2025, approximately 90% of the "tariff costs" will be borne by U.S. consumers and businesses [1]. - The new tariff measures are projected to increase the annual living costs for average households in Oregon by over $1,200 [1].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The price of soybean meal may be stable with a slight upward trend due to the impact of geopolitical events in the Middle East on market sentiment [1]. - The price of soybean No.1 may also be stable with a slight upward trend, and attention should be paid to the sentiment in the domestic commodity market [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Prices**: DCE soybean No.1 2605 closed at 4,708 yuan/ton during the day session, up 16 yuan (+0.34%), and 4,687 yuan at night, down 26 yuan (-0.55%); DCE soybean meal 2605 closed at 2,833 yuan/ton during the day session, unchanged (+0.00%), and 2,826 yuan at night, down 2 yuan (-0.07%); CBOT soybean 05 closed at 1,170 cents/bushel, up 6.5 cents (+0.56%); CBOT soybean meal 05 closed at 320 dollars/short ton, down 0.9 dollars (-0.28%) [1]. - **Spot Prices**: In Shandong, the spot price of soybean meal was 3,050 - 3,140 yuan/ton, down 60 yuan to unchanged from the previous day; in East China, it was 3,070 yuan/ton (Taizhou Huifu), down 20 yuan; in South China, it was 3,080 - 3,260 yuan/ton, down 60 yuan to up 20 yuan. The soybean net - grain purchase price in Harbin's Wuchang, Shangzhi, Binxian, and Bayan was 4,540 yuan/ton [1]. - **Industry Data**: The trading volume of soybean meal was 0.95 million tons/day, compared with 3.65 million tons/day in the previous two trading days; the inventory was not available, compared with 80.89 million tons/week in the previous two trading weeks [1]. 3.2 Macro and Industry News - On February 27, 2026, CBOT soybean futures closed slightly higher, with the benchmark contract up 0.6%, reaching the highest level since mid - June 2024. The clear outlook for US biofuel demand was the main driver, but the demand for US soybeans from China remained uncertain [3]. - On February 28, the US and Israel launched a military strike on Iran, and China called for an immediate halt to the military action to avoid the escalation of tensions and restore dialogue [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is +1, and that of soybean No.1 is +1, indicating a slightly upward trend in the main - contract futures prices during the day session on the report day [3].

Group 1: Report Summary - The report is a daily strategy report on natural rubber by the Futures Research Institute of Fangzheng Mid-term [3] - It was written on February 24, 2026 [1] Group 2: Investment Ratings - No investment ratings provided in the report Group 3: Core Views - After the Spring Festival, the chemical industry and the stock market rose sharply, boosting the rubber futures price to challenge the previous high. The overseas spot price of rubber was stable to firm during the holiday, and the suspension of production in rubber-producing areas supported the rubber price [3] - In the US, the GDP growth rate in Q4 2025 was 1.4% quarter-on-quarter annualized, lower than the market expectation of 2.5% and the revised value of 4.4% in Q3. The PCE price index rose 2.9%, higher than the previous value of 2.8%. The core CPI annual rate in January 2026 dropped to 2.5%, a five - year low. The expectation of interest rate cuts has increased [3] - The confrontation between the US and Iran has escalated, and the Russia - Ukraine negotiation has not made substantial progress, causing the crude oil price to gap up, which in turn drove up the synthetic rubber price. However, the potential decline in geopolitical sentiment and the rise in macro - hedging sentiment could lead to a retracement of the crude oil price premium [3] - The US President Trump signed an executive order to impose a 10% global tariff on all countries, increasing market concerns about a new round of trade conflicts [4] - As of February 8, 2026, the social inventory of natural rubber in China was 1.296 million tons, a month - on - month increase of 15,000 tons or 1.2%, which is a major risk factor for the current rise in rubber prices [4] - The rubber - producing areas are gradually entering the off - season, and the raw material price is stable to firm. The downstream is in the seasonal off - season with weak terminal demand, and the finished product inventory is increasing. The supply - demand surplus pattern is expected to gradually improve in the long - term [4] - For rubber trading, take partial profits on long single - sided positions at high levels and avoid chasing the market at high levels due to the volatile macro sentiment [4] Group 4: Section Summaries Part I: Rubber Variety View Summary - For rubber, the recommended strategy is to buy on dips. The main logic is the continuous small increase in domestic spot inventory, stable overseas supply, firm spot price, and the boost from macro sentiment. The support range is 15,500 - 15,800, and the pressure range is 16,300 - 16,500. The market is expected to fluctuate upwards [10] - For 20 - number rubber, the recommended strategy is also to buy on dips. The main logic is that the dark - colored rubber has reached an inventory turning point, the Thai glue price is firm, and the output in Q4 is declining. The support range is 12,700 - 12,800, and the pressure range is 13,420 - 13,805. The market is expected to recover from the bottom [10] Part II: Futures Market Review I. Futures Market Review - The closing price of the rubber continuous contract was 17,030, with a daily increase of 3.90% or 640. The trading volume was 245,962, and the open interest was 162,068 [10] - The closing price of the 20 - number rubber continuous contract was 13,795, with a daily increase of 3.96% or 525. The trading volume was 66,703, and the open interest was 47,522 [10] - The closing price of the Singapore TSR20 continuous contract was 194, with a daily increase of 0.57% or 1. The trading volume was 1,899, and the open interest was 24,490 [10] II. Futures Market Warehouse Receipts - The latest warehouse receipt quantity of 20 - number rubber was 50,601, a year - on - year change of - 4.20%. The warehouse receipts have rebounded from a low level, and the market's expectation of inventory accumulation has resurfaced [14] - The latest warehouse receipt quantity of rubber was 112,570, a year - on - year change of - 40.42%. A large number of warehouse receipts were cancelled today, and the futures inventory has dropped sharply year - on - year, increasing the delivery risk of futures contracts and supporting the RU futures price [14] Part III: Spot Market Trends - The spot price of natural rubber was 16,283 yuan/ton, a month - on - month decrease of 109 yuan/ton and a year - on - year decrease of 853 yuan/ton [19] - The price of Yunnan glue was 14,200 yuan/ton, unchanged month - on - month and a year - on - year decrease of 1,800 yuan/ton [19] - The price of Thai Haie glue was 62 Thai baht/kg, unchanged month - on - month and a year - on - year decrease of 4 Thai baht/kg [19] - The price of Thai Haie cup rubber was 57 Thai baht/kg, a month - on - month increase of 1 Thai baht/kg and a year - on - year decrease of 5 Thai baht/kg [19] - The price of Thai 20 - number standard rubber in Qingdao Free Trade Zone was 1,980 US dollars/ton, unchanged month - on - month and a year - on - year decrease of 170 US dollars/ton [19] Part IV: Basis and Spread Situation - The basis of the RU main contract was - 32, a month - on - month increase of 10 and a year - on - year increase of 437 [24] - The basis of the NR main contract was 1,820, a month - on - month increase of 90 and a year - on - year increase of 115 [24] - The non - standard basis of Thai mixed - RU was - 985, a month - on - month decrease of 55 and a year - on - year increase of 250 [24] - The non - standard basis of SVR3L - RU was 235, a month - on - month decrease of 100 and a year - on - year increase of 570 [24] - The cross - variety spread of RU - NR was 3,235, a month - on - month increase of 100 and a year - on - year increase of 695 [24] - The spread between light and dark - colored rubber (whole milk - Thai mixed) was 720, a month - on - month increase of 55 and a year - on - year decrease of 30 [24] Part V: Inter - month Spread Situation - For rubber, the 5 - 9 spread was 200, a month - on - month increase of 80 and a year - on - year increase of 345. It is expected to fluctuate within a range, and the recommended strategy is to wait and see [26] - For 20 - number rubber, the 3 - 4 spread was - 70, a month - on - month decrease of 10 and a year - on - year decrease of 365. It is expected to fluctuate within a range, and the recommended strategy is to wait and see [26] Part VI: Industrial Supply, Demand and Inventory Situation - No specific data summaries were provided in the text, only the figure descriptions related to supply, demand and inventory were given [30] Part VII: Option - related Data - No specific data summaries were provided in the text, only the figure descriptions related to option data were given [34]

Group 1 - The total amount of gold futures at the Shanghai Futures Exchange is 105,072 kilograms, with no change from the previous day [1] - The main gold futures contract opened at 1,160.00 CNY per gram, reaching a high of 1,162.32 CNY and a low of 1,142.00 CNY, currently trading at 1,150.50 CNY, reflecting a 3.52% increase [1] - Trading volume for the day is 126,903 contracts, with open interest increasing by 4,271 contracts to a total of 157,411 contracts [1] Group 2 - The U.S. Supreme Court ruled that the Trump administration's large-scale tariff measures under the International Emergency Economic Powers Act (IEEPA) lack clear legal authorization [1] - Following the ruling, Trump announced an additional 10% tariff on global goods, which he later increased to 15%, with plans to determine and announce new legally permissible tariff measures in the coming months [1]

Group 1 - The core viewpoint of the article emphasizes the ongoing large-scale equipment upgrades in China, with projects accelerating across various sectors, including industrial, electronic information, and energy conservation, involving around 20 fields [2][10] - The U.S. Supreme Court ruled that the large tariffs imposed by the Trump administration under the International Emergency Economic Powers Act (IEEPA) lack clear legal authorization, leading to the suspension of most tariffs, including the "fentanyl tariff" [2][10] - Following the court ruling, Trump signed an executive order imposing a 10% import tariff on goods entering the U.S. for 150 days, with plans to increase this rate to 15% in the coming months [2][10] Group 2 - In the past week, global major stock indices showed mixed results, with the South Korean Composite Index leading with a rise of approximately 5.5%, while indices in Brazil, France, and the UK also performed well [3][11] - The U.S. stock market saw all three major indices close higher, with the Nasdaq leading the gains at +1.5% [3][11] - The domestic market is expected to maintain a "self-driven" operational logic, with institutions resuming allocation strategies post-holiday, supported by the potential influx of resident funds [4][12] Group 3 - The market outlook for the year anticipates a slow upward trend, characterized by a "slow bull" pattern, driven by the potential of domestic policy developments and the long-term support from the continuous appreciation of the Renminbi [5][12]

Core Viewpoint - The Democratic Party will block any efforts to extend the tariffs implemented by Trump under Section 122, which are set to expire this summer [1]. Group 1 - Senate Minority Leader Chuck Schumer stated that Democrats will prevent any extension of the tariffs [1].

Group 1 - The White House has confirmed the termination of certain tariff measures, which may impact trade dynamics and economic relations [3][5]. - An executive order signed by former President Trump has led to the cessation of specific tariffs, indicating a shift in trade policy [5]. - International gold and silver prices have seen an increase as of February 20, suggesting potential investment opportunities in precious metals [6]. Group 2 - China has once again become Germany's largest trading partner, with projected import and export totals reaching €251.8 billion by 2025, highlighting the strengthening economic ties between the two nations [10]. - The White House has announced the effective date and scope of temporary import tariffs, which include critical minerals, precious metals, and energy resources, indicating a focus on strategic commodities [13].

Core Viewpoint - The U.S. government has confirmed that tariffs previously implemented under an executive order and the International Emergency Economic Powers Act will no longer be effective following a Supreme Court ruling [1] Group 1 - The U.S. White House has acknowledged the Supreme Court's decision regarding the tariffs [1] - The tariffs were initially enacted based on an executive order and the International Emergency Economic Powers Act [1]

Group 1 - The U.S. government confirmed that tariffs previously imposed under an executive order and the International Emergency Economic Powers Act will no longer be effective following a Supreme Court ruling [1]