Group 1: Report Overview - Report Date: March 4, 2026 [2] - Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Investment Rating - Not provided Group 3: Core View - The oil and fat sector continued to strengthen, mainly due to the continuous military strikes by the United States and Israel against Iran, which pushed up crude oil prices. The oil and fat market is expected to follow the trend of crude oil and be bullish in the near future. Attention should be paid to the progress of the US biodiesel policy and the trend of international crude oil prices [7] Group 4: Market Review and Operation Suggestions - Dongguan rapeseed oil traders' quotes: Spot: OI2605 + 450, April - May: OI2605 + 280, May - July: OI2605 + 120. East China market soybean oil basis prices: March: Y2605 + 340, April - May: Y2605 + 280, May - July: Y2609 + 260, June - September: Y2609 + 250. Palm oil basis quotes were stable with a slight decline: East China port 24 - degree 05 - 60, 24 - degree refined 05 + 230 (yuan/ton) [7] - In February 2026, Malaysia's palm oil exports decreased by 21.5% - 25.5% month - on - month. Malaysia's palm oil inventory in February may have decreased for the second consecutive month, with an expected decrease of 6.52% from January to 2.63 million tons, the lowest since November last year. The Malaysian Palm Oil Board (MPOB) plans to release its monthly report on March 10 [7] Group 5: Industry News - According to SPPOMA data, Malaysia's palm oil production in February decreased by 19.35% month - on - month, with the fresh fruit bunch (FFB) yield per unit area decreasing by 19.2% month - on - month and the oil extraction rate (OER) decreasing by 0.03% month - on - month [8] - AmSpec data showed that Malaysia's palm oil exports in February were 1,025,449 tons, a 25.5% decrease from January. ITS data showed that exports were 1,149,063 tons, a 21.5% decrease from January, with exports to China increasing by 17,800 tons to 58,000 tons compared to the previous month. SGS data showed that Malaysia's palm oil product exports in February 2026 were 852,629 tons, a 9.76% decrease from January, with exports to China increasing significantly from 44,000 tons to 57,000 tons [8][9] Group 6: Data Overview - USDA压榨月报: In January 2026, the US soybean crushing volume was 227.8 million bushels, a 0.9% decrease from the previous month and a 7% increase from the same period last year, slightly higher than the market expectation of 226.3 million bushels. As of the end of January 2026, the US soybean oil inventory was 2.433 billion pounds, a 11.7% increase from the previous month and a 33.9% surge from the same period last year, the highest level since April 2023 [14] - As of February 27, the soybean harvest progress in Mato Grosso state in the 2025/26 season reached 78.34% of the planted area, higher than 65.75% a week ago but lower than 82.30% in the same period last year. The predicted soybean production in the state in the 2025/26 season is 50.5 million tons, a 0.74% decrease from the record - high production of the previous year [14]

Report Industry Investment Rating - Not provided Core Viewpoints - Due to the escalation of the US-Iran conflict, aromatics continue to be strong. Affected by the US-Iran situation, styrene and pure benzene both remained strong during the day. With the Strait of Hormuz closure crisis having a huge impact on crude oil and oil prices rising further, pure benzene and styrene are likely to rise in the short term. Adopt the idea of going long at low prices after a pullback, and focus on tracking the current US-Iran situation and crude oil trends [1][3] Summary by Directory Fundamental Analysis - As of February 23, 2026, the global styrene operating rate was 72.80%, a month-on-month increase of 3.43% and a year-on-year decrease of 3.89%, at a relatively low level in the same period in the past six years [1] - As of February 24, 2026, the total inventory of the styrene port sample in Jiangsu was 158,100 tons, an increase of 61,900 tons or 64.35% from the previous period. The commercial inventory was 87,200 tons, an increase of 33,200 tons or 61.48% from the previous period [1] Macroeconomic Analysis - Six departments including the Ministry of Industry and Information Technology support photovoltaic component parts manufacturers such as photovoltaic glass, crystalline silicon materials, junction boxes, and aluminum frames to strengthen cooperation with comprehensive utilization enterprises of renewable resources [2] - The Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference will open at 3:00 pm on March 4 in the Great Hall of the People and close on the morning of March 11, with a session of 7 days [2] - US President's special envoy Witkoff said that it is impossible to reach an agreement with Iran, and he described the meeting with Iranian officials as ineffective [2] - Shipping industry news shows that three oil tankers were attacked and damaged in the coastal waters of the Persian Gulf. On the other hand, shipping data shows that more than 200 vessels, including oil and liquefied gas tankers, are anchored in the Strait of Hormuz and nearby waters [2] Futures and Spot Market Analysis - Affected by the US-Iran situation, styrene and pure benzene both remained strong during the day. With the Strait of Hormuz closure crisis having a huge impact on crude oil and oil prices rising further, pure benzene and styrene are likely to rise in the short term. Adopt the idea of going long at low prices after a pullback, and focus on tracking the current US-Iran situation and crude oil trends [3]

Group 1: General Information - Report date is March 3, 2026 [2] - Reported industry is the oil and fat industry [1] - Researchers are Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [3] Group 2: Market Review and Operational Suggestions Market Review | Futures Contract | Previous Settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | P2605 | 8756 | 8814 | 8922 | 8768 | 8898 | 142 | 1.62% | 489772 | 387932 | -560 | | P2609 | 8776 | 8814 | 8944 | 8784 | 8920 | 144 | 1.64% | 55344 | 90314 | 1730 | | Y2605 | 8226 | 8246 | 8304 | 8208 | 8260 | 34 | 0.41% | 328276 | 656400 | -10210 | | Y2609 | 8184 | 8218 | 8278 | 8174 | 8244 | 60 | 0.73% | 75167 | 242090 | 5961 | | O1605 | 9208 | 9210 | 9390 | 9196 | 9366 | 151 | 1.64% | 248126 | 268810 | 10866 | | O1609 | 9191 | 9196 | 9352 | 9188 | 9330 | 39 | 1.51% | 25736 | 44208 | 4705 | [7] Spot Price Quotes - Dongguan rapeseed oil traders' quotes: Spot: OI2605 + 450, April - May: OI2605 + 280, May - July: OI2605 + 120 - East China market soybean oil basis price: March: Y2605 + 340, April - May: Y2605 + 280, May - July: Y2609 + 260, June - September: Y2609 + 250 - Palm oil basis quotes are stable with a slight decline: East China port 24 - degree 05 - 60, 24 - degree refined 05 + 230 (unit: yuan/ton) [7] Core Viewpoint - The intensification of geopolitical conflicts has caused a significant increase in crude oil futures prices, driving the overall strength of the oil and fat sector. On February 28, the Ministry of Commerce officially ruled that Canadian - imported rapeseed was being dumped and announced that a 5.9% anti - dumping duty would be imposed on relevant Canadian companies for five years starting from March 1, 2026, which was in line with expectations. In the near future, the oil and fat market is expected to follow the trend of crude oil and be viewed bullishly. Attention should be paid to the progress of the US biofuel policy and the trend of international crude oil prices [8] Group 3: Industry News - According to data from the Southern Palm Oil Millers' Association (SPPOMA) of Malaysia, the palm oil production in Malaysia decreased by 19.35% month - on - month in February, with the fresh fruit bunch (FFB) yield per unit area decreasing by 19.2% month - on - month and the oil extraction rate (OER) decreasing by 0.03% month - on - month [9] - According to data released by the independent inspection agency AmSpec, the export volume of Malaysian palm oil in February was 1,025,449 tons, a decrease of 25.5% compared to the 1,375,718 tons exported in January [9] - According to data released by the shipping survey agency ITS, the export volume of Malaysian palm oil in February was 1,149,063 tons, a decrease of 21.5% compared to the 1,463,069 tons exported in January. The exports to China were 58,000 tons, an increase of 17,800 tons compared to 40,100 tons in the previous month [9] - According to data released by the cargo inspection agency SGS, the export volume of Malaysian palm oil products from February 1 - 28, 2026, was 852,629 tons, a decrease of 9.76% compared to the 944,885 tons exported in January. The exports to China were 57,000 tons, a significant increase compared to 44,000 tons in the same period of the previous month [9] Group 4: Data Overview - The report includes multiple charts such as the spot price of 24 - degree palm oil in South China, palm oil basis changes, the spot price of Grade 3 rapeseed oil in East China, the spot price of Grade 4 soybean oil in East China, soybean oil basis changes, rapeseed oil basis changes, P1 - 5 spread, P5 - 9 spread, P9 - 1 spread, US dollar to Malaysian ringgit exchange rate, and US dollar to RMB exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [13][16][22][24][30][31]

Group 1: Gold and Silver Market Analysis - The gold and silver markets are currently experiencing fluctuations within their respective bullish trends, with gold not reaching its previous high while silver is approaching the 37.3 high point [2] - The trading range for gold last week was between 3245 and 3365, and it is expected to continue this range unless it breaks out, with potential downward movement to 3120 if it breaks below [4] - For silver, the key points to watch are the breakout of the 37.3 high and the support level at 35.2, indicating a bullish trend but with limited upward momentum [6] Group 2: Domestic Gold and Silver Trading - Domestic gold trading saw a successful bottom-fishing strategy last week, with profits captured, and the outlook remains bullish for this week, focusing on support levels at 772 and 765 for further buying opportunities [5] - In the silver market, the domestic contract (沪银) reached a target of 9000, and the strategy for this week involves either waiting for a pullback to key support levels or holding light short positions [6] Group 3: Oil Market Overview - The international oil market is showing a bullish trend, with support at 64 and a recent high of 67.5, indicating potential for further gains depending on market news [7] - Domestic fuel oil is also maintaining a bullish outlook, with previous positions held at 2850 and potential for upward movement towards 3000 and 3200 [7]