1. Report Industry Investment Rating - The mid - term outlook for the industry is "oscillation" [6] 2. Core View of the Report - The real - world and expected scenarios are in a state of game, leading to a differentiated performance in the sector. The cost side disturbances may be repeated, and continuous attention should be paid to geopolitical and iron ore supply - side disturbances. The bullish expectations for the peak season are cautious, and the upward driving force from the real - world side remains to be verified. If the geopolitical conflict persists, price support will be strong; if it eases, prices may face a correction [1][2][6] 3. Summary by Relevant Catalogs 3.1 Iron Element - **Iron Ore**: The ongoing US - Iran conflict and the tight liquidity of some spot varieties support the futures and spot prices of iron ore. However, the overall de - stocking is difficult to achieve due to the loose supply - demand situation, which suppresses the upside valuation of prices. Iron ore is expected to show an oscillatory performance. The short - term trend depends on the spot liquidity of some varieties and the development of the US - Iran conflict, and recent fluctuations may increase [2][9] - **Scrap Steel**: The short - term arrival of scrap steel remains stable overall, and the demand from long - process steelmaking is slowly recovering. The fundamentals continue to be in a weak equilibrium, and it is expected to operate in an oscillatory manner in the short term. Attention should be paid to the actual recovery progress of terminal demand [2][10] 3.2 Carbon Element - **Coke**: In the short term, both supply and demand of coke are increasing, and the resumption of iron - making production may be faster. There is still support from the spot cost side. After the first round of spot price increase is implemented, it is expected to remain stable, and the futures price is expected to follow the cost side of coking coal [3][11] - **Coking Coal**: The trading logic of coking coal futures is shifting from energy substitution to warehouse - receipt delivery. With the decline in restocking demand, continuous import pressure, and the approaching delivery of the main contract, the futures price may be under pressure. However, geopolitical disturbances will still support the futures price, and it is expected to operate in a wide - range oscillation [3][12] 3.3 Alloys - **Manganese Silicon**: Geopolitical disturbances continue, and the expectations of rising manganese ore import costs and electricity costs for high - energy - consuming products are difficult to disprove. However, considering the loose supply - demand situation, high inventory, and difficult cost transfer in the manganese - silicon market, there is still a risk of correction in the medium - to - long - term valuation above the cost level [3][14][15] - **Silicon Iron**: Geopolitical disturbances continue, and the expectation of increasing electricity costs for high - energy - consuming products is difficult to disprove. However, the problem of over - capacity in the silicon - iron industry is serious. The continuous repair of industry profits may accelerate the resumption of production by manufacturers, leading to a more relaxed supply - demand relationship. In the medium - to - long - term, there is a risk of correction when the futures valuation is significantly higher than the comprehensive cost of manufacturers [6][16] 3.4 Glass and Soda Ash - **Glass**: There are still expectations of supply disturbances, but the inventory of middle and downstream is moderately high. Currently, the supply - demand situation is still in surplus. If production and sales do not improve continuously, high inventory will always suppress prices [6][13] - **Soda Ash**: The supply is stable at a high level in the short term, and the overall supply - demand is still in surplus. It is expected to oscillate in the short term. In the long term, the surplus pattern will intensify, and the price center will continue to decline, promoting capacity reduction [6][14] 3.5 Steel - The cost performance is differentiated, and the futures price operates in an oscillatory manner. The spot transaction has improved, the steel mill profitability has increased, and the production is gradually returning to normal. The downstream demand is slowly releasing, and the inventory is decreasing, but the overall inventory level is still moderately high. The impact of the decline in Iranian steel supply is limited in the short term. The futures price still has downward pressure, but cost - side disturbances may be repeated [8] 3.6 Commodity Index - On March 30, 2026, the comprehensive index of CITIC Futures commodities, the commodity 20 index, and the industrial products index increased by 0.96%, 1.01%, and 1.10% respectively. The steel industry chain index increased by 0.33% on that day, decreased by 1.20% in the past 5 days, increased by 6.47% in the past month, and increased by 2.87% since the beginning of the year [100][102]

Group 1: Investment Ratings - The report does not explicitly provide an overall industry investment rating. However, for individual commodities, the outlooks are as follows: - Oils and fats: Oscillatory [7][8] - Protein meals: Oscillatory [9] - Corn: Oscillatory [10][11] - Hogs: Oscillatory and weakening [11] - Natural rubber: Oscillatory [12][14] - Synthetic rubber: Oscillatory and strengthening [15] - Cotton: Oscillatory and strengthening [16] - Sugar: Oscillatory [18] - Pulp: Oscillatory [20] - Offset paper: Oscillatory [20][22] - Logs: Oscillatory [23] Group 2: Core Views - The overall agricultural market is currently characterized by complex and diverse trends, with different commodities showing various price movements and supply - demand relationships. The market is significantly influenced by factors such as macroeconomics, geopolitics, and seasonal patterns. For example, the hog market is facing high supply and weak demand, while the oil and fat market is affected by geopolitical tensions and supply - demand dynamics in the international market. Group 3: Summary by Commodity Oils and Fats - **View**: Oils and fats continue to oscillate. Geopolitical factors in the Middle East have pushed up oil prices, affecting the cost of vegetable oils. Different types of oils have their own supply - demand situations. For example, palm oil production in Malaysia decreased in the first half of March, but high prices may suppress demand [7]. - **Outlook**: Oscillatory. It is recommended to pay attention to the strategy of buying at stage - low prices [8]. Protein Meals - **View**: Trading is清淡, and the two major protein meals (soybean meal and rapeseed meal) oscillate in a narrow range. International factors such as inflation concerns in the US, geopolitical tensions, and the progress of Brazilian soybean harvest affect the price of soybeans, which in turn impacts protein meals. Domestically, the import cost has slightly decreased, but the decline in the futures price is limited. The spot market has light trading volume [9]. - **Outlook**: Oscillatory [9]. Corn - **View**: The market maintains a tight balance, and the futures price oscillates. The supply is affected by factors such as farmers' selling rhythm and the increase in wheat supply. The demand from downstream enterprises is mainly for replenishment, and the market is in a state of game between supply and demand [10][11]. - **Outlook**: Oscillatory in the short - term. In the medium - term, it has a bullish tendency based on the annual supply - demand balance [11]. Hogs - **View**: Supply remains high, and hog prices continue to decline. In the short - term, supply exceeds demand due to high inventory and low consumption. In the medium - term, the supply pressure will continue until August 2026. In the long - term, hog prices may gradually pick up in the third quarter of 2026 [11]. - **Outlook**: Oscillatory and weakening. It is recommended that the industrial sector consider short - selling hedging opportunities in the first half of the year and anti - arbitrage strategies [11]. Natural Rubber - **View**: The macro - environment is weak, and rubber prices continue to decline. The market is affected by the macro - economic downturn, the expected high yield in the Yunnan production area, and the decline in tire orders to the Middle East [12][14]. - **Outlook**: Oscillatory. It is recommended to wait and see [14]. Synthetic Rubber - **View**: The futures price is relatively firm. Geopolitical tensions in the Middle East have led to a reduction in the supply of butadiene, driving up the price of synthetic rubber. Although the fundamentals are weak, it is still easy to rise and difficult to fall under the current geopolitical situation [15]. - **Outlook**: Oscillatory and strengthening. The price will remain strong in the short - term if oil prices continue to rise [15]. Cotton - **View**: The macro - sentiment is bearish, and cotton prices continue to correct. The fundamentals are generally good, but there is a lack of new upward drivers. In the long - term, cotton prices are expected to rise, but the upside is limited in the short - term [16]. - **Outlook**: Oscillatory and strengthening. It is recommended to wait and see in the short - term and maintain a long - term buying strategy on dips [16]. Sugar - **View**: Short - term domestic and international sugar prices oscillate with oil prices. The global sugar market is expected to have a supply surplus in the 25/26 season, but oil price fluctuations may affect the sugar - to - ethanol ratio in Brazil, thereby influencing sugar supply [18]. - **Outlook**: Oscillatory. The domestic price range can be moderately widened to 5100 - 5500 yuan/ton [18]. Pulp - **View**: Pulp shows signs of stabilizing after continuous decline. The fundamentals are weak, with high inventory and low downstream demand. However, the cost provides a certain support [20]. - **Outlook**: Oscillatory. It is expected to maintain an interval - oscillation strategy, with support at 4950 - 5050 yuan/ton and resistance at 5250 - 5350 yuan/ton [20]. Offset Paper - **View**: It oscillates weakly. The market is generally stable, with some price increases. The paper mills have inventory pressure, and the demand from downstream printers is average. The price is expected to rise first and then fall from March to May [20][22]. - **Outlook**: Oscillatory. It is recommended to operate within the range of 4000 - 4400 yuan/ton [22]. Logs - **View**: Geopolitical factors increase the volatility of logs. The price is mainly driven by cost factors, such as the increase in freight and exchange rate. In the short - term, the futures price oscillates strongly, but in the medium - term, it may face pressure due to increased supply [23]. - **Outlook**: Oscillatory. It is recommended to operate within the range of 780 - 830 yuan/cubic meter [23]. Group 4: Commodity Index Data - On March 19, 2026, the comprehensive commodity index was 2569.19, with a change of - 0.50%; the commodity 20 index was 2885.41, with a change of - 1.06%; the industrial products index was 2567.44, with a change of + 0.39%. - The agricultural product index on March 19, 2026 was 968.39, with a daily change of - 0.19%, a 5 - day change of - 1.96%, a one - month change of + 4.04%, and a year - to - date change of + 3.79% [185][187].

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core View - The LPG market is strongly operating at night due to the attack on the South Pars gas field, and the propylene market has a supply reduction expectation due to geopolitical disturbances on the cost side [1] Group 3: Summary by Directory 1. Fundamental Tracking - **Futures Market**: For LPG (PG), on March 18, 2026, the 2604 contract had a closing price of 5,766 with a -1.42% daily change and a night - closing price of 6,268 with an 8.71% night - change; the 2605 contract had a closing price of 5,670 with a -1.15% daily change and a night - closing price of 6,195 with a 9.26% night - change; the 2606 contract had a closing price of 5,525 with a -1.13% daily change and a night - closing price of 6,038 with a 9.29% night - change. For propylene (PL), the 2604 contract had a closing price of 8,220 with a 0.00% daily change and a night - closing price of 8,538 with a 3.87% night - change; the 2605 contract had a closing price of 8,313 with a -1.15% daily change and a night - closing price of 8,811 with a 5.99% night - change; the 2606 contract had a closing price of 8,084 with a -1.61% daily change and a night - closing price of 8,638 with a 6.85% night - change [1] - **Spot Market**: For LPG, the Shandong civil price was 5,630 with a -136 change from the previous day and a 183 main - contract basis; the East China import price was 6,623 with a 957 main - contract basis. For propylene, the Shandong price was 8,045 with a 20 change from the previous day and a -268 main - contract basis; the East China price was 8,300 with a 60 change from the previous day and a -13 main - contract basis [1] - **Industrial Chain开工**: As of March 13, 2026, the PDH开工 rate was 63.23%, a -1.7 change from the previous week; the alkylation开工 rate was 38.6%, a 1.4 change from the previous week; the MTBE开工 rate was 68.94%, a 1.22 change from the previous week [1] - **LPG Shipment Volume**: On March 18, 2026, the global LPG shipment volume from the US was 22.1 (a 17.1 change from March 17), and from the Middle East was 0.0 (no change from March 17). The Asian shipment volume from the US was 12.9 (a 7.9 change from March 17), and from the Middle East was 0.0 (no change from March 17) [1] 2. Trend Intensity - The trend intensity of LPG is 1, and the trend intensity of propylene is 1, indicating a neutral - to - slightly - strong outlook as the range is [-2, 2] [9] 3. Market Information - On March 18, 2026 (Singapore closing time), the April CP paper - goods price for propane was 589 US dollars/ton, a 2 - dollar increase from the previous trading day; for butane, it was 583 US dollars/ton, a 2 - dollar increase from the previous trading day. The May CP paper - goods price for propane was 595 US dollars/ton, a 1 - dollar increase from the previous trading day [12] - There are multiple domestic PDH device maintenance plans and domestic LPG factory device maintenance plans as detailed in the report [13]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The shipping market shows an overall oscillating and strengthening trend today, but there are hidden risks of differentiation. The short - term market is supported by the forward freight rate announcements of leading shipping companies, with the price rising as trading volume increases. Some route capacity optimization also provides short - term price support. However, long - term supply - demand imbalance pressure cannot be ignored, as new ship deliveries and the release of hidden capacity will intensify the oversupply risk, and weak global trade demand cannot absorb the new supply. Geopolitical uncertainties and EU environmental regulations also impact the market. [4] Group 3: Summary by Related Catalogs Shipping Derivatives Data - China Export Container Freight Rates: SCFI - West America has a current value of 1489, a previous value of 1333, and a growth rate of 11.71%; SCFIS - West America has a current value of 1121, a previous value of 1045, and a growth rate of 0.93%; SCFI - East America has a current value of 2717, a previous value of 1857, and a growth rate of 4.47%; SCFI - Northwest Europe has a current value of 1452, a previous value of 1045, and a growth rate of 7.27%; CCFI has a current value of 1054, a previous value of 1420, and a growth rate of 0.97%; the comprehensive index SCFI has a current value of 1940, a previous value of 2691, and a growth rate of 2.25%. SCFIS - Northwest Europe has a current value of 1545, a previous value of 1463, and a growth rate of 5.60%; SCFI - Mediterranean has a current value of 2360, a previous value of 2305, and a growth rate of 0.39%. [1][2] Geopolitical Situation - Iran's new Supreme Leader Mujtaba Khamenei stated that the Strait of Hormuz must remain closed, and all US military bases in the region should be immediately closed, or they will be attacked. [2] Market Trend - The market shows an upward trend. [3] Strategy - Adopt a wait - and - see approach and consider a 4 - 5 reverse spread. [6]

1. Report Industry Investment Rating - The report gives a "volatile" rating for soybean meal [6] 2. Core Viewpoints of the Report - The Middle East conflict has ignited the market's bullish sentiment from multiple aspects, and the market's concern about the short - supply of imported soybeans from March to April, along with the development of Sino - US relations, are the main factors affecting the soybean meal futures price. Although the Middle East conflict has long - term positive effects, the current supply - demand situation may limit the upside space of soybean meal [1][2][3][4] 3. Summary According to the Directory 3.1 Middle East Conflict Ignites Market Bullish Sentiment 3.1.1 Crude Oil Rise Benefits US Soybean Oil Industrial Demand and US Soybean Crushing Demand - The market trading logic is that the rise in crude oil leads to an increase in diesel, then an increase in US biodiesel demand, followed by an increase in soybean oil industrial demand, an increase in US soybean crushing demand, and finally a rise in CBOT soybeans. The US soybean crushing capacity cannot expand significantly in the short term, and the current USDA has already raised the US soybean crushing target for the 25/26 season, with a low probability of a further significant increase in the short term. Additionally, the rise in crude oil has led to an increase in shipping costs, which has made the Brazilian CNF premium stable and even rising, benefiting the soybean meal futures price [13][14][22] 3.1.2 Rising Fertilizer Prices Make the Market Concerned about the Impact on Crop Spring Sowing - The market trading logic is that the obstruction of fertilizer production and export in the Middle East leads to a surge in fertilizer prices, an increase in planting costs, a possible decrease in crop area and yield, and a rise in grain prices. For the current soybean market, there is no substantial impact. In Brazil, the 25/26 season soybean harvest is over half, so the increase in fertilizer prices has little impact on this year's Brazilian soybeans. In the US, due to the high CBOT soybean/corn ratio, the expected soybean planting area will increase, and the rise in nitrogen fertilizer prices may be beneficial for the increase in soybean planting area, which is bearish for CBOT soybean prices in terms of supply - demand [24][25] 3.1.3 Obstruction of Rapeseed Meal and Rapeseed Oil Exports from the Middle East - Although the Middle East is not a major producer and exporter of soybeans and related products, the UAE's rapeseed meal and rapeseed oil exports rank high globally. The substitution and price correlation between oils and protein meals may lead to an increase in the price of soybeans and related products. However, the absolute export volume of the UAE's rapeseed oil and rapeseed meal is relatively small [36] 3.2 Market Concerns about the Short - Supply of Imported Soybeans from March to April - Concerns about the short - supply of imported soybeans from March to April have made the soybean meal May contract extremely strong. However, the global soybean balance sheet is still very loose, with the South American four - country soybean output reaching a record high and the global soybean ending inventory rising to a record high. Domestic inventory is also at a historically high level, and the high profit of purchasing Brazilian soybeans will stimulate oil mills to actively buy ships [42][43] 3.3 The Development of Sino - US Relations Still Deserves Continuous Attention - Sino - US relations and China's actual procurement of US soybeans are important variables affecting the soybean meal futures price. Although there was an expectation that China would increase the procurement of US soybeans, there is no evidence of large - scale procurement. If the expectation of improved US soybean exports fails, CBOT soybeans may give back some of the gains from early February to before the outbreak of the Middle East conflict [3][54][55] 3.4 Summary and Outlook - The Middle East conflict is beneficial for soybean and soybean meal prices from multiple aspects, and the recent market concerns about the short - supply of imported soybeans from March to April have intensified, causing the soybean meal futures price to rise. Although the positive impact of the Middle East conflict is more of a long - term logic and the short - term impact is limited, considering the Middle East situation, the soybean meal main contract may be difficult to fall below 2900. However, the loose global soybean balance sheet and high domestic soybean meal inventory may limit the upside space of soybean meal [4][59]

1. Report Industry Investment Rating - Not provided 2. Core Views of the Report - The geopolitical situation between the US and Iran remains tense, with the navigation obstruction in the Strait of Hormuz unresolved, leading to a risk of raw material supply interruption. Asian refineries, including those in China, have undergone varying degrees of maintenance and production cuts, resulting in a supply contraction expectation and cost - side support [2]. - The supply of raw material propane is tight, and the losses of PDH plant profits are deepening, increasing the expectation of PDH plant shutdowns. The demand side shows that downstream rigid demand is following up, and the return of some PP powder enterprises in Shandong has driven up demand. In the short - term, with the Strait of Hormuz not significantly unblocked, cost increases, and a tight supply - demand pattern, there is a risk of market fluctuations [2]. 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - **Propylene**: The closing price of the propylene main contract is 7,812 yuan/ton (+339), the spot price in East China is 8,700 yuan/ton (-175), and in North China is 8,325 yuan/ton (-475). The basis in East China is 888 yuan/ton (-514), and in Shandong is 513 yuan/ton (-814). The propylene operating rate is 73% (+1%), the difference between propylene CFR in China and Japanese naphtha CFR is 294 US dollars/ton (+65), the difference between propylene CFR and 1.2 propane CFR is 19 US dollars/ton (-79), the import profit is -477 yuan/ton (-114), and the in - plant inventory is 44,640 tons (-330) [1]. - **Propylene downstream**: The operating rate of PP powder is 27% (+3.67%), with a production profit of -675 yuan/ton (-125); the operating rate of propylene oxide is 80% (+0%), with a production profit of -580 yuan/ton (-25); the operating rate of n - butanol is 86% (+1%), with a production profit of 1,627 yuan/ton (-105); the operating rate of octanol is 95% (-2%), with a production profit of 998 yuan/ton (+342); the operating rate of acrylic acid is 79% (-1%), with a production profit of 4,323 yuan/ton (+124); the operating rate of acrylonitrile is 75% (-1%), with a production profit of 294 yuan/ton (+380); the operating rate of phenol - acetone is 88% (+0%), with a production profit of 2,500 yuan/ton (+0) [1]. 3.2 Market Analysis - The geopolitical situation between the US and Iran has not improved, and the risk of raw material supply interruption persists. Refineries in Asia, including those in China, have reduced production. Some refineries have already implemented production cuts, and more olefin enterprises may reduce production if the Middle East situation does not cool down [2]. - The supply of propane is tight, and PDH plant profits are in deeper losses, increasing the expectation of PDH plant shutdowns. The demand side shows that downstream rigid demand is following up, and the return of some PP powder enterprises in Shandong has driven up demand. In the short - term, there is a risk of market fluctuations [2]. 3.3 Strategy - **Unilateral**: Cautiously go long on hedging at low prices [3]. - **Inter - period**: None [3]. - **Inter - variety**: None [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Geopolitical disturbances have reversed the supply - demand expectations, and the polyolefin market is expected to continue the bullish trend before the conflict ends. However, short - term fluctuations are large, and risk control should be noted [4][8] - For plastics, the Middle East geopolitical conflict may lead to import reduction, potential production load reduction, and strong cost support. For PP, the conflict mainly affects through the raw material end, with compressed PDH profits and strong cost support [4][8] 3. Summary by Directory 1.1. Market Review - This week, plastics and PP both showed a volatile and upward trend. Plastics opened flat at 6630, with a weekly low of 6624 and a high of 7695, an amplitude of 1067 points. PP opened flat at 6680, with a weekly low of 6635 and a high of 7800, an amplitude of 1189 points [3][7][13] 1.2. Capital - As of Thursday this week, the PE main contract position decreased from 480,000 lots to 390,000 lots [15][16] 1.3. Basis - As of Thursday this week, the plastics main contract basis was 57 yuan/ton, and the PP main contract spread was 37 yuan/ton [19] 1.4. Monthly Spread - As of Thursday this week, the L59 spread was 152 yuan/ton, with a maximum intraday of 251 yuan/ton on March 5. The PP59 spread was 277 yuan/ton [22] 1.5. Warehouse Receipts No specific content provided 1.6. Cross - Variety - As of Thursday this week, the LP05 spread was 179 yuan/ton, and the MTO05 spread was - 186 yuan/ton [27] 1.7. Industry Chain Price and Valuation - The cost side has strong support, and the trends of ethylene and propylene are differentiated [29] 2.1. Supply - This week, the PE output was 720,000 tons, with a capacity utilization rate of 87% and a cumulative year - on - year increase of 11.5%. The PP output was 770,000 tons, with a capacity utilization rate of 76% and a cumulative year - on - year output increase of 5.3%. In March, the planned new maintenance capacity was 3.28 million tons [45][47] 2.2. Import and Export - In 2025, the average monthly PE import volume was 1.12 million tons (year - on - year decrease of 3.2%), and the export volume was 90,000 tons (year - on - year increase of 29%). The average monthly PP import volume was 280,000 tons (year - on - year decrease of 8.3%), and the export volume was 260,000 tons (year - on - year increase of 29%) [52][53][54] 2.3. Downstream Start - up Rate - The downstream start - up rates of PE and PP have declined. The agricultural film start - up rate of PE is at a low level in the same period [55][59] 2.4. Demand - In 2025, the average monthly export value of plastics and products was 11.8 billion US dollars (year - on - year increase of 0.4%), and the proportion of exports to the United States was 14% [65] 2.5. Inventory - This week, the PE commercial inventory was 1.27 million tons, and the PP commercial inventory was 1.08 million tons, both at low levels in the same period. As of Thursday, the polyolefin petrochemical inventory was 475,000 tons. The PE and PP enterprise inventories were 320,000 tons and 430,000 tons respectively. The PE social inventory was 480,000 tons, and the PP trader inventory was 180,000 tons [67][70][73][76] 1.1. Spot Price Review No specific content provided 1.2. Warehouse No specific content provided 1.3. Valuation and Profit No specific content provided 2.1. Supply (PDH) - This week, the propylene capacity utilization rate was 72%, and the PDH start - up rate was still at a low level in the same period [89] 2.2. Demand No specific content provided 2.3. Inventory No specific content provided 4. Strategies For Plastics - Unilateral: Buy on dips. Pay attention to the range of 7500 - 8500 yuan/ton for L2605 [5] - Arbitrage: Hold short LP05 spread [5] - Hedging: Mainly conduct cash - and - carry arbitrage [5] For PP - Unilateral: Buy on dips. Pay attention to the range of 7500 - 8500 yuan/ton for PP2605 [10] - Arbitrage: Wait and see [10] - Hedging: Mainly conduct cash - and - carry arbitrage [10]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - LPG has strong short - term geopolitical disturbances, and propylene has geopolitical disturbances at the cost end with a tight fundamental situation [1]. - The trend strength of LPG is 0, and that of propylene is 1, indicating a neutral view on LPG and a slightly bullish view on propylene [5]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market** - For LPG futures (PG), on March 5, 2026, the closing prices of PG 2604, 2605, and 2606 were 5,127, 5,022, and 4,902 respectively, with daily declines of 3.34%, 3.27%, and 3.43%. The night - closing prices were 5,150, 5,035, and 4,919 respectively, with night - time increases of 0.45%, 0.26%, and 0.35%. Trading volumes and positions also had corresponding changes [1]. - For propylene futures (PL), on March 5, 2026, the closing prices of PL 2604, 2605, and 2606 were 7,136, 7,085, and 6,896 respectively, with daily changes of 0.98%, - 0.04%, and - 0.40%. The night - closing prices were 7,135, 7,119, and 6,916 respectively, with night - time changes of - 0.01%, 0.48%, and 0.29%. Trading volumes and positions also had corresponding changes [1]. - **Spot Market** - For LPG, prices in different regions such as Shandong civilian, East China civilian, South China civilian, etc. had different changes compared to the previous day. For example, Shandong civilian LPG price increased by 10 to 4,850, and the主力基差 increased by 187 to - 277 [1]. - For propylene, prices in Shandong, East China, and South China also had changes. For example, the Shandong propylene price increased by 355 to 7,370, and the主力基差 increased by 358 to 285 [1]. - **Industrial Chain开工** - As of March 6, 2026, the PDH开工 rate was 64.93%, an increase of 1.7 compared to last week; the alkylation开工 rate was 38.37%, unchanged from last week; the MTBE开工 rate was 67.72%, an increase of 0.5 compared to last week [1]. - **LPG Shipment Volume** - From the United States, the global shipment volume on March 5, 2026, was 9.8 tons, an increase of 0.2 compared to the previous day; the Asian shipment volume was 4.6 tons, an increase of 4.6 compared to the previous day. - From the Middle East, the global shipment volume on March 5, 2026, was 0.0 tons, a decrease of 8.8 compared to the previous day; the Asian shipment volume was 0.0 tons, a decrease of 4.6 compared to the previous day [1]. 3.2 Market Information - On March 5, 2026 (Singapore closing time), the April CP paper - cargo price of propane was 591 US dollars/ton, a decrease of 9 US dollars/ton compared to the previous trading day; the price of butane was 590 US dollars/ton, unchanged from the previous trading day. The May CP paper - cargo price of propane was 566 US dollars/ton, a decrease of 2 US dollars/ton compared to the previous trading day [6]. - There are multiple domestic PDH device maintenance plans, including those of Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., with different start times and most of the end times undetermined [7]. - There are also multiple domestic liquefied gas factory device maintenance plans, including those of Rizhao (China National Offshore Oil Corporation), Shangneng Petrochemical, Dongchen Petrochemical, etc., with different start and end times and corresponding loss volumes [7].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - LPG has strong short - term geopolitical disturbances, and propylene has geopolitical disturbances at the cost end with a tight fundamental situation [1] - The trend strength of LPG and propylene is 2, indicating a relatively strong outlook [6] 3. Summary by Related Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Market - For LPG futures: The 2603 PG contract closed at 4,051 yesterday with a - 4.75% daily decline, and the night - session closed at 4,070 with a 0.47% increase. The 2604 contract closed at 4,519 with a - 1.03% daily decline, and the night - session closed at 4,542 with a 0.51% increase. The 2605 contract closed at 4,452 with a - 0.89% daily decline, and the night - session closed at 4,469 with a 0.38% increase [1] - For propylene futures: The 2603 PL contract closed at 6,140 with a - 0.84% daily decline, and the night - session closed at 6,159 with a 0.31% increase. The 2604 PL contract closed at 6,254 with a - 0.92% daily decline, and the night - session closed at 6,258 with a 0.06% increase. The 2605 PL contract closed at 6,202 with a - 1.74% daily decline, and the night - session closed at 6,230 with a 0.45% increase [1] 3.1.2 Spot Market - For LPG: Shandong civil LPG was priced at 4,500 with a 20 increase, and the main basis was - 19 with a 67 increase. East China imported LPG was priced at 5,001 with no change, and the main basis was 582 with a 47 increase [1] - For propylene: Shandong propylene was priced at 6,470 with a - 55 decrease, and the main basis was 268 with a 55 increase. East China propylene was priced at 6,550 with no change, and the main basis was 348 with a 110 increase [1] 3.1.3 Industry Chain开工 - The PDH operating rate was 63.23, a - 1.61 decrease from last week. The alkylation operating rate was 37.72 with no change, and the MTBE operating rate was 67.22 with no change [1] 3.1.4 LPG Shipment Volume - From the US: The global shipment volume was 4.8 tons yesterday, a - 14.2 decrease from the day before. The Asian shipment volume was 0.0 tons, a - 11.2 decrease from the day before [1] - From the Middle East: The global shipment volume was 7.9 tons yesterday, a - 10.0 decrease from the day before. The Asian shipment volume was 7.9 tons, a - 10.0 decrease from the day before [1] 3.2 Market News - Saudi Aramco's March 2026 CP: Propane was 545 dollars/ton, unchanged from last month; butane was 540 dollars/ton, unchanged from last month. The landed US - dollar cost of propane was 640 dollars/ton, and that of butane was 635 dollars/ton. The RMB landed cost of propane was about 4,876 yuan/ton, and that of butane was about 4,838 yuan/ton [7] - There are multiple domestic PDH device maintenance plans, involving companies such as Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc. [8][9] - There are also domestic liquefied gas plant device maintenance plans, including plants in Shandong and the western region [9]

Group 1: Industry Investment Rating - No industry investment rating is provided in the report. Group 2: Core View - The report focuses on zinc, with a trend intensity of 0, indicating a neutral view. It also presents news about Iran nuclear - related negotiations and the market's reaction to Nvidia's earnings [1][2][3]. Group 3: Summary by Directory 1. Fundamental Tracking - **Price and Volume**: The closing price of SHFE zinc main contract was 24,570 yuan/ton, down 0.57%; LME zinc 3M electronic trading closed at 3,387 dollars/ton, down 0.01%. SHFE zinc main contract trading volume was 94,374 lots, an increase of 10,354 lots; LME zinc trading volume was 9,705 lots, a decrease of 4 lots [1]. - **Position and Premium**: SHFE zinc main contract open interest was 92,762 lots, an increase of 3,278 lots; LME zinc open interest was 229,485 lots, a decrease of 782 lots. Shanghai 0 zinc premium was - 45 yuan/ton, unchanged; LME CASH - 3M premium was - 29.64 dollars/ton, an increase of 2.29 dollars/ton [1]. - **Inventory**: SHFE zinc futures inventory was 65,572 tons, an increase of 253 tons; LME zinc inventory was 98,400 tons, a decrease of 1,425 tons. LME zinc cancelled warrants were 7,500 tons, a decrease of 1,825 tons [1]. - **Related Products**: The price of 1.0mm hot - dipped galvanized coil was 4,013 yuan/ton, unchanged; the price of Shanghai Zamak - 5 zinc alloy was 25,710 yuan/ton, down 70 yuan/ton; the price of Shanghai Zamak - 3 zinc alloy was 25,135 yuan/ton, down 70 yuan/ton; the price of zinc oxide ≥99.7% was 23,200 yuan/ton, down 100 yuan/ton [1]. 2. News - **Iran Nuclear Negotiation**: Iran's foreign minister said that the two sides are close to reaching a consensus in some areas, and technical negotiations will be held in Vienna next Monday. The Omani foreign minister said the negotiations have "made significant progress", but media reported that there are still large differences between the two sides [2]. - **Nvidia's Earnings**: Nvidia has exceeded revenue expectations for 14 consecutive quarters, but the market is concerned about the sustainability of AI demand and Nvidia's supply constraints. Its other business segments underperformed despite strong growth in the data center business [2][3]. 3. Trend Intensity - The trend intensity of zinc is 0, indicating a neutral view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [3].