1. Report Industry Investment Rating - There is no information provided in the content about the report industry investment rating. 2. Core View of the Report - The report presents the market liquidity situation of various sectors on March 31, 2026, including the trading volume, holding amount, and trading - holding ratio of each sector, as well as their changes compared with the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity - The report provides data on the trading volume, holding amount, and trading - holding ratio of multiple sectors, including the stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building materials sectors, along with their changes compared to the previous trading day [1][2] II. Stock Index Plate - On March 31, 2026, the trading volume of the stock index plate was 768.938 billion yuan, a +1.65% change from the previous trading day; the holding amount was 1441.666 billion yuan, a +1.20% change; the trading - holding ratio was 52.06% [1] III. Treasury Bond Plate - The trading volume of the treasury bond plate was 328.049 billion yuan, a - 9.66% change from the previous trading day; the holding amount was 899.274 billion yuan, a +2.06% change; the trading - holding ratio was 35.37% [1] IV. Basic Metal and Precious Metal (Metal Plate) - The basic metal plate had a trading volume of 499.243 billion yuan, a -1.03% change; the holding amount was 603.547 billion yuan, a -1.62% change; the trading - holding ratio was 89.77%. The precious metal plate had a trading volume of 804.314 billion yuan, a -13.22% change; the holding amount was 415.324 billion yuan, a +2.50% change; the trading - holding ratio was 237.94% [1] V. Energy - Chemical Plate - The trading volume of the energy - chemical plate was 948.296 billion yuan, a -5.95% change from the previous trading day; the holding amount was 549.713 billion yuan, a -5.07% change; the trading - holding ratio was 170.34% [1] VI. Agricultural Product Plate - The trading volume of the agricultural product plate was 407.780 billion yuan, a +5.39% change from the previous trading day; the holding amount was 661.439 billion yuan, a -0.40% change; the trading - holding ratio was 50.26% [1] VII. Black Building Materials Plate - The trading volume of the black building materials plate was 210.716 billion yuan, a +9.98% change from the previous trading day; the holding amount was 334.003 billion yuan, a -1.56% change; the trading - holding ratio was 58.21% [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint No information provided. 3. Summary by Directory I. Market Liquidity Overview - On March 26, 2026, the stock index sector had a trading volume of 649.739 billion yuan, a -17.30% change from the previous trading day; the position amount was 1396.361 billion yuan, a -2.15% change; the trading - position ratio was 45.49% [1]. - The treasury bond sector had a trading volume of 281.776 billion yuan, a +2.05% change; the position amount was 856.887 billion yuan, a -0.25% change; the trading - position ratio was 32.10% [1]. - The base metal sector had a trading volume of 468.475 billion yuan, a -19.13% change; the position amount was 594.079 billion yuan, a -0.94% change; the trading - position ratio was 81.58% [1]. - The precious metal sector had a trading volume of 765.085 billion yuan, a -17.18% change; the position amount was 404.927 billion yuan, a -1.62% change; the trading - position ratio was 224.89% [1]. - The energy and chemical sector had a trading volume of 904.303 billion yuan, a -14.98% change; the position amount was 551.731 billion yuan, a +2.13% change; the trading - position ratio was 158.81% [1]. - The agricultural product sector had a trading volume of 318.461 billion yuan, a -5.46% change; the position amount was 659.762 billion yuan, a +1.58% change; the trading - position ratio was 45.58% [1]. - The black building materials sector had a trading volume of 188.389 billion yuan, a -24.01% change; the position amount was 338.394 billion yuan, a +0.89% change; the trading - position ratio was 51.31% [2]. II. Figures in the Report - There are multiple figures showing various data such as trading - position ratios, trading volume change rates, position amounts, and price changes of different sectors and varieties, including stock index, treasury bond, metal, energy and chemical, agricultural product, and black building materials sectors [5][6].

Core Viewpoint - The report from Huatai Securities emphasizes that while historical patterns can provide insights, they do not repeat exactly. The 1970s stagflation can be divided into three phases: initial inflation speculation, a tug-of-war between inflation and economic stagnation, and finally, economic stagnation dominating with inflation receding [2]. Group 1: Historical Context and Asset Performance - The analysis of the 1970s shows that gold was the only major asset to achieve positive real returns after adjusting for inflation, despite experiencing significant drawdowns during its long-term uptrend [5][8]. - Gold's performance during key periods in the 1970s was exceptional, with a total increase of 829.1% from January 1966 to December 1985, making it the best-performing asset class [8][9]. - The first oil crisis (October 1973 to March 1974) saw gold rise by 76.5%, while the S&P 500 fell by 13.2% [8][9]. Group 2: Current Market Dynamics - Recent market conditions have led to gold and silver underperforming, primarily due to a strong dollar and liquidity constraints, which have caused investors to liquidate gold for cash [14][16]. - The current phase is characterized by a tightening liquidity environment, which has resulted in significant outflows from gold, indicating its role as a "liquidity withdrawal machine" [26][29]. - The market is currently oscillating between the first and second phases of stagflation, with concerns about inflation reigniting and liquidity tightening [22][30]. Group 3: Investment Strategy and Future Outlook - Investors should focus on key variables that will determine gold's next trend, including the persistence of oil price shocks, the peak of the dollar, and the potential for credit risk exposure [30][31]. - The report suggests that gold's volatility will continue, reflecting a pattern of "upward—liquidation—then upward" similar to the 1970s, as investors adapt to the current market conditions [31].

Group 1 - The core viewpoint of the report indicates that the Hong Kong market liquidity index has slightly decreased, supported by improved southbound capital inflows and increased stock yields, while being hindered by the widening SOFR-HIBOR spread, a stronger US dollar index, and heightened market volatility [1][2] - In February, Hong Kong's foreign exchange reserves increased by 3.6 billion USD, reaching 439.2 billion USD, and the monetary base rose by 12.9 billion HKD to 2.07 trillion HKD [1] - The net capital inflow for January was 72 billion HKD, marking the third consecutive month of net inflows, although southbound net inflows decreased from 110.1 billion HKD to 49.8 billion HKD [1][2] Group 2 - The MSCI Emerging Markets Currency Index fell by 1.5%, and the MSCI Emerging Markets Index decreased by 5.0%, while the iShares MSCI Hong Kong ETF experienced net outflows [2] - The average daily trading volume remained stable at approximately 283.1 billion HKD, reflecting a month-on-month increase of 7.7% but a year-on-year decline of 13.6% [2] - The M3 money supply grew by 9.8% in January, continuing a trend of over 9% growth for thirteen consecutive months, while loans increased for the ninth consecutive month, with a year-on-year growth of 3.7% [2] Group 3 - The report notes that the recent escalation of the Middle East situation has heightened concerns about imported inflation and slowing growth, leading to a rapid decline in global risk appetite and increased volatility in the Hong Kong market [3] - The Federal Reserve's guidance indicates a potential for at least one rate cut this year, despite a tightening structure in the dot plot, reflecting a shift towards a "higher for longer" policy stance [3][4] - The report suggests that the market's reaction to stagflation risks and hawkish Fed pricing may be overdone, with a high threshold for rate hikes, and emphasizes the importance of monitoring geopolitical developments and oil price transmission in the coming month [4]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the market liquidity situation on March 25, 2026, including the trading volume, holding amount, and trading - holding ratio of various sectors, as well as their changes compared to the previous trading day [1][2] 3. Summary by Directory I. Plate Liquidity - The report provides multiple figures related to plate liquidity, including the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate [4][5][6][8] II. Stock Index Plate - On March 25, 2026, the trading volume of the stock index plate was 785.652 billion yuan, a - 14.15% change from the previous trading day; the holding amount was 1427.091 billion yuan, a - 2.31% change; the trading - holding ratio was 54.04% [1] - There are figures showing the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net holding ratio trend of each variety in the stock index plate [5] III. Treasury Bond Plate - The trading volume of the treasury bond plate was 276.119 billion yuan, a - 23.41% change from the previous trading day; the holding amount was 859.051 billion yuan, a - 0.19% change; the trading - holding ratio was 30.93% [1] - There are figures showing the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net holding ratio trend of each variety in the treasury bond plate [5] IV. Basic Metals and Precious Metals (Metal Plate) - The trading volume of the basic metals plate was 579.317 billion yuan, a - 8.06% change from the previous trading day; the holding amount was 599.735 billion yuan, a + 1.64% change; the trading - holding ratio was 104.09% - The trading volume of the precious metals plate was 923.785 billion yuan, a - 23.89% change from the previous trading day; the holding amount was 411.593 billion yuan, a + 3.20% change; the trading - holding ratio was 274.18% [1] - There are figures showing the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of each variety in the metal plate [5] V. Energy and Chemical Plate - The trading volume of the energy and chemical plate was 1063.629 billion yuan, a - 17.03% change from the previous trading day; the holding amount was 540.217 billion yuan, a - 3.90% change; the trading - holding ratio was 184.17% [1] - There are figures showing the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of the main varieties in the energy and chemical plate [5] VI. Agricultural Products Plate - The trading volume of the agricultural products plate was 336.843 billion yuan, a - 10.20% change from the previous trading day; the holding amount was 649.485 billion yuan, a - 0.75% change; the trading - holding ratio was 48.94% [1] - There are figures showing the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of the main varieties in the agricultural products plate [5][6] VII. Black Building Materials Plate - The trading volume of the black building materials plate was 247.905 billion yuan, a - 17.34% change from the previous trading day; the holding amount was 335.402 billion yuan, a - 0.60% change; the trading - holding ratio was 61.49% [2] - There are figures showing the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of each variety in the black building materials plate [5][6]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report presents the market liquidity situation on March 23, 2026, including the trading volume, position amount, and trading - position ratio of different sectors such as stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building materials [1][2] 3. Summary by Directory I. Plate Liquidity - The report provides data on trading volume, position amount, and trading - position ratio of various sectors, and also includes multiple figures related to the trading and position of each sector [1][2][5] II. Stock Index Plate - On March 23, 2026, the trading volume of the stock index plate was 1071.172 billion yuan, a +6.03% change from the previous trading day; the position amount was 1470.583 billion yuan, a +0.66% change; the trading - position ratio was 70.73% [1] - There are figures showing the price change, trading - position ratio, precipitation fund change, precipitation fund trend, trading volume change, and the top 20 net position ratio trend of each variety in the stock index plate [5] III. Treasury Bond Plate - The trading volume of the treasury bond plate was 468.395 billion yuan, a +34.77% change from the previous trading day; the position amount was 860.575 billion yuan, a - 1.70% change; the trading - position ratio was 53.11% [1] - There are figures showing the price change, trading - position ratio, precipitation fund change, precipitation fund trend, trading volume change, and the top 20 net position ratio trend of each variety in the treasury bond plate [5] IV. Basic Metal and Precious Metal (Metal Plate) - The trading volume of the basic metal plate was 707.708 billion yuan, a - 8.19% change from the previous trading day; the position amount was 592.831 billion yuan, a - 1.52% change; the trading - position ratio was 123.83% [1] - The trading volume of the precious metal plate was 1354.404 billion yuan, a +14.69% change from the previous trading day; the position amount was 404.659 billion yuan, a - 5.79% change; the trading - position ratio was 384.59% [1] - There are figures showing the price change, trading - position ratio, precipitation fund change, precipitation fund trend, trading volume change rate, and the top 20 net position ratio trend of each variety in the metal plate [5] V. Energy - Chemical Plate - The trading volume of the energy - chemical plate was 1152.228 billion yuan, a +2.38% change from the previous trading day; the position amount was 603.613 billion yuan, a +6.76% change; the trading - position ratio was 185.95% [1] - There are figures showing the price change, trading - position ratio, precipitation fund change, precipitation fund trend, trading volume change rate, and the top 20 net position ratio trend of the main varieties in the energy - chemical plate [5] VI. Agricultural Product Plate - The trading volume of the agricultural product plate was 422.156 billion yuan, a +10.21% change from the previous trading day; the position amount was 667.712 billion yuan, a +1.50% change; the trading - position ratio was 61.72% [1] - There are figures showing the price change, trading - position ratio, precipitation fund change, precipitation fund trend, trading volume change rate, and the top 20 net position ratio trend of the main varieties in the agricultural product plate [5] VII. Black Building Materials Plate - The trading volume of the black building materials plate was 349.938 billion yuan, a +49.26% change from the previous trading day; the position amount was 339.882 billion yuan, a +4.67% change; the trading - position ratio was 91.99% [2] - There are figures showing the price change, trading - position ratio, precipitation fund change, precipitation fund trend, trading volume change rate, and the top 20 net position ratio trend of each variety in the black building materials plate [5]

Core Insights - The report indicates that the 2-year and 10-year government bond yields in the US have risen, leading to an increase in the US dollar index and an expansion of the yield spread between Chinese and US 10-year government bonds [1][2] - There has been a significant net inflow of southbound funds, particularly into the media sector, with a total net inflow of 181.5 billion yuan year-to-date [3][4] Macro Liquidity - Domestic liquidity saw an increase in the 2-year and 10-year government bond yields, with the 10-year and 2-year bond yield spread widening. The People's Bank of China conducted a net withdrawal of 251.1 billion yuan in the open market, with no MLF operations in March [2][13] - Internationally, the 2-year and 10-year US Treasury yields also increased, with the 10-year yield reaching 4.28% and the dollar index rising to 100.50 [2][17] Market Liquidity - Public funds: In March 2026, 42 new funds were established, including 19 equity funds, with a total issuance of approximately 49.6 billion units [3][24] - ETF funds: 11 new equity ETFs were established in March 2026, with a total issuance of about 4.5 billion units [3][27] - Southbound funds: There was a significant net inflow of southbound funds, with the media sector receiving the largest inflow of approximately 6.05 billion yuan, followed by oil and petrochemicals and automotive sectors [3][40] Financing and Fundraising - Margin financing: The average financing purchase amount was 233.5 billion yuan, down 3.0% week-on-week, with the total margin balance at approximately 2.65 trillion yuan [4][46] - Fundraising: In March, there was 1 IPO raising approximately 1.2 billion yuan, and a total of 95 billion yuan was raised through equity financing [4][50]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the trading and position data of various market sectors on March 20, 2026, including changes in trading volume, position amount, and trading - position ratio compared to the previous trading day [1] Summary by Directory I. Plate Liquidity - The report provides multiple figures related to plate liquidity, such as the trading - position ratio, trading volume change rate, position amount, etc., of each plate. The data sources for these figures are from Flush and Huatai Futures Research Institute [1][4][5] II. Stock Index Plate - On March 20, 2026, the stock index plate had a trading volume of 101.0251 billion yuan, a - 2.12% change from the previous trading day; the position amount was 146.0928 billion yuan, a - 5.81% change; the trading - position ratio was 67.70% [1] III. Treasury Bond Plate - On March 20, 2026, the treasury bond plate had a trading volume of 34.7549 billion yuan, a - 3.88% change from the previous trading day; the position amount was 87.5491 billion yuan, a + 0.52% change; the trading - position ratio was 38.74% [1] IV. Base Metals and Precious Metals (Metal Plate) - On March 20, 2026, the base metals plate had a trading volume of 77.0824 billion yuan, a + 6.52% change from the previous trading day; the position amount was 60.1954 billion yuan, a - 2.82% change; the trading - position ratio was 132.26%. The precious metals plate had a trading volume of 118.0958 billion yuan, a + 42.79% change; the position amount was 42.9512 billion yuan, a - 7.53% change; the trading - position ratio was 330.96% [1] V. Energy and Chemicals Plate - On March 20, 2026, the energy and chemicals plate had a trading volume of 112.5402 billion yuan, a - 9.22% change from the previous trading day; the position amount was 56.5407 billion yuan, a - 5.06% change; the trading - position ratio was 182.55% [1] VI. Agricultural Products Plate - On March 20, 2026, the agricultural products plate had a trading volume of 38.3046 billion yuan, a + 1.08% change from the previous trading day; the position amount was 65.7859 billion yuan, a - 0.25% change; the trading - position ratio was 58.00% [1] VII. Black Building Materials Plate - On March 20, 2026, the black building materials plate had a trading volume of 23.4442 billion yuan, a + 37.53% change from the previous trading day; the position amount was 32.4712 billion yuan, a + 1.87% change; the trading - position ratio was 71.17% [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The report presents the trading and position - holding data of various market sectors on March 18, 2026, including changes in trading volume, position - holding amount, and trading - to - position ratios [1][2] Group 3: Summary by Directory I. Plate Liquidity - Presents the trading and position - holding data of various market sectors, including changes in trading volume, position - holding amount, and trading - to - position ratios [1][2] II. Stock Index Plate - On March 18, 2026, the trading volume was 913.486 billion yuan, a change of +0.09% from the previous trading day; the position - holding amount was 1553.182 billion yuan, a change of +0.85% from the previous trading day; the trading - to - position ratio was 58.11% [1] III. Treasury Bond Plate - On March 18, 2026, the trading volume was 300.916 billion yuan, a change of +14.62% from the previous trading day; the position - holding amount was 859.182 billion yuan, a change of +0.67% from the previous trading day; the trading - to - position ratio was 33.37% [1] IV. Base Metals and Precious Metals (Metal Plate) - On March 18, 2026, the trading volume of the base metals plate was 522.377 billion yuan, a change of - 0.69% from the previous trading day; the position - holding amount was 641.597 billion yuan, a change of - 0.88% from the previous trading day; the trading - to - position ratio was 96.10%. The trading volume of the precious metals plate was 507.585 billion yuan, a change of - 5.78% from the previous trading day; the position - holding amount was 492.036 billion yuan, a change of - 0.19% from the previous trading day; the trading - to - position ratio was 139.60% [1] V. Energy and Chemical Plate - On March 18, 2026, the trading volume was 1039.325 billion yuan, a change of - 6.97% from the previous trading day; the position - holding amount was 572.461 billion yuan, a change of - 0.61% from the previous trading day; the trading - to - position ratio was 174.84% [1] VI. Agricultural Products Plate - On March 18, 2026, the trading volume was 408.415 billion yuan, a change of +1.62% from the previous trading day; the position - holding amount was 662.227 billion yuan, a change of - 2.03% from the previous trading day; the trading - to - position ratio was 55.07% [1] VII. Black Building Materials Plate - On March 18, 2026, the trading volume was 195.406 billion yuan, a change of +22.46% from the previous trading day; the position - holding amount was 322.919 billion yuan, a change of +0.41% from the previous trading day; the trading - to - position ratio was 57.12% [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the trading and position - holding data of various market sectors on March 17, 2026, including changes in trading volume, position - holding amount, and trading - to - position ratios compared to the previous trading day [1][2] 3. Summary by Directory I. Plate Liquidity - There are figures showing the trading - to - position ratio, trading volume change rate, position - holding volume, position - holding amount, trading volume, and trading amount of each plate [5][8] II. Stock Index Plate - On March 17, 2026, the trading volume was 912.639 billion yuan, a +7.62% change from the previous trading day; the position - holding amount was 1540.072 billion yuan, a - 1.82% change; the trading - to - position ratio was 58.41% [1] - There are figures showing the price change rate, trading - to - position ratio, change in settled funds, trend of settled funds, change in trading amount, and the trend of the net position ratio of the top 20 of each variety in the stock index plate [5][9] III. Treasury Bond Plate - On March 17, 2026, the trading volume was 262.545 billion yuan, a - 29.25% change from the previous trading day; the position - holding amount was 853.421 billion yuan, a +0.22% change; the trading - to - position ratio was 29.73% [1] - There are figures showing the price change rate, trading - to - position ratio, change in settled funds, trend of settled funds, change in trading amount, and the trend of the net position ratio of the top 20 of each variety in the treasury bond plate [5][25] IV. Basic Metals and Precious Metals (Metal Plate) - On March 17, 2026, the trading volume of the basic metals plate was 525.981 billion yuan, a - 10.24% change from the previous trading day; the position - holding amount was 647.285 billion yuan, a - 2.85% change; the trading - to - position ratio was 104.99%. The trading volume of the precious metals plate was 538.737 billion yuan, a - 30.22% change; the position - holding amount was 492.974 billion yuan, a - 1.24% change; the trading - to - position ratio was 143.62% [1] - There are figures showing the price change rate, trading - to - position ratio, change in settled funds, trend of settled funds, trading volume change rate, and the trend of the net position ratio of the top 20 of each variety in the metal plate [5][34] V. Energy and Chemical Plate - On March 17, 2026, the trading volume was 1117.18 billion yuan, a - 11.89% change from the previous trading day; the position - holding amount was 575.952 billion yuan, a - 2.43% change; the trading - to - position ratio was 180.21% [1] - There are figures showing the price change rate, trading - to - position ratio, change in settled funds, trend of settled funds, trading volume change rate, and the trend of the net position ratio of the top 20 of the main varieties in the energy and chemical plate [5][37] VI. Agricultural Products Plate - On March 17, 2026, the trading volume was 401.918 billion yuan, a - 17.35% change from the previous trading day; the position - holding amount was 675.952 billion yuan, a - 0.02% change; the trading - to - position ratio was 58.37% [1] - There are figures showing the price change rate, trading - to - position ratio, change in settled funds, trend of settled funds, trading volume change rate, and the trend of the net position ratio of the top 20 of the main varieties in the agricultural products plate [5][50] VII. Black Building Materials Plate - On March 17, 2026, the trading volume was 159.57 billion yuan, a - 22.17% change from the previous trading day; the position - holding amount was 321.601 billion yuan, a +0.23% change; the trading - to - position ratio was 46.30% [2] - There are figures showing the price change rate, trading - to - position ratio, change in settled funds, trend of settled funds, trading volume change rate, and the trend of the net position ratio of the top 20 of each variety in the black building materials plate [5][55]