Report Information - Report Date: April 3, 2025 [1] - Report Provider: Jinxin Futures Research Institute Core Views - The stock index is likely to experience short - term shock adjustment after continuous upward oscillations, with a short - term weakening trend [2] - Various futures products have different market trends, including shock, weakening, and strengthening trends, and different investment suggestions are given based on supply - demand and technical indicators Industry Analysis by Product Stock Index - After continuous upward oscillations, it has entered a "fatigued" state. Fundamentally, listed companies are in the intensive annual report disclosure period, and some funds seek risk - avoidance. Technically, the MACD has a high - level death cross, indicating a need for further adjustment. A short - term weakening shock approach is recommended [2] General Futures (Not Specified) - Today, it showed a narrow - range weak consolidation. Recently, the rise and fall have been disorderly, and a shock approach is appropriate [5] Commodities Glass - Long - term supply intensity is high. As the traditional peak season approaches, the actual downstream demand start - up situation should be monitored. Technically, the indicators show a double golden cross [6] - Recently, some production lines have been cold - repaired again, and the spot sales and production situation has improved. With the optimistic market sentiment affected by recent policies, the actual demand still needs to be observed. Technically, it has declined today, and the short - term trend is unclear. A shock approach is recommended [8] Pulp - There is support from rigid demand and the cost side below, and the space for further decline is expected to be limited. The inventory has shown a de - stocking trend this cycle. It should be treated as a shock bottom - building [11] Urea - The restart of overhauled urea devices is expected to increase supply - side pressure, and downstream demand is expected to weaken. Urea inventory is seasonally de - stocking but is slightly high overall. Cost support is weak. Currently, the daily urea production remains high, industrial demand is expected to weaken, and the spring agricultural fertilization demand is about to end. The supply - demand is still relatively loose, and chasing up should be done with caution [14] Sugar - Domestic sugar crushing has basically ended, the weather in the Brazilian production area is good, and there is no progress in the domestic imported sugar policy. The short - term supply pressure of imported sugar sources is small. Technically, the MACD and short - term moving averages show a golden cross, and the market trend is strong [17] Rubber - The new - season tapping has gone smoothly, and the expectation of a rapid increase in supply has brought heavy pressure to the futures and spot markets. The procurement price of tire manufacturers is lower than expected and cannot provide a boost. Technically, the MACD and short - term moving averages show a death cross. After a short - term rapid decline, it is in a low - level shock consolidation [19]

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - The stock index is likely to undergo short - term shock adjustment after continuous upward oscillations, with a short - term shock - weakening approach for operation [2] - For certain commodities, the views are as follows: for some commodities, take a shock - strong approach; for alumina, a shock - more approach; for pulp, a shock - bottoming approach; for rubber, a low - level shock - consolidation approach after a short - term sharp decline; for urea, a high - level shock approach [5][8][11] Group 3: Summaries by Related Commodities Stock Index - After continuous upward oscillations, it has entered a "fatigue" state. Fundamentally, as listed companies are in the intensive annual report disclosure period, some funds seek risk - avoidance. Technically, there is a high - level MACD death cross, indicating a need for further adjustment [2] General Commodity (not specified) - It closed up today, with disordered recent price movements, and should be viewed with a shock - strong approach [5] Unspecified Commodity (related to long - term supply) - Long - term supply intensity is high. As the traditional peak season approaches, attention should be paid to the actual start of downstream demand. Technically, there is a double golden cross of indicators [6] Glass - Recently, some production lines have been cold - repaired again, and spot sales have improved. With positive market sentiment under recent policy influence, actual demand still needs to be observed. Technically, although there was a large increase today, the trend is unclear, and it should be viewed with a shock - strong approach [8] Alumina - The average production cost in the alumina industry is 2800 - 3200 yuan/ton, and the current price is close to the cost line. It should be viewed with a shock - more approach [11] Pulp - There is support from rigid demand and the cost side below, so the room for further decline is expected to be limited. The inventory showed a destocking trend in this cycle, and it should be treated as shock - bottoming [14] Rubber - The new - season tapping is going smoothly, and the expectation of a rapid increase in supply has brought heavy pressure to the futures and spot markets. The purchase price of tire manufacturers is lower than expected and fails to provide a boost. Technically, there is a death cross of MACD and short - term moving averages, and it will have low - level shock - consolidation after a short - term sharp decline [16] Urea - The current daily production of urea is high, and the supply remains relatively loose. Industrial demand is expected to weaken, and the spring agricultural fertilization demand is about to end. It should be treated as high - level shock [19]