1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - No clear core viewpoints are presented in the given content 3. Summary by Related Catalogs 3.1 Basis and Spread - The Shandong basis (+80) (non - Jingbo) was -6 on 2/27, -177 on 3/20, -130 on 3/25, -183 on 3/26, -152 on 3/27, with a daily change of 31 [3] - The East China basis (Zhenjiang warehouse) was -66 on 2/27, -107 on 3/20, -180 on 3/25, -93 on 3/26, -82 on 3/27, with a daily change of 11 [3] - The South China basis (Foshan warehouse) was -146 on 2/27, -107 on 3/20, -210 on 3/25, -93 on 3/26, -82 on 3/27, with a daily change of 11 [3] - The 04 - 05 spread was -20 on 2/27, -10 on 3/20, 13 on 3/25, 11 on 3/26, -4 on 3/27, with a daily change of -15 [3] - The 04 - 06 spread was -26 on 2/27, -5 on 3/20, 15 on 3/25, 7 on 3/26, -4 on 3/27, with a daily change of -11 [3] - The 06 - 09 spread was 32 on 2/27, 277 on 3/20, 253 on 3/25, 273 on 3/26, 267 on 3/27, with a daily change of -6 [3] 3.2 Futures Contracts - The BU main contract price was 3346 on 2/27, 4457 on 3/20, 4410 on 3/25, 4543 on 3/26, 4532 on 3/27, with a daily change of -11 [3] - The trading volume was 224662 on 2/27, 1191491 on 3/20, 1073847 on 3/25, 1173067 on 3/26, 1165126 on 3/27, with a daily change of -7941 (-2) [3] - The open interest was 315006 on 2/27, 370977 on 3/20, 350606 on 3/25, 380087 on 3/26, 378989 on 3/27, with a daily change of -1098 (8) [3] - The warehouse receipt was 23510 on 2/27, 36100 from 3/20 to 3/26, and N/A on 3/27 [3] 3.3 Spot Market - Brent crude oil price was 70.8 on 2/27, 109.3 on 3/20, 100.8 on 3/25, 104.1 on 3/26, 107.9 on 3/27, with a daily change of 3.9 [3] - Jingbo asphalt price was 3290 on 2/27, 4220 on 3/20, 4250 on 3/25, 4300 on 3/26 and 3/27, with a daily change of 0 [3] - Shandong (non - Jingbo) asphalt price was 3260 on 2/27, 4200 on 3/20 and 3/25, 4280 on 3/26, 4300 on 3/27, with a daily change of 20 [3] - Zhenjiang warehouse asphalt price was 3280 on 2/27, 4350 on 3/20, 4230 on 3/25, 4450 on 3/26 and 3/27, with a daily change of 0 [3] - Foshan warehouse asphalt price was 3200 on 2/27, 4350 on 3/20, 4200 on 3/25, 4450 on 3/26 and 3/27, with a daily change of 0 [3] 3.4 Profit - The asphalt - Ma Rui profit was -661 on 3/20, -211 on 3/25, -315 on 3/26, and N/A on 3/27 [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - As of March 21, Brazil's soybean harvest rate was 67.7%, lower than last week's 69.2% and last year's 76.4%, but higher than the five - year average of 66.4%. The selling pressure in Brazilian production areas continues to be released, freight rates have declined with crude oil, and the CXF premium of Brazilian soybeans has recently decreased [9]. - Brazilian shipments have resumed, alleviating concerns about delayed arrivals in China. Oil mill supply has recovered, and there is an expectation of inventory reduction for domestic soybean meal in April. After pre - stocking, downstream buying interest is weak, and the basis has weakened slightly [9]. - In the later period, soybean arrivals in May are sufficient, and the futures market reflects delivery pressure. South American selling pressure still needs further release, and the soybean meal futures valuation is low. It is recommended to wait for a pullback to layout long positions in distant contracts. The driving factors for later price increases include cost increase, weather speculation, and adjustment of the new US soybean balance sheet [9]. - In April, domestic soybean meal inventory will be reduced. The spread between M05 and M09 may fluctuate with the basis, but the overall trend is expected to maintain a reverse spread [9]. 3. Summary by Relevant Catalogs 3.1 Data Daily - The basis of the main soybean meal contract in Zhangjiagang on March 25 was 348, with a change of 9. The basis of 43% soybean meal spot in different regions such as Tianjin, Rizhao, Zhangjiagang, Dongguan, Zhanjiang, and Fangcheng also had different values and changes. The basis of rapeseed meal spot in Guangdong was 65, with a change of 50 [4]. 3.2 Inventory Data - Information about inventory data includes the inventory of national major oil mills' soybeans, Chinese port soybeans, and the inventory days of feed enterprises' soybean meal, but specific numerical data is presented in a graphical form in the report [11][12]. 3.3开机和压榨情况 (Operation and Pressing Situation) - Information about the operation rate of national major oil mills and the soybean pressing volume is presented in a graphical form in the report, showing data from 2020 - 2026 [7][8]. 3.4 Downstream Transaction Volume - Information about the downstream transaction volume and the downstream提货量 (delivery volume) of national major oil mills is presented in a graphical form in the report, covering data from 2019 - 2026 [8]. 3.5 Spread Data - The spot spread between soybean meal and rapeseed meal in Guangdong was 593, with a change of - 3. The futures spread between the main contracts of soybean meal and rapeseed meal is also presented in the report, along with the premium - continuous month situation and the exchange rate of the US dollar against the RMB, and the futures crushing profit [11].

Report Overview - The report is an asphalt morning report released by Jia'an Futures' research center's energy and chemical team on March 12, 2026 [1][2][5] Key Data Summary 1. Basis and Spread - **Basis**: The Shandong basis (+80) (non-Jingbo) changed from -63 on 2/10 to -64 on 3/11, with a daily change of -128; the East China basis (Zhenjiang warehouse) was -24 on 3/11, with a daily change of 22; the South China basis (Foshan warehouse) was -74 on 3/11, with a daily change of 32 [3] - **Spread**: 04 - 05 spread was 8 on 3/11, with no daily change; 04 - 06 spread was 33 on 3/11, with a daily change of 17; 06 - 09 spread was 129 on 3/11, with a daily change of 34 [3] 2. Futures Contracts - **BU Main Contract**: The price was 3874 on 3/11, with a daily increase of 128; the trading volume was 526,278, a decrease of 347,113; the open interest was 344,777, a decrease of 6,728 [3] 3. Spot Prices - **Brent Crude Oil (Jingbo)**: The price was 90.2 on 3/11, a decrease of 9.7 [3] - **Zhenjiang Warehouse**: The spot price was 3850 on 3/11, an increase of 150 [3] - **Foshan Warehouse**: The spot price was 3800 on 3/11, an increase of 160 [3] - **Shandong (non-Jingbo)**: The spot price was 3730 on 3/11, with no change [3] 4. Profit - **Asphalt Marrow Profit**: It was -150 on 3/11, with an increase of 519 [3] 5. Weekly Changes - The weekly changes in basis, spread, trading volume, open interest, spot prices, and profit are also provided, such as a weekly change of -34 in the Shandong basis (+80) [6]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - There is no clear core viewpoint presented in the provided content. 3. Summary by Relevant Catalogs 3.1. Basis and Spread - The Shandong basis (+80) (non - Jingbo) changed from -54 on 2/9 to -3751 on 3/10, with a daily change of -3751 [3]. - The East China basis (Zhenjiang warehouse) changed from -4 on 2/9 to -3771 on 3/10, with a daily change of -3771 [3]. - The South China basis (Foshan warehouse) changed from -54 on 2/9 to -3721 on 3/10, with a daily change of -3721 [3]. - The 04 - 05 spread changed from 6 on 2/9 to 7 on 3/10, with a daily change of 7 [3]. - The 04 - 06 spread changed from 7 on 2/9 to -5 on 3/10, with a daily change of -5 [3]. - The 06 - 09 spread changed from 32 on 2/9 to -15 on 3/10, with a daily change of -15 [3]. 3.2. Futures Contracts - The BU main contract price changed from 3334 on 2/9 to 3746 on 3/10, with a daily change of -329 [3]. - The trading volume changed from 273,099 on 2/9 to 873,391 on 3/10, with a daily change of 456,049 [3]. - The open interest changed from 379,965 on 2/9 to 351,505 on 3/10, with a daily change of -30,779 [3]. - The contract quantity remained at 24,640 from 3/3 to 3/10 [3]. 3.3. Spot Prices - The Brent crude oil price for Jingbo changed from $68.3 (3200) on 2/9 to $99.9 (0) on 3/10, with a daily change of 8.1 (-4130) [3]. - The Shandong (non - Jingbo) spot price changed from 3200 on 2/9 to 0 on 3/10, with a daily change of -4080 [3]. - The Zhenjiang warehouse spot price changed from 3330 on 2/9 to 0 on 3/10, with a daily change of -4100 [3]. - The Foshan warehouse spot price changed from 3280 on 2/9 to 0 on 3/10, with a daily change of -4050 [3]. 3.4. Profits - The asphalt - Ma Rui profit changed from 316 on 2/9 to -762 on 3/10, with a daily change of -762 [3].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No clear core view presented in the given content 3. Summary According to Relevant Catalogs 3.1. Basis and Spread - The Shandong basis (+80) (non-Jingbo) on 3/5 was -3579, with a daily change of -3549 [3]. - The East China basis (Zhenjiang warehouse) on 3/5 was -3659, with a daily change of -3549 and a weekly change of -3602 [3][6]. - The South China basis (Foshan warehouse) on 3/5 was -3659, with a daily change of -3499 and a weekly change of -3502 [3][6]. - The 03 - 06 spread on 3/5 was -36, with a daily change of 5 [3]. - The 04 - 06 spread on 3/5 was -1, with a daily change of 12 [3]. - The 06 - 09 spread on 3/5 was 67, with a daily change of 2 [3]. 3.2. Futures Trading Data - The BU main contract price on 3/5 was 3659, with a daily change of -1 [3]. - The trading volume on 3/5 was 706321, with a daily decrease of 137258 [3]. - The open interest on 3/5 was 370385, with a daily decrease of 3568 [3]. - The contract volume on 3/5 was 24640, with no daily change [3]. 3.3. Crude Oil and Asphalt Prices - The Brent crude oil price on 3/5 was 82.1, with a daily decrease of 2.3 [3]. - The Jingbo asphalt price on 3/4 was 3580 [3]. - The Shandong (non-Jingbo) asphalt price on 3/4 was 3550 [3]. - The Zhenjiang warehouse asphalt price on 3/4 was 3550 [3]. - The Foshan warehouse asphalt price on 3/4 was 3500 [3]. 3.4. Asphalt Profit - The asphalt Ma Rui profit on 3/5 was -2, with a daily increase of 132 [3].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - There is no clear core viewpoint presented in the provided content. Group 3: Summary by Relevant Catalogs 1. Basis and Spread - **Shandong Basis (+80) (Non-Jingbo)**: On 1/26, it was -79; on 2/24, it was 32, with a daily change of 32 [3]. - **East China Basis (Zhenjiang Warehouse)**: On 1/26, it was -79; on 2/24, it was -18, with a daily change of -68 [3]. - **South China Basis (Foshan Warehouse)**: On 1/26, it was -49; on 2/24, it was -68, with a daily change of -68 [3]. - **03 - 06 Spread**: On 1/26, it was -7; on 2/24, it was -38, with a daily change of -14 [3]. - **04 - 06 Spread**: On 1/26, it was -7; on 2/24, it was -24, with a daily change of -16 [3]. - **06 - 09 Spread**: On 1/26, it was 22; on 2/24, it was 30, with a daily change of 0 [3]. 2. Futures Contracts - **BU Main Contract**: On 1/26, the price was 3279; on 2/24, it was 3348, with a daily change of 68 [3]. - **Trading Volume**: On 1/26, it was 353,797; on 2/24, it was 257,381, with a daily change of -8,631 [3]. - **Open Interest**: On 1/26, it was 420,188; on 2/24, it was 332,156, with a daily change of 546 [3]. 3. Spot Market - **Brent Crude Oil**: On 1/26, the price was 65.6; on 2/13, it was 71.4 [3]. - **Jingbo**: On 1/26, the price was 3180; on 2/24, it was 3340, with an increase of 140 [3]. - **Shandong (Non-Jingbo)**: On 1/26, the price was 3120; on 2/24, it was 3300, with an increase of 100 [3]. - **Zhenjiang Warehouse**: On 1/26, the price was 3200; on 2/24, it was 3330, with no change [3]. - **Foshan Warehouse**: On 1/26, the price was 3230; on 2/24, it was 3280, with no change [3]. 4. Profit - **Asphalt Marrow Profit**: On 1/26, it was 362; on 2/12, it was 168; on 2/13, it was 178 [3].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints There is no clear core viewpoint presented in the provided content. 3. Summary by Relevant Catalogues 3.1. Basis and Spread - The daily change of Shandong basis (+80) (non-Jingbo), East China basis (Zhenjiang warehouse), and South China basis (Foshan warehouse) is 30 [3] - The daily change of 03 - 06 spread is -9, 04 - 06 is -8, and 06 - 09 is -5 [3] 3.2. Futures Contracts - The BU main contract price on 2/12 is 3343, with a daily change of -30 [3] - The trading volume on 2/12 is 271643, with a daily change of 37601; the open interest is 347769, with a daily change of -17689 [3] 3.3. Spot Prices - The spot prices of Jingbo, Shandong (non-Jingbo), Zhenjiang warehouse, and Foshan warehouse remain unchanged on 2/12 [3] 3.4. Profits - The asphalt Ma Rui profit on 2/12 is 176, with a daily change of 8 [3] 3.5. Weekly Changes - The weekly changes of basis, spread, trading volume, open interest, etc., are -9, -9, -9, -15, -12, -6, 9, -1456, -32196, 1780, 3.0, 0, 0, 0, -133 [6]

Group 1 - The stock price of GIGM.US experienced a fluctuation range of 4.55% from February 9 to February 13, 2026, with a peak price of $1.59 on February 10 and a low of $1.52 on February 9, resulting in a net change of 0.00% [1] - The trading volume during this period was approximately $65,600, indicating low trading activity and liquidity [1] - On February 13, the latest closing price was $1.54, reflecting a single-day decline of 2.53%, while the Nasdaq index fell by 2.25% and the digital entertainment sector saw a slight increase of 0.06%, suggesting relatively stable individual stock performance but weak liquidity [1]

Core Insights - The Chinese futures market experienced significant growth in January, with a total trading volume of 912,489,781 contracts and a trading value of 1,002,595.82 billion yuan, representing year-on-year increases of 65.09% and 105.14% respectively [1] Group 1: Trading Volume and Value - The Shanghai Futures Exchange accounted for 33.72% of the national trading volume and 51.82% of the trading value in January, with volumes of 307,665,935 contracts and a value of 519,593.83 billion yuan, showing year-on-year growth of 102.4% and 278.92% [2] - The Zhengzhou Commodity Exchange had a trading volume of 287,789,160 contracts and a trading value of 77,466.91 billion yuan, representing 31.54% and 7.73% of the national market, with year-on-year increases of 53.56% and 14.73% [2] - The Dalian Commodity Exchange reported a trading volume of 234,351,202 contracts and a trading value of 87,609.98 billion yuan, accounting for 25.68% and 8.74% of the national market, with year-on-year growth of 43.61% and 35.32% [3] Group 2: Open Interest - The Shanghai Futures Exchange had an open interest of 11,676,698 contracts at the end of January, reflecting a month-on-month increase of 10.46% [2] - The Zhengzhou Commodity Exchange's open interest reached 16,764,263 contracts, up 18.64% from the previous month [2] - The Dalian Commodity Exchange reported an open interest of 18,493,473 contracts, which is a 17.56% increase from the previous month [3] Group 3: Financial Futures - The China Financial Futures Exchange recorded a trading volume of 30,053,053 contracts and a trading value of 263,523.65 billion yuan, representing 3.29% and 26.28% of the national market, with year-on-year growth of 31.3% and 42.02% [3] - The trading volume of financial futures options was 3,005.31 million contracts, accounting for 3.29% of the national market, with a trading value of 26.35 trillion yuan, representing 26.28% of the national market [1]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - No relevant content Group 3: Summary by Directory 1. Basis and Spread - The Shandong basis (+80) (non-Jingbo) changed from -4 on 1/6 to -31 on 2/4, with a daily change of -12 [3] - The East China basis (Zhenjiang warehouse) changed from 6 on 1/6 to -11 on 2/4, with a daily change of -2 [3] - The South China basis (Foshan warehouse) changed from -14 on 1/6 to -61 on 2/4, with a daily change of -2 [3] - The 03 - 06 spread changed from 10 on 1/6 to 2 on 2/4, with a daily change of -3 [3] - The 04 - 06 spread was 8 on 2/4, with no daily change [3] - The 06 - 09 spread changed from 15 on 1/6 to 23 on 2/4, with a daily change of 4 [3] 2. Futures Contracts - The BU main contract price was 3361 on 2/4, with a daily increase of 52 [3] - The trading volume was 282,920 on 2/4, a decrease of 20,689 (-33%) compared to the previous day [3] - The open interest was 387,150 on 2/4, a decrease of 6% compared to the previous day [3] - The combined volume was 13,580 on 2/4, with no change [3] 3. Spot Market - Brent crude oil price was 67.0 on 2/4, with a daily increase of 0.8 [3] - Jingbo's asphalt price was 3260 on 2/4, with no change [3] - The non-Jingbo Shandong asphalt price was 3250 on 2/4, an increase of 40 [3] - The Zhenjiang warehouse asphalt price was 3350 on 2/4, an increase of 50 [3] - The Foshan warehouse asphalt price was 3300 on 2/4, an increase of 50 [3] 4. Profit - The asphalt - Ma Rui profit was 405 on 2/4, a decrease of 35 compared to the previous day [3]