Group 1: Investment Rating - No investment rating information provided in the report. Group 2: Core View - The cost of iron ore is rising, leading to a rebound in ore prices [1]. Group 3: Summary by Directory 1. Fundamental Tracking - **Futures Data**: The closing price of I2605 was 784.5 yuan/ton, up 12.5 yuan/ton (1.62%). The position was 473,257 hands, a decrease of 14,997 hands [1]. - **Spot Price**: The prices of various iron ore types increased. For example, the price of Carajás fines (65%) rose from 896.0 to 905.0 yuan/ton, and the price of PB fines (61.5%) rose from 764.0 to 773.0 yuan/ton [1]. - **Basis and Spread**: The basis of I2605 against Super Special decreased by 1.7 yuan/ton, and the basis against Jimbara decreased by 3.9 yuan/ton. The spread between I2605 - I2609 increased by 1.0 yuan/ton, and the spread between I2609 - I2701 decreased by 0.5 yuan/ton [1]. 2. Macro and Industry News - In 2025, China imported 570,000 tons of iron ore from Iran, accounting for 0.45% of the total annual imports. If the US - Iran conflict persists, energy costs may increase and affect iron ore prices through freight [1]. - The 2026 government work report aims to stabilize expectations, adjust the structure, prevent risks, and promote reform. The GDP growth target was adjusted from "around 5%" to "4.5% - 5.0%", and the scale of policy - based financial instruments was increased [2]. - The daily average hot metal output of 247 steel enterprises was 227.59 tons, a decrease of 5.69 tons compared with the previous period [2]. - Five departments in Shanghai jointly issued a notice to optimize and adjust real - estate policies, which took effect on February 26, 2026 [2]. 3. Trend Intensity - The trend intensity of iron ore is 1, indicating a relatively neutral trend [2].

Group 1 - The National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC) held meetings to review the "14th Five-Year Plan" draft and the government work report on the 6th [1][3] - The NPC's full meeting focused on the examination of the "14th Five-Year Plan" outline draft, while the CPPCC discussed the government work report and the plan draft throughout the day [1][3] Group 2 - The article mentions significant market movements, including a surge in stock prices in Japan and South Korea, and a notable drop in European and American markets, indicating volatility in the financial markets [3][4] - Reports of attacks on British and American oil tankers in the Middle East led to a dramatic increase in oil prices, highlighting geopolitical risks affecting the energy sector [4]

1. Industry Investment Rating - No information provided 2. Core Views - The "Government Work Report" presented at the Fourth Session of the 14th National People's Congress sets this year's main development targets, including an economic growth rate of 4.5%-5%, a target for new urban employment of over 12 million, and a CPI increase of around 2%. The "15th Five-Year Plan" draft outlines 20 key indicators in areas such as economic development, innovation, people's livelihood, and green - low - carbon development [2] - Reuters forecasts the end - of - season inventories of US crops in the 2025/26 season, with an average expected soybean end - of - season inventory of 344 million bushels and a corn end - of - season inventory of 2.136 billion bushels [3] - The Shanghai Futures Exchange adjusts the price limit and margin ratios for fuel oil futures contracts [3] 3. Summary by Related Catalogs Hot News - The Fourth Session of the 14th National People's Congress opens in Beijing, and the "Government Work Report" sets this year's development targets [2] - The "15th Five - Year Plan" draft proposes 20 main indicators, covering economic development, innovation, people's livelihood, and green - low - carbon aspects [2] - Iran's military official states that Iran has not blocked the Strait of Hormuz and is handling ships passing through the strait according to international rules [2] - Reuters releases forecasts for the end - of - season inventories of US crops in the 2025/26 season [3] - The Shanghai Futures Exchange adjusts the price limit and margin ratios for fuel oil futures contracts [3] Plate Performance - Key focus: urea, coking coal, Shanghai aluminum, asphalt, PP [4] - Night - session performance of commodity sectors: non - metallic building materials rose 2.00%, precious metals rose 31.85%, oilseeds rose 7.75%, non - ferrous metals rose 26.19%, soft commodities rose 2.73%, coal - coking - steel - ore rose 9.51%, energy rose 5.08%, chemicals rose 10.99%, grains rose 1.13%, and agricultural and sideline products rose 2.77% [4] Plate Position - The chart shows the changes in the positions of commodity futures sectors in the past five days [5] Performance of Major Asset Classes - Equity: The Shanghai Composite Index rose 0.64% daily, - 1.30% monthly, and 3.52% year - to - date; the S&P 500 fell - 0.56% daily, - 0.70% monthly, and - 0.22% year - to - date, etc. [6] - Fixed - income: The 10 - year Treasury bond futures fell - 0.03% daily, rose 0.14% monthly, and rose 0.64% year - to - date [6] - Commodities: WTI crude oil rose 5.65% daily, 17.33% monthly, and 37.18% year - to - date; London spot gold fell - 0.70% daily, - 3.67% monthly, and rose 17.75% year - to - date [6] - Others: The US dollar index rose 0.25% daily, 1.43% monthly, and 0.79% year - to - date; the CBOE volatility index rose 12.29% daily, 19.59% monthly, and 58.86% year - to - date [6] Stock Market Risk Appetite and Major Commodity Trends - The report presents charts of various major commodity trends, including the Baltic Dry Index (BDI), CRB spot index, WTI crude oil, London spot gold, London spot silver, LME copper, etc., as well as the risk premium of the stock market [7]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - On March 4, all the current-month contracts of the four major index futures declined. IF dropped by 1.16%, IH by 1.33%, IC by 0.61%, and IM by 0.9% [1] - On this trading day, the total trading volume of index futures decreased, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 26,703 lots, IH by 7,883 lots, IC by 58,264 lots, and IM by 48,216 lots. In terms of positions, the total positions of IF increased by 825 lots, IH by 562 lots, while IC decreased by 22,275 lots and IM by 7,240 lots [2] - A-shares adjusted with reduced volume. The Shanghai Composite Index closed down 0.98% at 4,082.47 points, the Shenzhen Component Index fell 0.75%, the ChiNext Index dropped 1.41%, and the Wind All A Index declined 0.69%. The market's total trading volume was 2.39 trillion yuan, compared with 3.16 trillion yuan the previous day. The Hong Kong Hang Seng Index closed down 2.01% at 25,249.48 points, falling for three consecutive days [9] - Strong data reignited risk appetite. Technology stocks led the rebound of US stocks, with the Nasdaq rising 1.3%. US Treasury bonds fell for three consecutive days, and cryptocurrencies soared. The US dollar index dropped 0.26%, Bitcoin rose 7.8% and broke through the $73,000 mark, and Ethereum once skyrocketed 11.7%. Precious metals rebounded slightly, with spot gold rising 1.0% and spot silver rising 1.78% after a spike and fall. WTI crude oil rose 1.6%, and Brent crude oil rose 0.7% [10] 3. Summary by Relevant Catalogs 3.1 Index Futures Data - **IF**: The closing price of IF2603 was 4,591, down 1.16% with a basis of -11.62, trading volume of 88,154 lots (down 18,914 lots), and positions of 140,207 lots (down 5,696 lots). The total trading volume decreased by 26,703 lots, and the total positions increased by 825 lots [1][2] - **IH**: The closing price of IH2603 was 2,972.2, down 1.33% with a basis of -2.01, trading volume of 44,988 lots (down 7,269 lots), and positions of 60,625 lots (down 1,496 lots). The total trading volume decreased by 7,883 lots, and the total positions increased by 562 lots [1][2] - **IC**: The closing price of IC2603 was 8,219.4, down 0.61% with a basis of -29.55, trading volume of 121,611 lots (down 28,621 lots), and positions of 134,589 lots (down 13,868 lots). The total trading volume decreased by 58,264 lots, and the total positions decreased by 22,275 lots [1][2] - **IM**: The closing price of IM2603 was 8,064.2, down 0.90% with a basis of -30.32, trading volume of 155,033 lots (down 24,945 lots), and positions of 179,738 lots (down 6,114 lots). The total trading volume decreased by 48,216 lots, and the total positions decreased by 7,240 lots [1][2] 3.2 Index Futures Basis - The basis data of IF, IH, IC, and IM at different time points (monthly, quarterly) from January 29, 2026, to March 4, 2026, are presented in graphical form [4] 3.3 Top 20 Member Positions in Index Futures - The changes in long and short positions of the top 20 members in different contracts of IF, IH, IC, and IM are provided, including the increase or decrease in long and short positions and the net changes [5] 3.4 Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from -2 to 2, with -2 indicating the most bearish and 2 indicating the most bullish [6] 3.5 Important Drivers - The Fourth Session of the 14th National People's Congress will be held from March 5th to March 12th, with an 8 - day session and 3 plenary meetings. The agenda includes reviewing the government work report, the 15th Five - Year Plan draft, etc. There will be 3 press conferences and 3 "Representative Channels" and 3 "Minister Channels" [7] - The first press conference of the Fourth Session of the 14th National People's Congress was held. The spokesperson Lou Qinjian stated that the 15th Five - Year Plan draft will be reviewed and approved, and this year will adhere to the strategic base point of expanding domestic demand, boost consumption, and formulate laws such as the Nursery Service Law. The basic policies of the Party and the state to promote the development of the private economy will not change, and the central government will introduce more policies to benefit Hong Kong [7] - The State Council Information Office will hold a briefing at 11:30 am on March 5th to interpret the "Government Work Report" [8] - Affected by factors such as the Spring Festival holiday, China's official manufacturing PMI in February was 49.0%, a 0.3 - percentage - point decrease from the previous month; the non - manufacturing PMI was 49.5%, a 0.1 - percentage - point increase; the composite PMI output index was 49.5%, a 0.3 - percentage - point decrease. China's S&P manufacturing PMI in February was 52.1, higher than the expected 50.2 and the previous value of 50.3; the service PMI was 56.7, higher than the expected 52.3 and the previous value of 52.3; the composite PMI was 55.4, higher than the previous value of 51.6 [8]

Group 1 - The Fourteenth National People's Congress (NPC) will open on March 5, with Premier Li Qiang delivering the government work report [1][4] - The first "Representative Channel" and "Minister Channel" will be held on the same day for concentrated interviews [2] - The agenda includes reviewing the draft of the 15th Five-Year Plan and reports on the execution of the 2025 national economic and social development plan [4][5] Group 2 - The NPC will also review the execution of the 2025 central and local budgets and the draft budgets for 2026 [4] - The National Committee of the Chinese People's Political Consultative Conference (CPPCC) will attend the NPC opening session and discuss various legislative drafts [5] - The sessions will include discussions on the ecological environment law, national unity promotion law, and national development planning law [4][5]

Group 1 - The Fourteenth National People's Congress (NPC) will open on March 5, with Premier Li Qiang delivering the government work report [1] - The first "Representative Channel" and "Minister Channel" will be held on the same day, allowing for concentrated interviews before and after the opening meeting [2] - The agenda includes discussions on the execution of the 2026 central and local budget draft and various legislative proposals, including the Ecological Environment Code and the National Development Planning Law [4][5]

Group 1 - The core agenda of the 17th People's Congress of Xi'an includes reviewing the government work report and approving the 15th Five-Year Plan draft [1] - The meeting will also examine and approve the execution of the 2025 economic and social development plan and the draft for 2026 [1] - Approval of the 2025 budget execution and the 2026 budget draft is also on the agenda [1] Group 2 - Reports from the Standing Committee of the People's Congress, the Intermediate People's Court, and the People's Procuratorate will be presented and reviewed [1] - Elections are scheduled to take place during the meeting [1] - Additional matters will be addressed as part of the agenda [1]

Core Viewpoint - The Central Political Bureau of the Communist Party of China held a meeting on February 27 to discuss the draft outline of the 15th Five-Year Plan for national economic and social development and the draft of the Government Work Report to be submitted to the Fourth Session of the 14th National People's Congress [1] Group 1 - The meeting focused on reviewing the draft outline of the 15th Five-Year Plan, which is crucial for setting the economic and social development goals for the upcoming years [1] - The Government Work Report draft is also a key agenda item, indicating the government's priorities and strategies for economic management and social policies [1]

Core Viewpoint - The meeting highlighted the achievements of China's economic and social development during the "14th Five-Year Plan" and emphasized the importance of collaboration among various political parties and organizations in shaping the "15th Five-Year Plan" [2][3]. Group 1: Achievements and Contributions - The past year saw significant accomplishments in economic and social development, attributed to the leadership of the Central Committee and the collective efforts of the people [2][3]. - Various political parties and organizations actively contributed by conducting research and providing valuable suggestions to the government [3]. Group 2: Future Directions and Challenges - The year marks the beginning of the "15th Five-Year Plan," with rising uncertainties in the external environment and ongoing economic challenges [3]. - There is a need for a proactive macroeconomic policy and coordinated reforms to enhance both qualitative and quantitative economic growth [3]. - Political parties and organizations are encouraged to focus on key issues in economic and social operations, providing insights to help the government address prominent challenges [3].

Group 1 - The meeting was chaired by Li Qiang, focusing on gathering opinions and suggestions regarding the "Government Work Report" and the "14th Five-Year Plan" draft from various democratic parties and representatives [1][2] - Participants acknowledged the achievements made during the past year and the "14th Five-Year" period, emphasizing the importance of unity and hard work under the leadership of the Communist Party of China [1][2] - Suggestions were made on improving macroeconomic regulation, building a strong domestic market, developing new productive forces, deepening reforms, and enhancing people's livelihoods [1][2] Group 2 - Li Qiang expressed gratitude for the valuable opinions and support from various democratic parties, the Federation of Industry and Commerce, and non-party individuals, highlighting their contributions to government work [2] - He emphasized the need for a proactive macroeconomic policy and coordinated reform measures to address the challenges and uncertainties in the external environment [2] - Li Qiang encouraged further research on key issues in economic and social operations, urging participants to provide constructive suggestions to help the government tackle prominent contradictions in development [2]