Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Due to the war between the US, Israel and Iran disrupting Middle - East crude oil and raw material exports, many Asian refineries and petrochemical enterprises are cutting production capacity and declaring force majeure [3]. - For crude oil futures, in the medium - term, three variables need to be focused on: the sustainability of geopolitical risk premium, supply - demand fundamentals, and policy implementation rhythm. It is recommended to trade within a range and avoid unilateral chasing [4]. - For the stock market, the adjustment in the early trading tomorrow is a good low - buying opportunity. The market showed strength today as it did not decline when it should [6][7]. 3. Summary by Related Catalogs Crude Oil - The war between the US, Israel and Iran has disrupted Middle - East crude oil and raw material exports. Asian steam cracking plants with over 60% of naphtha raw materials from the Middle - East have declared force majeure [3]. - Three operators are reducing production loads to use raw material inventory for the next month to avoid full - scale shutdown. Restarting a steam cracking unit takes up to two weeks, and factories usually don't store more than a month's worth of raw materials [3]. - In the medium - term, focus on three variables: the sustainability of geopolitical risk premium (the 8 - 10 dollars/barrel premium will fade if the strait passage recovers), supply - demand fundamentals (OPEC + production cuts and slow US shale oil production increase form a tight balance, but global demand recovery is weak), and policy implementation rhythm (US measures to stabilize oil prices and OPEC + production adjustments will determine the volatility center). It is recommended to trade within a range (Brent: 80 - 100 dollars/barrel, SC crude: 600 - 800 yuan/barrel) and set stop - losses, avoiding overnight positions [4]. Stock Market - The market adjustment today was slightly weak, with the Shanghai Composite Index being relatively strong. The fact that it didn't decline when it should indicates strength. The adjustment in the early trading tomorrow is a good low - buying opportunity [6][7]. Gold - The daily - level red - green line of gold has turned to a volatile state. The daily amplitude of gold is small, maintaining in the range of 1140 - 1155. It should be treated with a volatile mindset [10]. Iron Ore - Australian and Brazilian shipments maintain a normal rhythm. In the medium - to long - term, it is in the mine production capacity release cycle, with a loose supply expectation. On the demand side, steel mills are resuming production after the festival, but the terminal demand needs time to start. Technically, the commodity sentiment is high recently, and iron ore is running strongly. A bullish view can be maintained [12][13]. Glass - The daily melting change is small. In the seasonal off - season, factory inventories are accumulating. The post - festival resumption progress of deep - processing enterprises needs to be concerned. In the short term, it is more affected by the overall commodity sentiment. Technically, it rebounded today and should be treated as a wide - range volatile market [17][18]. Methanol - Iran is the world's second - largest methanol producer and a major methanol exporter, significantly affecting global methanol supply. Driven by Middle - East geopolitical emergencies, methanol has had continuous large fluctuations. With a significant reduction in supply, it has entered a destocking channel, and the methanol port inventory decreased by 13.07 tons this week [21]. Pulp - Most pulp and paper plants have resumed normal production schedules, with some undergoing maintenance. Domestic port inventories are continuously increasing and under pressure. The downstream paper mills' operating loads are expected to continue to increase. Due to low paper enterprises' gross profits, there is an expectation of price increases for cultural paper and white cardboard, which may support pulp prices [24].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Due to the war between the US, Israel and Iran disrupting Middle - East crude oil and raw material exports, Asian refineries and petrochemical enterprises are cutting production capacity and declaring force majeure. The mid - term focus is on three variables: the sustainability of geopolitical risk premium, supply - demand fundamentals, and policy implementation rhythm. It is recommended to trade within a range and avoid unilateral chasing [3][4]. - The stock market shows a pattern of strong index and weak stocks today, with little change in trading volume compared to yesterday. The small - cycle is at a high level, and there is a need for adjustment in the early trading tomorrow. The early - morning adjustment is a good low - buying opportunity [7]. - Gold's daily - level red - green line turns bearish. After a rally last night, it fell back again, and a high - shorting strategy should be adopted [9]. - For iron ore, although there is a supply surplus in the medium - to - long - term, the commodity sentiment is high recently, and a bullish view can be maintained [11][12]. - For glass, in the seasonal off - season, the factory inventory is accumulating. It is recommended to view it as a wide - range oscillation [14][15]. - For methanol, affected by Middle - East geopolitical events, supply has decreased significantly, and the port inventory has decreased by 13.07 tons this week [19]. - For pulp, most pulp and paper equipment has returned to normal production, and the port inventory is under pressure. There is an expectation of price increase for cultural paper and white - card paper, which may support pulp prices [23]. 3. Summary by Related Catalogs Crude Oil - Due to the war between the US, Israel and Iran, Asian refineries and petrochemical enterprises are cutting production capacity and declaring force majeure. Three operators are reducing production loads to maintain factory operation. Restarting a steam cracking unit takes up to two weeks, and factories usually do not stock more than a month's worth of raw materials [3]. - Mid - term focus variables: the sustainability of geopolitical risk premium (the 8 - 10 dollars/barrel premium will fade quickly if the strait passage resumes), supply - demand fundamentals (OPEC+ production cuts and slow growth of US shale oil form a tight balance, but global demand recovery is weak), and policy implementation rhythm (US measures to stabilize oil prices and OPEC+ production adjustments will determine the volatility center). It is recommended to trade within a range, with Brent in the 80 - 100 dollars/barrel range and SC crude oil in the 600 - 800 yuan/barrel range, and set stop - losses and avoid overnight positions [4]. Stock Market - The market shows a pattern of strong index and weak stocks today, with little change in trading volume compared to yesterday. The small - cycle is at a high level, and there is a need for adjustment in the early trading tomorrow. The early - morning adjustment is a good low - buying opportunity [7]. Gold - Gold's daily - level red - green line turns bearish. After a rally last night, it fell back again, and a high - shorting strategy should be adopted [9]. Iron Ore - In the medium - to - long - term, the supply is expected to be loose as Australian and Brazilian shipments are normal and mines are in the capacity - release cycle. The terminal demand needs time to start, and attention should be paid to policy and sentiment. Recently, the commodity sentiment is high, and a bullish view can be maintained [11][12]. Glass - In the seasonal off - season, the daily melting volume changes little, and the factory inventory is accumulating. Attention should be paid to the resumption of work of deep - processing enterprises after the festival. In the short - term, it is more affected by the overall commodity sentiment, and it is recommended to view it as a wide - range oscillation [14][15]. Methanol - Iran is the world's second - largest methanol producer and exporter, and the recent Middle - East geopolitical events have caused significant fluctuations in methanol. Supply has decreased significantly, and the port inventory has decreased by 13.07 tons this week [19]. Pulp - Most pulp and paper equipment has returned to normal production, and individual equipment is under maintenance. The domestic port inventory is continuously accumulating and under pressure. The downstream paper mills' operating load is expected to continue to increase, and the paper enterprises' gross profit is low. There is an expectation of price increase for cultural paper and white - card paper, which may support pulp prices [23].

Group 1: Overall Report Information - Report Name: Jinxin Futures Daily [1] - Date: March 11, 2026 [1] Group 2: Crude Oil Futures Analysis - Short - term Situation: Crude oil futures will maintain a high - volatility and strongly differentiated pattern, mainly driven by geopolitical expectations and policy hedging. The current volatility results from the rapid switch between the escalation and mitigation signals of the Middle East conflict. As of March 10, the intraday amplitude of the SC crude oil main contract exceeded 10% [3]. - Medium - term Variables: Three variables need attention. First, the sustainability of the geopolitical risk premium. If the Strait passage resumes, the previous premium of $8 - 10 per barrel will quickly disappear. Second, the supply - demand fundamentals. OPEC+ production cuts and the slowdown in US shale oil production form a tight balance, but global demand recovery is weak. Third, the policy implementation rhythm. US measures to stabilize oil prices and OPEC+ production adjustments will determine the volatility center [3]. - Operation Suggestions: Avoid unilateral chasing up or selling down. It is recommended to conduct range trading, with Brent focusing on the $80 - 100 per barrel range and SC crude oil on the 600 - 800 yuan per barrel range. Also, set stop - losses and avoid holding overnight positions [3]. Group 3: Stock Index Futures Analysis - Market Performance: Today, the stock index basically opened high and went high, closing strongly under the influence of the sharp rise in international oil prices and US stocks. Technically, in the 5 - minute small - cycle, it is at a high level, and it is expected to have an adjustment requirement tomorrow morning. Tomorrow morning's adjustment is a good opportunity for low - buying [6][7]. Group 4: Gold Analysis - Market Performance: The red - green line of the gold daily - level chart turns bearish. After the morning opening, it fluctuated higher and showed an overall oscillating trend. It should be treated with a short - selling mindset [10]. Group 5: Iron Ore Analysis - Supply and Demand: Australia and Brazil's shipments maintain a normal rhythm. In the medium - to long - term, it is in the mine production capacity release cycle, and there is still an expectation of loose supply. On the demand side, steel mills are resuming production after the holiday, but the start of terminal demand still takes time [12][13]. - Technical View: Recently, the commodity sentiment is high, and iron ore is running strongly. It can continue to be viewed with a bullish mindset [12]. Group 6: Glass Analysis - Supply and Demand: The daily melting change is small. In the seasonal off - season, factory inventories continue to accumulate. It is necessary to pay attention to the resumption progress of deep - processing after the holiday. In the short term, it is more affected by the overall commodity sentiment [16][17]. - Technical View: Today, it closed with a large negative line. It can still be viewed with a wide - range oscillation mindset [16]. Group 7: Methanol Analysis - Market Impact: Iran is the world's second - largest methanol producer and a major methanol exporter, significantly affecting global methanol supply. Recently, driven by Middle East geopolitical emergencies, methanol has shown continuous large fluctuations, and the domestic market will also fluctuate significantly [19]. Group 8: Pulp Analysis - Supply and Demand: Most pulp and paper plants have resumed normal production, with individual plants under maintenance. Domestic port inventories continue to accumulate, and the downstream paper mills' operating load is expected to continue to increase. Paper companies' gross profits are continuously low, and there is an expectation of price increases for cultural paper and white cardboard, which may support pulp prices [22].

Group 1 - The A-share market sentiment has improved due to increased risk appetite, with major indices rising, particularly the ChiNext Index, which increased by 2.32% over the week [1] - Analysts expect the A-share market to remain in a recovery phase in June, supported by the easing of external disturbances and the implementation of domestic growth policies [2][3] - The market is anticipated to maintain a volatile but upward trend, with rapid sector rotation, providing structural investment opportunities for investors [2][3] Group 2 - The small-cap stocks have shown strong performance recently, but there are concerns about potential volatility due to high trading congestion and valuation deviations [3] - The trading loss indicator has declined significantly, suggesting a diminishing profit effect in the small-cap sector, which may warrant a focus on fundamental investment logic [3] - Analysts recommend focusing on stocks with improving earnings growth in the upcoming semi-annual report season, particularly within the small-cap segment [3] Group 3 - Three main investment themes have emerged: domestic consumption, technology growth, and high-margin dividend assets, which are attracting institutional attention [4] - The domestic policy focus on expanding consumption is expected to catalyze further growth, with resilient performance anticipated in sectors like home goods and food processing [4] - The technology sector is viewed as a long-term investment focus, with investors advised to wait for significant catalysts to emerge from industry trends [4]