Group 1: Stock Index Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report presents the latest values, historical quantiles, and changes compared to the previous day of various stock index futures spreads, including price spreads between futures and spot, inter - period spreads, and cross - variety ratios [1]. Details - **Price Spreads between Futures and Spot**: For example, the F period - spot spread is - 74.25, with a 4.00% change compared to the previous day and a 2.50% historical 1 - year quantile; the H period - spot spread is - 22.91, with a - 3.03 change and a 5.70% historical 1 - year quantile [1]. - **Inter - period Spreads**: Such as the spread between the next - month and the current - month contracts, with values and changes for different varieties like IF, IH, IC, and IM [1]. - **Cross - variety Ratios**: Ratios including CSI 500/Shanghai - Shenzhen 300, CSI 1000/Shanghai - Shenzhen 300, IC/IF, etc., are provided with their latest values, changes, and historical quantiles [1]. Group 2: Treasury Bond Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report shows the latest values, changes compared to the previous trading day, and historical quantiles of basis, inter - period spreads, and cross - variety spreads of treasury bond futures [2]. Details - **Basis**: For instance, the TS basis on March 31, 2026, is 1.1202, with a 0.0494 change and a 7.40% historical quantile; the TF basis is 0.0588, with a - 0.0352 change and a 29.50% historical quantile [2]. - **Inter - period Spreads**: Spreads between different contract periods of TS, TF, T, and TL are reported with their values, changes, and historical quantiles [2]. - **Cross - variety Spreads**: Spreads such as TS - TF, TS - T, etc., are presented with their values, changes, and historical quantiles [2]. Group 3: Precious Metals Spot - Futures Daily Report Report Industry Investment Rating - Not provided Core View - The report provides domestic and foreign futures closing prices, spot prices, basis, price ratios, interest rates, exchange rates, inventory, and positions of precious metals, along with investment suggestions [5]. Details - **Futures Closing Prices**: Domestic futures closing prices of AU2606, AG2606, PT2606, and PD2606 contracts are given, as well as foreign futures closing prices of COMEX gold, COMEX silver, NYMEX platinum, and NYMEX palladium [5]. - **Spot Prices**: Spot prices of London gold, London silver, spot platinum, spot palladium, and Shanghai Gold Exchange products are presented [5]. - **Basis**: Bases such as gold TD - Shanghai gold main contract, silver TD - Shanghai silver main contract, etc., are reported with their values, changes, and historical quantiles [5]. - **Price Ratios**: Ratios like COMEX gold/silver, Shanghai Futures Exchange gold/silver, NYMEX platinum/palladium, and Guangzhou Futures Exchange platinum/palladium are provided [5]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury bond yield, 2 - year US Treasury bond yield, 10 - year TIPS Treasury bond yield, US dollar index, and offshore RMB exchange rate are reported [5]. - **Inventory and Positions**: Inventories of Shanghai Futures Exchange gold and silver, COMEX gold and silver, and positions of SPDR gold ETF and SLV silver ETF are presented [5]. - **Investment Suggestions**: Suggestions include trying to go long on gold at the 4400 - 4500 US dollar range when gold ETF positions stop falling and rebound; expecting silver to stand above 70 US dollars and seize short - term upward opportunities; and considering the long - platinum - short - palladium ratio as platinum moves up in the 1850 - 2015 US dollar range and palladium consolidates above 1400 US dollars [5].

Report 1: Stock Index Futures Spread Daily Report 1. Report Industry Investment Rating No information provided. 2. Report Core View No information provided. 3. Summary by Relevant Catalog - **Price Spread Data**: The report presents the latest values, changes from the previous day, historical 1 - year quantiles, and all - time quantiles of various stock index futures price spreads, including H period - spot price spreads, IC period - spot price spreads, IM period - spot price spreads, and cross - period price spreads of IF, IC, and IM. It also shows cross - variety ratios such as CSI 500/CSI 300, CSI 200/CSI 20, etc. [1] Report 2: Treasury Bond Futures Spread Daily Report 1. Report Industry Investment Rating No information provided. 2. Report Core View No information provided. 3. Summary by Relevant Catalog - **Price Spread Data**: The report provides the latest values, changes from the previous trading day, and percentiles since listing of various treasury bond futures price spreads, including basis, cross - period price spreads, and cross - variety price spreads of TS, TF, T, and TL. [2] Report 3: Precious Metals Spot - Futures Daily Report 1. Report Industry Investment Rating No information provided. 2. Report Core View - In the short term, although the US signals peace talks with Iran, the conditions for a cease - fire agreement may be harsh. There may be more intense conflicts, causing a liquidity shock and a decline in gold prices. However, the impact of geopolitical conflicts on the market is expected to be gradually digested. The halt of outflows from gold ETF funds is beneficial for price stabilization, and the market may enter a technical repair phase. One can try to buy call options below $4400 to capture short - term rebound opportunities. - Silver may gradually bottom out around $60 - $65 as gold stops falling, with resistance at $85. It is recommended to continue holding short - position call options on Shanghai silver. - Platinum and palladium follow the trends of gold and silver and enter a volatile phase. Platinum fluctuates in the range of $1850 - $2000, and palladium fluctuates in the range of $1450 - $1600. Palladium has relatively weaker fundamentals, and one can try to go long on the palladium - platinum ratio at low prices. [4] 3. Summary by Relevant Catalog - **Futures Closing Prices**: It shows the closing prices, price changes, and price change rates of domestic and foreign precious metals futures contracts on March 27 and March 26, including AU2606, AG2606, COMEX gold, COMEX silver, etc. [4] - **Spot Prices**: Presents the current values, previous values, price changes, and price change rates of precious metals spot prices, such as London gold, London silver, and Shanghai Gold Exchange gold T + D. [4] - **Basis**: Provides the current basis values, previous values, price changes, and historical 1 - year quantiles of precious metals, including gold TD - Shanghai gold main contract, silver TD - Shanghai silver main contract, etc. [4] - **Ratios**: Shows the current values, previous values, price changes, and price change rates of various precious metals ratios, such as COMEX gold/silver, Shanghai Futures Exchange gold/silver. [4] - **Interest Rates and Exchange Rates**: Lists the current values, previous values, price changes, and price change rates of interest rates and exchange rates, including 10 - year US Treasury bond yield, 2 - year US Treasury bond yield, US dollar index, etc. [4] - **Inventory and Positions**: Presents the current values, previous values, price changes, and price change rates of precious metals inventories and positions, including Shanghai Futures Exchange gold inventory, COMEX gold inventory, SPDR gold ETF position, etc. [4]

Group 1: Stock Index Futures Spread Daily Report - The latest values, changes from the previous day, historical 1-year percentiles, and all-time percentiles of IF, IH, IC, and IM futures-spot spreads and inter - period spreads are presented. For example, the IF futures - spot spread is -81.53, with a change of 5.93 from the previous day, and its historical 1 - year percentile is 2.40% [1]. - The ratios of different stock indices such as CSI 500/CSI 300, CSI 500/SSE 50, etc., along with their changes and percentiles, are provided. For instance, the CSI 500/CSI 300 ratio is 1.7068, with a change of -0.0051 [1]. Group 2: Treasury Bond Futures Spread Daily Report - The latest values, changes from the previous trading day, and percentiles since listing of the basis and inter - period spreads of TS, TF, T, and TL treasury bond futures are given. For example, the TS basis on March 26, 2026, is 0.0400, with a change of 0.0012 from the previous day, and its percentile since listing is 8.809% [3]. - The latest values, changes, and percentiles of cross - variety spreads such as TS - TF, TS - T, etc., are reported. For example, the TS - TF spread on March 26, 2026, is -3.4600, with a change of -0.0450 [3]. Group 3: Precious Metals Spot - Futures Daily Report - The domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals (gold, silver, platinum, and palladium) are presented. For example, the AU2606 contract's domestic futures closing price on March 26 is 095.98, down 17.98 (-1.77%) from March 25 [4]. - Views on precious metals are provided: in the short - term, gold may experience a price drop but there is a chance for a phased recovery; silver may bottom out around 60 - 65 dollars with resistance at 85 dollars; platinum and palladium fluctuate in certain price ranges following the trends of gold and silver [4].

Report Industry Investment Rating - Not provided in the given content Core View of the Report - Not provided in the given content Summary by Categories Ferrous Metals - Silicon iron (SF603) has a spot price of 5982, a futures price of 5998, a historical quantile of 57.60%, and a basis rate of 1.03% [1] - Silicon manganese (SM603) has a historical quantile of 39.10% [1] - Rebar (RB2605) has a spot price of 3220, a futures price of 3128, a historical quantile of 45.10%, and a basis rate of -0.45% [1] - Hot-rolled coil (HC2605) has a spot price of 3290, a futures price of 3305, a historical quantile of 13.10% [1] - Iron ore (I2605) has a spot price of 817, a futures price of 851, a historical quantile of 28.80%, and a basis rate of -0.29% [1] - Coke (J2605) has a historical quantile of 64.19% [1] - Coking coal (JM2605) has a spot price of 1333, a futures price of 1230, a historical quantile of 54.00%, and a basis rate of 8.37% [1] Non-ferrous Metals - Copper (CU2605) has a spot price of 95325, a futures price of 95350, a historical quantile of 46.04%, and a basis rate of -0.03% [1] - Aluminum (AL2605) has a spot price of 23725, a futures price of 23510, a historical quantile of 11.25%, and a basis rate of -0.91% [1] - Alumina (AO2605) has a spot price of 2773, a futures price of 2931, a historical quantile of 12.55% [1] - Zinc (ZN2605) has a spot price of 22770, a futures price of 23070, a historical quantile of 92.70%, and a basis rate of -1.30% [1] - Tin (SN2604) has a spot price of 352800, a futures price of 348790, a historical quantile of 81.45%, and a basis rate of 1.15% [1] - Nickel (MISEOR) has a spot price of 135860, a futures price of 136450, a historical quantile of 1.95% [1] - Stainless steel (SS2605) has a spot price of 14500, a futures price of 14390, a historical quantile of 48.71%, and a basis rate of 0.76% [1] - Lithium carbonate (LC2605) has a spot price of 156500, a futures price of 157200, a historical quantile of 46.03%, and a basis rate of -0.45% [1] - Industrial silicon (SISEO5) has a spot price of 8735, a futures price of 9200, a historical quantile of 28.69%, and a basis rate of 5.32% [1] Precious Metals - Gold (AU2606) has a spot price of 995.98, a futures price of 989.8, a historical quantile of 0.90%, and a basis rate of -0.62% [1] - Silver (AG2606) has a spot price of 17472.0, a futures price of 17292.0, a historical quantile of 5.80%, and a basis rate of 1.04% [1] Agricultural Products - Soybean meal (M2605) has a spot price of 3190, a futures price of 2952.0, a historical quantile of 67.10%, and a basis rate of 2.82% [1] - Soybean oil (ASEO2) has a spot price of 8890, a futures price of 8646.0, a historical quantile of 52.40%, and a basis rate of 2.82% [1] - Palm oil (P2605) has a spot price of 9580, a futures price of 9614.0, a historical quantile of 16.70%, and a basis rate of -0.35% [1] - Rapeseed meal (RM605) has a spot price of 2350, a historical quantile of 48.70% [1] - Rapeseed oil (Oleos) has a spot price of 10350, a futures price of 9840.0, a historical quantile of 91.60%, and a basis rate of 5.18% [1] - Corn (C2605) has a spot price of 2400, a futures price of 2376.0, a historical quantile of 46.00%, and a basis rate of 1.01% [1] - Corn starch (CS2605) has a spot price of 2765.0, a futures price of 2900, a historical quantile of 69.90%, and a basis rate of 4.88% [1] - Live pigs (H2605) has a spot price of 9500, a futures price of 9835.0, a historical quantile of 30.40%, and a basis rate of -3.41% [1] - Eggs (JD2605) has a spot price of 3512.0, a futures price of 3180, a historical quantile of 16.00%, and a basis rate of -9.45% [1] - Cotton (CF605) has a spot price of 16550, a futures price of 15420.0, a historical quantile of 72.90%, and a basis rate of 7.33% [1] - White sugar (SR605) has a spot price of 5463.0, a futures price of 5480, a historical quantile of 6.50%, and a basis rate of -1.47% [1] - Apples (AP605) has a spot price of 9946.0, a futures price of 9800, a historical quantile of 17.40%, and a basis rate of -1.47% [1] - Red dates (CJ605) has a spot price of 8835.0, a futures price of 7900, a historical quantile of 43.80%, and a basis rate of -10.58% [1] Energy and Chemicals - Paraxylene (PX605) has a spot price of 9774.0, a futures price of 9811.8, a historical quantile of 42.00%, and a basis rate of 0.39% [1] - PTA (TA605) has a spot price of 6670.0, a futures price of 6778.0, a historical quantile of 15.50%, and a basis rate of -1.59% [1] - Ethylene glycol (EG2605) has a spot price of 4975.0, a futures price of 5058.0, a historical quantile of 25.30%, and a basis rate of -1.63% [1] - Polyester staple fiber (PF604) has a spot price of 8150.0, a futures price of 8260.0, a historical quantile of 18.80%, and a basis rate of -1.33% [1] - Styrene (EB2604) has a spot price of 10046.0, a futures price of 10245.0, a historical quantile of 68.10%, and a basis rate of 1.98% [1] - Methanol (MA605) has a spot price of 3202.0, a futures price of 3265.0, a historical quantile of 69.10%, and a basis rate of 1.97% [1] - Urea (UR605) has a spot price of 1890.0, a futures price of 1875.0, a historical quantile of 22.10%, and a basis rate of -0.80% [1] - LLDPE (L2605) has a spot price of 8767.0, a futures price of 8600.0, a historical quantile of 1.60%, and a basis rate of -1.90% [1] - PP (PP2605) has a spot price of 9120.0, a futures price of 9025.0, a historical quantile of 7.20%, and a basis rate of -1.04% [1] - PVC (V2605) has a spot price of 5500.0, a futures price of 5650.0, a historical quantile of 41.10%, and a basis rate of -2.65% [1] - Caustic soda (SH605) has a spot price of 2509.0, a futures price of 2275.0, a historical quantile of 21.50%, and a basis rate of -9.33% [1] - LPG (PG2604) has a spot price of 6541.0, a futures price of 7198.0, a historical quantile of 81.50%, and a basis rate of 10.04% [1] - Asphalt (BU2604) has a spot price of 4543.0, a futures price of 4330.0, a historical quantile of 10.70%, and a basis rate of -4.69% [1] - Butadiene rubber (BR2604) has a spot price of 18500.0, a futures price of 17975.0, a historical quantile of 85.10%, and a basis rate of 2.92% [1] - Float glass (FG605) has a spot price of 1036.0, a futures price of 960.0, a historical quantile of 51.10%, and a basis rate of -7.92% [1] - Soda ash (SA605) has a spot price of 1225.0, a futures price of 1205.0, a historical quantile of 46.60%, and a basis rate of -1.66% [1] - Pure benzene (BZ2604) has a spot price of 8420.0, a futures price of 8245.0, a historical quantile of 12.50%, and a basis rate of -2.08% [1] - Propylene (PL2605) has a spot price of 8851.0, a futures price of 8800.0, a historical quantile of 35.10%, and a basis rate of -0.58% [1] - Bottle chips (PR2605) has a spot price of 8222.0, a historical quantile of 95.70% [1] - Natural rubber (RU2605) has a spot price of 16950.0, a futures price of 16895.0, a historical quantile of 97.10%, and a basis rate of 0.32% [1] Financials - IF2606.CFE has a spot price of 4477.5343, a futures price of 4396.0, a historical quantile of 2.20%, and a basis rate of -1.85% [1] - IH2606.CFE has a spot price of 2824.6744, a futures price of 2804.8, a historical quantile of 8.40%, and a basis rate of -0.70% [1] - IC2606.CFE has a spot price of 7642.1302, a futures price of 7413.8, a historical quantile of 0.10%, and a basis rate of -3.08% [1] - IM2606.CFE has a spot price of 7639.3762, a futures price of 7375.6, a historical quantile of 0.30%, and a basis rate of -3.58% [1] - 2-year bond (TS2606) has a spot price of 102.51, a futures price of 100.11, a historical quantile of 43.90%, and a basis rate of 0.04% [1] - 5-year bond (TF2606) has a spot price of 105.97, a futures price of 100.22, a historical quantile of 40.40%, and a basis rate of 0.07% [1] - 10-year bond (T2606) has a spot price of 108.25, a futures price of 99.86, a historical quantile of 23.80%, and a basis rate of 0.06% [1] - 30-year bond (TL2606) has a spot price of 122.25, a futures price of 111.49, a historical quantile of 48.20%, and a basis rate of 0.34% [1]

1. Report on Stock Index Futures Spread 1.1 Core Data - **IF Futures-Spot Spread**: The latest value is -86.32, a change of -12.73 from the previous day, with a 1-year historical quantile of 1.20% and an all-time quantile of 2.00% [1]. - **IH Futures-Spot Spread**: The latest value is -20.25, a change of -3.93 from the previous day, with a 1-year historical quantile of 12.70% and an all-time quantile of 8.10% [1]. - **IC Futures-Spot Spread**: The latest value is -187.77, a change of 17.97 from the previous day, with a 1-year historical quantile of 2.00% and an all-time quantile of 2.40% [1]. - **IM Futures-Spot Spread**: The latest value is -213.66, with relevant quantiles provided [1]. - **Cross-Term Spreads**: Various cross - term spreads for IF, IH, IC, and IM are presented, including differences between different contract months and their changes, historical quantiles [1]. - **Cross-Variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, CSI 300/SSE 50, etc., along with their changes and historical quantiles, are reported [1]. 2. Report on Treasury Bond Futures Spread 2.1 Core Data - **Basis**: On March 24, 2026, the TS basis was 1.1278, TF basis was 1.1961, T basis was 1.2398, and TL basis was 0.6196, with corresponding changes and historical percentiles since listing [2]. - **Cross - Term Spreads**: Cross - term spreads for TS, TF, T, and TL are provided, including differences between different seasons and their changes and historical percentiles [2]. - **Cross - Variety Spreads**: Cross - variety spreads such as TS - TF, TS - T, TF - T, etc., along with their changes, are reported [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - For precious metals, the Fed's interest rate decision with a "hawkish" stance has short - term negative impacts on precious metal sentiment. Gold price has fallen below the 60 - day moving average, and if it cannot recover, it may drop to the low of $4650 in February. It is recommended to buy at - the - money put options. Silver is in a weak and volatile state under the pressure of a strong US dollar, seeking support around $70. Platinum follows gold and silver in a weak oscillation and may fall below $2000. Palladium performs weaker than platinum [3] Group 3: Summary by Relevant Catalogs 1. Stock Index Futures Spread - **IF**: The current - to - spot spread is - 6.93, with a 1 - year historical percentile of 40.30% and a full - historical percentile of 79.00%. The inter - period spreads show different values and percentiles for different time combinations such as next - month to current - month, quarter - month to current - month, etc [1] - **IH**: The current - to - spot spread is - 1.25, with corresponding percentiles. The inter - period spreads also have various values and percentiles [1] - **IC**: The current - to - spot spread is 5.60, and the inter - period spreads have different values and percentiles for different time combinations [1] - **IM**: The current - to - spot spread is 62.50% (seems an error in data presentation here), and the inter - period spreads have different values and percentiles [1] - **Cross - variety ratios**: Ratios such as CSI 500/CSI 300, CSI 1000/CSI 300, IC/IF, etc. have their own values, changes, and percentiles [1] 2. Treasury Bond Futures Spread - **IRR and Basis**: For different varieties like TS, TF, T, and TL, the IRR and basis have their latest values, changes from the previous trading day, and percentiles since listing [2] - **Inter - period spreads**: For each variety, the inter - period spreads between different quarters (such as current - quarter to next - quarter, current - quarter to alternate - quarter) have their values, changes, and percentiles [2] - **Cross - variety spreads**: Spreads between different varieties like TS - TF, TS - T, etc. have their values, changes, and percentiles [2] 3. Precious Metals Spot - Futures - **Domestic futures closing prices**: AU2604, AG2606, PT2606, and PD2606 contracts have closing prices on March 18 and 17, with corresponding price changes and percentage changes [3] - **Foreign futures closing prices**: COMEX gold, silver, NYMEX platinum, and palladium contracts have closing prices on March 18 and 17, with price changes and percentage changes [3] - **Spot prices**: London gold, silver, spot platinum, palladium, and Shanghai Gold Exchange's gold T + D, silver T + D, etc. have their current and previous values, price changes, and percentage changes [3] - **Basis**: The basis between gold TD - Shanghai gold main contract, silver TD - Shanghai silver main contract, etc. has its current value, change, and 1 - year historical percentile [3] - **Ratios**: Ratios such as COMEX gold/silver, NYMEX platinum/palladium, etc. have their current values, changes, and percentage changes [3] - **Interest rates and exchange rates**: 10 - year US Treasury yield, 2 - year US Treasury yield, 10 - year TIPS Treasury yield, US dollar index, and on - shore RMB exchange rate have their current values, changes, and percentage changes [3] - **Inventory and positions**: The inventories of Shanghai Futures Exchange's gold and silver, COMEX gold and silver, and the positions of SPRD gold ETF and SLV silver ETF have their current values, changes, and percentage changes [3]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided documents. Group 2: Core Views of the Reports 1. **Futures Index Spread Report** - The report presents the current situation of futures index spreads including IF, IH, IC, and IM, with details on full - historical and 1 - year historical quantiles, and changes compared to the previous day [1]. 2. **Treasury Bond Futures Spread Report** - It shows the latest values, changes from the previous day, and historical quantiles of IRR, basis, inter - period spreads, and cross - variety spreads of Treasury bond futures such as TS, TF, T, and TL [2]. 3. **Precious Metals Spot - Futures Report** - The Fed's "hawkish" attitude in the interest rate decision has hit the precious metals market. Gold may fall to the $4650 low in February if it fails to recover above the 60 - day moving average. Silver is in weak shock and seeking support around $70. Platinum is also in weak shock and may fall below $2000, and palladium performs weaker than platinum [3]. Group 3: Summary by Related Catalogs 1. **Futures Index Spread Report** - **IF Spread**: The current period - spot spread is - 6.93, with a 1 - year historical quantile of 40.30% and a change of - 2.83 from the previous day. For inter - period spreads, the spreads of different months have various values and historical quantiles [1]. - **IH Spread**: The period - spot spread is - 1.25, and the inter - period spreads also show different values and historical quantiles [1]. - **IC Spread**: The period - spot spread is 5.60, and the inter - period spreads have corresponding values and historical quantiles [1]. - **IM Spread**: The period - spot spread is 62.50%, and the inter - period spreads have different values and historical quantiles [1]. - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 1000/CSI 300, and IC/IF are presented with their current values, changes, and historical quantiles [1]. 2. **Treasury Bond Futures Spread Report** - **IRR and Basis**: For different Treasury bond futures varieties (TS, TF, T, TL), the IRR and basis values, their changes from the previous day, and historical quantiles are provided [2]. - **Inter - period Spreads**: The inter - period spreads of different months (current quarter - next quarter, current quarter - distant quarter, next quarter - distant quarter) for each variety are given, along with their changes and historical quantiles [2]. - **Cross - Variety Spreads**: Cross - variety spreads such as TS - TF, TS - T, TF - T, etc. are presented with their values, changes, and historical quantiles [2]. 3. **Precious Metals Spot - Futures Report** - **Domestic Futures Closing Prices**: The closing prices of domestic precious metal futures (AU2604, AG2606, PT2606, PD2606) on March 18 and 17, their changes, and percentage changes are shown [3]. - **Foreign Futures Closing Prices**: The closing prices of foreign precious metal futures (COMEX gold, COMEX silver, NYMEX platinum, NYMEX palladium) on March 18 and 17, their changes, and percentage changes are presented [3]. - **Spot Prices**: The spot prices of precious metals (London gold, London silver, spot platinum, spot palladium, Shanghai Gold Exchange gold T + D, Shanghai Gold Exchange silver T + D, Shanghai Gold Exchange platinum 9995) and their changes are provided [3]. - **Basis**: The basis values of different precious metals (gold TD - Shanghai gold main contract, silver TD - Shanghai silver main contract, London gold - COMEX gold, London silver - COMEX silver), their changes, and 1 - year historical quantiles are given [3]. - **Ratios**: Ratios such as COMEX gold/silver, Shanghai Futures Exchange gold/silver, NYMEX platinum/palladium, and Guangzhou Futures Exchange platinum/palladium are presented with their values, changes, and percentage changes [3]. - **Interest Rates and Exchange Rates**: The values, changes, and percentage changes of 10 - year US Treasury bond yield, 2 - year US Treasury bond yield, 10 - year TIPS Treasury bond yield, US dollar index, and on - shore RMB exchange rate are shown [3]. - **Inventory and Positions**: The inventory and position data of precious metals in different exchanges (Shanghai Futures Exchange, COMEX) and ETFs (SPRD gold EFFG, SLV silver ETF) and their changes are provided [3].

Group 1: Report Industry Investment Rating - No information provided in the reports Group 2: Core Views of the Reports 1. Index Futures Spread Daily Report - The report presents the historical 1 - year and full - historical percentiles, latest values, and changes compared to the previous day for various index futures spreads, including IF, IH, IC, and IM, as well as cross - variety ratios [1]. 2. Treasury Bond Futures Spread Daily Report - It shows the basis, cross - period spreads, and cross - variety spreads of different treasury bond futures (TS, TF, T, TL), along with their latest values, changes, and percentiles since listing [2]. 3. Precious Metals Spot - Futures Daily Report - Gold prices are expected to maintain a narrow - range oscillation between 5000 - 5250 dollars, and shorting out - of - the - money call options above 1200 yuan can be continued. Silver prices continue to be weakly volatile, testing the support of the 60 - day moving average, and shorting out - of - the - money call options above 23000 yuan can be continued. Platinum and palladium prices are under pressure, with platinum in the 2000 - 2200 dollars range and palladium in the 1590 - 1690 dollars range [4]. Group 3: Summary by Relevant Catalogs Index Futures Spread Daily Report - **IF Futures**: The current IF futures spread is - 29.16, with a historical 1 - year percentile of 32.30% and a full - historical percentile of 14.20%. The cross - period spreads also have corresponding percentiles and changes [1]. - **IH Futures**: The IH futures spread is - 5.16, with a historical 1 - year percentile of 37.20% and a full - historical percentile of 32.50%. Cross - period spreads show different values and changes [1]. - **IC Futures**: The IC futures spread is - 58.47, with a historical 1 - year percentile of 13.50% and a full - historical percentile of 43.40%. Cross - period spreads have their own characteristics [1]. - **IM Futures**: The IM futures spread is - 58.71, with a historical 1 - year percentile of 5.00% and a full - historical percentile of 29.80%. Cross - period spreads are presented as well [1]. - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, and others are provided, along with their latest values, changes, and percentiles [1]. Treasury Bond Futures Spread Daily Report - **Basis**: For TS, TF, T, and TL, the basis values, their changes, and percentiles since listing are given. For example, the TS basis is 1.3925, with a 16.80% percentile since listing [2]. - **Cross - Period Spreads**: Cross - period spreads for different contracts (e.g., current quarter - next quarter, current quarter - distant quarter) of TS, TF, T, and TL are presented, including their latest values, changes, and percentiles [2]. - **Cross - Variety Spreads**: Spreads between different treasury bond futures (e.g., TS - TF, TS - T) are provided, along with their latest values, changes, and percentiles [2]. Precious Metals Spot - Futures Daily Report - **Domestic Futures Closing Prices**: Closing prices, price changes, and price change rates of domestic precious metal futures contracts (AU2604, AG2606, etc.) on March 12 are presented [4]. - **Foreign Futures Closing Prices**: Closing prices, price changes, and price change rates of foreign precious metal futures contracts (COMEX gold, COMEX silver, etc.) on March 12 are shown [4]. - **Spot Prices**: Current and previous spot prices, price changes, and price change rates of precious metals (London gold, London silver, etc.) are provided [4]. - **Basis**: The basis between different precious metal spot and futures prices, their changes, and historical 1 - year percentiles are given [4]. - **Price Ratios**: Ratios between different precious metal prices (COMEX gold/silver, SHFE gold/silver, etc.), their changes, and price change rates are presented [4]. - **Interest Rates and Exchange Rates**: Current and previous values, changes, and change rates of 10 - year US Treasury yields, 2 - year US Treasury yields, 10 - year TIPS Treasury yields, the US dollar index, and the offshore RMB exchange rate are provided [4]. - **Inventory and Positions**: Current and previous values, changes, and change rates of inventories and positions of precious metals in different exchanges (SHFE, COMEX) and ETFs are presented [4].

1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views 2.1 Stock Index Futures Spread Daily Report - The report presents the latest values, changes from the previous day, historical 1 - year percentiles, and all - time percentiles of various stock index futures spreads, including IF, IH, IC, and IM. It also shows cross - variety ratios [1]. 2.2 Treasury Bond Futures Spread Daily Report - The report provides the latest values, changes from the previous trading day, and percentiles since listing for various treasury bond futures spreads, such as basis, cross - period spreads, and cross - variety spreads [2]. 2.3 Capital Flow and Key Seats' Position Changes Daily Report - The report shows the capital inflow and outflow of varieties and the position changes of key seats, with the vertical axis percentage calculated as net position divided by total position (unilateral) and daily position increase/decrease divided by total position (unilateral) [3]. 2.4 Precious Metals Spot - Futures Daily Report - Gold is stabilizing above the 20 - day moving average, generally maintaining a range of 5000 - 5300 dollars. One should be cautious with unilateral operations and can observe the volatility changes of observable targets. In the short term, one can sell out - of - the - money call options above 1200 yuan. - Silver may still face downward pressure under multiple factors. Attention should be paid to the support of the 60 - day moving average. In the case of converging volatility, it operates in the range of 80 - 90 dollars. It is recommended to sell out - of - the - money call options to earn time value. - Platinum and palladium prices are generally supported by macro - financial attributes and a tight supply pattern. The industrial demand is stable and the investment demand is slightly warming. The platinum price fluctuates in the range of 2050 - 2250 dollars, and one can roll and sell out - of - the - money call options [4]. 3. Summary by Related Catalogs 3.1 Stock Index Futures Spread - **IF**: The current IF spot - futures spread is - 10.76, with a 70.40% historical 1 - year percentile and 37.20% all - time percentile. The cross - period spreads also have corresponding values and percentiles [1]. - **IH**: The IH spot - futures spread is - 0.44, with a 63.50% historical 1 - year percentile and 52.80% all - time percentile. Different cross - period spreads are presented with their respective data [1]. - **IC**: The IC spot - futures spread is - 16.70, with an 80.30% historical 1 - year percentile and 57.30% all - time percentile. Multiple cross - period spreads are shown [1]. - **IM**: The IM spot - futures spread is 23.62, with a 30.00% historical 1 - year percentile and 43.10% all - time percentile. Cross - period spreads are provided [1]. - **Cross - variety Ratios**: Ratios such as CSI 200/SSE 20, CSI 300/SSE 50, and others are presented with their latest values, changes, and percentiles [1]. 3.2 Treasury Bond Futures Spread - **Basis**: The IRR of TF basis is 1.3770 (on 2026 - 03 - 10), with a change of - 0.0058 and a 16.20% percentile since listing. Other basis values for T, TL, etc. are also given [2]. - **Cross - period Spreads**: For TS, TF, T, and TL, cross - period spreads like current quarter - next quarter, next quarter - far quarter are presented with their values, changes, and percentiles [2]. - **Cross - variety Spreads**: Spreads such as TS - TF, TS - T, TF - T, etc. are provided with relevant data [2]. 3.3 Capital Flow and Key Seats' Position Changes - The report shows the net position and daily position increase/decrease percentages of seats like Morgan Stanley, UBS Futures, CITIC Futures, and Guotai Junan [3]. 3.4 Precious Metals Spot - Futures - **Domestic Futures Closing Prices**: The AU2604 contract closed at 1150.00 yuan/gram on March 10, up 0.88% from the previous day. Other contracts like AG2604, PT2606, and PD2606 also have their closing prices and price changes [4]. - **Foreign Futures Closing Prices**: COMEX gold, silver, NYMEX platinum, and palladium futures have their closing prices, price changes, and percentage changes on March 10 [4]. - **Spot Prices**: London gold, silver, spot platinum, and palladium, as well as Shanghai Gold Exchange's gold T + D and silver T + D, have their current prices, price changes, and percentage changes [4]. - **Basis**: The basis values of gold TD - Shanghai gold main contract, silver TD - Shanghai silver main contract, etc., along with their changes and historical 1 - year percentiles, are presented [4]. - **Ratios**: Ratios such as COMEX gold/silver, SHFE gold/silver, NYMEX platinum/palladium, and GZFE platinum/palladium are given with their values, changes, and percentage changes [4]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield, 2 - year US Treasury yield, 10 - year TIPS Treasury yield, US dollar index, and offshore RMB exchange rate have their current values, changes, and percentage changes [4]. - **Inventory and Positions**: The inventory of SHFE gold, silver, COMEX gold, and silver, as well as the positions of COMEX gold registered warehouse receipts, SPDR gold ETF, and SLV silver ETF, have their current values, changes, and percentage changes [4].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the given reports. 2. Core Views - **Stock Index Futures**: The report presents the latest values, historical quantiles, and daily changes of price spreads for various stock index futures contracts, including IF, IH, IC, and IM, along with cross - variety ratios. However, no clear investment suggestions are made other than presenting data [1]. - **Treasury Bond Futures**: It shows the IRR, basis, cross - period spreads, and cross - variety spreads of different treasury bond futures contracts such as TS, TF, T, and TL, with data on their changes and historical quantiles [2]. - **Precious Metals**: Gold is expected to be bullish above the 20 - day moving average, and investors can hold long positions and sell out - of - the - money call options with strike prices above 1200 yuan. Silver's long - term upward logic remains valid, but short - term factors limit its upside, and selling out - of - the - money call options is recommended. For platinum and palladium, prices are generally supported, and for platinum, a strategy of buying on dips near the 20 - day moving average is suggested, and going long on the platinum - palladium ratio is also advisable [3]. - **Container Shipping**: Due to the recent military conflict between the US and Iran, the sentiment impact on the 04 contract of container shipping European routes is greater than the fundamental impact. It is expected that the main contract 2604 will open significantly higher, and attention should be paid to the subsequent development of the conflict and the collection of war surcharges [5]. 3. Summary by Relevant Catalogs Stock Index Futures - **Price Spreads**: The current values of IF, IH, IC, and IM futures - spot spreads are 3.15, 5.97, - 13.05, and - 29.44 respectively. The historical 1 - year quantiles are 93.80%, 93.40%, 83.60%, and 25.00% respectively. There are also detailed cross - period spreads and cross - variety ratios provided [1]. Treasury Bond Futures - **Basis**: On February 27, 2026, the basis values of TS, TF, T, and TL are - 0.0112, 1.4278, 1.5179, and 1.3159 respectively, with corresponding historical quantiles of 16.70%, 35.10%, 52.10%, and 38.80% [2]. - **Cross - Period Spreads**: Different contracts have various cross - period spread values, such as the "current quarter - next quarter" spread of TS being 0.0000, with a change of - 0.0160 and a historical quantile of 25.60% [2]. - **Cross - Variety Spreads**: For example, the "TS - TF" spread is - 0.0010 on February 27, 2026, with a historical quantile of 8.30% [2]. Precious Metals - **Futures Prices**: On February 27, 2026, the domestic futures closing prices of AU2604, AG2604, PT2606, and PD2606 are 1147.90 yuan/gram, 23019 yuan/kilogram, 623.75 yuan/gram, and 464.85 yuan/gram respectively, showing different degrees of increase compared to the previous day [3]. - **Spot Prices**: London gold, London silver, and other spot prices also changed on the same day. For example, London gold rose from 5181.25 to 5278.26 US dollars/ounce, with a growth rate of 1.87% [3]. - **Basis and Ratios**: The basis of gold TD - Shanghai gold main contract is - 5.42, with a historical 1 - year quantile of 46.10%. There are also various price ratios such as COMEX gold/silver, which decreased by 4.13% to 56.11 [3]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury bond yield decreased to 3.97% with a decline of 1.2%, and the US dollar index decreased to 97.64 with a decline of 0.14% [3]. - **Inventory and Positions**: The inventories of Shanghai Futures Exchange gold and silver decreased by - 0.01% and - 11.48% respectively, while the positions of some ETFs changed [3]. Container Shipping - **Shipping Rates**: The freight rates of some shipping companies such as MAERSK, CMA, and MSC remained stable, while ONE's freight rate decreased by 9.88%. The settlement price index of SCFIS (European route) and SCFIS (US West route) decreased, while the Shanghai Export Container Freight Index (SCFI) increased [5]. - **Futures Prices and Basis**: The prices of EC2604 (main contract) decreased by 0.94%, while the basis (main contract) increased by 3.44% [5]. - **Fundamentals**: The global container shipping capacity supply remained unchanged. The port punctuality rate in Shanghai decreased by 8.68%, and some overseas economic indicators such as the US manufacturing PMI index increased by 9.81% [5].