1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views 2.1 Oils and Fats - Palm oil: Affected by the decline in crude oil futures, the crude palm oil futures may further decline to around 4,500 ringgit. In China, the Dalian palm oil futures will first test the support at around 9,700 yuan, and there is a risk of further decline after breaking the 9,500 - yuan support [1]. - Soybean oil: CBOT soybean oil has a requirement for a stagflation callback. In China, after the Tomb - Sweeping Festival, demand is expected to gradually increase, but with the arrival of Brazilian soybeans, the basis quote is expected to remain stable [1]. - Rapeseed oil: The Zhengzhou rapeseed oil 05 contract is under pressure at the 10,000 - yuan mark. The spot market traders are bearish on the far - month rapeseed oil basis, and the far - month basis quote has dropped by 20 yuan/ton [1]. 2.2 Sugar - ICE raw sugar futures are affected by energy prices. In the short term, raw sugar prices may fluctuate with oil prices. In China, the domestic sugar market has a situation of strong supply and weak demand, and sugar prices are expected to maintain a high - level volatile and weak pattern [3]. 2.3 Cotton - ICE cotton futures rose. The global cotton production in 2026/27 is expected to decline by 4% to 24.9 million tons, while consumption remains stable. In China, the upward space of domestic cotton prices is restricted by the external market. Although the industrial fundamentals are sound, the follow - up needs to focus on downstream orders, new - year planting area, and weather [5]. 2.4 Red Dates - The jujube market is in the off - season. The prices in the main sales areas are loose, and the consumption is weak. The futures prices are expected to maintain a low - level volatile operation in the short term [7]. 2.5 Apples - The inventory structure of apple main producing areas is differentiated. The prices of high - quality apples are firm, while those of ordinary apples in Shandong are under pressure. The market sentiment has weakened, and the short - term disk is expected to fluctuate and consolidate [9]. 2.6 Corn - The price of corn in the Northeast is stable and weak, and that in North China has rebounded locally. The marginal demand is decreasing, but the limited remaining grain and rigid demand support the price. Attention should be paid to subsequent policy releases [11][13]. 2.7 Meal - The USDA's report shows an increase in US soybean planting area. The domestic soybean meal market is pessimistic, and the future supply pressure will continue to increase [14]. 2.8 Pigs - Pig prices continue to decline. The capacity reduction is slow, and the short - term market may be boosted by second - fattening sentiment, but there is a possibility of further decline under capacity pressure [16]. 2.9 Eggs - The supply of eggs is stable, and the demand has slowed down. After a slight decline in egg prices, the local breeding end is reluctant to sell, and the prices are expected to maintain a low - level volatile trend [19]. 3. Summary by Related Catalogs 3.1 Oils and Fats - **Spot and Futures Prices**: On April 1, the spot price of Jiangsu soybean oil was 9,000 yuan, down 100 yuan from March 31, a decrease of 1.11%; the futures price of Y2605 was 8,624 yuan, down 44 yuan, a decrease of 0.51%. The spot price of Guangdong 24 - degree palm oil was 8,520 yuan, up 130 yuan, an increase of 1.32%; the futures price of P2605 was 9,780 yuan, down 86 yuan, a decrease of 0.87%. The spot price of Jiangsu third - grade rapeseed oil was 10,122 yuan, down 160 yuan, a decrease of 1.56%; the futures price of OI2605 was 9,884 yuan, down 164 yuan, a decrease of 1.66% [1]. - **Basis and Spread**: The basis of Y2605 was 476 yuan, up 144 yuan, an increase of 43.37%; the basis of P2605 was 205 yuan, up 216 yuan, an increase of 1963.64%; the basis of OI2605 was 402 yuan, up 4 yuan, an increase of 1.01%. The soybean oil inter - period spread (05 - 09) was 40 yuan, unchanged; the palm oil inter - period spread (05 - 09) was - 44 yuan, down 22 yuan, a decrease of 100.00%; the rapeseed oil inter - period spread (05 - 09) was 17 yuan, down 16 yuan, a decrease of 17.20% [1]. 3.2 Sugar - **Futures and Spot Markets**: On April 1, the futures price of SR2605 was 5,356 yuan/ton, down 42 yuan, a decrease of 0.78%; the futures price of SR2609 was 5,380 yuan/ton, down 21 yuan, a decrease of 0.94%. The spot price in Nanning was 5,440 yuan/ton, down 10 yuan, a decrease of 0.18%; the spot price in Kunming was 5,290 yuan/ton, down 5 yuan, a decrease of 0.09% [3]. - **Industry Situation**: The cumulative national sugar production was 9.26 million tons, down 456,100 tons, a decrease of 4.69%; the cumulative national sugar sales were 3.45 million tons, down 1.3016 million tons, a decrease of 27.39%. The national sugar sales rate was 37.30%, down 11.60 percentage points, a decrease of 23.72% [3]. 3.3 Cotton - **Futures and Spot Prices**: On April 1, the futures price of CF2605 was 15,245 yuan/ton, down 140 yuan, a decrease of 0.91%; the futures price of CF2609 was 15,375 yuan/ton, down 140 yuan, a decrease of 0.90%. The Xinjiang arrival price of 3128B was 16,632 yuan/ton, down 59 yuan, a decrease of 0.35%; the CC Index of 3128B was 16,797 yuan/ton, down 53 yuan, a decrease of 0.31% [5]. - **Industry Situation**: The commercial inventory was 0 tons, down 547,700 tons, a decrease of 100.0%; the industrial inventory was 102,400 tons, up 13,000 tons, an increase of 14.5%. The import volume was 166,500 tons, down 39,100 tons, a decrease of 19.0% [5]. 3.4 Red Dates - **Futures and Spot Prices**: On April 1, the futures price of CJ2605 was 8,635 yuan/ton, down 115 yuan, a decrease of 1.31%; the futures price of CJ2607 was 8,835 yuan/ton, down 90 yuan, a decrease of 1.01%; the futures price of CJ2609 was 9,020 yuan/ton, down 90 yuan, a decrease of 0.99%. The Cangzhou special - grade spot price was 9,060 yuan/ton, unchanged [7]. - **Inventory**: As of April 1, the total of warehouse receipts and effective forecasts was 4,457, equivalent to 22,285 tons of red dates [7]. 3.5 Apples - **Futures and Spot Prices**: On April 1, the futures price of AP2605 was 9,860 yuan/ton, up 34 yuan, an increase of 0.35%; the futures price of AP2610 was 8,497 yuan/ton, down 246 yuan, a decrease of 2.81%. The basis was - 1,525 yuan/ton, down 91 yuan, a decrease of 6.35% [9]. - **Inventory and Market**: The national cold - storage inventory was 4.4179 million tons, down 266,400 tons, a decrease of 5.69%. The trading in the main producing areas was average, and the market sentiment has weakened [9]. 3.6 Corn - **Futures and Spot Prices**: On April 1, the futures price of C2605 was 2,350 yuan/ton, down 1 yuan, a decrease of 0.04%; the Jinzhou Port flat - hatch price was 2,385 yuan/ton, up 10 yuan, an increase of 0.42%. The basis was 35 yuan, up 11 yuan, an increase of 45.83% [11]. - **Industry Situation**: In the Northeast, the price of wet corn is stable and weak; in North China, the price has rebounded locally. The demand of downstream enterprises is decreasing, but the limited remaining grain and rigid demand support the price [11][13]. 3.7 Meal - **Futures and Spot Prices**: On April 1, the spot price of Jiangsu soybean meal was 3,180 yuan/ton, down 60 yuan, a decrease of 1.85%; the futures price of M2605 was 2,875 yuan/ton, down 40 yuan, a decrease of 1.37%. The spot price of Jiangsu rapeseed meal was 2,500 yuan/ton, down 20 yuan, a decrease of 0.79%; the futures price of RM2605 was 2,265 yuan/ton, down 34 yuan, a decrease of 1.48% [14]. - **Spreads and Profits**: The soybean meal inter - period spread (05 - 09) was - 87 yuan, down 14 yuan, a decrease of 19.18%; the rapeseed meal inter - period spread (05 - 09) was - 71 yuan, down 8 yuan, a decrease of 12.70%. The oil - meal ratio of the spot was 2.87, up 0.084, an increase of 3.02%; the oil - meal ratio of the main contract was 3.00, up 0.026, an increase of 0.88% [14]. 3.8 Pigs - **Futures and Spot Prices**: On April 1, the futures price of LH2605 was 9,610 yuan/ton, down 160 yuan, a decrease of 1.64%; the futures price of LH2607 was 10,605 yuan/ton, down 125 yuan, a decrease of 1.16%. The Henan spot price was 9,300 yuan/ton, down 50 yuan [16]. - **Industry Situation**: Pig prices continue to decline, the capacity reduction is slow, and the short - term market may be affected by second - fattening sentiment, but there is a risk of further decline [16]. 3.9 Eggs - **Futures and Spot Prices**: On April 1, the futures price of JD2605 was 3,440 yuan/500KG, down 25 yuan, a decrease of 0.73%; the futures price of JD2606 was 3,220 yuan/500KG, down 4 yuan, a decrease of 0.12%. The egg - producing area price was 3.31 yuan/jin, down 0.04 yuan, a decrease of 1.27% [19]. - **Industry Situation**: The supply of eggs is stable, and the demand has slowed down. After a decline in egg prices, the local breeding end is reluctant to sell, and the prices are expected to be volatile at a low level [19].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Viewpoints of the Report - The nickel and stainless - steel markets are expected to maintain a volatile trend in the short term. For nickel, the market is in a state of game between policy and fundamentals, and it will likely remain in a range - bound oscillation. For stainless steel, it will follow the nickel price trend and also maintain an oscillatory state due to the influence of macro and policy factors [1][3][5] 3. Summary by Related Catalogs Nickel Variety Market Analysis - On March 31, 2026, the opening price of the main Shanghai nickel contract was 137,080 yuan/ton, and the closing price was 134,780 yuan/ton, a change of - 0.83% from the previous trading day. The trading volume was 290,411 (- 45,931) lots, and the open interest was 164,700 (- 11,544) lots [1] - The nickel market is in a state of game between policy and fundamentals. Policywise, the Indonesian export tax and nickel ore quota are still uncertain, but they support the price. Fundamentally, on the supply side, the nickel ore shortage continues, and the price of nickel ore is expected to rise. The supply of nickel iron and refined nickel is sufficient, but the cost is stably supported. The production of MHP is hindered, and the price remains strong. On the demand side, the profit of stainless - steel mills has improved, providing stable demand support. In the new - energy sector, the production and sales of new - energy vehicles meet expectations, but it is in the off - season, with limited month - on - month improvement. Ternary batteries contribute a small increase in demand, while downstream enterprises have weak procurement willingness and mainly make rigid - demand purchases [1] Nickel Ore and Spot - According to Mysteel, the premium of Indonesian nickel ore still has room to rise, and the RKAB quota approval progress is slow. The premium of the mainstream pyrometallurgical ore plants is likely to remain stable next month, and some may increase by 1 - 2 dollars/wet ton. The domestic trade ore price still has upward momentum. The price of Philippine nickel ore is weakening, and the traders' quotes are loosening. The 1.3% grade is quoted at 48 - 50 dollars/wet ton, and the CIF receiving price of the 1.4% grade is 71 dollars. Ocean freight may continue to decline, and the cost - side pressure is marginally relieved [2] - The Shanghai nickel price oscillated weakly during the day, and the center of the refined nickel spot price moved slightly downward. The premium of Jinchuan nickel decreased, while that of other brands remained stable, with sufficient overall supply. Market trading became lighter, and downstream enterprises only made rigid - demand purchases, with strong wait - and - see sentiment and insufficient willingness to chase high prices. The implementation of the Indonesian export tax is uncertain, the cost support at the ore end is stable, the domestic refined nickel production is at a high level, and the spot resources are sufficient. The premium of Jinchuan nickel changed by - 1,000 yuan/ton to 3,750 yuan/ton, the premium of imported nickel changed by 0 yuan/ton to - 350 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 57,858 (+ 685) tons, and the LME nickel inventory was 281,526 (- 48) tons [2] Strategy - In the short term, Shanghai nickel will likely maintain a range - bound oscillation. The recommended strategy for a single - side position is to conduct range - based operations. There are no recommended strategies for inter - period, cross - variety, spot - futures, or options trading [3] Stainless - Steel Variety Market Analysis - On March 31, 2026, the opening price of the main stainless - steel contract was 14,170 yuan/ton, and the closing price was 14,160 yuan/ton. The trading volume was 118,510 (- 1,569) lots, and the open interest was 97,783 (- 4,171) lots [3] - Stainless - steel prices mainly follow the nickel price trend and are greatly affected by Indonesian policies and the macro - environment. On the supply side, steel mills maintain high production plans. According to Mysteel statistics, the estimated crude - steel production of 43 domestic stainless - steel plants in March 2026 was 3.6995 million tons, a month - on - month increase of 0.9895 million tons, an increase of 36.51%, and a year - on - year increase of 5.34%. The planned production in April is 3.6847 million tons, a month - on - month decrease of 0.4% and a year - on - year increase of 5.2%. On the demand side, it has entered the traditional consumption peak season, and downstream demand is stable, but it is mainly on - demand procurement without stockpiling. In April, consumption is expected to continue to recover, orders will ease, and inventory is unlikely to rise, providing bottom support for prices [4] - Although the futures market has weakened, the stainless - steel spot market is generally stable, and traders' quotes mostly remain unchanged. Downstream terminals maintain rigid - demand purchases. The stainless - steel price in the Wuxi market is 14,400 (+ 0) yuan/ton, and that in the Foshan market is 14,400 (+ 0) yuan/ton. The premium of 304/2B is 270 - 470 yuan/ton. According to SMM data, the ex - factory tax - inclusive average price of high - nickel pig iron yesterday remained unchanged at 1,083.0 yuan/nickel point [4] Strategy - In the short term, stainless - steel will follow the nickel price trend and is expected to maintain an oscillatory state. The recommended strategy for a single - side position is neutral. There are no recommended strategies for inter - period, cross - variety, spot - futures, or options trading [5]

1. Report Industry Investment Rating - Both soybeans and peanuts are rated as neutral [3][5] 2. Core Viewpoints - The soybean market is in a high - level adjustment. The supply shortage situation in the spot market has eased, demand is weak, and the upward space of soybean prices is restricted [2] - The peanut market is running weakly. The overall supply of peanuts is abundant, demand is weak, and the selling pressure of sellers is high, so the peanut price may remain weakly in the short term [4] 3. Summaries by Related Catalogs Soybean Market Analysis - **Futures**: The closing price of the soybeans 2605 contract was 4641.00 yuan/ton, up 67.00 yuan/ton or +1.46% from the previous day [1] - **Spot**: The edible soybean spot basis was A05 + 59, down 67 or 32.14% from the previous day. Northeast soybean prices generally declined, with the prices of rough grain and screened grain dropping by 60 yuan/ton and tower grain dropping by 20 - 40 yuan/ton [1] - **Market News**: The auction success rate of soybeans by the state - owned grain reserve was less than 50%, and the premium space was limited. The resumption of state - owned reserve auctions has changed the market's expectation of future supply. The downstream enterprises' procurement attitude is cautious, and they mostly adopt the strategy of purchasing as needed [1][2] Strategy - The strategy for soybeans is neutral [3] Peanut Market Analysis - **Futures**: The closing price of the peanut 2605 contract was 8086.00 yuan/ton, down 34.00 yuan/ton or - 0.42% from the previous day [3] - **Spot**: The average spot price of peanuts was 8800.00 yuan/ton, up 782.00 yuan/ton or +9.75% from the previous day. The spot basis was PK05 + - 1286.00, up 34.00 or - 2.58% from the previous day. The average price of general peanuts in the national market dropped by 27 yuan/ton [3] - **Market News**: The overall supply of peanuts in the domestic market is abundant, terminal demand is weak, some holders choose to sell at a discount, and processing enterprises' procurement is cautious [3][4] Strategy - The strategy for peanuts is neutral [5]

1. Report Industry Investment Rating - Aluminium: Cautiously bullish [9] - Alumina: Cautiously bullish [9] - Aluminium alloy: Cautiously bullish [9] - Arbitrage: Neutral [9] 2. Core View of the Report - The issue in the Middle East is tending to ease, but the reduction of electrolytic aluminium production in the Middle East has actually occurred, and there is still a possibility of further production cuts. Overseas consumption has not been substantially affected, and domestic aluminium rod and alloy inventories are declining, laying the foundation for future aluminium ingot destocking. The long - term outlook for fundamentals and macro - expectations remains optimistic [6]. - The export limit policy of bauxite in Guinea is yet to be clearly introduced. Although it is not clear whether it will cause a supply shortage, the policy - oriented price limit strengthens the support for alumina prices. The alumina supply - demand situation remains in surplus, and the price fluctuates with crude oil prices in the short term and will shift upward in the long term due to raw material disturbances [7][8]. 3. Summary by Related Catalogs Aluminium Spot - The price of East China A00 aluminium is 24,610 yuan/ton, with a change of 80 yuan/ton from the previous trading day, and the spot premium/discount is - 100 yuan/ton, with a change of - 10 yuan/ton from the previous trading day. The price of Central China A00 aluminium is 24,510 yuan/ton, and the spot premium/discount changes - 30 yuan/ton to - 200 yuan/ton. The price of Foshan A00 aluminium is 24,520 yuan/ton, with a change of 90 yuan/ton from the previous trading day, and the aluminium spot premium/discount changes - 5 yuan/ton to - 190 yuan/ton [1]. Aluminium Futures - On March 31, 2026, the main contract of Shanghai aluminium opened at 24,585 yuan/ton, closed at 24,875 yuan/ton, with a change of 350 yuan/ton from the previous trading day. The highest price reached 24,905 yuan/ton, and the lowest price was 24,580 yuan/ton. The trading volume was 357,773 lots, and the holding volume was 258,839 lots [2]. Aluminium Inventory - As of March 31, 2026, the domestic social inventory of electrolytic aluminium ingots was 1.373 million tons, with a change of 24,000 tons from the previous period. The warehouse receipt inventory was 416,607 tons, with a change of 4,155 tons from the previous trading day. The LME aluminium inventory was 416,775 tons, with a change of - 1,900 tons from the previous trading day [2]. Alumina Spot Price - On March 31, 2026, the SMM alumina price in Shanxi was 2,805 yuan/ton, in Shandong was 2,770 yuan/ton, in Henan was 2,810 yuan/ton, in Guangxi was 2,770 yuan/ton, in Guizhou was 2,810 yuan/ton, and the FOB price of Australian alumina was 315 US dollars/ton [2]. Alumina Futures - On March 31, 2026, the main contract of alumina opened at 2,931 yuan/ton, closed at 2,827 yuan/ton, with a change of - 102 yuan/ton from the previous trading day's closing price, a change rate of - 3.48%. The highest price reached 2,941 yuan/ton, and the lowest price was 2,825 yuan/ton. The trading volume was 399,634 lots, and the holding volume was 199,275 lots [2]. Aluminium Alloy Price - On March 31, 2026, the purchase price of Baotai civil raw aluminium was 18,400 yuan/ton, and the purchase price of mechanical raw aluminium was 18,800 yuan/ton, with no change from the previous day. The Baotai quotation of ADC12 was 24,200 yuan/ton, with no change from the previous day [3]. Aluminium Alloy Inventory - The social inventory of aluminium alloy was 44,900 tons, and the in - factory inventory was 80,400 tons [4]. Aluminium Alloy Cost and Profit - The theoretical total cost was 23,927 yuan/ton, and the theoretical profit was 273 yuan/ton [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The industrial silicon price is expected to maintain a range - bound oscillation, with a supply - demand dual - weak pattern. The upside potential depends on downstream demand recovery and inventory reduction, while the downside is limited by cost support and production cut expectations. [3] - The polysilicon price is expected to continue a weak oscillation. The weak industrial silicon price makes the cost support for polysilicon weak, and the demand expectation from the "rush to export" before April has not been realized, with high inventory and difficult demand transmission in the industry chain. [6] 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On March 31, 2026, the industrial silicon futures price oscillated and declined. The main contract 2605 opened at 8480 yuan/ton and closed at 8355 yuan/ton, a change of (- 145) yuan/ton or (- 1.71)%. The position of the main contract 2605 was 201,800 lots, and the number of warehouse receipts on March 30, 2026 was 22,313 lots, a change of 24 lots from the previous day. [1] - The spot price of industrial silicon declined. The price of East China oxygen - permeable 553 silicon was 9,100 - 9,200 (- 50) yuan/ton; 421 silicon was 9,500 - 9,700 (0) yuan/ton, Xinjiang oxygen - permeable 553 price was 8,500 - 8,600 (0) yuan/ton, and 99 silicon price was 8,500 - 8,600 (0) yuan/ton. The silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained flat, and the price of 97 silicon was stable. [1] - As of March 26, the total social inventory of industrial silicon in major regions was 560,000 tons, an increase of 1.26% from the previous week. [1] - The organic silicon DMC was quoted at 13,800 - 14,300 (0) yuan/ton. After the festival, the demand for downstream polysilicon, organic silicon, and aluminum alloy all decreased to varying degrees, and most of the post - festival inquiries were exploratory. [1] Supply - demand and Cost - The supply side remained in a loose state, and the pattern of oversupply continued. The demand side was continuously sluggish, and the war between the US and Iran restricted the export logistics of industrial silicon. Recently, the prices of petroleum coke and Xinjiang electricity have increased, and the cost support for industrial silicon is stable. [1][2] Strategy - The industrial silicon price is expected to maintain a range - bound oscillation. In the short - term, conduct range operations. There are no strategies for inter - period, cross - variety, spot - futures, or options. [3] Polysilicon Market Analysis - On March 31, 2026, the main contract 2605 of polysilicon futures oscillated and declined, opening at 36,760 yuan/ton and closing at 35,200 yuan/ton, a change of - 3.1% from the previous trading day. The position of the main contract was 34,456 (34,584 in the previous trading day) lots, and the trading volume was 165,316 lots. [3] - The spot price of polysilicon declined. The N - type material was 35.50 - 41.50 (- 0.75) yuan/kg, and the n - type granular silicon was 40.00 - 43.00 (0.00) yuan/kg. The polysilicon manufacturer's inventory decreased, while the silicon wafer inventory increased. The latest polysilicon inventory was 33.20, a change of - 3.49% month - on - month, the silicon wafer inventory was 26.98GW, a change of - 2.42% month - on - month, the weekly polysilicon output was 19,400.00 tons, a change of 1.00% week - on - week, and the silicon wafer output was 11.38GW, a change of - 3.40% week - on - week. [4] - In terms of silicon wafers, the domestic N - type 18Xmm silicon wafer was 0.99 (0.00) yuan/piece, the N - type 210mm was 1.28 (- 0.02) yuan/piece, and the N - type 210R silicon wafer was 1.04 (- 0.05) yuan/piece. [4] - In terms of battery cells, the high - efficiency PERC182 battery cell was 0.27 (0.00) yuan/W; the PERC210 battery cell was about 0.28 (0.00) yuan/W; the TopconM10 battery cell was about 0.38 (- 0.01) yuan/W; the Topcon G12 battery cell was 0.38 (- 0.01) yuan/W; the Topcon210RN battery cell was 0.39 (- 0.01) yuan/W. The HJT210 half - cell battery was 0.37 (0.00) yuan/W. [5] - For components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 (0.00) yuan/W, the mainstream transaction price of PERC210mm was 0.69 - 0.73 (0.00) yuan/W, the mainstream transaction price of N - type 182mm was 0.74 - 0.76 (0.00) yuan/W, and the mainstream transaction price of N - type 210mm was 0.75 - 0.78 (0.00) yuan/W. [5] - Since the polysilicon price fell below the cost level of 40,000 yuan/ton, the market sentiment was pessimistic. The fundamental weakness and the impact of the US - Iran conflict on bulk commodities still existed. The spot market trading almost stagnated, the inventory reached a high level, the supply - demand game continued, the supply - side production cut pressure increased, and the downstream battery factories only maintained rigid - demand purchases and had a low acceptance of high - price goods. [5] Strategy - The polysilicon price is expected to continue a weak oscillation. In the short - term, conduct range operations, and the main contract is expected to maintain an oscillation in the short - term. There are no strategies for inter - period, cross - variety, spot - futures, or options. [6]

1. Report Industry Investment Rating - Glass: Neutral [2] - Soda Ash: Slightly Bearish [2] - Silicomanganese: Neutral [5] - Ferrosilicon: Neutral [5] 2. Core Viewpoints - The black building materials market is under pressure due to macro - sentiment disturbances. The glass and soda ash markets are affected by weak demand, while the double - silicon market is facing its own supply - demand contradictions [1][3] 3. Summary of Each Section Glass and Soda Ash Market Analysis - Glass 2605 main contract showed a slightly weak and volatile trend yesterday. The spot market price declined slightly with the futures price, and the purchasing intention of traders remained relatively stable [1] - Soda Ash 2605 main contract continued the previous day's weak trend. The spot market price decreased with the futures price, and downstream purchases were mainly for rigid - demand replenishment, with overall light trading [1] Supply - Demand and Logic - The glass market continues the pattern of weak supply and demand. The profit margin of float glass enterprises is narrowing, the number of cold - repair production lines is increasing, and production is gradually decreasing. The traditional "Golden March and Silver April" consumption season is underperforming, downstream orders are average, and real - estate data is weak, so downstream purchases are mainly for rigid - demand replenishment [1] - The supply - demand contradiction in the soda ash market is still prominent. Although production has declined periodically, the overall supply is still loose. New orders for downstream float glass and photovoltaic glass are underperforming, and the inventory is at a high level compared to the same period. The recent weakness in the chemical sector has further dragged down market sentiment [1] Strategies - Glass: Volatility [2] - Soda Ash: Slightly Weak Volatility [2] Double - Silicon (Silicomanganese and Ferrosilicon) Market Analysis - Silicomanganese futures showed a weak trend yesterday, with the main contract dropping 2.19% in a single day. There are production - reduction plans in Inner Mongolia and Ningxia, and some factories started production reduction on April 1st. The cost of manganese ore is strongly supported, and the mainstream steel procurement prices have not been finalized. The price of 6517 in the northern market is 6200 - 6300 yuan/ton, and in the southern market, it is 6300 - 6350 yuan/ton [3] - Ferrosilicon futures were weak yesterday, with the main contract dropping 3.17%. The spot market was consolidating, and trading showed no improvement. The ex - factory price of 72 - grade ferrosilicon in the main production areas is 5550 - 5650 yuan/ton, and 75 - grade ferrosilicon is priced at 5950 - 6100 yuan/ton [3] Supply - Demand and Logic - This week, silicomanganese production decreased, and inventory decreased slightly but remained at a high level compared to the same period. The production capacity is still loose, and the high - inventory pressure leads to a large supply - demand contradiction. Although short - term factors such as the Australian hurricane, South African oil and gas shortages, and increased shipping costs may drive up prices, the overall industrial chain is still loose [3] - The supply - demand contradiction in ferrosilicon is relatively limited. Due to improved profits, production is expected to increase. The inventory is relatively healthy, but the loose production capacity suppresses price increases. The tense situation in the Middle East has raised expectations of increased ferrosilicon costs, so the price is slightly bullish [4] Strategies - Silicomanganese: Volatility [5] - Ferrosilicon: Volatility [5]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The situation between the US and Iran remains tense as the shipping volume through the Strait of Hormuz is still low, and the follow - up actions of US ground forces are yet to be observed [3]. - For pure benzene, Chinese port inventories are gradually decreasing, and domestic refineries are operating at a low level. The subsequent rate of port inventory reduction is related to the rate of decline in imports. South Korea may adjust its delivery plans and consider restricting the export of petrochemical products [3]. - For styrene, although the current inventory reduction is slow, there are expectations of faster inventory reduction in the future. The supply side may see a delay in the maintenance of Zhejiang Petrochemical, and the downstream start - up shows differentiation [3]. 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure and Inter - period Spreads - Figures related to pure benzene include the basis of the pure benzene main contract, the spread between pure benzene spot and M2 paper goods, and the spread between the first - and third - consecutive contracts of pure benzene [8][15]. - Figures related to styrene include the basis of the styrene main contract and the spread between the first - and third - consecutive contracts of styrene [16][19]. II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Figures related to production profits and spreads include naphtha processing fees, the spread between pure benzene FOB South Korea and naphtha CFR Japan, the production profit of non - integrated styrene plants, and various spreads between different regions of pure benzene and styrene [22][25][33]. III. Inventories and Operating Rates of Pure Benzene and Styrene - For pure benzene, it includes the inventory in East China ports and the operating rate [42]. - For styrene, it includes the inventory in East China ports, commercial inventory, factory inventory, and the operating rate [45][47]. IV. Operating Rates and Production Profits of Styrene Downstream - It includes the operating rates and production profits of EPS, PS, and ABS [55][60][62]. V. Operating Rates and Production Profits of Pure Benzene Downstream - It includes the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products [65][69][75].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The USDA area report for soybeans is bullish, and the futures market may rebound; the spot price of soybeans is stable, and the futures market rebounds and fluctuates [1] - On March 31, 2026, CBOT soybean futures closed higher as the USDA's soybean planting area forecast was lower than market expectations. The 2026 US soybean planting area is expected to be 84.7 million acres, a 4% year-on-year increase but lower than Reuters' pre-report forecast of 85.549 million acres. The quarterly inventory report shows that as of March 1, 2026, the total US soybean inventory was 2.1 billion bushels, a 10% year-on-year increase and higher than market expectations [3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking Futures - DCE Soybean 2605: The closing price was 4,641 yuan/ton, up 74 yuan (+1.62%) during the day session and 4,639 yuan, up 27 yuan (+0.59%) during the night session [1] - DCE Soybean Meal 2605: The closing price was 2,915 yuan/ton, down 22 yuan (-0.75%) during the day session and 2,913 yuan, down 6 yuan (-0.21%) during the night session [1] - CBOT Soybean 05: The price was up 13.5 cents (+1.17%) to 1,172.25 cents/bushel [1] - CBOT Soybean Meal 05: The price was 316.4 dollars/short ton, up 1.8 dollars (+0.57%) [1] Spot - Shandong: The spot price of soybean meal (43%) was flat to -20 yuan compared to the previous day. The spot basis was M2605 + 260/+270/+300, with prices ranging from 3,180 to 3,220 yuan/ton. For April 20 - 30 delivery, it was M2605 + 200, flat; for April 20 - May 15 delivery, it was M2605 + 160; for May, it was M2605 + 100/+130/+160; for May - July, it was M2605 + 0/+20/+50; for August - September, it was M2609 - 30/-20/+0/+30/+60; for October - January, it was M2701 + 30/+40/+50/+70/+100 [1] - East China: The spot price of soybean meal was M2605 + 230, down 30 yuan compared to the previous day. For April 16 - 30 delivery, it was M2605 + 200, flat; for May, it was M2605 + 100, flat [1] - South China: The spot price of soybean meal ranged from 3,180 to 3,420 yuan/ton, down 50 yuan to flat compared to the previous day. For April 25 - May 10 delivery, it was M2605 + 180, flat; for April 16 - May 15 delivery, it was M2605 + 180, flat; for May, it was M2605 + 100, flat [1] - Bayan: The price of soybeans was 4,680 yuan/ton [1] Inventory and Trading Volume - The inventory of soybean meal was 63.1 million tons/week, compared to 64.18 million tons the previous week [1] - The trading volume of soybeans was 10.6 million tons/day, compared to 8.49 million tons the previous day [1] 2. Macro and Industry News - On March 31, 2026, CBOT soybean futures closed higher as the USDA's soybean planting area forecast was lower than market expectations. The 2026 US soybean planting area is expected to be 84.7 million acres, a 4% year-on-year increase but lower than Reuters' pre-report forecast of 85.549 million acres. The quarterly inventory report shows that as of March 1, 2026, the total US soybean inventory was 2.1 billion bushels, a 10% year-on-year increase and higher than market expectations [3] - In Brazil, soybean harvesting in some areas is nearly complete, and there has been rainfall in many areas this week. Although the recent rainfall has slowed the harvesting progress in northeastern Brazil, it has helped the late - growing soybean crops in Rio Grande do Sul [3] 3. Trend Intensity - The trend intensity of soybean meal is +1; the trend intensity of soybeans is 0 (referring to the price fluctuation of the main contract during the day session on the report day) [3]

Report Industry Investment Rating - The report gives a short - term volatile market rating for p - xylene (PX), purified terephthalic acid (PTA), and monoethylene glycol (MEG) [1] Core Viewpoints - PX is in a short - term volatile market due to the conflict between high raw material costs and weak downstream demand. It is recommended to go long on SC and short on PX, and go long on BZ and short on PX. Consider buying on dips [8] - PTA is in a cost - demand game. Don't chase the high, buy on dips, and maintain positive spreads when the 5 - 9 month spread is below 50 yuan/ton. It is expected to be strong in the medium - term, and pay attention to the long EB and short PTA hedge [8][9] - MEG is in a short - term high - level volatile market. Supply is decreasing, imports will shrink in April, and port inventory is expected to be depleted faster. The unilateral price is still strong, and maintain positive spreads for the 5 - 9 month spread [9] Summary by Related Contents Futures and Spot Market Data - Futures: The closing prices of PX, PTA, MEG, PF, and SC futures on the previous day were 9700, 6684, 5218, 8246, and 740.6 respectively, with changes of - 140, - 84, - 141, - 96, and - 22.9, and percentage changes of - 1.42%, - 1.24%, - 2.63%, - 1.15%, and - 3.00% [1] - Spot: The prices of PX CFR China, PTA in East China, MEG spot, MOPJ naphtha, and Dated Brent on the previous day were 1251.67 dollars/ton, 6660 yuan/ton, 5275 yuan/ton, 1207.5 dollars/ton, and 123.48 dollars/barrel respectively, with changes of - 24 dollars/ton, - 170 yuan/ton, - 154 yuan/ton, 1 dollar/ton, and 2.98 dollars/barrel [1] - Spot processing fees: The PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread on the previous day were 120.67 dollars/ton, 133.46 yuan/ton, - 133.31 yuan/ton, 570.09 yuan/ton, and - 4.34 dollars/ton respectively, with changes of - 14.5 dollars/ton, 11.12 yuan/ton, - 192 yuan/ton, - 75.54 yuan/ton, and 0 dollars/ton [1] Market Conditions - PX: On March 31, the PX price dropped. The PX - naphtha spread narrowed. The naphtha market was relatively strong in the short - term [1][4] - PTA: A 2.5 - million - ton PTA plant in South China reduced its load to 60 - 70% [4] - MEG: Affected by the Tomb - Sweeping Festival, the statistical period was extended to April 6. A 200,000 - ton/year syngas - to - ethylene glycol plant in Henan was restarting [5] - Polyester: A 100,000 - ton polyester plant in Xiaoshan shut down for maintenance. The sales of polyester yarn in Jiangsu and Zhejiang on March 31 were weak, and the sales of direct - spun polyester staple fiber were also light [5] - Textile and clothing: From January to February 2026, online retail sales of goods and services were 3,254.58 billion yuan, a year - on - year increase of 9.2%. Online retail sales of wearing goods increased by 18% [6] Trend Intensity - The trend intensity of p - xylene, PTA, and MEG is - 1, indicating a weak outlook [7]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the report. 2. Core Views of the Report - **Weak Consolidation for Soybean Meal**: Although the soybean meal inventory increased slightly week - on - week and is lower year - on - year, the estimated soybean imports in April are nearly 2 million tons higher year - on - year, indicating a good short - term supply. Overnight US soybean data is not strongly bearish. Soybean meal is expected to open slightly higher and consolidate. Due to the loosening domestic fundamentals, be cautious about going long and manage positions carefully. Pay attention to the cost impact from crude oil fluctuations [1][5]. - **Weak Consolidation for Rapeseed Meal**: Rapeseed meal followed soybean meal and closed slightly lower. The bearish pressure of Canadian rapeseed arrivals in April has been largely reflected in the market. With domestic rapeseed approaching harvest, be cautious about going long and it's advisable to wait and see. Focus on the subsequent inventory build - up of domestic rapeseed meal, the trend of crude oil, and the Canadian rapeseed planting report [1][6]. - **Short - term Bullish for Palm Oil**: Palm oil rose and then fell. Although the March Malaysian palm oil data is good and there is a growing call for Indonesia's B50, the palm oil production in Southeast Asia is expected to gradually recover in April. Be cautious about chasing long positions and manage positions well. Pay short - term attention to the guidance from the crude oil market [1][9]. - **Short - term Bullish for Soybean Oil**: Domestic soybean imports in April are optimistic, with sufficient short - term supply. However, it is greatly disturbed by the crude oil market. Manage positions well and focus on the final situation of Brazilian soybean export inspections and the subsequent trend of crude oil [1]. - **Short - term Bullish for Rapeseed Oil**: Domestic rapeseed oil is in a low - inventory state. Although a large amount of Canadian rapeseed will arrive in April, the short - term spot market strongly supports the near - month contract. The near - month rapeseed oil is expected to remain strongly volatile, but be cautious about going long due to the approaching domestic rapeseed harvest. Treat it as an event - driven market caused by crude oil market disturbances and participate in the short - term. Pay attention to the subsequent trend of crude oil, the outlook for Canadian rapeseed planting area, and the domestic rapeseed oil inventory build - up [1]. - **Beware of Callback for Cotton**: Internationally, the new - year US cotton is expected to decline more than previously expected, and its exports are at a record high, so it is expected to run strongly in the short - term and narrow the price gap with domestic cotton. Domestically, the current spot basis is still high, and the downstream orders and machine - running rate are better than the same period, supporting the short - term cotton price. However, beware of the over - consumption of April orders due to pre - demand, and the high import of cotton and yarn puts pressure on inventory reduction. If the reduction in planting area in early April is limited, the market will face a high callback demand, and be cautious about holding long positions in the next two weeks [1][13]. - **Pressured Operation for Red Dates**: Currently, the market is in the off - season with a loose supply - demand pattern. The inventory reduction is slow, and rising temperatures will further suppress red date consumption. Without positive factors, the enthusiasm for holding positions by funds has significantly decreased. However, the current valuation is relatively low, so the deep - decline space is also limited. The market is expected to operate under pressure [1][15]. - **Differentiated Performance for Live Pigs**: As the spot price further declines, the losses of fattening pigs and piglets are deepening, which may accelerate the reduction of sow inventory. However, the high supply base of live pigs this year remains unchanged, and the contango structure of far - month contracts may strengthen further. The demand is in the off - season, and the market may continue to push down prices. Near - month contracts are expected to be under pressure, and it's difficult for the market to reverse in the short - term. You can pay attention to the bottom - inventory build - up rebound of medium - term contracts. Far - month contracts such as 01 and subsequent ones may see the expected acceleration of production capacity reduction on the supply side. Continue to pay attention to the bottom - buying opportunities or reverse - spread configurations driven by the decline of near - month contracts [1][18]. 3. Summaries According to Related Catalogs 3.1 Soybean Meal - **Market Data**: The futures price of soybean meal (main contract) closed at 2915 yuan/ton, down 22 yuan or 0.75% from the previous day. The national average spot price was 3288.86 yuan/ton, down 11.43 yuan or 0.35%. The soybean crushing profit and basis have changed to some extent [3]. - **Industry Information**: Brazil's 2025/26 soybean production is expected to be 1.784 billion tons, higher than the previous estimate. The USDA planting intention report shows that the US soybean planting area in 2026 is 84.7 million acres, lower than the Reuters expectation. As of March 1, 2026, the US old - crop soybean inventory was 2.1 billion bushels, up 10% year - on - year [4]. 3.2 Rapeseed Meal - **Market Data**: The national rapeseed meal market price dropped by 0 - 30 yuan/ton. As of March 27, the coastal rapeseed inventory was 97,000 tons, down 31,000 tons week - on - week; the rapeseed meal inventory was 23,000 tons, down 1,000 tons week - on - week; the unexecuted contracts were 50,000 tons, down 20,000 tons week - on - week [6]. - **Industry Information**: As of the week of March 22, Canadian rapeseed exports decreased by 33.2% to 195,000 tons from the previous week. From August 1, 2025, to March 22, 2026, Canadian rapeseed exports were 5.0739 million tons, 23.5% less than the same period of the previous year [6]. 3.3 Palm Oil - **Market Data**: The futures price of palm oil (main contract) closed at 9866 yuan/ton, down 64 yuan or 0.64% from the previous day. The national average price was 9855 yuan/ton, up 160 yuan or 1.65%. The trading volume decreased, and the inventory decreased by 15,800 tons week - on - week to 792,400 tons [8]. - **Industry Information**: Malaysian palm oil exports from March 1 - 31 increased by 56.7% to 1,607,065 tons compared with the same period of the previous month. The estimated palm oil production in Malaysia from March 1 - 20 increased by 0.92% [9]. 3.4 Cotton - **Market Data**: The futures prices of domestic cotton contracts such as CF2605, CF2609, etc. declined slightly. The spot price of CCIndex (3218B) increased by 27 yuan/ton to 16,850 yuan/ton. The inventory of national commercial cotton decreased by 150,000 tons to 4.8938 million tons [10]. - **Industry Information**: Brazil's 2025/26 cotton production is estimated to be 3.7951 million tons, a 6.9% year - on - year decrease. India's cotton planting area in the 2026 rainy season is expected to increase significantly, with a maximum increase of 20%. In China, the new - year seed cotton purchase price is expected to rise, and the 26/27 cotton production is estimated to be 7.24 million tons, a decrease of more than 6% year - on - year. From January to February, China's cotton imports increased by 41.0% year - on - year, and the yarn imports increased by 40.2% year - on - year [11][12]. 3.5 Red Dates - **Market Data**: The futures prices of red date contracts such as CJ2605, CJ2609, etc. declined slightly. The spot prices in various regions were relatively stable. The inventory of 36 sample enterprises decreased by 81 tons to 11,459 tons, still 656 tons higher than the same period [14]. - **Industry Information**: In the production area, Xinjiang jujube farmers are carrying out pruning and fertilization. In the downstream market, the trading volume in Hebei and Guangdong markets is light, and the market is in the off - season [14]. 3.6 Live Pigs - **Market Data**: The futures prices of live pig contracts such as Ih2605, Ih2607, etc. declined. The national average slaughter price remained unchanged at 9420 yuan/ton. The inventory of sample enterprises increased by 1.77% month - on - month, and the slaughter volume decreased by 12.23% month - on - month. The profit of pig slaughtering and self - raising is in a loss state [16]. - **Industry Information**: On the supply side, the intention of farmers to reduce the weight of pigs for slaughter has increased, and the second - fattening is sporadic. The number of piglets born in February increased, and the reduction of sow inventory is slow. On the demand side, the terminal consumption is weak, and the slaughter enterprises mainly purchase on demand [17].