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 - 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 - No relevant information provided 2. Core Viewpoints of the Report - International oil prices rose significantly on March 30 due to the expected escalation of the conflict between the US and Iran [3] - Methanol prices fell 1.21% at night, and the average operating load of domestic coal (methanol) to olefin plants increased [4] 3. Summary by Relevant Catalogs Futures Market - **Price Changes**: SC near - month rose 3.20% (23.4), SC next - month rose 3.06% (22.7), WTI near - month rose 7.88% (7.39), WTI next - month rose 5.40% (4.89), Brent near - month rose 2.66% (2.75), Brent next - month rose 2.08% (2.04) [2] - **Trading Volume**: SC near - month volume was 668, SC next - month was 102,605, WTI near - month was 330,086, WTI next - month was 167,945, Brent near - month was 192,501, Brent next - month was 499,081 [2] - **Open Interest**: SC near - month open interest was 2,266 (decreased by 163), SC next - month was 53,411 (increased by 973), WTI near - month was 279,852 (decreased by 7141), WTI next - month was 226,846 (decreased by 2341), Brent near - month was 283,899 (decreased by 113848), Brent next - month was 663,278 (decreased by 15009) [2] - **Price Spreads**: The current value of SC near - month - SC next - month was - 9.5, and other spreads also changed compared with the previous values [2] Spot Market - **International Market**: OPEC basket crude oil price, Brent DTD, Russian ESPD, Oman, Dubai, and Cinta prices changed, with most showing a downward trend [2] - **Domestic Market**: Prices of domestic crude oil and refined oil products also changed, with some showing a downward trend. For example, the China gasoline wholesale price index decreased from 10,569 yuan/ton to 10,492 yuan/ton [2] Crude Oil - The Iranian parliament's National Security and Foreign Policy Committee passed a bill to levy tolls on ships passing through the Strait of Hormuz. The US set an April 6 deadline for negotiations. If the negotiation fails, the US will resume attacks on Iranian energy facilities [3] Methanol - The average operating load of domestic coal (methanol) to olefin plants was 83.77%, a 3.12% increase from the previous period. The overall operating load of domestic methanol plants was 79.47%, a 1.36 - percentage - point increase from the previous period [4] - Coastal methanol inventory decreased by 4.22% to 122.7 tons as of March 26, compared with March 19. The estimated available methanol in the coastal area was about 54.1 tons. The expected arrival volume of imported methanol ships from March 27 to April 12 was 33.57 - 34 tons [4]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - The pulp futures market showed a narrow - range consolidation, with limited changes in the main contract. The spot market quotes remained stable. There is a lack of clear news guidance, and market participants are mostly on the sidelines. The downstream demand is also weak, with a "buy - as - you - use" pattern continuing. The core contradiction between high - level port inventory and cautious paper mill purchases persists [4]. - The price of the household paper market is mainly stable, with general trading enthusiasm and cautious market sentiment. The cost support of raw material pulp is not strong, and the terminal demand improvement is difficult. The inventory reduction process of some paper enterprises has slowed down. Attention should be paid to changes in raw material pulp prices and the release rhythm of demand - side orders [5]. 3) Summary by Relevant Content a. Fundamental Data - **Futures Market**: The daily - session closing price of the pulp main contract was 5,182 yuan/ton, down 20 yuan from the previous day; the night - session closing price was 5,162 yuan/ton, down 28 yuan. The trading volume was 204,927 lots, a decrease of 79,731 lots; the open interest was 139,000 lots, a decrease of 14,678 lots. The number of warehouse receipts increased by 2,601 tons to 188,163 tons. The net position of the top 20 members increased by 259 lots to - 20,663 lots [3]. - **Spread Data**: The basis of "Silver Star - Futures Main Contract" increased by 20 to 18; the basis of "Goldfish - Futures Main Contract (Non - standard)" increased by 20 to - 582. The monthly spread of SP05 - SP07 increased by 8 to - 34 [3]. - **Spot Market**: Among coniferous pulps, the domestic prices of Northwood and Cariboo were 5,450 yuan/ton, the price of Moon was 5,150 yuan/ton, and the price of Silver Star was 5,200 yuan/ton, with an international price of 710 US dollars/ton. Among broad - leaf pulps, the prices of Golden Island and Star were 4,600 yuan/ton, and the price of Star had an international price of 620 US dollars/ton. The price of chemical mechanical pulp (Kunhe) was 3,800 yuan/ton, and the price of natural color pulp (Venus) was 4,800 yuan/ton, with an international price of 620 US dollars/ton [3]. b. Industry News - The pulp futures market had a narrow - range consolidation, with limited changes in the main contract. The spot market quotes remained stable. The lack of clear news led to a wait - and - see attitude among market participants. The downstream demand market was also weak, and the real - order transactions were mainly sporadic and for immediate needs. The key contradiction between high - level port inventory and cautious paper mill purchases continued. Attention should be paid to the settlement of overseas markets and changes in downstream restocking willingness [4]. - The household paper market price was stable, with general trading enthusiasm and cautious market sentiment. The cost support from the raw material pulp market was weak, and the terminal demand was difficult to improve significantly. Some paper enterprises faced inventory pressure, and the inventory reduction process slowed down. Attention should be paid to changes in raw material pulp prices and the release rhythm of demand - side orders [5]. c. Trend Intensity The pulp trend intensity is 0, indicating a neutral trend. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) on a scale of integer values [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Market sentiment for pushing up prices is strong, and spot prices generally show an upward trend. Although the market's expectations regarding the Iranian situation lead to repeated swings in emotional premiums, the impact on the actual fundamentals is gradually materializing. Due to raw material shortages, the domestic asphalt refinery production schedule is expected to decline significantly in April, and if terminal consumption seasonally rebounds or remains stable, the expectation of inventory reduction is strong, and the market structure is still supported. The futures market may be repeatedly disturbed by news in the short - term, and both long and short positions lack a safety margin, so caution is needed [1]. - For trading strategies, in the short - term, the market will experience severe fluctuations, and it is advisable to wait and see. For inter - period trading, attention should be paid to the opportunity of positive spreads at low prices [2]. 3. Summary by Relevant Catalogs Market Analysis - On March 30, the closing price of the main BU2606 contract of asphalt futures in the afternoon session was 4,513 yuan/ton, up 1 yuan/ton from the previous trading day's settlement price, with a gain of 0.02%. The open interest was 273,869 lots, a decrease of 6,154 lots compared with the previous day, and the trading volume was 961,444 lots, a decrease of 75,830 lots compared with the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 4,606 - 4,690 yuan/ton in Northeast China; 4,320 - 4,570 yuan/ton in Shandong; 4,530 - 4,650 yuan/ton in South China; 4,720 - 4,840 yuan/ton in East China. The spot price of asphalt in North China decreased yesterday, while those in other regions increased to varying degrees [1][2]. - The supply of asphalt spot resources in some regions is tight, the supply - side support is strong, and the international oil price is at a high level, leading to strong market sentiment for pushing up prices. Due to raw material shortages, the domestic asphalt refinery production schedule is expected to decline significantly in April, especially as major refineries prioritize the supply of gasoline and diesel, which may reduce asphalt production. If terminal consumption seasonally rebounds or remains stable, the expectation of inventory reduction is strong, and the market structure is still supported [1]. Strategy - Unilateral trading: In the short - term, there will be severe fluctuations, and it is advisable to wait and see [2]. - Inter - period trading: Pay attention to the opportunity of positive spreads at low prices [2]. - Cross - variety trading: No specific strategy provided [2]. - Spot - futures trading: No specific strategy provided [2]. - Options trading: No specific strategy provided [2]. Figures - There are multiple figures in the report, including those related to the spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest China, Northwest China), the closing prices of the petroleum asphalt futures index, the main contract, and the near - month contract, the monthly spread of the near - month contract, the trading volume and open interest of the petroleum asphalt futures, the weekly domestic asphalt production, the asphalt production of independent refineries and in different regions (Shandong, East China, South China, North China), the domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and the asphalt refinery inventory and social inventory according to Longzhong's data [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The RU2605 contract is expected to fluctuate in the range of 16,150 - 16,880 in the short - term, and the NR2605 contract is expected to fluctuate in the range of 13,600 - 14,100 in the short - term [2] - The overall inventory in Qingdao Port has slightly increased, with the bonded warehouse showing de - stocking and the general trade warehouse continuing to accumulate inventory. The rubber price fluctuates unsteadily, and downstream tire factories replenish their stocks of mixed rubber cautiously [2] - The capacity utilization rate of domestic tire enterprises fluctuates narrowly. Some enterprises strive to meet quarterly tasks, which supports the overall capacity utilization rate, but individual enterprises may have short - term maintenance arrangements at the end of March or early April, slightly dragging down the overall capacity utilization rate [2] 3. Summary by Directory Futures Market - The closing price of the main Shanghai rubber contract is 16,540 yuan/ton, with a daily increase of 30 yuan/ton; the 5 - 9 spread is - 25 yuan/ton. The closing price of the main 20 - number rubber contract is 13,845 yuan/ton, with a daily increase of 110 yuan/ton; the 5 - 6 spread is - 50 yuan/ton, with an increase of 15 yuan/ton [2] - The spread between Shanghai rubber and 20 - number rubber is 2,695 yuan/ton, a decrease of 80 yuan/ton. The position of the main Shanghai rubber contract is 81,467 lots, a decrease of 10,483 lots; the position of the main 20 - number rubber contract is 43,043 lots, a decrease of 4,390 lots [2] - The net position of the top 20 in Shanghai rubber is - 27,787 lots, an increase of 3,667 lots; the net position of the top 20 in 20 - number rubber is - 9,292 lots, a decrease of 674 lots. The exchange warehouse receipts of Shanghai rubber are 125,410 tons, unchanged; the exchange warehouse receipts of 20 - number rubber are 43,545 tons [2] Spot Market - The price of state - owned whole latex in the Shanghai market is 16,400 yuan/ton, a decrease of 100 yuan/ton; the price of Vietnamese 3L is 16,800 yuan/ton, an increase of 100 yuan/ton [2] - The price of Thai standard STR20 is 2,020 US dollars/ton, an increase of 10 US dollars/ton; the price of Malaysian standard SMR20 is 2,015 US dollars/ton, an increase of 10 US dollars/ton [2] - The price of Thai RMB mixed rubber is 15,680 yuan/ton, an increase of 80 yuan/ton; the price of Malaysian RMB mixed rubber is 15,630 yuan/ton, an increase of 80 yuan/ton [2] - The price of Qilu Petrochemical's styrene - butadiene rubber 1502 is 18,700 yuan/ton, unchanged; the price of Qilu Petrochemical's cis - butadiene rubber BR9000 is 18,500 yuan/ton, unchanged [2] - The basis of Shanghai rubber is - 110 yuan/ton, an increase of 50 yuan/ton; the non - standard product basis of the main Shanghai rubber contract is - 830 yuan/ton, an increase of 30 yuan/ton [2] - The price of 20 - number rubber in the Qingdao market is 13,880 yuan/ton, an increase of 29 yuan/ton; the basis of the main 20 - number rubber contract is 145 yuan/ton, a decrease of 71 yuan/ton [2] Upstream Situation - The theoretical production profit of RSS3 is 138.6 US dollars/ton, an increase of 13.6 US dollars/ton; the theoretical production profit of STR20 is - 16 US dollars/ton, an increase of 16 US dollars/ton [2] - The monthly import volume of technically classified natural rubber is 139,600 tons, a decrease of 29,500 tons; the monthly import volume of mixed rubber is 242,400 tons, a decrease of 103,100 tons [2] Downstream Situation - The weekly operating rate of all - steel tires is 70.77%, an increase of 0.05 percentage points; the weekly operating rate of semi - steel tires is 78.3%, an increase of 0.05 percentage points [2] - The inventory days of all - steel tires in Shandong at the end of the week are 38.97 days, a decrease of 2.12 days; the inventory days of semi - steel tires in Shandong at the end of the week are 43.72 days, a decrease of 0.87 days [2] - The monthly output of all - steel tires is 8.13 million pieces, a decrease of 4.58 million pieces; the monthly output of semi - steel tires is 34.61 million pieces, a decrease of 25.07 million pieces [2] Option Market - The 20 - day historical volatility of the underlying is 19.3%, a decrease of 0.13 percentage points; the 40 - day historical volatility of the underlying is 21.89%, a decrease of 1.14 percentage points [2] - The implied volatility of at - the - money call options is 29.43%, a decrease of 1.97 percentage points; the implied volatility of at - the - money put options is 29.43%, a decrease of 1.98 percentage points [2] Industry News - In February 2026, China's heavy - truck market sold about 75,000 vehicles (wholesale basis, including exports and new energy), a nearly 30% decrease from January 2025 and an about 8% decrease from 81,400 vehicles in the same period last year. From January to February this year, the cumulative sales of China's heavy - truck industry exceeded 180,000 vehicles, a year - on - year increase of about 17%. The decline in February was mainly due to seasonal fluctuations during the Spring Festival [2] - As of March 29, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 691,400 tons, a 0.85% increase from the previous period. The bonded area inventory was 120,100 tons, a 1.62% decrease; the general trade inventory was 571,300 tons, a 1.38% increase [2] - As of March 26, the capacity utilization rate of China's semi - steel tire sample enterprises was 79.37%, a 0.05 - percentage - point increase from the previous period and a 1.18 - percentage - point increase year - on - year; the capacity utilization rate of all - steel tire sample enterprises was 72.24%, a 0.03 - percentage - point increase from the previous period and a 3.88 - percentage - point increase year - on - year [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - LPG faces geopolitical risks and frequent supply disruptions [2] - Propylene's fundamentals are supportive, and its trend remains strong [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market** - For LPG (PG), on March 27, 2026, 2604 PG closed at 6,835 with a 0.18% daily increase, and the night - session closed at 6,701 with a - 1.96% decrease. The trading volume was 2,630, a decrease of 6,472 from the previous day, and the open interest was 2,085, a decrease of 579 [3] - For propylene (PL), 2604 PL closed at 9,086 on March 27, 2026, with a 2.16% daily increase, and the night - session closed at 9,045 with a - 0.45% decrease. The trading volume was 210, a decrease of 65 from the previous day, and the open interest was 109, a decrease of 195 [3] - **Spot Market** - For LPG, on March 27, 2026, the price of Shandong civil LPG was 6,100, a decrease of 150 from the previous day, with a main - contract basis of - 659, a decrease of 368 [3] - For propylene, on March 27, 2026, the price of Shandong propylene was 8,315, a decrease of 350 from the previous day, with a main - contract basis of - 685, a decrease of 499 [3] - **Industrial Chain Start - up Rates** - As of March 27, 2026, the PDH start - up rate was 63.6%, a decrease of 2.03 from the previous week; the alkylation start - up rate was 38.6%, unchanged from the previous week; and the MTBE start - up rate was 69.89%, an increase of 0.38 from the previous week [3] - **LPG Shipment Volumes** - On March 29, 2026, the LPG shipment volume from the United States to the world was 188,000 tons, a decrease of 37,000 tons from the previous day; the shipment volume to Asia was 188,000 tons, an increase of 29,000 tons from the previous day; the shipment volume to China was 46,000 tons, an increase of 1,000 tons from the previous day [3] - On March 29, 2026, the LPG shipment volume from the Middle East to the world was 46,000 tons, an increase of 46,000 tons from the previous day; the shipment volume to Asia was 46,000 tons, an increase of 46,000 tons from the previous day; the shipment volume to China was 0 [3] 3.2 Trend Intensity - LPG trend intensity: 1; propylene trend intensity: 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7] 3.3 Market Information - On March 27, 2026 (Singapore closing time), the April CP paper - futures price of propane was 641 US dollars/ton, an increase of 3 US dollars/ton from the previous trading day; the price of butane was 636 US dollars/ton, an increase of 3 US dollars/ton from the previous trading day; the May CP paper - futures price of propane was 650 US dollars/ton, a decrease of 1 US dollar/ton from the previous trading day [8] - There are multiple domestic PDH device maintenance plans, such as Henan Huasong New Material Technology Co., Ltd. starting PDH device maintenance on May 12, 2023, with the end time to be determined [9] - There are also multiple domestic LPG plant device maintenance plans, such as Shangneng Petrochemical starting the whole - plant maintenance on February 5, 2026, and ending on March 31, 2026 [9]

Report Overview - The report focuses on the pulp market, analyzing its current situation, price trends, and influencing factors [3][4] 1. Investment Rating - There is no information about the industry investment rating provided in the report 2. Core View - The pulp market is expected to operate in a volatile manner. In March 2026, the pulp market showed different price trends for various types of pulp. Although April is a traditional demand peak season with potential for cultural paper tender orders to be released and port inventories to decline, the slow recovery of downstream paper mills' profits may suppress the rebound of pulp prices [4][5] 3. Summary by Directory 3.1 Fundamental Data - **Futures Market (05 Contract)**: The daily closing price of pulp futures was 5,202 yuan/ton, up 46 yuan from the previous day; the night - closing price was 5,190 yuan/ton, up 20 yuan. The trading volume was 284,658 lots, an increase of 59,197 lots. The open interest was 153,678 lots, a decrease of 20,111 lots. The number of warehouse receipts was 185,562 tons, a decrease of 1,000 tons. The net position of the top 20 members was - 20,922 lots, an increase of 9,947 lots [3] - **Spread Data**: The basis of Silver Star - futures main contract was - 2 yuan, a decrease of 46 yuan; the basis of Goldfish - futures main contract (non - standard) was - 602 yuan, a decrease of 46 yuan. The month - spread of SP05 - SP07 was - 42 yuan, an increase of 6 yuan [3] - **Spot Market**: The domestic prices of coniferous pulp such as Northwood and Cariboo were 5,450 yuan/ton, and the international price of Silver Star was 710 US dollars/ton. The domestic prices of broadleaf pulp such as Jinyou and Star were around 4,600 yuan/ton, and the international price of Star was 620 US dollars/ton. The domestic price of chemimechanical pulp (Yinghe) was 3,800 yuan/ton, and the domestic price of unbleached pulp (Venus) was 4,800 yuan/ton with an international price of 620 US dollars/ton [3] - **Trend Intensity**: The pulp trend intensity is 0, indicating a neutral outlook [3] 3.2 Industry News - In March 2026, the average spot price of coniferous pulp was 5,234 yuan/ton, with a month - on - month decline of 0.9% and a year - on - year decline of 20.1%; the average spot price of broadleaf pulp was 4,583 yuan/ton, with a month - on - month increase of 0.3% and a year - on - year decline of 2.4%; the average spot price of unbleached pulp was 4,831 yuan/ton, with a month - on - month decline of 1.7% and a year - on - year decline of 14.6%; the average spot price of chemimechanical pulp was 3,800 yuan/ton, with no change month - on - month and a year - on - year increase of 7.0% [4] - The import pulp market in March showed a volatile trend of "stable - decline - rebound". The main reasons for price changes were: rumors of foreign market price cuts during the Shanghai Pulp Week affected the futures market; different cost supports for different pulp varieties, with the broadleaf pulp foreign market price increase providing strong cost support; poor profits of downstream paper mills, who mainly consumed inventory and were wait - and - see, lacking substantial demand [5] - April is a traditional demand peak season, with potential for cultural paper tender orders to be released and port inventories to decline, but the slow recovery of downstream paper mills' profits may suppress the rebound of pulp prices [5]

1. Report Industry Investment Rating - No information provided in the report. 2. Core Views of the Report - This week, the main contracts of soybean, soybean meal, and soybean oil futures showed a mixed trend. The main contract of soybean No. 1 decreased by 5.34%, the main contract of soybean No. 2 decreased by 2.05%, the main contract of soybean meal decreased by 3.04%, and the main contract of soybean oil increased by 0.7% [5][7][8][9]. - In the short - term, the soybean market in the Northeast production area is expected to maintain a high - level consolidation pattern, but there is a possibility of a slight correction for soybeans of general quality. The price of domestic soybeans and soybean meal is closely related to the shipping rhythm of Brazilian soybeans. Although the Brazilian soybean harvest progress is slow and precipitation in some areas is uneven, it is difficult to change the fact of a Brazilian soybean bumper harvest, and the impact on the current market is limited. The long - term price of soybean meal is suppressed by the expected increase in domestic soybean arrivals from April to May [5][7][8]. - The core drivers of the current edible oil market are concentrated in the macro and policy aspects. The international soybean oil market is concerned about the impact of geopolitics on the energy supply chain and the uncertainty of the US biofuel policy [9]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Soybean No. 1**: This week, the main 2605 contract decreased by 5.34%. By the end of this month, there will be a small peak of soybean auctions with a cumulative release of about 10,000 tons. The downstream enterprises mainly adopt a strategy of purchasing as needed, and the price increase momentum is insufficient. There may be a slight correction for soybeans of general quality [5]. - **Soybean No. 2**: This week, the main 2605 contract decreased by 2.05%. The US soybean futures are in a narrow - range shock. The domestic soybean price is related to the shipping rhythm of Brazilian soybeans. The slow harvest progress and uneven precipitation in some Brazilian regions have limited impact on the current market [7]. - **Soybean Meal**: This week, the main 2605 contract decreased by 3.04%. The US soybean futures are in a narrow - range shock. The domestic soybean meal price is related to the shipping rhythm of Brazilian soybeans. In the long - term, the expected bumper harvest of Brazilian soybeans and the significant increase in domestic soybean arrivals from April to May will suppress the forward price of soybean meal [8]. - **Soybean Oil**: This week, the main 2605 contract increased by 0.7%. The core drivers of the edible oil market are in the macro and policy aspects. The international soybean oil market is concerned about geopolitics and the US biofuel policy. Brazilian soybean crushers urged the government to allow higher - proportion biodiesel blending, which supports the oil price [9]. 3.2 Futures Market Situation - **Price Changes**: The main 2605 contract of soybean No. 1 decreased by 5.34%, the main 2605 contract of soybean meal decreased by 3.04%, and the main 2605 contract of soybean oil increased by 0.7% [13][19][26]. - **Spread**: As of March 26, the 05 - 09 spread of soybean meal was - 78 yuan/ton, and the 5 - 9 spread of soybean oil was 58 yuan/ton [31][34]. - **Net Positions and Warehouse Receipts**: As of March 26, the net position of the top 20 in soybean No. 1 futures was - 14,475 lots, and the warehouse receipts of the main contract were 20,942 lots; the net position of the top 20 in soybean meal futures was - 554,182 lots, and the warehouse receipts of the main contract were 34,913 lots; the net position of the top 20 in soybean oil futures was - 121,795 lots, and the warehouse receipts of the main contract were 24,690 lots [39][45][50]. 3.3 Spot Market Situation - **Domestic Soybean**: As of March 26, the spot price of domestic third - grade soybeans in Harbin was 4,400 yuan/ton, unchanged from last week, and the basis of the main contract was - 227 yuan/ton [54]. - **Soybean Meal**: As of March 26, the spot price of soybean meal in Zhangjiagang was 3,240 yuan/ton, a decrease of 110 yuan/ton from last week, and the basis of the main contract was 328 yuan/ton [62]. - **Soybean Oil**: As of March 26, the spot price of first - grade soybean oil in Zhangjiagang was 8,950 yuan/ton, an increase of 50 yuan/ton from last week, and the basis of the main contract was 304 yuan/ton, a decrease of 40 yuan/ton from last week [66]. - **Imported Soybean Premium**: As of March 26, the FOB premium of US Gulf soybeans in April was 92 cents/bu, a decrease of 5 cents/bu from last week; the FOB premium of Argentine soybeans in April was - 36 cents/bu, a decrease of 5 cents/bu from last week; the FOB premium of Brazilian soybeans in April was 10 cents/bu, an increase of 20 cents/bu from last week [71]. - **Imported Soybean Arrival Cost**: As of March 26, the arrival cost of US soybeans was 4,569.45 yuan/ton, an increase of 52.8 yuan/ton from last week; the arrival cost of South American soybeans was 3,859.69 yuan/ton, an increase of 24.55 yuan/ton from last week; the difference in arrival cost between the two was 709.76 yuan/ton, an increase of 28.25 yuan/ton from last week [75]. 3.4 Industry Situation - **Weather**: In the US, about 42% of the soybean - producing areas were in a drought state, and the drought situation was slightly alleviated compared with last week but worse than the same period last year. In Brazil, the precipitation pattern will change significantly in the next week, with a drying trend in the north, southeast, and central regions, and local rainfall in the south at the beginning of next week, which is expected to have no impact on the harvest progress [78][82]. - **Upstream Supply**: In 2025/26, the expected output of US soybeans was 11,598.9 million tons, unchanged from last month; the inventory was 951.6 million tons, a decrease of 0.1 million tons from last month. The expected output of Brazilian soybeans was 18,000 million tons, unchanged from last month; the inventory was 3,791 million tons, unchanged from last month. The expected output of Argentine soybeans was 4,800 million tons, a decrease of 50 million tons from last month; the inventory was 2,291.9 million tons, unchanged from last month [86][90][94]. - **Domestic Industry**: In the 12th week of 2026, the soybean inventory of major domestic oil mills was 5.1157 million tons, a decrease of 370,400 tons from last week, a decrease of 6.75%, and an increase of 2.5977 million tons compared with the same period last year, an increase of 103.17%. The soybean meal inventory was 670,500 tons, an increase of 43,200 tons from last week, an increase of 6.89%, and a decrease of 78,700 tons compared with the same period last year, a decrease of 10.50%. The national commercial inventory of soybean oil was 1.0537 million tons, a decrease of 24,700 tons from last week, a decrease of 2.29%, and an increase of 39,900 tons compared with the same period last year, an increase of 3.94%. The actual soybean crushing volume of domestic oil mills was 1.9905 million tons, an increase of 21,100 tons from the previous week, and the actual startup rate was 54.81% [108][111][114][119]. - **Substitute Products**: As of March 26, the price of palm oil in Guangdong was 9,650 yuan/ton, a decrease of 100 yuan/ton from last week; the price of rapeseed oil in Fujian was 10,170 yuan/ton, a decrease of 60 yuan/ton from last week. The spot and futures spreads of soybean - palm oil and rapeseed - palm oil widened, while the spot and futures spreads of rapeseed - soybean oil narrowed. The average price of rapeseed meal was 2,693.16 yuan/ton, a decrease of 139.47 yuan/ton from last week; the difference between soybean meal and rapeseed meal was 657 yuan/ton, an increase of 1,294 yuan/ton from last week; the ratio of soybean meal to rapeseed meal was 1.24, an increase of 0.03 from last week. The ratio of soybean oil to soybean meal was 2.93, an increase of 0.1 from last week [132][135][139][142]. - **Transaction Situation**: As of March 20, the total transaction volume of soybean meal was 945,100 tons, an increase of 117,000 tons from last week; the total transaction volume of soybean oil was 160,700 tons, a decrease of 73,500 tons from last week [147]. 3.5 Downstream Situation - **Livestock and Poultry Prices**: As of March 26, the price of live pigs (externally - three - way) in Beijing was 9.52 yuan/kg, a decrease of 0.6 yuan/kg from last week; the price of piglets was 21.76 yuan/kg, a decrease of 1.6 yuan/kg from last week [151]. - **Breeding Profits**: As of March 18, the pig - breeding profit was - 415.15 yuan/head, a decrease of 44.96 yuan/head from last week; as of March 20, the poultry - breeding profit was - 0.32 yuan/head, an increase of 0.01 yuan/head from last week [156]. - **Feed Production**: As of December 2025, the monthly feed production was 30.086 million tons, a month - on - month increase of 1.03% and a year - on - year increase of 5.8% [159]. - **Livestock Inventory**: In February, the inventory of breeding sows in 123 large - scale farms was 5.0204 million heads, a slight month - on - month decrease of 0.01% and a year - on - year decrease of 0.48%. The inventory of commercial pigs in 123 large - scale farms was 37.3205 million heads, a month - on - month increase of 1.79% and a year - on - year increase of 5.57% [164]. 3.6 Options Market - There is only a figure of the historical volatility of at - the - money options of the soybean meal contract in the report, but no specific data analysis is provided [165].

Group 1: Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [3][5] Group 2: Core Viewpoints of the Report - The soybean futures market showed a narrow - range and slightly stronger oscillation yesterday. The main soybean contract has been continuously adjusting downwards due to the weakening of the external market and the departure of funds, and there is still a possibility of continued decline in the short term. The remaining grain inventory in the Northeast production area is low, but with the approaching of spring plowing, the seasonal grain - selling window is opening, and downstream demand has not significantly recovered. It is expected that the soybean futures and spot prices will maintain a narrow - range and slightly weak oscillation in the next 1 - 2 weeks, with the main contract fluctuating between 4550 - 4700 yuan/ton, and the spot price will adjust slightly following the futures price, without a clear one - way direction. Attention should be paid to the arrival rhythm of imported soybeans and the transaction situation of state - reserve auctions [2] - The peanut futures market oscillated upwards yesterday. The supply of peanuts from the production area is still limited, the overall demand for commercial peanuts is weak, and screening enterprises maintain a cautious procurement and processing rhythm, resulting in a light trading atmosphere. Although some oil mills have slightly raised the purchase price of oil peanuts or relaxed the procurement standards, the overall arrival volume is difficult to significantly increase. The Luhua Group will start full - scale procurement this Friday. In the context of weak overall demand, peanut prices may run slightly weak in the short term, and attention should be paid to the willingness of producers to sell their goods [4] Group 3: Market Analysis of Soybeans - Futures: The closing price of the soybean 2605 contract yesterday was 4627.00 yuan/ton, an increase of 18.00 yuan/ton or 0.39% compared with the previous day [1] - Spot: The spot basis of edible soybeans is A05 + 133, a decrease of 18 or 32.14% compared with the previous day. Northeast soybean spot prices have decreased with the futures, and with more auctions of platforms and enterprises failing and the State Reserve starting a 100,000 - ton auction, short - term supply has increased, and enterprises' mentality of selling goods has become more cautious. The loading prices of standard - grade first - class soybeans with 39% protein in different regions of Heilongjiang range from 2.36 - 2.38 yuan/jin, and those with 41% protein are around 2.45 yuan/jin [1] Group 4: Market Analysis of Peanuts - Futures: The closing price of the peanut 2605 contract yesterday was 8258.00 yuan/ton, an increase of 76.00 yuan/ton or 0.93% compared with the previous day [3] - Spot: The average spot price of peanuts was 8045.00 yuan/ton, a decrease of 10.00 yuan/ton or 0.12% compared with the previous day. The spot basis is PK05 - 1458.00, an increase of 76.00 or 5.50% compared with the previous day. The average price of general - grade peanuts in the national market is basically stable, with prices varying in different regions. The average contract purchase price of oil peanuts by national oil mills is 7450 yuan/ton and remains stable, and the prices of each oil mill range from 7150 - 7900 yuan/ton, also basically stable [3]