Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Views - On March 27, 2026, A-share major indices opened low and closed high, with the Shanghai Composite Index rising 0.63% to 3913.72, the Shenzhen Component Index rising 1.13% to 13760.37, and the ChiNext Index rising 0.71% to 3295.88. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1864 billion yuan, a decrease of 93.1 billion yuan from the previous day [1]. - The prices of various futures products showed different trends, affected by factors such as supply - demand relationships, policies, and geopolitical situations [4][5]. 3. Summary by Product Categories Stock Index Futures - On March 27, the A-share market had a good performance, with major indices rising. The trading volume continued to shrink [1]. Coking Coal and Coke Futures - On March 27, the coking coal weighted index fluctuated within a range, closing at 1274.6 yuan, a decrease of 19.7 yuan. The coke weighted index adjusted and closed at 1785.8, a decrease of 17.2 [2][3]. - Factors affecting prices include steel exports, coking plant profit, inventory changes, policies, and geopolitical situations [4]. Zhengzhou Sugar Futures - On March 27, US sugar fluctuated slightly and closed slightly lower. Affected by rising crude oil prices, the Zhengzhou sugar 2609 contract rose during the night session. Speculators reduced their net short positions in ICE raw sugar futures and options by 90,286 lots to 126,149 lots as of March 24 [4]. Rubber Futures - On March 27 night session, Shanghai rubber fluctuated slightly and closed slightly lower. As of March 27, the natural rubber inventory in the Shanghai Futures Exchange was 137,630 tons, and the futures warehouse receipts decreased by 30 tons. The 20 - number rubber inventory decreased by 2923 tons, and the futures warehouse receipts decreased by 4436 tons [4][5]. Palm Oil Futures - On the night of March 27, the Dalian Commodity Exchange palm oil futures opened higher but lacked upward momentum. The main contract P2605 closed with a negative K - line. Logistics and insurance cost increases due to tensions may affect Indonesia's palm oil exports [5]. Soybean Meal Futures - Internationally, on March 27, the CBOT soybean main contract closed at 1159.5 cents per bushel, a decrease of 0.98%. Brazil's high - yield situation suppresses prices. Domestically, on March 27, the soybean meal main contract M2605 closed at 2937 yuan per ton, a decrease of 0.51%. With the arrival of Brazilian soybeans, supply is expected to be loose [5]. Live Pig Futures - On March 27, the live pig main contract LH2605 closed at 9965 yuan per ton, an increase of 1.32%. The supply is currently loose, while the demand is insufficient to support prices effectively [5]. Shanghai Copper Futures - On March 27, the Shanghai copper main contract fluctuated slightly and closed higher. The macro - environment is favorable, and the fundamentals show a tight balance between supply and demand [5]. Cotton Futures - On March 27 night session, the Zhengzhou cotton main contract closed at 15435 yuan per ton. Cotton inventory decreased, and downstream textile enterprises purchased as needed [7]. Iron Ore Futures - On March 27, the iron ore 2605 main contract fluctuated and closed down, a decrease of 0.49%. Shipments and arrivals increased, and the price was in a volatile trend in the short term [7]. Asphalt Futures - On March 27, the asphalt 2606 main contract fluctuated and rose, an increase of 1.05%. The market is in a situation of weak supply and demand, and the price may follow the oil price in the short term [7]. Log Futures - On March 27, the log 2605 main contract opened at 817.5, with the lowest at 811, the highest at 819.5, and closed at 817.5, with a reduction of 384 lots in positions. The spot prices in Shandong and Jiangsu remained unchanged [7][8]. Steel Futures - The escalation of the Middle East geopolitical conflict has increased steel production costs, but the cost increase has not been effectively transmitted to the finished product end. The steel market is in a game of weak reality, strong cost, and inventory reduction [8]. Alumina Futures - The raw material cost of alumina is supported, the supply is relatively abundant, and the demand is stable and may increase. The market is in a game between short - term demand - positive sentiment and long - term supply - loose reality [8]. Shanghai Aluminum Futures - Some aluminum production capacity in the Middle East has been affected. The supply is expected to increase slightly, the demand is expected to pick up, and the inventory accumulation rate has slowed down [8][9].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - On March 16, 2026, the three major A-share indices showed mixed performance, with the Shanghai Composite Index down 0.26%, the Shenzhen Component Index up 0.19%, and the ChiNext Index up 1.41%. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.34 trillion yuan, a decrease of 77.4 billion yuan from the previous trading day [1]. - The CSI 300 index fluctuated widely on March 16, closing at 4671.56, a环比 increase of 2.42 [2]. - The coke weighted index fluctuated narrowly on March 16, closing at 1760.7, a环比 increase of 2.8 [2]. - The coking coal weighted index was range - bound on March 16, closing at 1209.3 yuan, a环比 increase of 2.1 [3]. Summary by Variety Stock Index Futures - On March 16, the Shanghai Composite Index closed at 4084.79, down 0.26%; the Shenzhen Component Index closed at 14307.58, up 0.19%; the ChiNext Index closed at 3357.02, up 1.41%. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.34 trillion yuan, a decrease of 77.4 billion yuan from the previous trading day [1]. Coke and Coking Coal - Coke has a price increase expectation, and coking profits rise with the increase of by - products. Port inventory has risen to 4.38 million tons. Coal mines' inventories of clean coal and raw coal are decreasing. The auction has a good turnover rate. In the long - term, the market needs to pay attention to the start - up situation and capital availability. - Coking coal mines have resumed production slightly faster than the seasonal average after the Spring Festival. The daily customs clearance volume of Mongolian coal in the past two days is about 1400 vehicles, but the supply of prime coking coal is limited. There is still an expectation of production resumption after the Two Sessions [4]. Zhengzhou Sugar - Affected by the rise in crude oil prices, the Zhengzhou Sugar 2605 contract fluctuated higher on March 16, but the decline in spot prices limited the upward space. At night, the contract fluctuated lower due to long - position liquidation. The estimated sugar cane output in India for the 2025/26 season is 472 million tons, and in Brazil, it is 665 million tons [4]. Rubber - Affected by the rise in crude oil prices and technical factors after a large short - term decline, Shanghai rubber rebounded slightly on March 16. At night, it fluctuated slightly and closed slightly lower. In 2025, Indonesia's natural rubber production was 2.12 million tons, a slight decrease of 0.7% compared with 2024. The planting area was 3.14 million hectares, a slight decrease of 0.3%, and the harvesting area was 2.22 million hectares, a slight decrease of 0.9% [4]. Palm Oil - On March 16, due to the continuous high - level operation of crude oil, the expectation of bio - diesel policy was positive. The palm oil futures broke through the 10,000 - yuan mark. The closing price of the main contract P2605 was 10,010 yuan, up 2.48% from the previous trading day. The export volume of Malaysian palm oil from March 1 - 15 increased significantly compared with the same period last month [5]. Soybean Meal - Internationally, on March 16, the CBOT soybean main contract closed at 1155.25 cents per bushel, a decrease of 5.6%. The market's expectation for US soybean exports has cooled. The US soybean crushing volume in February exceeded expectations. Brazil's soybean harvest is more than half completed, and its export capacity will increase rapidly. Argentina's soybean production is estimated to be 48 million tons. - Domestically, on March 13, the main soybean meal contract M2605 closed at 3071 yuan per ton, a decrease of 1.82%. China's soybean imports from January - February decreased by 7.8% year - on - year. It is recommended to track South American weather, the Middle East situation, and soybean arrival rhythm [5]. Live Pigs - On March 16, the main live pig contract LH2605 closed at 10,810 yuan per ton, a decrease of 3.05%. The supply is currently abundant, and the demand is weak. The market is in a loss cycle, but bottom - fishing and state reserve purchases may provide support. It is recommended to pay attention to the reduction of breeding sows, the slaughter rhythm of large - scale pig farms, and terminal consumption recovery [5]. Shanghai Copper - The main Shanghai copper contract closed down 0.88%, breaking through the psychological barrier of 100,000 yuan per ton. The global visible inventory is high, and the downstream demand recovery is slower than expected. The Middle East geopolitical conflict has increased the short - term long - short game. It is necessary to pay attention to inventory changes and the impact of geopolitical events on the US dollar [5]. Cotton - On the night of March 16, the main Zhengzhou cotton contract closed at 15,570 yuan per ton. The cotton inventory decreased by 22 lots compared with the previous trading day. Spinning enterprises purchase as needed during the sales season [5]. Logs - On March 16, the main log 2605 contract opened at 794, with a low of 793, a high of 809.5, and closed at 808.5, with an increase of 1115 lots in positions. The spot price of 3.9 - meter medium - grade A radiata pine logs in Shandong remained unchanged at 770 yuan per cubic meter, while that in Jiangsu decreased by 10 yuan per cubic meter. It is necessary to pay attention to spot prices, import data, shipping costs, inventory changes, and market sentiment [5][6]. Iron Ore - On March 16, the main iron ore 2605 contract closed down 0.74% at 809 yuan. The iron ore shipment decreased significantly, the arrival volume increased, and the port inventory continued to accumulate. The iron water production decreased, but there is a demand for replenishment after the steel mills lift production restrictions. The short - term iron ore price is in a volatile trend [6]. Asphalt - On March 16, the main asphalt 2606 contract closed up 10.63% at 4464 yuan. Geopolitical conflicts have made the raw material supply tight in the short term, the operating load is low, and the downstream purchasing enthusiasm has increased. The short - term asphalt price may follow the oil price [6]. Steel - On March 16, rb2605 closed at 3140 yuan per ton, and hc2605 closed at 3299 yuan per ton. In March, the supply and demand of the steel market have increased. The demand recovery is slow, and the high - inventory pressure still exists. The inventory may start to decline in the second half of the month. The high international energy prices have increased the steel production cost. The short - term steel price may fluctuate [6]. Alumina - On March 16, ao2605 closed at 2965 yuan per ton. The supply is abundant as smelters have resumed production smoothly. The demand is increasing steadily as the aluminum price increase has improved the profits of electrolytic aluminum plants. The spot market is active with holders reluctant to sell and downstream buyers replenishing inventory at low prices [6]. Shanghai Aluminum - On March 16, al2604 closed at 25,170 yuan per ton. The Middle East situation is complex, and there are concerns about the impact on aluminum production capacity. The supply is stable, the aluminum - water ratio is low, and the social inventory is accumulating. The demand shows some buying at low prices, but the overall downstream start - up rate has limited recovery, providing only mild support to the spot price [6].