1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Due to the deterioration of the Middle - East situation, the energy and chemical sector has collectively soared. The polyolefin market maintains a pattern of strong fluctuations and upward - moving center of gravity driven by cost support and substantial supply contraction [6] 3. Summary by Directory 3.1 Market Review and Outlook - The Middle - East situation has worsened, with Iran attacking multiple countries' energy facilities. Brent oil has exceeded $106. The energy and chemical sector has collectively soared, and polyolefins have gapped higher with a gain of over 4%. For example, L2605 closed at 8,916 yuan/ton, up 383 yuan/ton (4.49%), and PP2605 closed at 9,158 yuan/ton, up 428 yuan (4.90%). The US - Iran conflict is in a stalemate, the Strait of Hormuz remains blocked, and the energy supply chain is under pressure. Short - term oil prices are highly volatile, and upstream enterprises are reducing production. Supply will contract more than expected during the regular maintenance period from March to April. Downstream开工 has increased month - on - month, but the price transmission of downstream products is limited, squeezing profits and leading to a slowdown in raw material procurement [6] 3.2 Industry News - On March 19, 2026, the inventory level of major producers was 850,000 tons, a decrease of 15,000 tons from the previous working day, a decline of 1.73%. The inventory in the same period last year was 800,000 tons. PE market prices mostly rose, and PP market prices generally increased. The mainstream price of propylene in the Shandong market was 8,020 - 8,070 yuan/ton, up 20 yuan/ton from the previous working day [7] 3.3 Data Overview - The report presents multiple data charts, including L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year increase or decrease rate, with data sources from Wind and Zhuochuang Information [9][13][17]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The steel futures market showed significant declines followed by narrowing losses on March 10. The market is expected to continue to fluctuate and strengthen in the future, and the 4-year and 10-month downward cycle may have ended, but the rebound path remains unclear [6][11] 3. Summary by Directory 3.1 Market Review and Future Outlook - **Futures Market**: On March 10, the main contracts of rebar and hot-rolled coil futures 2605 significantly declined and then narrowed their losses. The rebar 2605 contract closed at 3104 yuan/ton, down 0.42%, and the hot-rolled coil 2605 contract closed at 3256 yuan/ton, down 0.18%. The stainless steel 2605 contract closed at 14225 yuan/ton, up 0.82% [5][6] - **Spot Market**: On March 10, the prices of individual rebar and hot-rolled coil spot markets declined. The rebar prices in Shanghai, Hangzhou, and Hefei markets dropped by 10 yuan/ton, and the hot-rolled coil prices in Shanghai, Nanjing, Wuxi, and Guangzhou markets dropped by 10 yuan/ton [8] - **Technical Analysis**: The daily KDJ indicators of the rebar 2605 contract continued to diverge, with the J value falling faster, the K value turning down, and the D value continuing to rise slightly, showing a potential dead cross. The daily KDJ indicators of the hot-rolled coil 2605 contract also diverged, with the J and K values turning down and the D value continuing to rise. The daily MACD red bars of the rebar 2605 contract enlarged for 5 consecutive trading days, and those of the hot-rolled coil 2605 contract enlarged for 2 consecutive trading days [8] - **Future Outlook**: The news first significantly boosted and then negatively affected the expected price of the steel market. Fundamentally, as time passes, the low steel production will conflict with the warming spring demand. It is expected that the market will continue to fluctuate and strengthen, but the future rebound path is unclear, and investors or operators need to prepare for long-term market fluctuations, especially pay attention to possible changes in the Middle East situation [10][11] 3.2 Industry News - **Coal Transportation**: In the first two months of this year, the "Xinjiang coal to Ningxia" transportation volume exceeded 825,100 tons, a year-on-year increase of 356,200 tons, an increase of 76% [12] - **Coal Electricity Capacity Price**: Since January 1, 2026, the coal electricity capacity price standard in Shanxi Province has been adjusted to 165 yuan/kilowatt-year (tax included) [12] - **Steel Company Performance**: In the first three quarters of 2025, Valin Steel achieved a net profit attributable to the parent company of 2.51 billion yuan, a year-on-year increase of 41.72%. The company adheres to a differentiated development strategy and continuously invests in production line improvement and product structure adjustment. The cash dividend and share repurchase and cancellation amount in 2025 accounted for 47.5% of the net profit attributable to the parent company in 2024 [12][13] - **Foreign Trade Data**: In the first two months of this year, China's total import and export value was 1.09954 trillion US dollars, a year-on-year increase of 21.0%. Exports were 656.58 billion US dollars, an increase of 21.8%, and imports were 442.96 billion US dollars, an increase of 19.8%. From January to February 2026, China's cumulative steel exports were 15.591 million tons, a year-on-year decrease of 8.1%, and cumulative steel imports were 827,000 tons, a year-on-year decrease of 21.7%. Cumulative imports of iron ore and its concentrates were 210.023 million tons, a year-on-year increase of 10.0%, and cumulative imports of coal and lignite were 77.222 million tons, a year-on-year increase of 1.5% [13] - **Coal Export in Australia**: In February 2026, the total coal export volume of the three major terminals in North Queensland, Australia, was 8.7451 million tons, a month-on-month decrease of 2.53% but a year-on-year increase of 36.94% [13] - **Energy - Saving Measures**: Thailand will require most government agencies to work from home, and the Philippines has implemented a four - day work arrangement to save energy [13] - **Russian Gas Supply**: Russia plans to redirect some of its liquefied natural gas supplies to other markets before the EU import ban takes effect [13] - **Shipping Market**: Last week, about 24 oil tankers signed time charter orders, the highest since May 2020. The one - year charter rate of supertankers reached a record high of 176,250 US dollars per day. The benchmark revenue of very large crude carriers on the Middle East - China route in the spot market reached 476,754 US dollars per day. It is expected that there will be a 15% excess of shipping capacity in the Middle East in the next month [13] - **Coal Price**: The Asian benchmark Newcastle coal futures price jumped about 9.3% on March 9, reaching the 150 US dollars/ton mark, the highest since November 2024. The Rotterdam coal price in the European market rose about 13% to 119.50 US dollars/ton on March 2, a 52 - week high [14] - **Mongolian Iron Ore Export**: In February 2026, Mongolia's iron ore export volume was 586,600 tons, a year-on-year increase of 10.34% but a month-on-month decrease of 16.47%, the lowest since March 2025 [14] 3.3 Data Overview - The report provides various data charts, including the social inventory of rebar and hot-rolled coil in major cities, the spot prices of rebar and hot-rolled coil in major markets, the weekly output and steel mill inventory of five major steel products, the blast furnace and electric furnace operating rates and capacity utilization rates, the national daily average pig iron output, the apparent consumption of five major steel products, and the basis between Shanghai rebar and hot-rolled coil spot and May contracts [18][21][22][25][32][33]

Core Viewpoint - The article discusses the significant disruption in maritime trade through the Strait of Hormuz, primarily affecting oil shipments, due to security threats and the resulting operational changes by shipping companies [1][2][18]. Group 1: Maritime Trade Disruption - The Strait of Hormuz has experienced a near-total halt in commercial shipping, with only one Iranian-related cargo ship leaving the Persian Gulf in the past 24 hours, and no vessels entering from the Oman Gulf [1][2]. - The ongoing missile and drone attacks targeting commercial vessels have led to a critical risk perception among shipowners, causing most to avoid the waterway [2][18]. - Approximately 1,000 vessels, valued at around $25 billion, are currently trapped in the Gulf and surrounding waters, with many awaiting further developments [2]. Group 2: Alternative Shipping Routes - Saudi Arabia is shifting its crude oil exports to the Red Sea route, with a record number of supertankers loaded from the Yanbu and Al Muajjiz terminals in the first week of March [8]. - If Saudi Arabia maintains this loading pace, the average monthly export could reach approximately 2.3 million barrels per day, a 50% increase compared to any month since late 2016 [8]. - However, the alternative route faces uncertainties regarding its long-term operational capacity and the concentration of Saudi oil buyers in Asia, which limits the effectiveness of this route [9][10]. Group 3: Supply Chain Impact - The blockade in the Strait of Hormuz is causing a ripple effect along the energy supply chain, leading to oil storage tanks accumulating and some refineries reducing output [17]. - Iraq has already cut oil production, with Kuwait and the UAE following suit, resulting in only nine supertankers remaining available in the Persian Gulf [17]. - The Strait of Hormuz is crucial for global oil trade, accounting for about 20% of the world's oil flow, and its disruption poses significant risks to the global energy market [18].

Group 1 - The ongoing U.S.-Iran tensions are escalating, with the U.S. potentially planning military strikes while Iran maintains a strong stance against yielding to pressure [1][3] - Iran possesses approximately 2,000 medium-range ballistic missiles, capable of reaching U.S. military bases in Turkey, Israel, and Gulf states, indicating its ability to retaliate if attacked [3] - The Strait of Hormuz is a critical geopolitical asset for Iran, through which about 20% of the world's oil passes, and Iran has threatened to close it in response to military action, which could significantly impact global energy supply [4] Group 2 - Iran's historical experience with negotiations, particularly the 2015 nuclear deal, has made it wary of compromising, as past concessions did not lead to lasting peace but rather further aggression [6] - The current standoff is seen as vital for Iran's regime survival and national dignity, with the Supreme Leader emphasizing that true strength comes from national will and resilience [7] - The potential for a prolonged conflict poses risks for the U.S., as its military might face challenges in a drawn-out engagement, which could contradict political promises and lead to domestic repercussions [8][10]

Core Viewpoint - The concept of an "energy power" is introduced in the 14th Five-Year Plan, emphasizing the need for comprehensive enhancement of energy technology, industrial chains, and system capabilities to support the construction of a modern socialist country [1] Group 1: Strengths of an Energy Power - The strength of an energy power lies in its hard power of security assurance, ensuring stable domestic energy supply and resilience against external shocks [1] - The strength also manifests in green, low-carbon, and high-quality development, focusing on optimizing energy utilization rather than merely increasing consumption [1] - Technological self-reliance is crucial, with key technologies in the energy sector needing to be controlled domestically to avoid dependency [2] Group 2: Goals for Strengthening - Strengthening the supply chain involves creating a diversified and resilient supply system, emphasizing the importance of not relying on a single source [2] - Strengthening the technology chain focuses on overcoming core technologies across the entire energy production process, transitioning from a major energy producer to a technology powerhouse [2] - Strengthening the industrial chain aims to cultivate globally competitive industrial clusters, integrating resources from research and development to operation services [3] Group 3: Institutional Strengthening - Establishing a modern governance system and market mechanism is essential for adapting to the energy revolution, requiring reforms to break monopolies and enhance market roles [4] - The construction of an energy power is a systematic project that necessitates coordinated advancement across various dimensions [4] Group 4: Pathways to Strengthening - A dual approach of traditional and emerging energy sources is necessary, promoting clean and efficient development of traditional energy while increasing the share of renewables [4] - Emphasizing technological breakthroughs alongside institutional reforms is critical, with increased R&D investment and unified electricity market construction [4] - Promoting both domestic and international cooperation is vital, ensuring energy security while contributing to global energy transition [5]

Group 1 - The United States officially assumes the G20 presidency for a 12-month term starting from Monday [1] - The U.S. State Department emphasizes that the core mission will focus on promoting economic growth and prosperity [1] - Three main priorities will be highlighted: reducing regulatory burdens to unleash economic potential, ensuring affordable and secure energy supply chains, and leading in new technology and innovation development [1]

Core Viewpoint - The company, Fuan Energy, has made significant investments in a comprehensive energy and petrochemical storage base and terminal in Nansha, Guangzhou, enhancing its logistics and supply chain capabilities in the petrochemical sector [1] Group 1: Investment Details - The storage base occupies 750 acres with a total storage capacity of 918,300 cubic meters, featuring 126 tanks of varying capacities [1] - The petrochemical terminal has 11 berths, making it the largest specialized petrochemical terminal in the Pearl River estuary, with a maximum loading capacity of 3,000 cubic meters per hour [1] Group 2: Supply Chain Development - The company aims to leverage the advantages of the Nansha storage and Xiaohu petrochemical terminal to develop a supply chain business focused on energy and chemical products, including refined oil, fuel oil, methanol, biodiesel, and asphalt [1] - A supply chain network centered around the Nansha storage facility is being gradually established to enhance operational efficiency [1]