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

Group 1: Stock Index Futures Spread Daily Report Report Industry Investment Rating - Not provided in the report. Report Core View - The report provides the latest values of various stock index futures spreads, their changes compared to the previous day, and historical percentile data, helping investors understand the current situation of the stock index futures market [1]. Summary by Relevant Catalog - **Futures - Spot Spreads**: The F futures - spot spread was -74.25, with a 4.00% change from the previous day and a 2.50% historical 1 - year percentile. The H futures - spot spread was -22.91, with a -3.03 change and a 5.70% historical 1 - year percentile. The IC futures - spot spread was -193.12, with a -14.71 change, and the IM futures - spot spread was 18.08, with a 0.9096 change [1]. - **Inter - delivery Spreads**: For different contracts (e.g., next month - current month, far month - current month), various inter - delivery spreads are presented with their changes and historical percentile data. For example, the next month - current month spread of a certain contract was -20.40, with a -1.00 change and a 22.20% historical 1 - year percentile [1]. - **Cross - variety Ratios**: Ratios such as CSI 500/Shanghai - Shenzhen 300, IC/IF, etc., are provided with their changes and historical percentile data. For example, the IC/IF ratio was 2.6480, with a 96.90% historical percentile [1]. Group 2: Treasury Bond Futures Spread Daily Report Report Industry Investment Rating - Not provided in the report. Report Core View - The report provides the latest values of various treasury bond futures spreads, their changes compared to the previous trading day, and historical percentile data, assisting investors in analyzing the treasury bond futures market [2]. Summary by Relevant Catalog - **Basis**: The TS basis was 1.1202, with a 0.0494 change and a 7.40% historical percentile. The TF basis was 0.0588, with a -0.0352 change and a 29.50% historical percentile. The T basis was 0.0502, with a -0.0483 change and a 48.30% historical percentile. The TL basis was 0.0060, with a 27.00% historical percentile [2]. - **Inter - delivery Spreads**: Different inter - delivery spreads for each contract (e.g., current quarter - next quarter) are presented, along with their changes and historical percentile data. For example, the current quarter - next quarter spread of the TF contract was 0.2400, with a 0.0050 change and a 44.10% historical percentile [2]. - **Cross - variety Spreads**: Spreads such as TS - TF, TS - T, etc., are provided with their changes and historical percentile data. For example, the TS - TF spread was -3.5670, with a -0.0210 change and an 8.40% historical percentile [2]. Group 3: Precious Metals Spot - Futures Daily Report Report Industry Investment Rating - Not provided in the report. Report Core View - The report presents the latest prices of domestic and foreign precious metals futures, spot prices, basis, price ratios, interest rates, exchange rates, inventory, and positions, and provides investment suggestions for precious metals [5]. Summary by Relevant Catalog - **Domestic Futures Closing Prices**: The AU2606 contract closed at 1020.10 yuan, up 0.51% from the previous day. The AG2606 contract closed at 18126 yuan/ten grams, up 2.37%. The PT2606 contract closed at 493.10 yuan, down 0.88%. The PD2606 contract closed at 361.40 yuan, up 1.15% [5]. - **Foreign Futures Closing Prices**: The COMEX gold主力 contract closed at 4699.60 dollars, up 3.51%. The COMEX silver主力 contract closed at 75.35 dollars, up 7.36%. The NYMEX platinum主力 contract closed at 1962.30 dollars, up 3.67%. The NYMEX palladium主力 contract closed at 1488.50 dollars, up 5.31% [5]. - **Spot Prices**: The London gold price was 4669.13 dollars, up 3.45%. The London silver price was 75.11 dollars, up 7.24%. The spot platinum price was 1950.00 dollars, up 3.34%. The spot palladium price was 1448.00 dollars, up 1.26%. The SGE gold T + D price was 1015.68 yuan/gram, up 0.67%. The SGE silver T + D price was 18031 yuan/ten grams, up 2.68%. The SGE gold 9995 price was 465 yuan, up 1.10% [5]. - **Basis**: The gold TD - Shanghai gold主力 basis was -4.42, with a 1.50 change and a 46.10% historical 1 - year percentile. The silver TD - Shanghai silver主力 basis was 3.66, with a 0.74 change and a 99.20% historical 1 - year percentile [5]. - **Price Ratios**: The COMEX gold/silver ratio was 62.37, down 3.59%. The SHFE gold/silver ratio was 56.28, down 1.81%. The NYMEX platinum/palladium ratio was 1.32, down 1.56%. The GFE platinum/palladium ratio was 1.36, down 2.01% [5]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield was 4.30%, down 1.19%. The 2 - year US Treasury yield was 3.79%, down 0.8%. The 10 - year TIPS Treasury yield was 2.00%, down 2.0%. The US dollar index was 09.88, down 0.62%. The offshore RMB exchange rate was 6.8879, down 0.41% [5]. - **Inventory and Positions**: The SHFE gold inventory was 106644, unchanged. The SHFE silver inventory was 368667 kg, down 1.54%. The COMEX gold inventory was 31533901, down 0.01%. The COMEX silver inventory was 327820669, up 0.07%. The COMEX gold registered warehouse receipts were 16563243 ounces, down 0.33%. The COMEX silver registered warehouse receipts were 76429739, up 0.53%. The SPDR gold ETF position was 1047, up 0.11%. The SLV silver ETF position was 15274, down 0.09% [5]. - **Investment Suggestions**: If the gold ETF position stops falling and rebounds, it reflects the improvement of the confidence of allocation funds. Investors can try to buy on dips in the range of 4400 - 4500 dollars and pay attention to the short - term resistance of the 20 - day moving average. In the short term, as the US - Iran war eases, silver is expected to stabilize above 70 dollars with gold, and investors can grasp the opportunity of band - type upward movement with the boost of capital sentiment, with the upper resistance at 85 dollars. Platinum is moving upward in the range of 1850 - 2015 dollars, and palladium is fluctuating and consolidating above 1400 dollars. The fundamental situation of palladium is relatively weaker, and investors can continue to hold the long - platinum short - palladium ratio [5].

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

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

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

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core Viewpoints 2.1 Stock Index Futures - The report presents the latest values, changes from the previous day, and historical quantiles of various stock index futures spreads, including F, H, IC, and IM, as well as cross - variety ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc. [1] 2.2 Treasury Bond Futures - It shows the latest values, changes from the previous trading day, and historical quantiles of basis, cross - period spreads, and cross - variety spreads of different treasury bond futures varieties (TS, TF, T, TL). [2] 2.3 Precious Metals - The market for precious metals is in a downward trend. The end of the decline requires a缓和 of geopolitical conflicts, which is difficult to achieve. It is recommended to take a short - side operation for gold. For silver, if the US - Iran war eases, the price may stop falling and stabilize; otherwise, it may fall below $60. Platinum may fall to the $1750 - $1800 range, and palladium may drop to around $1300. [3] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures - **Futures - Spot Spreads**: F futures - spot spread is - 80.62, H is - 18.06, IC is - 200.64, and IM is - 223.43. [1] - **Cross - Period Spreads**: Different cross - period spreads for F, H, IC, and IM are presented, such as F's next - month - current - month spread is - 56.80, etc. [1] - **Cross - Variety Ratios**: Ratios like CSI 500/CSI 300 is 1.6991, CSI 500/SSE 50 is 2.6908, etc. are provided. [1] 3.2 Treasury Bond Futures - **Basis**: TS basis is 0.0189, TF is 0.0599, T is 1.3076, and TL is 0.5330. [2] - **Cross - Period Spreads**: For example, TS's current - quarter - next - quarter spread is - 0.0060, etc. [2] - **Cross - Variety Spreads**: TS - TF is - 3.4610, TS - T is - 5.7310, etc. [2] 3.3 Precious Metals - **Domestic Futures Closing Prices**: AU2604 contract is 1039.22 yuan/gram, AG2606 contract is 17625 yuan/kilogram, etc. [3] - **Foreign Futures Closing Prices**: COMEX gold主力 contract is $4492.00, COMEX silver主力 contract is $67.81, etc. [3] - **Spot Prices**: London gold is $4491.67, London silver is $67.90, etc. [3] - **Basis**: Gold TD - Shanghai gold主力 is 1.38, silver TD - Shanghai silver主力 is 155, etc. [3] - **Ratios**: COMEX gold/silver is 66.24, Shanghai Futures Exchange gold/silver is 58.96, etc. [3] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.39%, 2 - year US Treasury yield is 3.88%, etc. [3] - **Inventory and Positions**: Shanghai Futures Exchange gold inventory is 106845, Shanghai Futures Exchange silver inventory is 362495 kilograms, etc. [3]

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

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

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

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