Report Summary 1. Industry Investment Rating No information provided in the given content. 2. Core Viewpoints - The mid - stream construction shows continuous differentiation. The production and service industries have different developments. In the production industry, Huawei's operation results in 2025 met expectations, with a slight year - on - year increase in global sales revenue and net profit, and high R & D investment. In the service industry, China's central bank plans to continue implementing a moderately loose monetary policy to address economic challenges [1]. - The upstream, mid - stream, and downstream industries have different performance trends. Upstream includes price changes in black, agricultural, and energy products; mid - stream has different开工 rates in chemical, energy, and agricultural sectors; and downstream shows changes in real estate and service sectors [2]. 3. Summary by Directory 3.1. Macro Events - **Production Industry**: On March 31, 2026, Huawei released its 2025 annual report, achieving global sales revenue of 880.9 billion yuan and a net profit of 68 billion yuan, with a slight year - on - year increase. R & D investment in 2025 reached 192.3 billion yuan, about 21.8% of the annual revenue, and the cumulative R & D investment in the past decade exceeded 1.382 trillion yuan. On the same day, US President Trump said the US would end the war with Iran in "two to three weeks" and might reach an agreement before that [1]. - **Service Industry**: The Monetary Policy Committee of the People's Bank of China held its first - quarter meeting in 2026, stating that China's economy is generally stable with progress, but still faces challenges such as strong supply and weak demand and external shocks. It will continue to implement a moderately loose monetary policy to promote economic growth and price stability [1]. 3.2. Industry Overview - **Upstream**: Black products like iron ore and wire rod prices decreased slightly; agricultural product (pork) prices continued to decline; international crude oil and LNG prices increased slightly [2]. - **Mid - stream**: In the chemical industry, PX开工 rate was low, PTA开工 rate increased, and polyester开工 rate was low; in the energy industry, power plant coal consumption was at a medium level; in the agricultural industry, the开工 rate of pig products increased [2]. - **Downstream**: In the real estate industry, second - tier city commercial housing sales decreased slightly; in the service industry, the number of domestic flights decreased [2]. 3.3. Key Industry Price Indicators - **Agriculture**: On March 31, 2026, the spot price of corn was 2330 yuan/ton (- 0.37% year - on - year), eggs 7 yuan/kg (1.16% year - on - year), palm oil 9761.2 yuan/ton (3.62% year - on - year), cotton 16847 yuan/ton (0.81% year - on - year), and the average wholesale price of pork 15.3 yuan/kg (- 3.10% year - on - year) [33]. - **Non - ferrous Metals**: The spot price of copper was 95666.7 yuan/ton (1.82% year - on - year), zinc 23432 yuan/ton (2.45% year - on - year), aluminum 24621.7 yuan/ton (4.83% year - on - year), nickel 136766.7 yuan/ton (- 0.81% year - on - year), and another aluminum price 16437.5 yuan/ton (0.31% year - on - year) [33]. - **Ferrous Metals**: The spot price of iron ore was 802.1 yuan/ton (- 1.19% year - on - year), wire rod 3320 yuan/ton (- 1.19% year - on - year), and glass 13.5 yuan/square meter (- 0.74% year - on - year) [33]. - **Non - metals**: The spot price of natural rubber was 16341.7 yuan/ton (1.13% year - on - year), and the China Plastic City price index was 1009.1 (3.29% year - on - year) [33]. - **Energy**: The spot price of WTI crude oil was 102.9 US dollars/barrel (16.74% year - on - year), Brent crude oil 107.4 US dollars/barrel (7.45% year - on - year), liquefied natural gas 4614 yuan/ton (3.97% year - on - year), and coal 807 yuan/ton (0.75% year - on - year) [33]. - **Chemical Industry**: The spot price of PTA was 6761.9 yuan/ton (0.41% year - on - year), polyethylene 8766.7 yuan/ton (- 3.40% year - on - year), urea 1865 yuan/ton (- 0.53% year - on - year), and soda ash 1246.4 yuan/ton (- 0.80% year - on - year) [33]. - **Real Estate**: The cement price index was 129.6 (- 0.04% year - on - year), the building materials composite index was 114.8 (- 0.33% year - on - year), and the concrete price index was 90.1 (0.33% year - on - year) [33].

Core Viewpoint - The People's Bank of China (PBOC) continues to implement a moderately accommodative monetary policy while emphasizing the need to regulate credit market operations and reduce financing intermediary costs [1][2][3] Group 1: Monetary Policy Adjustments - The PBOC's monetary policy committee meeting highlighted the need for increased counter-cyclical and cross-cyclical adjustments to better utilize monetary policy tools for stable economic growth and reasonable price recovery [2] - The meeting reiterated the importance of maintaining ample liquidity and aligning social financing scale and money supply growth with economic growth and price level expectations [2] Group 2: Financing Costs and Market Behavior - A new focus on "regulating credit market operations and reducing financing intermediary costs" was introduced, indicating a shift towards lowering additional costs associated with financing beyond principal and interest [3] - The meeting emphasized the role of large banks in supporting the real economy and encouraged small and medium-sized banks to focus on their core responsibilities while enhancing capital strength [3] Group 3: Exchange Rate and Financial Stability - The PBOC aims to enhance the resilience of the foreign exchange market and stabilize market expectations, maintaining the RMB exchange rate at a reasonable and balanced level [3] - The meeting underscored the importance of maintaining financial market stability and advancing high-level financial openness while improving economic and financial management capabilities under open conditions [3]

Domestic Macro Policy - The Central Political Bureau emphasized the importance of a correct performance view, urging local party committees to fully implement the new development concept and focus on high-quality development[3] - The State Council outlined six key areas for 2026, including promoting a unified national market and accelerating the development of new-generation intelligent manufacturing[3] - The National Development and Reform Commission plans to identify around 100 significant application scenario projects to drive economic growth[4] Infrastructure and Industry - Policies are focused on new productivity development, including initiatives in computing power, hydrogen energy, and new energy vehicles[14] - The National Data Bureau aims for 80% of new computing power facilities to utilize green electricity[15] Monetary Policy - The central bank continues to implement a moderately loose monetary policy, maintaining liquidity and stability in financial markets[16] - The People's Bank of China plans to use various monetary policy tools to ensure ample liquidity and stabilize the RMB exchange rate[17] Fiscal Policy - The fiscal policy will prioritize investments in people's livelihoods, with plans to increase public service spending and support consumer demand through various measures[18] - A special fund of 250 billion yuan will be allocated to support consumer goods replacement programs[19] Real Estate Policy - Multiple cities are optimizing housing provident fund policies to support housing consumption, including increasing loan limits and adjusting down payment ratios[21] Financial Regulation - The draft of the Financial Law aims to enhance the financial regulatory framework and prevent systemic financial risks[23] Trade Relations - U.S. President Trump announced a visit to China on May 14-15, with ongoing trade negotiations between the U.S. and China[25] - China has initiated two trade barrier investigations in response to U.S. trade actions[25] Overseas Macro Policy - The Federal Reserve maintained its interest rate target range at 3.50%-3.75%, indicating a cautious approach to future rate cuts[29] - The geopolitical situation in the Middle East remains uncertain, with ongoing negotiations between the U.S. and Iran regarding energy facility attacks[30] Risk Warning - There is a divergence in domestic and foreign monetary policies, with concerns that the implementation of domestic policies may not meet expectations[34]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The government is implementing a series of policies in multiple fields, including macro - economic, fiscal, monetary, financial regulation, real estate, and international trade, to promote economic development, maintain financial stability, and enhance international cooperation [1][2][3][4]. - In the macro - economic field, efforts are being made to stimulate service consumption, promote high - quality development, and implement key work tasks [8][9][10]. - Fiscal policy focuses on three key points, strengthens local government debt management, and establishes a negative list for fiscal subsidies [14][15]. - Monetary policy aims to maintain the stability of financial markets, keep liquidity abundant, and support the cross - border operations of enterprises [18][19][20]. - Financial regulatory policies are being strengthened to prevent financial risks, improve the quality of the financial industry, and promote the healthy development of the financial market [22][23][24]. - Real estate policies adjust land use and mortgage policies to promote the stable development of the real estate market [31][32][33]. - In international trade, China is actively engaged in Sino - US economic and trade consultations to maintain the stability of bilateral economic and trade relations [34][35]. 3. Summary According to the Directory 3.1 Macro - economic Tone - Encourage service consumption and implement key work tasks. The government promotes the expansion of inbound consumption through policies, and emphasizes the implementation of key work such as the construction of a unified national market and the development of new - generation intelligent manufacturing [8][9][10]. - Advocate positive competition and oppose malicious competition. China's industrial competitive advantage comes from continuous reform and innovation - driven development [8]. 3.2 Fiscal Policy - Focus on three key points: expanding domestic demand, investing in people, and open sharing. Strengthen local government debt management and implement a more proactive fiscal policy [14]. - Establish a negative list for local fiscal subsidies to maintain a fair and competitive market order [15]. 3.3 Monetary Policy - Maintain the stability of financial markets such as stocks, bonds, and foreign exchange. Implement a moderately loose monetary policy and use various monetary policy tools to keep liquidity abundant [18][19]. - Increase the macro - prudential adjustment coefficient for overseas lending by domestic enterprises to meet the cross - border capital needs of enterprises [20]. - Conduct a net injection of 500 billion yuan through MLF in March to maintain the liquidity of the banking system [20]. 3.4 Financial Supervision - Strengthen financial reform and resolve the financial risks of small and medium - sized enterprises. Focus on serving the development of new - quality productive forces and strengthen regulatory law enforcement [22][23]. - Promulgate the draft financial law to build a modern central bank system and comprehensively strengthen financial supervision [24]. - Revise the information disclosure and format guidelines for public funds to improve the quality of information disclosure [25]. - Issue the Interim Measures for the Regulatory Rating of Wealth Management Companies to standardize the supervision of wealth management companies [26]. - More than 80 banks have announced capital increases this year, and the capital replenishment of small and medium - sized banks has accelerated [27]. - The impact of the "Solvency II" Phase II is gradual, and there is no systematic pressure for insurance funds to reduce positions [28]. 3.5 Real Estate Policy - Newly added construction land is generally not used for commercial real estate development, giving priority to major projects and people's livelihood undertakings [31]. - Shanghai adjusts the minimum down - payment ratio for commercial housing loans to not less than 30% [31]. - Employees in Shenzhen can voluntarily increase their individual housing provident fund contribution ratio, with a maximum of 12% [33]. 3.6 Sino - US Tariffs - Sino - US economic and trade consultations focus on tariff issues, with limited incremental information. The two sides will continue to maintain the consultation process [34]. - Trump's visit to China has been postponed, and the two sides are maintaining communication on this matter [35].

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The short - term market is expected to remain strong as there is still room for upward movement, and geopolitical unrest amplifies the price fluctuations of energy - related commodities. Key factors to focus on include the trend of molten iron production, mine开工情况, and geopolitical trends [2]. Group 3: Data Summary Futures Data - **Closing Prices**: The previous day's closing prices for different contract months were 1489.0, 1171.0, 1287.0, 1903.0, 1740.5, and 1815.5, with price increases of 9.0, 11.5, 15.0, 12.0, 19.5, and 11.0 respectively, and corresponding price increase rates of 0.99%, 0.61%, 1.18%, 0.63%, 1.13%, and 0.61% compared to the previous two days [2]. - **Trading Volume**: The trading volumes were 3122, 753774, 107852, 55, 14432, and 1768 respectively [2]. - **Open Interest**: The open interests were 384256, 133065, 31289, 7700, 15144, and 1740 respectively, with changes of 1996, 35, 39, 485, 540, and - 7338 respectively [2]. - **Price Spreads**: The current price spreads were 240, - 79.5, - 160.5, 160.5, - 77.5, and - 83 respectively, with changes of 306, 2.5, - 308.5, 429.5, 2, and - 431.5 respectively [2]. Spot Data - The spot prices of Tangshan Grade 1, Mongolian No. 5 coking coal, low - sulfur coking coal, etc. were 1240, 1460, 1417, 1800, 1280, 1470 respectively, and there were no changes in spot prices [2]. Group 4: Market Situation - Last Friday night, the main contracts of coking coal and coke showed a strong trend, and the total open interest of coking coal increased month - on - month. According to last week's Steel Union data, the output of the five major steel products increased month - on - month, mainly due to building materials. The inventory of the five major steel products stopped increasing and started to decline month - on - month, and the overall apparent demand continued to pick up month - on - month, with the largest increase in rebar. Due to the end of environmental protection restrictions, the molten iron production increased significantly month - on - month last week, and the rigid demand for coking coal and coke improved significantly [2]. Group 5: Policy Information - At the China Development Forum 2026 Annual Meeting, the People's Bank of China Governor Pan Gongsheng said that China will steadily promote the high - level opening of the financial industry and deepen the interconnection of financial markets. As of the end of 2025, overseas institutions and individuals held domestic RMB financial assets exceeding 10 trillion yuan. The Ministry of Finance will use policy tools such as deficits, special bonds, and loan interest subsidies to build a strong domestic market. This year, 250 billion yuan of ultra - long - term special treasury bonds will be arranged to support the replacement of old consumer goods with new ones, and a special fund of 100 billion yuan for fiscal - financial cooperation to promote domestic demand will be established. The Deputy Director of the Office of the Central Financial and Economic Commission, Han Wenxiu, said that the "15th Five - Year Plan" will make arrangements for high - quality population development in a separate chapter and comprehensively respond to the impact of artificial intelligence to promote high - quality and full employment [2].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The short - term market is expected to remain strong as there is still room for upward movement and geopolitical unrest amplifies the price fluctuations of energy - related commodities. Key factors to watch include the trend of hot metal production, mine operation status, and geopolitical situation [2]. - The night session of the main contracts of coking coal and coke on last Friday showed strong performance, and the total position of coking coal increased compared to the previous period. The output of five major steel products continued to increase last week, with the increase mainly from building materials. The inventory of five major steel products stopped increasing and started to decline, and the overall apparent demand continued to rise, with the largest increase in rebar. Due to the end of environmental protection restrictions, the hot metal production increased significantly last week, and the rigid demand for coking coal and coke improved significantly [2]. Group 3: Summary by Relevant Catalog Futures Market Data - **Closing Prices**: The previous day's closing prices for different contract months were 1489.0, 1171.0, 1287.0, 1903.0, 1740.5, and 1815.5 respectively; the previous two - day closing prices were 1480.0, 1159.5, 1272.0, 1891.0, 1721.0, and 1804.5 respectively. The price changes were 9.0, 11.5, 15.0, 12.0, 19.5, and 11.0, with price change rates of 0.99%, 0.61%, 1.18%, 0.63%, 1.13%, and 0.61% respectively [2]. - **Trading Volume**: The trading volumes were 3122, 753774, 107852, 55, 14432, and 1768 respectively [2]. - **Open Interest**: The open interests were 384256, 133065, 31289, 7700, 15144, and 1740 respectively, with changes of 1996, 35, 39, 485, 540, and - 7338 respectively [2]. - **Price Spreads**: The current price spreads were 240, - 79.5, - 160.5, 160.5, - 77.5, and - 83 respectively, with changes of 306, 2.5, - 308.5, 429.5, 2, and - 431.5 respectively [2]. Spot Market Data - The spot prices of different types of coking coal (Tangshan Grade 1, Mongolian 5 coking coal, low - sulfur coking coal, etc.) were 1240, 1460, 1417, 1800, 1280, and 1470 respectively, and the spot price changes were all 0 [2]. Policy and Conference Information - At the China Development Forum 2026 Annual Meeting, the People's Bank of China Governor Pan Gongsheng said that China will steadily promote the high - level opening - up of the financial industry and deepen the interconnection of financial markets. As of the end of 2025, overseas institutions and individuals held RMB - denominated financial assets worth over 10 trillion yuan. The Ministry of Finance will use policy tools such as deficits, special bonds, and loan interest subsidies to build a strong domestic market. This year, 250 billion yuan of ultra - long - term special treasury bonds are arranged to support the replacement of old consumer goods with new ones, and a 100 billion yuan special fund for fiscal - financial cooperation to promote domestic demand is established. The "15th Five - Year Plan" will comprehensively address the impact of artificial intelligence and promote high - quality and full employment [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The report predicts that Shanghai nickel will experience short - term shock adjustments, and attention should be paid to the MA10 pressure [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 132,980 yuan/ton, a decrease of 180 yuan; the 05 - 06 contract spread of Shanghai nickel is - 190 yuan/ton, a decrease of 20 yuan [2] - The LME 3 - month nickel price is 1,6885 US dollars/ton, a decrease of 180 US dollars; the main contract position of Shanghai nickel is 179,706 lots, an increase of 6,570 lots [2] - The net long position of the top 20 futures holders of Shanghai nickel is - 52,192 lots, a decrease of 6,410 lots; the LME nickel inventory is 283,512 tons, a decrease of 258 tons [2] - The inventory of nickel in the Shanghai Futures Exchange is 63,661 tons (weekly), a decrease of 20 tons; the LME nickel cancelled warrants are 18,360 tons, a decrease of 402 tons [2] - The warehouse receipt quantity of Shanghai nickel is 57,632 tons, an increase of 942 tons [2] 3.2 Spot Market - The SMM 1 nickel spot price is 137,850 yuan/ton, a decrease of 50 yuan; the average spot price of 1 nickel plate in the Yangtze River is 137,950 yuan/ton, an increase of 150 yuan [2] - The CIF (bill of lading) price of Shanghai electrolytic nickel is 210 US dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 210 US dollars/ton, unchanged [2] - The average price of battery - grade nickel sulfate is 31,650 yuan/ton, unchanged; the basis of the NI main contract is 4,870 yuan/ton, an increase of 130 yuan [2] - The LME nickel (spot/three - month) premium is - 182.99 US dollars/ton, an increase of 8.46 US dollars [2] 3.3 Upstream Situation - The monthly import volume of nickel ore is 1.9928 million tons, a decrease of 1.3467 million tons; the total port inventory of nickel ore is 7.9266 million tons (weekly), a decrease of 0.6568 million tons [2] - The average monthly import unit price of nickel ore is 75.53 US dollars/ton, an increase of 3.36 US dollars; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [2] 3.4 Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, an increase of 1,120 tons; the total monthly output of ferronickel is 21,400 metal tons, unchanged [2] - The monthly import volume of refined nickel and alloys is 23,861.23 tons, an increase of 11,020.74 tons; the monthly import volume of ferronickel is 996,100 tons, an increase of 100,700 tons [2] 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 1.8581 million tons, an increase of 110,900 tons; the total weekly inventory of 300 - series stainless steel is 624,200 tons, a decrease of 12,800 tons [2] 3.6 Industry News - The governor of the People's Bank of China, Pan Gongsheng, stated that China will continue to implement a moderately loose monetary policy and use various tools to maintain sufficient liquidity [2] - The Chinese Ministry of Finance will allocate 250 billion yuan to support the replacement of consumer goods with new ones and increase direct and inclusive policies for consumers [2] - Trump threatened to limit Iran to open the Strait of Hormuz within 48 hours and destroy its power plants. Sources said the US is planning to seize Iran's "nuclear reserves" [2] 3.7 Fundamental Analysis - The Philippines has entered the rainy season, and the import volume of nickel ore is on a downward trend; Indonesia's RKAB plan is to adjust the quota, with an increase of up to about 25% - 30%, which is expected to meet domestic nickel ore demand and ease supply concerns [2] - The domestic refined nickel production capacity is large. Recently, the nickel price has been adjusted in a shock, and there is a profit margin in production. It is expected that the output of refined nickel will rise again [2] - The profit of stainless steel plants has improved, and production has gradually resumed after the festival; the production and sales of new energy vehicles continue to climb, and ternary batteries contribute a small incremental demand [2] - The domestic nickel inventory continues to grow, and the spot premium remains stable; the overseas LME inventory decreases slightly, and the spot premium is adjusted downward [2] - Technically, the position increases while the price is adjusted, and the divergence between long and short positions increases [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views - Manganese silicon industry: The industry's operating rate remains low, with supply decreasing and demand increasing, and inventory accumulating. The cost of manganese ore is rising, and the spot market is strong. Considering geopolitical factors and demand recovery expectations, the futures price is expected to fluctuate upward, but high inventory will limit the upside space [2]. - Ferrosilicon industry: The industry's operating rate is increasing, demand is rising, and inventory is decreasing. With cost support, geopolitical disturbances, and expectations of downstream demand recovery, it is expected to operate in a volatile and upward - trending manner [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the SM main contract is 6,556 yuan/ton, up 156 yuan; the closing price of the SF main contract is 6,120 yuan/ton, up 188 yuan [2]. - **Positions**: The SM futures contract position is 679,731 hands, down 18,637 hands; the SF futures contract position is 409,287 hands, up 6,833 hands [2]. - **Net Positions**: The net position of the top 20 in manganese silicon is - 86,543 hands, up 13,178 hands; the net position of the top 20 in ferrosilicon is - 32,090 hands, down 1,431 hands [2]. - **Contract Spreads**: The SM 7 - 5 month contract spread is 38 yuan/ton, up 8 yuan; the SF 7 - 5 month contract spread is 112 yuan/ton, down 2 yuan [2]. - **Warehouse Receipts**: The SM warehouse receipt is 54,908 sheets, up 82 sheets; the SF warehouse receipt is 10,147 sheets, up 1,200 sheets [2]. 3.2 Spot Market - **Manganese Silicon**: In Inner Mongolia, the price of FeMn68Si18 is 6,100 yuan/ton, up 200 yuan; in Guizhou, it is 6,200 yuan/ton, up 200 yuan; in Yunnan, it is 6,050 yuan/ton, up 100 yuan. The weekly average of the manganese silicon index is 5,936 yuan/ton, up 31 yuan [2]. - **Ferrosilicon**: In Inner Mongolia, the price of FeSi75 - B is 5,780 yuan/ton, up 150 yuan; in Qinghai, it is 5,520 yuan/ton, up 70 yuan; in Ningxia, it is 5,720 yuan/ton, up 120 yuan. The SF main contract basis is - 400 yuan/ton, down 68 yuan; the SM main contract basis is - 456 yuan/ton, up 44 yuan [2]. 3.3 Upstream Situation - **Manganese Ore**: The average price of South African high - iron manganese ore in Tianjin Port is 34.45 yuan/ton degree, unchanged; the average price of South African semi - carbonate manganese ore in Tianjin Port is 41.25 yuan/ton degree, up 0.5 yuan. The manganese ore port inventory is 474.50 million tons, up 3.8 million tons [2]. - **Other Raw Materials**: The price of silica (98% in the northwest) is 2,100 yuan/ton, unchanged; the price of semi - coke (medium - sized in Shenmu) is 760 yuan/ton, up 30 yuan; the price of secondary metallurgical coke in Wuhai, Inner Mongolia is 1,110 yuan/ton, unchanged [2]. 3.4 Industry Situation - **Operating Rates**: The operating rate of manganese silicon enterprises is 36.09%, down 0.05%; the operating rate of ferrosilicon enterprises is 28.29%, up 0.43% [2]. - **Supply**: The weekly supply of manganese silicon is 196,210 tons, down 1,470 tons; the weekly supply of ferrosilicon is 104,400 tons, up 7,000 tons [2]. - **Inventory**: The half - monthly inventory of manganese silicon manufacturers is 384,800 tons, up 9,000 tons; the half - monthly inventory of ferrosilicon manufacturers is 59,400 tons, down 1,770 tons. The monthly inventory days of manganese silicon in national steel mills is 17.08 days, down 1.49 days; the monthly inventory days of ferrosilicon in national steel mills is 16.82 days, down 1.90 days [2]. 3.5 Downstream Situation - **Demand**: The weekly demand for manganese silicon in five major steel types is 119,733 tons, up 3,073 tons; the weekly demand for ferrosilicon in five major steel types is 19,416.30 tons, up 551.90 tons [2]. - **Blast Furnace Indicators**: The weekly blast furnace operating rate of 247 steel mills is 79.78%, up 1.44%; the weekly blast furnace capacity utilization rate of 247 steel mills is 85.53%, up 2.61% [2]. - **Crude Steel Output**: The monthly crude steel output is 6,817.74 million tons, down 169.36 million tons [2]. 3.6 Industry News - **Geopolitical**: On March 21, local time, US President Trump threatened to attack Iranian power plants if Iran did not open the Strait of Hormuz. Iran's speaker responded that if Iran's infrastructure was attacked, important facilities in the Middle East would be targeted, and oil prices would rise in the long - term [2]. - **Macro**: People's Bank of China Governor Pan Gongshang said that China will continue to implement a moderately loose monetary policy to maintain liquidity [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The report presents the latest price, trading volume, position, inventory, and spread data of precious metals such as gold and silver, as well as relevant exchange - rate information and major macro and industry news [1][3] 3. Summary by Directory [Fundamental Tracking] - **Price Data**: - Gold: The closing prices of various gold products such as Shanghai Gold 2602, Gold T + D, Comex Gold 2602, and London Gold Spot all showed declines, with daily declines ranging from 3.39% to 4.63% [1] - Silver: The closing prices of various silver products such as Shanghai Silver 2602, Silver T + D, Comex Silver 2602, and London Silver Spot also declined, with daily declines ranging from 3.43% to 9.72% [1] - **Trading Volume and Position**: - For gold, the trading volume of Shanghai Gold 2602 increased by 114,037 compared to the previous day, and the position decreased by 7,295; the trading volume of Comex Gold 2602 increased by 90,840, and the position decreased by 10,948 [1] - For silver, the trading volume of Shanghai Silver 2602 increased by 26,878, and the position decreased by 4,864; the trading volume of Comex Silver 2602 increased by 32,246, and the position remained unchanged [1] - **Inventory**: - Gold: The inventory of Shanghai Gold remained unchanged at 106,845 kilograms, and the inventory of Comex Gold (in troy ounces) decreased by 95,732 [1] - Silver: The inventory of Shanghai Silver increased by 17,945 kilograms, and the inventory of Comex Silver (in troy ounces) decreased by 2,817,058 [1] - **Spread**: - Gold: The spread between Gold T + D and AU2602 remained unchanged at 0.39; the cost of the long - December and short - June inter - period arbitrage of Shanghai Gold decreased by 0.87 [1] - Silver: The spread between Silver T + D and AG2602 decreased by 10; the cost of the long - December and short - June inter - period arbitrage of Shanghai Silver decreased by 11.3 [1] - **Exchange Rate**: - The US dollar index decreased by 0.94% to 99.23, and the US dollar against the Chinese yuan (CNY spot) increased by 0.38% to 6.90 [1] [Macro and Industry News] - Trump threatened to destroy Iranian power plants and limit Iran to open the Strait of Hormuz within 48 hours, and the US is planning to seize Iran's "nuclear reserves"; Israel's Dimona was "directly hit" by an Iranian missile [1] - The Trump team has started to plan "peace talks" with Iran, and Iranian officials have proposed six conditions for a cease - fire, including establishing a new legal system for the Strait of Hormuz [3] - After India, Iran is considering "temporarily" allowing Japanese ships to pass through the Strait of Hormuz [3] - Li Qiang attended the opening ceremony of the China Development Forum 2026 Annual Meeting and delivered a keynote speech [3] - Han Wenxiu said that expanding consumption is of top priority and also very difficult in the coming period [3] - The Governor of the People's Bank of China, Pan Gongsheng, stated that China will continue to implement a moderately loose monetary policy and use various tools to maintain sufficient liquidity [3] [Trend Intensity] - The trend intensity of gold is 0, and the trend intensity of silver is 0 [3]

Key Points - FTSE Russell announced adjustments to the FTSE China Index Series, effective after market close on March 20, 2026 [2] - The FTSE China A50 Index, comprising the 50 largest stocks by market capitalization from Shanghai and Shenzhen stock exchanges, has undergone component adjustments due to recent market changes [3] - New additions to the index include China Shipbuilding, Tianfu Communication, and Wanhua Chemical, while Everbright Bank, CRRC, and Shanxi Fenjiu have been removed [3][4] Monetary Policy - The People's Bank of China, led by Governor Pan Gongsheng, will continue to implement a moderately loose monetary policy, balancing short-term and long-term goals to support economic growth while maintaining financial system health [5] - Current social financing conditions are described as loose, with reasonable growth in total financial volume [5] Economic Development - Han Wenxiu from the Central Financial Committee emphasized the importance of enhancing national hard power in economy and technology, aiming for significant progress in socialist modernization by 2035 [6] - The focus will be on qualitative improvements and reasonable quantitative growth in the economy, alongside strengthening cultural and brand soft power [6] Inbound Consumption Policies - The Ministry of Commerce and nine other departments released 16 policy measures to promote inbound consumption, covering areas such as tourism, business activities, and cultural events [7] Financial Legislation - A draft of the Financial Law of the People's Republic of China was published for public consultation, aiming to establish legal norms for the financial industry based on recent reforms and practices [9] Market Developments - The China Securities Regulatory Commission (CSRC) is fostering cooperation with Hong Kong to enhance the international financial center status of Hong Kong [10][11] - The Financial Regulatory Bureau is seeking public input on a revised complaint handling management method for financial consumer disputes, emphasizing a diversified resolution approach [12] Industry Updates - The Central Cyberspace Administration is guiding platforms to standardize short video content labeling, making it a mandatory step in the publishing process [13] - Domestic gold jewelry prices have seen a significant drop, with prices falling below 1400 RMB per gram due to a sharp decline in international gold markets [14] - Yushutech's IPO application has been accepted by the Shanghai Stock Exchange, aiming to raise 4.202 billion RMB for various projects [15] Upcoming Events - Three new stocks are scheduled for subscription this week, with a total of over 7.345 billion shares set to be unlocked, amounting to a market value of approximately 84.258 billion RMB [19][20]