1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In February 2026, zinc prices went through a process of decline and stabilization, with a rebound at the end of the month. Fundamentally, the continuous increase in inventory exerts pressure on prices, but technically, there is some support. It is expected that zinc prices may maintain a volatile consolidation in the short - term, and the future direction remains to be confirmed. The continuous increase in inventory may limit the upside space of prices, and changes in the macro - economic environment may affect the demand expectation for zinc [6] 3. Summary by Relevant Catalogs 3.1 Futures Market - In February 2026, the zinc futures (ZN.SHF) on the Shanghai Futures Exchange showed a trend of decline and then stabilization and rebound. The monthly price range was from 24,210 yuan/ton to 25,965 yuan/ton, and the closing price at the end of the month was lower than that at the beginning. The market experienced three stages within the month: a rapid correction at the beginning, a low - level oscillation in the middle, and a stabilization and rebound at the end [2] 3.2 Spot Market Analysis - In February 2026, the zinc spot market price showed a trend of first falling and then rising. The average price of Chinese 0 zinc ingots remained stable at 24,610.1677 yuan/ton throughout the month. The price of 0 zinc ingots (Zn99.995) fluctuated down from 24,970 yuan/ton at the beginning of the month to 24,330 yuan/ton in the middle, and then slightly rebounded to 24,438 yuan/ton at the end. The zinc futures and spot prices maintained a relatively stable price difference, with the futures price fluctuating around the spot price. Most of the time, the futures price was slightly lower than the spot price, showing a slight contango state [3] 3.3 Market Dynamics - In February 2026, the inventory of zinc ingots in China showed a continuous upward trend, increasing from 111.3 thousand tons on February 2nd to 180.2 thousand tons on February 26th, indicating relatively sufficient market supply [4] 3.4 Market Outlook - Zinc prices in February experienced a process of decline and stabilization, with a rebound at the end. Fundamentally, the rising inventory exerts pressure on prices, but technically, there is support. Short - term zinc prices may maintain a volatile consolidation, and the future direction is to be determined. Rising inventory may limit price increases, and macro - economic changes may affect demand expectations [6]

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - **Corn**: In 2026, the supply - demand pattern of corn is basically balanced, and it may maintain a range - bound operation throughout the year. In the short - to - medium term, conduct band trading around the new - season corn sales rhythm. In the long term, follow the pricing logic of grain substitution and planting cost, and focus on industrial policy orientation [3][330]. - **Pork**: In 2026, the pork market is trading the 'expected difference' of capacity reduction under the situation of weak reality and strong expectation. The supply increase is coming to an end, and the market is waiting for the verification of capacity reduction. Near - month contracts will trade the basis regression logic around supply and demand, while far - month contracts will trade the 'expected difference' of capacity reduction driven by policies [3]. - **Eggs**: In 2026, the egg market is also trading the 'expected difference' of capacity reduction under the situation of weak reality and strong expectation. In the short - to - medium term, the decline of egg prices after the festival may be relatively limited. In the long term, the continuous increase in the scale of egg - laying chicken farming may extend the price bottom cycle. Wait patiently for the capacity reduction process driven by excessive culling of laying hens [3]. Summary by Directory I. Analysis of the Breeding and Feed Industry Chain - **Industry Chain Structure Diagram**: The report presents the overall structure diagram of the breeding and feed industry chain, as well as the structure diagrams of the corn, pig, and egg industry chains [14][16][19]. II. Introduction to Breeding and Feed Futures and Option Contracts - **Corn Futures/Options Contracts and Delivery Systems**: The trading parameters, delivery quality standards, etc. of corn futures and options contracts are introduced. For example, the trading unit of corn futures is 10 tons/hand, and the minimum price change is 1 yuan/ton [25][27]. - **Pork Futures/Options Contracts and Delivery Systems**: The trading parameters and delivery quality standards of pork futures and options contracts are introduced. Different delivery quality standards apply to contracts before and after LH2607 [35][41]. - **Egg Futures/Options Contracts and Delivery Systems**: The trading parameters and delivery quality standards of egg futures and options contracts are introduced. The trading unit of egg futures is 5 tons/hand, and the minimum price change is 1 yuan/500 kilograms [70][74]. III. Long - term Trends and 2025 Market Review - **Spot Market**: - **Corn**: The long - term trend of the domestic corn spot market has gone through five stages, and in 2025, it showed a pattern of rising first and then falling. The international corn spot price has also experienced different stages of change, and in 2025, the supply was relatively abundant, putting pressure on the price [97][106]. - **Pork**: The long - term trend of the domestic pork spot price can be divided into six cycles. In 2025, the supply - demand pattern of oversupply and weak demand pressured the price to decline [113][120]. - **Eggs**: The long - term trend of the domestic egg spot price has gone through three major cycles. In 2025, the price declined, with a seasonal rebound in the third quarter and a decline again in the fourth quarter [124][129]. - **Futures Market**: - **Corn**: The long - term trend of Dalian corn futures has four stages, and in 2025, it first rose and then fell. The CBOT corn futures also showed different trends in different periods, and in 2025, it first declined and then fluctuated in a low - level range [134][148]. - **Pork**: Since the listing of pork futures in January 2021, the futures price has shown a downward trend with a narrowing amplitude. In 2025, the supply increased and the price continued to fall [155][161]. - **Eggs**: Since the listing of egg futures in November 2013, they have shown a large - range cyclical operation. In 2025, the futures price generally declined, with a seasonal peak falling short of expectations [166][170]. - **Trading Volume and Open Interest Data**: In 2025, the trading volume and turnover of corn futures increased year - on - year, while the open interest decreased. The trading volume of pork futures increased year - on - year, the turnover decreased, and the open interest reached a record high. The trading volume and turnover of egg futures increased significantly year - on - year, and the open interest also reached a record high [174][177][183]. IV. Analysis of the Upstream and Downstream Supply Patterns of the Breeding Industry Chain - **Corn**: Globally, the supply pressure of corn has decreased, but the supply pressure of US corn is prominent. In China, the supply of corn in the 2025/26 period is expected to be basically balanced, with an increase in production and a slight increase in imports [184][190]. - **Pork**: The sow inventory is still above the reasonable level, and the supply of pigs before August 2026 is still at a high level. The number of newborn piglets in 2025 indicates that the supply before March 2026 is relatively abundant, and the supply pressure will gradually ease after April. The average slaughter weight in 2025 was relatively high, and the frozen product storage rate was at a low level. The import of pork and related products has been decreasing in recent years [202][205][215]. - **Eggs**: The inventory of laying hens is at a relatively high level, and the industry is showing an intensive development trend. The chick replenishment volume in 2025 showed a trend of first rising and then falling, and the chick price also changed accordingly. The culling of laying hens in 2025 was affected by the egg price, and the current culling age has not reached the level of excessive culling [220][224][229]. V. Analysis of the Upstream and Downstream Consumption Patterns of the Breeding Industry Chain - **Corn**: Corn consumption is mainly divided into feed and industrial consumption. In 2026, feed consumption is expected to be relatively stable, and industrial consumption will increase slightly [239]. - **Pork**: Pork consumption is relatively rigid, showing seasonal patterns. In the long term, factors such as population structure and consumption structure changes will affect pork consumption [244][248]. - **Eggs**: The total egg consumption is relatively stable, and the consumption structure is mainly fresh eggs. Egg consumption shows obvious seasonal patterns, and the key consumption periods in 2026 are the Mid - Autumn Festival and the end - of - year double - festival stocking [250][252]. VI. Summary and Analysis of the Supply - Demand Situation of the Breeding Industry's Upstream and Downstream - **Corn**: The supply - demand pattern of domestic corn in the 2025/26 period has shifted to basic balance. Pay attention to the scale of imports and domestic grain substitution under policy guidance [253]. - **Pork**: The expectation of capacity reduction is the focus of the market. Before July 2026, the supply of pigs is still at a high level. Pork consumption is relatively rigid and shows seasonal patterns [260][261]. - **Eggs**: The current egg supply is at a relatively high level in the cycle. Pay attention to the culling rhythm and intensity of laying hens. Before the actual capacity reduction is completed, the price is expected to fluctuate around the production cost [264]. VII. Analysis and Outlook of Arbitrage Opportunities - **Corn**: When the basis is outside the [- 100, + 100] range, conduct a feasibility analysis of spot - futures arbitrage. Currently, pay attention to the spot - futures arbitrage opportunity of buying spot and selling futures when the basis weakens to below - 200 yuan/ton [266]. - **Pork**: Consider the anti - arbitrage trading opportunity of selling near - month contracts and buying far - month contracts in 2026, as the supply in the first half of the year is relatively abundant and there is an expectation of price increase driven by capacity reduction in the second half of the year [270]. - **Eggs**: If excessive culling is confirmed, pay attention to anti - arbitrage opportunities; if the culling is less than expected, pay attention to positive - arbitrage opportunities. Focus on the strength relationship between contracts around the peak consumption seasons for inter - month arbitrage [274]. VIII. Option Analysis and Strategy Recommendations - **Corn Options**: In 2026, the supply - demand pattern of corn is expected to be basically balanced. It is recommended to mainly sell options based on the support and pressure levels [278]. - **Pork Options**: In 2026, the pork price is expected to be weak in the near - term and strong in the long - term. It is recommended to sell call options at the upper pressure level for near - month contracts, and for far - month contracts, pay attention to the capacity reduction rhythm [280]. - **Egg Options**: In 2026, the egg price is expected to be weak in the near - term and strong in the long - term. It is recommended to sell call options at the upper pressure level for near - month contracts, and for far - month contracts after the second quarter, pay attention to the capacity reduction rhythm of laying hens [282]. IX. Hedging Cases of Breeding Industry Futures or Options - **Corn**: There are cases of locking raw material costs and inventory hedging for corn processing enterprises [284][288]. - **Pork**: There are cases of locking sales prices for pig - breeding enterprises and locking procurement costs for pig - slaughtering enterprises [291][294]. - **Eggs**: There are cases of locking sales prices for egg - laying chicken farming enterprises and locking procurement costs for downstream food processing enterprises [297][302]. X. Technical Analysis and Outlook - **Price Seasonal Analysis**: - **Corn**: Corn prices usually show seasonal patterns, with different trends in different quarters [311]. - **Pork**: Pork prices show seasonal fluctuations around the supply - demand relationship, with different price trends in different months [316]. - **Eggs**: Egg prices have obvious seasonal fluctuations, with high prices in July - August and low prices in February - June [320]. - **Technical Analysis of Variety Trends and Market Outlook**: - **Corn**: The corn futures in 2025 are expected to run in a range, with the upper pressure at 2350 - 2400 and the lower support at 2250 - 2300 [322]. - **Pork**: The pork futures are expected to run in a low - level range, with short - term bottom - seeking and possible technical repair [325]. - **Eggs**: The near - month egg futures contracts trade the basis repair logic around the spot price, and the far - month contracts trade the expected difference of capacity reduction [328]. XI. Summary of the Full Text and 2026 Operation Recommendations - **Corn**: In 2026, the supply - demand pattern of corn is basically balanced. In the short - to - medium term, conduct band trading around the new - season corn sales rhythm. In the long term, follow the pricing logic of grain substitution and planting cost. The trading strategy is to maintain a range - bound trading idea, go long at a low level before the release of policy grain sources, and pay attention to short - selling opportunities after the release [330][331][334]. - **Pork**: In 2026, the pork market is trading the 'expected difference' of capacity reduction. The price in the first quarter may first rise and then fall, the supply may form an inflection point in the second quarter, and the price is expected to rise in the second half of the year but with limited space [336][341][342]. - **Eggs**: In 2026, the egg market is trading the 'expected difference' of capacity reduction. In the short - to - medium term, pay attention to the inventory level and the culling and molting rhythm of laying hens. In the long term, wait for the capacity reduction process driven by excessive culling. The trading strategy is to trade the expected difference of capacity reduction, and maintain a short - selling idea before the confirmation of excessive culling [343][349][350]. XII. Statistics of Related Stock Prices and Price Changes The report provides the latest prices and annual price change percentages of some breeding - related stocks, such as Kangnong Seed Industry, Qiule Seed Industry, etc. [351].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The Iran situation has escalated, with potential impacts on energy, precious metals, and shipping sectors. Crude oil and gold may rise in the short - term, but there is a risk of "selling on the news". An escalation could increase global inflation risks [1]. - During the Two Sessions, the stock and commodity markets face pressure, while after the Two Sessions, the stock index rebounds. The A - share index has limited pressure during the sessions, and the commodity sector has significant pressure. After the sessions, the CSI 500 and CSI 1000 lead in terms of gains and win - rates [2]. - There are opportunities for bottom - fishing in commodities and stock index futures. Consider going long on stock indices, precious metals, and some chemical products [4]. 3. Summary by Related Catalogs Market Analysis - The Iran situation has escalated after the US - Israel air strike on February 28. The Islamic Revolutionary Guard Corps of Iran launched a large - scale counter - attack, damaging energy and production facilities in the Middle East and its surrounding areas. The conflict may affect crude oil, methanol, LPG, precious metals, and shipping. The probability of the Strait of Hormuz being blocked is low, but the political direction after a possible regime change in Iran is unclear and may impact oil exports and nuclear negotiations [1]. - The US 2025 Q4 GDP growth rate was 1.4% (annualized), lower than the expected 2.5%. The US PPI in January rose 0.5% month - on - month. The US February ADP employment increased by 63,000, the highest in three months. The Fed is vigilant about the Middle East situation and is not in a hurry to adjust the monetary policy stance [2]. - China's January social financing had a good start, indicating that pro - growth policies may be implemented in advance. China's February official manufacturing PMI was 49, and non - manufacturing PMI was 49.5 [2]. Commodity Analysis - In the non - ferrous metals sector, the long - term supply constraint remains unresolved, with high certainty. Precious metals have allocation value after the adjustment. In the energy sector, pay attention to the short - term evolution of the Iran situation, and beware of the "selling on the news" risk. OPEC+ will increase production by 206,000 barrels per day from April, higher than the market expectation [3]. - In the chemical sector, PTA, PVC and other varieties are relatively resistant to decline under the "anti - involution" and stock - commodity linkage. For agricultural products, pay attention to weather expectations and short - term pig diseases. For the black metal sector, focus on domestic policy expectations and the possibility of low - valuation repair [3]. Strategy - Go long on stock indices, precious metals, and some chemical products on dips [4]. Important News - The State Council Information Office will hold a briefing on March 7, 2026, to interpret the "15th Five - Year Plan". - The China Securities Regulatory Commission Chairman will report on the work of increasing the proportion of equity financing. - The government work report sets the 2026 economic growth target at 4.5% - 5%, with a deficit rate of about 4%, a deficit scale of 5.89 trillion yuan, and plans to issue 1.3 trillion yuan of ultra - long - term special treasury bonds [5]. - An American oil tanker was hit by an Iranian missile in the Persian Gulf on March 5 [5]. - The US February ADP employment increased by 63,000, the highest in three months [5].

Group 1 - The financial option implied volatility index reflects the 30 - day implied volatility trend as of the previous trading day, and the commodity option implied volatility index is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract month, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility: a larger difference means the implied volatility is relatively higher than historical volatility, and a smaller difference means the implied volatility is relatively lower than historical volatility [3] Group 2 - The implied volatility quantile represents the current level of the implied volatility of a variety in history. A high quantile means the current implied volatility is high, and a low quantile means the current implied volatility is low [5] - Volatility spread refers to the implied volatility index minus the historical volatility [5]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The goals set in the Government Work Report are basically in line with market expectations, and there are no obvious incremental measures exceeding expectations at the policy level. The overall policy tone continues the previous one, and its boosting effect on the market is relatively limited. The market is expected to maintain a volatile repair pattern, and attention should be paid to the relevant content of the press conference on the economic theme during the Two Sessions [1][3] 3. Summary by Directory 3.1 Market Analysis - **Macro Aspect**: The Government Work Report sets this year's main development targets, including an economic growth rate of 4.5%-5%, a target of creating over 12 million new urban jobs, a CPI increase of about 2%, and a reduction in carbon dioxide emissions per unit of GDP by about 3.8% [1] - **Middle East Situation**: Tensions are high, with Iran preparing for a potential US ground invasion and rejecting restarting negotiations with the US. Trump's remarks on determining Iran's next supreme leader were strongly refuted by Iran, and Israel launched the 13th round of air strikes on Tehran [1] - **US Domestic Situation**: 24 US states sued to block new tariff measures announced by the Trump administration [1] - **Stock Market**: A-shares continued to rebound, with the Shanghai Composite Index rising 0.64% to 4108.57 points and the ChiNext Index rising 1.68%. Most sector indices declined, with oil and petrochemicals, coal, transportation, and banking leading the gains, while national defense and military industry, electronics, computers, and media sectors leading the losses. The trading volume of the Shanghai and Shenzhen stock markets was 2.4 trillion yuan. Overseas, the US three major stock indices all closed down, with the Dow Jones Industrial Average falling 1.61% to 47954.74 points. The number of initial jobless claims in the US last week was 213,000, slightly lower than the expected 215,000 [2] - **Futures Market**: The basis of IF, IC, and IM futures contracts declined, and the trading volume and open interest of stock index futures increased simultaneously [2] 3.2 Strategy - Pay continuous attention to the positive signals that may be released during the Two Sessions. If there is no content exceeding expectations, the market is expected to maintain a volatile repair pattern. Focus on the relevant content of the press conference on the economic theme during the Two Sessions today [3] 3.3 Charts - **Macro Economic Charts**: Include the relationship between the US dollar index, US Treasury yields, RMB exchange rate and A-share trends, and the relationship between US Treasury yields and A-share styles [6][8][10] - **Spot Market Tracking Charts**: Show the daily performance of major domestic stock indices, the trading volume of the Shanghai and Shenzhen stock markets, and the margin trading balance [6][13][14] - **Stock Index Futures Tracking Charts**: Provide information on the trading volume, open interest, basis, and inter - period spreads of IF, IH, IC, and IM futures contracts, as well as the open interest and net positions of foreign investors in these contracts [6][15][17]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The "Government Work Report" sets this year's main development targets: GDP growth of 4.5% - 5%, urban surveyed unemployment rate around 5.5%, over 12 million new urban jobs, CPI increase around 2%, coordinated growth of residents' income and economy, basic balance of international payments, grain output around 1.4 trillion catties, and a 3.8% reduction in carbon dioxide emissions per unit of GDP [2][17]. - Fiscal policy remains active with a deficit - to - GDP ratio of about 4%, a deficit scale of 5.89 trillion yuan, and plans to issue special bonds and local government special bonds to support various projects and economic development [18]. - Monetary policy is moderately loose, aiming to promote economic growth and price stability, using tools like reserve requirement ratio and interest rate cuts, and optimizing structural monetary policy tools [19]. - The "15th Five - Year Plan" draft outlines 20 major indicators in different aspects such as economic development, innovation, people's well - being, green development, and security [3][20]. - The ongoing Middle East conflict has affected energy markets, causing supply concerns and price fluctuations in oil and natural gas [10]. 3. Summary by Relevant Catalogs 3.1 Macro Data - GDP in Q4 2025 grew at a 4.5% year - on - year rate, down from 4.8% in the previous quarter and 5.4% in the same period last year [1]. - In February 2026, the manufacturing PMI was 49.0%, down from 49.2% in the previous month and 50.2% in the same period last year; the non - manufacturing PMI for business activities was 49.5%, unchanged from the previous month but down from 50.4% last year [1]. - In January 2026, social financing reached 7.2208 trillion yuan, up from 817.8 billion yuan in the previous month and 7.0546 trillion yuan last year [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - Zhengshang Institute announced trading rules for the动力煤期货 2703 contract: 50% margin, 10% daily limit, and a maximum of 20 open positions per day for non - futures companies and clients [4]. - SHFE adjusted trading rules for fuel oil futures contracts, including changes in daily limit and margin ratios [5]. - In February, the national futures market's trading volume decreased by 10.6% year - on - year, while the turnover increased by 7.82% year - on - year; from January to February, the cumulative trading volume increased by 26.91% and the turnover by 55.18% year - on - year [6]. 3.2.2 Metals - Ray Dalio of Bridgewater Associates recommends a 5% - 15% allocation of gold in personal investment portfolios to diversify risks [7]. - CME lowered the initial margin for COMEX 100 gold futures from 9% to 7% and for COMEX 5000 silver futures from 18% to 14% [8]. 3.2.3 Coal, Coke, Steel, and Minerals - G7 and its allies are negotiating a critical minerals trade agreement to reduce dependence on Chinese resources and strengthen their supply chains [9]. 3.2.4 Energy and Chemicals - The Middle East conflict has led to supply concerns, with Japanese refineries requesting the use of national oil reserves [10]. - European natural gas prices rose due to supply disruptions in Qatar, with the benchmark Dutch TTF natural gas futures up 10.5% to 53.87 euros per MWh, a 90% increase since the start of the year [11]. 3.2.5 Agricultural Products - As of late February, the prices of cotton, soybeans, and corn in the circulation field increased, reaching new highs in recent periods [14]. 3.3 Financial News 3.3.1 Open Market - On March 5, the central bank conducted 23 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 297.5 billion yuan [16]. - On March 6, the central bank plans to conduct 800 billion yuan of 3 - month (91 - day) outright reverse repurchase operations, leading to a net withdrawal of 200 billion yuan in 3 - month outright reverse repurchase [16]. 3.3.2 Key News - The "Government Work Report" proposes measures in fiscal, monetary policies, and debt risk resolution [17][18][19]. - The "15th Five - Year Plan" draft includes 20 major indicators and 109 major projects in six aspects [3][20]. 3.3.3 Bond Market - The inter - bank bond market was weak, with bond yields rising slightly, and treasury bond futures falling [25]. - Various bond indices and individual bonds showed different price movements, and money market rates mostly rose [25][26]. 3.3.4 Foreign Exchange Market - On March 5, the on - shore RMB against the US dollar closed at 6.9003, up 117 points, and the night - session closed at 6.9125, down 174 points [30]. - The US dollar index rose 0.24% to 99.04, and most non - US currencies fell [30]. 3.3.5 Research Report Highlights - CITIC Securities believes that the GDP growth target of 4.5% - 5.0% is in line with expectations, and policies in various fields will maintain their trends [31]. - Huatai Fixed - Income suggests seizing trading opportunities in the bond market with a safety margin [31]. 3.4 Stock Market - A - shares rebounded, with the Shanghai Composite Index up 0.64%, the Shenzhen Component Index up 1.23%, the ChiNext Index up 1.66%, and over 4000 stocks rising [35]. - The Hong Kong Hang Seng Index rose 0.28%, while the Hang Seng Tech Index and the Hang Seng China Enterprises Index fell [35].

Report Summary Core View The report provides a daily overview of market liquidity across various sectors, including trading volume, open interest, trading volume - open interest ratio, and their changes compared to the previous trading day on March 5, 2026 [1]. Summary by Sector Overall Market Liquidity - On March 5, 2026, the trading volume and open interest of different sectors showed different trends compared to the previous trading day. The trading volume of the energy - chemical sector increased significantly by +21.59% to 18047.05 billion yuan, while the trading volume of the precious metals sector decreased sharply by -32.43% to 7609.66 billion yuan [1]. 1. Stock Index Sector - Trading volume was 8404.52 billion yuan, a change of -14.53% from the previous day; open interest was 15769.18 billion yuan, a change of -3.02%; the trading volume - open interest ratio was 51.93% [1]. 2. Treasury Bond Sector - Trading volume was 2737.31 billion yuan, a change of -7.35% from the previous day; open interest was 8886.48 billion yuan, a change of +1.00%; the trading volume - open interest ratio was 29.11% [1]. 3. Base Metals and Precious Metals (Metal Sector) - **Base Metals**: Trading volume was 7438.25 billion yuan, a change of -2.96% from the previous day; open interest was 6758.27 billion yuan, a change of +2.03%; the trading volume - open interest ratio was 116.40% [1]. - **Precious Metals**: Trading volume was 7609.66 billion yuan, a change of -32.43% from the previous day; open interest was 4973.43 billion yuan, a change of +1.86%; the trading volume - open interest ratio was 191.05% [1]. 4. Energy - Chemical Sector - Trading volume was 18047.05 billion yuan, a change of +21.59% from the previous day; open interest was 5486.14 billion yuan, a change of +1.70%; the trading volume - open interest ratio was 263.80% [1]. 5. Agricultural Products Sector - Trading volume was 3155.16 billion yuan, a change of +4.53% from the previous day; open interest was 6493.71 billion yuan, a change of +1.27%; the trading volume - open interest ratio was 41.09% [1]. 6. Black Building Materials Sector - Trading volume was 2102.24 billion yuan, a change of +12.06% from the previous day; open interest was 3293.03 billion yuan, a change of -0.84%; the trading volume - open interest ratio was 57.73% [2].

1. Industry Investment Rating - No information provided 2. Core Views - The "Government Work Report" presented at the Fourth Session of the 14th National People's Congress sets this year's main development targets, including an economic growth rate of 4.5%-5%, a target for new urban employment of over 12 million, and a CPI increase of around 2%. The "15th Five-Year Plan" draft outlines 20 key indicators in areas such as economic development, innovation, people's livelihood, and green - low - carbon development [2] - Reuters forecasts the end - of - season inventories of US crops in the 2025/26 season, with an average expected soybean end - of - season inventory of 344 million bushels and a corn end - of - season inventory of 2.136 billion bushels [3] - The Shanghai Futures Exchange adjusts the price limit and margin ratios for fuel oil futures contracts [3] 3. Summary by Related Catalogs Hot News - The Fourth Session of the 14th National People's Congress opens in Beijing, and the "Government Work Report" sets this year's development targets [2] - The "15th Five - Year Plan" draft proposes 20 main indicators, covering economic development, innovation, people's livelihood, and green - low - carbon aspects [2] - Iran's military official states that Iran has not blocked the Strait of Hormuz and is handling ships passing through the strait according to international rules [2] - Reuters releases forecasts for the end - of - season inventories of US crops in the 2025/26 season [3] - The Shanghai Futures Exchange adjusts the price limit and margin ratios for fuel oil futures contracts [3] Plate Performance - Key focus: urea, coking coal, Shanghai aluminum, asphalt, PP [4] - Night - session performance of commodity sectors: non - metallic building materials rose 2.00%, precious metals rose 31.85%, oilseeds rose 7.75%, non - ferrous metals rose 26.19%, soft commodities rose 2.73%, coal - coking - steel - ore rose 9.51%, energy rose 5.08%, chemicals rose 10.99%, grains rose 1.13%, and agricultural and sideline products rose 2.77% [4] Plate Position - The chart shows the changes in the positions of commodity futures sectors in the past five days [5] Performance of Major Asset Classes - Equity: The Shanghai Composite Index rose 0.64% daily, - 1.30% monthly, and 3.52% year - to - date; the S&P 500 fell - 0.56% daily, - 0.70% monthly, and - 0.22% year - to - date, etc. [6] - Fixed - income: The 10 - year Treasury bond futures fell - 0.03% daily, rose 0.14% monthly, and rose 0.64% year - to - date [6] - Commodities: WTI crude oil rose 5.65% daily, 17.33% monthly, and 37.18% year - to - date; London spot gold fell - 0.70% daily, - 3.67% monthly, and rose 17.75% year - to - date [6] - Others: The US dollar index rose 0.25% daily, 1.43% monthly, and 0.79% year - to - date; the CBOE volatility index rose 12.29% daily, 19.59% monthly, and 58.86% year - to - date [6] Stock Market Risk Appetite and Major Commodity Trends - The report presents charts of various major commodity trends, including the Baltic Dry Index (BDI), CRB spot index, WTI crude oil, London spot gold, London spot silver, LME copper, etc., as well as the risk premium of the stock market [7]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The supply of Singapore fuel oil market is expected to be tight due to the Middle - East conflict restricting the arbitrage cargo volume flowing to Asia, and the downstream marine fuel demand is gradually recovering as some end - users scramble to secure regular supplies. The potential increase in demand for high - sulfur fuel oil in the power generation sector may further support the Singapore fuel oil market [3]. - The spot price of fuel oil is at a premium to the futures price. The price is above the 20 - day line, and the 20 - day line is upward. The high - sulfur main position has short positions with a decrease in shorts, while the low - sulfur main position has long positions with an increase in longs [3]. - Overnight crude oil stabilized at a high level. Although the US allowing some countries to buy Russian crude oil slightly eases supply concerns in the short term, due to the uncertain war situation and extremely low strait navigation, there is still support below the fuel oil price. The FU2605 is expected to operate in the range of 3800 - 3900, and the LU2605 in the range of 4290 - 4380 [3]. - The market is driven by the resonance of supply affected by geopolitical risks and neutral demand. The risk points include the breakdown of OPEC+ internal unity and the escalation of war risks [4]. 3. Summary by Directory 3.1 Daily Prompt - The FU2605 is expected to operate in the range of 3800 - 3900, and the LU2605 in the range of 4290 - 4380. Overnight crude oil stabilized at a high level. The US allowing some countries to buy Russian crude oil slightly eases supply concerns in the short term, but due to the uncertain war situation and extremely low strait navigation, there is still support below the fuel oil price [3]. 3.2 Long and Short Concerns - **Likely to be bullish**: The Middle - East conflict restricts the arbitrage cargo volume flowing to Asia, and the downstream marine fuel demand is gradually recovering. The potential increase in demand for high - sulfur fuel oil in the power generation sector may further support the market. The spot price is at a premium to the futures price, and the price is above the 20 - day line with the 20 - day line upward. The low - sulfur main position has long positions with an increase in longs [3]. - **Likely to be bearish**: The Singapore fuel oil inventory in the week of March 4 increased by 1870,000 barrels to 25.749 million barrels. The high - sulfur main position has short positions with a decrease in shorts. The demand side's optimism remains to be verified, and the upstream crude oil is under pressure [3][4]. 3.3 Fundamental Data - **Supply**: The Middle - East conflict restricts the arbitrage cargo volume flowing to Asia, and the market expects the supply in the Singapore region to be increasingly tight [3]. - **Demand**: The downstream marine fuel demand is gradually recovering as some end - users scramble to secure regular supplies. The potential increase in demand for high - sulfur fuel oil in the power generation sector may further support the market [3]. - **Price**: The Singapore high - sulfur fuel oil is 594.14 US dollars per ton with a basis of 349 yuan per ton, and the Singapore low - sulfur fuel oil is 642.56 US dollars per ton with a basis of 214 yuan per ton. The spot price is at a premium to the futures price [3]. 3.4 Spread Data - The FU - LU spread chart is provided, but no specific data analysis is made [9]. 3.5 Inventory Data - The Singapore fuel oil inventory in the week of March 4 was 25.749 million barrels, an increase of 1.87 million barrels [3][7].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views - The market has entered a bearish season, and a bearish mindset should be maintained [6] - The fundamentals are neutral with strong spot prices, inventory accumulation in Qingdao, and high tire operating rates [6] - The basis is bullish with a spot price of 16,700 and a basis of 145 [6] - The inventory situation is neutral with an increase in SHFE inventory week - on - week and a decrease year - on - year, and an increase in Qingdao inventory both week - on - week and year - on - year [6] - The market trend on the disk is neutral with the 20 - day line upward and the price running below the 20 - day line [6] - The main positions are bullish with the main net long and a reduction in long positions [6] Group 3: Summary by Directory 1. Daily Hints - Not provided 2. Fundamental Data - Spot prices of 2024 full - latex (non - deliverable) remained flat on March 5 [10] - Exchange inventory has changed little recently [16] - Qingdao area inventory is accumulating [19] - Import volume has rebounded [22] - Automobile production and sales have declined [25][28] - Tire production has increased year - on - year [31] - Tire industry exports have rebounded [34] 3. Multi - empty Factors and Main Risk Points - Bullish factors: high downstream consumption, resistant spot prices, and domestic anti - involution [8] - Bearish factors: bearish domestic economic indicators and trade frictions [8] 4. Basis - The basis strengthened on March 5 [37]