1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The global risk appetite has significantly increased due to the US releasing signals of trade relaxation. The short - term risk preference of the domestic market is strongly supported by factors such as the Chinese foreign exchange regulator's measures to prevent RMB exchange - rate overshooting, strengthened domestic policy support, and the US - China trade relaxation signals. Different asset classes have different trends: the stock index will rebound with short - term fluctuations, treasury bonds will fluctuate at a high level, and different commodity sectors also show different trends [1]. 3. Summary by Related Catalogs 3.1 Macro - finance - Overseas: The IMF has significantly downgraded the global economic outlook due to the impact of Trump's high tariffs. The US Treasury Secretary said that the trade tension between the US and China will ease, and Trump has no intention of firing Fed Chairman Powell but hopes for a rate cut, leading to a sharp rebound in the US dollar and a significant decline in global risk appetite. Domestic: The Chinese foreign exchange regulator's measures have relieved the RMB exchange - rate pressure, and the short - term risk preference of the domestic market is strongly supported [1]. 3.2 Stock Index - Driven by sectors such as logistics trade, cross - border payment, and port shipping, the domestic stock market has risen slightly. With the relief of RMB exchange - rate pressure and strengthened policy support, short - term cautious long positions are recommended [2]. 3.3 Precious Metals - The precious metals market continued to rise on Tuesday. The US government's credit damage, trade policy uncertainty, geopolitical risks, and other factors will support the short - term strength of gold. If there is a correction, it may present a long - term allocation opportunity. Silver follows gold but has greater correction pressure [2][3]. 3.4 Black Metals 3.4.1 Steel - The steel futures and spot markets rose and then fell on Tuesday, with a significant decline in trading volume. The real demand recovery lacks sustainability, and the supply remains high. The short - term steel market is recommended to be treated with an interval - oscillation mindset [4]. 3.4.2 Iron Ore - The iron ore futures and spot prices fell slightly on Tuesday. The ore fundamentals are still good, but if the steel prices remain low, iron ore may experience a supplementary decline [5]. 3.4.3 Silicon Manganese/Silicon Iron - The spot prices of silicon iron and silicon manganese remained flat on Tuesday. The demand for ferroalloys is okay, but the operating rates of silicon manganese and silicon iron enterprises have decreased. The short - term ferroalloy prices are recommended to be treated with an interval - oscillation mindset [6]. 3.5 Energy and Chemicals 3.5.1 Methanol - The methanol price in Taicang fluctuated slightly. The supply and demand pressure is expected to be small. The 05 contract price will mainly oscillate, and the 09 contract has a large supply - expectation pressure, waiting for a short - selling opportunity on a rebound [7]. 3.5.2 PP - The domestic PP market quotation was slightly adjusted. Although there is new production capacity, the supply reduction on the supply side will relieve the overall pressure, and the price is expected to oscillate and recover [8]. 3.5.3 LLDPE - The PE market price was adjusted. The near - month price has limited downward space due to low - inventory support. The 09 contract's supply and demand situation needs to be tracked, and the long - term price is still under pressure due to new production capacity release [9]. 3.6 Non - ferrous Metals 3.6.1 Copper - The copper price rose due to the weakening of the US dollar. The fundamentals are okay, and with the improvement of market risk preference and the expectation of domestic policy strengthening, the copper price will continue to rebound with short - term fluctuations [10]. 3.6.2 Aluminum - The domestic fundamentals of aluminum are good, with significant inventory reduction. There is short - term rebound space, but it is still bearish in the medium term [10]. 3.6.3 Tin - The supply of tin is gradually recovering, and the demand is differentiated. The short - term tin price will rebound, but the rebound space is limited [11]. 3.7 Agricultural Products 3.7.1 US Soybeans - The CBOT soybean closed higher. The US soybean planting progress is slightly faster, and the weather conditions vary in different regions [12]. 3.7.2 Soybean Meal - Since mid - April, the soybean meal spot basis has been strongly pulled up, but it may quickly decline later. The risk of a decline after May Day is relatively high [13]. 3.7.3 Rapeseed Meal - Rapeseed meal has entered the peak demand season, but the supply risk premium has declined. The short - term price difference between soybean meal and rapeseed meal is expected to continue to widen [13]. 3.7.4 Oils - The inventory of soybean oil is accelerating to decline, the rapeseed oil is in the off - season, the Malaysian palm oil inventory has reached an inflection point, and the domestic palm oil is less driven by cost [14]. 3.7.5 Pigs - The current market is mainly trading on seasonal trends. After the second - fattening stimulates the spot price to rise, the demand matching is low, and the spot price may be under pressure around May [14]. 3.7.6 Corn - The upper - limit pressure of the current corn price range is due to weak demand and high inventory, while the lower - limit support comes from low inventory in the producing areas, risk premium, and policy expectations. The C05 contract may decline to narrow the basis [15].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The tariff issue continues to disrupt the market, causing significant fluctuations in risk assets. The suspension of reciprocal tariffs by the US has led to a rapid increase in market risk appetite, but the escalation of China-US tariffs is beneficial for gold. - The US dollar index has weakened due to the suspension of reciprocal tariffs on most countries by Trump, and it is expected to remain volatile in the short term. - The stock index futures market has been boosted by China's tariff countermeasures against the US, but the subsequent macro - level changes will increase market volatility. - The commodity market is generally under pressure. The prices of palm oil, coal, iron ore, and some energy - chemical products are affected by various factors such as market sentiment, supply - demand relationships, and tariff policies. Summary by Directory 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - Event: Trump approved a 90 - day suspension of reciprocal tariffs on over 75 countries, during which the reciprocal tariffs will be reduced to 10%. - Review: Gold prices soared by over 3%, once rising by over $100, setting a record for the largest single - day increase. The suspension of tariffs increased market risk appetite, but the escalation of China - US tariffs is beneficial for gold. Gold is a good tool to hedge against the decline in the US dollar's credit. - Investment advice: Adopt a bullish approach in the short - term volatile market [14]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Event: Summers warned that the US is far from out of danger and has lost a lot of credibility. The Fed meeting minutes showed that the US economy faces risks. Trump suspended reciprocal tariffs on most countries. - Review: The suspension of tariffs led to a significant rebound in market risk appetite, causing the US dollar index to weaken. The reciprocal tariffs are in a temporary adjustment phase, and the US dollar index is expected to remain volatile. - Investment advice: The US dollar is expected to be volatile in the short term [15][16][17]. 1.3 Macro Strategy (US Stock Index Futures) - Event: China increased tariffs on US imports from 34% to 84%. The Fed meeting minutes showed that inflation is slightly high and economic uncertainty has increased. Trump suspended tariffs on some countries but raised tariffs on China to 125%. - Review: The China - US tariff negotiation is at a deadlock, and policy uncertainty remains high. The financial market is volatile, and the risk of a liquidity shock has not been eliminated. - Investment advice: Adopt a bearish approach and avoid chasing high prices [20][21][22]. 1.4 Macro Strategy (Stock Index Futures) - Event: The Chinese Premier held a symposium on the economic situation. China increased tariffs on US imports from 34% to 84%. - Review: The A - share market rebounded, and market sentiment was boosted. However, subsequent macro - level changes will increase market volatility. - Investment advice: Adopt a risk - averse approach in the short term [23][24][26]. 1.5 Macro Strategy (Treasury Bond Futures) - Event: China released a white paper on China - US economic and trade relations. The central bank conducted a 7 - day reverse repurchase operation, with a net withdrawal of 111 billion yuan. - Review: The main logic of the treasury bond market is clear. The probability of a short - term easing of trade conflicts is low, and the expectation of loose monetary policy is difficult to be falsified. The upward trend of treasury bonds is likely to continue. - Investment advice: Hold positions and wait for the implementation of loose policies, or add positions on dips [27][28][29]. 2. Commodity News and Reviews 2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Event: Indonesian palm oil industry and farmer groups urged the government to reduce export tariffs to 0% to offset the impact of US tariffs. - Review: The global market sentiment is low, and the price of palm oil has fallen. China's counter - tariffs on the US may be beneficial for far - month soybean oil. The possibility of Indonesia reducing palm oil export tariffs is low. - Investment advice: Consider closing previous short positions and pay attention to the MPOB report [30][31]. 2.2 Agricultural Products (Cotton) - Event: As of the end of March, China's commercial cotton inventory decreased, and India's cotton planting area may increase. The CCI has purchased a large amount of cotton, and its sales volume is not high. - Review: The CCI's purchase and sales situation, as well as the trade war, may affect India's cotton production, consumption, and import estimates. The price of Zhengzhou cotton has fallen, but the decline may slow down. - Investment advice: The cotton price is expected to be weakly volatile. Pay attention to macro - policies, planting, weather, and industry conditions in major producing countries [32][35][37]. 2.3 Black Metals (Steam Coal) - Event: China's coal demand is expected to increase slightly in 2025. - Review: The coal price has been relatively stable. The power plant's inventory is at a neutral level, and the price is expected to be supported in May but lacks elasticity. - Investment advice: The power plant may replenish coal inventory in May, but the price increase is limited [38]. 2.4 Black Metals (Iron Ore) - Event: JFE Steel in Japan plans to shut down a blast furnace, reducing its annual crude steel production capacity by about 4 million tons. - Review: The black metal market has continued to decline, but the short - term deterioration of fundamentals is not severe. Pay attention to the risk of liquidity. - Investment advice: Maintain a bearish approach and wait for a better opportunity to short after a rebound [39][40][41]. 2.5 Black Metals (Coking Coal/Coke) - Event: The coking coal market in East China has remained stable. Some coal mines in Shanxi have reduced production, and downstream coke enterprises have started to increase prices. - Review: The coking coal spot market has improved, but the futures market faces pressure. The coke spot market may continue to increase prices, but the medium - long - term supply is expected to be loose. - Investment advice: The spot market has stabilized, but the futures market faces pressure from subsequent demand and warehouse receipts [42][43]. 2.6 Agricultural Products (Corn Starch) - Event: The operating rate of corn starch enterprises has decreased significantly, but inventory has only decreased slightly. - Review: High raw material prices and weak downstream demand have led to a decrease in the operating rate. The futures price difference between corn starch and corn is expected to remain stable. - Investment advice: The CS05 - C05 price difference is expected to remain around the normal processing fee of 380 yuan [44][45][47]. 2.7 Agricultural Products (Corn) - Event: The inventory at northern ports has decreased for two consecutive weeks, and the price of corn in the production area is relatively firm. - Review: The outflow of corn from Northeast China has accelerated, and the weak basis has suppressed the futures price. The 07 contract is considered undervalued. - Investment advice: Maintain the view that the 07 contract is undervalued and pay attention to whether the acceleration of inventory reduction in Northeast China can boost trader sentiment [48]. 2.8 Black Metals (Rebar/Hot - Rolled Coil) - Event: The retail sales of passenger cars in March increased significantly year - on - year. - Review: The steel price has rebounded, and market sentiment has improved. However, the demand for building materials is weak, and the demand for hot - rolled coils is declining slowly. - Investment advice: Adopt a cautious approach in the short term and hedge on the spot market when prices are high [49][50][51]. 2.9 Agricultural Products (Pigs) - Event: The sales volume of three major listed pig enterprises increased in March, and the average selling price slightly increased. - Review: The short - term fluctuation of pig prices has increased, but it will eventually return to the fundamental situation. The spot price may face downward pressure. - Investment advice: Continuously pay attention to short - selling opportunities on rebounds [52][53][54]. 2.10 Non - Ferrous Metals (Industrial Silicon) - Event: Yunnan Nengtou Group's Yongchang Silicon's 100,000 - ton hydropower silicon project was put into operation. Some production capacity in Xinjiang was reduced, and some new production capacity in the southwest is expected to be put into operation. - Review: The supply has decreased, but the demand is weak, and the fundamental situation of industrial silicon is difficult to change. - Investment advice: The futures price may range from 9,000 to 10,500 yuan/ton. Pay attention to short - selling opportunities on rebounds and Si2511 - Si2512 reverse arbitrage opportunities [55][56][57]. 2.11 Non - Ferrous Metals (Lead) - Event: The LME lead spread was at a discount, and the price of refined lead decreased. - Review: The lead price is expected to be volatile in the short term. Although the medium - term outlook is bullish, macro risks have not been eliminated. - Investment advice: Adopt a wait - and - see approach in the short term and look for buying opportunities on dips. Continue to hold the internal - external reverse arbitrage [58][59][60]. 2.12 Non - Ferrous Metals (Copper) - Event: The blockade of Glencore's Antapaccay copper mine in Peru was suspended. Codelco plans to significantly increase copper production this year. Indonesia will increase mining royalties. - Review: The short - term macro factors have a relatively uncertain impact on copper prices. The short - term supply and demand in China are strong, and the inventory is expected to decrease. - Investment advice: The copper price is expected to be volatile in the short term. Adopt a wait - and - see approach and pay attention to positive arbitrage opportunities in Shanghai copper [61][62][64]. 2.13 Non - Ferrous Metals (Zinc) - Event: The LME zinc spread was at a discount, and the Shanghai - Guangdong price difference widened. - Review: The zinc price is mainly affected by macro factors. The market is cautious, and the export of zinc may be suppressed. - Investment advice: Adopt a wait - and - see approach in the short term and look for short - selling opportunities on rebounds in the medium term. Adopt a wait - and - see approach for arbitrage [65][66][67]. 2.14 Non - Ferrous Metals (Lithium Carbonate) - Event: An Australian company produced the first batch of lithium carbonate in Argentina. Argentina plans to increase lithium production by 75% in 2025. - Review: The current fundamentals of lithium carbonate are bearish, and the price may continue to decline in the long term. - Investment advice: Consider partial profit - taking on short positions in the short term and pay attention to short - selling opportunities on rebounds in the long term [68][69][70]. 2.15 Non - Ferrous Metals (Nickel) - Event: Indonesia will increase mining and coal royalties in the second week of April. - Review: The nickel price has slightly decreased, and the cost is expected to increase marginally. The market may digest negative sentiment. - Investment advice: Pay attention to buying opportunities on dips after the release of negative sentiment [71][72]. 2.16 Energy and Chemicals (Liquefied Petroleum Gas) - Event: China increased tariffs on US imports to 84%. The US C3 inventory started to accumulate. - Review: The PG price has decreased, but it may strengthen due to the increase in tariffs and the recovery of crude oil prices. However, policy uncertainty should be noted. - Investment advice: The domestic market may experience a valuation - repair market, but reduce risk exposure and participate cautiously [73][74][75]. 2.17 Energy and Chemicals (Crude Oil) - Event: The US EIA crude oil inventory increased. Trump announced the suspension of reciprocal tariffs. - Review: The oil price has rebounded, but there is still a risk of decline due to the uncertainty of the tariff issue and the OPEC+ production policy. - Investment advice: The oil price is expected to be volatile in the short term and still has a downward risk [76]. 2.18 Energy and Chemicals (PTA) - Event: The tariff war has escalated, and the demand for PTA is uncertain. - Review: The PTA price has decreased, and the demand for polyester is affected by tariffs. The impact on PTA pricing is relatively lagged. - Investment advice: The PTA price will mainly follow the crude oil price in the short term and is expected to be weakly volatile [77][78]. 2.19 Energy and Chemicals (Styrene) - Event: The inventory of styrene in the East China main port decreased. - Review: The styrene price has reached a new low and then rebounded. The downstream inventory may accumulate, and the production profit may not be sustainable. - Investment advice: The eb - bz spread may expand in the short term and contract in the long term [78][79]. 2.20 Energy and Chemicals (Caustic Soda) - Event: The price of high - concentration caustic soda in Shandong decreased, and the supply was stable while the demand was weak. - Review: The caustic soda price is expected to decline, and the market is mainly affected by macro factors in the short term. - Investment advice: Adopt a wait - and - see approach [80][82][83]. 2.21 Energy and Chemicals (Pulp) - Event: The price of imported wood pulp decreased. - Review: The pulp price is mainly affected by macro factors, and the market is bearish. - Investment advice: Adopt a wait - and - see approach [84]. 2.22 Energy and Chemicals (PVC) - Event: The spot price of PVC powder decreased. - Review: The PVC price is mainly affected by macro factors, and the market is bearish. - Investment advice: Adopt a wait - and - see approach [85]. 2.23 Energy and Chemicals (Bottle Chips) - Event: The export price of bottle chips decreased, and a polyester bottle chip device in East China restarted. - Review: The bottle chip price has decreased, and the processing fee has been passively repaired, but it is difficult to break away from the low - level oscillation range. - Investment advice: The bottle chip price will follow the cost side and be weakly volatile in the short term [86][88][89]. 2.24 Energy and Chemicals (Soda Ash) - Event: The price of soda ash in the East China market was adjusted slightly. - Review: The soda ash price is in a low - level oscillation, and the supply is expected to increase while the demand is general. - Investment advice: Adopt a short - selling approach on rebounds in the medium term [90]. 2.25 Energy and Chemicals (Float Glass) - Event: The price of float glass in Hubei remained stable. - Review: The float glass price is mainly affected by demand. Although there may be an improvement in the second - quarter demand, the upward space is limited. - Investment advice: The float glass price will be in a low - level range in the short term. Pay attention to buying opportunities on large dips [91][92][93].

Group 1 - The article discusses the potential macroeconomic impacts on the market if the Russia-Ukraine situation eases, particularly in light of recent diplomatic efforts and rising probabilities of a ceasefire [1][8] - Recent statements from Trump and developments in US-Russia relations have increased the implied probability of a ceasefire by 8% from January 23 to February 18, reaching 73.5% for 2025 [2][9] - Market reactions indicate that both equity and commodity markets are pricing in the easing of the Russia-Ukraine conflict, with the Ukraine ceasefire index and reconstruction index rising by 11.6% and 11.5% respectively since January [2][10] Group 2 - The article outlines three main macro transmission channels from the 2022 Russia-Ukraine conflict: supply chain disruptions, economic fundamentals impact, and changes in investor sentiment [3][16] - Significant price increases were observed in energy, agricultural products, and base metals during the initial conflict period, with European gas prices soaring by 207% and wheat futures increasing by 63.1% [3][16] - The conflict has also affected European market profitability and risk appetite, leading to a shift towards defensive sectors and a flight to safe-haven assets like gold [3][20] Group 3 - The current easing of tensions may not mirror the initial conflict's collective price increases, as supply chain responses may vary across commodities [4][27] - The recovery of natural gas supply is contingent on the repair of the Nord Stream pipeline, while oil supply increases may be limited by OPEC+ constraints [4][28] - The article notes that the rebuilding of Ukraine is estimated to cost around $523.6 billion, but the long-term market impact may be limited due to financing gaps and execution risks [5][52] Group 4 - The article highlights that European defense spending is expected to rise significantly, but much of the funding may flow to US suppliers rather than local European manufacturers [5][58] - The potential for a return of capital to European markets is contingent on the relative strength of economic recovery compared to the US, as European equity markets have seen a slight recovery in fund flows [5][50]