Report Industry Investment Rating - Not provided Core Viewpoints - The supply side has high inventory and slow old - hen culling, with overall sufficient supply. The demand side is in the post - holiday off - season. After the Lantern Festival stocking, terminal consumption is weak, and spot prices remain in low - level fluctuations. However, with the resumption of work and production of enterprises, market sales have slightly improved, and feed costs are relatively stable. Most farmers are at the break - even or slightly profitable state, leading to significant differences in market sentiment. On the futures side, the culling of old hens slowed down significantly in February. Under the high inventory, futures prices have been generally weak and fluctuating after the festival, and short - term participation is recommended [2] Summary by Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 3209 yuan/500 kilograms, with a week - on - week increase of 12; the net long position of the top 20 futures holders is - 2276 hands, with a week - on - week increase of 3147; the egg futures spread between May and September is - 415 yuan/500 kilograms, with a week - on - week increase of 19; the futures trading volume of the active contract is 97607 hands, with a week - on - week decrease of 11990; the registered warehouse receipt volume is 2 hands, with a week - on - week decrease of 28 [2] 现货市场 - The spot price of eggs is 2.98 yuan/jin, with a week - on - week decrease of 0.08; the basis (spot - futures) is - 234 yuan/500 kilograms, with a week - on - week decrease of 95 [2] Upstream Situation - The national laying - hen inventory index is 109.28 (with 2015 = 100), with a month - on - month decrease of 2.75; the national culled laying - hen index is 124.98 (with 2015 = 100), with a month - on - month increase of 23.8; the average price of laying - hen chicks in the main production areas is 3.3 yuan/chick, with a week - on - week increase of 0.1; the national new - chick index is 71.99 (with 2015 = 100), with a month - on - month decrease of 21.63; the average price of laying - hen compound feed is 2.8 yuan/kg, with no week - on - week change; the breeding profit of laying hens is - 0.49 yuan/hen, with a week - on - week decrease of 0.4; the average price of culled hens in the main production areas is 8.86 yuan/kg, with no week - on - week change; the national average age of culled hens is 500 days, with no month - on - month change [2] Industry Situation - The average wholesale price of pork is 17.2 yuan/kg, with a week - on - week decrease of 0.02; the average wholesale price of 28 key - monitored vegetables is 5.13 yuan/kg, with a week - on - week decrease of 0.04; the average wholesale price of dressed chickens is 17.29 yuan/kg, with a week - on - week decrease of 0.2; the weekly inventory in the circulation link is 1.18 days, with a week - on - week decrease of 0.08; the weekly inventory in the production link is 1.29 days, with a week - on - week increase of 0.05; the monthly export volume of fresh eggs is 14898.72 tons, with a month - on - month increase of 1853.2 [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 4278 tons, with a week - on - week decrease of 2112 [2] Industry News - Today, the average price of eggs in Shandong, the main production area, is 5.94 yuan/kg, a decrease of 0.17 from yesterday; the average price in Hebei is 5.70 yuan/kg, a decrease of 0.15 from yesterday; the average price in Guangdong is 6.27 yuan/kg, the same as yesterday; the average price in Beijing is 6.20 yuan/kg, a decrease of 0.12 from yesterday [2]

中高运行负荷状态。随着春节假期结束，物流发运逐渐恢复，下游部分工业复工，以及局部农业需求的持 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 续，有利推进尿素工厂出货量增加，本周尿素企业库存呈现下降。元宵节之后，板材等工业陆续复工，物 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 流运输能力也进一步提升，尿素工厂出货或继续稳步增加。UR2605合约短线预计在1800-1850区间波动。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 尿素产业日报 2026-03-04 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | - ...

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - Today, all stock indices fluctuated and declined. A-share trading volume throughout the day was 2.39 trillion yuan, compared with 3.16 trillion yuan the previous day. The overall stock market performance was sluggish, and trading volume significantly decreased [3]. - The continuous escalation of geopolitical conflicts has led investors to worry about the risk of macroeconomic slowdown. The willingness of funds to take profits has increased, driving the stock indices to retreat from high levels. On the one hand, the long - term nature of the conflict may affect global energy supply, leading to an increase in domestic manufacturing costs and a decrease in orders; on the other hand, high oil prices will drive up global inflation, frustrating the central bank's decision to cut interest rates and putting pressure on the valuation side of the equity market in terms of liquidity [3]. - The National Bureau of Statistics announced that the manufacturing PMI in February was 49.0%, a decrease of 0.3 percentage points from the previous month, below the boom - bust line, indicating that the problem of insufficient effective demand still exists [3]. - As the Two Sessions are approaching, the policy side has a strong determination to support macro - demand and technological innovation. The market should focus on the policy direction and intensity in the government work report of the Two Sessions [3]. - In general, the negative impact of recent Middle East geopolitical factors and the positive policy expectations of the Two Sessions are intertwined. In the short term, the stock indices will mainly fluctuate within a range [3]. - In terms of options, the implied volatility has rebounded recently. Since the logic of the medium - to - long - term upward movement of the stock indices still exists, the idea of a bull spread can be maintained [3]. 3. Summary of Related Charts 3.1上证50ETF期权 (SSE 50 ETF Options) - Figures include the SSE 50 ETF trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [5][7][8][10][12][14] 3.2上交所300ETF期权 (SSE 300 ETF Options) - Figures include the SSE 300 ETF trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [15][18][20][22][27][28] 3.3深交所300ETF期权 (SZSE 300 ETF Options) - Figures include the SZSE 300 ETF trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [29][31][33][35][41][39] 3.4沪深300股指期权 (CSI 300 Index Options) - Figures include the CSI 300 index trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [42][44][46][48][52][53] 3.5中证1000股指期权 (CSI 1000 Index Options) - Figures include the CSI 1000 index trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [54][57][60][63][58][64] 3.6上交所500ETF期权 (SSE 500 ETF Options) - Figures include the SSE 500 ETF trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [65][68][70][72][77][78] 3.7深交所500ETF期权 (SZSE 500 ETF Options) - Figures include the SZSE 500 ETF trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [79][83][85][88][84][89] 3.8上证50股指期权 (SSE 50 Index Options) - Figures include the SSE 50 index trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [90][94][98][92][96][99]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Since Iran was attacked, most futures varieties have shown significant price increases. The market is highly influenced by geopolitical factors, especially the situation in the Middle East and the closure of the Strait of Hormuz. The prices of various commodities are expected to remain highly volatile, and the risk premium may quickly decline if the geopolitical situation eases [4][14]. 3. Summary by Relevant Catalogs Shipping Market - On the evening of March 3rd, the exchange implemented risk - control measures such as limiting positions to 50 lots for the container shipping route to Europe to suppress excessive speculation. On March 3rd, Trump claimed that the US Navy would escort oil tankers through the Strait of Hormuz if necessary, and the market began to bet that the conflict would not escalate indefinitely. On March 4th, the main contract of the container shipping route to Europe opened with a daily limit and then declined [9]. Crude Oil Market - On February 28th, Iran announced the closure of the Strait of Hormuz, which accounts for about one - third of global oil trade. If the Strait is completely blocked, Middle Eastern oil - producing countries can only digest about 25 days of stranded production. Different countries have different strategic oil reserves. The IEA has 1 billion barrels of emergency reserves. If the conflict is short - term, Brent oil prices will be in the range of $80 - 90 per barrel; if it is long - term, prices may exceed $100 per barrel. INE oil prices have risen more than Brent and WTI due to China's higher dependence on the Strait [14]. Chemicals Market Fuel Oil - Crude oil is the core raw material of fuel oil, with a cost accounting for 70% - 90%. Iran is the world's second - largest exporter of high - sulfur fuel oil. The closure of the Strait of Hormuz will reduce China's fuel oil imports. Although the actual supply - demand pattern is weak, geopolitical risks are the main factor driving prices. It is expected to remain strong in the short term, but the risk premium may decline rapidly after the Strait is reopened [17]. Asphalt - The conflict between the US, Israel, and Iran boosts asphalt prices from both supply and cost aspects. China's asphalt import dependence is about 10%, and the Middle East accounts for about 49% of imports. The closure of the Strait of Hormuz affects supply and increases production costs. It is expected to remain strong in the short term, with a risk of rapid decline in the risk premium after the Strait is reopened [20][21]. LPG - China's LPG supply is mainly domestic, but imports are the marginal variable. The Middle East situation threatens supply from two aspects: blocking the Strait of Hormuz and reducing production due to oil production cuts. The domestic LPG price has been significantly affected by geopolitical factors. It is recommended to pay attention to Middle East oil production and Strait navigation. The price will be highly volatile, and the geopolitical premium may be squeezed out if the situation eases [24][25]. Methanol - The domestic methanol supply - demand pattern is slightly loose. The production and shipment of Iranian methanol plants are affected. It is recommended to pay attention to Iranian plant dynamics. The price will be highly volatile, and the geopolitical premium may be squeezed out if the situation eases. The exchange has adjusted the minimum order volume to limit speculation [28]. Pure Benzene - Styrene - Polyethylene - Aromatic series benefit from cost - push and raw material supply shortages. Polyethylene has cost and import advantages. The supply - demand situation of pure benzene has improved slightly, styrene has a healthy supply - demand situation, and polyethylene has a loose supply - demand situation. It is recommended to pay attention to the Strait of Hormuz blockade time and exchange policies [31][32]. Propylene - Polypropylene - The supply of LPG is expected to shrink, which will affect propylene production. The market is in a stalemate. Polypropylene has strong cost support and active market speculation. It is recommended to pay attention to Middle East oil production and Strait navigation, and the price will be highly volatile [36][37]. Polyester Series (PX - EG - PTA - PR - PF) - The core logic is that geopolitical conflicts lead to cost increases in PX and MEG, which are then transmitted downstream. The price is dominated by geopolitics. EG has the greatest price elasticity, followed by PX, and PTA, PF, and PR are more passive followers. Potential risks include geopolitical easing and downstream negative feedback. It is recommended to pay attention to the Middle East situation and be cautious when chasing high prices of PTA [38][39][40]. Rubber Series - Natural rubber has fallen slightly, with supply - side news limited and downstream demand not optimistic. Synthetic rubber has strong cost support but high inventory and low demand, which may limit its upward space. It is recommended to take profit on long positions and hedge with put options, and those not in the market should wait and see [44]. Coal Market - The impact of the US - Iran war on domestic coal prices is not obvious. The price of coking coal futures is affected by the coal - coke - steel industry chain. The substitution effect of coal due to rising oil prices is not obvious, and it is expected to decline in a volatile manner. The marginal impact of Indonesia's export limit is weakening, and the port coal price has limited upward space. The stock market and futures market volatility has increased due to the international situation [46][49][50].

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Views - **Copper**: Today, Shanghai copper opened lower and moved higher, facing overall pressure, mainly driven by the tightening of macro - liquidity. The US dollar index reached a new high due to the Middle - East geopolitical conflict pushing up energy prices and strengthening the expectation of the Fed delaying interest rate cuts. Fundamentally, it presents a pattern of "high inventory + weak demand". In February, China's manufacturing PMI dropped to 49.0%, lower than expected, with the business climate of medium and small - sized enterprises continuously contracting and weak recovery of terminal consumption. The accumulation of inventory and macro - level suppression resonate, leading to the weak and volatile trend of Shanghai copper [5]. - **Aluminum**: Shanghai aluminum has strengthened recently, mainly driven by the Middle - East geopolitical risks. The shipping disruption in the Strait of Hormuz threatens part of the global electrolytic aluminum production capacity. Countries like Iran and Qatar are highly dependent on imported alumina, and the risk of supply interruption has pushed up global aluminum prices, which are then transmitted to the domestic market. The geopolitical event affects global supply, and combined with the approaching "Golden March and Silver April" consumption season and the increasing expectation of macro - policies, it jointly promotes the strengthening of Shanghai aluminum [6]. 3. Summary of Related Charts Copper - The report provides charts on copper, including copper basis, copper monthly spread, Shanghai Futures Exchange warehouse receipts, LME inventory, COMEX inventory, and LME copper premium/discount [8][9][10]. Aluminum - The report provides charts on aluminum, including aluminum basis, aluminum monthly spread, Shanghai Futures Exchange warehouse receipt daily report, Shanghai - LME ratio, LME inventory, and LME aluminum premium/discount [18][19][21].

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Date: March 4, 2026 [2] IM Futures Market Summary - The main IM contract fell 0.94% to close at 8,064.2 points [4]. - The total trading volume of the four IM contracts was 245,473 lots, a decrease of 48,216 lots from the previous day; the total open interest was 394,667 lots, a decrease of 7,240 lots from the previous day [4]. - The main IM contract was at a discount of 30.32 points, a decrease of 17.27 points from the previous day; the annualized basis rate was -8.07% [4]. - The dividend impacts of the four IM contracts were 0.01 points, 0.18 points, 40.04 points, and 62.77 points respectively [4]. Contract - Specific Data | Contract | Closing Price | Change (%) | Trading Volume | Volume Change (%) | Turnover (billion yuan) | Turnover Change (%) | Open Interest | Interest Change | Margin (million yuan) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 8,094.52 | -0.59% | 32,069 | -18% | 5,027 | -24% | - | - | - | | IM2603 | 8,064.20 | -0.90% | 155,033 | -14% | 2,517 | -15% | 179,738 | -6,114 | 348 | | IM2604 | 8,018.40 | -0.94% | 10,557 | -31% | 170 | -32% | 16,399 | 229 | 32 | | IM2606 | 7,875.00 | -1.00% | 57,253 | -17% | 908 | -18% | 124,141 | -1,267 | 235 | | IM2609 | 7,685.60 | -1.05% | 22,630 | -24% | 350 | -25% | 74,389 | -88 | 137 | [3] Basis and Other Data | Contract | Closing Price | Maturity Date | Remaining Days | Dividend Value | Premium/Discount (points) | Premium/Discount Rate | Annualized Premium/Discount Rate | | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 (Spot) | 8,094.52 | - | - | - | - | - | - | | Current Month | 8,064.20 | 2026 - 03 - 20 | 16 | 0.01 | -30.32 | -0.4% | -8.1% | | Next Month | 8,018.40 | 2026 - 04 - 17 | 44 | 0.18 | -76.12 | -0.9% | -7.7% | | First Quarter | 7,875.00 | 2026 - 06 - 22 | 110 | 40.04 | -219.52 | -2.7% | -9.2% | | Second Quarter | 7,685.60 | 2026 - 09 - 18 | 198 | 62.77 | -408.92 | -5.0% | -9.8% | [12] IF Futures Market Summary - The main IF contract fell 1.19% to close at 4,591 points [21]. - The total trading volume of the four IF contracts was 139,926 lots, a decrease of 26,703 lots from the previous day; the total open interest was 288,752 lots, an increase of 825 lots from the previous day [22]. - The main IF contract was at a discount of 11.62 points, a decrease of 7.12 points from the previous day; the annualized basis rate was -5.44% [22]. - The dividend impacts of the four IF contracts were 0 points, 0.54 points, 29.61 points, and 83.63 points respectively [22]. Contract - Specific Data | Contract | Closing Price | Change (%) | Trading Volume | Volume Change (%) | Turnover (billion yuan) | Turnover Change (%) | Open Interest | Interest Change | Margin (million yuan) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 300 | 4,602.62 | -1.14% | 30,304 | -18% | 6,089 | -24% | - | - | - | | IF2603 | 4,591.00 | -1.16% | 88,154 | -18% | 1,216 | -19% | 140,207 | -5,696 | 232 | | IF2604 | 4,580.40 | -1.19% | 6,258 | -13% | 86 | -15% | 7,968 | 846 | 13 | | IF2606 | 4,540.00 | -1.28% | 31,815 | -15% | 434 | -16% | 97,922 | 3,036 | 160 | | IF2609 | 4,475.40 | -1.30% | 13,699 | -9% | 184 | -10% | 42,655 | 2,639 | 69 | [21] Basis and Other Data | Contract | Closing Price | Maturity Date | Remaining Days | Dividend Value | Premium/Discount (points) | Premium/Discount Rate | Annualized Premium/Discount Rate | | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 300 (Spot) | 4,602.62 | - | - | - | - | - | - | | Current Month | 4,591.00 | 2026 - 03 - 20 | 16 | 0.00 | -11.62 | -0.3% | -5.4% | | Next Month | 4,580.40 | 2026 - 04 - 17 | 44 | 0.54 | -22.22 | -0.5% | -3.9% | | First Quarter | 4,540.00 | 2026 - 06 - 22 | 110 | 29.61 | -62.62 | -1.4% | -4.5% | | Second Quarter | 4,475.40 | 2026 - 09 - 18 | 198 | 83.63 | -127.22 | -2.8% | -5.2% | [30] IC Futures Market Summary - The main IC contract fell 0.64% to close at 8,219.4 points [39]. - The total trading volume of the four IC contracts was 203,068 lots, a decrease of 58,264 lots from the previous day; the total open interest was 309,828 lots, a decrease of 22,275 lots from the previous day [40]. - The main IC contract was at a discount of 29.55 points, a decrease of 14.14 points from the previous day; the annualized basis rate was -7.72% [40]. - The dividend impacts of the four IC contracts were 0.36 points, 7.07 points, 60.74 points, and 97.82 points respectively [40]. Contract - Specific Data | Contract | Closing Price | Change (%) | Trading Volume | Volume Change (%) | Turnover (billion yuan) | Turnover Change (%) | Open Interest | Interest Change | Margin (million yuan) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 8,248.95 | -0.39% | 27,211 | -21% | 4,715 | -26% | - | - | - | | IC2603 | 8,219.40 | -0.61% | 121,611 | -19% | 2,011 | -20% | 134,589 | -13,868 | 265 | | IC2604 | 8,192.20 | -0.64% | 9,210 | -19% | 152 | -20% | 12,206 | 961 | 24 | | IC2606 | 8,075.80 | -0.80% | 54,400 | -24% | 885 | -26% | 109,888 | -6,719 | 213 | | IC2609 | 7,921.60 | -0.90% | 17,847 | -36% | 285 | -37% | 53,145 | -2,649 | 101 | [39] Basis and Other Data | Contract | Closing Price | Maturity Date | Remaining Days | Dividend Value | Premium/Discount (points) | Premium/Discount Rate | Annualized Premium/Discount Rate | | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 (Spot) | 8,248.95 | - | - | - | - | - | - | | Current Month | 8,219.40 | 2026 - 03 - 20 | 16 | 0.36 | -29.55 | -0.4% | -7.7% | | Next Month | 8,192.20 | 2026 - 04 - 17 | 44 | 7.07 | -56.74 | -0.7% | -5.6% | | First Quarter | 8,075.80 | 2026 - 06 - 22 | 110 | 60.74 | -173.15 | -2.1% | -7.1% | | Second Quarter | 7,921.60 | 2026 - 09 - 18 | 198 | 97.82 | -327.34 | -4.0% | -7.6% | [50] IH Futures Market Summary - The main IH contract fell 1.4% to close at 2,972.2 points [59]. - The total trading volume of the four IH contracts was 71,090 lots, a decrease of 7,883 lots from the previous day; the total open interest was 115,104 lots, an increase of 562 lots from the previous day [59]. - The main IH contract was at a discount of 2.01 points, a decrease of 6.74 points from the previous day; the annualized basis rate was -1.45% [60]. - The dividend impacts of the four IH contracts were 0 points, 0 points, 18.35 points, and 63.93 points respectively [60]. Contract - Specific Data | Contract | Closing Price | Change (%) | Trading Volume | Volume Change (%) | Turnover (billion yuan) | Turnover Change (%) | Open Interest | Interest Change | Margin (million yuan) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2,974.21 | -1.33% | 8,683 | -17% | 1,745 | -21% | - | - | - | | IH2603 | 2,972.20 | -1.33% | 44,988 | -14% | 402 | -15% | 60,625 | -1,496 | 65 | | IH2604 | 2,970.20 | -1.40% | 3,587 | 7% | 32 | 5% | 4,525 | 354 | 5 | | IH2606 | 2,963.20 | -1.38% | 15,212 | -6% | 135 | -8% | 32,792 | 975 | 35 | | IH2609 | 2,927.40 | -1.34% | 7,303 | 2% | 64 | 1% | 17,162 | 729 | 18 | [59] Basis and Other Data | Contract | Closing Price | Maturity Date | Remaining Days | Dividend Value | Premium/Discount (points) | Premium/Discount Rate | Annualized Premium/Discount Rate | | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 (Spot) | 2,974.21 | - | - | - | - | - | - | | Current Month | 2,972.20 | 2026 - 03 - 20 | 16 | 0.00 | -2.01 | -0.1% | -1.5% | | Next Month | 2,970.20 | 2026 - 04 - 17 | 44 | 0.00 | -4.01 | -0.1% | -1.1% | | First Quarter | 2,963.20 | 2026 - 06 - 22 | 110 | 18.35 | -11.01 | -0.4% | -1.2% | | Second Quarter | 2,927.40 | 2026 - 09 - 18 | 198 | 63.93 | -46.81 | -1.6% | -2.9% | [68]

Group 1: Report Overview - The report is a daily research report on the hog market, dated March 4, 2026, titled "Hog Daily Report: Market Shows Temporary Improvement, Spot Prices Rise Slightly" [1] Group 2: Investment Rating - No investment rating for the industry is provided in the report. Group 3: Core Views - The hog market shows temporary improvement with a slight increase in spot prices, but there is still pressure in the short - term due to high inventory and large supply - side pressure [1][3][5] - Hog futures prices are in a volatile state. The short - term is supported by spot price increases, but in the long - term, they are expected to remain in a low - level volatile state due to supply - side pressure [5] Group 4: Market Data Summary Spot Prices - Today, hog spot prices in various regions of the country are rising. For example, the price in Henan increased from 10.54 to 10.71, and the average price decreased from 10.24 to 10.18 [3] Futures Prices - Futures contracts show different trends. For example, LH01 increased by 115 to 13545, while LH07 decreased by 125 to 12245 [3] Sow and Piglet Prices - Piglet prices decreased from 357 to 348 this week, while sow prices remained unchanged at 1557 [3] Spot Breeding Profits - The profit of self - breeding and self - raising decreased from - 98.32 to - 159.65, and the profit of purchasing piglets decreased from 53.10 to 20.83 [3] Slaughter Data - The slaughter volume increased from 129803 to 136079 [3] Pig Price Spreads - The spreads between different sizes of pigs have changed. For example, the spread between large and medium - sized pigs decreased from 0.5 to 0.46 [3] Futures Contract Spreads - Contract spreads such as LH7 - 9 decreased from - 950 to - 985 [3] Group 5: Market Situation Analysis - Scale enterprises' hog sales volume continues to increase significantly this month, and ordinary farmers' sales are expected to increase. Secondary fattening is still cautious, and the supply - side pressure is obvious due to high inventory and large hog weights [3][5] - The increase in spot prices drives futures to operate strongly in the short - term. The widening of the price spread between different sizes of pigs may slow down the sales rhythm and relieve price pressure, supporting near - term futures. However, in the long - term, supply - side pressure remains the main influencing factor [5] Group 6: Trading Strategies - Unilateral: It is recommended to short on rallies in the far - month contracts [6] - Arbitrage: Wait and see [6] - Options: Mainly adopt the strategy of selling wide straddles [6]

Group 1: Report Industry Investment Rating - The investment rating for the steel and ore industry in the black building materials sector is "volatile" [1] Group 2: Report Core View - The direct impact of the Iran situation on China's steel exports is limited, but the indirect impact is significant, and the short - term monthly impact on exports is about 1.1624 million tons. The futures market shows little reaction. During the Two - Sessions, most steel mills in Tangshan plan to reduce blast furnace production by 30% and sintering production by 30% - 50%. Some mills have blast furnace maintenance plans, and the iron - water output in Tangshan is expected to decline in early March and recover in mid - March. Last week, the production of rebar and hot - rolled coils decreased, inventory continued to rise, and apparent demand declined. The downstream construction industry has tight funds after the Spring Festival, and the resumption of work is steady. The global iron ore shipment volume from February 23rd to March 1st was 33.407 million tons, with a month - on - month increase of 198,000 tons. The shipment volume from Australia and Brazil was 26.907 million tons, with a month - on - month decrease of 226,000 tons. The arrival volume at 47 Chinese ports was 22.3 million tons, with a month - on - month decrease of 911,000 tons; the arrival volume at 45 ports was 21.469 million tons, with a month - on - month decrease of 55,000 tons. The daily output of molten iron last week was 2.3328 million tons, with a month - on - month increase of 28,000 tons. The current market trading logic is that the expectations of the Two - Sessions policies, infrastructure, and the resumption of work in the real estate industry still exist. The resumption of work in steel mills is expected to increase molten iron production, which supports prices. However, the terminal demand such as real estate is still weak, the supply and demand of iron ore are relatively loose, and the port inventory is close to the high level of 180 million tons, which suppresses the upward space. [1] Group 3: Summary by Relevant Catalog Market Review - On Tuesday, rebar and iron ore closed up, while hot - rolled coils closed down. At night, rebar closed flat, iron ore closed down, and hot - rolled coils closed up [1] Important Information - By 2027, the cumulative comprehensive utilization of photovoltaic modules will reach 250,000 tons according to the six - department plan including the Ministry of Industry and Information Technology. As of February 28th, 16 cities have introduced 21 policies to relax the property market, including Shanghai's "Seven Measures" which lower the purchase threshold for non - Shanghai household residents, expand the purchase eligibility for residents with residence permits, and moderately relax the purchase restrictions within the outer ring. From February 23rd to March 1st, the total transaction area of newly - built commercial housing in 10 key cities was 1.3202 million square meters, a 3.5% increase compared with the week before the Spring Festival, and the cumulative transaction area since the beginning of this year has decreased by 16.9% year - on - year [1] Market Logic - The Iran situation has a limited direct impact on China's steel exports but a significant indirect impact. The short - term monthly impact on exports is about 1.1624 million tons, and the futures market shows little reaction. During the Two - Sessions, most steel mills in Tangshan plan to reduce blast furnace production by 30% and sintering production by 30% - 50%. Some mills have blast furnace maintenance plans, and the iron - water output in Tangshan is expected to decline in early March and recover in mid - March, with a relatively limited overall impact. Last week, the production of rebar and hot - rolled coils decreased, inventory continued to rise, and apparent demand declined, which is in line with expectations. The downstream construction industry has tight funds after the Spring Festival, and the resumption of work is steady. The global iron ore shipment volume from February 23rd to March 1st was 33.407 million tons, with a month - on - month increase of 198,000 tons. The shipment volume from Australia and Brazil was 26.907 million tons, with a month - on - month decrease of 226,000 tons. The arrival volume at 47 Chinese ports was 22.3 million tons, with a month - on - month decrease of 911,000 tons; the arrival volume at 45 ports was 21.469 million tons, with a month - on - month decrease of 55,000 tons. The daily output of molten iron last week was 2.3328 million tons, with a month - on - month increase of 28,000 tons [1] Trading Strategy - The current market trading logic is that the expectations of the Two - Sessions policies, infrastructure, and the resumption of work in the real estate industry still exist. The resumption of work in steel mills is expected to increase molten iron production, which supports prices. However, the terminal demand such as real estate is still weak, the supply and demand of iron ore are relatively loose, and the port inventory is close to the high level of 180 million tons, which suppresses the upward space. It is expected to be mainly volatile in the short term. The support level for rebar is 3000, and the resistance level is 3100. The support level for hot - rolled coils is 3180, and the resistance level is 3300. The support level for iron ore is 730, and the resistance level is 770. For unilateral trading, it is recommended to operate short - term or wait for the right opportunity and set stop - losses well. In terms of arbitrage, based on the night - session closing price, the spread between hot - rolled coils and rebar is 147. It is recommended to go long on hot - rolled coils and short on rebar and enter the market at a low price, with a recommended take - profit level of over 200 [1]

Report Industry Investment Rating - Not provided in the documents Core Views - **Precious Metals**: For gold, due to the Middle - East situation and US non - farm data's impact on Fed's rate - cut expectations, it's recommended to wait and see in the short - term and sell out - of - the - money call options on rallies. For silver, the long - term logic of rising prices still holds, but short - term factors limit the upside, and selling out - of - the - money call options is advised. Platinum and palladium prices are supported but dragged by gold and silver, showing weak short - term oscillations [3] - **Container Shipping**: The ongoing Middle - East conflict has more of an emotional impact than a fundamental one on the EC2604 contract of container shipping European routes and affects the ship scheduling from May to July. The implementation of price hikes during the off - season is the key trading focus, and the market volatility is expected to increase [5] Summary by Related Catalogs 1. Stock Index Futures Spread Daily Report - **Date**: March 5, 2026 - **Data**: Presents the latest values, changes from the previous day, and historical percentile data of various stock index futures spreads such as IF, IH, IC, and IM, including inter - period spreads and inter - variety ratios [1] 2. Bond Futures Spread Daily Report - **Date**: March 4, 2026 - **Data**: Provides data on basis, inter - period spreads, and inter - variety spreads of TS, TF, T, and TL bond futures, including the latest values, changes from the previous trading day, and historical percentile data [2] 3. Precious Metals Spot - Futures Daily Report - **Date**: March 4, 2026 - **Domestic Futures**: AU2604, AG2604, PT2606, and PD2606 contracts showed price declines, with AG2604 having a significant - 11.40% drop [3] - **Foreign Futures**: COMEX gold, silver, NYMEX platinum, and palladium futures all declined, with NYMEX platinum dropping - 9.87% [3] - **Spot Prices**: London gold, silver, platinum, and palladium spot prices also decreased, along with domestic spot precious metals prices [3] - **Price Differences and Ratios**: Data on price differences between spot and futures and price ratios of different precious metals are provided [3] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield, 2 - year US Treasury yield, 10 - year TIPS Treasury yield, US dollar index, and offshore RMB exchange rate all had slight upward changes [3] - **Inventory and Positions**: Some inventories such as COMEX gold and silver decreased, while SLV silver ETF positions increased slightly [3] 4. Container Shipping Industry Spot - Futures Daily Report - **Date**: March 3, 2026 - **Spot Quotes**: Shanghai - Europe future 6 - week freight rates of some shipping companies like CMA CGM increased significantly [5] - **Container Shipping Indexes**: SCFIS (European and US West routes) decreased, while SCFI comprehensive and sub - indexes increased [5] - **Futures Prices and Basis**: Futures prices of EC2604 - EC2612 contracts all increased, and the basis of the main contract decreased significantly [5] - **Fundamentals**: Global container shipping capacity supply remained unchanged, Shanghai port on - time rate decreased, monthly export amount increased, and some overseas economic indicators showed slight changes [5] 5. Capital Flow and Key Seats' Position Change Daily Report - Information on capital inflow and outflow of varieties and the position changes of key seats is presented, but specific data is not clearly extracted from the text [6]

Report Industry Investment Rating - Not provided in the given content Core View - The report provides a daily overview of the stock index options market, including option trading volume, PCR, and VIX, offering data on various types of options such as ETF options and index options on a specific date (2026-03-03) [1][2][3] Summary by Directory I. Option Trading Volume - On March 3, 2026, the trading volume of Shanghai Stock Exchange 50 ETF options was 900,800 contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1,174,300 contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1,511,900 contracts; the trading volume of Shenzhen 100 ETF options was 46,100 contracts; the trading volume of ChiNext ETF options was 1,993,700 contracts; the trading volume of Shanghai Stock Exchange 50 index options was 58,900 contracts; the trading volume of CSI 300 index options was 124,200 contracts; the total trading volume of CSI 1000 options was 418,400 contracts [1] - The detailed trading volume data for call and put options and total trading volume of various ETF options and index options are also provided, such as the total trading volume of Shanghai Stock Exchange 50 ETF options was 1,223,400 contracts, with 552,600 call contracts and 670,700 put contracts [21] II. Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 0.97, with a month - on - month change of +0.18; the position PCR was reported at 0.83, with a month - on - month change of +0.02. Similar data for other types of options are also provided, like the turnover PCR of CSI 300 ETF options (Shanghai market) was 0.98, with a month - on - month change of +0.19, and the position PCR was 0.87, with a month - on - month change of +0.06 [2][37] III. Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 16.77%, with a month - on - month change of +1.41%. The VIX and month - on - month changes of other types of options are also presented, for example, the VIX of CSI 300 ETF options (Shanghai market) was 17.41%, with a month - on - month change of +2.05% [3][52]