Group 1: Dividend Statistics of Broad-based Index Constituents - In 2026, the dividend progress for broad-based index constituents shows that among the CSI 300, one company is in the implementation stage with a total dividend of 12.51 billion; the SSE 50 also has one company in the implementation stage with the same dividend amount; the CSI 500 has one company in the implementation stage with a dividend of 1.30 billion; and the CSI 1000 has one company in the shareholder proposal stage [10][11]. - The dividend yield comparison between 2025 and 2026 indicates a slight increase in the yield for the CSI 300 and SSE 50, while the CSI 500 and CSI 1000 show lower yields in 2026 compared to 2025 [12][20]. Group 2: Dividend Statistics of Industry Index Constituents - The dividend progress for industry index constituents in 2026 shows that in the pharmaceutical sector, one company is in the implementation stage with a dividend of 0.66 billion, and another has passed the shareholder meeting stage; in the public utilities sector, one company is in the implementation stage with a dividend of 12.51 billion; in the machinery equipment sector, one company is in the implementation stage with a dividend of 0.63 billion, and another is in the shareholder proposal stage; in the coal sector, one company is in the implementation stage with a dividend of 1.30 billion; and in the oil and petrochemical sector, one company is in the implementation stage with a dividend of 0.14 billion [14][16][17]. Group 3: Index Futures Basis - The annualized basis rates considering dividends for the CSI 300 near-month, far-month, near-quarter, and far-quarter contracts are -1.11%, 0.54%, 0.67%, and 0.79% respectively; for the SSE 50, the rates are -3.26%, -1.82%, -2.07%, and -1.65%; for the CSI 500, they are 2.50%, 2.97%, 1.59%, and 3.28%; and for the CSI 1000, they are 5.71%, 6.35%, 6.70%, and 7.52% [5][26]. - The basis calculation process considering dividends is illustrated, showing how the basis is derived from the difference between the futures contract price and the spot index price [22].

Group 1 - The core viewpoint of the articles highlights the positive developments in China's capital market since the implementation of the new "National Nine Articles," with increased foreign participation and confidence in the long-term growth of the Chinese economy and capital market [1][2] - The participating foreign institutions emphasized the need for continuous improvement in the adaptability and coverage of capital market services to the real economy, as well as enhancing the investment value of listed companies and investor protection [1] - Suggestions were made to improve cross-border investment and financing facilitation, align with international standards and regulatory rules, and support the dual openness of industry institutions to enhance the global resource allocation capabilities of local institutions [1] Group 2 - The China Securities Regulatory Commission (CSRC) plans to implement the key measures for high-quality development of the capital market as outlined in the 14th Five-Year Plan, focusing on risk prevention, strong regulation, and promoting high-quality development [2] - The CSRC aims to deepen comprehensive reforms in investment and financing, enhance the system, products, and service framework of the capital market, and improve its inclusiveness, adaptability, attractiveness, and competitiveness [2] - The importance of foreign institutions as key participants in the Chinese capital market is emphasized, with a call for them to leverage their global resource allocation, international perspective, and professional experience to contribute to the high-quality development of the capital market [2]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The report presents the inventory, outbound, inbound, and changes of manganese ore at Tianjin Port (Tianjin Zhenhong caliber) before the Spring Festival, including data for different origins such as Gabon, Australia, South Africa, Ghana, and others [2] 3. Summary by Related Catalog - **Overall Data** - Total inventory before the Spring Festival was 700,527 tons, with a total inventory proportion of 3,526,335 tons. The current week's inventory was 2,825,808 tons, outbound was 288,898 tons, inbound was 989,425 tons [2] - **Data by Origin** - **Gabon**: Inventory was 189,700 tons, with a proportion of 9.63%. The current week's inventory was 149,812 tons, outbound was 13,100 tons, inbound was 202,800 tons [2] - **Australia**: No specific data provided for outbound and inbound, with inventory of 422,596 tons and a proportion of 11.98% [2] - **South Africa**: Inventory was 338,327 tons, with a proportion of 65.74%. The current week's inventory was 191,544 tons, outbound was 2,318,156 tons, inbound was 93,183 tons [2] - **Ghana**: Inventory was 93,677 tons, with a proportion of 7.48%. The current week's inventory was 357,546 tons, outbound was 0 tons, inbound was -93,677 tons [2] - **Other**: Inventory was 182,202 tons, with a proportion of 5.17%. The current week's inventory was 136,900 tons, outbound was 88,938 tons, inbound was 448,298 tons [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - In the short - term, under the background of supply tightening, tin prices are expected to fluctuate, with the price movement range between 360,000 - 500,000 yuan per ton. It is not recommended to chase high now. If the tin price adjusts later, it can be continuously concerned. In the medium - term, if the resumption and new production in the main tin - producing areas go smoothly, tin supply and demand may ease but still maintain a tight balance, with increasing callback risks and high - level fluctuations in tin prices. In the long - term, with obvious increase in mine supply and strong demand, the central price of tin is expected to show an upward trend [5] Group 3: Summary by Relevant Catalogs 1. Latest Dynamics and Reasons - On February 27, 2026, tin prices continued to rise sharply. The Shanghai tin main contract rose 8.88% to 453,240 yuan per ton. The main reason for the rise is the intensification of armed conflicts in Myanmar, which has caused concerns about tin ore supply. However, the conflict mainly occurred in non - main tin - producing areas, so it is considered that it will not have an obvious impact on tin ore production for the time being [3] 2. Fundamental Situation - Currently, the domestic mine end is in a tight situation, which restricts the output of refined tin. As of February 13, the processing fee for 60% grade tin ore is 10,000 yuan per ton, and that for 40% grade is 14,000 yuan per ton, remaining at a relatively low level. In January, domestic refined tin output was 14,382 tons, a year - on - year decrease of 2.74%; the domestic tin smelter start - up rate was 56.8%, a month - on - month decrease of 5.9 percentage points. Recently, the explicit inventory of tin has accumulated. As of February 26, the Shanghai tin warehouse receipt inventory was 11,556 tons, and the LME tin inventory was 7,575 tons [4] 3. Summary and Strategy - In terms of supply, the mine end is continuously tightening, resulting in raw material shortages for smelters and low tin ore processing fees, making it difficult to increase refined tin output. In terms of demand, the semiconductor industry maintains high growth, consumption in new energy vehicles and other fields continues to rise, and considering the need to rebuild the industrial chain inventory, tin demand is expected to continue to grow [5]

Group 1 - The core viewpoint of the articles emphasizes the positive developments in China's capital market since the implementation of the new "National Nine Articles," highlighting improvements in foundational systems, market functions, and the investment value of listed companies, as well as an increase in foreign participation [1][2] - The China Securities Regulatory Commission (CSRC) is committed to implementing the directives from the 20th Central Committee and the upcoming National "Two Sessions," focusing on high-quality development in the capital market over the next five years [2] - The meeting participants suggested enhancing the adaptability and inclusiveness of capital market systems, steadily expanding high-level institutional openness, and accelerating the establishment of first-class investment banks and institutions [1][2] Group 2 - The CSRC aims to deepen comprehensive reforms in investment and financing, improve the system, products, and service frameworks of the capital market, and better serve technological innovation and new productive forces [2] - There is a strong emphasis on promoting deeper and higher-level openness in the capital market, actively participating in global financial governance reform, and creating a transparent, stable, and predictable market environment [2] - Foreign institutions are recognized as important participants in China's capital market, and their role in global resource allocation and professional expertise is encouraged to contribute to the high-quality development of the capital market [2]

Group 1: Market Overview - The Nanhua Composite Index rose 0.46% based on the closing prices of adjacent trading days [1][4] - Among the sector indices, only the Nanhua Energy and Chemical Index fell by -0.1%, while the rest rose. The Nanhua Non - ferrous Metals Index had the largest increase of 0.97%, and the Nanhua Black Index had the smallest increase of 0.2% [1][4] - Among the theme indices, the Mini Composite Index had the largest increase of 0.48%, and the Economic Crops Index had the smallest increase of 0.1%. The Coal - based Chemical Index had the largest decline of -0.83%, and the Building Materials Index had the smallest decline of -0.09% [1][4] - Among the single - variety indices of commodity futures, the tin index had the largest increase of 9.07%, and the alumina index had the largest decline of -2.7% [1][4] Group 2: Index Data - The Nanhua Composite Index closed at 2820.27 today, up 12.98 points from yesterday's close of 2807.29, with an annualized return of 10.01%, an annualized volatility of 13.92%, and a Sharpe ratio of 0.72 [3] Group 3: Industry Chain and Variety Performance - In the energy and chemical sector, synthetic ammonia rose 0.25%, while ethylene, PTA, and other varieties had different degrees of decline [4][11] - In the black sector, relevant variety chain information is presented, but specific performance data is not detailed [5] - In the agricultural products sector, rapeseed rose 1.66%, while rapeseed meal fell -0.39%, and other varieties also had different performance [8]

国信期货研究 Page 1 国信期货生猪月报 现实供应压力仍偏大 生猪市场承压 生猪 2026 年 2 月 27 日 主要结论 从长期来看，25 年四季度能繁母猪继续下降，截至 12 月达到 3961 万头， 但这一产能下降程度仍低于之前有关部门的调控目标。中期来看，根据仔猪出生 数量推算，到二季度结束仍是国内生猪出栏压力兑现的阶段，后期理论出栏量总 体维持高位格局。从饲料产销数量的交叉验证来看，10-12 月仔猪料销量环比下 降，对应于 4 月后的出栏环比减少，但整体下降幅度较小；同时，育肥猪料销售 12 月环比下降，主要是前期大猪出栏导致存栏有所缩减。历史对比来看，饲料 环比下降主要是季节性特征，但其降幅都低于历史同期水平，预示着后期猪价季 节性强度受限。需求方面，目前处于节后淡季，终端需求支撑有限；但在猪价低 位、育肥舍利用率不高的情景下，后期潜在的二育及分割品入库的需求是可能出 现的支撑因素。从活体库存来看，经过长假的压栏，目前出栏均重处于高位，大 猪供应压力仍有待消化。操作上，近端以偏弱震荡对待。远月有存产能预期，但 供应收缩力度较有限，宽幅震荡中把握低位阶段性多配机会。 请务必阅读正文之后的免责条 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In February 2026, the PVC market showed characteristics of "expectations leading, reality lagging" around the Spring Festival. The spot price increased slightly, the basis was still in deep contango but converged after the festival. The market is expected to see inventory destocking in March driven by demand recovery, but the high inventory and supply elasticity will limit the upward trend. The market will likely fluctuate in the chain of "destocking verification - basis repair - profit - driven supply increase" [1]. 3. Summary by Relevant Catalogs 3.1. Market Review - **Futures Price**: The PVC futures contract (V2605) declined by about 6.7% in February, hitting a new low for the year at the end of the month. The price movement can be divided into three stages: an early - month high, a mid - month oscillation, and a late - month sharp decline [3]. - **Spot Price and Basis**: The average monthly spot price of Changzhou SG - 5 in February was about 4,764 yuan/ton, up about 2.9% from January. The basis was negative, with an average of about - 222 yuan/ton, and it converged after the festival [4]. - **Trading Volume and Open Interest**: In February, the average daily trading volume was about 948,000 lots, and the average daily open interest was about 1.639 million lots, up about 5.9% and 5.6% respectively from January. After the festival, there was a simultaneous increase in positions and volume, indicating multi - empty games [5]. - **Warehouse Receipts**: In February, the registered warehouse receipts decreased by about 4.7%, showing a marginal relief of delivery pressure and reflecting the spot market's absorption of delivery resources [6]. 3.2. Fundamental Analysis - **Supply**: The supply remained at a high level in February, with an industry comprehensive operating rate above 80%. Although the market expects a spring maintenance season in March, there is no clear plan yet. The supply elasticity is still high, and the "real contraction" needs to be verified in March [8]. - **Demand**: In February, the demand was mainly affected by the time difference between "improved expectations" and "real recovery". The post - festival resumption of production and restocking expectations were high, but the real estate chain was weak, and the export support weakened [9]. - **Inventory**: Due to the Spring Festival, the inventory increased seasonally. The social inventory increased from about 1.206 million tons to about 1.353 million tons (+12.2%), and the factory inventory increased from about 290,000 tons to about 504,000 tons (+73.7%). The high inventory will be the core constraint in March [9]. - **Cost and Profit**: In February, the cost was relatively weak, and the profit improved. The loss of calcium - carbide - based production narrowed, and the ethylene - based production turned profitable. The profit improvement may increase the supply elasticity if the demand recovers in March [14]. - **International Market**: The overseas prices were strong in February, with the US Gulf FAS, Tianjin FOB, and Northwest Europe FOB rising by about 8.7%, 3.8%, and 8.4% respectively. The strong overseas market may improve export profits but needs further monitoring [14]. 3.3. Summary and Outlook - **February Market Summary**: In February, the PVC spot price increased, the basis converged after the festival, and there were signs of repair in the futures - spot structure. The market showed a lot of trading volume and open - interest increase, with inventory increasing seasonally. The cost was weak, and the profit improved, which may limit the price rebound if the demand does not meet expectations [15]. - **March Outlook**: In March, the trading focus is expected to shift from "post - festival expectation repair" to "real destocking verification". The basis may further converge and the market center may move up if the demand and supply conditions are favorable; otherwise, the market may remain weak. The impact of overseas price strength on exports also needs attention [17]. - **Strategy Recommendations**: For short - term trading, use an interval approach before the inventory shows a clear inflection point. For inter - period trading, consider positive spreads if spring maintenance occurs and destocking accelerates; otherwise, consider negative spreads. For hedging, producers can sell - hedge when the price rebounds and the basis improves, and downstream processors can buy - hedge when the basis is in deep contango [18].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Palm oil has a weak fundamental outlook, with its price being volatile in the short - term. Factors such as the seasonal production decline in Malaysia, changes in export volume, and demand in India and the domestic market influence its price. Attention should be paid to the US biodiesel policy [4]. - Soybean oil is trending strongly with a volatile pattern. The expected high - yield of Brazilian soybeans, optimistic expectations for the US biodiesel policy, and the rise in crude oil prices support the demand for US soybean oil. The domestic soybean import volume is low, and the inventory is slightly increasing. Short - term volatility is expected, and the US biodiesel policy should be monitored [4]. - Rapeseed oil is also in a volatile state. The global rapeseed supply is relatively abundant, and the domestic rapeseed inventory has increased. Affected by the festival, production and demand are weak. The news of the US biodiesel policy boosts the price of rapeseed oil, and it is expected to be volatile in the short - term [4]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Palm oil**: After the holiday, palm oil opened higher. Malaysia's palm oil is in a seasonal production decline cycle. From February 1 - 20, production decreased month - on - month, and exports decreased compared to the same period last month. The trade agreement between the US and Indonesia is expected to increase Indonesia's palm oil exports to the US to 3 million tons, supporting palm oil demand. Indonesia may raise export taxes in March, which will support Malaysia's palm oil exports. During the Spring Festival, driven by the rise in international crude oil prices, the palm oil price increased. However, its own fundamentals are weak, with reduced demand for Indian Ramadan stocking and weak export data suppressing price increases. Domestic purchases in February increased, inventory is high, and demand is weak. It is expected to be volatile in the short - term [4]. - **Soybean oil**: It is trending strongly with a volatile pattern. There is an expected high - yield of Brazilian soybeans. The US Environmental Protection Agency will submit a new biofuel blending volume authorization proposal to the White House on Wednesday, and the rule may be finalized by the end of March. There are optimistic expectations for the biodiesel policy, which supports the demand outlook for US soybean oil. At the same time, the geopolitical situation in the Middle East has deteriorated, and crude oil prices have risen significantly, causing US soybean oil to strengthen. The domestic soybean import volume is at a low level, the arrival volume has decreased, and the oil mill's operation has gradually resumed after the holiday, with a slight increase in inventory. It is expected to be volatile in the short - term, and the US biodiesel policy should be monitored [4]. - **Rapeseed oil**: It is in a volatile state. The global rapeseed supply is relatively abundant. As of February 20, the domestic rapeseed inventory increased to 98,000 tons. Affected by the festival, rapeseed oil production decreased, and demand was weak, with limited fundamental impact. China's import of Canadian rapeseed has increased the rapeseed supply. The news of the US biodiesel policy boosts the price of rapeseed oil, and it is expected to be volatile in the short - term [4]. 3.2 Fundamental Observation 3.2.1 Supply - **Palm oil**: Domestic palm oil inventory is high. As of February 20, the commercial inventory of palm oil in key national regions was 726,700 tons, a month - on - month increase of 25,300 tons, or a 3.61% increase [7]. - **Soybean oil**: Inventory is slightly accumulating. As of February 20, the commercial inventory of soybean oil in key national regions was 904,900 tons, a month - on - month increase of 700 tons, or a 0.07% increase [7]. - **Rapeseed oil**: As of February 20, the rapeseed oil inventory was 247,000 tons, a month - on - month increase of 2,000 tons, or a 0.82% increase, and it is at a low level year - on - year [7]. 3.2.2 Cost and Profit As of February 27, the CIF price of Malaysian - produced palm oil was $1,100 per ton, and the import cost price was 9,013 yuan per ton, a month - on - month increase of 30 yuan per ton compared to before the holiday [8]. 3.2.3 Purchase, Production, and Sales - **Palm oil**: Domestic purchases in February were relatively high. From February 7 - 24, 2026, there was 1 new ship cancellation, with a shipping date in September, and no new purchases. As of February 27, the total trading volume of 24 - degree palm oil in key national oil mills this week was 1,499 tons, a month - on - month increase of 1,499 tons [9]. - **Soybean oil**: As of February 20, the soybean port inventory increased to 5.594 million tons, at a low level year - on - year. The soybean crushing volume of oil mills was 37,200 tons, with an operation rate of 1.02%. After the holiday, the operation of oil mills gradually resumed; the soybean oil production was 7,000 tons, a month - on - month decrease of 313,600 tons. As of February 27, the weekly trading volume of domestic soybean oil was 54,800 tons, a month - on - month increase of 49,000 tons [9]. - **Rapeseed oil**: As of February 20, the production of rapeseed oil in coastal oil mills was 0 tons. During the festival, rapeseed oil trading came to a standstill. As of February 20, the pick - up volume of rapeseed oil in coastal oil mills was 0 tons, a month - on - month decrease of 310 tons [9]. 3.2.4 Spot Prices As of February 27, the spot price of Zhangjiagang Grade 4 soybean oil was 8,630 yuan per ton, a month - on - month increase of 150 yuan per ton; the spot price of 24 - degree palm oil in Guangdong was 8,780 yuan per ton, unchanged from the previous month; the spot price of Nantong Grade 4 rapeseed oil was 9,840 yuan per ton, a month - on - month increase of 70 yuan per ton [11]. 3.3 Malaysian Palm Oil Situation 3.3.1 Production and Inventory - **Production**: In January, Malaysian palm oil was in a seasonal production decline season. Affected by rainfall, the MPOB report showed that Malaysia's January production decreased by 1.5775 million tons month - on - month, a 13.78% decrease. Although the decrease was large, the production was still at a high level year - on - year. By region, the production in Peninsular Malaysia decreased by 16.65% month - on - month, the production in Sabah decreased by 8.96% month - on - month, the production in Sarawak decreased by 17.07% month - on - month, and the production in East Malaysia decreased by 11.09% month - on - month. With fewer working days in February, production is expected to continue to decline. The MPOA showed that from February 1 - 20, Malaysia's palm oil production decreased by 12.29% compared to the same period last month [14]. - **Inventory**: In January, the inventory decreased to 2.8155 million tons, a 7.72% month - on - month decrease. The de - stocking amplitude was higher than market expectations, but the Malaysian palm oil inventory was still at a high level year - on - year, with pressure [15]. 3.3.2 Exports and Consumption - **Exports**: In January, Malaysian palm oil exports were 1.4843 million tons, a 11.44% month - on - month increase. Due to the decrease in Malaysian palm oil prices, India's palm oil imports increased in January. In February, Malaysian palm oil exports decreased. ITS showed that from February 1 - 25, Malaysian palm oil exports decreased by 12.1% compared to the same period last month. AmSpec showed that from February 1 - 25, Malaysian palm oil exports decreased by 16.05% compared to the same period last month [18]. - **Consumption**: Malaysia's domestic consumption was 361,200 tons, a 14.52% month - on - month increase [18]. 3.4 Domestic Oil Situation 3.4.1 Palm Oil - As of February 20, the commercial inventory of palm oil in key national regions was 706,400 tons, with high inventory. In December, the domestic palm oil import volume was 280,000 tons, a month - on - month decrease of 50,000 tons. As of February 27, the palm oil trading volume was 1,499 tons, at a low - level operation [20][23]. - As of February 27, the import profit of 24 - degree palm oil was - 283 yuan per ton, a month - on - month decrease of 30 yuan per ton compared to before the holiday [26]. 3.4.2 Soybean Oil As of February 20, the soybean port inventory was 5.594 million tons, with inventory accumulation. The soybean crushing volume was 37,200 tons, a month - on - month decrease of 1.6507 million tons, reaching a low level. The oil mill operation rate was 1.02%, the soybean oil production was 7,000 tons, reaching a low level. The soybean oil inventory of 90 sample enterprises was 944,900 tons, a month - on - month increase of 700 tons, with a slight decrease [28][30]. 3.4.3 Rapeseed Oil As of February 20, the rapeseed inventory was 98,000 tons, and the rapeseed crushing volume was 0 tons. Affected by the festival, as of February 20, the production of rapeseed oil in coastal oil mills was 0 tons, at a low level. The rapeseed oil inventory was 240,000 tons, and the inventory continued to decline [32][34].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The coking coal market is under pressure. Although both the upstream and downstream of the industrial chain are in a recovery period, the downstream recovery ability is currently weaker than that of the upstream. The coking coal market is affected by factors such as steel mill emissions reduction during the Two - Sessions, the recovery of imported coal supply, and the resumption of domestic mines. [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - Coking coal opened lower and moved lower, with a small intraday rebound. Some steel enterprises in North China have received a notice of temporary independent emissions reduction during the 2026 National Two - Sessions from March 4th to March 11th, with a requirement to reduce emissions by at least 30% of the blast furnace load. [1] - The three major Mongolian coal ports are operating normally, and the supply of imported coal is gradually recovering. Domestic mines are gradually resuming work, with the operating load significantly increased by 20% this period. After the holiday, with the resumption of mines, the coking coal mine inventory increased by 6.04 tons. [1] - Independent coking enterprises and steel mills have seen inventory depletion for two consecutive weeks after the Spring Festival. After the festival, steel mills have slightly recovered, with an increase of 2.79 tons in molten iron production. The emissions reduction of steel mills during the Two - Sessions may interfere with short - term operations. [1] - Many places such as Shanghai have successively introduced new policies to stimulate the real estate market, and the performance of the terminal market still needs to be observed. [1] 3.2 Spot Data - The self - pick - up price of Mongolian No. 5 coking raw coal is 1000 yuan/ton, a decrease of 10 yuan/ton compared to the previous trading day. The spot price in Jiexiu is reported at 1270 yuan/ton, unchanged from the previous trading day. [2] - The closing price of the main contract futures is 1093.5 yuan/ton, and the basis in Jiexiu, Shanxi is 176.5 yuan/ton, a decrease of 3.5 yuan/ton compared to the previous trading day. [2] 3.3 Fundamental Tracking - Supply data: From February 21st to February 27th, the operating rate of 523 sample domestic coking coal mines was 68.24%, a month - on - month increase of 19.35 percentage points; the daily average output of refined coking coal was 64.9 tons, a month - on - month increase of 19.02 tons. [4] - Demand data: From February 21st to February 27th, the daily average output of downstream independent coking enterprises was 64.29 tons, a month - on - month increase of 0.55 tons; the daily average output of coke from 247 steel mills was 47.1 tons, a month - on - month decrease of 0.13 tons. The daily average molten iron output of 247 steel mills was 233.28 tons, a month - on - month increase of 2.79 tons. [5]