1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report provides a comprehensive analysis of various agricultural and sideline product options, including apple, cotton, jujube, egg, log, hog, and sugar options. It presents market data, option factors, and offers corresponding trading strategy suggestions for each option type [3][4][5] 3. Summary by Directory 3.1 Apple Options (AP) - **Market Data**: The AP605 contract closed at 9826 yuan yesterday, down 77 yuan or 0.77% from the previous day. The trading volume was 71,834 lots, an increase of 11,999 lots, and the open interest was 46,182 lots, a decrease of 4,969 lots [3][6] - **Option Factors**: The implied volatility of AP options fluctuated above the average of 0.2549. The open interest PCR was 0.3913, at the 4.08% level in the past year. The pressure level was 10,000, and the support level was 7,000 [5][6] - **Strategy Suggestions**: No directional strategy. No volatility strategy [7] 3.2 Cotton Options (CF) - **Market Data**: The CF605 contract closed at 15,295 yuan yesterday, down 110 yuan or 0.71% from the previous day. The trading volume was 217,405 lots, an increase of 212 lots, and the open interest was 493,580 lots, a decrease of 21,504 lots [15][18] - **Option Factors**: The implied volatility of CF options fluctuated above the average of 0.1460. The open interest PCR was 0.8508, at the 66.94% level in the past year. The pressure level was 16,400, and the support level was 14,800 [17][18] - **Strategy Suggestions**: No directional strategy. Construct a short call + put option combination strategy to obtain option time - value income, such as S_CF2605P14400, S_CF2605P14600, S_CF2605C15600, and S_CF2605C15800 [19] 3.3 Jujube Options (CJ) - **Market Data**: The CJ605 contract closed at 8,750 yuan yesterday, down 45 yuan or 0.51% from the previous day. The trading volume was 95,292 lots, an increase of 29,982 lots, and the open interest was 77,860 lots, a decrease of 12,737 lots [27][30] - **Option Factors**: The implied volatility of CJ options fluctuated above the average of 0.2763. The open interest PCR was 0.2146, at the 1.63% level in the past year. The pressure level was 11,600, and the support level was 8,300 [29][30] - **Strategy Suggestions**: No directional strategy. Construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions, such as S_CJ2607P8800 and S_CJ2607C9300 [31] 3.4 Egg Options (JD) - **Market Data**: The jd2605 contract closed at 3,440 yuan yesterday, down 11 yuan or 0.31% from the previous day. The trading volume was 168,133 lots, a decrease of 12,585 lots, and the open interest was 138,616 lots, a decrease of 17,311 lots [39][42] - **Option Factors**: The implied volatility of JD options fluctuated above the average of 0.2497. The open interest PCR was 0.606, at the 81.22% level in the past year. The pressure level was 4,000, and the support level was 3,200 [41][42] - **Strategy Suggestions**: No directional strategy. Construct a short call + put option combination strategy to obtain option time - value and directional income, and dynamically adjust positions to keep the position delta neutral, such as S_JD2605P3100, S_JD2605P3200, S_JD2605C3450, and S_JD2605C3550 [43] 3.5 Log Options (LG) - **Market Data**: The lg2605 contract closed at 820.5 yuan yesterday, down 2 yuan or 0.24% from the previous day. The trading volume was 4,637 lots, a decrease of 830 lots, and the open interest was 11,027 lots, a decrease of 360 lots [51][54] - **Option Factors**: The implied volatility of LG options fluctuated above the average of 0.2192. The open interest PCR was 0.3735, at the 4.90% level in the past year. The pressure level was 950, and the support level was 725 [54] - **Strategy Suggestions**: No directional strategy. No volatility strategy [55] 3.6 Hog Options (LH) - **Market Data**: The lh2605 contract closed at 9,770 yuan yesterday, down 230 yuan or 2.30% from the previous day. The trading volume was 188,706 lots, an increase of 5,757 lots, and the open interest was 187,160 lots, a decrease of 2,159 lots [63][66] - **Option Factors**: The implied volatility of LH options fluctuated above the average of 0.2447. The open interest PCR was 0.2212, at the 3.67% level in the past year. The pressure level was 15,600, and the support level was 9,400 [65][66] - **Strategy Suggestions**: Construct a bearish put spread strategy to obtain directional income, such as B_LH2605P11000, S_LH2605P9600. No volatility strategy [67] 3.7 Sugar Options (SR) - **Market Data**: The SR605 contract closed at 5,398 yuan yesterday, down 82 yuan or 1.49% from the previous day. The trading volume was 292,071 lots, a decrease of 113,226 lots, and the open interest was 269,186 lots, a decrease of 34,897 lots [75][78] - **Option Factors**: The implied volatility of SR options fluctuated above the average of 0.1224. The open interest PCR was 0.4185, at the 1.22% level in the past year. The pressure level was 6,200, and the support level was 5,300 [77][78] - **Strategy Suggestions**: No directional strategy. Construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust positions to keep the position delta neutral, such as S_SR2605P5200 and S_SR2605C5600 [79]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 1.227 billion yuan in 2025, representing a year-on-year growth of 23.2% [7] - The net profit attributable to the parent company reached 547 million yuan, a year-on-year increase of 43.0%, with a return on equity (ROE) of 17.7% [7] - The company plans to distribute a dividend of 0.41 yuan per share, which is a 24.2% increase compared to the previous year [7] - All business segments showed positive performance, with significant growth in futures brokerage, asset management, and risk management [7] Financial Performance Summary - Total revenue projections for the upcoming years are as follows: 1.410 billion yuan in 2026, 1.624 billion yuan in 2027, and 1.872 billion yuan in 2028, with respective growth rates of 15.0%, 15.2%, and 15.3% [1] - The net profit attributable to the parent company is expected to reach 681 million yuan in 2026, 785 million yuan in 2027, and 907 million yuan in 2028, with growth rates of 24.6%, 15.2%, and 15.6% respectively [1] - The earnings per share (EPS) are projected to be 1.43 yuan in 2026, 1.65 yuan in 2027, and 1.90 yuan in 2028 [1] Business Segment Performance - Futures brokerage revenue for 2025 was 730 million yuan, up 15.7% year-on-year, with a significant increase in client margin scale by 61.6% to 20 billion yuan [7] - Asset management revenue surged by 81.3% to 206 million yuan, with the asset management scale nearly doubling to 4.63 billion yuan [7] - Risk management business revenue grew by 14.2% to 260 million yuan, with a notable increase in nominal principal for derivative transactions [7] - The overseas subsidiary reported a revenue of 32 million yuan, reflecting a growth of 51.9% year-on-year [7]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report emphasizes that in the futures market, the ultimate game is a compound - interest duel of habits. Stable profits come from a habit system that allows good behaviors to occur automatically. By establishing the right identity, designing an effective system, and optimizing the trading environment, traders can cultivate good trading habits and achieve stable profits in the long run [2][6]. 3. Summary by Related Catalog Identity and Habit Formation - Identity recognition is the core engine of habit formation and the underlying logic of futures trading. Traders should establish the identity of "risk managers" rather than just focusing on profit - making goals. A wrong identity can lead to problems like 40% of margin calls due to reverse - position holding [3]. System Design - System design is more important than goal - setting. An excellent trader's system should follow the "four rules": make good habits obvious, attractive, easy, and satisfying. To get rid of bad habits, the opposite operations should be carried out [4]. Environmental Influence - Environment shapes habits, which in turn determine trading fate. Traders should optimize the trading environment by reducing the friction of bad habits, lowering the threshold of good habits, and building a positive community [5]. Habit Compound Interest - Small daily improvements or indulgences can lead to significant long - term changes. The highest realm of trading is to make profit a by - product of good habits [6].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the trading data of various index options on March 31, 2026, including option trading volume, PCR, and VIX, to reflect the market conditions of index options [1][2][3] 3. Summary by Directory Option Trading Volume - On March 31, 2026, the trading volume of Shanghai Stock Exchange 50 ETF options was 807,400 contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 885,900 contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1,545,900 contracts; the trading volume of Shenzhen 100 ETF options was 47,400 contracts; the trading volume of ChiNext ETF options was 1,510,200 contracts; the trading volume of Shanghai Stock Exchange 50 index options was 29,700 contracts; the trading volume of CSI 300 index options was 84,000 contracts; the total trading volume of CSI 1000 options was 281,800 contracts [1] Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 1.07, with a month - on - month change of - 0.13; the position PCR was reported at 0.74, with a month - on - month change of + 0.01. Similar data are provided for other types of options [2] Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 17.80%, with a month - on - month change of - 0.36%. Similar data are provided for other types of options [3]

1. Report Industry Investment Rating - There is no information provided in the content about the report industry investment rating. 2. Core View of the Report - The report presents the market liquidity situation of various sectors on March 31, 2026, including the trading volume, holding amount, and trading - holding ratio of each sector, as well as their changes compared with the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity - The report provides data on the trading volume, holding amount, and trading - holding ratio of multiple sectors, including the stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building materials sectors, along with their changes compared to the previous trading day [1][2] II. Stock Index Plate - On March 31, 2026, the trading volume of the stock index plate was 768.938 billion yuan, a +1.65% change from the previous trading day; the holding amount was 1441.666 billion yuan, a +1.20% change; the trading - holding ratio was 52.06% [1] III. Treasury Bond Plate - The trading volume of the treasury bond plate was 328.049 billion yuan, a - 9.66% change from the previous trading day; the holding amount was 899.274 billion yuan, a +2.06% change; the trading - holding ratio was 35.37% [1] IV. Basic Metal and Precious Metal (Metal Plate) - The basic metal plate had a trading volume of 499.243 billion yuan, a -1.03% change; the holding amount was 603.547 billion yuan, a -1.62% change; the trading - holding ratio was 89.77%. The precious metal plate had a trading volume of 804.314 billion yuan, a -13.22% change; the holding amount was 415.324 billion yuan, a +2.50% change; the trading - holding ratio was 237.94% [1] V. Energy - Chemical Plate - The trading volume of the energy - chemical plate was 948.296 billion yuan, a -5.95% change from the previous trading day; the holding amount was 549.713 billion yuan, a -5.07% change; the trading - holding ratio was 170.34% [1] VI. Agricultural Product Plate - The trading volume of the agricultural product plate was 407.780 billion yuan, a +5.39% change from the previous trading day; the holding amount was 661.439 billion yuan, a -0.40% change; the trading - holding ratio was 50.26% [1] VII. Black Building Materials Plate - The trading volume of the black building materials plate was 210.716 billion yuan, a +9.98% change from the previous trading day; the holding amount was 334.003 billion yuan, a -1.56% change; the trading - holding ratio was 58.21% [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The bond market is oscillating between stable growth and easing expectations. TACO trading has heated up again, influenced by the Middle - East situation. The LPR remains unchanged, while the reduced expectation of the Fed's interest - rate cut and increased global trade uncertainty add uncertainty to foreign capital inflows. In the short term, the policy signals at the end of the month should be monitored [4]. - The financial data has a neutral - to - positive impact on the bond market. The decline in credit growth and insufficient household financing demand indicate that the restoration of the economy's internal driving force still takes time, and bond yields are still driven downward. However, the impact of rising inflation expectations on short - term sentiment should be noted [3]. - The front - loaded fiscal policy and government bond supply suppress the short - term sentiment of the bond market, but the central bank's liquidity support and potential subsequent overall easing will provide bottom support for the bond market [3]. 3. Summary by Relevant Catalogs I. Interest Rate Pricing Tracking Indicators - Price indicators: China's monthly CPI has a month - on - month increase of 1.00% and a year - on - year increase of 1.30%; monthly PPI has a month - on - month increase of 0.40% and a year - on - year decrease of 0.90% [10]. - Monthly economic indicators: The scale of social financing is 451.40 trillion yuan, with a month - on - month increase of 2.29 trillion yuan and a growth rate of 0.51%; M2 year - on - year remains at 9.00%; the manufacturing PMI is 50.40%, with a month - on - month increase of 1.40 percentage points and a growth rate of 2.86% [11]. - Daily economic indicators: The US dollar index is 99.87, with a month - on - month decrease of 0.64 and a decline rate of 0.64%; the offshore US dollar - to - RMB exchange rate is 6.8871, with a month - on - month decrease of 0.026 and a decline rate of 0.38%; SHIBOR for 7 days is 1.44, up 0.02 with a growth rate of 1.41%; DR007 is 1.42, down 0.01 with a decline rate of 0.44%; R007 is 1.55, down 0.01 with a decline rate of 0.55%; the 3 - month inter - bank certificate of deposit (AAA) is 1.44, down 0.02 with a decline rate of 1.23%; the AA - AAA credit spread (1Y) is 0.09, with a month - on - month increase of 0.00 and a decline rate of 1.23% [12]. II. Overview of the Treasury Bond and Treasury Bond Futures Market - The closing prices of TS, TF, T, and TL on March 31, 2026, are 102.54 yuan, 106.11 yuan, 108.40 yuan, and 111.69 yuan respectively. The price changes are 0.00%, 0.03%, 0.04%, and 0.15% respectively [4]. - The average net basis of TS, TF, T, and TL are 0.082 yuan, 0.050 yuan, 0.031 yuan, and 0.065 yuan respectively [4]. III. Overview of the Money Market Liquidity - On March 31, 2026, the central bank conducted a 7 - day reverse repurchase operation of 3.25 billion yuan at a fixed interest rate of 1.4% through quantity tender [3]. - The main - term repurchase rates of 1D, 7D, 14D, and 1M are 1.277%, 1.438%, 1.469%, and 1.495% respectively, and the repurchase rates have declined recently [3]. IV. Spread Overview - The report presents various spread trends, including the inter - term spread of treasury bond futures, the spread between the current bond term and the futures cross - variety (such as 4*TS - T, 2*TS - TF, etc.) [8]. V. Two - Year Treasury Bond Futures - The report shows the implied interest rate of the two - year treasury bond futures' main contract and the treasury bond's maturity yield, the IRR of the TS main contract and the funding rate, and the three - year basis and net basis trends of the TS main contract [42][43]. VI. Five - Year Treasury Bond Futures - The report shows the implied interest rate of the five - year treasury bond futures' main contract and the treasury bond's maturity yield, the IRR of the TF main contract and the funding rate, and the three - year basis and net basis trends of the TF main contract [45][54]. VII. Ten - Year Treasury Bond Futures - The report shows the implied yield of the ten - year treasury bond futures' main contract and the treasury bond's maturity yield, the IRR of the T main contract and the funding rate, and the three - year basis and net basis trends of the T main contract [55][57]. VIII. Thirty - Year Treasury Bond Futures - The report shows the implied yield of the thirty - year treasury bond futures' main contract and the treasury bond's maturity yield, the IRR of the TL main contract and the funding rate, and the three - year basis and two - year net basis trends of the TL main contract [61][64]. 4. Strategy - Unilateral: With the decline of repurchase rates, treasury bond futures prices are oscillating [5]. - Arbitrage: Pay attention to the decline of the 2606 basis [5]. - Hedging: There is medium - term adjustment pressure, and short - sellers can use far - month contracts for moderate hedging [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The closing price of the ag2606 contract yesterday was 18,126 yuan, a rise of 598 yuan or 3.41% from the previous day. The trading volume was 881,875 lots, a decrease of 178,429 lots from the previous day, and the open interest was 241,055 lots, an increase of 7,170 lots from the previous day. The implied volatility of AG (silver options) fluctuated above the mean of 0.4823. The open interest PCR of AG options was reported at 0.6843, at the 0.82% level in the past year. The pressure level of the AG option underlying was 36,600, and the support level was 15,000 [6]. - The closing price of the au2606 contract yesterday was 1,020.1 yuan, a rise of 14.68 yuan or 1.46% from the previous day. The trading volume was 33,535 lots, a decrease of 58,160 lots from the previous day, and the open interest was 180,433 lots, a decrease of 520 lots from the previous day. The implied volatility of AU (gold options) fluctuated above the mean of 0.2784. The open interest PCR of AU options was reported at 0.5311, at the 2.45% level in the past year. The pressure level of the AU option underlying was 1,200, and the support level was 1,000 [18]. 3. Summary by Relevant Catalogs 3.1 Silver Options - **Futures Market Data**: The ag2606 contract had a closing price of 18,126, a trading volume of 881,875 lots (a decrease of 178,429 lots from the previous day), and an open interest of 241,055 lots (an increase of 7,170 lots from the previous day) [3]. - **Option Factor - Volume and Open Interest PCR**: For AG (silver call options), the trading volume was 196,657 (a decrease of 17,636), the open interest was 85,367 (an increase of 2,089), the trading volume PCR was 0.63 (a decrease of 0.02), and the open interest PCR was 0.68 (an increase of 0.03). For AG (silver put options), the trading volume was 123,660 (a decrease of 15,130), and the open interest was 58,414 (an increase of 4,340) [4]. - **Option Factor - Pressure and Support**: The AG (silver options) with the ag2605 contract had a strike price at the money of 18,100, a pressure level of 36,600, a support level of 15,000, a weighted implied volatility of 81.88% (a decrease of 4.10%), an annual average implied volatility of 48.23%, and HISV20 of 87.38% [5]. - **Option Strategy Suggestions**: No directional strategy. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust the positions to keep the delta of the positions neutral, such as S_AG2606P18000, S_AG2606C19000 [7]. 3.2 Gold Options - **Futures Market Data**: The au2606 contract had a closing price of 1,020.1, a trading volume of 33,535 lots (a decrease of 58,160 lots from the previous day), and an open interest of 180,433 lots (a decrease of 520 lots from the previous day) [15]. - **Option Factor - Volume and Open Interest PCR**: For AU (gold call options), the trading volume was 54,927 (a decrease of 5,203), the open interest was 47,369 (an increase of 1,122), the trading volume PCR was 0.42 (a decrease of 0.05), and the open interest PCR was 0.53 (an increase of 0.02). For AU (gold put options), the trading volume was 22,912 (a decrease of 4,927), and the open interest was 25,159 (an increase of 1,529) [16]. - **Option Factor - Pressure and Support**: The AU (gold options) with the au2606 contract had a strike price at the money of 1,020, a pressure level of 1,200, a support level of 1,000, a weighted implied volatility of 41.60% (a decrease of 1.53%), an annual average implied volatility of 27.84%, and HISV20 of 44.53% [17]. - **Option Strategy Suggestions**: No directional strategy. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust the positions to keep the delta of the positions neutral, such as S_AU2605P928, S_AU2605C1056 [19].

Report Investment Rating There is no information provided about the industry investment rating in the given content. Core Viewpoints - Global concerns about interest rate hikes have eased in the short term, but tail risks in crude oil still remain. The situation in Iran has been volatile, with the conflict escalating and then showing signs of cooling. The conflict mainly affects the crude oil, LPG, and shipping sectors, and rising oil prices have driven up the prices of oil - chemical products and oilseeds, also causing concerns about inflation and economic recession. The disruption of natural gas supply in the Middle East may have a more profound impact on Asia - Pacific countries [1][2]. - The Federal Reserve maintained the interest rate at 3.5% - 3.75% on March 19. Powell said he would not leave the council before the investigation ended and would not cut interest rates until inflation improved. The Bank of England maintained the interest rate and removed the "interest rate cut" wording. The Bank of Japan kept its policy unchanged, and the European Central Bank maintained the interest rate at 2% for the sixth consecutive time. The euro - zone inflation rate soared to 2.5% in March, and the expectation of interest rate hikes increased significantly [2]. - China's exports and imports in February increased by 39.6% and 13.8% year - on - year respectively. The growth rates of catering and upgraded consumer goods were leading. The added value of industrial enterprises above the designated size from January to February increased by 6.3% year - on - year, while real estate investment and new commercial housing sales area decreased. China's official manufacturing PMI in March rose to 50.4, and non - manufacturing PMI rose to 50.1, both better than expected [3]. - In the short term, the situation in Iran and oil prices dominate commodity fluctuations. There is an inverse correlation between the non - ferrous metals, precious metals, and oil prices. If oil prices continue to rise, it will drive up the prices of oil - chemical products; if the situation eases, stock indices, non - ferrous metals, and precious metals have strong allocation value. The black metal sector should focus on domestic policy expectations and the possibility of low - valuation repair [3]. - The strategy for commodities and stock index futures is to buy on dips for stock indices, precious metals, and some chemical products [4]. Section Summaries Market Analysis - The situation in Iran has been volatile. After the US and Israel's air strikes on February 28, Iran's Islamic Revolutionary Guard Corps launched a large - scale counter - attack. On March 19, the conflict in the Middle East escalated again, with Israel and Iran attacking key energy facilities. The situation then cooled down. On March 25, the US proposed a one - month cease - fire to discuss a 15 - point agreement to end the war with Iran. On March 28, the Houthi rebels in Yemen launched ballistic missiles at southern Israel, increasing the risk of the Red Sea's Mandeb Strait. As of March 31, Trump set a negotiation deadline of 8:00 on April 7, and US Secretary of State Rubio said the Iran war would last 2 - 4 weeks. Iran's parliament's National Security and Foreign Policy Commission passed a bill to charge fees for ships passing through the Strait of Hormuz [1]. Global Interest Rate Trends - On March 19, the Federal Reserve maintained the interest rate at 3.5% - 3.75%. Powell said he would not leave the council before the investigation ended and would not cut interest rates until inflation improved. The US Senate Banking Committee plans to hold a hearing for Kevin Warsh, the Fed chairman nominee, as early as the week of April 13. On March 30, Powell said the Fed's interest rate was in a "favorable position" and could ignore the oil - price shock related to Iran but should be vigilant about changes in inflation expectations. The Bank of England maintained the interest rate, removed the "interest rate cut" wording, and was "ready to take action" against inflation. The Bank of Japan kept its policy unchanged, and the European Central Bank maintained the interest rate at 2% for the sixth consecutive time. The euro - zone inflation rate soared to 2.5% in March, and the expectation of interest rate hikes increased significantly [2]. Domestic Economic Situation - China's exports and imports in February increased by 39.6% and 13.8% year - on - year respectively. The growth rates of catering and upgraded consumer goods were leading. The added value of industrial enterprises above the designated size from January to February increased by 6.3% year - on - year, while real estate investment and new commercial housing sales area decreased. China's official manufacturing PMI in March rose to 50.4, and non - manufacturing PMI rose to 50.1, both better than expected. The central bank's first - quarter monetary policy meeting emphasized the need to play the integrated effect of incremental and stock policies and strengthen monetary policy regulation [3]. Commodity Market - In the short term, the situation in Iran and oil prices dominate commodity fluctuations. There is an inverse correlation between the non - ferrous metals, precious metals, and oil prices. If oil prices continue to rise, it will drive up the prices of oil - chemical products such as pure benzene, EB, PVC, PTA, ethylene glycol, and methanol; if the situation eases, stock indices, non - ferrous metals, and precious metals have strong allocation value. The black metal sector should focus on domestic policy expectations and the possibility of low - valuation repair. The oilseeds in the agricultural products are also affected by the spill - over effect of oil prices [3]. Strategy - The strategy for commodities and stock index futures is to buy on dips for stock indices, precious metals, and some chemical products [4]. Important News - Iran's parliament's National Security and Foreign Policy Commission passed a bill to charge fees for ships passing through the Strait of Hormuz, including financial arrangements and a charging system in Iranian rials, banning US and Israeli ships from passing through, maintaining Iran's and its armed forces' dominant position, banning countries participating in unilateral sanctions against Iran from passing through, and cooperating with Oman to formulate relevant legal frameworks [6]. - From the evening of March 30 to noon on March 31, Tehran was attacked by two rounds of air strikes, causing explosions and short - term power outages in some areas. The US - Israel attack on Iran's Qeshm Island paralyzed a seawater desalination plant [6]. - US Defense Secretary Hedges said on March 31 that the next few days would be decisive for the Middle East conflict, and there was a large - scale desertion phenomenon in the Iranian armed forces [6]. - On March 31, China and Pakistan put forward a five - point initiative to restore peace and stability in the Gulf and the Middle East: immediately stop hostilities, start peace talks as soon as possible, ensure the safety of non - military targets, ensure the safety of sea lanes, and ensure the primary status of the UN Charter [1][7]. - The euro - zone CPI annual rate in March was 2.5%, with an expected value of 2.6% and a previous value of 1.90% [7]. - China's official manufacturing PMI in March was 50.4, with an expected value of 50.1 and a previous value of 49 [7]. - The central bank's first - quarter monetary policy meeting in 2026 proposed to play the integrated effect of incremental and stock policies, comprehensively use various tools, strengthen monetary policy regulation, maintain sufficient liquidity, and match the growth of social financing scale and money supply with economic growth and price level targets [7].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Precious metals rebounded significantly. The easing signal of the US - Iran conflict alleviated short - term suppression factors for precious metals. In the long - term, the price center of precious metals will continue to rise due to the elevated geopolitical risk, concerns about US fiscal sustainability, and the ongoing de - dollarization process. Gold has a long - term upward trend, and silver, platinum, and palladium follow the overall sector trend with relatively larger fluctuations [6]. 3. Summary by Relevant Catalogs Futures Market - **Prices and Changes**: For沪金2606, the closing price was 1020.10, up 5.22 (0.51%) from the previous day; for沪金2604, the closing price was 1010.000, down 1.020 (-0.10%); for沪银2606, the closing price was 18126, up 419 (2.37%); for沪银2604, the closing price was 18137, up 381 (2.15%) [2]. - **Positions and Volumes**: The持仓量 of沪金2606 was 180433, and the成交量 was 335355; for沪金2604, the持仓量 was 13530, and the成交量 was 23055; for沪银2606, the持仓量 was 241055, and the成交量 was 881875; for沪银2604, the持仓量 was 17199, and the成交量 was 24551 [2]. - **Spot Premiums**: The现货升贴水 of沪金2606 was -4.42, and that of沪金2604 was 5.68; for沪银2606, it was -95, and for沪银2604, it was -106 [2]. Spot Market - **Prices and Changes**: Shanghai Gold T + D closed at 1015.68, up 6.72 (0.67%); London gold closed at 4669.13, up 155.61 (3.45%); Shanghai Silver T + D closed at 18031, up 471 (2.68%); London silver closed at 75.14, up 5.10 (7.28%) [2]. - **Price Ratios**: The difference between沪金2606 and沪金2604 was 10.10 (previous value: 3.86); the difference between沪银2606 and沪银2604 was -11.00 (previous value: -49.00); the gold/silver ratio (spot) was 56.33 (previous value: 57.46); the ratio of Shanghai gold to London gold was 0.98; the ratio of Shanghai silver to London silver was 1.08 [2]. Inventory - **Changes**: The上期所黄金库存 remained unchanged at 106,644 kg; the上期所白银库存 decreased by 5760 kg to 368,667 kg; the COMEX gold inventory decreased by 2604 ounces to 31,533,901 ounces; the COMEX silver inventory increased by 231248 ounces to 327,820,669 ounces [2]. Related Derivatives and Market Indicators - **Market Indicators**: The美元指数 decreased by 0.65 to 99.86; the标普500指数 increased by 184.80 to 6,528.52; the 10 - year US Treasury yield decreased by 0.05% to 4.30%; the布伦特原油 price decreased by 5.36 to 103.53; the美元兑人民币 exchange rate decreased by 0.0049 to 6.9081 [2]. - **ETF and CFTC Positions**: The SPDR黄金ETF持仓 increased by 1.1 tons to 1,047.3 tons; the SLV白银ETF持仓 decreased by 14.1 tons to 15,274.3 tons; the CFTC投机者净持仓 for gold increased by 8458 to 168,327; the CFTC投机者净持仓 for silver increased by 2792 to 24,673 [2]. Macro News - **Iran's Stance**: Iranian President Pezeshkiyan stated on March 31 that Iran has the "necessary will" to end the war, provided that the other side meets Iran's demands, especially the guarantee of no further aggression. Iranian Foreign Minister Araghchi said that there is no negotiation but information exchange with the US, and Iran has not responded to the US's 15 proposals [3][4]. - **US Stance**: US officials are concerned about indirect negotiations through third - parties and believe direct negotiations are more efficient. Trump said the US will end the war with Iran in two to three weeks, and it's possible to reach an agreement with Iran before that [4][5].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The market fluctuated and adjusted throughout the day, with all three major indices declining. The Shanghai Composite Index fell 0.8%, the Shenzhen Component Index fell 1.81%, and the ChiNext Index fell 2.7%. The Shanghai Composite Index has fallen 6.51% this month, and the Science and Technology Innovation 50, CSI 500, CSI 2000, and Beijing Stock Exchange 50 indices have fallen more than 10% this month [1]. - The conflict between the United States and Iran has disturbed the capital market, causing significant fluctuations in crude oil prices, which first fell and then rose. The Federal Reserve maintained the interest rate level, and Powell's stance was hawkish. The dot - plot shows only one expected interest rate cut this year, increasing the risk - aversion sentiment in the capital market [1]. - In the medium term, if global technology stocks are affected by liquidity, the previously strong technology sectors in the A - share market may experience a valuation correction [1]. - The current macro - economy is in a stage of steady recovery, structural optimization, and moderate inflation, which is negative for the bond market. In the short term, it is mainly in a volatile and bearish state, with long - term interest rates under more pressure, while short - term rates are relatively stable supported by the capital market [2]. Summary by Directory Research Views - **Stock Index Futures**: The market was volatile, with most stocks falling. The trading volume was 2.01 trillion yuan. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all declined. The Fed's decision and the US - Iran conflict affected the market, and the A - share technology sector may face valuation adjustments [1]. - **Treasury Bond Futures**: The 30 - year, 10 - year, 5 - year, and 2 - year Treasury bond futures contracts all rose. The central bank conducted 325 billion yuan of 7 - day reverse repurchases, with a net injection of 150 billion yuan. The weighted average interest rates in the inter - bank and exchange repurchase markets generally declined [1][2]. Daily Price Changes | Variety | 2026 - 03 - 31 | 2026 - 03 - 30 | Change | Change Rate | | --- | --- | --- | --- | --- | | IH | 2,804.0 | 2,812.4 | - 8.4 | - 0.30% | | IF | 4,375.8 | 4,414.0 | - 38.2 | - 0.87% | | IC | 7,425.0 | 7,560.6 | - 135.6 | - 1.79% | | IM | 7,379.4 | 7,509.4 | - 130.0 | - 1.73% | | Shanghai Composite 50 | 2,826.1 | 2,833.2 | - 7.1 | - 0.25% | | CSI 300 | 4,450.0 | 4,492.0 | - 41.9 | - 0.93% | | CSI 500 | 7,617.3 | 7,753.7 | - 136.4 | - 1.76% | | CSI 1000 | 7,619.9 | 7,767.9 | - 148.1 | - 1.91% | | TS | 102.54 | 102.54 | - 0.006 | - 0.01% | | TF | 106.11 | 106.09 | 0.015 | 0.01% | | T | 108.40 | 108.39 | 0.01 | 0.01% | | TL | 111.69 | 111.60 | 0.09 | 0.08% | [3] Market News - The market adjusted throughout the day, with the three major indices falling. High - speed rail and rail transit, and two - wheeled vehicle concept stocks rose, while computing power hardware stocks adjusted [4]. - Most stocks fell, with more than 4,300 stocks in the Shanghai, Shenzhen, and Beijing markets closing in the red. The trading volume was 2.01 trillion yuan [4]. - In terms of sectors, high - speed rail and rail transit, automobile manufacturing, engineering machinery, and banks led the gains, while coal, oil and gas, wind power, and chemical industries led the losses [5]. - There were 903 rising stocks, 59 limit - up stocks, 4,192 falling stocks, 16 limit - down stocks, and 17 stocks with their limit - up broken, with a broken - limit - up rate of 34% [6]. Chart Analysis - **Stock Index Futures**: The report provides the historical price trends and basis trends of IH, IF, IC, and IM futures contracts [8][10][12]. - **Treasury Bond Futures**: The report shows the historical price trends, basis trends, inter - period spreads, cross - variety spreads, and capital interest rate trends of Treasury bond futures contracts [15][17][19][21]. - **Exchange Rates**: The report presents the historical trends of the US dollar - RMB, euro - RMB exchange rates, forward exchange rates, and the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [24][25][27][29][30].