1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report presents the daily data of stock index futures, including the IM, IF, IC, and IH contracts, covering aspects such as closing prices, trading volumes, open interests, basis, and the positions of major seats. 3. Summary by Relevant Catalogs IM Contracts - **Daily Quotes**: The closing price of the CSI 1000 index was 7,639.38 points, down 1.44%. The main contract of IM fell 1.53% to close at 7,375.6 points. The total trading volume of the four IM contracts was 197,047 lots, a decrease of 26,805 lots from the previous day, and the total open interest was 381,532 lots, an increase of 5,924 lots [4][5][9]. - **Basis**: The main contract of IM was at a discount of 263.78 points, an increase of 10 points from the previous day, and the annualized basis rate was -14.67%. The dividend impacts of the four IM contracts were 0.17 points, 5.24 points, 38.14 points, and 59.4 points respectively [5][14]. - **Positions of Major Seats**: The report details the trading volumes, long positions, and short positions of the top 20 seats for each IM contract, along with their changes from the previous day [18][20][22]. IF Contracts - **Daily Quotes**: The closing price of the CSI 300 index was 4,477.53 points, down 1.32%. The main contract of IF fell 1.2% to close at 4,396 points. The total trading volume of the four IF contracts was 85,527 lots, a decrease of 16,748 lots from the previous day, and the total open interest was 253,805 lots, a decrease of 6,738 lots [23][24]. - **Basis**: The main contract of IF was at a discount of 81.53 points, an increase of 5.94 points from the previous day, and the annualized basis rate was -7.61%. The dividend impacts of the four IF contracts were 0.5 points, 7.65 points, 29.08 points, and 82.2 points respectively [24][34]. - **Positions of Major Seats**: The report details the trading volumes, long positions, and short positions of the top 20 seats for each IF contract, along with their changes from the previous day [38][40][41]. IC Contracts - **Daily Quotes**: The closing price of the CSI 500 index was 7,642.13 points, down 1.62%. The main contract of IC fell 1.8% to close at 7,413.8 points. The total trading volume of the four IC contracts was 137,371 lots, a decrease of 39,013 lots from the previous day, and the total open interest was 279,817 lots, a decrease of 5,998 lots [43][44]. - **Basis**: The main contract of IC was at a discount of 228.33 points, an increase of 9.34 points from the previous day, and the annualized basis rate was -12.63%. The dividend impacts of the four IC contracts were 6.77 points, 11.72 points, 56.85 points, and 92.18 points respectively [44][55]. - **Positions of Major Seats**: The report details the trading volumes, long positions, and short positions of the top 20 seats for each IC contract, along with their changes from the previous day [60][61][63]. IH Contracts - **Daily Quotes**: The closing price of the SSE 50 index was 2,824.67 points, down 1.22%. The main contract of IH fell 0.97% to close at 2,804.8 points. The total trading volume of the four IH contracts was 42,373 lots, a decrease of 9,146 lots from the previous day, and the total open interest was 101,133 lots, a decrease of 2,109 lots [65]. - **Basis**: The main contract of IH was at a discount of 19.87 points, an increase of 9.66 points from the previous day, and the annualized basis rate was -2.91%. The dividend impacts of the four IH contracts were 0 points, 3.03 points, 17.43 points, and 61.45 points respectively [66][74]. - **Positions of Major Seats**: The report details the trading volumes, long positions, and short positions of the top 20 seats for each IH contract, along with their changes from the previous day [79][81][83].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On Thursday, the I2605 contract fluctuated and trended stronger. Macroeconomically, the US White House stated that the negotiations between the US and Iran are "ongoing and productive", and Trump instructed the US Department of Defense to suspend the strike on Iran's power and energy infrastructure. If Iran refuses to accept the reality, the US will take tougher actions. In terms of supply and demand, the shipment and arrival volumes of iron ore from Australia and Brazil increased this period, the domestic port inventory declined, the blast furnace operating rate and molten iron output increased, and there is an expectation of increased demand. However, the chaotic situation between the US and Iran affects market sentiment. Technically, the 1 - hour MACD indicator of the I2605 contract shows that DIFF and DEA are testing the 0 - axis support. It is recommended for short - term trading with attention to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - I main contract closing price: 817.00 yuan/ton, up 10.50 yuan [2] - I main contract open interest: 408,026 lots, down 6,288 lots [2] - I 5 - 9 contract spread: 29.5 yuan/ton, up 0.50 yuan [2] - I contract top 20 net open interest: - 13,809 lots, down 3,537 lots [2] - I Dalian Commodity Exchange warehouse receipts: 3,200.00 lots, unchanged [2] - Singapore iron ore main contract quote as of 15:00: 107.35 US dollars/ton, up 2.16 US dollars [2] 3.2 Spot Market - Qingdao Port 61.5% PB powder ore: 851 yuan/dry ton, down 5 yuan [2] - Qingdao Port 60.5% Mac fine ore: 830 yuan/dry ton, down 10 yuan [2] - Jingtang Port 56.5% Super Special fine ore: 739 yuan/dry ton, down 11 yuan [2] - I main contract basis (Mac fine dry ton - main contract): 13 yuan, down 20 yuan [2] - Iron ore 62% Platts Index (previous day): 106.50 US dollars/ton, down 2.20 US dollars [2] - Ratio of Jiangsu scrap steel to Qingdao Port 60.5% Mac fine ore: 3.19, up 0.02 [2] - Estimated import cost: 846 yuan/ton, down 15 yuan [2] - Global iron ore shipment volume (weekly): 3,144.30 tons, up 95.50 tons [2] - China's 47 - port arrival volume (weekly): 2,383.10 tons, up 66.10 tons [2] - 47 - port iron ore inventory (weekly): 17,814.18 tons, down 133.14 tons [2] - Sample steel mill iron ore inventory (weekly): 9,034.06 tons, up 104.96 tons [2] 3.3 Industry Situation - Iron ore import volume (monthly): 9,764.00 tons, down 1,475.00 tons [2] - Iron ore available days (weekly): 19.00 days, down 2 days [2] - Daily output of 266 mines (weekly): 40.85 tons, up 1.04 tons [2] - Operating rate of 266 mines (weekly): 64.29%, up 1.80% [2] - Iron concentrate inventory of 266 mines (weekly): 63.13 tons, up 15.45 tons [2] - BDI index: 2,001.00, up 12.00 [2] - Iron ore freight rate: Tubarao, Brazil - Qingdao: 30.25 US dollars/ton, up 0.15 US dollars [2] - Iron ore freight rate: Western Australia - Qingdao: 10.59 US dollars/ton, down 0.67 US dollars [2] 3.4 Downstream Situation - Blast furnace operating rate of 247 steel mills (weekly): 79.80%, up 1.44% [2] - Blast furnace capacity utilization rate of 247 steel mills (weekly): 85.55%, up 2.65% [2] - Domestic crude steel output (monthly): 6,818 tons, down 169 tons [2] 3.5 Option Market - Underlying historical 20 - day volatility (daily): 14.92%, down 0.02% [2] - Underlying historical 40 - day volatility (daily): 16.32%, up 0.16% [2] - At - the - money call option implied volatility (daily): 22.48%, up 0.57% [2] - At - the - money put option implied volatility (daily): 23.59%, up 1.05% [2] 3.6 Industry News - Mysteel statistics show that the total inventory of imported sinter powder of 114 steel mills is 2,854.15 tons, a week - on - week increase of 6.05 tons. The total daily consumption of imported sinter powder is 111.04 tons, a week - on - week increase of 2.34 tons. The inventory - to - consumption ratio is 25.7, a week - on - week decrease of 0.50 [2] - From March 16 to March 22, 2026, the arrival volume at China's 47 ports is 2,383.1 tons, a week - on - week increase of 66.1 tons; the arrival volume at China's 45 ports is 2,271.6 tons, a week - on - week increase of 56.6 tons; the arrival volume at the six northern ports is 1,050.4 tons, a week - on - week decrease of 179.8 tons [2] 3.7 Key Focus - Domestic iron ore port inventory, steel mill blast furnace operating rate and capacity utilization rate on Friday [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For alumina, the fundamentals may be in a stage of relatively high supply and stable demand, with positive industry consumption expectations. It is recommended to trade with a light position in a volatile manner, paying attention to controlling the rhythm and trading risks [2] - For electrolytic aluminum, the fundamentals may be in a stage of stable supply and warming demand, with a slight increase in industrial inventory and positive industry expectations. The option market sentiment is bullish, and it is also recommended to trade with a light position in a volatile manner, paying attention to controlling the rhythm and trading risks [2] - For cast aluminum alloy, the fundamentals may be in a stage of increasing supply and weakening demand. It is recommended to trade with a light position in a volatile manner, paying attention to controlling the rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Aluminum Futures**: The closing price of the Shanghai Aluminum main contract was 23,725 yuan/ton, down 135 yuan; the main - second - consecutive contract spread was -115 yuan, up 10 yuan; the main contract position was 259,986 lots, down 6,884 lots; the net position of the top 20 in Shanghai Aluminum was -36,054 lots, down 7,332 lots; the Shanghai - London ratio was 7.32, down 0.03; the Shanghai Aluminum inventory on the Shanghai Futures Exchange was 452,044 tons, up 35,619 tons; the Shanghai Aluminum warehouse receipt was 404,742 tons, down 69 tons [2] - **Alumina Futures**: The closing price of the alumina futures main contract was 2,931 yuan/ton, down 32 yuan; the main - second - consecutive contract spread was -47 yuan, down 2 yuan; the main contract position was 223,006 lots, up 2,224 lots [2] - **Cast Aluminum Alloy Futures**: The closing price of the cast aluminum alloy main contract was 22,820 yuan/ton, down 110 yuan; the main - second - consecutive contract spread was 20 yuan, up 80 yuan; the main contract position was 1,833 lots, down 1,730 lots; the registered warehouse receipt on the Shanghai Futures Exchange was 39,035 tons, down 1,390 tons; the inventory on the Shanghai Futures Exchange was 53,690 tons, down 9,041 tons [2] - **LME Aluminum**: The three - month quotation of LME electrolytic aluminum was 3,242 US dollars/ton, down 3.5 US dollars; the LME aluminum inventory was 426,750 tons, down 925 tons; the LME aluminum cancelled warehouse receipt was 153,925 tons, unchanged; the LME aluminum premium was 49.84 US dollars/ton, up 2.47 US dollars [2] 3.2 Spot Market - **Aluminum Spot**: The price of Shanghai Non - ferrous A00 aluminum was 23,510 yuan/ton, down 250 yuan; the price of Yangtze River Non - ferrous Market AOO aluminum was 23,820 yuan/ton, down 330 yuan; the Shanghai Wumao aluminum premium was -90 yuan/ton, up 40 yuan; the basis of electrolytic aluminum was -215 yuan, down 115 yuan [2] - **Alumina Spot**: The spot price of alumina in Shanghai Non - ferrous was 2,755 yuan/ton, up 5 yuan; the basis of alumina was -176 yuan, up 37 yuan [2] - **Cast Aluminum Alloy Spot**: The average price (tax - included) of ADC12 aluminum alloy ingots nationwide was 24,300 yuan/ton, down 200 yuan; the basis of cast aluminum alloy was 1,480 yuan, down 90 yuan [2] 3.3 Upstream Situation - **Alumina**: The monthly output was 801.08 million tons, down 12.72 million tons; the monthly import volume was 18.10 million tons, down 7.94 million tons; the monthly export volume was 15.00 million tons, down 4.00 million tons; the monthly demand (electrolytic aluminum part) was 731.29 million tons, up 25.33 million tons; the monthly supply - demand balance was 28.90 million tons, up 2.32 million tons; the national monthly operating rate was 82.10%, down 0.39%; the total monthly capacity utilization rate was 83.00%, down 1.00% [2] - **Aluminum Scrap**: The average price of crushed raw aluminum in Foshan metal scrap was 0 yuan/ton, down 18,500 yuan; the average price of crushed raw aluminum in Shandong metal scrap was 17,650 yuan/ton, down 50 yuan; the monthly import volume of aluminum scrap and fragments in China was 136,323.65 tons, down 56,401.89 tons; the monthly export volume was 55.23 tons, up 33.81 tons [2] 3.4 Industry Situation - **Electrolytic Aluminum**: The monthly import volume of primary aluminum was 201,491.17 tons, up 12,566.45 tons; the monthly export volume was 10,039.89 tons, down 3,249.90 tons; the total monthly production capacity was 4,540.20 million tons, unchanged; the monthly operating rate was 98.93%, up 0.04%; the social inventory of electrolytic aluminum was 130.10 million tons, up 0.20 million tons [2] - **Aluminum Products**: The monthly output of aluminum products was 613.56 million tons, up 20.46 million tons; the monthly export volume of unforged aluminum and aluminum products was 43.00 million tons, down 11.00 million tons [2] - **Aluminum Alloy**: The monthly output of aluminum alloy was 182.50 million tons, unchanged; the monthly output of recycled aluminum alloy ingots was 27.08 million tons, down 39.41 million tons; the monthly export volume of aluminum alloy was 1.33 million tons, down 1.09 million tons; the total monthly built - in production capacity of recycled aluminum alloy ingots was 126.00 million tons, unchanged [2] 3.5 Downstream and Application - **Automobile**: The monthly automobile production was 341.15 million vehicles, down 10.75 million vehicles [2] - **Real Estate**: The national real estate climate index was 91.45, down 0.44 [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai Aluminum was 24.04%, up 0.09%; the 40 - day historical volatility was 31.84%, down 0.05%; the implied volatility of the at - the - money option of the Shanghai Aluminum main contract was 18.57%, down 0.0064; the call - put ratio of Shanghai Aluminum options was 1.75, down 0.1619 [2] 3.7 Industry News - The situation of the US - Iran negotiation is uncertain. Iran has rejected the US cease - fire proposal, while the White House spokesman said the negotiation is still ongoing and productive. The US House Speaker Johnson said the Iran war is "close to ending" [2] - Iran's permanent mission to the United Nations stated that non - belligerent country ships can pass through the Strait of Hormuz safely after coordination. COSCO Shipping Lines has resumed new bookings for ordinary containers to some Middle - East countries [2] - Chinese Premier Li Qiang had a phone call with Dutch Prime Minister Rutte, expressing China's willingness to strengthen cooperation with the Netherlands [2] - As of the end of February, the cumulative installed power generation capacity in China was 3.95 billion kilowatts, a year - on - year increase of 15.9%. Among them, the installed capacity of solar power generation was 1.23 billion kilowatts, a year - on - year increase of 33.2%; the installed capacity of wind power was 0.65 billion kilowatts, a year - on - year increase of 22.8% [2] - The US - Israel military action against Iran did not meet expectations, and both sides' high - level officials shifted the blame. US President Trump blamed the Secretary of Defense and the Chief of Staff, and in Israel, the head of Mossad was accused of misleading the governments [2] - Federal Reserve Governor Milan said the current Fed policy is dragging down the economy, and the Fed should gradually cut interest rates to a neutral level this year. The overall inflation forecast for this year was raised to 2.7% [2] - European Central Bank President Lagarde said the ECB will take decisive action if the soaring energy costs lead to broader inflation, but is currently assessing the impact of the Middle - East situation [2]

1. Report Industry Investment Rating - No relevant content found. 2. Core Viewpoints - The inflation trading in the bond market is nearing its end, and the short - term market logic may shift to changes in the capital side and risk preference. With ample liquidity, low capital prices, relatively stable short - term interest rates, there are opportunities for phased repair of long - term interest rates. However, geopolitical uncertainties are high, oil price fluctuations are intensifying, and there may be continued adjustments. Attention should be paid to the development of the Iranian situation [4]. 3. Summary by Related Catalogs 3.1 Futures Market - **Closing Prices and Volume Changes**: T, TF, TS, and TL main contract closing prices increased by 0.08%, 0.07%, 0.02%, and 0.22% respectively. T and TL main contract trading volumes increased by 6510 and 6722 respectively, while TF and TS main contract trading volumes decreased by 533 and 3353 respectively [2]. - **Futures Spreads**: Some spreads such as TL2606 - 2609, T06 - TL06, TF06 - T06, etc. showed different degrees of decline or increase [2]. - **Futures Positions**: T and TL main contract positions increased by 1106 and 1634 respectively, while TF and TS main contract positions decreased by 2552 and 1818 respectively. The net positions of the top 20 in each contract also changed to varying degrees [2]. 3.2 Bond Market - **CTD and Active Bond Yields**: The net prices of several CTD bonds increased. The yields of active bonds with different maturities showed declines, with the 3 - year, 5 - year, 7 - year, and 10 - year yields decreasing by 0.5bp, 0.3bp, 0.3bp, and 0.4bp respectively [2]. - **Short - term Interest Rates**: Silver - pledged overnight and 7 - day interest rates decreased by 2.28bp and 3.45bp respectively, while Shibor overnight and 7 - day interest rates increased by 0.1bp and 0.3bp respectively [2]. 3.3 Industry News - **Long - term Care Insurance Policy**: The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued an opinion to establish a long - term care insurance system with a target of about 3 years and a unified premium rate of about 0.3% [2]. - **Power Generation Installed Capacity**: As of the end of February, the cumulative installed power generation capacity in the country was 3.95 billion kilowatts, a year - on - year increase of 15.9%. Among them, solar power and wind power installed capacities increased by 33.2% and 22.8% respectively [3]. - **US - Iran Negotiations**: The situation of US - Iran negotiations is complex. Iran rejected the US cease - fire proposal, while the White House said the negotiations were ongoing and productive. The US is trying to arrange a meeting to discuss the "exit plan" for the war against Iran [3]. 3.4 Key Events to Watch - March 27, 09:30, China's industrial enterprise profits from January to February [4]. - March 27, 22:00, US Michigan Consumer Sentiment Index for March [4].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report predicts that Shanghai nickel will experience short - term shock adjustments, and investors should focus on the competition around the MA60 line [4] - On the macro - front, the situation between the US and Iran is complex. Iran has rejected the US cease - fire proposal, while the White House claims the negotiation is ongoing and productive. The information exchange is not considered a negotiation by Iran, and the Strait of Hormuz is open to non - belligerent countries [3] - On the fundamental side, the nickel ore imports have declined as the Philippines enters the rainy season. The approval progress of Indonesia's nickel ore RKAB production is faster than expected, alleviating supply concerns. The domestic refined nickel production is expected to rise again, and the demand from stainless steel plants and new - energy vehicles is increasing [3] - Technically, the position volume has decreased, the price has corrected, and the bullish sentiment is cautious [4] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 135,860 yuan/ton, down 270 yuan; the 05 - 06 contract spread of Shanghai nickel is - 230 yuan/ton, down 40 yuan [3] - The LME 3 - month nickel price is 17,345 US dollars/ton, up 365 US dollars; the main contract position volume of Shanghai nickel is 179,895 hands, down 8,924 hands [3] - The net long position of the top 20 futures positions of Shanghai nickel is - 49,024 hands, up 4,278 hands; the LME nickel inventory is 282,456 tons, down 432 tons [3] - The Shanghai Futures Exchange nickel inventory is 63,661 tons (weekly), down 20 tons; the LME nickel cancelled warrants total 18,492 tons, down 408 tons [3] - The warehouse receipt quantity of Shanghai nickel is 57,593 tons, down 12 tons [3] 3.2 Spot Market - The SMM 1 nickel spot price is 139,350 yuan/ton, up 1,550 yuan; the spot average price of 1 nickel plate in Yangtze River Non - ferrous Metals is 139,250 yuan/ton, up 1,350 yuan [3] - The CIF (bill of lading) price of Shanghai electrolytic nickel is 210 US dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 210 US dollars/ton, unchanged [3] - The average price of battery - grade nickel sulfate is 31,650 yuan/ton, unchanged; the basis of the NI main contract is 3,490 yuan/ton, up 1,820 yuan [3] - The LME nickel (spot/three - month) premium is - 195.11 US dollars/ton, up 0.78 US dollars [3] 3.3 Upstream Situation - The monthly import volume of nickel ore is 122.39 million tons, down 16.03 million tons; the total port inventory of nickel ore is 792.66 million tons (weekly), down 65.68 million tons [3] - The average monthly import unit price of nickel ore is 96.59 US dollars/ton, down 28.97 US dollars/ton; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [3] 3.4 Industry Situation - The monthly electrolytic nickel output is 29,430 tons, up 1,120 tons; the total monthly nickel - iron output is 2.14 million metal tons, unchanged [3] - The monthly import volume of refined nickel and alloys is 17,308.15 tons, down 5,231.79 tons; the monthly import volume of nickel - iron is 83.17 million tons, down 7.82 million tons [3] 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 131.94 million tons, down 53.87 million tons; the total weekly inventory of 300 - series stainless steel is 62.42 million tons, down 1.28 million tons [3] 3.6 Industry News - The negotiation between the US and Iran is unclear. Iran has rejected the US cease - fire proposal, while the White House claims the negotiation is ongoing and productive. Iran is prepared for further escalation of the situation [3] - Non - belligerent ships can pass through the Strait of Hormuz after coordination. COSCO Shipping Lines has resumed new booking business (ordinary containers) to some Middle - East countries but will not pass through the Strait of Hormuz for now [3] - As of the end of February, the total installed power generation capacity in China is 3.95 billion kilowatts, a year - on - year increase of 15.9%. The installed capacity of solar power generation is 1.23 billion kilowatts, a year - on - year increase of 33.2%; the installed capacity of wind power is 0.65 billion kilowatts, a year - on - year increase of 22.8% [3] - A Fed governor believes that the current Fed policy is dragging down the economy and should gradually cut interest rates to the neutral level this year. The overall inflation forecast for this year is raised to 2.7% due to the oil price shock [3] - The ECB President says that the ECB will take decisive action if inflation is triggered by the soaring energy cost, and is currently assessing the impact of the Middle - East situation [3]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The pricing logic of precious metals is complex. When geopolitical tensions rise, some funds reduce their positions in precious metals for liquidity management and profit - taking. When the market anticipates a potential easing of the Middle - East situation, a slowdown in oil price increases, and a decline in inflation expectations, gold and silver regain support. The current market seems to factor in the logic that if the Middle - East situation eases, the re - inflation pressure driven by oil prices may weaken, leading to a rebound in precious metals when both the dollar and interest rates decline. The market's dominant logic has shifted from geopolitical risk aversion to the re - pricing of a restrictive interest - rate environment. In the future, inflation expectations, hawkish central bank policies, strong oil prices, and a strong dollar are the main risk factors. However, if the global economic slowdown is confirmed and stagflation trading heats up, gold prices may still be supported. In the long - term, central bank gold purchases and supply constraints remain valid, and precious metals still have allocation value. Technically, the daily RSI of London gold and silver has rebounded from the oversold range, and the MACD green bar has converged. The short - term rebound may continue but with gradually weakening momentum. It is recommended to wait and see in the short - term, and long - term funds can consider gradually building long positions on dips [2] 3. Summary by Relevant Catalogs 3.1. Futures Market - The closing price of the Shanghai Gold main contract was 995.980 yuan/gram, down 18.0 yuan; the closing price of the Shanghai Silver main contract was 17,472 yuan/kilogram, down 639.00 yuan. The main contract's open interest for Shanghai Gold was 170,696.00 lots, up 1,164.00 lots; for Shanghai Silver, it was 37,336.00 lots, down 10,102.00 lots. The main contract's trading volume for Shanghai Gold was 291,301.00 lots, down 25,881.00 lots; for Shanghai Silver, it was 775,118.00 lots, down 192,810.00 lots. The warehouse receipt quantity for Shanghai Gold was 106,743 kilograms (unchanged); for Shanghai Silver, it was 370,299 kilograms, down 5,795 kilograms [2] 3.2. Spot Market - The spot price of gold on the Shanghai Gold Exchange was 991.36 yuan/gram, down 24.09 yuan; the spot price of Huatong No.1 silver was 17,750.00 yuan, down 652.00 yuan. The basis of the Shanghai Gold main contract was - 4.62 yuan/gram, down 6.11 yuan; the basis of the Shanghai Silver main contract was 278.00 yuan/gram, down 13.00 yuan [2] 3.3. Supply and Demand Situation - The SPDR Gold ETF holdings were 1,052.70 tons, down 4.29 tons; the SLV Silver ETF holdings were 15,513.67 tons, up 264.76 tons. The non - commercial net long positions of gold in CFTC (weekly) were 159,869.00 contracts, down 3,263.00 contracts; for silver, they were 21,881.00 contracts, down 2,697.00 contracts. The total quarterly supply of gold was 1,302.80 tons, down 0.19 tons; the total annual supply of silver was 32,056.00 tons, up 482.00 tons. The total quarterly demand for gold was 1,345.32 tons, up 79.57 tons; the total annual demand for silver was 35,716.00 tons, down 491.00 tons. The US dollar index was 99.64, up 0.43; the real yield of the 10 - year US Treasury bond was 2.02%, down 0.04% [2] 3.4. Macroeconomic Data - The VIX volatility index was 25.33, down 1.62; the CBOE gold volatility index was 38.65, down 3.25. The ratio of the S&P 500 to the gold price was 0.00, down 0.04; the gold - silver ratio was 62.38, down 0.69 [2] 3.5. Industry News - The US - Iran negotiation situation is unclear. Iran rejects the US cease - fire proposal, while the White House says the negotiation is ongoing and productive. Iranian officials deny the negotiation. Wall Street institutions raise the probability of a US economic recession due to the Middle - East conflict, rising oil prices, and labor - market structural weakness. Moody's analysis shows a 48.6% probability of a US recession in the next 12 months, and Goldman Sachs raises the forecast to 30%. In February, US import prices rose 1.3% month - on - month, the largest single - month increase since March 2022, and export prices rose 1.5% month - on - month, the largest since May 2022. A Fed official suggests the Fed should cut interest rates to a neutral level this year and raises the inflation forecast to 2.7% [2] 3.6. Key Events to Watch - March 25, 20:30: US February durable goods orders month - on - month; March 26, 20:30: US Q4 2025 real GDP annualized quarterly rate final value; March 26, 20:30: US initial jobless claims for the week ending March 21; March 27, 20:30: US February core PCE price index year - on - year/month - on - month; March 27, 20:30: US February personal spending month - on - month; March 27, 22:00: US March University of Michigan consumer confidence index final value [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On Thursday, the HC2605 contract fluctuated weakly. The macro - situation shows that the US has sent proposals to end the war to Iran through friendly countries, and Iran is studying them. In terms of supply and demand, the weekly output of hot - rolled coils continued to increase, with the capacity utilization rate rising to 78.07%. Terminal demand continued to recover, and inventory declined again. Overall, terminal demand is resilient, and there is still support from the cost side, but the chaotic situation between the US and Iran affects market sentiment. Technically, the 1 - hour MACD indicator of the HC2605 contract shows that DIFF and DEA are adjusting downward. It is recommended for short - term trading with attention to risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - HC main contract closing price is 3,305 yuan/ton, down 8 yuan; HC main contract position is 962,265 lots, down 40,839 lots; HC contract top 20 net position is - 61,681 lots, up 156 lots; HC5 - 10 contract spread is - 8 yuan/ton, up 1 yuan; HC Shanghai Futures Exchange warehouse receipt is 537,279 tons, up 8,827 tons; HC2605 - RB2605 contract spread is 177 yuan/ton, down 4 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,320 yuan/ton, unchanged; in Guangzhou is 3,300 yuan/ton, unchanged; in Wuhan is 3,350 yuan/ton, unchanged; in Tianjin is 3,240 yuan/ton, unchanged. HC main contract basis is 15 yuan/ton, up 8 yuan; Hangzhou hot - rolled coil - rebar spread is 50 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port is 794 yuan/wet ton, down 1 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,180 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,990 yuan/ton, unchanged. The 45 - port iron ore inventory is 17,102.67 tons, down 89.13 tons; the sample coking plant coke inventory is 52.35 tons, down 3.75 tons; the sample steel mill coke inventory is 687.78 tons, up 0.16 tons; the Hebei billet inventory is 239.94 tons, down 9.59 tons [2] 3.4 Industry Situation - The blast furnace start - up rate of 247 steel mills is 79.80%, up 1.44%; the blast furnace capacity utilization rate is 85.55%, up 2.65%. The sample steel mill hot - rolled coil output is 305.61 tons, up 5.4 tons; the sample steel mill hot - rolled coil capacity utilization rate is 78.07%, up 1.38%. The sample steel mill hot - rolled coil factory inventory is 83.85 tons, down 1.11 tons; the 33 - city hot - rolled coil social inventory is 369.42 tons, down 6.91 tons. The domestic crude steel output is 6,818 tons, down 169 tons; the steel net export volume is 747 tons, up 18 tons [2] 3.5 Downstream Situation - The monthly automobile output is 167.24 tons, down 77.74 tons; the monthly automobile sales volume is 180.52 tons, down 54.13 tons. The monthly air - conditioner output is 2,162.89 tons, up 660.29 tons; the monthly household refrigerator output is 1,001.15 tons, up 56.95 tons; the monthly household washing machine output is 1,197.50 tons, down 3.80 tons [2] 3.6 Industry News - On March 26, Mysteel information showed that the actual output of hot - rolled coils this period is 305.61 tons, a week - on - week increase of 5.4 tons; the factory inventory is 83.85 tons, a week - on - week decrease of 1.11 tons; the social inventory is 369.42 tons, a week - on - week decrease of 6.91 tons; the total inventory is 453.27 tons, a week - on - week decrease of 8.02 tons; the apparent demand is 313.63 tons, a week - on - week increase of 3.12 tons. The Ministry of Commerce determined that Mexico's measures of raising import tariff rates on products from non - free - trade partners such as China constitute a trade and investment barrier [2]

Report Industry Investment Rating - Not provided Core Viewpoints - For corn, the international oil price is high due to the ongoing conflict between the US and Iran, which boosts the international corn market price. In the domestic market, the willingness of grain holders to sell is increasing as the purchase price rises, but the price increase is limited by factors such as mildew risk, cautious purchases by drying towers, and the enhanced substitution effect of wheat. The corn futures price of the main 2605 contract closed down 0.08% and maintained an adjustment trend, and short - term participation is recommended [2]. - For corn starch, the supply pressure has increased as the corn starch enterprise's operating rate has risen due to the increased supply of raw material corn. The industry inventory pressure has also slightly increased. However, supported by the good price of raw material corn, the starch spot market performs well, and the starch market has maintained a relatively strong shock recently [3]. Summary by Directory Futures Market - Corn starch futures closing price (active contract) is 2376 yuan/ton, and the corn starch futures closing price (active contract) is 2765 yuan/ton. The corn monthly spread (5 - 9) is - 6 yuan/ton, and the corn starch monthly spread (5 - 7) is - 29 yuan/ton. The futures positions of the active contracts of yellow corn and corn starch are 1198270 hands and 261034 hands respectively, with changes of - 34473 hands and - 4239 hands. The net buying volume of the top 20 positions in corn and corn starch is - 198088 hands and - 21878 hands respectively, with a change of - 706 hands for corn [2]. - The registered warehouse receipts of yellow corn and corn starch are 65858 hands and 4675 hands respectively, with changes of - 1787 hands and - 50 hands. The CS - C spread of the main contract is - 11 yuan/ton [2]. - The closing price of CBOT corn futures (active contract) is 5.25 cents/bushel, the total position of CBOT corn is 1773499 contracts, an increase of 50191 contracts. The non - commercial net long position of CBOT corn is 312342 contracts, with a position quantity of 54561 contracts [2]. Spot Market - The average spot price of corn is 2452.55 yuan/ton, with a change of - 0.1 yuan/ton. The ex - factory quotes of corn starch in Changchun, Weifang, and Shijiazhuang are 2900 yuan/ton, 3060 yuan/ton, and 3040 yuan/ton respectively, with no change [2]. - The fob price of corn at Jinzhou Port is 2400 yuan/ton, with no change. The CIF price of imported corn is 2150.25 yuan/ton, with a change of 3.42 yuan/ton. The international freight of imported corn is 0 US dollars/ton [2]. - The basis of the corn starch main contract is 135, a decrease of 2; the basis of the corn main contract is - 0.1. The spread between Shandong starch and corn is 496 yuan/ton, a decrease of 44 yuan/ton [2]. - The average spot price of wheat is 2590.56 yuan/ton, a decrease of 2.5 yuan/ton. The spread between tapioca starch and corn starch is 835 yuan/ton, an increase of 98 yuan/ton. The spread between corn starch and 30 - powder is - 14 yuan/ton, a decrease of 2 yuan/ton [2]. Upstream Situation - The predicted sown areas of corn in the US, Brazil, Argentina, China, and Ukraine are 432.34 million hectares, etc., and the predicted yields are 36.93 million tons, 22.6 million tons, 7.5 million tons, 44.96 million tons, and 29 million tons respectively, with no change [2]. Industry Situation - The corn inventory in southern ports is 44.7 tons, a decrease of 24.9 tons; the corn inventory in northern ports is 247 tons, an increase of 28 tons. The deep - processing corn inventory is 376.9 tons, an increase of 39.2 tons [2]. - The monthly import volume of corn is 80 tons, and the monthly export volume of corn starch is 16.74 tons, a decrease of 0.2 tons. The monthly output of feed is 3008.6 tons [2]. Downstream Situation - The sample feed corn inventory days are 30.27 days, an increase of 0.21 days. The deep - processing corn consumption is 134.14 tons, an increase of 7.28 tons [2]. - The operating rate of alcohol enterprises is 58.76%, an increase of 3.15%; the operating rate of starch enterprises is 60.98%, an increase of 2.18% [2]. Option Market - The 20 - day historical volatility of corn is 9.13%, an increase of 0.02%; the 60 - day historical volatility of corn is 7.75%, an increase of 0.05% [2]. - The implied volatility of at - the - money call options for corn is 11.92%, a decrease of 4.98%; the implied volatility of at - the - money put options for corn is 11.92%, a decrease of 4.99% [2]. Industry News - As of March 20, 2026, the domestic trade corn inventory in Guangdong Port is 23.4 tons, a decrease of 5.10 tons from last week; the foreign trade inventory is 14.7 tons, a decrease of 1.50 tons from last week; the imported sorghum is 49.2 tons, an increase of 9.70 tons from last week; the imported barley is 77.7 tons, an increase of 7.20 tons from last week [2]. - The ongoing US - Iran conflict affects the international oil price, which boosts the international corn market price and is also beneficial to the domestic market [2]. Key Points to Focus On - Pay attention to the weekly consumption of mysteel corn and the operating and inventory conditions of starch enterprises on Thursday and Friday [3]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The inventory of domestic urea enterprises continued to decline this week, and industrial demand continued to increase. Although reserve supplies are being continuously released, most urea factories still face a tight supply situation. Some factories' previous inventory has gradually decreased. Next week is the final stage of stockpiling, and some local factories are actively releasing reserves, which may drive the inventory of urea enterprises to decline. The UR2605 contract is expected to fluctuate in the range of 1850 - 1900 in the short - term [2] Summary by Relevant Catalogs Futures Market - The closing price of the Zhengzhou urea main contract was 1875 yuan/ton, with a week - on - week increase of 12 yuan/ton; the 5 - 9 spread of Zhengzhou urea was - 64 yuan/ton, with a week - on - week decrease of 6 yuan/ton [2] - The position volume of the Zhengzhou urea main contract was 196,640 lots, with a week - on - week increase of 4,576 lots; the net position of the top 20 in Zhengzhou urea was - 35,926 lots, with a week - on - week decrease of 618 lots [2] - The exchange warehouse receipts of Zhengzhou urea were 9,024 sheets, with a week - on - week increase of 239 sheets [2] Spot Market - The spot prices in Hebei, Henan, Shandong, and Anhui were 1870 yuan/ton, 1860 yuan/ton, 1890 yuan/ton, and 1870 yuan/ton respectively, with the prices in Hebei, Henan, and Anhui remaining unchanged and that in Shandong increasing by 10 yuan/ton week - on - week [2] - The FOB price in the Baltic Sea was 595 US dollars/ton, and the FOB price at the main Chinese port was 712.5 US dollars/ton, both remaining unchanged week - on - week [2] - The basis of the Zhengzhou urea main contract was 15 yuan/ton, with a week - on - week decrease of 12 yuan/ton [2] Industry Situation - The port inventory was 16.7 million tons, with a week - on - week decrease of 2.2 million tons; the enterprise inventory was 70.05 million tons, with a week - on - week decrease of 10.84 million tons [2] - The urea enterprise operating rate was 92.19%, with a week - on - week decrease of 1.1 percentage points; the daily urea output was 217,100 tons, with a week - on - week decrease of 2,600 tons [2] - The urea export volume was 11 million tons, with a week - on - week decrease of 20%; the monthly output of urea was 6,035,310 tons, with a month - on - month decrease of 254,300 tons [2] Downstream Situation - The operating rate of compound fertilizers was 49.97%, with a week - on - week increase of 4.41 percentage points; the operating rate of melamine was 59.31%, with a week - on - week increase of 5.96 percentage points [2] - The weekly profit of compound fertilizers in China was 131 yuan/ton, with a week - on - week decrease of 59 yuan/ton; the weekly profit of melamine with externally purchased urea was 1,012 yuan/ton, with a week - on - week increase of 726 yuan/ton [2] - The monthly output of compound fertilizers was 444.13 million tons, with a month - on - month decrease of 73.86 million tons; the weekly output of melamine was 32,600 tons, with a week - on - week increase of 4,400 tons [2] Industry News - As of March 25, the total inventory of Chinese urea enterprises was 70.05 million tons, a decrease of 10.84 million tons from the previous period, a week - on - week decrease of 13.40%. The inventory of domestic urea enterprises continued to decline this period [2] - As of March 26, the sample inventory at Chinese urea ports was 16.9 million tons, a week - on - week increase of 0.2 million tons, an increase of 1.20%. The urea port inventory fluctuated slightly this period [2] - As of March 26, the output of Chinese urea production enterprises was 1.4756 billion tons, a decrease of 43.8 million tons from the previous period, a week - on - week decrease of 2.88%. The capacity utilization rate was 88.35%, a decrease of 3.84 percentage points from the previous period, showing an obvious downward trend. There were 4 new enterprise device shutdowns and 4 shutdown device restarts during the period. Considering that there may be 1 enterprise device planned to shut down next week and 2 - 3 shutdown enterprise devices may resume production, and taking into account the possibility of short - term enterprise failures, there is a relatively high possibility of a slight increase in output [2] Suggestions for Attention - Pay attention to the enterprise inventory, port inventory, daily output, and operating rate data from Longzhong on Thursday [2]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - ICE cotton futures rose slightly on Wednesday, and investors remained cautious ahead of the US Department of Agriculture's planting intention report next week. The ICE May cotton futures contract closed up 0.56 cents, or 0.83%, at 68.18 cents per pound [2]. - In the domestic market, on the supply side, cotton imports increased significantly year - on - year, and port inventories continued to grow. From January to February 2026, China imported 370,000 tons of cotton, a 41% year - on - year increase. On the consumption side, the demand in the textile industry's "Golden March and Silver April" is slowly starting, spinning mills' operation continues to resume production, yarn sales are good, and inventories have decreased significantly. It is expected that the center of cotton prices will move up [2]. Summary by Directory Futures Market - Zhengzhou cotton main contract closing price (daily, yuan/ton): 15,420, up 80; cotton futures top 20 net positions (lots): - 185,366, up 1,051; main contract positions: cotton (daily, lots): 550,380, down 3,264; warehouse receipt quantity: cotton (daily, sheets): 12,444, up 100; China Cotton Price Index: CCIndex: 3128B (daily, yuan/ton): 16,745, up 34 [2]. - Cotton yarn main contract closing price (daily, yuan/ton): 21,640, down 30; cotton yarn futures top 20 net positions (lots): - 758, up 2; main contract positions: cotton yarn (daily, lots): 11,488, down 1,484; warehouse receipt quantity: cotton yarn (daily, sheets): 227, down 2; China Yarn Price Index: pure cotton carded yarn 32 - count (daily, yuan/ton): 22,180, up 30 [2]. Spot Market - China's imported cotton price index: FCIndexM: 1% tariff (daily, yuan/ton): 13,169, up 101; arrival price: imported cotton yarn price index: pure cotton carded yarn 32 - count (daily, yuan/ton): 22,528, up 12 [2]. - China's imported cotton price index: FCIndexM: sliding - scale duty (daily, yuan/ton): 14,081, up 70; arrival price: imported cotton yarn price index: pure cotton combed yarn 32 - count (daily, yuan/ton): 23,949, up 13 [2]. Upstream Situation - National cotton sowing area (annual, thousand hectares): 2,838.3, up 48.3; national cotton output (annual, ten thousand tons): 616, up 54 [2]. Industry Situation - Cotton and cotton yarn price difference (daily, yuan/ton): 5,469, up 51; industrial inventory: cotton: national (monthly, ten thousand tons): 89.4, up 3.3 [2]. - Cotton: import quantity: monthly value (monthly, ten thousand tons): 17, down 4; cotton yarn: import quantity: monthly value (monthly, tons): 130,000, down 30,000 [2]. - Imported cotton profit (daily, yuan/ton): 2,630, down 91; commercial inventory: cotton: national (monthly, ten thousand tons): 547.7, down 31.17 [2]. Downstream Situation - Inventory days: yarn (monthly, days): 21.45, down 0.26; inventory days: grey cloth (monthly, days): 33.24, up 0.11 [2]. - Cloth: output: monthly value (monthly, billion meters): 30.1, up 2; yarn: output: monthly value (monthly, ten thousand tons): 213.2, up 9.3 [2]. - Clothing and clothing accessories: export amount: monthly value (monthly, ten thousand US dollars): 11,061,465.19, down 2,748,526.81; textile yarns, fabrics and products: export amount: monthly value (monthly, ten thousand US dollars): 11,382,891.7, down 2,808,585.3 [2]. Option Market - Cotton at - the - money call option implied volatility (%): 14.93, up 1.91; cotton at - the - money put option implied volatility (%): 14.93, up 1.9 [2]. - Cotton 20 - day historical volatility (%): 10.03, down 6.19; cotton 60 - day historical volatility (%): 14.44, up 0.1 [2]. Industry News - The Brazilian Cotton Growers Association (Abrapa) reported that Brazil exported 270,500 tons of cotton in February, a 1.5% year - on - year decrease. In the first seven months of the 2025/26 season (from August 2025 to February 2026), cumulative cotton exports reached 1.9925 million tons, a 4.6% year - on - year increase. In February, China, Turkey, and Bangladesh imported 173,000 tons of cotton. Cumulatively in the 2025/26 season, these three countries imported 1.1349 million tons, accounting for 57% of Brazil's cotton exports during the same period [2].