Group 1 - The core viewpoint of the articles highlights the financial performance and operational advancements of Orient Overseas International, with a revenue of $9.722 billion and a shareholder profit of $1.513 billion for the year ending December 31, 2025, a decrease from $2.577 billion in 2024 [1] - The company received nine new container ships with a capacity of 16,828 TEU, enhancing its service capabilities on the Pacific route and allowing the resumption of the LL3 route on the Asia-Europe line due to increased capacity [1] - In 2026, new vessels will be delivered, including 24,000 TEU methanol dual-fuel container ships and 13,580 TEU traditional fuel container ships, marking a significant milestone in the company's decarbonization journey [1] Group 2 - The collaboration with COSCO Shipping Lines has deepened, leading to significant progress in cost optimization and risk diversification, providing a solid foundation for the company's stable operations [2] - The company is accelerating its development towards a deeper supply chain, offering customized solutions such as international order processing, cargo management, and warehousing to create an end-to-end intelligent digital supply chain [2] - Digitalization has been integrated into the company's services and management, enhancing cost control, management efficiency, and user experience, while maintaining competitiveness [2]

Core Viewpoint - The shipping security situation in the Strait of Hormuz has deteriorated sharply due to escalating regional conflicts, impacting both energy and general commodity transportation [1]. Group 1: Incident Overview - Three commercial vessels were attacked near the Strait of Hormuz, indicating a spread of shipping risks from energy transport to general goods [2]. - The attacked vessels included: - "Mayuree Naree": A Thai-flagged cargo ship hit by an "unknown projectile," resulting in severe damage to the engine room. 20 Thai crew members evacuated, with three still missing. Iran acknowledged firing at the ship, claiming it was illegally passing through the strait [3]. - "Star Gwyneth": A bulk carrier owned by Star Bulk Carriers, which sustained limited damage above the waterline, with no injuries reported among the 20 crew members [3]. - "One Majesty": A container ship owned by Mitsui O.S.K. Lines, which was hit while anchored about 60 miles from the Strait. Despite damage above the waterline, the ship remains operational and the crew is safe [3]. Group 2: Regional Impact - Since February 28, following U.S. and Israeli attacks on Iran, there have been 17 reported incidents affecting vessels in the region, including 13 attack reports according to the UK Maritime Trade Operations (UKMTO) [3].

Group 1: Core Views - The geopolitical conflict continues to escalate, and the shipping market sentiment remains high due to the blockage of the shipping route in the Strait of Hormuz. Geopolitical risks are continuously transmitted to freight rates, intensifying market fluctuations [2]. - The freight rates of VLCCs generally maintain high - level fluctuations. The Middle - East routes have the characteristic of high prices but lack of trading, with soaring freight rates while most market participants adopt a wait - and - see attitude. The closure of the Strait of Hormuz causes some east - bound ballast ships to turn to West Africa, leading to a correction in the freight rates of West African routes [2]. - The freight rates of Aframax and Suezmax ship types have increased significantly this week [2]. Group 2: Data Highlights - According to the latest freight rate data, the Baltic Crude Oil Freight Index increased by 58 points last week, a rise of 2.02% [2]. - The freight rates of TD3C (Middle - East to China), TD15 (West Africa to China), and TD22 (US Gulf to China) changed by +2.99%, - 23.49%, and - 3.54% respectively [2].

Summary of Key Points from Conference Call Records Industry Overview - The records focus on the global oil transportation market, particularly the impact of the Iran-U.S. conflict on shipping routes through the Strait of Hormuz, which is a critical passage for oil and LNG transportation. Core Insights and Arguments - **Traffic Decline in the Strait of Hormuz**: The number of vessels passing through the Strait dropped from over 100 to single digits, with insurance costs skyrocketing by 10 times, reaching 3% of vessel value, leading to a de facto closure of the route [1][4]. - **VLCC Freight Rates**: Current peak rates for Very Large Crude Carriers (VLCC) are unsustainable. Future benefits are expected from a "low-efficiency recovery model," where costs will drive freight rates to maintain a long-term average of $150,000 to $200,000 per day [1][11]. - **Limited Replacement Capacity**: Saudi Arabia's east-west pipeline and the Yanbu port can only replace about 50%-60% of its domestic shipping volume, unable to cover the daily shortfall of 20 million tons, with LNG transport having no viable alternatives [1][7]. - **Impact of Shadow Fleet**: If the conflict escalates and the Iranian shadow fleet, which accounts for 20% of global capacity, is systematically cleared, the demand will shift to compliant markets, keeping VLCC rates high despite suppressed demand due to high oil prices [1][9]. - **Longxing Shipping's Market Control**: Longxing Shipping has acquired approximately 24% of the spot VLCC capacity, creating a "shipping version of OPEC+" that will significantly amplify freight rate elasticity and asset valuations during the new ship delivery trough before 2028 [1][16]. - **Russian-Ukrainian War's Influence**: The expectation of a ceasefire in the Russia-Ukraine conflict is seen as beneficial for oil shipping, as it will trigger the clearing of the Russian shadow fleet, positively affecting compliant capacity [1][14]. Additional Important Insights - **Current Status of the Strait**: The Strait is not legally closed but is commercially frozen, with most commercial vessels ceasing operations due to insurance and operational risks [2][4]. - **Insurance Market Reaction**: The war risk insurance premium has surged from 0.25% to 3% of vessel value, reflecting the heightened risk perception and leading to a significant reduction in shipping activity [4][10]. - **Alternative Shipping Routes**: While alternative routes exist, they can only buffer the impact and cannot fully replace the daily flow of 15-20 million tons of oil and LNG through the Strait [7][8]. - **Historical Context**: The current situation reflects multiple historical mechanisms of oil transport crises, including route interruptions and panic buying, which could lead to a structural re-evaluation of VLCC rates [9][10]. - **Future Scenarios for VLCC Rates**: Three potential scenarios for VLCC rates are outlined: 1. **Long-term Standoff**: Rates may stabilize at $150,000 to $200,000 per day due to ongoing low-efficiency transport [11]. 2. **Quick Resolution**: If tensions ease, rates may drop to $100,000 to $150,000 per day, but the psychological impact of the crisis will keep rates elevated [11]. 3. **Escalation of Conflict**: In a worst-case scenario, rates could spike to $300,000 to $500,000 per day temporarily before falling back to around $100,000 due to demand collapse [12][13]. Conclusion - The records provide a comprehensive analysis of the current state and future outlook of the oil shipping market, emphasizing the significant impact of geopolitical tensions on shipping routes, freight rates, and market dynamics. The interplay between supply constraints, insurance costs, and strategic acquisitions by key players like Longxing Shipping will shape the market in the coming years.

Core Viewpoint - The stock of China COSCO Shipping Holdings Co., Ltd. (中远海控) has shown a positive performance with a 1.21% increase on March 12, 2023, reaching a total market capitalization of 244.08 billion yuan [10]. Group 1: Company Overview - China COSCO Shipping Holdings Co., Ltd. was established on January 5, 2007, and listed on June 26, 2007. The company primarily engages in international and domestic container shipping services, with container shipping accounting for 96.06% of its revenue and terminal operations for 5.35% [18]. - The company operates under the transportation and shipping industry, with significant involvement in the "Belt and Road" initiative, having invested in approximately 180 container ships, representing 62% of its total container fleet capacity [12][18]. Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 167.60 billion yuan, a year-on-year decrease of 4.09%, and a net profit attributable to shareholders of 27.07 billion yuan, down 29.00% compared to the previous year [8][18]. - The company has a history of dividend payments, with a total of 119.28 billion yuan distributed since its A-share listing, and 67.27 billion yuan in the last three years [19]. Group 3: Market Dynamics - The company is affected by the ongoing Russia-Ukraine conflict, which may lead to shifts in import and export trade patterns, potentially increasing transportation costs [2][11]. - The stock has experienced a net outflow of 9.84 million yuan from major investors today, with a total industry net outflow of 363 million yuan over the past two days, indicating a trend of reduced investment [3][14]. Group 4: Technical Analysis - The average trading cost of the stock is 14.57 yuan, with recent trends indicating a rapid exit of investors. The current stock price is fluctuating between resistance at 16.98 yuan and support at 15.12 yuan, suggesting potential for short-term trading strategies [6][17].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The main shipping companies have announced emergency fuel surcharges, and attention should be paid to the freight rate correction in the second half of March. The EFS will increase the valuation of near - month contracts to some extent [1][6]. - For the EC2604 contract approaching delivery, consider the shipping company's price - holding intention and actual price adjustment. Due to high geopolitical risks and weak off - season cargo volume, the contract's volatility will be amplified. It is recommended that investors follow the spot market and operate flexibly [6][7]. - The 6, 7, and 8 - month contracts in the peak season have strong expectations. The reasons include the low probability of the Suez Canal's resumption in the first half of the year, relatively small delivery pressure of ultra - large container ships in the first half of 2026, and relatively high year - on - year growth in the demand side of Asia - Europe trade. However, the actual freight rates in the future are still uncertain, and investors need to respond flexibly [8]. - The strategy is to have no unilateral operation and conduct an arbitrage of going long on EC2606 and shorting on EC2610 [10]. 3. Summary by Directory 3.1 Market Analysis - Online quotes: Different shipping alliances and companies have different quotes for the Shanghai - Rotterdam route. For example, Gemini Cooperation's Maersk quotes 1400/2240 for WEEK13; HPL's quotes for the second half of March range from 2735 - 4035 dollars/FEU, and 2735/4535 for the first half of April [1]. - Geopolitical situation: Iraqi oil ports are "completely shut down", but commercial ports are operating normally [4]. - Static supply: As of February 28, 2026, 27 container ships with a total capacity of 174,232 TEU have been delivered in 2026. The delivery pressure of ultra - large ships in 2026 is relatively small, while in 2027, 2028, and 2029, the annual delivery volume of 17000 + TEU ships exceeds 40 [4]. - Dynamic supply: The average weekly capacity from China to European base ports in the remaining 4 weeks of March is 320,700 TEU, and 324,900 TEU in April. There are 8 blank sailings in March and 2 TBNs in April [5]. 3.2 Futures and Spot Prices - Futures prices: As of March 11, 2026, the total open interest of all contracts of the container shipping index European line futures is 60,489.00 lots, and the daily trading volume is 93,131.00 lots. The closing prices of different contracts are as follows: EC2604 is 1992.70, EC2605 is 2050.00, EC2606 is 2329.40, EC2607 is 2434.90, EC2608 is 2295.50, EC2609 is 1684.10, EC2610 is 1536.00, and EC2512 is 1838.50 [9]. - Spot prices: On March 6, the SCFI (Shanghai - Europe route) price is 1452 dollars/TEU, SCFI (Shanghai - US West route) is 1940 dollars/FEU, and SCFI (Shanghai - US East) is 2717 dollars/FEU. On March 9, the SCFIS (Shanghai - Europe) is 1545.46 points, and SCFIS (Shanghai - US West) is 1121.22 points [9]. 3.3 Strategy - Unilateral: None [10]. - Arbitrage: Go long on EC2606 and short on EC2610 [10].

Pricing Trends - Maersk Shanghai-Rotterdam quotes for Week 13 are $1400/$2240, while HPL's quotes for late March range from $2735 to $4035 per FEU[1] - MSC's late March quotes are $1640/$2740, and ONE's range is $2590/$4035, with April prices at $2603/$4041[2] - CMA's quotes for late March are between $3193 and $5193 per FEU, while OOCL's range is $2280 to $4030 per FEU[3] Supply Dynamics - As of February 28, 2026, 27 container ships have been delivered, totaling a capacity of 174,232 TEU, with 6 ships in the 12000-16999 TEU range and 1 ship over 17000 TEU[4] - Expected deliveries for 2026 include 679,000 TEU (46 ships) in the 12000-16999 TEU range and 192,900 TEU (8 ships) for those over 17000 TEU[4] Market Conditions - The average capacity for China-Europe routes in March is 32.07 TEU, with weekly capacities ranging from 28.54 to 36.23 TEU[5] - Major shipping lines are implementing emergency fuel surcharges, with Maersk charging $400 per FEU and MSC $300 per FEU[6] Geopolitical Impact - The ongoing Iraq conflict has led to the complete shutdown of oil ports, although commercial ports remain operational, potentially affecting shipping rates[4] - The high geopolitical risk may influence shipping companies' pricing strategies and contract volatility, particularly for the EC2604 contract nearing delivery[7] Seasonal Demand Outlook - The demand for contracts in June and July is expected to remain strong, driven by limited supply and high year-on-year growth rates in container trade[8] - The Suez Canal's reopening is uncertain, which may further impact shipping dynamics and pricing in the upcoming months[8] Futures Market Activity - As of March 11, 2026, the total open interest for container shipping futures is 60,489 contracts, with daily transactions reaching 93,131 contracts[9] - The closing prices for various contracts range from $1,684.10 for EC2609 to $2,434.90 for EC2607, indicating a diverse pricing landscape[9]

Group 1: Report's Industry Investment Rating - Not provided Group 2: Report's Core View - The market is concerned about the disruption of the global shipping supply chain due to the continuous tension in the Middle East and potential fluctuations in the Red Sea route, which is the core factor driving the market sentiment. Head - shipping companies have collectively raised the freight rates for European routes in the second half of March and April, and the spot freight rates have stopped falling and risen, driving up the valuation center of forward contracts. The freight rates still have upward elasticity under the pattern of both supply and demand increasing. The market maintains a positive spread trend with near - term contracts being stronger, but risks of price correction should be watched out for. The operation strategy is to wait and see, and pay attention to the 4 - 5 reverse spread [4][5] Group 3: Summary According to the Directory Shipping Derivatives Data - China Export Container Freight Rates: The present values of SCFI - West America, SCFIS - West America, SCFI - East America, SCFI - Northwest Europe, CCFI, and the comprehensive index SCFI are 1121, 2717, 1452, 1489, 1054, and 1940 respectively, with the previous values being 1333, 1045, 1857, 1420, 1045, and 2691, and the percentage changes being 11.71%, 0.93%, 4.47%, 7.27%, 0.97%, and 2.25% respectively. The present values of SCFIS - Northwest Europe and SCFI - Mediterranean are 1545 and 2360, with the previous values being 1463 and 2000, and the percentage change of SCFI - Mediterranean being 18.00% [1] Market News - US President Trump said that the Iran war is almost over, and he will cancel some oil - related sanctions to stabilize oil prices, and the war against Iran will end "soon" but not this week [2] Market Condition - The market is rising [3] Strategy - The strategy is to wait and see and pay attention to the 4 - 5 reverse spread [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Geopolitical conflicts are disrupting the global supply chain, with the Red Sea crisis and new attacks in the Strait of Hormuz causing shipping disruptions. The impact on global trade is substantial, and the situation in the region continues to escalate [1]. - Domestic automobile production and sales have declined both year - on - year and month - on - month, indicating that domestic demand recovery still faces pressure. The US core CPI remains stable, leaving room for monetary policy adjustment [1]. - Geopolitical conflicts and insufficient economic growth momentum are the main challenges for the current global economy. The stability of the supply chain and changes in terminal demand need continuous attention [1]. 3. Summary by Section 3.1 Key Varieties - **Crude Oil**: SC night trading rose 7%. The IEA announced the release of 400 million barrels of strategic reserves. There are differences in stances between the US and Iran regarding the end of military operations. The G7 energy ministers did not reach an agreement on releasing strategic oil reserves. US crude oil, gasoline, and distillate inventories decreased last week, with commercial crude oil inventories down 1.7 million barrels as of March 6, 2026 [2][13]. - **European Line**: EC rose 7.15%. Maersk's new cabin in the 13th week quotes a 20 - foot container to Rotterdam at $2200, while MSC slightly increased the price by $100 to $2740 in the second half of March. The average price of 20 - foot containers in the 12th week is around $2600, corresponding to an index of 1730 points. As the short - term geopolitical impact eases, the European line is expected to return to seasonal pricing [3][34]. - **Stock Index**: The Dow Jones Industrial Average declined. The previous trading day saw a rise in the stock index, with the coal sector leading the gain and the comprehensive sector leading the decline. The market turnover was 2.53 trillion yuan. The margin trading balance increased by 9.773 billion yuan on March 10. As annual and first - quarter reports are gradually disclosed, industry leaders with strong performance certainty will attract funds, and the market will shift from "expectation - driven" to "profit - driven". In the long run, the stock index will return to domestic fundamentals and policies, and is expected to resume an upward trend after geopolitical risks ease [3][10]. 3.2 Daily News 3.2.1 International News - The UN Security Council passed Resolution 2817 on March 12, condemning Iran's attacks on multiple Gulf countries and demanding an immediate halt. Russia and China abstained. Iran's Islamic Revolutionary Guard Corps claimed to have severely damaged multiple US military bases in the Gulf. US President Trump said the military operation against Iran is "about to end", and Israel's Foreign Minister said Israel does not seek an "endless war" with Iran [6]. 3.2.2 Domestic News - The People's Bank of China held a science and technology work meeting on March 11, 2026, summarizing 2025 work and deploying 2026 tasks. It emphasized promoting the application of artificial intelligence in the financial field in a safe and orderly manner [7]. 3.2.3 Industry News - In February 2026, automobile production and sales were 1.672 million and 1.805 million vehicles respectively, down 31.7% and 23.1% month - on - month, and 20.5% and 15.2% year - on - year. Automobile exports were 672,000 vehicles, down 1.4% month - on - month but up 52.4% year - on - year [8]. 3.3 External Market Daily Returns - The S&P 500 decreased by 0.08%, the FTSE China A50 futures increased by 0.98%, ICE Brent crude oil rose 2.44%, London gold decreased by 0.14%, London silver decreased by 2.96%, LME aluminum increased by 1.65%, LME copper decreased by 0.43%, LME zinc decreased by 0.75%, LME tin increased by 0.92%, ICE No. 11 sugar decreased by 0.70%, ICE No. 2 cotton decreased by 0.03%, CBOT soybeans increased by 1.29%, CBOT soybean meal increased by 1.41%, CBOT soybean oil increased by 4.15%, CBOT wheat remained unchanged, and CBOT corn increased by 1.95% [9]. 3.4 Morning Comments on Main Varieties 3.4.1 Financial - **Stock Index**: The market will shift from "expectation - driven" to "profit - driven". Stocks without performance support may be weak, while policy - beneficiary and performance - improving sectors may have sustainable opportunities. In the long run, the stock index will return to domestic fundamentals and policies and is expected to resume an upward trend after geopolitical risks ease [10]. - **Treasury Bonds**: Treasury bonds fell slightly, with the yield of the 10 - year active bond rising to 1.8175%. The central bank's open - market reverse repurchase had a net withdrawal of 1.4 billion yuan. The US February 2026 non - farm payrolls decreased by 92,000, and the unemployment rate reached a new high since December 2025. Global risk - aversion sentiment increased due to the Middle East situation, pushing up inflation expectations and US bond yields. The domestic CPI and PPI increased more than expected. The government's bond issuance scale is large, and the central bank may cut reserve requirements and interest rates. Short - term treasury bond futures are supported, while long - term ones are under pressure [11][12]. 3.4.2 Energy and Chemicals - **Crude Oil**: Similar to the key varieties section, SC night trading rose 7%, and there are uncertainties in the end of the US - Iran military operation. The G7 has not reached an agreement on releasing strategic oil reserves, and US crude oil inventories decreased [13]. - **Methanol**: Methanol night trading rose 4.34%. The average operating load of coal (methanol) to olefin plants decreased, and the overall methanol plant operating load also decreased. Coastal methanol inventories increased, and the expected import volume from March 6 to 22 is 260,000 - 270,000 tons [14]. - **Rubber**: Natural rubber rebounded on Wednesday. It is in the low - production season, with domestic and Thai production areas in a state of suspension. The supply elasticity is weak, and raw rubber prices are relatively firm. Demand is expected to recover after the holiday, and the price is expected to be volatile and bullish [15]. - **Polyolefins**: Polyolefin prices rebounded on Wednesday. The spot prices of PE and PP mostly rebounded. The Middle East situation is changeable, and the macro environment has a great impact on the chemical industry [16]. - **Glass and Soda Ash**: Glass and soda ash futures mostly rebounded. Glass production enterprise inventories increased after the long holiday, and soda ash production enterprise inventories also increased. There is pressure to digest inventories in both industries, and they should respond rationally to the macro impact [17][18]. 3.4.3 Metals - **Precious Metals**: Precious metals fluctuated and adjusted. The US February CPI was in line with expectations, and inflation expectations cooled after Trump's statement. In the long run, the price center of precious metals will continue to rise due to multiple factors such as geopolitical risks, anti - inflation needs, and de - dollarization [19]. - **Copper**: Copper prices rose 0.16% at night. The concentrate supply is tight, and the smelting profit is at the break - even point. The smelting output is still growing. Copper prices may fluctuate in the short term, and factors such as the US dollar, smelting output, and downstream demand should be noted [20]. - **Zinc**: Zinc prices fell 0.04% at night. The zinc concentrate processing fee decreased, and the smelting output continued to grow. The galvanized sheet inventory is high. Zinc prices may follow the overall trend of non - ferrous metals, and factors such as the US dollar, smelting output, and downstream demand should be noted [21]. - **Aluminum**: Shanghai aluminum rose 0.68% at night. The US - Iran conflict poses risks to overseas primary aluminum supply. The Strait of Hormuz blockade may cause a regional supply crisis. In the short term, the market is driven by geopolitics, and in the long run, low inventories, supply constraints, and stable demand support the price [22]. - **Lithium Carbonate**: The short - term popularity of lithium carbonate has decreased. The conflict between Iran and Israel has little impact on it. The price will return to the supply - demand fundamentals in the long run and is expected to rise [23][24]. 3.4.4 Black Metals - **Coking Coal and Coke**: The main contracts of coking coal and coke fluctuated at night. The coking coal supply increased, and the iron - making output decreased due to environmental protection restrictions. The coking coal fundamentals weakened. As the resumption of work progresses, the iron - making output is expected to increase, supporting the price. Geopolitical factors may also push up the value of energy - related commodities [25]. - **Steel**: The Iran - Israel conflict has limited direct impact on domestic steel futures. The core driver of steel prices is domestic demand and the resumption of production of steel mills. The conflict indirectly supports the cost of raw materials, which may drive steel prices to stop falling in the short term, but the long - term trend will return to domestic supply - demand fundamentals [26]. - **Iron Ore**: The conflict mainly affects iron ore through short - term sentiment and cost support. It may reduce the supply and increase the import cost. The price may stop falling in the short term, and the high port inventory should be rationally viewed [27]. 3.4.5 Agricultural Products - **Protein Meal**: Bean and rapeseed meal fluctuated and rose at night. The Brazilian soybean harvest progress is slower than the same period. The USDA report is neutral - bullish. The increase in shipping costs supports the price, but the abundant domestic soybean and meal inventories will limit the upward space in the medium term [28]. - **Edible Oils**: Edible oils fluctuated weakly at night. The Malaysian palm oil production, exports, and imports in February changed, and the inventory decreased less than expected. The weak export and falling crude oil prices dragged down the performance of edible oils, and the short - term price volatility is expected to be large [29][30]. - **Hogs**: The national hog market continued to adjust weakly. The supply decreased slightly, and the demand was stable. The breeding profit improved marginally [31]. - **Sugar**: Zhengzhou sugar futures fluctuated in a range. The Iran situation may affect the ethanol - to - sugar price and the sugar - making ratio. The Brazilian production forecast may be adjusted, and the domestic sugar price is boosted by the external market [32]. - **Cotton**: Zhengzhou cotton futures rose and then fell, with the price center moving up. The Middle East situation has an impact, but the long - term supply - demand situation is tight, and the price may rise [33]. 3.4.6 Shipping Index - **Container Shipping European Line**: Similar to the key varieties section, EC rose 7.15%. Maersk quotes a lower price, and MSC slightly increased the price. As the short - term geopolitical impact eases, the European line is expected to return to seasonal pricing [3][34].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report presents the overnight performance of the night - market, important news, and the situation of the financial market, all affected by factors such as the Middle - East geopolitical conflict, supply and demand changes, and policy adjustments [5][9][33]. 3. Summary by Relevant Catalogs Overnight Night - Market Market Trends - International precious metal futures generally closed down, with COMEX gold futures down 1.11% at $5183.90 per ounce and COMEX silver futures down 4.11% at $85.91 per ounce. Multiple factors including Fed rate - cut expectation cooling, inflation logic change, short - term profit - taking, and dollar strengthening pressured the precious metal trend [5]. - US oil and Brent oil futures rose, with US oil up 5.94% at $88.41 per barrel and Brent oil up 6.64% at $93.63 per barrel. The Middle - East geopolitical conflict disrupted oil tanker transportation, and the pre - digested IEA strategic oil reserve release had limited impact on suppressing oil prices [5]. - Most London base metals fell, with LME aluminum and nickel rising, and lead, copper, zinc, and tin falling [5]. - As of 23:00, most domestic futures contracts rose, with PX up over 13%, PTA up over 11%, and many other products showing significant increases [7]. Important News Macroeconomic News - Maersk has 10 ships trapped in the Persian Gulf, and over 100 container ships are trapped in the Gulf area. It will take at least one to ten days to resume normal operations if a cease - fire is achieved [9]. - In February, China's auto production and sales decreased both month - on - month and year - on - year. From January to February, the decline was also significant [9]. - Three ships were attacked in the Strait of Hormuz [10]. - Trump said the war with Iran would "soon" end [11]. - The US February unadjusted CPI and core CPI annual rates met market expectations and were flat compared to the previous month [12]. Energy and Chemical Futures - The IEA will provide 4 billion barrels of oil from emergency reserves. Japan and Germany will release their strategic oil reserves [15]. - China's methanol port inventory decreased. The total inventory was 131.28 million tons as of March 11, 2026, a decrease of 13.07 million tons from the previous period [15]. - UAE's Fujairah port's refined oil inventory decreased by 21.5% week - on - week [15]. - Saudi Aramco asked Asian buyers for two sets of loading plans for April. The loading volume at Yanbu increased in March [16]. - OPEC maintained its global supply, demand, and economic forecasts [16]. - The EIA report showed that the commercial crude oil inventory (excluding strategic reserves) increased by 382.4 million barrels to 443 million barrels in the week of March 6, a 0.87% increase [17]. - The US will release 1.72 billion barrels of strategic oil reserves starting next week [19]. Metal Futures - Workers at Glencore's Australian copper smelter threatened to strike due to a salary negotiation breakdown [21]. - The aluminum premium for Japanese buyers reached an 11 - year high due to supply tightening in the Middle - East [21]. - The average price of polysilicon decreased, and the industry's average operating rate dropped to 35.5% [21]. - China's refined nickel production in February decreased month - on - month but increased year - on - year [21]. - The cumulative production of cathode copper by 23 sample enterprises from January to February increased year - on - year [22]. Black - Series Futures - HeSteel's 75B ferrosilicon tender quantity decreased in March [25]. - A coal mine in Henan was ordered to suspend production for rectification [25]. - Some iron ore cargo ships changed their routes to China due to the Strait of Hormuz situation [25]. Agricultural Product Futures - Malaysia's palm oil inventory in March may decrease by 8% month - on - month, and prices may rise if the Middle - East conflict continues [27]. - Brazil's soybean exports in March are expected to reach 1647 million tons, possibly exceeding last year's record [27]. - The trading margin and daily limit of apple futures contracts 2604 and 2605 will be adjusted from March 16 [28]. - Malaysia's palm oil production from March 1 - 10 increased month - on - month [30]. - Argentine farmers sold 59.48 million tons of soybeans in the week of March 4 [31]. - Soybean harvesting in Brazil's Parana state is in full swing [31]. Financial Market Finance - The Shanghai Composite Index rose 0.25%, the Shenzhen Component Index rose 0.78%, and the ChiNext Index rose 1.31%. The market turnover was 2.53 trillion yuan. New energy and chemical stocks performed well, while military and rare metal stocks declined [33]. - Hong Kong stocks opened higher and closed lower. Southbound funds had a net purchase of over HK$3.4 billion, but Tencent was net sold over HK$2.4 billion [33]. - Many Chinese investment banks withdrew from the role of overall coordinators for listed companies in the Hong Kong IPO market [33]. - The popularity of "Electronic Lobster" OpenClaw has shifted the focus of the AI industry chain, bringing new investment opportunities [34]. Industry - The National Supercomputing Internet will provide free Tokens to OpenClaw users and announced a discounted Token purchase price [35]. - The semiconductor market is expected to reach a scale of one trillion US dollars in 2026, and China's share in mainstream semiconductor manufacturing capacity will reach 42% by 2028 [35]. - China's auto sales in February decreased year - on - year, but new energy vehicle exports increased [35]. - The Middle - East war led to an oil price surge, and Asian airlines raised ticket prices [35]. Overseas - G7 leaders discussed the Middle - East situation and economic impact. They welcomed the IEA's decision to release strategic oil reserves and emphasized the importance of freedom of navigation in the Strait of Hormuz [36]. - Iran's President reiterated the commitment to regional peace and proposed conditions for ending the war [38]. - Iran's new supreme leader was reported to be injured [38]. - The Trump administration plans to conduct trade investigations to impose new tariffs [38]. - The US government budget deficit in February was $308 billion, and the deficit from the beginning of the fiscal year to February was $1.004 trillion, a 12% decrease from the same period last year [39]. - The US February inflation data met expectations, but the impact of the Iran situation on oil prices was not reflected [39]. - The average US gasoline price reached a 21 - month high [39]. - The energy price surge due to the Iran war has reshaped the European Central Bank's policy expectations [40]. International Stock Markets - US stocks closed mixed. The Dow fell 0.61%, the S&P 500 fell 0.08%, and the Nasdaq rose 0.08%. The market was concerned about the Middle - East war and oil prices [41]. - European stocks closed down due to inflation concerns and hawkish remarks from the European Central Bank [41]. - Most Asia - Pacific stocks rose, with the exception of the Indian SENSEX30 index [42]. Commodities - International precious metal futures generally closed down, with gold and silver futures falling [43]. - US and Brent oil futures rose due to the Middle - East conflict [45]. - Most London base metals fell, with aluminum and nickel rising [45]. - OPEC maintained its global oil demand growth rate forecasts [45]. - Fitch raised its short - term oil price expectations [46]. - An Iranian military spokesman warned of $200 - per - barrel oil prices [46]. - Global physical gold ETFs had an inflow of about $5.3 billion in February, and the total position reached a record high [46]. - Qatar's largest LNG export factory has been shut down for five days [46]. Bonds - The domestic bond market was weak, with most major interest - rate bond yields rising slightly. The Hong Kong government plans to increase the borrowing limit for infrastructure bonds [48][49]. - US bond yields rose across the board [49]. Foreign Exchange - The on - shore RMB against the US dollar rose, and the RMB central parity rate against the US dollar reached a new high since April 25, 2023. The US dollar index rose, and non - US currencies showed different trends [50]. Scheduled Events - There are various events scheduled for March 12, including central bank operations, meetings, and conferences, as well as corporate earnings reports [53].