Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - According to the closing prices of adjacent trading days, today the Nanhua Composite Index rose by 0.08%. Among the sector indices, the Nanhua Precious Metals Index had the largest increase of 4.49%, and the Nanhua Metal Index had the smallest increase of 0.33%. The Nanhua Energy and Chemical Index had the largest decline of -1.39%, and the Nanhua Agricultural Products Index had the smallest decline of -0.57%. Among the theme indices, only the Economic Crops Index rose by 0.07%, while the rest of the theme indices declined. The Energy Index had the largest decline of -2.59%, and the Mini Composite Index had the smallest decline of -0.64%. Among the single - variety indices of commodity futures, the Silver index had the largest increase of 6.01% [1][3]. 3. Summary by Relevant Catalogs 3.1 Market Data of Nanhua Commodity Index - **Composite Index (NHCl)**: Today's close was 3052.19, up 0.08% from yesterday's close of 3049.76, with an annualized volatility of 20.70% and an annualized return of 15.18%, and a Sharpe ratio of 1.36 [3]. - **Precious Metals Index (NHPMI)**: Rose by 4.49%, with today's close at 1962.51 and yesterday's close at 1878.15, an annualized volatility of 76.38%, an annualized return of 35.58%, and a Sharpe ratio of 2.15 [3]. - **Industrial Products Index (MHII)**: Today's close was 4181.97, down -0.74% from yesterday's close of 4213.15, with an annualized volatility of 11.92% and a Sharpe ratio of 0.70 [3]. - **Metal Index (NHMI)**: Rose by 0.33%, with an annualized volatility of 10.85%, an annualized return of 14.49%, and a Sharpe ratio of 0.75 [3]. - **Energy and Chemical Index (NHECI)**: Today's close was 2030.46, down -1.39% from yesterday's close of 2059.14, with an annualized volatility of 15.52%, an annualized return of 23.41%, and a Sharpe ratio of 0.66 [3]. - **Non - ferrous Metals Index (NHNF)**: Rose by 1.20%, with today's close at 2001.26 and yesterday's close at 1977.61, and an annualized volatility of 17.05%, and a Sharpe ratio of 0.92 [3]. - **Black Index (NHFI)**: Today's close was 2609.33, down -0.74% from yesterday's close of 2631.96, with a Sharpe ratio of 0.05 [3]. - **Agricultural Products Index (NHAI)**: Today's close was 1080.40, down -0.57% from yesterday's close of 1086.56, with an annualized volatility of 7.92%, and a Sharpe ratio of 0.01 [3]. - **Mini Composite Index (NHCIMi)**: Today's close was 1411.71, down -0.64% from yesterday's close of 1420.75, with an annualized volatility of 7.51%, and a Sharpe ratio of 0.28 [3]. - **Energy Index (NHEl)**: Today's close was 1483.41, down -2.59% from yesterday's close of 1522.90, with an annualized volatility of 16.96%, an annualized return of 61.34%, and a Sharpe ratio of 0.28 [3]. - **Petrochemical Index (NHPCl)**: Today's close was 1228.82, down -1.08% from yesterday's close of 1242.20, with an annualized volatility of 37.97%, and a Sharpe ratio of 0.31 [3]. - **Explosive Chemical Index (NHCCI)**: Today's close was 1220.54, down -1.64% from yesterday's close of 1240.94, with an annualized volatility of 10.31%, an annualized return of 38.45%, and a Sharpe ratio of 0.27 [3]. - **Black Raw Materials Index (NHFM)**: Today's close was 1106.52, down -1.44% from yesterday's close of 1122.65, with an annualized volatility of 0.54%, an annualized return of 16.35%, and a Sharpe ratio of 0.03 [3]. - **Building Materials Index (NHBMI)**: Rose by 0.54%, with today's close at 714.30 and yesterday's close at 720.43, down -0.85%, with an annualized volatility of 14.34%, and a Sharpe ratio of 0.04 [3]. - **Oil and Fat Index (NHOOl)**: Today's close was 1306.72, down -0.95% from yesterday's close of 1319.22, with an annualized volatility of 2.40%, an annualized return of 15.44%, and a Sharpe ratio of 0.16 [3]. - **Economic Crops Index (NHAECI)**: Rose by 0.07%, with today's close at 970.38 and yesterday's close at 969.71 [3]. 3.2 Contribution of Each Variety's Daily Change Rate to the Index Change Rate - For the Nanhua Composite Index, positive - contributing varieties included Gold (30.38%), Natural Rubber (3.97%), etc., and negative - contributing varieties included Natural Rubber (-7.43%), Palm Oil (-2.59%), etc. [3]. - For the Nanhua Mini Composite Index, positive - contributing varieties included Gold (20.52%), and negative - contributing varieties included Stainless Steel (-16.85%) [3]. - For the Nanhua Industrial Products Index, positive - contributing varieties included Carbonate Lithium (10.28%), and negative - contributing varieties included Iron Ore (-37.84%) [3]. - For the Nanhua Metal Index, positive - contributing varieties included Aluminum (4.42%), and negative - contributing varieties included Iron Ore (-1.97) [3]. - For the Nanhua Energy and Chemical Index, positive - contributing varieties included Butadiene Rubber (5.67%), and negative - contributing varieties included Polypropylene (-6.97%) [3]. - For the Nanhua Agricultural Products Index, positive - contributing varieties included Cotton (8.41%), and negative - contributing varieties included Rapeseed Oil (-5.52%) [3]. 3.3 Single - Variety Index Daily Change Rate in Different Sectors - **Energy and Chemical Sector**: Glass rose by 0.33%, Synthetic Ammonia rose by 0.69%, Urea rose by 0.02%, Liquid Oxygen Element rose by 2.52%, LLDPE (Polyethylene) fell by -2.21%, Natural Rubber rose by 1.66%, Olefins rose by 5.27%, 20 - number Rubber rose by 1.94%, Naphtha rose by 1.68%, and Coal rose by 1.98% [3][4]. - **Agricultural Products Sector**: Palm Oil fell by -1.34%, Rapeseed Oil fell by -1.04%, Rapeseed fell by -2.94%, Rapeseed Meal fell by -1.08%, and Pig fell by -0.41% [6]. - **Black Sector**: PTA fell by -5.01%, Fuel Oil fell by -5.01% [9].

Report Overview - The report is a precious metals strategy report by Shan Jin Futures, updated on March 25, 2026, covering gold, silver, platinum, and palladium [1]. Industry Investment Rating - Not provided in the report. Core Viewpoints - Precious metals rebounded from lows today, with Shanghai gold up 3.55%, Shanghai silver up 7.05%, platinum up 5.63%, and palladium up 5.07% [1]. - In the short - term, trade war risks have eased, and Middle - East geopolitical risks may become normal. The US has a strong job market and persistent inflation, with low expectations of interest rate cuts [1]. - The US - Israel air strike on Iran and Iran's retaliatory actions have caused a global chain reaction, leading to concerns about long - term Middle - East conflicts, rising energy costs, and stagflation [1]. - The Fed maintained interest rates this month, stating that the Iran war has made the policy outlook highly uncertain. It is expected that inflation will rise, unemployment will remain stable, and there will be one interest rate cut this year. Traders have postponed rate - cut bets to 2027 [1]. - The Middle - East geopolitical crisis has increased the global recession risk, suppressing the industrial demand for other commodities. Silver is supported by tight supply, platinum has strong demand expectations in the hydrogen energy industry, and palladium has short - term demand resilience but faces long - term structural pressure in the fuel - vehicle market [1]. - Precious metals are expected to be slightly bullish in the short - term, fluctuate at low levels in the medium - term, and maintain a long - term bullish trend [1]. Section Summaries Gold - Strategy: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended [2]. - Today, Comex gold active contract closed at $4410.40/oz, down $81.60 (-1.82%); London gold at $4466.25/oz, down $96.30 (-2.11%); Shanghai gold main contract at 979.80 yuan/g, up 39.80 yuan (4.23%); gold T + D at 977.99 yuan/g, up 57.00 yuan (6.19%) [2]. - The net long position of the top 10 futures companies in Shanghai gold on the SHFE shows that the total net long position of the top 5 is 69,688, an increase of 9,909 (23.71%); the total net short position of the top 5 is 8,655, an increase of 20 (2.95%) [3]. Silver - Strategy: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended [4]. - Comex silver active contract closed at $69.32/oz, up $1.51 (2.23%); London silver at $67.23/oz, down $5.14 (-7.10%); Shanghai silver main contract at 18,111 yuan/kg, up 1,026 yuan (6.01%); silver T + D at 18,121 yuan/kg, up 955 yuan (5.56%) [4]. - The net long position of the top 10 futures companies in Shanghai silver on the SHFE shows that the total net long position of the top 5 is 62,924, a decrease of 567 (14.14%); the total net short position of the top 5 is 56,782, an increase of 599 (12.76%) [5]. Platinum - Strategy: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended [6]. - NYMEX platinum active contract closed at $2113.20/oz, up $88.70 (4.38%); London platinum at $2118.00/oz, up $41.00 (1.97%); platinum main contract on the GZFE at 552.70 yuan/g, up 19.90 yuan (3.73%); platinum closing price on the SGE at 548.93 yuan/g, up 20.28 yuan (3.84%) [7]. Palladium - Strategy: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended [8]. - NYMEX palladium active contract closed at $1620.50/oz, up $59.50 (3.81%); London palladium at $1601.00/oz, down $49.00 (-3.04%); palladium main contract on the GZFE at 407.75 yuan/g, up 9.20 yuan (2.31%) [8]. Precious Metals Fundamental Key Data - Federal funds target rate upper limit is 3.75%, down 0.25%; discount rate is 3.75%, down 0.25%; reserve balance rate (IORB) is 3.65%, down 0.25% [9]. - The Fed's total assets are $67,071.04 billion, up $95.98 billion (0.00%); M2 year - on - year growth is 4.29%, up 0.06% [9]. - Ten - year US Treasury real yield is 2.63%, up 0.11 (4.37%); dollar index is 99.12, down 0.40 (-0.40%); US Treasury yield spread (3 - month - 10 - year) is - 0.09, up 0.05 (-35.71%) [9]. - US CPI year - on - year is 2.40%, month - on - month is 0.50%; core CPI year - on - year is 2.50%, month - on - month is 0.40 [9]. - US GDP annualized year - on - year growth is 2.10%, down 0.30%; annualized quarter - on - quarter growth is 0.70%, down 3.70% [9]. - US unemployment rate is 4.40%, up 0.10%; non - farm payrolls monthly change is - 9.20 million, down 2.18 million [9]. Fed's Latest Interest Rate Expectations - According to the CME FedWatch tool, the probability of the federal funds rate being in the 375 - 400 range in April 2026 is 4.1%, and the probability of being in the 350 - 375 range is 95.9%. The probability distribution changes over time, with the probability of rate cuts gradually increasing in the future [13].

1. Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: March 25, 2026 [2] 2. IM Futures 2.1 Daily Quotes - The CSI 1000 index closed at 7,751.18, up 1.98%. The IM2604 contract closed at 7,650.00, up 1.75%; IM2605 at 7,586.20, up 1.79%; IM2606 at 7,477.40, up 1.73%; IM2609 at 7,253.00, up 1.64%. The main contract (IM2606) rose 1.73% to close at 7,477.4 points [4]. - The total trading volume of the four IM contracts was 223,852 lots, down 68,635 lots from the previous day; the total open interest was 375,608 lots, down 27,416 lots from the previous day [5]. - The main contract was at a discount of 273.78 points to the spot, down 60.12 points from the previous day; the annualized basis rate was -14.85% [5]. 2.2 Basis - The basis and annualized basis rates for different contracts are as follows: IM2604 -101.18 points (-1.3%, -20.1% annualized); IM2605 -164.98 points (-2.1%, -15.3% annualized); IM2606 -273.78 points (-3.5%, -14.8% annualized); IM2609 -498.18 points (-6.4%, -14.1% annualized) [13]. 2.3 Positions - Details of the top - ranking members' trading volume, long positions, and short positions for different contracts (IM2604, IM2606, IM2609) are provided, including changes from the previous day [17][21] 3. IF Futures 3.1 Daily Quotes - The SSE 300 index closed at 4,537.47, up 1.40%. The IF2604 contract closed at 4,505.60, up 1.56%; IF2605 at 4,487.80, up 1.62%; IF2606 at 4,450.00, up 1.61%; IF2609 at 4,364.40, up 1.56%. The main contract (IF2606) rose 1.61% to close at 4,450 points [22]. - The total trading volume of the four IF contracts was 102,275 lots, down 15,310 lots from the previous day; the total open interest was 260,543 lots, down 3,478 lots from the previous day [23]. - The main contract was at a discount of 87.47 points to the spot, down 1.15 points from the previous day; the annualized basis rate was -7.97% [23]. 3.2 Basis - The basis and annualized basis rates for different contracts are as follows: IF2604 -31.87 points (-0.7%, -10.8% annualized); IF2605 -49.67 points (-1.1%, -7.8% annualized); IF2606 -87.47 points (-1.9%, -8.0% annualized); IF2609 -173.07 points (-3.8%, -8.1% annualized) [31]. 3.3 Positions - Details of the top - ranking members' trading volume, long positions, and short positions for different contracts (IF2604, IF2606, IF2609) are provided, including changes from the previous day [35][38] 4. IC Futures 4.1 Daily Quotes - The CSI 500 index closed at 7,767.67, up 2.24%. The IC2604 contract closed at 7,685.60, up 2.18%; IC2605 at 7,630.00, up 2.20%; IC2606 at 7,530.00, up 2.17%; IC2609 at 7,355.00, up 2.25%. The main contract (IC2606) rose 2.17% to close at 7,530 points [40]. - The total trading volume of the four IC contracts was 176,384 lots, down 18,991 lots from the previous day; the total open interest was 285,815 lots, down 8,517 lots from the previous day [41]. - The main contract was at a discount of 237.67 points to the spot, down 49.9 points from the previous day; the annualized basis rate was -12.8% [41]. 4.2 Basis - The basis and annualized basis rates for different contracts are as follows: IC2604 -82.07 points (-1.1%, -16.2% annualized); IC2605 -137.67 points (-1.8%, -12.7% annualized); IC2606 -237.67 points (-3.1%, -12.8% annualized); IC2609 -412.67 points (-5.3%, -11.5% annualized) [51]. 4.3 Positions - Details of the top - ranking members' trading volume, long positions, and short positions for different contracts (IC2604, IC2606, IC2609) are provided, including changes from the previous day [55][58] 5. IH Futures 5.1 Daily Quotes - The SSE 50 index closed at 2,859.53, up 1.01%. The IH2604 contract closed at 2,848.00, up 0.92%; IH2605 at 2,847.00, up 1.01%; IH2606 at 2,830.00, up 0.81%; IH2609 at 2,793.20, up 0.86%. The main contract (IH2606) rose 0.81% to close at 2,830 points [60]. - The total trading volume of the four IH contracts was 51,519 lots, down 7,603 lots from the previous day; the total open interest was 103,242 lots, down 3,201 lots from the previous day [60]. - The main contract was at a discount of 29.53 points to the spot, down 9.28 points from the previous day; the annualized basis rate was -4.23% [61]. 5.2 Basis - The basis and annualized basis rates for different contracts are as follows: IH2604 -11.53 points (-0.4%, -6.2% annualized); IH2605 -12.53 points (-0.4%, -3.1% annualized); IH2606 -29.53 points (-1.0%, -4.2% annualized); IH2609 -66.33 points (-2.3%, -4.9% annualized) [70]. 5.3 Positions - Details of the top - ranking members' trading volume, long positions, and short positions for different contracts (IH2604, IH2606, IH2609) are provided, including changes from the previous day [75][79]

春检，海外纯苯生产因中东原料供应受阻减少，后市纯苯供应预计出现较大幅度下降。下游苯乙烯部分大 型装置仍处于检修状态，己内酰胺、苯酚、苯胺开工率有提升预期。国内供需缺口扩大，后市高库存预计 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员: 徐天泽 期货从业资格号F03133092 消化顺利。目前成本端仍是纯苯价格主导因素，短期纯苯期货预计随油价波动。 免责声明 纯苯产业日报 2026-03-25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:纯苯(日,元/吨) | 8313 | -188 主力结算价:纯苯(日,元/吨) | 8265 | -348 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 31491 8435 | -7709 主力持仓量:纯苯(日,手) -325 市场价:纯苯:华北市场:主流价(日,元/吨) | 22217 8350 | 55 -100 | | 现货市场 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Domestic caustic soda supply and demand have improved, factory inventories at high levels are being reduced, and spot prices are supported. The easing signal from the Middle East geopolitical situation has led to a decline in the main caustic soda futures, causing a partial convergence of the basis. The improvement in caustic soda exports may depend on the duration of the Middle East geopolitical conflict and the closure of the Strait of Hormuz. In the short term, the price of SH2605 is still dominated by Middle East geopolitical news and should be treated with volatility [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main closing price of caustic soda (daily, yuan/ton) is 2502, a decrease of 55; the futures open interest of caustic soda (daily, lots) is 184387, a decrease of 2317; the net position of the top 20 futures traders for caustic soda (daily, lots) is 4624, a decrease of 806; the futures trading volume of caustic soda (daily, lots) is 526633, a decrease of 125859; the closing price of the caustic soda contract for January (daily, yuan/ton) is 2541, a decrease of 38; the closing price of the caustic soda contract for May (daily, yuan/ton) is 2502, a decrease of 55 [3] 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong (daily, yuan/ton) is 728, an increase of 2; the price of 32% ion - membrane caustic soda in Jiangsu (daily, yuan/ton) is 885, unchanged; the converted 100% price of 32% caustic soda in Shandong (daily, yuan/ton) is 2275, an increase of 6; the basis of caustic soda (daily, yuan/ton) is - 227, an increase of 61 [3] 3.3 Upstream Situation - The mainstream price of raw salt in Shandong (daily, yuan/ton) is 227.5, unchanged; the mainstream price of raw salt in the Northwest (daily, yuan/ton) is 220, unchanged; the price of thermal coal (daily, yuan/ton) is 643, unchanged [3] 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong (daily, yuan/ton) is 250, unchanged; the mainstream price of liquid chlorine in Jiangsu (daily, yuan/ton) is 250, an increase of 50 [3] 3.5 Downstream Situation - The spot price of viscose staple fiber (daily, yuan/ton) is 13180, unchanged; the spot price of alumina (daily, yuan/ton) is 2750, an increase of 20 [3] 3.6 Industry News - From March 13th to 19th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 100,000 tons and above was 83.9%, a month - on - month decrease of 1.4%. From March 14th to 20th, the alumina operating rate decreased by 0.24% month - on - month to 82.48%; from March 13th to 19th, the viscose staple fiber operating rate decreased by 1.17% month - on - month to 88.97%, and the printing and dyeing operating rate increased by 2.42% month - on - month to 52.57%. As of March 19th, the factory inventory of 200,000 - ton and above fixed liquid caustic soda sample enterprises nationwide was 50.07 million tons (wet tons), a month - on - month decrease of 6.28% and a year - on - year increase of 20.22%. From March 13th to 19th, the average weekly profit of Shandong chlor - alkali enterprises was 103 yuan/ton [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The inflation trading in the bond market is nearing its end. In the short term, the market logic may shift to changes in the capital side and risk appetite. The current liquidity remains abundant, the capital price stays low, short - term interest rates are relatively stable, and long - term interest rates have opportunities for phased repair. However, it is necessary to be vigilant about the high uncertainty of the geopolitical situation, the intensified intraday fluctuations of oil prices, and the possibility of continuous adjustment in the future, and pay attention to the progress of the Iranian situation [5] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices and Volumes**: T, TF, and TL had flat or slightly rising closing prices, with TS rising 0.02%. All futures contracts saw a decrease in trading volume. For example, T's trading volume decreased by 23,472 to 54,586, TF's by 11,464 to 55,274, TS's by 12,146 to 32,899, and TL's by 15,116 to 69,725 [2] - **Futures Spreads**: Some spreads increased, such as TL2606 - 2609 (up 0.02 to 0.30), T06 - TL06 (up 0.05 to - 3.03), etc., while others decreased, like T2606 - 2609 (down 0.01 to 0.03), TF2606 - 2609 (down 0.02 to 0.20) [2] - **Futures Positions**: T's main contract position increased by 1,172 to 281,927, with long and short positions of the top 20 increasing. TF, TS, and TL's main contract positions decreased, with different changes in long and short positions of the top 20 [2] 3.2 Bond Market - **CTD Bonds**: Some CTD bonds' net prices increased, such as 230004.IB (up 0.0207 to 108.2429), 250025.IB (up 0.0127 to 99.0955), etc., while others decreased, like 250014.IB (down 0.0001 to 100.1536), 240020.IB (down 0.0112 to 100.8844) [2] - **Active Bonds**: Yields of 1 - year and 3 - year active bonds increased by 0.5bp and 0.25bp respectively, while 7 - year and 10 - year yields decreased by 0.2bp and 0.45bp respectively [2] 3.3 Interest Rates - **Short - term Interest Rates**: Some short - term interest rates increased, such as silver - pledged overnight (up 6.41bp to 1.3725), Shibor overnight (up 0.1bp to 1.3190), etc., while others decreased, like silver - pledged 14 - day (down 3.08bp to 1.4818), Shibor 14 - day (down 0.08bp to 1.5112) [2] - **LPR Rates**: 1 - year and 5 - year LPR rates remained unchanged [2] 3.4 Public Market Operations - The issuance scale of reverse repurchase was 785 billion yuan, the maturity scale was 205 billion yuan, and the interest rate was 1.4% for 7 days [2] 3.5 Industry News - The central bank governor met with the CEO of DBS Group, and DBS will become the second RMB clearing bank in Singapore [2] - The State - owned Assets Supervision and Administration Commission emphasized promoting the relocation of central enterprises to Xiongan New Area and enhancing its industrial development [3] - The US proposed a 15 - condition peace plan to Iran and is considering a one - month cease - fire for further negotiations [4] 3.6 Market Situation - On Wednesday, the yields of treasury bonds were mixed, with the 10 - year and 30 - year yields changing by - 0.1bp and 0.3bp respectively. Treasury futures fluctuated narrowly, with TS and TL rising 0.02% and 0.01% respectively, and TF and T closing flat. The DR007 weighted average rate rebounded to around 1.44%, and the central bank increased the MLF renewal by 50 billion yuan this month [5] 3.7 Focus - On March 26 - 27, G7 finance ministers will hold a meeting. On March 26 at 20:30, the number of initial jobless claims in the US for the week of March 21 will be released [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The geopolitical situation in the Middle East has a significant impact on the global energy supply and financial markets. The conflict between the US, Israel, and Iran has led to a sharp decline in oil exports from Middle Eastern countries, and also affected the prices of various commodities and the performance of stock markets [6][7][19]. - The Fed maintains the federal funds rate target range and shows a cautious stance. It has adjusted inflation and economic growth expectations, and the future interest - rate adjustment path is more conservative [7]. - The prices of different commodities show different trends. Some commodities are affected by supply - demand relationships, geopolitical factors, and macro - economic factors, and their price trends are complex and variable [4][11][13]. - The A - share market has been affected by external geopolitical shocks, but there is a technical need for a rebound after the decline. However, due to the uncertainty of the Middle East situation, the real stabilization of the market may require patience [18][19][20]. 3. Summary by Related Catalogs Chemicals - **Price Changes**: On March 25, 2026, compared with March 24, 2026, among chemical products, the prices of natural rubber, 20 - number glue, and crude oil increased, with increases of 0.555%, 0.977%, and 0.149% respectively; the prices of other products such as plastic, polypropylene PP, and PTA decreased, with the largest decline of 2.884% for ЬХ [4]. Macro News - **Middle East Energy Crisis**: Iran's energy facilities were attacked, and Iran retaliated by targeting the energy facilities of the US and some Middle Eastern countries. The oil exports of Middle Eastern countries have dropped significantly, with a decrease of about 61% - 71% compared with the average level in February [6]. - **Fed Policy**: The Fed maintains the federal funds rate target range at 3.50% - 3.75%, and the future interest - rate adjustment path is more conservative. It has also adjusted inflation and economic growth expectations [7]. - **China - US Relations and Domestic Policy**: China and the US will continue to communicate about Trump's visit to China. China has launched a second - round pilot project to extend the land contract for another 30 years [8]. Main Variety Morning Meeting Views Agricultural Products - **Sugar**: The international sugar price is supported by the reduction of production expectations in major producing countries and high oil prices. The domestic sugar price may fluctuate within a range in the short term, with the upper pressure around 5460 - 5470 yuan and the lower support at 5400 yuan [11]. - **Corn**: The price has broken through the previous shock range, and the market sentiment has weakened. One can pay attention to the opportunity of short - selling on the rebound, with the lower support at 2360 yuan/ton [11]. - **Peanut**: The supply is tight, and the oil mill's purchase provides support, but the food - grade peanut consumption is weak. It is expected to maintain a high - level shock in the short term, and one can take a wait - and - see or range - trading strategy [11]. - **Pig**: The supply is sufficient, the market is oversupplied, and the price is still looking for a bottom. The short position can be reduced [11]. - **Egg**: The spot price is stable and slightly strong, showing a pattern of near - strong and far - weak. The short - term disk is mainly fluctuating and strong, and it is recommended to operate intraday [13]. - **Jujube**: The market is in the off - season of consumption, and the supply exceeds demand. The disk is in a bottom - shock pattern, and it is recommended to operate intraday within the range [13]. - **Cotton**: The supply is slightly affected by the issuance of import quotas, and the demand in the traditional peak season is fulfilled. The price is under short - term callback pressure, but there is support around 15200 yuan. One can consider going long at the support level [13]. Energy and Chemicals - **Caustic Soda**: The price is rising, and the export is expected to strengthen, but one needs to be vigilant against the risk of the near - month contract correction [13]. - **Coking Coal and Coke**: The supply is stable, and the iron - water output provides support, but the price may fluctuate due to geopolitical factors. One can wait for the opportunity to go long at a low price after the correction [15]. - **Double - offset Paper**: The supply is abundant, the demand is weak, the inventory is accumulating, and the price is expected to fluctuate in the short term, with obvious upper pressure [15]. - **Urea**: The supply is sufficient, the demand is weak, and the futures price may continue to operate at a high level in a consolidation state [15]. Non - ferrous Metals - **Precious Metals**: The price of gold and silver is supported by the uncertainty of the Middle East situation, the slowdown of the US dollar's rise, and the long - term demand, and it is operating in a high - level shock state [15]. - **Copper and Aluminum**: The price has followed the market to correct due to the change in geopolitical risk sentiment. One should wait patiently for the price to stop falling and stabilize [15][17]. - **Alumina**: The supply may increase, and one can take a long - biased view at a low price, but be vigilant against macro risks [17]. Ferrous Metals - **Rebar and Hot - rolled Coil**: The inventory is decreasing, the demand is increasing, and the price is supported at a low level. One needs to pay attention to the impact of geopolitical factors and raw - material price fluctuations [17]. - **Ferroalloys**: The short - term cost is supported, and the idea is to go long on the correction, but there is a risk of chasing the high [17]. - **Lithium Carbonate**: The supply is expected to increase, the demand is weak, and after the price breaks through the key resistance, one should be cautious and wait and see, and be vigilant against the correction risk [17][18]. Option Finance - **Stock Index and Option**: On March 24, A - share indexes rose, and the trading volume of options changed. Trend investors can pay attention to the strength - weakness arbitrage opportunities between varieties, and volatility investors can trade according to the price trend. The A - share market is affected by external factors, and the real stabilization may require patience [18][20].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - A股 major indices closed significantly higher, with the Shanghai Composite Index returning to 3900 points. Small and mid - cap stocks outperformed large - cap blue - chip stocks. The turnover of the Shanghai and Shenzhen stock markets increased slightly, and nearly 4900 stocks rose. Most industry sectors rose, while coal and petroleum and petrochemical sectors fell. Overseas, the US proposed a one - month cease - fire plan to discuss an agreement to end the war with Iran, causing international oil prices to drop. Domestically, the economic fundamentals in 2026 showed a good start, and the performance of listed companies that have disclosed 2025 annual reports is generally good. However, due to the ongoing war, the risk of negotiation breakdown should be vigilant, and caution is still needed before the war ends [2] Summary by Relevant Catalogs Futures Market - **Futures Contract Prices**: IF (2606) was at 4450.0, up 70.4; IF (2604) was at 4505.6, up 69.0. IH (2606) was at 2830.0, up 22.6; IH (2604) was at 2848.0, up 26.0. IC (2606) was at 7530.0, up 160.2; IC (2604) was at 7685.6, up 164.2. IM (2606) was at 7477.4, up 127.2; IM (2604) was at 7650.0, up 131.4 [2] - **Futures Price Spreads**: IF - IH spread was 1657.6, up 34.4; IC - IF spread was 3180.0, up 74.6; IM - IC spread was - 35.6, down 33.4; IC - IH spread was 4837.6, up 109.0; IM - IF spread was 3144.4, up 41.2; IM - IH spread was 4802.0, up 75.6 [2] - **Quarter - to - Month Spreads**: IF quarter - to - month was - 55.6, up 5.4; IF next - quarter - to - month was - 141.2, up 3.0; IH quarter - to - month was - 18.0, down 2.4; IH next - quarter - to - month was - 54.8, down 1.6; IC quarter - to - month was - 155.6, down 10.4; IC next - quarter - to - month was - 330.6, down 15.2; IM quarter - to - month was - 172.6, down 7.2; IM next - quarter - to - month was - 397, down 18.0 [2] - **Futures Net Positions**: IF top 20 net positions were 22,830.00, down 356.0; IH top 20 net positions were 20,599.00, down 309.0; IC top 20 net positions were 28,867.00, down 1879.0; IM top 20 net positions were 49,975.00, down 79.0 [2] Spot Market - **Spot Prices**: CSI 300 was at 4537.47, up 62.7; SSE 50 was at 2859.5, up 28.7; CSI 500 was at 7767.7, up 170.3; CSI 1000 was at 7751.2, up 150.3 [2] - **Basis**: IF main contract basis was - 87.5, down 1.2; IH main contract basis was - 29.5, down 9.3; IC main contract basis was - 237.7, down 49.9; IM main contract basis was - 273.8, down 60.1 [2] Market Sentiment - **Market Volume and Balance**: A - share turnover was 21,928.53 billion yuan, up 967.83 billion yuan; margin trading balance was 26,135.99 billion yuan, down 64.32 billion yuan; north - bound trading volume was 2892.86 billion yuan, down 630.55 billion yuan; reverse repurchase was - 205.0 billion yuan, up 785.0 billion yuan; MLF was 5000 billion yuan, up 500 billion yuan [2] - **Other Indicators**: The proportion of rising stocks was 88.74%, down 4.81%; Shibor was 1.319%, up 0.001%; IO at - the - money call option closing price was 54.20, up 11.20; IO at - the - money call option implied volatility was 15.60%, down 2.19%; IO at - the - money put option closing price was 94.20, down 52.00; IO at - the - money put option implied volatility was 15.61%, down 2.35%; CSI 300 20 - day volatility was 18.05%, up 0.70%; volume PCR was 61.44%, down 4.73%; position PCR was 65.42%, up 2.77% [2] Wind Market Strength and Weakness Analysis - All A - shares were at 8.30, down 0.30; technical aspect was at 8.90, down 0.40; capital aspect was at 7.70, down 0.10 [2] Industry News - The US government proposed a 15 - item plan to end the conflict with Iran through Pakistan, including requirements on nuclear programs, missile capabilities, and regional issues. In exchange, Iran may get sanctions lifted, US support for civilian nuclear projects, and the cancellation of the "snap - back sanctions" mechanism. The US is considering a one - month cease - fire for further negotiations [2] Key Focus - On March 27 at 9:30, China's industrial enterprise profits for February will be released [3]

Report Date - The report is dated March 25, 2026 [2] Report Industry Investment Rating - Not provided Core View - The supply of live pigs is sufficient, while the demand lacks positive factors, and the fundamentals are bearish. The live pig spot market is weakly operating. On the futures market, the main 2605 contract fell 0.55%, continuing the downward trend. Attention should be paid to the impact of capital flow on the market [3] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for live pigs was 9,980 yuan/ton, a decrease of 65 yuan; the open interest of the main contract was 213,787 lots, an increase of 1,529 lots; the number of warehouse receipts was 1,009 lots, a decrease of 23 lots; the net long position of the top 20 futures holders was -66,831 lots, a decrease of 4,773 lots [3] Spot Market - The live pig price in Zhumadian, Henan was 9,700 yuan/ton, a decrease of 100 yuan; in Siping, Jilin was 9,200 yuan/ton, a decrease of 200 yuan; in Yunfu, Guangdong was 10,100 yuan/ton, unchanged. The basis of the live pig main contract was -280 yuan/ton, a decrease of 35 yuan [3] Upstream Situation - The national live pig inventory was 42,9670,000 heads, a decrease of 7130,000 heads; the national breeding sow inventory was 3,9610,000 heads, a decrease of 290,000 heads. The CPI year-on-year was 1.3%, an increase of 1.1 percentage points. The spot price of soybean meal in Zhangjiagang was 3,280 yuan/ton, a decrease of 20 yuan; the spot price of corn was 2,452.65 yuan/ton, a decrease of 0.19 yuan; the Dalian Commodity Exchange pig feed cost index was 951.71, an increase of 95.05. The monthly output of feed was 30,086,000 tons, an increase of 307,000 tons. The price of binary breeding sows was 1,424 yuan/head, unchanged. The breeding profit of purchased piglets was -141.48 yuan/head, a decrease of 23.3 yuan; the breeding profit of self - bred and self - raised live pigs was -297.68 yuan/head, a decrease of 14.53 yuan. The monthly import volume of pork was 50,000 tons, a decrease of 20,000 tons; the average price of white - striped chickens in the main producing areas was 13.7 yuan/kg, unchanged [3] Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises was 3,1770,000 heads, a decrease of 1,2270,000 heads. The cumulative catering revenue in February was 102.64 billion yuan, an increase of 45.26 billion yuan [3] Industry News - According to Shanghai Ganglian's sample data of key breeding enterprises, on March 25, 2026, the daily national live pig sales volume of key breeding enterprises was 298,878 heads, an increase of 0.31% from the previous day. The breeding end is in normal sales mode, with an increase in the sales of some large pigs, resulting in supply pressure. Attention should be paid to whether large - scale farms will reduce sales at the end of the month to temporarily relieve the supply pressure [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On Wednesday, the futures prices of the container shipping index (European line) declined across the board, with the main contract EC2604 dropping 6.04% and the far - month contracts falling between 2 - 8%. The latest SCFIS European line settlement freight rate index was 1693.26, up 136.77 points from last week, a month - on - month increase of 8.8%. The US proposed an agreement to end the war with 15 points to Iran, improving geopolitical expectations and causing wide - range fluctuations in the freight market. The spot price was affected by the high oil price. The euro - area unemployment rate in January dropped to a record low of 6.1%, and inflation accelerated unexpectedly, with the February CPI rising 1.9% year - on - year, higher than market expectations. The ECB maintained interest rates as expected, but the expectation of tighter policies due to imported inflation concerns increased, and the market fully priced in the ECB's resumption of interest rate hikes in July. Overall, although the geopolitical situation has deteriorated, the detour expectation has gradually materialized. Coupled with the unchanged fundamentals of the shipping industry and limited upward space in March and April, it's difficult for shipping companies' price increase announcements to be implemented. The main logic is the support from news. Investors are advised to be cautious, pay attention to operation rhythm and risk control, and track airline quotes and cargo volume data, as well as the persistence of the US - Iran conflict and the progress of the subsequent Iranian regime transition [1] 3. Summary According to Relevant Catalogs Futures Market Data - EC main contract closing price: 1803.000, down 116.0; EC secondary main contract closing price: 2364.1, down 177.10 - EC2604 - EC2608 spread: - 561.10, down 20.80; EC2604 - EC2606 spread: - 551.20, down 39.30 - EC contract basis: - 109.74, up 95.90 - EC main contract open interest: 12060, down 3207 [1] Spot Market Data - SCFIS (European line) (weekly): 1693.26, up 136.77; SCFIS (US West line) (weekly): 1024.11, down 85.00 - SCFI (composite index) (weekly): 1706.95, down 3.40; container ship capacity (10,000 TEUs): 1227.97, unchanged - CCFI (composite index) (weekly): 1120.61, up 48.45; CCFI (European line) (weekly): 1463.75, up 18.88 - Baltic Dry Index (daily): 1989.00, up 48.00; Panamax Freight Index (daily): 1839.00, up 49.00 - Average charter price (Panamax ship): unchanged; average charter price (Capesize ship): 23468.00, down 764.00 [1] Industry News - The US government proposed a 15 - condition plan to end the conflict with Iran through Pakistan, including requirements such as dismantling existing nuclear capabilities, promising not to develop nuclear weapons, and allowing full verification by the IAEA - US President Trump said the US was communicating with the "right people", Iran "wanted to reach an agreement", and the US - Iran negotiation "might be quite close to reaching an agreement" - European Central Bank Governing Council members said the ECB must be "highly flexible and vigilant" to control prices due to the approaching stagflation risk caused by the Iran war, and was ready to deal with inflation if energy price increases spread to other sectors [1] Key Points to Watch - Germany's April Gfk consumer confidence index at 15:00 on March 26 - US initial jobless claims (in 10,000 people) for the week ending March 21 at 20:30 on March 26 [1]