1. Report Industry Investment Rating - No information provided on the industry investment rating in the report. 2. Core View of the Report - The previous trading day saw the Shanghai zinc futures show a volatile trend, closing with a doji star, accompanied by an increase in trading volume. Both long and short positions reduced, with long positions decreasing more significantly. Overall, it was a volatile market with reduced trading volume. The price was volatile, and long - position holders actively exited, while short - position holders also exited to wait and see. In the short term, the market is expected to consolidate. Technically, the price closed below the moving - average system, which lost its short - term support. The short - term KDJ indicator rose and was operating in the weak zone, alleviating the oversold condition. The trend indicator rose, with the long - position strength increasing and the short - position strength decreasing, and the dominance of short - position strength narrowing. The operation suggestion is that the Shanghai zinc ZN2605 will be in a consolidation phase [17]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals - In November 2025, global zinc plate production was 1.197 million tons, consumption was 1.168 million tons, with a supply surplus of 29,000 tons. From January to November, global zinc plate production was 12.7561 million tons, consumption was 13.1065 million tons, with a supply shortage of 350,400 tons. In November, global zinc ore production was 1.069 million tons. From January to November, global zinc ore production was 12.1419 million tons. The overall situation is bullish [2]. 3.2 Basis - The spot price was 22,910, and the basis was - 65, indicating a neutral situation [2]. 3.3 Inventory - On March 24, LME zinc inventory decreased by 75 tons to 117,100 tons compared to the previous day, and the SHFE zinc inventory warrants decreased by 774 tons to 99,824 tons compared to the previous day, showing a bullish situation [2]. 3.4 Market Trends - The previous day, Shanghai zinc showed a volatile trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, indicating a bearish situation [2]. 3.5 Main Positions - The main positions were net long, but long positions decreased, showing a bullish situation [2]. 3.6 Futures Market Quotes on March 24 - The trading volume of zinc futures on March 24 was 206,373 lots, with a total trading value of 2.37325189 billion yuan. The open interest was 185,428 lots, a decrease of 5,547 lots compared to the previous day. Different delivery months had different price changes and trading volumes [3]. 3.7 Domestic Spot Market Quotes on March 24 - The price of zinc concentrate spot TC was 1,500 yuan/metal ton, and the comprehensive TC of imported zinc concentrate was 20 US dollars/dry ton. The price of 0 zinc in different regions such as Shanghai, Guangdong, Tianjin, and Zhejiang had different price ranges and increases [4]. 3.8 National Main Market Zinc Ingot Inventory Statistics - From March 12 to March 23, 2026, the total inventory of zinc ingots in the main domestic markets decreased from 231,100 tons to 219,500 tons, a decrease of 16,700 tons compared to March 16 and 9,500 tons compared to March 19 [5]. 3.9 Futures Exchange Zinc Warrant Report on March 24 - The total zinc warrants on March 24 were 99,824 tons, a decrease of 774 tons compared to the previous day. Different regions had different changes in warrants, with some increasing and some decreasing [6]. 3.10 LME Zinc Inventory Distribution on March 24 - The total LME zinc inventory on March 24 was 117,100 tons, a decrease of 75 tons compared to the previous day. Different storage locations had different inventory changes [7]. 3.11 National Main City Zinc Concentrate Price Summary on March 24 - The price of 50% - grade zinc concentrate in different regions such as Jiyuan, Linzhou, and Kunming was mostly 19,770 yuan/ton, with an increase of 150 yuan/ton [8]. 3.12 National Market Zinc Ingot Smelter Price Quotes on March 24 - The price of 0 zinc ingots from different smelters such as Zhengzhou Express, Sanmenxia Century, and Guangdong Zhongjin Lingnan increased by 190 yuan/ton [11]. 3.13 Domestic Refined Zinc Production in February 2026 - The planned production in February 2026 was 468,700 tons, and the actual production was 470,900 tons, a month - on - month decrease of 1.72% and a year - on - year increase of 10.01%. The capacity utilization rate was 65.87%, and the planned production for March was 490,200 tons [13]. 3.14 Zinc Concentrate Processing Fee Quotes on March 24 - The processing fees of 50% - grade zinc concentrate in different domestic regions were mostly between 1,400 - 1,600 yuan/metal ton, and the processing fee of imported 48% - grade zinc concentrate was 20 US dollars/ton [15]. 3.15 Shanghai Futures Exchange Member Zinc Trading and Position Ranking on March 24 - The total trading volume of members was 211,557 lots, an increase of 29,277 lots. The total long - position volume was 68,967 lots, a decrease of 1,979 lots, and the total short - position volume was 70,117 lots, a decrease of 305 lots [16].

Report Industry Investment Rating - The report does not provide an industry investment rating [1][2][3][4][5][6][7][8][9][10][11][13][14][16][17][19][20][22][23][25][26][28][29][31][32][34][35] Core Viewpoint - The overall view of natural rubber is bearish. Although there are some bullish factors, it has entered a bearish season. It is recommended to maintain a bearish mindset [4] Summary by Directory Daily Prompt - The report does not provide specific daily prompt content [1][2] Fundamental Data - **Fundamentals**: Spot is strong, Qingdao inventory is accumulating, and tire operating rate is at a high level, presenting a neutral situation [4] - **Inventory**: Exchange inventory has not changed much recently, while Qingdao area inventory is accumulating. The inventory of the Shanghai Futures Exchange increased week - on - week and decreased year - on - year, and the Qingdao area inventory increased both week - on - week and year - on - year, showing a neutral situation [4][14][17] - **Import**: Import volume has declined [20] - **Downstream Consumption**: Automobile production and sales have declined, tire production has increased year - on - year, and tire industry exports have reached a new high for the same period [23][26][29][32] Basis - The basis strengthened on March 24th, with a spot price of 16,100 and a basis of - 125, showing a bearish situation [4][35] Bullish and Bearish Factors - **Bullish Factors**: High downstream consumption, spot price resistance to decline, domestic anti - involution, and rising synthetic rubber prices [6] - **Bearish Factors**: Bearish domestic economic indicators, trade frictions, and reduced consumption due to rising crude oil prices [6]

沪铝早报- 交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 ：祝森林 从业资格证号：F3023048 投资咨询证号：Z0013626 联系方式：0575-85226759 1、基本面：碳中和控制产能扩张，国内供应即将到达天花板，下游需求不强劲，房地产延续疲软，宏 观短期情绪多变；中性。 2、基差：现货23470，基差-155，贴水期货，偏空。 3、库存：上期所铝库存较上周涨35619吨至452044吨；中性。 4、盘面：收盘价收于20均线下，20均线向上运行；中性。 5、主力持仓：主力净持仓多，多减；偏多。 6、预期：碳中和催发铝行业变革，长期利多铝价，宏观情绪多变，关注中东事件 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 铝: 利空： 逻辑： 近期利多利空分析 降息和需求疲软博弈 利多： 1、碳中和控制产能扩张。 2、俄乌地缘政治扰动，影响俄铝供应。 3、降息 1、全球经济并不乐观，高铝价会压制下游消费。 2、铝材出口退税取消 每日汇总 ...

Report Industry Investment Ratings - **Macro Finance**: Bullish on stock indices in the medium to long term, suggesting buying on dips; expecting treasury bonds to move in a sideways pattern [1][5] - **Black Building Materials**: Short - term trading for coking coal; range trading for rebar; selling out - of - the - money call options for glass [1] - **Non - ferrous Metals**: Holding short positions on copper at high prices moderately; strengthening observation on aluminum and nickel; range trading for tin; expecting gold, silver, and lithium carbonate to move in a sideways pattern [1] - **Energy Chemicals**: PVC, caustic soda, styrene, and polyolefins are expected to be bullish with sideways movement; selling on rallies for soda ash; buying on dips for rubber without chasing highs; range trading for urea and methanol [1] - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to be bullish with sideways movement; apples and jujubes are expected to move in a sideways pattern [1] - **Agricultural and Livestock**: Adopting a bearish approach on rebounds for May and July live hog contracts, treating the September contract sideways; expecting eggs to move in a range - bound pattern; corn to have short - term range - bound movement; being cautious about chasing long positions on the May soybean meal contract; suggesting rolling long positions on oils and gradually reducing previous long positions [1] Core Views of the Report - The market is significantly affected by geopolitical factors such as the Middle East conflict, and the prices of various commodities show different trends under the influence of supply - demand relationships, cost factors, and policy expectations [5][14] - Different commodities have different investment strategies based on their own fundamentals, including buying on dips, selling on rallies, range trading, and strengthening observation [1] Summary by Relevant Catalogs Macro Finance - **Stock Indices**: Trump's signal of easing tensions has repaired market liquidity and risk appetite. Stock indices are expected to be bullish with sideways movement, and investors are advised to buy on dips [5] - **Treasury Bonds**: Although the capital situation and institutional allocation behavior are beneficial to the bond market, fundamental factors are subtly affecting the bond interest rate center. Treasury bonds are expected to move in a sideways pattern [6] Black Building Materials - **Coking Coal and Coke**: Domestic coking coal production has recovered, and the total inventory has slightly increased. Coke production has rebounded from a low level. The inventory transfer is smooth, and short - term prices are bullish, suggesting short - term trading [8] - **Rebar**: The rebar futures price is below the electric - arc furnace valley electricity cost, with a low static valuation. The steel inventory has peaked and declined, and the price is expected to be bullish with sideways movement, suggesting range trading [9] - **Glass**: The supply has decreased, the inventory reduction has slowed down, the downstream demand is average, and the price of raw material soda ash is weak. The market is expected to be bearish with sideways movement, with a possibility of a small rebound. Selling call options is recommended [10][11] Non - ferrous Metals - **Copper**: Macro factors have a negative impact on copper prices, but domestic consumption is recovering, and the inventory is decreasing. However, overseas inventory is increasing. Copper prices are under pressure, but there is also support. Investors are advised to hold short positions at high prices moderately and pay attention to relevant factors [13][14] - **Aluminum**: The price of domestic bauxite is stable, and the production capacity of electrolytic aluminum is increasing. The demand is affected by high - price fluctuations, and the inventory is waiting for a turning point. The Middle East situation is generally bullish for aluminum, but it may fall in the short term. Strengthening observation is recommended [15] - **Nickel**: The supply of nickel ore is tight, the production of refined nickel is increasing, the demand is average, and the inventory is accumulating. The price is expected to be bullish with sideways movement, and investors are advised to wait and see [16][17] - **Tin**: The production of refined tin has decreased, the import of tin concentrate has increased, the consumption is recovering, and the supply is tight. Tin prices are expected to have wide - range fluctuations, suggesting range trading [18] - **Silver and Gold**: Fed's interest - rate decisions, the Middle East situation, and economic data affect prices. They are expected to move in a sideways pattern, and investors are advised to wait and see [20][21] - **Lithium Carbonate**: The supply is affected by mine production, and the demand is strong. The price is expected to move in a range - bound pattern [22][23] Energy Chemicals - **PVC**: The cost is low, the supply is high, the domestic demand is weak, and the export is good. The price is expected to be bullish with sideways movement, and investors are advised to operate within the rising channel [24] - **Caustic Soda**: The downstream demand provides support, and the supply may be affected by maintenance. The price is expected to be bullish with sideways movement, and investors are advised to be cautious about chasing high prices [26] - **Styrene**: The cost is supported by rising oil prices, the inventory is decreasing, and the price is expected to be bullish with sideways movement. Buying on dips without chasing highs is recommended [27] - **Polyolefins**: The cost is supported by rising oil and gas prices. The supply and demand are improving marginally, and the price is expected to be bullish with sideways movement [28] - **Rubber**: The cost is supported by high overseas raw material prices, but the inventory pressure is large. The price is expected to be bullish with sideways movement, and investors are advised to buy on dips without chasing highs [29] - **Urea**: The supply is at a high level, the demand is supported by agricultural fertilization and compound fertilizer production, the inventory is decreasing, and the price is expected to be bullish with sideways movement, suggesting range trading [30][31] - **Methanol**: The supply and demand are both at a certain level, and the inventory is decreasing. The price is expected to be bullish with sideways movement, suggesting range trading [32] - **Soda Ash**: The supply is expected to remain high, the inventory pressure is increasing, and the price is expected to be under pressure. Selling on rallies is recommended [34] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The global cotton production has increased, the consumption has decreased, and the inventory has increased. However, the domestic market is active, and the price is expected to be bullish with sideways movement [36] - **Apples**: The market is polarized, with good - quality goods being actively traded. The price is expected to move in a sideways pattern [37][38] - **Jujubes**: The raw material acquisition in the production area is based on quality, the number of repurchasing merchants is small, and the price is expected to move in a sideways pattern [39] Agricultural and Livestock - **Live Hogs**: The short - term supply exceeds demand, and the price is in the process of bottom - building. The 05 and 07 contracts are recommended to be shorted on rebounds, and the 09 contract is treated sideways [41][42] - **Eggs**: The demand is supported by festival stocking, and the supply pressure is gradually relieved. The price is expected to move in a range - bound pattern, and investors are advised to pay attention to relevant factors [43] - **Corn**: The supply in the northeast is tight, and the supply in the north - central is loose. The demand is weak, and the price is expected to have short - term range - bound movement [45] - **Soybean Meal**: Affected by the US - Iran relationship, the price of US soybeans is under pressure. The 05 contract is recommended to be cautious about chasing long positions [46][47] - **Oils**: The price of palm oil is affected by supply and demand in Malaysia and Indonesia; the price of soybean oil is affected by Sino - US negotiations and US biodiesel policies; the price of rapeseed oil is affected by import costs and supply. Oils are expected to be at a high - level sideways movement, and previous long positions are recommended to be gradually reduced [48][52]

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The report presents daily arbitrage data for various futures varieties on March 25, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data support for market participants' investment decisions [1] 3. Summary by Directory 3.1 Power Coal - Displays the basis and spread data of power coal from March 18 to March 24, 2026. The basis gradually increased from - 78.4 yuan/ton on March 18 to - 50.4 yuan/ton on March 24, while the spreads of 5 - 1, 9 - 1, and 9 - 5 remained at 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - Shows the basis and price ratio data of fuel oil, crude oil, and asphalt from March 18 to March 24, 2026. For example, on March 24, the basis of INE crude oil was 374.15 yuan/ton, and the price ratio of crude oil to asphalt was 0.1762 [8] 3.2.2 Chemical Commodities - **Basis**: Presents the basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 18 to March 24, 2026. For instance, the basis of rubber was - 125 yuan/ton on March 24 [10] - **Inter - period Spread**: Displays the inter - period spread data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol. For example, the 5 - 1 spread of rubber was - 780 yuan/ton [12] - **Inter - variety Spread**: Provides the inter - variety spread data of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from March 18 to March 24, 2026. On March 24, the LLDPE - PVC spread was 3121 yuan/ton [12] 3.3 Black Metals - **Inter - period Spread**: Shows the inter - period spread data of rebar, iron ore, coke, and coking coal. For example, the 5 - 1 spread of rebar was - 55.0 yuan/ton [21] - **Inter - variety Spread**: Presents the inter - variety spread data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from March 18 to March 24, 2026. On March 24, the rebar/iron ore ratio was 3.83 [21] - **Basis**: Displays the basis data of rebar, iron ore, coke, and coking coal from March 18 to March 24, 2026. On March 24, the basis of rebar was 75.0 yuan/ton [22] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - Shows the domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 18 to March 24, 2026. On March 24, the basis of copper was - 120 yuan/ton [31] 3.4.2 London Market - Presents the LME spread, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss data of LME non - ferrous metals on March 24, 2026. For example, the LME spread of copper was (91.73), and the Shanghai - London ratio was 7.83 [34] 3.5 Agricultural Products - **Basis**: Displays the basis data of soybeans, soybean meal, soybean oil, corn, etc. from March 18 to March 24, 2026. On March 24, the basis of soybeans was - 75 yuan/ton [40] - **Inter - period Spread**: Shows the inter - period spread data of soybeans, soybean meal, soybean oil, rapeseed meal, etc. For example, the 5 - 1 spread of soybeans was - 20 yuan/ton [40] - **Inter - variety Spread**: Presents the inter - variety spread data of soybeans/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, etc. from March 18 to March 24, 2026. On March 24, the soybeans/corn ratio was 1.97 [40] 3.6 Stock Index Futures - **Basis**: Shows the basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 18 to March 24, 2026. On March 24, the basis of CSI 300 was 86.32 [51] - **Inter - period Spread**: Displays the inter - period spread data of CSI 300, SSE 50, CSI 500, and CSI 1000. For example, the next - month - current - month spread of CSI 300 was - 20.4 [51]

Group 1: Report Overview - Report title: Urea Morning Report - Report date: March 25, 2026 - Author: Zhu Tianyi from Dayue Futures Investment Consulting Department [2][3] Group 2: Industry Investment Rating - No investment rating information is provided in the report Group 3: Core Viewpoints - The overall fundamentals of urea are neutral, with high daily production and operating rates, recovering industrial demand, differentiated agricultural demand, and de - stocking of comprehensive inventory. The urea主力合约 is expected to fluctuate today. The main influencing factors are international prices and domestic demand marginal changes, and the main risk point is the change in export policy [4][5] Group 4: Urea Overview Fundamentals - The current daily production and operating rates are at a high level compared to the same period. Although there are some device overhauls in the short term, the daily production will still remain high, with relatively abundant overall supply. Industrial demand has recovered, and the operating rates of compound fertilizers and melamine have significantly increased. Agricultural demand is differentiated, and the comprehensive inventory is being de - stocked. The external market price has continued to strengthen due to geopolitical factors, and the price difference between domestic and foreign exports has widened. The increase in domestic prices is limited by guidance [4] Basis - The basis of the UR2605 contract is - 4, and the premium/discount ratio is - 0.2%, which is neutral [4] Inventory - The UR comprehensive inventory is 97.6 tons (- 14.2), which is neutral [4] Disk - The 20 - day moving average of the UR main contract is upward, and the closing price is above the 20 - day line, showing a bullish trend [4] Main positions - The net short position of the UR main contract has decreased, showing a bearish trend [4] Expectation - The main contract of urea is expected to fluctuate strongly, with high daily production compared to the same period, recovering industrial demand, differentiated agricultural demand, and de - stocking of inventory. It is expected that UR will fluctuate today [4] Group 5: Supply - Demand Balance Sheet | Year | Capacity | Capacity Growth Rate | Output | Net Import Volume | PP Import Dependence | Apparent Consumption | Ending Inventory | Actual Consumption | Consumption Growth Rate | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2018 | | 2245.5 | | 1956.81 | 448.38 | 18.6% | 2405.19 | 23.66 | 2405.19 | | | 2019 | | 2445.5 | 8.9% | 2240 | 487.94 | 17.9% | 2727.94 | 37.86 | 2713.74 | 12.8% | | 2020 | | 2825.5 | 15.5% | 2580.98 | 619.12 | 19.3% | 3200.1 | 37.83 | 3200.13 | 17.9% | | 2021 | | 3148.5 | 11.4% | 2927.99 | 352.41 | 10.7% | 3280.4 | 35.72 | 3282.51 | 2.6% | | 2022 | | 3413.5 | 8.4% | 2965.46 | 335.37 | 10.2% | 3300.83 | 44.62 | 3291.93 | 0.3% | | 2023 | | 3893.5 | 14.1% | 3193.59 | 293.13 | 8.4% | 3486.72 | 44.65 | 3486.69 | 5.9% | | 2024 | | 4418.5 | 13.5% | 3425 | 360 | 9.5% | 3785 | 51.4 | 3778.25 | 8.4% | | 2025E | | 4906 | 11.0% | | | | | | | [9] Group 6: Market Data Spot Market - The price of the spot delivery product is 1860 (unchanged), the price of Shandong spot is 1880 (+10), the price of Henan spot is 1860 (unchanged), and the FOB China price is 4913 [6] Futures Market - The price of the 05 contract is 1864 (-20), the basis is - 4 (+20), the price of UR01 is 1902 (-8), the price of UR05 is 1864 (-20), and the price of UR09 is 1923 (-20) [6] Inventory - The number of warehouse receipts is 8712 (unchanged), the UR comprehensive inventory is 97.6 (unchanged), the UR manufacturer inventory is 80.9 (unchanged), and the UR port inventory is 16.7 (unchanged) [6]

交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2026-3-25 大越期货投资咨询部 朱天一 从业资格证号：F3020542 投资咨询证号： Z0021831 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • LLDPE概述： • 1. 基本面：宏观方面，2月官方制造业PMI为50.2%，较上月上升1.1个百分点，重回扩张区间。 伊朗局势方面，特朗普推迟袭击伊朗电厂并释放谈判信号，外盘原油短期走弱由上涨转入震荡。 供需端，农膜方面，春耕启动，地膜需求良好，但高价原料导致企业备货需求观望为主，包装膜 受涨价影响以刚需为主，管材方面开工率、订单均偏低。当前LL交割品现货价8950（+100），基 本面整体偏多； • 2. 基差： LLDPE 2605合约基差32，升贴水比例0.4%，中性； • 3. 库存：PE综合库存62.3万吨（-0.2），偏空； • 4. 盘面： LLDPE主力合约20日均线向上，收盘价位于20日线 ...

Report Overview - The report is an early morning report on Shanghai Nickel and stainless steel on March 25, 2026, provided by Dayue Futures' Investment Consulting Department [1] Industry Investment Rating - Not provided in the report Core Viewpoints - For Shanghai Nickel 2605, it is expected to operate in a weak and volatile manner [2] - For stainless steel 2605, it is expected to have a wide - range fluctuation around the 20 - day moving average [4] Summary by Directory 1. Nickel and Stainless Steel Price Overview - **Futures Prices**: On March 24, the Shanghai Nickel main contract was 133,480 yuan, up 500 yuan from the previous day; the LME Nickel was 16,980, down 220; the stainless steel main contract was 14,290, up 255 yuan. The nickel index was 133,850, down 900; the cold - rolled coil index was 13,799, down 75 [10] - **Spot Prices**: SMM 1 electrolytic nickel was 136,150 yuan on March 24, down 1700 yuan; 1 Jinchuan nickel was 139,300 yuan, down 1850 yuan; 1 imported nickel was 132,900 yuan, down 1550 yuan; nickel beans were 135,500 yuan, down 1550 yuan. Cold - rolled coil 304*2B prices in Wuxi, Foshan, Hangzhou, and Shanghai remained unchanged [10] 2. Nickel Warehouse Receipts and Inventory - **LME and SHFE Inventory**: As of March 24, LME nickel inventory was 282,888, an increase of 96; SHFE nickel warehouse receipts were 58,006, an increase of 374; the total inventory was 340,894, an increase of 470 [13] - **Previous Inventory Data**: As of March 20, SHFE nickel inventory was 63,661 tons, with futures inventory at 56,690 tons, a decrease of 20 tons and an increase of 228 tons respectively [12] 3. Stainless Steel Warehouse Receipts and Inventory - **Futures Inventory**: On March 24, stainless steel warehouse receipts were 43,599, an increase of 1934 from the previous day [18] - **Regional Inventory**: On March 20, the inventory in Wuxi was 598,700 tons, in Foshan was 380,600 tons, and the national inventory was 1,127,400 tons, a decrease of 15,000 tons month - on - month. The inventory of 300 - series stainless steel was 693,700 tons, a decrease of 13,400 tons month - on - month [17] 4. Nickel Ore and Ferronickel Prices - **Nickel Ore Prices**: On March 24, the price of red - soil nickel ore CIF (Ni1.5%) was 80 US dollars per wet ton, and (Ni0.9%) was 34.5 US dollars per wet ton, both unchanged from the previous day. The sea freight from the Philippines to Lianyungang and Tianjin Port also remained unchanged [21] - **Ferronickel Prices**: The price of high - nickel ferronickel (8 - 12) was 1086.21 yuan per nickel point, down 0.28 yuan; the price of low - nickel ferronickel (below 2) was 3650 yuan per ton, down 25 yuan [21] 5. Stainless Steel Production Cost - **Cost Types**: The traditional production cost of stainless steel was 14,115 yuan, the scrap steel production cost was 14,071 yuan, and the low - nickel + pure nickel production cost was 17,707 yuan [23] 6. Nickel Import Cost - The calculated import price of nickel was 132,602 yuan per ton [26]

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 3 月 25 日星期三 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 研究员： 刘洋 从业资格： F3063825 交易咨询资格：Z0016580 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | - ...

投资咨询业务资格：证监许可【2011】1778 号 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 期货研究报告 宝城期货豆类油脂早报（2026 年 3 月 25 日） 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏弱 中期观点：震荡 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘价为基准) 品种 短期 中期 日内 观点参考 核心逻辑概要 <点击目录链接，直达品种 策略解析> 豆粕 2605 震荡 震荡 震荡 偏弱 震荡偏弱 进口大豆成本，进口到港节 奏，油厂开工节奏，库存压力 豆油 2605 震荡 震荡 震荡 偏弱 震荡偏弱 能源属性，美国生物燃料政 策，美豆油库存，进口大豆 成本支撑，供应节奏，油厂 库存 棕榈 2605 震荡 震荡 震荡 偏弱 震荡偏弱 能源属性，印尼生柴政策预 期，成本攀升，国内到港 ...