Group 1: Report Overview - The report is the PTA and Ethylene Glycol Daily by Jinxin Futures Research Institute, dated March 24, 2026 [1] Group 2: PTA Analysis Market Performance - On March 24, the PTA main futures contract TA605 fell 4.15%, and the basis was -67 yuan/ton, +157 yuan/ton compared to the previous trading day [2] Fundamental Information - The market price of PTA in East China today was 6,735 yuan/ton, down 175 yuan/ton from the previous trading day. Brent crude oil on the cost side rose to around $114 per barrel. PTA capacity utilization remained flat at 79.9% compared to the previous working day, and PTA factory inventory was 5.92 days, -0.02 days [3] Main Force Movement - The long - position main force reduced positions [3] Trend Expectation - In the short term, the geopolitical situation dominates the phased fluctuations of the energy - chemical sector. The poor crude oil supply leads to the reduction of PX device load. With cost support and the expected decrease in supply, downstream polyester enterprises are cautious in placing orders due to high costs and mostly adopt a wait - and - see attitude. It is expected that the short - term PTA price will fluctuate widely following the cost side [3] Group 3: Ethylene Glycol (MEG) Analysis Market Performance - On March 24, the ethylene glycol main futures contract eg2605 fell 6.23%, and the basis was -33 yuan/ton, +71 yuan/ton compared to the previous trading day [4] Fundamental Information - The market price of ethylene glycol in East China today was 5,236 yuan/ton, down 234 yuan/ton from the previous trading day. The total inventory of MEG in the main ports of East China was 92.1 tons, a decrease of 1.2 tons compared to the previous period [4] Main Force Movement - The long - position main force reduced positions [4] Trend Expectation - A large number of petroleum cracking devices at home and abroad have reduced their loads. At the same time, due to restricted passage in the Strait of Hormuz, the import of ethylene glycol to ports has sharply decreased, and the supply has rapidly declined. It is expected that the inventory at the main ports will turn to destocking before the end of the month, and the supply - demand situation will improve in the second quarter. Currently, the profit of coal - based production has been greatly repaired, and there is an expectation of device restart. Continuously monitor overseas situations and device changes [4]

1. Report Industry Investment Rating - Not provided 2. Core Views - Cotton is expected to maintain a short - term oscillating market. The downstream is in the traditional peak season of "Golden March and Silver April", but the spinning profit is poor. Domestically, cotton has entered the de - stocking cycle, and the reduction of the cotton planting area in the new year provides medium - to - long - term support for cotton prices. However, the frequent fluctuations of crude oil lead to sharp price changes in chemical fibers, causing cotton to show an oscillating effect. The potential visit of Trump to China in May is expected to provide some support for prices [1]. - Sugar is expected to continue its oscillating upward trend. As of March 24, 46 sugar mills in Guangxi are still in operation, with an increase of 45 compared to the same period last year. The daily cane - crushing capacity of the mills that have completed the crushing is 256,500 tons per day, a decrease of 332,500 tons per day compared to the same period last year. The narrowing import profit indicates that the downside space for sugar is gradually shrinking [1][2]. 3. Summary by Related Content Cotton - The downstream is in the "Golden March and Silver April" traditional peak season, but the spinning profit is poor [1]. - Domestically, cotton has entered the de - stocking cycle, and the reduction of the new - year cotton planting area provides medium - to - long - term support for cotton prices [1]. - Frequent fluctuations in crude oil lead to sharp price changes in chemical fibers, causing cotton to maintain an oscillating effect [1]. - The potential visit of Trump to China in May is expected to provide some support for prices, and the short - term market is expected to oscillate [1]. Sugar - As of March 24, 46 sugar mills in Guangxi are still in operation, an increase of 45 compared to the same period last year. Among the operating mills, nearly one - third are large - scale mills with a daily capacity of over 10,000 tons [1]. - The daily cane - crushing capacity of the mills that have completed the crushing is 256,500 tons per day, a decrease of 332,500 tons per day compared to the same period last year [1]. - In terms of regional distribution, 10 sugar mills in Chongzuo have completed the crushing, with a relatively fast progress; 6 sugar mills in Laibin have completed the crushing, with an accelerating progress; no sugar mills in Liuzhou and Guigang have completed the crushing, and the earliest estimated completion time is the end of March [1]. - The estimated cost of processed and duty - paid Brazilian sugar within the quota is 4,365 yuan/ton, and the estimated cost outside the quota is 5,556 yuan/ton. The estimated profit of processed and duty - paid Brazilian sugar within the quota compared to the Rizhao white sugar spot price is 1,275 yuan/ton, and the profit outside the quota is 84 yuan/ton [2]. - The rise of the outer - market raw sugar narrows the price difference between domestic and foreign sugar. Although the global sugar market is still loose, the raw sugar is gradually emerging from the trough due to the sharp rise in crude oil prices. With the narrowing import profit, the downside space for sugar is gradually shrinking, and it is expected to continue its oscillating upward trend [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint LPG prices are still driven by geopolitical factors. The ongoing conflict has led to high oil prices and a reduction in LPG production. Although the current PDH operation is okay, the lack of raw materials poses a potential risk. The market is currently focused on the possibility of negotiations between the two parties. The trading strategy is to hold long positions with a bullish bias [7]. 3. Summary by Directory 3.1 Oil and Gas Market - The freight rate for shipping Saudi crude oil from the Red Sea to Asia by shipowners has plummeted in the past few weeks due to more tankers flocking to Yanbu Port to carry oil diverted from the closure of the Strait of Hormuz [3]. - US President Trump said that after what he called a "fruitful dialogue" between the US and Iran, the US will postpone the strike on Iran's energy infrastructure, which has caused confusion about the participants in the dialogue and the specific scope of the agreement [3]. - The Wall Street Journal reported that Saudi Arabia and the United Arab Emirates have taken steps to intervene in the Iranian war, which may mean an escalation of the conflict [3]. - A Chinese fuel tanker has sailed out of the Persian Gulf through the Strait of Hormuz on a route previously used by other ships with Iran's approval [3]. 3.2 Spot Overview - **Shandong Region**: The estimated price of civil LPG in Shandong is 6,560 yuan/ton, a daily increase of 10 yuan/ton. The market had a smooth sales volume and premium performance yesterday, but the market's upward momentum decreased after the early morning plunge in crude oil prices. Due to the tight supply-demand fundamentals, the mainstream prices remained stable with sporadic small increases today. The ether post - market in Shandong was generally stable with sporadic price changes, and the overall trading atmosphere was okay. Although the short - term decline in crude oil prices was a constraint, the low - supply expectations inside and outside the region still exist. Each manufacturer's shipments and inventory are controllable, and they are holding prices and waiting. It is expected that the ether post - market in Shandong will remain generally stable and sporadically try to increase prices tomorrow [5]. - **East China Region**: The mainstream transaction price of imported LPG in East China is 7,570 yuan/ton, an increase of 45 yuan/ton from the previous working day. Today, the mainstream price of imported LPG in the East China market is between 7,350 - 7,800 yuan/ton. With limited future arrivals, terminals are reluctant to sell, and importers have a firm attitude. Although the decline in crude oil prices affects market sentiment, most terminals have low inventories, and domestic gas prices are strong. Today, the imported LPG in East China remained generally stable with individual increases [5]. - **South China Region**: The average transaction price of domestic LPG in South China is 7,105 yuan/ton, a daily increase of 25 yuan/ton; the average price of imported LPG is 7,300 yuan/ton, remaining stable from yesterday. Today, the South China market was generally stable with sporadic adjustments. Some low - priced areas still had price increases, while high - priced resources gradually stabilized, and some even showed signs of weakening. As prices are at a high level, the decline in international oil prices affects sentiment, and downstream inventory levels are high, the market's trading atmosphere has become weaker, and industry players are mostly on the sidelines. However, due to concerns about the supply side in the volatile situation, it is expected that prices will remain at a high level in the short term [6]. - **North China Region**: The benchmark price of civil LPG in North China is 6,288 yuan/ton, a decrease of 8 yuan/ton from the previous working day. Today, the North China market was generally stable with individual price drops. Downstream buyers entered the market cautiously, and production and sales were controllable [6].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Today, precious metals rebounded from their lows. The main contract of Shanghai Gold closed down 1.57%, the main contract of Shanghai Silver closed up 2.51%, the main contract of platinum closed up 3.61%, and the main contract of palladium closed up 4.89% [1] - In the short - term, the risk of trade war has eased, and the risk of geopolitical changes in the Middle East may become normalized. The US employment is strong, inflation pressure still exists, and the expectation of interest rate cuts is at a low level [1] - The air strikes by the US and Israel on Iran and Iran's retaliatory actions have triggered a global chain reaction. The world is facing rising energy costs and the threat of stagflation, and the market is worried that the Middle East conflict may become long - term [1] - The Fed maintained the interest rate unchanged this month, stating that the Iran war has made the policy outlook highly uncertain. It is expected that inflation will rise, the unemployment rate will remain stable, and there will be one interest rate cut this year. Fed Chairman Powell said that this policy path faces extremely high uncertainty. Traders have postponed their bets on interest rate cuts to 2027. The US dollar index and US Treasury yields have fallen under pressure [1] - The Middle East geopolitical crisis has increased the global recession risk, suppressing the industrial demand prospects of other commodities. Silver is supported by tight supply; the demand for platinum - based catalysts in the platinum hydrogen energy industry is expected to be strong; the short - term demand for palladium still has resilience, but it faces structural pressure in the fuel - vehicle market in the long term. The CRB commodity index fluctuates weakly, and the appreciation of the RMB is negative for domestic prices [1] - It is expected that precious metals will be volatile and strong in the short term, volatile at a low level in the medium term, and the long - term bullish trend remains unchanged [1] 3. Summary by Related Catalogs Gold - **Strategy**: For conservative investors, it is recommended to wait and see. For aggressive investors, it is recommended to buy low and sell high. Good position management and strict stop - loss and take - profit are advised [2] - **Price Data**: Comex gold active contract closed at $4410.40 per ounce, down $81.60 (-1.82%) from the previous day and down $600.90 (-11.99%) from last week. London gold was at $4466.25 per ounce, down $96.30 (-2.11%) from the previous day and down $528.60 (-10.58%) from last week. Shanghai Gold main contract closed at 979.80 yuan per gram, up 39.80 yuan (4.23%) from the previous day and down 136.40 yuan (-12.22%) from last week [2] - **Position and Inventory Data**: Comex gold position was 411,388 lots (100 ounces per lot), up 1,599 lots (0.39%) from last week. Shanghai Gold main contract position was 159,914 lots (kilograms per lot), up 97,150 lots (154.79%) from the previous day and up 68,984 lots (75.86%) from last week. LBMA gold inventory was 9,210 tons, up 51 tons (0.56%) from last week [2] Silver - **Strategy**: For conservative investors, it is recommended to wait and see. For aggressive investors, it is recommended to buy low and sell high. Good position management and strict stop - loss and take - profit are advised [4] - **Price Data**: Comex silver active contract closed at $69.32 per ounce, up $1.51 (2.23%) from the previous day and down $11.68 (-14.42%) from last week. London silver was at $67.23 per ounce, down $5.14 (-7.10%) from the previous day and down $11.72 (-14.84%) from last week. Shanghai Silver main contract closed at 17,085 yuan per kilogram, up 1,674 yuan (10.86%) from the previous day and down 3,223 yuan (-15.87%) from last week [4] - **Position and Inventory Data**: Comex silver position was 114,758 lots (5000 ounces per lot), down 700 lots (-0.61%) from last week. Shanghai Silver main contract position was 3,174,525 lots (kilograms per lot), down 166,290 lots (-4.98%) from the previous day and down 102,465 lots (-3.13%) from last week. LBMA silver inventory was 27,065 tons, down 664 tons (-2.39%) from last week [4] Platinum - **Strategy**: For conservative investors, it is recommended to wait and see. For aggressive investors, it is recommended to buy low and sell high. Good position management and strict stop - loss and take - profit are advised [6] - **Price Data**: NYMEX platinum active contract closed at $2113.20 per ounce, up $88.70 (4.38%) from the previous day and down $76.00 (-3.47%) from last week. London platinum was at $2118.00 per ounce, up $41.00 (1.97%) from the previous day and down $14.00 (-0.66%) from last week. Platinum main contract on the Guangzhou Futures Exchange closed at 552.70 yuan per gram, up 19.90 yuan (3.73%) from the previous day and down 9.85 yuan (-1.75%) from last week [7] - **Position and Inventory Data**: NYMEX platinum active contract position was 34,868 lots (50 ounces per lot), down 2,529 lots (-6.76%) from the previous day and down 7,894 lots (-5.51%) from last week. NYMEX platinum total inventory was 19 tons, unchanged from the previous day and last week [7] Palladium - **Strategy**: For conservative investors, it is recommended to wait and see. For aggressive investors, it is recommended to buy low and sell high. Good position management and strict stop - loss and take - profit are advised [8] - **Price Data**: NYMEX palladium active contract closed at $1620.50 per ounce, up $59.50 (3.81%) from the previous day and down $92.00 (-5.37%) from last week. London palladium was at $1601.00 per ounce, down $49.00 (-3.04%) from the previous day and down $49.00 (-2.97%) from last week. Palladium main contract on the Guangzhou Futures Exchange closed at 407.75 yuan per gram, up 9.20 yuan (2.31%) from the previous day and down 15.80 yuan (-3.73%) from last week [8] - **Position and Inventory Data**: NYMEX palladium active contract position was 14,847 lots (100 ounces per lot), up 131 lots (0.89%) from the previous day and up 79 lots (0.53%) from last week. NYMEX palladium total inventory was 8 tons, up 1 ton (22.15%) from the previous day and up 1 ton (19.79%) from last week [8] Precious Metals Fundamental Key Data - **Monetary Attributes**: The upper limit of the federal funds target rate is 3.75%, the discount rate is 3.75%, the reserve balance interest rate (IORB) is 3.65%, the Fed's total assets are $6707.104 billion, M2 year - on - year growth is 4.29%, the ten - year US Treasury real yield is 2.63, the US dollar index is 99.12, etc. [9] - **US Inflation**: CPI year - on - year is 2.40%, CPI month - on - month is 0.50%, core CPI year - on - year is 2.50%, core CPI month - on - month is 0.40%, PCE price index year - on - year is 2.83%, core PCE price index year - on - year is 3.06%, etc. [9] - **US Economic Growth**: GDP annualized year - on - year growth is 2.10%, GDP annualized quarter - on - quarter growth is 0.70%, the unemployment rate is 4.40%, non - farm payrolls monthly change is - 92,000, etc. [9] - **US Labor Market**: The labor participation rate is 61.90%, the average hourly wage growth rate is 3.80%, weekly working hours are 34.30 hours, ADP employment is 63,000, initial jobless claims are 205,000, etc. [9] - **US Real Estate Market**: The NAHB housing market index is 38.00, existing home sales are 4.09 million units, new home sales are 480,000 units, new home starts are 1.043 million units [9] - **US Consumption**: Retail sales year - on - year growth is 2.08%, retail sales month - on - month growth is 0.03%, personal consumption expenditure year - on - year growth is 5.25%, personal consumption expenditure month - on - month growth is 0.38%, etc. [11] - **US Industry**: The industrial production index year - on - year growth is 1.44%, the industrial production index month - on - month growth is 0.15%, capacity utilization rate is 76.29%, new orders for durable goods are $79.265 billion, etc. [11] - **US Trade**: Exports year - on - year growth is 9.68%, exports month - on - month growth is - 17.23%, imports year - on - year growth is - 26.33%, imports month - on - month growth is - 2.30%, trade balance is - $54.5 billion [11] - **US Economic Surveys**: ISM manufacturing PMI index is 52.40, ISM services PMI index is 56.10, Markit manufacturing PMI index is 51.20, Markit services PMI index is 52.30, etc. [11] - **Central Bank Gold Reserves**: China's gold reserves are 2308.50 tons, the US's gold reserves are 8133.46 tons, and the world's gold reserves are 36458.24 tons [11] - **IMF Foreign Exchange Reserve Ratios**: The US dollar accounts for 56.32%, the euro accounts for 21.13%, the RMB accounts for 2.12%, and the global ratio is 25.94% [11] - **Gold/Reserves Ratios**: China's ratio is 8.34%, the US's ratio is 81.98% [11] - **Geopolitical Risk Index**: The geopolitical risk index is 335.15, the VIX index is 26.15, the CRB commodity index is 350.74, and the offshore RMB exchange rate is 6.9163 [11] Fed's Latest Interest Rate Expectations - According to the CME FedWatch tool, the probability of the federal funds rate remaining in the range of 375 - 400 basis points is relatively high in the near term, and the probability of rate cuts gradually increases over time [13]

Group 1: Report Overview - The report is an apple daily report in the agricultural product research report on March 24, 2024 [1] Group 2: Market Information Spot Price - The Fuji apple price index is 110.41 today, with a decrease of 0.15 compared to the next working day price of 110.56. The average wholesale price of 6 kinds of fruits is 7.84 today, with a decrease of 0.10 compared to the next working day price of 7.94. The prices of various apple varieties such as Luochuan semi - commodity paper - bag 70, Qixia first and second - grade paper - bag 80, etc., remain stable [2] Futures Price - AP01 closes at 8532 today, down 115 from yesterday's close of 8647; AP05 closes at 10144, down 577 from yesterday's close; AP10 closes at 8639, down 191 from yesterday's close. The spreads between different contracts also show corresponding changes [2] Basis - The basis of Qixia first and second - grade 80 - AP01 is - 532 today, up 115 from the previous trading day; the basis of Qixia first and second - grade 80 - AP05 is - 2144, up 577; the basis of Qixia first and second - grade 80 - AP10 is - 639.0, up 191 [2] Group 3: Market News and Views Market News - As of March 19, the national cold - storage apple inventory is 468.43 million tons, a decrease of 31.29 million tons from last week, and the de - stocking speed is at a relatively high level in the same period in recent years. The main market price of apples in the origin remains stable, with smooth transactions. The supply of high - quality goods in cold - storage is tight. The arrival of goods in the market is stable, and the overall sales situation is okay [7] Trading Logic - The fundamental situation of apples is strong, with low cold - storage inventory and poor quality, and the high cost of May contracts in the early stage led to a sharp rise in the price of May contracts. However, considering the high price of the May contract on the disk and the approaching position - limit time for the May contract, the upward momentum and time for the May contract are insufficient. As the key growth period of new - season apples approaches, the market will focus on the production of new - season apples. New - season apples currently have many flower buds, but the high early - stage temperature has increased the accumulated temperature, which may advance the apple flowering period and increase the risk of freezing damage. The current price of the October contract is high, and if the weather is normal later, it is an opportunity to arrange short positions. It is recommended to wait and see [5] Trading Strategy - For the single - side trading of the May contract, it is recommended to leave the market and wait and see. For both arbitrage and options, it is recommended to wait and see [6][8] Group 4: Related Attachments - The report provides 10 related figures, including the price of Qixia first and second - grade paper - bag 80, the price of Luochuan semi - commodity paper - bag 70, AP contract main basis, spreads between different AP contracts, the total apple arrival volume in Chalong, Jiangmen and Xiaqiao, the price of 6 kinds of fruits, the national cold - storage apple inventory, and the national cold - storage apple outbound volume [11][13][21]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -1.63% today. Among the sector indices, the Nanhua Precious Metals Index had the largest increase of 6.69%, the Nanhua Metal Index had the smallest increase of 0.76%, the Nanhua Energy and Chemical Index had the largest decline of -5.95%, and the Nanhua Black Index had the smallest decline of -0.34%. All theme indices declined, with the Energy Index having the largest decline of -9.09% and the Economic Crops Index having the smallest decline of -0.46%. Among the single - variety indices of commodity futures, the Silver index had the largest increase of 10.86% [1][3]. Group 3: Summary by Relevant Catalog Market Data of Nanhua Commodity Index - The Nanhua Composite Index (NHCI) closed at 3049.76 today, down 50.44 points or -1.63% from yesterday, with an annualized return rate of 21.63%, an annualized volatility of 15.20%, and a Sharpe ratio of 1.42. The Nanhua Precious Metals Index (NHPMI) closed at 1878.15, up 117.81 points or 6.69%, with an annualized return rate of 70.09%, an annualized volatility of 35.33%, and a Sharpe ratio of 1.98. The Nanhua Industrial Products Index (NHII) closed at 4213.15, down 132.82 points or -3.06%, with an annualized return rate of 13.57%, an annualized volatility of 17.11%, and a Sharpe ratio of 0.79. The Nanhua Metal Index (NHMI) closed at 7123.66, up 53.87 points or 0.76%, with an annualized return rate of 11.00%, an annualized volatility of 14.49%, and a Sharpe ratio of 0.76. The Nanhua Energy and Chemical Index (NHECI) closed at 2059.14, down 130.26 points or -5.95%, with an annualized return rate of 18.17%, an annualized volatility of 23.38%, and a Sharpe ratio of 0.78. The Nanhua Non - ferrous Metals Index (NHNF) closed at 1977.61, up 22.68 points or 1.16%, with an annualized return rate of 15.70%, an annualized volatility of 18.58%, and a Sharpe ratio of 0.85. The Nanhua Black Index (NHFI) closed at 2631.96, down 8.93 points or -0.34%, with an annualized return rate of 2.75%, an annualized volatility of 16.06%, and a Sharpe ratio of 0.17. The Nanhua Agricultural Products Index (NHAI) closed at 1086.56, down 13.09 points or -1.19%, with an annualized return rate of 0.91%, an annualized volatility of 7.90%, and a Sharpe ratio of 0.12. The Mini Composite Index (NHCIMi) closed at 1420.75, down 48.66 points or -3.31%, with an annualized return rate of 8.31%, an annualized volatility of 26.53%, and a Sharpe ratio of 0.31. The Energy Index (NHEI) closed at 1522.90, down 152.27 points or -9.09%, with an annualized return rate of 19.24%, an annualized volatility of 60.87%, and a Sharpe ratio of 0.32. The Petrochemical Index (NHPCI) closed at 1242.20, down 84.94 points or -6.40%, with an annualized return rate of 12.39%, an annualized volatility of 37.75%, and a Sharpe ratio of 0.33. The Fine Chemical Index (NHCCI) closed at 1240.94, down 84.33 points or -6.36%, with an annualized return rate of 11.32%, an annualized volatility of 38.10%, and a Sharpe ratio of 0.30. The Black Raw Materials Index (NHFM) closed at 1122.65, down 7.08 points or -0.63%, with an annualized return rate of 1.00%, an annualized volatility of 16.00%, and a Sharpe ratio of 0.06. The Building Materials Index (NHBMI) closed at 720.43, down 12.27 points or -1.67%, with an annualized return rate of 0.56%, an annualized volatility of 14.32%, and a Sharpe ratio of 0.04. The Oilseeds and Oils Index (NHOOI) closed at 1319.22, down 25.47 points or -1.89%, with an annualized return rate of 2.93%, an annualized volatility of 15.24%, and a Sharpe ratio of 0.19. The Economic Crops Index (NHAECI) closed at 969.71, down 4.49 points or -0.46%, with an annualized return rate of 1.21%, an annualized volatility of 10.89%, and a Sharpe ratio of 0.11 [3]. Agricultural Products Sector - Rapeseed had a single - variety index increase of 0.46%, rapeseed oil decreased by -2.41%, soybean meal decreased by -1.38%, and live pigs increased by 0.65% [8]. Energy and Chemical Sector - Synthetic ammonia decreased by -1.27%, polyvinyl chloride decreased by -1.27%, coal increased by 0.38%, polyethylene decreased by -6.33%, methanol decreased by -6.33%, styrene decreased by -7.48%, LPG decreased by -5.79%, PTA decreased by -6.17%, fuel oil decreased by -11.35% [6][11].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views - Alumina: The alumina market is expected to be in a stage of relatively high supply and stable demand, with positive industry consumption expectations. It is recommended to conduct light - position oscillating trading and pay attention to controlling the rhythm and trading risks [2]. - Electrolytic aluminum: The electrolytic aluminum market may be in a stage of stable supply and warming demand, with a slight increase in industrial inventory and positive industry expectations. The option market sentiment is bullish. It is recommended to conduct light - position oscillating trading and pay attention to controlling the rhythm and trading risks [2]. - Cast aluminum alloy: The cast aluminum alloy market is likely to be in a stage of increasing supply and weakening demand. It is recommended to conduct light - position oscillating trading and pay attention to controlling the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Price**: The closing price of the Shanghai aluminum main contract was 23,625 yuan/ton, up 70 yuan; the closing price of the alumina futures main contract was 3,014 yuan/ton, down 79 yuan; the LME electrolytic aluminum three - month quotation was 3,225.50 US dollars/ton, up 33.50 US dollars; the closing price of the cast aluminum alloy main contract was 22,585 yuan/ton, up 60 yuan [2]. - **Spread**: The spread between the main and second - consecutive contracts of Shanghai aluminum was - 105 yuan/ton, down 10 yuan; that of alumina was - 39 yuan/ton, down 3 yuan; that of cast aluminum alloy was - 115 yuan/ton, down 70 yuan [2]. - **Position**: The position of the Shanghai aluminum main contract was 261,158 hands, down 5,633 hands; that of the alumina main contract was 231,479 hands, down 15,331 hands; that of the cast aluminum alloy main contract was 4,053 hands, down 521 hands [2]. - **Inventory**: LME aluminum canceled warrants were 154,625 tons, unchanged; LME aluminum inventory was 427,675 tons, down 2,000 tons; Shanghai aluminum inventory on the SHFE was 452,044 tons, up 35,619 tons; cast aluminum alloy inventory on the SHFE was 53,690 tons, down 9,041 tons [2]. - **Other indicators**: The net position of the top 20 in Shanghai aluminum was - 36,054 hands, down 7,332 hands; the Shanghai - London ratio was 7.32, down 0.05; the registered warrants of cast aluminum alloy on the SHFE were 42,944 tons, down 2,047 tons [2]. 3.2 Spot Market - **Price**: The Shanghai Non - ferrous A00 aluminum price was 23,470 yuan/ton, up 30 yuan; the alumina spot price in Shanghai Non - ferrous was 2,730 yuan/ton, unchanged; the average price of ADC12 aluminum alloy ingots in the country was 24,400 yuan/ton, unchanged; the Yangtze River Non - ferrous AOO aluminum price was 23,430 yuan/ton, up 50 yuan [2]. - **Basis**: The basis of cast aluminum alloy was 1,815 yuan/ton, down 60 yuan; the basis of electrolytic aluminum was - 155 yuan/ton, down 40 yuan; the basis of alumina was - 284 yuan/ton, up 79 yuan [2]. - **Premium and discount**: The Shanghai Wumao aluminum premium and discount was - 140 yuan/ton, up 10 yuan; the LME aluminum premium and discount was 30.63 US dollars/ton, down 6.95 US dollars [2]. 3.3 Upstream Situation - **Production and utilization rate**: Alumina production was 801.08 million tons, down 12.72 million tons; the alumina capacity utilization rate was 83.00%, down 1.00%; the alumina开工率 was 82.10%, down 0.39% [2]. - **Supply and demand**: The demand for alumina (electrolytic aluminum part) was 731.29 million tons, up 25.33 million tons; the supply - demand balance of alumina was 28.90 million tons, up 2.32 million tons [2]. - **Import and export**: The export volume of alumina was 15.00 million tons, down 4.00 million tons; the import volume of alumina was 18.10 million tons, up 0.20 million tons; the import volume of aluminum scrap and waste was 136,323.65 tons, down 56,401.89 tons; the export volume of aluminum scrap and waste was 55.23 tons, up 33.81 tons [2]. 3.4 Industry Situation - **Production and capacity**: The production of primary aluminum was 201,491.17 tons, up 12,566.45 tons; the export volume of primary aluminum was 10,039.89 tons, down 3,249.90 tons; the total capacity of electrolytic aluminum was 4,540.20 million tons, unchanged; the production of aluminum products was 613.56 million tons, up 20.46 million tons; the production of recycled aluminum alloy ingots was 27.08 million tons, down 39.41 million tons; the production of aluminum alloy was 182.50 million tons, unchanged [2]. - **Export**: The export volume of unwrought aluminum and aluminum products was 43.00 million tons, down 11.00 million tons; the export volume of aluminum alloy was 1.33 million tons, down 1.09 million tons [2]. - **Operating rate**: The operating rate of electrolytic aluminum was 98.93%, up 0.04% [2]. 3.5 Downstream and Application - **Real estate**: The national real estate climate index was 91.45, down 0.44 [2]. - **Automobile**: The automobile production was 341.15 million vehicles, down 10.75 million vehicles [2]. 3.6 Option Situation - **Volatility**: The 20 - day historical volatility of Shanghai aluminum was 24.08%, down 0.57%; the 40 - day historical volatility of Shanghai aluminum was 31.82%, down 0.04%; the implied volatility of the at - the - money option of Shanghai aluminum main contract was 21.36%, down 0.0027 [2]. - **Ratio**: The call - put ratio of Shanghai aluminum options was 1.90, up 0.1753 [2]. 3.7 Industry News - **Geopolitical**: The US - Iran negotiation is in a deadlock. The US President Trump said that the US and Iran had a "strong" dialogue and formed the main points of an agreement, but Iran denied it [2]. - **Domestic policy**: President Xi Jinping inspected Xiongan New Area and emphasized its function positioning; the "upgraded" China - EU export control dialogue mechanism held its second meeting; the National Data Bureau will promote the power - computing synergy project; State Power Investment plans to invest 200 billion yuan in 2026, with a 17% year - on - year increase [2]. - **Overseas policy**: The US Vice - President Vance discussed the Iran negotiation with the Israeli Prime Minister Netanyahu; the Fed's Goolsbee said that inflation is the primary risk, not excluding the possibility of raising interest rates, and still retaining the space for interest rate cuts this year [2].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On Tuesday, the RB2605 contract decreased in positions and consolidated. The US President Trump stated that the US had a "strong" dialogue with Iran and formed the main points of an agreement, suspending the strike on its energy facilities for 5 days. In terms of supply and demand, the weekly output of rebar continued to increase, and the capacity utilization rate rose to 44.57%. Downstream demand continued to improve, and inventory changed from increasing to decreasing. Overall, both supply and demand of rebar increased, and the inventory inflection point appeared. The situation between the US and Iran was in chaos, and the wide - range fluctuation of oil prices affected commodities and market sentiment. Technically, the 1 - hour MACD indicator of the RB2605 contract showed that DIFF and DEA were running above the 0 - axis. It is recommended for short - term trading and attention should be paid to risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,145.00 yuan/ton, a decrease of 9 yuan; the position volume was 1,263,489 lots, a decrease of 87,899 lots; the net position of the top 20 in the RB contract was - 51,689 lots, a decrease of 7,866 lots; the spread between RB5 - 10 contracts was - 28 yuan/ton, unchanged; the daily warehouse receipt of RB on the Shanghai Futures Exchange was 80,114 tons, an increase of 3,659 tons; the spread between HC2605 - RB2605 contracts was 179 yuan/ton, an increase of 3 yuan [2] 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,280.00 yuan/ton, a decrease of 10 yuan; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,364 yuan/ton, a decrease of 10 yuan; the price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,450.00 yuan/ton, unchanged; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,210.00 yuan/ton, unchanged; the basis of the RB main contract was 135.00 yuan/ton, a decrease of 1 yuan; the spot price difference between hot - rolled coil and rebar in Hangzhou was 50.00 yuan/ton, an increase of 10 yuan [2] 3.3 Upstream Situation - The price of 60.8% PB powder ore at Qingdao Port was 799.00 yuan/wet ton, unchanged; the price of first - class metallurgical coke at Tianjin Port (FOB price) was 1,490.00 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,180.00 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,990.00 yuan/ton, an increase of 10 yuan; the inventory of iron ore at 45 ports was 17,102.67 million tons, a decrease of 89.13 million tons; the inventory of coke at sample coking plants was 52.35 million tons, a decrease of 3.75 million tons; the inventory of coke at sample steel mills was 687.78 million tons, an increase of 1.44 million tons; the blast furnace operating rate of 247 steel mills was 79.80%, an increase of 0.16 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 85.55%, an increase of 2.65 percentage points [2] 3.4 Industry Situation - The weekly output of rebar at sample steel mills was 203.33 million tons, an increase of 8.03 million tons; the capacity utilization rate of rebar at sample steel mills was 44.57%, an increase of 1.75 percentage points; the factory inventory of rebar at sample steel mills was 236.20 million tons, a decrease of 3.42 million tons; the social inventory of rebar in 35 cities was 653.21 million tons, a decrease of 1.34 million tons; the operating rate of independent electric arc furnace steel mills was 66.67%, an increase of 7.29 percentage points; the monthly output of domestic crude steel was 6,818 million tons, a decrease of 169 million tons; the monthly output of Chinese steel bars was 1,375 million tons, an increase of 19 million tons; the net export volume of steel was 747.00 million tons, an increase of 18.00 million tons [2] 3.5 Downstream Situation - The national real estate climate index was 91.45, a decrease of 0.44; the cumulative year - on - year growth rate of fixed asset investment completion was - 3.80%, a decrease of 5.60 percentage points; the cumulative year - on - year growth rate of real estate development investment completion was - 17.20%, a decrease of 6.10 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was - 2.20%, a decrease of 2.20 percentage points; the cumulative value of housing construction area was 659,890 million square meters, a decrease of 124,518 million square meters; the cumulative value of new housing construction area was 58,770 million square meters, a decrease of 53,686 million square meters; the inventory of commercial housing for sale was 40,236.00 million square meters, an increase of 3,516.00 million square meters [2] 3.6 Industry News - Iran's new Supreme Leader's military advisor, Mohsen Rezaei, emphasized in an interview on March 23 that Iran would not stop the war until it received all compensation, all economic sanctions were lifted, and it obtained international legal guarantees that the US would not interfere in its affairs. Recently, Hebei, Jiangsu, Sichuan, Hunan, Fujian, Shanghai and other places released the list of key construction projects in 2026, including 172 projects related to the steel industry [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint - The HC2605 contract reduced positions and consolidated on Tuesday. The macro - situation emphasizes the positioning of Xiongan New Area. The weekly output of hot - rolled coils increased slightly, the capacity utilization rate remained around 75%. Terminal demand continued to rise, and inventory continued to decline. Overall, furnace materials are firm and demand is rising, but the chaotic international situation affects market sentiment. Technically, the 1 - hour MACD indicator of the HC2605 contract shows that DIFF and DEA operate above the 0 - axis. It is recommended for short - term trading with attention to risk control [2] 3. Summary by Relevant Catalogs Futures Market - HC main contract closing price: 3,324 yuan/ton, down 6 yuan; HC main contract position: 1,024,272 lots, down 31,099 lots; HC contract top 20 net position: - 54,418 lots, up 1,215 lots; HC5 - 10 contract spread: - 7 yuan/ton, down 1 yuan; HC Shanghai Futures Exchange warehouse receipt: 525,512 tons, down 294 tons; HC2605 - RB2605 contract spread: 179 yuan/ton, up 3 yuan [2] Spot Market - Hangzhou 4.75 hot - rolled coil: 3,330 yuan/ton, unchanged; Guangzhou 4.75 hot - rolled coil: 3,300 yuan/ton, unchanged; Wuhan 4.75 hot - rolled coil: 3,350 yuan/ton, unchanged; Tianjin 4.75 hot - rolled coil: 3,240 yuan/ton, up 10 yuan; HC main contract basis: 6 yuan/ton, up 6 yuan; Hangzhou hot - rolled coil - rebar spread: 50 yuan/ton, up 10 yuan [2] Upstream Situation - Qingdao Port 61.5% PB powder ore: 799 yuan/wet ton, unchanged; Hebei quasi - first - class metallurgical coke: 1,490 yuan/ton, unchanged; Tangshan 6 - 8mm scrap steel: 2,180 yuan/ton, unchanged; Hebei Q235 billet: 2,990 yuan/ton, up 10 yuan; 45 - port iron ore inventory: 171.0267 million tons, down 0.8913 million tons; Sample coking plant coke inventory: 523,500 tons, down 37,500 tons; Sample steel mill coke inventory: 6.8778 million tons, up 1,600 tons; Hebei billet inventory: 2.4953 million tons, up 90,200 tons [2] Industry Situation - 247 steel mill blast furnace operating rate: 79.80%, up 1.44 percentage points; 247 steel mill blast furnace capacity utilization rate: 85.55%, up 2.65 percentage points; Sample steel mill hot - rolled coil output: 3.0021 million tons, up 49,500 tons; Sample steel mill hot - rolled coil capacity utilization rate: 76.69%, up 1.26 percentage points; Sample steel mill hot - rolled coil factory inventory: 849,600 tons, down 43,200 tons; 33 - city hot - rolled coil social inventory: 3.7633 million tons, down 59,800 tons; Domestic crude steel output: 68.18 million tons, down 1.69 million tons; Steel net export volume: 7.47 million tons, up 180,000 tons [2] Downstream Situation - Automobile production: 1.6724 million vehicles, down 777,400 vehicles; Automobile sales: 1.8052 million vehicles, down 541,300 vehicles; Air - conditioner output: 21.6289 million units, up 6.6029 million units; Household refrigerator output: 10.0115 million units, up 569,500 units; Household washing machine output: 11.975 million units, down 38,000 units [2] Industry News - Iran's new supreme leader's military advisor emphasized that Iran will not stop the war until it gets all compensation, all economic sanctions are lifted, and it gets international legal guarantees that the US will not interfere in its affairs. Since September 2024, the China Iron and Steel Association has carried out the publicity work of energy - efficiency benchmark demonstration enterprises for the steel extreme energy - efficiency project, and 40 steel enterprises have been accepted and publicized on the CISA website [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The overall performance of listed companies that have disclosed their 2025 annual reports is good. However, the current oil price increase caused by the US - Iran conflict impacts the global financial market. Although Trump has sent a signal of easing, the oil price may still rise before the war ends completely. The concerns about economic recession and rising prices due to stagflation have a significant suppressing effect on the equity market, especially growth - style stocks [2] 3. Summary by Related Catalogs 3.1 Futures Market - **Futures Contract Prices**: IF main contract (2606) is at 4388.4, up 61.2; IF sub - main contract (2604) is at 4449.4, up 61.4. IH main contract (2606) is at 2810.6, up 46.0; IH sub - main contract (2604) is at 2826.2, up 178.4. IC main contract (2606) is at 7409.6, up 196.2; IC sub - main contract (2604) is at 7554.8, up 178.4. IM main contract (2606) is at 7387.2, up 221.2; IM sub - main contract (2604) is at 7552.6, up 209.2 [2] - **Futures Contract Spreads**: IF - IH monthly contract spread is 1623.2, up 18.8; IC - IF monthly contract spread is 3105.4, up 115.8. IM - IC monthly contract spread is - 2.2, up 21.4; IC - IH monthly contract spread is 4728.6, up 134.6. IM - IF monthly contract spread is 3103.2, up 137.2; IM - IH monthly contract spread is 4726.4, up 156.0 [2] - **Futures Seasonal - Monthly Spreads**: IF current season - monthly is - 61.0, down 7.4; IF next season - monthly is - 144.2, down 5.0. IH current season - monthly is - 15.6, up 2.0; IH next season - monthly is - 53.2, down 0.8. IC current season - monthly is - 145.2, up 7.4; IC next season - monthly is - 315.4, up 23.2. IM current season - monthly is - 165.4, up 8.6; IM next season - monthly is - 379, up 15.0 [2] - **Futures Net Positions of Top 20**: IF top 20 net positions are 25,084.00, down 578.0; IH top 20 net positions are 20,683.00, down 57.0. IC top 20 net positions are 34,618.00, down 1714.0; IM top 20 net positions are 47,320.00, down 2565.0 [2] - **Spot Prices and Basis**: The Shanghai and Shenzhen 300 index is at 4474.72, up 56.7; IF main contract basis is - 86.3, down 12.7. The Shanghai Stock Exchange 50 index is at 2830.9, up 38.5; IH main contract basis is - 20.3, down 3.9. The CSI 500 index is at 7597.4, up 156.6; IC main contract basis is - 187.8, up 18.0. The CSI 1000 index is at 7600.9, up 191.8; IM main contract basis is - 213.7, up 5.4 [2] 3.2 Market Sentiment - A - share trading volume (daily, billion yuan) is 20,960.70, down 3520.35; margin trading balance (previous trading day, billion yuan) is 26,200.31, down 122.63. North - bound trading volume (previous trading day, billion yuan) is 3523.41, up 132.53; reverse repurchase (maturity volume, operation volume, billion yuan) is - 510.0, up 175.0. Main funds (yesterday, today, billion yuan) are - 1253.99, up 82.89. The proportion of rising stocks (daily, %) is 93.55, up 87.99. Shibor (daily, %) is 1.318, up 0.001 [2] - IO at - the - money call option closing price (2604) is 85.80, down 12.80; IO at - the - money call option implied volatility (%) is 18.53, down 6.18. IO at - the - money put option closing price (2604) is 88.40, down 52.40; IO at - the - money put option implied volatility (%) is 18.53, down 5.98. The 20 - day volatility of the Shanghai and Shenzhen 300 index (%) is 17.35, up 0.28; trading volume PCR (%) is 65.19, down 27.07. Position PCR (%) is 63.35, down 0.27 [2] 3.3 Wind Market Strength - Weakness Analysis - All A - shares score 8.60, up 6.80; technical aspect scores 9.40, up 8.90; capital aspect scores 7.80, up 4.80 [2] 3.4 Industry News - A - share major indices closed up collectively. The three major indices opened higher in the morning and showed differentiation, then turned positive at the end of the session. Small - and medium - cap stocks outperformed large - cap blue - chip stocks. By the close, the Shanghai Composite Index rose 1.78%, the Shenzhen Component Index rose 1.43%, and the ChiNext Index rose 0.5%. The trading volume of the Shanghai and Shenzhen stock markets declined significantly. More than 5100 stocks in the whole market rose. Most industry sectors rose, with environmental protection and textile and apparel sectors strengthening significantly, while only the coal and oil and petrochemical sectors declined [2] - Overseas, on March 23 local time, the US said it had positive progress in peace talks with Iran, easing market concerns and causing international oil prices to decline sharply. However, Iran later denied it, and the decline in oil prices narrowed. Domestically, in terms of the economic fundamentals, from January to February 2026, the added value of above - scale industries, fixed - asset investment, social retail sales, imports and exports, and inflation data all rebounded significantly compared with the previous values, and the national economy in 2026 had a good start. In terms of the fundamentals of listed companies, among the four broad - based indices of the listed companies that have disclosed their 2025 annual reports, the revenue and net profit growth rates of the CSI 500 and CSI 1000 have accelerated, and the revenue growth rate of the Shanghai and Shenzhen 300 has also increased slightly [2] 3.5 Key Concerns - March 24, 16:15 - 17:30: France, Germany, Eurozone, UK March SPGI manufacturing, services, and composite PMI flash values; US March SPGI manufacturing, services, and composite PMI flash values - March 27, 9:30: China's industrial enterprise profits above designated size in February [3]