1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The report anticipates a weak adjustment in Shanghai zinc prices, and suggests to pay attention to the support level at 24,000 yuan [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main contract is 22,800 yuan/ton, down 135 yuan; the 05 - 06 contract spread of Shanghai zinc is -30 yuan/ton, down 15 yuan [3] - The LME three - month zinc quotation is 3,056 dollars/ton, down 17.5 dollars; the total open interest of Shanghai zinc is 190,975 lots, down 7,875 lots [3] - The net open interest of the top 20 in Shanghai zinc is -2,059 lots, an increase of 3,358 lots; the Shanghai zinc warehouse receipts are 0 tons, unchanged [3] - The SHFE inventory is 152,266 tons, an increase of 4,918 tons; the LME inventory is 117,675 tons, a decrease of 175 tons [3] 3.2 Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 22,670 yuan/ton, down 240 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 22,370 yuan/ton, down 590 yuan [3] - The basis of the ZN main contract is -130 yuan/ton, down 105 yuan; the LME zinc cash - to - 3 - month spread is -24.61 dollars/ton, an increase of 10.22 dollars [3] - The ex - works price of 50% zinc concentrate in Kunming is 19,810 yuan/ton, an increase of 80 yuan; the price of 85% - 86% crushed zinc in Shanghai is 15,900 yuan/ton, down 100 yuan [3] 3.3 Upstream Situation - The WBMS zinc supply - demand balance is 29,000 tons, an increase of 55,700 tons; the ILZSG zinc supply - demand balance is 9,200 tons, an increase of 84,300 tons [3] - The global zinc mine production by ILZSG is 1.0104 million tons, a decrease of 59,600 tons; the domestic refined zinc production is 675,000 tons, an increase of 21,000 tons [3] - The zinc ore import volume is 414,000 tons, a decrease of 180,800 tons [3] 3.4 Industry Situation - The refined zinc import volume is 4,518.01 tons, a decrease of 19,594.63 tons; the refined zinc export volume is 3,866.38 tons, an increase of 1,847.88 tons [3] - The social zinc inventory is 236,000 tons, an increase of 4,700 tons [3] 3.5 Downstream Situation - The production of galvanized sheets is 2.4 million tons, a decrease of 60,000 tons; the sales volume of galvanized sheets is 2.38 million tons, a decrease of 30,000 tons [3] - The new housing construction area is 587.6996 million square meters, an increase of 53.1326 million square meters; the housing completion area is 63.2042 million square meters, a decrease of 540.2771 million square meters [3] - The automobile production is 3.4115 million vehicles, a decrease of 107,500 vehicles; the air - conditioner production is 21.6289 million units, an increase of 6.6029 million units [3] 3.6 Option Market - The implied volatility of at - the - money call options for zinc is 22.68%, down 0.28 percentage points; the implied volatility of at - the - money put options for zinc is 22.68%, down 0.27 percentage points [3] - The 20 - day historical volatility of at - the - money zinc options is 23.91%, an increase of 0.31 percentage points; the 60 - day historical volatility of at - the - money zinc options is 20.39%, down 0.17 percentage points [3] 3.7 Industry News - The governor of the People's Bank of China, Pan Gongsheng, stated that China will continue to implement a moderately loose monetary policy and use various tools to maintain adequate liquidity [3] - The Chinese Ministry of Finance will allocate 250 billion yuan to support the replacement of consumer goods with new ones, increasing direct and inclusive policies for consumers [3] - There are tense geopolitical situations between the US, Israel, and Iran, including threats to the Strait of Hormuz and nuclear - related issues [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The breeding side is slaughtering pigs normally, with an increase in the slaughter of some large pigs, leading to supply pressure. Attention should be paid to whether large-scale farms will reduce the supply at the end of the month to briefly relieve the supply pressure [2]. - The slaughtering enterprises' operating rate is continuously rising but has not returned to the pre - holiday level, which is within expectations. Terminal consumption is sluggish, the sales speed is slow, and slaughtering enterprises are forced to store meat in cold storage, accelerating the increase in frozen product storage capacity [2]. - Overall, supply is high while demand lacks positive factors, and the fundamentals are bearish [2]. - The spot price of live pigs has fallen below 10 yuan/kg and will continue to bottom out. On the futures market, the main 2605 contract closed down 3.53%, breaking through the 10,000 - yuan mark, and the market is accelerating its decline. Attention should be paid to the impact of capital flows on the market [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for live pigs is 9,980 yuan/ton, a decrease of 240 yuan; the main contract's open interest is 207,256 lots, an increase of 3,587 lots [2]. - The number of warehouse receipts for live pigs is 1,051 lots, with no change; the net long position of the top 20 futures holders is - 62,686 lots, an increase of 1,805 lots [2]. 3.2 Spot Price - The live pig price in Zhumadian, Henan is 9,800 yuan/ton, a decrease of 200 yuan; in Siping, Jilin it is 9,400 yuan/ton, a decrease of 300 yuan; in Yunfu, Guangdong it is 10,100 yuan/ton, a decrease of 400 yuan [2]. - The basis of the main live pig contract is - 180 yuan/ton, an increase of 40 yuan [2]. 3.3 Upstream Situation - The national live pig inventory is 42,9670,000 heads, a decrease of 7130,000 heads; the national inventory of breeding sows is 3,9610,000 heads, a decrease of 290,000 heads [2]. - The year - on - year CPI is 1.3%, an increase of 1.1 percentage points; the spot price of soybean meal in Zhangjiagang is 3,320 yuan/ton, a decrease of 30 yuan [2]. - The spot price of corn is 2,453.04 yuan/ton, a decrease of 1.57 yuan; the Dalian Commodity Exchange's pig feed cost index is 970.05, an increase of 6.33 [2]. - The monthly output of feed is 30,086,000 tons, an increase of 307,000 tons; the price of binary breeding sows is 1,424 yuan/head, a decrease of 6 yuan [2]. - The breeding profit from purchasing piglets is - 141.48 yuan/head, a decrease of 23.3 yuan; the breeding profit from self - breeding and self - raising is - 297.68 yuan/head, a decrease of 14.53 yuan [2]. - The monthly import volume of pork is 50,000 tons, a decrease of 20,000 tons; the average price of white - striped chickens in the main production areas is 13.7 yuan/kg, with no change [2]. 3.4 Downstream Situation - The monthly slaughter volume of designated live pig slaughtering enterprises is 3,1770,000 heads, a decrease of 1,2270,000 heads; the monthly retail sales of social consumer goods in the catering industry is 573.8 billion yuan, a decrease of 31.9 billion yuan [2]. 3.5 Industry News - As of March 22, according to Mysteel data, the completion rate of the planned live pig slaughter of key provincial breeding enterprises is 69.29%, and the overall progress is slightly slow [2].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Short - term agricultural demand for urea is gradually weakening, and the return - green fertilizer application is basically ending. Policies for ensuring supply and stabilizing prices of urea are frequently issued, which cools down market trading sentiment. The high - nitrogen fertilizer production of compound fertilizer plants has increased, and the short - term compound fertilizer capacity utilization rate is expected to maintain a steady and slightly increasing trend. The overall inventory of urea may continue to decline, and the UR2605 contract is expected to fluctuate in the range of 1850 - 1920 yuan/ton in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1884 yuan/ton, with a week - on - week increase of 43 yuan/ton. The 5 - 9 spread is - 59 yuan/ton, with a week - on - week decrease of 6 yuan/ton. The main contract position is 220,232 lots, with a week - on - week increase of 6,330 lots. The net position of the top 20 is - 47,805. The exchange warehouse receipts are 8,712, with a week - on - week increase of 213 [2] 3.2 Spot Market - In the domestic spot market, the prices in Hebei, Henan, Shandong, and Anhui are 1870, 1860, 1870, and 1870 yuan/ton respectively, with the prices in Hebei, Henan, Shandong, and Anhui remaining unchanged and that in Jiangsu decreasing by 20 yuan/ton. The main contract basis is - 14 yuan/ton, with a week - on - week decrease of 43 yuan/ton. FOB Baltic is 595 US dollars/ton, with a week - on - week increase of 25 US dollars/ton, and FOB China's main port is 712.5 US dollars/ton, with a week - on - week increase of 67.5 US dollars/ton [2] 3.3 Industry Situation - The port inventory is 16.7 tons, with a week - on - week decrease of 2.2 tons; the enterprise inventory is 80.89 tons, with a week - on - week decrease of 14.87 tons. The urea enterprise operating rate is 92.19%, with a week - on - week decrease of 1.1%. The daily urea output is 217,100 tons, with a week - on - week decrease of 2,600 tons. The urea export volume is 28 tons, with a week - on - week decrease of 32 tons. The monthly urea output is 6,289,610 tons, with a month - on - month increase of 271,170 tons [2] 3.4 Downstream Situation - The compound fertilizer operating rate is 49.97%, with a week - on - week increase of 4.41%. The melamine operating rate is 59.31%, with a week - on - week increase of 5.96%. The weekly profit of compound fertilizer in China is 131 yuan/ton, with a week - on - week decrease of 59 yuan/ton. The weekly profit of melamine with externally - purchased urea is 1,012 yuan/ton, with a week - on - week increase of 726 yuan/ton. The monthly output of compound fertilizer is 517.99 tons, with a month - on - month increase of 18.45 tons. The weekly output of melamine is 32,600 tons, with a week - on - week increase of 4,400 tons [2] 3.5 Industry News - As of March 18, the total inventory of Chinese urea enterprises was 80.89 tons, a decrease of 14.87 tons from the previous period, a week - on - week decrease of 15.53%. As of March 19, the sample inventory of Chinese urea ports was 16.7 tons, a week - on - week decrease of 2.2 tons, a decline of 11.64%. As of March 19, the output of Chinese urea production enterprises was 1,519,400 tons, a decrease of 18,200 tons from the previous period, a week - on - week decrease of 1.18%, and the capacity utilization rate was 92.19%, a decrease of 1.10% from the previous period [2]

Report Summary - **Report Date**: March 23, 2026 [1] - **Report Type**: Stainless Steel Industry Daily Report 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core View - The report expects the stainless steel futures price to fluctuate and adjust, and suggests paying attention to the MA10 pressure. The raw material supply is likely to shrink, which will put pressure on ferronickel production. The production profit of stainless steel plants has improved, but the increase in ferronickel prices has raised the cost support. The demand is in the traditional off - season, and exports will face pressure due to policy adjustments. The current inventory level is basically the same as that of the same period last year, and the inventory pressure is controllable. With the resumption of work of downstream enterprises, it is gradually entering the de - stocking cycle. Technically, the position is stable, the price is adjusting, and both long and short positions are trading cautiously [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the stainless - steel futures main contract is 14,035 yuan/ton, a decrease of 30 yuan. The 05 - 06 contract spread is 75 yuan/ton, an increase of 5 yuan. The net long position of the top 20 futures holders is 176 lots, a decrease of 1,136 lots. The main contract position is 118,436 lots, a decrease of 2,888 lots. The warehouse receipt quantity is 41,725 tons, an increase of 827 tons [2]. 现货市场 - The price of 304/2B rolled cut - edge in Wuxi is 14,950 yuan/ton, unchanged. The market price of scrap stainless - steel 304 in Wuxi is 9,750 yuan/ton, a decrease of 150 yuan. The basis is 435 yuan/ton, an increase of 30 yuan [2]. Upstream Situation - The monthly production of electrolytic nickel is 29,430 tons, an increase of 1,120 tons. The total monthly production of ferronickel is 21,400 metal tons, unchanged. The monthly import volume of refined nickel and alloys is 23,861.23 tons, an increase of 11,020.74 tons. The monthly import volume of ferronickel is 996,100 tons, an increase of 100,700 tons. The SMM1 nickel spot price is 137,850 yuan/ton, a decrease of 50 yuan. The average price of ferronickel (7 - 10%) nationwide is 1,105 yuan/nickel point, unchanged. The monthly production of Chinese ferrochrome is 757,800 tons, a decrease of 26,900 tons [2]. Industry Situation - The monthly production of 300 - series stainless steel is 1.8581 million tons, an increase of 110,900 tons. The weekly inventory of 300 - series stainless steel is 624,200 tons, a decrease of 12,800 tons. The monthly export volume of stainless steel is 458,500 tons, a decrease of 29,500 tons [2]. Downstream Situation - The cumulative monthly new housing construction area is 587.6996 million square meters, an increase of 53.1326 million square meters. The monthly production of excavators is 37,300 units, an increase of 3,700 units. The monthly production of large and medium - sized tractors is 32,100 units, an increase of 9,500 units. The monthly production of small tractors is 10,000 units, an increase of 1,000 units [2]. Industry News - The governor of the People's Bank of China, Pan Gongsheng, stated that China will continue to implement a moderately loose monetary policy and use various tools to maintain sufficient liquidity. The Chinese Ministry of Finance will allocate 250 billion yuan to support the replacement of consumer goods with new ones and increase inclusive policies directly targeting consumers. Trump threatened Iran to open the Strait of Hormuz within 48 hours and destroy its power plants. Sources said the US is planning to seize Iran's "nuclear reserves", and an Israeli facility was "directly hit" by an Iranian missile [2].

1. Report Industry Investment Rating - The market outlook is recommended [5] 2. Core Viewpoints of the Report - Since the end of 2025, multiple factors have jointly promoted the global "quasi-reflation trade", and commodities have shown a resonant upward trend. The attack by the US and Israel on Iran has significantly changed the previous macro - environment, and if the conflict persists, the financial market will likely shift towards a "recession" trade [1] - The impact of this attack on Iran on the crude - oil price far exceeds historical similar situations, and there are concerns that it will more severely affect the macro - economy. The gold price during this conflict may be weak, and the US dollar index may show more resilience in the short - to - medium term but will tend to weaken in the long run [1] - Copper prices are expected to rebound, but if the US dollar index is not weak in the short - to - medium term, the time for copper prices to bottom - out and rebound may be slower, and the increase may be limited. If the conflict lasts, the "stagflation" stage caused by supply constraints may not last, and the risk of commodity price decline in a "recession" environment is accumulating [2] 3. Summary According to Relevant Catalogs 3.1 Macro - perspective on Commodity Prices - **Before the attack**: Since December 2025, due to valuation repair, demand recovery, global interest - rate cuts and improved supply - demand at the micro - level, the commodity prices have gradually turned pro - cyclical, and the financial market has shown characteristics of "quasi - reflation trade" [11][13] - **After the attack**: The attack on February 28 has affected the macro - economic demand and monetary policy direction. The "quasi - reflation trade" environment has been damaged, and the financial market may enter a "recession" trading environment [18] 3.2 Historical Experience for Commodity Trends - **Impact on crude - oil prices**: In the seven armed conflicts the US participated in since World War II, the impact of this attack on Iran on crude - oil prices far exceeds historical similar situations, with an oil - price increase of 47.07% [31] - **Impact on gold prices**: During the Gulf War and this attack on Iran, gold prices declined. The main reason is that the market's expectation of monetary easing was postponed due to concerns about inflation [36][38] - **Impact on the US dollar index**: In the short - to - medium term, the US dollar index may be more resilient due to sufficient US oil production and the possible strengthening of the "oil - dollar" system, but it will tend to weaken in the long run [41] - **Impact on copper prices**: After conflicts, copper prices generally show a "U" - shaped trend. If the US dollar index is not weak in the short - to - medium term, the time for copper prices to bottom - out and rebound may be slower, and the increase may be limited [46][47] 3.3 Changes in Commodity Fundamentals Caused by the Attack - The attack has inhibited the export of products from the Middle East, affecting the production of products such as crude oil and the raw - material supply of downstream industries. If the conflict persists, the "stagflation" stage may not last, and the risk of commodity price decline in a "recession" environment is accumulating [53][57]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The Fed's March FOMC meeting kept interest rates unchanged, Iran closed the Strait of Hormuz, crude oil prices continued to rise, and the market expected no rate cuts this year, leading to a correction in precious metal prices. The mid - term price centers of gold and silver are expected to move up, and the prices of platinum and palladium are expected to have support below but still face short - term adjustment pressure. It is recommended to wait and see and trade cautiously. [7][10][12] Group 3: Summary by Directory 01. Market Review - Due to the Fed's 3 - month interest rate hold, Iran closing the Strait of Hormuz, rising crude oil prices and the market's expectation of no rate cuts this year, the gold price corrected. As of last Friday, the price of US gold was reported at $4492 per ounce, down 10.6% for the week. The upper resistance level is $4700, and the lower support level is $4300 [7] - The silver price also corrected under the same factors, with a weekly decline of 15.9% as of last Friday. It was reported at $67.8 per ounce, with a lower support level of $63 and an upper resistance level of $76 [10] 02. Weekly Viewpoints - The Fed's 3 - month interest rate hold, Iran closing the Strait of Hormuz, rising crude oil prices and the market's expectation of no rate cuts this year led to a correction in precious metal prices. The mid - term price centers of gold and silver are expected to move up. The platinum and palladium lease rates remain relatively high, and their prices are expected to have support below but face short - term adjustment pressure. It is recommended to wait and see and trade cautiously [12][14] 03. Overseas Macroeconomic Indicators - The report presents data and trends on the US dollar index, euro - US dollar exchange rate, pound - US dollar exchange rate, real interest rates, US Treasury yields, inflation expectations, yield spreads, and the Fed's balance - sheet size [16][18][20] 04. Important Economic Data of the Week - The US February PPI annual rate was 3.4%, higher than the expected 2.9% and the previous value of 2.9% [26] - The number of initial jobless claims in the US for the week ending March 14 was 205,000, lower than the expected 215,000 and the previous value of 213,000 [26] 05. Important Macroeconomic Events and Policies of the Week - The Fed's FOMC kept the federal funds rate target range at 3.5% - 3.75% in March, and the latest dot - plot shows one expected rate cut this year, while the market previously expected two [27] - The US February PPI rose 0.7% month - on - month, higher than the expected 0.3% and the previous value of 0.5%, and the year - on - year increase reached 3.4%, a one - year high [27] 06. Inventory - This week, the COMEX gold inventory decreased by 15,467.36 kg to 997,000.15 kg, and the SHFE gold inventory increased by 1,428 kg to 106,845 kg [14][29] - The COMEX silver inventory decreased by 280,800.97 kg to 10,347,986.85 kg, and the SHFE silver inventory increased by 35,929 kg to 362,495 kg [14][29] 07. Fund Holdings - As of March 17, the CFTC speculative fund net long position in gold was 163,351 contracts, a decrease of 2,328 contracts from last week [14][33] - The CFTC speculative fund net long position in silver was 21,036 contracts, a decrease of 2,700 contracts from last week [14][33] 08. Key Points to Watch This Week - On Tuesday, March 24, at 21:45, the preliminary value of the US SPGI manufacturing PMI for March will be released [35] - On Thursday, March 26, at 20:30, the number of initial jobless claims in the US for the week ending March 21 will be released [35]

1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views 2.1 Stock Index Futures - The report presents the latest values, changes from the previous day, and historical quantiles of various stock index futures spreads, including F, H, IC, and IM, as well as cross - variety ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc. [1] 2.2 Treasury Bond Futures - It shows the latest values, changes from the previous trading day, and historical percentiles of basis, cross - period spreads, and cross - variety spreads for different treasury bond futures varieties like TS, TF, T, and TL. [2] 2.3 Precious Metals - The precious metals market is in a downward trend. The market's stop - falling depends on the easing of geopolitical conflicts, which is difficult to achieve. It is recommended to take a short - side operation for gold. For silver, if the US - Iran war eases, the price may stop falling and stabilize; otherwise, it may fall below $60. Platinum may seek support in the $1750 - $1800 range, and palladium may fall to around $1300. [3] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures - **Futures - Spot Spreads**: F futures - spot spread is - 80.62, H is - 18.06, IC is - 200.64, and IM is - 223.43. Their historical 1 - year quantiles are 1.60%, 9.80%, 0.10%, and 5.00% respectively. [1] - **Cross - Period Spreads**: There are various cross - period spreads for different contracts (e.g., next - month - current - month, far - month - current - month, etc.) with different values and historical quantiles. For example, for F cross - period spreads, next - month - current - month is - 56.80 with a 0.40% historical 1 - year quantile. [1] - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300 is 1.6991, CSI 500/SSE 50 is 2.6908, etc., along with their changes and historical quantiles are provided. [1] 3.2 Treasury Bond Futures - **Basis**: TS basis is 0.0189, TF is 0.0599, T is 0.0951, and TL is 0.5330, with corresponding historical percentiles. [2] - **Cross - Period Spreads**: Different cross - period spreads for each variety (e.g., current - quarter - next - quarter, current - quarter - far - quarter) are presented with their values, changes, and historical percentiles. For example, for TS cross - period spreads, current - quarter - next - quarter is - 0.0060 with a 24.90% historical percentile. [2] - **Cross - Variety Spreads**: Spreads like TS - TF is - 3.4610, TS - T is - 5.7310, etc., along with their changes and historical percentiles are given. [2] 3.3 Precious Metals - **Domestic Futures Closing Prices**: AU2604 contract closed at 1039.22 yuan/g (down 2.15% from the previous day), AG2606 at 17625 yuan/kg (down 2.00%), PT2606 at 509.75 yuan/g (up 0.55%), and PD2606 at 368.85 yuan/g (down 0.70%). [3] - **Foreign Futures Closing Prices**: COMEX gold closed at $4492.00/oz (down 3.44%), COMEX silver at $67.81/oz (down 6.87%), NYMEX platinum at $1920.10/oz (down 2.48%), and NYMEX palladium at $1414.50/oz (down 3.51%). [3] - **Spot Prices**: London gold is $4491.67/oz (down 3.42%), London silver is $67.90/oz (down 6.71%), etc. [3] - **Basis**: Gold TD - Shanghai gold main contract is 1.38 (up 0.99), silver TD - Shanghai silver main contract is 155 (up 149), etc., with historical 1 - year quantiles. [3] - **Ratios**: COMEX gold/silver is 66.24 (up 3.68%), SHFE gold/silver is 58.96 (down 0.15%), etc. [3] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.39% (up 3.3%), 2 - year US Treasury yield is 3.88% (up 2.4%), 10 - year TIPS Treasury yield is 2.01% (up 6.9%), US dollar index is 99.51 (up 0.33%), and on - shore RMB exchange rate is 6.9062 (up 0.34%). [3] - **Inventory and Positions**: Shanghai gold inventory is 106845 (unchanged), Shanghai silver inventory is 362495 kg (down 0.65%), etc. [3]

I. Overall Investment Rating The report does not provide an overall industry investment rating. II. Core Viewpoints - The current global market's core pricing line is affected by the geopolitical situation between the US and Iran, leading to a "Mutually Assured Destruction (MAD)" situation overseas, while in China, assets have a triple - safety premium. The core investment strategy in 2026 is defensive counter - attack, and blindly following the 2025 investment ideas will face significant risks [2]. - Various industries are influenced by the US - Iran conflict, Fed policies, and seasonal factors, with different trends and investment opportunities [2][5][7]. III. Summary by Industry 1. Financial Futures Macro - The US - Iran deadlock may enter a critical change period. The central bank will maintain liquidity, and the situation in Iran involves multiple measures and responses, including the threat to close the Strait of Hormuz [1]. - The global market is influenced by the US - Iran conflict, with the risk of secondary inflation from oil price shocks reversing global liquidity expectations. The Fed's policy path is changing, and A - shares are in a risk - release stage [2]. RMB Exchange Rate - After the global central bank meetings, the market's hawkish expectations have risen. The US dollar index may remain strong in the short - term, but its upward space is limited. The RMB exchange rate may fluctuate within a range [3]. - Short - term strategies suggest that export enterprises lock in forward exchange settlement at around 6.93, and import enterprises adopt a rolling purchase strategy at the 6.85 level [3]. Stock Index - The stock index was affected by external disturbances last week, with a decline in major indices. The short - term is expected to continue to adjust, but the long - term basis is strong [5]. Treasury Bonds - Last week, treasury bonds showed a bottom - hunting and rebounding trend, but weakened on Friday. The short - term strategy is grid operation, and low - position long positions can be sold at high prices [6]. 2. Commodities New Energy - **Carbonate Lithium**: The price of carbonate lithium futures decreased last week. It is expected to fluctuate widely between 120,000 - 150,000 yuan/ton in the short - term, with long - term demand support [13][14]. - **Industrial Silicon & Polysilicon**: The futures prices of industrial silicon and polysilicon decreased this week. The current market has a supply - demand imbalance, but the long - term development logic is clear [15][16]. Non - ferrous Metals - **Aluminum Industry Chain**: The price of aluminum is affected by geopolitics and concerns about economic recession and liquidity. It is expected to fluctuate and consolidate. Alumina has a mixed fundamental situation, and casting aluminum alloy follows the trend of aluminum [19][20]. - **Copper**: The copper price fell last week. In the short - term, it will continue to be weak, and long - term opportunities can be considered. Industrial customers can focus on low - price restocking, and speculative customers can use short - selling and long - buying strategies [21][24]. - **Zinc**: The zinc price has support at the lower end of the price range, but is affected by inventory and the macro - environment, and is expected to be weak in the short - term [26]. - **Nickel - Stainless Steel**: The prices of nickel and stainless steel fluctuated this week, following the macro - guidance. The fundamentals are in a game state, and the short - term trend is uncertain [27][28]. - **Tin**: The tin price is under pressure from both the macro - environment and fundamentals, with a short - term weak trend and a long - term upward trend [28][29]. - **Lead**: The lead price is expected to fluctuate and adjust [30]. 3. Oils and Fats, and Feeds Oilseeds - The external market of oilseeds fell, and the domestic market followed. The supply of imported soybeans is expected to increase, and the domestic soybean meal inventory is decreasing. The rapeseed meal has a demand recovery expectation, but also faces supply pressure [31]. - The strategy is to exit the positive spread between monthly contracts [31]. Oils - The supply pressure of Malaysian palm oil has eased, and the market is waiting for the progress of bio - fuel policies. The domestic oil inventory is different, and the short - term is expected to fluctuate [32]. 4. Energy and Oil and Gas SC - The oil price is oscillating at a high level, with upward driving factors due to the continuous escalation of the US - Iran conflict and the risk of the Strait of Hormuz [34][36]. Fuel Oil - The Asian fuel oil market has a short - term correction, but the supply gap will support the spot premium and refinery profits in the short - term [37]. Asphalt - The asphalt price is affected by geopolitical disturbances, with supply reduction and weak demand. The short - term is difficult to reverse, and investors should control positions and consider hedging strategies [38]. 5. Precious Metals Platinum & Palladium - The prices of platinum and palladium fell last week. The core drivers include Fed policies, geopolitical situations, and supply - side factors. The strategy is to be bullish in the long - term and pay attention to position control [40][44]. Gold & Silver - The prices of gold and silver fell due to the reversal of interest - rate hike expectations. The strategy is to be bullish in the long - term, and pay attention to support levels and risk factors [46][48]. 6. Chemicals Pulp - Offset Paper - The pulp spot price followed the futures price to rise. The short - term market is expected to be neutral. The offset paper futures are affected by pulp prices and are expected to fluctuate in a range [50][52]. Pure Benzene - Styrene - The prices of pure benzene and styrene follow the cost - end and are expected to be strong in the short - term, but the geopolitical situation is uncertain, and risks should be noted [53][54]. LPG - The LPG futures price rose, showing an internal - strong and external - weak, futures - strong and spot - weak pattern. The short - term is expected to be in a high - level shock, and the risk of price correction should be vigilant [55][57]. Methanol - The methanol futures price soared. The supply is affected by the Iranian situation, and the strategy is to consider the 5 - 6 reverse spread and 9 - 1 positive spread [58][59]. PP & Propylene - The prices of PP and propylene are expected to be strong in the short - term, with supply support and demand pressure [60][63]. Plastic - The plastic market has a supply - demand imbalance. The supply is expected to decrease, but the spot pressure is increasing. The short - term is expected to be strong if the conflict continues [64][65]. Rubber - The synthetic rubber price rose, and the natural rubber was boosted. The short - term is affected by geopolitical and macro - factors, with a long - term stable trend. Strategies include long - buying at low prices and arbitrage [67][69]. Glass & Soda Ash - Soda ash has high production and stable demand, with limited price space. Glass has a cold - repair expectation and high inventory, and the demand needs to be verified [70][72]. 7. Black Metals Rebar & Hot - Rolled Coil - The steel price is supported by raw material costs, but is affected by inventory and demand. The short - term is expected to rebound, but the height is limited [73][74]. Iron Ore - The iron ore price is supported by cost and tight spot supply, with a near - strong and far - weak pattern. The strategy is to be long in the near - term and short in the far - term [77][79]. Ferrosilicon & Silicomanganese - The prices of ferrosilicon and silicomanganese are supported by costs, and the impact of the Australian hurricane on manganese ore needs to be noted [80][81]. 8. Agricultural and Soft Commodities Live Pigs - The live pig futures price fell. The current supply - demand pattern remains unchanged, and the strategy is to sell call options on the main contract [83]. Cotton - The cotton price is affected by geopolitical conflicts and import policies. The short - term has support, and the long - term demand is resilient [83][85]. Sugar - The sugar price is expected to be in a shock pattern in the short - term due to the geopolitical situation and cautious capital sentiment [86][87]. Eggs - The egg price rebounded. The short - term is expected to be stable with a narrow adjustment, and the strategy is to sell call options on the main contract [87]. Apples - The apple futures price is strong, driven by fundamentals and delivery logic. The 05 contract is expected to be strong in the short - term [91]. Peanuts - The peanut market is in a supply - demand weak situation. The price is affected by the macro - situation of the oils and fats and oilseeds sector [92][94]. Red Dates - The red date price is in a narrow - range shock, with limited driving factors and pressure on the upside [95].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report No relevant content provided. 3. Summary by Directory 3.1 Market Overview - The trading volume of the entire market this week was 9,012,194.8, a decrease of 0.88% from last week; the open interest was 9,470,619.0, an increase of 0.04% from last week. Among them, the trading volume of agricultural products decreased by 0.97%, energy and chemical products decreased by 1.45%, black products decreased by 0.36%, precious metals increased by 3.71%, and non - ferrous and new energy products increased by 1.36% [4]. 3.2 Market Data 3.2.1 Market Overview - Lists the flat - value volatility, 60 - day quantile, Skew, and 60 - day quantile of various commodity options, such as the flat - value volatility of corn options is 12.54%, and the Skew is 34.99% [7]. 3.2.2 - 3.2.61 Various Commodity Options - For each type of commodity option (such as corn, soybean meal, etc.), it provides detailed data including the closing price, trading volume, open interest, volume PCR, open interest PCR, flat - value volatility, HV - 10 days, HV - 20 days, and Skew of the main and secondary contracts, as well as the overall contract data. For example, for soybean meal options, the main contract m2605 had a closing price of 3029 this week, a decrease of 99 from last week; the trading volume of call options this week was 276,811, a decrease of 221,158 from last week [8][9].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - The pig market is currently in a state of supply exceeding demand, with short - term prices continuing to oscillate at the bottom. In the medium - to - long term, prices are expected to rise as supply tightens in the second half of the year, but the price increase depends on the extent of capacity reduction [4][48]. - The egg market is under pressure from high inventory. Although demand is gradually recovering, the overall recovery is slow, and the price increase is limited in the short term. In the long term, the supply pressure is difficult to relieve quickly, and the market should not be overly optimistic [5][76]. - The corn market has a tight supply situation that has been slightly alleviated but not fundamentally changed. In the short term, prices will remain high and volatile, while in the medium - to - long term, the supply - demand pattern will gradually become looser, and there is a risk of a phased correction [6][108]. 3. Summary According to the Directory 3.1 Pig 3.1.1 Period - Spot End - As of March 20, the national spot price was 9.87 yuan/kg, down 0.16 yuan/kg from last week; the Henan pig price was 10 yuan/kg, down 0.18 yuan/kg from last week. The main pig futures contract 2605 closed at 10,220 yuan/ton, down 930 yuan/ton from last week. The basis of the 05 contract was - 220 yuan/ton, up 750 yuan/ton from last week [4][48]. 3.1.2 Supply End - In December 2025, the inventory of breeding sows was 39.61 million, still 3.11 million away from the normal inventory regulation target of 36.5 million announced in early March. With the intensification of fattening losses and the decline of piglet profits, and the relevant department's requirement to further reduce the annual output, the industry capacity reduction will accelerate. According to piglet and feed data, the supply pressure in the first half of 2026 is still high, but the supply will decrease marginally after July [4][48]. 3.1.3 Demand End - The weekly slaughter start - up rate and slaughter volume continued to rise. However, the terminal fresh - sales demand was weak, the fresh - sales rate of slaughterhouses decreased, and the frozen - product storage ratio increased. Consumption is in the off - season, lacking obvious positive support [4][48]. 3.1.4 Cost End - The weekly prices of piglets and binary breeding sows decreased, and the losses of self - breeding and self - raising and purchasing piglets for breeding expanded. The cost of self - breeding and self - raising fattening pigs for 5 months remained the same as last week. The pig - grain ratio dropped to 4.08, and policy regulation is expected to stabilize prices [4][48]. 3.1.5 Weekly Summary - In March, the supply increased, the pig weight was high, and the industry capacity reduction accelerated, which increased the short - term supply. Consumption was in the off - season, and the price was under pressure. In the medium - to - long term, the price rebound was under pressure in the first half of the year, and prices were expected to rise in the second half of the year, but the price increase depends on the capacity reduction [4][48]. 3.1.6 Strategy Suggestion - In the short term, the spot price is at the bottom, and the futures price has a premium. It is advisable to try short - selling on rebounds in the near - term contracts and conduct rolling operations. For the far - term contracts, be cautious about bottom - fishing. Before the capacity is effectively reduced, breeding enterprises can conduct rolling hedging on rallies and try the reverse spread operation of buying far - term and selling near - term contracts [4][48]. 3.2 Egg 3.2.1 Period - Spot End - As of March 20, the average price in the main egg - producing areas was 3.27 yuan/jin, up 0.17 yuan/jin from last Friday; the average price in the main egg - selling areas was 3.24 yuan/jin, up 0.1 yuan/jin from last Friday. The main egg futures contract 2605 closed at 3,409 yuan/500 kg, down 24 yuan/500 kg from last Friday. The basis of the main contract was - 339 yuan/500 kg, up 254 yuan/500 kg from last Friday [5][76]. 3.2.2 Supply End - The inventory of laying hens continued to be at a high level in the same period of history. Although the supply pressure was slightly relieved in the short term, in the long term, the supply pressure was difficult to relieve quickly due to the slow capacity reduction [5][76]. 3.2.3 Demand End - Egg demand continued to recover slightly, but the terminal family consumption was still weak, and the low - price pork still had a substitution effect, suppressing the price increase space [5][76]. 3.2.4 Weekly Summary - High inventory and slow - recovering demand limit the price increase in the short term. In the long term, the supply pressure is difficult to relieve quickly, and the market should not be overly optimistic [5][76]. 3.2.5 Strategy Suggestion - In the short term, be cautious about the risk of price decline due to weak demand recovery. Do not chase high prices, and take a short - selling approach on rebounds in the near - term contracts. In the long term, closely monitor the capacity reduction rhythm and wait for a clear inflection point to make a layout [5][76]. 3.3 Corn 3.3.1 Period - Spot End - As of March 20, the corn closing price at Jinzhou Port in Liaoning was 2,395 yuan/ton, down 25 yuan/ton from last Friday. The main corn futures contract 2605 closed at 2,387 yuan/ton, up 1 yuan/ton from last Friday. The basis of the main contract was 8 yuan/ton, down 26 yuan/ton from last Friday [6][108]. 3.3.2 Supply End - The tight supply situation has been slightly alleviated but not fundamentally changed. The farmers' grain - selling progress in the Northeast and North China has increased, but it is still slower than the same period last year. The effective supply is still tight, and the inventory of deep - processing enterprises has started to rise [6][108]. 3.3.3 Demand End - The deep - processing enterprises' replenishment demand has increased, while the feed enterprises' procurement is still cautious, mainly using substitutes and adopting a wait - and - see attitude [6][108]. 3.3.4 Weekly Summary - The corn market is still active in trading. In the short term, prices will remain high and volatile, but in the medium - to - long term, the supply - demand pattern will gradually become looser, and there is a risk of a phased correction [6][108]. 3.3.5 Strategy Suggestion - In the short term, participate lightly with support and grasp the band opportunities. In the medium - to - long term, gradually reduce positions and take profits on rallies, and be vigilant against the phased correction risk [6][108].