1. Report's Investment Rating for the Industry - There is no information provided regarding the report's investment rating for the industry in the given content. 2. Core Views of the Report - The report emphasizes the need to pay attention to the tail - risk of the Iran situation, the Fed's decision on interest rates, and the domestic Two Sessions. The Iran - US conflict has significantly impacted the Middle East's energy and production facilities, and the continuous rise in oil prices has affected related sectors. The Fed maintains the interest rate at 3.5% - 3.75%, and the market's expectations for interest - rate cuts have changed. During the Two Sessions, the stock and commodity markets face pressure, but the stock index rebounds afterward [1][2]. 3. Summary by Relevant Catalogs Market Analysis - The Iran - US conflict has exceeded the initial 4 - 5 - day "end - of - war" expectation, with the tail - risk rising sharply. The conflict has damaged energy and production facilities in the Middle East, disrupted the supply chain, and blocked the Strait of Hormuz. The conflict mainly affects the crude oil, LPG, and shipping sectors, and the rising oil prices have also driven the oil - chemical and oil - seed sectors, causing concerns about inflation and economic recession. The Fed maintains the interest rate at 3.5% - 3.75%, and the market's bet on interest - rate cuts this year has decreased [1]. Domestic Two Sessions - The 2026 Government Work Report sets the economic growth target at 4.5% - 5%, with a deficit rate of about 4% and a deficit scale of 5.89 trillion yuan. The general public budget expenditure is expected to reach 30 trillion yuan. An ultra - long - term special treasury bond of 1.3 trillion yuan will be issued. Historically, during the Two Sessions, the stock and commodity markets face pressure, but the stock index recovers afterward. In terms of fundamentals, the US February non - farm payrolls decreased unexpectedly, while inflation exceeded expectations. China's February economic data shows mixed performance, with exports and imports growing, and the decline in real - estate investment and sales narrowing [2]. Commodity Market - In the short term, the Iran situation and oil prices dominate commodity fluctuations. The non - positive correlation between the non - ferrous metals, precious metals, and oil prices last week is worthy of attention. The IEA has approved the release of a record - high 4 - billion - barrel crude - oil reserve. The rise in oil prices has driven the oil - chemical sector, and the EU has simplified some natural - gas import rules. The oil - seed sector in agriculture is also affected by the spill - over effect of oil prices. The black - metal sector should focus on domestic policy expectations and the possibility of low - valuation repair [3]. Strategy - For commodities and stock - index futures, it is recommended to buy on dips for stock indexes, precious metals, and some chemical products [4]. Important News - Iran warns of attacks on the oil facilities of Saudi Arabia, the UAE, and Qatar. The EU simplifies non - Russian natural - gas import rules, and Russia considers early gas cut - off to Europe. Iran's gas and oil facilities are attacked. The US February PPI rises unexpectedly, and the Fed maintains the interest rate. Powell makes statements about his tenure [5].

Group 1: Investment Rating - None mentioned in the report Group 2: Core Viewpoints - Interest rate cut convergence and deterioration of risk appetite led to a significant adjustment in precious metals [2] - Geopolitical conflicts causing inflation and delaying interest rate cuts are the core factors suppressing precious metal prices, and the March FOMC meeting strengthened this logic [4] - Short - term risk prevention is recommended, while long - term trends are optimistic. Pay attention to the rhythm of stagflation trading and the interest rate path guidance after the换届 of the Fed Chairman [5] Group 3: Summary by Key Content Precious Metal Price Movements - On March 19, the main contract of Shanghai silver closed at 17,984 yuan/kg, a decline of 10.35%, and the main contract of Shanghai gold closed at 1,062 yuan/g, a decline of 4.64%. The spot price of London gold dropped below $4,700/ounce, and the spot price of London silver dropped below $70/ounce [4] Factors Affecting Precious Metal Prices - Geopolitical conflicts have shifted market expectations from a blitz to a long - term war, with rising energy prices and a negative impact on precious metal prices. The March FOMC meeting showed that most members supported maintaining the policy interest rate, and the Fed raised GDP and inflation expectations, while the market priced in a delay in interest rate cuts [4] - Deterioration of risk appetite led to a decline in the equity market, which dragged down commodities. When the equity market drops significantly, there is a risk of selling precious metals due to liquidity squeeze [5] Investment Suggestions - In the short term, focus on risk prevention as precious metals may experience weak adjustments, and beware of sharp declines due to liquidity squeeze. In the long term, the decline of the US dollar's status may benefit gold, while silver's elasticity may be restricted. Pay attention to the development of geopolitical conflicts and the impact of the Fed Chairman's换届 [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Fed's decision to keep the federal funds rate unchanged in the March 2026 FOMC meeting was in line with market expectations, with a hawkish tone pushing the dollar stronger [1][2][11]. - The ongoing geopolitical situation and oil price shocks have increased inflationary pressures and policy uncertainties, and the Fed needs to balance inflation, labor market, and oil price factors [2][4]. - The market should closely monitor the continuation of the strong dollar and oil prices, the impact of the geopolitical situation on energy supply, and the transmission path of inflation and domestic economic policies [11][12]. 3. Summary by Relevant Catalogs 3.1会前关注点：油价冲击如何影响利率路径 - In the January meeting, the Fed paused rate cuts after three consecutive cuts since September 2025, with a neutral - slightly dovish tone [2]. - After the January meeting, the US labor market data deteriorated, with 92,000 fewer non - farm jobs in February and an unemployment rate of 4.4%. CPI data slowed, but the impact of rising oil prices due to the Middle East situation is expected to be reflected in March CPI data. Core PCE in January was 3.1% year - on - year [2]. - Some institutions have postponed the expected first rate cut this year from June to September due to slow inflation decline [2]. - After the US - Israel military action against Iran at the end of February, about 20 million barrels per day of crude oil supply was disrupted. The market showed a pattern of strong dollar and oil, with precious metals and stocks under pressure [4]. - Two key points in this meeting are whether the Fed will raise the bar for rate cuts due to oil prices and imply the possibility of rate hikes, and whether the new economic forecast will incorporate the impact of oil price shocks, with the dot plot possibly moving towards a more hawkish stance [4]. 3.2会议内容：能源价格抬升下的鹰派暂停，SEP偏向认为供应冲击为一次性事件 - Compared with the January statement, the March statement removed the description of the unemployment rate "showing signs of stabilization", added the statement that the impact of the Middle East situation on the US economy is uncertain, and Fed Governor Milan voted against, suggesting a 25 - basis - point rate cut [6][7]. - The dot plot shows that the Fed officials only adjusted the long - term interest rate forecast. They still expect one 25 - basis - point rate cut this year and one in 2027, with less divergence among officials compared to the December dot plot [7]. - The Fed officials raised GDP growth expectations for the next three years, unemployment rate expectations for next year, and PCE and core PCE inflation expectations for this and next year [8]. - Powell emphasized in the press conference that employment growth has slowed and inflation is still above the 2% target. Energy prices have disrupted the previous monetary policy path, and the possibility of rate hikes has been mentioned, but most officials do not consider it the basic assumption. He also addressed issues related to his position and Fed independence [9][10]. - The Fed's decision to keep rates unchanged was in line with market expectations. The hawkish stance pushed the dollar stronger, and energy prices were strong while US stock indices fell, 2 - year Treasury yields rose, and Bitcoin, gold, and silver prices dropped [11]. 3.3市场展望：跟踪地缘风险以及美元原油双强的演化，中期参与再通胀行情的扩散 - For major assets, risk assets such as equities should be held in light positions or with a structural defensive strategy. Traders can participate in the decline of crude oil volatility and the spread of the re - inflation market in the medium term [13]. - The strong dollar may continue, but its upside is limited. Short - term operations include monitoring the volatility of oil and gold, cashing in long - short strategies for energy commodities, and gradually participating in short - volatility strategies. After the volatility of gold and oil declines, pay attention to the outflow of funds from precious metals and participate in the re - inflation market. Also, track geopolitical events and domestic economic policies [13].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Due to spring maintenance and a further reduction in production load in the domestic chemical industry, there is still room and momentum for prices to rise further in the later period. In terms of trading strategy, it is advisable to maintain the idea of buying on dips, and focus on tracking the current situation between the US and Iran as well as the trend of crude oil [3] Group 3: Summary by Relevant Catalogs Fundamental Analysis - Supply side: The 600,000 - ton Gulei plant was shut down for maintenance, and the load of individual plants was adjusted. Styrene production decreased by 3.12% to 360,100 tons, and the capacity utilization rate decreased by 2.32% to 71.79% [1] - Demand side: The operating rates of styrene downstream industries varied. The EPS operating rate decreased by 0.98% to 57.78%, the PS operating rate increased by 0.2% to 51.7%, the ABS operating rate decreased by 2.1% to 67.4%, the UPR operating rate increased by 3% to 38%, and the butadiene - styrene rubber operating rate decreased by 1.76% to 75.65% [1] - Inventory: Styrene factory inventory decreased by 7.70% to 191,900 tons, East China port inventory decreased by 10.88% to 156,500 tons, and South China port inventory decreased by 3.77% to 51,000 tons [1] Macroeconomic Analysis - On March 18, the Party Committee of the People's Bank of China held an enlarged meeting to continue implementing a moderately loose monetary policy [2] - The State Administration for Market Regulation will intensify efforts to break local protection and market segmentation and deeply rectify "involution - style" competition [2] - US President Trump stated that the US was unaware of Israel's attack on Iranian facilities, and Israel would no longer take any action against the extremely important and valuable South Pars oil and gas field [2] - The Federal Reserve kept interest rates unchanged at 3.5% - 3.75% in its March interest - rate meeting [2] Futures and Spot Market Analysis - The situation in the Middle East is changing rapidly, and short - term fluctuations in crude oil have intensified. The exchange has increased the margin ratio and price limit for styrene and pure benzene. Attention should be paid to risk control [3]

1. Report Industry Investment Rating - Gold and silver are rated ☆☆☆, indicating a clearer long/short trend and a relatively appropriate current investment opportunity [1] 2. Core View of the Report - Overnight, precious metals declined. US PPI data exceeded expectations across the board. Iran's energy facilities were attacked, and it vowed to strike the oil facilities of three Middle - Eastern countries, causing crude oil prices to surge and intensifying concerns about inflation prospects. The Fed kept interest rates unchanged, and the dot - plot maintained the forecast of one rate cut this year. Powell believes that interest rates are in a favorable position. Precious metals are suppressed by the weakening expectation of Fed rate cuts and may mainly experience short - term weak oscillations [1] 3. Summary by Relevant Catalogs Fed's March Interest Rate Decision - The Fed maintained the interest rate at 3.5% - 3.75%. Milan thought it should cut rates by 25 basis points. The impact of the Middle - East situation on the US economy is uncertain. The dot - plot maintains the expectation of one rate cut each this year and next, but the distribution has become more hawkish. Powell believes that interest rates are at the upper end of the neutral range, may be slightly restrictive and in a favorable position. It's not stagflation currently, and this energy supply disruption is a one - time event. Powell responded firmly on the issue of staying in office: he won't leave until the investigation ends, and may not leave even after it ends. He will continue to serve as the interim chairman if a successor is not confirmed [2] Energy Situation - Iran's southern oil facilities were attacked, and it vowed to strike the oil facilities of three Middle - Eastern countries in retaliation. Qatar said that an Iranian missile hit the gas hub - Ras Laffan Industrial City, causing serious damage. Iran attacked the exclusive area of the Riyadh refinery for the US, causing a fire. Trump authorized the lifting of the ship ban for 60 days to reduce domestic energy transportation costs. Vance urgently met with oil executives and plans to announce countermeasures within 48 hours. US media reported that Trump hopes Israel will suspend further attacks on Iran's energy facilities. Russia may consider providing military escort for merchant ships [2] Iran Situation - Iran's Revolutionary Guard said it will launch the "strongest" attack on the US and Israel. The Israeli military began to attack targets in northern Iran for the first time. The Israeli defense minister authorized the Israeli army to kill any senior Iranian official. Iran's president confirmed the death of Iranian intelligence minister Khatib. US media reported that the US wants to destroy Iran's military power and then end the war as soon as possible, while Israel is determined to hunt down Iranian leaders [2]

1. Report Industry Investment Ratings - Crude oil: ★☆☆ [1] - Fuel oil: ★☆★ [1] - Low-sulfur fuel oil: ★☆☆ [1] - Asphalt: ★☆☆ [1] 2. Core Views - Geopolitical conflicts show no sign of easing and have extended to direct attacks on energy infrastructure, pushing up the oil price that has been in a multi - day volatile pattern. However, due to the intensive market information and the large accumulated increase in oil prices, market sentiment is becoming cautious, and short - term oil price fluctuations may intensify [1]. - The geopolitical situation has escalated, and the risk has spread from the logistics end to energy production facilities. The overall strong operation pattern of high - sulfur fuel oil is difficult to change, and the low - sulfur fuel oil also has support [2]. - With the continuation of the war between the US, Israel and Iran and the attack on energy facilities, asphalt follows the rise of crude oil. With the marginal improvement of asphalt fundamentals and the boost of stronger crude oil, BU is expected to maintain an upward trend [2]. 3. Summaries by Categories Crude Oil - Night - session oil prices rose significantly, with the Brent - WTI spread reaching a 11 - year high. Even though the freight from the US Gulf Coast to Europe has increased by 38% after the conflict, the arbitrage window still exists [1]. - On March 18, Iran's giant gas field Pars was attacked by Israel, and Iran threatened to retaliate and strike oil facilities in Saudi Arabia, the UAE and Qatar, increasing concerns about further disruptions to energy supplies in the Middle East [1]. - EIA data shows that US crude oil inventories increased more than expected, while refined oil inventories decreased more than expected. Iraq and the Kurdish region reached an agreement to resume oil exports through the pipeline, but the pipeline transportation volume is still far from that during normal navigation in the Strait of Hormuz [1]. - Trump announced a 60 - day temporary exemption from the Jones Act to reduce domestic energy transportation costs. Strategic petroleum reserves are mainly for emergency buffering and face restocking needs after release [1]. Fuel Oil & Low - Sulfur Fuel Oil - The geopolitical situation has escalated, and the risk has spread from the logistics end to energy production facilities. Even if the Strait passage problem is alleviated, supply recovery will face a longer cycle [2]. - For high - sulfur fuel oil, although Asia's imports from Russia have increased, Russian high - sulfur resources are limited and cannot fully offset the reduction in Middle East supply. With the approaching of the summer power - generation peak season, the power - generation demand for fuel oil is expected to further increase [2]. - For low - sulfur fuel oil, the bunker demand in Singapore has significantly increased, while the supply increment in the market is limited. Coupled with the strong refined oil crack spread, it provides support for low - sulfur fuel oil from the component end [2]. Asphalt - With the continuation of the war between the US, Israel and Iran and the attack on energy facilities, night - session oil prices rose significantly, and asphalt followed the rise of crude oil [2]. - The refinery production plan in April decreased to 862,000 tons, which is at a low level in recent years. The sample refinery shipment volume increased week - on - week, and the cumulative year - on - year decline has narrowed [2]. - Refinery inventories remained flat week - on - week, at the lowest level in the same period in the past three years; social inventories were basically flat year - on - year, and the overall commercial inventory pressure is not large [2].

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The main contract price of rebar was weakly volatile, with a daily decline of 0.51%, and the trading volume and open interest decreased. In the current situation of increasing supply and demand, the fundamentals of rebar have changed, and the inventory inflection point has appeared. However, the improvement of demand is limited, and the upward driving force of steel prices is not strong. The relatively positive factor is the cost support brought by the strong raw materials. It is expected that steel prices will maintain a range - bound oscillation, and attention should be paid to the demand performance [5]. - The main contract price of hot - rolled coil was volatile, with a daily decline of 0.36%, and the trading volume and open interest decreased. Currently, thanks to the strong demand resilience, the supply - demand pattern of hot - rolled coil has improved. Coupled with the cost support brought by the strong raw materials, the price of hot - rolled coil has rebounded from the low level. However, the supply is increasing, and there are concerns about demand. The subsequent trend of the high - inventory situation should be viewed with caution, and attention should be paid to the demand performance [5]. - The main contract price of iron ore was volatile at a high level, with a daily decline of 0.55%, the trading volume increased, and the open interest decreased. At present, the previous positive factors have supported the high - level operation of ore prices. However, under the situation of stable supply and weak demand, the fundamentals of the ore market are weakly stable, and the valuation is relatively high, so the upward driving force is not strong. The subsequent trend will continue to be volatile at a high level, and attention should be paid to the performance of steel [5]. Summary by Directory Industry Dynamics - On March 19, Shenyang optimized and adjusted 5 housing provident fund loan and withdrawal policies, including raising the maximum loan amount, expanding the scope of "commercial - to - provident fund" loans, canceling the limit on the number of provident fund loans, supporting the purchase of parking spaces, and increasing the amount of rental withdrawal [7]. - In February 2026, the production and sales of new - energy vehicles were 694,000 and 765,000 respectively, with year - on - year decreases of 21.8% and 14.2%. From January to February 2026, the production and sales of new - energy vehicles were 1.735 million and 1.71 million respectively, with year - on - year decreases of 8.8% and 6.9%. In February 2026, the domestic sales of new - energy vehicles were 483,000, with a month - on - month decrease of 24.9% and a year - on - year decrease of 36.4%. From January to February 2026, the domestic sales of new - energy vehicles were 1.126 million, with a year - on - year decrease of 27.5% [8]. - From January to February 2026, China's crude steel production was 160.335 million tons, a year - on - year decrease of 3.6%. Hebei ranked first with a production of 34.2705 million tons, Jiangsu ranked second with 20.0901 million tons, and Shandong ranked third with 11.062 million tons [9]. Spot Market - Rebar: The spot prices in Shanghai, Tianjin, and the national average were 3,210, 3,190, and 3,334 respectively, with changes of - 20, - 10, and - 9 [10]. - Hot - rolled coil: The spot prices in Shanghai, Tianjin, and the national average were 3,280, 3,220, and 3,313 respectively, with changes of - 10, 0, and - 4 [10]. - Tangshan billet: The spot price was 2,980, with no change [10]. - Zhangjiagang heavy scrap: The spot price was 2,200, with no change [10]. - Main variety spreads: The hot - rolled coil - rebar spread was 70, and the rebar - scrap spread was 1,010, with changes of 10 and - 20 respectively [10]. - PB powder: The price at Shandong ports was 785, with a change of - 3 [10]. - Tangshan iron concentrate powder: The price (wet basis) was 772, with no change [10]. - Freight rates: The Australian and Brazilian freight rates were 12.63 and 29.70 respectively, with changes of - 0.70 and 0.01 [10]. - SGX swap: The price (current month) was 106.30, with a change of - 0.80 [10]. - Iron ore price index (61% FE, CFR): The price was 108.50, with a change of - 1.50 [10]. Futures Market - Rebar: The closing price of the active contract was 3,135, with a decline of 0.51%. The highest price was 3,145, the lowest price was 3,122, the trading volume was 648,797, the volume difference was - 211,703, the open interest was 1,449,246, and the open - interest difference was - 65,665 [14]. - Hot - rolled coil: The closing price of the active contract was 3,302, with a decline of 0.36%. The highest price was 3,315, the lowest price was 3,295, the trading volume was 287,920, the volume difference was - 70,431, the open interest was 1,143,177, and the open - interest difference was - 28,781 [14]. - Iron ore: The closing price of the active contract was 807.5, with a decline of 0.55%. The highest price was 812.5, the lowest price was 803.0, the trading volume was 193,106, the volume difference was 3,905, the open interest was 446,896, and the open - interest difference was - 8,625 [14]. Related Charts - Steel inventory: There are charts showing the weekly changes and total inventory (steel mills + social inventory) of rebar and hot - rolled coil [16][17][19]. - Iron ore inventory: There are charts showing the inventory of 45 ports in China, the inventory of 247 steel mills, and the inventory of domestic mine iron concentrate powder [25][26][29]. - Steel mill production: There are charts showing the blast furnace operating rate, capacity utilization rate, and profit - making proportion of 247 sample steel mills, as well as the operating rate and profit situation of 94 independent electric - arc furnace steel mills [33][35][40]. 后市研判 - Rebar: Supply and demand are both increasing. The weekly output of rebar increased by 80,300 tons, and the inventory is starting to decline but is still higher than last year. The demand has improved seasonally, but the high - frequency transactions are weak. The upward driving force of steel prices is not strong, and it is expected to maintain a range - bound oscillation, focusing on demand performance [41]. - Hot - rolled coil: Supply and demand have both increased. The output of hot - rolled coil increased by 49,500 tons week - on - week, and the inventory is still high. The demand is resilient, but there are concerns. The price has rebounded from the low level, but the subsequent trend of the high - inventory situation should be viewed with caution, focusing on demand performance [42]. - Iron ore: The supply - demand pattern has changed little. The terminal consumption of ore has declined, and the arrival of iron ore at domestic ports has decreased again, but the overseas shipments have increased. The previous positive factors have supported the high - level operation of ore prices, but the upward driving force is not strong, and it will continue to be volatile at a high level, focusing on the performance of steel [42].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Today, precious metals generally declined, with the main contract of Shanghai gold futures closing down 4.64%, Shanghai silver down 10.35%, platinum down 4.66%, and palladium up 1.07%. [1] - In the short - term, trade war risks have eased, and Middle - East geopolitical risks may become normalized. The US employment is robust with persistent inflation pressure, and the expectation of interest rate cuts is low. [1] - Iran rejected the proposal to de - escalate the conflict, and Israel claimed to have killed an Iranian security official. US and Israeli air strikes on Iran and Iran's retaliatory actions have triggered a global chain reaction, leading to concerns about long - term Middle - East conflicts, rising energy costs, and stagflation threats. [1] - The Fed kept interest rates unchanged, stating that the Iran war has made the policy outlook highly uncertain. It expects inflation to rise, unemployment to remain stable, and one interest rate cut this year. However, this policy path faces high uncertainty, and traders have postponed their bets on interest rate cuts to 2027. The US dollar index and US Treasury yields are oscillating strongly. [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, platinum has strong expected demand for platinum - based catalysts in the hydrogen energy industry, and palladium has short - term demand resilience but faces long - term structural pressure from the fuel vehicle market. The CRB commodity index is oscillating weakly, and the appreciation of the RMB is negative for domestic prices. [1] - Precious metals are expected to be oscillating weakly in the short - term, oscillating at a low level in the medium - term, and maintaining a long - term upward trend. [1] 3. Summary by Relevant Catalogs Gold - Strategy: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended. [2] - Price: International prices (Comex gold and London gold) and domestic prices (Shanghai gold futures and gold T + D) all decreased. For example, Comex gold active contract closed at $4,823.90 per ounce, down $187.40 (-3.74%) from the previous day and $360.00 (-6.94%) from the previous week. [2] - Key indicators: The basis and spreads of gold showed different changes, and the positions of Comex gold, Shanghai gold futures, and gold T + D also changed. For instance, the position of Comex gold decreased by 1.48% from the previous week. [2] Silver - Strategy: Similar to gold, conservative investors should wait and see, and aggressive investors can buy low and sell high with proper position management. [4] - Price: International prices (Comex silver and London silver) and domestic prices (Shanghai silver futures and silver T + D) declined. For example, Comex silver active contract closed at $75.42 per ounce, down $4.04 (-5.08%) from the previous day and $10.49 (-12.21%) from the previous week. [4] - Key indicators: The basis and spreads of silver changed, and the positions and inventories of different silver contracts also had various trends. For example, the position of Shanghai silver futures increased by 10.21% from the previous week. [4] Platinum - Strategy: Conservative investors wait and see, and aggressive investors can adopt a buy - low - sell - high strategy with position management. [6] - Price: International prices (NYMEX platinum and London platinum) and domestic prices (platinum futures on the GZFE and platinum on the SGE) increased compared to the previous day but decreased compared to the previous week. For example, NYMEX platinum active contract closed at $2,113.20 per ounce, up $88.70 (4.38%) from the previous day and down $76.00 (-3.47%) from the previous week. [6] - Key indicators: The basis and spreads changed, and the position of NYMEX platinum decreased. [6] Palladium - Strategy: Conservative investors should wait and see, and aggressive investors can buy low and sell high with proper position management. [7] - Price: International prices (NYMEX palladium and London palladium) showed different trends. NYMEX palladium active contract closed at $1,620.50 per ounce, up $59.50 (3.81%) from the previous day and down $92.00 (-5.37%) from the previous week, while London palladium decreased. [7] - Key indicators: The basis and spreads changed, and the position and inventory of NYMEX palladium increased. [7] Key Fundamental Data of Precious Metals - Fed - related data: The federal fund target rate upper limit, discount rate, and reserve balance interest rate all decreased by 0.25%. The Fed's total assets were 6,697.506 billion US dollars, up 1.8079 billion US dollars (0.00%) from the previous week. [8] - US economic indicators: GDP growth, inflation data (such as CPI, PCE), labor market data (unemployment rate, non - farm payrolls), real estate market data, consumption data, industrial data, and trade data all showed different trends. For example, the GDP annualized year - on - year growth rate was 2.10%, down 0.30% from the previous week. [8][9][10] - Other data: Geopolitical risk index decreased by 21.94%, VIX index increased by 12.16%, CRB commodity index increased slightly by 0.03%, and the offshore RMB exchange rate changed slightly. [10] Fed's Latest Interest Rate Expectations The probability of the federal fund rate remaining in different ranges at each meeting from April 2026 to December 2027 is provided, showing that the probability of the rate remaining in the 350 - 375 and 375 - 400 ranges is relatively high in the near - term and gradually changes over time. [12]

Group 1: Zhongying Life Insurance - Zhongying Life Insurance reported a net profit of 846 million CNY and total comprehensive income of 2.659 billion CNY for 2025 [1] - The new business value (VNB) achieved record performance, and the risk comprehensive rating (IRR) has maintained an A rating for 37 consecutive quarters [1] - The solvency adequacy ratio is significantly above regulatory requirements, showcasing excellent risk management and asset-liability management capabilities [1] - Future strategies focus on four core needs: health, retirement, wealth, and inheritance, while accelerating the transformation of dividend products [2] Group 2: Zhongguo Trust - Zhongguo Trust achieved a net profit of 653 million CNY and total comprehensive income of 1.065 billion CNY for 2025 [2] - The main revenue source is the standardized asset management business, which includes a comprehensive product system covering cash management, pure debt, and "fixed income+" [2] - The company is enhancing its service offerings through deep collaboration with banks and other institutions, focusing on securities service trusts [2] - The inclusive finance initiative leverages the agricultural industry chain to support small and micro enterprises and farmers [2] Group 3: COFCO Futures - COFCO Futures aims to become a first-class derivative service provider with a global perspective, maintaining an AA rating for 12 consecutive years [3] - The company provides comprehensive services to over 230,000 farmers across 22 provinces, supporting rural revitalization through an "insurance + futures + credit + orders" model [3] - Significant international expansion includes the establishment of a subsidiary in Singapore and obtaining clearing membership in Hong Kong, achieving stable profitability in international operations [3] - Future plans involve strengthening integrated operational capabilities and expanding international business to maintain leadership in the industry [4]

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Date: March 19, 2026 [2] 1. IM Futures 1.1 Daily Quotes - The closing price of CSI 1000 was 7909.23, down 2.31%. The main contract (IM2606) fell 2.14% to 7681 points. [4] - The total trading volume of the four IM contracts was 282,196 lots, an increase of 28,223 lots from the previous day. The total open interest was 394,837 lots, an increase of 5025 lots. [5] - The main contract was at a discount of 228.23 points, up 23.76 points from the previous day. The annualized basis rate was -11.3%. [5] 1.2 Main Seats - In IM2603, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 46,395 lots, an increase of 7856 lots from the previous day. [16] - In IM2606, the top five seats in terms of long positions were led by Guotai Junan (on behalf of clients) with 11,869 lots, an increase of 769 lots from the previous day. [20] 2. IF Futures 2.1 Daily Quotes - The closing price of CSI 300 was 4583.25, down 1.61%. The main contract (IF2606) fell 1.53% to 4502.2 points. [21] - The total trading volume of the four IF contracts was 153,370 lots, an increase of 12,184 lots from the previous day. The total open interest was 282,146 lots, an increase of 6721 lots. [22] - The main contract was at a discount of 81.05 points, up 7.68 points from the previous day. The annualized basis rate was -6.84%. [22] 2.2 Main Seats - In IF2603, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 22,053 lots, an increase of 5836 lots from the previous day. [34] - In IF2606, the top five seats in terms of long positions were led by Guotai Junan (on behalf of clients) with 12,291 lots, an increase of 882 lots from the previous day. [37] 3. IC Futures 3.1 Daily Quotes - The closing price of CSI 500 was 7877.09, down 2.71%. The main contract (IC2606) fell 2.79% to 7671 points. [39] - The total trading volume of the four IC contracts was 208,430 lots, an increase of 38,330 lots from the previous day. The total open interest was 306,072 lots, an increase of 9180 lots. [40] - The main contract was at a discount of 206.09 points, up 5.94 points from the previous day. The annualized basis rate was -10.21%. [40] 3.2 Main Seats - In IC2603, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 37,537 lots, an increase of 10,138 lots from the previous day. [56] - In IC2606, the top five seats in terms of long positions were led by CITIC Futures (on behalf of clients) with 11,332 lots, an increase of 541 lots from the previous day. [59] 4. IH Futures 4.1 Daily Quotes - The closing price of SSE 50 was 2916.23, down 1.53%. The main contract (IH2606) fell 1.62% to 2893.8 points. [61] - The total trading volume of the four IH contracts was 68,881 lots, an increase of 14,363 lots from the previous day. The total open interest was 110,567 lots, an increase of 6105 lots. [61] - The main contract was at a discount of 22.43 points, down 3.2 points from the previous day. The annualized basis rate was -2.95%. [62] 4.2 Main Seats - In IH2603, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 9070 lots, an increase of 2902 lots from the previous day. [75] - In IH2609, the top five seats in terms of long positions were led by Guotai Junan (on behalf of clients) with 1969 lots, an increase of 38 lots from the previous day. [79]