Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - In the short - term, it is expected that the stock index will continue the range - bound pattern. In the long - term, with the economic tone in line with expectations, multiple policies working together to promote economic growth, abundant macro - liquidity, and capital market policies aiming to support a "slow - bull" market, the stock index is expected to have upward space and may resume an upward trend as the external geopolitical situation eases and market risk appetite recovers. It is recommended to consider building long positions using the advantage of stock index futures discounts for medium - to - long - term investment and pay attention to position control [6] Group 3: Summary According to the Directory 1. Macro - financial Data - **Interest Rates**: DR001 closed at 1.32% with a - 0.14bp change, DR007 at 1.43% with a - 0.16bp change, GC001 at 1.36% with a - 11.00bp change, GC007 at 1.49% with a - 3.00bp change, SHBOR 3M at 1.53% with a - 0.38bp change, LPR 5 - year at 3.50% with no change, 1 - year treasury bond at 1.25% with a - 0.50bp change, 5 - year treasury bond at 1.55% with a - 1.60bp change, 10 - year treasury bond at 1.83% with a - 0.81bp change, and 10 - year US treasury bond at 4.20% with a - 3.00bp change [3] - **Central Bank Operations**: The central bank conducted 205 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40% yesterday. 265 billion yuan of reverse repurchases matured, resulting in a net withdrawal of 60 billion yuan. This week, 1765 billion yuan of reverse repurchases will mature, with 485 billion, 395 billion, 265 billion, 245 billion, and 375 billion yuan maturing from Monday to Friday respectively. Since March, the liquidity market has been generally loose, and the weighted average interest rate of DR001 has remained around 1.32% [3][4] 2. Stock Index Data - **Index Performance**: The CSI 300 rose 0.45% to 4658.3, the SSE 50 fell 0.07% to 2961.4, the CSI 500 rose 1% to 8096.4, and the CSI 1000 rose 0.96% to 8096.6. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.06 trillion yuan, a decrease of 163.5 billion yuan from the previous day. Most industry sectors rose, with communication services, components, communication equipment, semiconductors, optoelectronics, software development, computer equipment, power grid equipment, and consumer electronics sectors leading the gains, while the liquor, energy metals, and petroleum and petrochemical sectors leading the losses [5] - **Futures Contracts**: For IF, the closing price of the current - month contract was 4651 with a 0.5% change, trading volume was 141,186 with a - 3.3% change, and open interest was 275,425 with a - 1.8% change; for IH, the closing price of the current - month contract was 2959 with a - 0.1% change, trading volume was 54,518 with a - 21.1% change, and open interest was 104,462 with a - 2.0% change; for IC, the closing price of the current - month contract was 8086 with a 1.1% change, trading volume was 170,100 with a - 0.1% change, and open interest was 296,892 with a 0.9% change; for IM, the closing price of the current - month contract was 8080 with a 0.8% change, trading volume was 253,973 with a 7.8% change, and open interest was 389,812 with a 2.0% change [5] 3. Stock Index Futures Premium and Discount - The premium and discount rates of IF for the current - month, next - month, current - quarter, and next - quarter contracts were 27.16%, 7.19%, 7.48%, and 7.33% respectively; for IH, they were 17.42%, 2.64%, 2.55%, and 3.75% respectively; for IC, they were 23.50%, 9.83%, 10.28%, and 9.36% respectively; for IM, they were 36.50%, 11.33%, 12.22%, and 11.61% respectively [7]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The market is in a tug - of - war between short - term supply rhythm concerns and the long - term reality of a global soybean supply surplus, with prices in a wide - range oscillation. The risk premium driven by short - term concerns is not solid, and once the Brazilian logistics bottleneck eases, the premium will decline [5]. - The palm oil market is in a fierce game between strong expectations and weak reality. Short - term prices will maintain a wide - range oscillation, and the trend highly depends on factors such as the persistence of crude oil prices, the implementation of the US RVO policy, and the domestic inventory depletion rhythm [7]. Summary by Relevant Catalogs For Soybean Meal (M) - Short - term, Medium - term, and Daily View: All are considered "oscillating on the strong side". The core logic is that the uncertainty on the supply side makes the near - month contracts the focus of multi - empty gaming. The market is switching from trading short - term risks to returning to fundamental reality. The price is affected by the tension between short - term supply rhythm concerns and the long - term global soybean supply surplus [5][6]. - Influential Factors: Imported soybean cost, arrival rhythm of imports, oil mill operation rhythm, and inventory pressure [6]. For Palm Oil (P) - Short - term, Medium - term, and Daily View: All are considered "oscillating on the strong side". The core logic is the conflict between strong expectations and weak reality. Geopolitical conflicts and market expectations about Malaysian palm oil production and exports support the price, while high domestic inventory and weak consumption drag it down. The price will maintain a wide - range oscillation [7]. - Influential Factors: Energy attributes, Indonesian biodiesel policy expectations, cost increase, domestic arrivals and inventory, and substitution demand [6][7]. For Soybean Oil (Y) - Short - term, Medium - term, and Daily View: All are considered "oscillating on the strong side". - Influential Factors: Energy attributes, US biofuel policy, US soybean oil inventory, imported soybean cost support, supply rhythm, and oil mill inventory [6].

1. Report Industry Investment Rating - No relevant information provided in the report 2. Core Viewpoints of the Report - The report analyzes multiple black - related options including glass, iron ore, rebar, soda ash, ferrosilicon, and silicomanganese. It provides data on underlying futures markets, option factors (volume - position PCR and pressure - support levels), conducts market analysis, and offers corresponding option strategy suggestions for each type of option [4][7][16] 3. Summary by Related Catalogs 3.1 Glass (FG) Options 3.1.1 Underlying Futures Market Data - FG605 contract closed at 1066 yuan yesterday, down 30 yuan (2.73%) from the previous day. The trading volume was 918,899 lots (an increase of 58,680 lots), and the open interest was 1,014,470 lots (an increase of 28,498 lots) [4][7] 3.1.2 Option Factors - Volume - position PCR: The trading volume of call options was 206,041 lots (an increase of 43,847 lots), and the open interest was 290,846 lots (an increase of 17,638 lots). The trading volume of put options was 81,169 lots (an increase of 7,510 lots), and the open interest was 181,308 lots (an increase of 1,273 lots). The trading volume PCR was 0.39 (a decrease of 0.06), and the open - interest PCR was 0.62 (a decrease of 0.04) [5] - Pressure - support levels: The at - the - money strike price was 1060, the resistance level was 1660, the support level was 1000, the weighted implied volatility was 48.71% (a decrease of 1.62%), the annual average implied volatility was 37.73%, and the HISV20 was 27.13% [6] 3.1.3 Market Analysis and Strategy Suggestions - Market analysis: The implied volatility of FG options fluctuated above the average of 0.3773. The open - interest PCR of FG options was 0.6234, at the 93.06% level in the past year [7] - Strategy suggestions: No directional strategy; for the volatility strategy, construct a short - volatility combination of selling call and put options to obtain the time value of options, such as S_FG2603P1020 and S_FG2603C1140 [8] 3.2 Iron Ore (I) Options 3.2.1 Underlying Futures Market Data - i2605 contract closed at 811 yuan yesterday, down 1 yuan (0.12%) from the previous day. The trading volume was 189,201 lots (a decrease of 20,855 lots), and the open interest was 455,521 lots (a decrease of 6,207 lots) [16][19] 3.2.2 Option Factors - Volume - position PCR: The trading volume of call options was 60,398 lots (a decrease of 89,795 lots), and the open interest was 144,635 lots (a decrease of 1,438 lots). The trading volume of put options was 49,041 lots (a decrease of 75,730 lots), and the open interest was 130,519 lots (an increase of 6,554 lots). The trading volume PCR was 0.81 (a decrease of 0.02), and the open - interest PCR was 0.9 (an increase of 0.05) [17] - Pressure - support levels: The at - the - money strike price was 810, the resistance level was 900, the support level was 700, the weighted implied volatility was 24.14% (a decrease of 2.66%), the annual average implied volatility was 22.82%, and the HISV20 was 15.00% [18] 3.2.3 Market Analysis and Strategy Suggestions - Market analysis: The implied volatility of iron ore options fluctuated above the average of 0.2282. The open - interest PCR of I options was 0.9024, at the 9.39% level in the past year [19] - Strategy suggestions: For the directional strategy, construct a bull spread combination of call options to obtain directional returns, such as B_12605C780 and S_I2605C830; no volatility strategy [20] 3.3 Rebar (RB) Options 3.3.1 Underlying Futures Market Data - rb2605 contract closed at 3140 yuan yesterday, down 3 yuan (0.09%) from the previous day. The trading volume was 860,500 lots (an increase of 268,019 lots), and the open interest was 1,514,910 lots (a decrease of 34,623 lots) [29][32] 3.3.2 Option Factors - Volume - position PCR: The trading volume of call options was 121,231 lots (an increase of 47,394 lots), and the open interest was 236,026 lots (a decrease of 39 lots). The trading volume of put options was 40,044 lots (an increase of 17,878 lots), and the open interest was 123,254 lots (an increase of 2,320 lots). The trading volume PCR was 0.33 (an increase of 0.03), and the open - interest PCR was 0.52 (an increase of 0.01) [30] - Pressure - support levels: The at - the - money strike price was 3150, the resistance level was 3550, the support level was 3000, the weighted implied volatility was 19.17% (a decrease of 1.32%), the annual average implied volatility was 17.21%, and the HISV20 was 8.33% [31] 3.3.3 Market Analysis and Strategy Suggestions - Market analysis: The implied volatility of RB options fluctuated above the average of 0.1721. The open - interest PCR of RB options was 0.5222, at the 40.41% level in the past year [32] - Strategy suggestions: For the directional strategy, construct a bull spread combination of call options to obtain directional returns; for the volatility strategy, construct a short - straddle combination of selling call and put options to obtain the time value of options, and dynamically adjust the positions to keep the delta of the positions short, such as S_RB2605P2950 and S_RB2605C3200 [33] 3.4 Soda Ash (SA) Options 3.4.1 Underlying Futures Market Data - SA605 contract closed at 1211 yuan yesterday, down 32 yuan (2.57%) from the previous day. The trading volume was 896,361 lots (an increase of 104,950 lots), and the open interest was 963,404 lots (a decrease of 864 lots) [41][44] 3.4.2 Option Factors - Volume - position PCR: The trading volume of call options was 219,823 lots (an increase of 15,385 lots), and the open interest was 310,922 lots (an increase of 12,311 lots). The trading volume of put options was 78,884 lots (an increase of 9,917 lots), and the open interest was 115,173 lots (an increase of 3,017 lots). The trading volume PCR was 0.36 (an increase of 0.02), and the open - interest PCR was 0.37 (a decrease of 0.01) [42] - Pressure - support levels: The at - the - money strike price was 1220, the resistance level was 1740, the support level was 1100, the weighted implied volatility was 42.94% (a decrease of 2.52%), the annual average implied volatility was 32.39%, and the HISV20 was 24.57% [43] 3.4.3 Market Analysis and Strategy Suggestions - Market analysis: The implied volatility of SA options fluctuated above the average of 0.3239. The open - interest PCR of SA options was 0.3704, at the 75.92% level in the past year [44] - Strategy suggestions: No directional strategy; for the volatility strategy, construct a short - volatility combination to obtain volatility returns, such as S_SA2605P1140 and S_SA2605C1300 [45] 3.5 Ferrosilicon (SF) Options 3.5.1 Underlying Futures Market Data - SF605 contract closed at 5796 yuan yesterday, down 130 yuan (2.19%) from the previous day. The trading volume was 169,781 lots (an increase of 48,022 lots), and the open interest was 169,839 lots (a decrease of 10,691 lots) [53][56] 3.5.2 Option Factors - Volume - position PCR: The trading volume of call options was 20,155 lots (an increase of 5,175 lots), and the open interest was 22,994 lots (a decrease of 1,290 lots). The trading volume of put options was 17,864 lots (an increase of 12,210 lots), and the open interest was 21,571 lots (an increase of 3,758 lots). The trading volume PCR was 0.89 (an increase of 0.51), and the open - interest PCR was 0.94 (an increase of 0.2) [54] - Pressure - support levels: The at - the - money strike price was 5800, the resistance level was 6000, the support level was 5500, the weighted implied volatility was 22.74% (a decrease of 2.56%), the annual average implied volatility was 22.56%, and the HISV20 was 3.89% [55] 3.5.3 Market Analysis and Strategy Suggestions - Market analysis: The implied volatility of SF options fluctuated above the average of 0.2256. The open - interest PCR of SF options was 0.9381, at the 88.57% level in the past year [56] - Strategy suggestions: For the directional strategy, construct a bull spread combination of call options to obtain directional returns; for the volatility strategy, do not recommend strategies mainly based on selling (such as single - selling or double - selling) [57] 3.6 Silicomanganese (SM) Options 3.6.1 Underlying Futures Market Data - SM605 contract closed at 6138 yuan yesterday, down 94 yuan (1.50%) from the previous day. The trading volume was 248,221 lots (an increase of 8,511 lots), and the open interest was 355,360 lots (a decrease of 8,745 lots) [66][69] 3.6.2 Option Factors - Volume - position PCR: The trading volume of call options was 54,787 lots (a decrease of 16,501 lots), and the open interest was 69,927 lots (a decrease of 2,164 lots). The trading volume of put options was 19,971 lots (an increase of 2,786 lots), and the open interest was 37,500 lots (an increase of 3,909 lots). The trading volume PCR was 0.36 (an increase of 0.12), and the open - interest PCR was 0.54 (an increase of 0.07) [67] - Pressure - support levels: The at - the - money strike price was 6100, the resistance level was 6500, the support level was 5900, the weighted implied volatility was 26.23% (a decrease of 4.14%), the annual average implied volatility was 22.34%, and the HISV20 was 13.29% [68] 3.6.3 Market Analysis and Strategy Suggestions - Market analysis: The implied volatility of SM options fluctuated above the average of 0.2234. The open - interest PCR of SM options was 0.5363, at the 46.94% level in the past year [69] - Strategy suggestions: For the directional strategy, construct a bull spread combination of call options to obtain directional returns; for the volatility strategy, due to high geopolitical risks, do not recommend strategies mainly based on selling (such as single - selling or double - selling) [70]

交易咨询业务资格：证监许可【2012】1091号 2026-03-19甲醇早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 检修状况 甲醇2605： 1、基本面：受中东战事局势影响，预计短期内消息面因素仍将主导国内甲醇市场运行态势。内地方面，部分传统下游 用户对高价原料采买心态谨慎，而上游甲醇企业有一定库存。如若伊朗战争能在短期内结束，国际油价将会回调，对心 态冲击下内地甲醇不排除走跌可能。如伊朗战争再度扩大并升级，国际油价有望破位上冲，情绪带动下内地甲醇预期强 势运行。港口方面，在断供危机下石油化工优势更明显，甲醇涨势的支撑更多来自降库+情绪+化工共振。当前局面暂时 看是特朗普想尽快脱身，但伊朗不依不挠，持续控制霍尔木兹海峡。预计在化工板块共振效应持续支撑下，本周甲 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report analyzes the financial market, including important indices and option - related data of multiple ETFs and stock indices. It provides market data, option factor analysis, and corresponding option strategy suggestions for each target, mainly suggesting a volatility strategy of constructing a combination of selling call and put options to obtain option time - value returns and dynamically adjust positions [8][18][30][40] 3. Summary by Relevant Catalogs 3.1 Financial Market Overview - **Important Indexes**: The Shanghai Composite Index closed at 4062.98, up 0.32% with a trading volume of 876.327 billion yuan; the Shanghai 50 Index closed at 2961.43, down 0.07% with a trading volume of 113.722 billion yuan; the CSI 300 Index closed at 4658.33, up 0.45% with a trading volume of 524.174 billion yuan; the CSI 1000 Index closed at 8096.59, up 0.96% with a trading volume of 419.893 billion yuan; the CSI 500 Index closed at 8096.43, up 1.00% with a trading volume of 391.243 billion yuan; the Shenzhen Component Index closed at 14187.80, up 1.05% with a trading volume of 598.403 billion yuan [3] 3.2 Option - Target ETF Market Overview - **ETF Data**: Multiple ETFs are analyzed, such as the Shenzhen 100ETF, which closed at 3.528, up 0.48% with a trading volume of 71.47 million shares and a trading value of 250 million yuan; the ChiNext ETF closed at 3.338, up 1.99% with a trading volume of 1120.87 million shares and a trading value of 3.702 billion yuan; etc. [4] 3.3 Shanghai 50ETF (510050.SH) - **Option Factors - Volume and Position PCR**: The trading volume of call options was 216,859 (down 173,753), and the trading volume of put options was 383,205 (down 123,168). The trading - volume PCR was 0.74 (up 0.01), and the position - volume PCR was 0.72 (down 0.02) [5] - **Option Factors - Pressure and Support**: The pressure level was 3.1, and the support level was 3.1. The weighted implied volatility was 16.0%, down 0.56% [6] - **Option Strategy Suggestions**: No directional strategy. For the volatility strategy, construct a combination of selling call and put options, such as S_510050_2603P3000 and S_510050_2603C3200, to obtain option time - value returns and dynamically adjust positions [8] 3.4 Shanghai 300ETF (510300.SH) - **Option Factors - Volume and Position PCR**: The trading volume of call options was 648,030 (down 57,640), and the trading volume of put options was 565,026 (down 43,461). The trading - volume PCR was 0.87 (up 0.01), and the position - volume PCR was 0.79 [15] - **Option Factors - Pressure and Support**: The pressure level was 4.7, and the support level was 4.6. The weighted implied volatility was 16.61%, down 0.16% [16] - **Option Strategy Suggestions**: No directional strategy. For the volatility strategy, construct a combination of selling call and put options, such as S_510300_2603P4600 and S_510300_2603C4800, to obtain option time - value returns and dynamically adjust positions [18] 3.5 ChiNext ETF (159915.SZ) - **Option Factors - Volume and Position PCR**: The trading volume of call options was 859,782 (up 2,860), and the trading volume of put options was 1,012,460 (down 66,346). The trading - volume PCR was 1.18 (down 0.08), and the position - volume PCR was 1.34 (up 0.12) [27] - **Option Factors - Pressure and Support**: The pressure level was 3.3. The weighted implied volatility was 28.50%, down 1.29% [28] - **Option Strategy Suggestions**: No directional strategy. For the volatility strategy, construct a combination of selling call and put options, such as S_159915_2603P3300 and S_159915_2603C3500, to obtain option time - value returns and dynamically adjust positions [30] 3.6 CSI 1000 Index (MO) - **Option Factors - Volume and Position PCR**: The trading volume of call options was 199,517 (down 2,787), and the trading volume of put options was 168,660 (down 3,723). The trading - volume PCR was 0.85 (down 0.01), and the position - volume PCR was 0.9 (up 0.01) [37] - **Option Factors - Pressure and Support**: The pressure level was 8300, and the support level was 8000. The weighted implied volatility was 28.11%, down 1.55% [38] - **Option Strategy Suggestions**: No directional strategy. For the volatility strategy, construct a combination of selling call and put options, such as S_MO2603P7800 and S_MO2603C8400, to obtain option time - value returns and dynamically adjust positions [40]

Report Industry Investment Rating - No information provided Core Viewpoints of the Report - After the Iranian oil and gas fields were attacked, the Iranian Islamic Revolutionary Guard issued an emergency warning. Saudi Arabia, the UAE, and Qatar's oil facilities became legitimate targets for attack, causing short - term market concerns to surge and oil prices to rise again. It is expected that oil prices will remain high. For SC2605, operate strongly in the range of 800 - 840, and wait for opportunities to short at high levels in the long - term [3]. - In the short - term, continue to focus on changes in the geopolitical situation. In the medium - to - long - term, wait for the situation to ease before entering the market for reverse operations [6]. Summary by Relevant Catalogs 1. Daily Hints - Fundamental factors: The attack on Iran's South Pars Gas Field marked a major escalation of the conflict with the US and Israel. Iran announced counter - attacks on oil and gas targets in the entire Gulf region. The Fed maintained the target range of the benchmark interest rate at 3.50% - 3.75% and expected inflation to rise, unemployment to remain stable, and one interest rate cut this year. The US Vice - President and other key Trump administration officials planned to hold a closed - door meeting with oil executives, and measures regarding oil prices would be announced in the next 24 - 48 hours [3]. - Basis: On March 18, the spot price of Oman crude oil was $156.02 per barrel, and that of Qatar Marine crude oil was $99.07 per barrel. The basis was 21.42 yuan per barrel, with the spot at a premium to the futures [3]. - Inventory: In the week ending March 13, the API crude oil inventory in the US increased by 6.556 million barrels (expected increase of 73,000 barrels), the EIA inventory increased by 6.156 million barrels (expected increase of 383,000 barrels), and the Cushing area inventory increased by 944,000 barrels. As of March 18, the Shanghai crude oil futures inventory was 3.511 million barrels, unchanged [3]. - Market trend: The 20 - day moving average was upward, and the price was above the moving average [3]. - Main positions: As of March 10, the main positions of WTI and Brent crude oil were long, and the long positions increased [3]. 2. Recent News - Iran's Revolutionary Guard mentioned several oil and gas facilities in Saudi Arabia, the UAE, and Qatar. An Israeli official confirmed the attack on the South Pars Gas Field. Since the US - Israel war on February 28, oil prices have soared nearly 50%. Iran has carried out retaliatory actions, and the key Strait of Hormuz has been effectively blocked. The UAE may assist in ensuring the safety of the Strait of Hormuz [5]. - The Trump administration temporarily exempted the "Jones Act" to reduce the transportation costs of oil, natural gas, and other commodities in the US. However, some analysts believe this exemption will have limited effects [5]. 3. Bullish and Bearish Concerns - Bullish factors: None mentioned. - Bearish factors: Trump intends to end the war quickly [6]. - Market drivers: In the short - term, continue to focus on changes in the geopolitical situation. In the medium - to - long - term, wait for the situation to ease before entering the market for reverse operations [6]. - Risk points: The Strait of Hormuz has guaranteed navigation, and the war cools down quickly [6]. 4. Fundamental Data - Futures market: The settlement price of Brent crude oil decreased by $0.50 (- 0.48%), WTI crude oil decreased by $0.75 (- 0.78%), SC crude oil increased by 6.70 (0.90%), and Oman crude oil increased by $0.54 (0.35%) [7]. - Spot market: The price of UK Brent Dtd increased by $9.38 (9.07%), WTI increased by $0.11 (0.11%), Oman crude oil decreased by $1.83 (- 1.16%), Shengli crude oil decreased by $0.63 (- 0.62%), and Dubai crude oil decreased by $2.00 (- 1.27%) [9]. - API inventory: In the week ending March 13, the API crude oil inventory increased by 6.556 million barrels to 472.774 million barrels [3][11]. - EIA inventory: In the week ending March 13, the EIA crude oil inventory increased by 6.156 million barrels to 449.259 million barrels [3][13]. 5. Position Data - WTI crude oil fund net long positions: As of March 10, the net long position was 228,015, an increase of 55,865 [17]. - Brent crude oil fund net long positions: As of March 10, the net long position was 351,032, an increase of 65,438 [19].

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The low - sulfur fuel oil market is more tense than the high - sulfur market, with a much higher spread. The expected arrival of arbitrage cargoes from the West in March and April is decreasing. The Singapore fuel oil inventory decreased by 1250000 barrels in the week of March 11, 2026. The price is above the 20 - day line, and the 20 - day line is upward. The high - sulfur main position is short and increasing, while the low - sulfur main position is long and increasing. The East - West near - month spread of high - sulfur fuel oil has reached the widest level in six years. The attack on Iranian oil and gas production facilities has boosted the fuel price. FU2605 is expected to run strongly in the range of 4950 - 5300, and LU2605 in the range of 6100 - 6500 [3] 3. Summary According to the Directory 3.1 Daily Prompt - The high - sulfur fuel oil main contract futures price decreased by 11 to 4687, a decrease of 0.23%. The low - sulfur fuel oil main contract futures price increased by 90 to 5586, an increase of 1.64%. The high - sulfur fuel oil basis increased by 121.98 to 590, an increase of 26.07%. The low - sulfur fuel oil basis increased by 253 to 1051, an increase of 32% [5] - The price of Zhoushan high - sulfur fuel decreased by 7 to 1016, a decrease of 0.68%. The price of Zhoushan low - sulfur fuel decreased by 15 to 1020, a decrease of 1.45%. The price of Singapore high - sulfur fuel decreased by 4.9 to 744.17, a decrease of 0.65%. The price of Singapore low - sulfur fuel increased by 12.66 to 936.12, an increase of 1.37%. The price of Middle - East high - sulfur fuel decreased by 1.8 to 670.56, a decrease of 0.27%. The price of Singapore diesel decreased by 14.65 to 1395.63, a decrease of 1.04% [6] 3.2 Long and Short Concerns - Bullish factors: The low - sulfur fuel oil market is more tense, the expected arrival of Western arbitrage cargoes is decreasing, the inventory is decreasing, the price is above the 20 - day line, the low - sulfur main position is long and increasing, and the attack on Iranian oil and gas production facilities boosts the fuel price [3] - Bearish factors: The Trump administration's TACO situation and the pressure on upstream crude oil [4] - Market drivers: The supply is affected by geopolitical risks, and the demand is neutral [4] 3.3 Fundamental Data - The low - sulfur fuel oil market is more tense than the high - sulfur market, and the spread of low - sulfur fuel oil is much higher. The expected arrival of arbitrage cargoes from the West in March and April is decreasing. The Singapore high - sulfur fuel oil price is 744.17 dollars/ton with a basis of 590 yuan/ton, and the Singapore low - sulfur fuel oil price is 936.12 dollars/ton with a basis of 1051 yuan/ton, with the spot at a premium to the futures [3] 3.4 Spread Data - The report shows the graph of the high - and low - sulfur futures spread, but no specific numerical analysis is provided [10] 3.5 Inventory Data - The Singapore fuel oil inventory in the week of March 11, 2026, was 24499000 barrels, a decrease of 1250000 barrels. The inventory data from December 31, 2025, to March 11, 2026, is also presented, showing the changes in inventory over time [3][8]

Group 1: Silver Option Analysis Market Data - The closing price of the ag2606 contract was 19,980 yuan, down 486 yuan or 2.37% from the previous day. The trading volume was 552,862 lots, an increase of 2,753 lots, and the open interest was 225,308 lots, an increase of 6,842 lots [3][6]. Option Factors - The implied volatility of AG (silver option) fluctuated above the mean of 0.4563. The AG option open interest PCR was reported at 0.8833, at the 3.67% level in the past year. The pressure level of the AG option underlying was 37,600, and the support level was 15,000 [6]. Option Strategy - Directional strategy: None. Volatility strategy: Construct a neutral short - volatility option seller portfolio strategy to obtain option time value and dynamically adjust positions to make the delta of positions neutral, such as S_AG2604P19600, S_AG2604P2000, S_AG2604C21800, S_AG2604C22000 [7]. Group 2: Gold Option Analysis Market Data - The closing price of the au2604 contract was 1,113.52 yuan, down 2.66 yuan or 0.23% from the previous day. The trading volume was 130,531 lots, a decrease of 16,401 lots, and the open interest was 85,832 lots, a decrease of 5,098 lots [16][19]. Option Factors - The implied volatility of AU (gold option) fluctuated above the mean of 0.2668. The AU option open interest PCR was reported at 0.7486, at the 47.76% level in the past year. The pressure level of the AU option underlying was 1,200, and the support level was 1,000 [19]. Option Strategy - Directional strategy: None. Volatility strategy: Construct a short call + put option combination strategy to obtain option time value and dynamically adjust positions to keep the delta of positions neutral, such as S_AU2604P1096, S_AU2604C1152 [20].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - For the vegetable oil sector, due to the fading of macro - sentiment, the market re - assesses the fundamental supply pressure, and funds flow out of the vegetable oil sector. It is recommended to exit long positions in oils and fats, and aggressive investors can try short positions in small amounts. Do not recommend chasing long positions [1][2]. - For the double - meal sector, considering the weakening of the external market, the decline in import costs, and the gradual recovery of Brazilian shipments, it is recommended to exit long positions at low levels and try short positions in small amounts [3]. 3. Summary by Related Catalogs 3.1 Vegetable Oil Market 3.1.1 Market Performance - On March 18, the prices of major and secondary contracts of soybean oil, palm oil, and rapeseed oil all declined, with palm oil leading the decline. For example, the soybean oil main contract Y2605 closed at 8,540 yuan/ton, down 1.20% day - on - day, and the palm oil main contract P2605 closed at 9,692 yuan/ton, down 2.63% day - on - day [1]. 3.1.2 Important Information - On March 18, NYMEX crude oil futures rose due to the attack on the South Pars Gas Field in Iran. The U.S. oil main contract rose 3.68% to $99.05 per barrel, and the Brent oil main contract rose 5.7% to $105.06 per barrel [1]. - The U.S. President Trump may announce the final rule on biofuel blending at an event on March 27. Indonesia is accelerating the road test of B50 biodiesel. There are rumors that the U.S. Environmental Protection Agency will issue a new renewable fuel blending rule [1]. - The Malaysian MPOB report shows that at the end of February, the inventory decreased by 3.94% to 2.7 million tons, the production decreased by 18.55% to 1.28 million tons, and the exports decreased by 22.48% to 1.13 million tons [1]. - From March 1 - 15, Malaysia's palm oil product exports increased by 56.9% compared with the same period last month [1]. - As of the 11th weekend of 2026, the total inventory of the three major edible oils in China increased by 0.46% week - on - week to 2.0557 million tons [1]. 3.1.3 Spot Market - As of March 18, the average spot price of soybean oil in Zhangjiagang was 8,820 yuan/ton, with a basis of 280 yuan/ton, down 38 yuan/ton. The average spot price of palm oil in Guangdong was 9,860 yuan/ton, down 100 yuan/ton, with a basis of 168 yuan/ton, up 162 yuan/ton. The spot price of Grade 4 rapeseed oil in Jiangsu was 10,280 yuan/ton, down 60 yuan/ton, with a basis of 500 yuan/ton, down 5 yuan/ton. The palm oil import profit was - 583.25 yuan/ton [2]. 3.1.4 Market Logic - Although the international crude oil has risen sharply, the domestic vegetable oil market's willingness to follow the rise is hesitant. The soybean oil basis increase is currently due to psychological factors, and it will be significantly boosted when the supply decreases at the end of the month [2]. 3.1.5 Trading Strategy - Exit long positions in oils and fats, and aggressive investors can try short positions in small amounts. Provide support and resistance levels for different contracts [2]. 3.2 Double - Meal Market 3.2.1 Market Performance - On March 18, domestic double - meal prices opened lower and moved lower, with rapeseed meal falling more than soybean meal. For example, the soybean meal main contract M2605 closed at 3,036 yuan/ton, down 1.11% day - on - day [2]. 3.2.2 Important Information - The average forecast of 9 analysts shows that the U.S. soybean crushing volume in February may reach a record high for that month [2]. - Due to the conflict in the Middle East, the soybean exports of Brazil and the United States may decline in the future, and the risk of rising shipping and insurance costs is increasing [2]. - China still promises to buy 25 million tons of U.S. soybeans annually in the next three years [2]. - The estimated soybean exports of Brazil in March 2026 are 16.09 million tons, an increase of 2.2% compared with March 2025 [3]. - As of the 11th weekend of 2026, the domestic imported soybean inventory decreased by 284,700 tons compared with last week, the domestic soybean meal inventory decreased by 18.71% week - on - week, and the contract volume decreased by 6.72% week - on - week. The domestic imported rapeseed inventory increased by 10,000 tons compared with last week, the domestic imported rapeseed meal inventory increased by 33.33% week - on - week, and the contract volume increased by 65.22% week - on - week [3]. 3.2.3 Spot Market - As of March 18, the spot price of soybean meal was 3,395 yuan/ton, up 11 yuan/ton, and the spot price of rapeseed meal was 2,670 yuan/ton, down 12 yuan/ton. Provide basis and trading volume information [3]. 3.2.4 Market Logic - The U.S. soybeans stop falling and stabilize due to China's promise to purchase. The import cost decreases and the Brazilian shipments recover, which suppresses the price. The short - term spot price is expected to weaken. The Zhengzhou rapeseed meal main contract has limited downward space in the short term [3]. 3.2.5 Trading Strategy - Exit existing long positions and try short positions in small amounts. Provide support and resistance levels for different contracts [3].

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - For stock index futures, maintain the judgment of going long on the economy in the medium - and long - term, and recommend allocating long - term contracts of various varieties on dips [2] - For treasury bond futures, the short - term trend is unclear, so it is recommended to wait and see; in the medium - and long - term, with the increase in risk appetite and the expectation of economic recovery, it is recommended to hedge T and TL on rallies [2] 3. Summary according to the Directory 3.1 Stock Index Futures - **Market Performance**: On March 18th, the four major A - share stock indexes all rose. The Shanghai Composite Index rose 0.32%, the Shenzhen Component Index rose 1.05%, the ChiNext Index rose 2.02%, and the Science and Technology Innovation 50 Index rose 1.36%. Market turnover was 20,610 billion yuan, a decrease of 1,635 billion yuan from the previous day. In terms of industry sectors, communication (+5.23%), computer (+2.46%), and electronics (+2.41%) performed well; petroleum and petrochemicals (-1.47%), real estate (-1.05%), and food and beverages (-0.91%) performed mediocre. From the perspective of market strength, IC>IM>IF>IH. The number of rising/flat/falling stocks was 3,551/106/1,830 respectively. In the Shanghai and Shenzhen stock markets, institutional, main, large - scale, and retail investors had net inflows of 119, - 99, - 190, and 170 billion yuan respectively, with changes of +446, +178, - 315, and - 309 billion yuan respectively [2] - **Basis and Annualized Yield**: The basis of the next - month contracts of IM, IC, IF, and IH were 75.39, 65.43, 27.53, and 6.43 points respectively, and the annualized basis yields were - 10.58%, - 9.18%, - 6.72%, and - 2.47% respectively. The three - year historical quantiles were 40%, 26%, 17%, and 30% respectively [2] - **Trading Strategy**: In the medium - and long - term, maintain the judgment of going long on the economy. Currently, using stock index futures as a long - term substitute has certain excess returns. It is recommended to allocate long - term contracts of various varieties on dips [2] 3.2 Treasury Bond Futures - **Market Performance**: On March 18th, treasury bond futures strengthened slightly. Among the active contracts, TS rose 0.04%, TF rose 0.08%, T rose 0.12%, and TL rose 0.23% [2] - **Cash Bond Situation**: The current active contract is the 2606 contract. For the 2 - year treasury bond futures, the CTD bond is 250024.IB, with a yield change of - 1.75bps, a corresponding net basis of 0.047, and an IRR of 1.24%; for the 5 - year treasury bond futures, the CTD bond is 250014.IB, with a yield change of - 2bps, a corresponding net basis of 0.017, and an IRR of 1.37%; for the 10 - year treasury bond futures, the CTD bond is 250025.IB, with a yield change of - 1.45bps, a corresponding net basis of 0.022, and an IRR of 1.34%; for the 30 - year treasury bond futures, the CTD bond is 210014.IB, with a yield change of - 1.75bps, a corresponding net basis of 0.258, and an IRR of 0.59% [2] - **Funding Situation**: In terms of open - market operations, the central bank injected 20.5 billion yuan and withdrew 26.5 billion yuan, resulting in a net withdrawal of 6 billion yuan [2] - **Trading Strategy**: The short - term trend is unclear, so it is recommended to wait and see; in the medium - and long - term, with the increase in risk appetite and the expectation of economic recovery, it is recommended to hedge T and TL on rallies [2] 3.3 Economic Data - High - frequency data shows that at the beginning of March, the prosperity of various sectors declined slightly [9]