最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 746.0 -2.0 -5.0 46.0 51.0 25省终端可用天数 20.9 0.8 0.9 0.0 3.3 秦皇岛5000 667.0 -2.0 -7.0 52.0 72.0 25省终端供煤 456.0 7.3 -152.5 -184.0 -166.8 广州港5500 815.0 0.0 0.0 20.0 10.0 北方港库存 2357.0 6.0 73.0 81.0 -468.0 鄂尔多斯5500 520.0 -10.0 -10.0 30.0 45.0 北方锚地船舶 74.0 8.0 -24.0 -4.0 28.0 大同5500 575.0 -10.0 -10.0 30.0 50.0 北方港调入量 157.0 -25.2 -15.7 9.6 -5.1 榆林6000 645.0 -30.0 -30.0 -25.0 38.0 北方港吞吐量 174.7 -9.5 38.6 11.1 3.3 榆林6200 700.0 -30.0 -45.0 -45.0 65.0 CBCFI海运指数 678.0 8.3 53.1 156 ...

Group 1 - The coal stocks in the A-share market experienced a collective decline following a significant drop in oil prices, with notable declines in companies such as China Coal Energy, which fell over 6%, and Jiangxi Copper Equipment, which dropped over 5% [1] - Other companies also faced declines, including Shanxi Black Cat, Yanzhou Coal, and several others, all experiencing drops exceeding 4% [1] - The overall trend indicates a negative reaction in the coal sector despite previous gains, highlighting the volatility influenced by external factors like oil prices [1] Group 2 - Specific stock performance data shows that China Coal Energy (601898) decreased by 6.65%, with a market capitalization of 225.3 billion and a year-to-date increase of 16.99% [2] - Jiangxi Copper Equipment (600397) saw a decline of 5.62%, with a market cap of 19.1 billion and a year-to-date increase of 19.32% [2] - Other notable declines include Shanxi Coal (601015) down 4.14%, and Electric Power Investment Energy (002128) down 2.58%, indicating a broader trend of decreasing stock values in the coal sector [2]

Core Views - The A-share market is expected to experience repeated fluctuations in the short term, closely monitoring the ongoing intensity and duration of the Middle East conflict [2][3] - The recent escalation of geopolitical tensions in the Middle East has significantly impacted global capital markets, with A-shares showing relative resilience compared to other Asian markets due to lower dependence on Middle Eastern oil [2][8] Market Overview - On Monday, the A-share market opened significantly lower, following a downward trend in the Asia-Pacific markets, with the Shanghai Composite Index experiencing a maximum drop of over 60 points before recovering in the afternoon [4][11] - The overall market sentiment was weak, with a total trading volume of 26,475 billion yuan, and major indices closing down, including the Shanghai Composite Index at 4,096.60 points, down 0.67% [5][6] Sector Performance - Coal stocks showed strength due to rising oil and gas prices, which have led to increased coal usage as a substitute for expensive natural gas [6] - The electric grid equipment sector rose following the inclusion of "computing and electricity coordination" in the government work report, indicating a strategic focus on infrastructure investment [6] - AI-related stocks were active, driven by a surge in interest in local AI agents, particularly the OpenClaw project, which integrates communication capabilities with large language models [7] Future Market Outlook - The core variable affecting market trends remains the ongoing Middle East conflict; if tensions ease, global energy market pressures may alleviate, potentially leading to a recovery in capital markets [9][10] - Despite positive policy signals from regulators, the domestic economic recovery is still insufficient, and market confidence will take time to rebuild, suggesting continued volatility in the short term [9][10] - The current geopolitical situation is seen as altering market rhythms rather than reversing the underlying bull market foundation, with a slow bull market expected to persist [10]

商 品 研 究 2026 年 03 月 10 日 焦炭：一轮提降落地，宽幅震荡 焦煤：宽幅震荡 刘豫武 投资咨询从业资格号：Z0023649 liuyuwu2@gtht.com 【基本面跟踪】 焦煤焦炭基本面数据 | | | | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | JM2605 | 1168 | 45 | 4. 0% | | 期货价格 | | 12605 | 1740 | 44. 5 | 2. 6% | | | | | 昨日成交(手) | 昨日持仓(手) | 持仓变动(手) | | | | JM2605 | 1369668 | 421519 | -75338 | | | | 12605 | 50056 | 39435 | 1721 | | | | | 昨日价格(元/吨) | 前日价格(元/吨) | 涨跌(元/吨) | | | | 临汾低硫主焦 吕梁低硫主焦 | 1460 1483 | 1460 1483 | 0 0 | | | 焦煤 | 吕梁瘦主焦煤 | 1160 | 1120 | 40 | | | ...

Group 1: Coal Industry - Morgan Stanley suggests that coal and aluminum sectors are likely to outperform the market in the short term, recommending investment in quality mining companies during dips [1] - The coal sector's strong performance is supported by rising coal price expectations and low investor positions, with Yanzhou Coal Mining Company being particularly sensitive to coal price changes [1] - On March 3, coal stocks in China's A-shares rose by 2%-9%, while Hong Kong stocks experienced a slight decline of 1%, driven by increased demand for coal due to geopolitical tensions in the Middle East [2] Group 2: Aluminum Industry - Despite a market sell-off leading to a 2%-4% drop in aluminum stocks, the supply disruption risk in the aluminum sector is underestimated, with the Middle East accounting for 6.8 million tons of annual aluminum production [3] - If there is a significant supply disruption in the Middle East, aluminum prices could rise rapidly to $4,000 per ton, making it one of the most asymmetric commodities in terms of price increase potential [3] Group 3: Copper Industry - Copper stocks fell by 4%-9% due to investor risk aversion, but the fundamental outlook remains strong, with a projected supply shortage of 130,000 tons in the global copper market by 2026 [4] - Despite a current inventory of 1.2 million tons, the demand from the U.S. and China could put significant pressure on global copper stocks, especially if both countries begin restocking [4] Group 4: Lithium Industry - The lithium sector faced significant pressure, with carbonate lithium prices dropping by 12% to 151,000 yuan per ton, and lithium stocks declining by 6%-11% [5] - Factors contributing to the weakness include concerns over delays in large-scale energy storage projects, a decline in February's electric vehicle sales, and expectations of resumed lithium concentrate exports from Zimbabwe [5]

1. Report Industry Investment Rating - The mid - term outlook for the black building materials industry is "Oscillation" [5] 2. Core Viewpoints of the Report - Geopolitical risks have intensified, leading to an increase in energy valuations and rising shipping costs, which strengthen the cost - side support and drive up the prices of the black building materials sector. However, the current situation in the off - season is lackluster. There are still inventory contradictions in steel, high inventory pressure in iron ore is difficult to alleviate, Mongolian coal imports remain high, the supply - demand surplus in the glass and soda ash market remains unchanged, and the fundamentals of alloys lack support. The expectation for the peak season is still cautious, causing prices to fall after a short - term increase [1]. - With many disturbances such as domestic and overseas macro - expectations and geopolitical conflicts, if the geopolitical conflicts continue, the futures prices will still have an upward drive. But as it is still the off - season, the fundamentals lack highlights, and the peak - season expectation is cautious. Once the external disturbances weaken, there will be a risk of price correction at high levels. Attention should be paid to geopolitical risks and the realization of peak - season demand [5]. 3. Summary by Relevant Catalogs 3.1 Iron Element - **Iron Ore**: Overseas mine shipments have decreased month - on - month, while arrivals have significantly increased. The high inventory pressure is difficult to ease in the short term. With the Two Sessions and geopolitical disturbances, there are uncertainties in the macro environment. If macro disturbances weaken, the fundamental pressure on iron ore will be large. It is expected to oscillate weakly [1][7][8]. - **Scrap Steel**: The supply - demand pattern of the scrap steel market has marginally improved, with demand recovering slightly faster than supply. The fundamentals provide some support for prices. Driven by the rise in finished - product prices, scrap steel is expected to follow the upward trend in the short term. Attention should be paid to the sustainability of the rebound in finished - product prices and the actual recovery progress of terminal demand [1][9]. 3.2 Carbon Element - **Coke**: In the short term, there are disturbances in hot metal production, but there is still long - term rigid demand support for coke. After the first round of spot price cuts, the possibility of continuous multiple - round cuts is small. The futures market is expected to follow the cost - side coking coal. If geopolitical conflicts continue, it may be strong following energy prices; if the conflicts ease, it is expected to oscillate [2][10]. - **Coking Coal**: The resumption of coal mines is still restricted, but the high imports of Mongolian coal put pressure on the fundamentals. Spot prices are expected to oscillate. The current futures prices are affected by many factors such as domestic and overseas macro - expectations and geopolitical conflicts. If the conflicts continue, it may follow the upward trend of crude oil prices; if the conflicts ease, it is expected to oscillate [2][11]. 3.3 Alloys - **Silicomanganese**: The silicomanganese market has strong supply and weak demand, with insufficient fundamental support. There are resistance in cost - side transmission, and high upstream inventory leads to significant selling - hedging pressure on the futures market. When futures prices rise above the cost line, the risk of correction should be guarded against [2][15]. - **Ferrosilicon**: The supply - demand drive in the ferrosilicon market is limited. The continuous repair of industry profits may accelerate the resumption of production by manufacturers, weakening the supply - demand relationship. When the futures valuation recovers above the cost line, the risk of high - level correction should be vigilant [2][16]. 3.4 Glass and Soda Ash - **Glass**: There are still expectations of supply disturbances, but the inventories of middle and downstream are moderately high. Currently, the supply - demand is in surplus. If there is no obvious improvement in demand after the Lantern Festival, high inventories will always suppress prices [2][5][12]. - **Soda Ash**: The supply is stable at a high level in the short term, and the overall supply - demand is in surplus. It is expected to oscillate in the short term. In the long run, the supply - surplus pattern will intensify, the price center will decline, and capacity will be reduced [2][5][14]. 3.5 Other Information - **Steel**: The cost support is strong, and the futures market is firm. Spot market transactions have warmed up, but the overall demand is still at a low level. Steel inventory continues to accumulate, and the fundamental contradiction needs time to ease. The futures market has an upward drive but is limited. Attention should be paid to peak - season demand [7]. - **Commodity Index**: On March 9, 2026, the comprehensive index, special index (including commodity index, commodity 20 index, industrial product index), and plate index (such as the steel industry chain index) of CITIC Futures all had different degrees of increase or decline. For example, the comprehensive index increased by 2.93%, the commodity 20 index increased by 2.55%, and the industrial product index increased by 3.87%. The steel industry chain index increased by 2.51% on the day, 3.54% in the past 5 days, - 0.37% in the past month, and 0.37% since the beginning of the year [102][103].

Core Insights - The report highlights that the coal and coal chemical industries are expected to benefit from ongoing geopolitical conflicts, suggesting a favorable market environment for these sectors [4][10]. Industry Overview - The domestic coal market is experiencing a recovery in production levels, with downstream industries maintaining essential inventory replenishment. As of March 6, the spot price of thermal coal in the Bohai Rim was 751 CNY/ton, reflecting a weekly increase of 1.21% [10]. - Metallurgical coal prices are under pressure, with some steel mills reducing procurement prices for coke by 50-55 CNY/ton due to environmental regulations during major meetings. The price of main coking coal at Jingtang Port was 1580 CNY/ton, down 4.82% week-on-week [10]. - The geopolitical tensions in the Middle East are increasing the cost of imported coal, while domestic coal supply is gradually recovering. The report suggests that if conflicts in the region escalate, the domestic coal chemical industry may gain a competitive advantage [10]. Investment Recommendations - The report recommends focusing on companies with significant overseas production capacity, such as Yanzhou Coal Mining Company and Guanghui Energy, as well as those closely related to coal chemicals like China Coal Energy and Lanhua Sci-Tech. Other companies with strong investment value include Jinneng Holding, Huayang Co., Shanxi Coal International, and others [10].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The current fundamentals of the black - series are significantly weaker than pre - holiday expectations. The short - term core contradiction lies in inventory digestion and demand verification. Before the real demand in the peak season is confirmed, prices are likely to remain in a range - bound and weak operation. Attention should be paid to high - frequency indicators such as construction site resumption rates and daily cement and building material consumption [3] - The short - term escalation of the US - Iran situation has driven up the prices of oil, gas, and chemical sectors, shifting the overall commodity sentiment towards the bullish side. In the short term, short - selling operations may not be appropriate. Looking for short - term rebound opportunities in undervalued and high - elasticity varieties may be a better choice [10][16] - For the medium - to long - term, the report is still optimistic about coking coal prices, especially during the period from June to October when factors such as the safety - production month and peak consumption season overlap [16] 3. Summary by Related Catalogs Steel - **Market Quotes** - The closing price of the rebar main contract was 3119 yuan/ton, up 31 yuan/ton (1.003%) from the previous trading day. The registered warehouse receipts were 16,951 tons, a net increase of 305 tons. The main contract's open interest was 1.7408 million lots, a net decrease of 57,900 lots. In the spot market, the aggregated price in Tianjin was 3150 yuan/ton, up 30 yuan/ton, and that in Shanghai was 3220 yuan/ton, up 30 yuan/ton [2] - The closing price of the hot - rolled coil main contract was 3270 yuan/ton, up 40 yuan/ton (1.238%) from the previous trading day. The registered warehouse receipts were 478,116 tons, a net increase of 5901 tons. The main contract's open interest was 1.2926 million lots, a net decrease of 106,185 lots. In the spot market, the aggregated price in Lecong was 3270 yuan/ton, up 30 yuan/ton, and that in Shanghai was 3260 yuan/ton, up 30 yuan/ton [2] - **Strategy Views** - Macro - policies provide medium - term support for steel demand, but the incremental pull on steel demand is relatively limited. The demand for hot - rolled coils has declined this week, and the inventory is accumulating. The supply and demand of rebar are both increasing, but the inventory accumulation rate is relatively fast. The short - term price is expected to be range - bound and weak [3] Iron Ore - **Market Quotes** - The main contract of iron ore (I2605) closed at 784.50 yuan/ton, with a change of +1.62% (+12.50). The open interest changed by - 14,997 lots to 473,300 lots. The weighted open interest was 872,700 lots. The spot price of PB fines at Qingdao Port was 773 yuan/wet ton, with a basis of 36.22 yuan/ton and a basis rate of 4.41% [4] - **Strategy Views** - Overseas ore shipments have declined, while near - end arrivals have rebounded. The daily pig iron output has decreased, and the steel mill profit rate has declined. The port inventory is basically flat, and the steel mill inventory is decreasing. Short - term prices are expected to fluctuate [5] Manganese Silicon and Ferrosilicon - **Market Quotes** - On March 9, the main contract of manganese silicon (SM605) rose more than 4% in the morning and then fell back, finally closing up 0.03% at 6132 yuan/ton. The spot price in Tianjin was 5950 yuan/ton, with a basis of 8 yuan/ton [8] - The main contract of ferrosilicon (SF605) rose more than 5% in the morning and then fell, closing down 0.20% at 5868 yuan/ton. The spot price in Tianjin was 6250 yuan/ton, with a basis of 382 yuan/ton [8] - **Strategy Views** - In the short term, due to the escalation of the US - Iran situation, short - selling operations may be inappropriate. Manganese silicon has a loose supply - demand pattern, and ferrosilicon has good fundamentals. Future market trends will be affected by the overall black - series direction, cost - push factors of manganese ore, and supply contraction of ferrosilicon [10][11] Coking Coal and Coke - **Market Quotes** - On March 9, the main contract of coking coal (JM2605) rose by the daily limit in the morning and then gave back some gains, finally closing up 4.01% at 1168.0 yuan/ton [13] - The main contract of coke (J2605) rose more than 6.5% and then fell, closing up 2.62% at 1740.0 yuan/ton [13] - **Strategy Views** - The escalation of the US - Iran situation and the "Two Sessions" have a slightly positive impact on coking coal. In the short term, downstream de - stocking and increasing supply will restrict the price increase. In the medium - to long - term, prices are expected to rise from June to October [15][16] Industrial Silicon and Polysilicon - **Market Quotes** - The closing price of the main contract of industrial silicon (SI2605) was 8670 yuan/ton, with a change of - 0.23% (-20). The weighted contract's open interest changed by - 32,429 lots to 353,337 lots [18] - The closing price of the main contract of polysilicon (PS2605) was 42,700 yuan/ton, with a change of +3.86% (+1585). The weighted contract's open interest changed by - 2067 lots to 55,685 lots [21] - **Strategy Views** - In March, industrial silicon may see a pattern of both supply and demand increasing, but it is difficult to reduce high inventory. Prices are expected to fluctuate or rebound. Polysilicon also shows a pattern of both supply and demand increasing, but inventory reduction may be limited. The short - term price is expected to fluctuate [20][22] Glass and Soda Ash - **Market Quotes** - The main contract of glass closed at 1104 yuan/ton on Monday, up 1.56% (+17). The inventory of float glass sample enterprises in the week of March 5 was 79.637 million boxes, up 4.77% [24] - The main contract of soda ash closed at 1276 yuan/ton on Monday, up 2.74% (+34). The inventory of soda ash sample enterprises in the week of March 5 was 1.9472 million tons, up 4.77% [26] - **Strategy Views** - The situation in the Middle East has led to a bullish commodity sentiment. The demand for glass has slightly improved, and the price is expected to be in the range of 1070 - 1171 yuan/ton [25] - The current rise in soda ash is mainly driven by cost, and the demand has not improved substantially. The price in March is expected to fluctuate with the coal - chemical sector, in the range of 1230 - 1330 yuan/ton [27]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report The report analyzes the impact of the US-Iran conflict on various financial and commodity markets. Trump's indication that the war against Iran will end soon has led to a recovery in market risk appetite and a weakening of the US dollar index. The conflict has also affected inflation, stock markets, and commodity prices, with different sectors showing varying degrees of response and trends. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Trump believes the war is almost over, and gold is in a volatile consolidation phase. The market risk appetite has recovered, and the pressure on precious metals from rising interest rates has weakened. [11] - Investment advice: Gold and silver are expected to move in a volatile manner. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump's statement that the war against Iran will end soon leads to a recovery in market risk appetite and a weakening of the US dollar index. [13] - Investment advice: The US dollar index is expected to decline. 1.3 Macro Strategy (US Stock Index Futures) - US short - term inflation and wage expectations have decreased. Trump says the war is almost over, and the G7 has not announced an immediate release of oil reserves. [15][16] - Investment advice: Short - term market volatility remains high, and it is recommended to wait and see. 1.4 Macro Strategy (Stock Index Futures) - China's inflation in February exceeded expectations. The A - share market shows resilience, but short - term risk aversion is recommended. [19] - Investment advice: The stock index arbitrage strategy is preferred, with a long IC and short IM combination. 1.5 Macro Strategy (Treasury Bond Futures) - February inflation data exceeded expectations, and the central bank conducted a 48.5 - billion - yuan 7 - day reverse repurchase operation. The probability of a quick end to the US - Iran conflict is decreasing, and the bond market may experience short - term fluctuations and potential long - term upward trends. [22][23] - Investment advice: Consider mid - line long positions in treasury bond futures when the price is low. 2. Commodity News and Comments 2.1 Black Metal (Rebar/Hot - Rolled Coil) - In February, excavator sales decreased year - on - year, and the passenger car market sales in January also declined. Steel prices have rebounded due to rising energy prices, but the fundamentals of the finished product end remain under pressure. [25][26] - Investment advice: Steel prices are expected to be volatile in the short term, and attention should be paid to geopolitical events. 2.2 Black Metal (Steam Coal) - On March 9, the imported steam coal market was in a state of continuous game. Overseas coal prices have risen, while domestic coal prices are relatively stable. The duration of the Middle East conflict is the biggest uncertainty. [29] - Investment advice: Pay attention to the development of the Middle East conflict. Coal prices are expected to be in a volatile market in the short term and have upward risks in the long term. 2.3 Black Metal (Iron Ore) - A Canadian mining company is re - evaluating an iron ore project. Iron ore prices are in a volatile market, with potential upward cost pressure and uncertain demand. [31] - Investment advice: It is recommended to wait and see. 2.4 Black Metal (Coking Coal/Coke) - The coking coal market in Lvliang is oscillating. The price increase is mainly due to the rise in crude oil prices. The supply is increasing, and the demand is gradually recovering. [33] - Investment advice: Pay attention to the downstream inventory replenishment situation. 2.5 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Indonesia may resume the B50 biodiesel mixing plan. The price of edible oils has fluctuated greatly, mainly following the trend of crude oil. [35][36] - Investment advice: If international oil prices remain high, palm oil prices may rise, but beware of price drops due to geopolitical uncertainties. 2.6 Agricultural Products (Corn) - Brazil's corn exports in February increased year - on - year. The supply of corn is gradually increasing, and the demand has support. [37][38] - Investment advice: In the short term, the market is in a multi - factor game. In the long term, prices are expected to stabilize and rise, but the increase is limited. 2.7 Agricultural Products (Soybean Meal) - Last week, the inventory of soybean meal in oil mills increased, and the production of soybeans in Argentina is expected to be stable. The supply and demand of soybean meal are weak, but it may be strong in the short term. [40][42] - Investment advice: Pay close attention to the Middle East situation, crude oil, and CBOT soybean futures prices. Be cautious when chasing up. 2.8 Non - Ferrous Metals (Lithium Carbonate) - CATL's performance in 2025 was excellent. The supply of lithium carbonate has disturbances, and the demand has short - term support. [43][44] - Investment advice: In the short term, it is advisable to be bullish. In the long term, there is support from the new energy narrative. Look for opportunities to go long at low prices. 2.9 Non - Ferrous Metals (Lead) - The LME lead has a large discount, and the domestic social inventory has increased. The lead price is expected to be in a low - level oscillation. [45][46] - Investment advice: Look for mid - line callback buying opportunities on the long side. Wait and see for arbitrage. 2.10 Non - Ferrous Metals (Zinc) - The LME zinc has a discount, and the domestic inventory has increased. The zinc price may rise first and then fall, and it is recommended to wait and see. [48][49] - Investment advice: Wait and see in the short term. Take profit on long positions at high prices. Consider mid - line positive arbitrage. 2.11 Non - Ferrous Metals (Copper) - Citi is optimistic about Zijin Mining's production growth. The IEA suggests using aluminum to replace copper. The copper price may be in a high - level oscillation in the short term. [50][52] - Investment advice: Wait and see in the short term. Observe positive arbitrage opportunities. 2.12 Non - Ferrous Metals (Platinum) - Some companies are increasing platinum production. The global platinum market will be in short supply in 2026. The platinum price is expected to be in a short - term oscillation. [53][54][56] - Investment advice: Wait and see in the short term. Consider mid - line reverse arbitrage for the month spread. Look for opportunities to go long platinum and short palladium. 2.13 Non - Ferrous Metals (Tin) - The LME tin has a discount. The supply of tin may increase in the short term, and the demand is weak. The tin price is expected to be in a wide - range oscillation. [57][58] - Investment advice: The short - term supply - demand pattern is weak, and the price is expected to oscillate with limited downward space. 2.14 Energy Chemicals (Crude Oil) - Trump says the military action against Iran will end soon, and the oil price has fluctuated sharply. [59][60] - Investment advice: The risk premium will be reversed after the market sentiment reaches its peak. 2.15 Energy Chemicals (Liquefied Petroleum Gas) - The price of LPG has fluctuated due to market panic and subsequent news. The situation in the Strait of Hormuz remains uncertain. [62] - Investment advice: Wait and see and track the situation in the Strait of Hormuz. 2.16 Energy Chemicals (Asphalt) - The inventory of asphalt has decreased. The asphalt price may decline due to the fall in international oil prices. [63] - Investment advice: The asphalt price will be volatile in the short term. 2.17 Energy Chemicals (LLDPE) - The inventory of LLDPE has increased, and the price is expected to rise due to rising oil prices. [66] - Investment advice: Buy on dips and expand the 5 - 9 spread. 2.18 Energy Chemicals (Urea) - The price of urea in Shandong has increased. The Iran conflict has affected the overseas urea market, and the domestic market may see a pulse - type upward movement. [67][68] - Investment advice: Do not be overly aggressive in going long. Focus on potential reverse arbitrage opportunities for the 5 - 9 spread. 2.19 Energy Chemicals (Styrene) - The inventory of styrene in East China ports has decreased. The trading logic of styrene has evolved, and it is still recommended to be bullish. [70][71] - Investment advice: Maintain a bullish view. 2.20 Energy Chemicals (Soda Ash) - The soda ash market in North China is firm. The soda ash price is supported by cost and supply disturbances. [73] - Investment advice: The soda ash price has short - term support. 2.21 Energy Chemicals (Float Glass) - The price of float glass in Guangdong is stable. The glass price may be volatile due to the rise in oil prices. [74][75] - Investment advice: The glass price may be volatile in the short term. 2.22 Shipping Index (Container Freight Rate) - Ningbo Port's container throughput in February increased year - on - year. The shipping market is affected by geopolitical factors, and the price is in a high - level oscillation. [76][77] - Investment advice: Pay attention to the opening of MSK W13 and the price adjustment of other shipping companies.

Market Performance Overview - In the week from March 2 to March 6, 2026, oil prices surged while domestic equity market indices experienced a pullback [4] - The oil and petrochemical, coal, and public utilities sectors saw the highest gains, while media, non-ferrous metals, and computer sectors faced the largest declines [4] Fund Product Issuance - A total of 12 new funds were established in the domestic market this week, with a combined issuance of 13.464 billion units [5] - The new funds included 3 bond funds, 6 equity funds, 2 mixed funds, and 1 fund of funds (FOF) [5] - Overall, 45 new funds were issued across various types, including 19 equity funds, 9 FOFs, 8 bond funds, 8 mixed funds, and 1 international (QDII) fund [5] Fund Product Performance Tracking - The net value of industry-themed funds declined across the board this week, with financial and real estate-themed funds performing relatively better [6] - As of March 6, 2026, the net value changes for various themed funds were as follows: financial and real estate -1.10%, cyclical -1.66%, industry rotation -2.30%, pharmaceuticals -2.43%, consumer -2.59%, balanced industry -2.62%, new energy -2.72%, national defense and military -3.54%, and TMT -4.53% [6] ETF Market Tracking - This week, stock ETFs saw a net inflow of funds, with significant increases in cyclical theme ETFs, while mid-cap and large-cap broad-based ETFs experienced notable reductions [7] - The median return for stock ETFs was -2.37%, with a net inflow of 1.424 billion yuan [7] - Hong Kong stock ETFs had a median return of -3.89% and a net inflow of 3.039 billion yuan, while cross-border ETFs had a median return of -2.30% and a net inflow of 1.031 billion yuan [7] - Commodity ETFs had a median return of -0.33% and a substantial net inflow of 13.181 billion yuan [7][8] - Broad-based ETFs maintained net inflows, while other categories experienced net outflows, particularly mid-cap theme ETFs, which saw a total outflow of 17.252 billion yuan [7] ESG Financial Product Tracking - This week, 13 new green bonds were issued, with a total issuance scale of 20.777 billion yuan [9] - The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.29 trillion yuan and a total of 4,569 bonds issued as of March 6, 2026 [9] - The domestic market currently has 210 ESG funds with a total scale of 154.846 billion yuan [9] - In terms of fund performance, the median net value changes for active equity, passive equity index, and bond ESG funds were -2.46%, -0.69%, and +0.10%, respectively, with clean energy, low-carbon environmental protection, and green electricity-themed funds performing better [9]