1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The IEA's release of 4 billion barrels of oil aims to curb the soaring oil prices caused by the war between the US, Israel, and Iran. Although the short - term negative news is exhausted, the war situation continues, and the Strait of Hormuz is blocked, so crude oil still has upward potential. SC2604 should be operated with a long - bias in the range of 730 - 760, and long - term investors can wait for opportunities to short at high prices [3]. 3. Summary by Directory 3.1 Daily Prompt - **Fundamentals**: The IEA released 4 billion barrels of oil. Three ships in the Strait of Hormuz were attacked, and the total number of attacked ships reached at least 14. OPEC predicts that global oil demand will increase by 1.38 million barrels per day this year, with its demand estimate for 2026 higher than other institutions [3]. - **Basis**: On March 11, the spot price of Oman crude oil was $119.71 per barrel, and that of Qatar Marine crude oil was $84.34 per barrel. The basis was 31.37 yuan per barrel, with the spot price higher than the futures price [3]. - **Inventory**: The US API crude oil inventory decreased by 1.678 million barrels in the week ending March 6, while the EIA inventory increased by 3.824 million barrels. The Cushing area inventory increased by 0.117 million barrels. The Shanghai crude oil futures inventory remained unchanged at 3.511 million barrels as of March 11 [3]. - **Disk**: The 20 - day moving average is upward, and the price is above the average [3]. - **Main Position**: As of March 3, the long positions of WTI and Brent crude oil main contracts decreased [3]. - **Expectation**: The IEA's release of 4 billion barrels of oil was beyond expectations. After the short - term negative news was exhausted, the oil price showed a V - shaped trend. The war situation continued, so crude oil still has upward potential. SC2604 should be operated with a long - bias in the range of 730 - 760, and long - term investors can wait for opportunities to short at high prices [3]. 3.2 Recent News - **Cease - fire requirements**: Iran requires the US to ensure that it and Israel will not attack Iran in the future. The US military operations against Iran continue [5]. - **Oil tanker attacks**: Two oil tankers in the northern Gulf near Iraq and Kuwait were attacked, causing concerns about shipping safety and a sharp rise in international oil prices [5]. - **IEA oil release**: The IEA agreed to release 4 billion barrels of oil. The US will release 172 million barrels, Japan about 80 million barrels, South Korea 22.46 million barrels, and Germany will release part of its oil reserves [5]. 3.3 Long - Short Concerns - **Bullish factors**: Strait passage is blocked; the Middle East situation deteriorates [6]. - **Bearish factors**: Trump intends to end the war quickly [6]. - **Market driver**: In the short term, focus on geopolitical changes; in the medium - to - long term, wait for the situation to ease before entering the market for reverse operations [6]. 3.4 Fundamental Data - **Futures market**: The settlement prices of Brent, WTI, and Oman crude oil increased, while that of SC crude oil decreased. The increases of Brent, WTI, and Oman crude oil were 4.76%, 4.55%, and 3.38% respectively, and the decrease of SC crude oil was 11.36% [7]. - **Spot market**: The prices of UK Brent Dtd, WTI, Oman, and Dubai crude oil increased, while that of Shengli crude oil decreased. The increases were 3.87%, 4.55%, 3.84%, and 3.55% respectively, and the decrease was 3.77% [9]. - **Inventory data**: The API inventory decreased by 1.678 million barrels in the week ending March 6, and the EIA inventory increased by 3.824 million barrels [3][10][12]. 3.5 Position Data - **WTI crude oil**: As of March 3, the net long position decreased by 562 [15]. - **Brent crude oil**: As of March 3, the net long position decreased by 35,358 [17].

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 5 价差数据 库存数据 燃料油： 交易咨询业务资格：证监许可【2012】1091号 2026-03-12燃料油早报 1.特朗普政府再现TACO 2.上游端原油承压受挫 行情驱动：供应端受地缘风险影响与需求中性共振 风险点：中东迅速停火 1. 中东局势动荡 2. 海峡通行不畅 每日期货行情 1、基本面：行业消息人士称，随着燃料油成本飙升，部分船舶在亚洲主要港口开始加不起油，因中东战争引发的供应 紧张预期，燃料油升水已创历史新高。为获得燃料油而等待的时间变长，可能会加剧新加坡、上海和中国宁波-舟山等 亚洲主要港口的拥堵；中性 2、基差：新加坡高硫燃料油668.74美元/吨，基差为363元/吨，新加坡低硫燃料油为841.94美元 ...

1. Index Trends - On March 11, the Shanghai Composite Index rose 0.25% to close at 4133.43 points, with a trading volume of 1.063601 trillion yuan; the Shenzhen Component Index rose 0.78% to close at 14465.41 points, with a trading volume of 1.444777 trillion yuan [1] - The CSI 1000 Index rose 0.16%, with a trading volume of 549.267 billion yuan, an opening price of 8356.09, a closing price of 8363.53, a daily high of 8394.12, and a low of 8334.33 [1] - The CSI 500 Index fell 0.08%, with a trading volume of 495.752 billion yuan, an opening price of 8419.31, a closing price of 8403.33, a daily high of 8439.62, and a low of 8379.03 [1] - The SSE 50 Index rose 0.12%, with a trading volume of 122.447 billion yuan, an opening price of 2983.46, a closing price of 2985.34, a daily high of 2988.75, and a low of 2970.83 [1] - The CSI 300 Index rose 0.64%, with a trading volume of 579.564 billion yuan, an opening price of 4681.03, a closing price of 4704.5, a daily high of 4711.87, and a low of 4674.71 [1] 2. Impact of Sector Changes on Indexes - The CSI 1000 rose 13.44 points from the previous closing price. Sectors such as basic chemicals, power equipment, and public utilities significantly pulled the index up, while sectors such as computers, non - ferrous metals, and electronics pulled the index down [3] - The CSI 500 fell 6.97 points from the previous closing price. Sectors such as basic chemicals, power equipment, and public utilities significantly pulled the index up, while sectors such as non - ferrous metals, machinery, and electronics pulled the index down [3] - The CSI 300 rose 29.74 points from the previous closing price. Sectors such as power equipment and banks significantly pulled the index up, while the electronics sector pulled the index down [3] - The SSE 50 rose 3.5 points from the previous closing price. Sectors such as banks, coal, and non - bank finance significantly pulled the index up, while sectors such as non - ferrous metals, pharmaceuticals, and electronics pulled the index down [3] 3. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 43.08, IM01 of - 104.08, IM02 of - 253.58, and IM03 of - 451.79 [14] - For IC contracts, IC00 had an average daily basis of - 28.01, IC01 of - 68.44, IC02 of - 180.32, and IC03 of - 335.3 [14] - For IF contracts, IF00 had an average daily basis of - 14.99, IF01 of - 32.81, IF02 of - 78.59, and IF03 of - 150.81 [14] - For IH contracts, IH00 had an average daily basis of - 1.28, IH01 of - 2.48, IH02 of - 8.74, and IH03 of - 46.49 [14]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The bond market is oscillating between the expectations of stable growth and monetary easing. In the short term, attention should be paid to the policy signals at the end of the month. The market is affected by geopolitical conflicts, with CPI and import - export data exceeding expectations, LPR remaining unchanged, and the Fed's rate - cut expectations continuing. There is uncertainty in foreign capital inflows due to increased global trade uncertainty [1][3]. 3. Summary by Directory I. Interest Rate Pricing Tracking Indicators - The monthly Chinese CPI has a 1.00% month - on - month increase and a 1.30% year - on - year increase; the monthly Chinese PPI has a 0.40% month - on - month increase and a - 0.90% year - on - year decrease [9]. - The social financing scale is 449.11 trillion yuan, with a month - on - month increase of 6.99 trillion yuan and a growth rate of 1.58%. M2 year - on - year is 9.00%, with a month - on - month increase of 0.50% and a growth rate of 5.88%. The manufacturing PMI is 49.00%, with a month - on - month decrease of 0.30% and a decline rate of 0.61% [10]. - The dollar index is 99.21, with a day - on - day increase of 0.28 and a growth rate of 0.28%. The offshore US dollar to RMB exchange rate is 6.8768, with a day - on - day increase of 0.012 and a growth rate of 0.17%. SHIBOR 7 - day is 1.46, with a day - on - day increase of 0.03 and a growth rate of 1.96%. DR007 is 1.46, with a day - on - day increase of 0.02 and a growth rate of 1.68%. R007 is 1.55, with a day - on - day decrease of 0.01 and a decline rate of 0.55%. The 3 - month interbank certificate of deposit (AAA) is 1.51, with a day - on - day change of 0.00 and a decline rate of 0.17%. The AA - AAA credit spread (1Y) is 0.09, with a day - on - day change of 0.00 and a decline rate of 0.17% [11]. II. Overview of the Treasury Bond and Treasury Bond Futures Market - On March 11, 2026, the closing prices of TS, TF, T, and TL were 102.45 yuan, 105.95 yuan, 108.26 yuan, and 111.25 yuan respectively, with price changes of - 0.01%, - 0.03%, - 0.04%, and - 0.19% respectively [3]. - The average net basis of TS, TF, T, and TL was 0.037 yuan, 0.030 yuan, 0.022 yuan, and 0.146 yuan respectively [3]. III. Overview of the Money Market Fundamentals - On March 11, 2026, the central bank conducted a 26.5 - billion - yuan 7 - day reverse repurchase operation at a fixed interest rate of 1.4%. The main term repurchase rates of 1D, 7D, 14D, and 1M were 1.367%, 1.460%, 1.500%, and 1.535% respectively, and the repurchase rates have recently declined [2]. - In January, the social financing scale had a good start, with a new - added scale of 7.22 trillion yuan, 166.2 billion yuan more than the same period last year. The net financing of government bonds rebounded, and the front - loaded fiscal efforts were obvious. The year - on - year growth rate of M1 rebounded to 4.9%, the growth rate of M2 rebounded to 9%, and the M2 - M1 gap narrowed to 4.1%. The growth rate of RMB loans declined to 6%, while the growth rate of deposits rebounded to 10.1%, and the gap between deposit and loan growth rates widened [2]. IV. Spread Overview The report provides various spread data, including the inter - period spread trends of treasury bond futures varieties, the term spread of cash bonds and the cross - variety spread of futures [35][34]. V. Two - Year Treasury Bond Futures The report presents data on the implied interest rate and the maturity yield of the two - year treasury bond futures main contract, as well as the IRR of the TS main contract and the capital interest rate, and the basis and net basis trends of the TS main contract in the past three years [40][42]. VI. Five - Year Treasury Bond Futures The report shows data on the implied interest rate and the maturity yield of the five - year treasury bond futures main contract, the IRR of the TF main contract and the capital interest rate, and the basis and net basis trends of the TF main contract in the past three years [44][51]. VII. Ten - Year Treasury Bond Futures The report provides data on the implied yield and the maturity yield of the ten - year treasury bond futures main contract, the IRR of the T main contract and the capital interest rate, and the basis and net basis trends of the T main contract in the past three years [52]. VIII. Thirty - Year Treasury Bond Futures The report offers data on the implied yield and the maturity yield of the thirty - year treasury bond futures main contract, the IRR of the TL main contract and the capital interest rate, and the basis and net basis trends of the TL main contract in the past three years [56][59]. 4. Strategies - Unilateral: As the repurchase rate declines, the price of treasury bond futures oscillates [4]. - Arbitrage: Pay attention to the decline of the 2606 basis [4]. - Hedging: There is medium - term adjustment pressure, and short - sellers can use far - month contracts for appropriate hedging [4].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - For various financial options (including上证50ETF,上证300ETF,创业板ETF,中证1000股指,上证500ETF,华夏科创50ETF), no directional strategies are recommended, and a volatility strategy of constructing a sell - call + sell - put option combination is proposed to obtain option time - value income and dynamically adjust positions [8][18][28][38] Summary by Related Catalogs Financial Market Overview - The Shanghai Composite Index closed at 4133.43, up 10.30 (0.25%), with a trading volume of 10636.01 billion yuan, an increase of 271.74 billion yuan [3] - The SSE 50 Index closed at 2985.34, up 3.51 (0.12%), with a trading volume of 1224.47 billion yuan, an increase of 6.85 billion yuan [3] - The CSI 300 Index closed at 4704.50, up 29.74 (0.64%), with a trading volume of 5795.64 billion yuan, an increase of 219.57 billion yuan [3] - The CSI 1000 Index closed at 8363.53, up 13.44 (0.16%), with a trading volume of 5492.67 billion yuan, an increase of 157.55 billion yuan [3] - The CSI 500 Index closed at 8403.33, down 6.97 (- 0.08%), with a trading volume of 4957.52 billion yuan, an increase of 306.70 billion yuan [3] - The Shenzhen Component Index closed at 14465.41, up 111.34 (0.78%), with a trading volume of 7172.14 billion yuan, an increase of 548.44 billion yuan [3] Option Underlying ETF Market Overview - Shenzhen 100ETF (159901.SZ) closed at 3.542, up 0.042 (1.20%), with a trading volume of 47.76 million shares, a decrease of 23.06 million shares, and a trading value of 1.69 billion yuan, a decrease of 0.78 billion yuan [4] - GEM ETF (159915.SZ) closed at 3.335, up 0.039 (1.18%), with a trading volume of 1073.18 million shares, a decrease of 167.76 million shares, and a trading value of 35.85 billion yuan, a decrease of 4.84 billion yuan [4] - Shenzhen 300ETF (159919.SZ) closed at 4.909, up 0.030 (0.61%), with a trading volume of 136.08 million shares, an increase of 41.59 million shares, and a trading value of 6.67 billion yuan, an increase of 2.07 billion yuan [4] - Shenzhen 500ETF (159922.SZ) closed at 3.370, down 0.004 (- 0.12%), with a trading volume of 140.58 million shares, a decrease of 145.14 million shares, and a trading value of 4.74 billion yuan, a decrease of 4.86 billion yuan [4] - SSE 50ETF (510050.SH) closed at 3.062, up 0.002 (0.07%), with a trading volume of 398.39 million shares, a decrease of 40.92 million shares, and a trading value of 12.19 billion yuan, a decrease of 1.24 billion yuan [4] - SSE 300ETF (510300.SH) closed at 4.711, up 0.028 (0.60%), with a trading volume of 593.71 million shares, an increase of 47.70 million shares, and a trading value of 27.93 billion yuan, an increase of 2.42 billion yuan [4] - SSE 500ETF (510500.SH) closed at 8.468, down 0.013 (- 0.15%), with a trading volume of 385.23 million shares, a decrease of 50.35 million shares, and a trading value of 32.66 billion yuan, a decrease of 4.15 billion yuan [4] - Huaxia Science and Technology Innovation 50ETF (588000.SH) closed at 1.477, down 0.018 (- 1.20%), with a trading volume of 2020.21 million shares, a decrease of 150.76 million shares, and a trading value of 30.02 billion yuan, a decrease of 2.37 billion yuan [4] - E Fund Science and Technology Innovation 50ETF (588080.SH) closed at 1.432, down 0.017 (- 1.17%), with a trading volume of 645.09 million shares, a decrease of 119.94 million shares, and a trading value of 9.28 billion yuan, a decrease of 1.78 billion yuan [4] SSE 50ETF (510050.SH) - Market Data and Strategy Recommendations - Option factor - Volume and Position PCR: The trading volume of call options was 288099, a decrease of 8997; the trading volume of put options was 203489, a decrease of 51741. The trading volume PCR was 0.71, a decrease of 0.15; the position PCR was 0.77, an increase of 0.02 [5] - Option factor - Pressure and Support: The weighted implied volatility was 15.26%, an increase of 0.26%; the annual average implied volatility was 17.51%, and HISV20 was 12.44% [6] - Option strategy recommendations: No directional strategy; construct a sell - call + sell - put option combination strategy, such as S_510050_2603P3000 and S_510050_2603C3200 [8] SSE 300ETF (510300.SH) - Market Data and Strategy Recommendations - Option factor - Volume and Position PCR: The trading volume of call options was 460481, an increase of 42629; the trading volume of put options was 378927, a decrease of 130651. The trading volume PCR was 0.82, a decrease of 0.4; the position PCR was 0.92, an increase of 0.02 [15] - Option factor - Pressure and Support: The weighted implied volatility was 15.43%, an increase of 0.38%; the annual average implied volatility was 18.17%, and HISV20 was 14.05% [16] - Option strategy recommendations: No directional strategy; construct a sell - call + sell - put option combination strategy, such as S_510300_2603P4600 and S_510300_2603C4800 [18] GEM ETF (159915.SZ) - Market Data and Strategy Recommendations - Option factor - Volume and Position PCR: The trading volume of call options was 271169, and the trading volume of put options was 969968. The trading volume PCR was 1.02, a decrease of 0.2; the position PCR increased by 0.08 [25] - Option factor - Pressure and Support: There are some unclear data in the original text, but the weighted implied volatility was 21.20%, and other relevant data are incomplete [26] - Option strategy recommendations: No directional strategy; construct a sell - call + sell - put option combination strategy, such as S_159915_2603P3300 and S_159915_2603C3500 [28] CSI 1000 Index (MO) - Market Data and Strategy Recommendations - Option factor - Volume and Position PCR: The trading volume of call options was 107415, a decrease of 34412; the trading volume of put options was 86049, a decrease of 22505. The trading volume PCR was 0.8, an increase of 0.04; the position PCR was 0.99, an increase of 0.02 [35] - Option factor - Pressure and Support: The weighted implied volatility was 23.18%, a decrease of 0.58%; the annual average implied volatility was 23.68%, and HISV20 was 23.61% [36] - Option strategy recommendations: No directional strategy; construct a sell - call + sell - put option combination strategy, such as S_MO2603P7800 and S_MO2603C8400 [38]

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The previous trading day saw the stock index mostly rising, with the coal sector leading the gains and the comprehensive sector leading the losses. The market turnover reached 2.53 trillion yuan. Starting from March, as listed companies gradually disclose their annual and first - quarter reports, industry leaders with strong performance certainty will attract funds, driving the market from "expectation - driven" to "profit - driven". The market will shift from "across - the - board rise" to "selective alpha" stage, where pure concept stocks without performance support and small - and medium - cap stocks may continue to be weak, while policy - beneficiary and performance - improving sectors may have sustainable opportunities. In the long run, the stock index trend will still depend on domestic fundamentals and policies, and it is expected to return to an oscillating upward trend after the geopolitical risks ease [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - **IF Contracts**: The closing prices of IF contracts for the current month, next month, next quarter, and the quarter after next were 4687.00, 4668.00, 4621.20, and 4546.60 respectively. The price increases were 21.80, 20.40, 21.00, and 16.00, with corresponding increases of 0.47, 0.44, 0.46, and 0.35. The trading volumes were 51049.00, 3793.00, 19147.00, and 6823.00, and the open interests were 107580.00, 12759.00, 102302.00, and 44564.00. The changes in open interests were - 6906.00, 275.00, 1775.00, and 203.00 [1] - **IH Contracts**: The closing prices of IH contracts for the current month, next month, next quarter, and the quarter after next were 2983.80, 2983.40, 2977.00, and 2938.20 respectively. The price increases were 1.40, 4.20, 3.00, and 2.20, with corresponding increases of 0.05, 0.14, 0.10, and 0.07. The trading volumes were 19995.00, 2585.00, 8117.00, and 2524.00, and the open interests were 48141.00, 6417.00, 33041.00, and 16683.00. The changes in open interests were - 2450.00, 78.00, 6.00, and 321.00 [1] - **IC Contracts**: The closing prices of IC contracts for the current month, next month, next quarter, and the quarter after next were 8360.00, 8316.80, 8199.40, and 8038.40 respectively. The price decreases were - 25.00, - 26.80, - 28.40, and - 28.20, with corresponding decreases of - 0.30, - 0.32, - 0.35, and - 0.35. The trading volumes were 60985.00, 7743.00, 35019.00, and 13821.00, and the open interests were 97524.00, 17751.00, 116727.00, and 58423.00. The changes in open interests were - 9850.00, 343.00, 2907.00, and 2011.00 [1] - **IM Contracts**: The closing prices of IM contracts for the current month, next month, next quarter, and the quarter after next were 8313.00, 8245.00, 8089.20, and 7886.20 respectively. The price changes were 4.60, - 8.20, - 11.00, and - 13.00, with corresponding changes of 0.06, - 0.10, - 0.14, and - 0.16. The trading volumes were 89616.00, 12166.00, 38657.00, and 15285.00, and the open interests were 133840.00, 27430.00, 129804.00, and 76690.00. The changes in open interests were - 6381.00, 4785.00, 854.00, and 126.00 [1] - **Inter - month Spreads**: The current inter - month spreads of IF next month - IF current month, IH next month - IH current month, IC next month - IC current month, and IM next month - IM current month were - 19.00, - 0.40, - 43.20, and - 68.00 respectively, compared with the previous values of - 17.60, - 1.00, - 38.60, and - 54.00 [1] 2. Stock Index Spot Market - **Major Indexes**: The previous values of the Shanghai and Shenzhen 300 Index, Shanghai 50 Index, China Securities 500 Index, and China Securities 1000 Index were 4704.50, 2985.34, 8403.33, and 8363.53 respectively, with increases of 0.64, 0.12, - 0.08, and 0.16. The trading volumes (in billions of hands) were 270.18, 56.03, 264.49, and 321.74, and the total trading amounts (in billions of yuan) were 5795.64, 1224.47, 4957.52, and 5492.67 [1] - **Industry Indexes**: Among industries, energy, raw materials, industry, and optional consumption had increases of 1.98%, 0.60%, 1.89%, and 1.04% respectively; major consumption, medical and health, real - estate finance, and information technology had increases of 0.19%, - 0.36%, 0.66%, and - 0.52% respectively; telecommunications services and public utilities had increases of 0.09% and 1.44% respectively [1] 3. Futures - Spot Basis - The previous values of IF current month - Shanghai and Shenzhen 300, IF next month - Shanghai and Shenzhen 300, IF next quarter - Shanghai and Shenzhen 300, and IF the quarter after next - Shanghai and Shenzhen 300 were - 17.50, - 36.50, - 83.30, and - 157.90 respectively; the previous values of IH current month - Shanghai 50, IH next month - Shanghai 50, IH next quarter - Shanghai 50, and IH the quarter after next - Shanghai 50 were - 1.54, - 1.94, - 8.34, and - 47.14 respectively; the previous values of IC current month - China Securities 500, IC next month - China Securities 500, IC next quarter - China Securities 500, and IC the quarter after next - China Securities 500 were - 43.33, - 86.53, - 203.93, and - 364.93 respectively; the previous values of IM current month - China Securities 1000, IM next month - China Securities 1000, IM next quarter - China Securities 1000, and IM the quarter after next - China Securities 1000 were - 50.53, - 118.53, - 274.33, and - 477.33 respectively [1] 4. Other Major Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4133.43, 14465.41, 8836.69, and 3349.53 respectively, with increases of 0.25%, 0.78%, 0.73%, and 1.31% [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P Index, and DAX Index were 25898.76, 55025.37, 6775.80, and 23640.03 respectively, with changes of - 0.24%, 1.43%, - 0.08%, and - 1.37% [1] 5. Macroeconomic Information - The Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference concluded on the morning of March 11th, and the closing meeting of the Fourth Session of the 14th National People's Congress will be held at 3 pm on March 12th, with several resolutions to be voted on [2] - Wind upgraded Alice 27, launching an intelligent financial operating system, allowing financial practitioners to have "multiple roles" and "unlimited clones" [2] - US - Iran military situation: Trump said the US military action against Iran was "about to end", but US and Israeli officials said no internal order to stop the action had been received. The US Central Command warned of possible attacks on Iranian civilian ports, and Iran threatened to retaliate [2] - Energy reserves: The International Energy Agency (IEA) agreed to release 4 billion barrels of strategic oil reserves, the G7 energy ministers supported using reserves to stabilize the energy market, the US would "slightly" cut its reserves, Japan would release about 80 million barrels starting from March 16th, and Germany would release 2.4 million tons of reserves [2] - Security risk of OpenClaw: The Ministry of Industry and Information Technology issued "six do's and six don'ts" suggestions, at least 20 securities firms issued internal compliance reminders, domestic universities warned of risks, and the Suzhou Artificial Intelligence Association issued an initiative for rational use [2] 6. Industry Information - National Supercomputer Internet will distribute 10 million Tokens for free to each OpenClaw user for a limited period of 2 weeks, with a Token renewal price of 0.1 yuan per million Tokens, lower than the market average [2] - The semiconductor market is expected to reach a scale of one trillion US dollars in 2026, and China's share in mainstream semiconductor manufacturing capacity will reach 42% by 2028 [2] - In February, China's automobile sales were 1.805 million, a year - on - year decrease of 15.2%, including new - energy vehicle sales of 765,000, a year - on - year decrease of 14.2%. Automobile exports were 672,000, a year - on - year increase of 52.4% [2] - The Iran war caused international oil prices to fluctuate sharply, leading Asian airlines to raise ticket prices. Qantas raised international ticket prices by about 5%, and several airlines including Air India and Hong Kong Airlines adjusted fuel surcharges [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Last night, the main contracts of coking coal and coke showed a volatile trend, and the total position of coking coal was basically flat compared with the previous period. Last week, coking coal production continued to increase, the supply of coking coal continued to increase, and the iron - water production decreased significantly due to environmental protection restrictions in many places, resulting in a weakening of the rigid demand for coking coal. The inventory of clean coal in mines increased, and the inventory of coking coal downstream decreased, and its fundamentals weakened. It is expected that with the advancement of resumption of work and production, the iron - water production will significantly increase, driving the improvement of the rigid demand for coking coal and coke and providing support for coal prices. The repeated geopolitical situation can also push up the valuation of energy - related commodities. The future market should focus on the trend of iron - water production, mine operation, and geopolitical situation [1] Group 3: Summary by Related Catalogs Futures Market Data - **Price and Change**: The previous day's closing prices of coking coal contracts in January, May, and September were 1461.5, 1144.5, and 1247.5 respectively, with increases of 1.70%, 2.05%, and 2.38% compared to the previous two days. The previous day's closing prices of coke contracts in January, May, and September were 1887.5, 1718.0, and 1793.5 respectively, with increases of 2.03%, 2.23%, and 2.11% [1] - **Trading Volume and Open Interest**: The trading volumes of coking coal contracts in January, May, and September were 2717, 679845, and 63196 respectively, and the open interests were 14901, 407283, and 110769 respectively. The trading volumes of coke contracts in January, May, and September were 54, 15503, and 1042 respectively, and the open interests were 1518, 32488, and 3966 respectively. The changes in open interests of coking coal contracts in January, May, and September were 28, - 17889, and 1977 respectively, and those of coke contracts were 26, - 510, and 46 respectively [1] - **Price Spreads**: The current price spreads of coking coal contracts (January - May, May - September, September - January) were 240, - 79.5, and - 160.5 respectively, with changes of 306, 2.5, and - 308.5. The current price spreads of coke contracts (January - May, May - September, September - January) were 160.5, - 77.5, and - 83 respectively, with changes of 429.5, 2, and - 431.5 [1] Spot Market Data - **Prices and Changes**: The current prices of Mongolian 5 coking coal (port self - pickup price), low - sulfur coking coal (Linfen ex - factory price), low - sulfur fat coal (Taiyuan rail - side price), Tangshan first - grade coke (ex - factory price), Jinzhong quasi - first - grade coke (ex - factory price), and Rizhao Port quasi - first - grade coke (warehouse - out price) were 1175, 1450, 1373, 1800, 1280, and 1470 respectively. The changes in spot prices were 0, - 10, 0, 0, 0, and 0 respectively [1] Automobile Industry Data - In February 2026, automobile production and sales were 1.672 million and 1.805 million respectively, with a month - on - month decrease of 31.7% and 23.1% and a year - on - year decrease of 20.5% and 15.2%. In February, automobile exports were 672,000, with a month - on - month decrease of 1.4% and a year - on - year increase of 52.4% [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - For silver options, the ag2606 contract closed at 22,256 yuan yesterday, up 90 yuan or 0.40% from the previous day. The trading volume was 394,983 lots, a decrease of 76,057 lots from the previous day, and the open interest was 204,352 lots, an increase of 4,316 lots. The implied volatility of AG (silver options) fluctuated above the mean of 0.0000. The AG option open interest PCR was reported at 0.9705, at the 15.92% level in the past year. The pressure level of the AG option underlying is 37,600, and the support level is 6,700 [7]. - For gold options, the au2604 contract closed at 1,151.98 yuan yesterday, up 8.3 yuan or 0.72% from the previous day. The trading volume was 179,567 lots, a decrease of 24,052 lots from the previous day, and the open interest was 107,728 lots, a decrease of 4,030 lots. The implied volatility of AU (gold options) fluctuated above the mean of 0.0000. The AU option open interest PCR was reported at 0.7026, at the 34.29% level in the past year. The pressure level of the AU option underlying is 1,200, and the support level is 1,000 [20]. 3. Summary by Relevant Catalogs Silver Options - **标的期货市场数据**: The AG (silver options) with the contract of aa2606 has relevant data such as a certain value of 97950 0577, OTC, a trading volume of 394,983 lots, and an open interest of 204,352 lots [4]. - **期权因子 - 量仓PCR**: The trading volume of AG (silver call options) is 113,619, a decrease of 48,620; the open interest is 116,580, an increase of 1,857. The trading volume PCR is 0.6, with a change of 0.01; the open interest PCR is 0.97, with a change of -0.01. The trading volume of AG (silver put options) is 68,053, a decrease of 27,660; the open interest is 113,143, an increase of 1,065 [5]. - **期权因子 - 压力支撑**: For AG (silver options) with the contract of ag2604, the at - the - money strike price is 22,400, the pressure level is 37,600, the support level is 6,700, the weighted implied volatility is 91.68%, a decrease of 6.04%, the annual average implied volatility is 44.34%, and HISV20 is 116.08% [6]. - **行情解读与策略建议**: - **行情解析**: As mentioned above, about the price, trading volume, open interest, implied volatility, open interest PCR, pressure and support levels of the ag2606 contract [7]. - **策略建议**: - Directional strategy: None. - Volatility strategy: Construct a neutral - biased short - volatility option seller portfolio strategy to obtain the option time value. Dynamically adjust the positions to make the position delta neutral, such as S_AG2604P22300, S_AG2604P22500, S_AG2604C23300, S_AG2604C23500 [8]. Gold Options - **标的期货市场数据**: The AU (gold options) with the contract of au2604 has a closing price of 1,151.98 yuan, a rise of 0.72%, a trading volume of 179,567 lots, a decrease of 24,052 lots, and an open interest of 107,728 lots, a decrease of 4,030 lots [17][20]. - **期权因子 - 量仓PCR**: The trading volume of AU (gold call options) is 52,373, an increase of 6,435; the open interest is 59,976, an increase of 1,344. The trading volume PCR is 0.39, a decrease of 0.13; the open interest PCR is 0.7. The trading volume of AU (gold put options) is 20,168, a decrease of 3,631; the open interest is 42,140, an increase of 1,089 [18]. - **期权因子 - 压力支撑**: Some data about AU options are provided, including a certain value related to 12604, implied volatility data, and the pressure level of 1,200 and support level of 1,000 [19][20]. - **行情解读与策略建议**: - **行情解析**: As mentioned above, about the price, trading volume, open interest, implied volatility, open interest PCR, pressure and support levels of the au2604 contract [20]. - **策略建议**: - Directional strategy: Construct a bull call spread strategy to obtain directional returns, such as B_AU2604C1120 and S_AU2604C1160. - Volatility strategy: Construct a short call + put option combination strategy to obtain option time - value returns. Dynamically adjust the positions to keep the position delta neutral, such as S_AU2604P1120, S_AU2604C1168 [21].

Group 1: Report Overview - The report is the Iron Ore Basis and Spread Monitoring Daily Report by Guangda Futures, dated March 12, 2026 [1] Group 2: Futures Contract Information - The closing prices of I05, I09, and I01 contracts are 787.5, 758.5, and 740.5 respectively, with changes of 3.5, 1.5, and 1.5 compared to the previous day [3] - The spreads of I05 - I09, I09 - I01, and I01 - I05 are 29.0, 18.0, and -47.0 respectively, with changes of 2.0, 0.0, and -2.0 compared to the previous day [3] Group 3: Basis Data - The basis data of various iron ore varieties are presented, including prices, changes, and basis values. For example, the basis of Carajás Fines is 83 today, up 2 from the previous day [7] Group 4: Basis Charts - Multiple basis charts are provided, showing the basis trends of different iron ore varieties over time [9][10][11] Group 5: Exchange Rule Adjustments - The Dalian Commodity Exchange has made adjustments to the iron ore futures contract, including adding 4 deliverable varieties, adjusting brand premiums and discounts, and modifying quality differences and premiums [14] - The adjusted deliverable brands and premiums apply to contracts starting from I2312 [15] Group 6: Variety Spread Data - The spread data of various iron ore varieties are presented, such as the spread between PB Lump and PB Fines is 110.0 today, up 2.0 from the previous day [16] Group 7: Variety Spread Charts - Multiple variety spread charts are provided, showing the spread trends of different iron ore varieties over time [17][18][19] Group 8: Research Team Introduction - The black research team members are introduced, including their positions, experiences, and qualifications [24]

1. Report - Industry Investment Rating No information provided in the report. 2. Core Viewpoints - The report comprehensively analyzes the market data, option factors, and market sentiment of various black - related options, including glass, iron ore, rebar, soda ash, ferrosilicon, and manganese silicon options. It provides corresponding option strategy suggestions based on the analysis of each option's price trends, volatility, and other factors [6][19][31]. 3. Summary by Directory 3.1 Glass (FG) Option - **Market Data**: The FG605 contract closed at 1112 yuan yesterday, up 31 yuan (2.86%) from the previous day. The trading volume was 1,224,680 lots, a decrease of 430,734 lots, and the open interest was 1,100,200 lots, a decrease of 16,460 lots [3][6]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of FG call options was 322,986, a decrease of 85,326, and the open interest was 248,669, a decrease of 140,997. The trading volume of FG put options was 149,989, an increase of 44,111, and the open interest was 158,649, a decrease of 52,012. The trading volume PCR was 0.46, a decrease of 0.01, and the open interest PCR was 0.64, an increase of 0.1 [4]. - **Option Factors - Pressure and Support**: The at - the - money strike price was 1120, the resistance level was 1660, the support level was 1000, the weighted implied volatility was 51.66%, a decrease of 12.44%, the annual average implied volatility was 37.42%, and HISV20 was 26.22% [5]. - **Strategy Suggestions**: Directional strategy - construct a bull spread combination strategy of call options to obtain directional returns; Volatility strategy - construct a combination strategy of selling call + put options to short - sell volatility and obtain option time value, such as S_FG2603P1020 and S_FG2603C1140 [7]. 3.2 Iron Ore (I) Option - **Market Data**: The i2605 contract closed at 787.5 yuan yesterday, up 7 yuan (0.89%) from the previous day. The trading volume was 192,732 lots, a decrease of 103,740 lots, and the open interest was 474,969 lots, an increase of 7,004 lots [16][19]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of I call options was 70,495, a decrease of 19,097, and the open interest was 174,629, an increase of 3,064. The trading volume of I put options was 59,355, a decrease of 11,609, and the open interest was 149,153, an increase of 5,446. The trading volume PCR was 0.84, an increase of 0.05, and the open interest PCR was 0.85, an increase of 0.02 [17]. - **Option Factors - Pressure and Support**: The at - the - money strike price was 790, the resistance level was 900, the support level was 700, the weighted implied volatility was 28.47%, a decrease of 0.93%, the annual average implied volatility was 22.70%, and HISV20 was 15.41% [18]. - **Strategy Suggestions**: Directional strategy - none; Volatility strategy - construct a combination strategy of selling call + put options to obtain option time value and directional returns, and dynamically adjust the positions to keep the delta of the positions short, such as S_I2605P730, S_I2605P750, S_I2605C780, and S_I2605C800 [20]. 3.3 Rebar (RB) Option - **Market Data**: The rb2605 contract closed at 3115 yuan yesterday, up 9 yuan (0.28%) from the previous day. The trading volume was 534,162 lots, a decrease of 261,354 lots, and the open interest was 1,722,420 lots, a decrease of 8,941 lots [28][31]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of RB call options was 65,291, a decrease of 16,355, and the open interest was 211,608, an increase of 7,621. The trading volume of RB put options was 20,654, a decrease of 6,415, and the open interest was 112,137, an increase of 3,500. The trading volume PCR was 0.32, a decrease of 0.02, and the open interest PCR was 0.53 [29]. - **Option Factors - Pressure and Support**: The at - the - money strike price was 3100, the resistance level was 3550, the support level was 3000, the weighted implied volatility was 16%, a decrease of 0.27%, the annual average implied volatility was 8.79%, and HISV20 was 20 [30]. - **Strategy Suggestions**: Directional strategy - none; Volatility strategy - construct a combination strategy of selling call + put options to short - sell volatility and obtain option time value, and dynamically adjust the positions to keep the delta of the positions short, such as S_RB2605P2950 and S_RB2605C3150 [32]. 3.4 Soda Ash (SA) Option - **Market Data**: The SA605 contract closed at 1255 yuan yesterday, up 10 yuan (0.80%) from the previous day. The trading volume was 1,029,160 lots, a decrease of 707,008 lots, and the open interest was 1,039,260 lots, a decrease of 830 lots [40][43]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of SA call options was 322,218, an increase of 122,778, and the open interest was 283,203, a decrease of 150,284. The trading volume of SA put options was 135,213, a decrease of 53,236, and the open interest was 104,655, a decrease of 50,126. The trading volume PCR was 0.42, and the open interest PCR was 0.37, an increase of 0.01 [41]. - **Option Factors - Pressure and Support**: The at - the - money strike price was 1260, the resistance level was 1740, the support level was 1100, the weighted implied volatility was 45.18%, a decrease of 8.38%, the annual average implied volatility was 32.08%, and HISV20 was 25.29% [42]. - **Strategy Suggestions**: Directional strategy - none; Volatility strategy - construct a combination strategy to short - sell volatility and obtain volatility returns, such as S_SA2605P1140 and S_SA2605C1300 [44]. 3.5 Ferrosilicon (SF) Option - **Market Data**: The SF605 contract closed at 5884 yuan yesterday, up 20 yuan (0.34%) from the previous day. The trading volume was 109,672 lots, a decrease of 63,427 lots, and the open interest was 191,953 lots, a decrease of 5,122 lots [52][55]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of SF call options was 23,980, a decrease of 8,239, and the open interest was 20,495, a decrease of 14,616. The trading volume of SF put options was 12,525, a decrease of 3,444, and the open interest was 15,740, an increase of 19,017. The trading volume PCR was 0.52, an increase of 0.03, and the open interest PCR was 0.77, a decrease of 0.22 [53]. - **Option Factors - Pressure and Support**: The at - the - money strike price was 5900, the resistance level was 6500, the support level was 5500, the weighted implied volatility was 24.94%, a decrease of 11.26%, the annual average implied volatility was 22.38%, and HISV20 was 14.02% [54]. - **Strategy Suggestions**: Directional strategy - construct a bull spread combination strategy of call options to obtain directional returns; Volatility strategy - do not recommend strategies mainly based on sellers (such as single - selling and double - selling) [56]. 3.6 Manganese Silicon (SM) Option - **Market Data**: The SM605 contract closed at 6116 yuan yesterday, up 28 yuan (0.45%) from the previous day. The trading volume was 168,178 lots, a decrease of 82,929 lots, and the open interest was 369,306 lots, an increase of 1,946 lots [65][68]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of SM call options was 77,149, an increase of 4,157, and the open interest was 60,506, a decrease of 35,913. The trading volume of SM put options was 27,405, a decrease of 16,304, and the open interest was 28,665, a decrease of 37,631. The trading volume PCR was 0.36, a decrease of 0.24, and the open interest PCR was 0.47, a decrease of 0.21 [66]. - **Option Factors - Pressure and Support**: The at - the - money strike price was 6100, the resistance level was 6500, the support level was 5900, the weighted implied volatility was 27.45%, a decrease of 5.71%, the annual average implied volatility was 22.29%, and HISV20 was 13.45% [67]. - **Strategy Suggestions**: Directional strategy - construct a bull spread combination strategy of call options to obtain directional returns; Volatility strategy - due to high geopolitical risks, do not recommend strategies mainly based on sellers (such as single - selling and double - selling) [69].