Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The prices of rebar and hot-rolled coils are subject to macro sentiment disturbances and are oscillating repeatedly [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: The closing price of RB2605 was 3,076 yuan/ton, up 52 yuan/ton (1.72%); HC2605 was 3,236 yuan/ton, up 38 yuan/ton (1.19%). The trading volume of RB2605 was 1,150,036 lots, with a position of 1,988,709 lots, a decrease of 45,800 lots; HC2605 had a trading volume of 523,081 lots, a position of 1,501,203 lots, an increase of 323 lots [1]. - **Spot Price**: Rebar prices in Shanghai, Hangzhou, Beijing, and Guangzhou remained unchanged; hot-rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou increased by 20 - 30 yuan/ton, and the price of Tangshan billet remained unchanged [1]. - **Basis and Spread**: The basis of RB2605 decreased by 49 yuan/ton, and that of HC2605 decreased by 11 yuan/ton; the spreads of RB2605 - RB2610 and HC2605 - HC2610 both increased by 8 yuan/ton; the spreads of HC2605 - RB2605 and HC2610 - RB2610 both decreased by 8 yuan/ton; the spot coil - rebar spread increased by 30 yuan/ton [1]. 3.2 Macro and Industry News - On February 25, five departments in Shanghai jointly issued a notice to optimize and adjust real - estate policies, including reducing housing purchase restrictions, optimizing housing provident fund loan policies, and improving personal housing property tax policies, effective from February 26, 2026 [2]. - On February 19, steel output: rebar increased by 1.22 million tons, hot - rolled coil by 2.05 million tons, and the total of five major varieties by 10.69 million tons; total inventory: rebar increased by 129.22 million tons, hot - rolled coil by 69.08 million tons, and the total of five major varieties by 269.11 million tons; apparent demand: rebar decreased by 60.75 million tons, hot - rolled coil by 49.46 million tons, a total decrease of 153.44 million tons [3]. - In late January 2026, the average daily output of key steel enterprises: crude steel was 193.5 million tons, a 2.2% decrease; pig iron was 174.1 million tons, a 3.0% decrease; steel was 193.6 million tons, a 3.2% increase [3]. - In late January 2026, the steel inventory of key steel enterprises was 1471 million tons, a decrease of 142 million tons (8.8%) from the previous ten - day period, an increase of 57 million tons (4.0%) from the beginning of the year, an increase of 57 million tons (4.0%) from the same ten - day period of the previous month, a decrease of 64 million tons (4.2%) from the same ten - day period of last year, and an increase of 251 million tons (20.6%) from the same ten - day period of the year before last [3]. - In December, the output of medium and heavy plate mills of key enterprises increased year - on - year, while that of hot - continuous rolling mills and cold - continuous rolling mills decreased year - on - year. Among major plate products, the output of shipbuilding plates, home appliance plates, and engineering machinery steel plates increased significantly year - on - year; the output of container plates and wind power steel plates decreased significantly year - on - year. Except for medium and heavy wide steel strips, the prices of other products decreased [3]. - BHP Billiton's first - half iron ore output reached a record high, and it accepted a partial reduction in iron ore prices in the annual contract negotiation with China [3]. - In December 2025, China imported 51.7 million tons of steel, a 4.2% increase from the previous month; the average price was 1810.3 US dollars/ton, an 11.0% increase from the previous month. From January to December, the cumulative import of steel was 605.9 million tons, a decrease of 75.6 million tons (11.1%) year - on - year [3]. - The Ministry of Commerce and the General Administration of Customs implemented export license management for some steel products [3]. 3.3 Trend Intensity The trend intensity of rebar and hot - rolled coil is 0, indicating a neutral trend [4].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The steel market is affected by factors such as production restrictions and real - estate policies. The short - term trend of the steel market is expected to be a narrow adjustment. The iron ore market is affected by supply recovery and demand fluctuations, and the price is expected to show an oscillatory trend. The coking coal and coke markets are in a recovery stage, and the short - term trend is expected to be oscillatory. The manganese silicon and ferrosilicon markets are also expected to be in an oscillatory pattern, with cost support but limited upward drive [1]. Summary According to the Directory Research Views - **Steel**: The steel futures and spot prices rose. Some steel enterprises in North China will implement phased emission reduction control during the important national meeting. The "Shanghai Seven - Point Plan" was issued to adjust and optimize real - estate policies. The short - term steel futures market may have a narrow adjustment [1]. - **Iron Ore**: The iron ore futures price rose. The global shipping volume has recovered, and the demand is in the off - season. The iron water output has a small fluctuation. After the post - holiday inspection, the steel mills' resumption of production and restocking needs should be concerned. The ore price is expected to show an oscillatory trend [1]. - **Coking Coal**: The coking coal futures price rose. The main producing areas' coal mines are gradually resuming production, and the coking enterprises' production recovery is slow. The short - term coking coal futures market is expected to oscillate [1]. - **Coke**: The coke futures price rose. The coking enterprises' production is normal, and the inventory pressure is gradually weakening. Some steel mills have received emission reduction notices, and the procurement demand is general. The short - term coke futures market is expected to oscillate [1]. - **Manganese Silicon**: The manganese silicon futures price oscillated strongly. The "Shanghai Seven - Point Plan" boosted market sentiment. The South African semi - carbonate price rose slightly. The cost has support, but the upward drive is limited. The short - term trend is expected to be oscillatory [1][3]. - **Ferrosilicon**: The ferrosilicon futures price oscillated strongly. The "Shanghai Seven - Point Plan" boosted market sentiment. The cost support is slightly weak. The market is in a wait - and - see state, and the short - term price is expected to oscillate [3]. Daily Data Monitoring - **Contract Spread**: The contract spreads of various varieties have different changes, such as the 5 - 10 spread of rebar being - 37.0 with a month - on - month increase of 8.0 [4]. - **Basis**: The basis of each variety also shows different changes, for example, the 05 - contract basis of rebar is 134.0 with a month - on - month decrease of 49.0 [4]. - **Spot Price**: The spot prices of different varieties and regions have different changes, like the Shanghai rebar spot price is 3210.0 with no month - on - month change [4]. - **Profit and Spread**: The profit and spread data of different varieties are presented, such as the rebar's disk profit being - 45.6 with a month - on - month increase of 9.4, and the coil - rebar spread being 160.0 with a month - on - month decrease of 8.0 [4]. Chart Analysis - **3.1 Main Contract Price**: The report provides price trend charts of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2021 to 2026 [6][7][9][13]. - **3.2 Main Contract Basis**: The report shows the basis trend charts of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [16][17][20][22]. - **3.3 Inter - period Contract Spread**: The report presents the spread trend charts of inter - period contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [25][26][28][31][33][35][37]. - **3.4 Inter - variety Contract Spread**: The report provides the spread trend charts of inter - variety contracts such as the coil - rebar spread, rebar - ore ratio, rebar - coke ratio, coke - ore ratio, coal - coke ratio, and double - silicon spread [38][39][40][41]. - **3.5 Rebar Profit**: The report shows the profit trend charts of rebar, including the disk profit, long - process profit, and short - process profit [43][47]. Black Research Team Members Introduction - Qiu Yuecheng is the assistant director of the Everbright Futures Research Institute and the director of black research, with nearly 20 years of experience in the steel industry [49]. - Zhang Xiaojin is the director of resource product research at the Everbright Futures Research Institute, with rich experience in the futures industry [49]. - Liu Xi is a black researcher at the Everbright Futures Research Institute, good at fundamental supply - demand analysis based on industrial chain data [49]. - Zhang Chunjie is a black researcher at the Everbright Futures Research Institute, with experience in investment trading strategies and spot - futures operations [50].

Group 1: Hot News - Trump announced in his State of the Union address that he will bypass Supreme Court rulings and continue to impose tariffs through other legal means, and proposed to replace personal income tax with tariff revenue. He also expressed a preference for diplomatic solutions to the Iranian nuclear issue but will not allow Iran to possess nuclear weapons. However, there were inaccurate data and misleading views in his speech [2] - At the end of January, the national passenger car industry inventory was 3.57 million vehicles, a decrease of 80,000 vehicles month-on-month and an increase of 580,000 vehicles year-on-year. The inventory support for future sales days was 70 days, indicating relatively high inventory pressure [2] - The US Department of Commerce will impose countervailing duties on crystalline silicon solar cell components imported from India, Indonesia, and Laos, with subsidy rates of 125.87%, 104.38%, and 80.67% respectively [2] - Some steel mills in Tangshan have received notices of self - emission reduction during the Two Sessions from March 4th to March 11th, with a blast furnace load reduction of no less than 30%. It is expected that molten iron output will decline in early March [3] - Zimbabwe has suspended the export of lithium concentrates and raw ores to promote local processing business [3] Group 2: Plate Performance - Key focus: Urea, lithium carbonate, platinum, PVC, asphalt [4] - Night session performance: Non - metallic building materials rose 1.95%, precious metals rose 34.48%, oilseeds rose 7.77%, soft commodities rose 2.73%, non - ferrous metals rose 26.86%, coal - coke - steel - ore rose 9.75%, energy rose 2.60%, chemicals rose 10.19%, grains rose 1.12%, and agricultural and sideline products rose 2.55% [4] Group 3: Plate Position - The document shows the changes in the positions of commodity futures plates in the past five days [5] Group 4: Performance of Major Asset Classes - Equity: The Shanghai Composite Index rose 0.72% daily, 0.71% monthly, and 4.49% annually; the S&P 500 rose 0.81% daily, 0.10% monthly, and 1.47% annually; the Hang Seng Index rose 0.66% daily, - 2.27% monthly, and 4.43% annually, etc. [6] - Fixed - income: 10 - year treasury bond futures fell 0.13% daily, rose 0.16% monthly, and rose 0.57% annually; 5 - year treasury bond futures fell 0.10% daily, rose 0.17% monthly, and rose 0.29% annually, etc. [6] - Commodity: The CRB commodity index rose 0.53% daily, - 2.70% monthly, and 4.24% annually; WTI crude oil rose 0.00% daily, 0.72% monthly, and 15.01% annually, etc. [6] - Others: The US dollar index fell 0.24% daily, rose 0.56% monthly, and fell 0.62% annually; the CBOE volatility index rose 0.00% daily, 12.10% monthly, and 30.77% annually [6]

1. Report's Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - The report provides daily research on the black series of commodities in the futures market, including iron ore, rebar, hot-rolled coil, ferrosilicon, silicomanganese, coke, coking coal, thermal coal, and logs, and gives corresponding trend judgments and investment suggestions [1][2] - The real estate policy is optimized and adjusted, which has an impact on the prices of related black series products. For example, the expectation of the real estate market warms up, which leads to the rebound of iron ore prices and the upward trend of log prices [2][4] - Macroeconomic factors and industry news have an impact on the market trends of commodities. For example, the temporary independent emission reduction notice during the two sessions affects the steel market, and the adjustment of coal production policies affects the coal market [5] 3. Summaries According to Relevant Catalogs Iron ore - **Price trend**: The price rebounds due to the warming expectation of the real estate market. The closing price of I2605 is 752.5 yuan/ton, up 12 yuan/ton or 1.62% [2][4] - **Fundamentals**: The prices of imported iron ore such as PB and Jinbuba have increased, while the price of super special iron ore has slightly decreased. The basis and spread have also changed to varying degrees [4] - **Industry news**: The real estate policy in Shanghai is optimized and adjusted, and some steel enterprises in North China receive temporary independent emission reduction notices during the two sessions [4][5] Rebar and hot-rolled coil - **Price trend**: Affected by macro - sentiment, the prices fluctuate repeatedly. The closing prices of RB2605 and HC2605 are 3,076 yuan/ton and 3,236 yuan/ton respectively, with increases of 1.72% and 1.19% [2][7] - **Fundamentals**: The trading volume and positions of the two have changed. The spot prices in different regions are relatively stable, and the basis and spread differences have also changed [7] - **Industry news**: The real estate policy in Shanghai is optimized and adjusted. The weekly data of steel production, inventory and apparent demand have changed, and the production and inventory of key steel enterprises have changed in January [8][9] Ferrosilicon and silicomanganese - **Price trend**: Affected by real estate sentiment, the sector fluctuates at a low level [2][11] - **Fundamentals**: The prices of futures and spot goods of ferrosilicon and silicomanganese have changed, and the basis, spread, and cross - variety spread have also changed [11] - **Industry news**: The prices of ferrosilicon and silicomanganese in different regions are reported, and the manganese ore price is firm [11][13] Coke and coking coal - **Price trend**: Both show wide - range fluctuations. The closing prices of JM2605 and J2605 are 1,126 yuan/ton and 1,674 yuan/ton respectively, with increases of 2.2% and 2.4% [2][14] - **Fundamentals**: The prices of futures and spot goods of coke and coking coal have changed, and the basis and spread differences have also changed [14] - **Industry news**: The CCI metallurgical coal index is reported, and the coking coal online auction situation is analyzed [14] Thermal coal - **Price trend**: The upstream quotation is firm, and the short - term coal price is strong. The price of Qinhuangdao Port's Shanxi - produced Q5500 is 732 yuan/ton, up 5 yuan/ton [19][20] - **Fundamentals**: The prices of coal in different producing areas, ports, and overseas have changed, and the long - term agreement price has also changed [20] - **Industry news**: The North Port market is stable and strong, the upstream quotation is high and firm, and the Indonesian coal production policy is adjusted [21] Logs - **Price trend**: Due to the warming expectation of the real estate market, the price fluctuates strongly. The closing prices of 2603, 2605, and 2607 contracts have increased to varying degrees [2][22] - **Fundamentals**: The trading volume, positions, and spreads of futures contracts and the prices of spot logs in different regions and varieties have changed [22] - **Industry news**: The real estate policy in Shanghai is optimized and adjusted, and the Trump administration plans to increase the temporary global tariff rate [24]

Report Industry Investment Rating - Not provided in the content Core View - Not provided in the content Summary by Relevant Catalogs Price and Profit - The report provides the spot prices of various steel products in different regions from February 11 to February 25, 2026. For example, the price of Beijing thread steel remained at 3100 from February 11 to February 24, and the price of Tianjin hot-rolled steel increased by 40 from February 24 to February 25 [1] Production and Inventory - Not provided in the content Basis and Spread - Not provided in the content

Core Viewpoint - The performance of the dividend strategy is highlighted as particularly strong in a volatile market, driven by the certainty premium of high dividend assets [1]. Group 1: Market Performance - As of February 26, 2026, the CSI State-Owned Enterprises Dividend Index rose by 0.21%, with notable increases in stocks such as CITIC Special Steel (+2.68%) and Shaanxi GuoDian (+1.60%) [1]. - The National Enterprise Dividend ETF (159515) increased by 0.34% [1]. Group 2: Investment Strategy - Longjiang Securities emphasizes that the current macroeconomic environment, characterized by a downward shift in growth and declining interest rates, enhances the value of stable cash-returning assets [1]. - The pursuit of certainty in investment styles is expected to continue, maintaining the focus on the allocation value of dividend assets [1]. Group 3: Index Composition - The CSI State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high and stable cash dividend yields, reflecting the overall performance of high dividend yield securities among state-owned enterprises [1]. - As of January 30, 2026, the top ten weighted stocks in the index accounted for 16.61% of the total index weight, including companies like COSCO Shipping and Shanxi Coking Coal [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The steel market is affected by multiple factors. The "Shanghai Seven Regulations" on the property market may have an impact on the steel market. Anti - dumping events in Australia and Mexico also influence the steel industry. During the Two Sessions, the steel mill emission reduction control policy short - term boosts the downstream rebar futures market, which is sentimentally positive for iron ore. The price of imported iron ore has risen and exceeded $100 [1] 3. Content Summary by Directory 3.1 Market Review - Iron ore closed up on Wednesday and down in the night session [1] 3.2 Important Information - Shanghai issued the "Shanghai Seven Regulations" to further reduce housing purchase restrictions [1] - On February 25, 2026, the Australian Anti - Dumping Commission passed the final anti - dumping review recommendation on steel reinforcing bars imported from China, and will levy anti - dumping duties on Baowu Group Echeng Iron and Steel Co., Ltd. using the minimum price method [1] - On February 16, 2026, Mexico launched an anti - dumping investigation on cold - rolled coils from China, the US, and Malaysia, and an anti - subsidy investigation on US products. The investigation period is from April 1, 2024, to March 31, 2025, and the damage analysis period is from April 1, 2022, to March 31, 2025 [1] 3.3 Market Logic - The steel mill emission reduction control policy during the Two Sessions short - term boosts the downstream rebar futures market, which is sentimentally positive for iron ore. The price of imported iron ore has risen and exceeded $100 [1] 3.4 Trading Strategy - Hold long positions cautiously and raise the stop - loss line [1]

Group 1 - The A-share market is experiencing a strong upward trend, with major indices rising and significant gains in the non-ferrous metals and chemical sectors, indicating a potential continuation of the spring rally supported by policy expectations, liquidity, and industry trends [1][5] - Public funds are actively positioning in Hong Kong stocks, particularly in technology and cyclical sectors, with a notable increase in ETF shares, reflecting a positive outlook for these investments [2] - The insurance sector is beginning to explore coverage for humanoid robots, which could support the healthy development of the robotics industry and enhance the integration of finance and innovation [3] Group 2 - The demand for passive components is expected to drive a comprehensive price increase, with major manufacturers like Murata discussing price hikes for MLCCs, influenced by rising raw material costs and AI demand [4][12] - The strong cyclical sectors in the A-share market have shown significant gains, with construction materials and metals outperforming major indices, suggesting a favorable environment for investment in these sectors [8] - Public funds are preparing for a substantial influx of capital, with nearly 140 new funds expected to bring in around 100 billion yuan, supported by favorable market conditions and trends in technology [9] Group 3 - The lithium battery index is rising, with upstream lithium prices increasing and affecting the entire supply chain, leading to intensified competition and pressure on downstream profitability [10] - The public fund industry has distributed over 36.4 billion yuan in dividends this year, with equity funds contributing more than half, reflecting a shift towards enhancing investor returns [11] - The tungsten market is experiencing a strong price increase, with core products reaching historical highs, indicating a tightening supply and rising prices across the industry [12][13]

1. Report Industry Investment Ratings The report does not provide industry - wide investment ratings. 2. Core Viewpoints - The market trends of various commodities are diverse. Some are expected to rise, some to fall, and some to fluctuate. For example, gold is expected to rise steadily, while eggs are in a weak - oscillating state [2][163]. - The prices of commodities are affected by multiple factors, including macro - economic news, industry policies, supply - demand relationships, and geopolitical situations. For instance, the real - estate policy adjustments impact the prices of iron ore and logs [41][59]. 3. Summaries by Commodity Precious Metals - **Gold**: It is expected to rise steadily. The prices of domestic and international gold futures and spot have different degrees of increase, and the trading volume and positions also show certain changes. The trend strength is 1 [2][5]. - **Silver**: Attention should be paid to the high - opening after the holiday. The prices of silver futures and spot have significant increases, and the trading volume also rises [2][5]. - **Platinum and Palladium**: The market of platinum may be boosted by news, and palladium follows a relatively strong trend. The trend strength of platinum is 0, and that of palladium is 0 [2][23]. Base Metals - **Copper**: The sentiment has improved, and the price has rebounded. The prices of domestic and international copper futures have increased, and the inventory has changed. The trend strength is 0 [2][10]. - **Lead**: The increase in inventory restricts the price rebound. The prices of lead futures and spot have small changes, and the inventory shows an upward trend [2][13]. - **Tin**: It is in a slightly strong oscillating state. The prices of tin futures and spot have significant increases, and the trading volume also rises. The trend strength is 1 [2][16]. - **Nickel and Stainless Steel**: The speculative sentiment of Shanghai nickel still exists, and the contradiction of nickel ore should be continuously monitored. The cost support of stainless steel has moved up, but the inventory accumulation in the off - season restricts its elasticity. The trend strength of both is 0 [2][27]. Energy and Chemicals - **Lithium Carbonate**: Due to the fermentation of sentiment, the disk may open and rise high. The prices of futures contracts have increased, and the trading volume and positions have also changed. The trend strength is 1 [2][33]. - **Industrial Silicon and Polysilicon**: The downward space of industrial silicon may not be deep, and attention should be paid to the spot trading situation of polysilicon. The trend strength of both is 0 [2][37]. - **Iron Ore**: The expectation of the real - estate market has improved, and the ore price has rebounded. The futures price has increased, and the spot price has also changed. The trend strength is 1 [2][41]. - **Rebar and Hot - Rolled Coil**: Affected by the macro - sentiment, they oscillate repeatedly. The prices of futures and spot have small changes, and the trading volume and positions also show certain fluctuations. The trend strength of both is 0 [2][44]. - **Silicon Ferrosilicon and Manganese Silicon**: Affected by the real - estate sentiment, the sector oscillates at a low level. The prices of futures and spot have small changes, and the trend strength of both is 0 [2][48]. - **Coke and Coking Coal**: They oscillate in a wide range. The prices of futures and spot have small changes, and the trend strength of both is 0 [2][51]. - **Steam Coal**: The upstream quotation is firm, and the short - term coal price is relatively strong. The prices of futures and spot have increased, and the trend strength is 1 [2][56]. - **Logs**: The expectation of the real - estate market has improved, and they oscillate in a slightly strong state. The prices of futures and spot have small changes, and the trend strength is 1 [2][59]. - **Rubber**: It oscillates in a slightly strong state. The prices of futures and spot have increased, and the trading volume and positions have also changed. The trend strength is 1 [2][62]. - **Synthetic Rubber**: It oscillates and falls. The prices of futures and spot have decreased, and the trading volume and positions have also changed. The trend strength is 0 [2][65]. - **LLDPE and PP**: LLDPE has strong cost support from crude oil, and its supply - demand pattern is average. PP's C3 raw material shows a relatively strong performance, and the PDH maintenance rate is still high. The trend strength of LLDPE is - 1, and that of PP is 0 [2][68]. - **Caustic Soda**: The near - month delivery pressure is large, but the cost still has support. The price of futures and spot has small changes, and the trend strength is 0 [2][71]. - **Pulp**: It oscillates. The prices of futures and spot have small changes, and the trend strength is 0 [2][75]. - **Glass**: The price of the original sheet is stable. The prices of futures and spot have small changes, and the trend strength is 0 [2][80]. - **Methanol**: It oscillates. The prices of futures and spot have small changes, and the trend strength is 0 [2][83]. - **Urea**: It oscillates in the short term. The prices of futures and spot have small changes, and the trend strength is 0 [2][89]. - **Styrene**: It oscillates in a relatively strong state. The prices of futures and spot have small changes, and the trend strength is 0 [2][92]. - **Soda Ash**: The spot market has little change. The prices of futures and spot have small changes, and the trend strength is 0 [2][95]. - **LPG and Propylene**: The supply of LPG is tightened, and the night - session price surges. The supply - demand of propylene remains tight, and the spot price is in a sideways consolidation. The trend strength of both is 1 [2][99][100]. - **PVC**: It oscillates within a range. The prices of futures and spot have small changes, and the trend strength is 0 [2][107]. - **Fuel Oil and Low - Sulfur Fuel Oil**: The night - session of fuel oil rebounds, and the weakness is temporarily alleviated. The high - level of low - sulfur fuel oil falls back, and the price difference between high - and low - sulfur spot in the external market shrinks slightly. The trend strength of fuel oil is 1, and that of low - sulfur fuel oil is 0 [2][109]. Agricultural Products - **Short - Fiber and Bottle Chips**: They oscillate at a high level, and attention should be paid to geopolitical fluctuations. The prices of futures and spot have small changes, and the trend strength of both is 0 [2][125]. - **Offset Printing Paper**: It is recommended to wait and see. The prices of futures and spot have small changes, and the trend strength is 0 [2][128]. - **Pure Benzene**: It oscillates in a relatively strong state. The prices of futures and spot have small changes, and the trend strength is 0 [2][133]. - **Palm Oil and Soybean Oil**: The reduction in palm oil production is realized, and a short - term strategy of buying on dips is recommended. Soybean oil oscillates within a range due to spot sentiment. The trend strength of both is 0 [2][138]. - **Soybean Meal and Soybean**: The remarks on US trade affect the disk fluctuations of soybean meal. The relaxation of Sino - US trade sentiment may lead to an adjustment and oscillation of soybean. The trend strength of both is 0 [2][145]. - **Corn**: It oscillates in a slightly strong state. The prices of futures and spot have small changes, and the trend strength is 0 [2][148]. - **Sugar**: The price - increasing sentiment spreads. The prices of futures and spot have small changes, and the trend strength is 1 [2][153]. - **Cotton**: It continues to be strong. The prices of futures and spot have increased, and the trading volume and positions have also changed. The trend strength is 1 [2][158]. - **Eggs**: They oscillate weakly. The prices of futures and spot have small changes, and the trend strength is - 1 [2][163]. - **Hogs**: The disk trades the inventory accumulation in advance, but it is difficult to reduce the inventory in the off - season. The prices of futures and spot have small changes, and the trend strength is - 1 [2][166]. - **Peanuts**: They oscillate. The prices of futures and spot have small changes, and the trend strength is 0 [2][171]. Shipping - **Container Freight Index (European Line)**: It should be treated with an oscillating mindset. The prices of futures contracts have decreased, and the trading volume and positions have also changed. The trend strength is 0 [2][111].

Core Viewpoint - The black metal sector experienced a general price increase, driven by optimistic market sentiment regarding future policies and adjustments in property purchase restrictions in Shanghai [6][7]. Group 1: Market Sentiment and Policy Expectations - The upcoming Two Sessions have led to positive market expectations for future policies, further supported by Shanghai's reduction of property purchase restrictions [7]. - Steel companies in North China have received temporary self-reduction notices for emissions during the Two Sessions in 2026, which is expected to create anticipation for future supply-side policy adjustments [7]. Group 2: Price Movements and Inventory Levels - The black metal sector had previously shown restrained performance during a general price increase phase, with valuations at low levels. Improved policy expectations and increased risk appetite have contributed to a slight price recovery [7]. - During the holiday period, the supply-demand imbalance for steel was not prominent, with average daily inventory accumulation for five major materials at a five-year low, while external material inventories remained high [7]. Group 3: Raw Material Supply and Demand - The supply and demand for coking coal are generally stable, with attention on the progress of domestic coal production resumption. However, iron ore shipments remain high, leading to significant inventory pressure that may require price suppression to clear excess supply [7]. - Overall, the market's changing expectations regarding policies have led to optimism about profit improvements in the steel industry, which has driven the rise in black metal prices, although the actual effects of these policies still need evaluation [7].