Group 1: Market Review - The closing prices of the Shanghai 50, CSI 300, and CSI 1000 indices were 2826.1249, 4450.0493, and 7619.8503 respectively, with daily declines of 0.25%, 0.93%, and 1.91% [4]. - The trading volumes of the Shanghai 50, CSI 300, and CSI 1000 indices were 57.10 billion, 224.54 billion, and 255.26 billion respectively, and the trading turnovers were 1212.35 billion yuan, 4845.58 billion yuan, and 4046.52 billion yuan respectively [4]. Group 2: CFFEX Stock Index Options Trading - The option trading volumes of the Shanghai 50, CSI 300, and CSI 1000 were 2.97 million, 9.10 million, and 28.18 million contracts respectively [4]. - The trading volumes of call options for the Shanghai 50, CSI 300, and CSI 1000 were 1.79 million, 4.98 million, and 16.17 million contracts respectively, and the trading volumes of put options were 1.18 million, 4.13 million, and 12.01 million contracts respectively [4]. - The option open interests of the Shanghai 50, CSI 300, and CSI 1000 were 8.33 million, 19.59 million, and 33.06 million contracts respectively [4]. - The open interests of call options for the Shanghai 50, CSI 300, and CSI 1000 were 5.12 million, 11.82 million, and 18.53 million contracts respectively, and the open interests of put options were 3.21 million, 7.78 million, and 14.53 million contracts respectively [4]. - The PCR values of trading volume for the Shanghai 50, CSI 300, and CSI 1000 were 0.66, 0.83, and 0.74 respectively, and the PCR values of open interest were 0.63, 0.66, and 0.78 respectively [4]. Group 3: Volatility Analysis - The report presents the historical volatility cones and volatility smile curves of the Shanghai 50, CSI 300, and CSI 1000, including the current values, maximum values, minimum values, and percentile values of different periods [7].

Group 1: Market Data and Trends - DR001 closed at 1.27 with a -3.75 bp change, DR007 at 1.43 with a 0.05 bp change, GC001 at 1.31 with a -20.50 bp change, and GC007 at 1.46 with a -3.00 bp change [3] - SHBOR 3M closed at 1.51 with a -0.20 bp change, LPR 5 - year at 3.50 with a 0.00 bp change [3] - 1 - year treasury bond closed at 1.39 with a -1.00 bp change, 5 - year at 1.67 with a 0.60 bp change, 10 - year at 1.96 with a 0.20 bp change, and 10 - year US treasury at 4.35 with a -9.00 bp change [3] - The central bank conducted 325 billion yuan of 7 - day reverse repurchase operations, with 175 billion yuan of reverse repurchases maturing, resulting in a net injection of 150 billion yuan [3] - The weighted average interest rate of DR001 in the inter - bank market remained around 1.31%, and the central bank held a financial stability work meeting to improve risk prevention and resolution systems [4] Group 2: Stock Index Performance - The CSI 300 closed at 4450 with a -0.93% change, the SSE 50 at 2826 with a -0.25% change, the CSI 500 at 7617 with a -1.76% change, and the CSI 1000 at 7620 with a -1.91% change [5] - The trading volume of IF increased by 3.1% to 97664, and its open interest increased by 1.7% to 257846; the trading volume of IH increased by 4.0% to 47813, and its open interest increased by 0.1% to 101567; the trading volume of IC increased by 4.4% to 166503, and its open interest increased by 4.8% to 294843; the trading volume of IM decreased by 1.5% to 233473, and its open interest increased by 1.7% to 393494 [5] - The turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2006.1 billion yuan, an increase of 78.3 billion yuan from the previous day. Most industry sectors closed down, with the automotive service and aerospace equipment sectors leading the gains, and the coal, wind power equipment, battery, energy metals, electronic chemicals, agro - chemical products, photovoltaic equipment, chemical raw materials, and semiconductor sectors leading the losses [5] Group 3: Market Outlook and Strategy - The geopolitical situation in the Middle East suppressed market risk appetite. After a rebound on Monday, stock indices oscillated and declined again on Tuesday, maintaining a weak pattern. In the short term, the overseas geopolitical situation may continue to suppress stock index trends, but after a significant market decline, the possibility of policy support has increased, and the further decline space of stock indices is expected to be limited [6] - The strategy is to focus on long - position layout opportunities after the geopolitical disturbances in the Middle East ease, and pay attention to position control [6] Group 4: Stock Index Futures Premium and Discount - The premium and discount rates of IF for the current - month, next - month, current - quarter, and next - quarter contracts are 7.84%, 2.96%, 7.61%, and 7.51% respectively [7] - The premium and discount rates of IH for the current - month, next - month, current - quarter, and next - quarter contracts are 1.31%, 0.50%, 3.57%, and 4.68% respectively [7] - The premium and discount rates of IC for the current - month, next - month, current - quarter, and next - quarter contracts are 11.76%, 9.68%, 11.52%, and 10.14% respectively [7] - The premium and discount rates of IM for the current - month, next - month, current - quarter, and next - quarter contracts are 13.03%, 12.97%, 14.40%, and 12.88% respectively [7]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The domestic cotton market is under pressure on the supply side as foreign cotton continues to arrive at ports, leading to a significant increase in inventory and continued supply pressure. On the consumption side, textile enterprises have few new orders, mainly shipping previous orders, and the de - stocking speed of finished products has slowed down. Although the downstream is in the traditional small peak season with some rigid demand support, there is still pressure above, and short - term prices may tend to fluctuate [2]. 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 15,245 yuan/ton, down 50 yuan; cotton futures top 20 net position is - 179,921 hands, down 7,058 hands; main contract position of cotton is 468,553 hands, down 25,027 hands; cotton warehouse receipt quantity is 12,406 sheets, down 14 sheets. - Cotton yarn main contract closing price is 21,565 yuan/ton, up 20 yuan; cotton yarn futures top 20 net position is - 86 hands, up 167 hands; main contract position of cotton yarn is 7,405 hands, down 60 hands; cotton yarn warehouse receipt quantity is - 53 sheets [2]. Spot Market - China Cotton Price Index (CCIndex:3128B) is 16,797 yuan/ton; China Imported Cotton Price Index (FCIndexM:1% tariff) is 14,076 yuan/ton, up 418 yuan; China Imported Cotton Price Index (FCIndexM: sliding duty) is 14,667 yuan/ton, up 277 yuan. - China Yarn Price Index (pure - cotton carded yarn 32 - count) is 22,280 yuan/ton; the arrival price of imported cotton yarn price index (pure - cotton carded yarn 32 - count) is 22,579 yuan/ton, down 71 yuan; the arrival price of imported cotton yarn price index (pure - cotton combed yarn 32 - count) is 24,081 yuan/ton, down 75 yuan [2]. Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, and the national cotton output is 616 tons, an increase of 54 tons [2]. Industry Situation - The price difference between cotton and cotton yarn is 5,483 yuan/ton, up 53 yuan; the industrial inventory of cotton nationwide is 89.4 tons, up 3.3 tons. - The import quantity of cotton is 17 tons, down 4 tons; the import quantity of cotton yarn is 130,000 tons, down 30,000 tons. - The profit of imported cotton is 2,130 yuan/ton, down 330 yuan; the commercial inventory of cotton nationwide is 547.7 tons, down 31.17 tons [2]. Downstream Situation - The inventory days of yarn are 21.45 days, down 0.26 days; the inventory days of grey cloth are 33.24 days, up 0.11 days. - The monthly output of cloth is 30.1 billion meters, up 2 billion meters; the monthly output of yarn is 213.2 tons, up 9.3 tons. - The monthly export value of clothing and accessories is 11,061,465.19 million US dollars, down 2,748,526.81 million US dollars; the monthly export value of textile yarns, fabrics and products is 11,382,891.7 million US dollars, down 2,808,585.3 million US dollars [2]. Option Market - The implied volatility of cotton at - the - money call option is 11.62%, down 3.46%; the implied volatility of cotton at - the - money put option is 11.61%, down 3.47%. - The 20 - day historical volatility of cotton is 9.53%, up 0.25%; the 60 - day historical volatility of cotton is 14.51%, up 0.05% [2]. Industry News - As of 24:00 on March 30, 2026, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2025/26 season is 33,725,907 bales, totaling 7,612,902 tons, a year - on - year increase of 12.32%. The cumulative notarized inspection volume of Xinjiang cotton is 7,218,807 tons, a year - on - year increase of 12.49%. - ICE cotton futures fell on Tuesday, giving back previous gains, as the US Department of Agriculture's planting intention report showed an increase in cotton planting area in 2026. The ICE May cotton futures contract closed down 0.19 cents, or 0.20%, at 70.00 cents per pound [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The apple market transaction has slowed down, and the atmosphere of stocking up for the Tomb-Sweeping Festival is average. As of March 25, 2026, the inventory in apple cold storage in the main producing areas across the country was 441790 tons, a decrease of 26640 tons compared with the previous week, and the shipment in the producing areas has relatively slowed down. The storage capacity ratio in Shandong and Shaanxi has decreased, and the overall transaction in the producing areas is not fast. The sales atmosphere in the sales area is not strong, and second - and third - level wholesalers mostly purchase goods as needed, with average shipment [2]. Summary by Directory Futures Market - The closing price of the apple futures main contract is 9860 yuan/ton, with a week - on - week increase of 34; the net long position of the top 20 futures holders is 2479 lots, with a week - on - week decrease of 2505; the main contract position is 43657 lots, with a week - on - week decrease of 2525 [2]. Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5.25 yuan/jin, with no week - on - week change; the spot price of apples in Shaanxi Luochuan (paper - bagged above 70) is 4.3 yuan/jin, with no week - on - week change; the spot price of apples in Shandong Yiyuan (paper - bagged above 75) is 1.8 yuan/jin, with a week - on - week decrease of 0.2; the spot price of apples in Shandong Yantai Qixia (paper - bagged above 80) is 4 yuan/jin, with no week - on - week change [2]. Upstream Situation - The annual apple output in the country is 51285100 tons, with an increase of 1683400 tons; the apple orchard area in the country is 1955770 hectares, with a decrease of 195800 hectares; the weekly average wholesale price of apples is 9.33 yuan/kg, with a decrease of 0.09 yuan/kg; the weekly average wholesale price of Fuji apples is 9.39 yuan/kg, with a decrease of 0.02 yuan/kg; the total inventory of national apple cold storage is 441790 tons, with a decrease of 26640 tons; the storage capacity ratio of Shandong apples is 0.37, with a decrease of 0.01; the storage capacity ratio of Shaanxi apples is 0.34, with a decrease of 0.03; the monthly export volume of apples is 80000 tons, with a decrease of 20000 tons [2]. Industry Situation - The year - on - year monthly export amount of apples increased by 24.5%, with an increase of 11.4 percentage points; the monthly import amount of fresh and dried fruits and nuts is 12224580000 US dollars, with a decrease of 10843040000 US dollars; the weekly profit of storage merchants for first - and second - grade paper - bagged 80 apples is 0.35 yuan/jin, with no week - on - week change [2]. Downstream Situation - The weekly wholesale price of pears is 6.61 yuan/kg, with a decrease of 0.09 yuan/kg; the weekly wholesale price of watermelons is 6.15 yuan/kg, with a decrease of 0.24 yuan/kg; the weekly wholesale price of bananas is 6.39 yuan/kg, with a decrease of 0.08 yuan/kg; the average daily arrival volume of trucks in the morning at the Guangdong Jiangmen wholesale market is 15.2 vehicles, with no week - on - week change; the average daily arrival volume of trucks in the morning at the Guangdong Xiaqiao wholesale market is 16.4 vehicles, with a decrease of 0.8 vehicles; the average daily arrival volume of trucks in the morning at the Guangdong Chalong wholesale market is 26.6 vehicles, with an increase of 0.2 vehicles [2]. Option Market - The implied volatility of at - the - money call options for apples is 36.45%, with a decrease of 3.97 percentage points; the implied volatility of at - the - money put options for apples is 0.55%, with a decrease of 39.87 percentage points [2].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View The terminal demand for hot-rolled coils is relatively strong, but as the US and Iran release remarks about conflict mitigation, the decline in oil prices will drive the adjustment of the black commodity sector. Technically, the 1-hour MACD indicator of the HC2605 contract shows that DIFF and DEA are operating below the 0-axis. The reference view is oscillating downward, and risk control should be noted [2]. 3. Summary by Directory Futures Market - HC main contract closing price: 3,287 yuan/ton, down 7 yuan [2]. - HC main contract open interest: 724,895 lots, down 48,181 lots [2]. - HC contract top 20 net open interest: -28,239 lots, up 888 lots [2]. - HC5 - 10 contract spread: -21 yuan/ton, down 5 yuan [2]. - HC Shanghai Futures Exchange warehouse receipt: 549,618 tons, unchanged [2]. - HC2605 - RB2605 contract spread: 167 yuan/ton, down 6 yuan [2]. Spot Market - Hangzhou 4.75 hot-rolled coil: 3,300 yuan/ton, unchanged [2]. - Guangzhou 4.75 hot-rolled coil: 3,300 yuan/ton, unchanged [2]. - Wuhan 4.75 hot-rolled coil: 3,340 yuan/ton, down 10 yuan [2]. - Tianjin 4.75 hot-rolled coil: 3,220 yuan/ton, unchanged [2]. - HC main contract basis: 13 yuan/ton, up 7 yuan [2]. - Hangzhou hot-rolled coil - rebar spread: 40 yuan/ton, unchanged [2]. Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 782 yuan/wet ton, down 3 yuan [2]. - Hebei quasi-primary metallurgical coke: 1,490 yuan/ton, unchanged [2]. - Tangshan 6 - 8mm scrap steel: 2,160 yuan/ton, unchanged [2]. - Hebei Q235 billet: 2,980 yuan/ton, unchanged [2]. - 45-port iron ore inventory: 169.9684 million tons, down 1.0583 million tons [2]. - Sample coking plant coke inventory: 497,600 tons, down 25,900 tons [2]. - Sample steel mill coke inventory: 6.9173 million tons, up 39,500 tons [2]. - Hebei billet inventory: 2.3994 million tons, down 95,900 tons [2]. Industry Situation - 247 steel mill blast furnace operating rate: 81.05%, up 1.25 percentage points [2]. - 247 steel mill blast furnace capacity utilization rate: 86.65%, up 1.10 percentage points [2]. - Sample steel mill hot-rolled coil output: 3.0561 million tons, up 54,000 tons [2]. - Sample steel mill hot-rolled coil capacity utilization rate: 78.07%, up 1.38 percentage points [2]. - Sample steel mill hot-rolled coil factory inventory: 838,500 tons, down 11,100 tons [2]. - 33-city hot-rolled coil social inventory: 3.6942 million tons, down 69,100 tons [2]. - Domestic crude steel output: 68.18 million tons, down 1.69 million tons [2]. - Steel net export volume: 7.47 million tons, up 180,000 tons [2]. Downstream Situation - Automobile production: 1.6724 million vehicles, down 777,400 vehicles [2]. - Automobile sales: 1.8052 million vehicles, down 541,300 vehicles [2]. - Air conditioner production: 21.6289 million units, up 6.6029 million units [2]. - Household refrigerator production: 10.0115 million units, up 569,500 units [2]. - Household washing machine production: 11.975 million units, down 380,000 units [2]. Industry News - The US White House said on Tuesday that US President Trump will deliver a national speech at 21:00 on April 1st, Eastern Time (9:00 on April 2nd, Beijing Time), providing "important updates" on the Iran issue [2]. - Affected by rising raw material costs, the expiration of factory rebate policies, and the end of promotional activities, domestic mainstream electric two-wheeler brands such as Yadea, Tailing, Aima, and Ninebot plan to officially raise the prices of most of their models starting from April 1st [2]. - On Wednesday, the HC2605 contract decreased in open interest and declined. The central bank's Monetary Policy Committee held its first-quarter regular meeting to study the main ideas of monetary policy for the next stage, suggesting to give play to the integrated effect of incremental and existing policies, comprehensively use various tools, strengthen monetary policy regulation, and grasp the intensity, rhythm, and timing of policy implementation [2]. Key Points to Watch - Thursday's hot-rolled coil weekly output, in-plant inventory, and social inventory [2].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - On Wednesday, the I2605 contract rebounded but was blocked. The US and Iran have released statements indicating a relaxation of the conflict, and the decline in oil prices has weakened the support for iron ore prices. The current supply and demand situation shows that the shipment volume of Australian and Brazilian iron ore has decreased, the arrival volume has increased, the blast furnace operating rate and molten iron output of steel mills have continued to rise, and port inventories have declined. The expectation of increased demand will drive further inventory reduction. Technically, the 1 - hour MACD indicator of the I2605 contract shows that DIFF and DEA are running below the 0 - axis. It is recommended to conduct short - term trading and pay attention to risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the I main contract is 812.00 yuan/ton, up 4.00 yuan; the trading volume is 347,799 lots, down 5,825 lots; the 5 - 9 contract spread is 23 yuan/ton, up 1.50 yuan; the net position of the top 20 in the I contract is - 981 lots, down 1,765 lots; the Dalian Commodity Exchange warehouse receipts are 3,300 lots, up 3,300 lots; the Singapore iron ore main contract is quoted at 106.5 US dollars/ton as of 15:00, up 1.02 US dollars [2] 3.2 Spot Market - The price of 61.5% PB powder ore at Qingdao Port is 835 yuan/dry ton, up 5 yuan; the price of 60.5% Mac fines at Qingdao Port is 824 yuan/dry ton, up 5 yuan; the price of 56.5% Super Special fines at Jingtang Port is 742 yuan/dry ton, unchanged; the basis of the I main contract (Mac fines dry ton - main contract) is 12 yuan, up 1 yuan; the 62% Platts iron ore index (previous day) is 107.65 US dollars/ton, down 0.85 US dollars; the ratio of Jiangsu scrap steel to 60.5% Mac fines at Qingdao Port is 3.15, down 0.01; the estimated import cost is 855 yuan/ton, down 9 yuan; the global iron ore shipment volume (weekly) is 2,472.40 tons, down 671.90 tons; the arrival volume at 47 ports in China (weekly) is 2,626.70 tons, up 243.60 tons; the iron ore inventory at 47 ports (weekly) is 17,666.83 tons, down 147.35 tons; the iron ore inventory of sample steel mills (weekly) is 8,978.56 tons, down 55.50 tons [2] 3.3 Industry Situation - The iron ore import volume (monthly) is 9,764.00 tons, down 1,475.00 tons; the available days of iron ore (weekly) are 25 days, up 6 days; the daily output of 266 mines (weekly) is 40.16 tons, down 0.69 tons; the operating rate of 266 mines (weekly) is 63.62%, down 0.67%; the iron concentrate inventory of 266 mines (weekly) is 61.95 tons, down 1.18 tons; the BDI index is 1,995.00, down 22.00; the iron ore freight rate from Tubarao, Brazil to Qingdao is 30.12 US dollars/ton, down 0.08 US dollars; the iron ore freight rate from Western Australia to Qingdao is 11.12 US dollars/ton, up 0.14 US dollars [2] 3.4 Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) is 81.05%, up 1.25%; the blast furnace capacity utilization rate of 247 steel mills (weekly) is 86.65%, up 1.10%; the domestic crude steel output (monthly) is 6,818 tons, down 169 tons [2] 3.5 Option Market - The historical 20 - day volatility of the underlying (daily) is 15.55%, down 0.12%; the historical 40 - day volatility of the underlying (daily) is 15.94%, up 0.01%; the implied volatility of at - the - money call options (daily) is 19.98%, up 0.66%; the implied volatility of at - the - money put options (daily) is 21.00%, up 1.26% [2] 3.6 Industry News - From March 23 to March 29, 2026, the global iron ore shipment volume was 2,472.4 tons, a week - on - week decrease of 671.9 tons. The total shipment volume of Australian and Brazilian iron ore was 1,875.1 tons, a week - on - week decrease of 684.3 tons. The Australian shipment volume was 1,033.8 tons, a week - on - week decrease of 961.9 tons, and the volume shipped from Australia to China was 839.2 tons, a week - on - week decrease of 795.6 tons. The Brazilian shipment volume was 841.4 tons, a week - on - week increase of 277.6 tons. - From March 23 to March 29, 2026, the arrival volume at 47 ports in China was 2,626.7 tons, a week - on - week increase of 243.6 tons; the arrival volume at 45 ports in China was 2,426.3 tons, a week - on - week increase of 154.7 tons; the arrival volume at the six northern ports was 1,198.1 tons, a week - on - week increase of 147.7 tons [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint - The ISO predicts that the global sugar production in the 2025/26 season will be 181.29 million tons, a decrease of 480,000 tons from the previous forecast; the global sugar consumption will be 180.07 million tons, a decrease of 70,000 tons from the previous forecast; the global sugar market surplus will be 1.22 million tons, a decrease of 410,000 tons from the previous forecast [2]. - ICE raw sugar futures fell on Tuesday, retreating from a five - month high on Monday. The increase in sugar production in Thailand, a major exporter, restricts the rise of sugar prices. The most actively traded May raw sugar futures on ICE fell 0.03 cents or 0.20%, settling at 15.52 cents per pound. With Brazilian sugar not yet being crushed and the international market in a news vacuum, raw sugar prices lack more upward drivers and are expected to remain volatile [2]. - In the domestic market, the beet sugar production in the north has ended, basically in line with expectations, while the cane sugar production has exceeded expectations. The domestic sugar production is expected to be around 12 million tons. Currently, the sugar market is in a situation of strong supply and weak demand, and there is some pressure on prices [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for sugar was 5,356 yuan/ton, a decrease of 42 yuan; the main contract position was 243,255 hands, a decrease of 25,931 hands [2]. - The number of sugar warehouse receipts was 16,862, with no change; the net long position of the top 20 futures holders was - 113,172 hands, an increase of 7,706 hands [2]. - The total number of effective warehouse receipt forecasts for sugar was 0, with no change [2]. 现货市场 - The estimated import - processing price of Brazilian sugar within the quota was 4,306 yuan/ton, a decrease of 13 yuan; the estimated import - processing price of Thai sugar within the quota was 4,252 yuan/ton, a decrease of 13 yuan [2]. - The estimated import price of Brazilian sugar outside the quota (50% tariff) was 5,465 yuan/ton; the estimated import price of Thai sugar outside the quota (50% tariff) was 5,395 yuan/ton [2]. - The spot price of white sugar in Kunming, Yunnan was 5,290 yuan/ton, a decrease of 5 yuan; the spot price of white sugar in Nanning, Guangxi was 5,410 yuan/ton, a decrease of 10 yuan; the spot price of white sugar in Liuzhou, Guangxi was 5,430 yuan/ton, a decrease of 10 yuan [2]. Upstream Situation - The national sugar - crop sown area was 1,480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar - cane in Guangxi was 840.33 thousand hectares, an increase of 5.24 thousand hectares [2]. Industry Situation - The total export volume of Brazilian sugar in the month was 222.97 million tons, a decrease of 12 million tons [2]. - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota was 1,084 yuan/ton, a decrease of 12 yuan; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) was 1,138 yuan/ton [2]. - The price difference between imported Thai sugar and Liuzhou sugar within the quota was - 75 yuan/ton, a decrease of 9 yuan; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) was - 9 yuan/ton [2]. - The monthly import volume of sugar was 240,000 tons, a decrease of 40,000 tons; the cumulative import volume of sugar was 520,000 tons [2]. - The cumulative sales volume of cane sugar in Guangxi was 199.23 million tons, an increase of 44.17 million tons; the cumulative sales volume of cane sugar in Yunnan was 69.75 million tons, an increase of 16.55 million tons [2]. - The cumulative production volume of cane sugar in Guangxi was 565.13 million tons, an increase of 162.23 million tons; the cumulative production volume of cane sugar in Yunnan was 149.34 million tons, an increase of 50.93 million tons [2]. Downstream Situation - The monthly production volume of refined sugar was 359.04 million tons; the monthly production volume of soft drinks was 1,342.1 million tons, an increase of 296.4 million tons [2]. Option Market - The implied volatility of at - the - money call options for sugar was 8.56%, a decrease of 4.86%; the implied volatility of at - the - money put options for sugar was 8.56%, a decrease of 4.85% [2]. - The 20 - day historical volatility of sugar was 11.16%, an increase of 0.29%; the 60 - day historical volatility of sugar was 9.4%, an increase of 0.16% [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The domestic urea production has slightly decreased recently, and there is a greater possibility of a slight increase in production considering short - term enterprise failures. Agricultural demand has weakened, but industrial demand is stable, supporting smooth urea shipments. The inventory of urea factories is at a low level, and the short - term de - stocking amplitude is expected to narrow. The UR2605 contract is expected to fluctuate in the range of 1840 - 1880 [2] Summary by Directory Futures Market - The closing price of the Zhengzhou urea main contract is 1851 yuan/ton, down 23 yuan; the 5 - 9 spread is - 32 yuan/ton, up 6 yuan. The main contract's open interest is 157,223 lots, down 16,685 lots; the net position of the top 20 is - 22,940, up 11,689. The exchange warehouse receipts are 9,662, up 955 [2] Spot Market - In the domestic spot market, the prices in Hebei, Jiangsu increased by 10 yuan/ton to 1880 yuan/ton and 191 yuan/ton respectively, while those in Henan, Shandong and Anhui remained unchanged at 1860 yuan/ton, 1900 yuan/ton and 1870 yuan/ton respectively. The main contract basis is 49 yuan/ton, up 23 yuan.FOB prices in the Baltic and Chinese main ports remained unchanged at 622. and 752.5 dollars/ton respectively [2] Industry Situation - The port inventory is 169,000 tons, up 2,000 tons; the enterprise inventory is about about 700,5 tons, down 108, tons.The urea enterprise operating rate is 88.35%, down 3.84%; the daily output is about 210,80 tons, down 6,300 tons. The urea export volume is 110,000 tons, down 20%. The monthly output is 6, tons, down 2 tons [ ] Downstream Situation - The compound fertilizer operating rate is %, up ; the melamine operating rate is 65.9%, up 6. The weekly profit of compound fertilizer is yuan/ton, down 1 yuan; the weekly profit of melamine with externally - purchased urea is yuan/ton, up 170 yuan.The monthly output of compound fertilizer is 444., tons, down 73, tons; the weekly output of melamine is 36, tons, up 3,700 tons [2] Industry News - As of April 1, the total inventory of Chinese urea enterprises was 536,000 tons, down 164,500 tons or 23.48% from the previous period. As of March 26, the port sample inventory was 169,000 tons, up 2,000 tons or 1.20%. The production of urea enterprises was 1,475,600 tons, down 43,800 tons or 2.88% [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market sentiment is currently low, and the enthusiasm for secondary fattening is weak. On the demand side, the slaughtering enterprise's operating rate is continuously recovering, and the frozen product storage capacity has increased significantly. Although there was a short - term boost in demand before the Tomb - Sweeping Festival, it is difficult to change the terminal consumption trend, and the off - season demand limits the room for future slaughter recovery. Overall, the short - term price - support sentiment has temporarily stopped the decline of the spot price, but the pattern of loose supply and demand continues, and it is expected that the hog price will mainly show a weak and volatile trend. Technically, during the contract - changing period, the current main 2605 contract continued to bottom out, closing down 2.88% with a minimum of 9605 yuan/ton, and the 2607 contract fell 2.75%, showing weak price performance. Attention should be paid to the impact of state reserves, secondary fattening, epidemics, and capital fluctuations on the market [3] 3. Summary by Relevant Catalogs Futures Disk - The closing price of the main hog futures contract is 9610 yuan/ton, with a decrease of 160 yuan/ton; the main contract's open interest is 187,212 lots, an increase of 52 lots; the number of warehouse receipts is 525 lots, an increase of 525 lots; the net long position of the top 20 futures holders is - 60,942 lots, an increase of 2,820 lots [3] Spot Price - The hog price in Zhumadian, Henan is 9500 yuan/ton, unchanged; in Siping, Jilin it is 9300 yuan/ton, unchanged; in Yunfu, Guangdong it is 10000 yuan/ton, a decrease of 200 yuan/ton; the main hog basis is - 110 yuan/ton, an increase of 160 yuan/ton [3] Upstream Situation - The national hog inventory is 42,9670,000 heads, a decrease of 7130,000 heads; the national breeding sow inventory is 3,9610,000 heads, a decrease of 290,000 heads [3] Industry Situation - The year - on - year CPI is 1.3%, an increase of 1.1 percentage points; the average spot price of soybean meal is 3262 yuan/ton, a decrease of 26.86 yuan/ton; the average spot price of corn is 2448.14 yuan/ton, a decrease of 0.66 yuan/ton; the Dalian Commodity Exchange's hog feed cost index is 939.52, a decrease of 3.96; the monthly output of feed is 28.73 million tons, a decrease of 340,000 tons; the price of binary breeding sows is 1424 yuan/head, unchanged; the breeding profit of purchased piglets is - 189.87 yuan/head, a decrease of 48.39 yuan/head; the breeding profit of self - bred and self - raised hogs is - 344.24 yuan/head, a decrease of 46.56 yuan/head; the monthly import volume of pork is 50,000 tons, a decrease of 20,000 tons; the average price of white - striped chicken in the main production areas is 13.7 yuan/kg, unchanged [3] Downstream Situation - The cumulative catering revenue in February is 102.64 billion yuan, an increase of 45.26 billion yuan; the number of hogs slaughtered by national designated slaughtering enterprises is 31.77 million heads, a decrease of 12.27 million heads [3] Industry News - According to the sample data of key breeding enterprises from Shanghai Ganglian, on April 1, 2026, the daily hog slaughter volume of key breeding enterprises nationwide was 293,405 heads, an increase of 1.11% from the previous day. According to Mysteel data, the planned hog slaughter volume of breeding enterprises in key provinces in April 2026 was 14.4126 million heads, a 4.24% increase compared with the actual slaughter volume in March [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a total revenue of 1.227 billion yuan in 2025, representing a year-on-year increase of 23.2%. The net profit attributable to the parent company was 547 million yuan, up 43.0% year-on-year, with a return on equity (ROE) of 17.7%, an increase of 4.0 percentage points year-on-year [7] - All business segments showed positive performance, with significant growth in futures brokerage, asset management, and risk management [7] - The company plans to distribute a dividend of 0.41 yuan per share, a 24.2% increase year-on-year, with a payout ratio of 34.7% [7] Financial Performance Summary - Total revenue projections for the upcoming years are as follows: 2024A: 996 million yuan, 2025A: 1.227 billion yuan, 2026E: 1.410 billion yuan, 2027E: 1.624 billion yuan, and 2028E: 1.872 billion yuan [1] - The net profit attributable to the parent company is projected to grow from 383 million yuan in 2024A to 907 million yuan in 2028E, with year-on-year growth rates of 56.9%, 43.0%, 24.6%, 15.2%, and 15.6% respectively [1] - The earnings per share (EPS) is expected to increase from 0.80 yuan in 2024A to 1.90 yuan in 2028E [1] Business Segment Performance - Futures brokerage revenue for 2025 was 730 million yuan, a year-on-year increase of 15.7%, with a significant rise in client margin scale by 61.6% to 20 billion yuan [7] - The asset management business saw revenue growth of 81.3% to 206 million yuan, with assets under management nearly doubling to 4.63 billion yuan [7] - Risk management business revenue increased by 14.2% to 260 million yuan, with a notable increase in nominal principal for derivative transactions [7] Market Data - The closing price of the company's stock is 22.46 yuan, with a market capitalization of approximately 10.71 billion yuan [5] - The price-to-earnings (P/E) ratio is currently at 19.49, projected to decrease to 12.08 by 2028 [1][20]