今日早盘，A股市场冲高回落，三大指数均翻绿。沪深两市半日成交额1.37万亿，较上个交易日缩量1404亿。盘面上热点较为杂乱，全市场 超3400只个股下跌。 截至收盘，沪指跌0.04%，深成指跌0.4%，创业板指跌0.58%。 下载财联社APP获取更多资讯 准确 快速 权威 专业 从板块来看， 绿电概念反复活跃， 华电辽能2连板，节能风电5天3板，江苏新能、浙江新能涨停。房地产板块盘中走高，中洲控股、京能 置业涨停。 太空光伏概念快速拉升， 协鑫集成、雅博股份涨停。钢铁板块表现活跃，安阳钢铁、酒钢宏兴双双涨停。 大金融股震荡走强， 爱建集团涨停。下跌方面， CPO概念震荡走弱， 天孚通信、光库科技等多股大跌。 7x24h电报 头条新闻 VIP资讯 实时盯盘 ...

2026 年 03 月 17 日 公司点评 | 南钢股份 产品结构调整优化+盈利能力提升，年报业绩超预期 证券研究报告 南钢股份（600282.SH）2025 年报点评 事件：公司公告 2025 年年报，实现营收 579.94 亿元，同比下滑 6.17%；归 母净利润为 28.67 亿元，同比增长 26.83%；扣非后增长 13.02%。 2025 年公司实现营收 579.94 亿元，同比下滑 6.17%，主要是钢材产品销售 价格同比下降所致；归母净利润为 28.67 亿元，同比增长 26.83%；扣非后 归母净利润为 24.67 亿元，同比增长 13.02%，业绩增长超出我们预期。盈 利能力方面，毛利率为 14.07%，同比提升 2.16 个百分点；净利率为 4.75%， 同比提升 1.20 个百分点；ROE 为 10.67%，同比提升 2.07 个百分点。盈利 质量方面，经营性净现金流为 36.74 亿元，同比增长 14.06%，公司业绩既 有增长、更有质量。1）核心产品贡献提升：2025 年先进钢铁材料销量为 282.65 万吨，同比增长 8.09%，占钢材产品总销量 30.45%，占比增加 2.42 ...

晨报 成材 成材：缺乏驱动 震荡运行 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成材昨日震荡，波动不大。中东地缘冲突导致市场热点仍在能化板块， 对包括焦煤、铁矿等原料品种有一定丹东，但黑色板块整体受影响有限。 钢材基本面平静，缺乏显著驱动因素，更多跟随原料走势而动。钢材仍建 议重点关注下游需求情况。 观点：震荡运行。 后期关注/风险因素：宏观政策；下游需求情况。 整理 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 逻辑：国家统计局数据显示，1-2 月份，全国固定资产投资同比增长 1.8%，扣除房地产开发投资后增长 5.2%，房地产开发投资下降 11.1%；规 模以上工业增 ...

黑色建材日报 2026-03-17 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 交易咨询号：Z0023202 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 3140 元/吨, 较上一交易日跌 2 元/吨（-0.06%）。当日注册仓单 40125 吨, 环比增加 4574 吨。主力合约持仓量为 157.41 万手，环比减少 52715 手。现货市场方面, 螺纹钢天津汇总 价格为 3180 元/吨, 环比减少 0 元/吨; 上海汇总价格为 3250 元/吨, 环比减少 0 元/吨。 热轧板卷主力 合约收盘价为 3299 元/吨, 较上一交易日涨 4 元/吨（0.121%）。 当日注册仓单 474583 吨, 环比减少 0 吨。主力合约持仓量为 118.3 ...

国内市场综述 探底回升 走势分化 周一（3 月 16 日）大盘探底回升，走势分化。截至收 盘，上证综指收于 4084.79 点，下跌 0.26%；深成指 收于 14307.58 点，上涨 0.19%；科创 50 上涨 0.83%； 创业板指上涨 1.41%，万得全 A 成交额共 23399 亿元， 较前一日继续下降。 行业方面，30 个中信一级行业有 16 个上涨 ，其中综 合金融、食品饮料及电子涨幅居前，而钢铁、有色金 属及建筑则跌幅较大，概念方面，存储器、高送转及 先进封装等指数表现活跃。 海外市场综述 美国三大股指全线收涨，脸书涨超 2% 周一（3 月 16 日），美国三大股指全线收涨，道指涨 0.83%，标普 500 指数涨 1.01%，纳指涨 1.22%。赛富 时涨超 2%，亚马逊涨近 2%，领涨道指。万得美国科技 七巨头指数涨 1.38%，脸书涨超 2%，英伟达涨逾 1%。 纳斯达克中国金龙指数涨 0.95%，理想汽车涨逾 5%。 新闻精要 1. 中美在巴黎举行经贸磋商 双方同意研究建立双边 贸易投资合作机制 2. 中国前 2 个月经济"成绩单"出炉 3. 商务部回应美对包括中国在内的 16 个经 ...

Morning session notice 早盘提示 | 犹存。 | | --- | | 螺纹、热卷走势更多依赖于需求成色及预期和现实的博弈。后期随着铁水产量的回 升，铁矿需求增量较为确定。钢厂库存偏低，远低于过去几年，后期钢厂主动补库 | | 的可能性较大，库存消费比趋于下降。预计走势仍偏多，但技术看短期可能回补跳 | | 840。 | | 单边:钢矿多单，继续持有，止损线不断上移。 | | 套利:地产用钢持续恶化，基建和制造业为钢材需求增量的唯一来源，继续支持板 | | 强材弱。做多卷螺差套利策略，继续持有，周一收盘价差 159，建议止损位价差 120， | | 止盈位 200。 | | 螺矿比 3.88，可能继续下降，等待做多螺矿比交易机会。 | | 【交易策略】 空缺口。 螺纹主力支撑位 3000，压力位 3200。热卷支撑位 3180，压力位 3350。铁矿主力支 撑位 750，压力位 | 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报 ...

钢材早报(2026 年 03 月 17 日) | | 主力合约 | rb2605 收盘价：3140 | | | --- | --- | --- | --- | | | 基本面 | 短流程集中复产带动产量明显回升，需求季节性回暖， 但库存持续累积，呈现被动补库特征。；偏空 | | | | 基差 | 螺纹钢现货价元/吨，基差 110；偏多 | | | 螺 纹 | 库存 | 全国 35 个主要城市库存 654.55 万吨，环比增加，同 比增加；偏空 | | | 钢 | 盘面 | 价格在 20 日线上方，20 日线趋势向上；偏多 | | | | 主力 持仓 | 主力持仓净多，多增；偏多 | | | | 预期 | 受基建复工预期支撑，重点关注去库拐点能否出现， 预计价格震荡偏强， | 从业资格证号: F03105325 | | | | | 投资咨询证号: Z0021337 | | 交易咨询业务资格： | | | --- | --- | | 证监许可【2012】1091号 | | | 完稿时间:2026年03月17日 | | | 分析师： | 胡毓秀 | | 从业资格证号: | F03105325 | | 投资咨询证号: ...

投资咨询系列报告 | 数据类别 | 指标 | 单位 | 最新 | | 较上日 | | 较上周 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 螺纹钢主力合约收盘价 | 元/吨 | 3140 | -2 | -0.06% | 21 | 0.67% | | | 热轧卷板主力合约收盘价 | 元/吨 | 3299 | 4 | 0.12% | 29 | 0.89% | | 期现货价格 | 螺纹钢现货价格（HRB400E 20mm，上海） | 元/吨 | 3250 | 0 | 0 | 30 | 0.93% | | | 热轧板卷现货价格（Q235 4.75mm，上海） | 元/吨 | 3280 | 10 | 0.31% | 20 | 0.61% | | | 螺纹钢主力基差 热轧卷板主力基差 | 元/吨 元/吨 | 110 -19 | | 2 6 | | 9 -9 | | | 螺纹钢期货10-1价差 | 元/吨 | -31 | | -3 | | -4 | | | 热轧卷板期货10-1价差 | 元/吨 | -13 | | 3 | | -4 | | | 螺纹钢期货1- ...

所长 早读 国泰君安期货 2026-03-17 期 请务必阅读正文之后的免责条款部分 1 期货研究 美豆：隔夜美豆期货触及跌停，主要因为对中国加购 800 万吨美豆预期的落空。本轮美豆上 涨的主要驱动之一，为市场预期特朗普 4 月访华之际，中国将可能额外增加购买 800 万吨美 豆，因此投机基金大幅增加豆类净多单至历史高位水平。周末中美经贸谈判之后，市场预期 逆转，进而导致前期多单集中平仓踩踏，大豆触及跌停。从中期维度看，南美大豆继续丰收 格局，供应压力尚未完全释放，中东冲突导致的氮肥涨价可能改变美国农民的种植选择，会 导致多种大豆少种玉米，因此豆类从供需结构看，压力依然较大。 请务必阅读正文之后的免责条款部分 2 期货研究 2026-03-17 所长 早读 今 日 发 现 中美在法国巴黎举行经贸磋商 观点分享： 据新华社消息，当地时间 3 月 15 日－16 日，中美经贸中方牵头人、国务院副总理何立 峰与美方牵头人、美国财政部长贝森特和贸易代表格里尔在法国巴黎举行经贸磋商。中国商 务部国际贸易谈判代表兼副部长李成钢 16 日说，过去的一天半时间，中美双方团队进行了 深入、坦诚、建设性的磋商。通过这次的磋商， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report provides a comprehensive analysis of various futures markets, including financial derivatives, agricultural products, black metals, non - ferrous metals, shipping and carbon emissions, and energy chemicals. It takes into account factors like geopolitical conflicts, supply and demand dynamics, and policy changes to assess the market trends and provides corresponding trading strategies for each sector [5][7][9]. 3. Summary by Relevant Catalogs Financial Derivatives Stock Index Futures - Market performance: The stock index showed a bottom - up trend on Monday. The Shanghai Composite 50 Index fell 0.09%, the CSI 300 Index rose 0.05%, and trading volume was 2.34 trillion yuan. Futures prices fluctuated with the spot market, and the discounts of each variety narrowed slightly [20]. - Core logic: A - shares showed resilience. The market maintained a relative strength of the index through sector rotation and high - low switching. Before the situation becomes clear, the stock index will remain volatile [21]. - Trading strategy: Adopt grid operation for single - side trading, conduct cash - and - carry arbitrage of IM\IC long 2609 and short ETF, and use the double - buy strategy for options [21]. Treasury Bond Futures - Market performance: On Monday, treasury bond futures closed down across the board. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts fell 0.43%, 0.11%, 0.08%, and 0.04% respectively [23]. - Core logic: Recently announced macro - economic data exceeded expectations, and the central bank's medium - and long - term liquidity injection has decreased. However, low - level and narrow - range fluctuations in capital prices, general profit - making effects in the equity market, and relatively weak domestic demand still support the bond market [23]. - Trading strategy: For single - side trading, short positions should be closed in batches on dips. For arbitrage, adopt a wait - and - see approach [25]. Agricultural Products Protein Meal - Market performance: CBOT soybean and soybean meal indices declined. Domestic soybean inventory decreased, while soybean meal inventory also decreased [27]. - Core logic: With the lack of further positive news in US soybean exports, the market returned to the fundamental logic, and the soybean meal price was under pressure [28]. - Trading strategy: For single - side trading, there may be a downward pressure on meal prices. For arbitrage, narrow the MRM09 spread. For options, use the seagull put option [28]. Sugar - Market performance: International sugar prices fell significantly, while domestic sugar prices declined slightly [29]. - Core logic: International sugar prices are expected to remain volatile and strong due to factors such as high international oil prices and reduced sugar production expectations in major producing countries. Domestic sugar prices may start rising earlier but are expected to move relatively smoothly [31][32]. - Trading strategy: For single - side trading, international and domestic sugar prices are expected to be slightly strong. For arbitrage, adopt a wait - and - see approach. For options, sell put options [32]. Oilseeds and Oils - Market performance: Overnight, CBOT soybean oil and BMD palm oil prices declined. Domestic palm oil inventory increased [33][34]. - Core logic: Geopolitical conflicts in the Middle East are the focus. Crude oil prices fell, and oils followed the downward trend. The supply of domestic oils is relatively abundant [34]. - Trading strategy: For single - side trading, oils may be volatile at high levels. For arbitrage and options, adopt a wait - and - see approach [35]. Black Metals Steel - Market performance: The black metal sector maintained a volatile and strong trend at night. Steel mills continued to reduce production, and the inventory of five major steel products continued to accumulate [55]. - Core logic: Overseas geopolitical frictions have increased, and energy prices and shipping freight rates have continued to rise, which may drive up the cost of steel raw materials. In the short term, steel prices will be volatile due to overseas and raw material factors [55]. - Trading strategy: For single - side trading, maintain a volatile trend. For arbitrage, short the hot - rolled coal ratio and continue to hold short positions in the hot - rolled rebar spread. For options, adopt a wait - and - see approach [56]. Coking Coal and Coke - Market performance: The prices of coking coal and coke fluctuated greatly, mainly following the changes in oil, gas, and chemicals [58]. - Core logic: The spot market sentiment of coking coal has improved, and prices have shown strength. In the short term, coking coal prices will follow the trend of oil and gas and be volatile [59]. - Trading strategy: For single - side trading, it will be volatile and strong, and cautious investors can partially close long positions. For arbitrage and options, adopt a wait - and - see approach [59]. Non - Ferrous Metals Gold and Silver - Market performance: London gold fell 0.25%, and London silver rose 0.2%. The US dollar index fell, and the 10 - year US Treasury yield declined slightly [65]. - Core logic: The conflict between the US, Israel, and Iran continues, and the market is worried about future inflation. Gold and silver prices will be volatile in the short term [66]. - Trading strategy: Conservative investors should wait and see, while aggressive investors can participate with a slightly short - biased and volatile trading idea. For arbitrage and options, adopt a wait - and - see approach [67]. Copper - Market performance: The main contract of Shanghai copper fell 0.58%, and the LME and COMEX inventories decreased [72]. - Core logic: The US - Iran conflict continues, and there is still great uncertainty in the market. High inventory restricts the upward momentum of copper prices in the short term, but the substitution of refined copper rods for recycled copper rods is prominent [72]. - Trading strategy: For single - side trading, it will be volatile in the short term, and beware of liquidity risks. For arbitrage and options, adopt a wait - and - see approach [73]. Shipping and Carbon Emissions Container Shipping - Market performance: The SCFIS and SCFI European routes showed an upward trend [99]. - Core logic: Some shipping companies plan to levy emergency bunker adjustment factors, and the supply and demand of the container shipping market are affected by multiple factors such as geopolitical conflicts and the off - season [100]. - Trading strategy: For single - side trading, adopt a wait - and - see approach. For arbitrage, adopt a wait - and - see approach [101]. Dry Bulk Freight Rates - Market performance: The BDI, BCI, BPI, and BSI indices showed different trends [102]. - Core logic: The geopolitical conflict in the Middle East continues, and the high oil price puts pressure on shipowners. The performance of different ship - type markets is different [104]. - Trading strategy: No specific trading strategy provided in the text. Energy Chemicals Crude Oil - Market performance: WTI and Brent crude oil futures prices declined [113]. - Core logic: The conflict between the US and Iran has led to shipping disruptions and an increase in supply losses. The international oil price will be volatile at a high level [113]. - Trading strategy: For single - side trading, be bullish at a high level. For arbitrage and options, adopt a wait - and - see approach [114]. Asphalt - Market performance: The night - session prices of asphalt futures rose, and the spot prices in various regions increased [115]. - Core logic: The conflict between the US, Israel, and Iran has led to an increase in crude oil prices and concerns about raw materials. The supply of asphalt is expected to decrease, but the downstream demand recovery is slow [116]. - Trading strategy: For single - side trading, it will be strong, but do not chase the high price. For arbitrage and options, adopt a wait - and - see approach [116].