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]

1. Report Industry Investment Rating - No information provided in the document. 2. Core View of the Report - No information provided in the document. 3. Summary by Relevant Catalog 3.1 General Information - The report is the Maike Futures Basis Statistics Table dated March 27, 2026, at 9:00 [2]. - The settlement price is used for non - ferrous metal futures, and the closing price is used for other futures. The basis rate is the main contract basis rate, calculated as (spot price - main contract price) / main contract price. The historical maximum and minimum values of the basis rate are calculated based on samples from January 1, 2015, to the present. Data sources include iFinD, Wind, and Steel Union Data. Quotes marked with * are weekly updated data, and quotes marked with ** have differences between the spot and the benchmark delivery product [3]. 3.2 Futures Data - **Non - ferrous Metals**: - Copper (CU): The main contract basis rate is - 0.27%, with a decrease of - 0.69% compared to the previous day. The current - month basis is - 135, and the next - month basis is - 255. The spot price is 95325 [3]. - Aluminum (AL): The main contract basis rate is - 1.01%, with a decrease of - 0.63% compared to the previous day. The current - month basis is - 175, and the next - month basis is - 240. The spot price is 23510 [3]. - Zinc (ZN): The main contract basis rate is - 0.63%, with a decrease of - 0.46% compared to the previous day. The current - month basis is - 110, and the next - month basis is - 145. The spot price is 22985 [3]. - Lead (PB): The main contract basis rate is - 1.03%, with an increase of 0.06% compared to the previous day. The current - month basis is - 155, and the next - month basis is - 170. The spot price is 16300 [3]. - Tin (SN): The main contract basis rate is 0.08%, with a decrease of - 1.44% compared to the previous day. The current - month basis is 270, and the next - month basis is - 180. The spot price is 352800 [3]. - Nickel (NI): The main contract basis rate is 1.72%, with a decrease of - 0.12% compared to the previous day. The current - month basis is 2360, and the next - month basis is 2790. The spot price is 139350 [3]. - Industrial Silicon (SI): The main contract basis rate is 5.38%, with a decrease of - 0.55% compared to the previous day. The current - month basis is 510, and the next - month basis is 470. The spot price is 9200 [3]. - **Precious Metals**: - Gold (AU): The main contract basis rate is - 0.62%, with a decrease of - 0.67% compared to the previous day. The current - month basis is - 3.19, and the next - month basis is - 6.21. The spot price is 995.98 [3]. - Silver (AG): The main contract basis rate is - 1.03%, with a decrease of - 1.09% compared to the previous day. The current - month basis is - 227, and the next - month basis is - 180. The spot price is 17292 [3]. - **Black Industry**: - Rebar (RB): The main contract basis rate is 2.30%, with a decrease of - 0.51% compared to the previous day. The current - month basis is 72, and the next - month basis is 42. The spot price is 3200 [3]. - Hot - rolled Coil (HC): The main contract basis rate is - 0.76%, with a decrease of - 0.24% compared to the previous day. The current - month basis is - 25, and the next - month basis is - 33. The spot price is 3280 [3]. - Iron Ore (I): The main contract basis rate is 1.62%, with a decrease of - 3.36 compared to the previous day. The current - month basis is 13.2, and the next - month basis is 42.7. The spot price is 830.2 [3]. - Coke: The main contract basis rate is - 7.16%, with an increase of 1.35% compared to the previous day. The current - month basis is - 126.0, and the next - month basis is - 211.0. The spot price is 1635 [3]. - Coking Coal: The main contract basis rate is 0.90%, with an increase of 1.42% compared to the previous day. The current - month basis is 17.5, and the next - month basis is - 121.0. The spot price is 1247.5 [3]. - Steam Coal (ZC): The main contract basis rate is - 5.29%, with an increase of 0.50% compared to the previous day. The current - month basis is - 42.4, and the next - month basis is - 42.4. The spot price is 759.0 [3]. - Ferrosilicon (SF): The main contract basis rate is - 4.71%, with an increase of 2.32% compared to the previous day. The current - month basis is - 282, and the next - month basis is - 382. The spot price is 5700 [3]. - Silicomanganese (SM): The main contract basis rate is - 4.41%, with an increase of 0.85% compared to the previous day. The current - month basis is - 284, and the next - month basis is - 342. The spot price is 6150 [3]. - Stainless Steel: The main contract basis rate is 0.42%, with an increase of 1.38% compared to the previous day. The current - month basis is 60, and the next - month basis is 90. The spot price is 14450 [3]. - **Agricultural Products**: - Soybeans: The main contract basis rate is - 4.91%, with a decrease of - 0.37% compared to the previous day. The current - month basis is - 227, and the next - month basis is - 271. The spot price is 4400 [3]. - Soybean Meal (M): The main contract basis rate is 8.06%, with a decrease of - 0.74% compared to the previous day. The current - month basis is 238, and the next - month basis is 160. The spot price is 3190 [3]. - Rapeseed Meal (RM): The main contract basis rate is 9.64%, with a decrease of - 0.23% compared to the previous day. The current - month basis is 226, and the next - month basis is 148. The spot price is 2570 [3]. - Soybean Oil (Y): The main contract basis rate is 3.75%, with an increase of 0.59% compared to the previous day. The current - month basis is 382, and the next - month basis is 324. The spot price is 8970 [3]. - Rapeseed Oil (OI): The main contract basis rate is 5.18%, with a decrease of - 0.20% compared to the previous day. The current - month basis is 510, and the next - month basis is 612. The spot price is 10350 [3]. - Peanuts (PK): The main contract basis rate is 8.99%, with a decrease of - 1.0% compared to the previous day. The current - month basis is 832, and the next - month basis is 570. The spot price is 9000 [3]. - Palm Oil: The main contract basis rate is 0.37%, with a decrease of - 0.05% compared to the previous day. The current - month basis is 36, and the next - month basis is 40. The spot price is 9610 [3]. - Corn Starch (CS): The main contract basis rate is 4.88%, with a decrease of - 0.08% compared to the previous day. The current - month basis is 135, and the next - month basis is 125. The spot price is 2900 [3]. - Corn (C): The main contract basis rate is 1.01%, with no change compared to the previous day. The current - month basis is 24, and the next - month basis is - 5. The spot price is 2400 [3]. - Apples (AP): The main contract basis rate is 14.54%, with a decrease of - 184 compared to the previous day. The current - month basis is - 39, and the next - month basis is - 1446. The spot price is 8500 [3]. - Eggs (JD): The main contract basis rate is - 2.73%, with a decrease of - 312 compared to the previous day. The current - month basis is - 617, and the next - month basis is - 519. The spot price is 3200 [3]. - Hogs (LH): The main contract basis rate is - 3.41%, with a decrease of - 0.10% compared to the previous day. The current - month basis is - 335, and the next - month basis is - 3040. The spot price is 9500 [3]. - Cotton (CF): The main contract basis rate is 8.59%, with an increase of 1200 compared to the previous day. The current - month basis is 15420, and the next - month basis is 15900. The spot price is 16745 [3]. - Sugar (SR): The main contract basis rate is 0.31%, with a decrease of - 0.63% compared to the previous day. The current - month basis is 17, and the next - month basis is - 5. The spot price is 5480 [3]. - **Energy and Chemicals**: - Methanol (MA): The main contract basis rate is 2.12%, with an increase of 1.20% compared to the previous day. The current - month basis is 313, and the next - month basis is 408. The spot price is 3270 [3]. - Ethanol (EG): The main contract basis rate is - 1.05%, with an increase of 0.16% compared to the previous day. The current - month basis is 2028, and the next - month basis is 159. The spot price is 5005 [3]. - PTA (TA): The main contract basis rate is - 1.45%, with a decrease of - 0.05% compared to the previous day. The current - month basis is - 8, and the next - month basis is 2. The spot price is 6680 [3]. - Polypropylene: The main contract basis rate is 3.07%, with a decrease of - 0.55% compared to the previous day. The current - month basis is 280, and the next - month basis is 996. The spot price is 9400 [3]. - Styrene (EB): The main contract basis rate is 1.53%, with an increase of 2.57% compared to the previous day. The current - month basis is 154, and the next - month basis is 1150. The spot price is 10200 [3]. - Short - staple Fiber: The main contract basis rate is - 1.33%, with a decrease of - 1.21% compared to the previous day. The current - month basis is - 132, and the next - month basis is - 82. The spot price is 8150 [3]. - Plastic: The main contract basis rate is 1.52%, with an increase of 1.92% compared to the previous day. The current - month basis is 133, and the next - month basis is 268. The spot price is 8900 [3]. - PVC: The main contract basis rate is - 2.30%, with a decrease of - 0.85% compared to the previous day. The current - month basis is - 130, and the next - month basis is - 246. The spot price is 5520 [3]. - Rubber (RU): The main contract basis rate is - 0.97%, with a decrease of - 0.18% compared to the previous day. The current - month basis is - 205, and the next - month basis is - 160. The spot price is 16300 [3]. - 20 - number Rubber (NR): The main contract basis rate is 1.72%, with a decrease of - 0.21% compared to the previous day. The current - month basis is 235, and the next - month basis is - 30. The spot price is 13870 [3]. - Soda Ash (SA): The main contract basis rate is - 1.63%, with a decrease of - 0.02% compared to the previous day. The current - month basis is - 20, and the next - month basis is - 103. The spot price is 1361 [3]. - Urea (UR): The main contract basis rate is - 0.80%, with a decrease of - 0.64% compared to the previous day. The current - month basis is - 15, and the next - month basis is - 79. The spot price is 1860 [3]. - Bottle Chips (PR): The main contract basis rate is 3.84%, with an increase of 1.47% compared to the previous day. The current - month basis is 8104, and the next - month basis is 469. The spot price is 8415 [3]. - Pulp (SP): The main contract basis rate is 1.58%, with an increase of 1.32% compared to the previous day. The current - month basis is 82, and the next - month basis is - 5. The spot price is 5238 [3]. - Crude Oil (SC): The main contract basis rate is - 2.93%, with an increase of 3.77% compared to the previous day. The current - month basis is - 21.5, and the next - month basis is 28.3. The spot price is 711.6 [3]. - Fuel Oil (FU): The main contract basis rate is 9.95%, with an increase of 0.51% compared to the previous day. The current - month basis is 437, and the next - month basis is 821. The spot price is 4830 [3]. - Asphalt (BU): The main contract basis rate is - 4.69%, with a decrease of - 1.74% compared to the previous day. The current - month basis is - 213, and the next - month basis is 60. The spot price is 4330 [3]. - Low - sulfur Fuel Oil (LU): The main contract basis rate is 9.72%, with a decrease of - 6.1% compared to the previous day. The current - month basis is 492, and the next - month basis is 929. The spot price is 5558 [3]. - LPG (PG): The main contract basis rate is 10.04%, with an increase of 0.15% compared to the previous day. The current - month basis is 1590, and the next - month basis is 657. The spot price is 7198 [3]. - **Stock Index Futures**: - CSI 300 (IF): The main contract basis rate is 1.85%, with a decrease of - 0.11% compared to the previous day. The current - month basis is 24.3, and the next - month basis is 41.7. The spot price is 4477.5 [3]. - SSE 50 (IH): The main contract basis rate is 0.71%, with a decrease of - 0.34

Group 1: Market Data Summary - DR001 closed at 1.32 with a 0.09 bp increase, DR007 at 1.44 with a 0.10 bp decrease, GC001 at 1.38 with a 7.00 bp decrease, and GC007 at 1.55 with a 0.50 bp decrease [3] - SHBOR 3M closed at 1.51 with a 0.20 bp decrease, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.43 with a 0.50 bp decrease, 5 - year treasury at 1.70 with a 0.30 bp decrease, 10 - year treasury at 1.97 with a 0.05 bp decrease, and 10 - year US treasury at 4.33 with a 6.00 bp decrease [3] - The central bank conducted 2240 billion yuan of 7 - day reverse repurchase operations, with a net injection of 2110 billion yuan as 130 billion yuan of 7 - day reverse repurchase matured [3] Group 2: Market Commentary - The inter - bank market liquidity remains stable and loose, with the weighted average interest rate of DR001 around 1.32%. The central bank will conduct 5000 billion yuan of 1 - year MLF operations on March 25, 2026 [4] - The macro news was calm yesterday, and the stock index rebounded and then filled the gap. External shocks still exist, but due to the marginal change in the US attitude and the possible directional opening of the Strait of Hormuz, there is a short - term breathing and easing window for the capital market. The probability of a short - term over - sold rebound of the stock index has increased. In the domestic market, after the sharp decline, the possibility of policy support has risen, and the further decline space of the stock index is limited. In the long - term, the stock index is still bullish [6] Group 3: Stock Index Futures Data - The CSI 300 fell 1.32% to 4477.5, the SSE 50 fell 1.22% to 2824.7, the CSI 500 fell 1.62% to 7642.1, and the CSI 1000 fell 1.44% to 7639.4. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 19571 billion yuan, a decrease of 2359 billion yuan from the previous day. Most industry sectors closed lower, with the energy metals sector rising against the trend and sectors such as insurance, wind power equipment, and photovoltaic equipment leading the decline [5] - The trading volume and positions of IF, IH, and IC decreased, while the trading volume of IM decreased and its positions increased [5] - The IF, IH, IC, and IM all showed different degrees of premium or discount in different contracts [7]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint - The inter - bank market liquidity remains stable and loose, with the DR001 weighted average interest rate around 1.32%. The central bank carried out 5000 billion yuan of 1 - year MLF operations on March 25, 2026, to maintain sufficient liquidity in the banking system [3][4] - After Trump changed his tough stance, the market is trading the possibility of US - Iran negotiations. Iran's statement that non - belligerent vessels can pass through the Strait of Hormuz safely has further boosted risk appetite, and stock index continued to rebound. Although external shocks still exist, the probability of a short - term oversold rebound in the stock index has increased. In the long - term, the stock index is still bullish [5] 3. Summary by Relevant Catalogs 3.1 Macro Financial Data - **Interest Rates**: DR001 closed at 1.32%, down 0.23bp; DR007 closed at 1.44%, up 3.26bp; GC001 closed at 1.45%, down 0.50bp; GC007 closed at 1.56%, down 0.50bp; SHBOR 3M closed at 1.52%, down 0.05bp; LPR 5 - year remained at 3.50%; 1 - year treasury bond closed at 1.45%, down 0.50bp; 5 - year treasury bond closed at 1.67%, unchanged; 10 - year treasury bond closed at 1.97%, down 0.10bp; 10 - year US treasury bond closed at 4.39%, up 5.00bp [3] - **Central Bank Operations**: The central bank conducted 785 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40%. The net investment on the day was 580 billion yuan after deducting the 205 billion yuan of reverse repurchase due. Also, 4500 billion yuan of 1 - year MLF matured, and the central bank will conduct 5000 billion yuan of MLF operations [3] 3.2 Stock Index Data - **Stock Index Performance**: The Shanghai and Shenzhen 300 rose 1.4% to 4537.5; the Shanghai 50 rose 1.01% to 2859.5; the CSI 500 rose 2.24% to 7767.7; the CSI 1000 rose 1.98% to 7751.2. The trading volume of the Shanghai, Shenzhen and Beijing stock markets was 2.19 trillion yuan, an increase of 96.8 billion yuan from the previous day [5] - **Futures Contracts**: IF当月 closed at 4506, up 1.3%; IH当月 closed at 2848, up 0.8%; IC当月 closed at 7686, up 1.7%; IM当月 closed at 7650, up 1.3%. IF trading volume was 102,275, down 13.0%; IF open interest was 260,543, down 1.3%; IH trading volume was 51,519, down 12.9%; IH open interest was 103,242, down 3.0%; IC trading volume was 176,384, down 9.7%; IC open interest was 285,815, down 2.9%; IM trading volume was 223,852, down 23.5%; IM open interest was 375,608, down 6.8% [4] - **Futures Premium and Discount**: IF升贴水 for next - month, next - quarter, current - quarter and current - month contracts were 11.14%, 5.03%, 8.18% and 7.87% respectively; IH升贴水 were 6.40%, 2.89%, 4.38% and 4.78% respectively; IC升贴水 were 16.77%, 12.68%, 12.99% and 10.96% respectively; IM升贴水 were 20.72%, 15.23%, 14.99% and 13.25% respectively [6]

Group 1: Interest Rates - DRO01 increased by 1.32bp, DR007 decreased by 1.44bp, GC001 decreased by 3.50bp, GC007 increased by 6.50bp, SHBOR 3M decreased by 0.22bp, 1 - year Treasury increased by 1.44bp, 5 - year Treasury decreased by 0.40bp, 10 - year Treasury increased by 1.97bp, and 10 - year US Treasury decreased by 5.00bp [3] - The central bank conducted 175 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40%, and 510 billion yuan of reverse repurchases matured, resulting in a net withdrawal of 335 billion yuan [3] - This week, 2423 billion yuan of reverse repurchases will mature, and 4500 billion yuan of MLF will mature on Wednesday [3] Group 2: Stock Indexes - The CSI 300 rose 1.28% to 4474.7, the SSE 50 rose 1.38% to 2830.9, the CSI 500 rose 2.11% to 7597.4, and the CSI 1000 rose 2.59% to 7600.9 [3] - The trading volume of the three major stock markets in Beijing was 2096.2 billion yuan, a decrease of 352.3 billion yuan from the previous day [3] - Industry sectors all rose, with ground military equipment, power, trade, environmental protection, medical services, decoration building materials, industrial metals, public utilities, professional engineering, power grid equipment, and textile and clothing sectors leading the gains [3] - Due to the repeated situation in the Middle East and market rumors of US - Iran negotiations, the risk preference significantly increased, and the stock index rebounded. Although external shocks still exist, the stock index is expected to fluctuate. The postponement of Trump's ultimatum provides a short - term breathing window, increasing the probability of a short - term oversold rebound. The possibility of policy support has increased, and the stock index is expected to have limited further decline and is bullish in the long - term [3] Group 3: Futures Contracts - For IF, the volume decreased by 25.1%, and the open interest decreased by 4.7%; for IH, the volume decreased by 24.6%, and the open interest decreased by 7.8%; for IC, the volume decreased by 10.3%; for IM, the volume decreased by 10.0% [3] - IF had a discount of 8.61% in the current - month contract, 3.97% in the next - month contract, 8.09% in the current - quarter contract, and 7.77% in the next - quarter contract; IH had a discount of 2.50% in the current - month contract, 1.15% in the next - month contract, 3.00% in the current - quarter contract, and 4.19% in the next - quarter contract; IC had a discount of 8.52% in the current - month contract, 10.46% in the next - month contract, 10.37% in the current - quarter contract, and 9.66% in the next - quarter contract; IM had a discount of 11.84% in the current - month contract, 9.66% in the next - month contract, 11.79% in the current - quarter contract, and 11.53% in the next - quarter contract [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Amid the disturbance of the Middle - East geopolitical situation, the stock index declined further yesterday, with the Shanghai Composite Index falling below 4000 points. The central bank stated after the market to "firmly maintain the stable operation of financial markets such as stocks, bonds, and foreign exchange." Currently, considering internal and external factors, the stock index is expected to continue in a weak oscillation pattern. In the future, due to the overall economic tone meeting expectations, multiple policies continuing to work together to promote economic growth, abundant macro - liquidity, and capital market policies aiming to nurture a "slow - bull" market, the stock index is expected to have upward space. As the external geopolitical situation eases and market risk appetite recovers, it is expected to consolidate and resume an upward trend. Strategically, for the medium - to - long - term, one can consider building long positions by taking advantage of the stock index futures discount and pay attention to controlling positions [4] 3. Summary by Relevant Catalogs Market Interest Rate and Bond Data - DR001 closed at 1.32 with a 0.06bp change; DR007 closed at 1.43 with a - 0.61bp change; GC001 closed at 1.30 with a - 6.00bp change; GC007 closed at 1.49 with a 0.00bp change; SHBOR 3M closed at 1.53 with a - 0.40bp change; LPR 5 - year was 3.50 with a 0.00bp change; 1 - year treasury bond closed at 1.24 with a - 0.80bp change; 5 - year treasury bond closed at 1.55 with a 0.00bp change; 10 - year treasury bond closed at 1.83 with a 0.50bp change; 10 - year US treasury bond closed at 4.26 with a 6.00bp change [3] - The central bank conducted 130 billion yuan of 7 - day reverse repurchase operations yesterday with an operating rate of 1.40%. The bid volume was 130 billion yuan, and the winning volume was 130 billion yuan. 245 billion yuan of reverse repurchases matured on the same day, resulting in a net withdrawal of 115 billion yuan. This week, 1765 billion yuan of reverse repurchases will mature in the central bank's open - market operations, with 485 billion, 395 billion, 265 billion, 245 billion, and 375 billion yuan maturing from Monday to Friday respectively. Since March, the liquidity market has been generally loose, and the weighted average interest rate of DR001 has remained around 1.32% [3] Stock Index and Futures Data - The CSI 300 closed at 4583, down 1.61%; the SSE 50 closed at 2916, down 1.53%; the CSI 500 closed at 7877, down 2.71%; the CSI 1000 closed at 7909, down 2.31%. The trading volume of the Shanghai and Shenzhen stock markets was 2127.5 billion yuan, an increase of 66.3 billion yuan from the previous day. Most industry sectors declined, with the public utilities, coal, power, and petroleum and petrochemical sectors rising against the trend, while the precious metals, energy metals, rare earths, industrial metals, small metals, and non - ferrous metals sectors leading the decline [4] - Regarding futures trading volume and open interest: IF trading volume was 153370, up 8.6%; IF open interest was 282146, up 2.4%; IH trading volume was 68881, up 5.8%; IH open interest was 110567, up 26.3%; IC trading volume was 208430, up 22.5%; IC open interest was 306072, up 3.1%; IM trading volume was 282196, up 11.1%; IM open interest was 394837, up 1.3% [4][6] - Regarding futures premium and discount: IF premium/discount was 7.02% (current quarter contract), - 26.67% (near - month contract), 6.66% (next - month contract), 7.37% (next - quarter contract); IH premium/discount was - 49.63% (current quarter contract), 3.81% (near - month contract), 3.05% (next - month contract), 4.02% (next - quarter contract); IC premium/discount was - 43.14% (current quarter contract), 8.77% (near - month contract), 10.38% (next - month contract), 9.70% (next - quarter contract); IM premium/discount was 11.45% (current quarter contract), - 67.22% (near - month contract), 7.29% (next - month contract), 11.61% (next - quarter contract) [4]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - In the short - term, it is expected that the stock index will continue the range - bound pattern. In the long - term, with the economic tone in line with expectations, multiple policies working together to promote economic growth, abundant macro - liquidity, and capital market policies aiming to support a "slow - bull" market, the stock index is expected to have upward space and may resume an upward trend as the external geopolitical situation eases and market risk appetite recovers. It is recommended to consider building long positions using the advantage of stock index futures discounts for medium - to - long - term investment and pay attention to position control [6] Group 3: Summary According to the Directory 1. Macro - financial Data - **Interest Rates**: DR001 closed at 1.32% with a - 0.14bp change, DR007 at 1.43% with a - 0.16bp change, GC001 at 1.36% with a - 11.00bp change, GC007 at 1.49% with a - 3.00bp change, SHBOR 3M at 1.53% with a - 0.38bp change, LPR 5 - year at 3.50% with no change, 1 - year treasury bond at 1.25% with a - 0.50bp change, 5 - year treasury bond at 1.55% with a - 1.60bp change, 10 - year treasury bond at 1.83% with a - 0.81bp change, and 10 - year US treasury bond at 4.20% with a - 3.00bp change [3] - **Central Bank Operations**: The central bank conducted 205 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40% yesterday. 265 billion yuan of reverse repurchases matured, resulting in a net withdrawal of 60 billion yuan. This week, 1765 billion yuan of reverse repurchases will mature, with 485 billion, 395 billion, 265 billion, 245 billion, and 375 billion yuan maturing from Monday to Friday respectively. Since March, the liquidity market has been generally loose, and the weighted average interest rate of DR001 has remained around 1.32% [3][4] 2. Stock Index Data - **Index Performance**: The CSI 300 rose 0.45% to 4658.3, the SSE 50 fell 0.07% to 2961.4, the CSI 500 rose 1% to 8096.4, and the CSI 1000 rose 0.96% to 8096.6. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.06 trillion yuan, a decrease of 163.5 billion yuan from the previous day. Most industry sectors rose, with communication services, components, communication equipment, semiconductors, optoelectronics, software development, computer equipment, power grid equipment, and consumer electronics sectors leading the gains, while the liquor, energy metals, and petroleum and petrochemical sectors leading the losses [5] - **Futures Contracts**: For IF, the closing price of the current - month contract was 4651 with a 0.5% change, trading volume was 141,186 with a - 3.3% change, and open interest was 275,425 with a - 1.8% change; for IH, the closing price of the current - month contract was 2959 with a - 0.1% change, trading volume was 54,518 with a - 21.1% change, and open interest was 104,462 with a - 2.0% change; for IC, the closing price of the current - month contract was 8086 with a 1.1% change, trading volume was 170,100 with a - 0.1% change, and open interest was 296,892 with a 0.9% change; for IM, the closing price of the current - month contract was 8080 with a 0.8% change, trading volume was 253,973 with a 7.8% change, and open interest was 389,812 with a 2.0% change [5] 3. 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 were 27.16%, 7.19%, 7.48%, and 7.33% respectively; for IH, they were 17.42%, 2.64%, 2.55%, and 3.75% respectively; for IC, they were 23.50%, 9.83%, 10.28%, and 9.36% respectively; for IM, they were 36.50%, 11.33%, 12.22%, and 11.61% respectively [7]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The liquidity market has been generally loose since March, with the weighted average rate of DR001 maintained around 1.32%. The central bank conducted 510 billion yuan of 7 - day reverse repurchase operations yesterday, resulting in a net injection of 115 billion yuan after 395 billion yuan of reverse repurchases matured. This week, 1765 billion yuan of reverse repurchases will mature in the central bank's open - market operations [3][4]. - Yesterday, the stock index trends were divergent. The large - financial sector supported the market, while the small - and medium - cap stocks fell significantly. Due to limited incremental information from the Sino - US economic and trade representatives' meeting in Paris, the threat of a postponed visit by US President Trump to China, uncertainties in the Middle East conflict, rising crude oil prices, and increased inflation pressure and impact on global capital market liquidity, domestic small - and medium - cap stocks were dragged down. The stock index is expected to continue in a volatile pattern and may restart an upward trend as external inflation pressure eases and market risk appetite recovers. Strategically, investors can consider building long positions using the premium advantage of stock index futures in the medium - to - long - term while controlling positions [6]. 3. Summary by Relevant Catalog Interest Rate and Bond Market - **Interest Rates**: DR001 closed at 1.32% with a 0.04 bp increase, DR007 at 1.43% with a 1.75 bp decrease, GC001 at 1.47% with a 3.50 bp decrease, GC007 at 1.52% with a 1.50 bp decrease, SHBOR 3M at 1.54% with a 0.22 bp decrease, and LPR 5 - year at 3.50% with no change [3]. - **Bond Yields**: The 1 - year treasury bond yield was 1.25% with a 0.75 bp decrease, the 5 - year treasury bond yield was 1.56% with a 0.40 bp decrease, the 10 - year treasury bond yield was 1.84% with a 0.29 bp decrease, and the 10 - year US treasury bond yield was 4.23% with a 5.00 bp decrease [3]. Stock Index and Futures - **Stock Indexes**: The CSI 300 fell 0.73% to 4637, the SSE 50 rose 0.32% to 2964, the CSI 500 fell 2.07% to 8016, and the CSI 1000 fell 2.33% to 8020 [5][6]. - **Stock Index Futures**: IF当月 fell 0.7% to 4629, IH当月 rose 0.3% to 2962, IC当月 fell 2.2% to 8000, and IM当月 fell 2.1% to 8014. In terms of trading volume and open interest, IF trading volume increased 17.4% to 146,045, and open interest increased 2.5% to 280,450; IH trading volume increased 14.7% to 69,141, and open interest decreased 3.2% to 106,613; IC trading volume increased 0.3% to 170,339, and open interest decreased 2.7% to 294,227; IM trading volume increased 7.7% to 235,540, and open interest increased 0.1% to 382,072 [5]. - **Futures Premium/Discount**: IF's premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 22.67%, 6.20%, 6.67%, and 6.86% respectively; IH's were 6.48%, 3.41%, 3.01%, and 3.89% respectively; IC's were 24.32%, 9.70%, 9.99%, and 9.45% respectively; IM's were 8.89%, 10.11%, 12.06%, and 11.21% respectively [7]. Stock Market Trading Volume and Sector Performance - The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.22 trillion yuan, a decrease of 115.4 billion yuan from the previous day. Most industry sectors closed lower, with the insurance, chemical fiber, and real - estate services sectors leading the gains, and the communication equipment, electronic chemicals, components, power supply equipment, non - metallic materials, marine equipment, battery, and aerospace equipment sectors leading the losses [6].

Key Information from the Research Report 1. Market Data and Trends - **Interest Rates**: DRO01 closed at 1.32 with a -0.58bp change, DR007 at 1.46 with -0.88bp, GC001 at 1.18 with -28.00bp, GC007 at 1.50 with -2.00bp, SHBOR 3M at 1.54 with -0.40bp, LPR 5 - year at 3.50 with 0.00bp, 1 - year treasury at 1.28 with 0.67bp, 5 - year treasury at 1.56 with 0.55bp, 10 - year treasury at 1.81 with 0.76bp, and 10 - year US treasury at 4.27 with 6.00bp [4] - **Stock Indexes**: Last week, CSI 300 rose 0.19% to 4669.1, SSE 50 fell 1.2% to 2956.8, CSI 500 fell 1.44% to 8239.8, and CSI 1000 fell 0.42% to 8214.3. This week, CSI 300 closed at 4669 with -0.39%, SSE 50 at 2957 with -0.50%, CSI 500 at 8240 with -1.43%, and CSI 1000 at 8214 with -1.46% [5] - **Stock Index Futures**: IF volume was 105420 with 7.5% change, IF open interest was 271580 with 0.9% change; IH volume was 40231 with -4.4% change, IH open interest was 104055 with -2.9% change; IC volume was 143226 with 1.2% change, IC open interest was 292785 with -1.0% change; IM volume was 202030 with 7.6% change, IM open interest was 376110 with 0.2% change [5] - **Industry Indexes**: Last week, power equipment (4.6%), building decoration (4.1%), public utilities (3.1%), banks (1.4%), and agriculture, forestry, animal husbandry and fishery (1%) led the gains, while national defense and military industry (-6.6%), comprehensive (-4.3%), non - ferrous metals (-3.7%), media (-3.2%), and machinery and equipment (-2.4%) led the losses [5] - **Stock Trading Volume**: Last week's A - share daily trading volumes were 26706 billion yuan, 24168 billion yuan, 25283 billion yuan, 24606 billion yuan, and 24173 billion yuan, with an average daily trading volume decrease of 456.3 billion yuan compared to the previous week [5] 2. Central Bank Operations - **Last Week**: The central bank conducted 176.5 billion yuan of reverse repurchase operations, with 277.6 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 101.1 billion yuan. Also, 150 billion yuan of 1 - month treasury cash fixed - term deposits matured [4] - **This Week**: 176.5 billion yuan of reverse repurchases will mature, with 48.5 billion, 39.5 billion, 26.5 billion, 24.5 billion, and 37.5 billion yuan maturing from Monday to Friday respectively. Additionally, 600 billion yuan of 182 - day repurchase - style reverse repurchases will mature on Monday. The central bank conducted 500 billion yuan of repurchase - style reverse repurchases on March 16, with a contraction scale of 100 billion yuan [5] 3. Market Outlook and Strategy - **Geopolitical and Economic Events**: Uncertainty remains in the Middle East conflict, with multiple countries in initial contact with Iran for safe passage through the Strait of Hormuz. High overseas imported inflation risk exists due to oil price fluctuations. China and the US will hold economic and trade consultations in France [6] - **Stock Index Outlook**: Last week, stock indexes were weakly volatile. In the future, as external inflation pressure eases and market risk appetite recovers, stock indexes are expected to consolidate and resume an upward trend. For the medium - to - long - term, consider building long positions using the discount advantage of stock index futures [6] 4. Futures Premium and Discount - **IF Premium/Discount**: The current - month contract has a 17.42% premium, next - month 6.14%, current - quarter 6.97%, and next - quarter 6.72% [7] - **IH Premium/Discount**: The current - month contract has a - 0.38% discount, next - month 0.62%, current - quarter 1.42%, and next - quarter 3.32% [7] - **IC Premium/Discount**: The current - month contract has a 23.03% premium, next - month 10.04%, current - quarter 9.64%, and next - quarter 8.92% [7] - **IM Premium/Discount**: The current - month contract has a 24.25% premium, next - month 13.02%, current - quarter 12.18%, and next - quarter 11.13% [7]

Report Industry Investment Ratings - The report does not provide an overall industry investment rating but gives specific trading suggestions for various futures products, including long - term bullish, short - term trading, range trading, and short - selling opportunities [1] Core Views - The report analyzes the market conditions of multiple futures sectors, including macro - finance, black building materials, non - ferrous metals, energy chemicals, cotton - spinning industry chain, and agricultural livestock. It provides trading strategies based on factors such as supply - demand relationships, geopolitical situations, and cost changes [1] Summary by Directory Macro - Finance - **Stock Index**: Long - term bullish, recommend buying on dips. US inflation cools, Fed rate - cut expectations decline, and geopolitical factors may put pressure on the stock index [5] - **Treasury Bonds**: Expected to trade in a range. The trading around the Two Sessions and short - term RRR cuts or rate cuts is over, and the market will focus on quarter - end institutional behavior and overseas situations. China's inflation data may influence the market [6] Black Building Materials - **Coking Coal**: Short - term trading. After the Spring Festival, the coking coal market is weak and stable, with slow demand recovery and low trading volume [9] - **Rebar**: Range trading. The rebar futures price is expected to be slightly bullish in the short term, with low static valuation and ongoing inventory accumulation [10] - **Glass**: Short - selling on rallies. Supply increases, inventory rises, demand is weak, and the fundamental situation is poor, limiting the upside potential [11][12] Non - Ferrous Metals - **Copper**: Short - term range trading or wait - and - see, with an operating range of 98,000 - 106,000 yuan/ton. Geopolitical factors, economic recession expectations, and inventory changes need to be closely monitored [14][15] - **Aluminum**: Suggest strengthening observation. The price is affected by geopolitical situations, supply - demand changes, and inventory levels. It is recommended to allocate more while controlling positions [17] - **Nickel**: Suggest holding moderately on dips. The reduction of nickel ore quotas in Indonesia supports the price, but demand is weak in some sectors [18][19] - **Tin**: Range trading. Supply is tight, and downstream demand is stable. The price is expected to continue wide - range fluctuations [20] - **Gold and Silver**: Both are expected to trade in a range. Geopolitical situations and inflation expectations affect the prices, and it is recommended to wait and trade cautiously [22][23] - **Lithium Carbonate**: Range - bound. Supply and demand both increase, and the price is expected to continue to fluctuate [24][25] Energy Chemicals - **PVC**: Bullish and volatile. The cost is low, supply is high, domestic demand is weak, and exports are expected to support the price in the short term [26] - **Caustic Soda**: Bullish and volatile. Demand from alumina production provides support, and exports may increase due to geopolitical factors. Spring maintenance and downstream restocking support the price [29] - **Styrene**: Bullish and volatile. Geopolitical factors drive up the oil price, providing cost support. Low inventory and export support the price [30] - **Polyolefins**: Bullish and volatile. Geopolitical conflicts support the cost, and supply - demand conditions improve marginally [31] - **Rubber**: Bullish and volatile. Cost support is strong, but inventory pressure is high. It is recommended to buy on dips and not chase the high [32] - **Urea**: Bullish and range - trading. Supply increases, demand from agriculture and compound fertilizers supports the price, and inventory levels are relatively low [34] - **Methanol**: Bullish and range - trading. The conflict in Iran may cause supply shortages, and domestic supply and demand are in a complex situation [35] - **Soda Ash**: Short - selling on rallies. Supply is high, inventory pressure is large, and the price is expected to remain under pressure [37] Cotton - Spinning Industry Chain - **Cotton and Cotton Yarn**: Bullish and volatile. Global cotton supply and demand change, and the price is expected to be bullish after the festival [38] - **Apples**: Bullish and volatile. The trading is stable, with some regional differences in price and demand [40] - **Red Dates**: Expected to trade in a range. The acquisition price in the Xinjiang region is based on quality [41] Agricultural Livestock - **Hogs**: For contracts 05 and 07, adopt a short - selling on rallies strategy; for contract 09, treat it as a range - bound market. The short - term price is under pressure due to oversupply, and the long - term price depends on capacity reduction [42][43] - **Eggs**: Range - bound. Supply is sufficient, demand is in a transition stage, and the price is expected to oscillate in the short term [44] - **Corn**: Bullish and volatile. Be cautious when chasing high prices. Short - term supply - demand game is intense, and long - term supply is expected to be relatively loose [45] - **Soybean Meal**: Bullish and volatile. Be cautious when chasing long positions in the 05 contract. The price is affected by factors such as US soybean exports, Brazilian harvest, and domestic supply [46] - **Oils and Fats**: Bullish and volatile. Follow the international crude oil price. It is recommended to go long on soybean and palm oils. Different oils have different supply - demand situations [47][48][49]