Report Information - Report title: "Fund Flow and Key Seats' Position Changes Daily Report" [1] - Report date: April 1, 2026 [1] - Data date: March 31, 2026 [2] Key Points about Fund Flows and Positions Morgan Chase - Net position and daily position change data are presented for various products, with the net position reaching up to 14.00% and daily position change shown on the chart [2] Qiankun Futures - Net position and daily position change data are presented for various products, with the net position reaching up to 14.00% and daily position change shown on the chart [2] UBS Futures - Net position and daily position change data are presented for various products, with the net position reaching up to 4.00% and daily position change shown on the chart [2] CITIC Futures - Net position and daily position change data are presented, with the net position reaching up to 10.00% and daily position change shown on the chart [4] Guotai Junan - Net position and daily position change data are presented, with the net position reaching up to 20.00% and daily position change shown on the chart [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In March 2026, the domestic stock index futures market weakened overall, with all major futures contracts closing down. Small and medium - cap related index futures declined more significantly than large - cap blue - chip varieties. The market sentiment remained weak throughout the month, and the index futures were under pressure [4]. - The full - bond futures showed a differentiated trend last month. The 30 - year Treasury bond futures declined, while the 10 - year, 5 - year, and 2 - year Treasury bond futures showed slight increases [5]. - In March, the manufacturing PMI, non - manufacturing business activity index, and comprehensive PMI output index all rose above the critical point, indicating an improvement in the overall business climate [8][11][15]. - The overall market valuation is at a relatively high level, and the valuation pressure of small and medium - cap varieties is more prominent. The high valuation restricts the upward space of the market, and if the performance fails to meet expectations, there will be greater valuation adjustment pressure [33][34]. - The trend of index futures deviates from the repair of the domestic economic fundamentals. The core suppression factors are the high overall valuation and the overseas geopolitical conflicts, which lead to a decline in market risk preference. The size - style differentiation is significant, with small and medium - cap varieties adjusting more than large - cap blue - chip varieties [34]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Stock Index Futures**: In March, the domestic stock index futures market weakened. The CSI 300 futures (IF) closed at 4,375.8 with a monthly decline of 7.17% (-338.0); the SSE 50 futures (IH) closed at 2,804.0 with a monthly decline of 7.93% (-241.4); the CSI 500 futures (IC) closed at 7,425.0 with a monthly decline of 14.12% (-1220.4); the CSI 1000 futures (IM) closed at 7,379.4 with a monthly decline of 13.50% (-1152.0) [4]. - **Bond Futures**: The 30 - year Treasury bond futures closed at 111.690 with a monthly decline of 0.38% (-0.43); the 10 - year Treasury bond futures closed at 108.400 with a monthly increase of 0.01% (0.010); the 5 - year Treasury bond futures closed at 106.025 with a monthly increase of 0.11% (0.120); the 2 - year Treasury bond futures closed at 102.538 with a monthly increase of 0.09% (0.090) [5]. 3.2 Valuation Analysis - As of March 31, the PE of the CSI 300 index was 13.96 times, the quantile was 77.69%, and the PB was 1.44 times; the PE of the SSE 50 index was 11.30 times, the quantile was 75.34%, and the PB was 1.22 times; the PE of the CSI 500 index was 35.15 times, the quantile was 86.69%, and the PB was 2.42 times; the PE of the CSI 1000 index was 46.94 times, the quantile was 75.54%, and the PB was 2.55 times [18]. 3.3 Other Data - **Stock - Bond Spread**: There are two formulas for calculating the stock - bond spread. One is based on the reciprocal of the price - earnings ratio, and the other is based on the dividend yield [26]. - **China - Buffett Indicator**: The reasonable valuation range of A - shares is about 70% - 100%. As of March 30, 2026, the "total market value/GDP" was 88.43%, the quantile in historical data was 87.55%, and the quantile in the last 10 - year data was 91.34% [29][30]. 3.4 Comprehensive Analysis - **Policy**: The policy maintains a loose tone. The market liquidity environment is stable and loose, and the policy emphasizes the implementation of active fiscal policy and moderately loose monetary policy [32]. - **Domestic Fundamentals**: After the Spring Festival, enterprises resumed work and production, and the market activity increased. The manufacturing and non - manufacturing business climate improved, and the comprehensive economic climate returned to the expansion range [32]. - **Overseas Situation**: Geopolitical conflicts continued to ferment, leading to an increase in global risk - aversion sentiment, rising commodity prices, and increased production costs for domestic enterprises, which may affect the global supply chain and inflation expectations and disturb the policy rhythm [32]. 3.5 Operation Suggestions - **Single - Side Trading**: Be cautious and participate in bottom - fishing. Large - cap blue - chip index futures have a relatively higher safety margin. Pay attention to the layout opportunities after the shock correction. For small and medium - cap varieties, do not blindly chase the high and strictly control the position to prevent volatility risks [35]. - **Arbitrage**: Participate in the spread convergence strategy of going long on IH and short on IM/IC. Pay close attention to the progress of geopolitical conflicts and market style switching signals. If the risk - aversion sentiment continues to rise, the defensive attribute of the large - cap style will be dominant in the short term, and set stop - losses strictly [35]. - **Options**: In the context of expected market volatility, use the covered call strategy to increase the holding income. To prevent the downside risks caused by valuation decline and geopolitical conflicts, consider buying out - of - the - money put options for hedging [35].

Report Information - Report title: Funds Flow and Key Seats' Position Changes Daily Report [1] - Report date: March 31, 2026 [1] - Data date: March 30, 2026 [2] Core Content Funds Flow - The report presents the percentage changes in funds inflow and outflow of various varieties, but specific varieties are not clearly identified in the provided content [2] Key Seats' Position Changes - **Morgan Chase**: Shows the net position and daily position changes (increase or decrease) for multiple products such as crude oil, lottery 008 futures, iron ore, etc. The net position and daily position change percentages range from -4% to 12% [2] - **Qiankun Futures**: Displays the net position and daily position changes for products like stainless steel, etc. The net position and daily position change percentages range from -8% to 14% [2] - **UBS Futures**: Presents the net position and daily position changes for products including LPG, etc. The net position and daily position change percentages range from -5% to 4% [2] - **CITIC Futures**: The net position and daily position change percentages range from -15% to 15% [4] - **Guotai Junan**: The net position and daily position change percentages range from -20% to 15% [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Based on weekly technical indicator signals, different sectors of commodity and financial futures show various trends. In the commodity futures, precious metals, non - ferrous metals, black and shipping, energy, chemical, and agricultural product sectors have different signals of rising, falling, or oscillation. In the financial futures, stock index futures mostly show bearish signals, while treasury bond futures show an oscillatory trend [1][2] 3. Summary by Directory 3.1有色及贵金属板块 - Precious metals: Gold shows a bearish signal, and silver shows an oscillatory signal. Non - ferrous metals: Zinc, industrial silicon, and lithium carbonate show bullish signals, aluminum shows a bearish signal, and the rest show oscillatory signals. For example, Shanghai Aluminum is expected to oscillate in the short - term, with a weekly "umbrella line" but no reversal, a shrinking MACD red column, and a narrowing Bollinger Band [9][10][13] 3.2黑色及航运板块 - Hot - rolled coil, coking coal, and manganese silicon show bullish signals, and the rest, including European container shipping, show oscillatory signals. For example, rebar is expected to oscillate in the short - term, with a flat weekly line, a MACD death - cross above the zero - axis on the daily line, and the price touching the MA60 [18][19][24] 3.3能源及化工板块 - In the energy sector, crude oil, asphalt, and LPG show bullish signals, while fuel oil and low - sulfur fuel oil show oscillatory signals. In the chemical sector, soda ash, 20 - rubber, methanol, PTA, etc. show bullish signals, and the rest show oscillatory signals. For example, pulp is expected to oscillate in the short - term, with a bearish monthly line, weakening upward momentum on the weekly line, and a MACD running below the zero - axis on the daily line [31][32][35] 3.4农产品板块 - Soybean oil, sugar, soybean No. 2, palm oil, rapeseed oil, eggs, and red dates show bullish signals, soybean No. 1, rapeseed meal, and apples show bearish signals, and the rest show oscillatory signals. For example, corn is expected to oscillate in the short - term, with a bullish weekly line but a shrinking red column and a MACD green column expanding on the daily line [40][41][45] 3.5股指期货板块 - Shanghai 50, CSI 500, CSI 1000, and SSE 300 stock index futures all show bearish signals. For example, IC CSI 500 futures and IF SSE 300 futures are expected to oscillate in the short - term [50][51][53] 3.6国债期货板块 - 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures all show oscillatory signals. For example, the 10 - year treasury bond futures are expected to oscillate and repair in the short - term, and the 2 - year treasury bond futures are expected to oscillate in the short - term [62][63][66]

Report Information - Report title: Funds Flow and Key Seats' Position Changes Daily Report [1] - Report date: March 27, 2026 [1] - Data date: March 26, 2026 [2] Core Content Funds Flow - The report presents the percentage changes in funds inflow and outflow of various varieties, but specific data for each variety is not clearly stated [2] Key Seats' Position Changes - The report shows the net positions and daily position changes (increase or decrease) of key seats such as JPMorgan, Qiankun Futures, UBS Futures, CITIC Futures, and Guotai Junan in different futures products, including CSI 500 Futures, CSI 1000 Futures, etc. The vertical axis percentage represents the net position divided by the total position (unilateral) and the daily position change divided by the total position (unilateral) [2]

Report Information - Report Title: "Fund Flow and Key Seats' Position Changes Daily Report" [1] - Report Date: March 26, 2026 [1] - Data Date: March 25, 2026 [2] Industry Investment Rating - Not provided Core View - Not provided Summary by Related Catalogs Fund Inflow and Outflow - The vertical axis percentage is calculated as net position divided by total position (unilateral) and daily position change divided by total position (unilateral) [2] Key Seats' Position Changes - **Morgan Chase**: Data on net position and daily position change are presented, with the same - color indicating position increase and the opposite - color indicating position decrease [2] - **Qiankun Futures**: Position data for varieties such as CSI 300 Futures, Peanuts, etc., with net position and daily position change shown, and the color rule for position increase or decrease [3] - **UBS Futures**: Position data for various products are presented, including net position and daily position change, and the color rule for position increase or decrease [3] - **Sinolink Futures**: Position data for some products with daily position change, and the color rule for position increase or decrease [3] - **Guotai Junan**: Position data for some products with daily position change, and the color rule for position increase or decrease [3]

Report Information - Report title: "Fund Flow and Key Seats' Position Change Daily Report" [1] - Report date: March 25, 2026 [1] - Data date: March 24, 2026 [2] Industry Investment Rating - No relevant information provided Core View - No clear core view is presented in the given content Summary by Related Content Variety Fund Inflow and Outflow - The vertical axis percentage represents net position divided by total position (unilateral) and daily position change divided by total position (unilateral) [2] Key Seats' Position Changes - Information about the net positions and daily position changes of Morgan大通, 乾坤期货, 瑞银期货, 中信期货, and 国泰君安 is presented, with different percentage values for various varieties such as peanuts, fuel oil, CSI 300 futures, etc. [2][3]

Report Information - The report is a daily report on capital flow and changes in positions of key seats, with the data date being March 18, 2026, and the release date being March 19, 2026 [1][2] Capital Flow - Presented the inflow and outflow ratio of funds for various varieties, but no specific data was given in the text [2] Key Seats' Position Changes - For various futures products, the net positions and daily position changes of key seats such as J.P. Morgan, Qiankun Futures, UBS Futures, CITIC Futures, and Guotai Junan are presented in percentage terms. For example, J.P. Morgan's net positions and daily position changes for products like Apple 300, Standard Oil, and Peanuts are shown; Qiankun Futures' for Methanol, Iron Ore, etc.; UBS Futures' for Stainless Steel, 20 - gauge products, etc.; CITIC Futures' and Guotai Junan's for relevant products. However, the text does not provide specific numerical data for all products [2][3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The market style differentiation is expected to continue in the short term. The Shanghai - Shenzhen 300 Index is expected to maintain a range - bound oscillation; the Shanghai 50 Index is expected to be relatively resistant to decline; the small - and medium - cap indexes corresponding to IC and IM are volatile in the short term, but the CSI 500 Index has long - term allocation value and may have structural opportunities after short - term adjustment [4]. 3. Summary by Directory 3.1. Market Review - On March 17, 2026, the four major stock index futures contracts on the CFFEX showed a differentiated trend, with large - cap blue - chips being stronger and small - and medium - cap varieties being weaker [2]. - The CSI 300 futures contract opened at 4680.0 points, closed at 4628.8 points, down 33 points, with a trading volume of 72312 lots and a position of 78883 lots, a decrease of 10452 lots from the previous trading day, and the variety position increased by 6776 lots [2]. - The SSE 50 futures contract opened at 2959.8 points, closed at 2962.0 points, up 8.8 points, with a trading volume of 34019 lots and a position of 33412 lots, a decrease of 9337 lots from the previous trading day, and the variety position decreased by 3547 lots [2]. - The CSI 500 futures contract opened at 8193.0 points, closed at 8000.0 points, down 167.2 points, with a trading volume of 72130 lots and a position of 69093 lots, a decrease of 15355 lots from the previous trading day, and the variety position decreased by 8120 lots [2]. - The CSI 1000 futures contract opened at 8203.8 points, closed at 8014.0 points, down 165.2 points, with a trading volume of 109515 lots (the highest among the four varieties) and a position of 100638 lots, a decrease of 14329 lots from the previous trading day, and the variety position increased by 508 lots [3]. 3.2. Analysis of Underlying Index Performance - On March 17, 2026, the four underlying indexes showed a differentiated trend, consistent with the corresponding futures varieties [3]. - The CSI 300 Index closed at 4637.44 points, down 0.73%. The financial and cyclical sectors in the weights were strong, but other sectors were weak, leading to a decline in the index [4]. - The SSE 50 Index closed at 2963.58 points, up 0.32%. The large - financial sectors such as insurance, banks, and securities led the gains, which was the core support for its strength [4]. - The CSI 500 Index closed at 8016.03 points, down 2.07%. The adjustment of small - and medium - cap weight sectors such as communication, agriculture, and chemicals led to a significant decline in the index [4]. - The CSI 1000 Index closed at 8019.86 points, down 2.33%. The general adjustment of small - and medium - cap growth sectors was the main reason for the index's weakness [4]. 3.3. Short - term Outlook - In the short term, the market style differentiation is expected to continue. The SSE 50 Index corresponding to IH is expected to be relatively resistant to decline due to the defensive properties of large - financial and low - valuation blue - chips and the policy expectations of weight sectors. The CSI 300 Index corresponding to IF is expected to maintain a range - bound oscillation due to the differentiation of weight sectors. The small - and medium - cap indexes corresponding to IC and IM are volatile in the short term due to the sentiment of growth sectors, but the CSI 500 Index has long - term allocation value and may have structural opportunities after short - term adjustment [4].

Report Information - Report Name: Funds Flow and Key Seats' Position Changes Daily Report [1] - Date: March 13, 2026 [1] - Data Date: March 12, 2026 [2] Core Content Funds Inflow and Outflow of Varieties - The report presents data on the inflow and outflow of funds in various varieties, but the specific varieties and their inflow/outflow details are not clearly described other than the outflow ratio percentages shown in the graph [2] Key Seats' Position Changes - **Morgan Chase**: Shows net positions and daily position changes (same - color for increasing positions, opposite - color for decreasing positions) for multiple products like CSI 1000 Futures, etc. The net position and daily position change percentages range from - 4% to 10% [2] - **Qiankun Futures**: Displays net positions and daily position changes for products such as stainless steel, iron ore, etc. The net position and daily position change percentages range from - 10% to 20% [2] - **UBS Futures**: Presents data on net positions and daily position changes for products like CSI 500 Futures, etc. The net position and daily position change percentages range from - 6% to 4% [2] - **CITIC Futures**: Shows net positions and daily position changes for products like Treasury bond futures. The net position and daily position change percentages range from - 15% to 15% [3] - **Guotai Junan**: Displays position change percentages for certain products, with the range from - 30% to 15% [3]