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]

Report Information - Report title: Funds Flow and Key Seats' Position Changes Daily Report [1] - Report date: March 30, 2026 [1] - Data date: March 27, 2026 [2] Core Content Funds Flow - The report presents the percentage changes in funds inflow and outflow for various varieties, but specific data details are not clearly described in the text [2] Key Seats' Position Changes - The report shows the net positions and daily position changes (with color - coded for increase or decrease) of several futures companies including Morgan Chase, Qiankun Futures, UBS Futures, CITIC Futures, and Guotai Junan for different futures products such as peanut, sulfur - fuel oil, CSI 500 Index, etc [2]

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 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 - Report Title: Funds Flow and Key Seats' Position Changes Daily Report [1] - Date: March 23, 2026 [1] - Data Date: March 20, 2026 [2] Core Content Funds Inflow and Outflow - The vertical axis percentage represents net positions divided by total positions (unilateral) and daily position changes divided by total positions (unilateral) [2] Key Seats' Position Changes - **Morgan Chase**: Displays net positions and daily position changes for various products such as Yuan Shen 800 Futures, Standard Oil, etc [2] - **Qiankun Futures**: Shows net positions and daily position changes for products like peanuts, iron ore, etc [2] - **UBS Futures**: Presents net positions and daily position changes for products including stainless steel, iron ore, etc [2] - **CITIC Futures**: Displays position changes for products such as annual treasury bond futures [3] - **Guotai Junan**: Shows position changes for certain products [3]

Report Industry Investment Rating - The report does not provide an overall industry investment rating [1] Core Views - Based on weekly technical indicators, in the commodity futures market, most precious metals and non - ferrous metals show bearish signals, while some black and shipping, energy, and agricultural products show bullish signals; in the financial futures market, most stock index futures show bearish signals, and 2 - year treasury bond futures show bullish signals, with others being volatile [2][3] Summary by Directory 1. Non - ferrous and Precious Metals Sector - Gold and silver in the precious metals sector show weekly bearish signals. In the non - ferrous sector, alumina shows a bullish signal, while most other varieties like nickel, copper, and aluminum show bearish signals, and lead and polysilicon are volatile [9] - The main contract of Shanghai aluminum is expected to be weakly volatile in the short term. This week, the price decreased by 3.77%, the weekly MACD red bar contracted, and the daily MACD showed a death - cross signal. Attention should be paid to the support of the MA60 [13] 2. Black and Shipping Sector - Hot - rolled coils, coke, manganese silicon, and ferrosilicon in the black and shipping sector show bullish signals, and the rest are volatile; European container shipping is also volatile [18] - The main contract of rebar is expected to be volatile in the short term. The daily MACD shows a bullish arrangement but the red bar is shortening. Attention should be paid to the breakthrough situation between 3130 - 3150 yuan/ton and the support of the MA60 [22] 3. Energy and Chemical Sector - In the energy sector, fuel oil, asphalt, LPG, etc. show bullish signals; in the chemical sector, plastics, PVC, etc. show bullish signals, while p - xylene, glass, etc. show bearish signals, and the rest are volatile [27] - The main contract of pulp is expected to be volatile in the short term. The monthly MACD shows a bearish arrangement, and the weekly price fluctuates between 5000 - 5500 yuan/ton [31] 4. Agricultural Products Sector - Logs, soybeans No.2, rapeseed oil, etc. in the agricultural products sector show bullish signals, while cotton, pigs, and red dates show bearish signals, and the rest are volatile [36] - The main contract of corn is expected to be volatile and rising in the short term. The weekly K - line shows a "cross - line" pattern, and the price fluctuates between 2380 - 2420 yuan/ton [41] 5. Stock Index Futures Sector - The Shanghai 50 futures show a volatile trend, while the CSI 300, CSI 500, and CSI 1000 futures show bearish signals [47] - The IC CSI 500 futures have short - term downward pressure. The weekly price dropped by 7.97%, and the daily price broke through the MA60 and approached the MA120 [50] - The IF CSI 300 futures still have short - term downward risks. The weekly price dropped by 3.68%, and the daily price broke through the MA120 [53] 6. Treasury Bond Futures Sector - The 2 - year treasury bond futures show bullish signals, while the 5 - year, 10 - year, and 30 - year treasury bond futures show volatile trends [59] - The T 10 - year treasury bond futures are expected to be weakly volatile in the short term. The weekly price moved away from the MA60, and the daily price broke through the original volatile range [63] - The TS 2 - year treasury bond futures are expected to be volatile in the short term. The daily MACD shows a bullish arrangement, and the price runs between the middle and upper rails of the Bollinger Band [66]

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]