Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View No clear core view presented in the content. The report mainly provides daily arbitrage data for various futures varieties on March 31, 2026. 3. Summary by Directory I. Thermal Coal - The report shows the basis and spread data of thermal coal from March 24 to March 30, 2026. The basis values were -50.4, -45.4, -41.4, -40.4, -40.4 respectively, and the spreads (5 - 1, 9 - 1, 9 - 5) were all 0.0 during this period [2]. II. Energy and Chemicals - **Energy Commodities**: It includes basis data of fuel oil, crude oil, and asphalt from March 24 to March 30, 2026. For example, the basis of INE crude oil on March 30 was 540.36, and the ratio of crude oil to asphalt was 0.1641 [8]. - **Chemical Commodities**: - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 24 to March 30, 2026 are presented. For instance, the basis of rubber on March 30 was -190 [10]. - **Inter - period Spreads**: The spreads of 5 - 1, 9 - 1, and 9 - 5 for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 spread of rubber was -800 [11]. - **Inter - variety Spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from March 24 to March 30, 2026 are provided. For example, the LLDPE - PVC spread on March 30 was 3360 [11]. III. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 24 to March 30, 2026 are shown. For example, the basis of rebar on March 30 was 111.0 [20][21]. - **Inter - period Spreads**: The spreads of 5 - 1, 9(10) - 1, and 9(10) - 5 for rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 spread of rebar was -44.0 [20]. - **Inter - variety Spreads**: The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the spread of rebar - hot rolled coil from March 24 to March 30, 2026 are provided. For example, the rebar to iron ore ratio on March 30 was 3.85 [20]. IV. Non - ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 24 to March 30, 2026 are given. For example, the basis of copper on March 30 was -380 [30]. - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on March 30, 2026 are presented. For example, the LME spread of copper was (82.55) [33]. V. Agricultural Products - **Basis**: The basis data of soybeans, soybean meal, soybean oil, corn, etc. from March 24 to March 30, 2026 are shown. For example, the basis of soybeans on March 30 was 6 [40]. - **Inter - period Spreads**: The spreads of 5 - 1, 9 - 1, and 9 - 5 for various agricultural products are provided. For example, the 5 - 1 spread of soybeans was -54 [40]. - **Inter - variety Spreads**: The ratios and spreads of various agricultural products from March 24 to March 30, 2026 are presented. For example, the ratio of soybeans to corn on March 30 was 1.94 [40]. VI. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 24 to March 30, 2026 are given. For example, the basis of CSI 300 on March 30 was 77.95 [51]. - **Inter - period Spreads**: The spreads of next - month to current - month and next - quarter to current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month to current - month spread of CSI 300 was -19.8 [51].

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on March 30, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][6][23][29][40][51] 3. Summary by Directory 3.1 Power Coal - The report shows the basis and inter - period spreads of power coal from March 23 to March 27, 2026. The basis values are - 58.4, - 50.4, - 45.4, - 41.4, and - 40.4 respectively, and the inter - period spreads (5 - 1, 9 - 1, 9 - 5) are all 0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - From March 23 to March 27, 2026, the basis of INE crude oil is 339.44, 345.10, 259.80, 50.55, and 105.35 respectively; the basis of fuel oil is 374.15, 208.78, 103.65, 222.50, and 151.50 respectively; the crude oil / asphalt ratio is 0.1762, 0.1686, 0.1668, 0.1624, and 0.1641 respectively [7] 3.2.2 Chemical Commodities - Inter - period spreads: For rubber, 5 - 1 is - 820, 9 - 1 is - 765, 9 - 5 is 55; for methanol, 5 - 1 is 369, 9 - 1 is 107, 9 - 5 is - 262; etc. - Inter - variety spreads: For example, on March 27, 2026, LLDPE - PVC is 3187, LLDPE - PP is - 428, etc. - Basis: The basis data of rubber, methanol, PTA, etc. from March 23 to March 27, 2026 are provided [11][12] 3.3 Black Metals - Inter - period spreads: For example, for rebar, 5 - 1 is - 51.0, 9(10) - 1 is - 24.0, 9(10) - 5 is 27.0; for iron ore, 5 - 1 is 45.5, 9(10) - 1 is 19.5, 9(10) - 5 is - 26.0 - Inter - variety spreads: On March 27, 2026, the rebar / iron ore ratio is 3.84, the rebar / coke ratio is 1.7834, etc. - Basis: The basis data of rebar, iron ore, coke, and coking coal from March 23 to March 27, 2026 are provided [22][23] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 23 to March 27, 2026 are presented, such as - 380 for copper on March 27, 2026 [32] 3.4.2 London Market - On March 27, 2026, the LME spreads of copper, aluminum, zinc, etc. are provided, along with the Shanghai - London ratio, CIF, domestic spot price, and import profit and loss [35] 3.5 Agricultural Products - Basis: The basis data of soybeans, soybean meal, soybean oil, etc. from March 23 to March 27, 2026 are given, such as 27 for soybeans on March 27, 2026 - Inter - period spreads: For example, for soybeans, 5 - 1 is - 50, 9 - 1 is - 6, 9 - 5 is 44 - Inter - variety spreads: On March 27, 2026, the soybean / corn ratio is 1.93, the soybean oil / soybean meal ratio is 2.95, etc. [41] 3.6 Stock Index Futures - Basis: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 23 to March 27, 2026 are provided, such as 75.17 for CSI 300 on March 27, 2026 - Inter - period spreads: For CSI 300, the next - month - current - month spread is - 19.0, the next - quarter - current - quarter spread is - 81.8; for SSE 50, the next - month - current - month spread is - 4.2, the next - quarter - current - quarter spread is - 40.4; etc. [52]

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View - There is no clear core view presented in the given content. The document mainly provides a table of futures and spot prices, along with related data such as basis rates and price differences for various commodities. 3. Summary by Related Catalog Metals - **Copper**: The主力基差率 is 0.42%, with a 1.00% increase compared to yesterday. The spot price is 6556, and the主力 contract price is 95380 [3]. - **Aluminum**: The主力基差率 is -0.38%, with a 0.63% increase compared to yesterday. The spot price is 23760, and the主力 contract price is 23795 [3]. - **Zinc**: The主力基差率 is -0.17%, with a 0.43% increase compared to yesterday. The spot price is 22920, and the主力 contract price is 22950 [3]. - **Lead**: The主力基差率 is -1.09%, with a -0.06% change compared to yesterday. The spot price is 16325, and the主力 contract price is 16485 [3]. - **Tin**: The主力基差率 is 1.52%, with a 2.13% increase compared to yesterday. The spot price is 357600, and the主力 contract price is 352250 [3]. - **Nickel**: The主力基差率 is 1.85%, with a 0.76% increase compared to yesterday. The spot price is 137800, and the主力 contract price is 135270 [3]. - **Industrial Silicon**: The主力基差率 is 5.93%, with a -0.80% change compared to yesterday. The spot price is 9200, and the主力 contract price is 8530 [3]. - **Lithium Carbonate**: The主力基差率 is -0.64%, with a 0.60% increase compared to yesterday. The spot price is 157200, and the主力 contract price is 157920 [3]. - **Gold**: The主力基差率 is 0.05%, with a -0.03% change compared to yesterday. The spot price is 1014.44, and the主力 contract price is 1011.04 [3]. - **Silver**: The主力基差率 is 0.06%, with a -0.42% change compared to yesterday. The spot price is 18121, and the主力 contract price is 18174 [3]. Black Industry - **Rebar**: The主力基差率 is 2.81%, with a 0.42% increase compared to yesterday. The spot price is 3220, and the主力 contract price is 3132 [3]. - **Hot Rolled Coil**: The主力基差率 is -1.00%, with a -0.88% change compared to yesterday. The spot price is 3280, and the主力 contract price is 3313 [3]. - **Iron Ore**: The主力基差率 is 4.97%, with a 2.63% increase compared to yesterday. The spot price is 846.6, and the主力 contract price is 806.5 [3]. - **Coke**: The主力基差率 is -8%, with a 0.56% increase compared to yesterday. The spot price is 1625, and the主力 contract price is 1776 [3]. - **Coking Coal**: The主力基差率 is 0.52%, with a 0.68% increase compared to yesterday. The spot price is 1247.5, and the主力 contract price is 1241 [3]. - **Steam Coal**: The主力基差率 is -5.7%, with a 0.75% increase compared to yesterday. The spot price is 755, and the主力 contract price is 801.4 [3]. - **Silicon Iron**: The主力基差率 is -7.03%, with a -0.80% change compared to yesterday. The spot price is 5660, and the主力 contract price is 6166 [3]. - **Ferromanganese**: The主力基差率 is -5.2%, with a -0.18% change compared to yesterday. The spot price is 6150, and the主力 contract price is 6492 [3]. - **Stainless Steel**: The主力基差率 is -0.97%, with a -1.39% change compared to yesterday. The spot price is 14350, and the主力 contract price is 14490 [3]. Agricultural Products - **Soybean Meal**: The主力基差率 is 8.80%, with a -1.30% change compared to yesterday. The spot price is 3190, and the主力 contract price is 2932 [3]. - **Rapeseed Meal**: The主力基差率 is 9.88%, with a -0.06% change compared to yesterday. The spot price is 2570, and the主力 contract price is 2371 [3]. - **Soybean Oil**: The主力基差率 is 3.16%, with a -1.22% change compared to yesterday. The spot price is 8820, and the主力 contract price is 8480 [3]. - **Rapeseed Oil**: The主力基差率 is 5.39%, with a -0.90% change compared to yesterday. The spot price is 10230, and the主力 contract price is 9707 [3]. - **Peanut**: The主力基差率 is 10.00%, with a 0.43% increase compared to yesterday. The spot price is 9000, and the主力 contract price is 8136 [3]. - **Palm Oil**: The主力基差率 is 0.42%, with a -1.20% change compared to yesterday. The spot price is 9510, and the主力 contract price is 9510 [3]. - **Corn**: The主力基差率 is 1.01%, with a 0.09% increase compared to yesterday. The spot price is 2400, and the主力 contract price is 2376 [3]. - **Corn Starch**: The主力基差率 is 4.96%, with a 0.34% increase compared to yesterday. The spot price is 2900, and the主力 contract price is 2763 [3]. - **Apple**: The主力基差率 is not provided, with a 0.80% increase compared to yesterday. The spot price is 8500, and the主力 contract price is 9978 [3]. - **Egg**: The主力基差率 is -6.136%, with a -0.25% change compared to yesterday. The spot price is 3200, and the主力 contract price is 3410 [3]. - **Live Pig**: The主力基差率 is -3.3%, with a -0.37% change compared to yesterday. The spot price is 9650, and the主力 contract price is 12595 [3]. - **Cotton**: The主力基差率 is 8.94%, with a -1.03% change compared to yesterday. The spot price is 16711, and the主力 contract price is 15340 [3]. Soft Commodities - **Sugar**: The主力基差率 is 0.94%, with a 0.00% change compared to yesterday. The spot price is 5480, and the主力 contract price is 5429 [3]. - **Methanol**: The主力基差率 is 0.92%, with a -2.14% change compared to yesterday. The spot price is 3118, and the主力 contract price is 2883 [3]. - **Ethanol**: The主力基差率 is -1.21%, with a -0.06% change compared to yesterday. The spot price is 4975, and the主力 contract price is 5036 [3]. - **PTA**: The主力基差率 is -1.40%, with a -0.44% change compared to yesterday. The spot price is 6500, and the主力 contract price is 6592 [3]. - **Polypropylene**: The主力基差率 is 3.62%, with a 3.23% increase compared to yesterday. The spot price is 9000, and the主力 contract price is 8975 [3]. - **Styrene**: The主力基差率 is -1.04%, with a -3.2% change compared to yesterday. The spot price is 10000, and the主力 contract price is 10105 [3]. - **Short Fiber**: The主力基差率 is -0.12%, with a -3.10% change compared to yesterday. The spot price is 8100, and the主力 contract price is 8008 [3]. - **Plastic**: The主力基差率 is -0.40%, with a -3.00% change compared to yesterday. The spot price is 8680, and the主力 contract price is 8715 [3]. - **PVC**: The主力基差率 is -1.46%, with a -2.77% change compared to yesterday. The spot price is 5620, and the主力 contract price is 5703 [3]. - **Rubber**: The主力基差率 is -0.79%, with a -0.02% change compared to yesterday. The spot price is 16300, and the主力 contract price is 16430 [3]. - **20 -号胶**: The主力基差率 is 1.93%, with a -1.07% change compared to yesterday. The spot price is 13827, and the主力 contract price is 13565 [3]. - **Soda Ash**: The主力基差率 is -1.61%, with a 0.01% change compared to yesterday. The spot price is 1224, and the主力 contract price is 1244 [3]. - **Urea**: The主力基差率 is -0.16%, with a 0.05% change compared to yesterday. The spot price is 1860, and the主力 contract price is 1863 [3]. - **Bottle Chip**: The主力基差率 is 2.37%, with a -2.69% change compared to yesterday. The spot price is 8300, and the主力 contract price is 8108 [3]. - **Paper Pulp**: The主力基差率 is 0.26%, with a 0.26% increase compared to yesterday. The spot price is 5238, and the主力 contract price is 5224 [3]. Energy and Chemicals - **Crude Oil**: The主力基差率 is -6.11%, with a -1.41% change compared to yesterday. The spot price is 675.4, and the主力 contract price is 723.9 [3]. - **Fuel Oil**: The主力基差率 is 9.44%, with a -2.38% change compared to yesterday. The spot price is 4758, and the主力 contract price is 4348 [3]. - **Asphalt**: The主力基差率 is -2.94%, with a -2.24% change compared to yesterday. The spot price is 4280, and the主力 contract price is 4410 [3]. - **Low - Sulfur Fuel Oil**: The主力基差率 is 15.83%, with a -10.34% change compared to yesterday. The spot price is 5976, and the主力 contract price is 5159 [3]. - **LPG**: The主力基差率 is 9.89%, with a 6.06% increase compared to yesterday. The spot price is 7198, and the主力 contract price is 6550 [3]. Stock Index - **CSI 300**: The主力基差率 is 1.97%, with a 0.00% change compared to yesterday. The spot price is 4537.5, and the主力 contract price is 4505.6 [3]. - **SSE 50**: The主力基差率 is 1.04%, with a 0.32% increase compared to yesterday. The spot price is 2859.5, and the主力 contract price is 2848 [3]. - **CSI 500**: The主力基差率 is 3.16%, with a 0.62% change compared to yesterday. The spot price is 7767.7, and the主力 contract price is 7685.6 [3].

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on March 27, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data reference for investors [1][6][21][27][38][49]. 3. Summary by Directory 3.1 Power Coal - The report shows the basis and spread data of power coal from March 20 to March 26, 2026. The basis values are - 66.4, - 58.4, - 50.4, - 45.4, and - 41.4 respectively, while the spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month are all 0.0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - It provides the basis data of energy commodities such as fuel oil, INE crude oil, and the ratio of crude oil to asphalt from March 20 to March 26, 2026 [8]. 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from March 20 to March 26, 2026 are presented [10]. - **Inter - period Spread**: The inter - period spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given [11]. - **Inter - variety Spread**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from March 20 to March 26, 2026 are provided [11]. 3.3 Black Metals - **Inter - period Spread**: The inter - period spreads of 5 - month minus 1 - month, 9 - month (10) minus 1 - month, and 9 - month (10) minus 5 - month for rebar, iron ore, coke, and coking coal are presented. The main contracts of rebar are in January, May, and October [20]. - **Inter - variety Spread**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from March 20 to March 26, 2026 are given [20]. - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 20 to March 26, 2026 are provided [21]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 20 to March 26, 2026 are presented [28]. 3.4.2 London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on March 26, 2026 are provided [33]. 3.5 Agricultural Products - **Basis**: The basis data of soybean No.1, soybean No.2, soybean meal, soybean oil, and corn from March 20 to March 26, 2026 are presented [39]. - **Inter - period Spread**: The inter - period spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month for soybean No.1, soybean No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given [39]. - **Inter - variety Spread**: The inter - variety spreads of soybean No.1/corn, soybean No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from March 20 to March 26, 2026 are provided [39]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 20 to March 26, 2026 are presented [50]. - **Inter - period Spread**: The inter - period spreads of next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given [50].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic futures market showed mixed performance on March 26, 2026, with some varieties rising and others falling. The market is significantly affected by factors such as geopolitical situations, supply - demand relationships, and cost changes. Due to the uncertainty of the Middle - East situation, it is recommended to be cautious when participating in the market, and some varieties are suggested to be observed on the sidelines [6][7]. 3. Summary by Relevant Catalogs 3.1. Commodity Performance and Capital Flow - **Futures Market Overview**: As of the close on March 26, domestic futures contracts showed mixed performance. Methanol, synthetic rubber, and asphalt rose by over 4%, while palladium fell by over 5%. Stock index futures generally declined, and treasury bond futures rose. In terms of capital flow, methanol 2605, glass 2605, and asphalt 2606 had capital inflows, while中证 500 2606,沪深 300 2606, and沪金 2606 had capital outflows [6][7]. 3.2. Market Analysis of Specific Varieties - **Copper**: The price of Shanghai copper opened high and closed low, with an overall increase. Supply - side factors such as tight overseas copper resources and low domestic inventory support the price, but the weak terminal demand restricts the upward space. The inventory is being digested smoothly during the peak season, but the short - term price is still under pressure due to the ongoing war [9]. - **Lithium Carbonate**: It opened high and closed low, with weak intraday fluctuations. Although the price increased slightly, the production decreased, and the inventory reduction was limited. The demand growth showed signs of weakening, and the market lacked support, with a difficult - to - change wide - range shock pattern in the short term [11]. - **Crude Oil**: EIA data showed that U.S. crude oil inventories increased more than expected. The situation in the Middle - East, especially the closure of the Strait of Hormuz, affected the supply. Although some measures were taken to relieve the supply pressure, the situation in the Middle - East is still uncertain, and the oil price fluctuates greatly [12][13]. - **Asphalt**: The supply decreased, and the demand gradually recovered. The inventory was at a low level, but the supply pressure was not substantially relieved. Due to the possible negotiation between the U.S. and Iran and the complex Middle - East situation, it is recommended to observe on the sidelines [14]. - **PP**: The downstream demand recovered slowly, and the enterprise's operating rate decreased. The cost was affected by the Middle - East situation, and the supply was expected to decrease. The market fluctuated greatly, and it is recommended to observe on the sidelines [16]. - **Plastic**: The operating rate decreased, and the downstream demand gradually recovered. The cost was affected by the Middle - East situation, and the supply was expected to decrease. The market fluctuated greatly, and it is recommended to observe on the sidelines [17][18]. - **PVC**: The supply decreased, and the demand gradually recovered. The social inventory decreased for the first time after the Spring Festival, but it was still at a high level. The upstream raw material supply was tight, and the market fluctuated greatly. It is recommended to observe on the sidelines [19][21]. - **Coking Coal**: It opened low and closed low, with a decline. The mine production resumed smoothly, but the downstream recovery was slow. The price increase has not been implemented, and the subsequent conflict situation needs to be observed [22]. - **Urea**: It opened high and closed high, with an increase. The supply was guaranteed, and the inventory continued to decrease. The market was in a stage of peak - season verification, and it was in a strong consolidation state, but it is necessary to be cautious about chasing the rise [23][24].

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on March 26, 2026, including power coal, energy chemicals, black commodities, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Directory 3.1 Power Coal - The basis for power coal on March 25, 2026, was - 45.4 yuan/ton, showing an increase compared to previous days. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data for fuel oil, INE crude oil, and other energy commodities are provided from March 19 to March 25, 2026. For example, the basis of INE crude oil on March 25 was 345.10 yuan/ton [9] 3.2.2 Chemical Commodities - **Basis**: The basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from March 19 to March 25, 2026, are presented. For instance, the basis of rubber on March 25 was - 130 yuan/ton [11] - **Inter - period Spreads**: The inter - period spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month for rubber, methanol, PTA, etc., are given. For example, the 5 - month vs 1 - month spread of rubber was - 775 yuan/ton [12] - **Inter - variety Spreads**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc., from March 19 to March 25, 2026, are provided. For example, the LLDPE - PVC spread on March 25 was 2944 yuan/ton [12] 3.3 Black Commodities - **Basis**: The basis data for螺纹钢, iron ore, coke, and coking coal from March 19 to March 25, 2026, are shown. For example, the basis of螺纹钢 on March 25 was 88.0 yuan/ton [22] - **Inter - period Spreads**: The inter - period spreads of 5 - month vs 1 - month, 9 - month (10) vs 1 - month, and 9 - month (10) vs 5 - month for螺纹钢, iron ore, etc., are presented. For example, the 5 - month vs 1 - month spread of螺纹钢 was - 50.0 yuan/ton [21] - **Inter - variety Spreads**: The inter - variety spreads such as螺/矿, 螺/焦炭, etc., from March 19 to March 25, 2026, are given. For example, the 螺/矿 ratio on March 25 was 3.85 [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from March 19 to March 25, 2026, are provided. For example, the basis of copper on March 25 was - 90 yuan/ton [29] 3.4.2 London Market - Data such as LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for copper, aluminum, etc., on March 25, 2026, are presented. For example, the LME spread of copper was (71.23) [35] 3.5 Agricultural Products - **Basis**: The basis data for soybeans (bean one and bean two), soybean meal, soybean oil, corn, etc., from March 19 to March 25, 2026, are shown. For example, the basis of bean one on March 25 was - 29 yuan/ton [40] - **Inter - period Spreads**: The inter - period spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month for various agricultural products are given. For example, the 5 - month vs 1 - month spread of bean one was - 36 yuan/ton [40] - **Inter - variety Spreads**: The inter - variety spreads such as 豆一/玉米, 豆油/豆粕, etc., from March 19 to March 25, 2026, are provided. For example, the 豆一/玉米 ratio on March 25 was 1.94 [40] 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from March 19 to March 25, 2026, are presented. For example, the basis of CSI 300 on March 25 was 87.47 [51] - **Inter - period Spreads**: The inter - period spreads of next - month vs current - month and next - quarter vs current - quarter for CSI 300, SSE 50, etc., are given. For example, the next - month vs current - month spread of CSI 300 was - 21.2 [51]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - A股 major indices closed significantly higher, with the Shanghai Composite Index returning to 3900 points. Small and mid - cap stocks outperformed large - cap blue - chip stocks. The turnover of the Shanghai and Shenzhen stock markets increased slightly, and nearly 4900 stocks rose. Most industry sectors rose, while coal and petroleum and petrochemical sectors fell. Overseas, the US proposed a one - month cease - fire plan to discuss an agreement to end the war with Iran, causing international oil prices to drop. Domestically, the economic fundamentals in 2026 showed a good start, and the performance of listed companies that have disclosed 2025 annual reports is generally good. However, due to the ongoing war, the risk of negotiation breakdown should be vigilant, and caution is still needed before the war ends [2] Summary by Relevant Catalogs Futures Market - **Futures Contract Prices**: IF (2606) was at 4450.0, up 70.4; IF (2604) was at 4505.6, up 69.0. IH (2606) was at 2830.0, up 22.6; IH (2604) was at 2848.0, up 26.0. IC (2606) was at 7530.0, up 160.2; IC (2604) was at 7685.6, up 164.2. IM (2606) was at 7477.4, up 127.2; IM (2604) was at 7650.0, up 131.4 [2] - **Futures Price Spreads**: IF - IH spread was 1657.6, up 34.4; IC - IF spread was 3180.0, up 74.6; IM - IC spread was - 35.6, down 33.4; IC - IH spread was 4837.6, up 109.0; IM - IF spread was 3144.4, up 41.2; IM - IH spread was 4802.0, up 75.6 [2] - **Quarter - to - Month Spreads**: IF quarter - to - month was - 55.6, up 5.4; IF next - quarter - to - month was - 141.2, up 3.0; IH quarter - to - month was - 18.0, down 2.4; IH next - quarter - to - month was - 54.8, down 1.6; IC quarter - to - month was - 155.6, down 10.4; IC next - quarter - to - month was - 330.6, down 15.2; IM quarter - to - month was - 172.6, down 7.2; IM next - quarter - to - month was - 397, down 18.0 [2] - **Futures Net Positions**: IF top 20 net positions were 22,830.00, down 356.0; IH top 20 net positions were 20,599.00, down 309.0; IC top 20 net positions were 28,867.00, down 1879.0; IM top 20 net positions were 49,975.00, down 79.0 [2] Spot Market - **Spot Prices**: CSI 300 was at 4537.47, up 62.7; SSE 50 was at 2859.5, up 28.7; CSI 500 was at 7767.7, up 170.3; CSI 1000 was at 7751.2, up 150.3 [2] - **Basis**: IF main contract basis was - 87.5, down 1.2; IH main contract basis was - 29.5, down 9.3; IC main contract basis was - 237.7, down 49.9; IM main contract basis was - 273.8, down 60.1 [2] Market Sentiment - **Market Volume and Balance**: A - share turnover was 21,928.53 billion yuan, up 967.83 billion yuan; margin trading balance was 26,135.99 billion yuan, down 64.32 billion yuan; north - bound trading volume was 2892.86 billion yuan, down 630.55 billion yuan; reverse repurchase was - 205.0 billion yuan, up 785.0 billion yuan; MLF was 5000 billion yuan, up 500 billion yuan [2] - **Other Indicators**: The proportion of rising stocks was 88.74%, down 4.81%; Shibor was 1.319%, up 0.001%; IO at - the - money call option closing price was 54.20, up 11.20; IO at - the - money call option implied volatility was 15.60%, down 2.19%; IO at - the - money put option closing price was 94.20, down 52.00; IO at - the - money put option implied volatility was 15.61%, down 2.35%; CSI 300 20 - day volatility was 18.05%, up 0.70%; volume PCR was 61.44%, down 4.73%; position PCR was 65.42%, up 2.77% [2] Wind Market Strength and Weakness Analysis - All A - shares were at 8.30, down 0.30; technical aspect was at 8.90, down 0.40; capital aspect was at 7.70, down 0.10 [2] Industry News - The US government proposed a 15 - item plan to end the conflict with Iran through Pakistan, including requirements on nuclear programs, missile capabilities, and regional issues. In exchange, Iran may get sanctions lifted, US support for civilian nuclear projects, and the cancellation of the "snap - back sanctions" mechanism. The US is considering a one - month cease - fire for further negotiations [2] Key Focus - On March 27 at 9:30, China's industrial enterprise profits for February will be released [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The report provides trend judgments on various commodities based on fundamental and quantitative indicators, and analyzes the market trends and investment strategies of multiple sectors including macro finance, black commodities, colored and new materials, agricultural products, and energy chemicals [2][4]. - The geopolitical situation, especially the conflict between the US and Iran, has a significant impact on the global financial and commodity markets, and investors need to pay close attention to the progress of the situation [5][6]. - The domestic real estate market shows signs of improvement in some areas, but the overall recovery is still facing challenges, and the impact on the demand for building materials needs to be further observed [13]. Summary by Directory Macro Finance - **Stock Index Futures**: Consider a long - position strategy and pay attention to trading volume. The A - share market has a strong rebound, and the current position has a certain odds. The short - term winning rate may increase [12]. - **Treasury Bond Futures**: The bond market gradually has odds, and it can be considered to gradually go long on the bond market on the left side. The yield of bonds over 10 years has odds, but the thickness of the odds is not enough. Keep a steep thinking, and the yield of bonds under 10 years still has room to decline [13]. Black Commodities - **Steel and Iron Ore**: In the short term, it is expected to remain strong due to capital disturbances, but the upward space is limited. Hold the short - wide - straddle strategy for steel and iron ore, and consider short - selling at high prices later. The supply of steel mills is expected to increase, and the cost has strong support. The iron ore supply and demand are in a double - strong pattern, and the value of coal and coke has been re - evaluated [13][15]. - **Coking Coal and Coke**: The prices of coking coal and coke may fluctuate strongly in the short term. It is recommended to go long on dips. The prices are affected by the geopolitical conflict, but the domestic supply is sufficient. If the emotional premium fades, the prices may fall back [17]. - **Ferroalloys**: The supply - demand relationship of silicon iron and manganese silicon is weakening, and it is recommended to short at high prices. The high - level shock of the double - silicon market is mainly affected by the energy sentiment, and the fundamental contradictions are accumulating [18]. - **Soda Ash and Glass**: It is recommended to wait and see for the time being. The supply of soda ash has slightly declined due to short - term maintenance, and the supply of glass has the co - existence of cold - repair and ignition expectations. Pay attention to the actual changes in production lines and the digestion of inventory [20]. Colored and New Materials - **Copper**: In the short term, copper prices will be under pressure and fluctuate due to the impact of the geopolitical situation and inflation expectations. In the medium and long term, the tight supply of copper concentrate and the improvement of downstream demand will support copper prices [22]. - **Zinc**: The inventory of zinc ingots has decreased, and the operation idea is to be bearish with fluctuations, accompanied by small price rebounds [23]. - **Lead**: Observe the price rebound strength and treat it with a fluctuating idea. The supply of lead is relatively abundant, but the low - price reluctance of smelting enterprises and the increase in downstream procurement enthusiasm may reduce the inventory accumulation pressure [26]. - **Lithium Carbonate**: In the short term, it is affected by the mine - end disturbance and the macro - sentiment of the Middle East situation. If the situation eases, it may still perform well. The export permit issue of Zimbabwe's lithium ore may affect the supply in the second quarter [27]. - **Industrial Silicon and Polysilicon**: Industrial silicon fluctuates, and pay attention to the opportunity to sell call options. Polysilicon fluctuates weakly, and operate with caution due to insufficient liquidity [28]. Agricultural Products - **Cotton**: The cotton price fluctuates at a high level due to the impact of the external conflict and the repair of the internal - external price difference. The overall trend is affected by the surrounding market and the macro - situation. The domestic cotton market is in the de - stocking stage, and the consumption demand during the "Golden March and Silver April" is the key [32][33]. - **Sugar**: The sugar price fluctuates and rebounds due to the supply pressure and the increase in import costs. There are differences in the global sugar supply situation, and the price is affected by factors such as the production conversion of Brazilian sugarcane and the reduction of production in India and Thailand [34][35]. - **Eggs**: The consumption end supports the egg price to be strong in the short term, but the supply pressure is large, and the upward space of the spot price is limited. The futures near - month contract has greater upward pressure, and the far - month contract is also weak [36]. - **Apples**: High - quality apple products may continue to be strong, and the futures price may also be strong. The low inventory and the demand for stocking support the price, and pay attention to the progress of warehouse - out in the production area and the actual sales in the sales area [38]. - **Jujubes**: The current view is to fluctuate weakly. It is in the traditional consumption off - season, and the consumption is difficult to increase significantly without external favorable factors. Pay attention to the sales rhythm in the sales area and the mentality of purchasers [39]. - **Pigs**: For futures, consider selling out - of - the - money call options on near - month contracts. The supply pressure continues, the demand is limited, but the live - stock inventory is expected to be reduced, and the factors for the stabilization and recovery of the spot price are accumulating [40]. Energy and Chemicals - **Crude Oil**: The geopolitical risk has weakened, but the Middle East situation is still variable. If the Holgu Strait is navigable, the oil price will return to the fundamental trading. If an agreement cannot be reached, the oil price may continue to rise [43]. - **Fuel Oil**: It will follow the oil price and fluctuate at a high level. The focus is on the resumption of navigation in the Holgu Strait, and the supply is still affected [44]. - **Plastics**: The price is slightly supported by the unstable situation in the Middle East. The upstream production reduction trend is expanding, and the short - term price may continue to be strong. The long - term trend depends on the end of the war [45]. - **Synthetic Rubber**: The price is driven by the cost and may have upward space, but the fluctuation is high. Observe the energy price, war situation, and device changes [46]. - **Methanol**: The short - term price may be slightly strong due to the geopolitical disturbance in the Middle East, but if the war eases, the price may回调. The long - term supply - demand pattern is improving, but there is great uncertainty [47][48]. - **Caustic Soda**: Keep the idea of wide - range fluctuations within the day. The upward driving force comes from the increase in coal prices, the reduction in supply, and the increase in exports, while the downward driving force comes from the large number of warehouse receipts caused by the high futures premium [49]. - **Asphalt**: The industrial end is in a situation of both weak supply and demand. The price follows the oil price, and the impact of the oil price and raw material import risks is dominant [50]. - **PVC**: The price may continue to be strong due to the upstream production reduction, but there is a risk of回调 if the market sentiment turns bad. The key is whether the upstream ethylene production reduction can continue and expand [51]. - **Polyester Industry Chain**: The cost end has weakened, but the supply contraction provides support. Take profit on the previous long positions opportunistically. Pay attention to the geopolitical impact, device maintenance progress, and the substantial recovery of polyester demand [52]. - **Liquefied Petroleum Gas**: The geopolitical risk has weakened, but the Middle East situation is still variable. If an agreement is reached, it may return to the fundamental trading. It is expected to continue to weaken, but the price may be relatively stronger than that of crude oil [54]. - **Paper Pulp**: Pay attention to the macro and commodity sentiment. The spot sentiment has improved marginally, and the market is in a multi - empty game. Pay attention to the port inventory and the price increase and implementation of finished products [55]. - **Logs**: Pay attention to the macro and commodity sentiment. The demand is gradually recovering, and the cost supports the price. Pay attention to the port inventory and the impact of the US - Iran conflict [55]. - **Urea**: For far - month contracts, pay attention to the cost promotion and the increase in agricultural product prices. For near - month contracts, keep in line with the policy [56].

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The report presents daily arbitrage data for various futures varieties on March 25, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data support for market participants' investment decisions [1] 3. Summary by Directory 3.1 Power Coal - Displays the basis and spread data of power coal from March 18 to March 24, 2026. The basis gradually increased from - 78.4 yuan/ton on March 18 to - 50.4 yuan/ton on March 24, while the spreads of 5 - 1, 9 - 1, and 9 - 5 remained at 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - Shows the basis and price ratio data of fuel oil, crude oil, and asphalt from March 18 to March 24, 2026. For example, on March 24, the basis of INE crude oil was 374.15 yuan/ton, and the price ratio of crude oil to asphalt was 0.1762 [8] 3.2.2 Chemical Commodities - **Basis**: Presents the basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 18 to March 24, 2026. For instance, the basis of rubber was - 125 yuan/ton on March 24 [10] - **Inter - period Spread**: Displays the inter - period spread data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol. For example, the 5 - 1 spread of rubber was - 780 yuan/ton [12] - **Inter - variety Spread**: Provides the inter - variety spread data of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from March 18 to March 24, 2026. On March 24, the LLDPE - PVC spread was 3121 yuan/ton [12] 3.3 Black Metals - **Inter - period Spread**: Shows the inter - period spread data of rebar, iron ore, coke, and coking coal. For example, the 5 - 1 spread of rebar was - 55.0 yuan/ton [21] - **Inter - variety Spread**: Presents the inter - variety spread data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from March 18 to March 24, 2026. On March 24, the rebar/iron ore ratio was 3.83 [21] - **Basis**: Displays the basis data of rebar, iron ore, coke, and coking coal from March 18 to March 24, 2026. On March 24, the basis of rebar was 75.0 yuan/ton [22] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - Shows the domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 18 to March 24, 2026. On March 24, the basis of copper was - 120 yuan/ton [31] 3.4.2 London Market - Presents the LME spread, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss data of LME non - ferrous metals on March 24, 2026. For example, the LME spread of copper was (91.73), and the Shanghai - London ratio was 7.83 [34] 3.5 Agricultural Products - **Basis**: Displays the basis data of soybeans, soybean meal, soybean oil, corn, etc. from March 18 to March 24, 2026. On March 24, the basis of soybeans was - 75 yuan/ton [40] - **Inter - period Spread**: Shows the inter - period spread data of soybeans, soybean meal, soybean oil, rapeseed meal, etc. For example, the 5 - 1 spread of soybeans was - 20 yuan/ton [40] - **Inter - variety Spread**: Presents the inter - variety spread data of soybeans/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, etc. from March 18 to March 24, 2026. On March 24, the soybeans/corn ratio was 1.97 [40] 3.6 Stock Index Futures - **Basis**: Shows the basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 18 to March 24, 2026. On March 24, the basis of CSI 300 was 86.32 [51] - **Inter - period Spread**: Displays the inter - period spread data of CSI 300, SSE 50, CSI 500, and CSI 1000. For example, the next - month - current - month spread of CSI 300 was - 20.4 [51]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - External shocks persist, and stock indices are expected to continue their weak performance in the short term. Investors are advised to remain cautious and control their positions [7]. - After a significant market decline, the probability of policy support has increased. Attention should be paid to the supportive trends of domestic factors on stock indices this week [7]. 3. Summary by Relevant Catalogs 3.1 Macro - Financial Data - **Interest Rates**: DRO01 closed at 1.32 with a -0.02bp change; DR007 at 1.43 with a 0.50bp change; GC001 at 1.49 with a 39.00bp change; GC007 at 1.50 with a 3.50bp change; SHBOR 3M at 1.52 with a -0.38bp change; LPR 5 - year at 3.50 with a 0.00bp change; 1 - year treasury at 1.24 with a 0.00bp change; 5 - year treasury at 1.56 with a 1.00bp change; 10 - year treasury at 1.84 with a 0.30bp change; 10 - year US treasury at 4.39 with a 14.00bp change [3]. - **Central Bank Operations**: The central bank conducted 80 billion yuan of 7 - day reverse repurchase operations yesterday with an operating rate of 1.40%. With 1373 billion yuan of reverse repurchases maturing, the net withdrawal was 1293 billion yuan. This week, 2423 billion yuan of reverse repurchases will mature, and 4500 billion yuan of MLF will mature on Wednesday [3][4]. 3.2 Stock Index Data - **Index Performance**: The CSI 300 fell 3.26% to 4418; the SSE 50 fell 3.17% to 2792.3; the CSI 500 fell 4.11% to 7440.7; the CSI 1000 fell 4.81% to 7409.1. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.45 trillion yuan, an increase of 145.4 billion yuan from the previous trading day. Most industry sectors declined, with only the coal sector rising, and sectors such as precious metals, hotel catering, etc. having large declines [5][6]. - **Futures Contracts**: IF volume increased by 11.7% to 156,918, and open interest increased by 6.1% to 276,923; IH volume increased by 14.0% to 78,380, and open interest increased by 16.0% to 115,469; IC volume increased by 8.8% to 217,723, and open interest increased by 4.2% to 298,855; IM volume increased by 11.9% to 325,166, and open interest increased by 5.8% to 408,928 [5]. - **Futures Premium and Discount**: IF premium rates for the current, next - month, current - quarter, and next - quarter contracts are 6.61%, 3.12%, 6.91%, and 7.35% respectively; IH are - 0.66%, - 0.31%, 2.43%, and 3.73% respectively; IC are 10.43%, 9.55%, 11.47%, and 10.74% respectively; IM are 8.89%, 10.33%, 12.27%, and 12.08% respectively [8].