Report Industry Investment Rating No relevant content provided. Core Views of the Report - The geopolitical conflict between the US and Iran has a significant impact on the global financial and commodity markets, leading to increased market volatility and changes in inflation expectations. The market has shifted from early inflation and supply - side disturbance logic to pricing and trading for stagflation and recession [4][8][41]. - The economic recovery in China shows signs of improvement at the beginning of the year, but the sustainability needs to be observed, and domestic demand still requires the stabilization of residents' income and policy support. The bond market may be under pressure due to inflation concerns [8]. - Different commodities have different trends and influencing factors. For example, some metals are affected by supply - demand fundamentals and geopolitical factors, while energy and chemical products are also influenced by geopolitical conflicts and supply - demand relationships, and agricultural products are affected by factors such as planting area, production, and international events [12][62][85]. Summary by Directory Macro - financial Stock Index - **Market Information**: The US is reported to be planning a final strike against Iran. The OECD predicts that the US inflation rate will reach 4.2% this year. Chip stocks have seen increased selling. SMIC's revenue in 2025 was $9.327 billion, a year - on - year increase of 16.2%, and the capacity utilization rate increased to 93.5% [2]. - **Strategy View**: The conflict between the US and Iran affects global risk appetite. The hawkish statements of Powell and European Central Bank officials have led to a retreat in the Fed's interest - rate cut expectations. It is recommended to pay attention to the change in the war situation and control risks [4]. Treasury Bonds - **Market Information**: On Thursday, the main contracts of TL, T, TF, and TS had different changes. The yield of Japanese two - year Treasury bonds reached a new high since 1996. The oil production in southern Iraq has decreased. The central bank conducted a net injection of 21.1 billion yuan through 7 - day reverse repurchase operations [5]. - **Strategy View**: The economic data in January - February improved, but the sustainability of the economic recovery needs to be observed. The Iran geopolitical conflict and inflation concerns may put pressure on the bond market. The bond market is expected to be in a short - term weak and volatile state [8]. Precious Metals - **Market Information**: Shanghai gold and silver prices fell, while COMEX gold and silver prices rose. The inflation risk has increased due to the Middle East geopolitical conflict. Trump postponed the strike on Iran's energy facilities for 10 days [9]. - **Strategy View**: The geopolitical conflict is the core focus of the market. If the conflict eases, gold may regain its upward momentum, but in the short term, precious metals will remain in a high - level volatile state. It is recommended to wait and see [10]. Non - ferrous Metals Copper - **Market Information**: The US military action against Iran has affected market sentiment, and copper prices have adjusted. LME inventory decreased, and domestic social and bonded area inventories also decreased [12]. - **Strategy View**: The Middle East situation is expected to be volatile. The supply of copper raw materials is tight, and domestic refined copper consumption has improved. Copper prices may be in a short - term volatile state [13]. Aluminum - **Market Information**: The Middle East situation has affected the supply side, and aluminum prices have risen. The inventory of aluminum ingots increased, while the inventory of aluminum rods decreased [14]. - **Strategy View**: The Middle East situation has eased, but the market sentiment is still volatile. The overseas supply of aluminum is expected to be tight, and domestic demand improvement may drive inventory reduction. Aluminum prices may be in a short - term volatile state [15]. Zinc - **Market Information**: The price of zinc rose slightly. The inventory of zinc ingots decreased, and downstream enterprises replenished stocks at low prices [16][17]. - **Strategy View**: The visible inventory of zinc concentrate has increased, and the profit of the zinc industry has declined. The zinc price is in a downward trend, and attention should be paid to downstream replenishment, Fed's monetary policy, and geopolitical conflicts [18]. Lead - **Market Information**: The price of lead fell slightly. The inventory of lead ingots decreased, and the refined - scrap price difference was at par [19]. - **Strategy View**: The visible inventory of lead concentrate has decreased, and the production of primary and secondary smelting enterprises has improved. The lead price is at the lower edge of the long - term shock range, with both support and downward pressure. The volatility may increase [19]. Nickel - **Market Information**: The price of nickel fell slightly. The spot premium of nickel decreased, and the price of nickel ore and nickel iron remained stable [20]. - **Strategy View**: In the short term, nickel prices may follow the downward trend due to inflation expectations and the Fed's hawkish stance. In the medium term, the supply - demand situation of nickel is expected to improve, and the bottom support is strong. It is recommended to conduct high - selling and low - buying operations within a range [21][22]. Tin - **Market Information**: The price of tin fell. The production of tin smelters has recovered, but the demand has only marginally improved. The inventory has decreased [23]. - **Strategy View**: The supply of tin is still constrained by raw materials, and the demand is in a weak recovery state. Affected by geopolitical factors and the decline in the Fed's interest - rate cut expectations, tin prices are expected to be weak [24]. Lithium Carbonate - **Market Information**: The price of lithium carbonate showed a slight increase. The production increased, and the inventory also increased [25]. - **Strategy View**: The production of lithium carbonate continues to grow, and the inventory increase is at a new high since August last year. The supply may be affected by the Zimbabwean mineral export ban. The demand for lithium batteries is expected to be strong. Attention should be paid to the changes in the futures position, industrial events, and spot premium [26]. Alumina - **Market Information**: The price of alumina fell. The spot price in Shandong increased, and the overseas price also increased. The futures inventory increased [27][28]. - **Strategy View**: The Guinean government may tighten bauxite exports, and the short - term supply of alumina has tightened. However, the long - term oversupply situation remains. It is recommended to wait and see, and pay attention to domestic supply policies, Guinean ore policies, and the US - Iran conflict [29]. Stainless Steel - **Market Information**: The price of stainless steel fell slightly. The spot price remained stable, and the raw material price also remained stable. The inventory increased [30]. - **Strategy View**: Driven by raw material cost and policy, the price of stainless steel is supported. However, the supply is still loose, and the demand is weak. The price is expected to be in a high - level volatile state in the short term [30]. Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy fell. The trading volume increased, and the inventory decreased [31]. - **Strategy View**: The cost of cast aluminum alloy has increased, and the demand is expected to improve. The short - term price is still supported [33]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil decreased slightly. The registered warehouse receipts increased, and the positions decreased. The spot prices in some regions decreased [35]. - **Strategy View**: The steel market is in a "weak balance" state. The demand has improved marginally, and the inventory has decreased, but there is no trend - driving force. Attention should be paid to the release of peak - season demand and the impact of raw material price fluctuations on costs [35]. Iron Ore - **Market Information**: The price of iron ore rose. The spot price and basis increased, and the position decreased [36]. - **Strategy View**: The overseas ore shipment is increasing, and the demand for iron ore is also rising. The port inventory is decreasing, and the bottom support of iron ore prices is strengthened. The price is expected to be in a high - level volatile state in the short term [37][38]. Coking Coal and Coke - **Market Information**: The prices of coking coal and coke fell. The spot prices of coking coal and coke had different premiums and discounts to the futures prices [39]. - **Strategy View**: The market has shifted to stagflation and recession trading, and the prices of coking coal and coke are under pressure. In the short term, the supply - demand structure is relatively loose, and it is recommended to conduct short - term operations or wait and see. In the long term, the price of coking coal is still optimistic [41]. Glass and Soda Ash - **Market Information**: The price of glass fell, and the inventory decreased. The price of soda ash fell, and the inventory also decreased [42][44]. - **Strategy View**: The price of glass is restricted by high inventory and weak demand and is expected to be in a wide - range volatile state. The supply - demand situation of soda ash is loose, and the price is expected to be in a low - level wide - range volatile state [43][45]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon fell. The spot prices of manganese silicon and ferrosilicon had premiums to the futures prices [46]. - **Strategy View**: The market is affected by stagflation and recession expectations. The supply - demand situation of manganese silicon is not ideal, while that of ferrosilicon is relatively good. Attention should be paid to the impact of the black market and the cost and supply factors of the two products [47][49]. Industrial Silicon and Polysilicon - **Market Information**: The price of industrial silicon fell slightly. The production increased, and the demand improved slightly. The price of polysilicon fell, and the inventory increased [50][52]. - **Strategy View**: The price of industrial silicon is expected to be in a volatile state, supported by cost. The fundamental situation of polysilicon is weak, and the price is expected to find the bottom in a volatile state [51][54]. Energy and Chemicals Rubber - **Market Information**: The price of butadiene is strong, and the production of butadiene rubber has been cut. The opinions of the long and short sides of natural rubber are divided. The operating rate of tire enterprises has changed, and the inventory has different trends [57][58][59]. - **Strategy View**: The market fluctuates greatly. It is recommended to conduct short - term trading on the disk, set stop - losses, and take quick profits. It is recommended to gradually take profits on the out - of - the - money call options of butadiene rubber and start to configure put options [61]. Crude Oil - **Market Information**: The price of INE crude oil rose, while the prices of high - sulfur and low - sulfur fuel oils fell [62]. - **Strategy View**: It is recommended to start a strategic short - position allocation for crude oil. It is also recommended to widen the price difference between different oil types and short the cracking spread of high - sulfur fuel oil and the INE - Brent cross - regional spread [63]. Methanol - **Market Information**: The price of methanol increased, and the MTO profit decreased [64]. - **Strategy View**: It is recommended to take profits at high prices and widen the MTO profit at low prices [65]. Urea - **Market Information**: The spot and futures prices of urea changed slightly, and the basis was - 15 yuan/ton [66]. - **Strategy View**: It is recommended to short - allocate urea. When the substitution valuation of urea reaches the extreme, there may be short - term demand support [67]. Pure Benzene and Styrene - **Market Information**: The spot and futures prices of pure benzene remained unchanged, and the basis decreased. The spot and futures prices of styrene fell, and the basis weakened. The supply and demand situation has changed [68][69]. - **Strategy View**: It is recommended to wait and see due to the large geopolitical impact on the disk [70]. PVC - **Market Information**: The price of PVC fell. The cost remained stable, the production decreased, and the demand increased. The inventory decreased [71]. - **Strategy View**: The short - term price of PVC is expected to rise, but attention should be paid to risks [72]. Ethylene Glycol - **Market Information**: The price of ethylene glycol rose. The production decreased, the demand increased, and the inventory increased [73]. - **Strategy View**: The inventory of ethylene glycol is expected to decrease, but attention should be paid to risks due to short - term excessive price increases [75]. PTA - **Market Information**: The price of PTA rose. The production increased, the demand decreased, and the inventory decreased [76]. - **Strategy View**: The PTA is difficult to enter the de - stocking cycle, and the processing fee is difficult to rise. Attention should be paid to risks due to short - term excessive price increases [77]. p - Xylene - **Market Information**: The price of p - xylene rose. The production decreased, the demand increased, and the inventory decreased [78]. - **Strategy View**: The p - xylene is expected to enter the de - stocking cycle, and the valuation is expected to rise, but attention should be paid to risks due to short - term excessive price increases [79]. Polyethylene (PE) - **Market Information**: The price of PE rose. The production decreased, the demand increased, and the inventory increased [80]. - **Strategy View**: It is recommended to short the LL2605 - LL2609 contract spread when the number of ships passing through the Strait of Hormuz increases [81]. Polypropylene (PP) - **Market Information**: The price of PP rose. The production decreased, the demand increased, and the inventory decreased [82]. - **Strategy View**: The short - term price of PP is affected by geopolitical conflicts, and the long - term contradiction has shifted from the cost side to production mismatch [83]. Agricultural Products Live Pigs - **Market Information**: The price of live pigs generally fell, and the trading was not active [85]. - **Strategy View**: The supply of live pigs is concentrated, and the demand is weak. The short - term price is expected to be weak, and it is recommended to wait and see [86]. Eggs - **Market Information**: The price of eggs was mostly stable, and the supply was normal [87]. - **Strategy View**: The short - term price of eggs is expected to be strong, but the upside space is limited. The long - term price may fall, and it is recommended to short on rebounds [88]. Soybean and Rapeseed Meal - **Market Information**: The predicted planting areas of US corn and soybeans have increased. The US soybean exports have decreased. The soybean inventory and crushing rate have changed [89]. - **Strategy View**: The possible cease - fire between the US and Iran and the relaxation of Brazilian soybean import inspection standards are negative for meal prices. It is recommended to wait and see in the short term [90]. Oils - **Market Information**: Indonesia has restricted the export of coal, palm oil, and its derivatives. The production and export of Malaysian palm oil have changed. The inventory of domestic oils has decreased [91]. - **Strategy View**: The possible cease - fire between the US and Iran is negative for oil prices. It is recommended to wait and see in the short term [92]. Sugar - **Market Information**: China's sugar imports have increased, and the production and sales in some countries have changed [93]. - **Strategy View**: The possible cease - fire between the US and Iran is negative for sugar prices. It is recommended to wait and see [94]. Cotton - **Market Information**: China's cotton and cotton yarn imports have increased. The US cotton exports have decreased. The spinning mill operating rate has increased, and the inventory has increased [95][96]. - **Strategy View**: The new import quota is negative for Zhengzhou cotton prices in the short term and positive for US cotton prices. In the medium term, the rising operating rate is positive for Zhengzhou cotton prices. It is recommended to buy on dips [97].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the market liquidity situation on March 25, 2026, including the trading volume, holding amount, and trading - holding ratio of various sectors, as well as their changes compared to the previous trading day [1][2] 3. Summary by Directory I. Plate Liquidity - The report provides multiple figures related to plate liquidity, including the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate [4][5][6][8] II. Stock Index Plate - On March 25, 2026, the trading volume of the stock index plate was 785.652 billion yuan, a - 14.15% change from the previous trading day; the holding amount was 1427.091 billion yuan, a - 2.31% change; the trading - holding ratio was 54.04% [1] - There are figures showing the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net holding ratio trend of each variety in the stock index plate [5] III. Treasury Bond Plate - The trading volume of the treasury bond plate was 276.119 billion yuan, a - 23.41% change from the previous trading day; the holding amount was 859.051 billion yuan, a - 0.19% change; the trading - holding ratio was 30.93% [1] - There are figures showing the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net holding ratio trend of each variety in the treasury bond plate [5] IV. Basic Metals and Precious Metals (Metal Plate) - The trading volume of the basic metals plate was 579.317 billion yuan, a - 8.06% change from the previous trading day; the holding amount was 599.735 billion yuan, a + 1.64% change; the trading - holding ratio was 104.09% - The trading volume of the precious metals plate was 923.785 billion yuan, a - 23.89% change from the previous trading day; the holding amount was 411.593 billion yuan, a + 3.20% change; the trading - holding ratio was 274.18% [1] - There are figures showing the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of each variety in the metal plate [5] V. Energy and Chemical Plate - The trading volume of the energy and chemical plate was 1063.629 billion yuan, a - 17.03% change from the previous trading day; the holding amount was 540.217 billion yuan, a - 3.90% change; the trading - holding ratio was 184.17% [1] - There are figures showing the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of the main varieties in the energy and chemical plate [5] VI. Agricultural Products Plate - The trading volume of the agricultural products plate was 336.843 billion yuan, a - 10.20% change from the previous trading day; the holding amount was 649.485 billion yuan, a - 0.75% change; the trading - holding ratio was 48.94% [1] - There are figures showing the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of the main varieties in the agricultural products plate [5][6] VII. Black Building Materials Plate - The trading volume of the black building materials plate was 247.905 billion yuan, a - 17.34% change from the previous trading day; the holding amount was 335.402 billion yuan, a - 0.60% change; the trading - holding ratio was 61.49% [2] - There are figures showing the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of each variety in the black building materials plate [5][6]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the market liquidity situation on March 24, 2026, including the trading volume, holding amount, and trading - holding ratio of various sectors such as the stock index, treasury bonds, basic metals, precious metals, energy and chemicals, agricultural products, and black building materials, as well as their changes compared to the previous trading day [1][2] 3. Summary by Directory I. Plate Liquidity - The report provides data on the trading volume, holding amount, and trading - holding ratio of multiple sectors, along with their changes compared to the previous trading day. The sectors include stock index, treasury bonds, basic metals, precious metals, energy and chemicals, agricultural products, and black building materials [1][2] II. Stock Index Plate - On March 24, 2026, the trading volume of the stock index plate was 915.168 billion yuan, a - 14.56% change from the previous trading day; the holding amount was 1460.882 billion yuan, a - 0.66% change; the trading - holding ratio was 62.24% [1] III. Treasury Bond Plate - On March 24, 2026, the trading volume of the treasury bond plate was 360.5 billion yuan, a - 23.04% change from the previous trading day; the holding amount was 860.664 billion yuan, a + 0.01% change; the trading - holding ratio was 40.18% [1] IV. Basic Metals and Precious Metals (Metal Plate) - On March 24, 2026, the trading volume of the basic metals plate was 630.07 billion yuan, a - 10.97% change from the previous trading day; the holding amount was 590.032 billion yuan, a - 0.47% change; the trading - holding ratio was 106.35%. The trading volume of the precious metals plate was 1213.765 billion yuan, a - 10.38% change; the holding amount was 398.835 billion yuan, a - 1.44% change; the trading - holding ratio was 364.76% [1] V. Energy and Chemicals Plate - On March 24, 2026, the trading volume of the energy and chemicals plate was 1281.966 billion yuan, a + 11.26% change from the previous trading day; the holding amount was 562.128 billion yuan, a - 6.87% change; the trading - holding ratio was 203.68% [1] VI. Agricultural Products Plate - On March 24, 2026, the trading volume of the agricultural products plate was 375.106 billion yuan, a - 11.15% change from the previous trading day; the holding amount was 654.363 billion yuan, a - 2.00% change; the trading - holding ratio was 53.07% [1] VII. Black Building Materials Plate - On March 24, 2026, the trading volume of the black building materials plate was 299.898 billion yuan, a - 14.30% change from the previous trading day; the holding amount was 337.421 billion yuan, a - 0.72% change; the trading - holding ratio was 76.19% [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report presents the market liquidity situation on March 23, 2026, including the trading volume, position amount, and trading - position ratio of different sectors such as stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building materials [1][2] 3. Summary by Directory I. Plate Liquidity - The report provides data on trading volume, position amount, and trading - position ratio of various sectors, and also includes multiple figures related to the trading and position of each sector [1][2][5] II. Stock Index Plate - On March 23, 2026, the trading volume of the stock index plate was 1071.172 billion yuan, a +6.03% change from the previous trading day; the position amount was 1470.583 billion yuan, a +0.66% change; the trading - position ratio was 70.73% [1] - There are figures showing the price change, trading - position ratio, precipitation fund change, precipitation fund trend, trading volume change, and the top 20 net position ratio trend of each variety in the stock index plate [5] III. Treasury Bond Plate - The trading volume of the treasury bond plate was 468.395 billion yuan, a +34.77% change from the previous trading day; the position amount was 860.575 billion yuan, a - 1.70% change; the trading - position ratio was 53.11% [1] - There are figures showing the price change, trading - position ratio, precipitation fund change, precipitation fund trend, trading volume change, and the top 20 net position ratio trend of each variety in the treasury bond plate [5] IV. Basic Metal and Precious Metal (Metal Plate) - The trading volume of the basic metal plate was 707.708 billion yuan, a - 8.19% change from the previous trading day; the position amount was 592.831 billion yuan, a - 1.52% change; the trading - position ratio was 123.83% [1] - The trading volume of the precious metal plate was 1354.404 billion yuan, a +14.69% change from the previous trading day; the position amount was 404.659 billion yuan, a - 5.79% change; the trading - position ratio was 384.59% [1] - There are figures showing the price change, trading - position ratio, precipitation fund change, precipitation fund trend, trading volume change rate, and the top 20 net position ratio trend of each variety in the metal plate [5] V. Energy - Chemical Plate - The trading volume of the energy - chemical plate was 1152.228 billion yuan, a +2.38% change from the previous trading day; the position amount was 603.613 billion yuan, a +6.76% change; the trading - position ratio was 185.95% [1] - There are figures showing the price change, trading - position ratio, precipitation fund change, precipitation fund trend, trading volume change rate, and the top 20 net position ratio trend of the main varieties in the energy - chemical plate [5] VI. Agricultural Product Plate - The trading volume of the agricultural product plate was 422.156 billion yuan, a +10.21% change from the previous trading day; the position amount was 667.712 billion yuan, a +1.50% change; the trading - position ratio was 61.72% [1] - There are figures showing the price change, trading - position ratio, precipitation fund change, precipitation fund trend, trading volume change rate, and the top 20 net position ratio trend of the main varieties in the agricultural product plate [5] VII. Black Building Materials Plate - The trading volume of the black building materials plate was 349.938 billion yuan, a +49.26% change from the previous trading day; the position amount was 339.882 billion yuan, a +4.67% change; the trading - position ratio was 91.99% [2] - There are figures showing the price change, trading - position ratio, precipitation fund change, precipitation fund trend, trading volume change rate, and the top 20 net position ratio trend of each variety in the black building materials plate [5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The ongoing Middle - East conflict, especially the situation between the US and Iran, has a significant impact on the global financial and commodity markets. It has led to increased inflation concerns, changes in central bank policies, and fluctuations in various asset prices. For example, it has affected the prices of precious metals, base metals, energy commodities, and agricultural products. [4][8][10] - The global economic outlook is uncertain, with concerns about stagflation and recession. Central banks' monetary policies, especially the Fed's stance on interest rates, are crucial factors influencing market trends. [4][39][45] - Different industries have different supply - demand situations and price trends. Some industries are facing supply - side constraints, while others are affected by demand - side factors. For instance, in the metal industry, copper and aluminum are affected by supply shortages and geopolitical factors, while in the agricultural industry, factors such as production forecasts and trade policies play important roles. [13][15][83] Summary by Category Macro - Financial Index Futures - **Market Information**: Iran proposed 4 measures in response to Trump's threat to attack Iranian power plants, and the Trump administration started preliminary consultations on "peace talks" with Iran. The central bank governor said that China will continue to implement a moderately loose monetary policy, and a large light rare - earth mine was discovered in Sichuan. [2] - **Strategy**: The conflict between the US and Iran has affected global risk appetite. The hawkish stances of Powell and European central bank officials have led to a decline in the Fed's interest - rate cut expectations and a rapid rise in US bond yields. In China, exports are resilient, and PPI has been narrowing. It is recommended to pay attention to the change in the war situation and control risks. [4] - **Basis Annualized Ratio**: The basis annualized ratios of IF, IC, IM, and IH for different contract periods are provided, showing different trends. [3] Treasury Bonds - **Market Information**: On Friday, the main contracts of TL, T, TF, and TS had different degrees of decline. The Ministry of Commerce issued policies to promote travel service exports, and the LPR remained stable for the tenth consecutive month. The central bank conducted 205 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 170 billion yuan. [5] - **Strategy**: The economic data from January to February improved, but the sustainability of economic recovery needs to be observed. The geopolitical conflict in Iran has raised concerns about imported inflation, and inflationary pressure may put pressure on the bond market. The bond market is expected to be weakly volatile in the short term. [8] Precious Metals - **Market Information**: Gold and silver prices in both domestic and international markets declined. The Fed and other major central banks maintained their current interest rates, and the US Treasury Secretary made statements about war funds. Iran proposed counter - measures against Trump's threats. [9] - **Strategy**: The escalation of the US - Iran war has raised inflation concerns, causing central banks to be cautious about interest - rate cuts. The strengthening of real interest rates and the US dollar, along with a decline in near - term interest - rate cut expectations, have put pressure on precious metals. Gold is in a high - level shock in the short term, and it is recommended to be cautiously bearish. [10] Non - Ferrous Metals Copper - **Market Information**: Due to the Middle - East situation, the copper price continued to decline. LME inventory increased, and domestic inventory decreased. The spot market showed different supply - demand situations in different regions. [12] - **Strategy**: The Middle - East situation has not cooled down, and inflation and economic weakness continue to suppress market sentiment. The supply of copper raw materials is tight, and future inventory digestion may support the copper price. The short - term copper price may continue to find the bottom. [13] Aluminum - **Market Information**: The aluminum price continued to be weak. The inventory of aluminum ingots and bars decreased, and the processing fee of aluminum bars increased. The LME inventory decreased, and the cash/3M maintained a premium. [14] - **Strategy**: The escalation of the Middle - East situation has affected market risk sentiment, and the supply concern has been alleviated. Overseas supply is expected to be tight, and domestic inventory may decrease. If the war situation does not cool down, the aluminum price is expected to be weakly volatile. [15] Zinc - **Market Information**: The Shanghai zinc index rose, while the LME zinc price fell. The domestic and international inventories and basis are provided. The downstream actively replenished inventory after the zinc price decline. [16][17] - **Strategy**: The visible inventory of zinc concentrate has increased, and the import TC has declined. The zinc industry is in a weak situation, and the zinc price is in a downward trend. It is necessary to pay attention to downstream replenishment, Fed policies, and geopolitical conflicts. [18] Lead - **Market Information**: The Shanghai lead index fell, and the LME lead price also declined. The domestic and international inventories, basis, and other data are provided. The social inventory of lead decreased after the price decline. [19] - **Strategy**: The visible inventory of lead concentrate has decreased, and the import TC has increased. The lead price is at the lower end of the long - term shock range. The downstream may conduct strategic purchases, but the high沪伦 ratio and inflation concerns may also put pressure on the lead price. The price volatility is increasing. [19] Nickel - **Market Information**: The Shanghai nickel main contract price fell. The spot price and cost of nickel also changed. The price of nickel iron decreased slightly. [20] - **Strategy**: In the short term, the nickel price is expected to weaken due to the blockade of the Strait of Hormuz and the hawkish stance of the Fed. In the medium term, the supply - demand situation of nickel is improving, and the price has strong support. It is recommended to use high - sell and low - buy strategies. [21] Tin - **Market Information**: The Shanghai tin main contract price fell. The inventory of SHFE and LME decreased. The supply side is gradually recovering, but the demand side has not fully recovered. The downstream actively replenished inventory after the price decline. [22] - **Strategy**: The supply of tin is still constrained by raw materials, and the demand is in a weak recovery. The tin price is expected to be weakly volatile under the influence of geopolitical factors. [23] Lithium Carbonate - **Market Information**: The spot and futures prices of lithium carbonate increased slightly. The supply and demand of lithium carbonate are both strong, and the inventory reduction margin has shrunk. [24] - **Strategy**: The geopolitical situation has affected the metal market. The supply and demand of lithium carbonate are strong, and the price has certain support. It is necessary to pay attention to the changes in positions, industry events, and spot premiums. [25] Alumina - **Market Information**: The alumina index fell. The spot price in Shandong increased, and the overseas price remained stable. The futures inventory increased, and the price of bauxite in Guinea increased. [26] - **Strategy**: Guinea may tighten bauxite exports, and the supply of alumina is expected to be tight in the short term but in an oversupply situation in the long term. It is recommended to take a wait - and - see strategy. [27] Stainless Steel - **Market Information**: The stainless steel main contract price rose. The spot price in different markets increased, and the inventory decreased. The raw material prices were relatively stable. [28] - **Strategy**: The Middle - East situation has increased inflation concerns, and the Fed's hawkish stance has led to a decline in commodity prices. The stainless steel market has a loose supply, slow inventory reduction, and weak demand. It is expected to be in a high - level shock in the short term. [28] Casting Aluminum Alloy - **Market Information**: The price of the casting aluminum alloy main contract fell. The trading volume and open interest decreased, and the inventory decreased. The price of ADC12 in the domestic market decreased. [30] - **Strategy**: The cost of casting aluminum alloy has decreased, and the demand is expected to improve. The short - term price has certain support. [31] Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil decreased slightly. The registered warehouse receipts increased, and the open interest decreased. The spot prices in different regions also changed. [33] - **Strategy**: The real - estate data from January to February was weak, and the demand for steel from the real - estate sector is limited. The demand for hot - rolled coil has recovered, and the inventory has decreased. The steel market is in a "weak balance" state, and it is necessary to pay attention to the release of peak - season demand and raw material price fluctuations. [33] Iron Ore - **Market Information**: The iron ore main contract price rose. The spot price and basis are provided. The overseas ore shipment increased, and the domestic iron - water production increased. The port inventory decreased, and the steel - mill inventory increased. [34][35] - **Strategy**: The overseas supply of iron ore is fluctuating at a high level, and the demand is gradually recovering. The iron ore price is expected to be in a high - level shock due to resource structure issues and geopolitical conflicts. [35] Coking Coal and Coke - **Market Information**: The prices of coking coal and coke increased. The spot prices and basis are provided. The price of coking coal suddenly rose on Friday night, which was considered a result of the "energy substitution" sentiment. [36] - **Strategy**: The market has shifted from inflation and supply - side concerns to stagflation and recession trading. The black - metal sector may be supported by the withdrawal of funds. The short - term supply of coking coal and coke is relatively loose, and it is recommended to take short - term long - position operations or wait - and - see. In the long term, the coking coal price is expected to be positive. [39] Glass and Soda Ash - **Market Information**: The glass main contract price decreased slightly, and the soda ash main contract price increased slightly. The inventory of glass and soda ash decreased. The open interest of glass and soda ash also changed. [40][41] - **Strategy**: The glass market is affected by high inventory and weak demand, and it is expected to be in a wide - range shock. The soda ash market has a loose supply - demand situation and is expected to be in a low - level wide - range shock. [40][42] Manganese Silicon and Ferrosilicon - **Market Information**: The manganese silicon main contract price rose significantly, and the ferrosilicon main contract price also rose. The spot prices and basis are provided. The price of manganese silicon was affected by the potential impact of a typhoon on manganese ore. [43] - **Strategy**: The market is in a stagflation and recession trading environment. The supply - demand situation of manganese silicon is not ideal, while that of ferrosilicon is relatively good. It is necessary to pay attention to the overall market sentiment, manganese ore supply, and "dual - carbon" policies. [45][46] Industrial Silicon and Polysilicon - **Market Information**: The industrial silicon main contract price rose, and the polysilicon main contract price fell. The spot prices and basis are provided. The supply of industrial silicon is increasing slightly, and the demand is weak. The polysilicon market has high inventory and weak demand. [47][48] - **Strategy**: The industrial silicon price is expected to be in a shock due to cost support. The polysilicon price is expected to find the bottom in a shock due to weak fundamentals. [48][49] Energy Chemicals Rubber - **Market Information**: The Middle - East situation has affected the rubber market. The prices of natural rubber and butadiene rubber have different trends. The operating rates of domestic tire enterprises and the inventory of natural rubber are provided. [52][53] - **Strategy**: The market fluctuates greatly, and it is recommended to trade flexibly according to the disk, set stop - losses, and enter and exit quickly. It is also recommended to hold the position of buying NR main contract and shorting RU2609. [55] Crude Oil - **Market Information**: The INE main crude - oil futures price rose, and the prices of related refined - oil products also changed. [56] - **Strategy**: It is recommended to start a short - position strategic allocation for crude oil. It is also recommended to widen the price difference between different oil types in the Red Sea area, short the high - sulfur fuel - oil cracking spread, and short the INE - Brent cross - regional spread. [58] Methanol - **Market Information**: The main methanol futures contract price changed, and the MTO profit also changed. [59] - **Strategy**: It is considered that methanol has fully included the current geopolitical premium, and it is recommended to take profit at high prices. [60] Urea - **Market Information**: The spot and futures prices of urea changed. The overall basis is provided. [61] - **Strategy**: The expectation of high - level production in the first quarter is strong. The domestic supply - demand situation is balanced, and the marginal impact is mainly related to export quotas. It is recommended to short - sell urea. [62] Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene changed, and the basis and other indicators are provided. The upstream and downstream operating rates and inventory are also provided. [63] - **Strategy**: The non - integrated profit of styrene is moderately high, and the cost of pure benzene is relatively wide. The supply and demand of styrene are in a certain state. It is recommended to wait and see with an empty position due to geopolitical impacts. [64] PVC - **Market Information**: The PVC05 contract price rose. The spot price, basis, and cost data are provided. The operating rate and inventory of PVC are also provided. [65] - **Strategy**: The comprehensive profit of PVC enterprises has rebounded, but there are expectations of production reduction and seasonal maintenance. The domestic demand is under pressure, and the export may be affected. The short - term price is expected to rise, but attention should be paid to risks. [66] Ethylene Glycol - **Market Information**: The EG05 contract price rose. The supply and demand data, inventory, and cost data are provided. [67] - **Strategy**: The overseas and domestic device maintenance is increasing, and the import is expected to decrease. The downstream demand is recovering, and the inventory is expected to decrease. The short - term price has risen too much, and attention should be paid to risks. [68][69] PTA - **Market Information**: The PTA05 contract price fell. The operating rate, inventory, and processing fee data are provided. [70] - **Strategy**: The PTA is difficult to enter a de - stocking cycle, and the processing fee is difficult to rise. The PXN is expected to rise, but attention should be paid to risks due to short - term over - increase. [71] p - Xylene - **Market Information**: The PX05 contract price fell. The operating rate, inventory, and cost data are provided. [72] - **Strategy**: The PX load is expected to further decline, and the downstream PTA load is increasing. The PX is gradually entering a de - stocking cycle. The valuation is expected to rise, but attention should be paid to risks due to short - term over - increase. [73] Polyethylene (PE) - **Market Information**: The PE main contract price fell. The spot price, basis, upstream operating rate, and inventory data are provided. [74] - **Strategy**: The PE spot price has fallen, and the valuation has downward space. The supply pressure is relieved, and the demand is recovering. It is recommended to short - sell the LL2605 - LL2609 contract spread when the shipping volume in the Strait of Hormuz increases. [75] Polypropylene (PP) - **Market Information**: The PP main contract price fell. The spot price, basis, upstream operating rate, and inventory data are provided. [76] - **Strategy**: The cost - side supply is expected to increase moderately in the second quarter. The supply pressure is relieved, and the demand is rebounding seasonally. The short - term market is dominated by geopolitical conflicts, and the long - term contradiction has shifted from the cost side to the production - mismatch issue. [77] Agricultural Products Live Pigs - **Market Information**: The domestic pig price continued to fall over the weekend. The supply is concentrated, and the demand recovery is slow. [79] - **Strategy**: The supply is in a concentrated release period, and the demand is limited. The spot price is weak, and the medium - term price increase basis is poor. It is recommended to wait and see for the time being. [80] Eggs - **Market Information**: The domestic egg price had different trends over the weekend. The supply is sufficient, and the demand is stable. [81] - **Strategy**: The egg production capacity is expected to decline, but the current supply level is still high. The short - term spot price may be strong, but the near - month contract has limited upside space. It is recommended to short - sell on rebounds for the far - month contract. [82] Soybean and Rapeseed Meal - **Market Information**: The predicted planting areas of corn and soybeans in the US have increased. The US soybean export data and domestic soybean arrival and inventory data are provided. The global soybean production and inventory - consumption ratio are also provided. [83] - **Strategy**: The March USDA report is neutral. The protein - meal price is affected by the volatile crude - oil price due to the geopolitical crisis. It is recommended to wait and see in the short term. [84] Oils and Fats - **Market Information**: Indonesia may restrict the export of palm oil. The production, export, and inventory data of palm oil in Malaysia and Indonesia are provided. The domestic inventory of three major oils is also

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The report presents the market liquidity situation on March 19, 2026, including the trading volume, position amount and trading - position ratio of different sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product and black building materials sectors, as well as the changes compared with the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity The report shows the trading volume, position amount, trading - position ratio and their changes of various sectors on March 19, 2026, including stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product and black building materials sectors [1][2]. II. Stock Index Plate On March 19, 2026, the trading volume of the stock index plate was 1032.123 billion yuan, a change of +12.99% compared with the previous trading day; the position amount was 1551.033 billion yuan, a change of - 0.14%; the trading - position ratio was 65.18% [1]. III. Treasury Bond Plate On March 19, 2026, the trading volume of the treasury bond plate was 361.574 billion yuan, a change of +20.16% compared with the previous trading day; the position amount was 870.997 billion yuan, a change of +1.38%; the trading - position ratio was 39.94% [1]. IV. Basic Metal and Precious Metal (Metal Plate) On March 19, 2026, the trading volume of the basic metal plate was 723.615 billion yuan, a change of +38.52% compared with the previous trading day; the position amount was 619.436 billion yuan, a change of - 3.45%; the trading - position ratio was 123.41%. The trading volume of the precious metal plate was 827.076 billion yuan, a change of +62.94% compared with the previous trading day; the position amount was 464.475 billion yuan, a change of - 5.60%; the trading - position ratio was 217.47% [1]. V. Energy Chemical Plate On March 19, 2026, the trading volume of the energy chemical plate was 1239.714 billion yuan, a change of +19.28% compared with the previous trading day; the position amount was 595.547 billion yuan, a change of +4.03%; the trading - position ratio was 197.76% [1]. VI. Agricultural Product Plate On March 19, 2026, the trading volume of the agricultural product plate was 378.968 billion yuan, a change of - 7.21% compared with the previous trading day; the position amount was 659.487 billion yuan, a change of - 0.41%; the trading - position ratio was 50.97% [1]. VII. Black Building Materials Plate On March 19, 2026, the trading volume of the black building materials plate was 170.464 billion yuan, a change of - 12.76% compared with the previous trading day; the position amount was 318.750 billion yuan, a change of - 1.29%; the trading - position ratio was 48.63% [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the trading and position - holding data of various market sectors on March 17, 2026, including changes in trading volume, position - holding amount, and trading - to - position ratios compared to the previous trading day [1][2] 3. Summary by Directory I. Plate Liquidity - There are figures showing the trading - to - position ratio, trading volume change rate, position - holding volume, position - holding amount, trading volume, and trading amount of each plate [5][8] II. Stock Index Plate - On March 17, 2026, the trading volume was 912.639 billion yuan, a +7.62% change from the previous trading day; the position - holding amount was 1540.072 billion yuan, a - 1.82% change; the trading - to - position ratio was 58.41% [1] - There are figures showing the price change rate, trading - to - position ratio, change in settled funds, trend of settled funds, change in trading amount, and the trend of the net position ratio of the top 20 of each variety in the stock index plate [5][9] III. Treasury Bond Plate - On March 17, 2026, the trading volume was 262.545 billion yuan, a - 29.25% change from the previous trading day; the position - holding amount was 853.421 billion yuan, a +0.22% change; the trading - to - position ratio was 29.73% [1] - There are figures showing the price change rate, trading - to - position ratio, change in settled funds, trend of settled funds, change in trading amount, and the trend of the net position ratio of the top 20 of each variety in the treasury bond plate [5][25] IV. Basic Metals and Precious Metals (Metal Plate) - On March 17, 2026, the trading volume of the basic metals plate was 525.981 billion yuan, a - 10.24% change from the previous trading day; the position - holding amount was 647.285 billion yuan, a - 2.85% change; the trading - to - position ratio was 104.99%. The trading volume of the precious metals plate was 538.737 billion yuan, a - 30.22% change; the position - holding amount was 492.974 billion yuan, a - 1.24% change; the trading - to - position ratio was 143.62% [1] - There are figures showing the price change rate, trading - to - position ratio, change in settled funds, trend of settled funds, trading volume change rate, and the trend of the net position ratio of the top 20 of each variety in the metal plate [5][34] V. Energy and Chemical Plate - On March 17, 2026, the trading volume was 1117.18 billion yuan, a - 11.89% change from the previous trading day; the position - holding amount was 575.952 billion yuan, a - 2.43% change; the trading - to - position ratio was 180.21% [1] - There are figures showing the price change rate, trading - to - position ratio, change in settled funds, trend of settled funds, trading volume change rate, and the trend of the net position ratio of the top 20 of the main varieties in the energy and chemical plate [5][37] VI. Agricultural Products Plate - On March 17, 2026, the trading volume was 401.918 billion yuan, a - 17.35% change from the previous trading day; the position - holding amount was 675.952 billion yuan, a - 0.02% change; the trading - to - position ratio was 58.37% [1] - There are figures showing the price change rate, trading - to - position ratio, change in settled funds, trend of settled funds, trading volume change rate, and the trend of the net position ratio of the top 20 of the main varieties in the agricultural products plate [5][50] VII. Black Building Materials Plate - On March 17, 2026, the trading volume was 159.57 billion yuan, a - 22.17% change from the previous trading day; the position - holding amount was 321.601 billion yuan, a +0.23% change; the trading - to - position ratio was 46.30% [2] - There are figures showing the price change rate, trading - to - position ratio, change in settled funds, trend of settled funds, trading volume change rate, and the trend of the net position ratio of the top 20 of each variety in the black building materials plate [5][55]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The ongoing war between the US, Israel, and Iran has made the blockade of the Strait of Hormuz a gray rhino event, causing oil prices to remain high. The supply of crude oil is expected to decline, and the market is in a state of shortage. The release of strategic oil reserves can only temporarily alleviate the supply gap. The price of crude oil will depend on the situation of the Strait of Hormuz and the balance between supply and demand [3][4]. - The Chinese government will continue to implement a more proactive fiscal policy in 2026, which will support the equity market, especially the infrastructure, consumption, and technology sectors. However, the overseas "stagflation" risk and the market's demand for verifying the economic recovery strength will suppress the global risk preference, and the market will continue to adjust with structural differentiation [5]. - Geopolitical risks have not pushed up the price of gold as expected. Instead, the soaring oil price has strengthened inflation expectations, leading to a significant cooling of the market's expectation of the Fed's interest rate cut. The dollar index and the 10 - year US Treasury yield have put pressure on the price of gold. The price of gold is expected to fluctuate in the short term, and there may be an opportunity to buy at a low price in the medium - to - long term [6][7]. - The price of silver is under pressure from the strengthening dollar and the market's short positions, but it is also supported by strong industrial demand and supply shortages. Traders should pay attention to the breakthrough of key intervals and control their positions [8]. - The prices of various chemical products are affected by factors such as the blockade of the Strait of Hormuz, supply and demand, and cost. The market trends of different chemical products vary, and investors need to pay attention to relevant factors [9][10][11][12][13][14][15][16][17][18]. - The prices of agricultural products are affected by factors such as international geopolitical situations, supply and demand, and policies. Different agricultural products have different market trends, and investors need to pay attention to relevant information [19][20][21][22][23][24][25]. - The prices of metals are affected by factors such as supply and demand, geopolitical risks, and inventory. Different metals have different market trends, and investors need to pay attention to relevant factors [26][27][28][29][30][31][32]. - The prices of black commodities are affected by factors such as policy expectations, supply and demand, and cost. Different black commodities have different market trends, and investors need to pay attention to relevant information [33][34][35][36][37][38][39]. Summaries by Relevant Catalogs Crude Oil - **Macro and Geopolitical Factors**: The war between the US, Israel, and Iran continues, and the blockade of the Strait of Hormuz has become a gray rhino event, causing oil prices to remain high. The US president's call for joint escort has received few responses, and it is difficult to resume navigation in the short term. The reduction in production by Middle Eastern oil - producing countries and the increased transportation costs due to rerouting after the blockade will give crude oil a certain premium [3]. - **Market Analysis**: The IEA predicts that the crude oil supply will decrease by 8 million barrels per day in March. If the blockade continues, the supply may continue to decline. The market has shifted from oversupply to shortage, with a gap of 10 - 20 million barrels per day, accounting for 10% of the dynamic balance. The release of strategic oil reserves can only make up for one - month's export gap if the Strait of Hormuz has zero traffic. The price of crude oil may drop significantly if the Strait is reopened after the refineries reduce their loads and demand declines further. If the Strait's traffic and the supply - demand balance do not return to normal during the peak summer season, the oil price will remain high [4]. - **Reference View**: Pay attention to whether the WTI main contract can hold the key position around $95 - 100 per barrel. The volatility of crude oil has increased [4]. Stock Index - **Macro Information**: The Chinese government will continue to implement a more proactive fiscal policy in 2026, aiming to stabilize the macro - economic situation and support the equity market, especially the infrastructure, consumption, and technology sectors [5]. - **Market Analysis**: The overseas "stagflation" risk has suppressed the global risk preference. The market's demand for verifying the economic recovery strength has increased. Some growth sectors are facing performance tests and changes in external liquidity expectations. Funds tend to flow to large - cap, low - valuation, and high - performance - stability sectors, and the market risk preference has decreased [5]. - **Reference View**: The main broad - based indexes will continue to adjust in a volatile manner, and structural differentiation may continue [5]. Gold - **Macro and Geopolitical Factors**: Geopolitical risks have not pushed up the price of gold as expected. Instead, the soaring oil price has strengthened inflation expectations, leading to a significant cooling of the market's expectation of the Fed's interest rate cut. The dollar index and the 10 - year US Treasury yield have put pressure on the price of gold [6]. - **Market Analysis**: The price of spot gold fluctuates within a range and once fell below $5000 per ounce this week. The main pressure on the gold market comes from the reconstruction of interest rate expectations. The SPDR Gold ETF has continuously reduced its positions slightly. If the oil price continues to rise slowly, the dollar and the US Treasury yield may continue to be supported, and the price of gold may continue to fluctuate in the short term to digest the selling pressure [7]. - **Operation Suggestion**: Maintain a neutral position before the Fed's interest rate meeting. If the geopolitical situation eases and the oil price drops, there may be an opportunity to buy at a low price. In the medium - to - long term, the allocation value of gold still exists [7]. Silver - **External Price**: On March 17, the silver market continued to be under pressure, and the London silver was struggling around the $80 per ounce mark. The macro - suppression factors are still obvious, and the Fed's interest rate cut expectation has been continuously suppressed due to inflation concerns caused by the Middle East situation. The strengthening dollar has made silver more expensive for non - US buyers [8]. - **Market Analysis**: Silver is experiencing a fierce game between its "commodity attribute" and "financial attribute". The support comes from strong industrial demand and continuous supply deficits, while the pressure comes from the increase in real interest rates and the long - short game in the speculative market. Although there is a supply shortage, a large number of short positions in the paper - silver market have formed a price - suppression mechanism. If the dollar index continues to rise, the silver price may test lower support levels; if the geopolitical situation eases and the dollar falls, the continuous supply shortage may push up the price [8]. - **Operation Suggestion**: Short - term traders should pay attention to the breakthrough of key intervals and be flexible within the range. Before the Fed's monetary policy path becomes clear, strictly control the position to deal with the current high - volatility environment [8]. Chemical Industry Rubber - **Market Price**: The spot prices of domestic whole - latex, Thai smoked three - piece, Vietnamese 3L standard rubber, and 20 - grade rubber are 16,700 yuan/ton, 19,900 yuan/ton, 17,000 yuan/ton, and 15,200 yuan/ton respectively. The raw material prices in Haikou are 74.3 Thai baht/kg for smoked sheets, 73 Thai baht/kg for latex, 58.5 Thai baht/kg for cup rubber, and 70 Thai baht/kg for raw rubber [9]. - **Market Analysis**: The Shanghai rubber market remains neutral. The continuous blockade of the Strait of Hormuz may have a negative impact on the demand for Shanghai rubber, but due to the off - season of rubber tapping, the raw material prices are still rising, so the downside space is limited. The raw material prices in Thailand are still at a high level, providing support for the rubber price. However, the domestic production areas are gradually starting to tap, and the supply is becoming more abundant. The blockade of the strait has increased the premium of energy - chemical products but also worried the market about the demand for natural rubber. The downstream demand shows that the capacity utilization rate of China's semi - steel tire sample enterprises last week was 78.73%, a month - on - month increase of 4.20% and a year - on - year decrease of 0.36%; the capacity utilization rate of full - steel tire sample enterprises was 71.80%, a month - on - month increase of 6.42% and a year - on - year increase of 2.81%. The inventory in Qingdao Bonded Area increased by 1.27% to 11.96 tons, and the general trade inventory increased by 0.04% to 68.04 tons. Under the influence of multiple factors, the upward trend of Shanghai rubber may slow down and turn into a wide - range shock [10]. - **Reference View**: The main contract of Shanghai rubber will fluctuate around 16,400 - 17,500 yuan/ton [10]. Plastic - **Spot Information**: The mainstream spot prices in North China, East China, and South China are 8,414 yuan/ton, 8,665 yuan/ton, and 8,977 yuan/ton respectively, with month - on - month decreases of 60 yuan/ton, 126 yuan/ton, and 105 yuan/ton [11]. - **Market Analysis**: On the supply side, the operating rate of China's polyethylene plants last week was 82.39%, a month - on - month decrease of 4.5171%; the production affected by plant maintenance was 9.104 tons, a month - on - month increase of 2.076 tons. On the demand side, the overall operating rate of polyethylene downstream enterprises last week was 33.83%. As of March 13, 2026, the inventory of Chinese polyethylene production enterprises was 57.54 tons. On March 17, the closing price of L2605 was 8,496 yuan/ton, and the futures price declined. Geopolitical factors are expected to support the high price of crude oil, the cost side is strong, the downstream rigid demand may improve slightly but the procurement is cautious, the supply is expected to decrease, the inventory is maintained at a reasonable level, and the macro - situation is still uncertain. The polyethylene market is expected to fluctuate in a relatively strong range under the game of multiple factors, and the price is difficult to continue to rise significantly [11]. - **Reference View**: It is expected that plastics will fluctuate in a relatively strong range in the short term, and attention should be paid to geopolitical disturbances [12]. Methanol - **Spot Information**: The spot price of methanol in Zhejiang is 2,865 yuan/ton, an upward fluctuation of 20 yuan/ton from the previous trading day. The spot price in Xinjiang is 1,750 yuan/ton, the same as the previous trading day. The spot price in Hebei is 2,340 yuan/ton, the same as the previous trading day [13]. - **Market Analysis**: The closing price of the main methanol futures contract MA605 is 2,847 yuan/ton, an upward fluctuation of 0.35% from the previous trading day. In terms of inventory, the total port inventory is 131.28 tons, with a significant reduction of 13.07 tons compared with the previous period. Among them, the inventory in South China decreased by 3.51 tons, and the inventory in East China decreased by 9.56 tons. On the supply side, the upstream coal - to - methanol still has profits, and the operating rate of the domestic methanol industry is 90.15%, maintaining a high level; on the demand side, the loss of MTO profits has increased, the operating rate of the device is maintained at 84.08%; the operating rate of the MTBE device is 68.94%, and the demand for traditional downstream products (acetic acid, formaldehyde) is still weak, mainly for rigid - demand procurement, suppressing the price elasticity. Internationally, the Middle East conflict has blocked the shipping in the Strait of Hormuz, and the Brent crude oil has rebounded again, with the increase once expanding to about 4%. The cost support of methanol has been strengthened; the risk of supply interruption of Iranian methanol supports the price [13]. - **Reference View**: Methanol futures may fluctuate at a high level in the short term, presenting a pattern of strong geopolitics and weak reality. Pay close attention to the navigation situation of the Strait of Hormuz and the dynamics of Iranian devices. Track the Middle East situation and the destocking of port inventory, and be vigilant against the intensification of the negative feedback in the industrial chain [13]. PTA - **Spot Information**: The spot price in East China is 6,770 yuan/ton, a decrease of 190 yuan/ton [14]. - **Market Analysis**: The logistics risk in the strait has led to a shortage of PX supply, and domestic refineries have reduced their loads preventively, so the short - term cost support is strong. The supply of PTA is steadily increasing. In terms of device operation, a 3.6 - million - ton device in East China reduced its load on March 12, but other devices such as Yisheng New Materials and Dushan Energy have restarted or increased their loads one after another, and the overall supply has maintained a growth trend. The demand of the downstream polyester industry is slowly recovering. Among the sub - products, the output of polyester industrial yarn has increased significantly; the capacity utilization rate of PET chip fiber has increased from 81.37% to 86.22%, indicating that the downstream operation is gradually improving. However, the inventory of PTA factories has accumulated, mainly because the recovery rhythm of downstream demand is slower than the supply growth rate, and the market's concern about supply interruption has prompted more inventory building [14]. - **Reference View**: In the short term, continue to pay attention to geopolitical disturbances. In addition, the recovery of downstream demand is still the key [14]. Ethylene Glycol - **Spot Information**: The spot price in East China is 4,780 yuan/ton, a decrease of 75 yuan/ton [15]. - **Market Analysis**: In March, multiple domestic coal - based and oil - based devices are planned for maintenance, and external Iranian devices are shut down (with an annual capacity of 450,000 tons). Coupled with the blockade of the Strait of Hormuz, the import expectation has decreased, and the domestic ethylene glycol production has decreased significantly, and the supply side has continued to tighten. The demand of the downstream polyester industry remains stable, and the capacity utilization rate is maintained at around 83.83%. The downstream inventory - building willingness has increased. It is worth noting that the polyester industry accounts for 94% of ethylene glycol consumption and is greatly affected by the cost side in the short term [15]. - **Reference View**: Pay attention to the trend of the cost - side oil price and downstream demand, and it will fluctuate in a short - term range [15]. Soda Ash - **Spot Information**: The mainstream price of heavy soda ash in the Shahe area is 1,236 yuan/ton, the same as the previous period. There are slight differences among different regions. The mainstream price of heavy soda ash in East China is 1,250 yuan/ton, in North China is 1,280 yuan/ton, and in Central China is 1,230 yuan/ton, all the same as the previous period [16]. - **Market Analysis**: On the supply side, the overall operating rate of soda ash last week was 87%, a month - on - month increase of 0.23%. The soda ash output was 80.92 tons, a month - on - month increase of 0.22 tons. There were few maintenance enterprises during the week, and the supply remained at a high level. In terms of inventory, the manufacturer's inventory last week was 1.9317 million tons, a month - on - month decrease of 15,500 tons, a decrease of 0.80%, and the inventory decreased slightly. It is understood that the social inventory has increased steadily and is close to 280,000 tons. The demand performance is average. Overall, there is no major change in the soda ash market, and the fundamentals are still weak. However, the international situation is changeable, and it is expected that the market will still fluctuate highly, but the upside space may be limited due to the fundamental pressure. Pay attention to macro and policy dynamics, enterprise maintenance situations, and inventory changes [16]. - **Reference View**: The market continued to decline slightly yesterday. It is recommended to be cautious about chasing high in the short term [16]. Glass - **Spot Information**: The market price of 5 - mm large - plate glass in the Shahe area is 1,044 yuan/ton, the same as the previous period. There are slight differences among different regions. The market price of 5 - mm large - plate glass in East China is 1,250 yuan/ton, in North China is 1,070 yuan/ton, and in Central China is 1,090 yuan/ton, all the same as the previous period [17][18]. - **Market Analysis**: On the supply side, the operating rate of float - glass last week was 71.05%, a month - on - month increase of 0.24%. The weekly glass output was 1.0333 million tons, a month - on - month decrease of 6,400 tons. One production line in North China was ignited, and one production line in North China and one in Northwest China were shut down

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the market liquidity situation on March 13, 2026, including the trading volume, holding amount, and trading - holding ratio of different sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building materials [1][2] 3. Summary According to the Directory I. Plate Liquidity - The report provides data on the trading volume, holding amount, and trading - holding ratio of various sectors, including stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building materials [1][2] II. Stock Index Plate - On March 13, 2026, the trading volume of the stock index plate was 745.477 billion yuan, a +4.58% change from the previous trading day; the holding amount was 1543.171 billion yuan, a - 0.93% change from the previous trading day; the trading - holding ratio was 47.00% [1] III. Treasury Bond Plate - On March 13, 2026, the trading volume of the treasury bond plate was 268.747 billion yuan, a - 13.36% change from the previous trading day; the holding amount was 839.588 billion yuan, a - 1.37% change from the previous trading day; the trading - holding ratio was 31.76% [1] IV. Basic Metal and Precious Metal (Metal Plate) - On March 13, 2026, the trading volume of the basic metal plate was 516.145 billion yuan, a - 2.21% change from the previous trading day; the holding amount was 664.088 billion yuan, a - 0.43% change from the previous trading day; the trading - holding ratio was 91.57%. The trading volume of the precious metal plate was 626.874 billion yuan, a +20.35% change from the previous trading day; the holding amount was 514.976 billion yuan, a - 0.36% change from the previous trading day; the trading - holding ratio was 150.55% [1] V. Energy Chemical Plate - On March 13, 2026, the trading volume of the energy chemical plate was 1330.103 billion yuan, a - 14.73% change from the previous trading day; the holding amount was 579.949 billion yuan, a +0.93% change from the previous trading day; the trading - holding ratio was 215.26% [1] VI. Agricultural Product Plate - On March 13, 2026, the trading volume of the agricultural product plate was 538.618 billion yuan, a +16.09% change from the previous trading day; the holding amount was 671.715 billion yuan, a +0.75% change from the previous trading day; the trading - holding ratio was 87.06% [1] VII. Black Building Materials Plate - On March 13, 2026, the trading volume of the black building materials plate was 243.842 billion yuan, a +11.85% change from the previous trading day; the holding amount was 324.860 billion yuan, a +0.71% change from the previous trading day; the trading - holding ratio was 67.69% [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report presents the market liquidity situation of different sectors on March 12, 2026, including trading volume, holding amount, and trading - holding ratio, as well as their changes compared to the previous trading day [1][2] 3. Summary by Directory I. Plate Liquidity - The report shows the trading volume, holding amount, and trading - holding ratio of various sectors on March 12, 2026, and their changes compared to the previous trading day. The sectors include stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building materials [1][2] II. Stock Index Plate - On March 12, 2026, the trading volume of the stock index plate was 712.862 billion yuan, a +20.01% change from the previous trading day; the holding amount was 1557.7 billion yuan, a +0.97% change; the trading - holding ratio was 44.83% [1] III. Treasury Bond Plate - On March 12, 2026, the trading volume of the treasury bond plate was 310.178 billion yuan, a +14.64% change from the previous trading day; the holding amount was 851.255 billion yuan, a - 0.87% change; the trading - holding ratio was 36.17% [1] IV. Basic Metal and Precious Metal (Metal Plate) - On March 12, 2026, the trading volume of the basic metal plate was 527.792 billion yuan, a +11.25% change from the previous trading day; the holding amount was 666.932 billion yuan, a - 0.47% change; the trading - holding ratio was 92.28%. The trading volume of the precious metal plate was 520.87 billion yuan, a - 9.33% change; the holding amount was 516.815 billion yuan, a - 0.65% change; the trading - holding ratio was 120.52% [1] V. Energy Chemical Plate - On March 12, 2026, the trading volume of the energy chemical plate was 1559.848 billion yuan, a +31.95% change from the previous trading day; the holding amount was 574.611 billion yuan, a +6.04% change; the trading - holding ratio was 258.63% [1] VI. Agricultural Product Plate - On March 12, 2026, the trading volume of the agricultural product plate was 463.962 billion yuan, a - 2.17% change from the previous trading day; the holding amount was 666.724 billion yuan, a +0.93% change; the trading - holding ratio was 67.82% [1] VII. Black Building Materials Plate - On March 12, 2026, the trading volume of the black building materials plate was 218.001 billion yuan, a +43.11% change from the previous trading day; the holding amount was 322.563 billion yuan, a +0.60% change; the trading - holding ratio was 66.47% [2]