Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Comprehensive Index fell by -0.91% today. Among the sector indices, only the Nanhua Precious Metals Index rose by 1.25%, while the rest of the sectors declined. The Nanhua Energy and Chemical Index had the largest decline of -2.36%, and the Nanhua Agricultural Products Index had the smallest decline of -0.69%. All theme indices declined, with the Energy Index having the largest decline of -3.00% and the Oilseeds and Oils Index having the smallest decline of -0.23%. Among the single - variety indices of commodity futures, the Silver index had the largest increase of 2.37%, and the Lithium Carbonate index had the largest decline of -8.57% [1][3]. 3. Summary by Relevant Catalog 3.1 Nanhua Commodity Index Market Data - **Comprehensive Index (NHCI)**: Closed at 3074.62, down 28.28 points or -0.91% from the previous close. The annualized return rate is 22.26%, the annualized volatility is 15.20%, and the Sharpe ratio is 1.46 [3]. - **Precious Metals Index (NHPMI)**: Closed at 1970.45, up 24.39 points or 1.25% from the previous close. The annualized return rate is 71.72%, the annualized volatility is 35.67%, and the Sharpe ratio is 2.01 [3]. - **Industrial Products Index (NHII)**: Closed at 4182.83, down 72.21 points or -1.70% from the previous close. The annualized return rate is 13.05%, the annualized volatility is 17.18%, and the Sharpe ratio is 0.76 [3]. - **Metal Index (NHMI)**: Closed at 7157.68, down 85.34 points or -1.18% from the previous close. The annualized return rate is 12.09%, the annualized volatility is 14.46%, and the Sharpe ratio is 0.84 [3]. - **Energy and Chemical Index (NHECI)**: Closed at 2027.57, down 49.03 points or -2.36% from the previous close. The annualized return rate is 16.41%, the annualized volatility is 23.54%, and the Sharpe ratio is 0.70 [3]. - **Non - ferrous Metals Index (NHNF)**: Closed at 2010.96, down 28.17 points or -1.38% from the previous close. The annualized return rate is 17.06%, the annualized volatility is 18.62%, and the Sharpe ratio is 0.92 [3]. - **Black Index (NHFI)**: Closed at 2582.79, down 33.63 points or -1.29% from the previous close. The annualized return rate is 2.90%, the annualized volatility is 15.93%, and the Sharpe ratio is 0.18 [3]. - **Agricultural Products Index (NHAI)**: Closed at 1079.70, down 7.49 points or -0.69% from the previous close. The annualized return rate is -0.32%, the annualized volatility is 7.92%, and the Sharpe ratio is -0.04 [3]. - **Mini - Comprehensive Index (NHCIMi)**: Closed at 1427.78, down 17.39 points or -1.20% from the previous close. The annualized return rate is 7.58%, the annualized volatility is 26.81%, and the Sharpe ratio is 0.28 [3]. - **Energy Index (NHEI)**: Closed at 1499.31, down 46.32 points or -3.00% from the previous close. The annualized return rate is 16.30%, the annualized volatility is 62.04%, and the Sharpe ratio is 0.26 [3]. - **Petrochemical Index (NHPCI)**: Closed at 1246.36, down 22.95 points or -1.81% from the previous close. The annualized return rate is 12.09%, the annualized volatility is 38.42%, and the Sharpe ratio is 0.31 [3]. - **Chemical Index (NHCCI)**: Closed at 1231.37, down 31.27 points or -2.48% from the previous close. The annualized return rate is 10.42%, the annualized volatility is 39.06%, and the Sharpe ratio is 0.27 [3]. - **Black Raw Materials Index (NHFM)**: Closed at 1093.83, down 17.92 points or -1.61% from the previous close. The annualized return rate is 0.19%, the annualized volatility is 16.49%, and the Sharpe ratio is 0.01 [3]. - **Building Materials Index (NHBMI)**: Closed at 698.40, down 11.15 points or -1.57% from the previous close. The annualized return rate is -0.03%, the annualized volatility is 14.60%, and the Sharpe ratio is 0.00 [3]. - **Oilseeds and Oils Index (NHOOI)**: Closed at 1322.69, down 3.09 points or -0.23% from the previous close. The annualized return rate is 3.41%, the annualized volatility is 15.30%, and the Sharpe ratio is 0.22 [3]. - **Economic Crops Index (NHAECI)**: Closed at 967.25, down 4.80 points or -0.49% from the previous close. The annualized return rate is 0.88%, the annualized volatility is 10.49%, and the Sharpe ratio is 0.08 [3]. 3.2 Single - Variety Index of Agricultural Products - Palm oil: -0.12% - Rapeseed oil: -0.09% - Five - oil: -0.53% - Rapeseed: -0.62% - Rapeseed meal: -0.71% - Pig: -3.03% - Corn: 0.08% [9] 3.3 Single - Variety Index of Energy and Chemical Sector - Synthetic ammonia: -2.62% - Ethylene: -3.53% - Coal: -1.62% - Vinyl chloride: -2.52% - Methanol: -2.60% - Styrene: -2.08% - LPG: -3.67% - Aromatics: -1.38% - Yarn: -0.16% - Fuel oil: -3.79% - Low - sulfur fuel oil: -4.64% [12]

Report Industry Investment Rating No relevant content provided. Core View of the Report - In Q2 2026, the commodity market will enter a "structural differentiation" stage with intense competition between bullish and bearish factors. The general upward trend is hard to sustain, and the "unevenness" between sectors will be the main theme. Investors should focus on structural opportunities and strictly control risks [3][46]. Summary by Directory 1. 2026 Q1 Nanhua Commodity Index Overview - The Nanhua Composite Index rose continuously in January, dropped rapidly at the end of January and early February, entered a continuous upward phase from mid - February, and entered an oscillatory adjustment period from mid - March [2][14]. - The sub - sectors showed differentiation. The precious metals index rose nearly 50% in January and then declined. The industrial products index was similar to the composite index, but it broke through the previous high at the end of March due to the explosion of the energy - chemical sector and the rapid decline of the precious metals sector. The energy - chemical index was in a narrow - range oscillation in January and February and entered a rapid upward range in March [2][14]. - The Nanhua Composite Index and the industrial products index have broken through or touched the historical range. The precious metals index ended its strong upward trend, while the agricultural products index remained in the long - term oscillatory range [15]. 2. 2026 Q1 Index Rise and Fall Analysis - **Fiscal Aspect**: From January to February, the national general public budget revenue increased by 0.7% year - on - year, tax revenue increased by 15.8%, but government fund revenue decreased by 16% year - on - year. The issuance of local bonds was pre - arranged, but fiscal efforts were still cautious [34]. - **Real Estate and Infrastructure**: The real estate market was still cold. New and second - hand housing prices in first, second, and third - tier cities showed declines. Sales data was sluggish, and developers were cautious. In contrast, infrastructure construction investment increased significantly, driving the recovery of the construction industry [35][39]. 3. 2026 Q2 Nanhua Composite Index Outlook - **Precious Metals Sector**: In Q2, the global precious metals market is expected to enter a wide - range oscillatory bottom - building stage, with gold prices likely to fluctuate between $4300 - $4800 per ounce. Short - term factors such as high interest rates and geopolitical risks will suppress prices, but long - term factors such as "de - dollarization" and supply shortages will provide support [55]. - **Energy Sector**: The global crude oil market has reversed from "extreme pessimism" to "extreme panic". In Q2, the price center will be reshaped by risk premiums, and the market will be affected by geopolitical factors and supply - demand relationships [57]. - **Non - ferrous Metals Sector**: In Q2, the non - ferrous metals market will enter an "observation window period" with a pattern of "first decline then rise and wide - range oscillation". Short - term macro factors will suppress the market, but supply - side constraints and long - term demand will provide support [61]. - **Black Metals Sector**: In Q2, the black metals market will be in a state of oscillatory bottom - building. The market was affected by factors such as weak supply and demand at the beginning of the year, and then the price was supported by cost factors [63]. 4. Summary No relevant content provided other than the title.

Report Overview - The report is a daily report on the Nanhua Commodity Index dated March 30, 2026 [3] Index Performance Comprehensive Index - The Nanhua Comprehensive Index rose 0.97% based on the closing prices of adjacent trading days [1] Sector Index - Among the sector indices, only the Nanhua Agricultural Products Index fell by -0.05%. The rest of the sectors rose. The Nanhua Precious Metals Index had the largest increase of 1.47%, and the Nanhua Black Index had the smallest increase of 0.34% [1] Theme Index - The Energy Index had the largest increase of 2.25% among the theme indices, and the Building Materials Index had the smallest increase of 0.15%. The Economic Crops Index had the largest decline of -0.26%, and the Petrochemical Index had the smallest decline of -0.22% [1] Single - Variety Index - The largest increase in the commodity futures single - variety index was the European Line, up 6.18%. The largest decline was in the caustic soda index, down -2.46% [1][3] Contribution to Index Changes - The report also mentions the contribution degree of each variety's daily rise and fall to the index's rise and fall, with positive and negative contributions [4] Industry Chain and Variety Performance Energy and Chemical Sector - The report shows the industrial chain diagram of some varieties in the energy and chemical sector and their single - variety index daily rise and fall, such as ethylene with a certain performance, LPG down -1.79%, aromatics down -1.21%, and crude oil up 3.33% [4][11] Black Sector - The industrial chain diagram of some varieties in the black sector and their single - variety index daily rise and fall are presented [5] Agricultural Products Sector - The industrial chain diagram of some varieties in the agricultural products sector and their single - variety index daily rise and fall are shown, including tung oil up 1.78%, rapeseed oil up 0.14%, rapeseed down -0.41%, lumber down -0.76%, and live pigs down -0.74% [7][8]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - This week, the Nanhua Comprehensive Index dropped 7.64 points, a decline of -0.25%. The most influential varieties were crude oil and gold, with the crude oil variety index having a change of -4.39% and a contribution of -0.72%, and the gold variety index having a change of -4.16% and a contribution of -0.31% [1][2]. - The Nanhua Industrial Products Index rose 1.89 points, an increase of 0.04%. The most influential varieties were nickel and natural rubber, with the nickel variety index contributing 0.15% and the natural rubber variety index also contributing 0.15% [1][2]. - The Nanhua Metal Index rose 102.62 points, an increase of 1.45%. The most influential variety was lithium carbonate, with a contribution of 0.61% [1][2]. - The Nanhua Energy and Chemical Index fell 2.53 points, a decline of -0.12%. The most influential variety was crude oil, with a contribution of -1.1% [2]. - The Nanhua Agricultural Products Index fell 12.67 points, a decline of -1.15%. The most influential variety was live pigs, with a contribution of -0.47% [2]. 3. Summary According to Relevant Catalogs 3.1 Weekly Data Overview | Index Name | This Week's Closing | Last Week's Closing | Change in Points | Change Rate | This Week's Maximum | This Week's Minimum | Volatility | | --- | --- | --- | --- | --- | --- | --- | --- | | Comprehensive Index NHCI | 3073.18 | 3080.83 | -7.64 | -0.25% | 3100.20 | 3049.76 | 50.44 | | Precious Metals Index NHPMI | 1917.80 | 1972.03 | -54.23 | -2.75% | 1972.03 | 1760.34 | 211.69 | | Industrial Products Index NHII | 4222.06 | 4220.17 | 1.89 | 0.04% | 4345.97 | 4181.97 | 164.00 | | Metal Index NHMI | 7194.10 | 7091.47 | 102.62 | 1.45% | 7194.10 | 7069.79 | 124.30 | | Energy and Chemical Index NHECI | 2062.70 | 2065.22 | -2.53 | -0.12% | 2189.41 | 2030.46 | 158.95 | | Non - ferrous Metals Index NHNFI | 2020.70 | 1978.33 | 42.36 | 2.14% | 2020.70 | 1954.93 | 65.77 | | Black Index NHFI | 2607.54 | 2593.25 | 14.30 | 0.55% | 2640.90 | 2593.25 | 47.65 | | Agricultural Products Index NHAI | 1087.68 | 1100.35 | -12.67 | -1.15% | 1100.35 | 1080.40 | 19.95 | | Nanhua Comprehensive Consumption NHCIMi | 1423.96 | 1443.76 | -19.80 | -1.37% | 1469.41 | 1411.71 | 57.70 | | Energy Consumption NHEI | 1511.54 | 1558.79 | -47.24 | -3.03% | 1675.17 | 1483.41 | 191.76 | | Petrochemical New Ammonia NHPCI | 1272.16 | 1237.90 | 34.26 | 2.77% | 1327.14 | 1228.82 | 98.32 | | Coal - based Chemical Engineering Investment NHCCI | 1257.99 | 1242.19 | 15.79 | 1.27% | 1325.27 | 1220.54 | 104.73 | | Black Raw Materials Consumption NHFMI | 1108.64 | 1101.32 | 7.32 | 0.66% | 1129.73 | 1101.32 | 28.42 | | Building Materials Consumption NHBMI | 708.49 | 716.19 | -7.70 | -1.07% | 732.70 | 708.49 | 24.21 | | Oilseeds and Oils Index NHOOl | 1321.37 | 1337.10 | -15.74 | -1.18% | 1344.69 | 1306.72 | 37.97 | | Economic Crops Consumption NHAECI | 974.60 | 987.60 | -13.00 | -1.32% | 987.60 | 969.71 | 17.89 | [3] 3.2 Nanhua Variety Index Strength - Weakness Arbitrage Data - The report provides data on the ratio of different Nanhua commodity indexes, including the present value, previous value, change, and ranking. For example, the ratio of the precious metals index to the comprehensive index has a present value of 0.624, a previous value of 0.640, a change of -0.02, and a ranking of 0.966 [9]. 3.3 Nanhua Sector Index Weekly Data 3.3.1 Nanhua Industrial Products Index - The index closed at 4222.06 this week, up 0.04% from last week. The most influential varieties were nickel, natural rubber, PTA, methanol, tin, and copper, with contributions of 0.15%, 0.15%, 0.14%, 0.13%, 0.12%, and 0.11% respectively [14]. 3.3.2 Nanhua Metal Index - The index closed at 7194.10 this week, up 1.45% from last week. The most influential varieties were lithium carbonate, nickel, and tin, with contributions of 0.61%, 0.24%, and 0.24% respectively [14]. 3.3.3 Nanhua Energy and Chemical Index - The index closed at 2062.70 this week, down 0.12% from last week. The most influential varieties were crude oil, fuel oil, and polyvinyl chloride, with contributions of -1.10%, -0.22%, and -0.18% respectively [14]. 3.3.4 Nanhua Agricultural Products Index - The index closed at 1087.68 this week, down 1.15% from last week. The most influential varieties were live pigs, apples, and soybean meal, with contributions of -0.47%, -0.32%, and -0.31% respectively [14]. 3.3.5 Nanhua Black Index - The index closed at 2607.54 this week, up 0.55% from last week. The most influential varieties were stainless steel, coke, and ferromanganese - silicon, with contributions of 0.17%, 0.16%, and 0.11% respectively [15]. 3.3.6 Nanhua Non - ferrous Index - The index closed at 2020.70 this week, up 2.14% from last week. The most influential varieties were lithium carbonate, nickel, and tin, with contributions of 1.06%, 0.53%, and 0.42% respectively [17]. 3.4 Contribution of Each Variety's Daily Change Rate to the Index Change Rate - The report provides data on the average weekly holding volume, its year - on - year increase, and the holding volume ratio of various futures varieties, such as soybean meal, lithium carbonate, rebar, etc. [19]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core View of the Report - According to the closing prices of adjacent trading days, today the Nanhua Comprehensive Index rose by 0.48%. Among the sector indices, only the Nanhua Black Index fell by -0.11%, while the rest of the sectors rose. The sector with the largest increase was the Nanhua Non - ferrous Metals Index, with a gain of 1.38%, and the sector with the smallest increase was the Nanhua Agricultural Products Index, with a gain of 0.17%. Among the theme indices, the theme index with the largest increase was the Coal - to - Chemical Index, rising by 1.9%, and the theme index with the smallest increase was the Economic Crops Index, rising by 0.17%. The theme index with the largest decline was the Building Materials Index, falling by -0.25%, and the theme index with the smallest decline was the Black Raw Materials Index, falling by -0.05%. Among the single - variety indices of commodity futures, the single - variety index with the largest increase was Lithium Carbonate, rising by 7.17%, and the single - variety index with the largest decline was Soybean No.1, falling by -1.61% [1][3]. Group 3: Summary by Relevant Catalogs 1. Nanhua Commodity Index Market Data - **Comprehensive Index**: The Nanhua Comprehensive Index (NHCI) closed at 3073.18 today, up 14.78 points or 0.48% from yesterday's close of 3058.40, with an annualized return rate of 21.21%, an annualized volatility of 15.16%, and a Sharpe ratio of 1.40 [3]. - **Sector Indices**: - **Precious Metals Index (NHPMI)**: Closed at 1917.80, up 3.84 points or 0.20% from 1913.97, with an annualized return rate of 68.99%, an annualized volatility of 35.64%, and a Sharpe ratio of 1.94 [3]. - **Industrial Products Index (MHII)**: Closed at 4222.06, up 24.67 points or 0.59% from 4197.40, with an annualized return rate of 12.74%, an annualized volatility of 17.10%, and a Sharpe ratio of 0.74 [3]. - **Metal Index (NHMI)**: Closed at 7194.10, up 55.24 points or 0.77% from 7138.86, with an annualized return rate of 14.44%, an annualized volatility of 17.74%, and a Sharpe ratio of 0.74 [3]. - **Non - ferrous Metals Index (NHNF)**: Closed at 2062.70, up 27.52 points or 1.38% from 2020.70, with an annualized return rate of 16.85%, an annualized volatility of 18.62%, and a Sharpe ratio of 0.90 [3]. - **Black Index (NHFI)**: Closed at 2607.54, down 2.76 points or -0.11% from 2610.30, with an annualized return rate of 1.66%, an annualized volatility of 15.96%, and a Sharpe ratio of 0.10 [3]. - **Agricultural Products Index (NHAI)**: Closed at 1087.68, up 1.83 points or 0.17% from 1085.85, with an annualized return rate of 7.90% [3]. - **Mini - Comprehensive Index (NHCIMi)**: Closed at 1423.96, up 6.30 points or 0.44% from 1417.66, with an annualized return rate of 7.49%, an annualized volatility of 26.53%, and a Sharpe ratio of 0.28 [3]. - **Energy Index (NHEI)**: Closed at 1511.54, up 14.10 points or 0.94% from 1497.44, with an annualized return rate of 16.96%, an annualized volatility of 61.34%, and a Sharpe ratio of 0.28 [3]. - **Petrochemical Index (NHPCI)**: Closed at 1272.16, up 22.06 points or 1.76% from 1250.10, with an annualized return rate of 12.95%, an annualized volatility of 38.05%, and a Sharpe ratio of 0.34 [3]. - **Coal - to - Chemical Index (NHCCI)**: Closed at 1257.99, up 23.40 points or 1.90% from 1234.58, with an annualized return rate of 11.52%, an annualized volatility of 38.48%, and a Sharpe ratio of 0.30 [3]. - **Black Raw Materials Index (NHFM)**: Closed at 1108.64, down 0.53 points or -0.05% from 1109.17, with an annualized return rate of 16.10%, and a Sharpe ratio of 0.03 [3]. - **Building Materials Index (NHBMI)**: Closed at 708.49, down 1.81 points or -0.25% from 710.29, with an annualized return rate of 0.43%, an annualized volatility of 14.14%, and a Sharpe ratio of 0.03 [3]. - **Oilseeds and Oils Index (NHOOI)**: Closed at 1321.37, up 2.34 points or 0.18% from 1319.02, with an annualized return rate of 2.91%, an annualized volatility of 15.52%, and a Sharpe ratio of 0.19 [3]. - **Economic Crops Index (NHAECI)**: Closed at 974.60, up 1.67 points or 0.17% from 972.93, with an annualized return rate of 10.78%, and a Sharpe ratio of 0.11 [3]. 2. Contribution of Each Variety's Daily Gain or Loss to the Index's Gain or Loss - **Nanhua Mini - Comprehensive Index**: Crude oil had a positive contribution of 24.76%, while palm oil had a negative contribution of 9.95% [3]. - **Nanhua Industrial Products Index**: Crude oil had a positive contribution of 49.11%, and palm oil had a negative contribution of 23.11% [3]. - **Nanhua Comprehensive Index**: Crude oil had a positive contribution of 19.89%, and palm oil had a negative contribution of 9.92% [3]. - **Nanhua Metal Index**: Lithium Carbonate had a positive contribution of 27.36%, and aluminum had a negative contribution of -5.09% [3]. - **Nanhua Energy and Chemical Index**: Methanol had a positive contribution of 9.55%, and PVC had a negative contribution of -8.98% [3]. - **Nanhua Agricultural Products Index**: Palm oil had a positive contribution of 35.86%, and iron ore had a negative contribution of -2.22% [3]. 3. Single - Variety Index Daily Gain or Loss in Different Sectors - **Energy and Chemical Sector**: Coal rose by 2.17%, LLDPE rose by 2.01%, natural rubber rose by 0.30%, etc. [3]. - **Black Sector**: Coal rose by 0.91% [4]. - **Agricultural Products Sector**: Tung oil rose by 1.35%, soybean No.1 fell by -1.61%, rapeseed oil rose by 0.40%, etc. [6].

Report Summary 1. Market Performance - The Nanhua Composite Index rose 0.2% based on the closing prices of adjacent trading days [1]. - Among the sector indices, the Nanhua Energy and Chemical Index had the largest increase of 0.71%, while the Nanhua Black Index had the smallest increase of 0.04%. The Nanhua Precious Metals Index had the largest decline of -2.47%, and the Nanhua Metal Index had the smallest decline of -0.11% [1]. - Among the theme indices, only the Building Materials Index fell by -0.56%. The rest of the theme indices rose, with the Petroleum and Chemical Index having the largest increase of 1.73% and the Black Raw Materials Index having the smallest increase of 0.24% [1]. - Among the single - variety commodity futures indices, the Methanol index had the largest increase of 3.22%, and the Silver index had the largest decline of -3.53% [1][4]. 2. Market Data - The closing price of the Nanhua Commodity Index today is 3058.40, compared to yesterday's 3052.10, with a daily increase of 0.20% and an annualized return rate of 20.07% [3]. 3. Industry Chain and Single - Variety Index Performance - In the energy and chemical sector, the Methanol index rose 3.22%, while Coal fell 0.19% [4][5]. - In the agricultural products sector, Rapeseed had an increase of 1.70%, followed by Rapeseed Meal with 0.38%, Palm Oil with 1.08%, and Canola Oil with 1.30%. Corn had a slight increase of 0.07% [7]. - In the black sector, LPG rose 0.54% and Crude Oil rose 1.38% [10].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - According to the closing prices of adjacent trading days, today the Nanhua Composite Index rose by 0.08%. Among the sector indices, the Nanhua Precious Metals Index had the largest increase of 4.49%, and the Nanhua Metal Index had the smallest increase of 0.33%. The Nanhua Energy and Chemical Index had the largest decline of -1.39%, and the Nanhua Agricultural Products Index had the smallest decline of -0.57%. Among the theme indices, only the Economic Crops Index rose by 0.07%, while the rest of the theme indices declined. The Energy Index had the largest decline of -2.59%, and the Mini Composite Index had the smallest decline of -0.64%. Among the single - variety indices of commodity futures, the Silver index had the largest increase of 6.01% [1][3]. 3. Summary by Relevant Catalogs 3.1 Market Data of Nanhua Commodity Index - **Composite Index (NHCl)**: Today's close was 3052.19, up 0.08% from yesterday's close of 3049.76, with an annualized volatility of 20.70% and an annualized return of 15.18%, and a Sharpe ratio of 1.36 [3]. - **Precious Metals Index (NHPMI)**: Rose by 4.49%, with today's close at 1962.51 and yesterday's close at 1878.15, an annualized volatility of 76.38%, an annualized return of 35.58%, and a Sharpe ratio of 2.15 [3]. - **Industrial Products Index (MHII)**: Today's close was 4181.97, down -0.74% from yesterday's close of 4213.15, with an annualized volatility of 11.92% and a Sharpe ratio of 0.70 [3]. - **Metal Index (NHMI)**: Rose by 0.33%, with an annualized volatility of 10.85%, an annualized return of 14.49%, and a Sharpe ratio of 0.75 [3]. - **Energy and Chemical Index (NHECI)**: Today's close was 2030.46, down -1.39% from yesterday's close of 2059.14, with an annualized volatility of 15.52%, an annualized return of 23.41%, and a Sharpe ratio of 0.66 [3]. - **Non - ferrous Metals Index (NHNF)**: Rose by 1.20%, with today's close at 2001.26 and yesterday's close at 1977.61, and an annualized volatility of 17.05%, and a Sharpe ratio of 0.92 [3]. - **Black Index (NHFI)**: Today's close was 2609.33, down -0.74% from yesterday's close of 2631.96, with a Sharpe ratio of 0.05 [3]. - **Agricultural Products Index (NHAI)**: Today's close was 1080.40, down -0.57% from yesterday's close of 1086.56, with an annualized volatility of 7.92%, and a Sharpe ratio of 0.01 [3]. - **Mini Composite Index (NHCIMi)**: Today's close was 1411.71, down -0.64% from yesterday's close of 1420.75, with an annualized volatility of 7.51%, and a Sharpe ratio of 0.28 [3]. - **Energy Index (NHEl)**: Today's close was 1483.41, down -2.59% from yesterday's close of 1522.90, with an annualized volatility of 16.96%, an annualized return of 61.34%, and a Sharpe ratio of 0.28 [3]. - **Petrochemical Index (NHPCl)**: Today's close was 1228.82, down -1.08% from yesterday's close of 1242.20, with an annualized volatility of 37.97%, and a Sharpe ratio of 0.31 [3]. - **Explosive Chemical Index (NHCCI)**: Today's close was 1220.54, down -1.64% from yesterday's close of 1240.94, with an annualized volatility of 10.31%, an annualized return of 38.45%, and a Sharpe ratio of 0.27 [3]. - **Black Raw Materials Index (NHFM)**: Today's close was 1106.52, down -1.44% from yesterday's close of 1122.65, with an annualized volatility of 0.54%, an annualized return of 16.35%, and a Sharpe ratio of 0.03 [3]. - **Building Materials Index (NHBMI)**: Rose by 0.54%, with today's close at 714.30 and yesterday's close at 720.43, down -0.85%, with an annualized volatility of 14.34%, and a Sharpe ratio of 0.04 [3]. - **Oil and Fat Index (NHOOl)**: Today's close was 1306.72, down -0.95% from yesterday's close of 1319.22, with an annualized volatility of 2.40%, an annualized return of 15.44%, and a Sharpe ratio of 0.16 [3]. - **Economic Crops Index (NHAECI)**: Rose by 0.07%, with today's close at 970.38 and yesterday's close at 969.71 [3]. 3.2 Contribution of Each Variety's Daily Change Rate to the Index Change Rate - For the Nanhua Composite Index, positive - contributing varieties included Gold (30.38%), Natural Rubber (3.97%), etc., and negative - contributing varieties included Natural Rubber (-7.43%), Palm Oil (-2.59%), etc. [3]. - For the Nanhua Mini Composite Index, positive - contributing varieties included Gold (20.52%), and negative - contributing varieties included Stainless Steel (-16.85%) [3]. - For the Nanhua Industrial Products Index, positive - contributing varieties included Carbonate Lithium (10.28%), and negative - contributing varieties included Iron Ore (-37.84%) [3]. - For the Nanhua Metal Index, positive - contributing varieties included Aluminum (4.42%), and negative - contributing varieties included Iron Ore (-1.97) [3]. - For the Nanhua Energy and Chemical Index, positive - contributing varieties included Butadiene Rubber (5.67%), and negative - contributing varieties included Polypropylene (-6.97%) [3]. - For the Nanhua Agricultural Products Index, positive - contributing varieties included Cotton (8.41%), and negative - contributing varieties included Rapeseed Oil (-5.52%) [3]. 3.3 Single - Variety Index Daily Change Rate in Different Sectors - **Energy and Chemical Sector**: Glass rose by 0.33%, Synthetic Ammonia rose by 0.69%, Urea rose by 0.02%, Liquid Oxygen Element rose by 2.52%, LLDPE (Polyethylene) fell by -2.21%, Natural Rubber rose by 1.66%, Olefins rose by 5.27%, 20 - number Rubber rose by 1.94%, Naphtha rose by 1.68%, and Coal rose by 1.98% [3][4]. - **Agricultural Products Sector**: Palm Oil fell by -1.34%, Rapeseed Oil fell by -1.04%, Rapeseed fell by -2.94%, Rapeseed Meal fell by -1.08%, and Pig fell by -0.41% [6]. - **Black Sector**: PTA fell by -5.01%, Fuel Oil fell by -5.01% [9].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -1.63% today. Among the sector indices, the Nanhua Precious Metals Index had the largest increase of 6.69%, the Nanhua Metal Index had the smallest increase of 0.76%, the Nanhua Energy and Chemical Index had the largest decline of -5.95%, and the Nanhua Black Index had the smallest decline of -0.34%. All theme indices declined, with the Energy Index having the largest decline of -9.09% and the Economic Crops Index having the smallest decline of -0.46%. Among the single - variety indices of commodity futures, the Silver index had the largest increase of 10.86% [1][3]. Group 3: Summary by Relevant Catalog Market Data of Nanhua Commodity Index - The Nanhua Composite Index (NHCI) closed at 3049.76 today, down 50.44 points or -1.63% from yesterday, with an annualized return rate of 21.63%, an annualized volatility of 15.20%, and a Sharpe ratio of 1.42. The Nanhua Precious Metals Index (NHPMI) closed at 1878.15, up 117.81 points or 6.69%, with an annualized return rate of 70.09%, an annualized volatility of 35.33%, and a Sharpe ratio of 1.98. The Nanhua Industrial Products Index (NHII) closed at 4213.15, down 132.82 points or -3.06%, with an annualized return rate of 13.57%, an annualized volatility of 17.11%, and a Sharpe ratio of 0.79. The Nanhua Metal Index (NHMI) closed at 7123.66, up 53.87 points or 0.76%, with an annualized return rate of 11.00%, an annualized volatility of 14.49%, and a Sharpe ratio of 0.76. The Nanhua Energy and Chemical Index (NHECI) closed at 2059.14, down 130.26 points or -5.95%, with an annualized return rate of 18.17%, an annualized volatility of 23.38%, and a Sharpe ratio of 0.78. The Nanhua Non - ferrous Metals Index (NHNF) closed at 1977.61, up 22.68 points or 1.16%, with an annualized return rate of 15.70%, an annualized volatility of 18.58%, and a Sharpe ratio of 0.85. The Nanhua Black Index (NHFI) closed at 2631.96, down 8.93 points or -0.34%, with an annualized return rate of 2.75%, an annualized volatility of 16.06%, and a Sharpe ratio of 0.17. The Nanhua Agricultural Products Index (NHAI) closed at 1086.56, down 13.09 points or -1.19%, with an annualized return rate of 0.91%, an annualized volatility of 7.90%, and a Sharpe ratio of 0.12. The Mini Composite Index (NHCIMi) closed at 1420.75, down 48.66 points or -3.31%, with an annualized return rate of 8.31%, an annualized volatility of 26.53%, and a Sharpe ratio of 0.31. The Energy Index (NHEI) closed at 1522.90, down 152.27 points or -9.09%, with an annualized return rate of 19.24%, an annualized volatility of 60.87%, and a Sharpe ratio of 0.32. The Petrochemical Index (NHPCI) closed at 1242.20, down 84.94 points or -6.40%, with an annualized return rate of 12.39%, an annualized volatility of 37.75%, and a Sharpe ratio of 0.33. The Fine Chemical Index (NHCCI) closed at 1240.94, down 84.33 points or -6.36%, with an annualized return rate of 11.32%, an annualized volatility of 38.10%, and a Sharpe ratio of 0.30. The Black Raw Materials Index (NHFM) closed at 1122.65, down 7.08 points or -0.63%, with an annualized return rate of 1.00%, an annualized volatility of 16.00%, and a Sharpe ratio of 0.06. The Building Materials Index (NHBMI) closed at 720.43, down 12.27 points or -1.67%, with an annualized return rate of 0.56%, an annualized volatility of 14.32%, and a Sharpe ratio of 0.04. The Oilseeds and Oils Index (NHOOI) closed at 1319.22, down 25.47 points or -1.89%, with an annualized return rate of 2.93%, an annualized volatility of 15.24%, and a Sharpe ratio of 0.19. The Economic Crops Index (NHAECI) closed at 969.71, down 4.49 points or -0.46%, with an annualized return rate of 1.21%, an annualized volatility of 10.89%, and a Sharpe ratio of 0.11 [3]. Agricultural Products Sector - Rapeseed had a single - variety index increase of 0.46%, rapeseed oil decreased by -2.41%, soybean meal decreased by -1.38%, and live pigs increased by 0.65% [8]. Energy and Chemical Sector - Synthetic ammonia decreased by -1.27%, polyvinyl chloride decreased by -1.27%, coal increased by 0.38%, polyethylene decreased by -6.33%, methanol decreased by -6.33%, styrene decreased by -7.48%, LPG decreased by -5.79%, PTA decreased by -6.17%, fuel oil decreased by -11.35% [6][11].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Composite Index rose 0.63% today. Among the sector indices, the Nanhua Energy and Chemical Index had the largest increase of 6.01%, and the Nanhua Black Index had the smallest increase of 1.84%. The Nanhua Precious Metals Index had the largest decline of -10.73%, and the Nanhua Agricultural Products Index had the smallest decline of -0.06%. Among the theme indices, only the Economic Crops Index fell by -1.36%, while the rest of the theme indices rose. The Energy Index had the largest increase of 7.47%, and the Oils and Fats Index had the smallest increase of 0.57%. Among the single - variety indices of commodity futures, the propylene index had the largest increase of 11.53%, and the white sugar index had the largest decline of -12.56% [1][3] 3. Summary by Relevant Catalog 3.1 Index Market Data - **Composite Index**: The Nanhua Composite Index (NHCI) closed at 3100.20, up 0.63% from the previous close of 3080.83, with an annualized return rate (ARR) of 23.83%, an annualized volatility of 15.10%, and a ratio of 1.58 [3] - **Sector Indices**: - **Metals Index (NHMI)**: Closed at 7069.79, down -0.31% from the previous close of 7091.47, with an ARR of 10.64%, an annualized volatility of 14.48%, and a ratio of 0.73 [3] - **Energy and Chemical Index (NHECI)**: Closed at 2189.41, up 6.01% from the previous close of 2065.22, with an ARR of 22.59%, an annualized volatility of 25.09%, and a ratio of 1.11 [3] - **Non - ferrous Metals Index (NHNF)**: Closed at 1954.93, down -1.18% from the previous close of 1978.33, with an ARR of 15.39%, an annualized volatility of 18.56%, and a ratio of 0.83 [3] - **Black Index (NHFI)**: Closed at 2640.90, up 1.84% from the previous close of 2593.25, with an ARR of 3.12%, an annualized volatility of 16.06%, and a ratio of 0.19 [3] - **Agricultural Products Index (NHAI)**: Closed at 1099.65, down -0.06% from the previous close of 1100.35, with an ARR of 2.11%, an annualized volatility of 7.81%, and a ratio of 0.27 [3] - **Mini - Composite Index**: The Nanhua Mini - Composite Index (NHCIMi) closed at 1469.41, up 1.78% from the previous close of 1443.76, with an ARR of 9.50%, an annualized volatility of 25.47%, and a ratio of 0.37 [3] - **Theme Indices**: - **Energy Index (NHEI)**: Closed at 1558.79, up 7.47% from the previous close of 1675.17, with an ARR of 23.51%, an annualized volatility of 56.16%, and a ratio of 0.42 [3] - **Petrochemical Index (NHPCI)**: Closed at 1327.14, up 7.21% from the previous close of 1237.90, with an ARR of 14.96%, an annualized volatility of 34.09%, and a ratio of 0.44 [3] - **Black Raw Materials Index (NHFM)**: Closed at 1129.73, up 2.58% from the previous close of 1101.32, with an ARR of 0.68%, an annualized volatility of 16.30%, and a ratio of 0.04 [3] - **Building Materials Index (NHBMI)**: Closed at 732.70, up 2.31% from the previous close of 716.19, with an ARR of 1.05%, an annualized volatility of 13.80%, and a ratio of 0.08 [3] - **Oils and Fats Index (NHOOl)**: Closed at 1344.69, up 0.57% from the previous close of 1337.10, with an ARR of 3.42%, an annualized volatility of 14.60%, and a ratio of 0.23 [3] - **Economic Crops Index (NHAECI)**: Closed at 974.20, down -1.36% from the previous close of 987.60 [3] 3.2 Contribution of Individual Varieties to Index Fluctuations - **Positive Contribution**: Crude oil had a contribution of 30.57%, PTA 6.13%, coke 8.87%, etc. [3] - **Negative Contribution**: Crude oil also had a negative contribution of 50.79%, gold -17.92%, etc. [3] 3.3 Single - Variety Index Fluctuations - **Energy and Chemical Sector**: Propylene rose 11.53%, PVC 2.34%, etc. [3] - **Agricultural Products Sector**: Corn rose 1.17%, rapeseed 1.36%, etc. [3][6] - **Black Sector**: Relevant data on single - variety index fluctuations in the black sector are also presented in the report [3]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -1.25% today. Among the sector indices, the Nanhua Black Index had the largest increase of 0.7%, and the Nanhua Non - ferrous Metals Index had the smallest increase of 0.33%. The Nanhua Precious Metals Index had the largest decline of -2.11%, and the Nanhua Agricultural Products Index had the smallest decline of -0.15%. Among the theme indices, the Black Raw Materials Index had the largest increase of 1.27%, and the Economic Crops Index had the smallest increase of 0.58%. The Energy Index had the largest decline of -2.99%, and the Oilseeds and Oils Index had the smallest decline of -0.25%. Among the single - product indices of commodity futures, LPG had the largest increase of 5.73%, and Coke had the largest decline of -9.37% [1][4]. 3. Summary by Relevant Catalogs 3.1 Nanhua Composite Index and Sector Index - The Nanhua Composite Index closed at 3080.83 today, down 38.92 points or -1.25% from yesterday. Its annualized return rate is 22.34%, annualized volatility is 15.11%, and the Sharpe ratio is 1.48 [3]. - The Nanhua Precious Metals Index closed at 1972.03, down 42.46 points or -2.11% from yesterday, with an annualized volatility of 32.96% and a Sharpe ratio of 2.38 [3]. - The Nanhua Index (not clearly named in the text) closed at 4220.17, down 44.32 points or -1.04% from yesterday, with an annualized volatility of 16.57% and a Sharpe ratio of 0.81 [3]. 3.2 Single - Product Index of Commodity Futures - In the black sector, some varieties' single - product index daily changes are presented, but specific data is not detailed in a clear way [5]. - In the agricultural products sector, the daily changes of single - product indices of some varieties are as follows: rapeseed oil 0.22%, rapeseed -0.56%, rapeseed meal -0.82%, pig -1.11%, corn 0.13%, and starch 2.91% [8]. - In the energy and chemical sector, the daily changes of single - product indices of some varieties are as follows: LPG 5.73%, synthetic resin 1.23%, polyethylene -1.57%, naphtha 1.07%, PTA -1.03%, crude oil -5.07%, and fuel oil -1.03% [11].