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 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]

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]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report presents the market liquidity overview of various sectors on March 11, 2026, including the trading volume, position amount, and trading - position ratio, 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, position amount, and trading - position ratio of multiple sectors, including the stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building material sectors, along with their changes compared to the previous trading day [1][2] II. Stock Index Plate - On March 11, 2026, the trading volume of the stock index plate was 594.021 billion yuan, a - 19.49% change from the previous trading day; the position amount was 1542.694 billion yuan, a - 1.06% change; the trading - position ratio was 37.62% [1] III. Treasury Bond Plate - On March 11, 2026, the trading volume of the treasury bond plate was 270.572 billion yuan, a - 25.49% change from the previous trading day; the position amount was 858.720 billion yuan, a - 0.41% change; the trading - position ratio was 30.70% [1] IV. Basic Metal and Precious Metal (Metal Plate) - On March 11, 2026, the trading volume of the basic metal plate was 474.404 billion yuan, a - 23.82% change from the previous trading day; the position amount was 670.087 billion yuan, a + 0.36% change; the trading - position ratio was 76.40%. The trading volume of the precious metal plate was 574.443 billion yuan, a - 12.86% change; the position amount was 520.195 billion yuan, a + 2.86% change; the trading - position ratio was 125.48% [1] V. Energy - Chemical Plate - On March 11, 2026, the trading volume of the energy - chemical plate was 1182.145 billion yuan, a - 30.02% change from the previous trading day; the position amount was 541.900 billion yuan, a + 2.69% change; the trading - position ratio was 202.89% [1] VI. Agricultural Product Plate - On March 11, 2026, the trading volume of the agricultural product plate was 474.275 billion yuan, a + 5.90% change from the previous trading day; the position amount was 660.571 billion yuan, a + 2.05% change; the trading - position ratio was 75.85% [1] VII. Black Building Material Plate - On March 11, 2026, the trading volume of the black building material plate was 152.330 billion yuan, a - 31.97% change from the previous trading day; the position amount was 320.648 billion yuan, a + 0.44% change; the trading - position ratio was 46.69% [2]

1. Report Industry Investment Rating - No relevant content found 2. Core View - The report presents the trading data of various market sectors on March 4, 2026, including trading volume, position amount, and trading - position ratio, as well as their changes compared to the previous trading day [1][2] 3. Summary by Directory 3.1 Plate Liquidity - The report provides data on the trading volume, position amount, and trading - position ratio of multiple market sectors, including the stock index, treasury bonds, basic metals, precious metals, energy and chemicals, agricultural products, and black building materials, along with their changes compared to the previous trading day [1][2] 3.2 Stock Index Plate - On March 4, 2026, the trading volume of the stock index plate was 983.33 billion yuan, a - 19.34% change from the previous trading day; the position amount was 1625.96 billion yuan, a - 3.72% change; the trading - position ratio was 59.51% [1] 3.3 Treasury Bond Plate - On March 4, 2026, the trading volume of the treasury bond plate was 295.46 billion yuan, a + 16.42% change from the previous trading day; the position amount was 879.87 billion yuan, a + 2.30% change; the trading - position ratio was 31.93% [1] 3.4 Basic Metals and Precious Metals (Metal Plate) - On March 4, 2026, the trading volume of the basic metals plate was 766.48 billion yuan, a - 16.56% change from the previous trading day; the position amount was 662.41 billion yuan, a - 1.98% change; the trading - position ratio was 118.56%. The trading volume of the precious metals plate was 1126.24 billion yuan, a - 13.32% change; the position amount was 488.25 billion yuan, a - 7.25% change; the trading - position ratio was 255.45% [1] 3.5 Energy and Chemicals Plate - On March 4, 2026, the trading volume of the energy and chemicals plate was 1484.29 billion yuan, a + 29.18% change from the previous trading day; the position amount was 539.44 billion yuan, a - 0.60% change; the trading - position ratio was 251.64% [1] 3.6 Agricultural Products Plate - On March 4, 2026, the trading volume of the agricultural products plate was 301.85 billion yuan, a - 16.85% change from the previous trading day; the position amount was 641.24 billion yuan, a + 0.52% change; the trading - position ratio was 42.43% [1] 3.7 Black Building Materials Plate - On March 4, 2026, the trading volume of the black building materials plate was 187.60 billion yuan, a - 12.43% change from the previous trading day; the position amount was 332.10 billion yuan, a - 0.11% change; the trading - position ratio was 52.09% [2]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report presents a comprehensive overview of various markets including commodities, finance, and industries. It covers price movements in the overnight futures market, important macro - economic and industry - specific news, and financial market trends. Key factors influencing the markets are geopolitical tensions, policy changes, and supply - demand dynamics. 3. Summary by Directory Overnight Night - Market Trends - International precious metal futures generally rose, with COMEX gold futures up 0.14% at $5183.70 per ounce and COMEX silver futures up 1.95% at $89.21 per ounce [4]. - U.S. oil and Brent oil had different trends, with U.S. oil down 0.09% at $65.57 per barrel and Brent oil up 0.45% at $70.9 per barrel [5]. - London base metals all rose, with LME tin up 7.19% at $53915.0 per ton, etc. [5]. - SHFE base metal futures also closed higher, with tin up 5.77%, etc. [5]. - As of 23:00, domestic futures were mostly down, with synthetic rubber down over 2%, while LPG and fuel oil up over 1% [7]. - Domestic commodity futures had various price changes, with crude oil down 0.63% at 486.5 yuan per barrel, and precious metals rising [7]. Important Information Macro - Information - The U.S. may raise "global import tariffs" from 10% to 15% or higher [9]. - China - U.S. trade negotiations have achieved some results, and China hopes the U.S. to handle the first - phase agreement objectively [9]. - The IMF expects the U.S. economic growth rate to be 2.4% in 2026 [9]. - CME Globex metal and natural gas futures and options markets had trading schedule changes [9][11]. - A conflict occurred between a Cuban law - enforcement boat and a U.S. speedboat [11]. Energy and Chemical Futures - OPEC+ may agree to resume a small - scale production increase in April, and is considering a 137,000 - barrel - per - day increase [13]. - Kazakhstan's oil and condensate production increased from 1270000 barrels per day in January to 1780000 barrels per day from February 1 to 24 [14]. - UAE's Fujairah port's refined oil inventory decreased by 1.9 million barrels (0.1%) to 20.528 million barrels in the week ending February 23 [14]. - China's methanol port inventory increased by 14500 tons to 1.4467 million tons as of February 25 [14]. - U.S. crude oil exports decreased by 277000 barrels per day to 4.313 million barrels per day in the week of February 20, and commercial crude inventory increased by 15.989 million barrels to 436 million barrels [15]. Metal Futures - Zimbabwe has suspended the export of lithium concentrates and raw ores to promote local processing [18]. - Bank of America expects gold to reach $6000 per ounce in the next 12 months and silver may exceed $100 per ounce this year [18]. Black - Series Futures - Some steel mills in Tangshan will implement emission - reduction measures from March 4 - 11, and iron - water output is expected to decline in early March [19]. - Shanghai has optimized real - estate policies [19]. Agricultural Futures - Sovecon lowered Russia's 2025/26 wheat export forecast by 300000 tons to 45.4 million tons and raised the 2026/27 forecast by 2.1 million tons to 41.7 million tons [22]. - Ukraine's rapeseed export price increased due to potential production decline [22]. - Malaysia's palm oil exports from February 1 - 25 decreased by 12.1% (ITS data) and 16.05% (AmSpec data) compared to the same period last month [23][24]. - Indonesia urges the EU to comply with the WTO ruling on palm - oil disputes [24]. - Malaysia's palm oil production from February 1 - 20 decreased by 12.29% [24]. - Canada's rapeseed crushing volume in January decreased by 2.17% from the previous month but increased by 4.24% year - on - year [25]. Financial Markets Finance - A - shares rose, with the Shanghai Composite Index up 0.72%, and cyclical resource stocks led the gains [28]. - Hong Kong's Hang Seng Index rose 0.66%, and the market is planning to optimize the settlement cycle and listing requirements [28][29]. - A - share strong - cycle sectors have been rising, and it is a good time to allocate [28]. - ETF market shows a "hot - cold uneven" pattern, with Hong Kong - themed ETFs attracting funds [29]. - Insurance institutions are optimistic about A - shares and Hong Kong stocks [30]. - Xin Hua Technology's IPO application has been accepted, planning to raise 1.32 billion yuan [30]. Industry - China will strengthen oil and gas infrastructure connectivity in 2026 [31]. - China's civil aviation transported 22.05 million passengers during the Spring Festival, a 7.7% increase from 2025 [31]. - The national passenger - car inventory is at a high level [31]. - Hong Kong launched a HK$10 billion "Innovation and Technology Industry Guidance Fund" and established an AI - related committee [32]. - Guangzhou will introduce policies for quantum technology and other fields [34]. - Sichuan aims to develop the service industry by 2030 [34]. - Henan plans to promote equipment and consumer - goods replacement [34]. - The draft amendment to the Certified Public Accountant Law was submitted for review [35]. Overseas - The U.S. will impose anti - subsidy duties on solar - cell modules from India, Indonesia, and Laos [36]. - South Korea's newborns increased by 6.8% in 2025, and the government will support a petrochemical - industry restructuring project [36]. - Thailand's central bank unexpectedly cut the key interest rate by 25 basis points [38]. International Stock Markets - U.S. stocks rose, with the Dow up 0.63%, S&P 500 up 0.81%, and Nasdaq up 1.26% [39]. - European stocks also rose, driven by positive corporate earnings and economic data [39]. - Japanese and South Korean stocks hit new highs, with South Korea's stock - market capitalization rising in global rankings [40]. - South Korea's external financial assets reached a record high in 2025 [40]. - Japan's exchange group appointed a new Tokyo Stock Exchange president [42]. - Fannie Mae and Freddie Mac may go public this year, valued at $500 - 700 billion [43]. Commodities - Agricultural Bank of China adjusted the margin ratio of some precious - metal contracts [44]. - Oil prices were supported by geopolitical tensions despite a large increase in U.S. crude inventory [44]. - Precious - metal prices rose due to geopolitical tensions, inflation expectations, and supply concerns [44]. - London base metals all rose [45]. - CME had a technical glitch in its natural - gas and metal - futures markets [45]. - JPMorgan expects gold to reach $6300 per ounce by the end of 2026 [47]. Bonds - China's inter - bank bond market adjusted, and bond yields generally rose [48]. - Hong Kong will explore cooperation in bond - related areas with the mainland [48]. - U.S. bond yields rose [48]. Foreign Exchange - The RMB strengthened after the Spring Festival, breaking through 6.87 against the U.S. dollar [49]. - The U.S. dollar index fell, and most non - U.S. currencies rose [51]. Upcoming Events - At 09:20, 400 billion yuan of reverse repurchases expire in China's central - bank open market [53]. - At 09:30, a Japanese central - bank official will give a speech [53]. - At 15:00, the Chinese Ministry of Commerce will hold a press conference [53]. - At 16:30, the ECB president will speak in the EU Parliament [53]. - At 17:00, a Bank of England official will give a speech [53]. - At 20:30, Baidu will hold an earnings conference call [53]. - At 23:00, a Fed official will testify in the U.S. Senate [53]. - Other events include the Japanese central - bank market - operation meeting, South Korea's central - bank interest - rate decision, Huawei's product launch, and the listing of Tongbao Optoelectronics [53].