1. Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints - The domestic sugar price is expected to oscillate strongly in the short - term due to the game between weak current reality and strong long - term expectations, but the high domestic inventory may suppress the upward space [11]. - The corn price is in a high - level oscillation pattern, and market sentiment is affected by external markets and policy rumors. It is recommended to wait and see carefully, paying attention to the spot supply rhythm and policy trends [11]. - The peanut price is expected to maintain a high - level oscillation in the short term due to the contradiction between the support from oil mills and weak consumption [11]. - The live - pig market has an oversupply situation, with the spot price continuing to find the bottom, and the short - position in the futures should be reduced [11][12]. - The egg price is expected to be short - term oscillating strongly, with the near - month contracts rising significantly, but the low inventory of laying hens limits the rebound height [12]. - The jujube market is in a bottom - oscillation pattern, and it is recommended to operate within the range on an intraday basis [13]. - The cotton price is expected to run strongly due to the tight domestic supply - demand pattern and demand support, and it is recommended to lay out long positions on pullbacks [14]. - The caustic soda export has a strengthening expectation, but there is a risk of near - month contract correction due to the high premium of the futures price over the spot price [16]. - The coking coal and coke prices are expected to be slightly pressured in the short term, although there is still support for replenishment [16]. - The double - offset paper futures price is expected to oscillate within a range in the short term, and there is a risk of price decline if demand is lower than expected [16]. - The urea price is expected to remain stable in the short term and the futures price may continue to consolidate at a high level [16]. - The precious metals prices are oscillating at a high level with large fluctuations [18]. - The copper and aluminum prices have followed the market correction, and it is recommended to wait patiently for the prices to stop falling and stabilize [18]. - The alumina supply is still relatively large, but there are concerns about the supply restriction of bauxite in Guinea. It is advisable to take a long - position approach when the price is low [18]. - The rebar and hot - rolled coil prices have a support at the low level, but attention should be paid to the impact of geopolitical news [18]. - The ferroalloy prices are recommended to be treated with a long - position approach on pullbacks, but there is a risk of chasing high [20]. - The lithium carbonate price is in an oscillatory adjustment, and it is recommended to operate within a range [20]. - For options, trend investors can focus on the arbitrage opportunities between varieties, and volatility investors can go long on volatility when the underlying asset price falls and go short when it rises [20][21]. - The stock index is expected to maintain an oscillatory upward trend, but the short - term rebound strength should not be overly expected. It is recommended to control the position and wait for the confirmation of volume indicators [22][23][24]. 3. Summary by Relevant Catalogs 3.1 Chemical Industry | Variety | 2026/3/27 (8:00) | 2026/3/26 (15:00) | Change | Change Rate | | --- | --- | --- | --- | --- | | Coking Coal | 1,216.00 | 1,230.00 | -14.0 | -1.138% | | Coke | 1,740.50 | 1,761.00 | -20.50 | -1.164% | | Natural Rubber | 16,505.00 | 16,460.00 | 45.0 | 0.273% | | No. 20 Rubber | 13,690.00 | 13,635.00 | 55.0 | 0.403% | | Plastic | 8,800.00 | 8,767.00 | 33.0 | 0.376% | | Polypropylene (PP) | 9,208.00 | 9,120.00 | 88.0 | 0.965% | | PTA | 6,748.00 | 6,778.00 | -30.0 | -0.443% | | PVC | 5,613.00 | 5,650.00 | -37.0 | -0.655% | | Asphalt | 4,490.00 | 4,543.00 | -53.0 | -1.167% | | Methanol | 3,229.00 | 3,202.00 | 27.0 | 0.843% | | Ethylene Glycol | 5,109.00 | 5,058.00 | 51.0 | 1.008% | | Styrene | 10,343.00 | 10,046.00 | 297.0 | 2.956% | | Glass | 1,036.00 | 1,036.00 | 0 | 0 | | Crude Oil | 744.60 | 733.10 | 11.50 | - | | Fuel Oil | 4,445.00 | 4,393.00 | 52.0 | 1.184% | | Soda Ash | 1,227.00 | 1,225.00 | 2.0 | 0.163% | | Pulp | 5,170.00 | 5,156.00 | 14.0 | 0.272% | | LPG | 6,550.00 | 6,541.00 | 9.0 | 0.138% | | Caustic Soda | 2,469.00 | 2,509.00 | -40.0 | -1.594% | | PX | 9,738.00 | 9,774.00 | -36.0 | -0.368% | [4] 3.2 Agricultural Products | Variety | 2026/3/27 (8:00) | 2026/3/26 (15:00) | Change | Change Rate | | --- | --- | --- | --- | --- | | Yellow Soybean No. 1 | 4,591.00 | 4,627.00 | -36.0 | -0.778% | | Yellow Soybean No. 2 | 3,739.00 | 3,746.00 | -7.0 | -0.187% | | Soybean Meal | 2,937.00 | 2,952.00 | -15.0 | -0.508% | | Rapeseed Meal | 2,319.00 | 2,344.00 | -25.0 | -1.067% | | Soybean Oil | 8,660.00 | 8,646.00 | 14.0 | 0.162% | | Rapeseed Oil | 9,844.00 | 9,840.00 | 4.0 | 0.041% | | Palm Oil | 9,648.00 | 9,614.00 | 34.0 | 0.354% | | White Sugar | 5,441.00 | 5,463.00 | -22.0 | -0.403% | | Yellow Corn | 2,365.00 | 2,376.00 | -11.0 | -0.463% | | Corn Starch | 2,759.00 | 2,765.00 | -6.0 | -0.217% | | Cotton No. 1 | 15,355.00 | 15,420.00 | -65.0 | -0.422% | | Cotton Yarn | 21,495.00 | 21,640.00 | -145.0 | -0.670% | [4] 3.3 Macro - News - US President Trump will visit China from May 14th to 15th, and the two sides are in communication [7]. - Trump postponed the strike on Iranian energy facilities by 10 days to 8 p.m. on April 6, 2026, Eastern Time. Iran put forward four conditions for a cease - fire [7]. - The US Department of Defense is formulating military options against Iran, and Iran has organized over one million people for ground combat [8]. - Chinese Foreign Minister Wang Yi discussed the Middle - East situation and the Iranian nuclear issue with Canadian Foreign Minister Anand [8]. - Chinese Commerce Minister Wang Wentao met with Dutch Minister of Foreign Trade and Development Cooperation Scherzma, and they exchanged views on Sino - Dutch semiconductor cooperation [8]. - The State Administration for Market Regulation emphasized strengthening anti - monopoly supervision and law enforcement [9]. - 96 central departments publicly disclosed their 2026 budgets, and the "Three Public Expenses" budget decreased by 7.2% year - on - year [9]. - Domestic airline fuel surcharges will increase on April 5, 2026 [9]. 3.4 Main Variety Morning Meeting Views 3.4.1 Agricultural Products - **Sugar**: The price is oscillating strongly due to the game between short - term supply pressure and long - term supply tightening expectations. The upper pressure is around 5500 yuan, and the lower support is around 5400 yuan [11]. - **Corn**: The price is in a high - level oscillation. It is recommended to wait and see, paying attention to the spot supply rhythm and policy. The lower support is in the 2350 - 2360 yuan/ton range [11]. - **Peanut**: The price is expected to maintain a high - level oscillation in the short term. The lower support is around 8000 yuan, and the upper pressure is the previous high [11]. - **Live - Pig**: The market has an oversupply situation, with the spot price continuing to find the bottom, and the short - position in the futures should be reduced [11][12]. - **Egg**: The price is expected to be short - term oscillating strongly, with the near - month contracts rising significantly, but the low inventory of laying hens limits the rebound height [12]. - **Jujube**: The market is in a bottom - oscillation pattern, and it is recommended to operate within the range on an intraday basis [13]. - **Cotton**: The price is expected to run strongly due to the tight domestic supply - demand pattern and demand support, and it is recommended to lay out long positions on pullbacks [14]. 3.4.2 Energy and Chemical - **Caustic Soda**: The export has a strengthening expectation, but there is a risk of near - month contract correction due to the high premium of the futures price over the spot price [16]. - **Coking Coal and Coke**: The prices are expected to be slightly pressured in the short term, although there is still support for replenishment [16]. - **Double - Offset Paper**: The futures price is expected to oscillate within a range in the short term, and there is a risk of price decline if demand is lower than expected [16]. - **Urea**: The price is expected to remain stable in the short term and the futures price may continue to consolidate at a high level [16]. 3.4.3 Non - ferrous Metals - **Precious Metals**: The prices are oscillating at a high level with large fluctuations [18]. - **Copper and Aluminum**: The prices have followed the market correction, and it is recommended to wait patiently for the prices to stop falling and stabilize [18]. - **Alumina**: The supply is still relatively large, but there are concerns about the supply restriction of bauxite in Guinea. It is advisable to take a long - position approach when the price is low [18]. - **Rebar and Hot - Rolled Coil**: The prices have a support at the low level, but attention should be paid to the impact of geopolitical news [18]. - **Ferroalloy**: The prices are recommended to be treated with a long - position approach on pullbacks, but there is a risk of chasing high [20]. - **Lithium Carbonate**: The price is in an oscillatory adjustment, and it is recommended to operate within a range [20]. 3.4.4 Options and Finance - **Options**: Trend investors can focus on the arbitrage opportunities between varieties, and volatility investors can go long on volatility when the underlying asset price falls and go short when it rises [20][21]. - **Stock Index**: The index is expected to maintain an oscillatory upward trend, but the short - term rebound strength should not be overly expected. It is recommended to control the position and wait for the confirmation of volume indicators [22][23][24].

Report Industry Investment Rating - Not provided in the given content Core View of the Report - Not provided in the given content Summary by Categories Ferrous Metals - Silicon iron (SF603) has a spot price of 5982, a futures price of 5998, a historical quantile of 57.60%, and a basis rate of 1.03% [1] - Silicon manganese (SM603) has a historical quantile of 39.10% [1] - Rebar (RB2605) has a spot price of 3220, a futures price of 3128, a historical quantile of 45.10%, and a basis rate of -0.45% [1] - Hot-rolled coil (HC2605) has a spot price of 3290, a futures price of 3305, a historical quantile of 13.10% [1] - Iron ore (I2605) has a spot price of 817, a futures price of 851, a historical quantile of 28.80%, and a basis rate of -0.29% [1] - Coke (J2605) has a historical quantile of 64.19% [1] - Coking coal (JM2605) has a spot price of 1333, a futures price of 1230, a historical quantile of 54.00%, and a basis rate of 8.37% [1] Non-ferrous Metals - Copper (CU2605) has a spot price of 95325, a futures price of 95350, a historical quantile of 46.04%, and a basis rate of -0.03% [1] - Aluminum (AL2605) has a spot price of 23725, a futures price of 23510, a historical quantile of 11.25%, and a basis rate of -0.91% [1] - Alumina (AO2605) has a spot price of 2773, a futures price of 2931, a historical quantile of 12.55% [1] - Zinc (ZN2605) has a spot price of 22770, a futures price of 23070, a historical quantile of 92.70%, and a basis rate of -1.30% [1] - Tin (SN2604) has a spot price of 352800, a futures price of 348790, a historical quantile of 81.45%, and a basis rate of 1.15% [1] - Nickel (MISEOR) has a spot price of 135860, a futures price of 136450, a historical quantile of 1.95% [1] - Stainless steel (SS2605) has a spot price of 14500, a futures price of 14390, a historical quantile of 48.71%, and a basis rate of 0.76% [1] - Lithium carbonate (LC2605) has a spot price of 156500, a futures price of 157200, a historical quantile of 46.03%, and a basis rate of -0.45% [1] - Industrial silicon (SISEO5) has a spot price of 8735, a futures price of 9200, a historical quantile of 28.69%, and a basis rate of 5.32% [1] Precious Metals - Gold (AU2606) has a spot price of 995.98, a futures price of 989.8, a historical quantile of 0.90%, and a basis rate of -0.62% [1] - Silver (AG2606) has a spot price of 17472.0, a futures price of 17292.0, a historical quantile of 5.80%, and a basis rate of 1.04% [1] Agricultural Products - Soybean meal (M2605) has a spot price of 3190, a futures price of 2952.0, a historical quantile of 67.10%, and a basis rate of 2.82% [1] - Soybean oil (ASEO2) has a spot price of 8890, a futures price of 8646.0, a historical quantile of 52.40%, and a basis rate of 2.82% [1] - Palm oil (P2605) has a spot price of 9580, a futures price of 9614.0, a historical quantile of 16.70%, and a basis rate of -0.35% [1] - Rapeseed meal (RM605) has a spot price of 2350, a historical quantile of 48.70% [1] - Rapeseed oil (Oleos) has a spot price of 10350, a futures price of 9840.0, a historical quantile of 91.60%, and a basis rate of 5.18% [1] - Corn (C2605) has a spot price of 2400, a futures price of 2376.0, a historical quantile of 46.00%, and a basis rate of 1.01% [1] - Corn starch (CS2605) has a spot price of 2765.0, a futures price of 2900, a historical quantile of 69.90%, and a basis rate of 4.88% [1] - Live pigs (H2605) has a spot price of 9500, a futures price of 9835.0, a historical quantile of 30.40%, and a basis rate of -3.41% [1] - Eggs (JD2605) has a spot price of 3512.0, a futures price of 3180, a historical quantile of 16.00%, and a basis rate of -9.45% [1] - Cotton (CF605) has a spot price of 16550, a futures price of 15420.0, a historical quantile of 72.90%, and a basis rate of 7.33% [1] - White sugar (SR605) has a spot price of 5463.0, a futures price of 5480, a historical quantile of 6.50%, and a basis rate of -1.47% [1] - Apples (AP605) has a spot price of 9946.0, a futures price of 9800, a historical quantile of 17.40%, and a basis rate of -1.47% [1] - Red dates (CJ605) has a spot price of 8835.0, a futures price of 7900, a historical quantile of 43.80%, and a basis rate of -10.58% [1] Energy and Chemicals - Paraxylene (PX605) has a spot price of 9774.0, a futures price of 9811.8, a historical quantile of 42.00%, and a basis rate of 0.39% [1] - PTA (TA605) has a spot price of 6670.0, a futures price of 6778.0, a historical quantile of 15.50%, and a basis rate of -1.59% [1] - Ethylene glycol (EG2605) has a spot price of 4975.0, a futures price of 5058.0, a historical quantile of 25.30%, and a basis rate of -1.63% [1] - Polyester staple fiber (PF604) has a spot price of 8150.0, a futures price of 8260.0, a historical quantile of 18.80%, and a basis rate of -1.33% [1] - Styrene (EB2604) has a spot price of 10046.0, a futures price of 10245.0, a historical quantile of 68.10%, and a basis rate of 1.98% [1] - Methanol (MA605) has a spot price of 3202.0, a futures price of 3265.0, a historical quantile of 69.10%, and a basis rate of 1.97% [1] - Urea (UR605) has a spot price of 1890.0, a futures price of 1875.0, a historical quantile of 22.10%, and a basis rate of -0.80% [1] - LLDPE (L2605) has a spot price of 8767.0, a futures price of 8600.0, a historical quantile of 1.60%, and a basis rate of -1.90% [1] - PP (PP2605) has a spot price of 9120.0, a futures price of 9025.0, a historical quantile of 7.20%, and a basis rate of -1.04% [1] - PVC (V2605) has a spot price of 5500.0, a futures price of 5650.0, a historical quantile of 41.10%, and a basis rate of -2.65% [1] - Caustic soda (SH605) has a spot price of 2509.0, a futures price of 2275.0, a historical quantile of 21.50%, and a basis rate of -9.33% [1] - LPG (PG2604) has a spot price of 6541.0, a futures price of 7198.0, a historical quantile of 81.50%, and a basis rate of 10.04% [1] - Asphalt (BU2604) has a spot price of 4543.0, a futures price of 4330.0, a historical quantile of 10.70%, and a basis rate of -4.69% [1] - Butadiene rubber (BR2604) has a spot price of 18500.0, a futures price of 17975.0, a historical quantile of 85.10%, and a basis rate of 2.92% [1] - Float glass (FG605) has a spot price of 1036.0, a futures price of 960.0, a historical quantile of 51.10%, and a basis rate of -7.92% [1] - Soda ash (SA605) has a spot price of 1225.0, a futures price of 1205.0, a historical quantile of 46.60%, and a basis rate of -1.66% [1] - Pure benzene (BZ2604) has a spot price of 8420.0, a futures price of 8245.0, a historical quantile of 12.50%, and a basis rate of -2.08% [1] - Propylene (PL2605) has a spot price of 8851.0, a futures price of 8800.0, a historical quantile of 35.10%, and a basis rate of -0.58% [1] - Bottle chips (PR2605) has a spot price of 8222.0, a historical quantile of 95.70% [1] - Natural rubber (RU2605) has a spot price of 16950.0, a futures price of 16895.0, a historical quantile of 97.10%, and a basis rate of 0.32% [1] Financials - IF2606.CFE has a spot price of 4477.5343, a futures price of 4396.0, a historical quantile of 2.20%, and a basis rate of -1.85% [1] - IH2606.CFE has a spot price of 2824.6744, a futures price of 2804.8, a historical quantile of 8.40%, and a basis rate of -0.70% [1] - IC2606.CFE has a spot price of 7642.1302, a futures price of 7413.8, a historical quantile of 0.10%, and a basis rate of -3.08% [1] - IM2606.CFE has a spot price of 7639.3762, a futures price of 7375.6, a historical quantile of 0.30%, and a basis rate of -3.58% [1] - 2-year bond (TS2606) has a spot price of 102.51, a futures price of 100.11, a historical quantile of 43.90%, and a basis rate of 0.04% [1] - 5-year bond (TF2606) has a spot price of 105.97, a futures price of 100.22, a historical quantile of 40.40%, and a basis rate of 0.07% [1] - 10-year bond (T2606) has a spot price of 108.25, a futures price of 99.86, a historical quantile of 23.80%, and a basis rate of 0.06% [1] - 30-year bond (TL2606) has a spot price of 122.25, a futures price of 111.49, a historical quantile of 48.20%, and a basis rate of 0.34% [1]

Investment Rating - The report rates the food and beverage industry as "Overweight" [1] Core Insights - The report highlights that the CPI (Consumer Price Index) has shown signs of recovery, with a year-on-year increase of 1.3% in February 2026, marking the highest growth since January 2023. This recovery is expected to benefit companies with strong pricing power in the food and beverage sector [2][15] - The report emphasizes the importance of companies that can effectively pass on costs to consumers, particularly in the condiment and restaurant supply chain sectors, as the industry transitions from a cost dividend phase to an initial stage of price increases [3][40] Summary by Sections CPI and Economic Recovery - The CPI has rebounded, indicating a shift towards moderate inflation, with the government targeting a CPI growth of around 2% for 2026. This is supported by fiscal policies aimed at stabilizing economic growth and reasonable price increases [6][15] - The service sector has become a key driver of growth, with significant increases in service prices contributing to the overall CPI rise [20][23] CPI-PPI Dynamics - The report discusses the narrowing of the CPI-PPI (Producer Price Index) gap, which is currently at 2.2 percentage points. This gap indicates that consumer prices are rising faster than production costs, benefiting companies with strong pricing power [28][30] - The report notes that the PPI has shown signs of improvement, with a year-on-year decline of 0.9% in February 2026, suggesting a stabilization in raw material prices [27][29] Cost Transmission and Pricing Power - The report identifies key raw materials that constitute 65%-85% of the operating costs for leading companies in the food and beverage sector, including soybeans, sugar, and dairy products. The ability to manage these costs effectively will be crucial for maintaining profitability [41][44] - Companies in the condiment and restaurant supply chain are highlighted as having strong pricing power, with expectations for a new round of price increases due to rising costs and improved demand conditions [3][40] Investment Recommendations - The report recommends focusing on leading companies with strong channel and product capabilities, clear price increase expectations, and high dividend attributes, such as Haidilao, Anjoy Foods, and Mengniu Dairy [3][40] - It also suggests investing in leading beer companies and high-growth regional leaders, as well as companies in the dairy and snack sectors that possess category and channel advantages [3][40]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report presents the price changes of various commodities on March 18, 2026, compared to March 17, 2026, including chemical and agricultural products [4]. - It also covers macro - economic news such as international relations, inflation data, and energy - related events [7][8][9]. - For different commodities, it analyzes their fundamentals, price trends, and provides corresponding trading strategies and risk points [11][12][13][14][15][16][17]. - In the financial market, it analyzes the performance of stock index futures and options, and gives trading suggestions [16][17]. 3. Summary by Relevant Catalogs 3.1 Chemical Products - **Price Changes**: On March 18, 2026, compared to March 17, 2026, prices of some chemicals like methanol, plastic, and polypropylene PP increased, while natural rubber, 20 - number rubber, and styrene decreased [4]. - **Analysis of Specific Products**: - **Caustic Soda**: The market has an optimistic price expectation, but attention should be paid to overseas device dynamics, export orders, inventory changes, and device maintenance progress. There is a risk of near - month contract callback if the futures price is much higher than the spot price [13]. - **Coking Coal and Coke**: The short - term trend is still strong, with an upward - biased oscillation. The demand side is supported by the expected increase in daily iron - water production [13][14]. - **Double - offset Paper**: The price dropped, and the supply - demand pattern is loose. It is expected to continue the weak oscillation, and there is a risk of further price decline if demand does not improve [14]. - **Urea**: The market price is weakly stable. Supply is relatively sufficient, and industrial demand is marginally increasing. There is a risk of futures price callback at high levels [14]. 3.2 Agricultural Products - **Price Changes**: On March 18, 2026, compared to March 17, 2026, prices of some agricultural products like yellow soybean No. 1, yellow soybean No. 2, and soybean meal decreased, while white sugar increased [4]. - **Analysis of Specific Products**: - **White Sugar**: After a technical correction, attention should be paid to the support at 5400 yuan/ton. There are risks from domestic supply pressure and overall commodity market sentiment [11]. - **Corn**: It is expected to maintain a high - level oscillation in the short term. Attention should be paid to the support in the 2360 - 2370 area [11]. - **Peanut**: It is expected to maintain a high - level oscillation in the short term. It is recommended to wait and see or conduct range operations [11]. - **Pork**: The overall spot market has an oversupply situation, and the futures price is higher than the spot price, constantly seeking new support through decline [11]. - **Egg**: The spot price has ups and downs. The futures price is short - term oscillating strongly, but the upward space is limited. It is recommended to try short - selling on rebounds [13]. - **Red Date**: The spot price is temporarily stable, and it is recommended to sell high and buy low [13]. - **Cotton**: It is in a range - bound oscillation. It is advisable to consider long - position layout near the lower limit of the price range, but pay attention to the pressure from the high internal - external price difference [13]. 3.3 Non - ferrous Metals - **Precious Metals**: Gold and silver prices are oscillating at high levels with large fluctuations. There are both supportive and suppressive factors [14]. - **Copper and Aluminum**: The aluminum price is relatively strongly supported by fundamentals, and the copper - aluminum price ratio may continue to return [14]. - **Alumina**: The supply - demand situation has not changed much. There are concerns about the supply restriction of bauxite in Guinea, and a long - position bias at low prices is recommended [14][15]. 3.4 Steel and Iron Alloys - **Rebar and Hot - rolled Coil**: The steel price is oscillating slightly upward. The raw material price is strong, providing cost support. Attention should be paid to the downstream demand and inventory changes [15]. - **Ferroalloys**: The alloys rebounded strongly on Tuesday. They are indirectly benefited from the energy premium caused by geopolitical conflicts. It is recommended to take a long - position bias on corrections, but not to chase high prices [15]. 3.5 Lithium Carbonate - The price is in a wide - range oscillation. It is recommended to conduct range operations, paying attention to the pressure at 160,000 yuan/ton and the support at 154,000 yuan/ton [15][17]. 3.6 Option Finance - **Stock Index Options**: On March 17, A - share market indexes declined. Different stock index futures and options have different performance in terms of position, trading volume, and basis. Trend investors can pay attention to the strength - weakness arbitrage opportunities between varieties, and volatility investors can hold short - straddle positions to short volatility [16][17]. - **Stock Index**: The market is affected by multiple factors such as the Middle - East conflict and energy prices. It is recommended to control positions, pay attention to the low - volume signals of mainstream wide - based ETFs, and conduct low - absorption and rolling operations [17][19].

Report Title - Full Variety Spread Daily Report [4] Report Date - March 6, 2026 [7] Report Author - Ye Qianning, Z0016628 [7] Commodity Analysis Ferrous Metals - For silicon iron (SF603), the futures price is 5828, the basis rate is -0.86%, and the historical quantile is 50.40% [1] - For silicon manganese (SM603), the futures price is 6092, the basis rate is 0.46%, and the historical quantile is 51.90% [1] - For rebar (RB2605), the futures price is 3230, the basis rate is 0.65%, and the historical quantile is 29.00% [1] - For hot - rolled coil (HC2605), the futures price is 3209, the basis rate is 0.65%, and the historical quantile is 41.80% [1] - For iron ore (I2605), the futures price is 810, the basis rate is 6.66%, and the historical quantile is 86.11% [1] - For coke (J2605), the futures price is 1734, the basis rate is 3.44%, and the historical quantile is 86.11% [1] - For coking coal (JM2605), the futures price is 1156, the basis rate is 4.57%, and the historical quantile is 35.40% [1] Non - ferrous Metals - For copper (CU2604), the futures price is 101475, the basis rate is 0.39%, and the historical quantile is 86.25% [1] - For aluminum (AL2604), the futures price is 25120, the basis rate is 1.23%, and the historical quantile is 99.37% [1] - For alumina (AO2605), the futures price is 2648, the basis rate is 11.89%, and the historical quantile is 0.49% [1] - For zinc (ZN2604), the futures price is 24640, the basis rate is -0.41%, and the historical quantile is 75.62% [1] - For tin (SN2604), the futures price is 406850, the basis rate is 3.84%, and the historical quantile is 99.37% [1] - For nickel (MISEOF), the futures price is 136800, the basis rate is 0.39%, and the historical quantile is 79.79% [1] - For stainless steel (SS2604), the futures price is 14450, the basis rate is 3.65%, and the historical quantile is 89.27% [1] - For lithium carbonate (LC2605), the futures price is 155860, the basis rate is 0.09%, and the historical quantile is 58.81% [1] Precious Metals - For gold (AU2604), the futures price is 1152.0, the basis rate is -0.30%, and the historical quantile is 19.00% [1] - For silver (AG2604), the futures price is 21639.0, the basis rate is -2.60%, and the historical quantile is 2.80% [1] Agricultural Products - For soybean meal (M2605), the futures price is 2843.0, the basis rate is 5.17%, and the historical quantile is 55.20% [1] - For soybean oil (Y2605), the futures price is 8370.0, the basis rate is 2.63%, and the historical quantile is 46.10% [1] - For palm oil (P2605), the futures price is 9070.0, the basis rate is -0.88%, and the historical quantile is 3.90% [1] - For rapeseed meal (RM605), the futures price is 2318.0, the basis rate is 0.95%, and the historical quantile is 49.70% [1] - For rapeseed oil (OI605), the futures price is 9489.0, the basis rate is 6.54%, and the historical quantile is 94.00% [1] - For corn (C2605), the futures price is 2384.0, the basis rate is 1.30%, and the historical quantile is 50.90% [1] - For corn starch (CS2605), the futures price is 2696.0, the basis rate is 1.26%, and the historical quantile is 15.60% [1] - For live pigs (H2605), the futures price is 11140.0, the basis rate is -5.75%, and the historical quantile is 23.70% [1] - For eggs (JD2605), the futures price is 3396.0, the basis rate is -15.49%, and the historical quantile is 6.50% [1] - For cotton (CF605), the futures price is 16400, the basis rate is 7.54%, and the historical quantile is 77.40% [1] - For white sugar (SR605), the futures price is 5390, the basis rate is 1.13%, and the historical quantile is 8.70% [1] - For apples (AP605), the futures price is 10753.0, the basis rate is -8.86%, and the historical quantile is 0.10% [1] - For red dates (CJ605), the futures price is 8980.0, the basis rate is -12.03%, and the historical quantile is 40.50% [1] Energy and Chemicals - For paraxylene (PX605), the futures price is 8344.0, the basis rate is 0.55%, and the historical quantile is 44.30% [1] - For PTA (TA605), the futures price is 5820.0, the basis rate is -0.17%, and the historical quantile is 55.00% [1] - For ethylene glycol (EG2605), the futures price is 4170.0, the basis rate is -0.33%, and the historical quantile is 54.30% [1] - For polyester staple fiber (PF604), the futures price is 7205.0, the basis rate is -1.03%, and the historical quantile is 23.20% [1] - For styrene (EB2604), the futures price is 8656.0, the basis rate is 1.84%, and the historical quantile is 60.50% [1] - For methanol (MA605), the futures price is 2480.0, the basis rate is -0.28%, and the historical quantile is 35.30% [1] - For urea (UR605), the futures price is 1814.0, the basis rate is 3.64%, and the historical quantile is 39.30% [1] - For LLDPE (L2605), the futures price is 7393.0, the basis rate is 0.09%, and the historical quantile is 26.70% [1] - For PP (PP2605), the futures price is 7480.0, the basis rate is 0.29%, and the historical quantile is 32.70% [1] - For PVC (V2605), the futures price is 5016.0, the basis rate is -3.91%, and the historical quantile is 30.20% [1] - For caustic soda (SH605), the futures price is 1981.3, the basis rate is -12.87%, and the historical quantile is 16.80% [1] - For LPG (PG2604), the futures price is 5148.0, the basis rate is 0.41%, and the historical quantile is 30.40% [1] - For asphalt (BU2604), the futures price is 3550.0, the basis rate is -2.98%, and the historical quantile is 29.10% [1] - For butadiene rubber (BR2604), the futures price is 13300.0, the basis rate is -6.40%, and the historical quantile is 0.60% [1] - For glass (FG605), the futures price is 1058.0, the basis rate is -11.13%, and the historical quantile is 33.82% [1] - For soda ash (SA605), the futures price is 1151.0, the basis rate is -3.48%, and the historical quantile is 31.72% [1] - For natural rubber (RU2605), the futures price is 16555.0, the basis rate is 0.87%, and the historical quantile is 98.74% [1] Financial Futures - For IF2603.CFE, the futures price is 4647.7, the basis rate is -0.40%, and the historical quantile is 25.40% [1] - For IH2603.CFE, the futures price is 2988.5, the basis rate is -0.05%, and the historical quantile is 47.10% [1] - For IC2603.CFE, the futures price is 8309.2, the basis rate is -0.65%, and the historical quantile is 16.40% [1] - For IM2603.CFE, the futures price is 8171.1, the basis rate is -0.51%, and the historical quantile is 39.10% [1] - For 2 - year bond (TS2606), the futures price is 100.03, the basis rate is -0.03%, and the historical quantile is 18.40% [1] - For 5 - year bond (TF2606), the futures price is 100.12, the basis rate is 0.04%, and the historical quantile is 35.10% [1] - For 10 - year bond (T2606), the futures price is 108.53, the basis rate is 0.06%, and the historical quantile is 24.20% [1] - For 30 - year bond (TL2606), the futures price is 123.82, the basis rate is 0.47%, and the historical quantile is 76.30% [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The conflict in the Middle East has escalated, affecting the financial markets in the region. The market impact on a global scale depends on potential changes in three key signals: US military mobilization, changes in the Iranian political situation, and the scope of conflict spillover. The general rule is that the safe - haven asset gold is better than the US dollar, long - term oil prices are still determined by supply and demand, the performance of the US stock market is directly related to the degree of US military intervention and the trend of the war situation, and there is no significant impact on Chinese assets [7][8]. - In the short term, the market style may switch from "policy expectation" to "performance realization". A - shares are likely to open lower due to the decline of US stock indices and geopolitical conflicts, but the medium - term upward trend remains unchanged [18][20]. 3. Summary by Relevant Catalogs 3.1 Chemical Industry - On March 2, 2026, among domestic chemical products, the prices of crude oil, fuel oil, plastic, PP, PTA, PVC, asphalt, methanol, and LPG rose, with fuel oil having the largest increase of 3.378%, while the prices of coking coal, coke, natural rubber, 20 - number rubber, ethylene glycol, styrene, glass, soda ash, pulp, and caustic soda declined, with coking coal having a decline of 1.417% [4]. 3.2 Agricultural Products - On March 2, 2026, among domestic agricultural products, the prices of soybean No. 1, rapeseed meal, white sugar, yellow corn, corn starch, and palm oil rose, with yellow corn having an increase of 0.932%, while the prices of soybean No. 2, soybean meal, eggs, cotton yarn declined, with soybean meal having a decline of 0.247% [4]. 3.3 Macro News - On February 28, Iranian Supreme Leader Khamenei was assassinated and killed. The Iranian government announced a 40 - day national mourning and will soon elect a new supreme leader. US President Trump said that the US military action against Iran may last about four weeks and that he has agreed to dialogue with the new Iranian leadership [7]. - Chinese Foreign Minister Wang Yi stated China's stance on the Iranian situation during a phone call with Russian Foreign Minister Lavrov: stop military actions immediately, return to dialogue and negotiation as soon as possible, and jointly oppose unilateral actions [7]. - This week, there are many major global market events, including the opening of the 2026 National Two Sessions, the release of China's February PMI, foreign exchange and gold reserve data, and new product launches by Apple and Alibaba [8]. - Many new - energy vehicle manufacturers released their February delivery data, and some offered car - buying discounts in March [9]. - The 15th meeting of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference decided that the 4th session of the 14th National Committee of the CPPCC will be held in Beijing on March 4, 2026 [9]. 3.4 Morning Meeting Views on Major Products 3.4.1 Agricultural Products - White sugar: On February 27, the price of the main contract rose 0.74%. In the short term, the price center may move up further, but it is expected to fluctuate strongly, and attention should be paid to the upper pressure level and import policy changes [11]. - Corn: On February 27, the price of the main contract rose 0.77%. The short - term trend is high - level oscillation, but there is a risk of correction. Attention should be paid to the upper and lower support levels [11]. - Peanuts: On February 27, the price of the main contract fell slightly by 0.15%. The current price oscillates around the cost line. It is recommended to buy low and sell high in the 7850 - 8000 yuan range [11]. - Live pigs: The current overall supply exceeds demand, and the spot price is expected to remain weakly oscillating in the next 1 - 2 weeks. The futures market shows a pattern of near - term weakness and long - term strength, and the overall market remains in bottom - level oscillation [11]. - Eggs: The current national egg spot price is mainly stable. The near - term and long - term prices show a pattern of near - term strength and long - term weakness, with a large basis, suppressing the near - term prices, and the long - term prices remain oscillating after the decline [12]. - Red dates: After the Spring Festival, the market is slowly resuming. The spot price of red dates is temporarily stable, and the market is in bottom - level oscillation. It is recommended to buy low and sell high [12]. - Cotton: On February 27, the price of the main contract rose slightly by 0.29%. In the long - term, cotton prices are strongly supported by the expectation of supply tightening, but there is a risk of correction due to insufficient demand [12]. 3.4.2 Energy and Chemicals - Caustic soda: The fundamental situation of caustic soda remains in an oversupply pattern, and the near - term contracts may continue to be under pressure. Attention should be paid to the impact of supply - side disturbances on prices [12]. - Coking coal and coke: After the Spring Festival, the prices of coking coal and coke are under pressure, and the fundamentals are expected to continue in a weakly oscillating pattern. Attention should be paid to the linkage effect of rising energy prices due to the Middle East situation [12]. - Double - offset paper: The price of the main contract of double - offset paper is oscillating downward. The supply - side pressure persists, and the demand - side purchasing enthusiasm is still low. It is recommended to adopt a bearish strategy [12]. - Urea: The price of urea in the domestic spot market is running strongly. The demand in the agricultural peak season is supportive, but factors such as the release of stored goods and price - stabilizing policies may suppress the upward space. Attention should be paid to the 1750 - 1940 yuan/ton operating range [13]. 3.4.3 Non - ferrous Metals - Gold and silver: The prices of gold and silver are oscillating at high levels with large fluctuations. The increase in inflation pressure, policy uncertainty of the Federal Reserve, the increase in speculative net long positions, and the escalation of the Middle East situation have promoted the rise of precious metals [13]. - Copper and aluminum: The global macro - environment shows a pattern of weak balance and high volatility. The domestic social inventory of copper and aluminum is in a seasonal accumulation period. Attention should be paid to the recovery of downstream demand and supply - side risks due to the Middle East situation [13]. - Alumina: After the Spring Festival, the overall inventory of the domestic alumina market has decreased slightly, but the oversupply situation has not been fundamentally reversed. It is expected to remain at a low level and wait for new market drivers [15]. 3.4.4 Steel and Iron Alloys - Rebar and hot - rolled coil: After the Spring Festival, the inventory of the five major steel products continues to accumulate. Rebar still faces inventory accumulation pressure in the short term, while the demand for hot - rolled coil starts faster. The steel prices are expected to have limited downward space and upward rebound space. It is recommended to buy low and sell high in the specified price ranges [14]. - Ferroalloys: After the Spring Festival, the fundamentals of ferroalloys have not changed much. The supply has increased while the demand has decreased. From a macro perspective, the prices of commodities with high import dependence and external pricing power fluctuate more. In the short term, a bullish view on corrections is recommended, and industrial hedging should wait for better opportunities [14]. 3.4.5 Lithium Carbonate - On February 27, the price of the main contract of lithium carbonate rose 1.37%. The supply - demand pattern is tightening. It is recommended to consider buying on dips with a light position, but attention should be paid to the risk of sharp fluctuations due to insufficient market liquidity [14]. 3.4.6 Options and Finance - Stock index options: On February 27, the three major A - share indices showed different trends. The trading volume of options decreased, the open interest increased, and the implied volatility decreased. Trend investors should focus on arbitrage opportunities between varieties, and volatility investors can buy straddles to bet on increased volatility when the volatility drops significantly [16]. - Stock indices: Geopolitical risks have resurfaced. A - shares are likely to open lower, but the medium - term upward trend remains unchanged. Attention should be paid to the support of funds for a potential rebound [20]. - RMB: Since February, the RMB has continued its unilateral appreciation trend. The central bank's decision to reduce the foreign exchange risk reserve ratio for forward foreign exchange sales helps to weaken the expectation of unilateral RMB appreciation and maintain the stability of the RMB exchange rate [19].

Investment Chain - The prices of non-ferrous metals have risen significantly since February 2026, with copper, aluminum, zinc, lead, tin, nickel, gold, and silver all experiencing price increases. However, fixed asset investment growth has declined, with real estate development investment down by 17.20% year-on-year and manufacturing fixed asset investment growth at only 0.60% [10][11] - In February 2026, the average price of ordinary cement decreased, while the prices of steel and light soda ash also fell. The sales growth of large and light buses declined, but the sales growth of medium-sized buses increased [10][11] Consumption Chain - In January 2026, the year-on-year growth rate of automobile sales showed a slight recovery, increasing to -3.18%. However, the consumer confidence index fell to 89.50 in December 2025, and retail sales growth for home appliances decreased by 14.25% [11][12] - The total retail sales of consumer goods in December 2025 saw a nominal year-on-year growth rate drop to 0.90%, with a cumulative decline of 3.70% [11][12] - Tourism revenue in Beijing increased by 11.40% year-on-year in December 2024, while tourism revenue in Hainan decreased by 20.03% in March 2024 [11][12] Export Chain - In December 2025, exports to Japan and ASEAN countries increased, while exports to the US and EU saw a decline. The export growth rate for electronic products rose to 37.25%, while textile exports fell by 4.23% [12][13] - The cumulative year-on-year growth rate for exports of refined oil, coke, steel, and aluminum increased, while the export amounts for agricultural products, toys, furniture, and other categories decreased [12][13] - The OECD leading indicator for the US rose to 100.50 in January 2026, indicating potential economic improvement [12][13] Price Chain - In February 2026, pork prices decreased to 12.75 yuan per kilogram, while oil prices increased, with WTI rising to 65.63 USD per barrel [13][14] - The price of PVC rose to 4770 yuan per ton, while the price of MDI fell to 13950 yuan per ton [13][14] - The price of cotton increased, and the price of white sugar decreased during the same period [13][14]

Investment Chain - Non-ferrous metal prices have risen since February 2026, with fixed asset investment growth in December 2025 declining to -3.80%[1] - Real estate development investment in December 2025 saw a year-on-year decline of 17.20%[1] - Manufacturing fixed asset investment growth in December 2025 decreased to 0.60%[1] - Infrastructure investment growth in December 2025 fell to -1.48%[1] Consumption Chain - In December 2025, the nominal year-on-year growth rate of social consumption fell to 0.90%, with a cumulative decline of 3.70%[2] - The consumer confidence index in December 2025 dropped to 89.50[2] - In January 2026, automobile sales saw a year-on-year growth rate increase to -3.18%[2] - Home appliance retail sales in December 2025 experienced a year-on-year decline of 14.25%[2] Export Chain - In December 2025, exports to Japan and ASEAN saw a year-on-year growth increase, while exports to the US and EU declined[3] - The export growth rate for electronic products in December 2025 rose to 37.25%[3] - Textile export value in December 2025 decreased by 4.23% year-on-year[3] - Mechanical export value in December 2025 increased by 6.60% year-on-year[3] Price Chain - As of February 2026, the price of pork decreased to 12.75 yuan/kg[4] - WTI crude oil price increased to $65.63 per barrel on February 24, 2026[4] - PVC spot price rose to 4770 yuan/ton on February 24, 2026[4] - The average price of coal in Qinhuangdao increased in February 2026[4]

Report Summary - **Report Date**: February 13, 2026 [2] - **Data Source**: Wind Financial Terminal, Steel Union Data Terminal [3] 1. Industry Investment Rating No investment rating provided in the document. 2. Core View The document mainly presents the basis rate statistics of various futures on February 13, 2026, including the basis rate changes, spot prices, and futures contract prices of multiple commodities such as non - ferrous metals, precious metals, steel, energy, chemicals, agricultural products, etc. 3. Summary by Commodity Categories Non - ferrous Metals - Copper (CU): The main contract basis rate is - 0.62%, the spot price is 102,040, and the settlement price of the main contract is 102,680. The basis decreased by 0.02% compared to the previous day [3]. - Aluminum (AL): The main contract basis rate is - 1.10%, the spot price is 23,350, and the settlement price of the main contract is 23,610 [3]. - Zinc (ZN): The main contract basis rate is - 0.45%, the spot price is 24,480, and the settlement price of the main contract is 24,590 [3]. - Lead (PB): The main contract basis rate is - 0.99%, the spot price is 16,575, and the settlement price of the main contract is 16,740 [3]. - Tin (SN): The main contract basis rate is - 0.37%, the spot price is 391,650, and the settlement price of the main contract is 393,120 [3]. - Nickel (NI): The main contract basis rate is 3.58%, the spot price is 140,780, and the settlement price of the main contract is 140,320 [3]. - Industrial Silicon (SI): The main contract basis rate is 11.31%, the spot price is 9,300, and the settlement price of the main contract is 8,290 [3]. Precious Metals - Gold (AU): The main contract basis rate is - 0.28%, the spot price is 1,126.12, and the settlement price of the main contract is 1,129.74 [3]. - Silver (AG): The main contract basis rate is - 4.63%, the spot price is 19,670, and the settlement price of the main contract is 20,626 [3]. Steel - Rebar (RB): The main contract basis rate is 5.25%, the spot price is 3,050, and the settlement price of the main contract is 3,096 [3]. - Hot - Rolled Coil (HC): The main contract basis rate is 0.37%, the spot price is 3,218, and the settlement price of the main contract is 3,237 [3]. - Iron Ore: The main contract basis rate is 5.94%, the spot price is 807.3, and the settlement price of the main contract is 762.0 [3]. - Coke (J): The main contract basis rate is - 3.5%, the spot price is 1,605, and the settlement price of the main contract is 1,664.0 [3]. - Coking Coal: The main contract basis rate is 9.60%, the spot price is 1,227.5, and the settlement price of the main contract is 1,120.0 [3]. - Power Coal (ZC): The main contract basis rate is 0.50%, the spot price is 711.0, and the settlement price of the main contract is 801.4 [3]. - Ferrosilicon (SF): The main contract basis rate is - 4.00%, the spot price is 5,280, and the settlement price of the main contract is 5,500 [3]. - Silicomanganese (SM): The main contract basis rate is 2.07%, the spot price is 5,800, and the settlement price of the main contract is 5,842 [3]. - Stainless Steel (SS): The main contract basis rate is 1.29%, the spot price is 14,150, and the settlement price of the main contract is 13,975 [3]. Energy and Chemicals - Lithium Carbonate: The main contract basis rate is - 3.9%, the spot price is 143,450, and the settlement price of the main contract is 147,340 [3]. - Methanol (MA): The main contract basis rate is - 0.38%, the spot price is 2,223, and the settlement price of the main contract is 2,231 [3]. - Ethanol (EG): The main contract basis rate is - 0.14%, the spot price is 3,605, and the settlement price of the main contract is 3,830 [3]. - PTA (TA): The main contract basis rate is - 0.48%, the spot price is 5,195, and the settlement price of the main contract is 5,220 [3]. - Polypropylene (PP): The main contract basis rate is 3.04%, the spot price is 6,850, and the settlement price of the main contract is 6,648 [3]. - Styrene (EB): The main contract basis rate is 2.04%, the spot price is 7,605, and the settlement price of the main contract is 7,415 [3]. - Short - Fiber (PF): The main contract basis rate is - 0.03%, the spot price is 6,620, and the settlement price of the main contract is 6,616 [3]. - Plastic: The main contract basis rate is 0.24%, the spot price is 6,750, and the settlement price of the main contract is 6,734 [3]. - PVC (V): The main contract basis rate is - 3.40%, the spot price is 4,770, and the settlement price of the main contract is 4,938 [3]. - Rubber (RU): The main contract basis rate is - 0.30%, the spot price is 16,400, and the settlement price of the main contract is 16,450 [3]. - 20 - Standard Rubber (NR): The main contract basis rate is - 0.09%, the spot price is 13,736, and the settlement price of the main contract is 13,405 [3]. - Soda Ash (SA): The main contract basis rate is - 4.30%, the spot price is 1,112, and the settlement price of the main contract is 1,162 [3]. - Urea (UR): The main contract basis rate is - 1.79%, the spot price is 1,810, and the settlement price of the main contract is 1,843 [3]. - Pulp (SP): The main contract basis rate is 2.14%, the spot price is 5,350, and the settlement price of the main contract is 5,238 [3]. - Crude Oil (SC): The main contract basis rate is - 4.70%, the spot price is 454.4, and the settlement price of the main contract is 478.1 [3]. - Fuel Oil (FU): The main contract basis rate is 8.99%, the spot price is 3,148, and the settlement price of the main contract is 2,888 [3]. - Asphalt (BU): The main contract basis rate is - 3.9%, the spot price is 3,210, and the settlement price of the main contract is 3,348 [3]. - Low - Sulfur Fuel Oil (LU): The main contract basis rate is 0.89%, the spot price is 3,379, and the settlement price of the main contract is 3,355 [3]. - LPG (PG): The main contract basis rate is 11.17%, the spot price is 4,748, and the settlement price of the main contract is 4,447 [3]. Agricultural Products - Soybean: The main contract basis rate is - 11.2%, the spot price is 4,100, and the settlement price of the main contract is 4,613 [3]. - Soybean Meal (M): The main contract basis rate is 9.68%, the spot price is 3,060, and the settlement price of the main contract is 2,790 [3]. - Rapeseed Meal (RM): The main contract basis rate is 8.55%, the spot price is 2,263, and the settlement price of the main contract is 2,303 [3]. - Soybean Oil (Y): The main contract basis rate is 5.91%, the spot price is 8,560, and the settlement price of the main contract is 8,082 [3]. - Rapeseed Oil (OI): The main contract basis rate is 9.65%, the spot price is 9,920, and the settlement price of the main contract is 9,047 [3]. - Peanut (PK): The main contract basis rate is 15.78%, the spot price is 9,200, and the settlement price of the main contract is 7,938 [3]. - Palm Oil (P): The main contract basis rate is 1.34%, the spot price is 8,900, and the settlement price of the main contract is 8,782 [3]. - Corn (C): The main contract basis rate is 0.86%, the spot price is 2,340, and the settlement price of the main contract is 2,320 [3]. - Corn Starch (CS): The main contract basis rate is 1.48%, the spot price is 2,610, and the settlement price of the main contract is 2,642 [3]. - Apple (AP): The main contract basis rate is - 1.22%, the spot price is 8,209, and the settlement price of the main contract is 8,300 [3]. - Egg (JD): The main contract basis rate is 14.85%, the spot price is 3,280, and the settlement price of the main contract is 3,444 [3]. - Live Pig (LH): The main contract basis rate is 7.02%, the spot price is 12,350, and the settlement price of the main contract is 11,540 [3]. - Cotton (CF): The main contract basis rate is 8.65%, the spot price is 14,790, and the settlement price of the main contract is 14,855 [3]. - Sugar (SR): The main contract basis rate is 2.21%, the spot price is 5,370, and the settlement price of the main contract is 5,254 [3]. Stock Index Futures - CSI 300 (IF): The main contract basis rate is 0.06%, the spot price is 4,719.6, and the settlement price of the main contract is 4,719.4 [3]. - SSE 50 (IH): The main contract basis rate is - 0.11%, the spot price is 3,079.7, and the settlement price of the main contract is 3,082.8 [3]. - CSI 500 (IC): The main contract basis rate is - 0.30%, the spot price is 8,423.6, and the settlement price of the main contract is 8,448.2 [3].

Core Viewpoint - The Southern Power Grid Yunnan Lincang Fengqing Power Supply Bureau is proactively ensuring stable electricity supply for the local sugarcane industry during the 2026 sugar production season, aiming to support the production goals of the Yingpan Sugar Factory and contribute to local economic development [1][2]. Group 1: Electricity Supply and Safety Measures - The power supply bureau has implemented a comprehensive plan to prevent external power disruption risks, focusing on the sugarcane industry, which is vital for local economic growth [1]. - During the peak season, nearly 4,000 workers operate simultaneously at the Yingpan Sugar Factory, creating significant risks of power outages due to equipment interactions [1]. - The bureau has conducted thorough inspections of aging lines and equipment, addressing voltage fluctuations and maintenance issues with tailored solutions [2]. Group 2: Service Improvement and Community Engagement - The bureau has transformed a "problem list" into a "service list" by actively communicating with enterprises to improve power supply services [2]. - Innovative safety promotion methods have been employed, including targeted education for vehicle drivers and operators, distributing over 400 safety pamphlets [2]. - The bureau's commitment to supporting the sugar industry includes a full-service supply system, from line upgrades to 24-hour emergency repairs, enhancing operational efficiency for the Yingpan Sugar Factory [2]. Group 3: Future Plans and Economic Impact - The bureau plans to continue optimizing power supply services and deepen collaboration with enterprises to meet their electricity needs [3]. - The goal is to provide robust electricity support and high-quality service to ensure the sustainable development of the sugar industry, benefiting more local communities [3].