Group 1 - The article discusses the potential end of hostilities between the U.S. and Iran, with U.S. President Trump indicating that a resolution may be reached within "two to three weeks" [2] - Iranian President Pezeshkian expressed willingness to end the war, contingent upon meeting Iran's demands, particularly guarantees against further aggression [2] - Iranian Foreign Minister Zarif stated that the current situation is not a negotiation but rather an exchange of information through direct channels or "regional friends," emphasizing that Iran has not engaged in formal negotiations with any specific party [2][3] Group 2 - Concerns were raised by U.S. officials regarding indirect negotiations with Iran through third parties, suggesting that direct talks would be more effective [3] - The U.S. has reservations about using Pakistan as a negotiation venue due to security risks, and previous mediation efforts through Oman were deemed ineffective [3] - Following these developments, oil prices saw a significant drop, with Brent crude oil falling over 3.5% [5] Group 3 - The U.S. stock market experienced a substantial increase, with the Nasdaq rising over 3.8%, marking the largest single-day gain since May of the previous year [7] - The Dow Jones Industrial Average rose by 2.49%, while the S&P 500 increased by 2.91% [7]

Report Industry Investment Rating No relevant information provided. Core Viewpoints The report comprehensively analyzes the overnight market trends, important news, and financial market conditions across various sectors. Geopolitical tensions in the Middle East, especially the situation between the US and Iran, significantly impact the energy and commodity markets. Central bank policies and economic data also influence market sentiment and asset prices. Summary by Directory Overnight Night Market Trends - **Energy Futures**: WTI crude oil futures rose 5.39% to $105.01 per barrel, and Brent crude oil futures rose 3.26% to $108.75 per barrel. Tensions in the Middle East and global energy supply issues supported the price increase [5]. - **Precious Metals**: COMEX gold futures rose 0.36% to $4540.40 per ounce, and COMEX silver futures rose 0.55% to $70.18 per ounce. Geopolitical tensions and central bank policies boosted prices [5]. - **Base Metals**: Most London base metals rose, with LME aluminum up 4.52% at $3445.0 per ton, LME zinc up 2.15% at $3182.0 per ton, etc. [5]. - **Domestic Futures**: Domestic futures contracts mostly declined, with palm oil up over 2% and ethylene glycol up over 1%. Low-sulfur fuel oil (LU) and PVC fell over 3%, and others also had significant drops [7]. Important News Macro News - US President Trump made statements about Iran, including the desire to "seize Iran's oil resources" and threatening to destroy Iranian energy facilities if negotiations fail [9][11]. - Iran is considering withdrawing from the Non-Proliferation Treaty and implementing stricter regulations on ships passing through the Strait of Hormuz [9]. - The Shanghai Export Container Settlement Freight Index (European route) rose 3.5% to 1752.54 points [10]. - Fed officials expressed views on inflation, interest rates, and the balance sheet, and market pricing shifted to expect rate cuts this year [13][14]. - Iran's parliament passed a bill to levy tolls on ships passing through the Strait of Hormuz, and Iran is pressuring the Houthi rebels [14]. Energy and Chemical Futures - The Mandeb Strait is becoming an important channel for Middle East crude oil transportation, with 4.14 million barrels per day passing through in March, up from 2.95 million barrels per day in February [16]. - Saudi Aramco is finalizing the cost of oil for May shipments, and the premium for its flagship Arab Light crude is expected to soar to about $40 per barrel [16]. Metal Futures - An Indonesian stainless steel producer raised its opening price by $30 per ton [19]. - The market regulator announced measures to address "involutionary" competition in key industries [19]. - Indonesia plans to raise the domestic trade benchmark price of nickel ore [19]. - The Shanghai Gold Exchange adjusted margin ratios and price limits for some contracts during the Tomb-Sweeping Festival [19]. - An aluminum plant in the UAE was attacked, and three aluminum plants are expected to cut production by a total of about 2.63 million tons [20]. Black Futures - Tangshan lifted the heavy pollution weather emergency response [22]. - Global iron ore shipments decreased, while Chinese port arrivals increased [24]. - Silicon manganese plants plan to cut production by about 30% starting April 1, and the national manganese alloy enterprise monthly emission reduction is expected to be 221,000 tons [24]. Agricultural Futures - Rain in Argentina helped improve the soybean crop rating, and the harvest is expected to start soon [26]. - Soybean压榨量 has decreased slightly in recent weeks, and the full - month forecast is 8.2 million tons [26]. - Cotton planting intentions in Xinjiang may decline by 3% - 5% [26]. - Indonesia will promote the B50 biodiesel mixing policy [28]. - National soybean oil and palm oil inventories decreased [28]. - The state has started central frozen pork reserve purchases to support pig prices [28]. - Malaysia's palm oil production in March 1 - 20 increased by 0.92% [28]. - More sugar mills in Guangxi have completed the sugar - cane crushing season [29]. - Brazil's soybean and corn production forecasts were adjusted [29]. - US soybean export inspections were lower than expected [29]. - Brazil's soybean harvest rate reached 74.3% as of March 28 [31]. Financial Market Finance - A - shares rebounded, with the Shanghai Composite Index up 0.24%, and the Shenzhen Component Index and ChiNext Index down. The market turnover increased [33]. - The Hong Kong Hang Seng Index fell 0.81%, and the Hang Seng Tech Index hit a new low. Four new stocks were listed [33]. - The Hong Kong Securities and Futures Commission plans to implement a paper - less securities market system in November [34]. - Multiple ETF products were approved for listing [35]. - A well - known fund manager's portfolio changes and outlook were disclosed [35]. - iQiyi applied for listing in Hong Kong and plans to repurchase shares [37]. Industry - The market regulator addressed "involutionary" competition in key industries [38]. - Multiple departments issued the "Intelligent Shipping 2030 Action Plan" [38]. - China's commercial space achieved a milestone with the successful launch of the Lijian - 2 rocket [38]. - Hangzhou adjusted its housing provident fund policy [38]. - A Chinese motorcycle brand achieved a historic breakthrough in a world - class motorcycle race [39]. Overseas - US officials made statements about Iran's control of the Strait of Hormuz and military plans [41]. - Fed officials had different views on interest rates in the context of the Middle East conflict [42][43]. - The Japanese central bank governor and government took measures related to interest rates and budgets [45]. - South Korea started a financial emergency response mechanism [45]. International Stock Markets - US stocks closed mixed, with the Dow up 0.11% and the S&P 500 and Nasdaq down. European stocks rose, and Asia - Pacific stocks fell [46][47]. - Nasdaq reformed the Nasdaq 100 index access rules [48]. Commodities - G7 officials met to assess the impact of the Middle East situation on energy markets and planned to take coordinated actions [49]. - Energy and precious metal prices rose, and base metals mostly increased [49][50]. Bonds - The Chinese inter - bank bond market heated up, and US Treasury yields fell. The US Treasury plans to discuss private credit market risks [51][53]. Foreign Exchange - The on - shore RMB depreciated against the US dollar, and the Indian central bank implemented new foreign exchange regulations [54].

Report Industry Investment Rating No relevant information provided. Core Viewpoints The report presents a comprehensive overview of the global financial and commodity markets, including overnight market trends, important macro - economic and geopolitical news, and data on various futures and financial instruments. It reflects the complex interplay of geopolitical tensions, supply - demand dynamics, and central bank policies on market performance. Summary by Directory Overnight Night - Market Trends - International precious metal futures generally declined, with COMEX gold futures down 3.85% at $4376.90 per ounce and COMEX silver futures down 6.22% at $68.12 per ounce [4]. - U.S. oil and Brent oil futures rose, with the U.S. oil main contract up 3.84% at $93.79 per barrel and Brent oil main contract up 4.15% at $101.3 per barrel [5]. - Most London base metals fell, except for LME aluminum which rose 0.37% to $3254.5 per ton [5]. Important News Macro News - U.S. President Trump may visit China in mid - May, and China and the U.S. are in communication about it [8]. - The U.S. Department of Defense is formulating a military plan for a "decisive strike" against Iran, with multiple options [8]. - Shanghai International Energy Exchange sets trading limits and margin ratios for the EC2703 contract of the container shipping index (European line) futures [8]. - Trump postponed the planned strike on Iran's energy infrastructure by 10 days, providing a short - term respite for the global energy market [9]. - The possibility of a cease - fire between the U.S. and Iran remains low as their demands are beyond each other's acceptance [11]. - Iran released 10 oil tankers [11]. Energy and Chemical Futures - China's urea enterprise inventory decreased by 13.40% week - on - week to 70.05 tons on March 25, 2026, due to rising industrial demand [13]. - China's liquefied gas sample enterprise storage capacity rate dropped to 24.92% as of March 26, 2026 [13]. - Singapore's fuel oil, light distillate, and medium distillate inventories all increased in the week ending March 25 [13]. - Glass enterprise inventory reduction slowed down, with the total inventory of national float glass sample enterprises at 7362.2 million heavy boxes as of March 26, a 1.09% week - on - week decrease [14]. - U.S. natural gas inventory decreased by 540 billion cubic feet to 18290 billion cubic feet in the week ending March 20, 2026, a 5.2% year - on - year increase [16]. Metal Futures - ANZ predicts that the aluminum price will peak at $3600 per ton in Q3 2026, and about 800 - 1000 million tons of production will be affected in 2026 due to supply disruptions in the Middle East [18]. - Nickel Industries Limited's Indonesian mine suspended operations after an accident [18]. - Turkey's central bank sold about 22 tons of gold and conducted about 31 tons of gold swap transactions last week, with its gold reserve dropping to 771.8 tons [18]. Black - Series Futures - In February 2026, China's steel exports increased by 1.1% month - on - month to 783.8 million tons, and imports decreased by 19.6% month - on - month to 36.9 million tons [22]. - As of the week ending March 26, 2026, rebar production decreased by 2.69% week - on - week, while apparent demand increased by 8.30% [22]. - An Australian mining company reduced operations due to diesel supply constraints and a tropical cyclone [23]. - HeSteel Group's silicon - manganese procurement volume in March 2026 was 5100 tons [23]. - The average profit per ton of coke for 30 independent coking plants in China was 21 yuan/ton [23]. Agricultural Futures - From March 1 - 25, 2026, Malaysia's palm oil production decreased by 11.21% month - on - month [26]. - U.S. soybean and corn inventories are expected to reach multi - year highs in 2026 [26]. - U.S. soybean and corn planting areas in 2026 are expected to change compared to previous years [26]. - U.S. soybean export net sales increased in the week ending March 19, 2026 [27]. - The number of un - priced sell orders for ICE cotton futures decreased by 1606 hands as of March 20 [27]. Financial Markets Finance - A - shares declined with reduced trading volume, and the Hang Seng Index also fell [29]. - Some companies' first - quarter report disclosure times were announced [29]. - A company is considering an IPO in Hong Kong and seeking up to $1 billion in financing [30]. - The management and custody fees of a Hong Kong - stock - connect Internet ETF were reduced [30]. Industry - The first industry standard for embodied intelligence was released and will be implemented on June 1, 2026 [32]. - AI and robot program traffic has exceeded human user traffic [32]. - Domestic airline fuel surcharges will increase on April 5, 2026 [32]. - Shanghai's new - home transactions increased after the "Shanghai Seven" real - estate policy [32]. - Guangdong Province optimized housing provident fund policies [33]. Overseas - Trump mentioned Iran's "gift" and the option to control Iranian oil [34]. - Iran is committed to ending the war and has taken measures to ensure the passage of ships in the Strait of Hormuz [36]. - Russia hopes the Middle - East conflict will end in the coming weeks [36]. - The OECD predicts global and U.S. economic growth rates [36]. - U.S. initial jobless claims increased, and continuing claims decreased [37]. - The European Parliament voted to support a conditional implementation of the EU - U.S. trade agreement [37]. - The European Central Bank may consider raising interest rates if inflation soars [38]. - Germany's GDP growth may decline if the Middle - East conflict persists [38]. International Stock Markets - U.S. and European stock markets declined, and most Asia - Pacific stock markets also fell [39][40]. - SpaceX may list with a high proportion of shares allocated to individual investors [40]. - Wall Street's bonus pool reached a record high in 2025 [40]. Commodities - Trading limits and margin ratios for the EC2703 contract of the container shipping index (European line) futures were set [42]. - Precious metals fell, while oil prices rose due to geopolitical tensions [42]. - Most base metals declined [43]. - Iraq had to cut oil production due to the blockade of the Strait of Hormuz [43]. - Turkey's central bank sold and swapped gold [45]. Bonds - China's inter - bank bond market heated up, and South Korea will repurchase bonds to stabilize the market [46]. - U.S. Treasury yields rose [46]. Foreign Exchange - The on - shore and offshore RMB depreciated against the U.S. dollar, and the U.S. dollar index rose [47]. Upcoming Economic Data and Events - Upcoming economic data include UK consumer confidence, China's industrial enterprise profits, etc. [50] - Upcoming events include speeches by central bank officials, conferences, and corporate earnings reports [52]

Group 1: Technology Stocks Performance - Major tech stocks experienced a rally, with Nvidia, Tesla, and Amazon each rising over 2% [2] - Semiconductor stocks showed strong performance, with the Philadelphia Semiconductor Index increasing nearly 1.6% and ARM surging over 15% after announcing its self-developed data center CPU, which was adopted by Meta [2] - AMD and Intel both rose over 6%, while Marvell Technology increased by over 4% [2] Group 2: Gold and Silver Market - Gold stocks collectively rose, with companies like IGO Mining, Kinross Gold, and Pan American Silver increasing over 4% [2] - Spot gold prices increased by 1.9%, reaching $4,558 per ounce, while spot silver rose over 2% to $72.8 per ounce [3] Group 3: Oil Market Update - International oil prices saw a slight recovery, with both WTI and Brent crude oil dropping over 3%, after previously declining more than 6%, with Brent crude currently priced at $96 per barrel [4] Group 4: Cryptocurrency Market - The cryptocurrency market saw a collective rise, with Bitcoin increasing over 2% to $71,000 per coin [5]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The report comprehensively presents the overnight market trends of various commodities, important macro - economic and geopolitical news, financial market performance, and upcoming economic data and events. It reflects the complex and dynamic nature of the global economic and financial situation, with geopolitical factors such as the Iran - related conflict having a significant impact on the markets. Summary by Directory Overnight Night - Market Trends - The main contract of US crude oil rose 0.3% to $88.39 per barrel, and the main contract of Brent crude oil rose 0.02% to $95.94 per barrel [4][46]. - International precious metal futures generally rose. COMEX gold futures rose 1.53% to $4474.90 per ounce, and COMEX silver futures rose 3.01% to $71.44 per ounce [5][46]. - Most London base metals fell. LME aluminum rose 1.45% to $3245.5 per ton, while LME lead, tin, nickel, copper, and zinc declined to varying degrees [5][46]. Important Information Macroeconomic Information - The People's Bank of China will conduct 500 billion yuan of MLF operations on March 25, 2026 [8]. - Iran will not stop the war until it gets all compensation, all economic sanctions are lifted, and it gets international legal guarantees that the US will not interfere in its affairs [8]. - The US and Israel attacked two energy infrastructure facilities in Iran [8]. - The US proposed a 15 - item conflict - ending plan to Iran, and is considering a one - month cease - fire for further negotiations [9]. - US President Trump said Iran "started rational communication" and agreed "never to have nuclear weapons" [10]. - Trump said Iran gave a "very big gift" related to oil and gas and the Strait of Hormuz [12]. - The US and regional mediators are discussing the possibility of high - level peace talks with Iran, pending Iran's response [13][14]. Energy and Chemical Futures - Japan will start releasing its national oil reserves from March 26, and also plans to release the "producer - joint reserves" in March [16]. - The EU has not announced a new schedule for the plan to completely phase out Russian oil, and removed April 15 from the latest schedule [16]. Metal Futures - The Turkish central bank is discussing a "gold - for - foreign exchange" swap transaction through the London market, considering using its $135 billion gold reserves to support the lira [18]. - In February 2026, the installed capacity of new - energy vehicle power batteries was 27.3GWh, a year - on - year decrease of 19.2%. The cumulative year - on - year increase from January to February was 37.4%. The average power per new - energy vehicle from January to February was 62.0kWh, a year - on - year increase of 29.2% [18]. - India extended the tariff quota authorization for gold imports under the India - UAE trade agreement until June 30, 2026 [20]. - In January 2026, the global lead market supply surplus narrowed to 9700 tons, and the global zinc market changed from a shortage of 75100 tons in December 2025 to a surplus of 9200 tons [20]. Black - Series Futures - In February 2026, global crude steel production was 141.8 million tons, a year - on - year decrease of 2.2%. From January to February, it was 298.2 million tons, a year - on - year decrease of 1.5%. China's steel production in February was 76.09 million tons, a year - on - year decrease of 3.6% [22]. Agricultural Product Futures - In February 2026, the slaughter volume of designated pig - slaughtering enterprises was 31.77 million heads, a month - on - month decrease of 27.9% but a year - on - year increase of 40.7%. The cumulative slaughter volume from January to February was 75.81 million heads, a year - on - year increase of 21.9% [24]. - Starting from March 25, 2026, the minimum opening order volume for the apple futures 2605 contract is adjusted to 2 lots [25]. - The Brazilian Ministry of Agriculture is actively solving soybean export quarantine issues. The market's concern about imported soybean supply has subsided. The soybean crushing rate of oil mills has slightly decreased, and the soybean meal inventory is expected to drop to about 550,000 tons at the end of the month, a year - on - year decrease of about 100,000 tons [25]. - The estimated palm oil export volume of Malaysia from March 1 - 20, 2026 was 889,128 tons, a 61.02% increase compared to the same period last month [27]. Financial Market Finance - A - shares rebounded strongly, with over 5100 stocks rising. The Shanghai Composite Index rose 1.78% to 3881.28 points, and the market turnover was 2.1 trillion yuan. Military stocks soared, while the oil and gas sector declined [29]. - Hong Kong stocks rebounded significantly. The Hang Seng Index rose 2.79% to 25063.71 points. Southbound funds net - sold nearly HK$27.4 billion [29]. - As of the end of February, the scale of private equity funds reached 22.6 trillion yuan, a new high. The number of private equity fund managers decreased [29]. - Goldman Sachs maintains an overweight recommendation for Chinese stocks (A - shares and Hong Kong stocks) and believes that the Sharpe ratio from A - shares is higher in the short term [30]. - As of March 24, 224 companies have announced annual dividend plans, with a total cash dividend of 171.068 billion yuan. 27 companies have a dividend scale of over 1 billion yuan [32]. - Xiaomi Group's Q4 2025 revenue reached a record high, and its automotive business achieved annual profitability for the first time. The company plans to invest over 200 billion yuan in R & D in the next five years [32]. Industry - The National Data Bureau will promote the high - quality development of the digital economy in multiple aspects this year [33]. - The National Development and Reform Commission approved two new railway project proposals with a total investment of 68.1 billion yuan and 44.8 billion yuan respectively [34]. - State Grid will start the construction of pumped - storage power plants with a capacity of over 30 million kilowatts during the 15th Five - Year Plan period [34]. - As of March 22, Shanghai's second - hand housing transactions reached 21,443 units, and it is likely that the transaction volume in March will exceed 30,000 units [34]. - Chengdu introduced policies to boost housing consumption, including increasing the housing provident fund loan limit [34]. - The compilation of China's first "Embodied Intelligent Engineering Robot Industry Standard" has started [36]. - A new rare - earth oxide resource with an additional reserve of 9.6656 million tons was discovered in Sichuan [36]. Overseas - US President Trump claimed victory in the action against Iran, and his approval rating dropped to 36% [37]. - The US March S&P Global Composite PMI dropped to 51.4, with manufacturing and service sectors showing different trends [37]. - The eurozone March S&P Global Composite PMI dropped to 50.5, with the service sector PMI falling significantly [37]. - European Central Bank officials said they need to be vigilant against inflation due to the Iran war [38]. - Japan's February core CPI rose 1.6% year - on - year, the smallest increase since March 2022 [40]. - NASA will cancel the plan to deploy a space station in lunar orbit and build a $20 billion base on the lunar surface in the next seven years [40]. - The EU and Australia reached a comprehensive trade agreement, canceling most tariffs [41]. International Stock Markets - US stocks fell across the board. The Dow Jones Industrial Average fell 0.18%, the S&P 500 Index fell 0.37%, and the Nasdaq Composite Index fell 0.84% [42]. - European stocks closed mixed. The German DAX Index fell 0.07%, the French CAC40 Index rose 0.23%, and the UK FTSE 100 Index rose 0.72% [42]. - Most Asia - Pacific stocks rose. The Nikkei 225 Index rose 1.43%, the South Korean Composite Index rose 2.74%, and the Indian SENSEX30 Index rose 1.89% [43]. - Japan's Sumitomo Mitsui Financial Group is formulating a plan to potentially acquire Jefferies Financial Group [45]. Commodities - Oil prices rose slightly, but the increase in US API crude oil inventory put pressure on prices [46]. - Precious metal futures rose due to geopolitical uncertainty and other factors [46]. - Most London base metals fell [46]. - Iran started charging tolls for some merchant ships passing through the Strait of Hormuz, and the number of passing ships decreased significantly [47]. - The EU postponed the proposal to permanently ban the import of Russian oil [47]. Bonds - The bond market was generally strong. The yield of the 30 - year Treasury bond "25 Super - long Special Treasury Bond 06" declined, and the 30 - year Treasury bond futures rose [49]. - The foreign official accounts' US Treasury bond holdings in the New York Fed dropped by $75 billion in the past four weeks [49]. - Moody's downgraded the debt rating of a private credit fund to "junk - grade" [49]. - US Treasury bond yields rose across the board [49]. Foreign Exchange - The on - shore RMB against the US dollar rose on Tuesday, and the central parity rate was adjusted up [50]. - The US dollar index rose slightly, and most non - US currencies fell [50]. - The Turkish central bank is discussing a gold - for - foreign exchange swap to support the lira, and the lira has depreciated against the US dollar this year [52]. Upcoming Economic Data and Events - Economic data such as Australia's February CPI, UK's February CPI, and Germany's March IFO Business Climate Index will be released [54]. - There are important events such as the release of the Japanese central bank's January monetary policy meeting minutes, speeches by central bank officials, and multiple conferences and exhibitions [56].

Report Industry Investment Rating No information provided. Core Viewpoints The report comprehensively presents the overnight performance of the global financial market, including the trends of various futures, stocks, and bonds. It also details important macro - economic, energy, and geopolitical news, which have significant impacts on the market. Summary by Directory Overnight Night - Market Trends - The main contract of US crude oil closed down 9.53% at $88.87 per barrel, and the main contract of Brent crude oil fell 9.44% to $96.37 per barrel [4]. - London base metals all rose, with LME tin up 2.82% at $44,500 per ton, LME copper up 2.44% at $12,221 per ton, etc. [4]. - International precious metal futures generally closed down, with COMEX gold futures down 3.60% at $4410.40 per ounce and COMEX silver futures down 0.49% at $69.32 per ounce [5]. Important Information Macro - Information - Trump postponed military strikes on Iranian power plants and energy infrastructure for five days, but Iranian media said there was no direct or indirect communication between the two sides [8]. - Iran denied the claim of charging $2 million for ships passing through the Strait of Hormuz [9]. - China and the EU held the second meeting of the "upgraded" China - EU export control dialogue mechanism [9]. - As of March 23, 2026, the Shanghai Export Container Settlement Freight Index (European route) rose 8.8% compared with the previous period [10]. - Iran is reviewing the US letter through mediators, and Trump is shifting from military pressure to negotiation [11]. - An Iranian official said Trump has no right to set conditions for negotiations, and the US has not accepted Iran's two core conditions [13]. - The so - called negotiation between the Iranian parliament speaker and the US is a false news [13]. - The US Department of Defense is considering deploying a combat brigade of the 82nd Airborne Division [13]. Energy and Chemical Futures - DCE adjusted the daily price limit and trading margin of LPG futures contracts [15]. - Many countries are considering increasing oil purchases from Russia, and India is actively considering it [15]. - India is ensuring oil and gas supply, has strategic oil reserves, and is planning to increase them [15]. - As of March 23, 2026, the total inventory of domestic soda ash manufacturers decreased by 2.28% compared with last Thursday [17]. - China took temporary regulatory measures on domestic refined oil prices [17]. - Saudi Aramco cut crude oil supply to Asian buyers in April [17]. - The IEA is consulting with Asian and European governments on releasing more reserve oil [17]. Metal Futures - China's polysilicon imports in January - February 2026 decreased compared with the same period last year [19]. - The Shanghai Gold Exchange reminded members and investors to pay attention to market risks [19]. - A Fed governor said the central bank should not make policies based on short - term factors of the Iran conflict [21]. - The Guangzhou Futures Exchange stated that lithium carbonate futures delivery products meet the standards [21]. Black - Series Futures - Coke prices in some regions of China are planned to increase [23]. - Rising diesel prices may bring additional fuel costs to iron ore mining enterprises [23]. - China's iron ore arrivals at ports from March 16 - 22, 2026, showed different trends [23][24]. - In mid - March, the social inventory of steel products in 21 cities was flat compared with the previous period, but increased compared with the beginning of the year and the same period last year [26]. Agricultural Futures - In February 2026, China's corn starch imports increased both month - on - month and year - on - year [28]. - As of March 20, Brazil's soybean shipping plan to China was at a high level in recent years [28]. - Since March, the domestic oil mill operating rate has been rising, and the soybean weekly crushing volume is close to 2 million tons [29]. - As of last Thursday, Brazil's 2025/26 soybean harvest rate was 68%, and the second - season corn sowing rate was 97% [29]. - As of March 19, 2026, the US soybean exports to China decreased compared with the previous week [31]. - In the third week of March 2026, Brazil's soybean shipments decreased compared with the same period last year [31]. - As of March 21, Brazil's soybean harvest rate was 67.7% [32]. Financial Market Financial - The Shanghai Composite Index fell 3.63% to 3813.28 points, and the Shenzhen Component Index and ChiNext Index also declined. The market turnover was 2.45 trillion yuan [34]. - Although the A - share market was volatile on Monday, many institutions are optimistic about its long - term trend [34]. - The Hong Kong stock market fell, with the Hang Seng Index down 3.54% to 24382.47 points [34]. - Since 2026, 46 listed companies have announced major shareholder share - increasing plans, and related companies have received net margin purchases [36]. - 20 listed companies disclosed share - repurchase plans or progress on March 23 [36]. Industry - Three departments in Beijing约谈ed 12 platform companies and put forward rectification requirements [37]. - The head of the National Data Bureau said it will promote the computing - power and electricity coordination project [37]. - State Power Investment plans to invest 200 billion yuan in 2026, with a 17% year - on - year increase [38]. Overseas - The US vice - president and the Israeli prime minister discussed negotiations with Iran [39]. - The Israeli prime minister said Trump thought there was an opportunity to achieve war goals through an agreement [40]. - Iran's Islamic Revolutionary Guard launched a military strike on Israel and some US military bases [40]. - Since the start of the conflict, 6848 people were injured and 636 people died in Tehran [40]. - Goldman Sachs said the probability of the US economy falling into recession in the next 12 months has risen to 30% [41]. - A Fed governor thought it was too early to judge the impact of oil prices on the US economy and supported interest - rate cuts [41]. - The Chicago Fed president said inflation was the main risk and did not rule out interest - rate hikes [42]. - The US ambassador to the EU warned the EU about tariffs if it fails to approve the trade agreement [43]. - Japan's largest labor union achieved a 5.26% salary increase, raising expectations of the Bank of Japan's interest - rate hike [43]. Stock Market - US stocks rose, with the Dow up 1.38%, the S&P 500 up 1.15%, and the Nasdaq up 1.38% [45]. - European stocks showed mixed results, with the German DAX up 1.22%, the French CAC40 up 0.79%, and the UK FTSE 100 down 0.24% [45]. - Asia - Pacific stocks fell, with the South Korean Composite Index down 6.49%, the Nikkei 225 down 3.48%, and the Indian SENSEX30 down 2.46% [46]. - The US SEC submitted two rule drafts for review, including digital asset regulation [46]. - South Korea is about to launch single - stock leveraged ETFs [46]. - Berkshire Hathaway will invest $1.8 billion in Tokio Marine [47]. - SK Hynix is planning to list in the US and raise funds for capacity expansion [48]. Commodity - Oil prices fell due to the easing of geopolitical concerns [49]. - Precious metal futures fell due to Fed policy uncertainty and other factors [49]. - Base metals rose [49]. - The IEA is consulting on releasing oil reserves, but it cannot fundamentally solve the supply shortage [50]. - The US energy secretary said the possibility of releasing strategic oil reserves is low [50]. - Japan is evaluating the feasibility of intervening in the crude oil futures market [52]. - South Korea will control naphtha exports and release strategic oil reserves [53]. Bond - The domestic bond market was under pressure, with most yields of major interest - rate bonds rising [54]. - The People's Bank of China will issue central bank bills in Hong Kong on March 25 [55]. - The trading association optimized the registration and issuance mechanism for debt - financing tools [55]. - The issuance of convertible bonds has accelerated this year [55]. - US bond yields fell [55]. - Japan may cut the repurchase scale of inflation - linked bonds [56]. Foreign Exchange - The on - shore RMB against the US dollar fell on Monday [57]. - The CFETS RMB exchange - rate index rose, while the SDR currency - basket RMB exchange - rate index fell [57]. - The US dollar index fell, and non - US currencies showed mixed results [57]. Upcoming Events - A series of economic data will be released at different times, including Japan's CPI, PMI data of various countries, etc. [59]. - There will be speeches by central bank officials and other events, such as the New Zealand Fed governor's speech, and the Boao Forum for Asia Annual Conference 2026 will be held from March 24 - 27 [61].

Group 1 - The yield on the US 10-year Treasury bond decreased by 8.4 basis points, now at 4.307% [1] - European stocks turned positive, with the German DAX and French CAC40 indices rising over 2% during the day [2] - The price of copper in London increased by over 4%, currently at $12,315.90 per ton, while nickel rose by 2% to $17,178.40 per ton [2] Group 2 - Spot gold saw a narrowing decline of 1.08%, now priced at $4,443 per ounce, while spot silver increased by 1.6% [3] - International oil prices experienced a sharp drop, with both WTI and Brent crude oil falling over 13% [4] - Dow Jones futures rose by 1.92%, S&P 500 futures increased by 2.30%, and Nasdaq 100 futures gained 2.08% [5] Group 3 - The Turkish Istanbul 100 index declined by 3.11% [6] - The UK 2-year Treasury yield rose by 14 basis points to 4.71%, marking a new high since November 2023 [7] - The US 2-year Treasury yield reached 4% for the first time since June, hitting its highest level since June 2025 [8][9]

Report Industry Investment Rating No relevant information provided. Core View of the Report The report comprehensively presents the overnight night - market trends of various futures, important macro and industry - specific news, and the performance of financial markets at home and abroad, reflecting the complex and changeable situation of the global economic and financial landscape. Summary by Directory Overnight Night - Market Trends - The main contract of US crude oil rose 3.68% to $99.05 per barrel, and the main contract of Brent crude oil rose 5.7% to $105.06 per barrel [4]. - International precious metal futures generally closed down. COMEX gold futures fell 3.68% to $4823.90 per ounce, and COMEX silver futures fell 5.63% to $75.42 per ounce [5]. - Most London base metals declined. LME aluminum rose 0.59% to $3419.5 per ton, while LME nickel, lead, zinc, tin, and copper all fell [5]. - As of 23:00 on March 18, domestic futures main contracts showed mixed trends. Methanol and low - sulfur fuel oil (LU) rose over 9%, while soybeans No.1 fell over 1% [5]. Important News Macro News - Sino - US relations: The foreign ministry spokesman said that the two sides will continue to communicate on Trump's visit to China [8]. - Trump administration: Temporarily exempted the "Jones Act" to reduce the transportation cost of energy products in the US [8]. - Middle - East situation: Israel killed the Iranian intelligence minister, and the conflict is expected to escalate [8]. - Fed: Kept the benchmark interest rate unchanged at 3.50% - 3.75%, and raised GDP growth, inflation, unemployment, and long - term federal funds rate expectations [8]. Energy and Chemical Futures - Iraq and the Kurdish region reached an agreement to resume oil exports through the Kurdish pipeline [10]. - Japanese oil inventories: As of March 14, commercial crude and gasoline inventories decreased [12]. - Shanghai International Energy Exchange: Adjusted the hedging position limits for non - futures company members, etc. for crude oil and low - sulfur fuel oil contracts [12]. - UAE oil inventories: As of March 16, the total refined oil inventory in Fujairah Port decreased [12]. - Chinese methanol inventory: As of March 18, the total port inventory decreased [13]. - Chemical price adjustment: BASF raised the prices of formic acid and neopentyl glycol in Europe [13]. - Middle - East situation: Iran threatened to attack the oil facilities of Saudi Arabia, UAE, and Qatar, and a missile hit a Qatari industrial city [13][16]. Metal Futures - Chinese alumina: As of the end of February 2026, the built - in capacity was 114.7 million tons/year, and a Guangxi enterprise planned to put new production lines into operation [18]. - Guinea: Planned to limit bauxite exports before early April to stabilize prices [19]. Black - Series Futures - Steel products: As of the week of March 18, the output of key steel products increased, the factory inventory decreased, and the social inventory increased slightly [21]. - Coking coal: The coking coal of Mongolia's small TT company was successfully auctioned on March 18 [21]. Agricultural Products Futures - Sugar industry: As of March 18, 17 sugar mills in Guangxi had completed the sugar - pressing season, 50 less than the same period last year [24]. - US agriculture: S&P Global Energy predicted that US farmers will plant 95.2 million acres of corn and 85 million acres of soybeans in 2026 [24]. - US agricultural exports: Private exporters reported the export of 120,000 tons of soybean meal for the 2026/2027 sales year [25]. Financial Markets Finance - China Securities Regulatory Commission: Deployed key work on comprehensively and strictly governing the Party in 2026, focusing on anti - corruption in key areas [27]. - A - share market: The Shanghai Composite Index rose 0.32%, and the AI computing power industry chain was active, while cyclical stocks generally fell [28]. - Hong Kong stock market: The Hang Seng Index rose 0.61%, and large - model concept stocks and storage semiconductor stocks were active [29]. - Hong Kong financial policy: The Hong Kong Treasury Bureau plans to implement a paperless securities market system [29]. - Tencent: In Q4 2025, its revenue and adjusted net profit increased, and it plans to release the Hunyuan large - model 3.0 in April [29]. Industry - Cloud computing: After Amazon and Google, Alibaba Cloud and Baidu Smart Cloud announced price increases, while JD Cloud announced price cuts [30]. - Sino - Korean cooperation: The fifth Sino - Korean industrial cooperation ministerial dialogue was held, focusing on semiconductor, lithium battery, etc. [30]. - Small hydropower: Seven departments jointly issued a guidance to promote the green transformation of small hydropower [32]. - Seed industry: The Ministry of Agriculture and Rural Affairs emphasized promoting the seed industry revitalization [33]. - Banking: Dozens of banks lowered fixed - deposit interest rates [33]. - Gold jewelry: The Shenzhen Gold and Jewelry Association called for real - name registration of large - value transactions [33]. - Dubai real estate: The rumor of a 50% drop in Dubai housing prices was untrue, but the trading volume declined [33]. Overseas - Fed: Raised GDP growth and core PCE inflation expectations [34]. - US policy: Trump considered further actions against Iran and temporarily exempted the "Jones Act" [35]. - US economic data: The US PPI in February rose 0.7% month - on - month and 3.4% year - on - year [37]. - South Korea: Raised the resource security crisis warning level and considered energy - saving measures [37]. - Japan: In February, imports increased 10.2% year - on - year, and exports increased 4.2% year - on - year. The number of Chinese tourists to Japan decreased [35]. - Canada: The central bank kept the benchmark interest rate at 2.25% [37]. - Brazil: The central bank cut the Selic rate from 15% to 14.75% [38]. International Stock Markets - US stock market: The three major US stock indexes fell, affected by inflation and Fed's remarks [39]. - European stock market: The three major European stock indexes closed down, due to cautious expectations of central bank interest - rate decisions [40]. - Asia - Pacific stock market: Most Asia - Pacific stock indexes rose. South Korea restricted "dual - listing" [40]. - US SEC: Considered adjusting the frequency of corporate financial report disclosures [41]. - Micron Technology: Its Q2 2026 revenue and adjusted gross profit margin exceeded expectations, and it expected strong performance in Q3 [41]. Commodities - Crude oil: US and Brent crude oil prices rose due to Middle - East tensions [42]. - Precious metals: International precious metal futures fell due to the Fed's hawkish signal and inflation data [44]. - Base metals: Most London base metals declined [44]. - Energy policy: Russia considered early "gas cut - off" to Europe, and the EU simplified non - Russian gas import rules [44]. Bonds - Chinese bond market: The bond market was warm, with yields of major interest - rate bonds falling and treasury - bond futures rising [45]. - US Treasury bonds: Japan, China, and the UK increased their holdings of US Treasury bonds in January [45]. - US bond yields: US bond yields rose across the board [46]. Foreign Exchange - RMB: The on - shore RMB against the US dollar rose during the day and fell at night, and the central parity rate rose [48]. - US dollar index: The US dollar index rose, and non - US currencies generally fell [48]. - South Korea: Planned to take measures to stabilize the won exchange rate [48]. Upcoming Events - Central bank events: The Japanese, Swiss, Swedish, British, and European central banks will announce interest - rate decisions, and relevant press conferences will be held [50]. - Corporate events: Nvidia's GTC conference, Huawei's partner conference, Xiaomi's new car launch, and the release of multiple companies' financial reports [50]. - New stock: Lantu Automobile will be listed on the Hong Kong Stock Exchange [50].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report comprehensively presents the overnight performance of the futures market, important macro - economic and geopolitical news, and the trends of various financial markets including stocks, bonds, foreign exchange, etc., reflecting the impact of geopolitical conflicts and economic policies on the market. 3. Summary of Each Directory Overnight Night - Market Futures Market Trends - Domestic futures: As of 23:00 on March 18, domestic futures were mixed. Methanol rose over 4%, and low - sulfur fuel oil (LU), bottle chips, and polypropylene rose over 2% [4]. - International futures: WTI crude oil rose 2.7% to $96.02/barrel, Brent crude oil rose 3.35% to $103.57/barrel; COMEX gold rose 0.18% to $5011.30/ounce, COMEX silver fell 1.51% to $79.46/ounce; most London base metals declined, with LME lead rising 1.10% to $1926.0/ton [6]. Important Information Macroeconomic Information - Electricity consumption: From January to February, the total social electricity consumption was 1654.6 billion kWh, a year - on - year increase of 6.1% [8]. - Fiscal policy: In 2026, China will continue to implement a more proactive fiscal policy, mainly in five aspects [8]. - Geopolitical events: The "Ford" aircraft carrier entered the tenth month of deployment; Houthi rebels may attack Red Sea oil tankers; the EU will restart the approval process for the US - EU trade agreement; the Iranian president confirmed the death of Ali Larijani; Trump was angry about allies' reluctance to participate in the Strait of Hormuz escort; ADP reported that private - sector employers added an average of 9000 jobs per week in four weeks [8][9][12][13]. Energy and Chemical Futures - Fuel oil sales: In February, the sales volume of marine fuel oil at Fujairah Port in the UAE hit a monthly record low, and it is expected to decline further in March [15]. - Strait of Hormuz issue: The US Secretary of State urged South Korea to help reopen the Strait of Hormuz; Iran attacked a large - scale natural gas field in the UAE [15]. - Warehouse setting: Zhengzhou Commodity Exchange set several companies as designated propylene delivery warehouses and factories [15]. - Fertilizer plant: A large - scale Russian nitrogen fertilizer plant will suspend production until May [17]. Metal Futures - Lithium ore auction: On March 17, the auction of spodumene concentrate ended, with a transaction price of RMB 15,617/ton [19]. - Company response: GEM responded to the landslide accident in Indonesia, stating that the impact on the overall operation was small [19]. - Aluminum inventory: On March 17, LME aluminum inventory decreased by 0.56% from the previous day, 2.66% in a week, and 8.56% in a month [19]. - Mining project: BHP submitted a new copper concentrator project, with an investment of $4.4 - 5.9 billion, aiming to produce 220,000 - 260,000 tons of copper annually [20]. Black - Series Futures - Iron ore inventory: From March 9 - 15, the total iron ore inventory at seven major ports in Australia and Brazil decreased by 53,000 tons, still slightly higher than the average since the beginning of the year [22]. - Mine penalty: The Henan Bureau of the National Mine Safety Administration ordered Anyang Yong'an Hetuo Coal Mine to suspend production for 1 day [22]. Agricultural Futures - Soybean harvest: As of March 15, the soybean harvest rate in Brazil was 59.2%, slower than the same period last year [25]. - Soybean supply: Market concerns about a shortage of imported soybeans in China from March to April led to increased soybean meal trading volume and decreased inventory [25]. - Sugar production: As of March 15, India's sugar production reached 26.214 million tons, a year - on - year increase of about 10.5% [26]. - Biofuel: Trump invited farmers and biofuel producers to a "farm celebration"; the US EPA submitted biofuel blending quota drafts to the White House [26]. - Palm oil export: The estimated export volume of Malaysian palm oil from March 1 - 15 was 443,812 tons, a 12.68% increase from the same period last month [27]. Financial Market Stock Market - A - shares: The Shanghai Composite Index fell 0.85% to 4049.91 points, with over 4500 stocks falling, and the market turnover was 2.22 trillion yuan [29]. - Hong Kong stocks: The Hang Seng Index rose 0.13% to 25,868.54 points; southbound funds sold over HK$11 billion [30]. - Fund approval: The CSRC approved 15 new hard - tech theme funds [30]. - IPO rumor: The rumor that the Hong Kong Stock Exchange will restrict red - chip companies in IPO is untrue [31]. - Insurance investment: Insurance funds participated in the cornerstone investment of 10 Hong Kong IPO companies, with a total subscription of about HK$1.558 billion [31]. - Korean investment: Korean investors have been net buyers of A - shares in emerging sectors such as semiconductors [31]. - International stocks: US stocks rose slightly; European stocks rose across the board; most Asian - Pacific stocks rose, except for the Japanese stock market [38][39]. Industry News - Beidou system: The Beidou satellite navigation system will be upgraded in orbit [32]. - Real estate: The property market in core cities showed a "spring boom" [33]. - Electricity consumption: From January to February, the social electricity consumption increased by 6.1% year - on - year, with high growth in charging and Internet data services [33]. - AI regulation: Beijing's Cyberspace Administration launched an AI rectification campaign [33]. Overseas News - US official resignation: The director of the US National Counterterrorism Center resigned due to the Iran war [34]. - Iran situation: Iran's regime is still stable but more hard - line [34]. - Military assistance: Ukrainian experts will assist Gulf countries in drone defense [34]. - Interest rate decisions: The Reserve Bank of Australia raised interest rates by 25 basis points; the Central Bank of Indonesia kept interest rates unchanged [36][37]. - Trade agreement: The EU will restart the approval process for the US - EU trade agreement [37]. Commodity Market - Oil prices: WTI and Brent crude oil prices rose due to geopolitical conflicts and inventory changes [41]. - Precious metals: COMEX gold rose and COMEX silver fell due to multiple factors [41]. - Base metals: Most London base metals declined [41]. - Oil sanctions: The US may further relax sanctions on the Venezuelan oil industry [42]. - Port suspension: Fujairah Port in the UAE suspended oil loading [42]. Bond Market - Chinese bonds: The inter - bank bond market recovered, and the yields of major interest - rate bonds generally declined [44]. - US bonds: The yields of US bonds were mixed [44]. Foreign Exchange Market - RMB: The on - shore RMB against the US dollar rose, and the central parity rate was adjusted up [45]. - Dollar index: The dollar index fell, and non - US currencies generally rose [45]. Upcoming Events - Central bank operations: The central bank has 26.5 billion yuan of 7 - day reverse repurchase due; the Bank of Canada, the Federal Reserve, and the Central Bank of Brazil will announce interest rate decisions [47]. - Conferences: The 2026 Zhongguancun Forum Annual Conference press conference will be held; the NVIDIA GTC Conference will take place [47]. - New stock listing: Beixinchuangxing will be officially listed on the Beijing Stock Exchange [47]. - Earnings reports: Tencent Holdings, Geely Auto, Chery Automobile, Huazhu Group, and Micron Technology will release earnings reports [47].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The report provides a comprehensive overview of overnight market trends, important macro and industry - related news, and future event schedules, covering multiple sectors such as energy, metals, agriculture, finance, and international affairs [5][9][36] Summary by Directory Overnight Night - Market Trends - **Energy Futures**: US crude oil and Brent crude oil prices rose, with US crude oil up 3.74% to $99.31 per barrel and a weekly increase of 9.25%, and Brent crude oil up 3.41% to $103.89 per barrel and a weekly increase of 12.08% [5] - **Precious Metals**: International precious metal futures generally declined. COMEX gold futures fell 2.00% to $5023.10 per ounce, with a weekly decline of 2.63%, and COMEX silver futures fell 5.25% to $80.64 per ounce, with a weekly decline of 4.35% [5] - **Base Metals**: London base metals all declined. LME zinc, lead, copper, aluminum, tin, and nickel all had varying degrees of decline [5] - **Domestic Futures**: Domestic futures contracts showed mixed trends. Asphalt and bottle chips rose by more than 4%, while iron ore fell by more than 2% [6] Important Information Macro Information - US President Trump mentioned escorting ships through the Strait of Hormuz and plans to strike Iran. Iran's new supreme leader vowed to continue fighting [9] - China's State Council studied the establishment of a negative list management mechanism for local fiscal subsidies [9] - China's CSRC emphasized strengthening market supervision and stability mechanisms in 2026 [9] - Central bank data showed that at the end of February, M2, M1, and M0 had different growth rates, and there was a net cash injection in the first two months [9] - Shipping indices showed an increase. The Shanghai Export Container Freight Index rose 221.16 points, and the China Export Container Freight Index rose 1.7% [10] - The US is considering sending more warships to the Middle East to escort oil tankers [12] - The US 1 - month core PCE price index reached 3.1%, the highest since March 2024 [13] - Israel's military operations against Iran will continue for at least three more weeks [14] Energy - Chemical Futures - The US Treasury issued a 30 - day license to allow the purchase of Russian oil and products to stabilize the energy market [16] - Methanol inventory in East China ports decreased by 7.2 tons from March 5th to March 12th [17] - Domestic nitrogen fertilizer enterprises are ensuring domestic market supply during the spring plowing season [17] - The state is organizing the early release of national fertilizer reserves [17] - Goldman Sachs predicted that Brent crude oil prices will average over $100 per barrel in March, $85 per barrel in April, and gradually fall to the low - $70 range later this year [19] - The international fertilizer supply chain was affected by the conflict, and the price of urea futures rose by more than 20% [19] - Anti - dumping duties are imposed on imported halogenated butyl rubber from Japan and Canada [20] - Saudi Arabia cut oil production by about 2 million barrels per day to about 8 million barrels per day [20] - Iraq is ready to resume oil exports through the Ceyhan pipeline, but the Kurdish region refuses to resume exports [21] Metal Futures - Sichuan's silicon production was 0 tons from March 6th to 12th, with a 0% operating rate. Some furnaces are expected to resume production [23] - Copper, aluminum, zinc, lead, nickel, tin, and natural rubber inventories on the Shanghai Futures Exchange increased last week [23] - Bahrain Aluminum started phased production cuts, accounting for 19% of its 1.6 - million - ton annual capacity [25] Black - Series Futures - Iron ore inventory at 45 ports increased by 69.66 tons, and the daily port clearance volume increased [27] - The blast furnace operating rate of 247 steel mills increased slightly, but the iron - making capacity utilization rate and daily hot metal output decreased [27] - HeSteel's silicon - iron and silicon - manganese tender prices and quantities changed [27] - Iron ore price increases lack fundamental support due to oversupply [27] - Tangshan lifted the heavy - pollution weather emergency response [28] - Steel inventories in cities and construction steel inventories increased [29][30] - In early March, key steel enterprises' steel inventories increased, and production of crude steel, pig iron, and steel decreased [30] Agricultural Futures - Pig - farming profits continued to decline [32] - Canada's oilseed crushing volume reached a record high in 2025 [32] - Domestic oil mills' soybean crushing volume increased in the 11th week of 2026 [32] - Brazil's soybean production is expected to increase, while corn production is expected to decrease in the 2025/26 season [33] Financial Market Finance - HKEX is consulting on listing mechanism reforms, including lowering thresholds for different - voting - right enterprises and optimizing second - listing rules [36] - CITIC Securities believes that corporate profit margin improvement is crucial for the A - share market, and the Middle East conflict is a catalyst for style switching [36] - FOF products in the public fund industry have seen a surge in issuance, with the total scale exceeding 300 billion yuan [36] - Active equity funds are experiencing a comprehensive recovery in scale and subscription numbers [37] Industry - The financial regulatory authorities issued regulations on disclosing the comprehensive financing cost of personal loans [38] - The property markets in Guangzhou and Shenzhen are showing a "small spring", with the second - hand housing market leading the recovery [39] - AI - related products are prominent at the China Home Appliance and Consumer Electronics Expo, and the penetration rate of AI home appliances is high [39] - The average price of passenger cars has fluctuated in recent years [40] - Bank wealth management subsidiaries have adjusted performance comparison benchmarks, causing confusion among investors [40] - The three major airlines introduced new consumer - rights protection regulations [40] - China successfully launched the Yaogan - 50 02 satellite, and a recyclable rocket is expected to make its first flight at the end of 2026 [41] Overseas - Trump said it is more difficult to reach an agreement with Zelensky in ending the Russia - Ukraine conflict [42] - The UK and the US discussed the importance of reopening the Strait of Hormuz [42] - The US reached $57 - billion worth of deals in the Asia - Pacific energy security forum [43] - Goldman Sachs expects Russia to cut interest rates [44] International Stock Markets - Tesla will start the Terafab project to manufacture AI chips in seven days [45] Commodities - Russia's oil is in high demand after the US relaxed sanctions, and Argentina raised the oil export withholding tax [47] Bonds - Strengthening the self - regulatory management of inter - bank deposit interest rates is an important way to reduce bank liability costs, and money - market interest rates are expected to decline [48] Upcoming Events - At 9:30, China's National Bureau of Statistics will announce housing prices in 70 large and medium - sized cities; at 10:00, China will release February's fixed - asset investment, retail sales, and industrial added - value data; at 20:30, the US will release the March New York Fed Manufacturing Index and February retail sales; at 21:15, the US will release the February manufacturing output index and capacity utilization [50] - At 9:20, 4.85 billion yuan of 7 - day reverse repurchases of the Chinese central bank will mature; at 10:00, the State Council Information Office will hold a press conference on the national economic situation; the 2026 NVIDIA GTC Conference will be held in March [52]