Group 1: Stock Index Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report presents the latest values, historical quantiles, and changes compared to the previous day of various stock index futures spreads, including price spreads between futures and spot, inter - period spreads, and cross - variety ratios [1]. Details - **Price Spreads between Futures and Spot**: For example, the F period - spot spread is - 74.25, with a 4.00% change compared to the previous day and a 2.50% historical 1 - year quantile; the H period - spot spread is - 22.91, with a - 3.03 change and a 5.70% historical 1 - year quantile [1]. - **Inter - period Spreads**: Such as the spread between the next - month and the current - month contracts, with values and changes for different varieties like IF, IH, IC, and IM [1]. - **Cross - variety Ratios**: Ratios including CSI 500/Shanghai - Shenzhen 300, CSI 1000/Shanghai - Shenzhen 300, IC/IF, etc., are provided with their latest values, changes, and historical quantiles [1]. Group 2: Treasury Bond Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report shows the latest values, changes compared to the previous trading day, and historical quantiles of basis, inter - period spreads, and cross - variety spreads of treasury bond futures [2]. Details - **Basis**: For instance, the TS basis on March 31, 2026, is 1.1202, with a 0.0494 change and a 7.40% historical quantile; the TF basis is 0.0588, with a - 0.0352 change and a 29.50% historical quantile [2]. - **Inter - period Spreads**: Spreads between different contract periods of TS, TF, T, and TL are reported with their values, changes, and historical quantiles [2]. - **Cross - variety Spreads**: Spreads such as TS - TF, TS - T, etc., are presented with their values, changes, and historical quantiles [2]. Group 3: Precious Metals Spot - Futures Daily Report Report Industry Investment Rating - Not provided Core View - The report provides domestic and foreign futures closing prices, spot prices, basis, price ratios, interest rates, exchange rates, inventory, and positions of precious metals, along with investment suggestions [5]. Details - **Futures Closing Prices**: Domestic futures closing prices of AU2606, AG2606, PT2606, and PD2606 contracts are given, as well as foreign futures closing prices of COMEX gold, COMEX silver, NYMEX platinum, and NYMEX palladium [5]. - **Spot Prices**: Spot prices of London gold, London silver, spot platinum, spot palladium, and Shanghai Gold Exchange products are presented [5]. - **Basis**: Bases such as gold TD - Shanghai gold main contract, silver TD - Shanghai silver main contract, etc., are reported with their values, changes, and historical quantiles [5]. - **Price Ratios**: Ratios like COMEX gold/silver, Shanghai Futures Exchange gold/silver, NYMEX platinum/palladium, and Guangzhou Futures Exchange platinum/palladium are provided [5]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury bond yield, 2 - year US Treasury bond yield, 10 - year TIPS Treasury bond yield, US dollar index, and offshore RMB exchange rate are reported [5]. - **Inventory and Positions**: Inventories of Shanghai Futures Exchange gold and silver, COMEX gold and silver, and positions of SPDR gold ETF and SLV silver ETF are presented [5]. - **Investment Suggestions**: Suggestions include trying to go long on gold at the 4400 - 4500 US dollar range when gold ETF positions stop falling and rebound; expecting silver to stand above 70 US dollars and seize short - term upward opportunities; and considering the long - platinum - short - palladium ratio as platinum moves up in the 1850 - 2015 US dollar range and palladium consolidates above 1400 US dollars [5].

Group 1: Stock Index Futures Spread Daily Report Report Industry Investment Rating - Not provided in the report. Report Core View - The report provides the latest values of various stock index futures spreads, their changes compared to the previous day, and historical percentile data, helping investors understand the current situation of the stock index futures market [1]. Summary by Relevant Catalog - **Futures - Spot Spreads**: The F futures - spot spread was -74.25, with a 4.00% change from the previous day and a 2.50% historical 1 - year percentile. The H futures - spot spread was -22.91, with a -3.03 change and a 5.70% historical 1 - year percentile. The IC futures - spot spread was -193.12, with a -14.71 change, and the IM futures - spot spread was 18.08, with a 0.9096 change [1]. - **Inter - delivery Spreads**: For different contracts (e.g., next month - current month, far month - current month), various inter - delivery spreads are presented with their changes and historical percentile data. For example, the next month - current month spread of a certain contract was -20.40, with a -1.00 change and a 22.20% historical 1 - year percentile [1]. - **Cross - variety Ratios**: Ratios such as CSI 500/Shanghai - Shenzhen 300, IC/IF, etc., are provided with their changes and historical percentile data. For example, the IC/IF ratio was 2.6480, with a 96.90% historical percentile [1]. Group 2: Treasury Bond Futures Spread Daily Report Report Industry Investment Rating - Not provided in the report. Report Core View - The report provides the latest values of various treasury bond futures spreads, their changes compared to the previous trading day, and historical percentile data, assisting investors in analyzing the treasury bond futures market [2]. Summary by Relevant Catalog - **Basis**: The TS basis was 1.1202, with a 0.0494 change and a 7.40% historical percentile. The TF basis was 0.0588, with a -0.0352 change and a 29.50% historical percentile. The T basis was 0.0502, with a -0.0483 change and a 48.30% historical percentile. The TL basis was 0.0060, with a 27.00% historical percentile [2]. - **Inter - delivery Spreads**: Different inter - delivery spreads for each contract (e.g., current quarter - next quarter) are presented, along with their changes and historical percentile data. For example, the current quarter - next quarter spread of the TF contract was 0.2400, with a 0.0050 change and a 44.10% historical percentile [2]. - **Cross - variety Spreads**: Spreads such as TS - TF, TS - T, etc., are provided with their changes and historical percentile data. For example, the TS - TF spread was -3.5670, with a -0.0210 change and an 8.40% historical percentile [2]. Group 3: Precious Metals Spot - Futures Daily Report Report Industry Investment Rating - Not provided in the report. Report Core View - The report presents the latest prices of domestic and foreign precious metals futures, spot prices, basis, price ratios, interest rates, exchange rates, inventory, and positions, and provides investment suggestions for precious metals [5]. Summary by Relevant Catalog - **Domestic Futures Closing Prices**: The AU2606 contract closed at 1020.10 yuan, up 0.51% from the previous day. The AG2606 contract closed at 18126 yuan/ten grams, up 2.37%. The PT2606 contract closed at 493.10 yuan, down 0.88%. The PD2606 contract closed at 361.40 yuan, up 1.15% [5]. - **Foreign Futures Closing Prices**: The COMEX gold主力 contract closed at 4699.60 dollars, up 3.51%. The COMEX silver主力 contract closed at 75.35 dollars, up 7.36%. The NYMEX platinum主力 contract closed at 1962.30 dollars, up 3.67%. The NYMEX palladium主力 contract closed at 1488.50 dollars, up 5.31% [5]. - **Spot Prices**: The London gold price was 4669.13 dollars, up 3.45%. The London silver price was 75.11 dollars, up 7.24%. The spot platinum price was 1950.00 dollars, up 3.34%. The spot palladium price was 1448.00 dollars, up 1.26%. The SGE gold T + D price was 1015.68 yuan/gram, up 0.67%. The SGE silver T + D price was 18031 yuan/ten grams, up 2.68%. The SGE gold 9995 price was 465 yuan, up 1.10% [5]. - **Basis**: The gold TD - Shanghai gold主力 basis was -4.42, with a 1.50 change and a 46.10% historical 1 - year percentile. The silver TD - Shanghai silver主力 basis was 3.66, with a 0.74 change and a 99.20% historical 1 - year percentile [5]. - **Price Ratios**: The COMEX gold/silver ratio was 62.37, down 3.59%. The SHFE gold/silver ratio was 56.28, down 1.81%. The NYMEX platinum/palladium ratio was 1.32, down 1.56%. The GFE platinum/palladium ratio was 1.36, down 2.01% [5]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield was 4.30%, down 1.19%. The 2 - year US Treasury yield was 3.79%, down 0.8%. The 10 - year TIPS Treasury yield was 2.00%, down 2.0%. The US dollar index was 09.88, down 0.62%. The offshore RMB exchange rate was 6.8879, down 0.41% [5]. - **Inventory and Positions**: The SHFE gold inventory was 106644, unchanged. The SHFE silver inventory was 368667 kg, down 1.54%. The COMEX gold inventory was 31533901, down 0.01%. The COMEX silver inventory was 327820669, up 0.07%. The COMEX gold registered warehouse receipts were 16563243 ounces, down 0.33%. The COMEX silver registered warehouse receipts were 76429739, up 0.53%. The SPDR gold ETF position was 1047, up 0.11%. The SLV silver ETF position was 15274, down 0.09% [5]. - **Investment Suggestions**: If the gold ETF position stops falling and rebounds, it reflects the improvement of the confidence of allocation funds. Investors can try to buy on dips in the range of 4400 - 4500 dollars and pay attention to the short - term resistance of the 20 - day moving average. In the short term, as the US - Iran war eases, silver is expected to stabilize above 70 dollars with gold, and investors can grasp the opportunity of band - type upward movement with the boost of capital sentiment, with the upper resistance at 85 dollars. Platinum is moving upward in the range of 1850 - 2015 dollars, and palladium is fluctuating and consolidating above 1400 dollars. The fundamental situation of palladium is relatively weaker, and investors can continue to hold the long - platinum short - palladium ratio [5].

Group 1: Stock Index Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report presents the latest values, changes from the previous day, 1 - year historical percentiles, and all - time historical percentiles of stock index futures spreads including IF, IH, IC, and IM, as well as cross - variety ratios [1]. Summary by Related Catalog - **Spot - Futures Spread**: IF spot - futures spread is - 77.95, down 2.78 from the previous day, with 1 - year and all - time percentiles of 3.20% and 2.30% respectively; IH is - 22.91, down 3.03, with 10.60% and 5.70%; IC is - 193.12, down 14.71, with 2.80% and 0.30%; IM is - 258.53, down 36.02, with 15.00% and 0.60% [1]. - **Cross - Period Spread**: Different cross - period spreads for IF, IH, IC, and IM are provided, showing their latest values, changes, and percentiles [1]. - **Cross - Variety Ratio**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc. are presented, along with their changes and percentiles [1]. Group 2: Treasury Bond Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report shows the latest values, changes from the previous trading day, and percentiles since listing of basis, cross - period spreads, and cross - variety spreads of treasury bond futures [5]. Summary by Related Catalog - **Basis**: TS basis is 1.0707, up 0.0606, with a 7.00% percentile since listing; TF is 1.0953, up 0.0940, with 25.50%; T is 1.1640, down 0.0059, with 39.10%; TL is 0.5152, up 0.0568, with 19.30% [5]. - **Cross - Period Spread**: Cross - period spreads for TS, TF, T, and TL are given, including their latest values, changes, and percentiles [5]. - **Cross - Variety Spread**: Spreads such as TS - TF, TS - T, etc. are presented, along with their changes and percentiles [5]. Group 3: Precious Metals Spot - Futures Daily Report Report Industry Investment Rating - Not provided Core View - The report provides domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals, and gives investment suggestions [6]. Summary by Related Catalog - **Futures Closing Prices**: Domestic AU2606 contract closed at 1014.88 yuan/gram, up 1.62%; AG2606 at 17707 yuan/kg, up 1.25%. Foreign COMEX gold closed at 4540.40, up 1.13%; COMEX silver at 70.18, up 0.59% [6]. - **Spot Prices**: London gold is 4513.52, up 0.45%; London silver is 70.04, up 0.45%. Shanghai Gold Exchange's gold T + D is 1008.96 yuan/gram, up 1.66%; silver T + D is 17560 yuan/kg, up 0.53% [6]. - **Basis**: Gold TD - Shanghai gold main contract is - 5.92, up 0.29, with a 46.10% 1 - year percentile; silver TD - Shanghai silver main contract is - 147, down 125, with 60.60% [6]. - **Ratios**: COMEX gold/silver is 64.70, up 0.54%; Shanghai Futures Exchange gold/silver is 57.32, up 0.37% [6]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.35%, down 2.0%; 2 - year is 3.82%, down 1.5%. US dollar index is 100.51, up 0.33% [6]. - **Inventory and Positions**: Shanghai Futures Exchange gold inventory is 106644 kg, unchanged; COMEX gold inventory is 31536505, down 0.56%. SPDR gold ETF position is 1046, down 0.33%; SLV silver ETF position is 15288, down 0.79% [6]. - **Investment Suggestions**: For gold, try to buy call options when the price drops below 4400 dollars. For silver, sell call options above 19000 yuan. For platinum and palladium, platinum fluctuates between 1850 - 2000 dollars, palladium between 1450 - 1600 dollars, and try to buy platinum at low prices [6].

Report 1: Stock Index Futures Spread Daily Report 1. Report Industry Investment Rating No information provided. 2. Report Core View No information provided. 3. Summary by Relevant Catalog - **Price Spread Data**: The report presents the latest values, changes from the previous day, historical 1 - year quantiles, and all - time quantiles of various stock index futures price spreads, including H period - spot price spreads, IC period - spot price spreads, IM period - spot price spreads, and cross - period price spreads of IF, IC, and IM. It also shows cross - variety ratios such as CSI 500/CSI 300, CSI 200/CSI 20, etc. [1] Report 2: Treasury Bond Futures Spread Daily Report 1. Report Industry Investment Rating No information provided. 2. Report Core View No information provided. 3. Summary by Relevant Catalog - **Price Spread Data**: The report provides the latest values, changes from the previous trading day, and percentiles since listing of various treasury bond futures price spreads, including basis, cross - period price spreads, and cross - variety price spreads of TS, TF, T, and TL. [2] Report 3: Precious Metals Spot - Futures Daily Report 1. Report Industry Investment Rating No information provided. 2. Report Core View - In the short term, although the US signals peace talks with Iran, the conditions for a cease - fire agreement may be harsh. There may be more intense conflicts, causing a liquidity shock and a decline in gold prices. However, the impact of geopolitical conflicts on the market is expected to be gradually digested. The halt of outflows from gold ETF funds is beneficial for price stabilization, and the market may enter a technical repair phase. One can try to buy call options below $4400 to capture short - term rebound opportunities. - Silver may gradually bottom out around $60 - $65 as gold stops falling, with resistance at $85. It is recommended to continue holding short - position call options on Shanghai silver. - Platinum and palladium follow the trends of gold and silver and enter a volatile phase. Platinum fluctuates in the range of $1850 - $2000, and palladium fluctuates in the range of $1450 - $1600. Palladium has relatively weaker fundamentals, and one can try to go long on the palladium - platinum ratio at low prices. [4] 3. Summary by Relevant Catalog - **Futures Closing Prices**: It shows the closing prices, price changes, and price change rates of domestic and foreign precious metals futures contracts on March 27 and March 26, including AU2606, AG2606, COMEX gold, COMEX silver, etc. [4] - **Spot Prices**: Presents the current values, previous values, price changes, and price change rates of precious metals spot prices, such as London gold, London silver, and Shanghai Gold Exchange gold T + D. [4] - **Basis**: Provides the current basis values, previous values, price changes, and historical 1 - year quantiles of precious metals, including gold TD - Shanghai gold main contract, silver TD - Shanghai silver main contract, etc. [4] - **Ratios**: Shows the current values, previous values, price changes, and price change rates of various precious metals ratios, such as COMEX gold/silver, Shanghai Futures Exchange gold/silver. [4] - **Interest Rates and Exchange Rates**: Lists the current values, previous values, price changes, and price change rates of interest rates and exchange rates, including 10 - year US Treasury bond yield, 2 - year US Treasury bond yield, US dollar index, etc. [4] - **Inventory and Positions**: Presents the current values, previous values, price changes, and price change rates of precious metals inventories and positions, including Shanghai Futures Exchange gold inventory, COMEX gold inventory, SPDR gold ETF position, etc. [4]

Group 1: Report Information - Report title: "Precious Metals Data Daily" [4] - Report date: March 30, 2026 [5] - Research center: Precious Metals and New Energy Research Center [5] - Analyst: Bai Suna [5] - Investment consulting number: Z0013700 [5] - Qualification number: F3023916 [5] Group 2: Price Tracking Spot and Futures Prices - On March 27, 2026, London gold spot was at $4459.39/ounce, London silver spot at $69.79/ounce, COMEX gold at $4454.20/ounce, COMEX silver at $69.90/ounce, AU2604 at 995.18 yuan/gram, AG2604 at 17558 yuan/kg, AU (T+D) at 995.06 yuan/gram, and AG (T+D) at 17475 yuan/kg [5] - Compared to March 26, 2026, the price changes were 0.0% for London gold spot, -0.3% for London silver spot, 0.0% for COMEX gold, -0.4% for COMEX silver, 0.2% for AU2604, 0.2% for AG2604, 0.3% for AU (T+D), and 0.1% for AG (T+D) [5] Price Spreads and Ratios - On March 27, 2026, the gold TD - SHFE active spread was -0.12 yuan/gram, the silver TD - SHFE active spread was -83 yuan/kg, the gold TD - London spread was 3.77 yuan/gram, the silver TD - London spread was -50 yuan/kg, the SHFE gold - silver ratio was 56.68, the COMEX gold - silver ratio was 63.72, AU2604 - 2602 was 3.48 yuan/gram, and AG2604 - 2602 was -69 yuan/kg [5] - Compared to March 26, 2026, the price spread changes were -73.9% for gold TD - SHFE active spread, 38.3% for silver TD - SHFE active spread, 29.5% for gold TD - London spread, -47.5% for silver TD - London spread, 0.0% for SHFE gold - silver ratio, 0.4% for COMEX gold - silver ratio, 15.2% for AU2604 - 2602, and 46.8% for AG2604 - 2602 [5] Group 3: Position Data - On March 27, 2026, the silver ETF - SLV was at 15409.46251 tons, COMEX gold non - commercial long positions were 220861 contracts, non - commercial short positions were 52534 contracts, non - commercial net long positions were 168327 contracts, COMEX silver non - commercial long positions were 33938 contracts, non - commercial short positions were 9265 contracts, and non - commercial net long positions were 24673 contracts [5] - Compared to March 26, 2026, the position changes were 0.00% for silver ETF - SLV, 2.27% for COMEX gold non - commercial long positions, -6.34% for non - commercial short positions, 5.29% for non - commercial net long positions, 9.04% for COMEX silver non - commercial long positions, 0.23% for non - commercial short positions, and 12.76% for non - commercial net long positions [5] Group 4: Inventory Data - On March 27, 2026, SHFE gold inventory was 106644 kg, SHFE silver inventory was 371799 kg, COMEX gold inventory was 31713528 troy ounces, and COMEX silver inventory was 328297364 troy ounces [5] - Compared to March 26, 2026, the inventory changes were -0.09% for SHFE gold inventory, 0.41% for SHFE silver inventory, -0.60% for COMEX gold inventory, and -0.08% for COMEX silver inventory [5] Group 5: Interest Rates, Exchange Rates, and Stock Market Data - On March 27, 2026, the US dollar/Chinese yuan middle - rate was 6.91, the US dollar index was 100.17, the 2 - year US Treasury yield was 3.88%, the 10 - year US Treasury yield was 4.44%, the VIX was 31.05, the S&P 500 was 6368.85, and NYMEX crude oil was $101.18 [5] - Compared to March 26, 2026, the changes were 0.12% for the US dollar/Chinese yuan middle - rate, 0.26% for the US dollar index, -2.02% for the 2 - year US Treasury yield, 0.45% for the 10 - year US Treasury yield, 13.16% for the VIX, -1.67% for the S&P 500, and 7.88% for NYMEX crude oil [5] Group 6: Market Analysis Market Review - On March 27, the main contract of Shanghai gold futures closed down 0.99% to 998.66 yuan/gram, and the main contract of Shanghai silver futures closed down 2.03% to 17489 yuan/kg [5] Impact Analysis - Although the US - Iran conflict continued to escalate, crude oil prices continued to strengthen, and the US dollar index remained high, the final value of the US Michigan Consumer Confidence Index in August dropped to 53.3, highlighting consumers' concerns about geopolitical conflicts. The US stock market tumbled, and the market trading logic gradually shifted from inflation to stagflation. The US Treasury yields fell from high levels, boosting precious metal prices to rise in the same direction as crude oil [6] Future Market Analysis - Over the weekend, the Middle East geopolitical situation continued to escalate, and the risk of the US intervening in a ground war was increasing. Precious metal prices may still fluctuate in the short term. However, if the trading logic shifts to precious metals, it will support precious metal prices. In summary, in the short term, precious metal prices are expected to gradually bottom out through oscillations, and the medium - and long - term supporting factors (geopolitical uncertainty, the US huge debt, de - dollarization, central bank gold purchases, etc.) still exist. In the future, as factors such as geopolitical conflicts and monetary policies become clearer, the precious metal market is expected to emerge from the adjustment and return to its long - term value center. It is recommended that investors appropriately seize this long - term layout opportunity during the deep adjustment [6]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Iran situation and oil prices are currently the main factors driving commodity price fluctuations. There is an inverse correlation between the non - energy sectors such as the non - ferrous metals and precious metals sectors and oil prices. It is necessary to pay attention to macro - narrative changes due to rising inflation and recession risks. The report suggests going long on stock indices, precious metals, and some chemical products at low prices [4][5] 3. Summary by Directory Market Analysis - The Iran - US peace talks are at an impasse, and the situation in the Middle East has escalated. The main affected commodities are crude oil, LPG, and shipping. Rising oil prices have driven the oil - chemical and oilseed sectors and raised concerns about inflation and economic recession. If the Strait of Hormuz is blocked for a longer time, oil prices and corresponding sectors may rise further. The disruption of natural gas supply in the Middle East may have a more profound impact on Asia - Pacific countries [1] Global Interest Rate Situation - The Fed maintained the interest rate at 3.5% - 3.75%. Different Fed officials have different views on interest rate hikes and cuts. The Bank of England maintained the interest rate and removed the "rate cut" wording. The Bank of Japan kept the policy unchanged but may raise interest rates if the economic outlook is achieved. The European Central Bank maintained the interest rate at 2%, but its policy stance has become tougher. The rise in oil prices, cost increases, and the increase in global interest - rate hike expectations have formed a copper - oil seesaw pattern [2] Domestic Policy and Economic Situation - The 2026 government work report proposed an economic growth target of 4.5% - 5%, a deficit rate of about 4%, a deficit scale of 5.89 trillion yuan, and the issuance of 1.3 trillion yuan in ultra - long - term special treasury bonds. China's economic data shows a mixed picture, with positive performance in exports, industrial added value, and consumer goods retail, but negative performance in real estate investment and sales [3] Commodity Sector Analysis - In the short term, the Iran situation and oil prices dominate commodity price fluctuations. There is an inverse correlation between the non - ferrous metals and precious metals sectors and oil prices. The IEA has approved the release of a record - high 400 million barrels of crude oil reserves, but there may still be a supply gap. Oil price increases have a significant driving effect on oil - chemical products. The EU has simplified some natural gas import rules, and Russia is considering an early gas cut - off to Europe. The oilseed sector in agriculture is also affected by the spill - over effect of oil prices. The black metal sector should focus on domestic policy expectations and the possibility of low - valuation repair [4] Strategy - Go long on stock indices, precious metals, and some chemical products at low prices [5] News - US House Speaker Johnson said the Iran war is "nearly over and the goal has been achieved", but the Trump administration is reported to be sending ground troops to the Middle East. Iran's Foreign Minister said Iran has demonstrated control over the Strait of Hormuz. Iran's Islamic Parliament is seeking a bill to levy tolls on ships passing through the Strait of Hormuz. Russia's President Putin signed a decree to restrict gold exports from May 1 [7]

Group 1: Stock Index Futures Spread Daily Report - The latest values, changes from the previous day, historical 1-year percentiles, and all-time percentiles of IF, IH, IC, and IM futures-spot spreads and inter - period spreads are presented. For example, the IF futures - spot spread is -81.53, with a change of 5.93 from the previous day, and its historical 1 - year percentile is 2.40% [1]. - The ratios of different stock indices such as CSI 500/CSI 300, CSI 500/SSE 50, etc., along with their changes and percentiles, are provided. For instance, the CSI 500/CSI 300 ratio is 1.7068, with a change of -0.0051 [1]. Group 2: Treasury Bond Futures Spread Daily Report - The latest values, changes from the previous trading day, and percentiles since listing of the basis and inter - period spreads of TS, TF, T, and TL treasury bond futures are given. For example, the TS basis on March 26, 2026, is 0.0400, with a change of 0.0012 from the previous day, and its percentile since listing is 8.809% [3]. - The latest values, changes, and percentiles of cross - variety spreads such as TS - TF, TS - T, etc., are reported. For example, the TS - TF spread on March 26, 2026, is -3.4600, with a change of -0.0450 [3]. Group 3: Precious Metals Spot - Futures Daily Report - The domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals (gold, silver, platinum, and palladium) are presented. For example, the AU2606 contract's domestic futures closing price on March 26 is 095.98, down 17.98 (-1.77%) from March 25 [4]. - Views on precious metals are provided: in the short - term, gold may experience a price drop but there is a chance for a phased recovery; silver may bottom out around 60 - 65 dollars with resistance at 85 dollars; platinum and palladium fluctuate in certain price ranges following the trends of gold and silver [4].

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

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

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the documents [1][2][3] 2. Report Core Views Futures Index Spread Report - Presents the latest values, changes from the previous day, historical 1 - year percentiles, and all - time percentiles of various futures index spreads, including IF, IH, IC, and IM, as well as cross - variety ratios. [1] Treasury Bond Futures Spread Report - Displays the latest data on basis, cross - period spreads, and cross - variety spreads of Treasury bond futures such as TS, TF, T, and TL, along with their changes and percentiles since listing. [2] Precious Metals Spot - Futures Report - Shows the closing prices of domestic and foreign precious metals futures, spot prices, basis, price ratios, interest rates, exchange rates, inventory, and positions. It also provides short - and medium - term investment views on precious metals. [3] 3. Summary by Relevant Catalog Futures Index Spread - **IF**: The latest E period - spot spread is - 87.47, with a change of - 1.14 from the previous day, and a 1 - year percentile of 1.20%. Various cross - period spreads are also presented, such as the next - month - to - current - month spread of - 17.80, with a change of 4.60 and a 1 - year percentile of 29.50%. [1] - **IH**: The H period - spot spread is - 29.53, down 9.28 from the previous day, and the 1 - year percentile is 3.60%. Different cross - period spreads are given, like the next - month - to - current - month spread of - 1.00, with a change of 4.60 and a 1 - year percentile of 59.00%. [1] - **IC**: The IC period - spot spread is - 237.67, a decrease of 49.89 from the previous day, and the 1 - year percentile is 0.80%. Multiple cross - period spreads are shown, for example, the next - month - to - current - month spread of - 63.80, with a change of 16.20 and a 1 - year percentile of 22.20%. [1] - **IM**: The IM period - spot spread is - 273.78, down 60.12 from the previous day, and the 1 - year percentile is 5.00%. Cross - period spreads are also included, such as the next - month - to - current - month spread of 47.10, with a change of 20.10 and a 1 - year percentile of - 55.60. [1] - **Cross - variety Ratios**: Ratios like CSI 500/CSI 300 are 1.7119, with a change of 0.0141, and a 1 - year percentile of 82.30%. [1] Treasury Bond Futures Spread - **Basis**: TS basis is 1.1768, up 0.0388 from the previous day, with a listing - since percentile of 8.80%. TF basis is 1.1019, up 0.0989, and the percentile is 25.70%. T basis is 1.1709, up 0.0144, and the percentile is 39.30%. TL basis is 0.6769, down 0.0236, and the percentile is 13.10%. [2] - **Cross - period Spreads**: For example, in TS, the current - quarter - to - next - quarter spread is - 0.0060, up 0.0060, and the percentile is 24.90%. [2] - **Cross - variety Spreads**: TS - TF is - 3.4150, up 0.0220, and the percentile is 17.80%. [2] Precious Metals Spot - Futures - **Domestic Futures Closing Prices**: AU2606 contract closed at 1013.96 yuan/gram on March 25, up 36.68 yuan or 3.75% from March 24. AG2606 contract closed at 18111 yuan/kilogram, up 1026 yuan or 6.01%. [3] - **Foreign Futures Closing Prices**: COMEX gold closed at 4503.30, up 28.40 or 0.63%. COMEX silver remained unchanged at 71.45. [3] - **Spot Prices**: London gold was at 4505.31, up 33.29 or 0.74%. London silver was at 71.18, down 0.10 or - 0.14%. [3] - **Basis**: Gold TD - Shanghai gold main contract basis is 0.48, down 0.23, and the 1 - year percentile is 46.10%. [3] - **Price Ratios**: COMEX gold/silver is 63.03, up 0.40 or 0.63%. [3] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.33%, down 0.06 or - 1.4%. Dollar index is 99.63, up 0.40 or 0.41%. [3] - **Inventory and Positions**: Shanghai Futures Exchange gold inventory remained unchanged at 106743. COMEX gold inventory decreased by 70802 to 31945633. [3] - **Investment Views**: In the short - term, gold may fall again. Buy call options around 4400 - 4450 dollars. Silver may rise if the US - Iran war eases, or fall back to 60 - 65 dollars if the situation escalates. Platinum fluctuates between 1850 - 2000 dollars, and palladium between 1450 - 1600 dollars. [3]