Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The soybean market is in a state of rebound and shock, and the market is waiting for the planting intention report. The soybean futures on the Chicago Board of Trade (CBOT) were mixed on March 30, 2026, with cautious trading as investors adjusted their positions ahead of two key USDA reports [1][3]. - Due to the expected strong growth in biofuel demand and the increase in fertilizer costs caused by the war, it is likely to prompt US farmers to expand soybean planting area and reduce corn planting area this spring. Analysts expect the US soybean planting area in 2026 to increase to 85.55 million acres, significantly higher than last year's 81.215 million acres [3]. - As of March 26, the Brazilian soybean harvest progress has reached 75%, and the agency expects Brazil's soybean production this year to reach 178.4 million tons, an increase of 400,000 tons from the previous estimate [3]. Group 3: Summary by Related Catalogs 1. Fundamental Tracking - **Futures Prices**: DCE Bean No. 1 2605 closed at 4,574 yuan/ton during the day session, down 6 yuan (-0.13%), and 4,611 yuan/ton during the night session, up 44 yuan (+0.96%); DCE Soybean Meal 2605 closed at 2,937 yuan/ton during the day session, up 4 yuan (+0.14%), and 2,921 yuan/ton during the night session, down 16 yuan (-0.54%); CBOT Soybean 05 closed at 1,158.75 cents/bushel, down 0.75 cents (-0.06%); CBOT Soybean Meal 05 closed at 314.6 dollars/short ton, down 0.4 dollars (-0.13%) [1]. - **Spot Prices**: In Shandong, the soybean meal price was 3,200 - 3,240 yuan/ton, with different basis levels for different delivery times; in East China, the price and basis also varied by delivery time; in South China, the price was 3,220 - 3,340 yuan/ton, with corresponding basis levels [1]. - **Industrial Data**: The trading volume of soybean meal was 84,900 tons/day, and the previous two - day trading volume was 27,500 tons/day. The inventory was not available for the previous day, and the previous two - week inventory was 641,800 tons [1]. 2. Macro and Industry News - On March 30, 2026, CBOT soybean futures were narrowly fluctuating, and the market was waiting for the planting intention report. The market was cautious, and investors adjusted their positions ahead of the USDA's planting intention report and quarterly inventory report [1][3]. - Analysts expect the US soybean planting area in 2026 to increase to 85.55 million acres, and the soybean inventory on March 1 to be 2.067 billion bushels, higher than the same period last year [3]. - As of March 26, the Brazilian soybean harvest progress was 75%, and the expected production was 178.4 million tons, an increase of 400,000 tons from the previous estimate [3]. 3. Trend Intensity - The trend intensity of soybean meal and Bean No. 1 is 0, indicating a neutral state for the main contract futures price fluctuations on the reporting day [3].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Overnight US soybeans rebounded slightly, and Dalian soybean meal futures may rebound and fluctuate [1] - The spot price of soybeans in the producing areas is stable, and the futures price may adjust and fluctuate [1] Summary by Relevant Catalogs Fundamental Tracking - **Futures prices**: DCE soybean No.1 2605 closed at 4,856 yuan/ton, down 58 yuan (-1.18%); DCE soybean meal 2605 closed at 3,036 yuan/ton, down 8 yuan (-0.26%); CBOT soybean 05 closed at 1,163.75 cents/bushel, up 7.25 cents (+0.63%); CBOT soybean meal 05 closed at 321.7 dollars/short ton, up 9.4 dollars (+3.01%) [1] - **Spot prices**: In Shandong, the price of soybean meal is 3,300 - 3,380 yuan/ton, down 20 yuan to flat compared with the previous day; in East China, it is 3,360 - 3,380 yuan/ton, down 20 yuan to up 40 yuan; in South China, it is 3,340 - 3,550 yuan/ton, down 10 yuan to up 20 yuan. The net purchase price of soybeans in the Northeast producing area is 4,840 yuan/ton [1] - **Industrial data**: The trading volume of soybean meal was 22.9 tons/day, and the inventory was 61.9 tons/week [1] Macro and Industry News - On March 18, CBOT soybean futures closed higher, driven by active fund buying and the strengthening of Brent crude oil [4] - The threat of retaliatory attacks by Iran on energy facilities in the Middle East has increased the risk of further disruption to energy supply in the region, leading to a rise in Brent crude oil prices [4] - The inflation data released on Wednesday was stronger than expected, providing support to the market. When inflation expectations rise, funds flow into the grain and oilseed sectors [4] - The PPI in the US in February reached its largest increase in seven months, and future inflation growth may accelerate due to the rising oil prices in the Middle East [4] - The Brazilian Minister of Agriculture will discuss the safety requirements and inspection and quarantine issues of Brazilian soybeans exported to China [4] - The estimated soybean planting area in the US this year is 85.66 million acres, an increase of 4.46 million acres compared with last year, and higher than the 85 million acres predicted by the USDA at the annual forum [4] Trend Intensity - The trend intensity of soybean meal is 0, and that of soybean No.1 is 0, indicating a neutral trend for both on the day of the report [4]

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Viewpoints - The soybean meal futures hit a phased high and then declined, with an adjustment and oscillation. The soybean futures had stable spot prices and an adjustment and oscillation in the futures market. The CBOT soybean futures rose for the second consecutive day on March 11, mainly due to the rebound of international crude oil futures from the previous day's slump. The market is also concerned about the possible new renewable fuel blending regulations from the US EPA [1][3] Group 3: Summary by Directory Fundamental Tracking - **Futures Prices**: DCE soybean No.1 2605 closed at 4,834 yuan/ton during the day session, up 71 yuan (+1.49%), and 4,837 yuan at night, up 37 yuan (+0.77%); DCE soybean meal 2605 closed at 3,068 yuan/ton during the day session, up 106 yuan (+3.58%), and 3,047 yuan at night, up 15 yuan (+0.49%); CBOT soybean 05 closed at 1,214.25 cents/bu, up 11.0 cents (+0.91%); CBOT soybean meal 05 closed at 316.3 dollars/short ton, up 1.2 dollars (+0.38%) [1] - **Spot Prices**: In Shandong, the soybean meal (43%) price was 3,240 - 3,290 yuan/ton, with different adjustments in basis; in East China, the price in Taizhou Huifu was 3,230 yuan/ton, up 80 yuan; in South China, the price in Dongguan Fuyuan was 3,300 yuan/ton, up 70 yuan. In the Northeast soybean - producing area, the net - grain purchase price in some areas of Harbin was 4,760 yuan/ton [1] - **Industrial Data**: The trading volume of soybean meal was 20.4 million tons per day (compared with 11.65 million tons the previous day), and the inventory was 73.52 million tons per week (compared with 71.72 million tons the previous week) [1] Macro and Industry News - On March 11, CBOT soybean futures rose for the second consecutive day as international crude oil futures rebounded from the previous day's slump. The market is also worried about the potential impact of the US - Israel war. There is a rumor that the US EPA will issue new renewable fuel blending regulations, which may require large - scale refineries to make up 70% of the bio - fuel blending exemption quota [3] Trend Intensity - The trend intensity of soybean meal and soybean No.1 is 0, indicating a neutral trend for the day - session main - contract futures prices on the reporting day [3]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - From March 2nd to March 6th, the global and domestic major asset performance showed a pattern of stocks and bonds declining while commodities rising, with commodities > bonds > stocks. The Middle - East situation remained tense, and the US February non - farm payrolls were negative, falling short of expectations. The dollar index rose weekly. The short - term impact of the Middle - East situation on major asset prices may continue [2][3][6]. 3. Summary by Relevant Catalogs 3.1 Global Major Asset Overall Performance: Stocks and Bonds Decline, Commodities Rise - **Global Stocks**: Global major stock markets generally declined. European stocks had the largest decline, and emerging markets underperformed developed markets. The VIX index rose significantly. For example, MSCI Europe fell 7.34% weekly [8][12]. - **Global Bonds**: The yield of 10 - year US Treasury bonds rose by 18BP to 4.15% weekly. The bond market declined, and high - yield bonds > credit bonds > government bonds globally [14]. - **Global Foreign Exchange**: Affected by liquidity concerns, the dollar index rose 1.34% weekly, and major non - US currencies depreciated against the dollar, with the RMB exchange rate falling [15]. - **Global Commodity Market**: Geopolitical factors drove up international crude oil prices. International gold and silver prices fell significantly, major non - ferrous metals prices fluctuated, and agricultural product prices generally rose. For instance, Brent crude oil rose 27.47% weekly [17][18]. 3.2 Domestic Major Asset Performance: Stocks Decline, Bonds Perform Strongly, Commodities Rise - **Domestic Stocks**: A - share major broad - based indexes generally declined, but the average daily trading volume of the two markets increased. Large - cap blue - chips were relatively resistant to decline. The petroleum and petrochemical, and coal sectors led the gains, while the media and non - ferrous sectors performed poorly. The Shanghai Composite Index fell 0.93% weekly [22]. - **Domestic Bonds**: The central bank's open - market operations had a net withdrawal of 14,474 billion yuan, and the capital market was relatively loose. The bond market performed strongly, with government bonds > credit bonds > corporate bonds [23]. - **Domestic Commodity Market**: The domestic commodity market rose weekly. The energy and chemical sectors led the gains, while the precious metal sector performed poorly. The Nanhua Commodity Index rose 6.43% weekly [25][26]. 3.3 Major Asset Price Outlook - Middle - East major oil - producing countries have announced production cuts, and the Middle - East situation has had a real impact on crude oil production. The short - term impact on major asset prices may continue [28].

Group 1 - The overall equity market experienced adjustments during the week from March 2 to March 6, with the Shanghai Composite Index falling by 0.93% to close at 4124.19 points, and the Shenzhen Component Index declining by 2.22% to 14172.63 points [9][11] - The convertible bond market also saw a decline, with the China Convertible Bond Index dropping by 2.07% and the Shanghai Convertible Bond Index decreasing by 2.21% during the week [16] - The bond market showed a general strengthening trend, with the 1-year China government bond yield decreasing by 3.58 basis points, and the 10-year yield down by 0.67 basis points [20] Group 2 - In the commodity market, performance was mixed, with WTI crude oil rising significantly by 35.63%, while COMEX gold and silver fell by 2.17% and 10.27% respectively [10][28] - The South China Commodity Index overall strengthened, with a 6.43% increase, driven by strong performance in energy and chemical sectors, which rose by 15.45% [28] - The market saw active trading in both convertible bonds and underlying stocks, with transaction volumes of 3674.49 billion and 7711.56 billion respectively, indicating a recovery in trading activity [16]

1. Industry Investment Rating - No information provided 2. Core Views - The "Government Work Report" presented at the Fourth Session of the 14th National People's Congress sets this year's main development targets, including an economic growth rate of 4.5%-5%, a target for new urban employment of over 12 million, and a CPI increase of around 2%. The "15th Five-Year Plan" draft outlines 20 key indicators in areas such as economic development, innovation, people's livelihood, and green - low - carbon development [2] - Reuters forecasts the end - of - season inventories of US crops in the 2025/26 season, with an average expected soybean end - of - season inventory of 344 million bushels and a corn end - of - season inventory of 2.136 billion bushels [3] - The Shanghai Futures Exchange adjusts the price limit and margin ratios for fuel oil futures contracts [3] 3. Summary by Related Catalogs Hot News - The Fourth Session of the 14th National People's Congress opens in Beijing, and the "Government Work Report" sets this year's development targets [2] - The "15th Five - Year Plan" draft proposes 20 main indicators, covering economic development, innovation, people's livelihood, and green - low - carbon aspects [2] - Iran's military official states that Iran has not blocked the Strait of Hormuz and is handling ships passing through the strait according to international rules [2] - Reuters releases forecasts for the end - of - season inventories of US crops in the 2025/26 season [3] - The Shanghai Futures Exchange adjusts the price limit and margin ratios for fuel oil futures contracts [3] Plate Performance - Key focus: urea, coking coal, Shanghai aluminum, asphalt, PP [4] - Night - session performance of commodity sectors: non - metallic building materials rose 2.00%, precious metals rose 31.85%, oilseeds rose 7.75%, non - ferrous metals rose 26.19%, soft commodities rose 2.73%, coal - coking - steel - ore rose 9.51%, energy rose 5.08%, chemicals rose 10.99%, grains rose 1.13%, and agricultural and sideline products rose 2.77% [4] Plate Position - The chart shows the changes in the positions of commodity futures sectors in the past five days [5] Performance of Major Asset Classes - Equity: The Shanghai Composite Index rose 0.64% daily, - 1.30% monthly, and 3.52% year - to - date; the S&P 500 fell - 0.56% daily, - 0.70% monthly, and - 0.22% year - to - date, etc. [6] - Fixed - income: The 10 - year Treasury bond futures fell - 0.03% daily, rose 0.14% monthly, and rose 0.64% year - to - date [6] - Commodities: WTI crude oil rose 5.65% daily, 17.33% monthly, and 37.18% year - to - date; London spot gold fell - 0.70% daily, - 3.67% monthly, and rose 17.75% year - to - date [6] - Others: The US dollar index rose 0.25% daily, 1.43% monthly, and 0.79% year - to - date; the CBOE volatility index rose 12.29% daily, 19.59% monthly, and 58.86% year - to - date [6] Stock Market Risk Appetite and Major Commodity Trends - The report presents charts of various major commodity trends, including the Baltic Dry Index (BDI), CRB spot index, WTI crude oil, London spot gold, London spot silver, LME copper, etc., as well as the risk premium of the stock market [7]

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - On March 4, CBOT soybean futures closed slightly lower due to concerns about China's demand prospects and the expected bumper harvest of soybeans in South America. Uncertainty over whether China will continue to buy US soybeans in the face of a Brazilian soybean harvest has curbed price increases. However, high crude oil prices due to conflicts provide some support to the agricultural product market as soybeans are used in biofuel production. The upcoming USDA 3 - month supply - demand report is unlikely to have significant changes, and traders are also watching excessive rainfall in northern Mato Grosso, Brazil, which may cause soybean mildew and rot. [3] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Prices**: DCE Bean 1 2605 closed at 4650 yuan/ton, up 48 (+1.03%) in the night - session and down 16 (-0.34%) in the day - session; DCE Bean Meal 2605 closed at 2831 yuan/ton, down 14 (-0.49%); CBOT Soybean 05 was at 1166.25 cents/bu, down 5.25 (-0.45%); CBOT Bean Meal 05 was at 309.4 dollars/short ton, down 5.8 (-1.84%) [1] - **Spot Prices**: Bean meal (43%) prices varied by region. In major producing areas, it was 3020 - 3110 yuan/ton, with a change of - 20 to + 20 compared to the previous day. Different regions had different price ranges and basis levels. For example, in Shandong, it was 2990 - 3120 yuan/ton, with a change of - 20 to - 10. In the Northeast, the soybean net - grain purchase price in Harbin and some counties was 4580 yuan/ton, unchanged from the previous day [1] - **Industry Data**: The daily trading volume of bean meal was 1.8 million tons, and the weekly inventory was 80.89 million tons [1] 3.2 Macro and Industry News - On March 4, CBOT soybean futures declined due to concerns about China's demand and the expected South American soybean harvest. High crude oil prices due to conflicts support the agricultural product market, and the upcoming USDA report is unlikely to have major changes. Traders are also watching rainfall issues in Brazil [3] 3.3 Trend Intensity - The trend intensity of bean meal was 0, and that of bean 1 was 0, indicating the day - session main - contract futures price fluctuations on the report day. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Overnight US soybeans closed higher, and the market may rebound and fluctuate. For soybeans, attention should be paid to the policy sentiment of the Two Sessions, and the futures price may rebound and fluctuate [1] - The trend intensity of soybean meal is +1, and that of soybeans is 0, indicating the price fluctuation of the main contracts on the day of the report [3] 3. Summary by Relevant Catalogs a. Fundamental Tracking - **Futures Prices**: DCE soybean 2605 closed at 4,623 yuan/ton during the day session, down 61 yuan (-1.30%), and 4,649 yuan at night, up 4 yuan (+0.09%); DCE soybean meal 2605 closed at 2,836 yuan/ton during the day session, up 10 yuan (+0.35%), and 2,838 yuan at night, down 5 yuan (-0.18%); CBOT soybean 05 closed at 1,171.5 cents/bushel, up 9.75 cents (+0.84%); CBOT soybean meal 05 closed at 315.2 dollars/short ton, up 2.7 dollars (+0.86%) [1] - **Spot Prices**: In Shandong, the soybean meal price is 3,040 - 3,120 yuan/ton; in East China, it is 3,010 - 3,130 yuan/ton; in South China, it is 3,060 - 3,260 yuan/ton. The soybean purchase price in the Northeast is 4,580 yuan/ton [1] - **Industrial Data**: The trading volume of soybean meal was 11.75 million tons per day, and the inventory was 71.72 million tons per week [1] b. Macro and Industry News - On March 3, CBOT soybean futures closed mixed, with the benchmark contract higher, supported by the strength of international crude oil futures. The price fluctuated sharply, mainly due to the continuous conflict in the Middle East driving up the crude oil market. The expected meeting between Chinese and US officials this month alleviated concerns about the breakdown of Sino - US trade negotiations. However, concerns about China's demand for US soybeans and competition from Brazilian soybeans limited the upside of soybean prices [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the performance of various asset classes in the week from February 24th to February 27th, 2026. The equity market showed overall recovery, the convertible bond market declined, the bond market mostly weakened, and commodity futures mostly strengthened. Different market segments were affected by various factors such as policy changes, external trade environment, and geopolitical risks [9][10]. 3. Summary by Directory 3.1 This Week's Performance of Major Asset Classes - The equity market showed overall recovery. The Shanghai Composite Index rose 1.98% to 4162.88 points, the Shenzhen Component Index rose 2.8% to 14495.09 points, and the ChiNext Index rose 1.05% to 3310.3 points. The trading volume of the Shanghai and Shenzhen stock exchanges totaled 9.69 trillion yuan. The Hang Seng Index rose 0.82% to 26630.54 points, while the Hang Seng Tech Index fell 1.41% to 5137.84 points [9]. - The convertible bond market declined. The CSI Convertible Bond Index fell 0.24% in the past week, and the Shanghai Stock Exchange Convertible Bond Index fell 0.34%. In the past month, the CSI Convertible Bond Index rose 0.9%, and the Shanghai Stock Exchange Convertible Bond Index rose 0.26% [9]. - The bond market mostly weakened. The yields of 1-year, 3-year, 5-year, 7-year, and 30-year China Bond Treasury bonds increased by 0.71bp, 0.84bp, 1.33bp, 2.36bp, and 4.36bp respectively, while the 10-year yield decreased by 0.22bp [9]. - Commodity futures mostly strengthened, with silver performing strongly. COMEX gold rose 3.24%, COMEX silver rose 11.61%, LME copper rose 2.28%, LME aluminum rose 1.16%, WTI crude oil rose 0.81%, SHFE rebar rose 0.98%, CBOT soybeans rose 1.41%, and CBOT corn rose 1.88% [10]. 3.2 Performance of the Equity Market - Stocks - The equity market rose this week, with small and medium-cap stocks outperforming. Most industries rose, with cyclical sectors such as steel and non-ferrous metals leading the gains. The media, consumer services, and non-bank financial sectors led the declines. The media sector fell 5.21%, consumer services fell 4.14%, and non-bank financials fell 3.21%. The steel sector rose 9.52%, and the comprehensive financial sector rose 2.17% [14]. - Market rotation was still active this week. The market style switched again. Benefiting from post-holiday resumption of work and production, cyclical and resource sectors led the gains, while the consumer sector was relatively weak. In addition, technology growth sectors such as semiconductors and chips also performed well [14]. - The reasons for the market performance are that the trading volume increased in the first week after the holiday, and the trading activity improved. Since the beginning of this year, the prices of many commodities have continued to rise. On the one hand, driven by the expansion of AI-related demand, the prosperity of sub - sectors such as chips and electronic cloth has increased, and prices have strengthened. On the other hand, the prices of resources such as gold and silver have also risen to varying degrees. Under the combined effect of rising product prices and improved profit expectations, relevant fields have strengthened synchronously. In the steel sector, many steel enterprises announced a "good start" in production in the first month of this year, and the production and sales indicators of some steel enterprises performed well, enhancing the investment confidence in the sector [14]. 3.3 Performance of the Equity Market - Convertible Bonds - The equity market rose this week, while the convertible bond market fell. As of February 27, 2026, the CSI Convertible Bond Index fell 0.24%, and the Shanghai Stock Exchange Convertible Bond Index fell 0.34%. In the past month, the CSI Convertible Bond Index rose 0.9%, and the Shanghai Stock Exchange Convertible Bond Index rose 0.26%. The trading volumes of convertible bonds and underlying stocks this week were 2945.06 billion yuan and 5968.85 billion yuan respectively, and the trading activity of both underlying stocks and convertible bonds declined compared with before the holiday [16]. - The convertible bond market was weak this week, lagging behind the overall stock market performance. The resource and pro - cyclical sectors of A - shares showed obvious upward trends, while some high - valuation technology and growth stocks were under pressure. At the same time, the trading volume of convertible bonds decreased, which may have had a certain impact on the convertible bond market [16]. 3.4 Performance of the Fixed - Income Market - The bond market yields generally increased this week, with the 10 - year Treasury bond yield slightly decreasing. The yields of 1 - year, 3 - year, 5 - year, 7 - year, and 30 - year China Bond Treasury bonds increased by 0.71bp, 0.84bp, 1.33bp, 2.36bp, and 4.36bp respectively, while the 10 - year yield decreased by 0.22bp [18]. - During the Spring Festival, the US tariff policy fluctuated again, increasing the uncertainty of the external trade environment and affecting the market risk appetite, which had a certain impact on the short - term bond market. On February 25th, Shanghai issued the "Seven Measures for Shanghai" real estate optimization policy, which adjusted the purchase restrictions, housing provident fund use, and property tax, etc. The policy was aimed at stabilizing the real estate market and expectations. Affected by the policy's boost to the real estate chain sentiment, the risk appetite for equities was marginally repaired, and the bond market was under pressure [18]. - In terms of the capital side, on February 25th, the central bank conducted 600 billion yuan of MLF operations. From the perspective of the operation intensity and reverse repurchase scale, the monetary policy continued to be relatively loose, and the attitude of maintaining liquidity was stable. Especially before the Two Sessions, the policy orientation of stabilizing the capital side is expected to continue, and the capital price is likely to remain in a reasonable range and be generally stable. In the future, although the bond market sentiment has improved compared with before, there are not enough incremental factors to drive the yield to break through the oscillation range effectively. Before there is a new dominant variable, the market's long and short forces are still relatively balanced, and the bond market is expected to continue the range - bound pattern in the short term [19]. 3.5 Performance of the Commodity Market - The Nanhua Commodity Index strengthened overall this week, with precious metals performing strongly. The index rose 3.56% in total. Precious metals led the gains, rising 8.55% compared with the week before the Spring Festival. Metals rose 3.06%, industrial products rose 2.47%, energy and chemicals rose 2.14%, and agricultural products rose 1.19% [27]. - The gold price continued to rise this week and remained at a high level. The uncertainty of the US - Iran situation and the variable policy orientation of the Trump administration have increased the external geopolitical risk premium. At the same time, the short - term rebound of international oil prices and the creation of a new stage high have strengthened the market's re - pricing expectations for inflation and the energy supply - demand pattern, driving the precious metal and energy sectors to strengthen synchronously. In the future, the evolution of the geopolitical situation is still uncertain, and there are also significant differences in the Fed's policy path. It is expected that gold will maintain a high - level oscillation pattern in the short term [28][30].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The domestic commodity futures market closed mostly higher on February 25, 2026, with base metals leading the gains [1]. - The A - share market is expected to continue a mild upward trend after the Spring Festival, but the slope will be slower than in January, pricing in the warm Spring Festival consumption and technology event hotspots. The black metal and domestic bond markets may continue to fluctuate after the festival [16]. - The US economy shows a pattern of overall slowdown in expansion and structural differentiation in multiple fields. The US GDP growth rate slowed significantly in the fourth quarter, with personal consumption being the main drag, and inflation stickiness still exists [16]. Summary by Relevant Catalogs Financial Market Fluctuations - **Stock Index Futures**: The CSI 300 futures, SSE 50 futures, CSI 500 futures, and CSI 1000 futures all showed varying degrees of increase on February 25, 2026, with the CSI 500 futures having a relatively large daily increase of 1.61% [2]. - **Treasury Bond Futures**: The 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures mostly declined on February 25, 2026, with the 30 - year treasury bond futures having a relatively large daily decline of 0.48% [2]. - **Foreign Exchange**: The US dollar index increased by 0.15% on February 25, 2026, and the US dollar mid - price decreased by 225 pips [2]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate increased by 23.34 bp on February 25, 2026, and the 10 - year Chinese government bond yield increased by 1.24 bp [2]. Popular Industry Fluctuations - On February 25, 2026, most industries showed an upward trend, with non - ferrous metals, steel, and basic chemicals having relatively large daily increases of 3.53%, 4.26%, and 2.37% respectively. The consumer services and media industries declined, with decreases of 0.52% and 0.92% respectively [5]. Overseas Commodity Fluctuations - **Energy**: On February 24, 2026, NYMEX WTI crude oil decreased by 0.35%, ICE Brent crude oil decreased by 0.14%, NYMEX natural gas decreased by 2.94%, and ICE UK natural gas decreased by 4.75% [8]. - **Precious Metals**: COMEX gold decreased by 1.25% on February 24, 2026, while CONEX silver increased by 0.57% [8]. - **Non - ferrous Metals**: LME copper, LME aluminum, LME zinc, LME tin, etc. showed different trends on February 24, 2026. For example, LME copper increased by 2.54% [8]. - **Agricultural Products**: CBOT soybeans, CBOT soybean oil, and other agricultural products also had different price changes on February 24, 2026. For example, CBOT soybean oil increased by 1.05% [8]. Macro Summary - **Domestic Macro**: During the Spring Festival, travel and consumption were strong, with the cross - regional passenger flow in the first 20 days of the Spring Festival travel season reaching 5.08 billion person - times, a record high. However, real estate sales were at a seasonal low, and the social financing in January started steadily. Due to the Spring Festival misalignment, the social financing data needs to be observed in combination with January - February data [16]. - **Overseas Macro**: The US economy shows a pattern of overall slowdown in expansion and structural differentiation in multiple fields. The GDP growth rate slowed significantly in the fourth quarter, personal consumption was the main drag, and inflation stickiness still exists [16]. - **Large - scale Assets**: Geopolitical uncertainties and Trump's tariff policies may support the prices of gold and silver in the short term. The crude oil market is dominated by geopolitical uncertainties, and the A - share market is expected to continue a mild upward trend after the Spring Festival. The black metal and domestic bond markets may continue to fluctuate, and the RMB may continue to strengthen in the second quarter [16]. Viewpoint Highlights - **Financial**: Stock index futures are expected to be volatile and slightly stronger; stock index options are expected to be volatile; treasury bond futures are expected to be volatile [17]. - **Precious Metals**: Gold and silver are expected to be volatile and slightly stronger [17]. - **Shipping**: The container shipping to Europe is expected to be volatile [17]. - **Black Building Materials**: Steel, iron ore, coke, etc. are all expected to be volatile [17]. - **Non - ferrous Metals and New Materials**: Many non - ferrous metals and new materials such as copper, aluminum, and nickel are expected to be volatile, with some showing a slightly stronger trend [17]. - **Energy Chemicals**: Crude oil, LPG, asphalt, etc. are expected to be volatile [19]. - **Agriculture**: Many agricultural products such as cotton, natural rubber, and soybean oil are expected to be volatile, with some showing a slightly stronger trend, while sugar is expected to be volatile and slightly weaker [19].