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 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]

Report Summary 1. Core View - The report presents the price changes of various international varieties from February 13th, 15:00 to February 23rd, 18:00 in 2026, including stock indices, commodities, and currency indices [3]. 2. Key Points by Category Stock Indices - The FTSE A50 Index rose from 14,684 to 14,919, a 1.60% increase [3]. - The Hang Seng Index increased from 26,595.15 to 27,081.91, a 1.83% rise [3]. - The Dow Jones Industrial Index went up from 49,451.98 to 49,625.97, a 0.35% increase [3]. - The S&P 500 Index climbed from 6,832.76 to 6,909.51, a 1.12% gain [3]. - The NASDAQ Composite Index advanced from 22,597.15 to 22,886.07, a 1.28% increase [3]. - The Nikkei 225 Index dropped from 56,941.97 to 56,825.7, a 0.20% decline [3]. Commodity Indices - The Baltic Dry Index decreased from 2,083 to 2,043, a 1.92% fall [3]. Energy Commodities - Brent Crude Oil rose from $67.55 to $71.04, a 5.17% increase [3]. - US Crude Oil increased from $62.83 to $66.23, a 5.41% rise [3]. Precious Metals - CMX Gold climbed from $4,986.7 to $5,170.1, a 3.68% gain [3]. - CMX Silver advanced from $77.105 to $86.515, a 12.20% increase [3]. Base Metals - LME Copper rose from $12,894.5 to $12,966, a 0.55% increase [3]. - LME Aluminum increased from $3,062.5 to $3,102.5, a 1.31% rise [3]. - LME Zinc went up from $3,352.5 to $3,377.5, a 0.75% increase [3]. - LME Lead dropped from $1,976.5 to $1,963, a 0.68% decline [3]. - LME Nickel advanced from $17,255 to $17,600, a 2.00% increase [3]. - LME Tin climbed from $46,940 to $47,500, a 1.19% gain [3]. Iron Ore - TSI Iron Ore decreased from $97.15 to $95.85, a 1.34% fall [3]. Agricultural Commodities - CBOT Soybeans rose from $1,134.75 to $1,146.75, a 1.06% increase [3]. - CBOT Soybean Meal increased from $308.6 to $309.7, a 0.36% rise [3]. - CBOT Soybean Oil advanced from $57.26 to $59.67, a 4.21% increase [3]. - CBOT Corn climbed from $430.25 to $438.75, a 1.98% gain [3]. - CBOT Wheat rose from $550.75 to $575.75, a 4.54% increase [3]. - MDE Crude Palm Oil increased from 3,996 to 4,084, a 2.20% rise [3]. - ICE No. 2 Cotton advanced from 64.26 to 65.46, a 1.87% increase [3]. - ICE No. 11 Sugar climbed from 13.53 to 13.9, a 2.73% gain [3]. Currency Indices - The US Dollar Index rose from 97.0775 to 97.6349, a 0.57% increase [3]. Currency Pairs - The US Dollar against Offshore RMB decreased from 6.908 to 6.8852, a 0.33% decline [3].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents the price and cumulative percentage change of various commodities, stock market indices, and other important indicators during the Spring Festival holiday in the overseas market [2] Summaries by Related Catalogs Commodities - NYMEX crude oil closed at $66.31 on February 20, with a cumulative increase of 5.57% during the holiday [2] - NYMEX natural gas closed at $2.99 on February 20, with a cumulative decrease of 6.41% during the holiday [2] - COMEX gold closed at $5130.00 on February 20, with a cumulative increase of 1.31% during the holiday [2] - COMEX silver closed at $84.57 on February 20, with a cumulative increase of 9.45% during the holiday [2] - LME copper closed at $12964.00 on February 20, with a cumulative increase of 0.25% during the holiday [2] - LME zinc closed at $3382.50 on February 20, with a cumulative increase of 1.20% during the holiday [2] - LME nickel closed at $17435.00 on February 20, with a cumulative increase of 2.59% during the holiday [2] - LME aluminum closed at $3102.50 on February 20, with a cumulative increase of 0.39% during the holiday [2] - LME tin closed at $46559.00 on February 20, with a cumulative decrease of 0.62% during the holiday [2] - LME lead closed at $1965.00 on February 20, with a cumulative decrease of 0.35% during the holiday [2] - TSI iron ore CFR China (62% iron powder) closed at $95.30 on February 20, with a cumulative decrease of 1.60% during the holiday [2] - CBOT soybeans closed at $1153.75 on February 20, with a cumulative increase of 1.67% during the holiday [2] - CBOT corn closed at $428.00 on February 20, with a cumulative decrease of 0.87% during the holiday [2] - CBOT soybean oil closed at $59.34 on February 20, with a cumulative increase of 3.80% during the holiday [2] - CBOT soybean meal closed at $314.20 on February 20, with a cumulative increase of 1.58% during the holiday [2] - CBOT wheat closed at $581.75 on February 20, with a cumulative increase of 5.97% during the holiday [2] - CBOT rice closed at $10.52 on February 20, with a cumulative decrease of 4.54% during the holiday [2] - ICE 11 - sugar closed at $13.86 on February 20, with a cumulative increase of 2.29% during the holiday [2] - ICE 2 - cotton closed at $65.55 on February 20, with a cumulative increase of 2.13% during the holiday [2] Stock Market - The S&P 500 closed at 6909.51 on February 20, with a cumulative increase of 1.07% during the holiday [2] - The Nasdaq Index closed at 22886.07 on February 20, with a cumulative increase of 1.51% during the holiday [2] - The UK FTSE 100 closed at 10686.89 on February 20, with a cumulative increase of 2.30% during the holiday [2] - The French CAC40 closed at 8515.49 on February 20, with a cumulative increase of 2.45% during the holiday [2] - The German DAX closed at 25260.69 on February 20, with a cumulative increase of 1.39% during the holiday [2] - The Nikkei 225 closed at 56825.70 on February 20, with a cumulative decrease of 0.20% during the holiday [2] - The Hang Seng Index closed at 26413.35 on February 20, with a cumulative decrease of 0.58% during the holiday [2] Other Important Indicators - The US dollar index closed at 97.74 on February 20, with a cumulative increase of 0.91% during the holiday [2]

Group 1: Core Data 1. Average price change in the last five years - NYMEX crude oil: 2.01% [2] - NYMEX natural gas: -3.73% [2] - COMEX gold: 0.15% [2] - COMEX silver: 2.23% [2] - LME copper: 1.77% [2] - LME zinc: 1.05% [2] - LME nickel: 1.02% [2] - LME aluminum: 0.99% [2] - LME tin: 3.65% [2] - LME lead: 1.13% [2] - CBOT soybeans: 1.83% [2] - CBOT corn: 0.20% [2] - CBOT soybean oil: -0.59% [2] - CBOT soybean meal: 2.78% [2] - CBOT wheat: 0.60% [2] - CBOT rice: -1.32% [2] - ICE No. 11 sugar: -0.04% [2] - ICE No. 2 cotton: 2.45% [2] - S&P 500: 1.03% [2] - US dollar index: -0.12% [2] - CRB commodity index: 1.30% [2] - BDI: 6.93% [2] 2. Average price change in the last ten years - NYMEX crude oil: 0.01% [2] - NYMEX natural gas: -3.23% [2] - COMEX gold: 0.82% [2] - COMEX silver: 1.95% [2] - LME copper: 0.00% [2] - LME zinc: 0.11% [2] - LME nickel: 0.44% [2] - LME aluminum: 0.27% [2] - LME tin: 1.70% [2] - LME lead: 0.53% [2] - CBOT soybeans: 0.61% [2] - CBOT corn: -0.19% [2] - CBOT soybean oil: -0.43% [2] - CBOT soybean meal: 0.81% [2] - CBOT wheat: -0.53% [2] - CBOT rice: -1.71% [2] - ICE No. 11 sugar: -0.07% [2] - ICE No. 2 cotton: 1.28% [2] - S&P 500: 0.08% [2] - US dollar index: -0.03% [2] - CRB commodity index: 0.01% [2] - BDI: 0.67% [2] 3. Annual price change from 2016 - 2025 - NYMEX crude oil: 1.16% (2016), -0.13% (2017), 1.19% (2018), -4.80% (2019), -7.31% (2020), 5.70% (2021), 5.30% (2022), -2.83% (2023), 2.33% (2024), -0.48% (2025) [2] - NYMEX natural gas: -1.50% (2016), -5.11% (2017), 0.87% (2018), -4.21% (2019), -3.71% (2020), 8.77% (2021), -2.88% (2022), -8.97% (2023), -15.01% (2024), -0.56% (2025) [2] - COMEX gold: 5.49% (2016), 2.24% (2017), -1.99% (2018), -0.29% (2019), 2.00% (2020), -3.75% (2021), 0.92% (2022), -0.01% (2023), -1.18% (2024), 4.78% (2025) [2] - COMEX silver: 5.06% (2016), 4.14% (2017), -1.72% (2018), -0.53% (2019), 1.35% (2020), 1.29% (2021), 0.13% (2022), -1.39% (2023), 3.60% (2024), 7.54% (2025) [2] - LME copper: -2.71% (2016), 0.97% (2017), -0.38% (2018), 0.98% (2019), -7.72% (2020), 1.66% (2021), 3.99% (2022), -0.77% (2023), 2.99% (2024), 0.96% (2025) [2] - LME zinc: 1.83% (2016), 3.29% (2017), -0.91% (2018), -2.14% (2019), -6.24% (2020), 2.97% (2021), -0.14% (2022), 0.75% (2023), 2.58% (2024), -0.88% (2025) [2] - LME nickel: -4.50% (2016), 10.59% (2017), -1.43% (2018), -0.75% (2019), -4.55% (2020), 0.32% (2021), 3.34% (2022), 1.26% (2023), 1.62% (2024), -1.45% (2025) [2] - LME aluminum: -0.13% (2016), 0.80% (2017), 0.91% (2018), 0.16% (2019), -3.93% (2020), 2.13% (2021), 0.88% (2022), 1.45% (2023), -0.31% (2024), 0.79% (2025) [2] - LME tin: 1.82% (2016), -0.55% (2017), 0.16% (2018), 0.89% (2019), -3.61% (2020), 5.25% (2021), 3.36% (2022), 3.52% (2023), 3.85% (2024), 2.28% (2025) [2] - LME lead: 4.76% (2016), 1.67% (2017), -0.81% (2018), -1.53% (2019), -4.45% (2020), 1.10% (2021), -1.76% (2022), 4.58% (2023), 0.85% (2024), 0.87% (2025) [2] - CBOT soybeans: 0.35% (2016), -0.93% (2017), 1.90% (2018), -0.22% (2019), -4.10% (2020), 2.16% (2021), 5.76% (2022), 0.22% (2023), -1.84% (2024), 2.85% (2025) [2] - CBOT corn: -1.85% (2016), 1.10% (2017), 1.84% (2018), -0.93% (2019), -3.11% (2020), 3.76% (2021), -2.28% (2022), 0.96% (2023), -3.87% (2024), 2.44% (2025) [2] - CBOT soybean oil: 2.72% (2016), 0.15% (2017), 0.63% (2018), 3.35% (2019), -8.26% (2020), 2.30% (2021), 0.25% (2022), -2.05% (2023), -5.07% (2024), 1.64% (2025) [2] - CBOT soybean meal: -1.50% (2016), -2.14% (2017), 2.69% (2018), -1.83% (2019), -2.98% (2020), 2.18% (2021), 7.82% (2022), 2.09% (2023), -2.42% (2024), 4.22% (2025) [2] - CBOT wheat: -1.87% (2016), 1.70% (2017), -1.87% (2018), -1.24% (2019), -5.07% (2020), 2.13% (2021), -2.79% (2022), 0.84% (2023), -4.99% (2024), 7.84% (2025) [2] - CBOT rice: -2.88% (2016), -2.31% (2017), -2.33% (2018), -2.81% (2019), -0.11% (2020), -1.82% (2021), 2.18% (2022), 0.94% (2023), -1.66% (2024), -6.26% (2025) [2] - ICE No. 11 sugar: -1.43% (2016), 0.59% (2017), -0.30% (2018), 0.71% (2019), -0.07% (2020), -3.76% (2021), -0.11% (2022), 6.75% (2023), -5.85% (2024), 2.77% (2025) [2] - ICE No. 2 cotton: -2.15% (2016), 3.52% (2017), 4.26% (2018), -1.52% (2019), -3.59% (2020), 4.39% (2021), 2.35% (2022), 0.25% (2023), 5.90% (2024), -0.64% (2025) [2] - S&P 500: -0.81% (2016), -0.69% (2017), 0.10% (2018), 0.05% (2019), -3.01% (2020), 0.55% (2021), 1.55% (2022), 2.47% (2023), 0.15% (2024), 0.43% (2025) [2] - US dollar index: -1.05% (2016), -0.66% (2017), 1.23% (2018), 1.08% (2019), -0.32% (2020), 0.54% (2021), -1.80% (2022), -0.07% (2023), 0.13% (2024), 0.62% (2025) [2] - CRB commodity index: -0.97% (2016), -0.38% (2017), 0.93% (2018), -1.39% (2019), -4.60% (2020), 2.50% (2021), 3.34% (2022), -0.29% (2023), -0.36% (2024), 1.30% (2025) [2] - BDI: -2.02% (2016), -8.33% (2017), 4.66% (2018), -6.82% (2019), -15.45% (2020), 34.77% (2021), 3.04% (2022), -11.40% (2023), 9.30% (2024), -1.05% (2025) [2]

Report Industry Investment Rating - No information provided in the report Core Viewpoints - On January 22, 2026, most domestic commodity futures markets closed higher, with chemicals leading the gains [14]. - The US economy maintains a "slight to moderate" expansion, inflation continues to cool, and consumption shows a "K-shaped" characteristic [14]. - In 2025, China's consumer market scale exceeded 50 trillion yuan, with service retail sales growing faster. In 2026, consumption is expected to grow steadily [14]. - In the short term, risk assets may continue to adjust, but in the medium term, it is recommended to go long on stock indices, non - ferrous metals, gold, and silver [14]. Summary by Directory Financial Market Fluctuations - **Stock Index Futures**: On January 22, 2026, the CSI 300 futures price was 4719.4, down 0.26; the SSE 50 futures price was 3061.2, down 0.61; the CSI 500 futures price was 8400, up 0.25; the CSI 1000 futures price was 8292.6, up 0.56 [3]. - **Treasury Bond Futures**: The 2 - year treasury bond futures price was 102.408, down 0.02; the 5 - year was 105.835, down 0.04; the 10 - year was 108.15, down 0.04; the 30 - year was 112.17, down 0.03 [3]. - **Foreign Exchange**: The US dollar index was 98.7693, up 0.23; the US dollar central parity rate was 6.9646, down 57 pips [3]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate was 1.4952%, up 0.04%; the 10 - year Chinese treasury bond yield was 1.8312%, down 0.14 bp; the 10 - year US treasury bond yield was 4.26%, down 4 bp [3]. Popular Industry Fluctuations - On January 22, 2026, industries such as national defense and military industry, steel, and petroleum and petrochemicals had relatively large daily increases, while industries such as food and beverage, non - bank finance, and banking had declines [6]. Overseas Commodity Fluctuations - **Energy**: On January 21, 2026, NYMEX WTI crude oil was at $59.52, up 0.3%; ICE Brent crude was at $64.62, up 0.67%; NYMEX natural gas was at $3.891, up 25.39%; ICE UK natural gas was at $105.29, up 12.07% [9]. - **Precious Metals**: COMEX gold was at $4769.1, up 3.78%; COMEX silver was at $94.46, up 6.69% [9]. - **Non - ferrous Metals**: LME copper was at $12810, up 0.44%; LME aluminum was at $3115, up 0.24%; LME zinc was at $3175, up 0.06% [9]. - **Agricultural Products**: CBOT soybeans were at $1053, down 0.45%; CBOT soybean oil was at $54.05, up 2.83%; CBOT corn was at $424, down 0.18% [9]. Domestic Commodity Fluctuations - On January 22, 2026, most domestic commodities rose. Chemicals, new energy materials, non - metal building materials, energy products, etc. all had increases, while precious metals had declines [14]. Macro Summary - **Today's Market**: Domestic commodity futures markets closed mostly higher, with chemicals leading the gains [14]. - **Overseas Macro**: The US economy maintains a "slight to moderate" expansion, inflation cools, and consumption shows a "K - shaped" characteristic. Attention should be paid to upcoming GDP and inflation data [14]. - **Domestic Macro**: In 2025, China's consumer market scale exceeded 50 trillion yuan, and in 2026, consumption is expected to grow steadily [14]. - **Asset Views**: The scenario of no interest rate cut in January is basically confirmed, and the first interest rate cut by the Fed within the year is expected to be postponed to June. Short - term risk assets may adjust, while in the medium - term, it is recommended to go long on certain assets [14]. Viewpoint Highlights - **Financial**: Stock markets continue to wait for the main line, and bond markets still have disturbing factors. The short - term judgments for stock index futures, index options, and treasury bond futures are oscillatory rise, oscillation, and oscillation respectively [15]. - **Precious Metals**: After oscillatory adjustment, they maintain an upward trend. Gold and silver are expected to rise oscillatory [15]. - **Shipping**: Pay attention to the resumption of voyages in the far - month. The short - term judgment for the container shipping European line is oscillation [15]. - **Black Building Materials**: Fundamentals are lackluster. Most varieties are expected to oscillate [15]. - **Non - ferrous Metals and New Materials**: Wait for the macro - situation to become clearer. Base metals are oscillating and consolidating. Some varieties are expected to rise oscillatory, while others are expected to oscillate [15]. - **Energy and Chemicals**: The trade tension eases slightly, but the supply - demand pattern is still under pressure. Most varieties are expected to oscillate [17]. - **Agriculture**: Sentiment warms up but trends diverge. Some varieties are expected to rise oscillatory, while others are expected to oscillate or decline oscillatory [17].

Commodity Prices - Aluminum futures increased from 1969.5 to 2161.8, a rise of 9.76% [3] - Lithium futures rose from 1584 to 1695.5, marking a 7.04% increase [3] - Brent crude oil decreased from 61.22 to 60.8, a decline of 0.69% [3] - Natural gas prices fell from 3.852 to 3.641, a drop of 5.48% [3] Stock Market Indices - The Hang Seng Index increased from 25630.54 to 26338.47, reflecting a growth of 2.76% [3] - The S&P 500 index decreased from 6896.24 to 6858.47, a decline of 0.55% [3] - The Nasdaq index fell from 23419.08 to 23235.629, a decrease of 0.78% [3] Foreign Exchange Rates - The US Dollar Index rose from 98.3 to 98.49, an increase of 0.19% [3] - The Euro to US Dollar exchange rate decreased from 1.1737 to 1.1716, a decline of 0.18% [3] - The CNH to US Dollar rate fell from 6.9843 to 6.9704, a decrease of 0.20% [3] Bond Yields - The yield on 2-year US Treasury bonds decreased from 104.4296 to 104.3711, a drop of 0.06% [3] - The yield on 10-year US Treasury bonds fell from 112.6093 to 112.1875, a decline of 0.37% [3]