1. Report Industry Investment Rating There is no information about the industry investment rating in the provided reports. 2. Core Views - The overall market is affected by various factors such as geopolitical conflicts, central bank policies, and supply - demand relationships. Geopolitical tensions, especially the situation in the Middle East, have a significant impact on the prices of commodities like precious metals, energy, and some chemicals. Central bank policies, such as potential interest rate cuts by the Fed, also influence market expectations. Supply - demand imbalances in different industries drive price trends, with some industries facing supply shortages or excess, and demand either growing or remaining weak [1][2][8]. 3. Summary by Commodity Category Precious Metals - **Market Performance**: The international gold price denominated in London Gold fell 4.39% to $5087 per ounce, and the international silver price denominated in London Silver dropped 8.18% to $81.98 per ounce [1]. - **Fundamentals**: Tensions in the Middle East, changes in Fed interest - rate cut expectations, and inventory changes in different regions and ETFs. For example, domestic gold inflow was 2.1 tons, and some inventories decreased, while India's silver import demand continued to improve [1]. - **Trading Strategy**: Hold long positions in gold and reduce long positions in silver and wait and see [1]. Base Metals Copper - **Market Performance**: Copper prices fluctuated weakly [2]. - **Fundamentals**: Delayed interest - rate cut expectations due to rising oil prices, supply - side copper ore shortage but high refined copper production, and weak demand in the off - season [2]. - **Trading Strategy**: Adopt a range - bound trading strategy in the short term [2]. Aluminum - **Market Performance**: The closing price of the electrolytic aluminum main contract decreased by 2.29% to 23905 yuan/ton [2]. - **Fundamentals**: High - load production on the supply side and a slight increase in the weekly aluminum product start - up rate on the demand side [2]. - **Trading Strategy**: Expect the price to oscillate strongly due to geopolitical conflicts and improving downstream demand [2]. Alumina - **Market Performance**: The closing price of the alumina main contract increased by 1.23% to 2807 yuan/ton [2]. - **Fundamentals**: A decrease in operating capacity on the supply side and high - load production of electrolytic aluminum plants on the demand side [2]. - **Trading Strategy**: Expect the price to oscillate strongly in the short term, but new production capacity may suppress the price in the future [2][3]. Zinc and Lead - **Market Performance**: On March 3, the zinc and lead main contracts closed at 24370 yuan/ton and 16840 yuan/ton respectively, with price drops [3]. - **Fundamentals**: For zinc, large accumulation of social inventory, slow resumption of downstream enterprises, but low overseas LME inventory provides some support; for lead, increasing social inventory, some refineries delaying resumption due to high costs, and weak spot trading [3]. - **Trading Strategy**: Hedge zinc at high prices and trade lead within a range [3]. Industrial Silicon - **Market Performance**: The main 05 contract closed at 8205 yuan/ton, a decrease of 1.20% from the previous trading day [3]. - **Fundamentals**: An increase in the number of open furnaces on the supply side, slight inventory accumulation, and recovery in demand from downstream industries such as polysilicon and organic silicon [3]. - **Trading Strategy**: Expect the price to oscillate between 8200 - 8600 yuan. Consider short - selling lightly at high prices if the large - scale production cut is short - lived [3]. Lithium Carbonate - **Market Performance**: LC2605 closed at 150,860 yuan/ton, with a limit - down [3]. - **Fundamentals**: A decrease in the price of Australian lithium spodumene concentrate, an increase in production, and changes in demand and inventory. For example, SMM expects a 8.7% increase in March production compared to January [3]. - **Trading Strategy**: The price may oscillate with high volatility around 140,000 - 150,000 yuan in the short term. Wait and see the new - energy vehicle consumption in March to judge the future price trend [3]. Polysilicon - **Market Performance**: The main 05 contract closed at 43700 yuan/ton, a decrease of 2.74% from the previous trading day [4]. - **Fundamentals**: Stable weekly production, an increase in industry inventory, and a recovery in downstream production scheduling [4]. - **Trading Strategy**: Expect the price to oscillate weakly between 43000 - 53000 yuan in the short term [4]. Tin - **Market Performance**: Tin prices dropped significantly [4]. - **Fundamentals**: Delayed interest - rate cut expectations and a tight supply of tin ore, with active trading at lower prices [4]. - **Trading Strategy**: Wait for a buying opportunity after the implied volatility decreases [4]. Black Industry Rebar - **Market Performance**: The main 2605 contract of rebar closed at 3067 yuan/ton, up 8 yuan from the previous night - session closing price [5]. - **Fundamentals**: Seasonal inventory accumulation, a significant difference in supply - demand between building materials and hot - rolled coils, and relatively low rebar futures valuation [5]. - **Trading Strategy**: Hold short positions in rebar and wait and see. The reference range for RB05 is 3040 - 3100 yuan [5]. Iron Ore - **Market Performance**: The main 2605 contract of iron ore closed at 746.5 yuan/ton, down 2.5 yuan from the previous night - session closing price [5]. - **Fundamentals**: A decrease in iron ore shipments from Australia and Brazil, a decrease in arrivals, and low port inventory [5]. - **Trading Strategy**: Wait and see. The reference range for I05 is 730 - 760 yuan [5]. Coking Coal - **Market Performance**: The main 2605 contract of coking coal closed at 1117 yuan/ton, up 32.5 yuan from the previous night - session closing price [5]. - **Fundamentals**: An increase in molten iron production, the implementation of the first round of coke price increase, and high - level port clearance [5]. - **Trading Strategy**: Hold short positions in coking coal and wait and see. The reference range for JM05 is 1090 - 1150 yuan [5]. Agricultural Products Soybean Meal - **Market Performance**: CBOT soybeans rose overnight [6]. - **Fundamentals**: A丰产 expectation in South America, strong US soybean crushing and export expectations [6]. - **Trading Strategy**: US soybeans are strong. Pay attention to US soybean exports and South American production realization. The domestic market may oscillate strongly in the short term but lacks upward momentum in the medium term [6]. Corn - **Market Performance**: Corn futures prices fell, while spot prices continued to rise [6]. - **Fundamentals**: More than 60% of grain sales completed, low port and downstream inventory, and losses in downstream industries [6]. - **Trading Strategy**: Expect the futures price to oscillate strongly due to limited supply and downstream restocking [6]. Edible Oils - **Market Performance**: Malaysian palm oil rose, driven by the increase in crude oil prices [6]. - **Fundamentals**: A decrease in February production and exports in Malaysia, and an expected decrease in end - February inventory [6]. - **Trading Strategy**: The edible oil market is in a weak cycle but may rebound in the short term due to rising crude oil prices. Pay attention to crude oil prices and production in the producing areas [6]. Cotton - **Market Performance**: ICE US cotton futures prices continued to fall, while Zhengzhou cotton futures prices oscillated narrowly [6]. - **Fundamentals**: Smooth cotton sowing in Brazil, stable domestic cotton prices, and an increase in cotton yarn prices [6]. - **Trading Strategy**: Buy at low prices. The reference price range is 15000 - 15600 yuan/ton [6]. Eggs - **Market Performance**: Egg futures prices were weak, and spot prices slightly decreased [6]. - **Fundamentals**: It is the traditional off - season for egg demand, and supply is sufficient [6]. - **Trading Strategy**: Expect the futures price to oscillate weakly [6]. Pigs - **Market Performance**: Pig futures prices were weak, and spot prices continued to fall [6]. - **Fundamentals**: An increase in the number of pigs for slaughter after the Spring Festival and a seasonal off - season for demand [6]. - **Trading Strategy**: Expect the futures price to oscillate weakly [6]. Chemicals LLDPE - **Market Performance**: The main LLDPE contract continued to rise significantly. The basis strengthened, and market trading was good [7]. - **Fundamentals**: No new device production in the first half of the year, a slowdown in domestic supply pressure, and an improvement in downstream demand [7]. - **Trading Strategy**: Oscillate strongly in the short term, with the upside limited by the import window. Short at high prices in the medium term [7]. PVC - **Market Performance**: The V05 contract closed at 4939 yuan/ton, up 2.4% [7]. - **Fundamentals**: Affected by rising oil prices, high social inventory, and weak demand [7]. - **Trading Strategy**: Wait and see due to balanced supply and weak demand and low valuation [7]. PTA - **Market Performance**: PXCFR China price was $1019/ton, and PTA East China spot price was 5525 yuan/ton [7]. - **Fundamentals**: High - level supply of PX, restart of some PTA devices, and PTA inventory accumulation [7]. - **Trading Strategy**: Keep waiting and see in the PTA inventory - accumulation pattern [7]. Glass - **Market Performance**: The fg05 contract closed at 1053 yuan/ton, up 0.6% [7]. - **Fundamentals**: A decrease in supply, weak demand, and high inventory [7]. - **Trading Strategy**: Buy glass and sell soda ash [7]. PP - **Market Performance**: The main PP contract continued to rise significantly. The basis strengthened, and market trading was good [8]. - **Fundamentals**: A decrease in new device production in the short term, a reduction in supply pressure, and an improvement in downstream demand [8]. - **Trading Strategy**: Oscillate strongly in the short term, with the upside limited by the import window. Short at high prices in the medium term [8]. MEG - **Market Performance**: The East China spot price of MEG was 3894 yuan/ton [8]. - **Fundamentals**: Potential supply shortages due to geopolitical conflicts, and expected inventory reduction in March [8]. - **Trading Strategy**: Hold long positions [8]. Crude Oil - **Market Performance**: SC crude oil had three consecutive daily limit - up, and the delivery cost had a high premium compared to Brent [8]. - **Fundamentals**: The geopolitical situation in the Middle East, especially the situation in Iran, may affect the supply of crude oil through the Strait of Hormuz [8]. - **Trading Strategy**: Participate in trading through options to control risks [8]. Styrene - **Market Performance**: The EB main contract continued to rise significantly. The market trading atmosphere was good [9]. - **Fundamentals**: An improvement in the pure - benzene supply - demand pattern, inventory reduction of styrene, and an improvement in downstream start - up rate but increased losses [9]. - **Trading Strategy**: Oscillate strongly in the short term, following the cost (crude oil) fluctuations. Go long on styrene at low prices in the second quarter [9]. Soda Ash - **Market Performance**: The SA05 contract closed at 1219 yuan/ton, up 2.2% [9]. - **Fundamentals**: Rising prices due to increased overseas costs, large supply, and inventory accumulation [9]. - **Trading Strategy**: Wait and see due to increased supply and weak demand and low valuation [9].

[汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 国泰海通晨报 2026 年 03 月 04 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【固定收益研究】：局部战争冲击债市的窗口通常不超过数周，真正撬动利率的始终是通胀预 期与货币政策。 2、【交通运输研究】航空：2026 年春运需求旺盛，节后票价上行继续良好，Q1 行业盈利可期。 近日中东局势升级致地缘油价风险，不改航司价值与超级周期长逻辑，建议把握逆向布局时机。 3、【电力设备与新能源研究】储能设备及系统集成：欧洲天然气和电价将再次上涨，光储需求有 爆发的潜力。 王一凡(分析师) 021-38031722 wangyifan4@gtht.com S0880524120001 唐元懋(分析师) 0755-23976753 tangyuanmao@gtht.com S0880524040002 事件点评：《冲突时刻，海外债利率如何走》2026-03-0 ...

文 | 晶科储能 近日，晶科储能 在安徽宿州专业测试基地，成功完成了针对其蓝鲸SunTe r a 5MWh液冷 储 能 系 统 的 大 规 模 火 烧 测 试 。 本 次 测 试 严 格 遵 循 CSA C800 标 准 及 2025 年 11 月 发 布 的 UL95 40A草案 ，在第三方权威机构CSA集团及北美消防工程师的全程见证下，以真实场 站部署工况模拟极端火灾场景，全面验证了晶科储能系统在防火隔热、抗热失控蔓延及系 统结构设计方面的卓越表现。测试成果不仅为NFPA 85 5：2 026新规框架下的大规模火灾 测 试 （ LSFT ） 提 供 了 关 键 实 证 数 据 ， 也 以 可 量 化 、 可 复 现 的 测 试 方 法 ， 推 动 储 能 行 业 从"被动合规"走向"主动定义安全"的新阶段。 蓝鲸SunTe r a 5MWh液冷储能系统是晶科储能基于314Ah大容量电芯平台打造的新一代旗 舰 产 品 ， 采 用 液 冷 热 管 理 技 术 ， 系 统 标 称 能 量 5 .0 15MWh ， 支 持 0.5P 持 续 充 放 电 ， 具 备 IP55防护等级及C4/C5防腐等级，设计寿命2 ...

文 | 中关村储能产业技术联盟 随着3月1日直接参与市场交易用户全面转入市场化分时结算机制， 中国电力市场正逐步告别"一张表格管全国"的传统模式。 在山东、广东等现货市场建设较为成熟的"先行区"，储能的盈利模式正向依托数据与算法的"动态量化交易"加速演进。 即便在现货市场尚未全面开启的省份，批发侧的价格波动也已不可逆地通过中长期市场的机制调整向用户侧渗透。 例如，陕西明确售电公司代 理用户的电价需直接联动市场批发均价；河北南网则尝试参照现货市场的价格曲线，对中长期合同进行分时折算。 中关村储能产业技术联盟（CNESA）分析指出 ， 在电价波动 趋势不明确 、 辅助服务竞争加剧、容量补偿机制尚未稳定等 的 发展 趋势下， 单个 储能项目的收益不确定性有所增加。 01 虚拟电厂（VPP）的两大形态 在此背景下，通过虚拟电厂（VPP）实现资源聚合参与市场交易，或利用独立微电网提升区域能源的平衡能力，正成为行业关注的演进方向。 联盟观察到，头部机构正加速向"综合能源聚合商"转型。 其竞争的关键在于是否具备深入理解复杂工业生产流程的能力 ——即从单纯提供售电服务，转变为深度融入用户生产系统、协同优化排产策 略，最终通过 ...

美股大型科技股多数下跌，特斯拉跌逾2%，英伟达跌超1%，谷歌、苹果小幅下跌；微软涨超 1%，亚马逊、奈飞小幅上涨。 芯片股表现疲软，半导体产业链全线下挫，费城半导体指数跌超4.5%，闪迪跌近9%，美光科 技跌近8%，科天半导体跌逾6%，英特尔跌超5%，阿斯麦跌逾4%，台积电跌超4%。 中概股普遍下跌，纳斯达克中国金龙指数跌超3%。金山云、晶科能源跌超8%，小鹏汽车、小 马智行跌超6%，阿里巴巴、爱奇艺跌近5%；携程网、网易小幅上涨。 记者丨曾静娇 编辑丨江佩霞 受中东局势影响，美东时间周二，欧美股市全线飘绿，德国DAX指数、法国CAC40指数跌超 3%，英国富时100指数跌逾2%；纳指跌超1%，道指下挫超400点，跌近1%。 争"，称"如果有的话，可能是我推动了以色列的手"。 目前伊朗"几乎所有军事能力都已被摧 毁" ， 接下来将"承受更大打击" 。 据财联社报道，明尼阿波利斯联储主席卡什卡利表示，伊朗冲突这加剧了美国经济前景的不确 定性，使得央行利率政策的走向更加难以预判。 据21世纪经济报道，源达信息证券研究所所长吴起涤表示，短期内，抗通胀的优先级可能会 被动提升，导致美联储推迟降息。美联储可能会考虑地缘 ...

| 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | DJI | 道琼斯工业平均 | 47736.48 | -1168.30 | -2.39% | | IXIC | 纳斯达克指数 | 22226.17 | -522.69 | -2.30% | | SPX | 标普500 | 6729.80 | -151.82 | -2.21% | | NDX | 纳斯达克100 | 24419.14 | -573.46 | -2.29% | | MAGS | 万得美国科技七巨头指数 | 61174.85 | -1059.44 | -1.70% | | DRAG | 万得中概科技龙头指数 | 3653.30 | -175.35 | -4.58% | | HXC | 纳斯达克中国余龙指数 | 6837.94 | -360.57 | -5.01% | 当天，欧股亦全线走低。截至发稿，英国富时100指数、法国CAC40指数跌超3%，德国DAX指数、意大利富时MIB指数跌超4%，欧洲斯托克50 指数跌3.89%。 此前在3日亚洲交易时段，亚太股市亦大幅下跌。日经22 ...

股票研究 /[Table_Date] 2026.03.03 欧洲天然气价格暴涨，光储将迎来需求爆发 储能设备及系统集成 [Table_Industry] | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | | | 庞钧文(分析师) | 021-38674703 | pangjunwen@gtht.com | S0880517120001 | | | | 吴志鹏(分析师) | 021-23215736 | wuzhipeng@gtht.com | S0880525070004 | | | 本报告导读： 欧洲天然气和电价将再次上涨，光储需求有爆发的潜力。 投资要点： [Table_Report] 相关报告 请务必阅读正文之后的免责条款部分 行 业 跟 踪 报 告 [Table_Summary] 投资建议：卡塔尔停止能源天然气生产导致天 ...

2026 年 3 月 3 日 总量研究 短线重视资源品配置机会 ——金融工程市场跟踪周报 20260303 要点 市场核心观点： 上周（2026.02.24-2026.02.27）A 股实现震荡上行，中证 1000 周度上涨 4.34%、 领涨主要宽基指数。量能表现方面，主要宽基指数量能震荡回升，截至上周五 （2026.02.27，下同）主要宽基指数量能择时维持谨慎观点，市场进一步上行或 需量能进一步提振。资金面方面，周度融资增加额转正，市场风险偏好有所提升。 近期中东局势发生剧烈变化，带动资源品价格震荡上行，或影响权益市场相关板 块价格表现。当前市场量能仍在修复阶段，量能未能持续突破下，权益指数难有 强势上涨表现。风险偏好提升背景下，市场或震荡上行。短期看好资源品配置机 会，中长期仍看好"红利+科技"配置主线。 上周市场各指数均表现为上涨，上证综指上涨 1.98%，上证 50 上涨 0.17%，沪 深 300 上涨 1.08%，中证 500 上涨 4.32%，中证 1000 上涨 4.34%，创业板指 上涨 1.05%，北证 50 指数上涨 0.48%。 截至 2026 年 2 月 27 日，宽基指数来看， ...

2026年03月03日 星期二 商品期货早班车 招商期货-期货研究报告 黄金市场 招商评论 贵 金 属 市场表现：周一贵金属市场冲高回落，以伦敦金计价的国际金价涨 0.82%至 5382 美元/盎司，以伦敦银计价 的国际银价 4.84%至 89.28 美元/盎司。 基本面：特朗普称不达目标不停战，不排除"必要时"对伊朗派遣美军地面部队；伊朗高官拉里贾尼表示不 会与美国进行谈判；卡塔尔企业遇袭后暂停全球最大 LNG 出口厂生产；美国联邦上诉法院驳回特朗普政府关 税退税延期相关请求；美国 2 月 ISM 制造业指数连续两个月扩张，价格指数飙升至近四年新高。国内黄金 ETF 小幅流出；COMEX 黄金库存为 1031.6 吨，-4.7 吨；上期所黄金库存为 105.1 吨，维持不变，SPDR 黄金 ETF 持仓为1101.3吨，维持不变，；伦敦黄金库存1月底9155.8吨，12月底为 9103吨；COMEX白银库存为11120.3 吨，-86.1 吨；上期所白银库存为 309.4 吨，+2.8 吨；iShares 白银 ETF 持仓为 15902.2 吨，-90.2 吨；金交 所白银上周库存 450 吨，-43 吨 ...

美股三大指数收盘涨跌不一，道指跌0.15%，标普500指数涨0.04%，纳指涨0.36%。大型科技股多数上涨，英伟达涨约3%，微软涨超1%，苹果、特斯拉、奈 飞、Meta小幅上涨；谷歌跌超1%，英特尔、亚马逊小幅下跌。美股加密货币概念股走高，Figure涨超17%，Circle涨超15%，Strategy涨超6%。 纳斯达克金龙中国指数收跌1.08%，热门中概股里，金山云收跌4.9%，再鼎医药、小米跌4.1%，文远知行、美团、唯品会、万国数据至多跌3.6%，晶科能源 涨2.1%，贝壳涨2.2%，比亚迪涨5%，奇富科技涨5.8%，斗鱼涨7.2%。 ...