证券代码：839979 每日观点 豆油 1.基本面：MPOB报告显示，MPOB月报显示马棕8月产量环比减少9.8%至162万吨，出口环比减少14.74%至 149万吨，月末库存环比减少2.6%至183万吨。报告中性，减产不及预期。目前船调机构显示本月目前马 棕出口数据环比增加4%，后续进入减产季，棕榈油供应上压力减小。中性 2.基差：豆油现货8352，基差184，现货升水期货。偏多 3.库存：9月22日豆油商业库存118万吨，前116万吨，环比+2万吨，同比+11.7% 。偏空 4.盘面：期价运行在20日均线下，20日均线朝下。偏空 5.主力持仓：豆油主力多增。偏多 6.预期：油脂价格震荡整理，国内基本面宽松，国内油脂供应稳定。中美关系僵持，美豆新豆出口受挫， 价格承压。马棕库存偏中性，需求有所好转，印尼B40促进国内消费，26年预计实施B50计划。国内油脂 基本面偏中性，进口库存稳定。豆油Y2601：7900-8300附近区间震荡 油脂早报 2025-10-31投资咨询部 分析师: 王明伟 从业资格号： F0283029 投资咨询号： Z0010442 TEL: 0575-85226759 每日观点 棕榈油 ...

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-10-31） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 焦煤： 1、基本面：受国家宏观调控，超产煤矿产量依旧受压制，焦煤供应释放有限。焦炭价格向好，带动焦 煤市场情绪积极，加之近期下游需求回暖，煤矿库存低位，销售顺畅，线上竞拍价格也以上涨为主，市 场交投氛围良好，煤矿报价也多小幅上行，且部分煤种涨后出货稳定，下游要货依旧积极；偏多 2、基差：现货市场价1390，基差102；现货升水期货；偏多 3、库存：钢厂库存781.1万吨，港口库存295万吨，独立焦企库存819.3万吨，总样本库存1895.4万吨， 较上周减少76.2万吨；偏多 6、预期：焦企原料煤库存均处于中低位水平，加之焦炭市场第三轮提涨开启，市场情绪向好下，对炼 焦煤采购需求不减。但考虑焦钢利润微薄 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年10月31日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 利多：国内消费较好，库存降低，糖浆关税增加。美国 可乐改变配方使用蔗糖。 利空：白糖全球产量增加，新一年度全球供应过剩。外 糖价格跌破15美分/磅，进口利润窗口打开，进口冲击 加大。 • 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建 议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 | 白糖早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 品种 | 期价 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The overall sentiment in the inter - bank bond market is warm, with spot bond yields declining by about 1bp. The main contracts of treasury bond futures mostly rose, and the 30 - year main contract increased by 0.19%. The tax payment period has basically ended, and the inter - bank money market has become more relaxed, with the overnight repo rate of deposit - taking institutions dropping by more than 9bp to a low of 1.31%. The fourth - quarter bond market faces a generally favorable fundamental and policy environment but remains in a volatile pattern [3]. - The central bank has continued to increase the volume of MLF renewals for the 8th consecutive month. In September, the manufacturing PMI recovered but was still below the boom - bust line. The CPI increased by 0.1% month - on - month and decreased by 0.3% year - on - year, while the year - on - year increase in core CPI expanded for the 5th consecutive month. New social financing in September was slightly lower than the seasonal level, and the M2 growth rate expanded due to the "migration of RMB deposits". The LPR remained unchanged as expected. The Fed cut interest rates by 25 basis points at its October meeting [5]. 3. Summary by Relevant Catalogs 3.1 Fundamentals - The inter - bank bond market sentiment is warm, spot bond yields decline, and the main contracts of treasury bond futures mostly rise. The tax payment period ends, and the money market eases. The market is highly concerned about the China - US summit [3]. 3.2 Fund Flow - On October 30, the People's Bank of China conducted 3426 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.40%. With 2125 billion yuan of reverse repurchases maturing on the same day, the net investment was 1301 billion yuan [3]. 3.3 Basis - The basis of TS main contract is - 0.0721, indicating that the spot bond is at a discount to the futures, which is bearish. The basis of TF main contract is - 0.0427, also bearish. The basis of T main contract is 0.1084, indicating that the spot bond is at a premium to the futures, which is bullish. The basis of TL main contract is 0.0476, also bullish [3]. 3.4 Inventory - The balance of deliverable bonds for the main contracts of TS, TF, and T are 1359.4 billion yuan, 1493.5 billion yuan, and 2359.9 billion yuan respectively, which is neutral [4]. 3.5 Market Trends - The TS main contract is running above the 20 - day moving average, and the 20 - day moving average is upward, which is bullish. The TF main contract is also above the 20 - day moving average with an upward 20 - day moving average, which is bullish. The T main contract is above the 20 - day moving average with an upward 20 - day moving average, which is bullish [4]. 3.6 Main Positions - The TS main contract has a net long position, and the long position increases. The TF main contract has a net long position, and the long position increases. The T main contract has a net long position, but the long position decreases [5]. 3.7 Market Quotes | Futures Contract | Current Price | Change Rate | Trading Volume | Open Interest | Daily Position Change | CTD Bond | | --- | --- | --- | --- | --- | --- | --- | | T2512.CFE | 108.630 | 0.05% | 68,993 | 245,110 | - 1,169 | 220017.IB | | TF2512.CFE | 106.065 | 0.00% | 54,366 | 149,269 | 160 | 250003.IB | | TS2512.CFE | 102.554 | - 0.01% | 33,991 | 73,541 | 2,319 | 250012.IB | | TL2512.CFE | 116.15 | 0.19% | 128,226 | 144,078 | - 1,963 | 220008.IB | [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - PTA: The industry meeting had no substantial conclusions. The PTA futures fluctuated downward in the afternoon, and the spot market negotiation atmosphere weakened. The spot basis rose and then fell. The absolute price is expected to fluctuate with the cost - end in the short term, and attention should be paid to device changes [5]. - MEG: The price center of ethylene glycol fluctuated downward on Thursday, and the market transaction was acceptable. The port inventory is expected to increase significantly this week, and the spot flow will be supplemented. It is expected that the short - term price center of ethylene glycol will be adjusted within a range, with continuous upward pressure [7]. - Overall: The short - term commodity market is greatly affected by the macro - level. Attention should be paid to the cost - end, and the upper resistance level should be noted when the market rebounds [10]. 3. Summary According to the Table of Contents 3.1 Previous Day's Review No relevant content provided. 3.2 Daily Tips - PTA: - Fundamental: After the industry meeting, the market situation changed as described above. The 11th - middle of November was traded at a discount of 69 - 72 to the 01 contract, and the 12th - middle of December was traded at a discount of 50 to the 01 contract. The current mainstream spot basis is 01 - 71 [5]. - Basis: The spot price is 4530, and the 01 contract basis is - 40, with the futures price higher than the spot price, showing a neutral situation [6]. - Inventory: The PTA factory inventory is 4.03 days, a decrease of 0.04 days compared with the previous period, showing a bullish situation [6]. - Disk: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, showing a bullish situation [6]. - Main Position: The net short position decreased, showing a bearish tendency [5]. - Expectation: Driven by the downstream polyester sales this week, the PTA spot basis strengthened slightly, and the market transaction center gradually shifted to November [5]. - MEG: - Fundamental: The price center of ethylene glycol fluctuated downward on Thursday. The domestic supply will be abundant in the later period. After the delivery cycle ends, the spot buying in the trading link will also weaken [7]. - Basis: The spot price is 4145, and the 01 contract basis is 113, with the spot price higher than the futures price, showing a neutral situation [7]. - Inventory: The total inventory in East China is 49.8 tons, a decrease of 1.7 tons compared with the previous period, showing a bearish situation [7]. - Disk: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average, showing a bearish situation [7]. - Main Position: The main net short position decreased, showing a bearish tendency [7]. - Expectation: The port inventory is expected to increase significantly this week, and the short - term price center will be adjusted within a range [7]. 3.3 Today's Focus No relevant content provided. 3.4 Fundamental Data - PTA Supply - Demand Balance Sheet: It shows the PTA production capacity, output, supply, demand, inventory, and other data from January 2024 to December 2025, reflecting the supply - demand relationship and inventory changes in different periods [11]. - Ethylene Glycol Supply - Demand Balance Sheet: It shows the ethylene glycol production, import, supply, demand, port inventory, and other data from January 2024 to December 2025, reflecting the supply - demand relationship and inventory changes in different periods [12]. - Price - related Data: It includes the spot price, production profit, production capacity utilization rate, inventory, basis, and price difference data of bottle chips, PTA, MEG, and other products from 2020 to 2025, which can be used to analyze the price trends and market conditions of different products [15][18][22]. - Inventory Analysis Data: It includes the inventory data of PTA, MEG, PET slices, and polyester fibers from 2020 to 2025, which can be used to analyze the inventory levels and trends of different products [41]. - Production Start - up Data: It includes the production start - up data of the upstream and downstream of polyester from 2020 to 2025, which can be used to analyze the production activities and market supply - demand relationships of different links in the polyester industry chain [52][56]. - Profit Data: It includes the profit data of PTA, MEG, polyester fibers, and other products from 2020 to 2025, which can be used to analyze the profitability and market competitiveness of different products [61][62].

交易咨询业务资格：证监许可【2012】1091号 沪铜早报- 大越期货投资咨询部 : 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 铜: 1、基本面：供应端有所扰动，冶炼企业有减产动作，废铜政策有所放开，9月份，制造业生产活动加 快，PMI升至49.8%，景气水平继续改善；中性。 2、基差：现货87920，基差-40，贴水期货； 中性。 3、库存：10月30日铜库存减400至134950吨，上期所铜库存较上周减5448吨至104792吨；中性。 4、盘面：收盘价收于20均线上，20均线向上运行；偏多。 5、主力持仓：主力净持仓空，空增；偏空。 6、预期：库存回升，地缘扰动仍存印尼的Grasberg Block Cave矿事件发酵，铜价维持强势 近期利多利空分析 利多： 利空： 数据来源：Wind 逻辑： 全球政策宽松 和 贸易战升级 风险： 自然灾害 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The glass industry has a weak fundamental outlook. In the short term, it is expected to operate with a weak and fluctuating trend. The supply has declined to a relatively low level, and there are more disturbances on the supply side recently, but the terminal demand recovery is weak [3][7]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract was 1091 yuan/ton, a decrease of 3.19% from the previous value. The spot price of Shahe Safety large - size glass was 1048 yuan/ton, an increase of 0.38% from the previous value. The main basis was - 43 yuan/ton, a decrease of 48.19% from the previous value [8]. Glass Spot Market - The market price of 5mm white glass large - size boards in Hebei Shahe, the spot benchmark, was 1048 yuan/ton, an increase of 4 yuan/ton from the previous day [13]. Fundamental Analysis - Cost Side No detailed content provided. Fundamental Analysis - Production - The number of operating national float glass production lines was 226, with an operating rate of 76.35%. The number of operating production lines was at a historical low for the same period. The daily melting volume of national float glass was 161,300 tons, and the production capacity was at the lowest level in the same period in history and was stabilizing and recovering [24][26]. Fundamental Analysis - Demand - In August 2025, the apparent consumption of float glass was 4.8602 million tons. The real - estate terminal demand was still weak, and the number of orders from glass deep - processing enterprises was at a historical low for the same period. The capital collection in the deep - processing industry was not optimistic, and traders and processors were cautious, mainly digesting the original glass inventory [30][6]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises was 65.79 million weight boxes, a decrease of 1.24% from the previous week. The inventory was running above the 5 - year average [45]. Fundamental Analysis - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E shows changes in production, consumption, and other indicators. For example, in 2024E, the production was 55.1 million tons, the consumption was 53.1 million tons, and the production growth rate was 3.94%, while the consumption growth rate was - 1.15% [46]. Influencing Factors - **Positive Factors**: Under the influence of the "anti - involution" policy, there is an expectation of production capacity clearance in the float glass industry. There are more disturbances on the supply side due to the "coal - to - gas" conversion of some production lines in the Shahe area [5]. - **Negative Factors**: The real - estate terminal demand is weak, and the number of orders from glass deep - processing enterprises is at a historical low for the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious [6]. Main Logic The glass supply has declined to a relatively low level for the same period. Recently, there have been more disturbances on the supply side, but the terminal demand recovery is weak. It is expected that the glass will mainly operate in a fluctuating manner [7].

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年10月31日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 指标体系 沪锌: 1、基本面：世界金属统计局（WBMS）公布的最新报告显示，2025年8月，全 球锌板产量为115.07万吨，消费量为117.17万吨，供应短缺2.1万吨。2025 年1-8月，全球锌板产量为908.85万吨，消费量为936.98万吨，供应短缺 28.13万吨。2025年8月，全球锌矿产量为106.96万吨。2025年1-8月，全球 锌矿产量为844.57万吨；偏多。 2、基差：现货22300，基差-65；中性。 3、库存：10月30日LME锌库存较上日减少300吨至34900吨，10月30日上期所 锌库存仓单较上日减少300吨至67124吨；偏多。 4、盘面：昨日沪锌震荡下跌走势，收20日均 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **沪镍**: The external market has declined, and the price is fluctuating around the 20 - day moving average. The nickel ore price is firm, the nickel - iron price is stable with a slight decline, and the stainless - steel inventory has slightly decreased. The new energy vehicle production and sales data are good, but the overall boost is limited. The medium - to - long - term oversupply pattern remains unchanged. The 2512 contract of Shanghai nickel is expected to have a wide - range fluctuation around the 20 - day moving average [2]. - **不锈钢**: The spot stainless - steel price remains flat. The short - term nickel ore price is firm, the freight rate is stable, the nickel - iron price is stable with a slight decline, and the cost line has moved down. The stainless - steel inventory has slightly decreased. The 2512 contract of stainless steel is expected to run with a wide - range fluctuation around the 20 - day moving average [4]. 3. Summary by Related Catalogs **Price Overview** - **Nickel and Stainless - Steel Futures**: On October 30, the Shanghai nickel main contract was at 120,980 yuan, down 560 yuan from the previous day; the London nickel was at 15,250, down 155; the stainless - steel main contract was at 12,725 yuan, down 80 yuan. The nickel index on the Wuxi trading center was at 120,350 yuan, down 750 yuan, and the cold - rolled coil index was at 12,420 yuan, down 30 yuan [11]. - **Spot Prices**: On October 30, the price of SMM1 electrolytic nickel was 122,200 yuan, up 300 yuan; the price of cold - rolled 304*2B stainless steel in different regions remained unchanged [11]. **Inventory Situation** - **Nickel Inventory**: As of October 30, the LME nickel inventory was 251,640, a decrease of 66; the Shanghai Futures Exchange nickel warehouse receipts were 31,532, an increase of 99. The total inventory increased by 33 [14]. - **Stainless - Steel Inventory**: As of October 24, the Wuxi stainless - steel inventory was 601,100 tons, the Foshan inventory was 302,600 tons, and the national inventory was 1,027,400 tons, a decrease of 13,800 tons compared with the previous period. The stainless - steel futures warehouse receipts on October 30 remained unchanged at 73,777 [18][19]. **Cost Factors** - **Nickel Ore and Nickel - Iron Prices**: On October 30, the price of red - soil nickel ore CIF (Ni1.5%) was 58 US dollars per wet ton, unchanged; the price of red - soil nickel ore CIF (Ni0.9%) was 30 US dollars per wet ton, unchanged. The freight rates from the Philippines to Lianyungang and Tianjin Port remained stable. The high - nickel wet - ton price was 925 yuan per nickel point, and the low - nickel wet - ton price was 3,050 yuan per ton, both unchanged [22]. - **Stainless - Steel Production Cost**: The traditional production cost of stainless steel was 12,867 yuan, the scrap - steel production cost was 13,067 yuan, and the low - nickel + pure - nickel production cost was 16,694 yuan [24]. - **Nickel Import Cost**: The converted import price was 122,378 yuan per ton [27]. **Influencing Factors** - **Positive Factors**: Expectations of the Fed's interest - rate cut, anti - involution policies, and the firm ore price with a cost support line at 120,000 yuan [6]. - **Negative Factors**: The domestic production continues to increase significantly year - on - year, there is no new growth point in demand, and the long - term oversupply pattern remains unchanged [6].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The industrial silicon market shows a mixed situation. Supply has increased, and demand has also recovered to a certain extent, but demand recovery remains at a low level. Costs have increased, and the 2601 contract is expected to fluctuate in the range of 9070 - 9270 [3][6]. - The polysilicon market has short - term supply increases and medium - term expected adjustments. Demand is in the process of continuous recovery, costs are stable, and the 2601 contract is expected to fluctuate in the range of 54185 - 55795 [7][8]. 3. Summary According to the Directory 3.1 Daily Views Industrial Silicon - **Supply**: Last week, the supply of industrial silicon was 101,000 tons, a 2.02% increase from the previous week [6]. - **Demand**: Last week, the demand for industrial silicon was 94,000 tons, a 27.03% increase from the previous week. Polysilicon inventory is at a high level, silicon wafers and battery cells are in a loss state, while components are profitable. The inventory of organic silicon is at a low level, with a production profit of - 454 yuan/ton and a comprehensive开工率 of 70.05%, which is flat compared to the previous week and lower than the historical average. The inventory of aluminum alloy ingots is at a high level [6]. - **Cost**: In the Xinjiang region, the production loss of sample oxygen - passing 553 is 3141 yuan/ton, and the cost support has increased during the dry season [6]. - **Basis**: On October 29, the spot price of non - oxygen - passing in East China was 9300 yuan/ton, and the basis of the 01 contract was 130 yuan/ton, with the spot at a premium to the futures [6]. - **Inventory**: Social inventory decreased by 0.53% to 559,000 tons, sample enterprise inventory decreased by 0.17% to 167,700 tons, and the inventory of major ports increased by 2.50% to 123,000 tons [6]. - **Disk**: The MA20 is upward, and the futures price of the 01 contract closed above the MA20 [6]. - **Main Position**: The net short position of the main position decreased [6]. - **Expectation**: Supply production scheduling has increased and is near the historical average level. Demand recovery is at a low level, cost support has increased, and the industrial silicon 2601 is expected to fluctuate in the range of 9070 - 9270 [6]. Polysilicon - **Supply**: Last week, the polysilicon production was 29,500 tons, a 4.83% decrease from the previous week. The scheduled production in October is expected to be 134,500 tons, a 3.46% increase from the previous month [8]. - **Demand**: Last week, the silicon wafer production was 14.73GW, a 2.64% increase from the previous week, and the inventory was 184,700 tons, a 6.70% increase from the previous week. Currently, silicon wafer production is in a loss state. The production of battery cells and components has decreased to varying degrees, with battery cell production in a loss state and component production in a profitable state [8]. - **Cost**: The average cost of N - type polysilicon in the industry is 36,050 yuan/ton, and the production profit is 14,950 yuan/ton [8]. - **Basis**: On October 29, the price of N - type dense material was 51,000 yuan/ton, and the basis of the 01 contract was - 2640 yuan/ton, with the spot at a discount to the futures [8]. - **Inventory**: The weekly inventory is 258,000 tons, a 1.97% increase from the previous week, at a high level compared to the same period in history [8]. - **Disk**: The MA20 is upward, and the futures price of the 01 contract closed above the MA20 [8]. - **Main Position**: The net long position of the main position increased [8]. - **Expectation**: Supply production scheduling will increase in the short term and adjust in the medium term. Demand for silicon wafers, battery cells, and components is expected to recover in the medium term, with overall demand showing continuous recovery. Cost support is stable, and the polysilicon 2601 is expected to fluctuate in the range of 54185 - 55795 [8]. 3.2 Market Overview Industrial Silicon - Futures closing prices of various contracts have increased to varying degrees, with the 01 contract rising 2.40% to 9170 yuan/ton [14]. - Spot prices of different grades of industrial silicon in East China remained unchanged [14]. - The basis of most contracts has decreased [14]. - Inventory shows different trends, with social inventory decreasing by 0.53%, sample enterprise inventory decreasing by 0.18%, and major port inventory increasing by 2.50% [14]. - Production and开工率 vary by region, with Xinjiang's production and开工率 increasing, and Sichuan's production and开工率 decreasing [14]. Polysilicon - Futures closing prices of various contracts have increased to varying degrees, with the 01 contract rising 1.17% to 54,990 yuan/ton [16]. - Prices of different types of silicon wafers remained mostly unchanged, and silicon wafer and battery cell production is in a loss state [16]. - The polysilicon inventory has increased by 1.98% to 258,000 tons [16]. - The production and demand of polysilicon in different months show different trends, with production and export showing some fluctuations [16]. 3.3 Price and Inventory Trends - **Industrial Silicon Price - Basis and Delivery Product Spread Trends**: The report presents the historical trends of the basis of the SI main contract and the price spread between 421 and 553 in East China [18][19]. - **Polysilicon Disk Price Trends**: The report shows the price and trading volume trends of the polysilicon main contract, as well as the basis trend [21][22]. - **Industrial Silicon Inventory**: It includes the inventory trends of delivery warehouses, ports, and SMM sample enterprises [24][25][26]. 3.4 Production and Cost Trends - **Industrial Silicon Production and Capacity Utilization Trends**: The report shows the weekly production trends of SMM sample enterprises in different regions, the monthly production by specification, and the开工率 trends [28][29][30][31]. - **Industrial Silicon Cost - Sample Region Trends**: It presents the cost - profit trends of 421 in Sichuan and Yunnan and the cost - profit trends of oxygen - passing 553 in Xinjiang [35][36]. 3.5 Supply - Demand Balance Tables - **Industrial Silicon Weekly Supply - Demand Balance Table**: It shows the weekly supply - demand balance of industrial silicon, including production, import, export, consumption, etc. [37][38]. - **Industrial Silicon Monthly Supply - Demand Balance Table**: It presents the monthly supply - demand balance of industrial silicon from September 2024 to September 2025, including production, consumption, export, and import [40][41]. - **Polysilicon Supply - Demand Balance Table**: No detailed content is provided in the given text, only the title is mentioned [66]. 3.6 Downstream Market Trends Organic Silicon - **DMC Price and Production Trends**: It includes the daily capacity utilization rate of DMC, the profit - cost trends of Shandong organic silicon DMC, and the weekly production trends [43][44]. - **Downstream Price Trends**: It shows the price trends of 107 glue, silicone oil, raw rubber, and D4 [45][46][47]. - **Import - Export and Inventory Trends**: It presents the monthly import - export volume and inventory trends of DMC [50][51]. Aluminum Alloy - **Price and Supply Situation**: It includes the waste aluminum recycling volume, waste aluminum social inventory, aluminum scrap import volume, import - export situation of unwrought aluminum alloy in China, the price trend of SMM aluminum alloy ADC12, and the cost - profit trend of imported ADC12 [53][54]. - **Inventory and Production Trends**: It shows the monthly production trends of primary aluminum - based aluminum alloy ingots and recycled aluminum alloy ingots, the weekly开工率 of primary and recycled aluminum alloys, and the social inventory of aluminum alloy ingots [56][57]. - **Demand (Automobiles and Wheels)**: It presents the monthly production and sales volume of automobiles and the export trend of aluminum alloy wheels [58][59][60]. Polysilicon - **Fundamental Trends**: It includes the cost trend, price trend, total inventory, monthly production, monthly开工率, and monthly demand of the polysilicon industry [63][64].