铜行业周报 2025/07/25 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责 ...

油脂油料产业日报 2025/07/25 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究 ...

软商品日报 2025/07/25 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Gold: The progress of the US - EU tariff agreement eases trade tensions, weakening gold's safe - haven demand. The drop in US initial jobless claims to 217,000 strengthens the expectation of the Fed maintaining interest rates. The breakdown of cease - fire negotiations in the Middle East provides some support, while domestic gold prices are pressured by both the decline in international gold prices and the strengthening of the RMB [3]. - Copper: The "anti - involution" affects the entire non - ferrous metal sector. Copper may be slightly stronger in the short term, but there are potential mid - term risks as there is no significant capacity to be eliminated on the supply side, and the construction of the Yarlung Zangbo River Hydropower Station has a long cycle with low initial copper demand. Also, the increase in copper prices has not significantly driven up positions [13]. - Aluminum: Macroeconomic factors are positive, boosting sentiment. Low inventory continues to support aluminum prices, and SHFE aluminum is expected to fluctuate at a high level in the short term. For alumina, the short - term trend is mainly driven by sentiment, and it may fluctuate, with a risk of significant correction if the fundamentals change. Cast aluminum alloy is affected by high scrap aluminum prices and weak demand [33][34][35]. - Zinc: Under the influence of the "anti - involution" sentiment, SHFE zinc fluctuates at a high level. Fundamentally, the supply is gradually shifting from tight to surplus, and demand is weak during the traditional off - season. The Yarlung River Dam project may bring some demand growth [62]. - Nickel: Nickel ore supply is expected to be loose with narrowing demand and is likely to decline. Nickel pig iron trading has improved, and stainless steel lacks upward momentum. Sulfuric acid nickel is produced based on sales, and attention should be paid to the support of nickel pig iron and large - scale production cuts [78]. - Tin: The rise in tin prices is due to the "anti - involution" impact on the non - ferrous sector, but its fundamentals remain unchanged. In the short term, with the upcoming outflow of Burmese ore and weakening demand, the upward pressure on tin prices is greater than the support [93]. - Lithium Carbonate: The spot market for lithium ore and lithium salts is actively traded, and industry profits are improving. Cost support is strengthened by rising ore prices, but price fluctuations have increased [103]. - Silicon Industry Chain: Market sentiment is hot, and both industrial silicon and polysilicon futures prices have fluctuated significantly. Investors should pay attention to position risks [112]. 3. Summary by Related Catalogs Gold - **Price Influencing Factors**: Trade agreements, US economic data, Middle East situation, and RMB exchange rate affect gold prices [3]. - **Price Charts**: Include SHFE gold and silver futures prices, COMEX gold prices and gold - silver ratios, and the relationship between gold and the US dollar index, US Treasury real interest rates, and long - term fund holdings [4][8]. Copper - **Price Outlook**: Short - term slightly stronger, mid - term potential risks [13]. - **Futures Data**: The latest prices of SHFE copper contracts show a decline, and the trading volume and positions have certain trends [14]. - **Spot Data**: Spot copper prices have decreased, and the basis and spreads have changed [17]. - **Import and Processing**: Copper import losses have increased, and copper concentrate TC remains unchanged [25]. - **Warehouse Receipts and Inventory**: SHFE and LME copper warehouse receipts and inventories have different changes [30][31]. Aluminum - **Aluminum**: Macroeconomic support, low inventory support, and short - term high - level fluctuations [33]. - **Alumina**: High operating capacity, slow inventory accumulation, tight spot supply, and short - term sentiment - driven [34]. - **Cast Aluminum Alloy**: High cost, weak demand, and price following SHFE aluminum [35]. - **Price and Spread Data**: Include prices of various contracts, spreads between different contracts, and basis data [36][41]. - **Inventory Data**: SHFE and LME aluminum and alumina warehouse receipts and inventories have changed [58]. Zinc - **Price Outlook**: High - level fluctuations under "anti - involution" sentiment, with supply gradually becoming surplus and demand weak [62]. - **Price and Spread Data**: Prices of SHFE and LME zinc contracts have declined, and spreads between different contracts have changed [63]. - **Spot Data**: Spot zinc prices have decreased, and the basis and spreads have certain trends [69]. - **Inventory Data**: SHFE and LME zinc warehouse receipts and inventories have increased [74]. Nickel - **Industry Outlook**: Nickel ore supply is loose, nickel pig iron trading improves, stainless steel lacks upward momentum, and sulfuric acid nickel is produced based on sales [78]. - **Price and Position Data**: Prices of SHFE and LME nickel contracts have changed, and trading volume, positions, and warehouse receipts have corresponding trends [79]. - **Related Price Charts**: Include prices of nickel ore, nickel pig iron, and downstream products, as well as profit margins of related production [84][86][88]. Tin - **Price Outlook**: The rise is due to sector - wide influence, with short - term upward pressure greater than support [93]. - **Futures and Spot Data**: Prices of SHFE and LME tin contracts have declined, and spot tin prices and related products have also decreased [94][97]. - **Inventory Data**: SHFE tin warehouse receipts have increased, while LME tin inventory remains unchanged [99]. Lithium Carbonate - **Market Outlook**: Active spot trading, improving industry profits, and strengthening cost support [103]. - **Futures Price Data**: Prices of various lithium carbonate futures contracts have increased, and spreads between different contracts have changed [103]. - **Spot Data**: Prices of lithium ore and lithium salts have risen, and the spreads between different products have also changed [106]. - **Inventory Data**: Exchange and social inventories of lithium carbonate have different changes [110]. Silicon Industry Chain - **Market Outlook**: Hot market sentiment, significant price fluctuations in industrial silicon and polysilicon futures, and investors should pay attention to position risks [112]. - **Industrial Silicon**: Spot prices are stable, futures prices have increased slightly, and basis and spreads have changed [113][114]. - **Related Price Charts**: Include prices of polysilicon, silicon wafers, battery chips, and components, as well as production and inventory data of industrial silicon [120][121][127][133][140].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold prices are supported by factors such as the decline in the US July Richmond Fed Manufacturing Index, the increase in the probability of a Fed rate cut in September, trade negotiation deadlocks, global central bank gold purchases, and geopolitical risks [3]. - Copper may be slightly stronger in the short - term, but there are potential risks in the medium - term, as the current rise lacks significant support from increased positions and supply - side optimization [14]. - Aluminum is expected to trade in a high - level range in the short - term due to positive macro factors and low inventory, while alumina is likely to be strong due to a significant drop in warehouse receipts and macro policies [29][30]. - Zinc is in a high - level range, with supply gradually shifting from tight to surplus and demand remaining weak during the traditional off - season, but the Yajiang Dam project may bring some demand growth [58]. - Nickel's recent strong performance is mainly driven by macro sentiment, with the fundamental situation remaining weak, including oversupply in stainless steel and weak downstream demand for nickel salts [73]. - Tin prices are under upward pressure in the short - term as the expected inflow of Burmese ore and weak downstream demand persist [88]. - Lithium carbonate is expected to be in a volatile and slightly upward state, with active spot market transactions and improved cost support [101]. - Industrial silicon and polysilicon prices were affected by coal - related cost increases and macro sentiment, and the focus is on polysilicon warehouse receipts in the future [112]. 3. Summary by Related Catalogs 3.1 Precious Metals - **Gold**: The decline in the US July Richmond Fed Manufacturing Index to - 20 and the 57% probability of a Fed rate cut in September weaken the US dollar and boost gold. The approaching deadline of the Trump administration's tariff policy and trade negotiation deadlocks increase risk - aversion demand. Global central bank gold purchases and ETF inflows provide long - term support, and geopolitical risks strengthen gold's safe - haven status [3]. - **Silver**: No specific daily view is provided, but multiple charts show price trends, spreads, and inventory data [4][6][9]. 3.2 Copper - **Price and Trend**: The current price of Shanghai copper futures shows a slight decline, while LME copper has a small increase. In the short - term, copper may be slightly stronger, but there are potential medium - term risks [14]. - **Fundamentals**: The rise in the entire non - ferrous sector is likely due to demand - side factors rather than the US dollar index, gold, or supply - side issues. The Yajiang Hydropower Station project may have a significant impact on copper demand [14]. 3.3 Aluminum - **Aluminum**: Macro factors such as strong US consumer confidence and the upcoming ten - key - industry stability - growth plan boost sentiment. Low inventory supports prices, and the short - term trend is expected to be a high - level range [29]. - **Alumina**: The current operating capacity is high and in surplus, but the spot market is tight. Warehouse receipts have dropped significantly, increasing the risk of a soft squeeze on funds. Short - term sentiment is strong [30]. - **Cast Aluminum Alloy**: High scrap aluminum prices support costs, but demand is in the off - season and weak, suppressing the upside [30]. 3.4 Zinc - **Price and Trend**: Zinc is in a high - level range, with the Shanghai zinc contract showing small fluctuations and the LME zinc price rising slightly [59]. - **Fundamentals**: Supply is gradually shifting from tight to surplus, while demand is weak during the traditional off - season. The Yajiang Dam project may bring some demand growth [58]. 3.5 Nickel - **Price and Trend**: The recent strength of Shanghai nickel is mainly driven by macro sentiment, with the fundamental situation remaining weak [73]. - **Fundamentals**: Nickel ore inventory is rising due to seasonal arrivals from the Philippines, and supply is expected to be loose while demand narrows. Nickel iron prices are stabilizing, and stainless steel demand is weak, with nickel salts maintaining a production - based - on - sales model [73]. 3.6 Tin - **Price and Trend**: Tin prices have risen due to the "anti - involution" impact on the non - ferrous sector, but the short - term upward pressure is greater than the support [88]. - **Fundamentals**: With the expected inflow of Burmese ore and weak downstream demand, the situation remains unchanged [88]. 3.7 Lithium Carbonate - **Price and Trend**: The futures price shows some fluctuations, with the main contract closing at 69,380 yuan/ton, down 3,500 yuan from the previous day [102]. - **Fundamentals**: The spot market is active, and cost support is strengthened. The market is expected to be volatile and slightly upward [101]. 3.8 Silicon Industry Chain - **Industrial Silicon**: Coal - related cost increases and macro sentiment have led to price increases. Attention should be paid to polysilicon warehouse receipts in the future [112]. - **Polysilicon**: No specific view is provided, but price data and trends are presented [121].

1. Report Industry Investment Rating No relevant content provided. 2. Report Core Views 2.1 Fats and Oils - **Palm Oil**: Internationally, the Malaysian BMD crude palm oil futures opened low, then rose and maintained a high - level volatile consolidation. It's necessary to watch if it can effectively break through the 4,350 ringgit resistance. Given concerns about production growth and export slowdown, it may face a volatile adjustment after reaching a high. Domestically, the Dalian palm oil futures market is strong, briefly returning to around 9,000 yuan. It's expected to consolidate between 9,000 - 9,100 yuan. If the Malaysian palm oil falls after reaching a high, the Dalian palm oil may also be pressured [3]. - **Soybean Oil**: In late July, some oil mills are urging提货, and market sales are slow, pressuring the basis quotes. In some regions, there is still room for the basis quotes to decline in the short term. As demand gradually increases in August, it will support the basis quotes [4]. 2.2 Oilseeds - **Soybean Meal**: Supported by the strong rapeseed meal, rising US soybeans, and higher Brazilian premiums, the main contract of Dalian soybean meal briefly broke through the 3,100 - yuan mark. However, as the 2508 contract approaches delivery, beware of the impact of spot - futures convergence on the market. In the short term, focus on the support in the 3,000 - 3,050 - yuan range. Spot prices are expected to fluctuate between 2,850 - 3,100 yuan/ton [16]. 3. Summary by Relevant Catalogs 3.1 Fats and Oils 3.1.1 Price Differences - **Inter - monthly and Inter - variety Spreads**: Data shows the price differences and their daily changes for various contracts such as P 1 - 5, Y - P 01, etc. For example, P 1 - 5 is 296 yuan/ton with a daily increase of 10 yuan, and Y - P 01 is - 874 yuan/ton with a daily decrease of 64 yuan [5]. - **Palm Oil Spot - Futures Prices and Basis**: The latest prices and price changes of palm oil contracts (01, 05, 09), BMD palm oil, and spot prices in Guangzhou are provided. The basis of Guangzhou 24 - degree palm oil is 34 yuan/ton, down 6 yuan [7]. - **Soybean Oil Spot - Futures Prices and Basis**: The latest prices and price changes of soybean oil contracts (01, 05, 09), CBOT soybean oil, and spot prices in Shandong are given. The basis of Shandong first - grade soybean oil is 94 yuan/ton, down 4 yuan [12]. 3.2 Oilseeds 3.2.1 Futures Prices - **Oilseed Futures Prices**: The closing prices, daily changes, and price change rates of contracts such as soybean meal 01, rapeseed meal 01, and CBOT soybeans are presented. For example, soybean meal 01 closed at 3,116 with a daily increase of 12 and a price change rate of 0.39% [17]. 3.2.2 Price Differences - **Inter - monthly and Inter - variety Spreads**: Data includes the price differences and their daily changes for various contracts such as M01 - 05, RM01 - 05. For instance, M01 - 05 is 344 with a daily increase of 9, and RM01 - 05 is 60 with a daily increase of 11 [20].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The steel market is driven by the expectation of supply contraction and demand expansion. The steel price is expected to remain strong before the Politburo meeting in July, but there is a risk of a pullback due to a decline in sentiment [3]. - The iron ore market remains strong, with both fundamentals and expectations improving. The short - term outlook for industrial products is positive, but there are concerns about increased shipments [17]. - The coking coal and coke market is supported by speculative and rigid demand in the short term, but the high price of furnace materials may pose a threat to steel mill profits in the long term [31]. - The ferroalloy market is expected to have an optimistic price trend in the short term, but the fundamental driving force is not strong, and attention should be paid to the implementation of policy expectations [48]. - The soda ash market is in a situation of strong supply and weak demand, and the market is in a long - term oversupply expectation. Attention should be paid to unexpected or policy - related disturbances [62]. - The glass market remains strong, and the supply is in a state of co - existence of ignition and cold repair. The market is in a weak balance, and attention should be paid to the feedback of industrial behavior on the spot side [85]. 3. Summary by Relevant Catalogs Steel - **Price and Market Situation**: Influenced by policies and project news, steel prices rose. The current supply - demand of steel has no significant contradiction, and the "off - season is not off" effect is generated. Before the Politburo meeting in July, the steel price is expected to remain strong, but there is a risk of a pullback [3]. - **Price Data**: Provided the closing prices of rebar and hot - rolled coil contracts on different dates, as well as spot prices, basis, and spread data [3][6][10]. Iron Ore - **Market Situation**: The iron ore market remains strong, with iron water production increasing unexpectedly. The inventory accumulation is not smooth, and the spot is in a tight balance. However, there are concerns about increased shipments [17]. - **Price and Fundamental Data**: Provided price data of iron ore contracts, basis, and spot prices, as well as fundamental data such as iron water production, port throughput, and inventory [18][25]. Coking Coal and Coke - **Market Situation**: The coking coal and coke market is supported by speculative and rigid demand in the short term, and the second round of price increases by coking plants is likely to be implemented. In the long term, the high price of furnace materials may pose a threat to steel mill profits [31]. - **Price Data**: Provided coking coal and coke contract prices, basis, and spot prices, as well as profit and ratio data [31][33]. Ferroalloy - **Market Situation**: Driven by the anti - involution sentiment and the strengthening of coal prices, the ferroalloy price is expected to be optimistic in the short term. The supply - demand contradiction is not significant, and attention should be paid to the implementation of policy expectations [48]. - **Price Data**: Provided price data of ferrosilicon and ferromanganese, including basis, spread, and spot prices [49][50]. Soda Ash - **Market Situation**: The anti - involution and elimination of backward production capacity expectations are fermenting, but the actual impact needs further policy guidance. The supply is in a narrow - range fluctuation, and the demand is weak. The market is in a long - term oversupply expectation [62]. - **Price Data**: Provided soda ash contract prices, basis, and spot prices, as well as price difference data [63][64]. Glass - **Market Situation**: Driven by the anti - involution expectation, the glass market remains strong. The supply is in a state of co - existence of ignition and cold repair, and the market is in a weak balance. Attention should be paid to the feedback of industrial behavior on the spot side [85]. - **Price and Sales Data**: Provided glass contract prices, basis, and daily sales data in different regions [87][88].

油脂核心观点 油脂油料产业日报 2025/07/21 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Gold prices are expected to maintain a volatile upward trend due to political uncertainties, a weakening dollar, and ongoing global geo - economic risks [3]. - Copper prices may continue to be strong in the coming week, influenced by positive US retail data, tariff expectations, and favorable tariff policies between the US, Indonesia, and Japan [14]. - Shanghai Aluminum is expected to trade in a high - level range in the short term, supported by positive macro factors and low inventories [30]. - Alumina is expected to show a strong trend in the short term, driven by a significant decline in warrants and macro policies [31]. - Zinc prices will be mainly influenced by macro data and market sentiment in the short term, with supply - side disruptions also being a point of concern [60]. - The nickel industry chain may face some disturbances. The bottom support of nickel prices may shift, and the stainless - steel market shows some signs of improvement [73]. - Tin prices will likely continue to fluctuate, with the view that the upward pressure is greater than the downward support in the short term [91]. - In the short term, lithium carbonate will be strong in the market, and the operating rate is expected to increase in the long term [106]. - Industrial silicon is expected to be volatile and strong in the short term, while the polysilicon market needs to be cautious about the situation of "strong expectation, weak reality" [115]. Summary by Related Catalogs Precious Metals - **Gold**: Fundamentals are dominated by Fed policy expectations. Political uncertainties, a weakening dollar, and global geo - economic risks support the upward trend of gold prices [3]. - **Silver**: No specific daily - view analysis provided, but various price - related data such as SHFE and SGX silver futures and spot price differences are presented [6]. Copper - **Price Trend**: Copper prices showed a downward - breaking trend before July 17 but were boosted by positive US retail data and tariff expectations. They are expected to be slightly stronger in the coming week [14]. - **Market Data**: Provided daily data on copper futures and spot prices, import and export profits, and inventory changes [15][19][23]. Aluminum - **Aluminum**: Macro data is positive, and low inventories support prices. Shanghai Aluminum is expected to trade in a high - level range in the short term [30]. - **Alumina**: The current production capacity is high and in surplus, but the spot is tight. Warrants have decreased significantly, and it is expected to be strong in the short term [31]. - **Cast Aluminum Alloy**: The cost is supported by high scrap - aluminum prices, but demand is weak in the off - season [31]. Zinc - **Price and Market**: Supply is gradually shifting from tight to surplus, and demand is weak in the off - season. Short - term prices are mainly affected by macro data and market sentiment [60]. - **Market Data**: Provided daily data on zinc futures and spot prices, as well as inventory changes [61][66][69]. Nickel - **Industry Chain Situation**: The nickel industry chain is affected by factors such as export restrictions, tariffs, and rainfall in the Philippines. The bottom support of nickel prices may shift, and the stainless - steel market shows some signs of improvement [73]. - **Market Data**: Provided data on nickel and stainless - steel futures prices, trading volumes, and inventories [74][76]. Tin - **Price Trend**: Tin prices are in a volatile trend. In the short term, the upward pressure is greater than the downward support due to the expected inflow of Burmese ore and weak downstream demand [91]. - **Market Data**: Provided daily data on tin futures and spot prices, as well as inventory changes [92][96][99]. Lithium Carbonate - **Price Trend**: In the short term, the market is strong due to macro - sentiment and supply - side disturbances. In the long term, the operating rate is expected to increase as prices rise [106]. - **Market Data**: Provided data on lithium carbonate futures prices, spreads, and inventory changes [107][113]. Silicon Industry Chain - **Industrial Silicon**: With positive macro - sentiment, the supply and demand of industrial silicon are both increasing. It is expected to be volatile and strong in the short term [115]. - **Polysilicon**: Policy expectations have led to market speculation. Attention should be paid to the situation of "strong expectation, weak reality" [115]. - **Market Data**: Provided data on industrial silicon spot and futures prices, as well as prices of related products in the silicon industry chain [116][119].

软商品日报 2025/07/21 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关 ...