. 贵金属有色金属产业日报 2025/11/26 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 ...

油脂油料产业日报 2025/11/26 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 ...

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - Low inventory and demand resilience support prices, but increased production, expectations of mine复产, and exchange announcements limit the upside potential. Volatility has significantly increased, and the short - term will continue in a long - short game pattern [12]. 3. Summary According to the Table of Contents 3.1 Viewpoint Summary - Low inventory and demand resilience support prices, but production increases, mine复产 expectations, and exchange announcements suppress the upside space, with increased volatility and a short - term long - short game pattern [12]. 3.2 Balance Sheet 3.2.1 Global Balance Sheet - From 2018 - 2025E, global lithium demand has been growing, with the global effective lithium demand total increasing from 25.4 million tons LCE in 2018 to 142.3 million tons LCE in 2025E. The growth rate (yoy) has fluctuated, reaching a maximum of 50% in 2021. Global lithium supply has also been increasing, with the global effective lithium supply total rising from 30.9 million tons LCE in 2018 to 165.0 million tons LCE in 2025E. The growth rate (yoy) was highest at 45% in 2024. The global effective lithium supply has generally been in a state of surplus, with a surplus of 22.7 million tons LCE in 2025E, accounting for 16% of the total demand [15]. 3.2.2 Domestic Balance Sheet - In 2024 - 2025E, the domestic supply and demand of lithium carbonate have been in a state of imbalance. In November 2025E, the total supply of lithium carbonate was estimated to be 115,830 tons, and the total demand was 128,725 tons, with a supply - demand gap of - 12,895 tons. The import volume has been relatively large, and the export volume has been small. The production of lithium carbonate has also been increasing [16]. 3.3 Fundamental Data 3.3.1 Supply and Demand - In October, the estimated total supply of lithium carbonate was 115,895 tons, and the total demand was 124,642 tons, with a supply - demand gap of - 8,747 tons. In November, the estimated total supply was 115,830 tons, and the total demand was 128,725 tons, with a supply - demand gap of - 12,895 tons [10]. - The weekly output was 22,130 tons (a week - on - week increase of 585 tons), and the expectation of the resumption of production at the Jiangxi Ningde mine has increased, leading to a marginal increase in supply pressure [12]. 3.3.2 Inventory - SMM data shows that the monthly inventory in October was 84,234 physical tons, including 53,291 physical tons of downstream inventory and 30,943 physical tons of smelter inventory. This week's SMM weekly inventory was 118,420 physical tons, including 26,104 physical tons of smelter inventory, 44,436 physical tons of cathode factory inventory, and 47,880 physical tons of battery and trader inventory [10][75]. - The weekly inventory was 118,420 tons (a week - on - week decrease of 2,052 tons), with 14 consecutive weeks of de - stocking and a cumulative reduction of 26,000 tons. The inventory days have dropped below 30 days, and the supply - demand structure remains tight [12]. 3.3.3 Price - On November 21, the spot price of battery - grade lithium carbonate was 92,300 yuan/ton, a week - on - week increase of 8.40%, the futures price was 91,020 yuan/ton, and the basis was 1,280 yuan/ton [10][83].

油料周报 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任的权力。所有本报告中 ...

铜周报 铜行业周报 2025/11/21 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 ...

国债衍生品周报 2025/11/21 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 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - **Likely Positive Factors**: Tight supply and demand of intermediate product MHP, strong new energy demand support nickel prices; spot trading is fair, the premium of Jinchuan nickel has widened, and the market's purchasing sentiment is stable [3]. - **Likely Negative Factors**: Stainless steel is in the off - season of demand, nickel - iron prices continue to decline, and terminal procurement is cautious; domestic social inventory has increased significantly week - on - week, and supply pressure is significant [3]. - **Trading Consultation Viewpoint**: In the short term, the bearish driving force of the fundamentals is limited, and the downward price space is supported by costs. It is recommended to wait and see cautiously [3]. Summary by Related Catalogs Market Data - **Nickel Futures**: The latest value of SHFE nickel main contract is 115,380 yuan/ton, down 1,370 yuan (-1.17%) week - on - week; SHFE nickel continuous - one is 115,380 yuan/ton, down 1,700 yuan (-1.45%); SHFE nickel continuous - two is 115,580 yuan/ton, down 1,700 yuan (-1.45%); SHFE nickel continuous - three is 115,940 yuan/ton, down 1,570 yuan (-1.45%); LME nickel 3M is 14,455 dollars/ton, down 425 dollars (-1.34%) [4]. - **Nickel Futures Positions and Volume**: The position volume is 152,848 lots, an increase of 45,507 lots (42.4%); the trading volume is 124,692 lots, an increase of 21,777 lots (21.16%); the warrant number is 34,079 tons, a decrease of 948 tons (-2.71%); the basis of the main contract is 660 yuan/ton, an increase of 270 yuan (69.23%) [4]. - **Stainless Steel Futures**: The latest value of stainless steel main contract is 12,285 yuan/ton, down 130 yuan (-1%); stainless steel continuous - one is 12,285 yuan/ton, unchanged; stainless steel continuous - two is 12,350 yuan/ton, down 30 yuan (-0.24%); stainless steel continuous - three is 12,415 yuan/ton, down 60 yuan (-0.48%) [5]. - **Stainless Steel Futures Positions and Volume**: The trading volume is 119,724 lots, a decrease of 17,389 lots (-12.68%); the position volume is 192,398 lots, an increase of 19,670 lots (11.39%); the warrant number is 65,340 tons, a decrease of 5,025 tons (-7.14%); the basis of the main contract is 685 yuan/ton, a decrease of 5 yuan (-0.72%) [5]. - **Nickel Spot Prices**: Jinchuan nickel is 120,200 yuan/ton, up 600 yuan (0.50%); imported nickel is 116,600 yuan/ton, up 600 yuan (0.52%); 1 electrolytic nickel is 118,200 yuan/ton, up 600 yuan (0.51%); nickel beans are 118,550 yuan/ton, up 600 yuan (0.51%); electrowon nickel is 116,350 yuan/ton, up 650 yuan (0.56%) [5]. - **Inventory Data**: Domestic social inventory is 53,114 tons, an increase of 3,981 tons; LME nickel inventory is 254,172 tons, a decrease of 1,674 tons; stainless steel social inventory is 940 tons, a decrease of 12.2 tons; nickel pig iron inventory is 30,225 tons, an increase of 661 tons [7]. Charts and Data Sources - **Nickel and Stainless Steel Futures Price Trends**: The report provides the closing price trends of SHFE nickel futures main contract, LME nickel (3 - month) electronic disk, and stainless steel futures main contract, with data sources from Wind [8][10]. - **Nickel Spot Average Price**: The report shows the average price trends of nickel beans, 1 imported nickel, and SMM 1 electrolytic nickel, with data source from Wind [12]. - **Primary Nickel Supply and Inventory**: It includes China's refined nickel monthly production seasonality, China's primary nickel monthly total supply (including imports) seasonality, domestic social inventory (nickel plate + nickel beans) seasonality, and LME nickel inventory seasonality, with data sources from Wind [14][15]. - **Upstream Nickel Ore**: It presents the average price of Philippine laterite nickel ore 1.5% (FOB), China's port nickel ore inventory by port seasonality, China's 8 - 12% nickel pig iron ex - factory price (national average), and Ni≥14% Indonesian high - nickel pig iron (arrival duty - paid) average price, with data sources from Wind [17][18]. - **Nickel Pig Iron Production**: It shows China's nickel iron monthly production seasonality and Indonesia's nickel pig iron monthly production seasonality, with data sources from Wind [19][20]. - **Downstream Nickel Sulfate**: It includes the average price of battery - grade nickel sulfate, battery - grade nickel sulfate premium, nickel bean production of nickel sulfate profit margin seasonality, China's externally - sourced nickel sulfate production of electrowon nickel profit seasonality, China's nickel sulfate monthly production (metal tons), and ternary precursor monthly production capacity seasonality, with data sources from Wind [22][25][26]. - **Stainless Steel**: It shows China's 304 stainless steel cold - rolled coil profit margin seasonality, stainless steel monthly production seasonality, and stainless steel inventory seasonality, with data sources from Wind [28][30][31].

Core View - Bullish factors: Supply shortage due to reduced production in northern mines supports zinc prices, and increased downstream demand is driven by smelters' active procurement of domestic ore and lower processing fees [3] - Bearish factors: Hawkish remarks from the Federal Reserve suppress rate - cut expectations, leading to a collective correction in metals, and an increase of about 2000 tons in LME zinc inventory last week restricts the upside potential of prices [3] - Trading advice: Short - term focus on the support of tight mine supply for zinc prices, no future strategy provided [3] Processing and Terminal Demand - Data presented on galvanized coil market sentiment index, inventory, production, net exports, die - cast zinc alloy net imports, color - coated sheet net exports, zinc oxide net exports, real estate development investment and progress, sales and unsold area, land transaction area, and commercial housing transaction volume [4][7][10][12][14] Supply and Supply - side Profits - Data on zinc concentrate monthly import volume, TC, zinc ingot monthly production, production profit and processing fees, raw material inventory days, and various zinc inventories including LME, SHFE, and exchange inventories are provided [18][20][21][23][24] Futures and Spot Market Review - Information on the trends of domestic and foreign zinc prices, trading volume and open interest of Shanghai zinc futures, LME zinc closing price vs. US dollar index, LME zinc premium, and zinc ingot basis in different regions is presented [26][27][28][30][35]

软商品日报 2025/11/21 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 ...

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Views of the Report - **Precious Metals**: In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals. In the short - term, due to the unclear prospect of a December interest rate cut, the prices will likely continue to fluctuate and adjust, with a possible narrowing of the fluctuation range [3]. - **Copper**: The intraday procurement and sales sentiment has increased, and the spot price has risen while the premium has weakened. The copper price faces pressure at 86,500 - 86,600. Given the weak impact of the unemployment data on the December interest rate cut expectation and the dollar index remaining above 100, the copper price will likely fluctuate around 86,000 [17]. - **Aluminum**: Shanghai aluminum will maintain a moderately strong long - term trend. In the short - term, weak fundamentals and a lower probability of a December interest rate cut have led to profit - taking by previous funds. It will likely consolidate with an overall higher price center. Alumina has seen price - increasing orders due to environmental restrictions and short - covering, but it is still in an oversupply situation. Cast aluminum alloy has strong follow - up characteristics to Shanghai aluminum and strong downside support [37][38]. - **Zinc**: The expectation of an interest rate cut has cooled. In terms of fundamentals, the smelting end is competing for ore, resulting in a significant decline in November TC. The smelting end's willingness to reduce or halt production has increased in November. If demand remains stable, there is a possibility of inventory reduction. Currently, there are large differences between bulls and bears, and the bottom space can be observed at the end of the month [59]. - **Nickel and Stainless Steel**: The price of ferronickel has continued to decline, breaking below 900 and still falling due to weak downstream demand. Under the situation of a significant collapse in costs, the downside space for nickel and stainless steel is greater than the upside space. Stainless steel spot has high shipment pressure, and downstream purchasing willingness is low. Attention should be paid to the demand trend and Indonesian policy support expectations [75]. - **Tin**: Fundamentally, there is some resumption of production in Yunnan, but due to the lower - than - expected resumption of production in Wa State, the import of concentrate has sharply decreased, and supply is weaker than demand. In the short - term, it is difficult to solve the raw material problem on the supply side, and Shanghai tin will maintain a high - level shock, with support expected around 276,000 yuan [88]. - **Lithium Carbonate**: This week, lithium carbonate production and inventory showed the characteristic of "increasing production and reducing inventory", but the inventory reduction process has significantly slowed down. High prices have weakened downstream enterprises' willingness to replenish inventory, suppressing price increases. Technically, the futures price faces a key pressure level of 100,000 yuan, with limited short - term upward momentum and significant callback risks [104]. - **Silicon Industry Chain**: For industrial silicon, considering supply - demand and technical factors, the price has strong downside support and limited downward space. For polysilicon, policy - driven short - term stimulation coexists with a weak fundamental situation, and the price increase is limited due to insufficient demand support [115]. 3. Summaries by Relevant Catalogs Precious Metals - **Price Outlook**: Medium - to long - term upward trend; short - term fluctuation and adjustment with possible range narrowing [3]. - **Price Data**: Various price charts of SHFE and COMEX gold and silver, including price trends, spreads, and relationships with other factors such as the US dollar index and US Treasury real interest rates are presented [4][9][12]. Copper - **Price Outlook**: Likely to fluctuate around 86,000 yuan/ton [17]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London copper futures are provided. For example, the Shanghai copper main contract is at 85,660 yuan/ton, with a daily decline of 0.55% [18]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various domestic copper spot prices and premiums are presented. For example, the Shanghai Non - ferrous 1 copper is at 85,815 yuan/ton, with a daily decline of 0.72% [23]. - **Import and Processing Data**: Copper import profit and loss and copper concentrate TC data are given. The current copper import profit and loss is - 488.26 yuan/ton, with a daily change rate of 82.21% [28]. - **Warehouse Receipt Data**: The latest data and changes of Shanghai copper warehouse receipts are provided. The total Shanghai copper warehouse receipts are 49,790 tons, with a daily decline of 9.44% [33]. Aluminum - **Price Outlook**: Shanghai aluminum will fluctuate and adjust in the short - term with a higher price center; alumina is in an oversupply situation [37]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London aluminum and alumina futures are provided. For example, the Shanghai aluminum main contract is at 21,340 yuan/ton, with a daily decline of 0.88% [39]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various domestic aluminum spot prices, premiums, and spreads are presented. For example, the East China aluminum price is at 21,380 yuan/ton, with a daily change rate of 9.09% [46]. - **Inventory Data**: The latest data and changes of Shanghai and London aluminum and alumina warehouse receipts are provided. For example, the total Shanghai aluminum warehouse receipts are 69,283 tons, with a daily decline of 0.18% [53]. Zinc - **Price Outlook**: Uncertainty exists due to cooling interest rate cut expectations and supply - side issues. Observe export and macro factors and the bottom space at the end of the month [59]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London zinc futures are provided. For example, the Shanghai zinc main contract is at 22,395 yuan/ton, with a daily increase of 0.07% [60]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various domestic and international zinc spot prices and premiums are presented. For example, the SMM 0 zinc average price is at 22,440 yuan/ton, with a daily increase of 0.04% [68]. - **Inventory Data**: The latest data and changes of Shanghai and London zinc warehouse receipts are provided. For example, the total Shanghai zinc warehouse receipts are 72,897 tons, with a daily decline of 1.05% [72]. Nickel and Stainless Steel - **Price Outlook**: Ferronickel prices are falling, and the downside space for nickel and stainless steel is greater than the upside space. Stainless steel has high shipment pressure [75]. - **Futures and Related Data**: The latest prices, changes, trading volumes, open interests, and warehouse receipt data of Shanghai and London nickel and stainless steel futures are provided. For example, the Shanghai nickel main contract is at 114,050 yuan/ton, with a daily decline of 1% [76]. - **Downstream Data**: Data on nickel ore prices, inventory, and downstream profit margins are presented, such as the price of Philippine laterite nickel ore 1.5% (FOB) and the profit margin of China's integrated MHP production of electrowon nickel [80][83]. Tin - **Price Outlook**: Shanghai tin will maintain a high - level shock, with support expected around 276,000 yuan [88]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London tin futures are provided. For example, the Shanghai tin main contract is at 290,740 yuan/ton, with a daily decline of 0.44% [89]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various tin spot prices are presented. For example, the Shanghai Non - ferrous tin ingot is at 291,300 yuan/ton, with a daily decline of 0.07% [93]. - **Inventory Data**: The latest data and changes of Shanghai and London tin warehouse receipts are provided. For example, the total Shanghai tin warehouse receipts are 5,906 tons, with a daily decline of 1.42% [99]. Lithium Carbonate - **Price Outlook**: The "increasing production and reducing inventory" process has slowed down. High prices have suppressed downstream replenishment willingness. The futures price faces a key pressure level of 100,000 yuan, with limited short - term upward space [104]. - **Futures Data**: The latest closing prices, daily and weekly changes of lithium carbonate futures are provided, along with data on spreads between different contracts [105][107]. - **Spot Data**: The latest prices, daily and weekly changes of various lithium - related spot prices are presented, such as the SMM battery - grade lithium carbonate average price at 92,300 yuan/ton, with a daily increase of 1.1% [109]. - **Inventory Data**: The latest data and daily and weekly changes of lithium carbonate exchange inventory, including warehouse receipts, social inventory, smelter inventory, and downstream inventory, are provided [113]. Silicon Industry Chain - **Price Outlook**: Industrial silicon has strong downside support and limited downward space. Polysilicon has limited upside space due to weak fundamentals [115]. - **Industrial Silicon Spot Data**: The latest prices of various industrial silicon products in different regions and their basis data are provided. For example, the East China 553 industrial silicon is at 9,550 yuan/ton [116]. - **Industrial Silicon Futures Data**: The latest prices, daily changes, and daily change rates of industrial silicon futures are provided. For example, the industrial silicon main contract is at 8,960 yuan/ton, with a daily decline of 1.27% [117]. - **Polysilicon and Related Product Data**: Price data of polysilicon, silicon wafers, battery cells, components, and other products, as well as inventory and production data of the industry chain, are presented [125][136].