Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On July 24, polysilicon fluctuated higher, with the main contract 2509 closing at 53,765 yuan/ton, an intraday increase of 5.15%, and the position increasing by 6,923 lots to 173,000 lots. The price of N-type recycled polysilicon increased to 46,000 yuan/ton, and the price of the lowest deliverable silicon material also rose to 46,000 yuan/ton, with the spot discount widening to 7,740 yuan/ton. The main contract 2509 of industrial silicon closed at 9,690 yuan/ton, an intraday decrease of 0.21%, and the position increasing by 1,498 lots to 336,000 lots. The reference price of Baichuan's industrial silicon spot was 9,807 yuan/ton, remaining stable compared to the previous trading day. The price of the lowest deliverable 421 increased to 9,550 yuan/ton, and the spot discount narrowed to 45 yuan/ton. Affected by the news of coal mine inspections, industrial silicon also has a cost upward logic support. Currently, the country continues to send a strong signal against cut - throat competition. With multiple positive news in the crystalline silicon market, the bulls are quite confident. Supported by macro - policies, the market is more likely to rise than fall. Attention should be paid to the PS/SI price ratio and the potential upward trend before the implementation of policies. In addition, after the increase in polysilicon margin, it is more difficult to chase the rise, so it is necessary to control positions carefully and be vigilant against high - volatility risks [1] Group 3: Summary by Directory 1. Research View - Polysilicon prices rose on July 24, with the main contract showing an increase and the position rising. The prices of different types of polysilicon materials also increased, and the spot discount widened. Industrial silicon prices slightly declined, with the position increasing. The spot price remained stable, and the spot discount narrowed. Industrial silicon has cost - rising support, and the market is likely to rise under policy support, but there are risks in chasing the rise of polysilicon [1] 2. Daily Data Monitoring - **Industrial Silicon**: The futures settlement prices of the main and near - month contracts decreased slightly. The spot prices of most types of industrial silicon, such as non - oxygenated 553 and 421, increased in some regions, while remaining stable in others. The current lowest deliverable price increased by 100 yuan/ton, and the spot discount narrowed by 210 yuan/ton. The industrial silicon warehouse receipts decreased by 330 tons, the Guangzhou Futures Exchange inventory increased by 820 tons, and the total social inventory decreased by 1,400 tons [3] - **Polysilicon**: The futures settlement prices of the main and near - month contracts increased significantly. The spot prices of various types of polysilicon materials also rose, with the price of N - type granular silicon increasing by 9,500 yuan/ton. The current lowest deliverable price increased by 2,500 yuan/ton, and the spot discount widened by 1,160 yuan/ton. The polysilicon warehouse receipts increased by 240 tons, and the total social inventory decreased by 0.5 million tons [3] - **Organic Silicon**: The spot prices of DMC in the East China market, raw rubber, 107 glue, and dimethyl silicone oil were marked as N/A [3] - **Downstream**: The prices of silicon wafers and battery cells remained unchanged. 3. Chart Analysis - **Industrial Silicon and Cost - end Prices**: There are charts showing the prices of different grades of industrial silicon, grade price differences, regional price differences, electricity prices, silica prices, and refined coal prices [4][6][9] - **Downstream Finished Product Prices**: Charts display the prices of DMC, organic silicon finished products, polysilicon, silicon wafers, battery cells, and components [12][14][16] - **Inventory**: Charts present the inventory of industrial silicon futures, factory warehouses, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [20][22] - **Cost and Profit**: Charts show the average cost and profit levels in major production areas, the weekly cost - profit of industrial silicon, the profit of the aluminum alloy processing industry, the cost - profit of DMC, and the cost - profit of polysilicon [25][27][34]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On July 24, 2025, the lithium carbonate futures 2509 contract rose 7.21% to 76,680 yuan/ton. The average price of battery - grade lithium carbonate increased by 100 yuan/ton to 70,550 yuan/ton, the average price of industrial - grade lithium carbonate increased by 100 yuan/ton to 68,900 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose 700 yuan/ton to 60,520 yuan/ton. The warehouse receipt inventory increased by 665 tons to 10,754 tons [3]. - On July 23, 2025, Argentina's economy minister announced that the RIGI evaluation committee rejected Ganfeng's application for the Mariana salt lake project. In June 2025, the Port of Port Hedland in Australia shipped 92,740 tons of spodumene concentrate to China, a month - on - month decrease of 17.62% and a year - on - year decrease of 52.54%. It also shipped 17,200 tons to Indonesia and 14,500 tons to South Korea [3]. - In terms of supply, the production in July is expected to increase 3.9% month - on - month to 81,150 tons, and the weekly production decreased by 485 tons to 18,630 tons. In June 2025, China's lithium carbonate imports were 17,700 tons, a month - on - month decrease of 16.3% and a year - on - year decrease of 9.6%. In terms of demand, the production schedule in July increased slightly month - on - month, and the consumption of lithium carbonate by the two major main materials increased by 3% month - on - month to about 80,800 tons. In terms of inventory, the weekly inventory increased by 550 tons to 143,170 tons [3]. - The price increased with increasing positions yesterday, and the news continued to ferment. Fundamentally, the supply and demand in July are in a tight balance, and the lithium ore price remains relatively strong, providing marginal support for the lithium price. However, the short - term core contradiction still focuses on the low warehouse receipt inventory and concerns about mine exploitation. Currently, the continuous small - scale return of warehouse receipt inventory may ease the situation, and investors are advised to be cautious about chasing high prices [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was N/A, and the previous day was 69,380 yuan/ton; the closing price of the continuous contract was N/A, and the previous day was 69,320 yuan/ton. The price of spodumene concentrate (6%, CIF China) increased by 14 dollars/ton to 764 dollars/ton [5]. - Lithium ore: The prices of various types of lithium mica and phospho - lithium - aluminum stone all increased to varying degrees. For example, the price of lithium mica (Li2O: 1.5% - 2.0%) increased by 40 yuan/ton to 1,080 yuan/ton [5]. - Lithium carbonate and lithium hydroxide: The prices of battery - grade and industrial - grade lithium carbonate, as well as different types of lithium hydroxide, all increased. For example, the price of battery - grade lithium carbonate (99.5% battery - grade/ domestic) increased by 100 yuan/ton to 70,550 yuan/ton [5]. - Other products: The price of hexafluorophosphate lithium increased by 500 yuan/ton to 51,500 yuan/ton. The prices of some ternary precursors and cathode materials also increased slightly [5]. 3.2 Chart Analysis - Ore prices: Charts show the price trends of lithium ore such as spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [6][7][8]. - Lithium and lithium salt prices: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and hexafluorophosphate lithium from 2024 to 2025 [9][10][11]. - Spreads: Charts present the spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, etc., from 2024 to 2025 [16][17][19]. - Precursor & cathode materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [21][22][24]. - Lithium battery prices: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][31][32]. - Inventory: Charts show the inventory trends of downstream, smelters, and other links from November 2024 to July 2025 [35][36][37]. - Production cost: The chart shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate from 2024 to 2025 [39][40]

Group 1: Report Industry Investment Ratings - Steel: Oscillating with a bullish bias [1] - Iron ore: High-level oscillation [1] - Coking coal: Oscillating with a bullish bias [1] - Coke: Oscillating with a bullish bias [1] - Manganese silicon: Oscillating [3] - Ferrosilicon: Oscillating [3] Group 2: Core Views of the Report - Steel: The thread steel futures market oscillated upward, with spot prices rising slightly and trading volume increasing. Output rose slightly, inventory decreased again, and apparent demand increased. With resilient demand in the off-season, low output, and no inventory accumulation, coupled with rising coking coal prices and expected cost increases, the short-term futures market is expected to oscillate with a bullish bias [1] - Iron ore: The futures price of the main contract decreased. Supply increased, demand decreased slightly, and inventory increased. Affected by recent macro sentiment, and having risen significantly with the black series previously, the price is expected to oscillate at a high level in the short term [1] - Coking coal: The futures price rose, and the spot market was strong. With positive news in the black industry chain, continuous inventory reduction, and increasing demand from steel mills, the short-term futures market is expected to oscillate with a bullish bias [1] - Coke: The futures price rose, and the spot price increased. With rising coal prices and increased costs for coke enterprises, but also rising steel prices and increased demand from steel mills, the short-term futures market is expected to oscillate with a bullish bias [1] - Manganese silicon: The futures price oscillated widely. With limited fundamental support, increasing output, low demand, and relatively stable costs, the short-term market is expected to oscillate widely [3] - Ferrosilicon: The futures price oscillated weakly. With low supply and demand, decreasing inventory, and limited fundamental drivers, the short-term market is expected to oscillate widely [3] Group 3: Summary According to Relevant Catalogs 1. Research Views - Steel: The closing price of the thread steel 2510 contract was 3294 yuan/ton, up 20 yuan/ton from the previous trading day, with a decrease in positions. National thread steel output increased by 2.9 tons week-on-week to 211.96 million tons, social inventory increased by 2.81 tons to 372.97 million tons, factory inventory decreased by 7.43 tons to 165.67 million tons, and apparent demand increased by 10.41 tons to 216.58 million tons [1] - Iron ore: The closing price of the main contract i2509 was 811 yuan/ton, down 1 yuan/ton from the previous trading day. Australian shipments continued to decline, Brazilian shipments increased, and shipments from non-mainstream countries increased significantly. Iron ore shipments globally increased. Newly added 1 blast furnace resumed production, 1 blast furnace was under maintenance, and hot metal output decreased by 0.21 tons to 242.23 million tons week-on-week [1] - Coking coal: The closing price of the coking coal 2509 contract was 1198.5 yuan/ton, up 63 yuan/ton from the previous trading day, with an increase in positions. The price of prime coking coal in Linfen, Shanxi, increased by 20 yuan to 1400 yuan/ton. The Mongolian coal market was strong, with prices rising [1] - Coke: The closing price of the coke 2509 contract was 1735 yuan/ton, up 27.5 yuan/ton from the previous trading day, with a decrease in positions. The spot price of quasi-primary metallurgical coke in Rizhao Port increased by 40 yuan to 1420 yuan/ton. Coke enterprises faced increased costs and were in a state of overall loss, but steel prices rose, boosting the confidence of coke enterprises to raise prices [1] - Manganese silicon: The main contract was reported at 5948 yuan/ton, down 0.13% month-on-month, with a decrease in positions. The spot market price of 6517 manganese silicon in various regions was about 5650 - 5940 yuan/ton, with a decrease in Inner Mongolia [3] - Ferrosilicon: The main contract was reported at 5754 yuan/ton, down 1.54% month-on-month, with a decrease in positions. The aggregated price of 72 ferrosilicon in various regions was 5500 - 5550 yuan/ton, with a decrease in Ningxia [3] 2. Daily Data Monitoring - Contract spreads, basis, and spot prices of various varieties showed different changes. For example, the 10 - 1 spread of thread steel was -59.0, down 9.0; the basis of the 10 contract was 86.0, down 20.0; the spot price in Shanghai was 3380.0, unchanged [4] 3. Chart Analysis - **3.1 Main Contract Prices**: Included price trend charts of main contracts such as thread steel, hot-rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [7][9][13][16] - **3.2 Main Contract Basis**: Included basis trend charts of main contracts such as thread steel, hot-rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [19][20][23][25] - **3.3 Inter - period Contract Spreads**: Included spread trend charts of inter - period contracts such as thread steel, hot-rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [28][30][31][35][37][38][40] - **3.4 Inter - variety Contract Spreads**: Included spread trend charts of inter - variety contracts such as the hot-rolled coil - thread steel spread, thread steel - iron ore ratio, thread steel - coke ratio, coke - iron ore ratio, coking coal - coke ratio, and manganese silicon - ferrosilicon spread [43][45][47] - **3.5 Thread Steel Profits**: Included profit trend charts of thread steel such as the main contract's on - screen profit, long - process profit, and short - process profit [48][53]

Research Views - Corn: The September contract of corn has been reducing positions and adjusting this week, with the futures price showing a volatile performance. The spot price in the Northeast has rebounded, while that in North China remains stable. Technically, the futures price is under short - term technical pressure and shows a weakening trend [2]. - Soybean Meal: On Thursday, CBOT soybeans rose slightly. Domestic protein meal futures prices declined due to multiple factors such as the upcoming Sino - US talks, potential large - scale soybean purchases, and the promotion of soybean meal substitution. The strategy is short - term trading, and holding 91 and 15 positive spreads [2]. - Fats and Oils: On Thursday, BMD palm oil futures prices rose for the third consecutive day. It is expected that the production of Malaysian palm oil will increase in 2025. The domestic oil market is strongly volatile, and the strategy is a long - only approach for single - side trading and holding 91 positive spreads [2]. - Eggs: On Thursday, the main 2509 contract of eggs fluctuated narrowly. The spot price has a slight increase. In the long - term, the current breeding is at the bottom range, and the peak egg price is likely to be lower than last year [3]. - Pigs: On Thursday, the main 2509 contract of pigs declined. The spot price continued to fall due to weak terminal consumption and over - supply. The resolution of over - capacity issues still takes time [3]. Market Information - Palm Oil: From July 1 - 20, 2025, the yield of Malaysian palm oil increased by 6.19% month - on - month, while the export volume decreased by 7.31% month - on - month. It is estimated that the global per capita vegetable oil consumption will increase by 2034, and the price of vegetable oil is expected to rise relative to protein meal [4]. - India's Vegetable Oil: As of July 15, 2025, the total inventory of vegetable oil in Indian ports increased by 18% in half a month. The Indian government plans to increase vegetable oil imports in the second half of the year [4][5]. - Rapeseed Oil: CGC Grain and Oil e - trading platform plans to organize a rapeseed oil bidding procurement event on July 24, with a procurement volume of 500 tons [5]. Variety Spreads - Contract Spreads: The report presents the 9 - 1 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [7][9][13]. - Contract Basis: The report shows the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [16][18][24].

软商品日报 光大期货软商品日报（2025 年 7 月 25 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周四，ICE 美棉上涨 0.73%，报收 68.74 美分/磅，CF509 环比下降 0.42%，报收 14160 | 宽幅震 | | | 元/吨，主力合约持仓环比下降 19304 手至 51.89 万手，新疆地区棉花到厂价为 15431 | | | | 元/吨，较前一日上涨 20 元/吨，中国棉花价格指数 3128B 级为 15563 元/吨，较前 | | | | 一日上涨 20 元/吨。国际市场方面，近期美棉整体驱动有限，市场关注重心更多在 | | | | 于宏观层面。昨日美元指数与美棉价格共振上行。特朗普访问美联储总部，再度施 | | | | 压美联储降息，但表示解雇鲍威尔将是一个重大举措但没必要，其任期即将届满。 | | | | 7 月美联储议息会议大概率按兵不动，9 月降息概率较大，关注预期是否会有变动， | 荡 | | | 基本面驱动有限。国内市场方面，郑棉期价日内震荡偏弱。近期郑棉驱动的主要逻 | | | | 辑并未发生改变，低库 ...

光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 7 月 25 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周四尿素期货价格宽幅震荡，主力 09 合约收盘价 1785 元/吨，微幅下跌 0.17%。现 | | | | 货市场报价回落，主流地区价格小幅走弱 10~20 元/吨不等，目前山东、河南地区市 | | | | 场价格分别为 1810 元/吨、1830 元/吨，日环比均下跌 20 元/吨。基本面来看，尿素 | | | | 供应水平窄幅波动，昨日行业日产量 19.52 万吨，日环比提升 0.25 万吨。需求端跟进 | | | | 情绪依旧一般，昨日主流地区现货产销率维持在 10%~50%区间，对市场支撑力度较 | | | | 为有限。反内卷对商品市场及相关品种提振仍存，尿素存在联动效应。同时，昨日晚 | 偏强 | | | 间印度再度发布新一轮国际尿素招标，出口政策也存在变化，后期或继续对国内市场 | | | | 产生扰动。整体来看，尿素供需变化幅度依旧有限，但外围因素扰动仍在持续。预计 | | | | 短期期价走势仍以非基本面因素为 ...

光大期货能化商品日报 光大期货能化商品日报（2025 年 7 月 25 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四油价重心上移，其中 WTI9 月合约收盘上涨 0.78 美元至 66.03 | | | | 美元/桶，涨幅 1.20%。布伦特 9 月合约收盘上涨 0.67 美元至 69.18 | | | | 美元/桶，涨幅 0.98%。SC2509 以 507.1 元/桶收盘，上涨 2.8 元/ | | | | 桶，涨幅为 0.56%。地缘政治紧张局势持续受关注。俄乌双方在伊 | | | | 斯坦布尔举行和谈讨论进一步交换战俘，但双方在停火条件和领 | | | | 导人会晤可能性上仍存在巨大分歧。另有两名行业消息人士称， | | | | 由于新规实施，外国油轮被暂时禁止在俄罗斯主要黑海港口装货， | | | 原油 | 这实际上停止了哈萨克斯坦通过部分由美国能源巨头持股的财团 | 震荡 | | | 出口石油。现货市场方面，亚太原油市场，9 月装拉布安原油的现 | | | | 货价差攀升，因为新加坡中质馏份油的炼油利润表现坚挺。9 月 | | | | ...

1. Report Industry Investment Ratings - Stock Index: Neutral (Expected to fluctuate) [1] - Treasury Bonds: Bearish [3] 2. Core Views of the Report - The Ya鲁藏布江下游 hydropower project started, driving the infrastructure and building materials sectors up. The economic and financial data in June showed that the demand disturbance persisted and investment continued to decline. The central government is stimulating the economy through investment, which may bring incremental funds in the short - term, but the long - term effect remains to be seen. Overseas, the Fed's rate - cut expectation has slowed down. The index is expected to fluctuate mainly, as the current contradictions are credit contraction and insufficient demand, but the corporate earnings in the first half of 2025 improved compared to 2024 [1]. - Treasury bond futures closed down. The central bank conducted reverse repurchase operations with a net withdrawal of funds. The economic data showed resilience, and the short - term rate - cut expectation was low. The stock - bond seesaw effect was obvious, and treasury bonds are expected to run bearishly in the short - term [3]. 3. Summary by Relevant Catalogs Research Views - **Stock Index**: The Ya鲁藏布江 downstream hydropower project with an investment of about 1.2 trillion yuan drove the infrastructure and building materials sectors up. In June, GDP grew 5.2% year - on - year, retail sales increased 4.8%, industrial added value rose 6.8%, and fixed - asset investment accumulated 2.8%. Real estate development investment decreased 11.2%. M1 showed good performance, and corporate short - term loans increased significantly. The central government is stimulating the economy through investment. Overseas, the Fed's rate - cut expectation slowed down. The index is expected to fluctuate as the current contradictions are credit contraction and insufficient demand, but corporate earnings improved in H1 2025 [1]. - **Treasury Bonds**: Treasury bond futures closed down. The central bank conducted 3310 billion yuan of 7 - day reverse repurchase operations with a net withdrawal of 1195 billion yuan. The DR001 and DR007 rates increased. The economic data showed resilience, and the short - term rate - cut expectation was low. The stock - bond seesaw effect was obvious, and treasury bonds are expected to run bearishly in the short - term [3] Daily Price Changes - **Stock Index Futures**: On July 24, 2025, IH rose 0.49%, IF rose 0.78%, IC rose 1.73%, and IM rose 1.82% compared to July 23 [4]. - **Stock Indexes**: On July 24, 2025, the Shanghai Composite 50 rose 0.40%, the CSI 300 rose 0.71%, the CSI 500 rose 1.56%, and the CSI 1000 rose 1.42% compared to July 23 [4]. - **Treasury Bond Futures**: On July 24, 2025, TS fell 0.07%, TF fell 0.19%, T fell 0.28%, and TL fell 0.86% compared to July 23 [4] Market News - The People's Bank of China and the Ministry of Agriculture and Rural Affairs issued the "Opinions on Strengthening Financial Services for Rural Reform and Promoting Comprehensive Rural Revitalization", proposing to increase financial resource input in key areas of rural revitalization [5][6] Chart Analysis - **Stock Index Futures**: There are charts showing the trends of IH, IF, IM, IC main contracts and their respective basis trends from 2024 - 01 to 2025 - 07 [8][9][12] - **Treasury Bond Futures**: There are charts showing the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - term spreads, cross - variety spreads, and capital interest rates from 2023 - 07 to 2025 - 07 [15][18][20] - **Exchange Rates**: There are charts showing the central parity rates of the US dollar, euro against the RMB, forward exchange rates, and exchange rates of the US dollar index, euro against the US dollar, pound against the US dollar, and US dollar against the Japanese yen from 2023 - 01 to 2025 - 07 [23][24][27] Member Introduction - Zhu Jintao, a master of economics from Jilin University, is the director of the macro - financial research department at Everbright Futures Research Institute [31]. - Wang Dongying, an index analyst with a master's degree from Columbia University, mainly tracks stock index futures, responsible for macro - fundamental quantification, key industry research, index financial report analysis, and market capital tracking [31]

Group 1: Index Trends - On July 24, the Shanghai Composite Index rose 0.65% to close at 3605.73 points, with a trading volume of 852.24 billion yuan; the Shenzhen Component Index rose 1.21% to close at 11193.06 points, with a trading volume of 992.466 billion yuan [1] - The CSI 1000 Index rose 1.42% with a trading volume of 374.406 billion yuan, opening at 6602.17, closing at 6701.12, with a daily high of 6701.12 and a low of 6602.17 [1] - The CSI 500 Index rose 1.56% with a trading volume of 320.188 billion yuan, opening at 6197.85, closing at 6293.6, with a daily high of 6293.6 and a low of 6197.85 [1] - The SSE 50 Index rose 0.4% with a trading volume of 118.138 billion yuan, opening at 2797.26, closing at 2812.44, with a daily high of 2819.13 and a low of 2791.78 [1] - The SSE 50 Index rose 0.4% with a trading volume of 118.138 billion yuan, opening at 2797.26, closing at 2812.44, with a daily high of 2819.13 and a low of 2791.78 [1] Group 2: Impact of Sector Movements on Indexes - The CSI 1000 rose 93.9 points from the previous close, with sectors such as electronics, pharmaceuticals and biology, and non - ferrous metals having a significant upward pull on the index [3] - The CSI 500 rose 96.84 points from the previous close, with non - bank finance, non - ferrous metals, and pharmaceuticals and biology having a significant upward pull on the index [3] - The SSE 300 rose 29.27 points from the previous close, with non - bank finance, electronics, and pharmaceuticals and biology having a significant upward pull, while the banking sector had a downward pull [3] - The SSE 50 rose 11.24 points from the previous close, with non - bank finance, food and beverages, and electronics having a significant upward pull, while the banking sector had a downward pull [3] Group 3: Futures Basis and Annualized Opening Costs - IM00 had an average daily basis of - 27.61, IM01 of - 91.7, IM02 of - 274.65, and IM03 of - 433.62 [13] - IC00 had an average daily basis of - 23.31, IC01 of - 68.3, IC02 of - 193.39, and IC03 of - 308.17 [13] - IF00 had an average daily basis of - 0.95, IF01 of - 7.45, IF02 of - 37.24, and IF03 of - 67.48 [13] - IH00 had an average daily basis of 2.25, IH01 of 3.33, IH02 of 5.32, and IH03 of 5.88 [13] Group 4: Futures Roll - over Point Differences and Annualized Costs - Data on IM, IC, IF, and IH roll - over point differences and their corresponding annualized costs at different times are provided, such as for IF at 09:45, IF00 - 01 was - 5.99267, etc. [23][26][27]

工业硅日报 工业硅&多晶硅日报（2025 年 7 月 24 日） 一、研究观点 点评 工业硅日报 二、日度数据监测 | | 分 项 | 2025/7/22 | 2025/7/23 | 涨 跌 | | --- | --- | --- | --- | --- | | 工业硅 | | | | | | | 主力 期货结算价（元/吨） | 9470 | 9710 | 240 | | | 近月 | 9425 | 9705 | 280 | | | 不通氧553#硅(华东) | 9450 | 9750 | 300 | | | 不通氧553#硅(黄埔港) | 9400 | 9700 | 300 | | | 不通氧553#现货价格 不通氧553#硅(天津港) | 9300 | 9600 | 300 | | | （元/吨） 不通氧553#硅(昆明) | 9300 | 9600 | 300 | | | 不通氧553#硅(四川) | 8850 | 9200 | 350 | | | 不通氧553#硅(上海) | 9850 | 10150 | 300 | | | 通氧553#硅(华东) | 9700 | 10000 | 300 | | | ...