Report Summary 1. Report Information - Report Title: "光期黑色：铁矿石基差及价差监测日报" - Report Date: July 4, 2025 - Report Source: Everbright Futures Research Institute [1] 2. Core Viewpoints - The report provides daily monitoring data on iron ore basis and spreads, including futures contract prices, spreads between different contracts, basis data of various iron ore varieties, and spreads between different iron ore varieties. It also details the adjustments to the deliverable brands and premium/discount rules of iron ore futures on the Dalian Commodity Exchange. 3. Key Points by Section 3.1 Futures Contract Prices and Spreads - The closing prices of I05, I09, and I01 contracts increased by 9.5, 10.5, and 10.5 respectively compared to the previous day. The spreads between I05 - I09, I09 - I01, and I01 - I05 contracts changed by -1.0, 0.0, and 1.0 respectively [3]. 3.2 Basis Data - The prices of various iron ore varieties such as Carajás fines, BRBF, Newman fines, etc. showed different degrees of change compared to the previous day. The basis of most varieties also changed, with some increasing and some decreasing [6]. 3.3 Adjustments to Deliverable Brands and Rules - Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) were added, and the brand premium/discounts of all new varieties are 0, effective from the I2202 contract. - The premium/discounts of existing varieties were adjusted according to the new rules. Only PB fines, BRBF, and Carajás fines have a brand premium/discount of 15 yuan/ton, and the rest are 0 yuan/ton. - The allowable ranges of iron grade and other quality indicators were adjusted, and more detailed divisions of quality premium/discounts were made. An X value is introduced to dynamically adjust the premium/discount of iron element indicators [11]. 3.4 Variety Spreads - The spreads between different iron ore varieties such as PB lump - PB fines, Carajás fines - Newman fines, etc. showed different degrees of change compared to the previous day [13].

请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 碳酸锂日报 碳酸锂日报（2025 年 7 月 4 日） 一、研究观点 点 评 1. 昨日碳酸锂期货 2509 合约涨 0.91%至 64080 元/吨。现货价格方面，电池级碳酸锂平均价上涨 450 元/吨至 62100 元/吨，工业级碳酸锂平均价上涨 450 元/吨至 60500 元/吨，电池级氢氧化锂（粗颗 粒）下跌 50 元/吨至 57620 元/吨。仓单方面，昨日仓单库存减少 300 吨至 22880 吨。 2. 供应端，周度碳酸锂产量环比减少 644 吨至 18123 吨，其中锂辉石减少 483 吨，锂云母减少 457 吨； 据 SMM 显示 7 月碳酸锂产量环比增加 3.9%至 8.1 万吨，但近日上游减产消息扰动，后续或将下调 产量预期。需求端，据第三方排产数据来看，7 月预计磷酸铁锂产量环比增长 3%，三元材料产量环 比增长 1.3%。库存端，周度库存环比增加 1510 吨至 138347 吨，其中下游减少 138 吨至 40497 吨， 中间环节增加 1790 吨至 38960 吨，上游减少 142 吨至 58890 ...

黑色商品日报 黑色商品日报（2025 年 7 月 4 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨日螺纹盘面延续上涨走势，截止日盘螺纹 2510 合约收盘价格为 3076 元/吨，较上一交易收盘 | 偏强整理 | | | 价格上涨 11 元/吨，涨幅为 0.36%，持仓增加 1.09 万手。现货价格稳中有涨，成交回落，唐山地区迁安普 | | | | 方坯价格持平于 2930 元/吨，杭州市场中天螺纹价格持平于 3130 元/吨，全国建材成交量 10.76 万吨。据 | | | | 我的钢铁数据，本周全国螺纹产量环比回升 3.24 万吨至 221.08 万吨，同比减少 15.67 万吨；社库环比回 | | | | 升 1.34 万吨至 364.74 万吨，同比减少 221.07 万吨；厂库环比回落 5.13 万吨至 180.47 万吨，同比减少 20.31 | | | | 万吨；螺纹表需回升 4.96 万吨至 224.87 万吨，同比减少 9.91 万吨。螺纹产量连续第三周回升，库存继续 | | | | 小幅下降，表需回升，数据表现偏强。 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report Copper - Overnight LME copper weakened with a 0.58% drop to $9,951.5/ton, SHFE copper main contract fell 0.27% to 80,540 yuan/ton, and spot imports remained in a loss. The better - than - expected US employment data may reduce the possibility of the Fed's early rate cut in July. LME, Comex, and domestic copper inventories all increased. In the off - season, terminal procurement enthusiasm declined. With potential fundamental changes, copper price lacks industrial support for upward movement, but due to Sino - US interaction and domestic anti - involution policy expectations, short - selling enthusiasm is limited, and the copper price may oscillate slightly stronger with limited upside [1]. Aluminum - Alumina,沪铝, and aluminum alloy all oscillated weakly. Alumina faces ore disturbances in the far - month and new production pressure, mainly oscillating in a range. There is a game between the weakening marginal demand of electrolytic aluminum and the effects of low ingot casting volume and low - warehouse - receipt squeeze. For scrap aluminum, there is still cost support, and for aluminum alloy, continuously focus on the opportunity of rolling long the AD - AL price difference [1][2]. Nickel - Overnight LME nickel rose 0.86% to $15,355/ton, and SHFE nickel rose 0.1% to 122,540 yuan/ton. LME and SHFE nickel inventories decreased. Some nickel ore premiums in the Philippines declined, and the domestic stainless - steel cost support shifted down. There was a certain production cut in the supply side. The short - term price has a certain repair, but the upside is limited, and in the medium - term, the demand restricts the fundamentals, which may still be bearish [2]. Group 3: Summary According to the Catalog Research Views - **Copper**: Analyzed price changes, macro data, inventory changes, and demand conditions, concluding that the copper price may oscillate slightly stronger with limited upside [1]. - **Aluminum**: Discussed price trends, raw material prices, processing fees, and the market situation of different aluminum products, pointing out the game factors and investment opportunities [1][2]. - **Nickel**: Presented price movements, inventory changes, and the situation of related industries such as nickel ore and stainless steel, and gave short - and medium - term price outlooks [2]. Daily Data Monitoring - **Copper**: Showed price changes of different copper products, inventory changes in multiple places, and other indicators such as premiums and import - export profits and losses [4]. - **Lead**: Included price changes of lead products, lead - concentrate prices, processing fees, inventory changes, and premiums [4]. - **Aluminum**: Displayed price changes of aluminum products, raw - material prices, inventory changes, and premiums [5]. - **Nickel**: Presented price changes of nickel products, nickel - ore prices, inventory changes, and premiums [5]. - **Zinc**: Showed price changes, TC, inventory changes, and premiums of zinc products [6]. - **Tin**: Included price changes, inventory changes, and premiums of tin products [6]. Chart Analysis - **Spot Premiums**: Provided charts of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [7][8][10][12]. - **SHFE Near - Far Month Spreads**: Showed charts of near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [16][21][22]. - **LME Inventory**: Presented charts of LME inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [24][26][28]. - **SHFE Inventory**: Displayed charts of SHFE inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [31][33][35]. - **Social Inventory**: Included charts of social inventory for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [37][39][41]. - **Smelting Profits**: Showed charts of copper concentrate index, copper smelting fees, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit rate from 2019 - 2025 [44][46][48]. Group 4: Team Introduction - The non - ferrous metals team includes Zhan Dapeng, Wang Heng, and Zhu Xi, with their educational backgrounds, positions, research directions, and professional achievements introduced [50][51][52].

Group 1: Index Performance - On July 3rd, the Shanghai Composite Index rose 0.18% to close at 3461.15 points with a trading volume of 500.212 billion yuan; the Shenzhen Component Index rose 1.17% to close at 10534.58 points with a trading volume of 809.522 billion yuan [1]. - The CSI 1000 Index rose 0.53% with a trading volume of 270.492 billion yuan, opening at 6306.75, closing at 6342.64, with a daily high of 6349.14 and a low of 6295.23 [1]. - The CSI 500 Index rose 0.5% with a trading volume of 174.689 billion yuan, opening at 5896.24, closing at 5922.66, with a daily high of 5929.73 and a low of 5885.94 [1]. - The SSE 50 Index rose 0.07% with a trading volume of 59.917 billion yuan, opening at 2726.11, closing at 2724.55, with a daily high of 2728.17 and a low of 2713.97 [1]. - The SSE 50 Index rose 0.07% with a trading volume of 59.917 billion yuan, opening at 2726.11, closing at 2724.55, with a daily high of 2728.17 and a low of 2713.97 [1]. Group 2: Sector Impact on Index - The CSI 1000 rose 33.16 points from the previous closing price, with sectors such as pharmaceutical biology and electronics significantly pulling the index up [3]. - The CSI 500 rose 29.71 points from the previous closing price, with sectors such as electronics, pharmaceutical biology, and power equipment significantly pulling the index up [3]. - The SSE 300 rose 24.39 points from the previous closing price, with sectors such as electronics and power equipment significantly pulling the index up [3]. - The SSE 50 rose 2.0 points from the previous closing price, with sectors such as non - bank finance, food and beverage, and electronics significantly pulling the index up, while sectors such as public utilities, banks, and coal pulled the index down [3]. Group 3: Stock Index Futures Basis and Annualized Opening Costs - IM00 average daily basis was - 55.18, IM01 was - 126.37, IM02 was - 196.58, and IM03 was - 374.8 [14]. - IC00 average daily basis was - 44.47, IC01 was - 95.88, IC02 was - 148.09, and IC03 was - 272.46 [14]. - IF00 average daily basis was - 22.97, IF01 was - 40.67, IF02 was - 51.5, and IF03 was - 88.45 [14]. - IH00 average daily basis was - 18.29, IH01 was - 23.64, IH02 was - 24.63, and IH03 was - 25.8 [14]. Group 4: Stock Index Futures Roll - over Point Differences and Annualized Costs - Data on the roll - over point differences and their annualized costs for IM, IC, IF, and IH futures contracts at different time intervals (15 - minute averages) are provided, including specific point differences and corresponding annualized costs [24][26][28].

一、研究观点 | 品种 | 点评 | 观点 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 本周，玉米 | 9 | 月期价先涨后跌。周初，进口玉米拍卖溢价成交，现货市场强势表 | 现对玉米期价提供支撑，但 | 9 | 月合约在周三早盘平开之后减仓调整，期价遇阻技 | | | | | | | 术承压，价格回落。现货市场方面，进口玉米拍卖政策持续影响市场。市场反馈， | 进口玉米拍卖多溢价成交对东北产区玉米价格暂无明显影响，产区报价依然较为 | | | | | | | | | | | 坚挺。东北玉米价格目前相对稳定，贸易商出货积极性略有提高，但成交情况相 | 对一般。华北地区玉米价格整体稳定，局部地区窄幅调整。山东深加工企业早间 | | | | | | | | | | | 玉米 | 震荡 | 玉米到货量有所减少，企业根据自身到货情况价格窄幅调整。基层余粮同比偏少， | | | | | | | | | | 贸易商挺价意愿较强。销区市场玉米价格继续坚挺运行。7 | 月 | 1 | 日进口玉米 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - A-share index: Expected to be volatile. The market is pricing in interest rate cuts in advance, and the A-share market has been boosted. However, A-share valuations are above the historical average, making it difficult for the market to rise significantly. The stablecoin concept is popular, but the path for stablecoins to replace the US dollar as a trading medium is still long. Domestically, credit contraction and insufficient demand remain the main contradictions, and although corporate profits improved in H1 2025, the index is unlikely to break through the central level significantly. On the other hand, it is also unlikely to experience a sharp decline in the short term [1]. - Treasury bond futures: The short - term bond market will continue its volatile pattern. Treasury bond futures showed mixed results, with the 30 - year main contract down 0.02%, the 5 - year and 2 - year main contracts up 0.01%, and the 10 - year main contract basically stable. The central bank conducted a 7 - day reverse repurchase operation, with a net withdrawal of 452.1 billion yuan. The inter - bank market interest rates declined. The central bank's liquidity injection in June totaled 65.6 billion yuan, and the economy showed strong resilience in June, with monetary policy emphasizing flexible adjustment [1][2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **A - share Index Futures**: Fed Chairman's remarks and dot - plot have led the market to price in interest rate cuts in advance, boosting the A - share market. But A - share valuations are high, and the stablecoin concept is popular. Domestically, 6 - month manufacturing PMI rose but remained in the contraction range, 5 - month PPI declined year - on - year, and new RMB loans decreased. Corporate profits improved in H1 2025, so the index is expected to be volatile [1]. - **Treasury Bond Futures**: Treasury bond futures had different performances. The central bank's reverse repurchase operation led to a net withdrawal of funds. Inter - bank market interest rates declined. The central bank's liquidity injection in June and the economic resilience in June suggest a continued volatile pattern in the short - term bond market [1][2]. 3.2 Daily Price Changes - **Stock Index Futures**: On July 3, 2025, compared with July 2, 2025, IH rose 0.19%, IF rose 0.61%, IC rose 0.30%, IM rose 0.31%, the Shanghai Composite 50 rose 0.07%, the CSI 300 rose 0.62%, the CSI 500 rose 0.50%, and the CSI 1000 rose 0.53% [3]. - **Treasury Bond Futures**: On July 3, 2025, compared with July 2, 2025, TS was flat, TF was flat, T fell 0.02%, and TL fell 0.04% [3]. 3.3 Market News - One lithium - salt smelter in Jiangxi has a maintenance plan, initially planning to stop production for 2 months, while a lithium - salt smelter in Sichuan is operating normally [4]. - The Caixin China Services PMI in June dropped to 50.6, the lowest since October 2024, indicating a slowdown in the expansion of the service industry [4]. 3.4 Chart Analysis - **Stock Index Futures**: The report provides multiple charts showing the trends of IH, IF, IM, IC main contracts, and their corresponding basis trends [6][7][9]. - **Treasury Bond Futures**: Multiple charts display the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][15][17]. - **Exchange Rates**: The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, and exchange rates among major currencies [20][21][24][25].

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Report's Core View - The prices of most energy and chemical products are expected to fluctuate. For crude oil, due to macro - uncertainties and the fading of geopolitical premiums, it will continue to fluctuate pending the OPEC meeting's production increase decision. High - sulfur fuel oil may have a short - term rebound, but it is recommended to short the high - sulfur cracking spread on rallies. For asphalt, it is recommended to short the cracking spread on rallies. Polyester products like TA and EG are also expected to fluctuate. Rubber is expected to fluctuate weakly, and methanol and other products will maintain a fluctuating trend [1][3][4][5] Group 3: Summary by Relevant Catalogs 1. Research Views - **Crude Oil**: On Thursday, WTI 8 - month contract closed down 0.45 dollars to 67 dollars/barrel, with a decline of 0.67%. Brent 9 - month contract closed down 0.31 dollars to 68.8 dollars/barrel, with a decline of 0.45%. SC2508 closed up 3.3 yuan/barrel to 507 yuan/barrel, with an increase of 0.66%. The US June non - farm payroll data exceeded expectations, and the unemployment rate dropped to 4.1%. The Fed Chairman Powell said that a July rate cut is "still under consideration". With macro - uncertainties and the fading of geopolitical premiums, the oil price will continue to fluctuate pending the OPEC meeting's production increase decision [1] - **Fuel Oil**: On Thursday, the main fuel oil contract FU2509 on the SHFE closed up 1.05% to 2987 yuan/ton, and the low - sulfur fuel oil contract LU2509 closed up 0.89% to 3623 yuan/ton. As of July 2, the fuel oil inventory in Fujairah decreased by 139.1 million barrels (13.46%) week - on - week. The high - sulfur fundamentals are slightly stronger than the low - sulfur ones. High - sulfur prices may have a short - term rebound, but it is recommended to short the high - sulfur cracking spread on rallies. The domestic low - sulfur supply remains sufficient, and the internal - external price difference is expected to remain low [3] - **Asphalt**: On Thursday, the main asphalt contract BU2509 on the SHFE closed up 0.25% to 3588 yuan/ton. This week, the shipment volume of 54 domestic asphalt enterprises decreased by 14.3% week - on - week, and the capacity utilization rate of 69 modified asphalt enterprises decreased by 0.8% week - on - week. The pricing center may shift back to the north after the peak season in the north. It is recommended to short the cracking spread on rallies [3] - **Polyester**: TA509 closed down 1% at 4746 yuan/ton, EG2509 closed down 0.26% at 4288 yuan/ton, and PX 509 closed down 0.74% at 6740 yuan/ton. The downstream demand is weak, and the production and sales of polyester yarn are weak. TA and EG prices are expected to fluctuate [4] - **Rubber**: On Thursday, the main rubber contract RU2509 closed down 110 yuan/ton to 14015 yuan/ton. The tire production load decreased, the rubber inventory increased slightly, and the rubber price is expected to fluctuate weakly [5] - **Methanol**: With the recovery of Iranian plants, the subsequent imports will increase. The MTO profit is being compressed, and the short - term methanol price will maintain a fluctuating trend [5] - **Polyolefins**: The supply is at a high level but the increase is limited, the total inventory is slowly decreasing, and the price center moves with the cost [7] - **Polyvinyl Chloride**: As the downstream enters the off - season, the fundamentals are under pressure, but the arbitrage and hedging space is narrowing. The PVC price is expected to continue to fluctuate [7] 2. Daily Data Monitoring - The report provides the spot prices, futures prices, basis, basis rates, and their changes for various energy and chemical products such as crude oil, liquefied petroleum gas, asphalt, etc. on July 3 and July 2, 2025 [9] 3. Market News - Iran's Foreign Minister said that Iran will continue to engage with the UN nuclear watchdog. The US June non - farm payroll data exceeded expectations, the unemployment rate dropped to 4.1%, and the Fed Chairman Powell said that a July rate cut is "still under consideration" [11] 4. Chart Analysis 4.1 Main Contract Prices - The report presents the closing price charts of main contracts for various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [13][14][15] 4.2 Main Contract Basis - It shows the basis charts of main contracts for various products such as crude oil, fuel oil, etc. over a certain period [33][34][35] 4.3 Inter - period Contract Spreads - The report provides the spread charts between different contracts for products like fuel oil, asphalt, etc. [45][46][50] 4.4 Inter - product Spreads - It includes the spread and ratio charts between different products such as crude oil internal - external markets, fuel oil high - low sulfur, etc. [61][63][65] 4.5 Production Profits - The report shows the cash - flow and profit charts for products like ethylene - based ethylene glycol and PP [70] 5. Team Member Introduction - The report introduces the members of the energy and chemical research team, including their positions, educational backgrounds, honors, and professional experiences [77][78][79]

软商品日报 光大期货软商品日报（2025 年 7 月 2 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周二，ICE 美棉下跌 0.25%，报收 67.96 美分/磅，CF509 环比下降 0.51，报收 13745 | 震荡 | | | 元/吨，主力合约持仓环比下降 11709 手至 56.32 万手，新疆地区棉花到厂价为 15187 | | | | 元/吨，较前一日上涨 70 元/吨，中国棉花价格指数 3128B 级为 15212 元/吨，较前 | | | | 一日上涨 58 元/吨。国际市场方面，美棉实播面积报告公布后，美棉价格环比回落， | | | | 新年度美棉产量或同比基本持平。关注后续宏观及天气扰动。国内市场方面，郑 | | | 棉花 | 棉期价连续两日回落，持仓持续下降。我们认为主要原因有以下两点，一是新棉 | | | | 的丰产预期，国家棉花市场监测系统 6 月末调查报告显示，新疆地区植棉面积同 | | | | 比增加 8.2%，增幅环比上调。另一方面是当前下游需求支撑力度有限。当前下游 | | | | 纺织企业开机仍在小幅下降，略低于 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - On July 1, polysilicon fluctuated with a slight upward trend. The main contract 2508 closed at 32,700 yuan/ton, with an intraday decline of 2.39%. The position decreased by 5,137 lots to 61,196 lots. The price of SMM polysilicon N-type silicon material dropped to 34,500 yuan/ton, and the price of the lowest deliverable N-type silicon material also dropped to 34,500 yuan/ton. The premium of the spot over the main contract widened to 1,800 yuan/ton. Industrial silicon fluctuated with a downward trend. The main contract 2509 closed at 7,765 yuan/ton, with an intraday decline of 4.31%. The position increased by 5,325 lots to 361,000 lots. The reference price of Baichuan industrial silicon spot remained stable at 8,738 yuan/ton compared to the previous trading day. The price of the lowest deliverable 553 changed from a discount to a premium of 165 yuan/ton over the futures. The news of production cuts by large industrial silicon manufacturers in Xinjiang has been gradually digested by the market. After a rebound, both silicon products started to correct synchronously. Trump's tax policy targeting the new energy sector has affected the market. Due to the previous oversold situation of polysilicon, its recent futures performance has been slightly stronger than that of industrial silicon. In reality, the pace of industrial silicon warehouse receipts flowing back to the market has slowed down, and high-quality polysilicon warehouse receipts still need a significant price decline to relieve pressure. With high inventory levels, silicon prices are more likely to fall than to rise. Continuous monitoring of the price ratio between the two silicon products and news related to policies and industry capacity regulation is recommended [2] Group 3: Summary by Relevant Catalogs 1. Daily Data Monitoring - **Industrial Silicon**: The futures settlement prices of the main and near - month contracts decreased by 280 yuan/ton. Among various spot prices, the price of some grades remained stable, while the price of 421 silicon (for organic silicon use in Kunming) decreased by 150 yuan/ton, and the prices of some grades in Xinjiang increased by 100 yuan/ton. The industrial silicon warehouse receipts decreased by 336, the Guangzhou Futures Exchange inventory increased by 19,735 tons, the inventory at Huangpu Port decreased by 3,000 tons, the inventory at Tianjin Port decreased by 11,000 tons, the inventory at Kunming Port decreased by 2,000 tons, and the industrial silicon factory warehouse inventory decreased by 54,860 tons. The total social inventory of industrial silicon decreased by 70,860 tons [3] - **Polysilicon**: The futures settlement prices of the main and near - month contracts decreased by 835 yuan/ton and 535 yuan/ton respectively. The spot prices of N - type polysilicon material, dense material/single - crystal use, and cauliflower material/single - crystal use remained stable. The premium of the spot over the futures widened by 835 yuan/ton. The polysilicon warehouse receipts remained unchanged, the Guangzhou Futures Exchange inventory was 78,000 tons, the factory warehouse inventory increased by 4,000 tons, and the total social inventory increased by 4,000 tons [3] - **Organic Silicon**: The prices of DMC in the East China market, raw rubber, and 107 glue remained stable, while the price of dimethyl silicone oil increased by 2,000 yuan/ton [3] - **Downstream Products**: The prices of silicon wafers (single - crystal M10/G12) and battery cells (single - crystal M10/G12) remained unchanged [3] 2. Chart Analysis - **Industrial Silicon and Cost - end Prices**: Charts show 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 Product Prices**: Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [12][16][18] - **Inventory**: Charts present the industrial silicon futures inventory, factory warehouse inventory, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [21][24] - **Cost and Profit**: Charts show the average cost and profit levels in major production areas, weekly cost and profit of industrial silicon, profit of the aluminum alloy processing industry, DMC cost and profit, and polysilicon cost and profit [27][29][33]