| 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周一，ICE 美棉上涨 0.05%，报收 66.64 美分/磅，CF509 上涨 2.44%，报收 13240 保留对这些商品加征 10%的关税，另外还有 2 月和 3 月对美国部分商品加征的关 | | | | 元/吨，主力合约持仓环比增加 8708 手至 58.28 万手，新疆地区棉花到厂价为 14085 | | | | 元/吨，较前一日上涨 174 元/吨，中国棉花价格指数 3128B 级为 14187 元/吨，较 | | | | 前一日上涨 65 元/吨。昨日中美公布日内瓦经贸会谈联合声明，美国将 4 月 2 日以 | | | | 来对中国加征的关税取消 91%，24%的关税在初始的 90 天内暂停实施，仅保留 10%。 | | | | 仅考虑 2 月以来情况，目前美国对中国仍有 2 月和 3 月各加征 10%的关税税率。 | 震荡上 | | | 中国对美国加征的关税也取消 91%，24%的关税在初始的 90 天内暂停实施，同时 | | | | | 行 | | | 税保留。综上，中美关税谈判已经取得突破性进展，成果超 ...

Group 1: Investment Ratings - Urea: Bullish [1] - Soda Ash: Bullish [1] - Glass: Sideways [1] Group 2: Core Views - Urea futures prices were stable on Monday, with the main 09 contract closing at 1,897 yuan/ton, down 0.26%. Spot prices rose locally. Daily output increased to 202,600 tons. Demand was decent. Short - term market focus is on urea export details on Wednesday. If exports are confirmed to be liberalized, the market will be supported; otherwise, it will face pressure [1]. - Soda ash futures prices opened low and strengthened on Monday, with the main 09 contract closing at 1,318 yuan/ton, up 0.15%. Spot prices were mostly stable. Industry maintenance increased, and the operating rate dropped to 77.57%. Supply is expected to decline further. Demand was weak. The market has priced in the expected supply decline. Global macro - sentiment recovery may bring fluctuations, and prices are expected to be strong in the short - term [1]. - Glass futures prices strengthened on Monday, with the main 09 contract closing at 1,045 yuan/ton, down 0.29%. Spot prices were weak. Supply may increase. Demand was cautious. The glass industry's sentiment was still cautious. Without new positive factors, prices are expected to remain range - bound [1]. Group 3: Market Information Urea - On May 12, the futures warehouse receipt volume was 4,900, down 70 from the previous day, and the effective forecast was 480 [4]. - On May 12, the daily output was 202,600 tons, up 90 tons from the previous day and 27,500 tons from the same period last year. The operating rate was 87.84%, up 6.99 percentage points from last year [4]. - On May 12, small - particle urea spot prices in Shandong were 1,970 yuan/ton (+50), in Henan 1,930 yuan/ton (+20), in Hebei 1,960 yuan/ton (+10), in Anhui 1,940 yuan/ton (unchanged), in Jiangsu 1,940 yuan/ton (+10), and in Shanxi 1,890 yuan/ton (unchanged) [4]. Soda Ash & Glass - On May 12, soda ash futures warehouse receipt quantity was 3,106, down 237 from the previous day, and the effective forecast was 2,298. Glass futures warehouse receipt quantity was 2,380, up 115 from the previous day [6]. - On May 12, soda ash spot prices in North China were 1,400 yuan/ton (light) and 1,500 yuan/ton (heavy), in Central China 1,270 yuan/ton (light) and 1,400 yuan/ton (heavy), in East China 1,350 yuan/ton (light) and 1,450 yuan/ton (heavy), in South China 1,500 yuan/ton (light) and 1,550 yuan/ton (heavy), in Southwest China 1,400 yuan/ton (light) and 1,450 yuan/ton (heavy), and in Northwest China 1,100 yuan/ton (both light and heavy), all unchanged from the previous day [6]. - On May 12, the soda ash industry operating rate was 77.57%, down from 84.20% the previous day [7]. - On May 12, the average price of the float glass market was 1,270 yuan/ton, down 1 yuan/ton from the previous day, and the daily output was 155,800 tons, unchanged from the previous day [7]. Group 4: Chart Analysis - The report includes multiple charts showing the closing prices, basis, trading volume, and positions of urea and soda ash futures, as well as the price trends of urea and soda ash spot, and the price spreads between related futures contracts [9][11][13]

黑色商品日报 黑色商品日报 | | 场预期，带动商品价格走强。锰矿方面，康密劳公布 2025 年 6 月对华加蓬块报报价 4.4 美元/吨度，环比 | | | --- | --- | --- | | | 下跌 0.4 美元/吨度；联合矿业(CML)公布 2025 年 6 月对华报价出台，Mn>46% Fe<6% Si02<18%澳块报 4.7 | | | | 美元/吨度，环比上月下跌 0.4 美元/吨度，锰矿成本支撑有限。综合来看，短期宏观情绪叠加市场消息刺 | | | | 激带动下，预计短期锰硅期价上方仍有一定空间，但幅度不看太高，后续持续关注宏观及减产情况。 | | | | 硅铁：周一，硅铁期价震荡走强，主力合约报收 5636 元/吨，环比上涨 1.55%，主力合约持仓环比增加 21649 | | | | 手。72 号硅铁汇总价格约 5350-5550 元/吨，宁夏地区较前一日上涨 50 元/吨。昨日大宗商品多数走强， | | | | 黑色板块整体偏强，硅铁期价重心随之上移。宏观情绪刺激叠加主产区减产消息，带动硅铁价格上涨。昨 | | | 硅铁 | 日中美公布日内瓦经贸会谈联合声明，谈判效果超出市场预期， ...

1. Report Industry Investment Rating - No information provided in the content. 2. Core Views of the Report Copper - Overnight LME copper rose and then fell. US budget surplus and tariff revenue data eased deficit pressure, and China - US trade negotiations made better - than - expected progress, with 91% of additional tariffs cancelled and 24% of counter - tariffs suspended. LME copper inventory decreased by 1025 tons to 190750 tons. Domestic demand orders are currently stable but may slow down as the peak season turns to the off - season. The positive outcome of the trade negotiations is expected to boost risk appetite and support copper prices in the short term. Copper prices are expected to reach the 78000 - 80000 yuan/ton range, but investors should pay attention to downstream acceptance at high prices and potential price fluctuations based on fundamentals and inventory [1]. Aluminum - Alumina trended strongly with AO2509 closing at 2832 yuan/ton, up 0.6%, and open interest increasing by 16955 lots to 289600 lots. Shanghai aluminum also trended strongly with AL2506 closing at 19935 yuan/ton, up 0.91%, and open interest decreasing by 2103 lots to 166000 lots. There were new maintenance activities in Shanxi and Guangxi alumina. The主力 contract switched to the 09 contract, and the market is trading on the expectation of ore production restrictions in Guinea's rainy season. Aluminum ingot arrivals were low, and downstream restocking after price cuts led to a continuous slight reduction in inventory. With the easing of China - US tariff tensions and improved macro - sentiment, the short - term strong and long - term weak pattern of aluminum prices continues. Attention should be paid to inventory - consumption ratios and future tariff negotiations [1][2]. Nickel - Overnight LME nickel fell 1.89% to 15550 US dollars/ton, and Shanghai nickel fell 1.26% to 124180 yuan/ton. LME inventory increased by 84 tons to 197754 tons, and domestic SHFE warehouse receipts decreased by 204 tons to 23222 tons. Nickel ore prices remained strong, with premiums rising in the Philippines and Indonesia. The center of nickel - iron transaction prices moved down to 940 yuan/nickel point. There was a slight reduction in 300 - series stainless steel production, but demand - side inventory increased. In the new energy sector, raw material supply recovered, MHP prices declined, and the immediate profit of nickel sulfate slightly improved, but the demand for ternary precursors in May decreased slightly. In the short term, the macro - sentiment has improved, and the Philippine nickel ore event has attracted market attention, so it is not advisable to be overly bearish. However, with the continuous weakening of nickel - iron prices and potential domestic primary nickel inventory accumulation, nickel prices will likely remain volatile [2]. 3. Summary by Relevant Catalogs Daily Data Monitoring Copper - On May 12, 2025, the price of flat - copper was 78260 yuan/ton with a premium of - 30 yuan/ton, and the price of 1 bright scrap copper in Guangdong was 72300 yuan/ton. LME copper inventory decreased by 1025 tons, and SHFE total inventory decreased by 8602 tons. The active - contract import loss decreased by 370 yuan/ton [3]. Lead - The average price of 1 lead in the Yangtze River was 16880 yuan/ton on May 12, 2025, up 140 yuan/ton from May 9. LME lead inventory decreased by 1625 tons, and SHFE inventory increased by 2718 tons [3]. Aluminum - On May 12, 2025, the Wuxi aluminum price was 19810 yuan/ton, and the Nanhai price was 19760 yuan/ton. LME aluminum inventory decreased by 2025 tons, and SHFE total inventory decreased by 6192 tons. The inventory of alumina decreased by 0.8 million tons [4]. Nickel - On May 12, 2025, the price of Jinchuan nickel plates was 128225 yuan/ton. LME nickel inventory increased by 84 tons, and SHFE nickel inventory decreased by 867 tons [4]. Zinc - The main - contract settlement price on May 12, 2025, was 22325 yuan/ton, up 0.3% from May 9. LME zinc inventory decreased by 475 tons, and SHFE inventory increased by 793 tons. Social inventory decreased by 0.05 million tons [5]. Tin - The main - contract settlement price on May 12, 2025, was 261110 yuan/ton, up 0.1% from May 9. LME tin inventory increased by 85 tons, and SHFE inventory decreased by 190 tons [5]. Chart Analysis - The report presents multiple charts including those on spot premium, SHFE near - far month spreads, LME inventory, SHFE inventory, social inventory, and smelting profits for various non - ferrous metals such as copper, aluminum, nickel, zinc, lead, and tin, covering data from 2019 - 2025 [7][14][21][28][34][41]. Team Introduction - The non - ferrous metals research team at Everbright Futures includes Zhan Dapeng, the director of non - ferrous research and a senior precious metals researcher; Wang Heng, who focuses on aluminum and silicon research; and Zhu Xi, who focuses on lithium and nickel research [48][49].

光大期货金融期货日报 光大期货金融期货日报（2025 年 05 月 13 日） 一、研究观点 | 品种 | 点评 昨日，A 股市场涨幅明显，Wind 全 A 上涨 1.3%，成交额 1.34 万亿元。中证 | 观点 | | --- | --- | --- | | | 1000 指数上涨 1.4%，中证 500 指数上涨 1.26%，沪深 300 指数上涨 1.16%， | | | | 上证 50 指数上涨 0.69%。中美发布联合声明，为后续进一步贸易协商奠定良 | | | | 好开局，超过市场预期。近期三部门召开联合新闻发布会，央行宣布降准降 | | | | 息政策，降低企业负债端成本。金融监管总局强调将大力推动中长期资金入 | | | | 市，通过类平准基金的方式支持、稳定和活跃资本市场，具体措施包括鼓励 | | | 股指 | 保险资金加大入市力度、设立新的金融资产投资公司、支持汇金公司在必要 | 震荡 | | | 时增持股票指数基金等。证监会表示将优化主动权益类基金的收费模式，扭 | | | | 转基金公司"旱涝保收"的现象。内部政策发力是股指 2025 年的主线。财 | | | | 报方面，一季度，A ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall commodity prices rebounded due to positive progress in tariff negotiations, but there is still supply pressure on oil prices, and caution is needed for oil price rebounds [1]. - For fuel oil, in the short - term, the absolute prices of FU and LU may remain stable, and one can consider a strategy to shrink the LU - FU spread later [2]. - The absolute price of asphalt may remain stable in the short - term, but its upward space may be limited [2]. - The polyester market is expected to be relatively strong, with PTA following the cost side and showing a strong - side shock, and ethylene glycol expected to see significant inventory reduction in May [2][3]. - The rubber market is in a state of shock, affected by the development of the automotive industry and tariff negotiations [3]. - The methanol market is in a state of shock, and prices may recover due to the results of Sino - US trade negotiations [5]. - The polyolefin market is expected to be relatively strong, and short - term prices will recover due to Sino - US negotiations and reduced tariffs [5]. - The PVC market is in a state of shock and is expected to perform weakly in the energy - chemical sector [6]. Summary by Relevant Catalogs Research Views - **Crude Oil**: On Monday, WTI June contract rose $0.93 to $61.95 per barrel, a 1.52% increase; Brent July contract rose $1.05 to $64.96 per barrel, a 1.64% increase; SC2506 closed at 482 yuan per barrel, up 7.6 yuan per barrel, a 1.6% increase. Sino - US tariff negotiations made progress, and Iraq plans to reduce exports in May and June. The market is in a state of shock [1]. - **Fuel Oil**: On Monday, FU2507 rose 2.5% to 2996 yuan per ton, and LU2506 rose 1.56% to 3518 yuan per ton. Sino - US trade negotiations improved market sentiment. The market is in a state of shock [2]. - **Asphalt**: On Monday, BU2506 rose 1.55% to 3481 yuan per ton. Sino - US trade negotiations improved market sentiment. Supply is expected to increase, and demand in the north will increase slightly while that in the south is affected by rain. The market is in a state of shock [2]. - **Polyester**: TA509 rose 2.79% to 4710 yuan per ton, EG2509 rose 1.99% to 4302 yuan per ton, and PX futures rose 2.81% to 6654 yuan per ton. The market is expected to be relatively strong [2]. - **Rubber**: On Monday, RU2509 rose 405 yuan per ton to 15025 yuan per ton, NR rose 405 yuan per ton to 12820 yuan per ton, and BR rose 370 yuan per ton to 11820 yuan per ton. The market is in a state of shock [3]. - **Methanol**: On Monday, the spot price in Taicang was 2422 yuan per ton. Supply is high, and demand has some uncertainties. The market is in a state of shock [5]. - **Polyolefins**: On Monday, the mainstream price of East China拉丝 was 7150 - 7300 yuan per ton. Refinery maintenance is increasing, and the market may have an intention to rush exports. The market is expected to be relatively strong [5]. - **Polyvinyl Chloride (PVC)**: On Monday, the price in the East China market declined slightly. Supply is high, and demand is relatively stable but will enter the off - season. The market is in a state of shock [6]. Daily Data Monitoring - The report provides the spot price, futures price, basis, basis rate, and their changes for various energy - chemical products such as crude oil, liquefied petroleum gas, asphalt, etc. on May 12 and May 9, 2025 [7]. Market News - Sino - US reached an agreement in Switzerland last weekend to reduce current high tariffs by 115%. The tariff reduction will last for 90 days, and further negotiations are expected [9]. - Preliminary surveys show that US crude oil and gasoline inventories may decline last week, while distillate inventories are expected to increase. As of May 9, US crude oil inventories are expected to decline by about 2 million barrels [9]. Chart Analysis 4.1 Main Contract Prices - The report presents the closing price trends of main contracts for various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [11][12][13] 4.2 Main Contract Basis - It shows the basis trends of main contracts for various energy - chemical products over the years, such as crude oil, fuel oil, low - sulfur fuel oil, etc. [26][28][32] 4.3 Inter - period Contract Spreads - The report provides the spread trends of different contracts for various energy - chemical products, such as fuel oil, asphalt, PTA, etc. [43][45][48] 4.4 Inter - variety Spreads - It presents the spread and ratio trends between different varieties of energy - chemical products, such as crude oil internal and external markets, fuel oil high - low sulfur, etc. [59][61][65] 4.5 Production Profits - The report shows the production profit trends of some energy - chemical products, such as ethylene - based ethylene glycol, PP, LLDPE, etc. [68][69][72] Team Member Introduction - **Zhong Meiyan**: Assistant to the director and director of energy - chemical research. With more than ten years of experience in futures derivatives market research, she has won many awards and has rich experience in serving enterprises [74]. - **Du Bingqin**: Analyst for crude oil, natural gas, fuel oil, asphalt, and shipping. She has in - depth research on the energy industry and has won many industry awards [75]. - **Di Yilin**: Analyst for natural rubber and polyester. She has won some industry awards and is good at data analysis [76]. - **Peng Haibo**: Analyst for methanol, PE, PP, and PVC. With a background in engineering and finance, he has experience in combining financial theory with industrial operations [77].

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 5 月 1 2 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 761.0 | 756.0 | 5.0 | I05-I09 | 65.0 | 62.5 | 2.5 | | I09 | 696.0 | 693.5 | 2.5 | I09-I01 | 26.0 | 25.5 | 0.5 | | I01 | 670.0 | 668.0 | 2.0 | I01-I05 | -91.0 | -88.0 | -3.0 | 图表1：09-01合约价差（单位：元/吨） 图表2：05-09合约价差（单位：元/吨） -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 04 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Copper: Overnight, copper first declined and then rose, with LME copper up 0.73% to $9,474.5/ton and SHFE copper up 0.72% to 78,140 yuan/ton. The domestic spot import window remained open. With the market focusing on US tariff progress and the improvement expectation continuing, and the short - term boost from China - US economic and trade talks, along with the strong demand in the copper peak season since April, there is no reason to be significantly bearish on copper prices in the short - term. Copper prices are expected to reach the range of 78,000 - 80,000 yuan/ton. However, investors should pay attention to the downstream's acceptance when copper prices enter the high - price range again and the performance of fundamentals and inventory when the peak season weakens [1]. - Aluminum: Alumina fluctuated higher, with AO2509 closing at 2,854 yuan/ton, up 4.05%. SHFE aluminum fluctuated strongly, with AL2506 closing at 19,570 yuan/ton, up 0.46%. Due to new maintenance in Shanxi and Guangxi and the acceleration of downstream stocking after the festival, alumina showed an upward correction in the short - term. In the medium - to - long - term, a strategy of shorting on rallies is recommended. For aluminum, due to limited inventory accumulation during the festival and weakening post - festival demand, short - term narrow - range adjustments are expected [1][2]. - Nickel: Overnight, LME nickel fell 0.35% to $15,575/ton, while SHFE nickel rose 0.26% to 124,000 yuan/ton. Short - term nickel ore is relatively strong, but if domestic primary nickel continues to accumulate inventory, the pressure on nickel prices will gradually emerge [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Overnight, LME copper rose 0.73% to $9,474.5/ton, SHFE copper rose 0.72% to 78,140 yuan/ton. US three - year inflation expectations reached a nearly three - year high, and the EU plans to sue the US at the WTO. LME copper inventory increased by 300 tons to 194,275 tons, COMEX copper inventory increased by 1,899 tons to 143,987 tons, and SHFE copper warehouse receipts decreased by 2,001 tons to 19,540 tons. Copper prices are expected to reach 78,000 - 80,000 yuan/ton, but pay attention to downstream acceptance and inventory performance when the peak season weakens [1]. - **Aluminum**: Alumina AO2509 closed at 2,854 yuan/ton, up 4.05%, and SHFE aluminum AL2506 closed at 19,570 yuan/ton, up 0.46%. SMM alumina price slightly adjusted down to 2,895 yuan/ton. New maintenance in Shanxi and Guangxi and accelerated downstream stocking after the festival led to short - term upward adjustment of alumina. In the long - term, short on rallies. Aluminum inventory accumulation was limited during the festival, and post - festival demand is weak [1][2]. - **Nickel**: LME nickel fell 0.35% to $15,575/ton, SHFE nickel rose 0.26% to 124,000 yuan/ton. LME nickel inventory decreased by 1,470 tons to 198,312 tons, and SHFE warehouse receipts decreased by 145 tons to 23,564 tons. Nickel iron prices weakened, and if domestic primary nickel accumulates inventory, it will pressure nickel prices [2]. 3.2 Daily Data Monitoring - **Copper**: On May 8, 2025, the price of flat - copper was 78,420 yuan/ton, with a decline in premium. LME registered + cancelled inventory increased by 300 tons, SHFE warehouse receipts decreased by 2,001 tons, and the total inventory decreased by 27,446 tons on a weekly basis [3]. - **Lead**: The average price of 1 lead in the Yangtze River was 16,750 yuan/ton, up 50 yuan/ton. LME registered + cancelled inventory decreased by 1,550 tons, and SHFE warehouse receipts decreased by 50 tons [3]. - **Aluminum**: The Wuxi and Nanhai quotes increased, and the Nanhai - Wuxi spread decreased. LME registered + cancelled inventory decreased by 2,000 tons, and SHFE warehouse receipts decreased by 2,752 tons [4]. - **Nickel**: The price of Jinchuan nickel decreased. LME registered + cancelled inventory decreased by 1,470 tons, and SHFE nickel warehouse receipts decreased by 145 tons [4]. - **Zinc**: The main settlement price decreased slightly, and the SMM 0 and 1 spot prices increased. LME inventory decreased by 750 tons, and SHFE inventory increased by 793 tons [5]. - **Tin**: The main settlement price decreased, and the SMM spot price increased. SHFE inventory decreased by 340 tons, and LME inventory remained unchanged [5]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [7][8][11] - **SHFE Near - Far Month Spread**: Charts display the near - far month spreads of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [14][17][18] - **LME Inventory**: Charts present the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [21][23][25] - **SHFE Inventory**: Charts show the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [28][30][32] - **Social Inventory**: Charts display the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2025 [34][36][38] - **Smelting Profit**: Charts show the trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2025 [41][43][45]

光大期货煤化工商品日报 光大期货煤化工商品日报 二、市场信息 尿素 1、郑商所数据：5 月 8 日尿素期货仓单数量 4970 张，较上一交易日持平，有效预报 511 张。 2、隆众数据：5 月 8 日尿素行业日产 19.95 万吨，较上一工作日增加 0.03 万吨，较去年同期 增加 1.93 万吨；行业开工 86.50%，较去年同期 83.19%回升 3.31 个百分点。 光大期货煤化工商品日报（2025 年 5 月 9 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周 尿素期货价格震荡走强，主力09合约收盘价1882元/吨，微幅下跌0.11%。现货 | 看涨 | | | 市场局部价格继续 涨，另有部分企业暂 对 报价。目前山东、河南公开市场价 | | | | 格均为1900元/吨，日环比持平。基本面来看，尿素日产量小幅回升至19.95万吨， | | | | 需求端有 跟进，昨日主流地区产销率分化明 ，仅个 地区 100%。近期出口消 | | | | 息扰动加强，最新消息表明后期尿素出口 松基本确定，前提 国内保供和稳价落 | | | | 实到位， ...

工业硅日报 工业硅&多晶硅日报（2025 年 5 月 9 日） 一、研究观点 点评 8 日多晶硅先抑后扬，主力 2506 收于 36950 元/吨，日内涨幅 2.43%，持 仓增仓 4212 手至 67502 手；SMM 多晶硅 N 型硅料价格 40500 元/吨，最 低交割品 N 型硅料价格 40500 元/吨，现货对主力升水收至 3550 元/吨。 工业硅震荡偏弱，主力 2506 收于 8315 元/吨，日内跌幅 0.36%，持仓减仓 1671 手至 18.11 手。百川工业硅现货参考价 9565 元/吨，较上一交易日下 调 52 元/吨。最低交割品#553 价格降至 8450 元/吨，现货升水收至 200 元 /吨。节前贸易商清货压价，下游备货意愿低于往年。节后下游需求失速 压力仍在，短期工业硅受下游负反馈难以摆脱探底节奏，多晶硅生产调节 度较高，仓单不足添加博弈筹码，短期内大跌有限，区间震荡为主。关注 企业限产动态，以及是否新出台大规模基建或光伏装机强制考核政策，有 望引发新一轮超跌反弹。 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 工业硅日报 二、日度数据监测 | | ...