Group 1: Investment Ratings - Urea: Sideways [1] - Soda Ash: Bullish Sideways [1] - Glass: Bullish Sideways [1] Group 2: Core Views - Urea futures prices were firm and sideways on Tuesday, with the 09 contract closing at 1727 yuan/ton, up 0.52%, and the 01 contract at 1756 yuan/ton, up 0.46%. The spot market continued to weaken. The daily urea production was 19.38 tons, up 0.08 tons. The demand was divided, with domestic agricultural demand in the off - season and low - end purchasing interest rising. The spot market showed signs of stabilization, and the futures had support from related products like coal, but there was limited market drive, so a sideways view was recommended [1]. - Soda ash futures prices rose on Tuesday, with the 01 contract closing at 1409 yuan/ton, up 5.31%, and the 09 contract at 1292 yuan/ton, up 3.61%. The spot prices were mostly stable. The rise was affected by environmental protection expectations in Qinghai. The industry's operating rate was stable at 87.13%. The market worried about future supply decline, and with support from related futures prices, the short - term performance was expected to be positive, but chasing up was not recommended [1]. - Glass futures prices rose on Tuesday, with the 09 contract closing at 1073 yuan/ton, up 0.47%, and the 01 contract at 1240 yuan/ton, up 2.4%. The spot market was weak. The in - production capacity was stable, and the daily melting amount was 15.96 tons. The demand follow - up was weak. The futures were driven by rising raw material prices, but a trend - up needed more drivers [1]. Group 3: Market Information Urea - On August 12, the urea futures warehouse receipts on Zhengshang were 3823, up 200 from the previous day, and the valid forecasts were 0 [4]. - On August 12, the urea daily production was 19.38 tons, up 0.08 tons from the previous day and 2.89 tons from the same period last year. The operating rate was 83.71%, 8.92 percentage points higher than the same period last year [4]. - On August 12, small - particle urea spot prices in Shandong were 1720 yuan/ton, down 10; in Henan 1730 yuan/ton, down 10; in Hebei 1750 yuan/ton, unchanged; in Anhui 1740 yuan/ton, unchanged; in Jiangsu 1730 yuan/ton, down 10; in Shanxi 1630 yuan/ton, unchanged [4]. Soda Ash & Glass - On August 12, the soda ash futures warehouse receipts on Zhengshang were 9275, up 1560 from the previous day, with valid forecasts of 1919; the glass futures warehouse receipts were 3543, unchanged [6]. - On August 12, soda ash spot prices in North China were 1250 yuan/ton for light and 1350 yuan/ton for heavy; in Central China 1180 yuan/ton for light and 1300 yuan/ton for heavy; in East China 1160 yuan/ton for light, down 20, and 1300 yuan/ton for heavy, etc. [6] - On August 12, the soda ash industry capacity utilization was 87.13%, the same as the previous day [7]. - On August 12, the average price of the float glass market was 1170 yuan/ton, down 10 yuan/ton from the previous day, and the daily output was 15.96 tons, unchanged [7]. Group 4: Chart Analysis - The report includes charts of the closing prices, basis, trading volume and open interest, spreads, spot price trends, and futures price spreads of urea, soda ash, and glass, with data from iFind and the Everbright Futures Research Institute [9][11][13][16][18][20][21] Group 5: Research Team - The research team includes Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen, who are responsible for different commodities and have multiple honors and achievements [23]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The 2511 contract of lithium carbonate futures rose 2% to 82,520 yuan/ton yesterday. The average price of battery - grade lithium carbonate increased by 3,500 yuan/ton to 78,000 yuan/ton, the average price of industrial - grade lithium carbonate rose by 2,500 yuan/ton to 75,800 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) increased by 2,200 yuan/ton to 69,690 yuan/ton. The warehouse receipt inventory increased by 1,440 tons to 20,829 tons [3]. - Yaobao Company's La Negra factory in Chile has resumed operation after an accident last week, and it is currently under investigation in Chile [3]. - On the supply side, the weekly output increased by 2,288 tons to 19,556 tons, with lithium extraction from spodumene, lepidolite, salt lakes, and recycled materials all increasing. It is expected that the supply in August will increase by 3% to 84,200 tons. On the demand side, the lithium consumption of two major cathode materials in August is expected to increase by 8% to 86,000 tons of LCE. In terms of inventory, the social inventory increased by 692 tons to 142,418 tons this week, with upstream and other links destocking and downstream restocking [3]. - Against the background of anti - involution and sustained demand, the short - term production suspension issue has boosted market sentiment. After a rapid rise, there may be a correction. The production suspension of mines can adjust the supply - demand balance of lithium resources, but the duration of the suspension is not clear. As prices strengthen, some enterprises start to resume production, and it is expected that overseas imports will gradually increase. In the future, attention should be paid to the actual supply of lithium salts, the increase in overseas imports (with a certain time lag), whether the terminal customer supply decreases, and whether there are subsequent problems with the mining licenses of other mines [3]. 3. Summary According to Relevant Catalogs 3.1 Research Views - Futures, spot prices, and warehouse receipt inventory changes of lithium carbonate and related products are presented [3]. - Information about the accident and resumption of operation of Yaobao Company's Chilean factory is reported [3]. - Supply, demand, and inventory situations in the lithium market are analyzed, and future market trends and points][3]. 3.2 Daily Data Monitoring - A table shows the prices and price changes of various products in the lithium - battery industry chain from August 11 - 12, 2025, including futures, lithium ores, lithium salts, and cathode materials. Another part shows the prices of some products from August 1 - 8, 2025, such as battery cells and batteries [5]. 3.3 Chart Analysis 3.3.1 Ore Prices - Charts display the price trends of lithium - related ores like spodumene concentrate, lepid][8]. 3.3.2 Lithium and Lithium Salt Prices - Charts show the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate [9][11][13]. 3.3.3 Spreads - Charts present the price spreads between different lithium - related products, such as the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate, and the spread between battery - grade lithium carbonate and industrial - grade lithium carbonate, as well as other spreads and the basis [16][17][18]. 3.3.4 Precursor & Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate [20][22][26]. 3.3.5 Lithium Battery Prices - Charts display the price trends of 523 square ternary battery cells, square lithium iron phosphate battery cells, lithium cobaltate battery cells, and square lithium iron phosphate batteries [28][30][31]. 3.3.6 Inventory - Charts show the inventory trends of downstream, smelters, and other links in the lithium carbonate market [32][34][36]. 3.3.7 Production Costs - A chart shows the production profit trends of lithium carbonate from different raw materials, such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 [37].

Group 1: General Information - Report title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Report date: August 13, 2025 [1] Group 2: Futures Contract Information - I05 contract: Today's closing price is 779.5 yuan/ton, up 11.5 yuan/ton from the previous day; I05 - I09 spread is -28.0 yuan/ton, up 0.5 yuan/ton from the previous day [3] - I09 contract: Today's closing price is 807.5 yuan/ton, up 11.0 yuan/ton from the previous day; I09 - I01 spread is 6.5 yuan/ton, down 1.0 yuan/ton from the previous day [3] - I01 contract: Today's closing price is 801.0 yuan/ton, up 12.0 yuan/ton from the previous day; I01 - I05 spread is 21.5 yuan/ton, up 0.5 yuan/ton from the previous day [3] Group 3: Basis Information 3.1 Basis Data - For various iron ore varieties like Carajás fines (Carajás fines: today's price is 888 yuan/ton, up 9.0 yuan/ton from the previous day; today's basis is 45 yuan/ton, up 5 yuan/ton from the previous day), different basis data are presented, with price changes ranging from 0 to 12.0 yuan/ton and basis changes from -5 to 9 yuan/ton [6] 3.2 Basis Chart - There are charts showing basis for different types of iron ore including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc. [8][9][10] Group 4: Exchange Rule Adjustments - Since December 2nd, the main contract of iron ore is I2205. Some adjustments are made to the deliverable brands and related rules: 4 new deliverable varieties (Benxi Iron and Steel concentrate powder, IOC6, KUMBA, Ukrainian concentrate powder) are added with brand premium of 0 starting from I2202; brand premiums of some existing varieties are adjusted; quality difference and premium rules for substitutes are modified; 4 more brands (Taigang concentrate powder, Magang concentrate powder, Minmetals standard powder, SP10 powder) are added as deliverable brands with brand premium of 0 [11] - The adjusted deliverable brands and premiums apply to I2312 and subsequent contracts. Starting from the first trading day after the last delivery day of I2311, the exchange will handle the registration of standard warehouse receipts for iron ore futures according to the adjusted rules [12] Group 5: Variety Spread Information 5.1 Variety Spread Data - For example, PB lump - PB fines spread is 142.0 yuan/ton, unchanged from the previous day; PB fines - mixed fines spread is 74.0 yuan/ton, up 4.0 yuan/ton from the previous day, with various spread data presented [13] 5.2 Variety Spread Charts - There are charts showing different types of spreads such as lump - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [14][17][21] Group 6: Research Team Information - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with their respective positions, work experience, and qualification numbers introduced [25]

Group 1: Research View - On August 12, industrial silicon fluctuated weakly. The main contract 2511 closed at 8,840 yuan/ton, with an intraday decline of 1.12%. The position increased by 6,917 lots to 279,000 lots. The spot reference price of industrial silicon by Baichuan was 9,540 yuan/ton, remaining stable compared to the previous trading day. The price of the lowest deliverable 421 grade rebounded to 8,950 yuan/ton, and the spot premium widened to 150 yuan/ton [2]. - Polysilicon fluctuated strongly. The main contract 2511 closed at 51,800 yuan/ton, with an intraday increase of 0.69%. The position decreased by 3,684 lots to 136,000 lots. The price of N-type recycled polysilicon materials dropped to 44,500 yuan/ton, and the price of the lowest deliverable silicon materials also dropped to 44,500 yuan/ton. The spot discount narrowed to 6,005 yuan/ton [2]. - The north and south of industrial silicon continued to resume production, and the downstream crystalline silicon production increased significantly. The supply and demand showed a double - increase pattern, and it will continue to fluctuate following the sentiment of coking coal in the short term. Recently, industrial silicon industry associations in many provinces put forward a joint initiative against involution. In the short term, relevant news may become an important driver for the industrial silicon futures market [2]. - After the polysilicon futures market showed a premium again, it attracted an increase in warehouse receipts. The market traded on a series of news such as capacity storage. In the short term, the range pattern of polysilicon with a clear upper and lower limit is relatively obvious. Attention should be paid to the resumption progress of industrial silicon production, the impact of the association's initiative, and the policy promotion of polysilicon [2]. Group 2: Daily Data Monitoring Industrial Silicon - The futures settlement price of the main contract decreased from 8,940 yuan/ton on August 11 to 8,905 yuan/ton on August 12, a decrease of 35 yuan/ton. The near - month contract decreased from 8,860 yuan/ton to 8,800 yuan/ton, a decrease of 60 yuan/ton [4]. - The spot prices of most grades of industrial silicon remained stable, except for some minor price increases in the 421 grade in certain regions. The current lowest deliverable price was 8,950 yuan/ton, and the spot premium widened from 90 yuan/ton to 150 yuan/ton [4]. - The industrial silicon warehouse receipts decreased by 102 to 50,658 (daily), and the Guangzhou Futures Exchange inventory decreased by 880 to 251,700 tons (weekly). The total social inventory of industrial silicon increased by 4,100 tons to 444,000 tons [4]. Polysilicon - The futures settlement price of the main contract decreased from 52,985 yuan/ton on August 11 to 51,800 yuan/ton on August 12, a decrease of 1,185 yuan/ton. The near - month contract decreased from 52,985 yuan/ton to 50,505 yuan/ton, a decrease of 2,480 yuan/ton [4]. - The prices of some polysilicon materials increased, while the prices of P - type polysilicon materials remained stable. The current lowest deliverable price was 44,500 yuan/ton, and the spot discount narrowed from 8,485 yuan/ton to 6,005 yuan/ton [4]. - The polysilicon warehouse receipts increased by 240 to 4,940 (daily). The Guangzhou Futures Exchange inventory increased by 13,000 tons to 108,600 tons (weekly), and the factory inventory decreased by 2,000 tons to 273,400 tons. The total social inventory of polysilicon decreased by 2,000 tons to 273,000 tons [4]. Organic Silicon - The DMC price in the East China market remained stable at 12,500 yuan/ton. The prices of raw rubber and 107 glue remained stable, while the price of dimethyl silicone oil increased by 1,500 yuan/ton to 14,500 yuan/ton [4]. Group 3: Chart Analysis Industrial Silicon and Cost - end Prices - Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [5][7][10]. Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [13][14][16]. Inventory - Charts present the industrial silicon futures inventory, factory inventory, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [19][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][28]. Group 4: Team Introduction - The non - ferrous metals team includes Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng is the director of non - ferrous research at Everbright Futures Research Institute, with more than a decade of commodity research experience. Wang Heng focuses on aluminum and silicon research, and Zhu Xi focuses on lithium and nickel research [33][34].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Copper: Overnight copper showed narrow - range fluctuations. Macro - factors include market attention on US trade negotiation results and recession concerns from US economic data. Fundamentally, there are still differences in views on the future of US copper. Excessive inventory in the US may lead to continuous weakness in US copper, causing inventory relocation risks and impacting global copper prices. The approaching "Golden September" peak season in China provides some price support, and the probability of a sharp short - term decline is low. Currently, copper maintains a relative balance between bulls and bears, waiting for external factors to break the situation [1]. - Aluminum: Alumina fluctuated strongly, while沪铝 and aluminum alloy fluctuated weakly. In August, the profits in the aluminum industry shifted from upstream to downstream. Alumina's复产 rhythm increases the expectation of oversupply, with callback pressure but limited deep - decline space due to short - term cost support. The signing of an aluminum cooperation agreement between India and Russia raises the expectation of US tariff increases on the two countries, increasing trade cost concerns. As "Golden September" approaches, the stocking in the white - goods and automotive sectors starts in advance. The supply - demand of electrolytic aluminum shows signs of change, with the spot price changing from premium to discount. Aluminum prices are in a stage of "time for space" with an expectation of continued recovery. Aluminum alloy is in a tug - of - war between cost and demand, waiting for the peak - season guidance [1][2]. - Nickel: Overnight, LME nickel rose 1.39% and沪镍 rose 0.66%. LME inventory decreased, while domestic SHFE仓单 increased. The raw material prices of stainless steel showed differentiation, and the stainless - steel inventory decreased for four consecutive weeks with a slightly slower de - stocking speed. The overall fundamentals changed little and remained in a volatile state [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Overnight narrow - range fluctuations. Macro - factors and US copper inventory issues impact the market. The approaching peak season in China provides support, and the price is in a balanced state [1]. - **Aluminum**: Different products in the aluminum industry showed different trends. There are changes in industry profits, trade cost concerns, and supply - demand signs. Aluminum alloy is in a cost - demand tug - of - war [1][2]. - **Nickel**: Overnight price increases, changes in inventory, and stable fundamentals with a volatile trend [2]. 3.2 Daily Data Monitoring - **Copper**: Price changes in various copper products, inventory changes in different locations, and changes in other indicators such as LME0 - 3 premium and CIF提单 [3]. - **Lead**: Stable average price, changes in升贴水 and沪铅 spreads, and changes in lead - related prices and inventory [3]. - **Aluminum**: Price changes in aluminum products, raw materials, and downstream products. Inventory changes in different locations and升贴水 changes [4]. - **Nickel**: Price changes in nickel products, raw materials, and stainless - steel products. Inventory changes in different locations and升贴水 changes [4]. - **Zinc**: Price changes, including主力结算价, LmeS3, and现货 prices. Inventory changes and升贴水 changes [5]. - **Tin**: Price changes, including主力结算价, LmeS3, and现货 prices. Inventory changes and升贴水 changes [5]. 3.3 Chart Analysis - **3.3.1 Spot升贴水**: Charts show the spot升贴 water trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [7][9][12]. - **3.3.2 SHFE Near - Far Month Spread**: Charts show the near - far month spreads of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [15][17][19]. - **3.3.3 LME Inventory**: Charts show the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [21][23][25]. - **3.3.4 SHFE Inventory**: Charts show the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [28][30][32]. - **3.3.5 Social Inventory**: Charts show the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [34][36][38]. - **3.3.6 Smelting Profit**: Charts show the copper concentrate index,粗铜加工费, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit rate from 2019 - 2025 [41][43][45]. 3.4 Team Introduction - The research team includes Zhan Dapeng, a senior researcher with rich experience and multiple awards; Wang Heng, who focuses on aluminum - silicon research; and Zhu Xi, who focuses on lithium - nickel research [48][49].

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Corn: Corn prices showed a weakening trend on Monday. Futures prices fluctuated narrowly, and spot prices declined. Mid - term operations should maintain a bearish outlook, focusing on the impact of new grain costs on forward prices [1] - Soybean and Bean Meal: CBOT soybeans rose on Monday due to improved export prospects and hot weather in the production areas. Domestic bean meal and rapeseed meal prices fell, and the supply concerns eased. The strategy for bean meal is short - term trading [1] - Palm Oil: BMD palm oil rose on Monday due to improved export expectations and a positive MPOB report. Domestic palm oil led the increase among the three major oils, reaching a three - year high. The strategy is to hold long positions and sell put options [1] - Eggs: The main egg contract continued to decline on Monday. Although spot prices rose slightly, the short - term fundamentals remained weak. However, there is a possibility of a seasonal rebound in the future, but the high point is likely to be lower than last year [1][2] - Pigs: The main pig futures contract rebounded in the morning and then declined on Monday. The supply side exerts pressure on pig prices, while policies provide support. The market is expected to remain volatile [2] Group 3: Market Information - Indonesia: The Indonesian trade authorities are asking palm oil producers to increase local sales to lower prices and maintain the DMO level at 175,000 tons per month by the end of the year. Indonesia plans to implement the B50 biodiesel mandatory blending policy in 2026, but it may be difficult to start in January [3] - Soybean Pressing: The domestic soybean pressing volume decreased slightly last week to 2.18 million tons and is expected to rebound to 2.3 million tons this week [3] - Malaysian Palm Oil: In July, Malaysia's palm oil production increased by 7.09% month - on - month, inventory increased by 4.02% month - on - month (lower than Reuters' expectation), imports decreased by 12.82% month - on - month, and exports increased by 3.82% month - on - month [3] Group 4: Variety Spreads - Contract Spreads: The report shows various contract spreads such as corn 9 - 1, corn starch 9 - 1, etc., but no specific analysis is provided [4][5][7][8][11] - Contract Basis: The report shows various contract bases such as corn basis, soybean basis, etc., but no specific analysis is provided [12][13][17][23][25] Group 5: Research Team - Wang Na: Director of the Agricultural Product Research Department at Everbright Futures Research Institute, leader of the top ten research teams at DCE. She has won many awards and has rich media experience [27] - Hou Xueling: Soybean analyst at Everbright Futures, with over a decade of futures experience and many awards [27] - Kong Hailan: Researcher on eggs and pigs at Everbright Futures, with experience as a guest analyst on financial channels and participation in many research achievements [27]

1. Index Trends - On August 11th, the Shanghai Composite Index rose 0.34% to close at 3647.55 points with a trading volume of 751.329 billion yuan; the Shenzhen Component Index rose 1.46% to close at 11291.43 points with a trading volume of 1075.644 billion yuan [1]. - The CSI 1000 Index rose 1.55% with a trading volume of 401.163 billion yuan, opening at 6850.57, closing at 6943.94, with a daily high of 6957.4 and a low of 6850.57 [1]. - The CSI 500 Index rose 1.08% with a trading volume of 277.034 billion yuan, opening at 6335.43, closing at 6391.76, with a daily high of 6404.83 and a low of 6335.43 [1]. - The SSE 300 Index rose 0.43% with a trading volume of 360.686 billion yuan, opening at 4110.29, closing at 4122.51, with a daily high of 4134.25 and a low of 4103.6 [1]. - The SSE 50 Index rose 0.03% with a trading volume of 90.334 billion yuan, opening at 2791.35, closing at 2789.9, with a daily high of 2800.89 and a low of 2783.65 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 rose 105.81 points from the previous close, with sectors such as power equipment, electronics, and pharmaceutical biology significantly pulling the index up [2]. - The CSI 500 rose 68.26 points from the previous close, with sectors such as electronics, power equipment, and machinery significantly pulling the index up [2]. - The SSE 300 rose 17.54 points from the previous close, with sectors such as food and beverage, electronics, and power equipment significantly pulling the index up, while the banking sector pulled it down [2]. - The SSE 50 rose 0.73 points from the previous close, with sectors such as food and beverage, non - banking finance, and electronics significantly pulling the index up, while sectors such as petroleum and petrochemicals, non - ferrous metals, and banking pulled it down [2]. 3. Stock Index Futures Basis and Annualized Opening Costs - IM00 average daily basis was - 4.24, IM01 was - 75.76, IM02 was - 265.4, and IM03 was - 447.73 [12]. - IC00 average daily basis was - 6.74, IC01 was - 72.91, IC02 was - 228.99, and IC03 was - 368.34 [12]. - IF00 average daily basis was 0.18, IF01 was - 11.76, IF02 was - 41.12, and IF03 was - 73.78 [12]. - IH00 average daily basis was 0.63, IH01 was 1.52, IH02 was 3.18, and IH03 was 2.99 [12]. 4. Stock Index Futures Rollover Point Differences and Annualized Costs - Data for IM rollover point differences and their annualized costs are presented at different time intervals from 09:45 to 15:00 [24][25]. - Data for IC rollover point differences and their annualized costs are presented at different time intervals from 09:45 to 15:00 [26]. - Data for IF rollover point differences and their annualized costs are presented at different time intervals from 09:45 to 15:00 [27]. - Data for IH rollover point differences and their annualized costs are presented at different time intervals from 09:45 to 15:00 [23].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - On August 11, industrial silicon fluctuated strongly, with the main contract 2511 closing at 9,000 yuan/ton, an intraday increase of 4.83%, and the position increasing by 33,258 lots to 272,000 lots. The spot reference price of Baichuan industrial silicon was 9,540 yuan/ton, up 100 yuan/ton from the previous trading day. The price of the lowest deliverable 421 rebounded to 8,950 yuan/ton, and the spot premium narrowed to 90 yuan/ton. Polysilicon fluctuated higher, with the main contract 2511 closing at 52,985 yuan/ton, an intraday increase of 6.34%, and the position increasing by 2,143 lots to 139,800 lots. The price of N-type recycled polysilicon material dropped to 44,500 yuan/ton, and the price of the lowest deliverable silicon material dropped to 44,500 yuan/ton, and the spot discount narrowed to 6,005 yuan/ton. [2] - Industrial silicon production in the north and south continued to resume, and the production of downstream crystalline silicon increased significantly, resulting in a pattern of double - increase in supply and demand. In the short term, it will continue to fluctuate following the sentiment of coal and coke. Recently, industrial silicon industry associations in many provinces have put forward a joint initiative against involution, and relevant news may become an important driver for guiding the industrial silicon market in the short term. After the polysilicon market showed a premium again, it attracted an increase in warehouse receipts. The market is trading a series of news such as capacity storage. In the short term, the range pattern of polysilicon with a clear upper and lower limit is relatively obvious. Attention should be paid to the resumption progress of industrial silicon production, the impact of the association's initiative, and the policy promotion of polysilicon. [2] Group 3: Summary by Directory 1. Research Views - Industrial silicon and polysilicon prices showed different trends on August 11. Industrial silicon fluctuated strongly, and polysilicon fluctuated higher. The supply - demand pattern of industrial silicon is a double - increase, and it is affected by coal - coke sentiment and industry association initiatives. The polysilicon market is affected by news such as capacity storage. [2] 2. Daily Data Monitoring - **Industrial Silicon Futures**: The settlement price of the main contract increased from 8,585 yuan/ton on August 8 to 8,940 yuan/ton on August 11, an increase of 355 yuan/ton; the settlement price of the near - month contract increased from 8,645 yuan/ton to 8,860 yuan/ton, an increase of 215 yuan/ton. [4] - **Industrial Silicon Spot**: The prices of various grades of industrial silicon in different regions showed different degrees of increase or remained stable. For example, the price of non - oxygenated 553 silicon in East China increased from 9,100 yuan/ton to 9,200 yuan/ton, and the price of 421 silicon in Xinjiang increased from 8,900 yuan/ton to 9,050 yuan/ton. [4] - **Polysilicon Futures**: The settlement price of the main contract increased from 50,790 yuan/ton on August 8 to 52,985 yuan/ton on August 11, an increase of 2,195 yuan/ton; the settlement price of the near - month contract decreased from 50,790 yuan/ton to 50,505 yuan/ton, a decrease of 285 yuan/ton. [4] - **Polysilicon Spot**: The prices of some types of polysilicon increased, such as the price of N - type granular silicon material increasing from 34,000 yuan/ton to 44,000 yuan/ton, while the prices of P - type polysilicon dense material and P - type recycled polysilicon material remained unchanged. [4] - **Organic Silicon Spot**: The price of DMC in the East China market remained at 12,500 yuan/ton, the prices of raw rubber and 107 glue remained unchanged, and the price of dimethyl silicone oil increased from 13,000 yuan/ton to 14,500 yuan/ton. [4] - **Inventory**: Industrial silicon warehouse receipts increased by 420 to 50,760; the weekly inventory of the Guangzhou Futures Exchange decreased by 880 to 251,700 tons; the factory inventory increased by 4,100 to 272,500 tons, and the total social inventory increased by 4,100 to 444,000 tons. Polysilicon warehouse receipts increased by 1,080 to 4,700; the weekly inventory of the Guangzhou Futures Exchange increased by 13,000 tons to 108,600 tons; the factory inventory decreased by 2,000 tons to 273,400 tons, and the total social inventory decreased by 2,000 tons to 273,000 tons. [4] 3. Chart Analysis - **Industrial Silicon and Cost - end Prices**: Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices. [5][7][10] - **Downstream Product Prices**: Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components. [13][14][16] - **Inventory**: Charts present the inventory of industrial silicon futures, factory warehouses, weekly industry inventory, and weekly inventory changes, as well as the weekly inventory of DMC and polysilicon. [19][22] - **Cost - Profit**: Charts show the average cost and profit levels of main producing areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, cost - profit of DMC, and cost - profit of polysilicon. [25][27][28] 4.有色金属团队介绍 - The team includes Zhan Dapeng, a senior researcher with over a decade of commodity research experience, mainly responsible for precious metals and serving as the director of non - ferrous research at Everbright Futures Research Institute; Wang Heng, a researcher focusing on aluminum and silicon, with in - depth research on the domestic non - ferrous industry and the new energy industry chain; and Zhu Xi, a researcher focusing on lithium and nickel, with a focus on the integration of non - ferrous metals and new energy. [33][34]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On August 11, 2025, the 2511 contract of lithium carbonate futures rose 8% to 81,000 yuan/ton. The average price of battery - grade lithium carbonate increased by 2,600 yuan/ton to 74,500 yuan/ton, the average price of industrial - grade lithium carbonate increased by 2,500 yuan/ton to 72,300 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose by 1,500 yuan/ton to 67,490 yuan/ton. The warehouse receipt inventory increased by 560 tons to 19,389 tons [2]. - CATL suspended mining operations after its mining license for the Yichun project expired on August 9 and is applying for a renewal, which has little impact on the company's overall operation [2]. - In terms of supply, the weekly output increased by 2,288 tons to 19,556 tons. It is expected that the supply in August will increase by 3% month - on - month to 84,200 tons. On the demand side, the lithium consumption of two major cathode materials in August is expected to increase by 8% month - on - month to 86,000 tons of LCE. The social inventory increased by 692 tons to 142,418 tons this week, with upstream and other links reducing inventory and downstream replenishing inventory [2]. - Against the backdrop of anti - involution and booming demand, short - term production suspension has pushed up market sentiment, driving up prices and volatility. However, the impact of the suspended mines on production is about 10,000 tons of LCE per month, and the suspension time is not clear. As prices rise, some enterprises are resuming production, and overseas imports may also gradually increase [2]. Summary by Directory 1. Research Viewpoints - **Price Changes**: The 2511 contract of lithium carbonate futures rose 8% to 81,000 yuan/ton. Battery - grade lithium carbonate, industrial - grade lithium carbonate, and battery - grade lithium hydroxide prices all increased, and the warehouse receipt inventory increased by 560 tons [2]. - **Company News**: CATL suspended mining operations in Yichun and is applying for a mining license renewal, with little impact on overall operations [2]. - **Supply - Demand - Inventory Situation**: Supply increased week - on - week and is expected to rise in August. Demand for cathode materials is expected to increase in August. Social inventory increased, with upstream de - stocking and downstream restocking [2]. - **Market Outlook**: Short - term production suspension boosts prices, but the impact of suspended mines is limited, and production resumption and increased imports may occur as prices rise [2]. 2. Daily Data Monitoring - **Futures and Mineral Prices**: The main and continuous contracts of lithium carbonate futures, as well as prices of various lithium ores, all increased from August 8 to August 11 [4]. - **Lithium Salt Prices**: Battery - grade and industrial - grade lithium carbonate, and lithium hydroxide prices all rose during the same period [4]. - **Price Spreads**: The price spreads between different lithium products showed various changes, and the prices of some precursors and cathode materials also increased [4]. - **Cell and Battery Prices**: Most cell and battery prices remained unchanged from August 1 to August 8 [4]. 3. Chart Analysis - **Ore Prices**: Charts show the price trends of lithium - related ores such as lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [5][7]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and lithium hexafluorophosphate [8][10][12]. - **Price Spreads**: Charts present the price spreads between different lithium products, including battery - grade lithium hydroxide and battery - grade lithium carbonate, and others [15][16]. - **Precursor & Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate [20][23][26]. - **Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid cells, and square lithium iron phosphate batteries [29][31]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from December 2024 to August 2025 [33][35]. - **Production Costs**: Charts present the production profit trends of lithium carbonate from different raw materials [37][38]. 4. Research Team Introduction - **Zhan Dapeng**: The director of the non - ferrous research department at Everbright Futures Research Institute, with over a decade of commodity research experience, and the team has won multiple industry awards [41]. - **Wang Heng**: A non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon, and has made contributions in risk management for listed companies [42]. - **Zhu Xi**: A non - ferrous researcher at Everbright Futures Research Institute, focusing on lithium and nickel, and has written many in - depth reports [42].

1. Report Industry Investment Rating - The report does not explicitly mention an overall industry investment rating for the black commodity sector. However, it provides individual outlooks for each commodity: - Steel: Expected to be volatile and moderately strong [1] - Iron ore: Expected to be volatile [1] - Coking coal: Expected to be volatile and moderately strong [1] - Coke: Expected to be volatile and moderately strong [1] - Manganese silicon: Expected to be volatile and slightly strong [3] - Ferrosilicon: Expected to be volatile and slightly strong [3] 2. Core Viewpoints of the Report - The report analyzes the performance and trends of various black commodities, including steel, iron ore, coking coal, coke, manganese silicon, and ferrosilicon. It considers factors such as supply and demand, inventory levels, price movements, and market sentiment to provide short - term outlooks for each commodity. For example, steel exports are high, which eases domestic supply pressure, while the market has expectations for anti - over - competition policies and potential production restrictions due to the approaching parade [1]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The rebar futures price rose, with the 2510 contract closing at 3250 yuan/ton, up 37 yuan/ton (1.15%) from the previous trading day. Spot prices also increased slightly, and trading volume rebounded. National building material and hot - rolled coil inventories increased. However, high steel exports and market expectations for policies and production restrictions are likely to support the short - term upward trend of the rebar futures [1]. - **Iron ore**: The futures price of the main contract i2509 rose to 798 yuan/ton, up 8 yuan/ton (1%) from the previous day. Australian shipments decreased, while Brazilian shipments increased. Iron ore demand and inventory levels also changed. Considering the market's focus on parade - related production restrictions, the price is expected to be volatile in the short term [1]. - **Coking coal**: The coking coal futures price rose, with the 2601 contract closing at 1256 yuan/ton, up 29 yuan/ton (2.36%). Some coal mines in Shanxi are controlling production, and coke prices are rising for the sixth time, which boosts the demand for coking coal. The short - term outlook is volatile and moderately strong [1]. - **Coke**: The coke futures price rose, with the 2601 contract closing at 1759.5 yuan/ton, up 25.5 yuan/ton (1.47%). Rising coking coal prices have increased production costs, and coke prices are rising to transfer the cost pressure. With the approaching parade, market sentiment is positive, and the short - term outlook is volatile and moderately strong [1]. - **Manganese silicon**: On Monday, the manganese silicon futures price trended stronger, with the main contract closing at 6100 yuan/ton, up 1.09%. Supply is increasing, and demand is also picking up during the steel procurement season. The short - term outlook is volatile and slightly strong [3]. - **Ferrosilicon**: On Monday, the ferrosilicon futures price trended stronger, with the main contract closing at 5830 yuan/ton, up 1.15%. Cost support has increased, and demand has also shown a slight increase. The short - term outlook is volatile and slightly strong [3]. 3.2 Daily Data Monitoring - The report provides data on contract spreads, basis, and spot prices for various commodities, including rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon, along with their环比 changes [4]. 3.3 Chart Analysis - **3.3.1 Main Contract Prices**: There are charts showing the closing prices of the main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [7][9][13][16] - **3.3.2 Main Contract Basis**: Charts display the basis of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon over different time periods [19][20][22][24] - **3.3.3 Inter - period Contract Spreads**: There are charts showing the spreads of different contracts (e.g., 10 - 01, 01 - 05) for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [28][32][33][34][36][37][39] - **3.3.4 Inter - commodity Contract Spreads**: Charts present the spreads between different commodities, such as the spread between hot - rolled coil and rebar, the ratio of rebar to iron ore, etc. [42][44][46] - **3.3.5 Rebar Profits**: There are charts showing the rebar's main contract's disk profit, long - process calculated profit, and short - process calculated profit from 2020 to 2025 [47][51] 3.4 Black Research Team Member Introduction - The report introduces members of the black research team, including their positions, work experience, and professional qualifications [53][54]