农产品日报（2025 年 11 月 20 日） ②进口大豆升贴水报价：墨西哥湾(12 月船期)240 美分/蒲式耳，与上个交易日相比持平；美国西岸(12 月 船期)225 美分/蒲式耳，与上个交易日相比持平；巴西港口(12 月船期)210 美分/蒲式耳，与上个交易日相 比持平。 一、研究观点 | 品种 | 点评 | 观点 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 周三，玉米延续震荡，主力 | 2601 | 合约在 | 10 | 日均线支撑下以小阳线收盘。本周前 | 两个交易日，玉米远期 | 2611 | 合约领跌，近月 | 2601 | 合约跟跌，市场担心反弹结束 | | | | | | 后期价遇阻调整。现货市场中北港上量，玉米报价承压下行。近期北港玉米到货 | 量略显提升，加之期货市场未继续上涨，市场气氛受到一定的影响，价格略有回 | | | | | | | | | | | | | | 调趋势。东北产区价格也结束上涨的模式，行情 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For cotton, on Wednesday, ICE U.S. cotton fell 0.7% to 63.94 cents per pound, CF601 rose 0.52% to 13,485 yuan per ton, and the main - contract position decreased by 11,574 lots to 553,400 lots. The spot price index of cotton 3128B was 14,320 yuan per ton, up 40 yuan from the previous day. The macro - level is the focus in the international market. The Fed's meeting minutes showed some participants thought there should be no rate cut in December, pushing the dollar index above 100. In the domestic market, Zhengzhou cotton maintains a volatile trend. Currently, during the relatively quiet macro - level period, the market focuses more on fundamentals. In the short term, supply pressure is a significant issue, and cotton commercial inventory is increasing rapidly. The supply peak will last for some time, pressuring cotton prices. The downstream textile enterprises' operating load remains relatively stable. Overall, in the short term, Zhengzhou cotton has pressure above and limited downside space, remaining in a volatile pattern [1]. - For sugar, the International Sugar Organization (ISO) predicts that in the 2025/26 sugar - crushing season, the global sugar market will have a surplus of 1.63 million tons due to increased production. The sugar production in the 2025/26 season is expected to increase by 3.15% year - on - year to 181.77 million tons, while consumption will only grow by 0.6% to 180.14 million tons. The supply - demand gap in the 2024/25 season was 2.92 million tons. The spot price of new sugar in Guangxi is 5,600 - 5,660 yuan per ton, and the old sugar price of Yunnan sugar - making groups is 5,450 - 5,500 yuan per ton, with new sugar at 5,400 - 5,600 yuan per ton, down 30 yuan per ton. The mainstream quotation of processed sugar factories is 5,750 - 5,890 yuan per ton, with some down 20 yuan per ton. After the rebound last Friday, the raw sugar futures price has closed above 14.5 cents per pound for 4 consecutive trading days. With no new news from Brazil and the northern hemisphere's production increase already well - known, if it doesn't reach India's export price, Thailand will be the main supplier. Without new negative news, raw sugar shows signs of bottom - building. In the domestic market, with new sugar on the market and higher - than - expected imports in October, market confidence is low, and prices continue to break down. In the short term, the pressure remains high. Attention should be paid to the import data of syrup and premixed powder. If there is no significant reduction, the futures price will continue to seek the bottom [1]. Group 3: Summary by Relevant Catalogs Sub - group 1: Daily Data Monitoring - For cotton, the 1 - 5 contract spread is - 5 yuan, up 5 yuan; the main - contract basis is 1,294 yuan, down 100 yuan. The spot price in Xinjiang is 14,557 yuan per ton, down 1 yuan, and the national average is 14,779 yuan per ton, down 10 yuan [2]. - For sugar, the 1 - 5 contract spread is 48 yuan, down 6 yuan. Some data for sugar, such as the main - contract basis and spot prices in Nanning and Liuzhou, are missing [2]. Sub - group 2: Market Information - On November 19, the number of cotton futures warehouse receipts was 3,486, down 900 from the previous trading day, and the valid forecast was 1,150 [2]. - On November 19, the arrival prices of cotton in different domestic regions were: 14,557 yuan per ton in Xinjiang, 14,816 yuan per ton in Henan, 14,831 yuan per ton in Shandong, and 14,871 yuan per ton in Zhejiang [2]. - On November 19, the comprehensive load of yarn was 51.2, unchanged from the previous day; the comprehensive inventory of yarn was 26.5, unchanged; the comprehensive load of short - fiber cloth was 51.8, unchanged; and the comprehensive inventory of short - fiber cloth was 29.7, up 0.1 [3]. - On November 19, the number of sugar futures warehouse receipts was 8,428, down 183 from the previous trading day, and the valid forecast was 183 [4]. Sub - group 3: Chart Analysis - There are various charts for cotton and sugar, including the closing price, basis, 1 - 5 spread, 1% tariff quota internal - external spread, warehouse receipts and valid forecasts, and price index of cotton, as well as the closing price, basis, 1 - 5 spread, and warehouse receipts and valid forecasts of sugar [6][9][11][14][17].

光大期货煤化工商品日报（2025 年 11 月 20 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周三尿素期货价格坚挺震荡，主力01合约收盘价1663元/吨，微幅上涨0.06%。现货 市场继续走强，主流地区现货价格进一步上调10~20元/吨，山东、河南地区市场价 分主流地区产销率维持200%以上高位，另有低成交地区产销率在20%-60%区间。近 | 宽幅 | | | 格昨日均上调20元/吨至1630元/吨。基本面来看，尿素供应水平日内稳定，行业日 | | | | 产量昨日20.25万吨。需求端情绪局部继续回暖，但区域间分化也更加明 。昨日部 | | | 尿素 | 日现货市场跟进情绪 仍较积极，但个 地区已开始转弱，下游对涨价后的货源 | 震荡 | | | 接受度有限，后续现货市场高成交持续度仍有 验证。 的方面在于企业 发 单 | | | | 相对充足，本周企业库存下 3.13%。整体来看，当前尿素上下游存在博弈，市场 | | | | 多等 新一轮印标结 及 对国内 商集港、出 等预期影响。在此之 国内尿素 | | | | 期货价格仍以坚挺震荡趋势为主 ...

工业硅日报 19 日工业硅震荡偏强，主力 2601 收于 9390 元/吨，日内涨幅 4.68%，持仓 增仓 58649 手至 30.7 万手。百川工业硅现货参考价 9682 元/吨，较上一交 易日上涨 7 元/吨。最低交割品#421 价格持稳在 8950 元/吨，现货贴水扩 至 440 元/吨。多晶硅震荡偏强，主力 2601 收于 54625 元/吨，日内涨幅 4.28%，持仓减仓 1756 手至 13.4 万手；多晶硅 N 型复投硅料价格 52300 元 /吨，最低交割品硅料价格在 52300 元/吨，现货对主力贴水扩至 4485 元/ 吨。有机硅企业开始响应国家反内卷号召，联合抱团减产挺价，资金入场 带动关联品种拉涨。西南硅厂持续减产持货不卖，成交集中在新疆点价单 和天津贸易为主。当前供应紧缩和成本提升给予工业硅底部支撑，由于下 游同步减产阻遏向上空间，工业硅延续震荡调整节奏。多晶硅因下游订单 收缩，硅片率先减产降价，给予多晶硅上行压力，同时在现货坚持挺价基 础上，底部位置稳定。多晶硅顶底分明，区间内波动率较高，投资者需谨 慎入场。 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall performance of the crude oil market is weak, and concerns about increased supply are pressuring oil prices, which are expected to move in a volatile manner [1][3]. - The high - sulfur fuel oil market is supported by relatively healthy downstream bunker fuel demand, and the LU - FU spread is expected to remain at a relatively high level in the near term [3]. - The asphalt price is currently viewed with a bearish outlook due to a decrease in both supply and demand, with the supply decline being smaller than the demand decline [3]. - The PTA price is expected to be strongly volatile due to the implementation of TA device maintenance and the resilience of downstream demand [5]. - The ethylene glycol price is expected to have a wide - range adjustment, with short - term supply improvement but medium - term inventory accumulation pressure [5]. - The rubber price is expected to move in a volatile manner due to increased supply pressure and a combination of stable domestic and weak overseas demand [7]. - The methanol price is expected to maintain a bottom - level volatile trend, with supply expected to decline if Iranian devices stop due to gas restrictions [7]. - The polyolefin price is expected to be weakly volatile at the bottom, gradually shifting to a situation of strong supply and weak demand [9]. - The PVC price is expected to show a weakly volatile performance due to high supply - demand pressure and high inventory [9]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, oil prices dropped significantly. The EIA inventory report showed a decrease in US commercial crude oil inventory but an increase in gasoline and distillate inventories. There are developments in the Russia - Ukraine conflict, and Russia's oil production is approaching the OPEC+ quota. The market is worried about increased supply, and oil prices are volatile [1][3]. - **Fuel Oil**: On Wednesday, fuel oil futures prices declined. The Chinese refinery's operating rate increased, and Singapore is expected to receive more low - sulfur fuel oil. The high - sulfur fuel oil market is supported by demand, and the LU - FU spread is expected to remain high [3]. - **Asphalt**: On Wednesday, the asphalt futures price fell slightly. The December production plan decreased compared to November, and inventory and operating rates declined. The price is under pressure due to supply - demand factors [3]. - **Polyester**: TA prices rose, EG prices fell slightly, and PX prices rose. There are new device startups and overhauls, and the cancellation of the BIS certification in India is beneficial for exports. TA prices are expected to be strongly volatile, and ethylene glycol prices will have a wide - range adjustment [5]. - **Rubber**: On Wednesday, rubber futures prices rose. Rubber inventory increased, production increased seasonally, and overseas demand declined. The price is expected to be volatile due to supply - demand factors [7]. - **Methanol**: The spot price is stable, and downstream product prices vary. Domestic maintenance devices are resuming production, and Iranian devices may stop. The price is expected to be volatile at the bottom [7]. - **Polyolefins**: The price of polyolefins has a negative profit margin. It is gradually shifting to a situation of strong supply and weak demand, and the price is expected to be weakly volatile at the bottom [9]. - **Polyvinyl Chloride**: The PVC market price decreased in different regions. Supply remains high, and demand is expected to decline. The price is expected to be weakly volatile [9]. 3.2 Daily Data Monitoring - The table provides data on the basis of various energy - chemical products on November 20, 2025, including spot prices, futures prices, basis, basis rates, and their changes and historical quantiles [10]. 3.3 Market News - The EIA inventory report shows that US commercial crude oil inventory decreased by 340 million barrels to 424.2 million barrels in the week ending November 14, while gasoline and distillate inventories increased. The US strategic petroleum reserve increased by 50 million barrels to 410.9 million barrels [15]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: There are charts showing the closing prices of main contracts for various energy - chemical products from 2021 - 2025, including crude oil, fuel oil, asphalt, etc. [17][18][19]. - **4.2 Main Contract Basis**: Charts display the basis of main contracts for different products over the years, such as crude oil, fuel oil, etc. [35][40][41]. - **4.3 Inter - period Contract Spreads**: There are charts showing the spreads between different contracts for various products, including fuel oil, asphalt, etc. [48][50][54]. - **4.4 Inter - variety Spreads**: Charts present the spreads and ratios between different varieties, such as crude oil internal - external spreads, fuel oil high - low sulfur spreads, etc. [65][67][70]. - **4.5 Production Profits**: There are charts showing the production profits of LLDPE and PP [73]. 3.5 Team Member Introduction - The team includes members such as Zhong Meiyan (Assistant Director and Energy - Chemical Director), Du Bingqin (Crude Oil, Gas, etc. Analyst), Di Yilin (Natural Rubber/Polyester Analyst), and Peng Haibo (Methanol/Propylene, etc. Analyst), each with rich experience and achievements [78][79][80]. 3.6 Contact Information - The company's address is in China (Shanghai) Free Trade Pilot Zone, with a phone number, fax, and customer service hotline provided [83].

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints - **Stock Index**: The A - share market closed lower with volatility yesterday. The liquidity rally since June is over, and the market focuses on fundamentals. New - quality productivity themes led by AI have optimistic growth expectations, especially in the upstream hardware manufacturing of the technology sector, but they lack event catalysts and are in a volatile phase. Traditional economic sectors are in a volatile recovery, and it's hard to enter a fundamental bull market in the short term. The market volume, volatility, and risk appetite are decreasing, and the index is expected to be volatile in the short term. Overseas tech stocks also face expected divergence, and US tech stocks pulled back last week [1]. - **Treasury Bonds**: Treasury bond futures closed lower yesterday. The central bank conducted 310.5 billion yuan of 7 - day reverse repurchases, achieving a net injection of 115 billion yuan. The central bank's resumption of Treasury bond trading strengthens the expectation of reasonable and sufficient funds, which is beneficial to the bond market. The economic outlook for the fourth quarter is stable, the short - term necessity of central bank interest rate cuts is low, and the "stock - bond seesaw" effect disturbs bond market sentiment. The bond market is expected to continue the volatile pattern [1][2]. 3. Summary by Relevant Catalogs 3.1 Research Viewpoints - **Stock Index**: Yesterday, the A - share market was volatile and closed down. The Wind All - A index fell 0.3% with a trading volume of 1.74 trillion yuan. The CSI 1000 and CSI 500 indexes declined by 0.82% and 0.4% respectively, while the SSE 50 and CSI 300 indexes rose by 0.58% and 0.44% respectively. The new - quality productivity themes led by AI have good mid - term profitability expectations but lack short - term catalysts. Traditional economic sectors are in a volatile recovery, and the index is expected to be volatile in the short term. Overseas tech stocks also faced setbacks last week [1]. - **Treasury Bonds**: Yesterday, the 30 - year, 10 - year, 5 - year, and 2 - year Treasury bond futures main contracts fell by 0.40%, 0.06%, 0.03%, and 0.03% respectively. The central bank conducted 310.5 billion yuan of 7 - day reverse repurchases, with a winning bid rate of 1.4%. After the expiration of 195.5 billion yuan of reverse repurchases, a net injection of 115 billion yuan was achieved. The weighted average interest rates of DR001 and DR007 declined. The central bank's actions strengthen the expectation of sufficient funds, but the "stock - bond seesaw" effect disturbs sentiment. The bond market is expected to be volatile [1][2]. 3.2 Daily Price Changes - **Stock Index Futures**: The IH rose 0.45% from 2,997.6 to 3,011.0, the IF increased 0.22% from 4,555.0 to 4,565.2, the IC decreased 0.35% from 7,079.8 to 7,054.8, and the IM dropped 0.73% from 7,351.8 to 7,298.2 [3]. - **Stock Indexes**: The SSE 50 rose 0.58% from 3,003.0 to 3,020.3, the CSI 300 increased 0.44% from 4,568.2 to 4,588.3, the CSI 500 decreased 0.40% from 7,151.0 to 7,122.7, and the CSI 1000 dropped 0.82% from 7,448.1 to 7,387.2 [3]. - **Treasury Bond Futures**: The TS fell 0.03% from 102.49 to 102.46, the TF decreased 0.04% from 105.92 to 105.88, the T dropped 0.07% from 108.50 to 108.43, and the TL declined 0.38% from 116.53 to 116.09 [3]. 3.3 Market News - The Shanghai Stock Exchange revised and released the "Guidelines for the Application of Self - regulatory Rules for Funds of the Shanghai Stock Exchange No. 1 - Index Funds (Revised in November 2025)", which came into effect on November 19, 2025. For index funds with non - broad - based stock indexes as underlying indexes, several requirements need to be met, such as the number of constituent securities being no less than 30, the single - constituent security weight not exceeding 15% and the total weight of the top 5 constituent securities not exceeding 60%, etc. [4] 3.4 Chart Analysis 3.4.1 Stock Index Futures - The report provides charts of the trends of IH, IF, IM, IC main contracts, and their respective monthly basis trends [6][7][9]. 3.4.2 Treasury Bond Futures - Charts include the trends of Treasury bond futures main contracts, Treasury bond spot yields, and the basis and inter - period spreads of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures, as well as cross - variety spreads and capital interest rates [13][14][19]. 3.4.3 Exchange Rates - Charts show the central parity rates of the US dollar, euro against the RMB, forward exchange rates of the US dollar and euro against the RMB, the US dollar index, and exchange rates between the euro, pound, and yen against the US dollar [22][23][26]

Group 1: Index Trends - On November 19th, the Shanghai Composite Index rose by 0.18% to close at 3946.74 points, with a trading volume of 720.909 billion yuan; the Shenzhen Component Index had a change of -0.0% to close at 13080.09 points, with a trading volume of 1005.0 billion yuan [1]. - The CSI 1000 Index fell by 0.82%, with a trading volume of 367.173 billion yuan, opening at 7438.14, closing at 7387.21, with a daily high of 7471.73 and a low of 7348.04 [1]. - The CSI 500 Index fell by 0.4%, with a trading volume of 256.755 billion yuan, opening at 7141.26, closing at 7122.75, with a daily high of 7178.15 and a low of 7086.12 [1]. - The SSE 50 Index rose by 0.58%, with a trading volume of 99.551 billion yuan, opening at 3004.65, closing at 3020.35, with a daily high of 3033.22 and a low of 3004.2 [1]. Group 2: Impact of Sector Movements on Indexes - The CSI 1000 dropped 60.89 points from the previous close, with sectors such as electronics, computer, and pharmaceutical biology significantly dragging down the index [2]. - The CSI 500 dropped 28.27 points from the previous close, with sectors like non - ferrous metals pulling the index up, while pharmaceutical biology, computer, and electronics dragging it down [2]. - The SSE 300 rose 20.1 points from the previous close, with non - ferrous metals, banks, and power equipment pulling the index up, and electronics dragging it down [2]. - The SSE 50 rose 17.33 points from the previous close, with non - ferrous metals, non - bank finance, and banks pulling the index up, and electronics dragging it down [2]. Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 2.83, IM01 of - 94.97, IM02 of - 325.53, and IM03 of - 555.01 [11]. - For IC contracts, IC00 had an average daily basis of - 2.88, IC01 of - 72.75, IC02 of - 252.92, and IC03 of - 459.44 [11]. - For IF contracts, IF00 had an average daily basis of - 5.31, IF01 of - 22.15, IF02 of - 53.99, and IF03 of - 99.73 [11]. - For IH contracts, IH00 had an average daily basis of - 1.64, IH01 of - 7.5, IH02 of - 12.25, and IH03 of - 21.64 [11]. Group 4: Stock Index Futures Roll - over Point Differences and Annualized Costs - For IM contracts, data shows roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 [21]. - For IC contracts, roll - over point differences and annualized costs are presented at various 15 - minute intervals from 09:45 to 15:00 [22]. - For IF contracts, roll - over point differences and annualized costs are provided at 15 - minute intervals from 09:45 to 15:00 [22]. - For IH contracts, roll - over point differences and annualized costs are given at 15 - minute intervals from 09:45 to 15:00 [24].

碳酸锂日报（2025 年 11 月 19 日） 碳酸锂日报 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2601 合约涨 0.93%至 93520 元/吨。现货价格方面，电池级碳酸锂平均价上涨 1250 元/吨至 87400 元/吨，工业级碳酸锂平均价上涨 1250 元/吨至 85050 元/吨，电池级氢氧化锂（粗颗 粒）上涨 800 元/吨至 78080 元/吨。仓单方面，昨日仓单库存减少 342 吨至 26611 吨。 2. 供应端，产量持平+进口增加，周度产量环比小幅增加，11 月国内产量环比变化不大，10 月智利出 口碳酸锂至中国环比增长 46%至 1.62 万吨。需求端，11 月三元材料+磷酸铁锂对碳酸锂需求环比增 加 4%至 11.46 万吨。库存端，碳酸锂社会库存连续去库 13 周至 12.05 万吨，库存周转天数下降至期 货上市以来新低 28.1 天，其中下游去库速度较快。 3. 11 月整体维持较快速度去库的节奏中，且仓单库存持续去化，矿价表现仍偏坚挺，终端强预期和相 关材料价格的走强提升其各环节及原材料备货需求，昨 ...

黑色商品日报 黑色商品日报（2025 年 11 月 19 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨天螺纹盘面窄幅波动，截止日盘螺纹 2601 合约收盘价格为 3090 元/吨，较上一交易收盘价格 据国家统计局数据，2025 年 10 月中国钢筋产量为 1434.0 万吨，同比下降 18.6%；1-10 月累计产量为 15801.0 | 窄幅整理 | | | 下跌 7 元/吨，跌幅为 0.23%，持仓减少 7.43 万手。现货价格稳中有跌，成交回落，唐山地区迁安普方坯 | | | | 价格持平于 2970 元/吨，杭州市场中天螺纹价格下跌 10 元/吨至 3170 元/吨，全国建材成交量 9.64 万吨。 | | | | 万吨，同比下降 2.0%。10 月中国中厚宽钢带产量为 1814.5 万吨，同比增长 6.3%；1-10 月累计产量为 18749.6 | | | | 万吨，同比增长 5.3%。10 月钢筋产量明显下降，在一定程度上缓解了供应压力。目前螺纹需求逐步回落， | | | | 同时供给也在下降，市场处于供需双弱局面。预计短 ...

Group 1: Report Investment Rating - No information on the industry investment rating is provided in the report. Group 2: Core Viewpoints - On November 18, industrial silicon fluctuated weakly. The main contract 2601 closed at 8,980 yuan/ton, with an intraday decline of 0.88%. The position decreased by 3,530 lots to 248,000 lots. The spot reference price of industrial silicon by Baichuan was 9,675 yuan/ton, up 10 yuan/ton from the previous trading day. The price of the lowest deliverable 421 remained stable at 8,950 yuan/ton, and the spot discount narrowed to 50 yuan/ton. Polysilicon fluctuated strongly. The main contract 2601 closed at 52,210 yuan/ton, with an intraday decline of 1.67%. The position increased by 848 lots to 137,000 lots. The price of N-type recycled polysilicon was 52,300 yuan/ton, and the price of the lowest deliverable silicon material was 523,000 yuan/ton. The spot changed from a discount to a premium of 90 yuan/ton to the main contract. [2] - Silicon plants in the southwest continued to cut production and hold back sales. Transactions were mainly concentrated on Xinjiang point-price orders and Tianjin trading. The current supply tightening and cost increase provided bottom support for industrial silicon. However, the simultaneous production cuts in downstream industries restricted the upward space, so industrial silicon continued to fluctuate and adjust. A industry conference was held, and there were changes in the polysilicon production storage platform. Due to the significant effectiveness of the industry's anti-involution reported by CCTV and the continuous voice of the Photovoltaic Association, some negative emotions were diluted. [2] - Due to the contraction of downstream orders, silicon wafers took the lead in cutting production and prices, putting upward pressure on polysilicon. At the same time, on the basis of the spot price remaining firm, the bottom position was stable. The top and bottom of crystalline silicon were clear, and the volatility within the range was high. Investors needed to enter the market cautiously. [2] Group 3: Summary by Directory 1. Research Views - Industrial silicon fluctuated weakly and polysilicon fluctuated strongly on November 18. The supply and cost factors affected the price trends of both, and downstream production cuts restricted the upward space. The industry conference and media reports had an impact on market sentiment. [2] 2. Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract decreased by 100 yuan/ton to 8,980 yuan/ton. Most of the spot prices remained stable, with only a few varieties showing small changes. The spot discount narrowed to 50 yuan/ton. The industrial silicon warehouse receipts decreased by 620 to 43,402, and the Guangzhou Futures Exchange inventory decreased by 4,175 to 226,725 tons. The total social inventory increased by 400 to 452,400 tons. [2][3] - **Polysilicon**: The futures settlement price of the main contract decreased by 445 yuan/ton to 52,210 yuan/ton. The spot prices remained stable. The spot changed from a discount to a premium of 90 yuan/ton. The polysilicon warehouse receipts decreased by 230 to 7,960, and the Guangzhou Futures Exchange inventory decreased by 52,000 tons to 243,600 tons. The total social inventory increased by 2,000 tons to 279,000 tons. [2][3] - **Organic Silicon**: The price of DMC in the East China market remained stable at 13,000 yuan/ton. The price of dimethyl silicone oil increased by 700 yuan/ton to 14,000 yuan/ton. [3] 3. Chart Analysis - **Industrial Silicon and Cost - end Prices**: Charts showed 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 presented the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components. [12][14][17] - **Inventory**: Charts displayed the inventory of industrial silicon futures, factory warehouses, weekly industry inventory, and changes in weekly inventory, as well as the weekly inventory of DMC and polysilicon. [18][21] - **Cost and Profit**: Charts showed the average cost and profit levels of main production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, cost - profit of DMC, and cost - profit of polysilicon. [24][26][28] 4. Team Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience and professional qualifications in the field of non - ferrous metals research. [32][33][34]