Report Industry Investment Ratings The report does not provide an overall investment rating for the industry. However, it gives individual outlooks for various commodities, including bullish, bearish, and neutral views. Core Views of the Report The report presents a comprehensive analysis of multiple commodities, offering insights into their price trends, fundamental data, and relevant market news. It suggests that different commodities are influenced by various factors such as supply - demand dynamics, macroeconomic conditions, and industry - specific events. For example, some commodities like gold, silver, and aluminum are expected to show upward trends, while others like tin are predicted to experience price weakness. Summary According to Related Catalogs Precious Metals - Gold is expected to move upward in a volatile manner, with a trend strength of 1. Yesterday, the closing price of沪金2510 was 781.70, up 0.60%, and the overnight closing price was 785.76, up 0.76%. [2][7][8] - Silver is predicted to break through and move upward, with a trend strength of 1. The closing price of沪银2510 was 9271, down 0.02%, and the overnight closing price was 9420.00, up 1.85%. [2][7][8] Base Metals - Copper: Inventory reduction supports the price. The trend strength is 1. The closing price of沪铜主力合约 was 79,770, up 1.70%. [2][11] - Zinc: It will fluctuate within a range, with a trend strength of 0. The closing price of沪锌主力 was 22925, up 2.83%. [2][14] - Lead: The expected supply - demand contradiction supports the price, with a trend strength of 1. The closing price of沪铅主力 was 16960, up 0.83%. [2][17] - Tin: The price is weakening, with a trend strength of - 1. The closing price of沪锡主力合约 was 267,250, up 1.02%. [2][19] - Aluminum: It will move upward in a volatile manner. Alumina shows strong short - term sentiment, and casting aluminum alloy follows electrolytic aluminum. The trend strength of aluminum is 0, alumina is 1, and casting aluminum alloy is 0. The closing price of沪铝主力合约 was 20840. [2][23] - Nickel: Macro - sentiment boosts expectations, but reality limits elasticity. Stainless steel is dominated by macro - sentiment at the margin, and fundamentals determine elasticity. The trend strength of both nickel and stainless steel is 0. The closing price of沪镍主力 was 122,550, and the closing price of stainless steel主力 was 12,905. [2][26] Energy - Related Commodities - Iron ore: Supported by macro - expectations, it will oscillate strongly. The trend strength is 0. The closing price of the futures was 809.0, up 3.06%. [2][38] - Coke and coking coal: Both are expected to oscillate strongly. The trend strength of coke is 0, and that of coking coal is 1. The closing price of JM2509 was 1006, up 8.64%, and the closing price of J2509 was 1803, up 5.60%. [2][49][50] - Thermal coal: With the recovery of daily consumption, it will stabilize in a volatile manner. The trend strength is 0. The previous closing price of ZC2507 was 840.0000, down 51.4 from the previous settlement price. [2][53] Chemical Commodities - Carbonate lithium: Potential supply reduction combined with strong macro - sentiment may lead to a strong short - term trend. The trend strength is 1. The closing price of the 2509 contract was 71,280, up 1,320. [2][31] - Industrial silicon: Warehouse receipts continue to decline, and the futures price is resilient. The trend strength is 1. The closing price of Si2509 was 9,260, up 565. [2][35] - Polysilicon: Attention should be paid to the transaction situation at the component end. The trend strength is 1. The closing price of PS2509 was 45,660, up 1,810. [2][35] Building Materials and Steel - Rebar and hot - rolled coil: Market sentiment remains strong, and they will oscillate strongly. The trend strength of both is 1. The closing price of RB2510 was 3,224, up 68, and the closing price of HC2510 was 3,394, up 73. [2][41] - Ferrosilicon and silicomanganese: Market sentiment remains strong, and they will oscillate strongly. The trend strength of both is 1. The closing price of硅铁2509 was 5668, up 160, and the closing price of锰硅2509 was 5914, up 110. [2][45] Others - Logs will fluctuate repeatedly. [2][56]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The structural market in index futures continues and supports the market [1] - On July 21, all the current - month contracts of the four major index futures rose. IF increased by 0.68%, IH by 0.25%, IC by 0.99%, and IM by 0.89% [1] - On this trading day, the total trading volume of index futures declined, indicating a cooling of investors' trading enthusiasm. The total trading volume of IF decreased by 24,940 lots, IH by 19,875 lots, IC by 9,461 lots, and IM by 1,381 lots [2] - In terms of positions, the total positions of IF decreased by 2,025 lots, IH by 634 lots, while IC increased by 5,196 lots and IM by 15,851 lots [2] 3. Summary by Related Catalogs 3.1期指期现数据跟踪 - **Index Futures Data**: Presented the closing prices, price changes, basis, trading volumes (in billions), trading volumes, and position changes of various index futures contracts such as IF, IH, IC, and IM on July 21, 2025 [1] - **Trading Volume and Position Changes**: The total trading volume of the four major index futures decreased, and the position changes of different index futures varied [2] - **20 - Member Position Changes**: Showed the long - and short - position changes of the top 20 members in different index futures contracts [5] - **Trend Intensity**: The trend intensity of IF and IH is 1, and that of IC and IM is also 1 [5] 3.2重要驱动 - **LPR Quote**: The LPR quote in July remained stable. The 1 - year LPR was reported at 3%, and the 5 - year - plus variety was reported at 3.5% [6] - **Sino - US Leaders' Meeting**: The Ministry of Foreign Affairs stated that there was no information available regarding the possible meeting between Chinese and US leaders in the next few months [6] - **US - EU Trade Tension**: The US Secretary of Commerce set August 1 as the "hard" deadline. If the EU fails to reach a new trade agreement by then, it will face at least a 30% tariff, and the EU is preparing a full - scale counterattack [6] - **Stock Market Performance**: The broader market opened higher and continued the upward trend in a volatile manner. The Shanghai Composite Index reached a new high for the year, and the ChiNext Index followed the upward trend in the afternoon. A - share trading volume increased to 1.73 trillion yuan [6][7]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The market sentiment for both ferrosilicon and silicomanganese remains strong, with a tendency for a bullish and volatile market [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: For ferrosilicon, the closing prices of contracts SF2508 and SF2509 are 5,652 and 5,668 respectively, up 162 and 160 from the previous trading day, with trading volumes of 6,857 and 307,634, and open interests of 8,912 and 193,447. For silicomanganese, the closing prices of contracts SM2508 and SM2509 are 5,906 and 5,914 respectively, up 110 from the previous trading day, with trading volumes of 1,330 and 390,134, and open interests of 11,185 and 360,025 [1]. - **Spot Data**: The price of ferrosilicon FeSi75 - B in Inner Mongolia is 5,300 yuan/ton, up 50 yuan/ton; the price of silicomanganese FeMn65Si17 in Inner Mongolia is 5,680 yuan/ton, up 50 yuan/ton. The price of manganese ore Mn44 block is 39 yuan/ton - degree, and the price of semi - coke small material in Shenmu is 550 yuan/ton [1]. - **Spread Data**: The spot - futures spread of ferrosilicon (spot - 08 futures) is - 352 yuan/ton, down 112 yuan/ton; the spot - futures spread of silicomanganese (spot - 09 futures) is - 234 yuan/ton, down 60 yuan/ton. The near - far month spread of ferrosilicon 2508 - 2509 is - 16 yuan/ton, up 2 yuan/ton; the near - far month spread of silicomanganese 2508 - 2509 is - 8 yuan/ton, unchanged. The cross - variety spread of silicomanganese 2508 - ferrosilicon 2508 is 254 yuan/ton, down 52 yuan/ton; the cross - variety spread of silicomanganese 2509 - ferrosilicon 2509 is 246 yuan/ton, down 50 yuan/ton [1]. 3.2 Macro and Industry News - **Price Information**: On July 21, the price of 72 ferrosilicon in Shaanxi is 5,150 - 5,250 yuan/ton (+100), in Ningxia is 5,250 - 5,350 yuan/ton (+75), in Qinghai is 5,250 - 5,300 yuan/ton (+50), in Gansu is 5,300 - 5,350 yuan/ton (up 100), and in Inner Mongolia is 5,300 - 5,350 yuan/ton (+100). The price of 75 ferrosilicon in Shaanxi is 5,650 - 5,700 yuan/ton, in Ningxia is 5,600 - 5,650 yuan/ton, in Qinghai is 5,550 - 5,600 yuan/ton, in Gansu is 5,600 - 5,650 yuan/ton, and in Inner Mongolia is 5,600 - 5,650 yuan/ton. The FOB price of 72 ferrosilicon is 1,000 - 1,020 US dollars/ton, and the FOB price of 75 ferrosilicon is 1,080 - 1,110 US dollars/ton. The northern quotation of 6517 silicomanganese is 5,600 - 5,700 yuan/ton, and the southern quotation is 5,650 - 5,750 yuan/ton (+50) [2]. - **Procurement Information**: Zhongtian Iron and Steel in Changzhou has set the procurement price of 75B ferrosilicon at 5,780 yuan/ton in electronic vouchers, up 210 yuan/ton from the previous round, with a quantity of 500 tons. A steel mill in Jiangsu has a silicomanganese procurement price of 5,900 yuan/ton in electronic vouchers, with a procurement quantity of 1,000 tons; a steel mill in Jiangxi has a silicomanganese procurement price of 5,830 yuan/ton in discounted base acceptance and tax - included, with a procurement quantity of 4,000 tons [2]. - **Manganese Ore Import Data**: In June 2025, the national manganese ore import volume was 268.38 million tons, a decrease of 25.95 million tons (↓8.82%) compared with 294.33 million tons in May, and an increase of 54.01 million tons (↑25.19%) compared with 214.37 million tons in June last year. From January to June 2025, the cumulative manganese ore import volume was 1,444.49 million tons, an increase of 45.44 million tons (↑3.25%) compared with 1,399.05 million tons in the same period in 2024. In June 2025, the top five manganese ore importing countries were South Africa (158.31 million tons), Ghana (46.02 million tons), Australia (22.43 million tons), Gabon (19.08 million tons), and Brazil (7.66 million tons), accounting for 94.46% of the total import volume [4]. - **Manganese Ore Production and Sales Data**: South32's 2025 fiscal year fourth - quarter report shows that the cumulative production of Australian manganese ore in the 2025 fiscal year was 1.106 billion tons, completing 111% of the annual plan; the cumulative production of South African manganese ore was 2.151 billion tons, completing 108% of the annual plan. In the fourth quarter of the 2025 fiscal year, the production of Australian manganese ore was 467 million tons, and the sales volume was 253 million tons. The production guidance for Australian manganese ore in the 2026 fiscal year is 3.2 billion tons. The South African manganese ore production was 593 million tons, a 25% increase from the previous quarter and an 11% increase year - on - year; the sales volume was 601 million tons, a 48% increase from the previous quarter and a 9% increase year - on - year. The production guidance for South African manganese ore in the 2026 fiscal year remains unchanged at 2 billion tons [4]. 3.3 Trend Intensity The trend intensity of ferrosilicon is 1, and the trend intensity of silicomanganese is 1, indicating a relatively strong trend for both [3].

Report Date - The report was published on July 22, 2025 [1] Investment Rating - Not provided Core Viewpoints - For nickel, macro - sentiment boosts expectations, but reality restricts elasticity; for stainless steel, macro - sentiment dominates the margin, and fundamentals determine elasticity [1] Summary by Directory 1. Fundamental Data Tracking - **Futures Data**: The closing price of Shanghai Nickel main contract was 122,550, with changes of 2,050 compared to T - 1, 1,450 compared to T - 5, etc.; the closing price of stainless steel main contract was 12,905, with changes of 180 compared to T - 1, 190 compared to T - 5, etc. The trading volume of Shanghai Nickel main contract was 134,799, and that of stainless steel main contract was 255,058 [1] - **Industrial Chain Data**: The price of 1 imported nickel was 122,200, the price of 8 - 12% high - nickel pig iron (factory price) was 902, and the price of red earth nickel ore 1.5% (Philippines CIF) was 59. For stainless steel, the price of 304/2B roll - rough edge (Wuxi) was 12,900, etc. The price of battery - grade nickel sulfate was 27,230 [1] 2. Macro and Industry News - In March, Ontario's governor proposed to stop exporting nickel to the US due to US tariff threats [1] - On April 27, the first - phase project of Indonesia's CNI nickel - iron RKEF successfully produced nickel - iron, with an annual output of about 12,500 tons of metallic nickel per line [2] - An important nickel smelter in an Indonesian metal processing park has resumed production, and the capacity of PT QMB New Energy Materials has recovered to 70% - 80% [2][3] - An Indonesian cold - rolling mill plans to continue shutdown for maintenance from June to July, affecting 110,000 - 130,000 tons of production, mainly 300 - series output [3] - The Philippine Nickel Industry Association welcomes the removal of the raw - ore export ban clause from the final version of the mining fiscal system bill [3] - Environmental violations were found in the Morowali Industrial Park in Indonesia, and the government may fine the confirmed illegal companies and audit the entire park [3] - Indonesia plans to shorten the mining quota period from three years to one year [3] - The government - approved 2025 production plan and budget (RKAB) output of Indonesian nickel miners is 364 million tons, higher than the 2024 target of 319 million tons [4] - Two Indonesian nickel - iron smelting industrial parks have suspended all EF production lines due to long - term losses, affecting about 1,900 tons of nickel - iron production per month [4] 3. Trend Intensity - The trend intensity of nickel is 0, and that of stainless steel is 0, with a range of [-2, 2] indicating different levels of bullish or bearish views [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The price of white sugar follows the price of raw sugar [1] 3. Summary by Relevant Catalogs Fundamental Tracking - Raw sugar price is 16.36 cents/pound, down 0.43 cents year-on-year; mainstream spot price is 6,060 yuan/ton, up 20 yuan year-on-year; futures main contract price is 5,839 yuan/ton, up 13 yuan year-on-year [1] - 91 spread is 169 yuan/ton, down 1 yuan year-on-year; 15 spread is 54 yuan/ton, down 5 yuan year-on-year; mainstream spot basis is 221 yuan/ton, up 7 yuan year-on-year [1] Macro and Industry News - Pakistan approves the import of 500,000 tons of sugar; the crushing progress in the central - southern region of Brazil is still slow, but MIX has increased significantly year-on-year; monsoon precipitation in India is higher than LPA; Brazil exported 3.36 million tons of sugar in June, a 5% year-on-year increase; China imported 420,000 tons of sugar in June [1] Domestic Market - CAOC expects domestic sugar production in the 24/25 season to be 11.16 million tons, consumption to be 15.8 million tons, and imports to be 5 million tons; in the 25/26 season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons [2] - As of the end of May in the 24/25 season, national sugar production was 11.16 million tons (+1.2 million tons), cumulative sales were 8.11 million tons (+1.52 million tons), and the cumulative sales rate was 72.7% [2] - As of the end of June in the 24/25 season, China imported 2.51 million tons of sugar (-650,000 tons) [2] International Market - ISO expects a global sugar supply shortage of 5.47 million tons in the 24/25 season (previously 4.88 million tons) [3] - As of July 1 in the 25/26 season, the cumulative sugarcane crushing volume in the central - southern region of Brazil decreased by 14 percentage points year-on-year, cumulative sugar production was 12.25 million tons (-2.04 million tons), and the cumulative MIX was 51.02%, up 2.33 percentage points year-on-year [3] - As of May 15 in the 24/25 season, sugar production in India was 25.74 million tons (-5.8 million tons) [3] - In the 24/25 season, Thailand's cumulative sugar production was 10.08 million tons (+1.27 million tons) [3] Trend Intensity - The trend intensity of white sugar is 0, indicating a neutral view [4]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report [1] 2. Core View - The expected supply - demand contradiction of lead supports its price. The lead - zinc industry is expected to achieve a mild recovery as the lead - zinc industry monthly prosperity index in June continued to operate in the "normal" range [1] 3. Summary by Related Content Fundamental Tracking - **Price and Volume**: The closing price of SHFE lead main contract was 16,960 yuan/ton, up 0.83%; the closing price of LME lead 3M electronic disk was 2,011.5 dollars/ton, up 1.72%. The trading volume of SHFE lead main contract was 44,659 lots, an increase of 12,371 lots; the trading volume of LME lead was 9,912 lots, an increase of 1,265 lots [1] - **Position and Premium**: The open interest of SHFE lead main contract was 44,870 lots, a decrease of 5,711 lots; the open interest of LME lead was 136,203 lots, an increase of 105 lots. The premium of Shanghai 1 lead was - 60 yuan/ton, a decrease of 35 yuan/ton; the LME CASH - 3M premium was - 23.5 dollars/ton, an increase of 5.5 dollars/ton [1] - **Inventory and Profit**: The SHFE lead futures inventory was 60,059 tons, a decrease of 25 tons; the LME lead inventory was 264,925 tons, a decrease of 3,475 tons. The spot import profit and loss of lead ingots was - 725.2 yuan/ton, a decrease of 134.8 yuan/ton; the import profit and loss of SHFE lead continuous third contract was - 543.17 yuan/ton, a decrease of 80.62 yuan/ton [1] News - US Treasury Secretary Yellen said that the Fed's policy needs to be re - examined, and trade negotiations will prioritize quality rather than rush for a deadline [1] - The prospect of the US - EU trade agreement is bleak, and the EU is considering a "nuclear option" for countermeasures. The US has proposed stricter trade conditions, including raising tariffs to 15% or higher, maintaining the current 25% auto tariff, and possibly imposing a 100% tariff on pharmaceuticals [1] - The monitoring model results of the monthly prosperity index of China's lead - zinc industry showed that the lead - zinc industry prosperity index in June continued to operate in the "normal" range, and the industry is expected to achieve a mild recovery [1] Lead Trend Intensity - The lead trend intensity is 1, indicating a relatively strong trend [1]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - The market sentiment for rebar and hot - rolled coil remains strong, with both showing a strong and volatile trend [3] - The trend strength for rebar and hot - rolled coil is 1, indicating a relatively strong trend [5][6] Group 3: Summary based on Related Catalogs 1. Fundamental Tracking Futures Data - For RB2510 of rebar, the closing price was 3,224 yuan/ton, up 68 yuan/ton or 2.15%. The trading volume was 2,696,289 lots, the open interest was 2,095,912 lots, and the open interest increased by 20,122 lots [3] - For HC2510 of hot - rolled coil, the closing price was 3,394 yuan/ton, up 73 yuan/ton or 2.20%. The trading volume was 1,279,822 lots, the open interest was 1,600,476 lots, and the open interest increased by 4,222 lots [3] Spot Price Data - Rebar spot prices in Shanghai, Hangzhou, Beijing, and Guangzhou increased by 70 - 80 yuan/ton compared to the previous day [3] - Hot - rolled coil spot prices in Shanghai, Hangzhou, Tianjin, and Guangzhou increased by 70 - 90 yuan/ton compared to the previous day [3] - The price of Tangshan steel billet was 3,060 yuan/ton, up 60 yuan/ton from the previous day [3] Price Difference Data - The basis of RB2510 decreased by 7 yuan/ton, and the basis of HC2510 decreased by 4 yuan/ton [3] - The spread of RB2510 - RB2601 decreased by 9 yuan/ton, and the spread of HC2510 - HC2601 decreased by 6 yuan/ton [3] - The spread of HC2510 - RB2510 increased by 7 yuan/ton, and the spread of HC2601 - RB2601 increased by 4 yuan/ton [3] - The spot spread between hot - rolled coil and rebar increased by 8 yuan/ton [3] 2. Macro and Industry News Energy Consumption Data - In June, the total social electricity consumption was 867 billion kWh, a year - on - year increase of 5.4%. From January to June, the cumulative total social electricity consumption was 48,418 billion kWh, a year - on - year increase of 3.7%. The power generation of industrial enterprises above designated size was 45,371 billion kWh, and the electricity consumption of the secondary industry was 31,485 billion kWh, a year - on - year increase of 2.4% [3] Industry Policy News - On July 18, the Ministry of Industry and Information Technology plans to implement a new round of steady - growth work plans for ten key industries including steel, aiming to adjust the structure, optimize supply, and eliminate backward production capacity [5] Industry Production and Inventory Data - According to the weekly data of Steel Union on July 17, the output of rebar decreased by 7.6 tons, the output of hot - rolled coil decreased by 2 tons, and the total output of five major varieties decreased by 0.96 tons. The total inventory of rebar increased by 2.89 tons, the total inventory of hot - rolled coil decreased by 2.65 tons, and the total inventory of five major varieties decreased by 1.92 tons. The apparent demand of rebar decreased by 15.33 tons, the apparent demand of hot - rolled coil increased by 1.28 tons, and the apparent demand of five major varieties increased by 0.61 tons [5] - In early July 2025, key steel enterprises produced 20.97 million tons of crude steel, with an average daily output of 2.097 million tons, a 1.5% decrease in daily output compared to the previous period; 19.31 million tons of pig iron, with an average daily output of 1.931 million tons, a 1.1% decrease in daily output; and 19.88 million tons of steel, with an average daily output of 1.988 million tons, an 11.9% decrease in daily output. The steel inventory of key enterprises was 15.07 million tons, a decrease of 380,000 tons or 2.4% from the previous ten - day period [5] - In June 2025, China's crude steel output was 83.18 million tons, a year - on - year decrease of 9.2%. The average daily output of crude steel in June was 2.773 million tons, a 0.7% decrease from the previous month. From January to June, China's crude steel output was 514.83 million tons, a year - on - year decrease of 3.0% [5] Financial Data - At the end of June 2025, the balance of broad - money (M2) was 330.29 trillion yuan, a year - on - year increase of 8.3%, 0.4 percentage points higher than the previous month and 2.1 percentage points higher than the same period last year. The balance of narrow - money (M1) was 113.95 trillion yuan, a year - on - year increase of 4.6% [5] Export Data - In June 2025, China exported 9.678 million tons of steel, a decrease of 900,000 tons or 8.5% from the previous month, with an average price of 687.1 US dollars/ton, a decrease of 10.8 US dollars/ton or 1.5% from the previous month. From January to June, the cumulative steel exports were 58.147 million tons, an increase of 4.908 million tons or 9.2% year - on - year [5]

1. Report Industry Investment Rating - The trend strength of lithium carbonate is 1, indicating a "moderately strong" outlook, with a range of [-2, 2] where -2 is most bearish and 2 is most bullish [3] 2. Core View of the Report - Due to potential supply reduction and strong macro - sentiment, the short - term trend of lithium carbonate may remain strong [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: For the 2509 contract, the closing price was 71,280, the trading volume was 848,150, and the open interest was 381,185. For the 2511 contract, the closing price was 70,200, the trading volume was 86,835, and the open interest was 114,678. The warehouse receipt volume was 9,969 [1] - **Basis Data**: The basis of spot - 2509 was - 3,280, spot - 2511 was - 2,200, 2509 - 2511 was 1,080, electric carbon - industrial carbon was 1,650, and spot - CIF was 6,997 [1] - **Raw Material Data**: The price of lithium spodumene concentrate (6%, CIF China) was 730, and lithium mica (2.0% - 2.5%) was 1,545 [1] - **Lithium Salt Data**: The price of battery - grade lithium carbonate was 68,000, industrial - grade lithium carbonate was 66,350, battery - grade lithium hydroxide (micropowder) was 63,370, etc. [1] - **Industry Chain Related Data**: The price of lithium iron phosphate (power type) was 32,075, lithium iron phosphate (mid - high - end energy storage type) was 30,645, etc. [1] 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 67,741 yuan/ton, with an increase of 1273 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 68,000 yuan/ton, up 1350 yuan/ton, and industrial - grade lithium carbonate was 66,350 yuan/ton, up 1300 yuan/ton [2] - Jiangte Motor announced that Yichun Yinli plans to stop production for equipment maintenance on July 25, 2025, for about 26 days, which will not affect existing sales contracts and future supply [3] - In June 2025, the total import volume of lithium spodumene was about 576,000 tons, a 4.8% month - on - month decrease, equivalent to 46,000 tons of LCE. Lithium spodumene from Australia, Zimbabwe, and South Africa accounted for 79% [3]

2025 年 07 月 22 日 短纤：成本支撑，短期震荡偏强 瓶片：成本支撑，短期震荡偏强 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin024367@gtjas.com 钱嘉寅（联系人） 从业资格号：F03124480 Qianjiayin028310@gtjas.com 【基本面跟踪】 | | 短纤2508 | 昨日 6448 | 前日 6412 | 变化 36 | PF08-09 | 昨日 1 ୧ | 前日 40 | 变化 -24 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | PF | 短纤2509 | 6432 | 6372 | 60 | PF09-10 | -60 | -16 | -44 | | | 短纤2510 | 6492 | ୧388 | 104 | PF基差 | 1 68 | 228 | -60 | | | 短纤持仓量 | 271130 | 268777 | 2353 | 短纤华东现货价格 | 6. 600 | 6, 600 | 0 | | | 短纤成交量 | 232464 | 333167 | - ...

2025 年 07 月 22 日 品 研 究 工业硅：仓单继续去化，盘面抗跌 多晶硅：关注组件端成交情况 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2509收盘价（元/吨） | 9,260 | 565 | 565 | 1,790 | | | | Si2509成交量（手） | 1,260,930 -444,069 | | -213,063 | 831,847 | | | | Si2509持仓量（手） | 383,296 | -3,956 | -19,594 | 72,939 | | | 工业硅、多晶硅期货市场 | PS2509收盘价（元/吨） | 45,660 | 1,810 | 3,895 | - | | | | PS2509成交量（手） | 621,314 | -423,760 | 150,985 | - | | | | PS2509持仓量（手） | ...