1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In 2026, it is predicted that the US dollar will remain relatively volatile, and its impact on tin prices throughout the year will be relatively neutral. The first half of 2026 will be in a shortage pattern of weak supply and demand, and there will be marginal relaxation around the middle of the year as Wa State in Myanmar resumes production. The supply side will see significant incremental releases, with marginal relaxation mainly from the resumption of production in Wa State, Myanmar, and increased production in Indonesia. Attention should also be paid to disturbances in African producing areas such as the Democratic Republic of the Congo, and the supply pattern may be tight in the first half and loose in the second half. The demand side shows that the AI sector has a fast growth rate but a small base, while most terminal demands remain sluggish. Globally, the supply in 2026 will be 369,000 tons with a growth rate of 0.3%, the total demand will be 378,000 tons with a growth rate of -0.8%, and the supply-demand balance gap will be 9,000 tons. In China, the supply will be about 182,000 tons, the demand will be about 185,000 tons, and there may be a supply-demand gap of 3,000 tons. The strategy recommends a buy-on-dip approach in the first half of the year, closely monitoring overseas production increases or disturbances, and suggests an option strategy mainly based on buying calls, as well as considering internal-external positive arbitrage and inter-month positive arbitrage strategies [2][109][111]. 3. Summary According to the Table of Contents 3.1 2025 Tin Price Trend Review - In 2025, the overall price center of Shanghai Tin showed an obvious upward trend. Frequent disruptions in major producing countries such as Myanmar, the Democratic Republic of the Congo, and Indonesia, combined with the start of the macro - interest rate cut cycle and the improvement of semiconductor prosperity, jointly drove the tin price up. By December 18, the annual increase of Shanghai Tin was 36.68%, making it the top - gainer among the six non - ferrous metals. In the overseas market, the increase of LME Tin was even stronger, with a 48.54% increase in the 3M futures by December 17. In terms of positions and trading volume, by December 12, the position of Shanghai Tin was 118,433 lots, at a high level in the past year, and the weekly trading volume was 1,606,972 lots, also at a high level compared with the same period in history. The price fluctuations can be divided into three stages: from New Year's Day to around Tomb - Sweeping Festival, the price fluctuated upward and then rose sharply; from after Tomb - Sweeping Festival to mid - year, the price dropped significantly and then recovered; in the second half of the year, the price started to rise and showed a smooth upward trend [6][11][14]. 3.2 2026 Tin Fundamental Market Outlook 3.2.1 US Dollar Index - It is expected that the US dollar will remain relatively volatile in 2026, with a relatively neutral impact on tin prices throughout the year. Attention should be paid to whether the restart of the US government in Q1 2026 can bring compensatory growth. The US dollar index is considered to be in a relatively balanced state in both the medium - long - term and short - term valuation systems, with limited one - sided driving forces. The annual fluctuation range of the US dollar index is expected to be 96 - 108, with an upward - risk bias, and the Q1 2026 fluctuation range is 97.7 - 102. The judgment on the US dollar in 2026 is based on the current balanced valuation. Factors such as economic relative strength, monetary policy expectations, carry trading, and currency group strength differentiation should be considered [18][19]. 3.2.2 Supply Side - **Myanmar Wa State**: The resumption of production in Wa State has been delayed, and the release of incremental production is slow. The current production suspension can be traced back to April 2023, lasting for more than two years. Although some mining licenses were approved in July 2025, the actual resumption progress is still slow. The factors affecting the resumption include the increase in production costs due to the 30% physical tax, the difficulty in recovering the mining scale, and short - term marginal improvement after the end of abnormal weather. It is expected that the year - on - year decline in monthly shipments will gradually narrow, and the market generally expects the resumption of production around June 2026. The estimated annual incremental import of tin ore from Myanmar to China in 2026 compared with 2025 is about 5,190 metal tons, mainly concentrated in the second half of the year [23][26][28]. - **Democratic Republic of the Congo**: The armed conflict led by the M23 armed organization has escalated, threatening the production and transportation of the Bisie tin mine. It is expected that the recent conflict will bring a marginal reduction of about 1,750 tons in 2026 production. If the impact in 2026 is similar to that in 2025, the conflict is expected to cause a marginal reduction of about 1,750 tons, and the increase in production will be hindered, with an impact of about 400 tons on China's imports [35][36]. - **Other Countries**: In 2025, the import of tin ore from some countries increased. From January to October 2025, the import of tin ore from Australia increased by 6.68% year - on - year (an increase of 1,421.49 tons), from Nigeria by 71.14% (an increase of 6,552.78 tons), and from Bolivia by 81.81% (an increase of 6,249.73 tons). In 2026, if Myanmar's imports increase year - on - year and other countries continue to grow, the overall import may have a large increase. However, there is uncertainty in Nigeria's mining suspension plan, and Bolivia is expected to achieve steady growth [42][43]. - **Global New Capacity Expansion**: In 2026, the new tin mine projects that may be put into production have an annual capacity of about 13,160 tons, and about 6,660 tons are relatively certain. In 2027, it is about 8,950 tons, and there are also 18,200 tons with undetermined production times. Some projects have a risk of delay, such as the Rentails project in Australia and the impact of the acquisition of Atlantic Tin by Xingye Yinxing on the Achmmach tin mine [56][57][59]. - **Indonesia**: In 2025, the export of tin ingots in Indonesia increased significantly. From January to October 2025, the export of tin ingots was 40,134 tons, a year - on - year increase of 14.72%. It is expected that the production of tin ingots in Indonesia will continue to grow in 2026, with the state - owned enterprise PT Timah planning a production of 30,000 tons in 2026, an increase of 8,500 tons compared with 2025. The export of tin ingots is expected to be 55,000 - 60,000 tons in 2026, with an increase of about 6,500 tons. However, the first quarter of 2026 is the seasonal off - season for tin ingot exports in Indonesia [62][63]. - **Domestic**: In 2025, the production of domestic tin ingots was restricted by raw material supply, with a year - on - year decline of 2.91% from January to November. The average operating rate of domestic refined tin enterprises in November was 66.3%, a year - on - year decline of 4.2 percentage points and a month - on - month decline of 0.51 percentage points. In 2026, the growth of tin ingot production still depends on the raw material supply led by the resumption of production in Wa State, Myanmar. The tax policy uncertainty brought by Document No. 770 has affected the production of recycled tin, and the production of recycled tin ingots from January to November 2025 decreased by 21.19% year - on - year. If the tax problem is not resolved in 2026, the production of recycled tin will still face a decline [68][69]. 3.2.3 Demand Side - **AI Field**: In 2025, the AI investment of technology giants continued to heat up, and the data center business of leading chip manufacturers achieved high growth. It is expected that this field will maintain high growth in 2026, providing an increase in demand for tin solder. The estimated tin consumption in data centers in 2026 is about 512 tons, which is not large in scale but has long - term growth potential [74][83]. - **Consumer Electronics**: In 2025, the global consumer electronics market was divided. The smartphone market was sluggish, with the global smartphone shipments increasing by only 1.56% year - on - year in the first three quarters, and it is expected to decline by 0.9% in 2026. The PC market entered an iteration cycle due to the end of Microsoft's support for Windows 10, and the shipments increased by 7.12% year - on - year in the first three quarters. In 2026, the squeezing of upstream memory capacity by AI may affect the consumer electronics market, and the increase in memory prices may lead to a small decrease of less than 1% in market demand [84][86][87]. - **Photovoltaic**: In 2025, the new policies in the photovoltaic field led to a rush - to - install boom in the first half of the year, but the new installations decreased significantly in the third quarter. In 2026, affected by the high - base effect and the promotion of electricity price marketization, the new installations in the photovoltaic field are expected to be flat. It is estimated that the new domestic photovoltaic installations in 2026 will be 200GW, a year - on - year decrease of 33%, and the new overseas installations will be 293GW, a year - on - year increase of 11%. Globally, the new installations are expected to be about 493GW, a year - on - year decrease of 13%, and the tin demand in the photovoltaic field will decrease by 18.8% [95][96][97]. - **Electric Vehicles**: In 2026, the growth rate of the global electric vehicle demand will tend to be moderate, and the improvement of the market penetration rate of the structural market is the core logic. It is estimated that the global total sales of electric vehicles will increase by 13% year - on - year to 23.75 million units, and the domestic demand in China will increase by 11% to 15.66 million units. The tin demand in 2026 is expected to increase by 3.9% year - on - year. China, Western Europe, and emerging Asian regions are the core driving regions, while the American market may have a negative impact [106].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Based on the judgment that the lead market will maintain a situation of strong supply and weak demand in 2026, prices are expected to fluctuate within a range. The main operating range for Shanghai lead is 16,000 - 18,000 yuan/ton, and for London lead, it is 1,900 - 2,100 US dollars/ton [1][67]. - In 2026, the domestic market may have a slight surplus. The supply of lead ore is expected to improve, the supply of waste batteries may increase slightly, and the production of refined lead will continue to grow. The demand side may be supported by the continued replacement consumption and the positive growth of two - wheeled electric vehicles. The energy storage demand is growing explosively, and the incremental space for lead - carbon batteries is broad. However, the export of lead - acid batteries may face pressure, and the overall supply - demand situation is weak, with prices remaining range - bound. The price - holding intention in the waste battery recycling sector is strengthening year by year, which is expected to continuously lift the bottom of the lead price [1][67]. - It is recommended to pay attention to seasonal fluctuation opportunities. After the small spring of consumption at the beginning of the year, consumption weakens marginally, and prices may fall under pressure. In the middle of the year, battery manufacturers replenish stocks in advance for the consumption peak season, while the supply of waste batteries does not increase significantly during the replacement consumption peak season, which may bring a temporary supply - demand gap and inject upward momentum into prices [2][67]. Summary by Directory 1. 2025 Review: First Decline then Rise, with a Slow Uptrend in the Center of Gravity - In January 2025, the lead price declined due to the end of downstream inventory preparation, high finished - product inventory, and a potentially longer Spring Festival holiday. In February, the price rose initially but then fluctuated after factoring in the expected production increase of large downstream manufacturers. In March, the price increased as consumption recovered and downstream battery companies increased inventory. In April, it declined due to macro - tariff impacts and the entry into the consumption off - season. In May and June, prices fluctuated in a weak supply - demand situation [7]. - From July to December, the lead price showed a complex trend. In July, it first rose and then fell due to changes in supply and demand. In August, it fluctuated weakly. In September, it rose after a period of fluctuation. In October, it trended strongly with obvious supply pressure on primary lead and incremental demand. In November, it climbed and then declined as primary lead production increased and secondary lead production grew rapidly [8][9]. 2. Supply - Demand Weakness, with Dull Fundamental Contradictions 2.1 Lead Ore Supply is Rigid, but There Will Be Increment in the Next Year - In the long - term, overseas mining enterprises' capital expenditure in lead ore has been low, resulting in relatively rigid global lead ore production. The supply cycle of lead ore is more closely related to that of zinc ore. In 2025, global lead ore supply disturbances increased, and overseas production increments were limited. For 2026, there is an expected increment of 100,000 tons, with a year - on - year growth rate of 2.2% [10][13][14]. 2.2 Domestic Mines Increased Production This Year, but Realistic Contradictions Still Exist - In 2025, from January to November, China's lead concentrate production increased by 10.4% year - on - year, mainly due to the production increase of mines such as Xinjiang Huoshaoyun. It is expected to contribute an increment of 100,000 tons in 2026. The continuous tight supply of lead concentrate has squeezed the profit margin of primary lead smelting. China's lead raw material import structure is becoming more diversified, but the import profit of lead concentrate is meager [20][26]. 2.3 Insufficient Endogenous Power, Driven by By - Product Profits - Since March 2025, the thickening of primary lead plant profits has driven high - level production. By - product profits such as silver and sulfuric acid have become the main factors driving the supply elasticity of primary lead plants. Assuming that the prices of by - products remain high in 2026, primary lead supply is expected to continue to grow slightly, and supply elasticity may increase [33][34]. 2.4 Problems in Secondary Lead Supply Still Exist, Forming a Strong Constraint - China's secondary lead production capacity is severely over - supplied, and the shortage of raw materials has led to low - level production. Since the second quarter, secondary lead enterprises have suffered losses, and it is expected that the production of secondary lead will continue to decline in 2026. Although there will be more incremental supply in the long - term, the growth rate of capacity expansion may slow down, and some enterprises are transforming to a multi - raw material production mode [36][37]. 3. Is the Demand Really Collapsing: A Flash in the Pan or a Steady Stream? 3.1 Policy Boosts Consumption, Electric Bicycles Return to Positive Growth, and Automobile Exports Contribute Significantly - In 2025, new national standards and national subsidy policies have stimulated the growth of the electric bicycle industry. Automobile consumption policies have also continuously increased, and the trade - in policy has effectively boosted consumption. It is expected that the trade - in subsidy scale will continue to be maintained at 300 billion yuan in 2026 [46][52][53]. 3.2 Explosive Growth in Energy Storage Demand, Vast Incremental Space in the Future - The energy storage demand for lead - acid/lead - carbon batteries is growing explosively. Lead - acid batteries have cost, safety, recycling, and low - temperature performance advantages, but also have performance shortcomings. In 2025, the lead consumption of lead - carbon batteries was 27,300 tons in the first three quarters, and it is expected to increase by 28,300 tons in 2026, with a marginal contribution to consumption of 0.4% [60][61]. 3.3 High Domestic - Foreign Price Ratio and Tariff Impacts Weigh on Lead - Acid Battery Exports - In 2025, the export volume of lead - acid batteries declined rapidly due to the expansion of the domestic - foreign price ratio and tariff impacts. The anti - dumping tariff imposed by the GCC on Chinese lead - acid batteries will take effect in 2026, which may significantly reduce the export volume [64]. 4. Conclusion and Investment Outlook - In 2026, the lead market will maintain a situation of weak supply and demand, with prices fluctuating within a range. The main operating range for Shanghai lead is 16,000 - 18,000 yuan/ton, and for London lead, it is 1,900 - 2,100 US dollars/ton. It is recommended to pay attention to seasonal fluctuation opportunities [67].

商 品 研 究 2025 年 12 月 19 日 铂：ETF 持续流入，震荡上行 钯：顺利突破前高，上行动能充足 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 铂钯基本面数据 | | | 昨日收盘价 | | 涨幅 | | | --- | --- | --- | --- | --- | --- | | | 铂金期货2606 | 542. 60 | | 2. 85% | | | | 金交所铂金 | 511. 65 | | 2.76% | | | | 纽约铂主连 | 1959. 20 | | 1. 43% | | | | 伦敦现货铂金 | 1920. 90 | | 0. 77% | | | | 锂金期货2606 | 476. 60 | | 4. 71% | | | | 人民币现货纪金 | 388. 00 | | -1.77% | | | 价格 | 纽约包主连 | 1, 778. 50 | | 5. 05% | | | | 伦敦现货纪金 | 1, 700. 00 | | 3.25% | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前 ...

2025 年 12 月 19 日 商 品 研 究 生猪：冬至需求高峰已至 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | | 【基本面跟踪】 | | | 趋势强度：-1 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示最看空，2 表示最看多。 国 泰 君 安 期 货 研 生猪基本面数据 | | | 单 位 | 价 格 | | 同 比 | | | --- | --- | --- | --- | --- | --- | --- | | 价 格 | 河南现货 | 元/吨 | 11880 | | 100 | | | | 四川现货 | 元/吨 | 12150 | | 0 | | | | 广东现货 | 元/吨 | 12360 | | 0 | | | 期 货 | | 单 位 | 价 格 | | 比 同 | | | | 生猪2601 | 元/吨 | 11220 | | -155 | | | ...

2025 年 12 月 19 日 短纤：短期低位震荡，中期有压力 20251219 瓶片：短期低位震荡，中期有压力 20251219 【趋势强度】 短纤趋势强度：0；瓶片趋势强度：0(仅指报告日的日盘主力合约期价波动情况） 钱嘉寅 投资咨询从业资格号：Z0023476 qianjiayin@gtht.com 【基本面跟踪】 | | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 短纤2601 | 6180 | 6142 | 38 | PF01-02 | 8 | 24 | -16 | | PF | 短纤2602 | 6172 | 6118 | ਦੇ ਹੋ | PF02-03 | 12 | 24 | -12 | | | 短纤2603 | 6160 | 6094 | 66 | PF主力基差 | 108 | 142 | -34 | | | 短纤主力持仓量 | 141087 | 152710 | -11623 | 短纤华东现货价格 | 6. 280 | 6. 260 | 20 | ...

2025 年 12 月 19 日 商 品 研 究 硅铁：板块与基本面共振，走势震荡偏强 锰硅：多空情绪交织博弈，走势宽幅震荡 | | | 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 国 泰 硅铁、锰硅基本面数据 期货合约 收盘价 较前一交易日 成交量 持仓量 硅铁2603 5592 4 6 295,666 253,809 硅铁2605 5546 4 4 28,971 52,475 锰硅2603 5780 2 2 185,427 281,543 锰硅2605 5820 2 4 76,591 165,767 期 货 【基本面跟踪】 | | 项 目 | | | 价 格 | 较前一交易日 | 单 位 | | --- | --- | --- | --- | --- | --- | --- | | 现 货 | 硅铁:FeSi75-B:汇总价格:内蒙 | | | 5250 | +50.0 | 元/吨 | | | 硅锰:FeMn65Si17:内蒙 | | | 5540 | - | 元/吨 | | ...

Report Summary 1) Report Industry Investment Rating - The trend strength of zinc is 0, indicating a neutral stance. The range of trend strength is an integer within the [-2,2] interval, with -2 being the most bearish and 2 being the most bullish [3] 2) Core View - The zinc market is in a sideways oscillation state [1] 3) Summary by Relevant Catalogs [Fundamental Tracking] - **Prices**: The closing price of the main Shanghai zinc contract was 23,035 yuan/ton, up 0.26% from the previous day; the closing price of the LME zinc 3M electronic disk was 3,071.5 dollars/ton, up 1.20% [1] - **Volumes and Positions**: The trading volume of the main Shanghai zinc contract was 86,320 lots, a decrease of 17,545 lots; the trading volume of LME zinc was 13,235 lots, a decrease of 7,726 lots. The open interest of the main Shanghai zinc contract was 83,725 lots, an increase of 2,951 lots; the open interest of LME zinc was 227,012 lots, a decrease of 395 lots [1] - **Premiums and Discounts**: The premium of Shanghai 0 zinc was 110 yuan/ton, an increase of 20 yuan/ton; the LME CASH - 3M premium was -21.57 dollars/ton, a decrease of 5.1 dollars/ton [1] - **Inventories**: The Shanghai zinc futures inventory was 45,949 tons, a decrease of 1,920 tons; the LME zinc inventory was 99,400 tons, an increase of 1,700 tons [1] [News] - Trump stated that the next Fed Chair must be a "super - dove" and will soon announce the candidate, believing the mortgage rate will further decline and that the new chair should consult with him on interest rate setting [2] - US inflation slowed more than expected in November, with the core CPI rising 2.6% year - on - year, the lowest since 2021. Despite data noise and technical interference, the cooling inflation trend provides hope for the market and strengthens the discussion on future interest rate cuts [2][3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The reduction in both domestic and international copper inventories provides support for copper prices [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of the Shanghai copper main contract was 92,600, with a daily decline of 0.24%, and the night - session closing price was 92,870, with a night - session increase of 0.29%. The price of the LME copper 3M electronic disk was 11,727, with a decline of 0.13%. The trading volume of the Shanghai copper index was 288,527, a decrease of 1,237 from the previous day, and the open interest was 622,036, an increase of 5,683. The trading volume of the LME copper 3M electronic disk was 31,364, an increase of 14,534, and the open interest was 345,000, an increase of 611 [1]. - **Inventory Data**: The Shanghai copper inventory was 44,650, a decrease of 227, and the LME copper inventory was 164,275, a decrease of 2,650. The LME copper cancellation warrant ratio was 37.47%, a decrease of 1.14% [1]. - **Spread Data**: The LME copper premium or discount was - 9.8, a decrease of 0.28 from the previous day. The spot - to - futures near - month spread was - 140, an increase of 10. The near - month contract to the consecutive - first contract spread was - 150, a decrease of 50. The cost of the inter - period arbitrage of buying the near - month and selling the consecutive - first contract was 317 [1]. 3.2 Macro and Industry News - **Macro News**: US inflation slowed more than expected, with the core CPI in November rising 2.6% year - on - year, the lowest since 2021. The ECB kept interest rates unchanged for the fourth consecutive time and did not give a clear easing signal [1][3]. - **Industry News**: Korea Zinc plans to invest $7.4 billion in the US to build a smelter. Peru's copper production in October increased by 4.8% year - on - year to 248,192 tons. Glencore acquired the Quechua copper project in Peru. Peru's Congress approved a one - year extension of the temporary licenses for small - scale miners until the end of 2026 [1][3]. 3.3 Trend Intensity The copper trend intensity is 0, indicating a neutral trend [3].

金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 2025 年 12 月 19 日 商 品 研 究 螺纹钢：宏观情绪与基本面共振，价格坚挺 热轧卷板：宏观情绪与基本面共振，价格坚挺 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 【基本面跟踪】 螺纹钢、热轧卷板基本面数据 | | | （元/吨） 昨日收盘价 | （元/吨） 涨跌 | （%） 涨跌幅 | | --- | --- | --- | --- | --- | | | RB2605 HC2605 | 3,125 | 43 34 | 1.40 1.05 | | 期 货 | | 3,277 | | | | | | 昨日成交 （手） | 昨日持仓 （手） | 持仓变动 （手） | | | RB2605 | 1,215,549 | 1,575,943 | -28,786 | | | HC2605 | 586,127 | 1,189,556 | -10,392 | | | | 昨日价格 （元/吨） | 前日价格 （元/吨） | 涨跌 （元/吨） | | | 上海 杭州 | 3300 ...

Report Industry Investment Rating - Industrial silicon: Short on rallies [1] - Polysilicon: Pay attention to the impact of news [2] Report's Core View - The industry governance of the photovoltaic industry has entered a critical period. The Department of Electronic Information of the Ministry of Industry and Information Technology will further strengthen production - capacity regulation, promote the construction of a unified national market, manage photovoltaic manufacturing projects, and promote the orderly exit of backward production capacity. It will also improve the price monitoring mechanism, crack down on illegal price - related and marketing behaviors, and strengthen product quality supervision [4] Summary by Relevant Catalogs Fundamental Tracking - **Futures Market Data**: Si2605's closing price was 8,645 yuan/ton, with a trading volume of 348,477 lots, and an open interest of 207,780 lots. PS2605's closing price was 59,300 yuan/ton, with a trading volume of 398,819 lots, and an open interest of 139,860 lots [2] - **Price and Spread**: The spot premium of industrial silicon (against East China Si5530) was +555 yuan/ton. The near - month contract to the first continuous contract spread of polysilicon was 50.0 yuan/ton [2] - **Profit**: The profit of silicon plants (Xinjiang new standard 553) was - 2,681.5 yuan/ton, and the profit of polysilicon enterprises was 8.1 yuan/kg [2] - **Inventory**: Industrial silicon's social inventory (including warehouse - receipt inventory) was 55.3 million tons, and polysilicon's manufacturer inventory was 29.3 million tons [2] - **Raw Material Cost**: The price of silicon ore in Xinjiang was 320 yuan/ton, and the price of graphite electrodes was 12,450 yuan/ton [2] Macro and Industry News - At the 2025 Photovoltaic Industry Annual Conference on December 18, the Ministry of Industry and Information Technology will strengthen production - capacity regulation, improve price monitoring, and crack down on illegal behaviors in the photovoltaic industry [4] Trend Intensity - Industrial silicon trend intensity: - 1; Polysilicon trend intensity: - 1 [4]