Report Industry Investment Rating - Not provided Core View - Risk sentiment for copper has slightly recovered, supporting prices [1] Summary by Relevant Catalogs Fundamental Tracking - **Futures Prices**: The closing price of the Shanghai Copper main contract was 101,280 with a daily increase of 0.05%, and the night - session closing price was 100,420 with a decrease of 0.85%. The LME Copper 3M electronic disk closed at 12,762 with a decrease of 0.27% [1] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper Index was 443,128, an increase of 107,563 from the previous day, and the open interest was 646,503, an increase of 11,941. The trading volume of the LME Copper 3M electronic disk was 23,537, a decrease of 4,354, and the open interest was 317,000, a decrease of 8,682 [1] - **Inventory**: Shanghai Copper inventory was 145,581, a decrease of 2,612, and LME Copper inventory was 159,400, an increase of 3,100. The cancellation warrant ratio of LME Copper was 29.38%, a decrease of 1.21% [1] - **Spreads**: The LME Copper premium was 101.84, an increase of 34.29 from the previous day. The spot - to - near - month futures spread was - 180, a decrease of 30 [1] Macro and Industry News - **Macro News**: Trump mentioned Greenland as a US core security interest, reached a "framework" agreement on Greenland with NATO, and might select a new Fed Chair. He also hinted at Hasset's "exit" [1] - **Industry News**: During the "15th Five - Year Plan" period, State Grid's fixed - asset investment is expected to reach 4 trillion yuan, a 40% increase from the "14th Five - Year Plan". A Canadian company's copper and zinc mines achieved production targets, a Chilean copper - gold mine had a labor strike issue, and China's December 2025 copper - related imports had different trends [1][3] Trend Intensity - The trend intensity of copper is 0, indicating a neutral outlook [3]

| | 李亚飞 | 投资咨询从业资格号：Z0021184 | liyafei2@gtht.com | | --- | --- | --- | --- | | | 金园园（联系人） | 期货从业资格号：F03134630 | jinyuanyuan2@gtht.com | | 【基本面跟踪】 | | | | 硅铁、锰硅基本面数据 2026 年 1 月 22 日 硅铁：成本预期抬升，宽幅震荡 锰硅：原料价格微调，宽幅震荡 | | 期货合约 | 收盘价 | 较前一交易日 | 成交量 | 持仓量 | | --- | --- | --- | --- | --- | --- | | | 硅铁2603 | 5556 | 4 | 130,862 | 244,000 | | 期 货 | 硅铁2605 | 5542 | 14 | 34,581 | 85,925 | | | 锰硅2603 | 5748 | -12 | 71,649 | 204,097 | | | 锰硅2605 | 5786 | -12 | 135,360 | 332,292 | | | 项 目 | | 价 格 | 较前一交易日 | 单 位 | | | 硅铁:FeS ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - On January 21, the four major stock index futures contracts showed mixed performance. IF rose 0.35%, IH fell 0.07%, IC rose 1.79%, and IM rose 1.55%. The total trading volume of stock index futures declined, indicating a cooling of investors' trading enthusiasm. A-shares and Hong Kong stocks showed certain trends, with A-shares having sector rotations and Hong Kong stocks rising with increased trading volume [1][2][6][7] Summary by Relevant Catalogs 1. Stock Index Futures Data Tracking - **Stock Index Futures Data**: - For CSI 300, the closing price was 4723.1, up 0.09%, with a trading volume of 665.33 billion. For IF2602, the closing price was 4724.2, up 0.35%, with a basis of 1.13, trading volume of 36.24 billion, and 25,500 contracts traded, a decrease of 437. For IF2603, the closing price was 4722.8, up 0.41%, with a basis of -0.27, trading volume of 105.3 billion, and 74,116 contracts traded, a decrease of 5750. Similar data are provided for other contracts [1] - For SSE 50, the closing price was 3067.2, down 0.11%, with a trading volume of 198.83 billion. For IH2602, the closing price was 3069.8, down 0.07%, with a basis of 2.62, trading volume of 9.99 billion, and 10,796 contracts traded, an increase of 1062. Similar data are provided for other contracts [1] - For CSI 500, the closing price was 8340.1, up 1.12%, with a trading volume of 517.59 billion. For IC2602, the closing price was 8373.2, up 1.79%, with a basis of 33.09, trading volume of 54.05 billion, and 32,474 contracts traded, a decrease of 5409. Similar data are provided for other contracts [1] - For CSI 1000, the closing price was 8247.7, up 0.79%, with a trading volume of 564.72 billion. For IM2602, the closing price was 8260, up 1.55%, with a basis of 12.32, trading volume of 61.3 billion, and 37,231 contracts traded, a decrease of 4359. Similar data are provided for other contracts [1] - **Trading Volume and Open Interest Changes**: - On this trading day, the total trading volume of stock index futures declined. Specifically, the total trading volume of IF decreased by 9379 contracts, IH increased by 5763 contracts, IC decreased by 41,699 contracts, and IM decreased by 31,314 contracts. In terms of open interest, IF decreased by 6447 contracts, IH increased by 4576 contracts, IC decreased by 8110 contracts, and IM decreased by 6771 contracts [2] - **Top 20 Member Open Interest Changes**: - For IF contracts, the long positions of IF2601 decreased by 360, and the short positions decreased by 497. The long positions of IF2602 decreased by 6223, with a net change of -7250, and the short positions decreased by 6121, with a net change of -7842. Similar data are provided for other contracts [5] - For IH contracts, the long positions of IH2601 increased by 1508, and the short positions increased by 1445. The long positions of IH2602 increased by 1577, with a net change of 3072, and the short positions increased by 1812, with a net change of 3204. Similar data are provided for other contracts [5] - For IC contracts, the long positions of IC2601 decreased by 2267, and the short positions decreased by 1270. The long positions of IC2602 decreased by 7135, with a net change of -9436, and the short positions decreased by 3523, with a net change of -5279. Similar data are provided for other contracts [5] - For IM contracts, the long positions of IM2601 decreased by 2564, and the short positions decreased by 1847. The long positions of IM2602 decreased by 6867, with a net change of -8845, and the short positions decreased by 3691, with a net change of -5708. Similar data are provided for other contracts [5] 2. Trend Intensity - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is 1. The trend intensity ranges from -2 to 2, where -2 indicates the most bearish and 2 indicates the most bullish [6] 3. Important Drivers - The Minister of Housing and Urban - Rural Development, Ni Hong, stated that this year's focus in urban renewal includes three aspects: continuously promoting the renovation of old urban residential areas, comprehensively promoting the construction of complete communities, and carrying out the renovation of small - scale public spaces in cities. The government will also focus on stabilizing the real estate market and implementing relevant institutional reforms [6] - US Trade Representative Greer expressed hope for another round of potential trade negotiations with China. The Chinese Foreign Ministry Spokesperson, Guo Jiakun, said that China and the US should jointly implement the important consensus reached by the two heads of state [6] 4. Stock Market Performance - **A - shares**: The three major A - share indexes fluctuated higher. The Shanghai Composite Index rose 0.08% to close at 4116.94 points, the Shenzhen Component Index rose 0.7%, the ChiNext Index rose 0.54%, the Beijing Stock Exchange 50 rose 0.14%, the Science and Technology Innovation 50 rose 3.53%, the Wind All - A rose 0.57%, and the Wind A500 rose 0.37%. The total trading volume of A - shares was 2.62 trillion yuan, compared with 2.8 trillion yuan the previous day. Gold stocks had a daily limit up, and the non - ferrous metals sector strengthened. On the other hand, the large - consumption sectors such as liquor and retail declined, and the large - finance sectors such as banks and insurance weakened. The trading volume of several broad - based ETFs increased significantly at the end of the session, with the trading volume of the SSE 50 ETF exceeding 15 billion yuan, setting a record high [6] - **Hong Kong Stocks**: Hong Kong stocks rose with increased trading volume. The Hang Seng Index rose 0.37% to close at 26,585.06 points, the Hang Seng Tech Index rose 1.11% to 5746.3 points, and the Hang Seng China Enterprises Index rose 0.31% to 9122.95 points. The market trading volume was HK$250.451 billion, an increase from HK$237.766 billion the previous day. Some stocks in the Hang Seng Index and Hang Seng Tech Index had significant price changes [7]

2026 年 01 月 22 日 短纤：短期震荡市，加工费低位运行 20260122 瓶片：短期震荡市 20260122 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2602 | 6486 | 6490 | -4 | PF02-03 | -10 | -4 | -6 | | PF | 短纤2603 | 6496 | 6494 | 2 | PF03-04 | -40 | 52 | -92 | | | 短纤2604 | ୧୧3୧ | 6442 | 94 | PF主力基差 | -56 | -59 | 3 | | | 短纤主力持仓量 | 112708 | 179671 | -66963 | 短纤华东现货价格 | 6. 440 | 6. 435 | 5 | | | 短纤主力成交量 | 190842 | 190619 | 223 | 短纤产销率 | 78% | 102% ...

Report Summary 1. Industry News - BHP Billiton reported record-high iron ore production in the first half of the year and accepted a partial price cut in annual contract negotiations with China [1] - On January 19, an explosion occurred at a 650m³ saturated water and steam spherical tank in the steelmaking department of Baotou Steel Plate Factory, affecting the production of the plate mill and surrounding production lines [1] - The Ministry of Commerce and the General Administration of Customs will implement export license management for some steel products [4] 2. Futures Market Data 2.1 Price and Trading Volume - RB2605 closed at 3,117 yuan/ton, down 11 yuan/ton (-0.35%), with a trading volume of 633,661 lots and an open interest of 1,742,258 lots, an increase of 1,023 lots [2] - HC2605 closed at 3,286 yuan/ton, down 2 yuan/ton (-0.06%), with a trading volume of 335,123 lots and an open interest of 1,449,160 lots, a decrease of 36,985 lots [2] 2.2 Spot Price - The spot price of rebar in Shanghai, Hangzhou, and Beijing decreased by 10 yuan/ton, while the price in Guangzhou remained unchanged [2] - The spot price of hot-rolled coil in Shanghai, Hangzhou, and Guangzhou remained unchanged, while the price in Tianjin decreased by 10 yuan/ton [2] - The price of Tangshan steel billets remained unchanged at 2,930 yuan/ton [2] 2.3 Basis and Spread - The basis of RB2605 decreased by 16 yuan/ton to 153 yuan/ton, and the basis of HC2605 decreased by 10 yuan/ton to -16 yuan/ton [2] - The spread between RB2605 and RB2610 increased by 3 yuan/ton to -45 yuan/ton, and the spread between HC2605 and HC2610 remained unchanged at -19 yuan/ton [2] - The spread between HC2605 and RB2605 increased by 4 yuan/ton to 169 yuan/ton, and the spread between HC2610 and RB2610 increased by 7 yuan/ton to 143 yuan/ton [2] 3. Weekly Data 3.1 Production - On January 15, rebar production decreased by 0.74 tons, hot-rolled coil production increased by 2.85 tons, and the total production of five major steel products increased by 0.62 tons [4] 3.2 Inventory - Rebar inventory decreased by 0.04 tons, hot-rolled coil inventory decreased by 5.8 tons, and the total inventory of five major steel products decreased by 6.91 tons [4] 3.3 Apparent Demand - Rebar apparent demand increased by 14.44 tons, hot-rolled coil apparent demand increased by 5.55 tons, and the total apparent demand increased by 27.5 tons [4] 4. Import and Export Data 4.1 December 2025 - China imported 51.7 million tons of steel in December 2025, a month-on-month increase of 2.1 million tons (4.2%), with an average price of 1,810.3 US dollars/ton, a month-on-month increase of 179.0 US dollars/ton (11.0%) [4] - From January to December, China imported 605.9 million tons of steel, a year-on-year decrease of 75.6 million tons (11.1%) [4] 4.2 October 2025 - China imported 50.3 million tons of steel in October 2025, a month-on-month decrease of 4.5 million tons (8.2%), with an average price of 1,593.0 US dollars/ton, a month-on-month decrease of 31.1 US dollars/ton (1.9%) [4] - From January to October, China imported 504.1 million tons of steel, a year-on-year decrease of 68.0 million tons (11.9%) [4] 5. Production and Inventory of Key Steel Enterprises 5.1 December 2025 - In late December 2025, key steel enterprises produced 1,807 million tons of crude steel, with an average daily output of 1.643 million tons, a month-on-month decrease of 11.0% [4] - They produced 1,837 million tons of pig iron, with an average daily output of 1.670 million tons, a month-on-month decrease of 0.6% [4] - They produced 2,081 million tons of steel, with an average daily output of 1.892 million tons, a month-on-month increase of 4.9% [4] 5.2 Social Inventory - In late December, the social inventory of five major steel products in 21 cities was 721 million tons, a month-on-month decrease of 27 million tons (3.6%), a decrease of 112 million tons (13.4%) compared with late November, and an increase of 62 million tons (9.4%) compared with the same period last year [4] 5.3 Enterprise Inventory - In late December, the steel inventory of key steel enterprises was 1,414 million tons, a decrease of 187 million tons (11.7%) compared with the previous ten days, an increase of 177 million tons (14.3%) compared with the beginning of the year, a decrease of 14 million tons (1.0%) compared with the same period last month, an increase of 177 million tons (14.3%) compared with the same period last year, and an increase of 178 million tons (14.4%) compared with the same period the year before last [4] 6. Trend Strength - The trend strength of rebar is 0, and the trend strength of hot-rolled coil is 0 [4]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Fuel oil is still strong in the short term, and its volatility continues to increase [1] - Low - sulfur fuel oil mainly follows the upward trend, and the price spread between high - sulfur and low - sulfur fuels in the overseas spot market continues to shrink [1] 3. Summary According to Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: - For FU2602 (price in yuan/ton), the closing price is 2,540 - 2,542 with a daily increase of 0.40%, and the settlement price is 2,545 with an increase of 0.67% - 0.87%. The trading volume is 2,319 hands with a change of - 4,286 hands, and the open interest is 3,459 hands with a change of - 1,023 hands [1] - For FU2603 (price in yuan/ton), the daily increase is 0.67%, and the settlement price is 2,544. The trading volume is 493,603 hands with a change of 158,425 hands, and the open interest is 191,653 hands with a change of - 8,180 hands [1] - For LU2602 (price in yuan/ton), the closing price is 3,063 with a daily increase of 0.03%, and the settlement price is 3,073 with an increase of 0.07%. The trading volume is 117 hands with a change of - 238 hands, and the open interest is 3,443 hands with a change of - 64 hands [1] - For LU2603 (price in yuan/ton), the closing price is 3,090 with a daily increase of 0.07%, and the settlement price is 3,084 with an increase of 0.19%. The trading volume is 61,555 hands with a change of 7,700 hands, and the open interest is 63,307 hands with a change of - 2,411 hands [1] - The total market warehouse receipts for fuel oil (FU) are 74,550 hands with no change, and for low - sulfur fuel oil (LU) are 13,000 hands with no change [1] - **Spot Price Data**: - In Singapore FOB (price in dollars/ton), the high - sulfur (3.5%S) price on January 21, 2026 is 362.8 with a daily increase of 1.94%, and the low - sulfur (0.5%S) price is 428.7 with a daily increase of 0.63% [1] - In Singapore Bunker (price in dollars/ton), the high - sulfur price on January 21, 2026 is 380.0 with a daily increase of 1.88%, and the low - sulfur price is 444.0 with a daily increase of 0.68% [1] - In other regions like Fujeirah Bunker, Zhoushan Bunker, Shanghai Bunker, Tokyo Bunker, and South Korea Bunker, the high - sulfur and low - sulfur prices also show different daily increases [1] - **Spread Data**: - For FU02 - 03 (price in yuan/ton), the spread is - 2, and the settlement spread has a difference of 3 compared to it [1] - For LU02 - 03 (price in yuan/ton), the spread is - 27, and the settlement spread is - 11 with a spread difference of 16 [1] - For LU02 - FU02 (price in yuan/ton), the spread is 523, and the settlement spread is 528 with a difference of 5 [1] - For other spreads like FU2602 - Singapore MOPS (3.5%S), LU2602 - Singapore MOPS (0.5%S), and Singapore MOPS (0.5%S - 3.5%S), there are also corresponding spread values and changes [1] 3.2 Trend Intensity - The trend intensity of fuel oil is 1, and that of low - sulfur fuel oil is also 1. The trend intensity ranges from - 2 to 2, where - 2 means most bearish and 2 means most bullish [1]

Group 1: Report's Industry Investment Rating - No information provided Group 2: Report's Core View - The price of lithium carbonate continues to fluctuate strongly, supported by the auction price and the expectation of supply reduction [1] - The trend strength of lithium carbonate is 1, indicating a moderately positive outlook [3] Group 3: Summary by Relevant Catalog Fundamental Tracking - **Futures Market**: The closing prices of the 2605 and 2607 contracts of lithium carbonate were 166,740 and 167,360 yuan/ton respectively, with increases of 6,240 and 6,000 yuan/ton compared to the previous day. The trading volumes of the 2605 and 2607 contracts were 376,418 and 51,781 lots respectively, showing decreases of 74,656 and 21,089 lots compared to the previous day. The open interests of the 2605 and 2607 contracts were 427,928 and 127,298 lots respectively, with increases of 12,577 and 3,861 lots compared to the previous day [1] - **Spot Market**: The SMM battery - grade lithium carbonate index price was 159,635 yuan/ton, a daily increase of 5,536 yuan/ton. The average price of battery - grade lithium carbonate was 158,500 yuan/ton, up 6,000 yuan/ton from the previous day. The average price of industrial - grade lithium carbonate was 155,000 yuan/ton, also up 6,000 yuan/ton from the previous day [1][2] - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 2,035 yuan/ton, up 50 yuan/ton from the previous day. The price of lithium mica (2.0% - 2.5%) was 4,835 yuan/ton, up 125 yuan/ton from the previous day [1] Macro and Industry News - On January 21, the auction of Albemarle's lithium spodumene concentrate ended. The auctioned item was 16,650 dry tons of 5.49% lithium spodumene concentrate from Wodgina, with an actual transaction price of 16,852 yuan/ton (tax - included, self - pick - up at Zhenjiang Port) [3] - From January 1 - 18, the retail sales of new - energy passenger vehicles in the Chinese market were 312,000 units, a 16% year - on - year decrease and a 52% decrease from the previous month. The wholesale sales were 348,000 units, a 23% year - on - year decrease and a 46% decrease from the previous month [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Palm oil is affected by multiple factors and is expected to be volatile and slightly stronger in the short term [1] - The rebound of soybean oil is limited due to insufficient themes of US soybeans [1] - The Malaysian Palm Oil Council (MPOC) expects the price of crude palm oil to fluctuate between 4,000 - 4,300 ringgit per ton ($986.32 - $1,060.29) in February [2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: Palm oil's day - session closing price was 8,832 yuan/ton with a daily increase of 0.96%, and night - session closing price was 8,918 yuan/ton with an increase of 0.97%. Soybean oil's day - session closing price was 8,044 yuan/ton with an increase of 0.15%, and night - session closing price was 8,092 yuan/ton with an increase of 0.60%. Rapeseed oil's day - session closing price was 8,947 yuan/ton with a decrease of 0.01%, and night - session closing price was 8,957 yuan/ton with an increase of 0.11%. Malaysian palm oil's closing price was 4,154 ringgit/ton with an increase of 1.44%, and night - session closing price was 4,200 ringgit/ton with an increase of 1.11%. CBOT soybean oil's closing price was 54.05 cents/pound with an increase of 2.83% [1] - **Trading Volume and Open Interest**: The trading volume of palm oil futures was 487,113 lots, with an increase of 64,618 lots; open interest was 445,943 lots, with an increase of 16,765 lots. The trading volume of soybean oil futures was 228,261 lots, with an increase of 610 lots; open interest was 727,245 lots, with an increase of 4,626 lots. The trading volume of rapeseed oil futures was 202,702 lots, with a decrease of 614 lots; open interest was 251,313 lots, with a decrease of 1,814 lots [1] - **Spot Prices**: The spot price of 24 - degree palm oil in Guangdong was 8,850 yuan/ton, an increase of 50 yuan/ton. The spot price of first - grade soybean oil in Guangdong was 8,630 yuan/ton, a decrease of 20 yuan/ton. The spot price of fourth - grade imported rapeseed oil in Guangxi was 9,880 yuan/ton, a decrease of 50 yuan/ton. The FOB price of Malaysian palm oil was $1,040/ton, an increase of $5/ton [1] - **Basis**: The basis of palm oil in Guangdong was 18 yuan/ton; that of soybean oil in Guangdong was 586 yuan/ton; that of rapeseed oil in Guangxi was 933 yuan/ton [1] - **Price Spreads**: The spread between rapeseed oil and palm oil futures was 115 yuan/ton (previous trading day: 200 yuan/ton). The spread between soybean oil and palm oil futures was - 788 yuan/ton (previous trading day: - 716 yuan/ton). The 5 - 9 spread of palm oil was 38 yuan/ton (previous trading day: 32 yuan/ton). The 5 - 9 spread of soybean oil was 96 yuan/ton (previous trading day: 124 yuan/ton). The 5 - 9 spread of rapeseed oil was 9 yuan/ton (previous trading day: - 27 yuan/ton) [1] 3.2 Macro and Industry News - The Malaysian Palm Oil Council (MPOC) expects the price of crude palm oil in February to be affected by seasonal supply limitations and fundamental changes, and will fluctuate between 4,000 - 4,300 ringgit per ton ($986.32 - $1,060.29) [2] - From January 1 - 20, 2026, the yield per unit of Malaysian palm oil decreased by 16.49% compared with the same period last month, the oil extraction rate increased by 0.08%, and the output decreased by 16.06% [4] 3.3 Trend Intensity - The trend intensity of palm oil is 1, and that of soybean oil is 1 [5]

LPG：取暖需求支撑，PG 走势坚挺 丙烯：现货维持紧平衡 陈鑫超 投资咨询从业资格号：Z0020238 chenxinchao@gtht.com 赵书岑（联系人） 期货从业资格号：F03147780 zhaoshucen@gtht.com 2026 年 1 月 22 日 【基本面跟踪】 LPG、丙烯基本面数据 | | | 2602 | 昨日收盘价 4,161 | 日涨幅 0.48% | 夜盘收盘价 夜盘涨幅 4,182 | 0.50% | | 2602 | 4,683 | 昨日成交 较前日变动 昨日持仓 较前日变动 -7,567 | 6,131 | -2,837 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | PG | 2603 | 4,069 | 0.37% | 4,104 | 0.86% | PG | 2603 | 43,015 | -11,592 | 88,100 | -2,868 | | 期货市场 | | 2604 | 4,346 | 0.58% | 4,377 | 0.71% ...

Group 1: Report Title and General Outlook - The report focuses on industrial silicon and polysilicon, with the outlook of industrial silicon being in a state of upstream production cuts and range - bound oscillation [1] Group 2: Fundamental Data Industrial Silicon and Polysilicon Futures Market - Si2605 closing price is 8,780 yuan/ton, with changes of 35 yuan from T - 1, 25 yuan from T - 5, and 135 yuan from T - 22; its trading volume is 280,575 lots, down 57,731 lots from T - 1, up 34,639 lots from T - 5, and down 67,902 lots from T - 22; its open interest is 223,687 lots, down 865 from T - 1, down 11,402 from T - 5, and up 15,907 from T - 22 [2] - PS2605 closing price is 49,700 yuan/ton, down 1,000 yuan from T - 1 and up 755 yuan from T - 5; its trading volume is 15,484 lots, up 5,369 lots from T - 1 and down 5,458 lots from T - 5; its open interest is 43,920 lots, up 288 from T - 1 and down 4,519 from T - 5 [2] Basis - Industrial silicon spot premium/discount (against East China Si5530) is +470 yuan/ton, with changes of -35 yuan from T - 1, -25 yuan from T - 5, and -85 yuan from T - 22; against East China Si4210 is +70 yuan/ton, -35 yuan from T - 1, -25 yuan from T - 5, and 1,135 yuan from T - 22; against Xinjiang 99 silicon is -80 yuan/ton, -35 yuan from T - 1, -25 yuan from T - 5, and -140 yuan from T - 22 [2] - Polysilicon spot premium/discount (against N - type re - investment) is +5050 yuan/ton, 0 from T - 1, -1,255 yuan from T - 5, and 11,895 yuan from T - 22 [2] Price - Xinjiang 99 silicon price is 8700 yuan/ton, unchanged from T - 1 and T - 5, and down 50 yuan from T - 22; Yunnan Si4210 price is 10000 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [2] - Polysilicon - N - type re - investment material price is 54500 yuan/ton, down 750 yuan from T - 1, down 250 yuan from T - 5, and up 2100 yuan from T - 22 [2] Profit - Silicon plant profit (Xinjiang new standard 553) is - 2351.5 yuan/ton, up 35 yuan from T - 1, down 325 yuan from T - 5, and down 70 yuan from T - 22; (Yunnan new standard 553) is - 5574 yuan/ton, up 35 yuan from T - 1, down 295 yuan from T - 5, and down 205 yuan from T - 22 [2] - Polysilicon enterprise profit is 10.1 yuan/kg, down 0.4 yuan from T - 1, up 0.1 yuan from T - 5, and up 2.4 yuan from T - 22 [2] Inventory - Industrial silicon - social inventory (including warehouse receipt inventory) is 55.5 million tons, up 0.3 million tons from T - 5 and 0.2 million tons from T - 22; enterprise inventory (sample enterprises) is 20.8 million tons, up 0.42 million tons from T - 5 and 2.1 million tons from T - 22; industry inventory (social + enterprise) is 76.3 million tons, up 0.72 million tons from T - 5 and 2.25 million tons from T - 22; futures warehouse receipt inventory is 6.0 million tons, up 0.2 million tons from T - 1, 0.4 million tons from T - 5, and 1.6 million tons from T - 22 [2] - Polysilicon - manufacturer inventory is 32.1 million tons, up 1.9 million tons from T - 5 and 2.8 million tons from T - 22 [2] Raw Material Cost - Silicon ore price in Xinjiang is 320 yuan/ton, unchanged from T - 5 and T - 22; in Yunnan is 240 yuan/ton, down 10 yuan from T - 5 and 20 yuan from T - 22 [2] - Washed coking coal price in Xinjiang is 1475 yuan/ton, unchanged from T - 5 and T - 22; in Ningxia is 1200 yuan/ton, unchanged from T - 5 and T - 22 [2] - Petroleum coke price: Maoming coke is 1400 yuan/ton, unchanged from T - 5 and T - 22; Yangtze coke is 2340 yuan/ton, unchanged from T - 5 and T - 22 [2] - Electrode price: graphite electrode is 12450 yuan/ton, unchanged from T - 5 and T - 22; carbon electrode is 7200 yuan/ton, unchanged from T - 5 and T - 22 [2] Polysilicon (Photovoltaic) Price and Profit - Polysilicon - N - type re - investment material price is 54500 yuan/ton, down 750 yuan from T - 1, down 250 yuan from T - 5, and up 2100 yuan from T - 22; trichlorosilane is 3425 yuan/ton, unchanged from T - 1, T - 5, and T - 22; silicon powder (99 silicon) is 9800 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [2] - Silicon wafer (N - type - 210mm) price is 1.68 yuan/piece, down 0.01 yuan from T - 1 and T - 5, and up 0.20 yuan from T - 22; battery cell (TOPCon - 210mm) is 0.41 yuan/watt, unchanged from T - 1, up 0.02 yuan from T - 5, and down 0.71 yuan from T - 22; component (N - type - 210mm, centralized) is 0.711 yuan/watt, unchanged from T - 1, up 0.003 yuan from T - 5, and up 0.024 yuan from T - 22; photovoltaic glass (3.2mm) is 17.5 yuan/cubic meter, unchanged from T - 1 and T - 5, and down 1.5 yuan from T - 22; photovoltaic - grade EVA price is 9000 yuan/ton, unchanged from T - 1, up 299 yuan from T - 5, and down 65 yuan from T - 22 [2] - Polysilicon enterprise profit is 10.1 yuan/kg, down 0.4 yuan from T - 1, up 0.1 yuan from T - 5, and up 2.4 yuan from T - 22 [2] Organic Silicon and Aluminum Alloy Price and Profit - Organic silicon DMC price is 13900 yuan/ton, unchanged from T - 1, up 50 yuan from T - 5, and up 300 yuan from T - 22; DMC enterprise profit is 1954 yuan/ton, unchanged from T - 1, up 124 yuan from T - 5, and up 264 yuan from T - 22 [2] - Aluminum alloy ADC12 price is 23850 yuan/ton, unchanged from T - 1, down 350 yuan from T - 5, and up 2200 yuan from T - 22; recycled aluminum enterprise profit is 140 yuan/ton, down 30 yuan from T - 1, up 610 yuan from T - 5, and up 220 yuan from T - 22 [2] Group 3: Macro and Industry News - The battery end is still under cost pressure due to the rising silver price. The mainstream market quotation is 0.4 - 0.43 yuan/W, and some leading enterprises intend to raise the quotation to 0.45 yuan/W. The current mainstream domestic market transactions are concentrated at 0.4 - 0.41 yuan/W, and the latest overseas battery 183N transaction has reached 0.43 yuan/W due to the export tax policy [2][4] Group 4: Trend Intensity - The trend intensity of industrial silicon is 0, indicating a neutral outlook; the trend intensity of polysilicon is -1, indicating a slightly bearish outlook [4]