Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Macro disturbances have weakened and market sentiment has warmed up, but the overall supply - demand situation of coal and coke remains weak. With the continuous increase in coking coal supply and the tendency of hot metal production to peak and decline, the prices are temporarily treated as bearish on rebounds [4]. 3. Summary by Related Content Market Trend - Recently, coal and coke futures prices have continuously hit new lows. The spot market saw the first round of coke price cuts by steel mills last week, and there are expectations of further cuts. The market is in a weak - running trend, indicating a poor fundamental situation for coal and coke [3]. Supply Side - Upstream coking coal inventories at coal mines and coal washing plants are still high, with continuous inventory accumulation in recent weeks. This week, production decreased due to the maintenance of major mines in Changzhi, Shanxi and Anhui, and safety measures were tightened in Liulin, leading to production cuts in the main production areas of Shanxi. However, after the maintenance of major mines ends, raw coal production is expected to recover. Mongolian coal resumed high - level customs clearance after the May Day holiday, and port inventories have increased again. Overall, coking coal supply remains sufficient [3]. Demand Side - The overall demand is currently at a high level but there are expectations of production cuts in June. Currently, the overall profitability rate of steel mills is nearly 60%, and their production enthusiasm is relatively high. This week, the daily average hot metal output slightly decreased to 2.436 million tons. Despite the high hot metal output driving raw material demand, coal and coke prices are still in a downward trend, indicating a prominent problem of oversupply [3].

晨报 成材 成材：供强需弱 钢价偏弱整理 整理 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 原材料：程 鹏 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 成文时间： 2025 年 5 月 23 日 逻辑：本周，五大钢材品种供应 872.44 万吨，周环比增加 4.09 万吨， 增幅 0.5%；总库存 1398.54 万吨，周环比降 32.12 万吨，降幅 2.2%。周 消费量为 904.56 万吨，环比下降 1.0%。本周，唐山 87 条型钢生产线， 实际开工产线为 35 条，整体开工率 59.32%，较上周上升 3.39%。型材产 能利用率为 58.84%，较上周相比上升 7.16%。5 月 22 日，76 家独立电弧 炉建筑钢材钢厂平均成本为 3324 元/吨，日 ...

成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 原材料：程 鹏 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 晨报 成材 成材：关注周度基本面变化 钢价整理运行 整理 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 重要声明： 本报告中的信息均来源于公开的资料，我公司对信息的准确性及完整性不作任何保证，也不保证包含的信 息和建议不会发生变更，我们已力求报告内容的客观、公正，但文中观点、结论和建议仅供参考，投资者据此 做出的任何投资决策与本公司和作者无关。 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 地址：北京市海淀区海淀大街 8 号 19 层 ☎ 400-700-6700 www.zgfcc.com 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 5 月 22 日 逻辑：中 ...

晨报 铝锭 成材：重心下移 偏弱运行 铝锭：成本端受消息面提振 铝价暂偏强震荡 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 重要声明： 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 5 月 22 日 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停产放假， 个别钢厂预计 1 月 20 日后停产放假，停产期间日度影响产量 1.62 万吨左 证监许可【2011 ...

晨报 工业硅 工业硅：需求萎靡库存高位，硅价弱势震荡 整理 逻辑：昨日工业硅市场部分牌号价格继续下跌，下游采买相对积极，点价 成交情况转好，南方产区开工率缓慢上升中，目前华东通氧 553#硅在 8500-8900 元/吨，华东 421#硅在 9300-9900 元/吨。期货端：昨日工业硅期货主力合约转 为 si2507，其收盘价 7865，-1.75%，日内延续增仓式下跌，增加 19275 手，总 数为 19.28 万手，成交额 93.10 亿元。 投资咨询业务资格： 证监许可【2011】1452 号 负责人：赵 毅 供给端：云南开工已低于去年同期水准，内蒙古、宁夏、陕西和山东，在 产硅企硅企开工情绪萎靡,个别停产企业短期内暂无复工打算。盘面价格跌速加 快，仓单绝对价格低于 9000 以下，硅企失去价格优势，亏损生产中。下游少量 低价采购，多以盘面点价为主，市场去库较慢，大厂复产消息刺激下，同时结 合西南复产将近，工业硅全国供给预期增加，行业矛盾加深。 成 材：武秋婷 原材料：程 鹏 需求端：多晶硅价格承压运行，当前 N 型致密料报价 37-39 元/千克，N 型 颗粒硅报价 34-37 元/千克，N 型复投 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Macro disturbances have weakened and market sentiment has improved, but the overall supply - demand situation of coking coal and coke remains weak. With the continuous increase in coking coal supply and the potential peak - to - decline trend of hot metal production, the prices are currently treated as bearish on rebounds [4] Group 3: Summary According to Related Contents Supply - side situation - Recently, coking coal and coke futures prices have continuously hit new lows, and the spot market saw the first round of price cuts last week, indicating a weak fundamental situation. Upstream coking coal inventories such as those in coal mines and coal washing plants are still high, with continuous inventory accumulation in recent weeks. This week, due to the maintenance of major mines in Changzhi, Shanxi and Anhui, production decreased, and safety requirements tightened in Liulin and other places, leading to obvious production cuts in major production areas in Shanxi. After the maintenance of major mines ends, raw coal production is expected to recover. In addition, Mongolian coal suspended customs clearance during the May Day holiday, and after resumption, the customs clearance volume rebounded to a relatively high level, and port inventories also increased again. Overall, coking coal supply remains abundant [3] Demand - side situation - The overall demand is currently at a high level, but there are expectations of production cuts in June. Currently, steel mills' profitability is acceptable, and their production enthusiasm is high, with the daily average hot metal output fluctuating around 2.44 million tons. However, even with high hot metal output, coking coal and coke prices have not escaped the downward trend, indicating a prominent problem of oversupply [4] Later - stage focus - Pay attention to changes in the blast furnace start - up rate of steel mills and the customs clearance situation of imported coal [4]

晨报 铁矿石 铁矿石：地产数据偏弱 矿价波动加剧 整理 投资咨询业务资格： 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 供应方面：外矿环比显著增加，整体同比降幅趋于收窄。5 月份是外矿发运旺季，主流矿 山预计发运保持平稳回升态势，供给端支撑力度边际减弱。 需求方面：国内需求整体处于历史同期高位区，铁水环比回落至 244.8（-0.87），短期需 求端见顶，国内终端需求进入淡季，但当前钢厂盈利率水平较高且出口端预期上修，预期铁水 将整体高位回落走势但下行斜率偏低，短期对价格影响程度尚不显著。 原材料：程 鹏 库存方面：从当前国内高企的需求水平来看，5 月份港口库存水平将保持相对平稳或偏向 于去化态势，但整体评估来看，库存整体处于高位，库存高位阶段性去库难以提供 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The finished products are expected to move in a range-bound and consolidating manner, with the price center shifting downward and showing a weak trend [1][2]. - The aluminum ingot price is expected to fluctuate strongly in the short term, and attention should be paid to macro sentiment and downstream start - up [3]. Summary by Related Catalogs Finished Products - Yunguizhou region's short - process construction steel enterprises' Spring Festival shutdown and restart: The shutdown time is mostly in mid - to late January, and the restart time is expected to be around the 11th to 16th day of the first lunar month, with an estimated impact on the total construction steel output of 741,000 tons during the shutdown [1]. - Anhui's short - process steel mills' shutdown: One of the 6 short - process steel mills in Anhui started to shut down on January 5, and most of the rest plan to shut down around mid - January, with an estimated daily output impact of about 16,200 tons during the shutdown [2]. - New commercial housing transaction area: From December 30, 2024, to January 5, 2025, the total transaction (signing) area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [2]. - Market situation: The finished products continued to decline in a volatile manner yesterday, reaching a new low recently. In the pattern of weak supply and demand, market sentiment is pessimistic, and this year's winter storage is sluggish, with weak price support [2]. - Later concerns: Macro policies and downstream demand [2]. Aluminum Ingots - Macro factors: The US dollar fell again on Tuesday due to the Fed's cautious attitude towards the economy, while China released signals of loose monetary policy, improving market expectations and stimulating economic growth and investment and consumption demand [1]. - Ore - end situation: Guinea's government announced the recovery of 51 mining licenses, causing disturbances in the ore end. As of May 16, the average cost of the alumina industry decreased to 2,812 yuan/ton, a decrease of 386 yuan/ton compared to early April, with the bauxite cost decreasing by 323 yuan/ton and the caustic soda cost decreasing by 54 yuan/ton. The alumina industry has turned profitable on average, and some alumina production capacity may resume production. However, due to the resurgence of disturbances in the bauxite supply end, there is a possibility of a rebound in bauxite prices, and alumina costs may change again [2]. - Import and inventory: In April 2025, China imported 20.684 million tons of bauxite, a 25.62% increase from the previous month and a 45.44% increase year - on - year. As of May 19, the inventory of electrolytic aluminum ingots in the mainstream consumption areas in China was 585,000 tons, an increase of 4,000 tons from last Thursday and a decrease of 16,000 tons from last Monday. The arrival of goods increased significantly over the weekend, and the subsequent destocking speed is likely to slow down. Whether it will turn to inventory accumulation depends on the matching between the replenishment demand increment of downstream export orders and the subsequent arrival increment. Normally, due to smooth domestic transportation in May and the expected weakening of off - season warehousing, the circulation in the mainstream consumption areas in China may gradually loosen at the end of May and early June [2]. - Later concerns: Changes in macro expectations, development of geopolitical crises, ore - end resumption of production, and consumption release [3].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The macro - disturbance has weakened and market sentiment has improved, but the overall supply - demand situation of coal and coke remains weak. With the continuous increase in coking coal supply and the peak - to - decline trend of hot metal production, the price is temporarily treated as a rebound with a bearish outlook [4] Group 3: Summary Based on Related Content Market Performance - Yesterday, the futures prices of coking coal and coke continued the weak and volatile trend, hitting new lows, and rebounded slightly at night; the first round of spot price cut of coke was implemented, and there is still an expectation of further cuts. Recently, the macro - disturbance to the market has weakened, but the supply - strong and demand - weak fundamentals of coal and coke have dragged down the price performance [3] Coking Enterprise Situation - After the first round of coke price cut, the profits of most coking enterprises in many regions have returned to the break - even point. Most coking enterprises in the region maintain the previous production restriction state, with normal production rhythm. Some coking enterprises have slightly increased production. The recent shipment situation has improved compared with before, and most coking plants keep their coke inventory at a low level [3] Downstream Demand - Last week, the average daily output of hot metal from steel mills was 244,770 tons, a week - on - week decrease of 8,700 tons. Recently, the hot metal output has shown a peak - to - decline trend. Some steel mills have plans for production reduction and maintenance. Affected by relevant policies, steel mills are more cautious in purchasing raw materials such as coke and mainly purchase on - demand [3] Mongolian Coal Import - After the port inventory pressure has been continuously relieved, the Mongolian coal import has quickly recovered to the level of the same period last year. Some Mongolian coal is piled up in the warehouse after import. Since there is no expectation of an increase in downstream demand, the recovery of Mongolian coal customs clearance has brought supply pressure to the market again [3]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The current oversupply situation of industrial silicon is difficult to change in the short term, and the industrial silicon market is still in a downward trend, showing weak fluctuations in the short term [2] Group 3: Summary by Relevant Catalogs Market Price - The spot price of industrial silicon fluctuated little yesterday, with the ex - factory price hovering at the bottom. The price of East China oxygen - passing 553 silicon is 8900 - 9200 yuan/ton, and that of East China 421 silicon is 9800 - 10100 yuan/ton. The closing price of the main contract of industrial silicon futures, si2506, was 7910, down 2.34%, with 10324 hands reduced during the day, a total of 64,700 hands, and a turnover of 5.116 billion yuan [1] Supply - Northern large factories will continue to resume production in the near future. It is expected that the eastern production area will gradually resume production to 40 submerged arc furnaces. Coupled with the fact that some southern factories are ready to start furnaces, the market supply is expected to increase significantly next month, which is obviously negative for the current price [1] Demand - The price of polysilicon is stable, and the game between upstream and downstream continues to deepen. The price expectation divergence intensifies. At present, the transaction price of some polysilicon has fallen below the cost line. The price - concession willingness of silicon material enterprises is limited, but due to inventory pressure, downstream still has the bargaining initiative. The mainstream price of silicone DMC remains stable, and manufacturers focus on shipment. The short - term transaction center will still remain in the low - price range, and the subsequent actual transaction of DMC is expected to be maintained at 11300 - 12000 yuan/ton. Recently, with production cuts, the inventory of silicone has decreased slightly, and the short - term demand for industrial silicon remains stable. The price of aluminum alloy ingots is stable, but the enterprise profit continues to narrow, the shipment is average, and production is under pressure [1] Inventory - On May 20, the warehouse receipt inventory of industrial silicon was 66,246 hands, an increase of 152 hands, and the total inventory of industrial silicon remained at a high level [1]