Group 1: Report Core View - The spot price of coking coal and coke is in a price - increase game, and the futures market price is weak. The futures market price of coking coal and coke has reached a new low, while the spot market shows signs of stabilization. During the holiday, the price of coking coal increased by 10 - 60 yuan/ton, and some coking enterprises started the first round of price increase for coke by 50 - 55 yuan/ton, but the mainstream market has not adjusted yet [2][3] - The fundamentals show that the five major steel products have entered the inventory - reduction cycle. The steel mill profitability is acceptable, the blast furnace start - up rate continued to rise last week, and the daily average hot metal output increased to 238.73 tons, with a week - on - week increase of 1.45 tons and a year - on - year increase of 15.15 tons. The rigid demand for coke is improving [3] - For coking coal, the resumption of production in domestic coal mines increased last week, with the daily average output of coking coal increasing to 76.9 tons, a week - on - week increase of 1.0 tons and a year - on - year increase of 4.1 tons. The overall recovery speed of imported coking coal supply is slow, and the inventory in the port supervision area continues to decline. Under the positive feedback of industrial chain demand, coking plants have relatively good procurement of coking coal, and the inventory has gradually shifted to coking plants, but the overall inventory of coking coal has not decreased [3] - Due to the intensification of tariff policy disturbances and the impact of the reduction of the long - term contract price of Mongolian coal in the second quarter, the coking coal futures market accelerated its decline, releasing bearish sentiment. Attention should be paid to short - term fluctuations [3] Group 2: Industry Investment Rating - No investment rating information is provided in the report Group 3: Later Focus - Pay attention to the changes in the blast furnace start - up rate of steel mills and the customs clearance of imported coal [4]

晨报 铝锭 成材：重心下移 偏弱运行 铝锭：宏观压制加大 铝价暂回调整理 投资咨询业务资格： 观点：预计价格短期偏弱调整，关注宏观情绪和下游开工。 后期关注/风险因素：关注宏观预期变动、地缘政治危机发展、矿端复 产情况、消费释放情况。 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 4 月 9 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】1452 号 逻辑:昨日沪铝回调后区间整理，市场目前正在等待美联储将于周三公 ...

晨报 铝锭 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， 证监许可【2011】1452 号 逻辑:昨日开盘沪铝向下回调，主要是上周美国"对等关税"超预期情 绪的释放，市场风险偏好大幅降温并引发了市场大规模抛售，后续跌幅收 窄。在美国关税引发全球经济衰退的担忧之后，部分投资者转而将美元作 为避风港，美元小幅上行。 成材：重心下移 偏弱运行 铝锭：情绪波动加剧 关注下游拿货情况 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 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 ...

原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 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 4 月 8 日 晨报 煤焦 煤焦：焦炭现货提涨 盘面弱势运行 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 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 逻辑：昨日，受国际贸易摩擦升级影响，市场偏空情绪急剧升温，多 数商品价格大幅低开，焦煤期价刷新低点。煤焦现货市场有企稳迹象，节 假日期间焦煤价格上涨 10-60 元/吨不等，部分地区焦化企业开始对焦价 进行首轮提涨，涨幅 50-55 元/吨。 证监许可【2011】1452 号 从基本面来看，五大材进入库存去化周期，且当前钢厂盈利率尚可， 上周高炉开工延续回升，日均铁水产量增至 238 ...

后期关注/风险因素：宏观政策；下游需求情况。 晨报 成材 成材：宏观利空 钢价下行 逻辑：外交部 4 月 7 日下午举行例行记者会。外交部发言人林剑：美 国以"对等"为名，行霸权之实，牺牲各国的正当利益，服务一己之私， 将"美国优先"凌驾于国际规则之上，是典型的单边主义、保护主义和经 济霸凌行径。中方已经发布了中国政府关于反对美国滥施关税的立场，表 明了严正态度。欧盟委员会负责贸易和经济安全等事务的委员马罗什·谢 夫乔维奇对媒体表示，欧盟准备动用"一切贸易防御手段"应对美关税冲 击，将于 4 月 15 日起实施第一轮对美反制关税。中央汇金、中国诚通、 中国国新 7 日发布公告称出手增持中国股票资产，坚决维护资本市场平稳 运行，并表示坚决当好长期资本、耐心资本、战略资本。中钢协：3 月下 旬，重点钢企粗钢日产 212.5 万吨，环比下降 1.9%；钢材库存量 1523 万 吨，环比上一旬下降 9.9%，比去年同旬下降 17.4% 证监许可【2011】1452 号 原材料：程 鹏 继美国对我国及贸易伙伴出台"对等关税"后，我国第一时间采取反 制措施。受关税摩擦影响，昨天期货市场和股市均大幅下跌，成材亦出现 较大跌 ...

晨报 工业硅 工业硅：向上依旧承压向下空间有限，硅价继续磨底震荡 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 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 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。 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 逻辑：昨日工业硅现货市场价格弱稳运行，市场询单有所好转。目前华东 通氧 553#硅在 10100-10300 元/吨，华东 421#硅在 10800-11200 元/吨。期货端： 工业硅主力 2505 合约收盘价格 9550，幅度-2.70%，跌 265，单日减仓 9409 手。 证监许可【2011】1452 号 负 ...

【华宝期货】黑色产业链周报 华宝期货 2025.4.7 目录 01 周度行情回顾 02 本周黑色行情预判 03 品种数据（成材、铁矿石、煤焦、铁合金） 01 周度行情回顾 | 品种 | | | 期货主力合约收盘价格 | | | 现货价格 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025.4.3 | 2025.3.28 | | 价格変动 | | 2025.4.3 | 2025.3.28 | | 价格变动 | | 螺纹钢 | RB2505 | 3164 | 3197 | -33 | -1.03% | HRB400E: Φ20:汇总价格:上海 | 3230 | 3230 | 0 | 0.00% | | 热轧卷板 | HC2505 | 3337 | 3374 | -37 | -1.10% | Q235B: 5.75*1500*C: 市场价: 上海 | 3350 | 3370 | -20 | -0.59% | | 铁矿石 | 12505 | 788.5 | 785.5 | 3 | 0.38% ...

01 有色周度行情回顾 【华宝期货】有色金属周报 华宝期货 2025.4.7 目录 02 本周有色行情预判 03 品种数据（铝、锌、锡） 周度行情回顾 | 品种 | | | 期货主力合约收盘价格 | | | 现货价格 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025. 4. 3 2025. 3. 28 | 周变动 | 周涨跌幅 | | | 2025. 4. 3 2025. 3. 28 | 周变动 | 周涨跌幅 | | 铜 | CU2505 | 78860 | 80450 | -1590 | -1. 98% | 中国:平均价:铜:上海物贸 | 79010 | 80685 | -1675 | -2.08% | | 品 | AL2505 | 20420 | 20580 | -160 | -0. 78% | 中国:平均价:铝(A00):有色市场 | 20520 | 20580 | -60 | -0. 29% | | 锌 | ZN2505 | 23155 | 23770 | -615 | ...

1. Report's Industry Investment Rating No relevant content provided. 2. Core View of the Report The current supply - demand contradiction of industrial silicon is difficult to improve. Short - term tariff increases affect downstream demand, making it more difficult for prices to rebound. In the short term, silicon prices will continue to weaken [1]. 3. Summary According to Related Catalogs Market Conditions - The spot price of industrial silicon was mainly weak and stable this week. The actual transaction price was pushed down due to more shipments by spot - futures traders. The price of East China oxygen - containing 553 silicon was 10100 - 10300 yuan/ton, and that of East China 421 silicon was 10800 - 11200 yuan/ton. On Friday, the closing price of the main contract si2505 of industrial silicon futures was 9820, +0.20%, with the position decreasing by 12882 hands to 179,600 hands and the trading volume reaching 6.71 billion yuan [1]. Supply Side - Factories were eager to sell at discounted prices. The lowest transaction price of 99 - silicon from northern manufacturers reached 9200 yuan/ton. The previous production - cut plan of large manufacturers in the eastern production area has been implemented. Currently, there are 21 operating submerged arc furnaces in the east and 45 in the west, and the west has no plan to increase production. Other silicon factories have no joint production - cut phenomenon. This production - cut plan lasts for more than 2 months, which may relieve inventory pressure in the long run. Recently, the tender price of downstream powder orders was lower than expected, and the profit of powder mills was meager [1]. Demand Side - The organic silicon DMC market held firm this week, with the mainstream transaction price at 14000 - 14500 yuan/ton (net water delivered). Some monomer plants adopted production - cut and production - control strategies, reducing the operating load of monomer equipment as planned. The decrease in supply supported the price, and the market sentiment and trading atmosphere improved. The price of polysilicon remained stable. Silicon material enterprises planned to add production lines to produce deliverable goods, and the registration of silicon material warehouse receipts was open, with only 10 successful registrations on Friday. The price of re -投料 was 37 - 39 yuan/kg, dense material 35 - 38 yuan/kg, cauliflower material 32 - 34 yuan/kg, and N - type material 41 - 43 yuan/kg. The price of aluminum alloy ingots was stable, but the market demand was weak, the trading atmosphere was light, and the procurement enthusiasm of downstream die - casting enterprises was low [1]. Inventory - On April 3, the warehouse receipt inventory of industrial silicon was 70034 hands, an increase of 243 hands this week, and the warehouse receipt inventory remained at a high level [1].

晨报 成材 成材：关税摩擦下 钢价偏空运行 整理 投资咨询业务资格： 观点：偏空。 后期关注/风险因素：宏观政策；下游需求情况。 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 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 4 月 7 日 逻辑：当地时间 4 月 2 日，美国总统特朗普在白宫宣布对贸易伙伴征 收所谓的"对等关税"措施。对中国实施 34%的对等关税，对欧盟实施 20% 的对等关税，对日本实施 24%的对等关税。上周，247 家钢厂高炉炼铁产 能利用率 87.33%，环比上周减少 0.47 个百分点；日均铁水产量 232.61 万吨，环比上周减少 1.26 万吨；钢厂盈利率 49.78%，环比上周减少 2.17 个百分点。全国 87 家独立电弧炉钢厂平均开工率 67.83%，环比减少 0.52 个百分点，同比减少 7.32 个百分点；平均产 ...