Report Industry Investment Rating - Not provided Core Viewpoint - The industrial silicon market currently faces oversupply, weak demand, high inventory levels, and the silicon price continues to fluctuate weakly [2] Summary by Related Catalogs Market Situation - Last week, the prices of some grades of industrial silicon in the market were weak, downstream purchasing was relatively active, and the situation of point - price transactions improved. The ex - factory price of East China oxygen - passing 553 silicon is 8500 - 8800 yuan/ton, and that of East China 421 silicon is 9300 - 9700 yuan/ton. On the futures side, the closing price of the main 2507 contract of industrial silicon last Friday was 7915 yuan, an increase of 0.25% or 20 yuan, with a single - day reduction of 5306 lots [1] Supply Side - 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. Some factories in the south have prepared for furnace opening, and the start - up in the southwest is gradually increasing. The market is digesting the expected increase in supply during the wet season in advance, and the supply side is abundant [1] Demand Side - The three major downstream industries have increased the intensity of production reduction and shutdown, and the marginal demand continues to weaken, making it difficult to reverse the oversupply situation. The price of polysilicon is weakly stable, crystal - pulling factories purchase on demand with low enthusiasm and keep pressing prices. Leading silicon material enterprises strengthen price - stabilizing strategies, but the transaction prices are mostly close to the cost line and the trading scale is limited. The price of organic silicon is stable with limited market fluctuations, relying mainly on early - month orders, and the purchasing willingness is weak. The price of aluminum alloy ingots is temporarily stable, the general start - up rate of die - casting enterprises is low, the overall demand enters the off - season, and the purchasing willingness is insufficient [1] Inventory - On May 23, the warehouse receipt inventory of industrial silicon was 65,568 lots, an increase of 270 lots, and the total inventory of industrial silicon remains at a high level [1]

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 晨报 铝锭 成材：重心下移 偏弱运行 铝锭：淡旺季交替 成本端扰动支撑价格 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。 地址：北京市海淀区海淀大街 8 号 19 层 ☎ 400-700-6700 www.zgfcc.com 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 2025 年 5 月 26 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 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Despite reduced macro disturbances and improved market sentiment, the overall performance of coking coal remains weak due to continuous increase in supply and a potential peak - to - decline trend in hot metal production. Prices are currently treated as a rebound with a short - bias [4] Group 3: Summary by Related Catalog Market Performance - Last week, the coking coal and coke futures market continued its weak and volatile trend, with prices hitting new lows. The spot market saw steel mills complete the first round of price cuts on coke prices, and there is an expectation of further cuts, indicating a poor coking coal and coke fundamentals [2][3] Supply Side - Upstream coking coal inventories at coal mines and coal washing plants are still high, with continuous inventory accumulation in recent weeks. Although production decreased last week due to major mine overhauls in Shanxi and Anhui and tightened safety in Shanxi, coal production is expected to recover after the overhauls. After the suspension of Mongolian coal customs clearance during the May Day holiday, the clearance volume has rebounded, and port inventories have increased again, resulting in an overall sufficient supply of coking coal [3] Demand Side - The overall demand is currently at a high level but is expected to decline in June. The overall profitability rate of steel mills is nearly 60%, and production enthusiasm is relatively high, with a daily average hot metal output of 243.6 thousand tons last week. However, the supply surplus of coking coal and coke is still prominent despite the high hot metal output [3]

Report Industry Investment Rating No information provided. Report's Core View - The price of finished products is expected to fluctuate and consolidate, and attention should be paid to macro - policies and downstream demand [2][3] - The price of aluminum ingots is expected to be strongly volatile in the short - term, and attention should be paid to macro - sentiment and downstream start - up [4] Summary According to Related Catalogs Finished Products - The production of short - process construction steel enterprises in Yunnan and Guizhou regions will be affected by 741,000 tons during the Spring Festival shutdown, and 6 short - process steel mills in Anhui will also have production affected [2][3] - From December 30, 2024, to January 5, 2025, the transaction area of newly - built commercial housing in 10 key cities decreased by 40.3% month - on - month and increased by 43.2% year - on - year [3] - Finished products continued to decline yesterday, reaching a new low recently. In the pattern of weak supply and demand, the market sentiment is pessimistic, and the price center of gravity continues to move down. This year's winter storage is sluggish, and the price support is weak [3] Aluminum Ingots - Yesterday, the aluminum price fluctuated strongly. The US House of Representatives passed Trump's tax and spending cuts bill, and the number of initial jobless claims in the US last week decreased, which boosted the dollar [2] - As of Thursday this week, the national alumina operating capacity increased, and the weekly start - up rate rose by 0.99 percentage points to 78.01% [3] - The impact of the Guinea event on the supply of bauxite needs to be evaluated, which may support the price of bauxite and the cost of alumina in the short - term [2][3][4] - As of May 22, the inventory of electrolytic aluminum ingots in domestic main consumption areas decreased by 28,000 tons compared with Monday and 24,000 tons compared with last Thursday. There is an expectation of continued de - stocking next week, and the next two weeks are a critical stage [3]

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 ...

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Report's Core View - For building materials, the price is expected to move in a volatile and consolidating manner, with its center of gravity shifting downward and showing a weak performance [1][2]. - For aluminum ingots, the price is expected to fluctuate strongly in the short - term range, and attention should be paid to macro - sentiment and downstream start - up [3]. 3) Summary According to Relevant Content Building Materials - **Production Impact**: Yunnan - Guizhou short - process construction steel enterprises' shutdown during the Spring Festival is expected to affect 741,000 tons of building steel production. In Anhui, 6 short - process steel mills have different shutdown schedules, with a daily production impact of about 16,200 tons during shutdown [1][2]. - **Market Transaction Data**: From December 30, 2024, to January 5, 2025, the total transaction area of new 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]. - **Price Trend**: Building materials continued to oscillate downward yesterday, reaching a new low. In the context of weak supply and demand and pessimistic market sentiment, the price center has been continuously shifting downward, and this year's winter storage is sluggish, providing little price support [2]. Aluminum Ingots - **Alumina Situation**: Last week, southern alumina enterprises had concentrated maintenance and production cuts, with the operating capacity decreasing by 2.9 million tons/year compared to the previous period. Alumina enterprises have been facing losses, and the spot price has continued to rebound due to tightened supply and strong price - holding intentions [2]. - **Bauxite Event**: The revocation of some mining rights in Guinea has affected the supply of bauxite. The specific impact needs to be evaluated, and it may provide short - term emotional support to the cost of alumina [2][3]. - **Inventory Status**: On May 19, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 585,000 tons, an increase of 4,000 tons from last Thursday and a decrease of 16,000 tons from last Monday. The subsequent inventory trend depends on the matching of downstream export order restocking demand and incoming goods [2].

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]