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 成材：重心下移 偏弱运行 铝锭：外围宏观不确定性大 铝价偏弱调整 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 晨报 铝锭 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 4 月 1 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， 证监许可【2011】1452 号 逻辑:昨日铝价偏弱运行。在关税搅得全球经济不得安宁之际，高盛将 美国经济衰退的概率 ...

从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 晨报 工业硅 工业硅：库存高位供给过剩，硅价继续弱势震荡 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 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 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 逻辑：本周工业硅现货市场价格弱势运行行情持续低迷，部分厂家暂不报 价。目前华东通 553#硅 10200-10400 元/吨，华东 421 硅 ...

晨报 铝锭 成材：重心下移 偏弱运行 铝锭：价格区间调整 关注高价位下游反馈 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 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 成文时间： 2025 年 3 月 31 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 证监许可【2011】1452 号 逻辑:上周铝价区间调整。数据显示，美国 2 月份核心通胀 ...

晨报 煤焦 煤焦：情绪受挫 价格反弹乏力 观点：供需两端均处于回升态势，库存有阶段性转增趋势，关注铁水 产量回升能否持续，短期煤焦整体维持低位震荡。 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 后期关注/风险因素：关注钢厂高炉开工变化、进口煤通关情况。 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 3 月 31 日 逻辑：上周，焦炭期价跟随钢矿小幅反弹，周五再度回落；焦煤整体 表现仍弱。上周，大商所调整焦炭期货交割质量标准，增设"平衡水分" 指标，新交割规则下，焦炭交割仍采用干基计价，对于全水分是扣重指标， 同时对平衡水分＞1%的设置贴水 110 元/吨，湿熄焦和干熄焦依然都可以 作为交割品，但湿熄焦的交割成本将在原基础上增加 110 元/吨，相当于 增加了干熄焦的交割经济 ...

Report Industry Investment Rating - Not provided Core View of the Report - The current oversupply situation in the industrial silicon market has not been reversed, the futures contract valuation is low, the production cut rumors have not been fully implemented, the inventory remains at a high level, and the silicon price will continue to fluctuate weakly [1] Summary by Relevant Catalogs Market Price - The spot market price of industrial silicon has been weak this week, with the price of East China Tong 553 silicon at 10,200 - 10,400 yuan/ton and East China 421 silicon at 10,000 - 11,200 yuan/ton. The closing price of the main industrial silicon futures contract si2505 is 9,855, up 0.36%, with the main contract reducing positions by 8,102 lots, a position of 229,300 lots, and a trading volume of 7.991 billion yuan [1] Supply Side - The capacity recovery in the southwest region is slow, with some silicon plants delaying their resumption plans and even reducing operating capacity. In the northwest region, there is a differentiated situation, with leading enterprises announcing production cut plans, and the shutdown scope of small and medium - sized silicon enterprises is expanding due to cost pressure [1] Demand Side - The price of polysilicon is stable this week, with silicon material enterprises showing a strong willingness to hold prices. The current prices of different types of polysilicon are: re - feeding material at 37 - 39 yuan/kg, dense material at 35 - 38 yuan/kg, cauliflower material at 32 - 34 yuan/kg, and N - type material at 41 - 43 yuan/kg. The earthquake in Myanmar affected the production of some polysilicon enterprises. The organic silicon market has a strong price - holding sentiment, with the mainstream transaction price at 14,000 - 14,500 yuan/ton. The price of aluminum alloy ingots is stable, and the demand in the alloy ingot market remains weak [1] Inventory - On March 28, the industrial silicon warehouse receipt inventory was 69,791 lots, an increase of 469 lots in a single week, and the warehouse receipt inventory remains at a high level [1]

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 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 晨报 铁矿石 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 铁矿石： 黑色系高位滞涨 矿价维持区间震荡 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 逻辑：当前成材表需维持回升态势，库存维持去化，短流程谷电成本以及焦煤长协仓单成 本提供价格支撑，但铁矿石供给端大幅回升对冲需求超预 ...

晨报 铝锭 成材：重心下移 偏弱运行 铝锭：去库持续 价格区间运行 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 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 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： 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 证监许可【2011】1452 号 逻辑:昨日铝价区间运行。周四的美国数据显示，上周美国初请失业金 人数有所下降，其他数据显示，美国第四季度经济增长速度比之前估计的 略更稳健。市场等待美国个人消费支出数据寻找美联储路径指 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - Recent unexpected rebound in hot metal production drives coke inventory reduction and boosts market sentiment; coking coal inventory turns to increase, still dragging down the market, and coal and coke generally maintain low - level fluctuations [4] 3. Summary by Related Content Market Performance - Yesterday, coking coal and coke futures prices fluctuated, with coke slightly rebounding and coking coal remaining weak; on the spot side, port coke resource prices fluctuated slightly, and coal prices remained weakly stable [3] Fundamental Analysis - Five major steel products have entered the inventory depletion cycle, and current steel mill profitability is acceptable; this week, blast furnace operation continued to rise but the increase slowed compared to last week, with daily average hot metal production reaching 2.3728 million tons, a week - on - week increase of 10,200 tons and a year - on - year increase of 159,700 tons, driving the recovery of coke's rigid demand [3] - This week, coal mine operation rate increased, with daily average coking coal production at 759,000 tons, a week - on - week increase of 22,000 tons; in terms of imports, the Mongolian coal customs clearance volume in mid - March rebounded compared to early March, and the inventory in the port supervision area remained at a high level; monthly data shows that the cumulative Mongolian coal imports in the first two months were 6.4426 million tons, with a significant year - on - year decline of 17.03% [3]

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 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 晨报 铁矿石 铁矿石： 原材料出现补涨 短期维持区间震荡 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 策略：逢高做空或卖出看涨期权。 重要声明： 后期关注/风险因素：终端需求变动、主流矿山发运、钢材出口压力 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 逻辑：昨日黑色系原材 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Currently, the supply and demand of industrial silicon are both weak, the production cut plans have not been implemented centrally, market sentiment has returned to rationality, terminal demand is yet to recover, and with the exchange's position limit, silicon prices will continue to fluctuate weakly [2] Group 3: Summary by Relevant Catalogs Market Price - On March 27, 2025, the market price of industrial silicon was under weak pressure. The price of East China oxygenated 553 silicon was 10,300 - 10,500 yuan/ton, and the price of East China 421 silicon was 11,000 - 11,200 yuan/ton. The closing price of the main contract si2505 of industrial silicon futures was 9,780, a decrease of 1.13%. The main contract added 842 lots, with a position of 242,700 lots and a trading volume of 7.514 billion yuan [1] Supply Side - Inner Mongolia and Yunnan maintained a low operating level, and there were no signs of centralized resumption of production in the short term. The previous production cut plans of Inner Mongolia silicon enterprises had not been implemented, and polysilicon enterprises' maintenance and reduction plans were coming again, with expected demand slightly lower. The operating situation of local powder plants was average. The weekly operation in Ningxia and Shaanxi showed no obvious fluctuations, and there were few market inquiries [1] Demand Side - The price of polysilicon was stable, with high silicon material inventory. The transmission of downstream price increases to the silicon material link was weak, and the signing performance of silicon materials was average. The organic silicon DMC market continued to show a stable trend, with the mainstream transaction price referring to 14,000 - 14,500 yuan/ton (net water delivered). The supply side showed that the operating rate of main monomer production devices was gradually decreasing, and production enterprises had an obvious intention to stabilize prices. On the demand side, downstream enterprises generally adopted a wait - and - see attitude, and procurement was mainly driven by rigid demand. The price of aluminum alloy ingots was stable, the alloy ingot market still maintained weak demand, the market trading atmosphere continued to be light, and the procurement enthusiasm of downstream die - casting enterprises was not high [1] Inventory - On March 26, the warehouse receipt inventory of industrial silicon was 69,177 lots, a single - day decrease of 34 lots, and the warehouse receipt inventory was still at a high level [1]