Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For EC2602, the future trend mainly depends on the spot market. It's difficult to predict the peak height and time of freight rates in January and the subsequent price - decline rhythm. It's not recommended to enter the market at the current level, and the strategy is mainly to go short on rallies considering factors like geopolitical reversals, pre - holiday position reduction, and price increase notices after reaching the bottom [3][13] - For EC2604, the valuation is moderately high. There is a short - term upward risk due to factors such as capital position transfer and greater geopolitical influence on far - month contracts. In the long - term logic of resumption of navigation and off - season, the strategy is mainly to go short on rallies [3][13] Summary by Relevant Information Futures Market - **Futures Contracts**: EC2512 closed at 1604.8 with a - 0.51% change; EC2602 at 1822.9 with a - 0.09% change; EC2604 at 1169.9 with a 1.31% change; EC2606 at 1374.0 with a 4.39% change; EC2608 at 1497.7 with a 0.78% change; EC2610 at 1054.7 with a 0.51% change [2][12] - **Month - to - Month Spreads**: For example, EC2512 - 2504 was 434.9, with a day - on - day change of - 23.3 and a week - on - week change of - 66.4 [2][12] Spot Market - **Indices**: SCEIS on December 29, 2025, was 1742.64 points, up 9.66% from the previous period; SCFI on December 26, 2025, was 1690 dollars/TEU, up 10.24% from the previous period; CCFI on December 26, 2025, was 1519.06 points, up 3.06% from the previous period; NCFI on December 26, 2025, was 1144.37 points, up 7.22% from the previous period [2][12] - **European Line Spot Situation**: In Week 1, MSK opened at 2500 dollars, OA at 2700 - 2800 dollars, PA at 2800 dollars, with a central price of 1950 dollars. In Week 2, MSK remained at 2500 dollars, and the price at Hamburg Port was 2600 dollars (a 100 - dollar increase from the previous period). YML reduced the price of a voyage in Week 2 by 200 dollars to 2600 dollars, and ONE increased the second - half - month quote by 500 dollars to 3335 dollars [4][14] Geopolitical News - On December 30, 2025, US President Trump said he reached an agreement with Israeli Prime Minister Netanyahu on most matters, talked about disarming Hamas, and hoped to enter the second phase of the Gaza plan soon [4][14] - On December 29, 2025, Hamas accused Israel of not fulfilling the cease - fire agreement and called on the US to pressure Israel [5][15]

Group 1: SP Main Contract Information - The closing price of the SP main contract on December 29, 2025, was 5510.00 [3] - The closing prices from December 23 - 26, 2025, were 5620.00, 5620.00, 5604.00, and 5630.00 respectively [3] - The corresponding US - dollar prices were 698.78, 700.03, 698.96, 702.06, and 686.78 [3] - The daily price changes were - 0.03557%, 0.00000%, - 0.28470%, 0.46395%, and - 2.13144% [3] - The Shandong Yinxing basis on December 29, 2025, was 80, and the Yangtze River Delta Yinxing basis was 50 [3] Group 2: Pulp Import Information - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was 51.39, for Canadian Lion pulp was - 287.55, and for Chilean Yinxing pulp was - 24.91 [4] - The port US - dollar prices were 780, 730, and 700 respectively, and the Shandong region RMB prices were 6300, 5565, and 5590 [4] Group 3: Pulp and Paper Price Averages - From December 23 - 29, 2025, the national average prices of softwood pulp, hardwood pulp, kraft pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 [4] - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and most of the price indices remained unchanged, except for the life - paper index which increased by 2 to 857 [4] Group 4: Paper Profit Margins - The estimated profit margins of double - offset paper and double - copper paper remained unchanged from December 24 - 29, 2025, at - 4.4235% and 5.9667% respectively [4] - The estimated profit margin of white - card paper remained unchanged at - 8.9723% [4] - The estimated profit margin of life - paper increased from 3.5917% to 4.3314%, a change of 0.7397 [4] Group 5: Pulp Price Spreads - From December 23 - 29, 2025, the softwood - hardwood pulp price spread was 930.00, the softwood - kraft pulp price spread was 190, the softwood - chemimechanical pulp price spread was 1740, and the softwood - waste paper price spread was 4014 [4]

Group 1: Price Performance - Latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 4337.05, 74.64, 2208.00, 1837.00, 58.08, and 12553.00 respectively, with changes of 0.00, 0.00, 0.00, 0.00, 1.34, and 420.00 [1] - Latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 98.00, 1.18, 1.35, 156.03, and 1.91 respectively, with changes of - 0.04, 0.00, 0.00, - 0.53, and 0.00 [1] Group 2: Trading Data - Latest COMEX silver inventory is 13969.43, with a change of - 18.67;上期所白银库存 is 796.74, with a change of - 22.69; gold ETF持仓 is 1071.99, with a change of 0.86; silver ETF持仓 is 16305.96, with a change of - 84.60;上金所白银库存 is 714.41, with a change of 0.00;上金所黄金递延费支付方向 is 1;上金所白银递延费支付方向 is 2 [1] Group 3: Data Source - The data in the above charts are from Bloomberg, Yong'an Yuandian Information, and Wind [4]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For the EC2602 contract, future performance depends on spot trends. It's hard to predict the peak height and timing of January freight rates and subsequent price - drop rhythms, so entry at the current level is not recommended [3]. - The EC2604 contract has a moderately high valuation, but there is short - term upward risk. The strategy is mainly to go short on rallies [3]. - The far - month contracts are greatly affected by geopolitical factors. Given the long - term logic of resumption of shipping and the off - season, the strategy for the EC2610 contract is to go short on rallies [3]. 3. Summary by Content Futures Market - **Contract Prices and Changes**: EC2512 closed at 1604.8 with a - 0.51% change; EC2602 at 1822.9 (- 0.09%); EC2604 at 1169.9 (+ 1.31%); EC2606 at 1374.0 (+ 4.39%); EC2608 at 1497.7 (+ 0.78%); EC2610 at 1054.7 (+ 0.51%) [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 spread was 434.9, with a day - on - day change of - 23.3 and a week - on - week change of - 66.4 [2]. Spot Market - **Indices and Changes**: The SCFIS (European Line) index on 2025/12/29 was 1742.64, up 9.66% from the previous period; the SCH (European Line) spot price on 2025/12/26 was 1690 dollars/TEU, up 10.24%; the CCFI was 1519.06, up 3.06%; the NCFI was 1144.37, up 7.22% [2]. - **European Line Spot Quotes**: In Week 1, the central price was 1950 dollars, equivalent to about 1950 points on the futures market. In Week 2, MSK kept the price at 2500 dollars, with the price at Hamburg Port rising to 2600 dollars [4]. Geopolitical News - On 12/30, Trump said he and Netanyahu reached an agreement on most matters, and they discussed Hamas disarmament and the second - phase plan for Gaza [4]. - On 12/29, Hamas claimed that Israel did not fulfill the cease - fire agreement and called on the US to pressure Israel [5].

玻璃现货：沙河工厂产销较高，沙河贸易商低价950左右，出货一般，期现出货差；湖北省内工厂970左右，成交尚可；湖北中游期现01平水， 成交差 玻璃产销：沙河143，湖北98，华东106，华南108 2025/12/22 2025/12/26 2025/12/29 周度变化 日度变化 2025/12/22 2025/12/26 2025/12/29 周度变化 日度变化 沙河重碱 1130.0 1140.0 1130.0 0.0 -10.0 SA05合 约 1169.0 1200.0 1181.0 12.0 -19.0 华中重碱 1120.0 1120.0 1110.0 -10.0 -10.0 SA01合约 1109.0 1121.0 1107.0 -2.0 -14.0 华南重碱 1350.0 1350.0 1350.0 0.0 0.0 SA09合约 1223.0 1258.0 1247.0 24.0 -11.0 青 海 重 碱 830.0 830.0 830.0 0.0 0.0 SA01沙河基 差 21.0 19.0 23.0 2.0 4.0 华北轻碱 1130.0 1130.0 1130.0 0.0 0.0 ...

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - For PTA, the near - term TA partial device has a short - stop, the polyester load drops, the inventory continues to decline, and the basis is stable with the spot processing fee significantly repaired. The PX price has strengthened significantly, but the short - term upward space may be limited, and it is necessary to wait for downstream price pass - through [1]. - For MEG, the domestic supply is stable with a slight increase, overseas maintenance increases, the overall inventory accumulation continues, and the pattern is expected to be weak. Attention should be paid to short - selling opportunities on rebounds [1]. - For polyester staple fiber, although the domestic demand is gradually entering the off - season, the spot profit has been significantly compressed, and the further weakening space is limited. Attention should be paid to the warrant situation [1]. - For natural rubber, the national explicit inventory is stable, and the Thai stage price is stable. The strategy is to wait and see [1]. Group 3: Summary by Product Categories PTA - Price and Spread: The average daily trading basis of PTA is 2605(-58). The PX - naphtha spread has strengthened significantly, and the disproportionation and isomerization benefits have both increased to a relatively high level, while the US - Asian aromatics spread has shrunk [1]. - Device Changes: Yisheng New Materials' 3.6 million - ton device increased its load, and Dushan's 2.5 million - ton device restarted. Near - end TA partial devices had short - stops, and the start - up rate decreased slightly [1]. - Market Outlook: The downstream filament profit has dropped significantly, and the possibility of accelerated production cuts has increased. Although the long - term pattern has not completely reversed, the probability of falling short of expectations has increased [1]. MEG - Price and Spread: The basis for MEG is around - 140 for the 05 contract. The domestic device load has increased, and overseas maintenance plans have increased [1]. - Device Changes: Zheng Dakai's 600,000 - ton device restarted, and Zhongkun's 600,000 - ton device increased its load [1]. - Market Outlook: The domestic supply is increasing steadily, overseas maintenance is increasing month - on - month, and the overall inventory accumulation continues. The pattern is expected to be weak under new production [1]. Polyester Staple Fiber - Price and Spread: The spot price is around 6580, and the market basis is around - 100 for the 02 contract [1]. - Device Changes: Sanfangxiang increased its load, and the start - up rate slightly increased to 96.2%. The production and sales improved month - on - month, and the inventory slightly accumulated [1]. - Market Outlook: Although the domestic demand is entering the off - season, the spot profit has been significantly compressed, and the further weakening space is limited due to the relatively low absolute inventory [1]. Natural Rubber - Price and Spread: The prices of various types of natural rubber have changed to different degrees. The national explicit inventory is stable, and the Thai stage price is stable due to rainfall [1]. - Strategy: The recommended strategy is to wait and see [1]. Styrene and Related Products - Price and Spread: The prices of ethylene, pure benzene, styrene, and related products have changed. The production profits of PS, EPS, and ABS have also changed [1]. - Device Changes: No significant device change information is provided [1]. - Market Outlook: No specific market outlook information for styrene and related products is provided [1].

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints - The overseas market remains tight with an expected increase in the official price of January CP. Domestically, the domestic - foreign price difference is relatively high, and the basis is relatively low, and the driving force needs further waiting. The profit of PDH is deteriorating, and the maintenance situation in January needs to be observed [1] 3. Summary by Relevant Data and Information Price Data - **Domestic Civil Gas**: On 2025/12/29, the price in East China was 4380 (-4), in Shandong was 4320 (+50), and in South China was 4510 (+0). The price of ether - post carbon four was 4430 (-70). The lowest delivery location was Shandong, with the latest basis at 244 (-30) [1] - **Futures Spreads**: The 02 - 03 month spread was 113 (+1), another 02 - 03 month spread was 126 (+13), and the 03 - 04 month spread was -190 (+10). For the inner - plate, the 02 basis was 186 (-95), the 01 - 02 month spread was 117 (-2), and the 03 - 04 month spread was -203 (-3) [1] - **Paper Goods Prices**: As of 9 p.m., the FEI and CP paper goods prices were 523 and 510 respectively, up 2 and 6 US dollars [1] - **1 - Month CP First - Round Recommended Values**: Propane and butane were 505/495 (+10/+10) respectively [1] - **Price Ratios**: PG - CP reached 100 (+1.86), PG - FEI reached 89 (+4.86), FEI - MB reached 185.6 (+10.6), and FEI - CP reached 11 (+3) [1] - **Propane Premiums**: The premium of propane arriving at East China was 4 (+1), and the premiums of AFEI, Middle - East, and US propane OB were 18.75 (+5.75), 50 (-1), and 43 (+0) respectively [1] - **FEL - MORI Price Difference**: -14 (up 4 month - on - month) [1] Inventory and Production Data - **Port Inventory**: The arrival rate of ships was 54.83%, and port inventory decreased by 14.3% [1] - **Refinery Data**: The refinery's commercial volume increased by 1.18%, and refinery inventory increased by 0.41% [1] - **PDH Data**: The operating rate of PDH was 76.36% (+1.36 pct) [1]

Report Information - Report Title: Ferroalloy Morning Report - Report Date: December 30, 2025 [1] Price Information Ferrosilicon - Latest prices of natural lump ferrosilicon in different regions: Ningxia 72 at 5250, Inner Mongolia 72 at 5270, Qinghai 72 at 5250, Shaanxi 72 at 5220, Shaanxi 75 at 5650 [2] - Latest prices of qualified lump ferrosilicon: Jiangsu 72 at 5700, Tianjin 72 at 5750 [2] - Export prices of ferrosilicon in Tianjin: 72 at 1020 (USD), 75 at 1070 (USD) [2] - Changes in ferrosilicon prices: Some prices have weekly changes, e.g., Ningxia 72 up 30, Inner Mongolia 72 up 20 [2] - Basis, spreads, and price differences: Such as the main - month basis at - 126, 1 - 5 month spread at - 98, etc. [2] Silicomanganese - Latest factory - ex prices in different regions: Inner Mongolia 6517 at 5590, Ningxia 6517 at 5520, Guangxi 6517 at 5700, etc. [2] - Latest trader prices: Ningxia 6517 at 5520, Jiangsu 6517 at 5750 [2] - Changes in silicomanganese prices: Some prices have weekly changes, e.g., Inner Mongolia 6517 up 40, Ningxia 6517 down 20 [2] - Basis, spreads, and price differences: Such as the main - month basis at 28, 1 - 5 month spread at - 68, etc. [2] Supply - related Information Ferrosilicon - Production volume and capacity utilization data are presented in long - term trends, including 136 - company monthly production, weekly production of 136 companies (95% capacity), and monthly capacity utilization in different regions [4] Silicomanganese - Weekly production volume data and long - term trends are shown [6] Demand - related Information Ferrosilicon - Data on export prices, import prices, and related demand - side indicators such as steel production forecasts and metal magnesium production are presented in long - term trends [3][4] Silicomanganese - Data on demand in China (in million tons) and related demand - side indicators like steel production forecasts are presented in long - term trends [4][7] Inventory - related Information Ferrosilicon - Inventory data of 60 sample enterprises in China and different regions, as well as warehouse receipt and effective forecast data, are presented in long - term trends [5] Silicomanganese - Warehouse receipt, effective forecast, and inventory data, as well as inventory average available days in China, are presented in long - term trends [7] Cost - profit - related Information Ferrosilicon - Data on electricity prices in different regions, market prices of raw materials like semi - coke, semi - coke production profit, and ferrosilicon production cost and profit in different regions are presented in long - term trends [5] Silicomanganese - Data on raw material prices such as chemical coke and manganese ore, and silicomanganese production profit in different regions are presented in long - term trends [6][7]

Report Information - Report Title: Coke Daily Report - Research Team: Black Team of the Research Center - Date: December 30, 2025 Report Highlights Industry Investment Rating - Not provided in the report Core Views - Not explicitly stated in the report Summary by Category Coke Prices - Shanxi quasi - first wet quenching coke price is 1,485.59, with no daily change, a weekly decrease of 54.61, a monthly decrease of 163.84, and a year - on - year decrease of 13.49% [2] - Hebei quasi - first dry quenching coke price is 1,735.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 165.00, and a year - on - year increase of 4.52% [2] - Shandong quasi - first dry quenching coke price is 1,660.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 165.00, and a year - on - year decrease of 12.63% [2] - Jiangsu quasi - first dry quenching coke price is 1,700.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 165.00, and a year - on - year decrease of 12.37% [2] - Inner Mongolia second - grade coke price is 1,180.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 150.00, and a year - on - year decrease of 15.71% [2] Production and Utilization Rates - Blast furnace开工率 is 84.94%, with a weekly increase of 0.01, a monthly decrease of 3.04, and a year - on - year decrease of 1.38% [2] - Daily average hot metal output is 226.58, with a weekly increase of 0.03, a monthly decrease of 8.10, and a year - on - year decrease of 0.57% [2] - Coking capacity utilization rate is 70.50%, with a weekly decrease of 1.42, a monthly decrease of 0.60, and a year - on - year decrease of 2.42% [2] - Daily average coke output is 50.66, with a weekly decrease of 0.64, a monthly decrease of 2.20, and a year - on - year decrease of 4.11% [2] Inventory - Coking plant inventory is 50.14, with a weekly decrease of 1.76, a monthly increase of 4.93, and a year - on - year increase of 2.87% [2] - Port inventory is 178.20, with a weekly increase of 2.55, a monthly decrease of 9.20, and a year - on - year increase of 5.64% [2] - Steel mill inventory is 642.20, with a weekly increase of 8.47, a monthly increase of 16.68, and a year - on - year decrease of 0.45% [2] - Steel mill inventory days are 12.01, with a weekly increase of 0.29, a monthly increase of 0.72, and a year - on - year decrease of 7.47% [2] Futures Market - Futures contract 05 price is 1,707.5, with no daily change, a weekly decrease of 35.00, a monthly decrease of 18.50, and a year - on - year decrease of 4.31% [2] - Futures contract 09 price is 1,785, with a daily increase of 2.00, a weekly decrease of 33.50, a monthly decrease of 11.00, and a year - on - year decrease of 3.59% [2] - Futures contract 01 price is 1,580.5, with a daily increase of 13.00, a weekly decrease of 25.50, a monthly increase of 6.00, and a year - on - year decrease of 10.33% [2] - 05 basis is 78.08, with no daily change, a weekly increase of 45.75, a monthly decrease of 160.90, and a year - on - year decrease of 104.89 [2] - 09 basis is 0.58, with a daily decrease of 2.00, a weekly increase of 44.25, a monthly decrease of 168.40, and a year - on - year decrease of 115.39 [2] - 01 basis is 205.08, with a daily decrease of 13.00, a weekly increase of 36.25, a monthly decrease of 185.40, and a year - on - year increase of 0.11 [2] - 5 - 9 spread is - 127.00, with a daily increase of 13.00, a weekly increase of 9.50, a monthly increase of 24.50, and a year - on - year decrease of 105.00 [2] - 9 - 1 spread is - 77.50, with a daily decrease of 2.00, a weekly decrease of 1.50, a monthly decrease of 7.50, and a year - on - year decrease of 10.50 [2] - 1 - 5 spread is 204.50, with a daily decrease of 11.00, a weekly decrease of 8.00, a monthly decrease of 17.00, and a year - on - year increase of 115.50 [2]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - Copper prices are expected to remain strong due to loose overseas liquidity and are recommended to be bought on dips, with a price range of $10,800 - $12,500 in December [1] - Aluminum prices are supported by strong expectations despite weak domestic demand and low basis [1] - Zinc's domestic fundamentals are poor, but supply may decrease seasonally at the end of the year, so it is recommended to wait and see; pay attention to reverse arbitrage and positive spread opportunities [4] - Nickel's short - term fundamentals are weak, but the policy of Indonesia Nickel Association may lead to increased long - positions [7] - Stainless steel's fundamentals are weak, but short - term prices are rebounding due to Indonesia's policy [11] - Lead prices are expected to fluctuate between 17,100 and 17,600, and it is recommended to be cautious due to the risk of low - warehouse receipts [13] - Tin prices may be volatile in the short term and can be a long - term multi - allocation in the first quarter of 2026, but there are risks of supply increase and demand weakness [16] - Industrial silicon's short - term price will fluctuate with cost, and in the long - term, it will oscillate at the bottom of the cycle [19] - Lithium carbonate's short - term supply and demand are both strong, but demand may weaken, and there may be inventory accumulation in January [21] 3. Summary by Metal Copper - This week, copper prices rose significantly due to the precious metal market and improved risk appetite. Domestic downstream is experiencing negative feedback, with the weekly operating rate of electrolytic copper rods dropping seasonally and social inventory accumulating rapidly. Overseas, the CL spread is slightly narrowing. It is recommended to buy on dips, with a price range of $10,800 - $12,500 in December [1] Aluminum - In November, the import of primary aluminum decreased, while exports of primary aluminum, aluminum products, and semi - finished products increased. Domestic apparent demand is weaker than expected. Automobile sales are poor and are expected to decline further after the subsidy ends in 2026, but photovoltaic installations are better than expected. Aluminum ingot and product inventories are accumulating, and apparent demand is decreasing. Although domestic demand and terminal consumption are weakening and the basis is at a multi - year low, low inventory levels support the current high prices [1] Zinc - This week, the LME zinc 0 - 3M contango remained volatile at - $28.26, which eases overseas supply - demand contradictions. Supply - side: Domestic and imported TC are accelerating their decline, and domestic zinc concentrate supply will be tight from the fourth quarter to the first quarter of next year. In November, the Huoshaoyun zinc ingot was put into production, and in December, many smelters had maintenance, with a production decline of 15,000 - 18,000 tons expected. Demand - side: Domestic demand is seasonally weak, and overseas demand in Europe is average, while US zinc imports have increased recently. The export window is opening, and domestic social inventory is decreasing. It is recommended to wait and see for unilateral trading, pay attention to reverse arbitrage opportunities, and positive spread opportunities [4] Nickel - Supply - side: Pure nickel production decreased slightly. Demand - side: Overall demand is weak, but the premium of Jinchuan nickel is strong. Inventory - side: Domestic inventory accumulation slowed down, and LME inventory increased slightly. The short - term fundamentals are weak. The Indonesia Nickel Association said that the quota for next year will be 250 million tons (a 34% decrease from 2025), which has increased long - positions [7] Stainless Steel - Supply - side: Steel mills are maintaining high production. Demand - side: It is mainly driven by rigid demand. Cost - side: Ferronickel prices are stabilizing slightly, and ferrochrome prices remain stable. Inventory - side: Inventory is at a high level. The fundamentals are weak, but the short - term price has rebounded due to the quota reduction news from the Indonesia Nickel Association [11] Lead - This week, lead prices rose with the macro - environment. Supply - side: Primary lead production is driven by profit, with an expected production reduction of 10,000 - 15,000 tons due to maintenance; refined ore supply is tightening, and TC has no hope of rebounding. Secondary lead production is resuming, and the output is increasing. Demand - side: The battery operating rate was high this week, but there is an expectation of weakening demand. The lead ingot market has been tight since the end of September. Although the supply - demand contradiction has been alleviated, battery factories' high operating rate makes inventory accumulation difficult. Lead prices are expected to fluctuate between 17,100 and 17,600, and it is recommended to pay attention to the risk of low - warehouse receipts [13] Tin - This week, tin prices fluctuated upward due to macro - sentiment and capital allocation. Supply - side: Ore processing fees are at a low level with limited rebound space. Overseas, production in Wa State is recovering slowly, but high prices are stimulating inventory ore exports. Indonesia will resume normal tin ingot exports in 2026, with an expected export of over 6,000 tons in November. The peace agreement between Congo (Kinshasa) and Rwanda has alleviated short - term risks. Demand - side: High prices are mainly supported by rigid demand, and downstream order - taking willingness has weakened. There is a risk of short - term supply increase, and the fundamentals are showing signs of weakening. In the long - term, demand determines the upside space [16] Industrial Silicon - This week, a large factory in Xinjiang increased production by 2 units, Dongfang Hope entered the maintenance period and reduced 2 units, Inner Mongolia reduced 4 units, and Gansu increased 4 units. The supply and demand of industrial silicon are approaching balance. In the short - term, the price is expected to fluctuate with cost. In the long - term, due to over - capacity and low operating rate, the price will oscillate at the bottom of the cycle [19] Lithium Carbonate - Affected by sentiment such as Tianqi Lithium's reference price switch and downstream processing fee negotiations, the futures price rose significantly. Raw material - side: The available supply is still tight, and lithium salt producers are less willing to accept high ore prices, with light trading. Lithium salt - side: Upstream producers mainly fulfill long - term contracts, and a small number of spot sales are at high prices, with inventory continuing to decline. Downstream - side: The futures price exceeds the acceptable range of material producers, and trading is mainly for rigid demand. In the short - term, supply and demand are both strong, but demand is showing signs of weakening. The inventory reduction in December is expected to be 7,000 - 7,500 tons, and there may be inventory accumulation of 2,000 - 3,000 tons in January [21]