Report Title - Supply Tightness and Weakening Demand: Shanghai Zinc Maintains a Sideways - Bullish Trend [1] Report Date - December 29, 2025 [1] 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The zinc market has a supply - tight and demand - weak situation, and Shanghai zinc is expected to maintain a sideways - bullish trend. The tight supply is due to smelters' production cuts caused by raw material issues, while the demand shows a weakening trend overall [1][8][9] 3. Summary by Directory 3.1 Weekly Review - **Industry Data**: Domestic zinc ore is in short supply, and zinc ore processing fees are falling rapidly, providing some support for zinc prices. In December, the decline in domestic zinc concentrate processing fees continued. The domestic zinc concentrate production decreased by 5.86% month - on - month to 31.14 million tons, while the import volume increased by 52.27% to 51.90 million tons. The domestic zinc ingot production decreased by 3.56% to 59.52 million tons, and the import volume decreased by 16.94% to 1.88 million tons. The export volume increased by 402.59% to 4.2816 million tons. The total supply increased by 2.14% month - on - month, and the apparent demand decreased by 0.86% [8] - **Futures Prices**: Last week, the Shanghai - London ratio dropped to around 7.4, and the zinc ingot import window remained closed. Overseas, strong economic data boosted demand prospects, but the increase in overseas inventories put pressure on LME zinc prices. Domestically, the overall macro environment was positive, and smelters' maintenance due to raw material issues continued, supporting Shanghai zinc prices. It is expected that the Shanghai - London ratio will continue to decline this week [9] - **Spot Prices**: In Guangdong, inventory is decreasing, the market premium is rising, but the downstream consumption is average, and it is expected to fluctuate this week. In Shanghai, some traders cleared their inventories at the end of the year, and the downstream consumption was in the off - season. It is expected that the spot supply will be low and the premium will not decline significantly. In Tianjin, the premium increased last week but is expected to decline due to new environmental warnings. In Ningbo, the premium was high but is expected to fluctuate this week due to poor downstream orders [12] 3.2 Supply Side - **Processing Fees**: The weekly average of SMM Zn50 domestic TC decreased by 100 yuan/metal ton to 1,500 yuan/metal ton, and the SMM imported zinc concentrate index decreased by 2.74 dollars/dry ton to 47.39 dollars/dry ton. At the end of the month, the negotiation of January zinc concentrate processing fees between domestic smelters and mines is ongoing. The import market was quiet during the Christmas holiday, with few offers [15] - **Zinc Concentrate Production**: The production of zinc concentrate is affected by factors such as smelter production cuts and import window opening [15] - **Zinc Concentrate Inventory**: The total inventory of SMM zinc concentrate at major Chinese ports was 2.7 million physical tons, a decrease of 0.67 million physical tons from the previous week. Huangpu Port and Fangchenggang Port contributed to the main reduction [8] - **Refined Zinc Production**: In December, refined zinc production continued to decline. It is estimated that the production in December will decrease by 14,000 tons to 512,000 tons, with a daily - average decrease of 5.8%. The cumulative production from January to December is expected to be 6.168 million tons, a year - on - year increase of 8.8% [28] - **Mineral and Ingot Imports**: In November 2025, the import of zinc concentrate was 519,000 tons (physical tons), a month - on - month increase of 52.27% and a year - on - year increase of 13.84%. The import of refined zinc was 18,229.93 tons, a month - on - month decrease of 3.22% and a year - on - year decrease of 48.15% [34] - **Import and Export Profits**: The import window remained closed, and the possibility of opening within the year was low. The export window closed in December [36] 3.3 Demand Side - **Downstream Prices**: The prices of downstream zinc products such as Zamak5 zinc alloy, Zamak3 zinc alloy, zinc oxide, and hot - dipped galvanized products are presented in the report [39] - **Downstream开工情况**: The weekly galvanizing开工 rate increased by 1.05% to 56.67% due to the lifting of environmental protection restrictions and the resumption of production by northern enterprises, but the demand is weakening. The weekly zinc oxide开工 rate increased by 2.08% to 57.04% as some enterprises recovered from environmental protection - related production cuts and had better demand. The weekly die - casting zinc alloy开工 rate increased by 8.09% to 52.80% as some enterprises resumed production and the downstream demand improved [8] - **Downstream Inventory Days**: The inventory data of downstream zinc processing enterprises and smelters' finished products are presented, including raw material inventory, finished product inventory of zinc alloys and zinc ingots, and inventory days [46] 3.4 Inventory Changes - **Futures Inventory**: LME zinc inventory increased by 6.98% to 106,900 tons, and SHFE zinc inventory increased by 1.83% to 42,100 tons [8] - **Spot Inventory**: As of December 25, the total SMM zinc ingot inventory in seven regions was 114,700 tons, a decrease of 7.87% from December 18. The inventory in Tianjin and Guangdong decreased, while the inventory in Shanghai remained unchanged. The bonded area inventory remained stable at 3,300 tons [8] 3.5 Macro - disturbances - **Macro - disturbance Factors**: The exchange rate, Shanghai - London ratio, US dollar index, and US federal funds target rate are presented in the report, but no in - depth analysis of their impact on the zinc market is provided [57]

Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. Core Viewpoints of the Report - The A-share market showed a volatile upward trend, with the Shanghai Composite Index rising 0.10% to 3963.68 points, achieving an 8 - day consecutive increase. It is advisable to pay attention to the sustainability and structure of liquidity restoration. If realized, the index may strengthen, and focus on the IH contract [14]. - The medium - and short - term bonds may fluctuate with a slight upward bias, but the odds are more important than the direction [15]. - Steel products are expected to fluctuate and consolidate, with a medium - to long - term trend of bottom - building. Iron ore is recommended to be short - sold on rallies [18]. - The prices of coking coal and coke may rise in the short term, but the upside space and strength may be limited due to the pressure on the steel industry chain profits [19]. - For ferroalloys, it is recommended to short on rallies in the medium term. Silicon iron is still stronger than manganese silicon in terms of the disk performance [20]. - For soda ash, it is advisable to wait and see; for glass, it is recommended to try long positions after the market sentiment stabilizes [22]. - For Shanghai zinc, it is recommended to wait and see or short on rallies within a range [24]. - For Shanghai lead, it is recommended to wait and see, and aggressive investors can enter short positions at high levels [25]. - The price of lithium carbonate may continue to be strong in the short term, but beware of significant fluctuations [26]. - For industrial silicon, pay attention to the opportunity of selling out - of - the - money call options on rallies; for polysilicon, pay attention to the opportunity of buying on pullbacks [28]. - Cotton is in a stage of loose supply in the short term but is expected to strengthen in the long term due to supply contraction expectations. It shows a volatile upward trend [30]. - For sugar, it is advisable to wait and see or short on rallies at high levels after the valuation repair [32]. - For eggs, the upside space of the near - term contracts is limited, and the far - term contracts may maintain strength in the short term but are also limited in the upside [35]. - The apple market may fluctuate, and attention should be paid to the price changes in the sales area [37]. - Corn may fluctuate strongly in the short term. It is advisable to wait and see, and aggressive investors can short the 03 contract on rallies [38]. - The jujube market is expected to fluctuate, and attention should be paid to the market performance during the consumption peak season [39]. - The upward trend of the live - pig spot price is expected to be unsustainable, and it is recommended to short on rallies for the main contract [41]. - Crude oil prices may fluctuate mainly, and attention should be paid to geopolitical conflicts in Venezuela and the Middle East [44]. - Fuel oil prices will follow the fluctuations of crude oil prices [46]. - Polyolefins are expected to be in a state of slightly strong fluctuations, with large supply pressure but some support from upstream losses [47]. - For rubber, it is recommended to reduce long positions on rallies and hold the remaining positions for observation [48]. - For synthetic rubber, it is advisable to exit the arbitrage strategy and wait and see. Be cautious about chasing up on the long side [49]. - For methanol, the near - term contracts may have a slight rebound, and the far - term contracts can be considered for long positions after the inventory is reduced smoothly [50]. - For caustic soda, the near - term 02 contract should be treated with a short - bias mindset, and the far - term 05 contract can be held dynamically with long positions [51]. - The fluctuation range of asphalt prices is expected to increase, and the focus is on the price bottom after the winter storage game [52]. - For the polyester industry chain, it is advisable to consider the positive spread opportunity between the 5 - 9 contracts of PX and PTA [53]. - The price of LPG is likely to fall rather than rise in the short term, and the market focuses on the delivery logic [55]. - For pulp, it is advisable to wait and see in the short term. If the spot price is stable, one can sell out - of - the - money call options on the 03 contract at high levels [57]. - For logs, the market is expected to be in a state of weak supply - demand balance and fluctuate [57]. - For urea, it is recommended to take a short - bias approach in the short term due to large supply pressure [58]. Summary According to Relevant Catalogs Macro Information - The convening time of the 2026 National Two Sessions has been determined. The Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference will be held in Beijing on March 4, 2026, and the Fourth Session of the 14th National People's Congress will be held on March 5. Reviewing the draft outline of the "14th Five - Year Plan" is included in the proposed agenda of the 2026 National People's Congress [10]. - From January to November, the total profits of industrial enterprises above the designated size in the country reached 6,626.86 billion yuan, a year - on - year increase of 0.1%. In November, the profits of industrial enterprises above the designated size decreased by 13.1% year - on - year [10]. - The Shanghai Stock Exchange issued guidelines to support commercial rocket enterprises in the critical period of large - scale commercialization to list on the Science and Technology Innovation Board using the fifth set of listing standards [10]. - The National Venture Capital Guidance Fund was officially launched, with 100 billion yuan of fiscal investment at the national level and expected to leverage trillions of yuan of social capital at the regional and sub - fund levels. Strategic emerging and future industries will be the key investment areas [11]. - The central bank pointed out in the "China Financial Stability Report (2025)" that relevant departments will improve the institutional and policy environment for long - term investment, increase the scale and proportion of medium - and long - term funds investing in A - shares, and promote the improvement of the quality of listed companies [11]. - The National Conference on Industry and Information Technology deployed ten key tasks for 2026, including rectifying "involution - style" competition, supporting artificial intelligence research, and promoting the commercialization of new services such as satellite Internet of Things [11]. - The Ministry of Industry and Information Technology studied and deployed key tasks for the "14th Five - Year Plan" period of the information and communication industry, emphasizing the research and development of 6G technology and the improvement of platform economy supervision [11]. - In response to the US arms sales to Taiwan, China decided to take counter - measures against 20 US military - related enterprises and 10 senior managers [12]. - The State Administration for Market Regulation carried out compliance guidance on standardizing price competition in the photovoltaic industry, emphasizing the importance of rectifying "involution - style" competition [12]. - The core CPI in Tokyo, Japan, rose 2.3% year - on - year in December, significantly slower than the previous value of 2.8% and lower than the market expectation of 2.5%, hitting a 14 - month low [12]. - Vanke's second 3.7 - billion - yuan bond extension plan has not been passed [12]. Macro Finance Stock Index Futures - The A - share market showed a volatile upward trend, with the Shanghai Composite Index rising 0.10% to 3963.68 points, achieving an 8 - day consecutive increase. It is advisable to pay attention to the sustainability and structure of liquidity restoration. If realized, the index may strengthen, and focus on the IH contract [14]. Treasury Bond Futures - The medium - and short - term bonds may fluctuate with a slight upward bias, but the odds are more important than the direction. The central bank's open - market operations led to a net injection of funds, and the short - term bond sentiment was good, while the ultra - long - term bonds were still weak. If there is no interest rate cut, the market sentiment may decline, and the bonds within 10 years will remain volatile [15][16]. Black Steel and Ore - From a policy perspective, the Central Economic Work Conference met market expectations without new policies. In the short term, there are no other important macro - level meetings. Attention should be paid to the end - of - year deployment requirements of the Ministry of Industry and Information Technology for next year [17]. - In terms of fundamentals, the real - estate new - home sales data weakened year - on - year, and the new construction of housing decreased significantly. The overall demand for building materials was weak, while the demand for rolled products was good. The steel mill's profits were at a low level, and the iron ore and coking coal prices fluctuated. The inventory of five major steel products decreased month - on - month but remained high compared with last year [17]. - Steel products are expected to fluctuate and consolidate, with a medium - to long - term trend of bottom - building. Iron ore is recommended to be short - sold on rallies [18]. Coking Coal and Coke - The prices of coking coal and coke may rise in the short term, but the upside space and strength may be limited due to the pressure on the steel industry chain profits. Attention should be paid to the production of coal mines, safety inspections, and the progress of downstream winter storage [19]. Ferroalloys - The commodity sentiment has warmed up, but the black sector lacks its own driving force. The double - silicon products are the least volatile in the black sector. It is recommended to short on rallies in the medium term. Silicon iron is still stronger than manganese silicon in terms of the disk performance [20]. Soda Ash and Glass - The soda ash and glass industry chain fluctuates with the market atmosphere. The supply of soda ash is at a low level, and new production capacity needs to be observed. The glass spot sentiment is still weak, and there is an expectation of production reduction. For soda ash, it is advisable to wait and see; for glass, it is recommended to try long positions after the market sentiment stabilizes [22]. Non - ferrous Metals and New Materials Shanghai Zinc - As of December 25, the inventory of zinc ingots in seven major regions decreased. The zinc concentrate processing fee remained low, and the supply was tight, supporting the zinc price. It is recommended to wait and see or short on rallies within a range [24]. Shanghai Lead - As of December 25, the social inventory of lead ingots decreased. The supply was restricted by raw material shortages and environmental protection measures, and the demand was weak. The market was in a state of weak supply and demand. It is recommended to wait and see, and aggressive investors can enter short positions at high levels [25]. Lithium Carbonate - The short - term price of lithium carbonate may continue to be strong, but beware of significant fluctuations. The demand is expected to be good in the long term, but the current market sentiment is mainly driven by expectations [26]. Industrial Silicon and Polysilicon - For industrial silicon, pay attention to the opportunity of selling out - of - the - money call options on rallies. For polysilicon, pay attention to the opportunity of buying on pullbacks. The industrial silicon market is in a state of loose balance during the dry season, and the polysilicon price is expected to be strong under the influence of policies [28]. Agricultural Products Cotton - Cotton is in a stage of loose supply in the short term but is expected to strengthen in the long term due to supply contraction expectations. The price is supported by cost and policy expectations and shows a volatile upward trend [30]. Sugar - The domestic sugar market is in a season of strong supply and demand. After the significant rebound of Zhengzhou sugar for valuation repair, attention should be paid to the pressure of hedging positions. It is advisable to wait and see or short on rallies at high levels [32]. Eggs - The upside space of the near - term contracts is limited due to the loose supply - demand pattern. The far - term contracts may maintain strength in the short term but are also limited in the upside due to high valuations [35]. Apples - The apple market may fluctuate. The current market shows limited transactions in the production area and slow sales in the sales area. Attention should be paid to the price changes in the sales area [37]. Corn - Corn may fluctuate strongly in the short term. It is advisable to wait and see, and aggressive investors can short the 03 contract on rallies. The key factor affecting the corn price is the farmers' selling sentiment [38]. Jujubes - The jujube market is expected to fluctuate. Attention should be paid to the market performance during the consumption peak season. Currently, the market is in the stage of digesting new arrivals, with supply pressure and limited upward price momentum [39]. Live Pigs - The upward trend of the live - pig spot price is expected to be unsustainable, mainly driven by short - term supply - demand mismatches. It is recommended to short on rallies for the main contract [41]. Energy and Chemicals Crude Oil - Crude oil prices may fluctuate mainly, with the core contradiction being the land issue between Russia and Ukraine and frequent geopolitical issues in the Middle East. The supply of crude oil is in a state of surplus, and attention should be paid to geopolitical conflicts in Venezuela and the Middle East [44]. Fuel Oil - Fuel oil prices will follow the fluctuations of crude oil prices. The supply - demand structure of fuel oil is loose, and the demand is weak. The short - term trading focus is on the geopolitical influence dominated by the US and Russia [46]. Plastics - Polyolefins are expected to be in a state of slightly strong fluctuations. The supply pressure is large, but there is some support from upstream losses. The downstream demand is relatively weak [47]. Rubber - For rubber, it is recommended to reduce long positions on rallies and hold the remaining positions for observation. The trading sentiment has increased, but the fundamental supply - demand situation has no obvious contradiction [48]. Synthetic Rubber - For synthetic rubber, it is advisable to exit the arbitrage strategy and wait and see. Be cautious about chasing up on the long side. It is expected to be slightly strong in the short term under the influence of cost and policy expectations [49]. Methanol - The near - term contracts of methanol may have a slight rebound, and the far - term contracts can be considered for long positions after the inventory is reduced smoothly. The supply of methanol may be affected by factors such as the shutdown of Iranian plants [50]. Caustic Soda - For caustic soda, the near - term 02 contract should be treated with a short - bias mindset, and the far - term 05 contract can be held dynamically with long positions. The spot price is weak, while the far - term contract has more macro - level positive expectations [51]. Asphalt - The fluctuation range of asphalt prices is expected to increase, and the focus is on the price bottom after the winter storage game. The geopolitical issues in Venezuela have increased the uncertainty of asphalt raw materials [52]. Polyester Industry Chain - For the polyester industry chain, it is advisable to consider the positive spread opportunity between the 5 - 9 contracts of PX and PTA. The prices of PX, PTA, ethylene glycol, and short - fiber have all declined due to factors such as weak oil prices and downstream negative feedback [53]. Liquefied Petroleum Gas (LPG) - The price of LPG is likely to fall rather than rise in the short term, and the market focuses on the delivery logic. The supply is abundant, and the demand is seasonally supported in the civil market but weak in the chemical industry [55]. Pulp - For pulp, it is advisable to wait and see in the short term. The fundamentals are gradually improving, but there may be pressure from hedging positions. If the spot price is stable, one can sell out - of - the - money call options on the 03 contract at high levels [57]. Logs - The log market is expected to be in a state of weak supply - demand balance and fluctuate. The domestic and foreign spot markets are relatively stable, and the price of foreign - sourced logs may decline due to lower freight rates [57]. Urea - Near the end of the year, the supply pressure of urea is relatively large, and it is recommended to take a short - bias approach in the short term. The spot price is stable to weak, and the trading volume is low [58].

1. Report Industry Investment Ratings No investment ratings for industries are provided in the report. 2. Core Views of the Report Fundamental - based Judgments - **Trend空头**: Carbonate lithium, zinc, caustic soda, plastic, ferromanganese - silicon, live pigs, ferrosilicon, SSE 50 stock index futures, five - year treasury bond futures, CSI 300 stock index futures, CSI 1000 index futures, CSI 500 stock index futures, corn, eggs, urea, methanol, pulp, logs, offset printing paper, red dates, coking coal, soda ash, glass, apples, coke [2] - **Oscillating偏空**: Ethylene glycol, crude oil, liquefied petroleum gas, industrial silicon, thirty - year treasury bond futures, ten - year treasury bond futures, two - year treasury bond futures, synthetic rubber [2] - **Oscillating**: Lead, zinc, aluminum, tin, copper, palm oil, plastic, rebar, corn, glass, PVC, soybean No.1, asphalt, gold, coking coal, polypropylene, ferromanganese - silicon, silver, Zhengzhou cotton [2][4] - **Oscillating偏多**: Rubber, polysilicon, bottle chips, PTA, staple fiber, p - xylene, fuel oil, cotton, cotton yarn [2] - **Trend多头**: None Quant - based Judgments - **偏空**: Rapeseed meal, sugar, PTA, methanol, lead, rubber, coke [4] - **Oscillating**: Zinc, palm oil, plastic, aluminum, rebar, tin, copper, soybean No.2, glass, PVC, soybean No.1, asphalt, gold, coking coal, polypropylene, ferromanganese - silicon, silver, Zhengzhou cotton [4] - **偏多**: Soybean meal, rapeseed oil, soybean oil, iron ore, eggs, corn starch, hot - rolled coil [4] 3. Key Points by Directory Macro News - The Political Bureau of the CPC Central Committee held a meeting to study and deploy the work on improving Party conduct, building a clean government and combating corruption in 2026, emphasizing anti - corruption and enhancing the comprehensive effectiveness of corruption governance [6] - On December 25, the offshore RMB against the US dollar rose above the "7" mark, and the on - shore RMB approached "7". The RMB is expected to appreciate in 2026 without a unilateral trend [6] - JD announced its 2025 year - end bonus plan, with 92% of employees getting full or excess bonuses, and the total bonus input increasing by over 70% year - on - year. There are also rumors of salary increases at BYD, ByteDance, and CATL [6] - The Ministry of Commerce opposed the US imposing 301 tariffs on Chinese semiconductor products, promoted compliant rare - earth magnet exports, and hoped for a balanced solution for TikTok's agreement with investors [7] - The Shenzhen Stock Exchange approved the IPO application of Dapu Micro, the first unprofitable company on the Growth Enterprise Market to pass the review [7] - Israeli officials signaled a possible military conflict with Iran over Iran's efforts to rebuild its ballistic missile arsenal [7] - Morgan Stanley strategists pointed out three potential "surprises" in the US stock market in 2026: "job - less productivity improvement", the return of the inverse relationship between stocks and bonds, and a sharp rise in commodity and energy prices [7] Macro - finance Stock Index Futures - The A - share market continued to rise, with the Shanghai Composite Index up 0.47%, the Shenzhen Component Index up 0.33%, and the ChiNext Index up 0.3%. The market turnover was 1.94 trillion yuan [9] - The central bank's MLF operation had a net injection of 100 billion yuan, and if bond purchases reached 350 billion yuan this month, it would be the largest - scale operation. The urgency for interest - rate cuts is low [9] - Pay attention to the sustainability of liquidity repair and structure. If the conditions are met, the index may strengthen, and focus on IH [9] Treasury Bond Futures - The short - and medium - term bonds may oscillate strongly, but the odds are more important than the direction. The capital is balanced and loose, and the capital interest rates are stable [10] - The central bank's MLF operation had a net injection of 100 billion yuan. Without interest - rate cuts, the market sentiment may decline, and bonds within 10 years will oscillate [10] Black Commodities Coking Coal and Coke - The prices of coking coal and coke may oscillate and rise in the short term. Pay attention to the production at coal mines, safety inspections, downstream raw - material winter storage, and changes in hot - metal production [12] - The production of coal mines has decreased slightly, and the third round of coke price cuts has been implemented. The demand for raw materials from steel mills has declined in the short term [12] - Due to "anti - involution" and "over - production inspection" policies, the supply of coking coal is expected to shrink, but the potential negative feedback from the steel industry may limit the price increase [12] Ferroalloys - For ferrosilicon, the end - of - session rally may stimulate hedging, and the sustainability of high prices needs attention. Manganese - silicon is weak, and focus on the new capacity launch before the end of January. In the medium term, both are bearish on rallies [13] - On December 25, the auction price of Hongliulin lump coal increased, with a decrease in the auction volume [13] Soda Ash and Glass - For soda ash, wait and see; for glass, try to go long after the market sentiment stabilizes [14] - Soda ash supply is at a low level due to some enterprises' maintenance, and cost increases have weakened the upstream's willingness to start production. Glass supply reduction expectations have less impact, and spot sentiment is weak [14] Non - ferrous Metals and New Materials Zinc - As of December 25, the domestic zinc inventory decreased. Tianjin and Guangdong saw inventory declines. After the fading of macro - positive factors, the price is expected to oscillate downward. Hold short positions [16] - In November 2025, the import of zinc concentrates increased significantly, with a year - on - year increase of 13.84% and a cumulative increase of 33.74% from January to November [16][17] Lead - As of December 25, the social inventory of lead decreased. The trading activity in the lead spot market declined. The market is in a state of weak supply and demand, and the price is expected to oscillate at a high level in the short term. Wait and see, and aggressive investors can enter short positions at high prices [18][19] Lithium Carbonate - The fundamentals are showing signs of weakening in the short term, but the long - term demand is positive. Look for buying opportunities after the price correction [20] Industrial Silicon - Environmental disturbances in Xinjiang and strong coking - coal prices have provided some valuation - repair space, but the rebound is under pressure. Consider selling out - of - the - money call options on rallies [21] Polysilicon - Exchange risk - control measures have tightened, and the trading volume may cool down. The expected price increase of downstream silicon wafers will support the spot price of polysilicon, and the price is expected to be strong [22] Agricultural Products Cotton - The short - term supply is loose, but the long - term supply is expected to shrink. The pre - festival restocking demand has boosted the cotton price. The US cotton production and inventory have increased, while the global production has slightly decreased [23][24] - The domestic commercial and port inventories are accumulating, but the low industrial inventory of textile enterprises and policy expectations support the price [24] Sugar - The domestic sugar market is in a season of high supply and demand, and the Zhengzhou sugar futures are undervalued, with a technical rebound. Wait and see [25] - The global sugar supply is expected to be in surplus in 2025/26, but some institutions have lowered the surplus forecast. The domestic supply pressure is increasing, and the demand for pre - holiday stocking will start [26][27] Eggs - The commodity market sentiment is strong, and the pre - January festival stocking demand may increase, leading to short - covering in the near - term contracts and a price rebound. The supply - demand pattern is still loose, and the price increase space is limited before the Spring Festival [28] - The far - term contracts are supported by the expectation of a possible decline in the laying - hen inventory, but this expectation cannot be verified or falsified for now. Wait and see [28][29] Apples - The apple futures price may oscillate. The apple出库 is slightly lower than the same period last year, and the sales in the distribution areas are slow. The good - quality apple price is firm [30][31] - The national cold - storage inventory ratio is 53.31%, and the inventory is 7.021 million tons, lower than the same period last year. Citrus fruits are on the market, affecting apple sales [31] Corn - The corn price may oscillate in the short term. Wait and see and pay attention to farmers' selling sentiment [33] - The domestic corn spot price is mixed. The supply - demand mismatch is easing, but the far - term contracts face pressure from supply [33] Red Dates - The market is in a stage of concentrated new - product arrival, with supply pressure. The price may oscillate in the short term. Pay attention to the sales progress in the distribution areas and downstream purchasing sentiment [34] Live Pigs - The supply - demand pattern is still supply - strong and demand - weak. The expectation of a sharp price increase during the Winter Solstice was false, and the price is expected to oscillate downward. Go short on the near - term contracts on rallies [34][35] Energy and Chemicals Crude Oil - The escalating situation in Venezuela has led to a rapid rebound in oil prices, but the impact is limited. In the medium term, the oil price may decline due to oversupply and the easing of geopolitical tensions [37] - The Chinese INE crude oil futures 2602 contract rose to 444.7 yuan/barrel at night [37] Fuel Oil - Geopolitical and macro - factors dominate the oil price. The supply of fuel oil is loose, and the demand is weak. The price will follow the oil price, and the inventory is increasing [38] Plastics - Polyolefins have high supply pressure and weak downstream demand, but the upstream losses may provide some support. The price is expected to oscillate [39] Synthetic Rubber - Continue to focus on the strategy of buying RU and selling BR. The butadiene inventory has increased, and the price is expected to oscillate strongly in the short term but may not maintain high prices [40] Methanol - The current supply - demand situation of methanol has improved slightly, and the inventory is gradually decreasing. Do not be overly bearish in the short term. Consider a slightly long - biased allocation for the far - term contracts after the inventory reduction is smooth [41][42] Caustic Soda - The near - term contracts of caustic soda are close to the real - world situation and are relatively weak, while the far - term contracts have many macro - positive expectations. Keep a bearish view on the main 03 contract [43] Asphalt - The asphalt price is expected to have a larger fluctuation range. The focus is on the price bottom after the winter - storage game [44] Polyester Industry Chain - The market benefits have been gradually realized, and the downstream negative feedback is increasing. Consider reducing long positions on rallies [44] Liquefied Petroleum Gas - The LPG futures price has entered the delivery logic. The supply is abundant globally, and the demand has both supporting and constraining factors. The price is expected to oscillate [47] Pulp - The pulp port inventory has decreased continuously, and the spot price is firm. The market sentiment has improved, but there may be hedging pressure. Wait and see in the short term [48] Logs - The log market fundamentals are oscillating, and the spot price has stabilized. The market is expected to maintain a weak supply - demand balance [49] Urea - The urea market is expected to oscillate. The upstream production reduction is positive for the market. Pay attention to the basis pressure when the futures expectations are too strong [50]

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交易咨询资格号： 证监许可[2012]112 晨会纪要 2025 年 12 月 25 日 | | [Table_Finance] | | | | | | --- | --- | --- | --- | --- | --- | | 联系人：王竣冬 | 2025/12/25 | | 基于基本面研判 | | | | 期货从业资格：F3024685 | 趋势空头 | 震荡偏空 | 震 荡 | 震荡偏多 | 趋势多头 | | 交易咨询从业证书号：Z0013759 | | 硅铁 | 燃油 | 橡胶 | | | 研究咨询电话： | | 锰硅 | 二债 | 碳酸锂 | | | | | | 工业硅 | 沥青 | | | 0531-81678626 | | | 十债 | 上证50股指期货 | | | 客服电话： | | | 三十债 | 甲醇 | | | 400-618-6767 | | | 液化石油气 | | | | | | | 原油 | | | | 公司网址： | | | 多晶硅 | | | | www.ztqh.com | | | 五债 | | | | | | | 棉花 | | | | | | | 白糖 | | | | | ...

晨会纪要 交易咨询资格号： 证监许可[2012]112 2025 年 12 月 24 日 | | [Table_Finance] | | | | | | --- | --- | --- | --- | --- | --- | | 联系人：王竣冬 期货从业资格：F3024685 | 2025/12/24 | | 基于基本面研判 | | | | 交易咨询从业证书号：Z0013759 | 趋势空头 | 震荡偏空 | 震 荡 | 震荡偏多 | 趋势多头 | | | | 硅铁 | 烧碱 | 碳酸锂 | | | 研究咨询电话： | | 锰硅 | 乙二醇 | 对二甲苯 | | | 0531-81678626 | | 鸡蛋 | 热轧卷板 | 短纤 | | | | | 合成橡胶 | 螺纹钢 | 瓶片 | | | 客服电话： | | 工业硅 | 铁矿石 | PTA | | | 400-618-6767 | | | 纯碱 | 甲醇 | | | | | | 苹果 | 原木 | | | 公司网址： | | | 玻璃 | 上证50股指期货 | | | www.ztqh.com | | | 红枣 | 沥青 | | | | | | 焦煤 | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Based on fundamental analysis, different futures varieties are classified into different trends such as trend空头, 震荡偏空, 震荡, 震荡偏多, and 趋势多头 [2]. - Based on quantitative indicators, futures varieties are classified into 偏空, 震荡, and 偏多 trends [6]. - The overall A - share market showed an upward trend with increased trading volume, but the 12 - month economic data may still be weak, and the overseas data has some uncertainties. The stock index continued to rebound, and attention should be paid to its sustainability [8][9]. - The short - and medium - term bonds may fluctuate moderately upward, but the odds are more important than the direction. Without interest rate cuts, the sentiment in the market may decline [10]. - Steel prices are expected to fluctuate in the short term and maintain a bearish view on rallies in the medium and long term. The prices of coking coal and coke may fluctuate upward in the short term, but the rebound space is limited. The silicon alloys should be considered bearish on rallies in the medium term [11][13][15]. - For soda ash, the strategy is to wait and see; for glass, try to go long after the market sentiment stabilizes [16]. - The price of Shanghai zinc is expected to fluctuate downward after the macro - positive factors fade. The price of Shanghai lead is expected to maintain a low - inventory level, and the previous short positions are recommended to continue to be held. The price of lithium carbonate will fluctuate widely in the long - term, with a short - term weakening demand and possible short - term correction [18][19]. - For industrial silicon, there is a possibility of partial valuation repair; for polysilicon, the spot price is expected to remain strong [21]. - For cotton, short - term long positions need to be cautious. For sugar, it is advisable to wait and see. For eggs, the contracts after the Spring Festival are under pressure, and the far - month contracts have support. For apples, the price will fluctuate. For corn, it is advisable to go short on the 03 contract and control the position or choose the 3 - 7 reverse spread. For red dates, the market will fluctuate. For live pigs, the spot price is expected to fluctuate downward, and it is advisable to go short on the near - month contracts [23][26][28][30][31][32][33]. - For crude oil, it needs to be vigilant against the price increase caused by the further escalation of the Venezuelan situation in the short term. For fuel oil, the price will follow the oil price. For plastics, it is advisable to consider a weakening and fluctuating trend. For rubber, the short - term strategy of shorting the ru - nr spread should stop profit and wait and see. For synthetic rubber, it is advisable to wait and see in the short term. For methanol, the near - month contracts may have a slight rebound, and the far - month contracts can be considered for long positions after the inventory is smoothly reduced. For caustic soda, avoid long positions in the near - month contracts and hold long positions in the main contract dynamically. For asphalt, the price fluctuation is expected to increase, and the focus is on the price bottom after the winter storage game. For the polyester industry chain, it is advisable to go long lightly at low prices. For liquefied petroleum gas, the price will fluctuate. For pulp, it is advisable to wait and see in the short - term. For logs, the price will fluctuate. For urea, it is advisable to maintain a fluctuating view [34][36][37][38][39][41][42][43][45][46][47]. Summary by Directory Futures Trend Based on Fundamental Analysis - Trend空头: Ethylene glycol, lithium carbonate, manganese silicon, silicon iron, live pigs, eggs, plastic [2]. - 震荡偏空: Liquefied petroleum gas, asphalt, polycrystalline silicon [2]. - 震荡: Short - fiber, bottle - piece, p - xylene, Shanghai Stock Exchange 50 Stock Index Futures, ten - year bond, five - year bond, thirty - year bond, CSI 300 Stock Index Futures, CSI 1000 Index Futures, CSI 500 Stock Index Futures, two - year bond, cotton, zinc, synthetic rubber, rubber, log, pulp, caustic soda, offset printing paper, corn, red dates, urea, apple, rebar, iron ore, hot - rolled coil, glass, soda ash [2]. - 震荡偏多: None provided in the given content. - 趋势多头: None provided in the given content. Futures Trend Based on Quantitative Indicators - 偏空: Coke, PTA, Zhengzhou cotton, glass, manganese silicon, PVC, Shanghai silver [6]. - 震荡: Rebar, plastic, hot - rolled coil, palm oil, Shanghai zinc, Shanghai aluminum, Shanghai copper, corn starch, soybean No. 2, soybean No. 1, Shanghai lead, rubber, polypropylene, Shanghai tin, asphalt, methanol, corn, Shanghai gold, coking coal [6]. - 偏多: Rapeseed oil, soybean meal, rapeseed meal, iron ore, eggs, sugar, soybean oil [6]. Macro News - The central bank launched a one - time credit repair policy for small - amount overdue personal information. - Vanke's 2 billion yuan bond extension plan was rejected again. - The State Council held a meeting on the preparation of the "15th Five - Year Plan" outline. - Precious metals prices soared, and Wall Street was optimistic about the continued rise of gold prices. - China's December LPR remained unchanged for seven consecutive months. - The Central Economic Work Conference deployed multiple key - area reform tasks. - BYD confirmed the salary increase for R & D staff. - The Ukrainian delegation completed negotiations with the US and returned to Ukraine. - Trump will appoint a new Fed chairman in early January next year. - The Trump administration increased the cash subsidy for illegal immigrants' voluntary departure. - The EU extended economic sanctions against Russia for six months. - The Shanghai Futures Exchange took measures to cool down the silver futures market [8]. Macro - Financial Market Stock Index Futures - The A - share market rose with increased trading volume. The Shanghai Composite Index rose 0.69% to 3917.36, the Shenzhen Component Index rose 1.47%, and the ChiNext Index rose 2.23%. The trading volume was 1.88 trillion yuan, a net increase of 130 billion yuan from the previous day. The 12 - month economic data may be weak, and the overseas data has uncertainties. The stock index continued to rebound, and attention should be paid to the sustainability of the liquidity repair and the structure. If it is realized, the index may strengthen, and attention should be paid to IH [8][9]. Treasury Bond Futures - The funds were moderately loose, and the short - and medium - term bonds may fluctuate moderately upward, but the odds are more important than the direction. Without interest rate cuts, the market sentiment may decline. The 10 - year - and - below bonds are mainly supported by the decline of the funds' central level, and the ultra - long - term bonds are relatively weak. The curve is continuously steep. It is advisable to observe the MLF renewal operation and bond - buying logic first [10]. Black Market Steel and Ore - Policy: The Central Economic Work Conference met market expectations but had no new policies. The supply - side should pay attention to the deployment of the Ministry of Industry and Information Technology at the end of December. - Fundamentals: The demand for building materials was weak, and there was an expectation of further decline in the off - season. The demand for coils was good, and the apparent demand was acceptable. The steel mills' profits were at a low level, and the iron - water output was expected to continue to decline. The inventory of five major steel products decreased month - on - month but remained high compared with last year. - Valuation: The raw - material futures prices were fluctuating weakly, and the cost was expected to continue to decrease. - Trend: Steel prices are expected to fluctuate in the short term and maintain a bearish view on rallies in the medium and long term [10][11]. Coking Coal and Coke - The price may fluctuate upward in the short term, but it is necessary to pay attention to the disturbances from coal - mine production, safety inspections, and the downstream winter - storage progress and iron - water output changes. In the medium term, the domestic mine's production rate is restricted by policies. In the short term, the coal supply has a contraction expectation, and the potential negative feedback from the weakening steel demand restricts the price increase. The inventory of upstream enterprises has increased, and the downstream replenishment is slow. The price may have a phased rebound, but the space is limited [13][14]. Ferroalloys - The hedging pressure of silicon alloys increases with the rising price. For manganese silicon, the cost is expected to decrease by about 25 yuan/ton. In the short term, pay attention to the possibility of the resumption of silicon - iron plants and the new - capacity launch of manganese silicon. In the medium term, both silicon alloys should be considered bearish on rallies [15]. Soda Ash and Glass - Soda ash: Some production - reduction enterprises have resumed production, but the supply may be affected by cost and new - capacity launch. It is advisable to wait and see. - Glass: There is an expectation of production reduction, but the impact on the market is gradually weakening. It is advisable to try to go long after the market sentiment stabilizes [16]. Non - ferrous Metals and New Materials Shanghai Zinc - As of December 22, the domestic zinc inventory increased. The price is expected to fluctuate downward after the macro - positive factors fade. It is advisable to hold short positions [18]. Shanghai Lead - As of December 22, the lead inventory decreased. It is expected to maintain a low - inventory level. It is advisable to continue to hold short positions [18][19]. Lithium Carbonate - The short - term demand is weakening. It may have a short - term correction after the market sentiment returns to rationality, but it will rise in the long - term and fluctuate widely [19][20]. Industrial Silicon and Polysilicon - Industrial silicon: It is difficult to see production reduction in the short term, but there is a possibility of partial valuation repair. It may gradually shift to the game of polysilicon production - reduction expectations. - Polysilicon: The new delivery warehouses may put pressure on the near - month contracts in the short term. The spot price is expected to remain strong, and attention should be paid to the manufacturers' trading willingness [21]. Agricultural Products Cotton - The short - term supply is loose, and the long - term supply is expected to shrink. The short - term long positions need to be cautious [23][24][25]. Sugar - The domestic and international sugar supply is expected to be in surplus. The new - sugar listing pressure will suppress the price. The Zhengzhou sugar price is undervalued. It is advisable to wait and see [26][27]. Eggs - The spot price has not risen as expected recently. The contracts after the Spring Festival are under pressure, and the far - month contracts have support. It is advisable to wait and see [28][29]. Apples - The apple delivery is slightly less year - on - year, the sales in the distribution area are slow, and the price of high - quality goods is firm. The price will fluctuate [30][31]. Corn - It is advisable to go short on the 03 contract and control the position or choose the 3 - 7 reverse spread. The supply - and - demand mismatch is being alleviated, and the far - month contracts are under supply pressure [31]. Red Dates - The market is in the digestion stage of new - product arrival, and the price is expected to fluctuate. It is necessary to pay attention to the downstream sales and procurement [32]. Live Pigs - The supply - exceeds - demand situation remains unchanged. The spot price is expected to fluctuate downward. It is advisable to go short on the near - month contracts and control the position [33]. Energy and Chemical Industry Crude Oil - The situation in Venezuela has led to a rapid rebound in oil prices. In the short term, it is necessary to be vigilant against the price increase caused by the further escalation of the situation. In the medium - term, the oil price is under pressure due to the new supply wave and weakening demand [34][35]. Fuel Oil - The price is affected by geopolitics and the macro - environment. The supply is loose, and the demand is weak. The price will follow the oil price [36]. Plastics - The supply pressure is high, and the demand is weak. The price may fluctuate weakly. It is advisable to consider a weakening and fluctuating trend [37]. Rubber - The short - term strategy of shorting the ru - nr spread should stop profit and wait and see. It is advisable to go long on dips with a stop - loss [37][38]. Synthetic Rubber - It is advisable to wait and see in the short term and be cautious about chasing up or down. The price is affected by raw - material prices, downstream procurement, and funds [39]. Methanol - The supply and demand situation has improved slightly, and the inventory has started to decrease. The near - month contracts may have a slight rebound, and the far - month contracts can be considered for long positions after the inventory is smoothly reduced [39][40]. Caustic Soda - The near - month contracts should avoid long positions, and the long positions in the main contract should be held dynamically. The price is affected by the spot market and the overall commodity market [41]. Asphalt - The price fluctuation is expected to increase, and the focus is on the price bottom after the winter storage game. The raw - material supply is affected by geopolitics [42]. Polyester Industry Chain - It is advisable to go long lightly at low prices. The PX price is expected to be strong, the PTA price follows the cost, the ethylene glycol price is relatively weak, and the short - fiber price has limited follow - up power [43]. Liquefied Petroleum Gas - The price will fluctuate. The supply in the Middle East is tight, but the overall supply is abundant. The demand in winter is strong, but the chemical - industry pressure is high [43][44]. Pulp - The fundamentals are improving, and the price is pushed up by funds. It is advisable to wait and see in the short - term and consider option - selling strategies for high - cost positions [45]. Logs - The fundamentals are in a weak balance, and the price will fluctuate. The import volume has increased, and the external market price has a downward trend [46]. Urea - It is advisable to maintain a fluctuating view. The spot market is affected by coal prices and environmental protection policies. The futures market is weak. It is necessary to pay attention to the demand recovery after the end of environmental protection restrictions [47].

天津港锰矿库存周报 (天津振鸿口径) 单位:吨 库存占比 2025/12/19 本周库存 上周库存 出库 入库 变动 总 3332993 3334555 401421 399859 -1562 ■加蓬 加蓬 303171 252700 80771 50471 9.10% 30300 ■澳大利亚 澳大利亚 14572 ■南非 305932 291360 65103 79675 9.18% ■加纳 南非 2210241 123107 170431 2162589 -47652 64. 88% ■其他 加纳 364569 9.27% 308869 55700 -55700 0 其他 79887 36747 7.57% 252432 215685 116306 天津港锰矿入库:合计:万吨 天津港锰矿出库:合计:万吨 天津港锰矿库存:合计:万吨 600 100 65 90 550 80 500 55 70 450 60 45 50 400 == 20 10 上一篇： 中国 中国 中国 中国 中国 2 a France State The Production 350 35 300 25 250 下午十六年十六年十六十六 ...

Report Industry Investment Rating No relevant content provided. Core Views of the Report The report provides trend judgments and investment suggestions for various futures products based on fundamental and quantitative indicators, and summarizes macro - financial news and market conditions of different industries. It analyzes the supply - demand relationship, price trends, and influencing factors of each product, and gives corresponding trading strategies [2][7][9][14]. Summary by Related Catalogs 1. Fundamental - based Trend Judgment - **Trend空头**: Carbonate lithium [2] - **Oscillating偏空**: Synthetic rubber, lead, etc. [2] - **Oscillating**: Ethylene glycol, zinc, etc. [2] - **Oscillating偏多**: Pulp, short - fiber, etc. [2] 2. Quantitative Indicator - based Trend Judgment - **偏空**: Zhengzhou cotton, PTA, etc. [7] - **Oscillating**: Rebar, plastic, etc. [7] - **偏多**: Rapeseed oil, rapeseed meal, etc. [7] 3. Macro - news - **Regulatory actions**: The National Internet Information Office and the China Securities Regulatory Commission have cracked down on false information in the capital market, and punished accounts spreading rumors and illegally recommending stocks [9]. - **Stock market**: Pingtan Development's stock price fluctuated greatly on December 19th [9]. - **International central bank policies**: The Bank of Japan raised interest rates by 25 basis points to 0.75%, and the yield of 10 - year Japanese government bonds reached a 26 - year high [9]. - **Domestic policies**: The State Council Executive Meeting arranged the implementation of the decisions of the Central Economic Work Conference, and the China Banking and Insurance Regulatory Commission issued a draft regulation on the asset - liability management of insurance companies [10]. - **Corporate news**: ByteDance is expected to achieve a record profit of $50 billion in 2025, with its annual revenue expected to increase by over 20%. It is also promoting cooperation with hardware manufacturers on AI mobile phones [10]. 4. Macro - finance - **Stock index futures**: Pay attention to the continuity and structure of liquidity repair. If realized, the index may strengthen. A - shares are oscillating higher, and it is necessary to pay attention to the economic data from January to February next year and the rhythm of macro - policy implementation [14]. - **Treasury bond futures**: Short - and medium - term bonds may oscillate strongly, but the odds are more important than the direction. The probability of the central bank cutting interest rates next week is relatively low [15]. 5. Black Industry - **Coking coal and coke**: The prices of coking coal and coke may oscillate and rise in the short term, but the potential negative feedback risk still restricts the price increase. The supply of coking coal is expected to shrink, and the downstream replenishment is slow [17]. - **Ferroalloys**: It is recommended to close out previous long positions and pay attention to short - selling opportunities in the short term. The fundamental logic of manganese silicon remains unchanged [18]. 6. Non - ferrous Metals and New Materials - **Zinc**: After the macro - positive factors fade, the price is expected to oscillate lower. It is recommended to hold short positions. The short - term market will focus on overseas macro and domestic supply changes [22]. - **Lead**: It is recommended to continue holding previous short positions. The production of electrolytic lead may decline slightly this week [23]. - **Carbonate lithium**: The short - term demand is weakening, and there may be a short - term correction, but it will rise in the long - term and operate in a wide - range oscillation [24]. - **Industrial silicon and polysilicon**: Industrial silicon may have some valuation repair opportunities, and polysilicon is expected to be strong under the anti - involution policy. Pay attention to low - buying opportunities on dips [25][26]. 7. Agricultural Products - **Cotton**: The short - term supply is loose, but the long - term supply is expected to shrink. The price of Zhengzhou cotton is expected to oscillate strongly in the short term [28]. - **Sugar**: The domestic sugar supply - demand situation is still bearish. It is recommended to wait and see, and be cautious when short - selling at low prices [30]. - **Eggs**: The spot price may rise before the Spring Festival, but the increase may be limited. The contracts after the Spring Festival are under pressure, and the far - month contracts are supported by the expectation of a decline in inventory [32]. - **Apples**: The futures price may oscillate. The sales in the production and sales areas are slow, and the price of high - quality goods is firm [34]. - **Corn**: Pay attention to the spot price changes in the production area. It is recommended to short - sell the far - month contracts at high prices or look for reverse - spread opportunities [35]. - **Red dates**: Pay close attention to the market performance during the peak consumption season, and currently maintain an oscillating view [36]. - **Pigs**: The supply is strong and the demand is weak. It is recommended to short - sell the near - month contracts at high prices [38]. 8. Energy and Chemical Industry - **Crude oil**: The short - term market focuses on geopolitical factors, but the supply surplus is still the main trading line [39]. - **Fuel oil**: The price will follow the oil price, and the short - term focus is on geopolitical impacts [40]. - **Plastic**: Polyolefins are expected to oscillate weakly due to large supply pressure and weak downstream demand [41]. - **Rubber**: It is recommended to stop profiting on the ru - nr spread strategy in the short term and try short - buying on dips [42]. - **Synthetic rubber**: Short - sell at high prices in the short term, and be cautious when chasing short positions on sharp drops [43]. - **Methanol**: The short - term may have some support, and the far - month contracts can be considered for a slightly long - biased allocation after the inventory is smoothly reduced [44]. - **Caustic soda**: Avoid going long on the near - month contracts, and hold long positions on the main contract dynamically [45]. - **Asphalt**: The price fluctuation is expected to increase, and the focus is on the price bottom after the winter storage game [46]. - **Polyester industry chain**: Consider going long on dips, and pay attention to the positive spread opportunities of PX and PTA 5 - 9 contracts [47]. - **Liquefied petroleum gas**: The price may oscillate, with support but limited upward momentum [48]. - **Pulp**: Do not chase long positions in the short term. Consider going long on dips if the spot price is stable [49]. - **Log**: The fundamentals are expected to maintain a weak supply - demand balance, and the price may oscillate [49]. - **Urea**: Maintain an oscillating view and wait to observe the start of the spot market after the end of environmental protection restrictions [51].

1. Report Information - Report Title: Black Supply Weekly Report - Ferroalloys [1] - Date: December 19, 2025 - Research Institute: Zhongtai Futures Research Institute [2] - Analyst: Dong Xueshan - Qualification Number: F3075616 - Trading Consultation Certificate Number: Z0018025 [2] 2. Key Data - Weekly Production and Changes Silicon Manganese - National weekly production is 18.82 million tons, with a week - on - week decrease of 1015 tons and a cumulative year - on - year decrease of 16.24% [3] - Inner Mongolia's weekly production is 9.62 million tons, with a week - on - week decrease of 700 tons and a cumulative year - on - year decrease of 1.13% [3] - Ningxia's weekly production is 4.44 million tons, with a week - on - week increase of 1050 tons and a cumulative year - on - year increase of 12.19% [3] - Guangxi's weekly production is 0.98 million tons, with a week - on - week increase of 525 tons and a cumulative year - on - year increase of 0.78% [3] - Guizhou's weekly production is 1.24 million tons, with a week - on - week increase of 280 tons and a cumulative year - on - year decrease of 16.63% [3] - Yunnan's weekly production is 0.50 million tons, with a week - on - week decrease of 1750 tons and a cumulative year - on - year increase of 12.84% [3] - Other regions' weekly production is 2.04 million tons, with a week - on - week decrease of 420 tons and a cumulative year - on - year decrease of 24.28% [3] Silicon Iron - National weekly production is 9.98 million tons, with a week - on - week decrease of 6510 tons and a cumulative year - on - year decrease of 0.54% [3] - Inner Mongolia's weekly production is 3.55 million tons, with a week - on - week decrease of 630 tons and a cumulative year - on - year increase of 3.70% [3] - Ningxia's weekly production is 2.46 million tons, with a week - on - week decrease of 2590 tons and a cumulative year - on - year increase of 10.18% [3] - Shaanxi's weekly production is 1.93 million tons, with no week - on - week change and a cumulative year - on - year decrease of 0.23% [3] - Qinghai's weekly production is 1.09 million tons, with a week - on - week decrease of 2030 tons and a cumulative year - on - year decrease of 14.33% [3] - Gansu's weekly production is 0.89 million tons, with a week - on - week decrease of 910 tons and a cumulative year - on - year increase of 10.51% [3] - Other regions' weekly production is 0.01 million tons, with a week - on - week decrease of 5 tons and a cumulative year - on - year decrease of 0.00% [3] 3. Data Explanation - The update date of Ganglian terminal data is every Thursday, and the data display date is Friday of the current week. The data source is Mysteel and is sorted out by Zhongtai Futures [6]