1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market expects the Fed to cut interest rates in December, with an 89% probability priced in, and risk assets are strengthening. The A-share market is expected to be weak in the short - term, and the bond market lacks a clear direction. Precious metals show mixed trends, and copper, aluminum, and other industrial metals have different performance and outlooks based on supply - demand and macro - factors. Agricultural products such as soybean meal and palm oil are also affected by various factors and are expected to have different trends [2][3][4]. 3. Summary by Related Catalogs 3.1 Macro - Overseas: Trump will announce a new Fed chair early next year, with Hassett seen as the likely candidate, leading to expectations of a more dovish policy. The 12 - month interest - rate cut probability is 89%. The US 10Y Treasury yield is 4.08%, and the US dollar index is at 99.2. There is no substantial progress in Russia - US talks on Ukraine. Attention is on US November service PMI, November ADP employment, and September industrial output data [2]. - Domestic: The A - share market adjusted with reduced volume, and is expected to be weak in the short - term. The bond market is weak, and the central bank's November net bond purchase of 500 billion yuan was lower than expected [3]. 3.2 Precious Metals - Gold futures fell 0.84% to $4238.70 per ounce, and silver futures rose 1.2% to $59.15 per ounce. Trump's hint about the Fed chair and stable Japanese bond auctions affected the market. The US economic slowdown and dovish signals from the Fed boost the expectation of a 25 - basis - point rate cut. Central banks bought 53 tons of gold in October, a 36% increase. Silver's supply chain shows tight signs. Pay attention to the US ADP data and the PCE index [4][5]. 3.3 Copper - The copper price fell. The OECD predicts that developed economies will end the rate - cut cycle by the end of 2026, and the Fed will cut rates twice next year. Supply shortages limit the downside. New projects are being developed, such as a large - scale copper smelter in Africa and a potential joint - venture project in Canada. The copper price is expected to remain high and volatile, with support at $11000 for LME copper [6][7]. 3.4 Aluminum - The aluminum price was high and volatile. The OECD's economic outlook and inflation data in the eurozone affect the market. The Fed's rate - cut expectation is 87%. Aluminum production capacity is stable, and consumption is resilient. The aluminum price is expected to be range - bound [8][9][10]. 3.5 Alumina - The alumina price was weak. Supply is abundant, and imports are flowing in, with high inventory. A factory's maintenance may provide some support, but more production cuts are needed to stop the decline [11]. 3.6 Cast Aluminum - The cast - aluminum price is expected to be strong. Terminal demand is good due to year - end work and policy support, and the cost is well - supported [12]. 3.7 Zinc - The zinc price is expected to be strong within a range. Supply is expected to decrease by 2.43 tons in December due to raw - material shortages and refinery cuts. However, the consumption off - season and high prices limit the upside [13]. 3.8 Lead - The lead price rebounded. Supply is marginally reduced, and the new e - bike standard may boost consumption. But the open import window and high overseas inventory limit the upside [14][15]. 3.9 Tin - The tin price is likely to rise. The market sentiment is improved, and supply concerns are increasing. It is expected to be strong, waiting for macro and micro factors to align [16]. 3.10 Industrial Silicon - The industrial - silicon price is expected to be weakly volatile. Supply is shrinking, and demand is mixed. The social inventory has increased to 550,000 tons [17][18]. 3.11 Steel (Screw and Coil) - The steel price is expected to be volatile. Spot trading is stable, and the supply - demand drive is limited. Some areas have shortages, and the overall inventory is reasonable [19][20]. 3.12 Iron Ore - The iron - ore price is under pressure. The first shipment from Simandou has been made, and supply is increasing while demand is weakening due to steel - mill losses and reduced blast - furnace operations [21][22]. 3.13 Coking Coal and Coke - The prices of coking coal and coke are expected to be weak. The first round of coke price cuts has been implemented, and supply is strong while demand is weak in the steel - making industry [23]. 3.14 Soybean and Rapeseed Meal - The soybean and rapeseed meal prices are expected to be volatile. The US is seeking to expand soybean demand. South American weather and US soybean exports are key factors. Canadian and Australian rapeseed production forecasts have changed [24][25]. 3.15 Palm Oil - The palm - oil price is expected to be range - bound. The impact of weather on supply is decreasing, and the market is waiting for the MPOB report. Malaysian exports decreased in November, while Indian imports increased [26][27].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, the US November ISM manufacturing PMI dropped to 48.2, contracting for nine consecutive months, with a weak demand and improving output situation. The market's expectation of a December BOJ interest rate hike rose to 80%, leading to a stronger yen and a significant increase in Japanese bond yields. In the domestic market, the November RatingDog manufacturing PMI fell to 49.9, shifting from expansion to contraction. A-shares rose with heavy volume on Monday, and the bond market generally recovered [2][3]. - Precious metals: Silver prices reached a new high, but short - term risks need to be watched. Copper: CSPT may jointly cut production next year, and copper prices hit a record high. Aluminum: Despite the off - season, aluminum prices are expected to be strong. Alumina: Local production cuts may provide temporary support. Cast aluminum: It is expected to oscillate strongly. Zinc: The price center has moved up, and it is expected to continue to oscillate strongly in the short term. Lead: The fundamentals have improved marginally, and the price is expected to repair strongly. Tin: The macro and micro performances are differentiated, and the price is expected to oscillate at a high level. Industrial silicon: The supply and demand are stable, and the price is expected to fluctuate within a narrow range. Steel products: Cost rebounds drive the price to oscillate and rebound. Iron ore: The price is under pressure to oscillate. Coking coal and coke: The price rebounds at a low level, and it is expected to oscillate weakly. Bean and rapeseed meal: It is expected to oscillate in the short term. Palm oil: It is expected to oscillate within a range [4][6][8][10][11][12][14][16][17][19][20][21][23][25]. Summary by Relevant Catalogs Macroeconomy - Overseas: The US November ISM manufacturing PMI was 48.2, with new orders dropping at the fastest rate since July, factory employment continuing to contract, raw material payment prices rising, and the production index expanding at the fastest rate in four months. The BOJ governor hinted at a possible December interest rate hike, and the market's expectation probability rose to 80%, leading to a stronger yen and a significant increase in Japanese bond yields. The US dollar index fell back to the 99 mark and then rebounded, and the 10Y US Treasury yield rose to 4.08%. Silver and copper reached new highs and then fell, while oil prices closed higher [2]. - Domestic: The November RatingDog manufacturing PMI fell to 49.9, shifting from expansion to contraction. New export orders grew at the fastest rate in eight months, indicating a recovery in external demand, but the overall sentiment remained in the contraction range. A - shares rose with heavy volume on Monday, and the bond market generally recovered [3]. Precious Metals - International gold and silver prices continued to rise on Monday. COMEX gold futures rose 0.24% to $4265.00 per ounce, and COMEX silver futures rose 2.25% to $58.45 per ounce, with silver hitting a new record high. COMEX platinum and palladium futures showed a trend of rising and then falling and closed slightly lower. The tightness of New York silver spot and potential delivery risks boosted silver prices. The market's expectation of a Fed rate cut in December exceeded 87%. It's not advisable to chase high in the short term, and the domestic platinum and palladium are expected to be weak [4][5]. Copper - On Monday, the main contract of Shanghai copper approached the 90,000 mark, and LME copper reached a maximum of over 11,300 and then fell. The CSPT plans to cut production by more than 10% in 2026 to address the distorted copper concentrate processing fees. The US November ISM manufacturing PMI was lower than expected and the previous value, hitting a four - month low. The weak US manufacturing data and the uncertainty of the Fed's leadership have an impact on copper prices. Overall, copper prices are expected to remain strongly oscillating at a high level [6][7]. Aluminum - On Monday, the main contract of Shanghai aluminum closed at 21,865 yuan/ton, up 1.65%. The LME closed at $2888 per ton, up 0.8%. The aluminum ingot inventory was flat, and the consumption in the off - season showed resilience. With copper prices hitting a new high, aluminum prices are expected to be strong [8][9]. Alumina - On Monday, the main contract of alumina futures closed at 2677 yuan/ton, down 1.51%. A Shanxi alumina enterprise will start maintenance, reducing the daily output by about 2000 tons. The fundamentals of alumina are still bearish, but local production cuts may provide temporary support [10]. Cast Aluminum - On Monday, the main contract of cast aluminum alloy futures closed at 21,055 yuan/ton, up 1.54%. The end - of - year order rush and tight raw materials support the price. Cast aluminum is expected to oscillate strongly [11]. Zinc - On Monday, the price of the main contract of Shanghai zinc rose with increased positions, and LME zinc strengthened. The supply pressure has been continuously relieved, with the LME0 - 3 premium soaring and processing fees dropping significantly. The production in November was lower than expected, and it is expected to decrease in December. Short - term zinc prices are expected to continue to oscillate strongly, but the upside is limited [12][13]. Lead - On Monday, the main contract of Shanghai lead oscillated narrowly during the day and opened slightly higher at night, and LME lead rebounded. The supply in December is expected to decrease, and the demand for lead - acid batteries has improved marginally. Lead prices are expected to repair strongly [14][15]. Tin - On Monday, the main contract of Shanghai tin rose and then fell during the day and oscillated horizontally at night, and LME tin first declined and then rebounded. The production in November was lower than expected, and it is expected to increase in December. The potential supply disruption in Congo due to the conflict and the uncertainty of the Fed's leadership have an impact on tin prices. Tin prices are expected to oscillate at a high level [16]. Industrial Silicon - On Monday, industrial silicon oscillated narrowly. The supply side is contracting, with Xinjiang maintaining a high operating rate and the southwest region's operating rate dropping due to the dry season. The demand side shows mixed performance. The supply and demand are generally balanced, and the price is expected to oscillate in the short term [17][18]. Steel Products - On Monday, steel futures oscillated and rebounded. The real - estate supply in November increased slightly. The overall supply - demand drive is weak, and the inventory reduction provides support. Steel prices are expected to oscillate, and short - term attention should be paid to the impact of capital contract switching [19]. Iron Ore - On Monday, iron ore futures oscillated and rebounded. The overseas supply is at a high level, and the demand from steel mills is weak. Iron ore prices are expected to be under pressure to oscillate [20]. Coking Coal and Coke - On Monday, coking coal and coke futures rebounded. The upstream supply is stable, but the downstream demand is weak. The coking enterprises' inventory is increasing, and the demand for blast furnace raw materials is poor. The price is expected to oscillate weakly, and short - term attention should be paid to the rhythm of contract switching [21][22]. Bean and Rapeseed Meal - On Monday, the bean meal 01 contract closed down 0.36%, and the rapeseed meal 01 contract closed down 1.46%. Brazilian soybean planting is progressing well, and the domestic oil mill's soybean and bean meal inventories have increased. The coastal oil mills' rapeseed and rapeseed meal inventories are almost depleted. It is expected to oscillate in the short term [23][24]. Palm Oil - On Monday, the palm oil 01 contract closed up 0.75%. In November, Malaysian palm oil production decreased, and export demand remained weak, with an expected increase in inventory. Domestic palm oil inventory decreased slightly. It is expected to oscillate within a range [25][26].

Report Industry Investment Rating No relevant content provided. Core Views - Overseas, the US economy still shows resilience, with the GDPNow model predicting a 3.9% annualized quarterly GDP growth rate in Q3, driven by personal consumption and net exports. Consumption momentum is slowing, and attention should be paid to the released CPI and non - farm payroll data. Driven by rising interest - rate cut expectations and Russia - Ukraine peace - talk expectations, overseas risk assets generally recovered last week [2]. - Domestically, the November PMI and October industrial enterprise profits further confirm the weakening of the economic fundamentals in Q4. The manufacturing PMI is 49.2, remaining in the contraction range for eight consecutive months. The construction and service industries are also in the contraction range. October industrial enterprise profits declined, with manufacturing and public utilities being the main drags. A - shares had a weak rebound with shrinking volume last week, and short - term shocks are expected to be weak [3]. Summary by Directory 1. Overseas Macro - **US Retail in September**: US retail sales were weaker than expected in September. Retail sales increased 0.2% month - on - month (expected 0.4%, previous 0.6%), and core retail sales increased 0.3% month - on - month, in line with expectations. Durable goods consumption was divided, and non - durable goods still showed some resilience but with obvious structural differences [4][5]. 2. Domestic Macro - **October Industrial Enterprise Profits**: From January to October 2025, industrial enterprise revenues were 113.37 trillion yuan, with a 1.8% year - on - year increase. Total profits were 5950.29 billion yuan, a 1.9% year - on - year increase, significantly lower than September's 3.2%. The single - month profit growth rate in October dropped to - 5.5%. Upstream mining profits decreased less, while mid - and downstream profits cooled significantly. Enterprises were accumulating inventory, and profit margins were the main drag on profits [9][10]. - **November Manufacturing PMI**: The November manufacturing PMI was 49.2, still in the contraction range. Supply and demand improved synchronously, with external demand improving significantly. Prices rose, and finished - product inventory decreased. The service industry's prosperity declined, and the construction industry was still struggling [12][13]. 3. Performance of Major Asset Classes - **Equities**: A - shares, Hong Kong stocks, and overseas equities showed different trends last week. For example, the Wande All - A Index rose 2.90%, the Shanghai Composite Index rose 1.40%, and the Nasdaq Index rose 4.91% [23]. - **Bonds**: Yields of domestic and overseas bonds changed last week. For example, the 1 - year Chinese Treasury bond yield decreased by 0.42 basis points, and the 2 - year US Treasury bond yield decreased by 4.00 basis points [26]. - **Commodities**: Commodity prices generally rose last week. For example, the South China Commodity Index rose 1.99%, COMEX gold rose 4.34%, and COMEX silver rose 14.37% [27]. - **Foreign Exchange**: The US dollar index declined, and exchange rates of major currencies against the RMB changed. For example, the US dollar against the RMB decreased by 0.43% [30]. 4. High - Frequency Data Tracking - **Domestic**: The report provides charts of high - frequency data such as the congestion index of 100 cities, subway passenger volume in 23 cities, and commercial housing transaction area in 30 cities [32]. - **Overseas**: The report provides charts of high - frequency data such as Redbook commercial retail sales and unemployment insurance claims in the US [37]. 5. This Week's Important Economic Data and Events - This week, important economic data and events include China's November RatingDog manufacturing PMI, euro - zone November CPI, and US November ISM manufacturing PMI [46].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The macro data shows that in November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the non - manufacturing PMI was 49.5%, down 0.6 percentage points; the composite PMI output index was 49.7%, down 0.3 percentage points. The National Development and Reform Commission will promote work to manage price disorderly competition [1]. - The fundamental data indicates that last week, the output of rebar was 2.06 million tons, a decrease of 20,000 tons; the apparent demand was 2.28 million tons, a decrease of 30,000 tons. The output of hot - rolled coil was 3.19 million tons, an increase of 30,000 tons. Overall, the industrial data last week was weak, with the output of the five major steel products increasing, the apparent demand remaining weak, and inventory continuing to decline [1]. - Overall, the supply - demand drive is not strong, inventory reduction provides support, but costs are weakening. It is expected that steel prices will mainly fluctuate [1][5]. Summary by Relevant Catalogs Transaction Data | Contract | Closing Price | Change | Change Percentage | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3110 | 21 | 0.68% | 6312460 | 2463988 | Yuan/ton | | SHFE Hot - rolled Coil | 3302 | 7 | 0.21% | 1917388 | 876319 | Yuan/ton | | DCE Iron Ore | 794.0 | 3.5 | 0.44% | 1179508 | 414346 | Yuan/ton | | DCE Coking Coal | 1067.0 | - 29.5 | - 2.69% | 5442929 | 862195 | Yuan/ton | | DCE Coke | 1574.5 | - 58.0 | - 3.55% | 122587 | 48293 | Yuan/ton | [2] Market Review - Last week, steel futures showed a fluctuating rebound. Steel inventory continued to decline, with both supply and demand decreasing. Supply contracted, leading to a rebound in futures prices, but the terminal market remained weak, with significant upward pressure [4]. - In the spot market, the price of Tangshan steel billets was 2950 (unchanged) Yuan/ton, Shanghai rebar was quoted at 3220 (+30) Yuan/ton, and Shanghai hot - rolled coil was 3270 (+10) Yuan/ton [4]. Industry News - The deputy director of the Building Energy Efficiency and Technology Department of the Ministry of Housing and Urban - Rural Development stated that urban renewal should be given more prominence and the construction of "four good" aspects should be systematically promoted [9]. - In October, the retail sales of narrow - sense passenger cars reached 2.25 million units, with a year - on - year slight decrease of 0.5% and a month - on - month slight increase of 0.3%. Among them, the retail sales of new - energy narrow - sense passenger cars reached 1.288 million units, a year - on - year increase of 7.3% [9]. - From November 17th to November 23rd, the total transaction (signing) area of newly built commercial housing in 10 key cities was 1.9193 million square meters, a month - on - month increase of 36.2% and a year - on - year decrease of 17.5% [9]. - Six departments issued an implementation plan, aiming to significantly optimize the consumer goods supply structure by 2027, form 3 trillion - level consumption areas and 100 - billion - level consumption hotspots, and create a number of high - quality consumer goods [9]. - The National Development and Reform Commission organized a symposium on price disorderly competition cost identification. It will promote work to manage price disorderly competition and maintain a good market price order [9]. - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the non - manufacturing PMI was 49.5%, down 0.6 percentage points; the composite PMI output index was 49.7%, down 0.3 percentage points [9]. Relevant Charts - The content mainly includes charts related to the trends of rebar and hot - rolled coil futures, basis, spot regional price differences, steel mill profits, blast furnace operating rates, steel production, inventory, and apparent consumption [7][10][12]

⚫ 上周铜价再创历史新高，主因非美地区精铜供应将进一步 趋紧，Codelco对中国地区CIF长单美金升水报价高达350 美元/吨，印尼Grasberg铜矿大幅下调今明两年产量指引； 此外，纽约联储主席威廉姆斯及美联储理事沃勒为首的官 员支持12月继续降息以应对脆弱的就业市场环境，美元指 数回落推升金属市场。基本面来看，海外中断矿山复产缓 慢，国内将严控精铜产能扩张，社会库存震荡下探，现货 升水走高，近月盘面C结构收窄。 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 铜周报 非美供应偏紧，铜价突破前高 核心观点及策略 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F03084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1 / 10 2025 年 12 月 1 日 ⚫ 整体来看，随着 ...

贵金属周报 2025 年 12 月 1 日 美白银交割风险再现，银价再创新高 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1 / 10 ⚫ 上周贵金属价格震荡上行，国际金价再度站上4250美元/ 盎司，白银价格在上周五再创历史新高，国际银价因COMEX 白银交割风险上攻至57美元/盎司上方，再创历史新高， 国内白银价格也再创新高，站上13000元/千克。上周四国 内铂、钯期货上市首日波动剧烈，第二个交易日波动收窄。 ⚫ 近期，越来越多的美联储官员发布言论纷纷支持12月降 息。美联储主席选拔进入最后阶段，贝森特称，特朗普预 计将在圣诞假期前决定下一任美联储主席人选。 ...

投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 焦煤焦炭周报 2025 年 12 月 1 日 矿山库存大增 双焦偏弱走势 核心观点及策略 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1/8 ⚫ 下游：钢厂铁水产量下跌，煤焦需求继续放缓。钢厂的 焦炭生产加快，日均焦炭产量小幅增加，库存增加，可 用天数增加。 ⚫ 中游：焦化企业盈利情况继续好转，主因焦煤价格走弱， 生产加速，焦炭产量明显增加，但出货困难，库存增加。 全国平均吨焦盈利46（环比+27）元/吨。 ⚫ 上游：矿山生产平稳，供应压力增大，焦煤库存大幅增 加。523家炼焦煤矿山样本核定产能利用率为86%，环比 -0.9%。原煤日均产量191.3万吨，环比-2.1万吨，原煤 ...

Group 1: Core Views - Last week, industrial silicon prices stabilized and rebounded due to the strong price - supporting intention of polysilicon leading enterprises and the continuous warming of the industrial product market sentiment. The supply side is contracting, with Xinjiang's operating rate at 85%, the operating rate in the southwest dropping to about 30% during the dry season, and the production centers in Inner Mongolia and Gansu shifting down. On the demand side, polysilicon output in November decreased to 110,000 tons, silicon wafers faced overseas order decline, battery cell demand improved slightly, and component end consumption was sluggish with increased inventory [2][6][8]. - Although there is no progress in the new polysilicon platform, the lower - than - expected polysilicon output in November indicates an intention to actively reduce production capacity. Coupled with the improvement in traditional industry consumption, the market has returned to a bullish atmosphere. Technically, the main contract has confirmed support at the 9,000 level, and the industrial silicon futures price is expected to enter a strong - side volatile operation [3][10]. Group 2: Market Data | Contract | December 1st | November 24th | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | | Industrial silicon main contract | 9,130.00 | 8,960.00 | 170.00 | 1.90% | Yuan/ton | | Oxygen - passed 553 spot | 9,550.00 | 9,550.00 | 0.00 | 0.00% | Yuan/ton | | Non - oxygen - passed 553 spot | 9,350.00 | 9,350.00 | 0.00 | 0.00% | Yuan/ton | | 421 spot | 9,800.00 | 9,800.00 | 0.00 | 0.00% | Yuan/ton | | 3303 spot | 10,450.00 | 10,500.00 | - 50.00 | - 0.48% | Yuan/ton | | Organic silicon DMC spot | 13,200.00 | 13,100.00 | 100.00 | 0.76% | Yuan/ton | | Polysilicon dense material spot | 52.00 | 52.00 | 0.00 | 0.00% | Yuan/ton | | Industrial silicon social inventory | 55 | 54.8 | 0.2 | 0.36% | 10,000 tons | [4] Group 3: Market Analysis and Outlook Macro - aspect In October, the profits of industrial enterprises above designated size in China decreased by 5.5% year - on - year, and the cumulative year - on - year growth from January to October was + 1.9%, showing a narrowing trend. The negative growth in October was mainly due to the high base last year and increased enterprise costs. From January to October, the profits of high - tech manufacturing industries above designated size increased by 8.0% year - on - year, 6.1 percentage points higher than the average level of all industrial enterprises above designated size. Industries such as intelligent electronic manufacturing, semiconductor manufacturing, and precision instrument manufacturing showed good profit growth [7]. Supply - demand aspect As of November 28th, the weekly output of industrial silicon was 89,000 tons, a week - on - week decrease of 0.2% and a year - on - year decrease of 0.7%. The number of open furnaces in the three major industrial silicon production areas dropped significantly to 257, and the overall furnace - opening rate rose to 32.3%. The demand side situation is similar to the core view, with polysilicon production reduction, silicon wafer sales pressure, and component end consumption sluggishness. The anti - involution policy in the photovoltaic industry is strengthening, and the production of the mid - downstream market is in a contraction cycle, promoting the improvement of the supply - demand balance of upstream silicon materials [7][8]. Inventory aspect As of November 28th, the national social inventory of industrial silicon rose to 550,000 tons, a week - on - week increase of 2,000 tons. The terminal consumption has slowed down. As of November 21st, the registered warehouse receipt volume on the Guangzhou Futures Exchange decreased to 39,555 lots, equivalent to 198,000 tons. After the exchange issued new regulations on delivery standards, most of the 4 - series brand warehouse receipts could not be re - registered due to excessive titanium content, while the 5 - series warehouse receipts meeting the new standards are actively being registered, and the current warehouse receipt inventory is maintained at around 50,000 tons [9]. Group 4: Industry News - On November 24th, Huadian Gansu Energy Co., Ltd. issued a tender announcement for the procurement of 800 MW high - efficiency photovoltaic modules for the Hexi New Energy Base in the Tengger Desert, Gansu. The project is located in the Jiuduntan Photovoltaic Desert Control Demonstration Park in Liangzhou District, Wuwei City, and the Hongshagang area in Minqin County, Gansu. The project is divided into one bid section, and the delivery is required to be completed before June 2026 [11]. - On November 22nd, the list of winning candidates for the 2025 centralized procurement project of photovoltaic modules by China Energy Engineering Group was announced. A total of 23 enterprises were short - listed, including well - known photovoltaic enterprises such as Hefei JA Solar Technology Co., Ltd. and JinkoSolar Holding Co., Ltd. [12] Group 5: Related Charts The report provides multiple charts, including those on industrial silicon production, export volume, domestic social inventory, warehouse receipt inventory on the Guangzhou Futures Exchange, weekly production in main production areas, organic silicon DMC production, polysilicon production, and spot prices of various industrial silicon brands [14][19][21]

棕榈油周报 2025 年 12 月 1 日 洪灾引发供应担忧 棕榈油 V 型反弹 核心观点及策略 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 棕榈油周报 一、市场数据 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1 / 9 ⚫ 上周，BMD马棕油主连涨46收于4114林吉特/吨，涨幅 1.13%；棕榈油01合约涨76收于8626元/吨，涨幅0.89%； 豆油01合约涨54收于8244元/吨，涨幅0.66%；菜油01合 约跌59收于9757元/吨，跌幅0.6%；CBOT豆油主连涨 1.47收于52.08美分/磅，涨幅2.90%；ICE油菜籽活跃合 约涨9.9收于651.7加元/吨，涨幅1.54%。 ⚫ 棕榈油周内先跌后涨，呈 ...

氧化铝周报 2025 年 12 月 1 日 基本面未见改善 氧化铝延续弱势 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F031122984 投资咨询号：Z00210404 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1 / 7 ⚫ 矿端，近期国内外矿端消息平静，保持国内供应偏 紧，几内亚进口矿宽松格局，港口矿石库存约2950 万吨左右，供应充裕。企业采购进口矿石按需采 购，国内外矿价持稳。供应端上周氧化铝开工产能 环比上升40万吨至9630万吨，主要是山东前期检 修的1台焙烧产能恢复，以及山西前期检修产能恢 复满产。同时进口氧化铝继续流入，供应增加。消 费端电解铝行业开工产能略有增加，不过幅度有 限，大部分企业长单执行为主，消费刚性。仓单库 存周内增加7 ...