行业景气观察：黑色系商品价格上涨，新能源和光伏产业链价格反弹

Core Insights - The report highlights a significant rebound in prices for black commodities, as well as the new energy and photovoltaic industry chains, driven by expectations of "anti-involution" policies [1][2][21] - Key price increases are observed in steel, coal, glass, and certain metals, with many currently at historical lows, indicating potential for recovery [2][21] - The report recommends focusing on sectors with high or improving sentiment, including coke, steel, building materials, non-ferrous metals, batteries, silicon materials, semiconductors, telecommunications, and securities [1][2][21] Industry Overview Upstream Resources - Recent price increases in steel, coal, and glass are attributed to "anti-involution" policies, with coke and coal futures rising by 13.1% and 22.7% respectively [13][21] - Steel prices have also seen a rise, with rebar prices increasing by 4.2% and steel billet prices by 6.1% [13][21] New Energy and Photovoltaics - The new energy and photovoltaic sectors have experienced rapid price increases, with DMC and lithium carbonate prices rising by 13.5% and 8.5% respectively [16][21] - The photovoltaic industry composite price index has increased by 16.2%, with silicon wafers and polysilicon prices rising by 39.4% and 19.5% respectively [16][21] Metals - Industrial metals such as copper, aluminum, zinc, and tin have generally increased in price, driven by robust downstream demand and supply constraints [14][21] - Precious metals have shown strong performance, with COMEX gold and silver prices rising by 3.4% and 4.4% respectively [14][21] Agricultural Products - Seasonal demand has led to a significant increase in egg prices, which rose by 14.8% [18][21] - High temperatures have impacted supply, resulting in increases in soybean and soybean oil prices by 2.3% and 2.1% respectively [18][21]