供应攀升施压价格，估值中性有所支撑

1. Report Industry Investment Rating - There is no information provided about the report industry investment rating in the given content. 2. Core View of the Report - The supply increase is putting pressure on prices, and the valuation is neutral with some support [1]. 3. Summary by Relevant Catalogs 2.1 Fundamental Situation - Multiple figures show the historical trends of iron alloy prices, including the main contract trends of ferrosilicon and ferromanganese, spot market prices in different regions, and the price difference between the two main contracts [8][10][13] - Figures display the production - related data of ferrosilicon and ferromanganese, such as production enterprise operating rates and monthly production volumes in China [26][29][30] - Data on the demand - side of iron alloys are presented, including daily and seasonal production of crude steel, daily production of hot metal, and blast furnace capacity utilization [33][34][37] - Inventory - related information is shown, such as alloy factory inventories, average available days of steel mill inventories, and warehouse receipt situations for ferrosilicon and ferromanganese [40][42][43] - The cost - related factors of iron alloy production are presented, including prices of raw materials like semi - coke small materials, chemical coke, electricity, and manganese ore, as well as production costs and profits [53][57][63] 2.2 Future Outlook and Strategy Recommendation - There is no specific content about future outlook and strategy recommendation other than the title in the given text.