市场情绪偏弱，钢价震荡下行

Group 1: Report Investment Ratings and Strategies - Glass investment strategy: Weak and oscillating [2] - Soda ash investment strategy: Weak and oscillating [2] - Silicomanganese investment strategy: Oscillating [4] - Ferrosilicon investment strategy: Oscillating [4] Group 2: Core Views - Market sentiment is weak, and steel prices are oscillating downward; glass and soda ash markets are weak and oscillating due to cautious downstream procurement; the dual - silicon market is weak due to unmet peak - season demand [1][3] Group 3: Market Analysis Glass - Yesterday, the glass futures market opened lower and oscillated weakly. Downstream procurement is cautious, mainly for rigid demand. Supply is generally stable, consumption is affected by speculative demand and downstream inventory replenishment, inventory has decreased but overall change is limited, and fundamentals suppress prices. Attention should be paid to macro - policy changes and peak - season demand [1] Soda Ash - Yesterday, the soda ash futures market opened lower and oscillated weakly. Downstream procurement is mainly for rigid - demand replenishment. There are still supply - demand contradictions, and attention should be paid to whether speculative demand weakens. The futures premium suppresses prices, and attention should be paid to new - capacity投产 progress and inventory changes [1] Silicomanganese - Yesterday, the coking coal futures tumbled, and the silicomanganese futures followed suit. The main contract closed at 5,820 yuan/ton, down 46 yuan/ton from the previous day.节前 market transactions were sluggish. This week, production continued to decline, hot - metal production increased slightly, downstream demand remained resilient, and alloy - enterprise inventory increased significantly. In the long run, supply - demand is relatively loose. Considering the futures discount to the spot, prices are expected to oscillate and follow the sector's fluctuations. Attention should be paid to regional policies and cost - support changes [3] Ferrosilicon - Yesterday, the main ferrosilicon futures contract closed at 5,610 yuan/ton, down 70 yuan/ton from the previous day. The market sentiment was average, and the trading atmosphere needed to be strengthened. This week, production and operating rates rebounded slightly, demand increased slightly with hot - metal production, factory inventory decreased month - on - month, and inventory was at a medium level compared to the same period. Currently, there are few supply - demand contradictions, and prices are expected to follow the sector's fluctuations. Attention should be paid to changes in coal and electricity prices at the cost end and regional policies [3] Group 4: Figures - The report includes figures such as Shanghai rebar and hot - rolled coil spot price trends, futures contract closing - price trends, basis trends, cost and profit trends of various products, and spot price trends of raw materials like iron ore, coke, and coking coal [5]