市场情绪悲观，铁矿偏弱运行

Group 1: Glass and Soda Ash Report Industry Investment Rating - Glass: Oscillation [2] - Soda Ash: Oscillation with a downward bias [2] Core View - The glass and soda ash market has a weak performance. The glass market has a cold trading atmosphere, and the soda ash market is under pressure due to increased supply and weak demand [1]. Summary by Related Catalog - Market Analysis - Glass: The glass futures price dropped significantly yesterday, while the spot price remained stable. The trading atmosphere in both the futures and spot markets was cold [1]. - Soda Ash: The soda ash futures price oscillated yesterday, and the spot market was cautious, with downstream enterprises mainly making rigid - demand purchases [1]. - Supply - Demand and Logic - Glass: Although the supply - demand contradiction of glass has improved, the terminal rigid demand is difficult to break through in the off - season. The futures price maintains a premium in the short term, but it still needs to reduce prices to cut production due to high inventory. Attention should be paid to cold - repair and speculation [1]. - Soda Ash: The supply - demand contradiction of soda ash has increased. New production capacity and the resumption of some devices have led to increased supply, which suppresses prices. The downstream demand is weak, and if the weak reality continues, there will be further downward pressure. Attention should be paid to the changes in float - glass production lines and new soda - ash projects [1]. Group 2: Silicon Manganese and Silicon Iron Report Industry Investment Rating - Silicon Manganese: Oscillation [4] - Silicon Iron: Oscillation [4] Core View - The silicon manganese and silicon iron markets are in a weak adjustment state, with strong waiting - and - seeing sentiment [3]. Summary by Related Catalog - Market Analysis - Silicon Manganese: The silicon manganese futures price oscillated weakly yesterday. The spot market was average, with the mainstream steel - procurement price at 5920 yuan/ton, and the 6517 price in the northern market at 5600 - 5700 yuan/ton and in the southern market at 5700 - 5800 yuan/ton [3]. - Silicon Iron: The silicon iron futures price oscillated weakly yesterday. The spot price remained stable, and the overall transaction was okay, with the price of 72 - grade silicon iron in the main production area at 5250 - 5300 yuan/ton and 75 - grade at 5800 - 5850 yuan/ton [3]. - Supply - Demand and Logic - Silicon Manganese: The fundamentals of silicon manganese have improved, but the inventory pressure is still large, and there is new production capacity. Supply is still loose. The demand is expected to improve due to the expected increase in pig - iron output and pre - Spring - Festival steel - mill restocking. Attention should be paid to the cost support of manganese ore and production changes [3]. - Silicon Iron: The fundamental contradiction of silicon iron is controllable, and enterprises have actively reduced production. The demand is expected to improve due to steel - mill resumption and winter - storage restocking. However, the price increase is limited due to the expected decline in domestic electricity prices next year and overall over - capacity. Attention should be paid to inventory reduction and electricity - price policies [3].