格林大华期货早盘提示：硅铁、锰硅-20260123

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The short - term double - silicon steel mills are gradually implemented with a decline. The overall fundamentals are weak recently. As the Spring Festival holiday in February approaches, the pre - holiday demand release expectation for silicon manganese will gradually decrease, and the bargaining sentiment in the silicon manganese market is rising. The supply level remains at a relatively high position. The short - term disk shows strong support below and has a slight rebound sign, mainly fluctuating following the black market trend [1] 3. Summary by Relevant Catalogs 3.1 Market Review - Yesterday, the main contract of manganese silicon SM2603 closed at 5,814 yuan/ton, a 0.48% increase compared to the opening of the day session. The main contract of ferrosilicon SF2603 closed at 5,610 yuan/ton, a 0.97% increase compared to the opening of the day session [1] 3.2 Important Information - In 2026, the People's Bank of China will continue to implement a moderately loose monetary policy, and there is still room for reserve requirement ratio cuts and interest rate cuts this year [1] - This week, the approved production capacity utilization rate of 523 coking coal mine samples was 89.3%, a 0.9% increase month - on - month. The daily average output of raw coal was 1.994 million tons, a 17,000 - ton increase month - on - month, and the raw coal inventory was 5.605 million tons, a 106,000 - ton increase month - on - month [1] - About 20% of short - process steel enterprises in Guangdong will gradually stop production for holidays in mid - to - late January. More than 60% of short - process steel enterprises choose to gradually stop production for holidays in early February. Most steel enterprises will gradually resume production in early March [1] 3.3 Market Logic - The short - term double - silicon steel mills are gradually implemented with a decline. The overall fundamentals are weak recently. As the Spring Festival holiday in February approaches, the pre - holiday demand release expectation for silicon manganese will gradually decrease, and the bargaining sentiment in the silicon manganese market is rising. In the production areas, the previous production in the north has been put into operation and produced iron one after another. There is no obvious decline in the supply side's start - up recently, and the overall supply level remains at a relatively high position [1] 3.4 Trading Strategy - The short - term disk shows strong support below and has a slight rebound sign, mainly fluctuating following the black market trend [1]