交易咨询业务资格： 鄂证监期货字[2014]1 号 曹雪梅：Z0015756 电话：027-65777102 邮箱：caoxm2@cjsc.com.cn 全球主要市场表现 | 指标 | 最新价 | 涨跌幅 | | --- | --- | --- | | 上证综指 | 3,933.97 | 1.32% | | 深圳成指 | 13,725.56 | 1.47% | | 沪深 300 | 4,709.48 | 1.48% | | 上证 50 | 3,020.60 | 1.06% | | 中证 500 | 7,548.92 | 1.84% | | 中证 1000 | 5,903.58 | 0.25% | | 日经指数 | 48,580.44 | 1.77% | | 道琼指数 | 46,358.42 | -0.52% | | 标普 500 | 6,735.11 | -0.28% | | 纳斯达克 | 23,024.63 | -0.08% | | 美元指数 | 99.3875 | 0.55% | | 人民币 | 7.1246 | 0.08% | | 纽约黄金 | 3,991.10 | -1.71% | | WTI 原油 ...

期货市场交易指引 2025 年 10 月 09 日 | ◆股指： | 宏观金融 中长期看好，逢低做多 | | --- | --- | | ◆国债： | 保持观望 | | | 黑色建材 | | ◆焦煤： | 区间交易 | | ◆螺纹钢： | 区间交易 | | ◆玻璃： | 逢低做多 | | | 有色金属 | | ◆铜： | 建议逢低持多 | | ◆铝： | 建议待回落后逢低布局多单 | | ◆镍： | 建议观望或逢高做空 | | ◆锡： | 逢低买入 | | ◆黄金： | 逢低买入 | | ◆白银： | 区间交易 | | | 能源化工 | | ◆PVC： | 震荡运行 | | ◆烧碱： | 震荡运行 | | ◆纯碱： | 01 合约空头思路 | | ◆苯乙烯： | 震荡运行 | | ◆橡胶： | 震荡运行 | | ◆尿素： | 震荡运行 | | ◆甲醇： | 震荡运行 | | ◆聚烯烃： | 宽幅震荡 | | | 棉纺产业链 | | ◆棉花棉纱： | 震荡运行 | | ◆PTA： | 震荡运行 | | ◆苹果： | 震荡运行 | | ◆红枣： | 震荡运行 | | | 农业畜牧 | | ◆生猪： | 逢高偏空 ...

期货市场交易指引 2025 年 09 月 23 日 | ◆股指： | 宏观金融 中长期看好，逢低做多 | | --- | --- | | ◆国债： | 保持观望 | | | 黑色建材 | | ◆焦煤： | 区间交易 | | ◆螺纹钢： | 区间交易 | | ◆玻璃： | 逢低做多 | | | 有色金属 | | ◆铜： | 观望或逢低持多，短线交易 | | ◆铝： | 建议待回落后逢低布局多单 | | ◆镍： | 建议观望或逢高做空 | | ◆锡： | 区间交易 | | ◆黄金： | 区间交易 | | ◆白银： | 区间交易 | | | 能源化工 | | ◆PVC： | 震荡运行 | | ◆烧碱： | 震荡运行 | | ◆纯碱： | 空 01 多 05 套利 | | ◆苯乙烯： | 震荡运行 | | ◆橡胶： | 震荡运行 | | ◆尿素： | 震荡运行 | | ◆甲醇： | 震荡运行 | | ◆聚烯烃： | 宽幅震荡 | | | 棉纺产业链 | | ◆棉花棉纱： | 震荡运行 | | ◆PTA： | 震荡运行 | | ◆苹果： | 震荡偏强 | | ◆红枣： | 震荡偏弱 | | | 农业畜牧 | | ◆生猪 ...

Report Industry Investment Ratings - **Macro Finance**: Bullish on the medium to long - term for stock indices, suggesting buying on dips; neutral on government bonds, suggesting holding a wait - and - see stance [1][5] - **Black Building Materials**: Neutral on coking coal and rebar, suggesting range trading; bullish on glass, suggesting buying on dips [1][7][8] - **Non - ferrous Metals**: Neutral on copper, suggesting waiting or buying on dips for short - term trading; bullish on aluminum, suggesting buying on dips after a pull - back; neutral on nickel, suggesting waiting or shorting on rallies; neutral on tin, suggesting range trading; neutral on gold and silver, suggesting range trading [1][11][13][18] - **Energy and Chemicals**: Neutral on PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins, suggesting range trading; suggesting a short 01 long 05 arbitrage strategy for soda ash [1][22][25][27][30][33][34][37] - **Cotton and Textile Industry Chain**: Neutral on cotton and cotton yarn, suggesting range trading; neutral on PTA, suggesting range trading; bullish on apples, suggesting a range - bound and upward - biased trend; bearish on jujubes, suggesting a range - bound and downward - biased trend [1][38][39][40][41] - **Agriculture and Animal Husbandry**: Bearish on pigs and eggs, suggesting shorting on rallies; neutral on corn, suggesting range trading; neutral on soybean meal, suggesting range trading; bullish on oils, suggesting a high - level range - bound trend with a buying - on - dips strategy [1][42][44][47][49][50] Core Views - The global economic and policy environment, including factors such as the Fed's interest - rate decisions, trade policies, and domestic macro - policies, have a significant impact on various futures markets [11][13][18][22][25][37][43][44][47][50][53][54][55] - Seasonal factors, supply - and - demand fundamentals, and cost factors are important considerations for investment decisions in different futures markets [8][10][11][13][18][22][25][31][39][40][43][44][47][49][50][51][52][53][54][55] - Different futures varieties have different investment strategies based on their specific market conditions, such as range trading, buying on dips, shorting on rallies, and arbitrage strategies [1][5][7][8][9][11][13][15][16][18][19][21][22][24][26][28][30][33][34][36][38][39][40][42][44][46][48][50][55] Summary by Directory Macro Finance - **Stock Indices**: A - share markets experienced a pull - back after a rally on Friday. Policy support is positive, and it is recommended to rebalance in high - probability areas. Medium - to long - term outlook is bullish, suggesting buying on dips [5] - **Government Bonds**: The bond market is gradually recovering from previous adjustments, but investors remain cautious. A wait - and - see stance is recommended [5] Black Building Materials - **Coking Coal**: Pit - mouth coal price increases have slowed, and the market is in a stalemate. A range - trading strategy is recommended [7][8] - **Rebar**: Futures prices rebounded on Friday. The fundamental supply - and - demand situation is weak in the short term, but traditional demand seasons may bring opportunities. A range - trading strategy is recommended with a focus on support levels [8] - **Glass**: Supply and demand conditions have improved. With the approaching of the traditional peak season and potential positive factors, a buying - on - dips strategy is recommended [9][10] Non - ferrous Metals - **Copper**: Copper prices are rising in a range. With weakening of the US dollar and potential consumption recovery, prices are expected to remain strong. A range - trading or buying - on - dips strategy is recommended [11] - **Aluminum**: The price of bauxite is supported, and the production of aluminum is stable. Demand is entering the peak season, and a buying - on - dips strategy or an arbitrage strategy is recommended [13] - **Nickel**: Supply concerns and macro - factors affect prices. In the short term, prices are affected by the macro - environment, and in the long term, supply is in surplus. A shorting - on - rallies strategy is recommended [18] - **Tin**: Supply is tight, and demand is in the off - season. Prices are expected to be supported. A range - trading strategy is recommended [18][19] - **Gold and Silver**: Due to weakening US economic data and expectations of interest - rate cuts, prices are expected to have support. A range - trading strategy is recommended [19][20][21] Energy and Chemicals - **PVC**: Supply is high, demand is mediocre, and exports face challenges. Prices are expected to be range - bound, and key factors such as macro - data and exports should be monitored [22] - **Caustic Soda**: The market is affected by factors such as spot prices and demand. A range - trading strategy is recommended, and downstream stocking and export conditions should be monitored [25] - **Styrene**: Cost and demand factors influence prices. A range - trading strategy is recommended, and factors such as oil prices and supply - and - demand fundamentals should be monitored [27] - **Rubber**: Overseas raw material prices are falling, and market sentiment is bearish. A range - trading strategy is recommended, and support levels should be monitored [29] - **Urea**: Supply and demand are weak, and inventories are increasing. A range - trading strategy is recommended, and factors such as compound fertilizer production and export policies should be monitored [30][31][33] - **Methanol**: Supply and demand are relatively balanced, and prices are expected to be range - bound. Key factors such as coal prices and downstream demand should be monitored [33] - **Polyolefins**: The "Golden September and Silver October" season may boost demand, but supply and cost factors limit price increases. A range - trading strategy is recommended [34][35] - **Soda Ash**: The market is in a tug - of - war between expectations and reality. A short 01 long 05 arbitrage strategy is recommended [37] Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: Global supply - and - demand conditions are improving, but new - crop production may bring downward pressure. Hedging preparations are recommended [38] - **PTA**: Recent inventory reduction is good, but long - term supply increases and weak oil prices may lead to price drops. A range - trading strategy is recommended [39][40] - **Apples**: Early - maturing apples are priced higher than last year, and the market is expected to be range - bound and upward - biased [40] - **Jujubes**: Consumption is weak, and prices are under pressure. A range - bound and downward - biased trend is expected [41] Agriculture and Animal Husbandry - **Pigs**: Supply is large in the short term, and prices are under pressure. Policy support may bring some rebounds. A short - selling strategy with stop - profit and potential arbitrage opportunities is recommended [42][43][44] - **Eggs**: Short - term supply and demand are balanced, and prices are expected to be range - bound. Attention should be paid to factors such as cold - storage egg releases and chicken culling [44] - **Corn**: New - crop supply and cost factors affect prices. A range - trading strategy and an arbitrage strategy are recommended, and factors such as weather and policies should be monitored [45][46][47] - **Soybean Meal**: US soybean prices are expected to be stable, and domestic supply - and - demand conditions are changing. A range - trading strategy is recommended, and key factors such as US - China trade relations should be monitored [48][49][50] - **Oils**: Short - term prices are affected by various factors, but support levels exist. A buying - on - dips strategy and an arbitrage strategy are recommended [50][51][52][53][54][55]

黑色建材日报 | 2025-09-11 市场情绪谨慎，双焦震荡运行 玻璃纯碱：成本支撑下移，玻碱震荡偏弱 市场分析 玻璃方面：昨日玻璃期货盘面震荡下行。截至收盘，主力2601合约跌幅1.5%。现货方面，产销数据尚可，期货升 水现货。供需与逻辑：当前厂库高位小幅波动，玻璃供需矛盾依旧存在。短期盘面升水持续压制价格，谨慎对待 节前的价格波动，后期关注玻璃旺季需求表现。 纯碱方面：昨日纯碱期货盘面震荡下行。截至收盘，主力2601合约跌幅0.47%。现货方面，采购情绪谨慎，以刚需 成交为主。供需与逻辑：目前纯碱产量维持在高位波动且伴随四季度新增产能落地；纯碱消费存在进一步走弱预 期。叠加目前盘面升水，进一步压制纯碱价格，后期关注新产能投放和下游需求变化。 策略 玻璃方面：震荡偏弱 纯碱方面：震荡偏弱 跨期：无 跨品种：无 风险 宏观政策、玻璃下游需求、纯碱产量和库存变化等。 双硅：产区利润不佳，铁合金震荡运行 市场分析 硅锰方面：昨日硅锰主力合约收于5854元/吨。现货方面，河钢某大厂9月硅锰首轮询价5800元/吨，市场处于观望 状态。成本端，天津港锰矿市场报价坚挺，半碳酸价格34-34.5元/吨度，南非高铁29.5 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The steel price continues to fluctuate after the macro - sentiment fades, and the glass and soda ash markets fluctuate due to repeated market sentiment. The double - silicon market sentiment cools down, and ferroalloy futures decline slightly [1][3] - For glass, the supply - demand contradiction is large, and it needs low prices and low profits to reduce supply. For soda ash, the supply - demand imbalance will intensify, and it needs to limit capacity release through losses [1] - Both the silicon manganese and silicon iron industries have obvious over - supply, and need to limit production through losses. Their prices are expected to fluctuate with the sector [3] Market Analysis Glass and Soda Ash - **Glass**: The glass futures oscillated weakly yesterday, with the main 2601 contract down 1.76%. Spot trading sentiment is average. Supply is stable in production and sales, but factory inventories are growing. The supply - demand contradiction is large, and short - term premium suppresses prices. Later, attention should be paid to the performance of peak - season demand [1] - **Soda Ash**: The soda ash futures declined yesterday, with the main 2601 contract down 1.8%. Spot prices were adjusted downwards, and downstream buyers purchase at low prices. Supply is increasing as summer maintenance nears the end. Consumption is currently stable but is expected to weaken with new capacity coming online. The supply - demand imbalance will intensify, and losses are needed to limit capacity release. Attention should be paid to the impact of "anti - involution" policies on the photovoltaic sector [1] Double - Silicon - **Silicon Manganese**: The silicon manganese futures declined yesterday. The main contract closed at 5862 yuan/ton, down 36 yuan/ton from the previous day. The spot market oscillated. Production and sales increased month - on - month, and inventories decreased. The cost increased slightly due to a small increase in manganese ore prices. The industry has obvious over - supply, and losses are needed to limit production. Prices are expected to follow the sector, and attention should be paid to manganese ore cost support, inventory, and ore shipments [3] - **Silicon Iron**: The silicon iron futures declined slightly yesterday. The main contract closed at 5656 yuan/ton, down 24 yuan/ton from the previous day. The spot market sentiment was average, and prices were slightly adjusted. Production and sales increased, and factory inventories decreased, but absolute inventories are still high, suppressing prices. The industry has obvious over - supply, and losses are needed to limit production. Prices are expected to follow the sector, and attention should be paid to steel mill production restrictions, cost support, and industrial policies [3] Strategies - **Glass**: Oscillate weakly [2] - **Soda Ash**: Oscillate weakly [2] - **Silicon Manganese**: Oscillate [4] - **Silicon Iron**: Oscillate [4]

1. Report Industry Investment Ratings - The report does not provide an overall industry investment rating. However, for specific commodities, the strategies suggest a "sideways" outlook for steel, iron ore, coking coal, and coke, while there is no strategy for thermal coal [2][4][6][7] 2. Core Views - **Steel**: Market expectations are fluctuating, leading to a slight rebound in steel prices. The current supply - demand fundamentals have no prominent contradictions, and steel prices are expected to fluctuate with policy expectations [1] - **Iron Ore**: Market sentiment is fluctuating, causing a slight increase in iron ore prices. The short - term fundamentals are good, but the long - term supply - demand remains relatively loose [3] - **Coking Coal and Coke**: Supply expectation disturbances have led to a rise in coking coal and coke futures. The demand is strongly supported, and there is an expectation of a sixth round of coke price increases [6] - **Thermal Coal**: Rainfall has affected the supply in production areas, causing the pit - mouth coal price to run strongly. In the short term, the price is expected to be slightly stronger, while the long - term supply remains loose [7] 3. Summaries by Commodity Steel - **Market Analysis**: The futures prices of rebar and hot - rolled coils are 3233 yuan/ton and 3457 yuan/ton respectively. The spot trading volume is average, with 11.01 tons of building materials traded nationwide [1] - **Supply - Demand and Logic**: Building materials are in the off - season, while plates are supported by overseas orders. Supply is affected by production - restriction expectations and cost - side policies, leading to a slight increase in prices [1] - **Strategy**: Sideways for single - sided trading, and no strategies for inter - period, inter - commodity, spot - futures, and options trading [2] Iron Ore - **Market Analysis**: The futures price of iron ore rose by 1.20% to 798.5 yuan/ton. The spot price in Tangshan ports increased slightly, with a 10.42% increase in the national main port trading volume and a 22.75% increase in forward - contract trading volume [3] - **Supply - Demand and Logic**: The supply has strong support, and the global shipment shows a seasonal decline. The demand is guaranteed by high pig - iron production and no large - scale maintenance plans for steel mills in the short term [3] - **Strategy**: Sideways for single - sided trading, and no strategies for inter - period, inter - commodity, spot - futures, and options trading [4] Coking Coal and Coke - **Market Analysis**: The futures prices of coking coal and coke rose significantly. Some coal mines stopped production for rectification, and the fifth round of coke price increases was fully implemented, with a cumulative increase of 250 - 275 yuan/ton [5][6] - **Supply - Demand and Logic**: Supply expectations are unstable. The demand is supported by the high operating rate and pig - iron production of steel mills, and there is an expectation of a sixth round of coke price increases [6] - **Strategy**: Sideways for single - sided trading of both coking coal and coke, and no strategies for inter - period, inter - commodity, spot - futures, and options trading [6] Thermal Coal - **Market Analysis**: In the production areas, rainfall restricted coal production, and the terminal replenishment demand was strong, driving up the coal price. In ports, the supply tightened, inventory decreased, and prices rose. The import price increased, but the trading activity was low [7] - **Supply - Demand and Logic**: At the beginning of the month, some coal mines resumed normal production, and the supply strongly supported the market. With continuous high temperatures, the demand is expected to strengthen, and the price will run slightly stronger in the short term while the long - term supply remains loose [7] - **Strategy**: No strategy provided [7]

Group 1: Market Analysis Glass and Soda Ash - Yesterday, the glass futures market dropped significantly, with the main 2509 contract of glass futures falling 8.22%. The operating rate of float glass enterprises this week was 75%, a 0.1% decrease from the previous week, and the manufacturer's inventory was 59.499 million heavy boxes, a decrease of 2.397 million heavy boxes from the previous week. Currently, glass supply shows no sign of contraction, and the real - estate sector drags down the rigid demand, while speculative demand has increased. The inventory has been continuously decreasing but remains at a high level. In the long run, the glass supply - demand situation remains relatively loose [1]. - The soda ash futures market also dropped significantly yesterday, with the main 2509 contract of soda ash futures falling 6.45%. The capacity utilization rate of soda ash was 80.27%, a 2.75% decrease from the previous week, the output was 699,800 tons, a decrease of 24,000 tons from the previous week, and the inventory was 1.7958 million tons, a decrease of 68,800 tons from the previous week. Currently, soda ash production remains at a high level and is in the summer maintenance stage, with relatively restrained capacity release. Later, as projects are gradually implemented, the soda ash capacity may be further released. Meanwhile, due to the "anti - involution" impact in the photovoltaic industry, there is an expectation of production cuts, and soda ash consumption may further weaken, increasing the inventory pressure later [1]. Ferrosilicon and Silicomanganese - Yesterday, the collective sharp decline of black commodities drove the ferrosilicon and silicomanganese futures to hit the daily limit. The main contract of silicomanganese futures dropped 170 yuan/ton from the previous day, closing at 5946 yuan/ton. In the spot market, there was a strong wait - and - see sentiment. The price of 6517 silicomanganese in the northern market was 5750 - 5800 yuan/ton, and in the southern market, it was 5800 - 5850 yuan/ton. Silicomanganese production increased month - on - month, hot metal production decreased slightly month - on - month, and the inventory of silicomanganese manufacturers decreased slightly month - on - month but remained at a relatively high level. The shipping from Australia in the manganese ore segment has basically recovered. After the silicomanganese price was boosted by macro - sentiment, the hedging willingness of enterprises increased, but with the decline of coking coal and coke futures, the market sentiment cooled down to some extent [3]. - Yesterday, the main contract of ferrosilicon futures closed at 5696 yuan/ton, a drop of 312 yuan/ton from the previous day. In the spot market, the price remained stable, and the cash - inclusive ex - factory price of 72 - grade ferrosilicon in the main production areas was 5600 - 5800 yuan/ton. The demand for ferrosilicon remained resilient, and the factory inventory was at a medium - to - high level. In the short term, the market sentiment improved, but with the sharp decline of coking coal, the market sentiment cooled down to some extent. In the long run, the ferrosilicon capacity is relatively loose [3]. Group 2: Strategy Glass and Soda Ash - The strategy for glass is to be weakly volatile [2]. - The strategy for soda ash is to be weakly volatile [2]. Ferrosilicon and Silicomanganese - The strategy for silicomanganese is to be weakly volatile [4]. - The strategy for ferrosilicon is to be weakly volatile [4].

Report Industry Investment Ratings - Steel: Neutral [2] - Iron Ore: Oscillating [4] - Coking Coal and Coke: Oscillating [7] - Thermal Coal: No specific rating [8] Core Views - Steel: The market has strong speculative sentiment, and steel prices are oscillating upwards. Steel is entering the off - season, with no obvious changes in fundamentals and slightly better de - stocking than seasonal expectations. The inventory of rebar is gradually decreasing, and the plate maintains a pattern of strong supply and demand. Steel exports are resilient due to price advantages, and the price is oscillating at the bottom [1]. - Iron Ore: Affected by market sentiment, the price is oscillating upwards. The overall supply is increasing, and iron ore consumption is resilient. In the short term, the price has rebounded, but the rebound height is limited. In the long term, the supply - demand pattern is relatively loose [3]. - Coking Coal and Coke: The market sentiment is positive, and the prices are rebounding. For coke, after multiple price cuts, the production enthusiasm of coking enterprises is affected, and the inventory pressure is shifting to steel mills. For coking coal, environmental supervision and low - level imports provide price support, and the current supply - demand contradiction is not prominent [5][6]. - Thermal Coal: With the increase in downstream demand, the price is oscillating upwards. Some previously shut - down coal mines have resumed production, and as the temperature rises, demand is expected to strengthen. In the long term, the supply is still abundant [8]. Summary by Related Catalogs Steel - Market Analysis: The rebar futures contract closed at 3065 yuan/ton, and the hot - rolled coil futures contract closed at 3191 yuan/ton. The market speculative atmosphere is strong, and the futures trading volume has increased. The spot price has risen, and the national building materials trading volume was 12500 tons yesterday [1]. - Supply - Demand and Logic: Commodity futures are generally rising, and steel is entering the off - season. The fundamentals are stable, and de - stocking is slightly better than expected. Rebar inventory is decreasing, and the plate has strong supply and demand. Steel exports are resilient, and the price is oscillating at the bottom. Attention should be paid to supply - side policies and demand changes in the off - season [1]. - Strategy: Neutral for single - side trading; no specific strategies for cross - period, cross - variety, spot - futures, and options trading [2] Iron Ore - Market Analysis: Affected by market sentiment, the futures price is oscillating upwards. The price of imported iron ore has risen slightly, and the trading volume of main ports was 1.06 million tons yesterday, a 0.19% increase from the previous day. The trading volume of forward - looking spot was 1.03 million tons, a 33.12% decrease [3]. - Supply - Demand and Logic: The arrival volume has decreased, but the overall supply is increasing. Iron ore consumption is resilient. In the short term, the price has rebounded, and the basis discount has been repaired. In the long term, the supply - demand is relatively loose. Attention should be paid to the iron - making water production in the off - season and industrial policies [3]. - Strategy: Oscillating for single - side trading; no specific strategies for cross - period, cross - variety, spot - futures, and options trading [4] Coking Coal and Coke - Market Analysis: The futures prices of coking coal and coke are oscillating upwards. The coke 2509 contract closed at 1442 yuan/ton, a 3.15% increase; the coking coal 2509 contract closed at 843.5 yuan/ton, a 3.18% increase. The trading atmosphere of imported coal has warmed up [5]. - Logic and Views: For coke, after price cuts, the production enthusiasm of coking enterprises is affected, and the inventory pressure is shifting to steel mills. For coking coal, environmental supervision and low - level imports provide price support, and the current supply - demand contradiction is not prominent. The price is rebounding due to improved market sentiment [6]. - Strategy: Oscillating for both coking coal and coke in single - side trading; no specific strategies for cross - period, cross - variety, spot - futures, and options trading [7] Thermal Coal - Market Analysis: In the production areas, some previously shut - down coal mines have resumed production, and the supply and output have increased. With the increase in high - temperature days, traders' bullish sentiment may persist, and some stocking demand will be released. The price in the production area fluctuates within 5 - 10 yuan. At ports, the inventory is decreasing slightly, the market sentiment is positive, and the transaction price has increased, but high - price transactions are limited. The imported coal market is stable, with high - cost - performance of medium - and low - calorie coal, and active domestic bidding and restocking [8]. - Demand and Logic: In July, some coal mines have resumed production, and as the temperature rises, demand is expected to strengthen. In the short term, the price is rising slightly. In the long term, the supply is abundant, and attention should be paid to non - power coal consumption and restocking [8]. - Strategy: No specific strategy [8]

Report Industry Investment Ratings - No specific industry investment ratings are provided in the content. Core Views - The glass and soda ash markets are experiencing a weak demand in the off - season, with both showing a trend of narrow - range fluctuations and a general outlook of weakening oscillations [1][2]. - The ferrosilicon and silicomanganese markets have obvious off - season characteristics, with both showing a continuous oscillating trend [3][4]. Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass: The glass futures rebounded slightly yesterday. In the spot market, the morning buying sentiment was good, but the overall purchase volume was average. Except for a price increase of a small - board safety glass brand, other brands' quotes were stable [1]. - Soda Ash: The soda ash futures oscillated downward yesterday. In the spot market, the overall downstream procurement was average, mainly for rigid - demand restocking, and the speculative sentiment was weak [1]. Supply - Demand and Logic - Glass: With some production lines in the red, the glass supply decreased month - on - month. The downstream rigid demand remained weak, and real - estate data was still at a low level. During the traditional consumption off - season, the high inventory of glass strongly suppressed prices. Attention should be paid to glass factories' cold - repair plans and profit situations [1]. - Soda Ash: As previously - overhauled alkali plants resumed production and new projects were launched, the soda ash output increased month - on - month, resulting in a relatively loose supply. The demand from the float and photovoltaic sectors weakened, and the real - estate sector continued to drag down consumption. With the expected contraction of float - glass supply in the future and the approaching of the short - term consumption off - season, the demand for heavy soda ash was expected to weaken further. In the long run, oversupply would continue to push down prices [1]. Strategy - Glass: Oscillating weakly [2]. - Soda Ash: Oscillating weakly [2]. Double Silicon (Silicomanganese and Ferrosilicon) Market Analysis - Silicomanganese: Yesterday, the main contract of silicomanganese futures fell by 6 yuan/ton to 5610 yuan/ton. In the spot market, the silicomanganese market oscillated. At the beginning of the week, the market was full of wait - and - see sentiment, and there were few spot quotes. The price of 6517 silicomanganese in the northern market was 5480 - 5530 yuan/ton, and in the southern market, it was 5500 - 5550 yuan/ton. The silicomanganese output rebounded from a low level, the molten - iron output increased slightly, and the demand for silicomanganese increased slightly. The inventories of silicomanganese manufacturers and registered warrants were at medium - to - high levels, suppressing the price of silicomanganese. The port inventory of manganese ore decreased slightly. Attention should be paid to silicomanganese inventories and manganese - ore shipments [3]. - Ferrosilicon: Yesterday, the main contract of ferrosilicon futures closed at 5316 yuan/ton, up 16 yuan/ton from the previous day. In the spot market, the ferrosilicon market rose slightly. The ex - factory price of 72 - grade ferrosilicon natural lumps in the main production areas was 5050 - 5150 yuan/ton (cash and tax included), and the price of 75 - grade ferrosilicon was 5600 - 5750 yuan/ton. Currently, the ferrosilicon output increased month - on - month, the demand increased slightly, and the factory inventory was at a high level. As the consumption off - season approached, the consumption intensity of ferrosilicon would be tested. The ferrosilicon production capacity was relatively loose, and the short - term price was dragged down by costs. However, the overall restocking of ferrosilicon was in a healthy state. Attention should be paid to the impact of electricity - price changes and industrial policies on the black - metal sector [3]. Strategy - Silicomanganese: Oscillating [4]. - Ferrosilicon: Oscillating [4].