Report Investment Rating - No information provided on the industry investment rating in the report. Core Viewpoints - The report predicts that the lithium carbonate futures price will show an "oscillating and strengthening" trend in the range of 74,000 - 83,000 yuan/ton in the next month. If the lithium ore gap cannot be filled in time, the price may break through 85,000 yuan/ton [5]. - On the lithium ore side, the expected increase in the quantity of imported lithium concentrates this month can ease the supply tightness. The release of salt lake production capacity will continuously supplement the supply of the lithium salt market, and the "resumption speed of Jianxiaowo" is a key variable. If its resumption progress exceeds market expectations, it will directly expand the lithium salt supply scale and potentially suppress prices. The current demand is strong, and the prices of core battery materials such as lithium iron phosphate, ternary materials, and lithium hexafluorophosphate are rising, indicating the demand toughness for lithium carbonate. The high - prosperity production schedule in November will maintain the strong demand for lithium salts, intensifying the supply - demand mismatch of lithium ore. The downstream demand of lithium battery material enterprises is expected to increase month - on - month by the end of the year, which will support the spot price of lithium carbonate [3]. Summary by Directory 1. Futures Data - **Price and Volatility**: The 20 - day rolling volatility of the lithium carbonate LC2601 contract is 30.0%, and the historical percentile of the current volatility in 3 years is 45.1%. The strong pressure level of the LC2601 contract is 85,000 yuan/ton [2]. - **Contract Information**: The closing price of the lithium carbonate futures main contract is 78,560 yuan/ton, with a daily decrease of 3,720 yuan (- 4.52%) and a weekly decrease of 3,080 yuan (- 3.77%). The trading volume is 975,978 lots, with a daily increase of 389,310 lots (66.36%) and a weekly increase of 246,671 lots (33.82%). The open interest is 457,374 lots, with a daily decrease of 67,810 lots (- 12.91%) and a weekly decrease of 31,429 lots (- 6.43%) [8]. - **Spread Information**: LC2601 - LC2603 is 100 yuan/ton, with a daily decrease of 420 yuan (- 80.77%) and a weekly decrease of 640 yuan (- 86.49%); LC2601 - LC2605 is - 500 yuan/ton, with a daily decrease of 580 yuan (- 725.00%) and a weekly decrease of 740 yuan (- 308.33%); LC2603 - LC2605 is - 600 yuan/ton, with a daily increase of 160 yuan (36.36%) and a weekly increase of 100 yuan (20.00%) [8]. - **Warehouse Receipt Information**: The Guangzhou Futures Exchange lithium carbonate warehouse receipts are 26,490 lots, with a daily decrease of 800 lots (- 2.93%) and a weekly decrease of 845 lots (- 3.09%) [8]. 2. Spot Data - **Lithium Ore Prices**: The average daily prices of various lithium ores have different degrees of decline. For example, the average price of lithium mica (Li2O: 2 - 2.5%) is 2,115 yuan/ton, with a daily decrease of 35 yuan (- 1.63%) and a weekly increase of 50 yuan (2.42%) [26]. - **Lithium Salt Prices**: The average price of industrial - grade lithium carbonate is 78,700 yuan/ton, with a daily decrease of 100 yuan (- 0.13%) and a weekly increase of 2,400 yuan (3.15%); the average price of battery - grade lithium carbonate is 80,900 yuan/ton, with a daily decrease of 100 yuan (- 0.12%) and a weekly increase of 2,400 yuan (3.06%) [29]. - **Downstream Product Prices**: The prices of downstream products such as lithium iron phosphate, ternary materials, and electrolytes also have different changes. For example, the average price of lithium iron phosphate (power - type) is 36,025 yuan/ton, with a daily decrease of 25 yuan (- 0.07%) [38]. 3. Basis and Warehouse Receipt Data - **Basis Information**: The basis quotes of different lithium carbonate brands vary. For example, the basis quote of Shengxin Lithium Energy (LI2CO3≥99.8%, LC2601) is - 100 yuan, and the four - material comprehensive basis quote (LC2601) is - 225 yuan [42]. - **Warehouse Receipt Information**: The total number of lithium carbonate warehouse receipts is 26,490 lots, a decrease of 800 lots compared with yesterday. Different warehouses have different changes in warehouse receipt quantities, such as a decrease of 150 lots in Xiangyu Speed - Pass Shanghai and 440 lots in Suining Tiancheng [45]. 4. Cost and Profit - **Production Profit**: The report shows the production profit charts of lithium carbonate from purchased lithium ore, including the production profit from purchased lithium spodumene concentrate (Li₂O: 6%) and lithium mica concentrate (Li₂O: 2.5%), as well as the import profit and theoretical delivery profit of lithium carbonate [46][47][49]. 5. Risk Management Strategies - **Procurement Management**: For enterprises with plans to produce battery materials in the future, if they are worried about the increase in procurement costs due to rising lithium carbonate prices, they can buy corresponding futures contracts or sell put options to lock in procurement costs. The hedging ratio is 20%, and the recommended entry range is below 73,000 yuan for futures and LC2512 - P - 73000 for options [2]. - **Sales Management**: For enterprises with plans to produce lithium carbonate in the future, if they are worried about the decrease in sales profits due to falling prices, they can sell corresponding futures contracts or buy put options and sell call options to lock in sales profits. The hedging ratio for futures is 40%, and 20% for options [2]. - **Inventory Management**: For enterprises with high lithium carbonate inventories, if they are worried about inventory depreciation due to falling prices, they can sell futures contracts or call options to lock in inventory value. The hedging ratio for futures is 60% (above 83,000 yuan), and 30% for call options (LC2601 - C - 83000) [2].

Report Industry Investment Rating No relevant content provided. Core Views Industrial Silicon - Supply - The low - electricity - price environment in the southwest region during the wet season is ending, and the growth rate of the ore - heating furnace operating rate in the southwest region is expected to slow down and decline. The furnace - opening growth rate in Xinjiang is also lower than expected, showing a slow - down trend. The overall operating rate of industrial silicon is expected to peak, and the supply - side pressure will gradually ease [4]. - Demand - The operating rate of the organic silicon industry has slowed down, with limited actual demand for industrial silicon. The demand from the recycled aluminum alloy sector remains stable, and the demand from the polysilicon sector is expected to increase steadily in the next two months [4]. - Market Outlook - If the supply - side operating rate enters the downward channel as expected and the downstream polysilicon demand improves substantially, the oversupply situation in the industrial silicon market will ease, and the industry may reach a key node for a price bottom - reversal [4]. Polysilicon - Market Logic - The short - term trading focus is on whether the October photovoltaic storage platform will be established, and then it will shift to the "November concentrated warehouse - receipt cancellation" expectation game. The market shows the characteristics of "increasing supply and stable demand" [9][10]. - Risk - The volatility of polysilicon futures is much higher than that of lithium carbonate and industrial silicon, with a relatively high overall risk level. Investors are advised to participate cautiously and control positions and hedge risks [10]. Summary by Directory I. Futures Data Industrial Silicon - The closing price of the industrial silicon main contract is 8705 yuan/ton, with a daily increase of 220 yuan and a daily increase rate of 2.59%. The trading volume is 172346 lots, with a daily increase of 66824 lots and a daily increase rate of 63.33%. The open interest is 76195 lots, with a daily decrease of 20359 lots and a daily decrease rate of 21.09% [12][13]. - The number of industrial silicon warehouse receipts is 48371 lots, with a daily decrease of 367 lots and a daily decrease rate of 0.75% [13]. Polysilicon - The closing price of the polysilicon main contract is 50760 yuan/ton, with a daily increase of 450 yuan and a daily increase rate of 0.89%. The trading volume is 86148 lots, with a daily decrease of 14344 lots and a daily decrease rate of 14.27%. The open interest is 45407 lots, with a daily decrease of 3609 lots and a daily decrease rate of 7.36% [37]. - The number of polysilicon futures warehouse receipts is 9220 lots, with a daily decrease of 80 lots and a daily decrease rate of 0.9% [37]. II. Spot Data Industrial Silicon - The price of 99 industrial silicon in Xinjiang is 8700 yuan/ton, with a daily decrease of 50 yuan and a daily decrease rate of 0.57%. The price of 421 industrial silicon in Tianjin is 9800 yuan/ton, with a daily decrease of 50 yuan and a daily decrease rate of 0.51% [21]. - The price of industrial silicon powder (553) is 9950 yuan/ton, with a daily decrease of 50 yuan and a daily decrease rate of 0.50% [21]. Polysilicon - The price of N - type polysilicon re - feeding material is 53 yuan/kg, with no daily change and a weekly increase of 0.25 yuan and a weekly increase rate of 0.47% [46]. - The price of N - type silicon wafers (G10 - 182, 130um) is 1.35 yuan/piece, with no daily or weekly change [46]. III. Basis and Warehouse Receipts Industrial Silicon - The total number of industrial silicon warehouse receipts is 48371 lots, with a decrease of 367 lots compared with the previous period and a decrease rate of 0.56% [36]. - The basis of the industrial silicon main contract in East China (553) and (421) shows certain seasonal characteristics [30][31][32]. Polysilicon - The basis of the polysilicon main contract is 2000 yuan/ton, with a daily decrease of 450 yuan and a daily decrease rate of 18.37%, and a weekly increase of 1915 yuan and a weekly increase rate of 2252.94% [56]. - The total number of polysilicon warehouse receipts is 9300 lots, with a decrease of 80 lots compared with the previous period [57].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Industrial Silicon - Supply - The end of the low - electricity - price period in Southwest China during the wet season will slow down and potentially reduce the growth rate of ore - heating furnace start - up rates. The furnace - opening growth rate in Xinjiang is also below expectations. Overall, the overall start - up rate of industrial silicon is expected to peak, and the risk of further inventory accumulation will ease, reducing supply - side pressure [4]. - Demand - The organic silicon industry's start - up rate is slowing, with limited actual demand for industrial silicon. The demand from the recycled aluminum alloy sector remains stable and is expected to maintain rigid procurement. The polysilicon sector is expected to see a steady increase in demand for industrial silicon in the next two months as enterprise profit conditions improve and production schedules increase in October [4]. - Market Outlook - The supply - side incremental space is expected to narrow. Key signals to watch are whether the supply - side start - up rate enters a downward channel and whether the downstream polysilicon demand improves. If both conditions are met, the oversupply situation may ease, and the industry may reach a price bottom - reversal point. The details and implementation of polysilicon industry integration measures are crucial variables [4][6]. Polysilicon - Core Influencing Factors - The core factors determining the polysilicon futures price are the establishment of the photovoltaic storage platform in October, the pressure of concentrated warehouse - receipt cancellation in November, the stability and increase of component bid - winning prices on the demand side, and the increase of photovoltaic grid - connected power prices [9]. - Market Outlook - The short - term trading focus is on whether the storage platform will be established in October, and then it will shift to the expectation game of concentrated warehouse - receipt cancellation in November. The high volatility of polysilicon futures implies high risks, and investors are advised to be cautious [9][10]. 3. Summary by Relevant Catalogs Industrial Silicon Futures Data - The closing price of the industrial silicon main contract is 8505 yuan/ton, with a daily decrease of 60 yuan (- 0.70%) and a weekly decrease of 15 yuan (- 0.18%). The trading volume is 188,642 lots, down 1,690 lots (- 0.89%) daily and 98,635 lots (- 34.33%) weekly. The open interest is 107,518 lots, down 6,718 lots (- 5.88%) daily and 55,156 lots (- 33.91%) weekly [12][13]. Spot Data - The price of 99 industrial silicon in Xinjiang is 8750 yuan/ton, unchanged daily and down 100 yuan (- 1.13%) weekly. The price of 553 in Xinjiang is also 8750 yuan/ton, with the same daily and weekly changes. The prices of different grades and regions show various trends, and the price of downstream products such as trichlorosilane, polysilicon N - type price index, etc., also have corresponding changes [21]. Basis and Warehouse Receipts - The total number of industrial silicon warehouse receipts is 48,851 lots, down 452 lots (- 0.79%) compared to the previous period. The warehouse receipts in different delivery warehouses have different changes, such as a 0.3 - million - ton decrease in the Kunming delivery warehouse (weekly) [35]. Polysilicon Futures Data - The closing price of the polysilicon main contract is 50,715 yuan/ton, with a daily increase of 375 yuan (0.74%) and a weekly increase of 725 yuan (1.45%). The trading volume is 121,870 lots, down 28,902 lots (- 19.17%) daily and 175,833 lots (- 59.06%) weekly. The open interest is 52,237 lots, down 4,569 lots (- 8.04%) daily and 29,151 lots (- 35.82%) weekly [36]. Spot Data - The price of N - type polysilicon, including N - type re - feeding material, N - type dense material, etc., shows different degrees of increase. The prices of silicon wafers, battery cells, and components also have corresponding changes [45]. Basis and Warehouse Receipts - The basis of the polysilicon main contract is 1975 yuan/ton, down 375 yuan (- 15.96%) daily and 685 yuan (- 25.75%) weekly. The total number of polysilicon warehouse receipts is 9290 lots, an increase of 140 lots compared to the previous day [55].

Core Insights - The training session held in Xiamen aimed to enhance risk management capabilities of local companies through the use of futures and derivatives, aligning with the government's directive to support high-quality economic development [1][5] Group 1: Training Overview - The training adopted a comprehensive teaching model that included policy interpretation, case analysis, and practical tools, featuring six experts discussing key topics such as the current participation of listed companies in the futures market and risk management strategies [2][3] - Approximately 130 executives and relevant personnel from listed companies, New Third Board companies, and industrial enterprises attended the training to explore practical paths for utilizing futures derivatives in risk management [1][2] Group 2: Market Participation and Trends - The participation level of listed companies in hedging activities has been increasing, with 1,503 companies expected to release hedging announcements in 2024, representing a participation rate of 28.6% [2] - In the first eight months of 2025, 1,235 companies announced futures and derivatives business, with 397 companies engaging in commodity futures hedging, accounting for 32.15% [2] Group 3: Expert Insights - Experts emphasized the importance of integrating options into risk management, showcasing how companies can optimize procurement costs and enhance sales revenue through strategic use of options [3] - A case study highlighted how a steel company successfully locked in processing profits by optimizing procurement prices through a combination of basis and options [3] Group 4: Service Initiatives by Zhengzhou Commodity Exchange - Zhengzhou Commodity Exchange (ZCE) has launched various initiatives to support local industries, including the establishment of delivery warehouses to reduce costs and the implementation of service projects to facilitate participation in the futures market [5][6] - ZCE has listed 27 futures and 20 options products, creating a comprehensive product system that covers various sectors, including polyester and salt chemicals [5][6] Group 5: Feedback from Participants - Participants expressed enthusiasm for the training, noting that the content addressed industry pain points and provided practical pathways for utilizing futures derivatives [7] - Companies indicated a desire to deepen their application of futures tools, with some planning to optimize their hedging approval processes based on the training insights [7]

Core Insights - The training program aims to enhance the risk management capabilities of enterprises in the Ningbo region by leveraging futures markets and derivative tools [1][4] - The event is supported by various financial institutions and aims to strengthen the understanding of futures market functions among local businesses [1][2] Group 1: Event Overview - The sixth training session for the commodity industry in Ningbo was launched on September 23, with over a hundred participants from listed companies, prospective listings, and small to medium enterprises [1] - The Dalian Commodity Exchange emphasized the increasing volatility of commodity prices and the urgent need for effective risk management among enterprises [1][2] Group 2: Market Development - The Chinese futures market has seen significant development, with a variety of futures and options products covering major sectors of the national economy, serving as pricing benchmarks and risk management tools [2] - The China Futures Market Monitoring Center aims to contribute to the safety of supply chains and the high-quality development of the real economy [2] Group 3: Risk Management Insights - The training included discussions on the importance of risk management for enterprises, with insights into economic cycles, financial cycles, and industry supply-demand dynamics [2][3] - Various case studies, including those on iron ore and coking coal, were presented to illustrate the application of hedging strategies [2] Group 4: Derivative Tools and Strategies - The session covered the concept and historical development of options markets, highlighting their role as essential tools for enterprises to manage risks and optimize operations [3] - Different trading models based on basis trading were introduced, showcasing how they can address pricing discrepancies and improve procurement efficiency [3] Group 5: Future Directions - Participants expressed that the training enhanced their understanding of futures and derivative tools, which is crucial for improving their competitive edge in a volatile market [4] - The Ningbo Securities and Futures Industry Association plans to continue collaborating with regulatory bodies to foster a conducive environment for the integration of finance and industry [4]

Group 1 - The training program aims to enhance risk management awareness and capabilities among enterprises in Ningbo, focusing on the importance of futures markets in supporting the real economy [1][4] - The Dalian Commodity Exchange (DCE) emphasizes the increasing demand for risk management due to heightened volatility in commodity prices, and aims to improve its product offerings and market services [1][2] - The training involved over a hundred participants from listed companies, prospective listed companies, and small to medium-sized enterprises in Ningbo, highlighting the region's strong connection to DCE's listed products [1][2] Group 2 - The China Futures Market Monitoring Center noted significant developments in the futures market, with a wide range of futures and options products now serving as pricing benchmarks and risk management tools for enterprises [2] - The training included insights on the evolution of the domestic futures market and the importance of risk management, with case studies on commodities like iron ore and coking coal [2][3] - Participants reported an enhanced understanding of futures and derivatives, which is expected to improve their risk management strategies and competitive edge in a volatile market [3][4] Group 3 - The training covered the concept and development of the options market, emphasizing derivatives as essential tools for enterprises to navigate economic cycles and optimize risk management [3] - The concept of basis trading was introduced, detailing its four models and their applications in addressing pricing discrepancies and supply-demand mismatches [3] - The Ningbo Securities and Futures Industry Association plans to continue enriching services for the real economy and fostering collaboration among various stakeholders to enhance the local futures market [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Industrial Silicon - Supply - The low - electricity - price environment in Southwest China's wet season is ending, and the growth rate of furnace - starting in Xinjiang is also slower than expected. The overall supply pressure is expected to gradually ease [4]. - Demand - The demand from the organic silicon industry has slowed, while the demand from the recycled aluminum alloy remains stable. The demand from the polysilicon sector is expected to increase steadily in the next two months [4]. - Market Outlook - If the supply - side production rate enters a downward channel and the downstream polysilicon demand improves, the oversupply situation may ease, and the industry may reach a price bottom - reversal point [4]. Polysilicon - Supply - The production plan in September is expected to increase month - on - month, exacerbating the supply - side surplus pressure. The increasing number of daily warehouse receipts also exerts pressure on the futures market [10]. - Demand - The production rhythm of silicon wafers and battery cells continues to slow, and the demand for polysilicon is restricted by factors such as lagging terminal installation demand and inventory digestion pressure [10]. - Market Outlook - If major enterprises in the industry reach effective integration agreements, it will fundamentally improve the supply - demand pattern and form long - term support for the market. Currently, investors are advised to be cautious [10]. 3. Summary by Relevant Catalogs Industrial Silicon Futures Data - The closing price of the industrial silicon main contract is 8740 yuan/ton, with a daily increase of 75 yuan (0.87%) and a weekly increase of 225 yuan (2.64%) [12]. - The trading volume of the main contract decreased by 275329 lots (44.20%) daily and 24186 lots (6.51%) weekly [12]. - The open interest of the main contract increased by 9706 lots (3.49%) daily and 10466 lots (3.77%) weekly [12]. Spot Data - The price of 99 industrial silicon in Xinjiang and Tianjin remained unchanged, while the price of 553 in Xinjiang increased by 100 yuan/ton (1.14%) [20][21]. - The price of 421 in Yunnan increased by 100 yuan/ton (1.14%), and the price of industrial silicon powder and some downstream products also had price changes [21]. Basis and Warehouse Receipts - The total number of industrial silicon warehouse receipts is 50093 lots, an increase of 48 lots (1.23%) from the previous period [34]. - The inventory in some delivery warehouses remained stable, while the inventory in Tianjin delivery warehouse increased by 198 tons (0.92%) [34]. Polysilicon Futures Data - The closing price of the polysilicon main contract is 53710 yuan/ton, with a daily increase of 825 yuan (1.56%) and a weekly increase of 1515 yuan (2.90%) [36]. - The trading volume of the main contract decreased by 133683 lots (32.45%) daily but increased by 10216 lots (3.81%) weekly [36]. - The open interest of the main contract decreased by 746 lots (0.54%) daily and 9624 lots (6.59%) weekly [36]. Spot Data - The prices of N - type polysilicon products such as N - type re - feeding materials and N - type dense materials had slight weekly increases [42]. - The prices of silicon wafers, battery cells, and components also had different degrees of changes [42]. Basis and Warehouse Receipts Data - The basis of the polysilicon main contract is - 2470 yuan/ton, with a daily decrease of 845 yuan (52.00%) and a weekly decrease of 1405 yuan (131.92%) [48]. - The total number of polysilicon warehouse receipts is 7690 lots, an increase of 320 lots (4.3%) [36].

Core Insights - The launch of propylene futures and options on July 22 aims to enhance the research capabilities of analysts and improve industry service levels [1] - The training held on September 5 focuses on addressing pain points in the propylene industry and enhancing the understanding of market dynamics and risk management [1][6] Industry Overview - China is the largest producer and consumer of propylene globally, with a projected share of nearly 40% of global propylene capacity by 2024 [2] - The country's propylene import dependency has decreased to below 5%, although it remains the largest importer in Asia [2] Training and Development - The training program included sessions on market conditions, futures and options rules, risk management practices, and market research systems [1] - Experts from the China Petroleum and Chemical Industry Federation and leading companies provided insights through policy interpretation, market dynamics, and case studies [1] Risk Management Strategies - Five key propylene options strategies were discussed to aid companies in risk management, including protective put options, covered call options, bear put spreads, collar strategies, and fixed payout options [3] - These strategies aim to provide practical pathways for managing price volatility and enhancing profitability [3] Industry Transformation - Futures are seen as a tool to transform traditional business models in the petrochemical industry, with propylene prices directly impacting the profitability of upstream and downstream enterprises [4] - The establishment of a comprehensive risk hedging system is crucial for the entire propylene supply chain [4] Analyst Feedback - Analysts expressed that the training broadened their perspectives and improved their ability to address client needs and provide better risk management strategies [5] - The training covered a wide range of topics, including macroeconomic conditions, industry status, and real case studies, which are beneficial for serving the industry [5] Call for Participation - The organizers of the training emphasized the need for more participation from propylene industry enterprises and analysts to contribute to research and address key issues in risk management and market functionality [6]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views Industrial Silicon - Supply - The end of the low - electricity - price period in Southwest China during the wet season will slow down and potentially decrease the growth rate of the ore - heating furnace operating rate. The furnace - opening growth rate in Xinjiang is also slower than expected. Overall, the future operating rate of industrial silicon may peak, reducing the risk of inventory accumulation and supply - side pressure [4]. - Demand - The demand from the organic silicon industry is limited, while the demand from the recycled aluminum alloy remains stable. The demand from the polysilicon sector is expected to increase steadily in the next two months as enterprise profits improve and production schedules are raised. If supply decreases and polysilicon demand increases, the oversupply situation may ease, and the industry may reach a price bottom - reversal point [4]. - Factors Affecting Price - Positive factors include the "anti - involution" policy boosting market sentiment, limited downward space for costs, and strong demand. Negative factors include potential weakening of demand due to industrial integration or production cuts in the polysilicon industry [7][8]. Polysilicon - Supply - The production schedule of polysilicon enterprises in September is expected to increase, exacerbating the supply - side surplus. The increasing number of daily warehouse receipts also pressures the futures market [10]. - Demand - The production pace of silicon wafers and battery cells continues to slow. Terminal demand lags, and high inventory restricts the demand for polysilicon [10]. - Long - term Outlook - If major enterprises reach effective integration agreements, the current "over - capacity and price involution" situation may improve, fundamentally repairing the supply - demand pattern [10]. 3. Section Summaries Industrial Silicon - **Risk Management Strategy** - Price Forecast - The strong support level of the industrial silicon main contract is 8200 yuan/ton, with a current 20 - day rolling volatility of 27.6% and a 3 - year historical percentile of 77.6% [2]. - Procurement Management - For products with no price correlation, 60% of the corresponding futures contracts can be bought at 7900 - 8400 yuan/ton, and 40% of put options (SI2511 - P - 8200) can be sold. For products with price correlation, 20% of the main futures contracts can be sold according to the procurement progress, and 40% of put - call option combinations can be bought according to the procurement cost [2]. - Sales Management - 20% of the corresponding futures contracts can be sold according to the production plan, and 40% of put - call option combinations can be bought according to the sales profit [2]. - Inventory Management - 10% - 20% of the main futures contracts can be sold at 9000 - 9500 yuan/ton, and 20% - 40% of call options (SI2511 - C - 9200) can be sold [2]. - **Futures Data** - The closing price of the industrial silicon main contract is 8515 yuan/ton, with a weekly increase of 1.49%. The trading volume is 371805 lots, with a weekly increase of 9.69%. The open interest is 277305 lots, with a weekly decrease of 5.17% [12]. - The number of industrial silicon warehouse receipts is 50072 lots, with a weekly decrease of 1.15% [13]. - **Spot Data** - The prices of 99 and 553 industrial silicon in different regions are mostly stable, while the prices of 421 in some regions have decreased by about 100 yuan/ton in a week [18]. - The price of trichlorosilane is 3375 yuan/kg, the N - type polysilicon price index is 51.13 yuan/kg, the price of DMC is 10650 yuan/ton, and the price of alloy ADC12 is 20750 yuan/ton [18][20]. - **Basis and Warehouse Receipts** - The total number of industrial silicon warehouse receipts is 50072 lots, a decrease of 276 lots from the previous period [35]. - The basis of the main contract of 553 and 421 industrial silicon in different regions shows seasonal characteristics [29][30][31]. Polysilicon - **Futures Data** - The closing price of the polysilicon main contract is 52195 yuan/ton, with a weekly increase of 5.09%. The trading volume is 268080 lots, with a weekly decrease of 28.76%. The open interest is 145950 lots, with a weekly increase of 1.42% [36]. - The number of polysilicon futures warehouse receipts is 6870 lots, with a weekly decrease of 0.15% [36]. - **Spot Data** - The prices of N - type polysilicon products such as N - type re - feedstock, N - type dense material, etc., have increased by about 2 - 2.5 yuan/kg in a week. The prices of silicon wafers, battery cells, and components in the photovoltaic industry have also changed slightly [41]. - **Basis and Warehouse Receipts Data** - The basis of the polysilicon main contract is - 1065 yuan/ton, with a weekly increase of 16.39% [53]. - The total number of polysilicon warehouse receipts is 6870 lots, unchanged from the previous day [53].

Core Viewpoint - In 2024, the pulp industry in China is undergoing a deep adjustment and transformation amid complex internal and external environments, with significant price fluctuations impacting companies' operations [1] Group 1: Market Trends - In the first half of 2024, pulp prices showed a clear upward trend, leading to optimistic market expectations [1] - However, after high-level purchases of pulp by Company X, prices fell, resulting in inventory losses and increased storage costs [2] Group 2: Company Strategy - Company X, established in early 2020, began forming a pulp trading team by the end of 2021, achieving an annual trading volume of 340,000 tons and a trading value of 1.7 billion yuan [1] - The company engaged with Huazhong Futures to develop risk management strategies, leading to the establishment of a professional futures team and a strict hedging system [1][2] Group 3: Risk Management - Company X's hedging volume increased from approximately 18,000 tons in 2021 to 36,000 tons in 2023, demonstrating effective risk management through futures and options [2] - In response to market downturns, the company sold its existing inventory at market price to recover funds and mitigate further losses [3] Group 4: Derivative Tools Utilization - The company utilized options to hedge risks, converting inventory into option positions to avoid storage costs while generating premium income to offset previous losses [3][4] - Company X adopted a dual strategy of selling both put and call options to manage its positions effectively, thereby reducing holding costs and protecting against price fluctuations [4] Group 5: Future Plans - Looking ahead, Company X plans to expand its risk management toolbox by integrating futures, options, and basis trading, aiming to build a hedging alliance within the pulp industry [5] - The company seeks to enhance its risk management capabilities, transforming them into competitive advantages in the industry, and contributing to high-quality development in the pulp sector [5]