Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term view of the stock index is that it is under pressure but also supported, showing a range - bound trend. The medium - term view is oscillatory. The intraday view is bullish. The reference view is range - bound [1][5] - Policy support leads to strong expectations for the macro - economy in 2026, and as policy expectations ferment, market risk appetite will gradually recover. When the stock index falls to the lower edge of the oscillation range, the willingness of medium - and long - term funds to allocate increases, providing strong support. However, there is insufficient motivation for policy to continue to increase this year, and the policy is expected to take effect in the first quarter of next year. There is still a wait - and - see sentiment in the capital market in the short term [5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is bullish, and the reference view is range - bound. The core logic is that the policy support expectation and the net inflow trend of funds remain unchanged [1] Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is bullish, the medium - term view is oscillatory, and the reference view is range - bound. The core logic is that the stock indexes rebounded slightly last Friday. With policy support, there are strong expectations for the macro - economy in 2026. As policy expectations ferment, market risk appetite will recover. When the stock index falls to the lower edge of the oscillation range, the willingness of medium - and long - term funds to allocate increases, providing support. But there is insufficient motivation for policy to increase this year, and the policy is expected to take effect in the first quarter of next year. There is still a wait - and - see sentiment in the capital market in the short term [5]

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The short - term view of the stock index is range - bound, with pressure on the upside and support on the downside. In the short term, the policy is in a window period, and the driving force for continued policy intensification this year is insufficient. The policy is expected to focus on the first quarter of next year. The willingness of funds to leave the market and wait and see has increased, but if the stock index pulls back to the lower edge of the previous shock range, the willingness of medium - and long - term funds to allocate will increase, providing strong support. As the expectation of policy benefits continues to ferment, market risk preference will gradually recover [5]. - For the IH2603 variety, the short - term and medium - term views are both "shock", the intraday view is "strong - biased", and the overall view is "range - bound", with the core logic being the unchanged expectation of policy benefits and the trend of net capital inflow [1]. Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For the IH2603 variety, the short - term view is "shock", the medium - term view is "shock", the intraday view is "strong - biased", and the view reference is "range - bound". The core logic is the unchanged expectation of policy benefits and the trend of net capital inflow [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is "strong - biased", and the medium - term view is "shock", with a reference view of "range - bound". Yesterday, each stock index oscillated and sorted in a narrow range. The total stock market turnover was 1672.2 billion yuan, a decrease of 162.1 billion yuan from the previous day. Currently, the trading volume of the stock market is shrinking, and the stock index remains within the shock range. In the short term, due to the policy window period, the driving force for continued policy intensification this year is insufficient, and the driving force of policy benefit expectations is weak. The willingness of funds to leave the market and wait and see has increased, and the driving force of funds is also weak. However, if the stock index pulls back to the lower edge of the previous shock range, the willingness of medium - and long - term funds to allocate will increase, providing strong support. Overall, the stock index is range - bound in the short term [5].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - For the IH2603 variety, short - term and medium - term trends are expected to be volatile, while the intraday trend is expected to be on the stronger side, with an overall view of volatile and bullish due to the continuous fermentation of policy - positive expectations [1]. - For IF, IH, IC, and IM varieties, the intraday view is bullish, the medium - term view is volatile, and the overall reference view is volatile and bullish. The current macro - economic data shows strong resilience, and the follow - up policy will continue to increase efforts in expanding domestic demand. With the continuous fermentation of policy - positive expectations, the stock market's risk appetite will rise again, and the stock index will be mainly volatile and bullish in the short term [5]. 3. Summary According to Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the IH2603 variety, the short - term trend is volatile, the medium - term trend is volatile, the intraday trend is on the stronger side, with a view of volatile and bullish, and the core logic is the continuous fermentation of policy - positive expectations [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is bullish, the medium - term view is volatile, and the reference view is volatile and bullish. Yesterday, each stock index fluctuated and consolidated. The total stock market turnover was 1.79 trillion yuan, a decrease of 324.6 billion yuan from the previous day. The current macro - economic data shows strong resilience, but the marginal slowdown of investment and consumption growth rates is still worthy of attention. The follow - up policy will continue to increase efforts in expanding domestic demand, and the expectation of macro - policy benefits is strong, which strongly supports the stock index. With the continuous fermentation of policy - positive expectations and the satisfaction of the technical demand for the stock index to fluctuate and consolidate, the stock market's risk appetite will rise again. In general, the stock index will be mainly volatile and bullish in the short term [5].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On December 12, 2025, all stock indices oscillated and rebounded. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.12 trillion yuan, an increase of 233.5 billion yuan from the previous day [3]. - The Central Economic Work Conference pointed out that in 2026, China will continue to implement a more proactive fiscal policy and a moderately loose monetary policy. The key tasks for next year are to focus on domestic demand and build a strong domestic market, and to adhere to innovation - driven development and cultivate new growth drivers. Policy benefits in expanding domestic demand and supporting technological innovation will continue and intensify, which will play a positive role in stabilizing total economic demand and promoting structural transformation and upgrading. The risk appetite of the stock market has recovered, driving the stock index to rebound [3]. - External risk factors have eased, and the domestic liquidity environment is relatively loose. In the short term, the risk appetite of the stock market is relatively positive and optimistic. Overall, the expectation of policy benefits is gradually fermenting, and the stock index will be mainly oscillating and strengthening in the short term [3]. - For options, considering the long - term upward trend of the stock index, a bull spread or ratio spread strategy with a moderately bullish view can be adopted [3]. Summary by Relevant Catalogs 1 Option Indicators - **ETF and Index Performance**: On December 12, 2025, 50ETF rose 0.45% to 3.134; 300ETF (Shanghai Stock Exchange) rose 0.56% to 4.694; 300ETF (Shenzhen Stock Exchange) rose 0.55% to 4.766; the CSI 300 Index rose 0.63% to 4580.95; the CSI 1000 Index rose 0.81% to 7370.94; 500ETF (Shanghai Stock Exchange) rose 1.17% to 7.285; 500ETF (Shenzhen Stock Exchange) rose 1.20% to 2.872; the ChiNext ETF rose 0.89% to 3.174; the Shenzhen 100ETF rose 0.58% to 3.449; the SSE 50 Index rose 0.59% to 2994.64; the STAR 50ETF rose 1.87% to 1.42; and the E Fund STAR 50ETF rose 1.63% to 1.37 [5]. - **Volume and Position PCR**: The report provides the volume PCR and position PCR of various options on December 12, 2025, and their values on the previous trading day, including 50ETF options, SSE 300ETF options, etc [6]. - **Implied Volatility and Historical Volatility**: The report presents the implied volatility of at - the - money options in December 2025 and the 30 - trading - day historical volatility of the underlying assets for various options, such as 50ETF options, SSE 300ETF options [7][8]. 2 Relevant Charts - **SSE 50ETF Options**: The report includes charts of the SSE 50ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][10][11]. - **SSE 300ETF Options**: There are charts of the SSE 300ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][21][22]. - **SZSE 300ETF Options**: Charts cover the SZSE 300ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [32][33][34]. - **CSI 300 Index Options**: The report shows charts of the CSI 300 index trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [44][45][46]. - **CSI 1000 Index Options**: There are charts of the CSI 1000 index trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [57][58][59]. - **SSE 500ETF Options**: Charts include the SSE 500ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [71][72][73]. - **SZSE 500ETF Options**: The report provides charts of the SZSE 500ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [84][85][86]. - **ChiNext ETF Options**: There are charts of the ChiNext ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [97][98][99]. - **Shenzhen 100ETF Options**: The report shows charts of the Shenzhen 100ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [110][111][112]. - **SSE 50 Index Options**: Charts cover the SSE 50 index trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [123][124][125]. - **STAR 50ETF Options**: There are charts of the STAR 50ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [136][137][138]. - **E Fund STAR 50ETF Options**: The report provides charts of the E Fund STAR 50ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [145][146][147].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The report believes that the policy利好预期 is gradually fermenting, and the stock index will be mainly oscillating and strengthening in the short term [1][5] Group 3: Summary by Related Catalog 1. Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the IH2512 variety, the short - term view is oscillating, the medium - term view is oscillating, the intraday view is strengthening, and the overall view is oscillating and strengthening, with the core logic being the continuous fermentation of the policy利好预期 [1] 2. Price Market Driving Logic of Main Varieties - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is strengthening, the medium - term view is oscillating, and the reference view is oscillating and strengthening. The core logic is that although the stock index had a small oscillating correction yesterday, the trading volume increased. The short - term upward driving force of the stock index is insufficient, but considering the Fed's interest rate cut and the strong policy利好预期 next year, the risk appetite of the stock market is expected to continue to rise, and attention should be paid to the policy guidance of the subsequent Central Economic Work Conference [5]

Group 1: Report Basic Information - Report date: December 8, 2025 [2] - Report type: Financial options daily report [2] Group 2: Core Views - The stock indices oscillated and rebounded today. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.05 trillion yuan, an increase of 312.6 billion yuan from the previous day. The Politburo meeting released a strong signal of policy benefits in 2026, with expectations of increased fiscal spending and a moderately loose monetary policy, which is conducive to the valuation repair of risk assets. In the short term, the stock indices are expected to be oscillating and bullish. For options, considering the long - term upward trend of the stock indices, a bull spread or ratio spread strategy can be used with a moderately bullish view [3] Group 3: Option Indicators Index and ETF Performance - On December 8, 2025, the 50ETF rose 0.60% to 3.164; the 300ETF (Shanghai Stock Exchange) rose 0.72% to 4.732; the 300ETF (Shenzhen Stock Exchange) rose 0.80% to 4.809; the CSI 300 Index rose 0.81% to 4621.75; the CSI 1000 Index rose 1.10% to 7423.05; the 500ETF (Shanghai Stock Exchange) rose 0.86% to 7.278; the 500ETF (Shenzhen Stock Exchange) rose 0.81% to 2.867; the ChiNext ETF rose 2.65% to 3.171; the Shenzhen 100ETF rose 1.31% to 3.477; the SSE 50 Index rose 0.58% to 3019.36; the Science and Technology Innovation 50ETF rose 1.87% to 1.42; the E Fund Science and Technology Innovation 50ETF rose 1.85% to 1.38 [5] Volume and Open Interest PCR - The volume PCR and open interest PCR of various options changed compared to the previous trading day. For example, the volume PCR of the SSE 50ETF option was 78.66 (previous day: 83.46), and the open interest PCR was 107.67 (previous day: 106.61) [6] Implied Volatility and Historical Volatility - The implied volatility and 30 - day historical volatility of the at - the - money options of various options in December 2025 are provided. For example, the implied volatility of the at - the - money option of the SSE 50ETF option in December 2025 was 10.22%, and the 30 - day historical volatility of the underlying was 11.15% [7] Group 4: Related Charts SSE 50ETF Option - Charts include the SSE 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9] SSE 300ETF Option - Charts cover the SSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [19] Shenzhen 300ETF Option - Charts involve the Shenzhen 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [32] CSI 300 Index Option - Charts include the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [38] CSI 1000 Index Option - Charts cover the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [51] SSE 500ETF Option - Charts involve the SSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [65] Shenzhen 500ETF Option - Charts include the Shenzhen 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [78] ChiNext ETF Option - Charts cover the ChiNext ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [89] Shenzhen 100ETF Option - Charts involve the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [102] SSE 50 Index Option - Charts include the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [115] Science and Technology Innovation 50ETF Option - Charts cover the Science and Technology Innovation 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [128] E Fund Science and Technology Innovation 50ETF Option - Charts involve the E Fund Science and Technology Innovation 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [136]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The overall view for the financial futures stock index sector is oscillating with a bullish bias in the short - term, as the policy - friendly expectations are continuously fermenting [1][5]. 3. Summary by Relevant Content 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillating, the medium - term view is oscillating, the intraday view is bullish, and the overall view is oscillating with a bullish bias due to the continuous fermentation of policy - friendly expectations [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view for IF, IH, IC, and IM is bullish, the medium - term view is oscillating, and the reference view is oscillating with a bullish bias. - Last Friday, all stock indices rebounded oscillatingly. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 173.9 billion yuan, an increase of 17.73 billion yuan from the previous day. - With the continuous fermentation of policy - friendly expectations in December, the trading volume of the stock market has increased, the margin trading amount and margin balance have rebounded, and the risk appetite of the stock market has recovered. - The Central Economic Work Conference will provide policy guidance for the macro - economic policies of the Two Sessions next year. The policy - friendly expectations will gradually become the main logic of the market. - However, attention should be paid to the short - term disturbances to the stock index caused by the transmission of the risk appetite of external AI assets and the changes in the trading sentiment of domestic capital. In general, the stock index will be mainly oscillating with a bullish bias in the short term [5].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货股指期货早报（2025 年 12 月 5 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | IH2512 | 震荡 | 震荡 | 偏强 | 区间震荡 | 临近年末资金交投热情下降，但 | | --- | --- | --- | --- | --- | --- | | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 政策利好预期逐渐发酵 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 日内观点：偏强 中期观点：震荡 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 参考观点：区间震荡 核心逻辑：昨日各股指均震荡小幅反弹。沪深京三市全天成交额 15617 亿元，较上日缩量 1219 亿元。 目前股指仍然处于震荡整理阶段，市场 ...

Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot-rolled coil: ★☆☆ [1] - Iron ore: ☆☆☆ [1] - Coke: ★☆☆ [1] - Coking coal: ★☆☆ [1] - Silicon manganese: ★☆☆ [1] - Silicon iron: ★☆★ [1] Report's Core View - The steel market shows a mixed trend with supply and demand changes and policy expectations affecting the price movement [2] - The iron ore market has a relatively loose supply-demand relationship and is expected to fluctuate [3] - The coke and coking coal markets are affected by downstream demand and supply, with short-term price trends showing some characteristics [4][5] - The silicon manganese and silicon iron markets are influenced by factors such as raw material prices and demand, and their price trends need further observation [6][7] Summary by Related Catalogs Steel - The steel futures market continued to rise in shock today. The apparent demand for thread decreased, production declined significantly, and inventory continued to decrease. The supply and demand of hot-rolled coils both decreased, and inventory decreased slowly with pressure remaining [2] - Iron ore production decreased, downstream demand was insufficient, and steel mills continued to operate at a loss. There is a high possibility of further blast furnace production cuts and supply pressure will gradually ease [2] - Real estate investment continued to decline significantly, infrastructure growth slowed down, manufacturing PMI improved marginally, and overall domestic demand remained weak. Steel exports declined from their high levels [2] - Spot prices remained firm during the off-season, and there were still expectations of favorable policies at the macro level. The futures market is expected to continue its shock upward trend with possible fluctuations [2] Iron Ore - The iron ore futures market weakened slightly today. Global shipments were strong, the first shipment of iron ore from Simandou was sent, domestic arrivals remained high, and port inventory continued to increase and approached the annual high [3] - The apparent demand for steel weakened, production declined further, and iron ore demand is expected to weaken further [3] - The macro environment was positive, and there were expectations of policy support ahead of the December important meeting. The iron ore market is expected to fluctuate in the short term [3] Coke - The coke futures market showed a strong shock trend today. There were expectations of downstream replenishment, and prices rebounded slightly [4] - Coking profits were average, daily production increased slightly, and inventory increased slightly. Downstream procurement was mainly on-demand, and traders' purchasing willingness was average [4] - The supply of carbon elements was abundant, downstream iron ore production decreased seasonally, and demand for raw materials remained resilient. Steel mills had a strong willingness to lower raw material prices [4] - The coke futures price was at a premium, and prices are expected to continue to rebound in the short term [4] Coking Coal - The coking coal futures market showed a strong shock trend today. There were expectations of downstream replenishment, and prices rebounded [5] - Coking coal production increased slightly, spot auction transactions were average, and transaction prices mainly decreased. Terminal inventory decreased slightly, and total coking coal inventory decreased slightly month-on-month [5] - The supply of carbon elements was abundant, downstream iron ore production decreased seasonally, and demand for raw materials remained resilient. Steel mills had a strong willingness to lower raw material prices [5] - The coking coal futures price was at a discount, and prices are expected to be dragged down in the short term due to high Mongolian coal imports [5] Silicon Manganese - The silicon manganese futures market rose in shock today. Affected by the futures market rebound, manganese ore spot prices increased [6] - The follow-up impact of Ghana's shipping volume needs to be monitored. There are structural problems in manganese ore port inventory, and the balance is relatively fragile. If Ghana's supply decreases significantly, prices may rise in the short term [6] - Iron ore production decreased seasonally, silicon manganese weekly production decreased slightly, and inventory increased slowly [6] - Silicon manganese supply decreased, inventory decreased slightly, and the support at the bottom needs to be observed [6] Silicon Iron - The silicon iron futures market rose in shock today. There were increased expectations of coal supply guarantee, which led to expectations of lower electricity costs and blue carbon prices [7] - Iron ore production rebounded to a high level, export demand decreased to over 20,000 tons, and the marginal impact was small. Metal magnesium production increased month-on-month, and secondary demand increased marginally. Overall demand remained resilient [7] - Silicon iron supply decreased, inventory decreased slightly, and the support at the bottom needs to be observed [7]

Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot-rolled coil: ★☆☆ [1] - Iron ore: ☆☆☆ [1] - Coke: ★☆☆ [1] - Coking coal: ★☆☆ [1] - Silicon manganese: ★☆☆ [1] - Ferrosilicon: ★☆★ [1] Core Views - The steel market is in a state of weak demand and supply adjustment, with the disk showing a volatile and slightly stronger trend [2] - The iron ore market has a loose fundamental situation, and the disk is expected to fluctuate mainly [3] - The coke market has a certain expectation of downstream replenishment, and the price is likely to maintain a rebound rhythm in the short term [4] - The coking coal market is affected by the high volume of Mongolian coal customs clearance, and the price is likely to be dragged down in the short term [5] - The silicon manganese market is affected by the possible reduction of Ghana's shipment volume, and the price may rise in the short term [6] - The ferrosilicon market has a certain expectation of cost reduction, and the demand is still resilient, with the supply decreasing and the inventory slightly decreasing [7] Summary by Related Catalogs Steel - Today's disk continued to rise in a volatile manner. This week, the apparent demand for thread continued to decline, production decreased significantly, and inventory continued to decline. The supply and demand of hot-rolled coils both decreased, inventory decreased slowly, and the pressure still needs to be relieved [2] - Iron water production declined, the downstream's carrying capacity was insufficient, steel mills continued to be in a loss state, and there is a high possibility of further production cuts in blast furnaces in the later stage, and the supply pressure will gradually ease [2] - From the perspective of downstream industries, real estate investment continued to decline significantly, infrastructure growth continued to fall, the manufacturing PMI improved marginally, and domestic demand remained weak overall. Steel exports declined from a high level [2] - Spot prices are relatively firm in the off-season, and there are still expectations of favorable policies at the macro level. The disk continues to show a volatile and slightly stronger trend, but the rhythm may still fluctuate [2] Iron Ore - Today's disk of iron ore weakened slightly. On the supply side, global shipments were strong, the first shipment of iron ore from Simandou was sent, the domestic arrival volume remained at a high level, and port inventory continued to accumulate and approached the annual high [3] - On the demand side, the apparent demand for steel weakened, production further declined, and iron water is still in a seasonal production reduction trend. There is room for further weakening of iron ore demand [3] - The macro atmosphere is warm, an important meeting will be held in December, and the market has certain expectations for the introduction of policy benefits [3] - The fundamental situation of iron ore is loose, and there are short-term liquidity disturbances in some ore types. It is expected that the disk will fluctuate mainly [3] Coke - The price was volatile and strong intraday. The market has a certain expectation of downstream replenishment, and the price rebounded slightly intraday [4] - Coking profits are average, and daily production has slightly increased. Coke inventory has increased slightly. Currently, downstream purchases on demand in small quantities, and inventory changes are not significant. Traders' purchasing willingness is average [4] - Overall, the supply of carbon elements is abundant, downstream iron water is seasonally declining, the current demand for raw materials is still resilient, the profit level of steel is average, and the sentiment of suppressing prices for raw materials is strong [4] - The coke disk is at a premium, and the price is likely to maintain a rebound rhythm in the short term [4] Coking Coal - The price was volatile and strong intraday. The market may expect downstream replenishment, and the price has rebounded [5] - The production of coking coal mines has increased slightly, the spot auction transactions are average, and the transaction prices are mainly falling. Terminal inventory has decreased slightly [5] - The total inventory of coking coal has decreased slightly month-on-month, and the inventory at the production end has increased slightly [5] - Overall, the supply of carbon elements is abundant, downstream iron water is seasonally declining, the current demand for raw materials is still resilient, the profit level of steel is average, and the sentiment of suppressing prices for raw materials is strong [5] - The coking coal disk is at a discount, and the price is likely to be dragged down in the short term due to the continuous high volume of Mongolian coal customs clearance [5] Silicon Manganese - The price fluctuated upward intraday. Driven by the rebound of the disk, the spot price of manganese ore has increased [6] - Pay attention to the subsequent impact of Ghana's shipment volume. Currently, there is a structural problem with the manganese ore port inventory, and the balance is relatively fragile. If Ghana's reduction is large, the price may rise in the short term [6] - On the demand side, iron water production has decreased seasonally. The weekly production of silicon manganese has decreased slightly, but the production is still at a high level, and the silicon manganese inventory has slowly increased [6] - The supply of silicon manganese has decreased, and the inventory has decreased slightly. Observe the strength of the bottom support [6] Ferrosilicon - The price fluctuated upward intraday. The market's expectation of coal mine supply guarantee has increased, and there is a certain expectation of a decline in electricity costs and semi-coke prices [7] - On the demand side, iron water production has rebounded to a high range. Export demand has decreased to above 20,000 tons, and the marginal impact is not significant. The production of magnesium metal has increased month-on-month, the secondary demand has increased marginally, and the overall demand is still resilient [7] - The supply of ferrosilicon has decreased, and the inventory has decreased slightly. Observe the strength of the bottom support [7]