Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasizes accelerating the comprehensive green transformation of economic and social development, aiming to build a beautiful China through a focus on carbon peak and carbon neutrality goals [1] Group 1: Energy Transition - The key to accelerating comprehensive green transformation lies in vigorously promoting the green and low-carbon transition of energy and continuously optimizing the energy structure [2] - The development of renewable energy such as wind and solar power is essential to gradually reduce the consumption share of traditional fossil fuels [2] - A modern industrial system characterized by low consumption and high added value should be formed by guiding resources towards green, low-carbon, and circular economy industries [2] Group 2: Energy Structure and Pollution Control - The new energy system is crucial for ensuring national energy security and is a key approach for China to participate in global climate governance and achieve carbon peak and carbon neutrality [3] - Two governance approaches for carbon emissions are proposed: end-of-pipe treatment and source control, with a focus on source control for long-term sustainability [3] - The large-scale development and utilization of non-fossil energy sources, including hydropower, nuclear power, wind power, and solar energy, are necessary for achieving low-carbon energy structures [4] Group 3: New Power System Development - By 2060, the proportion of non-fossil energy consumption is expected to exceed 80%, requiring a significant adjustment in the power generation structure [6] - The installed capacity of wind and solar power is projected to exceed 600 million kilowatts by 2060, accounting for approximately 65% of total power generation [6] - Coal power must gradually exit its position as the main power source while ensuring reliable electricity supply [7] Group 4: Key Measures for Implementation - Important measures to promote the establishment of a new energy system include developing renewable energy to replace fossil fuels and enhancing the flexibility of existing coal power plants [7] - A new grid system that aligns with the new energy system is essential, as the grid plays a critical role in the energy system [7] - Increased efforts in energy storage and hydrogen energy are necessary to enhance system regulation capabilities and support dynamic balance in the power system [7]

Macro Overview - The Federal Reserve is expected to lower interest rates by 25 basis points in the upcoming meeting due to a slowing job market and moderate inflation impact from tariffs [2][3] - The "15th Five-Year Plan" has been approved, emphasizing coordinated consumption and investment, technology, security, and sustainable development [2] - China's GDP growth has slowed from 5.2% in Q2 to 4.8% in Q3, with nominal GDP growth decreasing from 3.9% to 3.7% [2] Market Trends - Hong Kong's stock market has seen a net inflow of over 500 billion HKD from southbound funds, indicating a potential slowdown in inflow momentum as the year-end assessment approaches [5] - The sentiment indicators have returned to neutral, suggesting that investors may gradually build positions, but significant increases in holdings may still require waiting for better timing [5] Sector Analysis - The technology sector remains a short-term market focus, with low-priced targets in areas like robotics and computing power [6] - Defensive dividend sectors may still present allocation opportunities due to ongoing uncertainties in U.S.-China relations [6] - The consumer sector, particularly in low to mid-tier segments, shows signs of bottoming out or upward revisions [5][6] Investment Opportunities - Enhanced ETFs have shown significant excess returns this year, with over 87% recording positive excess returns [7] - The AI-driven enhanced portfolio for the CSI 1000 has achieved a 20.14% excess return year-to-date, indicating strong performance potential [9] Company-Specific Insights - Huazhong Pharmaceutical reported a revenue of 8.28 billion CNY in the first three quarters of 2025, with a net profit of 1.35 billion CNY, showing resilience in the face of market pressures [19] - Western Mining's Q3 revenue reached 16.823 billion CNY, a year-on-year increase of 43.20%, driven by rising metal prices [20] - Xiaomi's Q3 revenue is expected to grow by 23% to 113.4 billion CNY, with a significant contribution from its automotive business [22] Industry Developments - The U.S. proposal to expedite the grid connection for large load projects, including data centers, is expected to boost electricity demand [14] - The global supply-demand gap for electrolytic aluminum is projected to widen in 2026, with demand growth expected at 2.3% against a supply increase of only 1.9% [17] Financial Performance - Data Port achieved a revenue of 1.241 billion CNY in the first three quarters, reflecting a 4.93% year-on-year growth, benefiting from stable operational contributions [26] - The company Jiajia Yue reported a revenue of 13.59 billion CNY in the first three quarters, with a net profit increase of 9.4% [30]

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the importance of high-quality development and the establishment of a new energy system to support China's modernization efforts, aiming for significant advancements in economic strength, technological independence, and overall national power by 2035 [1][2]. Economic and Social Development Goals - The main goals for the 15th Five-Year Plan period include achieving significant results in high-quality development, enhancing technological self-reliance, deepening reforms, improving social civilization, and increasing the quality of life for citizens [1]. Energy Sector Achievements - Since the beginning of the 14th Five-Year Plan, China's energy sector has made remarkable progress, ensuring energy security for over 1.4 billion people, with national electricity generation expected to exceed 10 trillion kilowatt-hours in 2024, accounting for one-third of global production [4][5]. Renewable Energy Growth - China has built the world's largest and fastest-growing renewable energy system, with the share of renewable energy generation capacity increasing from 40% to approximately 60%. Wind and solar power installations have seen unprecedented growth, with annual additions surpassing 100 million and 200 million kilowatts respectively [4][5]. New Energy System Construction - The focus has shifted from planning to implementation in the construction of a new energy system, emphasizing the need for a comprehensive approach that includes enhancing system capabilities and ensuring safe, adjustable, and sustainable energy operations [5][6]. Carbon Neutrality Goals - The energy sector is pivotal in achieving carbon peak and carbon neutrality goals, with renewable energy contributing significantly to new electricity installations and non-fossil energy consumption increasing by about 1 percentage point annually [8][9]. Future Industry Development - The 15th Five-Year Plan aims to foster emerging industries such as new energy, new materials, and aerospace, potentially creating several trillion-yuan markets and driving economic growth through advanced technologies [11]. Innovation and Technology - The energy sector has seen a surge in technological innovation, with over 40% of global renewable energy patents originating from China. Key projects like the Baihetan Hydropower Station and advanced nuclear technologies showcase China's capabilities in energy technology [10][11]. Market Dynamics - As renewable energy enters the market, the focus is shifting from reducing levelized cost of electricity (LCOE) to maximizing electricity value (LCOV), indicating a strategic pivot towards enhancing product competitiveness and grid support capabilities [12][13].

Core Viewpoint - The energy sector is crucial for high-quality economic and social development, with a focus on building a new energy system characterized by green initiatives and innovation to support China's modernization efforts [1][4]. Group 1: High-Quality Development - High-quality development is the primary task for building a modern socialist country, with the energy sector guided by the "Four Revolutions, One Cooperation" strategy, ensuring energy security for over 1.4 billion people [6]. - Since the beginning of the "14th Five-Year Plan," China's energy sector has made significant progress, with national electricity generation expected to exceed 10 trillion kilowatt-hours in 2024, accounting for one-third of global production [6][4]. - The share of renewable energy generation capacity has increased from 40% to approximately 60%, with annual installations of wind and solar power surpassing 100 million and 200 million kilowatts, respectively [6]. Group 2: New Energy System Construction - The focus has shifted from planning to implementation in the construction of a new energy system, emphasizing the need for a systematic capability reconstruction rather than merely increasing installed capacity [7]. - Key areas for advancing the new energy system include clean and low-carbon transformation of coal, energy storage solutions, and smart grid upgrades to ensure precise matching of supply and demand [8]. Group 3: Carbon Neutrality Goals - Achieving carbon peak and neutrality targets is a critical challenge, with the energy sector being the main battlefield; as of August, total installed capacity for wind and solar power reached 1.69 billion kilowatts, contributing to 80% of new power installations since the "14th Five-Year Plan" [10]. - The share of non-fossil energy consumption has increased by approximately 1 percentage point annually, while coal consumption has decreased by the same rate, laying a solid foundation for reaching carbon peak by 2030 [10]. Group 4: Technological Innovation - Since the "14th Five-Year Plan," China's energy technology has made significant advancements, with renewable energy patents accounting for over 40% of the global total [13]. - The development of high-tech products such as electric vehicles and solar products has become a new growth point for exports, contributing to the global low-carbon transition [13][14]. Group 5: Industry Outlook - The energy industry is expected to continue focusing on high-quality development, with a clear consensus on achieving annual new wind power installations of 12 million kilowatts starting in 2026, aiming for a cumulative total of over 60 million kilowatts in five years [11][14]. - The emphasis will be on extending the value chain of renewable energy through projects like zero-carbon initiatives and integrated energy management, enhancing the competitiveness of products [14].

Core Points - The 20th Central Committee's Fourth Plenary Session is a significant meeting aimed at advancing the second centenary goal, with a focus on top-level design and strategic planning for the next five years [1][2] - The session emphasizes the importance of ecological civilization and environmental protection, highlighting the need for a comprehensive green transformation in economic and social development [2][3] Group 1: Strategic Planning - The "15th Five-Year Plan" period is crucial for solidifying the foundation of socialist modernization and will serve as a transitional phase [2] - The meeting outlines major deployments for accelerating ecological civilization construction and environmental protection, reflecting the central leadership's commitment to these issues [2][3] Group 2: Implementation and Goals - There is a call for high-quality completion of the ecological environment sector's "15th Five-Year Plan," focusing on major goals, projects, and policy measures [3] - The construction of a beautiful China is identified as a national priority, with an emphasis on integrating carbon peak and carbon neutrality goals into broader environmental strategies [3][4] Group 3: Political Commitment - The session stresses the importance of maintaining the Party's leadership and advancing strict governance to ensure high-quality economic and social development during the "15th Five-Year Plan" [3][4] - There is a strong emphasis on political awareness and action to align with the central leadership's directives and to promote a culture of accountability and effectiveness in environmental protection efforts [3][4]

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," emphasizing a comprehensive green transformation of the economy and society driven by carbon peak and carbon neutrality goals [1][2]. Group 1: Carbon Emission Control - The plan proposes a dual control system for carbon emissions, transitioning from the previous energy consumption control to a comprehensive carbon emission control, which will serve as a guiding principle for the green transformation [1]. - It includes the implementation of local carbon assessments, industry carbon management, enterprise carbon management, project carbon evaluations, and product carbon footprints, establishing a robust incentive and constraint system covering various entities [1]. Group 2: Energy Transition - The focus is on accelerating the green and low-carbon transition of energy, with a goal that by the end of the 15th Five-Year Plan, most new electricity demand will be met by new clean energy generation [2]. - Key initiatives include the development of non-fossil energy, promoting clean and efficient use of fossil energy, and constructing a new power system to ensure the effective integration of green electricity [2]. Group 3: Industrial Structure Transformation - The plan aims to enhance the "green content" of industries to improve the economic "gold content," targeting a doubling of the green low-carbon industry scale, currently estimated at approximately 11 trillion yuan, over the next five years [2]. - It emphasizes energy conservation and carbon reduction in key industries such as steel, non-ferrous metals, and petrochemicals, aiming for energy savings of over 15 million tons of standard coal, which could reduce carbon dioxide emissions by about 400 million tons [2]. Group 4: Lifestyle Changes - The transformation of production and lifestyle towards green and low-carbon practices is highlighted as fundamental, with initiatives for clean production, large-scale equipment upgrades, and the promotion of a circular economy [3]. - The plan encourages widespread public participation in green and low-carbon actions, advocating for resource conservation and the adoption of green products to create a beautiful environment and build a beautiful China [3].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a "Buy" recommendation for several companies within these industries [3][4]. Core Insights - The second industry is the main driver of electricity consumption growth, with a notable increase in electricity demand due to seasonal factors and high temperatures in Q3 [4][9]. - Global gas prices are rebounding, and expectations of a cold winter may enhance gas sales growth [18][19]. - The report highlights various investment opportunities across different energy sectors, including hydropower, green energy, nuclear power, thermal power, and gas [16][40]. Summary by Sections 1. Electricity: Q3 Second Industry Drives National Electricity Consumption - In September, total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [10]. - The second industry contributed significantly to this growth, with a 5.1% increase in electricity consumption, accounting for 51% of the total growth [4][9]. - The cumulative electricity consumption from January to September was 7767.5 billion kWh, reflecting a 4.6% year-on-year growth [13]. 2. Gas: Global Gas Price Rebound and Cold Winter Expectations - As of October 24, the Henry Hub spot price was $3.21/mmBtu, showing a weekly increase of 13.96% [19][20]. - The report notes a seasonal demand increase and geopolitical factors supporting gas prices, particularly in Europe [25][37]. - The anticipated La Niña phenomenon may lead to colder winter conditions, potentially boosting gas consumption [37]. 3. Weekly Market Review - The report indicates that the power equipment sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, gas, and environmental protection sectors lagged [42]. 4. Company and Industry Dynamics - The report discusses significant developments in the energy sector, including the launch of innovative products in wind energy and updates on national energy policies [50][51]. - It highlights the performance of major companies, such as Huadian International, which reported a decrease in electricity generation due to increased renewable energy capacity [57].

Economic Development Goals - The "15th Five-Year Plan" aims for significant achievements in high-quality development and substantial improvements in self-reliance in technology[8] - The plan emphasizes deepening reforms, enhancing social civilization, improving living standards, and advancing ecological progress[8] - The economic growth target for the "15th Five-Year Plan" period is expected to be around 5% annually, maintaining a focus on stability despite challenges[9] Industrial and Economic Trends - Industrial production is improving, with a blast furnace operating rate reaching 84.71%[25] - Real estate sales rebounded post-holiday, with a weekly transaction area of 2 million square meters in 30 major cities, a month-on-month increase of over 50%[25] - Vegetable prices are experiencing seasonal increases, while the SCFI shipping index continues to rise significantly[25] Financial Market Insights - As of October 24, major global risk assets are recovering, with the A-share market showing a slow bull trend supported by policy measures[37] - The RMB's share in global payment currencies rose to 3.17% in September, improving its ranking by one position from August[37] - The U.S. CPI growth in September was below expectations, reinforcing the outlook for a potential interest rate cut in October, which positively impacted U.S. stock markets[37] Policy and Economic Support - The LPR interest rate remains unchanged, and MLF has been increased for eight consecutive months, with 189.35 billion yuan allocated for new policy financial tools as of October 17[47] - The government is focusing on enhancing employment quality, income distribution, and social security systems to improve living standards during the "15th Five-Year Plan" period[24] Risk Factors - Potential risks include macroeconomic policies falling short of expectations, a downturn in the real estate market, and escalating geopolitical tensions[4]

Investment Rating - The report maintains a "Buy" rating for multiple companies in the energy and power equipment sector, including Ningde Times, Pinggao Electric, Guoneng Rixin, Sany Renewable Energy, and others [4][7][8]. Core Insights - The report emphasizes the importance of a comprehensive green transition in China's economy, driven by goals of carbon peak and carbon neutrality, with a focus on developing a new energy system [1][2]. - The dual control of carbon emissions is expected to expand the demand for green electricity, with policies promoting both carbon market management and mandatory green electricity consumption [2][3]. - The energy sector's green and low-carbon transformation is identified as a critical area for achieving overall green transition goals, with a significant portion of new electricity demand expected to be met by clean energy sources by the end of the 14th Five-Year Plan [3]. Summary by Sections Section 1: Industry Overview - The report highlights the acceleration of green transformation in the economy, with key measures including the establishment of a dual control system for carbon emissions and the promotion of green energy transition [1][2]. Section 2: Company Recommendations - **Ningde Times (300750 CH)**: Target price raised to 566.18 CNY, with a strong outlook on electric vehicle and energy storage markets [9][10]. - **Pinggao Electric (600312 CH)**: Target price set at 22.80 CNY, benefiting from strong domestic bidding for power transmission and transformation equipment [11]. - **Guoneng Rixin (301162 CH)**: Target price of 73.54 CNY, with significant growth in service stations and customer retention [12]. - **Sany Renewable Energy (688349 CH)**: Target price increased to 38.01 CNY, with expectations of improved profitability in wind turbine sales [14]. - **Siyuan Electric (002028 CH)**: Target price raised to 147.90 CNY, driven by strong growth in overseas orders and data center demand [14]. - **Sungrow Power Supply (300274 CH)**: Target price set at 195.40 CNY, with a focus on energy storage and international expansion [14]. - **Oriental Electronics (000682 CH)**: Target price of 13.86 CNY, with steady growth in core business and new energy projects [14]. - **China Western Power (601179 CH)**: Target price set at 8.25 CNY, with a stable growth outlook in power transmission equipment [14]. - **Guodian NARI Technology (600406 CH)**: Target price of 26.00 CNY, benefiting from new power system construction [14].

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - The report maintains a non - pessimistic view on the future of the black sector. Instead of short - selling, it suggests that finding a retracement point to go long may be more cost - effective. However, in the short term, attention should be paid to the potential "negative feedback" risk caused by high supply, low demand, and the decline in steel mill profitability [15][97]. - The outcomes of the Sino - US bilateral trade consultations and the meeting between the two heads of state at the APEC summit could impact the sentiment in the commodity market. Positive signals may improve market sentiment [15][97]. - Both manganese silicon and ferrosilicon are likely to follow the trends of the black sector, with their fundamentals lacking significant contradictions and drivers [15][97]. 3. Summaries Based on the Table of Contents Manganese Silicon Report 3.1.1. Weekly Assessment and Strategy Recommendation - The spot price of Tianjin 6517 manganese silicon was 5720 yuan/ton, up 40 yuan/ton week - on - week. The futures price of the main contract (SM601) was 5772 yuan/ton, up 54 yuan/ton week - on - week. The basis was 138 yuan/ton, down 14 yuan/ton week - on - week, with a basis ratio of 2.35%, at a relatively neutral historical level [14][20]. - Manganese silicon production profits remained low, with losses in Inner Mongolia, Ningxia, and Guangxi. The production cost increased slightly in Inner Mongolia and Ningxia, and remained stable in Guangxi [14][25][30]. - Manganese silicon weekly output decreased slightly, while the weekly output of rebar increased. The daily average hot metal output decreased slightly but remained at a relatively high level. The visible inventory of manganese silicon increased, and the average available days of steel mill inventory decreased slightly [14]. - The market is advised to focus on the Sino - US bilateral trade consultations and the meeting between the two heads of state at the APEC summit. There is a short - term "negative feedback" risk in the black sector due to high supply and low demand [15]. 3.1.2. Spot and Futures Market - As of October 24, 2025, the spot price of Tianjin 6517 manganese silicon was 5720 yuan/ton, up 40 yuan/ton week - on - week. The futures price of the main contract (SM601) was 5772 yuan/ton, up 54 yuan/ton week - on - week. The basis was 138 yuan/ton, down 14 yuan/ton week - on - week, with a basis ratio of 2.35%, at a relatively neutral historical level [20]. 3.1.3. Profit and Cost - Manganese silicon's estimated immediate profit (excluding depreciation) remained low. Inner Mongolia had a profit of - 317 yuan/ton, down 2 yuan/ton week - on - week; Ningxia had a profit of - 415 yuan/ton, down 22 yuan/ton week - on - week; and Guangxi had a profit of - 700 yuan/ton, remaining stable week - on - week [25]. - The estimated immediate cost of manganese silicon in Inner Mongolia was 5997 yuan/ton, up 2 yuan/ton week - on - week; in Ningxia, it was 5995 yuan/ton, up 2 yuan/ton week - on - week; and in Guangxi, it was 6350 yuan/ton, remaining stable week - on - week [30]. - In August, the manganese ore import volume was 308.49 tons, down 40.11 tons month - on - month and up 35.71 tons year - on - year. As of October 17, the manganese ore port inventory decreased to 436.4 tons, down 9.3 tons week - on - week [33][36]. 3.1.4. Supply and Demand - As of October 24, 2025, the weekly output of manganese silicon was 20.74 tons, down 0.14 tons week - on - week, with a cumulative year - on - year increase of about 0.32%. In September 2025, the monthly output was 89.84 tons, down 1.08 tons month - on - month [44]. - HeSteel Group's manganese silicon tender volume in October 2025 was 16,500 tons, down 500 tons month - on - month and up 4500 tons year - on - year. The tender price was 5820 yuan/ton, down 180 yuan/ton month - on - month [57]. - The weekly apparent consumption of manganese silicon was 12.27 tons, up 0.16 tons week - on - week. The weekly output of rebar was 207.07 tons, up 5.91 tons week - on - week. The daily average hot metal output was 239.9 tons, down 1.05 tons week - on - week, with a cumulative year - on - year increase of about 3.75% [60][63]. 3.1.5. Inventory - As of October 24, 2025, the visible inventory of manganese silicon was 54.31 tons, up 2.44 tons week - on - week, remaining at a high level compared to the same period. The average available days of steel mill inventory in October was 15.7 days, down 0.23 days month - on - month [71][77]. - The inventory of 63 sample enterprises was 29.3 tons, up 3.05 tons week - on - week [74]. 3.1.6. Graphical Trends - Last week, the manganese silicon futures price fluctuated slightly upward, with a weekly increase of 56 yuan/ton or 0.98%. On the daily chart, it was still within the trading range of 5600 - 6000 yuan/ton and approached the downward trend line since July. Attention should be paid to the support near 5600 yuan/ton and the direction at the trend line [80]. Ferrosilicon Report 3.2.1. Weekly Assessment and Strategy Recommendation - The daily average hot metal output was 239.9 tons, down 1.05 tons week - on - week, remaining at a relatively high level, with a cumulative year - on - year increase of about 3.75%. From January to September 2025, the cumulative output of metallic magnesium was 62.09 tons, down 3.13 tons year - on - year, a decrease of 4.80% [95]. - From January to September 2025, China's cumulative ferrosilicon exports were 31.1 tons, down 1.66 tons year - on - year, a decrease of 5.07% [95]. - The estimated visible inventory of ferrosilicon was 13.04 tons, down 0.16 tons week - on - week, remaining at a relatively high level compared to the same period. The average available days of steel mill inventory in October was 15.67 days, up 0.15 days month - on - month [95]. - The basis of Tianjin 72 ferrosilicon was 108 yuan/ton, down 62 yuan/ton week - on - week, with a basis ratio of 1.91%, at a neutral historical level [96]. - Ferrosilicon production profits remained in the red. The estimated production cost in the main producing areas was relatively stable [96]. - HeSteel Group's 75B ferrosilicon alloy tender volume in October 2025 was 2956 tons, down 195 tons month - on - month and up 920 tons year - on - year. The tender price was 5660 yuan/ton, down 140 yuan/ton month - on - month [97]. - The ferrosilicon market is likely to follow the black sector, with low trading cost - effectiveness [97]. 3.2.2. Spot and Futures Market - As of October 24, 2025, the spot price of Tianjin 72 ferrosilicon was 5650 yuan/ton, up 50 yuan/ton week - on - week. The futures price of the main contract (SF601) was 5542 yuan/ton, up 112 yuan/ton week - on - week. The basis was 108 yuan/ton, down 62 yuan/ton week - on - week, with a basis ratio of 1.91%, at a neutral historical level [102]. 3.2.3. Profit and Cost - As of October 24, 2025, the estimated immediate profit of ferrosilicon in Inner Mongolia was - 586 yuan/ton, up 18 yuan/ton week - on - week; in Ningxia, it was - 413 yuan/ton, up 18 yuan/ton week - on - week; and in Qinghai, it was - 400 yuan/ton, down 2 yuan/ton week - on - week [107]. - The price of silica in the northwest region remained stable, while the price of semi - coke small pieces increased by 50 yuan/ton. The estimated production cost in the main producing areas was relatively stable [110][113]. 3.2.4. Supply and Demand - As of October 24, 2025, the weekly output of ferrosilicon was 11.4 tons, up 0.13 tons week - on - week, with a cumulative year - on - year increase of about 1.47%. In September 2025, the monthly output was 48.82 tons, down 0.51 tons month - on - month [118]. - HeSteel Group's 75B ferrosilicon alloy tender volume in October 2025 was 2956 tons, down 195 tons month - on - month and up 920 tons year - on - year. The tender price was 5660 yuan/ton, down 140 yuan/ton month - on - month [124]. - The daily average hot metal output was 239.9 tons, down 1.05 tons week - on - week, remaining at a relatively high level, with a cumulative year - on - year increase of about 3.75%. In September 2025, China's crude steel output was 7350 tons, down 390 tons month - on - month and 360 tons year - on - year [127]. - From January to September 2025, the cumulative output of metallic magnesium was 62.09 tons, down 3.13 tons year - on - year, a decrease of 4.80%. China's cumulative ferrosilicon exports were 31.1 tons, down 1.66 tons year - on - year, a decrease of 5.07% [95]. 3.2.5. Inventory - As of October 24, 2025, the visible inventory of ferrosilicon was 13.04 tons, down 0.16 tons week - on - week, remaining at a relatively high level compared to the same period. The average available days of steel mill inventory in October was 15.67 days, up 0.15 days month - on - month [142][145]. 3.2.6. Graphical Trends - Last week, the ferrosilicon futures price continued to rise slightly, with a weekly increase of 112 yuan/ton or 2.06%. On the daily chart, it was still within the trading range of 5400 - 5800 yuan/ton and faced short - term pressure after touching the downward trend line since July. Attention should be paid to the support near 5400 yuan/ton and the direction at the trend line [150].