1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - **Industrial Silicon**: Due to the unexpected resumption of polysilicon production, the supply - demand of industrial silicon has marginally improved, but the industrial hedging pressure is strong after the market rebound. It is expected to maintain a volatile and slightly stronger trend, and attention should be paid to the supply - side policies [54]. - **Polysilicon**: The policy expectation is gradually taking shape, which is contrary to the fundamental oversupply contradiction. The market is in a situation of strong expectation and weak reality, with large fluctuations, and cautious operation is required [55]. 3. Summary by Relevant Catalogs 3.1 Industrial Silicon, Polysilicon Overview and Strategy Recommendation - **Industrial Silicon Weekly Review (7.21 - 7.25)**: The prices of 553, 99 and 421 industrial silicon showed different trends. The prices of raw materials such as silicon coal and petroleum coke were relatively stable. The production in various regions increased to varying degrees, and the inventory and demand also changed [8][10]. - **Polysilicon Weekly Review (7.21 - 7.25)**: The price of N - type polysilicon material increased slightly, the production increased, and the inventory decreased slightly. The downstream demand was still under pressure [10]. 3.2 Industrial Silicon Supply - **Price/Spread/Cost/Profit**: The prices of different grades of industrial silicon fluctuated, and the cost and profit of different regions also varied. For example, the cost of Yunnan, Sichuan and Xinjiang was different, and the profit was mostly negative [8][10]. - **Industrial Silicon Supply**: The production in various regions such as Xinjiang, Yunnan, Sichuan and Inner Mongolia showed different trends of increase or decrease. The production capacity utilization rate also changed accordingly [8][10]. - **Industrial Silicon Inventory/Supply - Demand Difference**: The total inventory decreased slightly, the social inventory decreased, and the factory inventory increased. The supply - demand difference also changed with the change of supply and demand [10]. 3.3 Industrial Silicon Demand - **Polysilicon Demand**: The demand for polysilicon was affected by factors such as the production of silicon wafers and the price of polysilicon. The production of polysilicon increased, and the demand was expected to increase [10][20]. - **Organic Silicon Demand**: The price of organic silicon DMC increased, the production was affected by the shutdown of a factory, and the demand was relatively stable [10]. - **Other Demands**: The demand for aluminum alloy increased slightly, and the export increased significantly, but the overseas orders were not many [10]. 3.4 Balance Sheets - **Industrial Silicon Supply Balance Sheet**: Under the neutral assumption, the production of industrial silicon in different months and regions was estimated, and the production capacity utilization rate and other data were provided [12]. - **Industrial Silicon Demand Balance Sheet**: The demand for industrial silicon in different months and fields was estimated, including organic silicon, polysilicon, aluminum alloy and export, and the supply - demand difference and inventory were calculated [20]. - **Polysilicon Supply Balance Sheet**: The supply of polysilicon in different months was estimated, including production, import and export, and the production capacity utilization rate was also provided [27]. - **Polysilicon Demand Balance Sheet**: The demand for polysilicon was estimated from aspects such as silicon wafer production and consumption coefficient, and the supply - demand difference and inventory were calculated [35]. 3.5 Cost Curve - The cost curves of polysilicon under different scenarios (considering and not considering waste heat power generation) were provided, showing the cost echelons of different enterprises [51][52]. 3.6 Trading Logic - **Industrial Silicon**: The main trading logic is affected by factors such as polysilicon production resumption, industrial hedging pressure and supply - side policies [54]. - **Polysilicon**: The main trading logic is affected by policy expectations, the contradiction between supply and demand, and the actual implementation of measures [55].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Copper prices are expected to remain in a volatile pattern before the Dragon Boat Festival, with fundamental support weakened but still present [1]. - Aluminum prices are expected to be weak in the short - term due to factors such as the decline of PV installation rush and the arrival of the off - season [2]. - Nickel prices are expected to have limited downside due to cost support but may show a weak and volatile trend in the medium - to - long - term due to supply surplus [3][5]. - Tin prices are expected to have increased price fluctuations, and attention should be paid to supply resumption and downstream demand recovery [6]. Summary by Metal Copper - As of May 29, the Shanghai copper main 07 contract rose 0.1% to 78130 yuan/ton. Mine - end disruptions continue, and the supply shortage pressure is difficult to change. Consumption in May weakened compared to April but was better than the same period. Low - level inventory supports the premium. The price is expected to be volatile before the festival [1]. - Domestic spot copper prices fell slightly, and the overall trading was quiet [7]. - SHFE copper futures warehouse receipts decreased by 2696 tons to 32165 tons, and LME copper inventory decreased by 1925 tons to 152375 tons [15]. Aluminum - As of May 29, the Shanghai aluminum main 07 contract rose 0.25% to 20200 yuan/ton. The revocation of mining licenses in Guinea has escalated. Alumina and electrolytic aluminum production capacities are changing, and the downstream开工率 is weakening. The price is expected to be weak in the short - term [2]. - The spot market transaction was stable, but the overall trading was not active [8]. - SHFE aluminum futures warehouse receipts decreased by 1723 tons to 51819 tons, and LME aluminum inventory decreased by 2250 tons to 375075 tons [15]. Nickel - As of May 29, the Shanghai nickel main 07 contract fell 0.63% to 120480 yuan/ton. The nickel ore market is tight, and the supply of refined nickel is in surplus. The downstream demand is average. The price is expected to be weak and volatile [3][5]. - The spot price of nickel decreased. The ccmn Yangtze River comprehensive 1 nickel price was 120700 - 123000 yuan/ton, with an average price of 121850 yuan/ton, down 1400 yuan/ton from the previous day [12]. - SHFE nickel futures warehouse receipts decreased by 174 tons to 22170 tons, and LME nickel inventory decreased by 720 tons to 200142 tons [15]. Tin - As of May 29, the Shanghai tin main 07 contract fell 1.48% to 257870 yuan/ton. Supply has recovered, and the price is volatile. The production and import of tin have changed, and the inventory is at a medium level. The price fluctuation is expected to increase [6]. - The spot price of tin decreased. The ccmn Yangtze River comprehensive 1 tin price was 257400 - 260400 yuan/ton, with an average price of 258900 yuan/ton, down 5700 yuan from the previous day [13]. - SHFE tin futures warehouse receipts decreased by 76 tons to 7908 tons, and LME tin inventory remained unchanged at 2680 tons [15]. Other Metals Zinc - The spot zinc market price decreased, and the trading was light. The import of goods made the supply more abundant, and the downstream pre - holiday stocking was basically completed [10]. - SHFE zinc futures warehouse receipts decreased by 99 tons to 1675 tons, and LME zinc inventory decreased by 2075 tons to 141375 tons [15]. Lead - The spot lead price increased slightly. The ccmn Yangtze River comprehensive 1 lead price was 16660 - 16760 yuan/ton, with an average price of 16710 yuan/ton, up 10 yuan/ton from the previous day [11]. - SHFE lead futures warehouse receipts decreased by 246 tons to 37252 tons, and LME lead inventory decreased by 2500 tons to 288550 tons [15].