Core Viewpoint - The silicon wafer prices continue to decline, reflecting a pessimistic sentiment in the market due to weak demand and oversupply [1][2]. Price Trends - N-type G10L silicon wafer average transaction price is 0.99 yuan per piece, down 1.00% week-on-week - N-type G12R silicon wafer average transaction price is 1.07 yuan per piece, down 2.73% week-on-week - N-type G12 silicon wafer average transaction price is 1.28 yuan per piece, down 1.54% week-on-week - Downstream battery prices are also declining, with mainstream battery prices at 0.39-0.41 yuan/W, down 2.44% week-on-week, while module prices remain stable at 0.71-0.75 yuan/W [1][2]. Market Sentiment - The overall market sentiment is pessimistic due to collective price declines across the industry chain, leading to weak transaction volumes - Demand remains sluggish, with battery manufacturers primarily purchasing silicon wafers based on essential needs [2]. Supply and Production - Silicon wafer manufacturers are operating at normal capacity, with supply being relatively ample - The overall industry operating rate remains unchanged, with leading companies operating at 46% and 45%, while integrated companies operate between 50%-60% and others between 50%-70% [2]. Future Outlook - The current high inventory levels and falling raw material prices put pressure on maintaining silicon wafer prices - Some companies plan to reduce production, which may improve supply-demand dynamics, and the potential for further price declines is limited due to production cost support [2].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The short - term price of corn is driven by the concentrated release of replenishment demand at the consumption end due to the tight supply in the front - end trade link. In the long - term, attention should be paid to import and domestic storage auction policies [2]. - The price of starch will remain strong in the short - term due to limited raw material supply. In the long - term, the downstream consumption rhythm is the key factor for price trends [3]. - The international sugar market's fundamentals have marginally strengthened, and the domestic market is oscillating strongly. There is hedging pressure above the futures price [6]. - Cotton demand is expected to continue to improve, and it is suitable for long - term long positions [8]. - For eggs, the supply pressure is postponed due to farmers' active delayed culling, and the 05 and 06 contracts are recommended to be treated in a reverse spread pattern [12]. - The apple market shows a pattern of strong in the west and stable in the east. The price of high - quality apples in Shaanxi has risen slightly, while the Shandong area is stable [15]. - The short - term supply of live pigs is still loose, with limited capacity reduction and pressure in the medium - term. Futures are at a premium, and attention should be paid to the expected difference [15]. 3. Summary by Commodity Corn/Starch - **Price Data**: From March 11 to March 17, 2026, the price of corn in Changchun remained at 2230, while the price in other regions had some fluctuations. The starch price in Heilongjiang and Weifang also changed slightly. The basis and processing profit of corn and starch also had corresponding changes [2]. - **Analysis**: In the short - term, the corn price is driven by supply - demand mismatch. In the long - term, import and storage auction policies are important. The starch price will be strong in the short - term due to raw material supply constraints, and downstream consumption is crucial in the long - term [2][3]. Sugar - **Price Data**: From March 11 to March 17, 2026, the spot prices of sugar in Liuzhou, Nanning, and Kunming changed. The basis, import profit, and the number of warehouse receipts also had corresponding changes [6]. - **Analysis**: The international sugar market's fundamentals have strengthened, and the domestic market is affected by import policy discussions and hedging pressure [6]. Cotton/Cotton Yarn - **Price Data**: From March 11 to March 17, 2026, the price of 3128 cotton, import M - grade US cotton, and other related data such as import profit, warehouse receipts + forecasts, and yarn prices changed [16]. - **Analysis**: Cotton demand is expected to improve due to factors such as expanding textile production, good downstream profits, and consumption - promotion policies. It is suitable for long - term long positions [8]. Eggs - **Price Data**: From March 11 to March 17, 2026, the egg prices in different producing areas remained relatively stable, and the basis and prices of substitute products also had some changes [12]. - **Analysis**: The slowdown of chicken culling means the supply pressure is postponed. Due to the high premium of 05 and 06 contracts, a reverse spread pattern is recommended [12]. Apples - **Price Data**: From March 11 to March 17, 2026, the price of Shandong 80 first - and second - grade apples remained at 8900, and the basis of different contracts changed. The national apple inventory decreased [14][15]. - **Analysis**: The apple market shows a pattern of strong in the west and stable in the east. The price of high - quality apples in Shaanxi has risen, and the sales in the consumer market are slow [15]. Live Pigs - **Price Data**: From March 11 to March 17, 2026, the live pig prices in different producing areas had some fluctuations, and the basis also changed [15]. - **Analysis**: The short - term supply is loose, with limited capacity reduction. Futures are at a premium, and attention should be paid to the expected difference [15].

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - **Corn**: In the short - to - medium term, short - term supply - demand mismatch drives the spot price to be strong. As the temperature rises and policy grain sources are continuously released, the short - term supply - demand tightness may be alleviated, and the spot price may decline. In the long term, the pricing logic of substitution and planting cost is maintained, and policy guidance should be focused on [1]. - **Pigs**: In the short term, the pattern of strong supply and weak demand in March continues, and pig prices may remain low. In the medium term, the supply pressure will ease from April to June. In the long term, the supply pressure before August still exists, and the expected high point of the far - month contract is lowered [1][3]. - **Eggs**: In the short - to - medium term, inventory stops falling and rebounds, and egg prices are stable. However, the supply pressure is postponed, and the pattern of strong supply and weak demand continues to put pressure on egg prices. In the long term, the continuous expansion of egg - laying hen farming scale may extend the price bottom cycle and limit the upward space [3]. 3. Summaries by Relevant Catalogs Corn - **Market Review**: On the night of last Friday, corn futures fluctuated. As of the night - session close, the main 2605 contract fell 0.17% to 2385 yuan/ton [1]. - **Important Information**: - Due to precipitation in North China over the weekend, the number of vehicles arriving at deep - processing enterprises decreased. On the 15th, 55 vehicles arrived at the factory gate, 47 less than the previous day. - In the 11th week, the grain - selling progress in Northeast China was 81% (76% in the previous week, 79% in the same period last year); in North China, it was 78% (73% in the previous week, 78% in the same period last year). - As of March 13th, the grain - selling progress in Northeast China was 79% (79% in the same period last year); in North China, it was 68% (78% in the same period last year). - As of March 13th, the total corn inventory in the four northern ports was about 1.95 million tons; the corn inventory in Guangdong Port was 600,000 tons, and the daily domestic corn shipment was 3.1 tons. - As of the end of the 11th week of 2026, the grain inventory in Guangzhou Port was 1.588 million tons, a 9.98% month - on - month decrease and a 46.73% year - on - year decrease. - As of March 13th, the wheat - corn price difference in Shandong was 165 yuan/ton, 5 yuan/ton wider than the previous day. - The National Grain and Commodity Reserves Trading Center will conduct a competitive sale of 500,000 tons of minimum - purchase - price wheat on March 18th [1]. - **Market Logic**: In the short - to - medium term, short - term supply - demand mismatch drives the spot price to be strong. As the temperature rises and policy grain sources are continuously released, the short - term supply - demand tightness may be alleviated, and the spot price may decline. In the long term, the pricing logic of substitution and planting cost is maintained, and policy guidance should be focused on [1]. - **Trading Strategy**: Maintain a wide - range trading idea in the medium term, and the short - term downward pressure increases. For the 2605 contract, the resistance is at 2400, the first support is at 2350 - 2370, and the second support is at 2300 - 2330 [1]. Pigs - **Market Review**: Last Friday, the pig futures showed a pattern of near - term weakness and far - term strength. The main 2605 contract fell 0.27% to 11,150 yuan/ton [1]. - **Important Information**: - Over the weekend, pig prices were strong in the north and stable in the south. On the 15th, the national average pig price was 10.11 yuan/kg, up 0.03 yuan/kg from the 13th. - At the end of December, the inventory of breeding sows was 39.61 million, a 2.9% year - on - year decrease, 101.6% of the normal inventory. - From January to September 2025, the number of new - born piglets increased month - on - month (only decreased in July), corresponding to an increasing trend in the number of pig slaughter until March this year. From October to December 2025, the number of new - born piglets decreased for three consecutive months, corresponding to a relief of supply pressure from April this year. In January 2026, the number of new - born piglets increased 1% month - on - month. - As of March 12th, the average slaughter weight of pigs was 125.88 kg, an increase of 0.02 kg from the previous week. - On March 13th, the price difference between fat and standard pigs was 0.32 yuan/jin, the same as the previous day. - As of March 13th, the number of pig futures warehouse receipts remained unchanged at 1,133 [1][3]. - **Market Logic**: In the short term, the pattern of strong supply and weak demand in March continues, and pig prices may remain low. In the medium term, the supply pressure will ease from April to June. In the long term, the supply pressure before August still exists, and the expected high point of the far - month contract is lowered [1][3]. - **Trading Strategy**: Maintain a bottom - range trading idea. For the 2605 contract, the support is at 11,000, and if it falls below 11,000, the support moves down to 10,500, with resistance at 11,250 - 11,300. For the 2607 contract, the support is at 12,000, and the resistance is at 12,350 - 12,400. For the 2609 contract, the support is at 13,000, and the resistance is at 13,350 [3]. Eggs - **Market Review**: Last Friday, egg futures contracts showed mixed trends. The main 2605 contract fell 0.55% to 3,433 yuan/500KG [3]. - **Important Information**: - Over the weekend, egg prices mainly rose. On the 15th, the price of Hebei Guantao powder eggs was 2.98 yuan/jin, up 0.09 yuan/jin from the 13th. - On the 13th, the average inventory in the national production link was 1.07 days, the same as the previous day; the inventory in the circulation link was 1.17 days, a decrease of 0.02 days from the previous day. - On the 13th, the average price of old hens was 5.26 yuan/jin, a decrease of 0.02 yuan/jin from the previous day. As of March 12th, the weekly culling age of old hens was 505 days, an increase of 3 days from the previous week. - In February, the inventory of laying hens in the country was about 1.35 billion, a 0.6% month - on - month increase and a 3.37% year - on - year increase. The theoretical estimated inventory of laying hens in March is 1.342 billion [3]. - **Market Logic**: In the short - to - medium term, inventory stops falling and rebounds, and egg prices are stable. However, the supply pressure is postponed, and the pattern of strong supply and weak demand continues to put pressure on egg prices. In the long term, the continuous expansion of egg - laying hen farming scale may extend the price bottom cycle and limit the upward space [3]. - **Trading Strategy**: Pay attention to the short - selling opportunities of near - month contracts to squeeze the premium. For the 2604 contract, the resistance is at 3,250 - 3,300, the first support is at 3,200, and the second support is at 3,150. For the 2605 contract, the resistance is at 3,450 - 3,500, the first support is at 3,400, and the second support is at 3,300 - 3,340. Pay attention to the inventory level and the culling rhythm of farmers [3].

Report Industry Investment Rating - Not provided Core Viewpoints - The core contradiction of glass lies in the game between "supply contraction expectation" (cold repair + policy) and "weak real - demand" (real - estate downturn), and high inventory is the biggest pressure for the disk rebound. In the medium term, the glass demand expectation remains weak. The disk is mainly affected by the international situation in the short - term and should be treated with an oscillatory mindset. After the macro - influencing factors subside, it will return to the fundamental logic [2]. - The core contradiction of soda ash is the continuous inventory accumulation caused by strong supply and weak demand, and the industry's supply - demand mismatch pattern has not improved. The short - term disk sentiment has warmed up, and the spot - futures merchants' enthusiasm for purchasing has increased. The disk is affected by macro - sentiment and energy prices and is temporarily maintained with an oscillatory and slightly strong mindset. If the situation eases, the market will return to the domestic supply - demand logic [3]. Summary by Relevant Catalogs Glass - The glass main contract opened high and went high, oscillating strongly within the day. The 120 - minute Bollinger Bands' three tracks are upward, showing a short - term oscillatory and slightly strong signal. The pressure is near the previous high, and the support is near the 60 - day moving average of the daily line. The trading volume decreased by 333,000 lots compared with yesterday, and the open interest decreased by 156,000 lots. The intraday high was 1163, the low was 1055, and the closing price was 1112, up 31 yuan/ton or 2.87% compared with yesterday's settlement price [1]. - The total inventory of national float glass sample enterprises is 79.637 million heavy boxes, a month - on - month increase of 3.629 million heavy boxes or 4.77%, and a year - on - year increase of 14.51%. The inventory days are 35.3 days, an increase of 1.5 days from the previous period. The inventories in all regions have increased comprehensively, and the total inventory is approaching the 3 - year high [1]. Soda Ash - The soda ash main contract opened high and went high, oscillating slightly strongly within the day. The 120 - minute Bollinger Bands' three tracks are upward, showing a short - term continuation of the oscillatory and slightly strong signal. The pressure is near the previous high, and the support is near the 10 - day moving average of the daily line. The trading volume decreased by 855,000 lots compared with yesterday, and the open interest decreased by 106,000 lots. The intraday high was 1330, the low was 1220, and the closing price was 1255, up 10 yuan/ton or 0.8% compared with yesterday's settlement price [3]. - The total inventory of domestic soda ash manufacturers is 1.9227 million tons, a decrease of 24,500 tons or 1.26% compared with last Thursday. Among them, light soda ash is 1.016 million tons, a month - on - month decrease of 11,300 tons, and heavy soda ash is 0.9067 million tons, a month - on - month decrease of 13,200 tons [3].

Group 1: Report Industry Investment Ratings - Corn: Interval [1] - Pig: Near - term weak, long - term strong [1] - Egg: Short - term high - selling for near - month contracts [3] Group 2: Core Views - For corn, in the short - to - medium term, short - term supply - demand mismatch drives the spot price to run strongly, but rising temperatures may lead to a short - term price correction. In the long - term, the pricing logic is substitution + planting cost, and policy guidance should be focused on [1]. - For pigs, in the short - term, the pattern of strong supply and weak demand in March continues, and the pig price runs at a low level. In the medium - term, supply pressure eases from April to June. In the long - term, supply pressure exists before August, and the high - point expectation of far - month contracts is lowered [3]. - For eggs, in the short - to - medium term, inventory stops falling and stabilizes, but supply pressure is obvious, and the pattern of strong supply and weak demand continues to put pressure on egg prices. In the long - term, the continuous increase in egg - laying chicken farming scale may extend the price bottom cycle [3]. Group 3: Summaries by Related Catalogs Corn - **Market Review**: The corn futures fluctuated and consolidated last night. As of the night - session close, the main 2605 contract fell 0.04% to 2384 yuan/ton [1]. - **Important Information**: Deep - processing enterprise purchase prices continued to rise. Northeast deep - processing enterprise purchase average price was 2251 yuan/ton, up 4 yuan/ton from the previous day; North China deep - processing purchase average price was 2382 yuan/ton, up 2 yuan/ton. North - South port prices were stable with a slight decline. The wheat - corn price difference in Shandong expanded by 10 yuan/ton. The corn selling progress in Northeast and North China increased. The number of corn futures warehouse receipts increased by 769 hands to 74613 hands [1]. - **Market Logic**: Short - to - medium term: short - term supply - demand mismatch drives the spot price up, but rising temperatures may lead to a short - term price drop. Long - term: substitution + planting cost pricing logic, focus on policy guidance [1]. - **Trading Strategy**: Maintain a wide - range trading idea in the medium - term, and pay attention to the upper pressure in the short - term. The 2605 contract pressure is at 2400, the first support is 2350 - 2370, and the second support is 2300 - 2330 [1]. Pig - **Market Review**: The pig futures fluctuated weakly yesterday. The main 2605 contract fell 1.15% to 11180 yuan/ton [1]. - **Important Information**: The national average pig price on the 10th was 10.14 yuan/kg, down 0.05 yuan/kg from the previous day. The sow inventory at the end of December was 39.61 million, a year - on - year decrease of 2.9%. The number of new - born piglets and the average weight of pigs showed certain trends. The pig futures warehouse receipts remained unchanged at 1150 hands [1]. - **Market Logic**: Short - term: strong supply and weak demand in March, low pig prices. Medium - term: supply pressure eases from April to June. Long - term: supply pressure exists before August, and the high - point expectation of far - month contracts is lowered [3]. - **Trading Strategy**: Maintain a bottom - range trading idea. The 2605 contract support is at 11000, and the pressure is at 11300 - 11400; the 2607 contract support is at 12000, and the pressure is at 12350 - 12450; the 2609 contract support is at 13000, and the pressure is at 13350 - 13450 [3]. Egg - **Market Review**: The egg futures in the near - month contracts fluctuated downward yesterday. The main 2605 contract fell 1.36% to 3412 yuan/500KG [3]. - **Important Information**: Egg prices were stable with a slight increase. The national average egg price in the main production areas was 3.06 yuan/jin, up 0.03 yuan/jin from the previous day. Inventory in production and circulation links increased. The average price of old hens increased, and the egg - laying hen inventory increased [3]. - **Market Logic**: Short - to - medium term: inventory stops falling, but supply pressure is obvious, and the pattern of strong supply and weak demand continues. Long - term: the continuous increase in egg - laying chicken farming scale may extend the price bottom cycle [3]. - **Trading Strategy**: Pay attention to the short - selling opportunities of near - month contracts to squeeze the premium. The 2604 contract pressure is at 3250 - 3300, the first support is 3200, and the second support is 3150; the 2605 contract pressure is at 3450, and if it falls below 3400, the support is at 3300 - 3340 [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **Corn**: In the short term, the supply in the front - end trading link is tight, and the concentrated release of replenishment demand in the consumer end drives the price up. The current price fluctuation is dominated by short - term supply - demand mismatch. In the long term, pay attention to import and domestic auction policies due to the supply gap [3]. - **Starch**: This week, the increase in raw material costs drives up the starch price. In the short term, both supply and demand are recovering. In the long term, focus on the downstream consumption rhythm and whether the enterprise inventory will continue to decline after the seasonal peak [3]. - **Sugar**: Internationally, the fundamentals are slightly stronger with India's production cut and ISO's reduction of the global surplus forecast. Crude oil price increase may boost the raw sugar price. Domestically, the market is discussing import policies, with low additional - quota import costs and high spot pressure [6]. - **Cotton**: The low initial inventory offsets most of the output increase. With expanding domestic textile production, good downstream profits, and consumption - promoting policies, cotton demand is expected to improve. The reduction of Xinjiang's planting area in the new season makes cotton suitable for long - term investment [7]. - **Eggs**: The slowdown of chicken culling may be an active decision by farmers, which postpones the supply pressure. Rising feed costs compress the profit margin. Considering the basis structure of 05 and 06 contracts, a near - far month reverse spread strategy is recommended [9]. - **Apples**: The shipping situation in apple - producing areas varies, with the west stronger than the east. In the west, the price of high - quality goods rises, while in the east, the overall shipment is average. The sales in the sales area are stable after the festival, but the arrival volume is low and the shipping slows down [11]. - **Pigs**: The spot market is weakly adjusted. Group supply is abundant, consumption is weak, and capacity reduction is limited. Pay attention to factors such as the change of farmers' selling weight, the expectation of second - fattening, and frozen product storage [11]. 3. Summary by Commodity Corn/Starch - **Price Data**: From March 4 to March 10, the price of corn in Changchun remained at 2230, while in other regions, there were slight changes. The basis of corn increased by 14, and the import profit increased by 28. For starch, the price in Heilongjiang increased by 50, and the basis increased by 50, and the processing profit increased by 17 [2]. - **Analysis**: Short - term price increase is due to supply - demand mismatch, and long - term focus is on policies. For starch, short - term supply and demand are both recovering, and long - term focus is on downstream consumption [3]. Sugar - **Price Data**: From March 4 to March 10, the spot prices in Liuzhou, Nanning, and Kunming decreased by 90, 80, and 50 respectively. The basis decreased by 63, and the import profit decreased [5]. - **Analysis**: International fundamentals are stronger, and domestic market is affected by import policy discussions, with high spot pressure [6]. Cotton/Cotton Yarn - **Price Data**: From March 4 to March 10, the price of 3128 cotton increased by 5. The import profit and other data also had certain changes [7]. - **Analysis**: Low initial inventory and good demand prospects make cotton suitable for long - term investment [7]. Eggs - **Price Data**: From March 4 to March 10, the egg prices in some regions increased slightly, the basis increased by 105, and the prices of substitutes had some changes [9]. - **Analysis**: Slow chicken culling postpones supply pressure, and a near - far month reverse spread strategy is recommended [9]. Apples - **Price Data**: The spot prices of Shandong 80 first - and second - grade and Shaanxi 70 general goods remained unchanged. The national inventory increased by 22, and the inventories in Shandong and Shaanxi decreased [10][11]. - **Analysis**: Shipping situation varies between the east and the west, and the sales in the sales area are stable but slow [11]. Pigs - **Price Data**: From March 4 to March 10, the prices in some regions decreased slightly, and the basis increased by 20 [11]. - **Analysis**: Spot market is weakly adjusted, and pay attention to factors affecting the price rhythm [11].

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - The core contradiction of glass lies in the game between "supply contraction expectation" (cold repair + policy) and "weak real - demand" (real - estate downturn), with high inventory being the biggest pressure on the market rebound. The demand expectation for glass remains weak in the medium - term. In the short - term, the price is expected to maintain a volatile and strong trend, and a low - buying strategy is advisable [2]. - The core contradiction of soda ash is the continuous inventory accumulation caused by strong supply and weak demand, and the pattern of supply - demand mismatch in the industry has not improved. In the short - term, it maintains a volatile and strong trend, and a low - buying strategy is advisable. Whether it can continue to open up space in the medium - term depends on policy news from the Two Sessions and whether the high inventory can be continuously reduced [3]. 3. Summary According to the Glass and Soda Ash Sections Glass - **Market Performance**: The main glass contract opened higher and moved higher, with a volatile and strong intraday performance. The 120 - minute Bollinger Band opened, signaling a short - term volatile and strong trend. The pressure is near the previous high, and the support is near the intraday gap. The trading volume increased by 1.838 million lots compared with the previous day, and the open interest decreased by 91,314 lots. The intraday high was 1163, the low was 1090, and the closing price was 1104, up 34 yuan/ton or 3.18% compared with the previous day's settlement price [1]. - **Inventory Situation**: The total inventory of national float glass sample enterprises was 79.637 million heavy boxes, a month - on - month increase of 3.629 million heavy boxes or 4.77%, and a year - on - year increase of 14.51%. The inventory days were 35.3 days, an increase of 1.5 days from the previous period. The inventory in each region increased comprehensively, and the total inventory was approaching a 3 - year high [1]. Soda Ash - **Market Performance**: The main soda ash contract opened higher and moved higher, with a volatile and strong intraday performance. The 120 - minute Bollinger Band opened like a horn, signaling a short - term continuation of the volatile and strong trend. The pressure is near the previous high, and the intraday support is near the day's low. The trading volume increased by 1.854 million lots compared with the previous day, and the open interest decreased by 58,855 lots. The intraday high was 1330, the low was 1245, and the closing price was 1276, up 45 yuan/ton or 3.66% compared with the previous day's settlement price [3]. - **Inventory Situation**: The total inventory of domestic soda ash manufacturers was 1.9227 million tons, a decrease of 24,500 tons or 1.26% compared with last Thursday. Among them, light soda ash was 1.016 million tons, a month - on - month decrease of 11,300 tons, and heavy soda ash was 0.9067 million tons, a month - on - month decrease of 13,200 tons [3].

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Last week, copper prices continued to fluctuate at a high level above 100,000 yuan/ton, with the center of copper prices moving slightly lower. The core contradiction in the copper market currently lies in the short - term supply - demand mismatch between high inventories and downstream demand. The inventory accumulation trend has spread globally. In the future, short - term copper prices may maintain high - level fluctuations, with core focus on the inventory inflection point and the intensity of downstream consumption release [2] Group 3: Summary by Relevant Catalog 1. Market Review and Outlook - Macro aspect: The escalation of the US - Iran conflict has increased market risk - aversion sentiment, and the strengthening of the US dollar has suppressed copper prices. China's latest government work report has released positive signals, providing long - term policy support. Supply aspect: The key export channel in the Democratic Republic of the Congo is blocked, but copper mine production is not affected, and the tight situation at the mine end remains. Demand aspect: Downstream enterprises have fully resumed work, and the operating rate of copper processing enterprises has steadily increased, with the degree of spot discount alleviated [2] 2. Factors to Watch - The factors to watch include the intensity of downstream demand recovery, geopolitical changes, and inventory changes [3] 3. Weekly Changes in Fundamental Data This Week | Indicator | Unit | This Week's Latest | Last Week's Same Period | Weekly Change Amount | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | Electrolytic copper price (≥99.95%): Shanghai | yuan/ton | 101000 | 101970 | - 970 | - 0.95% | Weekly | | Electrolytic copper premium/discount (≥99.95%): Shanghai | yuan/ton | - 60 | - 250 | 190 | 76.00% | Weekly | | Clean copper concentrate forward spot comprehensive index (TC) | US dollars/dry ton | - 56 | - 51.06 | - 4.94 | - 9.67% | Weekly | | Oxygen - free copper rod price | yuan/ton | 102050 | 103090 | - 1040 | - 1.01% | Weekly | | LME copper inventory | tons | 284325 | 253700 | 30625 | 12.07% | Weekly | | SHFE copper inventory | tons | 425145 | 391529 | 33616 | 8.59% | Weekly | | COMEX copper inventory | short tons | 597938 | 601541 | - 3603 | - 0.60% | Weekly | [3] 4. Futures Market Review - The report shows the price trends of Shanghai copper, London copper, and the Shanghai - London ratio, with data sources including Boyii Master and Steel Union Data [5][6][10] 5. Supply Situation Analysis - The report presents data on copper concentrate forward spot prices, rough copper spot processing average prices, copper concentrate port inventories, domestic electrolytic copper production, and the price change trends of electrolytic copper and scrap copper, with data from Steel Union Terminal [15] 6. Demand Situation Analysis - The report includes data on 1 electrolytic copper premium/discount in Shanghai, copper product prices, copper product capacity utilization rates, refined copper rod trading volumes, Yangshan copper bonded area premiums, and electrolytic copper warehouse receipt bill of lading premiums, with data from iFinD and Steel Union Terminal [17][18][20] 7. Inventory Situation Analysis - The report shows data on electrolytic copper spot inventories and the inventories of three major futures exchanges, with data from Steel Union Terminal and iFinD [23]

Report Industry Investment Rating - No information provided Core View of the Report - In the context of the un - resumed production of underground mines and the ban on ore exports in Zimbabwe, the supply side of lithium carbonate has become tighter. The increase in battery export VAT rebate rate will lead to a surge in downstream purchasing demand, resulting in intensified supply - demand mismatch in Q1 and a bullish view on lithium carbonate futures prices [3] Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 172,500 with a rise of 500; SMM industrial - grade lithium carbonate has an average price of 169,000 with a rise of 500 [1] Lithium Futures Contracts - Carbonate lithium 2603 has a closing price of 170,500 with a 0.6% increase; carbonate lithium 2604 has a closing price of 171,400 with a 0.64% decrease; carbonate lithium 2605 has a closing price of 172,020 with a 0.96% decrease; carbonate lithium 2606 has a closing price of 172,560 with a 0.61% decrease; carbonate lithium 2607 has a closing price of 172,800 with a 0.71% decrease [1] Lithium Ore - Lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) has an average price of 2360 with a decrease of 12; lithium mica (Li20: 1.5% - 2.0%) has an average price of 3685 with a decrease of 40; lithium mica (Li20: 2.0% - 2.5%) has an average price of 5525 with a decrease of 75; phospho - lithium - aluminum stone (Li20: 6% - 7%) has an average price of 13,775 with a decrease of 300; phospho - lithium - aluminum stone (Li20: 7% - 8%) has an average price of 15,050 with a decrease of 300 [1][2] Cathode Materials - Lithium iron phosphate (power type) has an average price of 58,990 with a rise of 120; ternary material 811 (polycrystalline/power type) has an average price of 212,000; ternary material 523 (single - crystal/power type) has an average price of 187,800; ternary material 613 (single - crystal/power type) has an average price of 189,450 [2] Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 3500 with a change of - 1; the difference between battery - grade lithium carbonate and the main contract is 480 with a change of 4520; the difference between the near - month and the first - continuous contract is - 620 with a change of 3180; the difference between the near - month and the second - continuous contract is - 1160 with a change of 2980 [2] Inventory - The total weekly inventory is 100,093 tons with a decrease of 2839; the smelter's weekly inventory is 18,382 tons; the downstream's weekly inventory is 40,021 tons with a decrease of 4471; other weekly inventory is 41,690 tons with an increase of 170; the daily registered warehouse receipts are 38,196 tons with a decrease of 765 [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 167,425, and the profit is 2831; the cash cost of purchasing lithium mica concentrate externally is 162,390, and the profit is 4190 [3] New Energy Vehicle Market - In January 2026, the production and sales of new energy vehicles reached 1.041 million and 945,000 respectively, with year - on - year increases. The export of new energy vehicles was 302,000, doubling year - on - year [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the context of the un - resumed production of underground mines and Zimbabwe's ban on ore exports, the supply side of lithium carbonate has become marginally tighter. The increase in the battery export VAT refund rate on April 1st will lead to a battery rush for exports, driving up downstream purchasing demand. The report maintains the view that the lithium carbonate futures price will be on the strong side due to the intensified supply - demand mismatch in the first quarter [3] 3. Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 172,000 yuan with a decrease of 1,000 yuan; SMM industrial - grade lithium carbonate has an average price of 168,500 yuan with a decrease of 1,000 yuan [1] - The closing prices and price changes of lithium carbonate futures contracts: lithium carbonate 2603 is 171,900 yuan with a - 2.23% change; lithium carbonate 2604 is 175,700 yuan with a - 1.69% change; lithium carbonate 2605 is 176,040 yuan with a - 0.61% change; lithium carbonate 2606 is 175,920 yuan with a - 1% change; lithium carbonate 2607 is 176,600 yuan with a - 0.62% change [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 2,372 yuan with a decrease of 15 yuan; lithium mica (Li20:1.5% - 2.0%) has an average price of 3,725 yuan with a decrease of 75 yuan; lithium mica (Li20:2.0% - 2.5%) has an average price of 5,600 yuan with a decrease of 100 yuan; phospho - lithium - aluminum stone (Li20:6% - 7%) has an average price of 14,075 yuan with a decrease of 475 yuan; phospho - lithium - aluminum stone (Li20:7% - 8%) has an average price of 15,350 yuan with a decrease of 450 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 58,870 yuan with a decrease of 245 yuan; the average price of ternary material 811 (polycrystalline/power type) is 212,000 yuan with a decrease of 500 yuan; the average price of ternary material 523 (single - crystal/power type) is 187,800 yuan with a decrease of 400 yuan; the average price of ternary material 613 (single - crystal/power type) is 189,450 yuan with a decrease of 300 yuan [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 3,500 yuan with no change; the difference between battery - grade lithium carbonate and the main contract production is - 4,040 yuan with a decrease of 3,380 yuan; the difference between the near - month and the first - continuous contract is - 3,800 yuan with a decrease of 1,340 yuan; the difference between the near - month and the second - continuous contract is - 4,140 yuan with a decrease of 1,120 yuan [2] Inventory - The total inventory (weekly, tons) is 100,093 tons with a decrease of 2,839 tons; the smelter inventory (weekly, tons) is 18,382 tons with an increase of 1,462 tons; the downstream inventory (weekly, tons) is 40,021 tons with a decrease of 4,471 tons; the other inventory (weekly, tons) is 41,690 tons with an increase of 170 tons; the registered warehouse receipts (daily, tons) is 38,461 tons with an increase of 10 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 168,303 yuan, and the profit is 1,457 yuan; the cash cost of purchasing lithium mica concentrate is 164,301 yuan, and the profit is 1,790 yuan [3] New Energy Vehicle Market - In January 2026, the production and sales of new energy vehicles were 1.041 million and 945,000 respectively, with year - on - year increases. The export of new energy vehicles was 302,000, with a year - on - year doubling [3]