Report Industry Investment Rating - No relevant information provided Core Viewpoints - On December 3, the manganese - silicon 2603 contract was reported at 5746, up 0.14%. The spot price of Inner Mongolia silicon - manganese was reported at 5520. The OECD estimated that the global economic growth in 2025 would be 3.2%, 2.9% in 2026, and 3.1% in 2027. Fundamentally, inventory rebounded rapidly, production at a high level continued to decline slightly, and inventory increased for 9 consecutive weeks. The port inventory of imported manganese ore at the raw material end increased by 87,000 tons, and the overall molten iron demand declined seasonally. In terms of profit, the spot profit in Inner Mongolia was - 310 yuan/ton, and in Ningxia it was 410 yuan/ton. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was oscillatory [2]. - On December 3, the ferrosilicon 2603 contract was reported at 5446, down 0.11%. The spot price of Ningxia ferrosilicon was reported at 5200. The annual bond issuance of local governments exceeded 10 trillion yuan for the first time. In terms of supply and demand, market transactions were mainly for terminal rigid - demand replenishment, prices declined, and inventory continued to decrease this period. In terms of profit, the spot profit in Inner Mongolia was - 270 yuan/ton, and in Ningxia it was - 525 yuan/ton. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was oscillatory [2]. Summary by Related Catalogs Futures Market - SM main contract closing price (daily, yuan/ton): 5,722.00, down 2.00; SF main contract closing price (daily, yuan/ton): 5,448.00, down 18.00 [2]. - SM futures contract open interest (daily, lots): 627,726.00, down 31,053.00; SF futures contract open interest (daily, lots): 482,471.00, up 428.00 [2]. - Net position of the top 20 in manganese - silicon (daily, lots): - 26,664.00, down 2,048.00; Net position of the top 20 in ferrosilicon (daily, lots): - 20,914.00, up 1,086.00 [2]. - SM 5 - 1 month contract spread (daily, yuan/ton): 48.00, up 4.00; SF 5 - 1 month contract spread (daily, yuan/ton): 14.00, up 14.00 [2]. - SM warehouse receipts (daily, sheets): 15,851.00, unchanged; SF warehouse receipts (daily, sheets): 11,255.00, down 61.00 [2]. Spot Market - Inner Mongolia manganese - silicon FeMn68Si18 (daily, yuan/ton): 5,520.00, unchanged; Inner Mongolia ferrosilicon FeSi75 - B (daily, yuan/ton): 5,250.00, unchanged [2]. - Guizhou manganese - silicon FeMn68Si18 (daily, yuan/ton): 5,520.00, unchanged; Qinghai ferrosilicon FeSi75 - B (daily, yuan/ton): 5,150.00, unchanged [2]. - Yunnan manganese - silicon FeMn68Si18 (daily, yuan/ton): 5,550.00, unchanged; Ningxia ferrosilicon FeSi75 - B (daily, yuan/ton): 5,200.00, unchanged [2]. - Manganese - silicon index average (weekly, yuan/ton): 5,499.00, down 16.75; SF main contract basis (daily, yuan/ton): - 248.00, up 18.00 [2]. - SM main contract basis (daily, yuan/ton): - 202.00, up 2.00 [2]. Upstream Situation - South African ore: Mn38 lumps: Tianjin Port (daily, yuan/ton - degree): 32.00, unchanged; Silica (98%, Northwest, daily, yuan/ton): 210.00, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke (daily, yuan/ton): 1,250.00, unchanged; Semi - coke (medium grade, Shenmu, daily, yuan/ton): 880.00, unchanged [2]. - Manganese ore port inventory (weekly, 10,000 tons): 438.30, up 8.70 [2]. Industry Situation - Manganese - silicon enterprise operating rate (weekly, %): 38.09, down 1.04; Ferrosilicon enterprise operating rate (weekly, %): 33.41, down 0.40 [2]. - Manganese - silicon supply (weekly, tons): 194,775.00, down 2,135.00; Ferrosilicon supply (weekly, tons): 107,200.00, down 1,100.00 [2]. - Manganese - silicon manufacturer inventory (half - monthly, tons): 368,000.00, up 5,000.00; Ferrosilicon manufacturer inventory (half - monthly, tons): 71,830.00, down 1,220.00 [2]. - Manganese - silicon inventory days of national steel mills (monthly): 15.84, up 0.14; Ferrosilicon inventory days of national steel mills (monthly): 15.80, up 0.13 [2]. - Demand for manganese - silicon from five major steel types (weekly, tons): 121,727.00, up 320.00; Demand for ferrosilicon from five major steel types (weekly, tons): 19,660.00, up 117.00 [2]. Downstream Situation - Blast furnace operating rate of 247 steel mills (weekly, %): 81.07, down 1.10; Blast furnace capacity utilization rate of 247 steel mills (weekly, %): 87.96, down 0.60 [2]. - Crude steel output (monthly, 10,000 tons): 7,199.70, down 149.31 [2]. Industry News - As of December 2, the national local government bond issuance scale was about 10.1 trillion yuan [2]. - Six major state - owned banks, including ICBC, ABC, BOC, CCB, BCM, and PSBC, have stopped selling 5 - year large - denomination certificate of deposit products [2]. - The United Nations Conference on Trade and Development predicted in its "Trade and Development Report 2025" that the global economic growth in 2025 would slow down to 2.6%, lower than 2.9% in 2024 [2]. - The OECD estimated that the global economic growth in 2025 would be 3.2%, 2.9% in 2026, and 3.1% in 2027. It also estimated that China's economic growth in 2025 would be 5%, previously estimated at 4.9% [2].