Report Industry Investment Rating No information provided in the content. Core View of the Report - The sentiment in the silicomanganese alloy market has changed significantly, while the basic supply and demand have shown no obvious fluctuations. Recently, there have been many macro - level news such as the Fed's interest rate cut and anti - involution meetings, and the sentiment in the silicomanganese market is relatively positive. The price rose slightly last week. The price of manganese ore in the future still needs to pay attention to macro news and the trend of the silicomanganese futures market; it is considered neutral. - The spot price is 5,820 yuan/ton, and the basis of the 01 contract is - 144 yuan/ton, indicating that the spot is at a discount to the futures; it is considered bearish. - The inventory of 63 independent silicomanganese enterprises in the country is 221,800 tons, and the average available days of inventory for 50 steel mills in the country is 15.49 days; it is considered neutral. - The MA20 is downward, and the futures price of the 01 contract is above the MA20; it is considered neutral. - The net position of the main players is short, and the short positions are increasing; it is considered bearish. - It is expected that the price of silicomanganese will fluctuate this week, and the SM2601 will fluctuate between 5,850 - 6,020 yuan/ton [3]. Summary by Relevant Catalogs I. Manganese Silicon Supply - **Capacity**: There is a chart showing the monthly capacity of silicomanganese enterprises in China [7]. - **Annual Output**: There is a chart presenting the annual output of silicomanganese in regions like Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, other areas, and the whole country [8]. - **Weekly, Monthly Output and Operating Rate**: There is a chart showing the weekly and monthly output of silicomanganese in China and the weekly operating rate of silicomanganese enterprises in China [11]. - **Regional Output**: There are charts about the monthly output of Inner Mongolia, Ningxia, and Guizhou, and the daily average output of Inner Mongolia, Ningxia, Guizhou, and Guangxi [13]. II. Manganese Silicon Demand - **Steel Tender Purchase Price**: There is a chart showing the monthly purchase prices of silicomanganese 6517 by enterprises such as Baoshan Iron & Steel Co., Ltd., Baowu Egang, Chengde Jianlong, etc. [16]. - **Daily Average Hot Metal and Profitability**: There is a chart presenting the weekly daily average hot metal output of 247 steel enterprises in China and their weekly profitability [18]. III. Manganese Silicon Import and Export - There is a chart showing the monthly import and export volumes of ferromanganese silicon in China [20]. IV. Manganese Silicon Inventory - There is a chart showing the weekly inventory of 63 sample silicomanganese enterprises in China, the monthly average available days of inventory in China, the monthly average available days of inventory in the northern region, and the monthly average available days of inventory in the eastern region [22]. V. Manganese Silicon Cost - **Manganese Ore Import Volume**: There is a chart showing the monthly import volume of manganese ore by trade method, the monthly import volume of manganese ore from Gabon to China, the monthly import volume of manganese ore from southern Africa to China, and the monthly import volume of manganese ore from Australia to China [24]. - **Manganese Ore Port Inventory and Available Days**: There are charts showing the weekly port inventory of manganese ore in China, in Qinzhou Port, and in Tianjin Port, as well as the weekly average available days of manganese ore inventory in China [26]. - **High - grade Manganese Ore Port Inventory**: There is a chart showing the weekly port inventory of high - grade manganese ore in Qinzhou Port and Tianjin Port from different origins such as Australia, Gabon, and Brazil [28]. - **Tianjin Port Manganese Ore Price**: There is a chart showing the daily prices of different types of manganese ore in Tianjin Port, including South African semi - carbonated manganese lumps, Australian manganese ore, and Gabonese manganese lumps [29]. - **Regional Cost**: There is a chart showing the daily cost of silicomanganese in regions such as Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi [30]. VI. Manganese Silicon Profit - There is a chart showing the daily profit of silicomanganese in regions such as the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi [32].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The supply of soda ash is expected to be abundant, demand to stabilize, and prices to remain under pressure overall, but there may be variables with anti - involution hype. It is recommended to buy on dips for the short - term soda ash main contract. - The glass market is expected to continue consolidating. It is recommended to buy on dips for the glass main contract. The glass supply remains at a low level, and the demand is mainly for rigid needs. The inventory reduction trend remains unchanged, and there is a possibility of a restocking market [2]. 3. Summary by Relevant Catalogs Futures Market - Soda ash main contract closing price: 1276 yuan/ton, up 9 yuan from the previous day; glass main contract closing price: 1135 yuan/ton, up 1 yuan from the previous day. - Soda ash and glass price difference: 141 yuan/ton, up 8 yuan from the previous day. - Soda ash main contract open interest: 1420969 lots, down 10459 lots from the previous day; glass main contract open interest: 1324537 lots, down 3230 lots from the previous day. - Soda ash top 20 net open interest: - 295010 lots, down 16840 lots from the previous day; glass top 20 net open interest: - 203082 lots, down 350 lots from the previous day. - Soda ash exchange warehouse receipts: 5082 tons, down 118 tons from the previous day; glass exchange warehouse receipts: 2026 tons, down 5 tons from the previous day. - Soda ash September - January contract spread: - 3 yuan, down 3 yuan from the previous day; glass September - January contract spread: - 195 yuan, down 16 yuan from the previous day. - Soda ash basis: - 102 yuan/ton, down 11 yuan from the previous day; glass basis: - 79 yuan/ton, down 1 yuan from the previous day [2]. Spot Market - North China heavy soda ash: 1165 yuan/ton, down 15 yuan from the previous day; Central China heavy soda ash: 1300 yuan/ton, unchanged from the previous day. - East China light soda ash: 1250 yuan/ton, unchanged from the previous day; Central China light soda ash: 1200 yuan/ton, unchanged from the previous day. - Shahe glass sheets: 1056 yuan/ton, down 4 yuan from the previous day; Central China glass sheets: 1090 yuan/ton, unchanged from the previous day [2]. Industry Situation - Soda ash plant operating rate: 82.47%, down 6.01 percentage points from the previous week; float glass enterprise operating rate: 75.68%, up 0.34 percentage points from the previous week. - Glass in - production capacity: 15.96 million tons/year, unchanged from the previous week; glass in - production production lines: 224, up 1 from the previous week. - Soda ash enterprise inventory: 181.93 tons, down 4.82 tons from the previous week; glass enterprise inventory: 6256.6 ten - thousand weight boxes, down 104 ten - thousand weight boxes from the previous week [2]. Downstream Situation - Cumulative value of new construction area in real estate: 352060000 square meters, up 48416800 square meters; cumulative value of real estate completion area: 250340000 square meters, up 24673900 square meters [2]. Industry News - Multiple soda ash production enterprises have reduced production, shut down for maintenance, or reduced their loads, including Inner Mongolia Boyuan Yingen Chemical, Jiangsu Jingshen Chemical, Shandong Haitian Biological Chemical, etc. - The manufacturing PMI in August was 49.4%, up 0.1 percentage point from the previous month [2]. Viewpoint Summary - Soda ash: Supply is expected to be loose, demand to stabilize, and prices to remain under pressure. The inventory reduction process may be repeated. - Glass: Supply remains at a low level, demand is mainly for rigid needs, and the inventory reduction trend remains unchanged. There is a possibility of a restocking market [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - This week, the soda ash futures declined by 2.26%, showing a trend of rising first and then falling, while the glass futures rose by 0.77%, presenting an overall fluctuating upward trend [6]. - For soda ash, the domestic production rate and output are expected to decline, but the short - term market supply remains ample. The demand is stable, and the price will continue to face pressure, though there may be variables with anti - involution speculation. For glass, the supply is at a low level, the real - estate situation is not optimistic, and the inventory is in a fluctuating de - stocking trend, with a possible restocking market next week [6]. - The recommended trading range for SA2601 contract is 1260 - 1340, with a stop - loss range of 1240 - 1360. For FG2601, the recommended operating range is 1130 - 1200, and the stop - loss range is 1100 - 1230 [6]. Summary According to the Directory 1. Weekly Key Points Summary - **Market Review**: Soda ash futures decreased by 2.26% this week, with a first - rising - then - falling trend. Glass futures increased by 0.77%, showing an overall fluctuating upward trend. The soda ash price rose in the first half of the week due to maintenance news and Shanghai's real - estate relaxation news, but declined in the second half due to the spot price. The glass price rose in the first half but fell later due to high inventory and doubts about demand [6]. - **Market Outlook**: For soda ash, the supply may decline as the production rate and output are falling, and maintenance is expected to increase. The demand is stable, with a slight increase from photovoltaic glass. The inventory is decreasing, but the de - stocking process may be repeated. For glass, the supply is at a low level, the real - estate situation is poor, the downstream orders are slightly increasing, and the inventory is in a de - stocking trend with possible fluctuations [6]. 2. Futures and Spot Markets - **Futures Prices**: This week, soda ash futures prices declined, and glass futures prices increased [6]. - **Spot Prices and Basis**: As of August 28, 2025, the mainstream price of heavy - soda ash in the Shahe market was 1210 yuan/ton, a week - on - week increase of 2.5 yuan/ton, and the basis was - 101 yuan/ton. The price of 5.0mm large - plate glass in the Shahe market was 1060 yuan/ton, a week - on - week decrease of 8 yuan/ton, and the basis was - 114 yuan/ton. The soda ash - glass price difference weakened this week and is expected to strengthen next week [14][18][22]. 3. Industry Chain Analysis - **Soda Ash Production**: As of August 28, 2025, the national soda ash operating rate was 82.58%, a week - on - week decrease of 6.17%, and the weekly output was 71.91 tons, a week - on - week increase of 6.78%. The profit of soda ash enterprises decreased, and the production is expected to continue to decline next week [28]. - **Glass Production**: The number of cold - repaired glass production lines decreased by 1. As of August 28, 2025, there were 296 glass production lines (excluding zombie lines), 223 in production, and 72 cold - repaired. The national float - glass output was 111.7 tons, with no week - on - week change, and the output is expected to remain low next week [40]. - **Photovoltaic Glass**: As of August 28, 2025, the capacity utilization rate of photovoltaic glass enterprises was 68.37%, a week - on - week increase of 0.31%, and the daily melting volume was 88,580 tons/day, a week - on - week increase of 400 tons/day, both expected to rise slightly next week [44]. - **Inventory**: As of August 28, 2025, the inventory of soda ash enterprises was 188.81 tons, a week - on - week decrease of 0.48%, and the total glass inventory was 62.566 million heavy boxes, a week - on - week decrease of 1.64%, both expected to continue de - stocking next week [50]. - **Downstream Demand**: As of August 15, 2025, the average order days of national deep - processing sample enterprises were 9.65 days, showing a slight increase but still at a low level [54].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - For soda ash, short - term fundamentals have returned. It's recommended to buy the main contract on dips. Pay attention to the production cut intensity. The market supply is currently loose, and the destocking process will be repeated. The price drop today is mainly due to the decline of coking coal, and it's uncertain whether the anti - involution meeting will lead to price speculation [2]. - For glass, the supply is at a low level with no change in cold - repair of production lines. The demand from the real estate is weak, but downstream deep - processing orders have a slight increase. It's recommended to buy the main contract on dips when the price drops to around 1100 yuan. The market may trade the positive impact of potential interest rate cuts [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - Soda ash main contract closing price: 1309 yuan/ton, down 49 yuan; glass main contract closing price: 1162 yuan/ton, down 34 yuan [2]. - Soda ash and glass price difference: 147 yuan/ton, down 15 yuan; soda ash main contract position: 1365953 lots, down 62895 lots; glass main contract position: 1198103 lots, up 1641 lots [2]. - Soda ash front 20 net position: 34639 lots, down 345354 lots; glass front 20 net position: 30267 lots [2]. - Soda ash exchange warehouse receipts: 11020 tons, down 100 tons; glass exchange warehouse receipts: 2388 tons, down 50 tons [2]. - Soda ash September - January contract spread: 828 yuan, up 13 yuan; glass September - January contract spread: - 165 yuan, up 11 yuan [2]. - Soda ash basis: - 98 yuan, up 8 yuan; glass basis: - 82 yuan, up 30 yuan [2]. 3.2 Spot Market - North China heavy soda ash: 1260 yuan/ton, down 20 yuan; Central China heavy soda ash: 1325 yuan/ton, unchanged [2]. - East China light soda ash: 1265 yuan/ton, unchanged; Central China light soda ash: 1220 yuan/ton, unchanged [2]. - Shahe glass large board: 1084 yuan/ton, unchanged; Central China glass large board: 1090 yuan/ton, down 20 yuan [2]. 3.3 Industry Situation - Soda ash plant operating rate: 87.32%, up 1.91%; float glass enterprise operating rate: 75.34%, up 2.34% [2]. - Glass in - production capacity: 15.96 million tons/year, unchanged; glass in - production production lines: 223, unchanged [2]. - Soda ash enterprise inventory: 189.73 million tons, up 0.35 million tons; glass enterprise inventory: 6342.6 million heavy boxes, up 157.9 million heavy boxes [2]. 3.4 Downstream Situation - Real estate new construction area cumulative value: 35206 million square meters, up 4841.68 million square meters; real estate completion area cumulative value: 25034 million square meters, up 2467.39 million square meters [2]. 3.5 Industry News - One - year and five - year LPR remain unchanged; the new generation of military equipment will be unveiled; the US and China had a "very good dialogue" on economic and trade issues [2]. 3.6 Macro Situation In July, the prices of commercial residential buildings in 70 cities decreased month - on - month, and the year - on - year decline narrowed overall [2]. 3.7 View Summary - Soda ash: The supply is abundant in the short - term, and the production may decline in the future. The demand from glass is at a low level, and the photovoltaic glass drives a small increase in demand. The inventory is rising due to insufficient demand [2]. - Glass: The supply is at a low level, and the demand from the real estate is weak. The downstream deep - processing orders have a slight increase, and the market may start the restocking expectation [2].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From the supply side, the overall production of polysilicon enterprises increased this week, with some enterprises increasing production while others undergoing maintenance, and self - disciplined production cuts did not significantly expand production capacity fluctuations. From the demand side, affected by the anti - involution meeting, production capacity declined significantly, but prices gradually recovered. The production schedule of downstream photovoltaic modules has been adjusted down to a certain range, and demand has weakened marginally. It is expected that the overall production decline of silicon wafer enterprises will end as profits stabilize, and cell enterprises also have production cut plans. Overall, the demand side of polysilicon still faces significant pressure. Today, the polysilicon market limit - up was mainly due to the increase in coal prices, energy prices, and costs. Meanwhile, the photovoltaic sector continued to be a major part of the anti - involution meeting trading, leading to a volume - driven increase in polysilicon prices. However, with high profits and high inventory, if the downstream cannot absorb the high prices, it will form a negative feedback. Today, the spot price remained flat, and there were rumors of warehouse receipt expansion, causing price divergence at high levels and high volatility. The operation suggestion is to wait and see or sell call options [2] Summary by Directory Futures Market - The closing price of the main polysilicon contract was 50,080 yuan/ton, with a week - on - week increase of 975 yuan/ton; the position of the main contract was 165,641 lots, a decrease of 26,538 lots. The price difference between August and September for polysilicon was 260 yuan/ton, an increase of 35 yuan/ton; the price difference between polysilicon and industrial silicon was 40,555 yuan/ton, an increase of 1,105 yuan/ton [2] Spot Market - The spot price of polysilicon was 46,000 yuan/ton, unchanged; the basis was - 3,105 yuan/ton, a decrease of 3,445 yuan/ton. The weekly average price of photovoltaic - grade polysilicon was 4.94 US dollars/kg, unchanged. The average prices of cauliflower - type, dense - type, and re - feeding polysilicon were 30 yuan/kg, 36 yuan/kg, and 34.8 yuan/kg respectively, all unchanged [2] Upstream Situation - The closing price of the main industrial silicon contract was 9,525 yuan/ton, a decrease of 130 yuan/ton; the spot price was 9,500 yuan/ton, unchanged. The monthly export volume of industrial silicon was 52,919.65 tons, a decrease of 12,197.89 tons; the monthly import volume was 2,211.36 tons, an increase of 71.51 tons. The monthly output of industrial silicon was 305,200 tons, an increase of 5,500 tons; the total social inventory was 552,000 tons, an increase of 10,000 tons [2] Industry Situation - The monthly output of polysilicon was 95,000 tons, a decrease of 1,000 tons; the monthly import volume was 1,113 tons, an increase of 320 tons. The weekly spot price of imported polysilicon materials in China was 6.01 US dollars/kg, an increase of 0.98 US dollars/kg; the monthly average import price was 2.19 US dollars/ton, a decrease of 0.14 US dollars/ton [2] Downstream Situation - The monthly output of solar cells was 67,386,000 kilowatts, a decrease of 3,183,000 kilowatts; the average price of solar cells was 0.82 RMB/W, an increase of 0.01 RMB/W. The monthly export volume of photovoltaic modules was 88,975,860 pieces, a decrease of 14,424,120 pieces; the monthly import volume was 11,095,900 pieces, a decrease of 1,002,590 pieces; the monthly average import price was 0.31 US dollars/piece, a decrease of 0.01 US dollars/piece. The weekly comprehensive price index of the photovoltaic industry (SPI) for polysilicon was 26.63, an increase of 4.34 [2] Industry News - On the afternoon of July 22, a notice from the Comprehensive Department of the National Energy Administration on promoting the stable and orderly supply of coal circulated online. The notice stated that since this year, the overall supply - demand situation of coal in the country has been loose, prices have been continuously declining, and some coal mining enterprises have exceeded the announced production capacity to produce in order to "make up for price with volume", seriously disrupting the coal market order. To standardize the production behavior of coal mining enterprises and promote the stable and orderly supply of coal, the National Energy Administration plans to conduct a verification of coal production in key coal - producing provinces (regions) in the near future. On the morning of the 23rd, it was confirmed from multiple channels of the National Energy Administration that the notice was true. According to informed sources, the document was led by the Coal Department [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, the futures prices of soda ash and glass both increased. The rise of soda ash futures was mainly due to market expectations for the Politburo meeting and the spread of real - estate rumors. The glass market showed a bottom - up trend, with improving profits and the potential for a fundamental reversal. In the future, soda ash will face supply - demand imbalance with continued price pressure, while glass may see an increase in production and potential price fluctuations based on market news [6]. - For soda ash, the supply is abundant, the profit is declining, and the inventory is increasing. The demand is expected to remain at a low level. For glass, although the production is increasing, the real - estate situation is not optimistic, and there are risks of high - level price drops if the rumors are false [6]. - The recommended trading ranges are 1150 - 1280 for SA2509 contract of soda ash with stop - loss at 1130 - 1300, and 1020 - 1150 for FG2509 of glass with stop - loss at 980 - 1180 [6]. Summary by Directory 1. Weekly Key Points Summary - **Market Review**: Soda ash futures rose 3.66% this week, mainly driven by market expectations and rumors. Glass futures rose 5.85%, with potential for a fundamental reversal due to factors like industry profit improvement and capacity adjustment [6]. - **Market Outlook**: Soda ash supply remains abundant, profit continues to decline, and inventory is expected to increase. Demand will likely stay at a low level, and prices will face pressure. Glass production is increasing, but real - estate demand is weak. There are risks of high - level price drops if rumors are false [6]. - **Strategy Suggestion**: Trade SA2509 in the 1150 - 1280 range with stop - loss at 1130 - 1300, and FG2509 in the 1020 - 1150 range with stop - loss at 980 - 1180 [6]. 2. Futures and Spot Markets - **Futures Prices**: Both soda ash and glass futures prices increased this week [8]. - **Spot Prices**: The spot price of soda ash rose to 1215 yuan/ton in the Shahe market, and the spot price of glass rose to 1092 yuan/ton in the Shahe market [16][22]. - **Basis**: The basis of soda ash weakened to - 2 yuan/ton, and the basis of glass weakened to 6 yuan/ton [16][22]. - **Price Spread**: The soda ash - glass price spread continued to weaken, reaching 131 yuan/ton, and is expected to weaken further next week [24][26]. 3. Industrial Chain Analysis - **Soda Ash Production**: The domestic soda ash operating rate increased slightly to 81.2%, and the output remained at 70.89 tons. Due to price drops, production is expected to shrink and remain flat next week [28][33]. - **Profit Situation**: Soda ash profit declined, with the theoretical profit of ammonia - soda and combined - soda methods dropping. Glass enterprise profit increased, showing a profit transfer phenomenon [35][38]. - **Glass Production**: The number of cold - restarted glass production lines increased by two, with output rising slightly but still at a low level. The output of photovoltaic glass decreased in terms of operating rate, capacity utilization, and daily melting volume [40][48]. - **Inventory Situation**: Soda ash enterprise inventory increased to 186.34 tons due to insufficient demand, and glass enterprise inventory decreased by 2.87% to 6710.2 million weight cases, with slow de - stocking [50][54]. - **Downstream Demand**: Glass downstream deep - processing orders decreased slightly, with an average of 9.5 days of orders for sample enterprises [56][58].