Group 1: Overall Market Performance - Most domestic commodity futures rose, with the black - series leading the gains [1] - The CSI 300 futures had a daily increase of 0.38%, a weekly increase of 28.55, a quarterly decrease of 0.81%, and a year - to - date increase of 16.83% [3] - The Shanghai Stock Exchange 50 futures had a daily increase of 2.05%, a weekly increase of 10.18, and a year - to - date increase of 12.91% [3] Group 2: Macroeconomic Analysis Overseas Macro - The current volatility level in the overseas macro - environment is in a low - level accumulation stage. The "bad news is good news" logic may be coming to an end, and the internal volatility energy in the US is being accumulated, with a possible staged increase [7] - The US economic aggregate showed little growth, with a "K - shaped" structural characteristic. Government shutdown may widen the error and expected difference in inflation data. US regional banks are under pressure again [7] Domestic Macro - China's economic and financial data in September showed relative resilience, with structural highlights. Policy expectations were further strengthened, which is expected to boost physical work volume in the fourth quarter [7] - China's Q3 GDP increased by 4.8% year - on - year, and the cumulative GDP in the first three quarters increased by 5.2% year - on - year. September's social retail sales increased by 3.0% year - on - year [7] Group 3: Asset Views - There is a risk of increased volatility in global major assets next week. In the overseas market, the catalytic elasticity of government shutdown and data vacuum on interest - rate cut expectations has decreased, and the marginal support for risk assets may decline [7] - In the domestic market, with marginal changes in policy, physical work volume may rebound in the fourth quarter. Low - valued domestic commodity assets that were under pressure may have a rebound opportunity [7] Group 4: View Highlights Financial - Stock index futures are expected to fluctuate and rise due to technology - event - catalyzed active growth styles, with concerns about the crowding of small - and micro - cap funds [8] - Stock index options are expected to fluctuate as the overall market turnover declined slightly, with concerns about the insufficient liquidity in the options market [8] Precious Metals - Gold and silver are in a short - term adjustment stage due to geopolitical and trade easing, and are expected to fluctuate, with attention to the US fundamentals, Fed's monetary policy, and global equity market trends [8] Shipping - Container shipping on the European line is expected to fluctuate as the peak season in the third quarter has passed, and there is a lack of upward - driving force, with attention to the rate of freight - price decline in September [8] Black Building Materials - Steel is expected to fluctuate as its fundamentals have marginally improved, with attention to the progress of special - bond issuance, steel exports, and hot - metal production [8] Energy Chemical - Crude oil is expected to fluctuate due to increased geopolitical risks and challenges to Russian oil exports, with attention to OPEC+ production policies and the Middle - East geopolitical situation [10] Agriculture - Grains and oilseeds are expected to fluctuate. For example, soybean meal had a short - term rebound due to short - covering, with attention to weather, domestic demand, and trade frictions [10]

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - In the overseas macro - aspect, the current volatility level is in a low - lying stage, and the "bad news is good news" logic may be nearing its end. The internal fluctuation energy in the US is being accumulated and may rise periodically. In the domestic macro - aspect, the September economic and financial data showed relative resilience, and policy expectations were further strengthened, which may support low - valued domestic assets in the fourth quarter. - Next week, there is a risk of increased volatility in global major assets. Overseas, the catalytic elasticity of government shutdown and data vacuum on interest - rate cut expectations has decreased, and the marginal support for risk assets may decline. In China, policy changes may lead to a rebound in low - valued domestic commodity assets [7]. 3. Summary According to Relevant Catalogs 3.1 Financial Market - **Stock Index Futures**: The CSI 300 futures closed at 4506.8 with a daily increase of 0.48%, the SSE 50 futures at 2970.4 with a daily increase of 0.25%, the CSI 500 futures at 6909.2 with a daily increase of 0.67%, and the CSI 1000 futures at 7059.2 with a daily increase of 1.15%. - **Treasury Bond Futures**: The 2 - year treasury bond futures closed at 102.334 with a daily decrease of 0.04%, the 5 - year at 105.655 with a daily decrease of 0.12%, the 10 - year at 108.11 with a daily decrease of 0.07%, and the 30 - year at 115.3 with a daily decrease of 0.49%. - **Foreign Exchange**: The central parity rate of the US dollar was 7.0973, up 24 pips. - **Interest Rates**: The 10Y Chinese treasury bond yield was 1.82%, down 1.6 bp, and the 10Y US treasury bond yield was 4.02%, up 3 bp [4]. 3.2 Popular Industry - **Electronics**: The index was 11821, with a daily increase of 2.01% and an annual increase of 51.00%. - **Power Equipment and New Energy**: The index was 11404, with a daily increase of 2.68% and an annual increase of 35.68%. - **Consumer Services**: The index was 6859, with a daily increase of 0.08% and an annual increase of 7.30% [4]. 3.3 Overseas Commodities - **Energy**: NYMEX WTI crude oil closed at 57.25, up 0.53% daily; ICE Brent crude oil at 61.34, up 0.52% daily. - **Precious Metals**: COMEX gold closed at 4267.9, down 1.76% daily; COMEX silver at 50.625, down 5.25% daily. - **Non - ferrous Metals**: LME copper closed at 2778.5, down 0.63% daily; LME zinc at 2942.5, down 0.86% daily [4]. 3.4 Domestic Main Commodities - **Gold**: The price was 970.32, down 2.95% daily and up 57.11% annually. - **Silver**: The price was 11742, up 7.55% daily and up 15.74% annually. - **Coke**: The price was 2.03% higher daily and 5.36% higher weekly [5]. 3.5 Viewpoint Highlights - **Finance**: Stock index futures are expected to rise in a volatile manner due to technology - event - catalyzed active growth styles; stock index options are expected to fluctuate; treasury bond futures are expected to fluctuate [8]. - **Precious Metals**: Gold and silver are expected to rise in a volatile manner due to the restart of the US interest - rate cut cycle in September [8]. - **Shipping**: The container shipping route to Europe is expected to fluctuate as the peak season fades in the third quarter [8]. - **Black Building Materials**: Steel products, iron ore, coke, and other varieties are expected to fluctuate, with different influencing factors for each [8]. - **Non - ferrous Metals and New Materials**: Most base metals are expected to fluctuate, waiting for the clarity of macro - policies [8]. - **Energy and Chemicals**: Most energy and chemical products are expected to decline or fluctuate, affected by factors such as supply and demand, cost, and macro - policies [10]. - **Agriculture**: Agricultural products show a differentiated trend, with most expected to fluctuate, and some like sugar and pulp expected to decline in a volatile manner [10].

Section 1: Investment Ratings - The report does not provide an overall industry investment rating [1][5][6] Section 2: Core Views - For the short - term (within a week), medium - term (two weeks to a month), and intraday, both the 2601 contract of coking coal and coke are expected to be in a volatile state, with an intraday bias towards being volatile and strong [1] - Coking coal's spot price has increased, and its production has risen compared to the previous week but is lower than the same period last year. Import volume has returned to a high level this year, and demand is basically flat. With the influence of pre - holiday restocking and end - of - month production cuts, the main contract will maintain high - level volatility [5] - Coke's spot price is stable or slightly decreased. With rising raw material prices, pre - holiday restocking demand, and the first round of price increases, the futures will run in a range, and the future trend depends on new policies [6] Section 3: Summary by Variety Coking Coal - **Price**: The latest quotation of Mongolian coal at the Ganqimao Port is 1280.0 yuan/ton, with a week - on - week increase of 5.79% [5] - **Supply**: The daily average output of clean coal from 523 coking coal mines across the country last week was 76.1 tons, a week - on - week increase of 3.3 tons, but 3.3 tons lower than the same period last year. The number of Mongolian coal customs clearance vehicles at the 288 Port last week returned to a high level this year, with a daily clearance of about 1300 - 1400 vehicles [5] - **Demand**: The total daily average output of coke from sample coking plants and steel mills is 113.37 tons, with a week - on - week basic flat [5] - **Market Outlook**: The current fundamentals have limited support, but pre - holiday restocking and end - of - month production cuts support the price, driving the main contract to maintain high - level volatility [5] Coke - **Price**: The latest quotation of the flat - closing price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1470 yuan/ton, with a week - on - week flat; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1450 yuan/ton, with a week - on - week decrease of 3.33% [6] - **Market Situation**: With thin profits for coking enterprises, rising raw material prices, and pre - holiday restocking demand, the first round of price increases has been launched, and the spot atmosphere is optimistic [6] - **Market Outlook**: The fundamental contradiction is not prominent, the market is wait - and - see, the futures will run in a range, and the future trend depends on new policies [6]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Report's Core View - The short - term, medium - term, and intraday views of both coking coal (JM2601) and coke (J2601) are mainly oscillatory, with an intraday bias towards strength. The coking coal is expected to be oscillatory due to good spot market atmosphere, while the coke is expected to have range - bound oscillations due to the interweaving of multiple and short factors [1]. 3) Summary by Related Catalogs a) Coking Coal (JM) - **Price and Supply - demand Situation**: The latest quotation of Mongolian coal at the Ganqimaodu Port is 1,280 yuan/ton, with a week - on - week increase of 5.79%. Last week, the daily average output of clean coal from 523 coking coal mines nationwide was 76.1 tons, a week - on - week increase of 3.3 tons, but 3.3 tons lower than the same period last year. At the import end, the number of Mongolian coal customs - clearance vehicles at the 288 Port returned to the annual high last week, with the daily customs - clearance vehicles around 1,300 - 1,400. The total daily average output of coke from sample coking plants and steel mills was 113.37 tons, with basically no change week - on - week [5]. - **Market Outlook**: The real - world fundamentals of coking coal have limited support. However, under the repeated disturbance of the anti - involution theme, the downstream replenishment expectation before the National Day and the coal mine production - reduction expectation at the end of the month support the price to a certain extent, driving the main contract of coking coal to maintain high - level oscillations [5]. b) Coke (J) - **Price and Supply - demand Situation**: The latest quotation of the warehouse - receipt price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1,470 yuan/ton, with no change week - on - week; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1,440 yuan/ton, with a week - on - week decrease of 4.00%. As of the week of September 19, the total daily average output of coke from sample coking plants and steel mills was 113.37 tons, with basically no change week - on - week; the daily average output of hot metal from 247 steel mills nationwide was 241.02 tons, a week - on - week increase of 0.47 tons [6]. - **Market Outlook**: The fundamental contradictions of coke are not prominent for the time being, and the market is in a wait - and - see mood. The futures are in range - bound oscillations, and the future trend depends on whether there are new positive factors in the anti - involution policy [6].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The short - term and medium - term views of both coking coal and coke are "oscillation", and the intraday views are "oscillation on the strong side". The overall view is that coking coal and coke will oscillate. For coking coal, it's due to the combination of long and short factors; for coke, it's because of the support from the spot market [1][5][6]. 3. Summary by Related Catalogs Coking Coal (JM) - **Price Information**: The latest quotation of Mongolian coal at the Ganqimao Port is 1,210 yuan/ton, with a week - on - week flat [5]. - **Supply**: Last week, the daily average output of clean coal from 523 coking coal mines nationwide was 76.1 tons, a week - on - week increase of 3.3 tons, and 3.3 tons lower than the same period last year. The number of Mongolian coal customs clearance vehicles at the 288 Port last week returned to the highest level this year, with the daily clearance vehicles around 1,300 - 1,400 [5]. - **Demand**: The combined daily average output of coke from sample coking plants and steel mills was 113.37 tons, with a week - on - week flat [5]. - **Market Outlook**: The real - world fundamentals of coking coal lack support, but the downstream restocking expectation before the National Day and the coal mine production reduction expectation at the end of the month support the price, driving the main contract to maintain high - level oscillation [5]. Coke (J) - **Price Information**: The latest quotation of the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1,470 yuan/ton, with a week - on - week flat; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1,460 yuan/ton, a week - on - week decrease of 2.67% [6]. - **Supply**: The combined daily average output of coke according to the Steel Union's statistics last week was 113.37 tons, with a week - on - week flat [6]. - **Demand**: The daily average output of hot metal from 247 steel mills nationwide was 241.02 tons, a week - on - week increase of 0.47 tons. As the National Day holiday approaches, the pre - holiday restocking demand supports the spot price [6]. - **Market Outlook**: The fundamental contradictions of coke are not prominent, the market is in a wait - and - see mood, the futures oscillate within a range, and the future trend depends on whether there are new positive factors in the anti - involution policy [6].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The short - term, medium - term, and intraday views of both coking coal and coke futures contracts 2601 are mainly in a state of oscillation. Coking coal is expected to experience an oscillating correction due to the cooling of strong supply expectations, while coke will show range - bound oscillations as the market's wait - and - see sentiment increases [1]. 3. Summary by Related Catalogs Coking Coal (JM) - **Price Movement Views**: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating [5]. - **Core Logic**: As of the week ending September 19, the daily average output of clean coal from 523 coking coal mines nationwide was 76.1 million tons, a week - on - week increase of 3.3 million tons but 3.3 million tons lower than the same period last year. At the import end, the number of Mongolian coal trucks passing through the 288 port last week returned to the highest level this year, with the daily number of passing trucks around 1300 - 1400. On the demand side, the combined daily average output of coke from sample coking plants and steel mills was 113.37 million tons, almost unchanged week - on - week. Although the current fundamental support for coking coal is insufficient, the downstream restocking expectation before the National Day and the coal mine's end - of - month production reduction expectation support the price, driving the main coking coal contract to maintain high - level oscillations [5]. Coke (J) - **Price Movement Views**: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating [6]. - **Core Logic**: As of the week ending September 19, the combined daily average output of coke from sample coking plants and steel mills was 113.37 million tons, almost unchanged week - on - week. The daily average output of hot metal from 247 steel mills nationwide was 241.02 million tons, a week - on - week increase of 0.47 million tons. During the week, coke inventory shifted downstream. The inventory of independent coking plants was 66.41 million tons, a week - on - week decrease of 1.43 million tons; the coke inventory of steel mills' coking plants was 644.67 million tons, a week - on - week increase of 11.38 million tons; the total inventory was 915.18 million tons, a week - on - week increase of 8.94 million tons. As the National Day holiday approaches, the pre - holiday restocking demand supports the spot price. Currently, the fundamental contradiction of coke is not prominent, the market wait - and - see sentiment is strong, and the futures will show range - bound oscillations. The future trend depends on whether there are new benefits from the anti - involution policy [6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - For the 2601 contract of coking coal, the short - term, medium - term, and overall views are all "oscillation", with an intraday view of "oscillation on the strong side". The coking coal continues to oscillate supported by strong expectations [1]. - For the 2601 contract of coke, the short - term, medium - term, and overall views are all "oscillation", with an intraday view of "oscillation on the strong side". Coke oscillates at a high level due to the interweaving of long and short factors [1]. 3. Summary by Related Catalogs Coking Coal (JM) - **Price行情驱动逻辑**: As of the week of September 19, the daily average output of clean coal from 523 coking coal mines nationwide was 76.1 million tons, a week - on - week increase of 3.3 million tons but 3.3 million tons lower than the same period last year. At the 288 port, the number of Mongolian coal customs - cleared vehicles last week returned to the highest level this year, with a daily customs - cleared vehicle number of about 1300 - 1400. The combined daily average output of coke from sample coking plants and steel mills was 113.37 million tons, basically flat week - on - week. The real - world fundamentals of coking coal have insufficient support, but the pre - National Day downstream replenishment expectation and the end - of - month coal mine production reduction expectation support the price, driving the main contract to maintain high - level oscillation [5]. Coke (J) - **Price行情驱动逻辑**: As of the week of September 19, the combined daily average output of coke from sample coking plants and steel mills was 113.37 million tons, basically flat week - on - week; the daily average output of hot metal from 247 steel mills nationwide was 241.02 million tons, a week - on - week increase of 0.47 million tons. During the week, the coke inventory transferred downstream. The inventory of independent coking plants was 66.41 million tons, a week - on - week decrease of 1.43 million tons; the coke inventory of steel mill coking plants was 644.67 million tons, a week - on - week increase of 11.38 million tons; the total inventory was 915.18 million tons, an 8.94 - million - ton week - on - week increase. As the National Day holiday approaches, the pre - holiday replenishment demand supports the spot price. The fundamental contradiction of coke is not prominent, the market is wait - and - see, the futures oscillate within a range, and the future trend depends on whether there are new benefits from the anti - involution policy [6].

Group 1: Report Information - Report Title: Glass Futures Rising Analysis and Market Outlook [2] - Report Date: September 8, 2025 [1] Group 2: Glass Futures Analysis Core View - On September 5, 2025, glass futures rose significantly, with the closing price up 56 yuan from the previous day, a 4.94% increase to 1189 yuan. Multiple factors contributed to this increase, and it is recommended to buy on dips [3]. Supply - Side Factors - Although the overall glass production capacity and output were relatively stable, recent cold repairs of some production lines reduced the market supply expectation, providing a basis for price increases [3]. Demand - Side Factors - Demand from urban renewal, old - community renovation, interior decoration, the automotive industry, home appliances, glass exports, tourism and commercial construction, the photovoltaic industry, and e - commerce logistics packaging increased, offsetting the decline in demand from the new commercial housing completion stage [3]. Market Sentiment Factors - The anti - involution theme fermented again, increasing the trading volume of the glass futures market and attracting more funds, which also pushed up the price [3]. Group 3: Technical Analysis of Different Futures Stock Index Futures - The State Council issued a policy on sports consumption with a total scale of over 7 trillion yuan. The market is expected to continue to fluctuate upward in the short term [6]. Gold Futures - The US July PCE price data met expectations, increasing the probability of a September interest rate cut, which is positive for gold. The weekly adjustment is sufficient, and there is a short - term upward trend [11]. Iron Ore Futures - Technically, it is still in a high - level wide - range shock range. The iron - water output is high, but the pattern of strong raw materials and weak finished products remains. Be wary of negative feedback due to eroded steel mill profits [14][15]. Glass Futures - Technically, it rebounded significantly. The daily melting volume is stable, factory inventories continue to accumulate, and downstream deep - processing orders have not fully recovered. Pay attention to the restocking situation approaching the peak season [18][19]. Palm Oil Futures - The oil market has risen a lot recently. With increased inventory pressure and lack of demand, the motivation to chase the rise has decreased, and the profit - taking pressure has increased. Treat it with a bearish bias [21]. Pulp Futures - The pulp price in Shandong remained stable, and port inventories began to decline slightly, boosting the futures price. There is an expected boost before the Mid - Autumn Festival peak season, but no improvement has been seen yet. Maintain a view of low - level shocks and recommend waiting and seeing [25].

Group 1 - The A-share market is currently experiencing fluctuations, with over 4,700 stocks rising, indicating a positive short-term outlook despite potential volatility risks [1] - The overall equity risk premium is at a relatively high historical level but is gradually returning to the historical average, suggesting that stock market investments still offer certain value [1] - The electric equipment industry shows strong growth in the ROE consistent expectations, indicating potential for future investment opportunities related to anti-involution themes [1] Group 2 - The Huaxia New Energy ETF (159368) is the first ETF in the market tracking the New Energy Index of the ChiNext board, covering sectors such as batteries, photovoltaics, and semiconductors, which are characterized by high elasticity and strong growth [1] - The management fee for the Huaxia New Energy ETF is 0.15%, and the custody fee is 0.05%, totaling only 0.2%, making it the lowest fee among similar products, facilitating quick investment opportunities [1] - Investors are encouraged to continuously monitor the Huaxia New Energy ETF for potential investment opportunities in the future development of the new energy sector [1]

Report Industry Investment Ratings - Copper: ★☆☆ [1] - Aluminum: ☆☆☆ [1] - Alumina: Not clearly defined in the star - rating system in the given content - Cast Aluminum Alloy: Not clearly defined in the star - rating system in the given content - Zinc: Not clearly defined in the star - rating system in the given content - Lead and Stainless Steel: ★☆☆ [1] - Tin: Not clearly defined in the star - rating system in the given content - Lithium Carbonate: Not clearly defined in the star - rating system in the given content - Industrial Silicon: ☆☆☆ [1] - Polysilicon: Not clearly defined in the star - rating system in the given content Core Views - The copper market lacks a clear main line, and it has to wait for the impact of economic indicators on the US tariff risk. Hold previous short positions [1]. - The short - term trend of aluminum is mainly oscillatory, with resistance at 21,000 yuan. Cast aluminum alloy follows the fluctuation of Shanghai aluminum, and there is a certain toughness relative to the aluminum price in the medium - term. Alumina is under pressure to oscillate but has limited downside space [2]. - The zinc market has an external - strong and internal - weak fundamental situation. Wait for the opportunity to short above 23,500 yuan/ton [3]. - The downside space of lead is limited, and it is recommended to go long at low levels. The price is expected to oscillate between 16,600 - 17,500 yuan/ton [5]. - Nickel is in the middle - to - late stage of a rebound, and it is advisable to actively enter short positions [6]. - Tin is expected to be in an oscillatory market. Close high - level short positions and wait and see [7]. - After the rebound of lithium carbonate futures prices, the value of the game decreases. Look for high - level short - selling positions [8]. - Industrial silicon is expected to oscillate in the short - term, and pay attention to the support at 8,500 yuan/ton [9]. - The polysilicon PS2511 contract is expected to oscillate in the range of 48,000 - 53,000 yuan/ton [10]. Summary by Related Catalogs Copper - On Thursday, Shanghai copper oscillated and closed up at the MA60 moving - average line. The copper market lacks a clear main line, and it has to wait for the impact of economic indicators on the US tariff risk. Hold previous short positions [1] Aluminum & Alumina & Aluminum Alloy - Shanghai aluminum continued to oscillate strongly. The spot discount in East China widened by 10 yuan to 50 yuan. The inventory of aluminum ingots remained flat compared to Monday, and the inventory of aluminum rods decreased by 0.9 million tons. The short - term trend is mainly oscillatory, with resistance at 21,000 yuan [2]. - Cast aluminum alloy follows the fluctuation of Shanghai aluminum. The spot price of Baotai increased by 100 yuan to 19,800 yuan. The supply of scrap aluminum is tight, and the profit of the aluminum alloy industry is poor. In the medium - term, it has a certain toughness relative to the aluminum price [2]. - The operating capacity of alumina is at a historical high, the total industry inventory has increased, and the market is in an oversupply state. It is under pressure to oscillate but has limited downside space [2] Zinc - The expiration date of the main contract falls in the "Golden September and Silver October" period. The LME zinc inventory continues to decline to 89,000 tons, and the SMM zinc social inventory has risen to 113,200 tons. The fundamental situation is external - strong and internal - weak. Wait for the opportunity to short above 23,500 yuan/ton [3] Lead - Environmental inspections have affected the production of recycled lead in Anhui. The supply of lead ingots has large regional differences. The social inventory of lead has decreased by 180 tons to 71,100 tons. The price is expected to oscillate between 16,600 - 17,500 yuan/ton, and it is recommended to go long at low levels [5] Nickel - Shanghai nickel has rebounded, and the market trading is active. The upstream price support has significantly weakened. The inventory of nickel iron is basically flat at 33,000 tons, the pure nickel inventory has decreased by 1,000 tons to 39,000 tons, and the stainless - steel inventory has decreased by 100 tons to 966,000 tons. It is in the middle - to - late stage of a rebound, and it is advisable to actively enter short positions [6] Tin - Shanghai tin oscillated with a decrease in positions during the session. It is expected to be in an oscillatory market. Pay attention to the change of high social inventory under the game between the maintenance plan of large factories and the off - season consumption. Close high - level short positions and wait and see [7] Lithium Carbonate - The futures price of lithium carbonate rebounded with increased volume, and the market trading contracted. The total market inventory has slightly decreased to 142,000 tons, the smelter inventory has decreased by 3,000 tons to 52,000 tons, the downstream inventory has increased by 3,000 tons to 46,000 tons, and the trader inventory has decreased by 1,000 tons to 44,000 tons. After the rebound, the value of the game decreases. Look for high - level short - selling positions [8] Industrial Silicon - The industrial silicon futures closed slightly higher, and the spot manufacturers' quotes remained stable. The expected output in August will increase by about 21,700 - 31,700 tons. The downstream demand for polysilicon is expected to increase by about 11,800 - 12,100 tons, while the demand for silicone is expected to increase slightly. The supply pressure still exists. The short - term trend is expected to be oscillatory, and pay attention to the support at 8,500 yuan/ton [9] Polysilicon - The polysilicon futures closed slightly lower, and the trading sentiment declined marginally. The average price of SMM re - feed materials remained stable at 47,000 yuan/ton. The PS2511 contract is expected to oscillate in the range of 48,000 - 53,000 yuan/ton [10]