Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report indicates that both silicon ferroalloy and manganese ferroalloy are experiencing a game between long and short sentiments, resulting in wide - range fluctuations [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing prices of silicon ferroalloy 2603 and 2605 are 5482 and 5444 respectively, down 36 and 34 from the previous trading day. The closing prices of manganese ferroalloy 2603 and 2605 are 5736 and 5776 respectively, down 22 and 20 from the previous trading day. The trading volumes and open interests of each contract are also provided [1]. - **Spot Data**: The price of silicon ferroalloy FeSi75 - B in Inner Mongolia is 5200 yuan/ton, down 20 from the previous trading day. The price of silicon - manganese FeMn65Si17 in Inner Mongolia is 5540 yuan/ton. The price of manganese ore Mn44 block is 43.0 yuan/ton - degree, and the price of small - sized semi - coke in Shenmu is 800 yuan/ton [1]. - **Price Differences**: The spot - 03 futures price difference of silicon ferroalloy is - 282 yuan/ton, up 16; the spot - 03 futures price difference of manganese ferroalloy is - 196 yuan/ton, up 22. The 2603 - 2605 price difference of silicon ferroalloy is 38 yuan/ton, down 2; the 2603 - 2605 price difference of manganese ferroalloy is - 40 yuan/ton, down 2. The 2603 price difference between manganese ferroalloy and silicon ferroalloy is 254 yuan/ton, up 14; the 2605 price difference between them is 332 yuan/ton, up 14 [1]. 3.2 Macro and Industry News - **Price Information**: On December 16, the prices of 72 and 75 silicon ferroalloy in different regions and the FOB prices are reported. The northern and southern quotes of 6517 silicon - manganese are also given [2]. - **Production Reduction News**: A silicon ferroalloy plant in Zhongwei, Ningxia plans to shut down 4 furnaces on December 12, with an expected daily production reduction of about 350 tons. Qinghai Jinfeng plans to shut down 2 furnaces on December 16, reducing daily production by 70 - 80 tons [2]. - **Manganese Ore Price**: UMK and NMT have announced their manganese ore quotes for China in January 2026, with a 0.05 - dollar/ton - degree increase compared to the previous month [4]. - **Procurement Price**: Zhongtian Iron and Steel in Changzhou has set the procurement price of 75B silicon ferroalloy at 5710 yuan/ton, up 22 yuan/ton from the previous round, with a quantity of 300 tons. Jianlong Iron and Steel's December silicon - manganese tender prices in different regions and the procurement quantities are provided. A steel mill in Jiangsu has set the December silicon - manganese price at 5750 yuan/ton, up 20 yuan/ton from November [4]. 3.3 Trend Intensity The trend intensity of silicon ferroalloy is 0, and the trend intensity of manganese ferroalloy is 0, indicating a neutral outlook [3].

1. Report Industry Investment Rating - No relevant content provided 2. Report's Core View - Today's stock market experienced a overall correction. The index failed to break through the pressure line mentioned yesterday and corrected as expected. Usually, the large - cap index is more resilient during corrections, but today it declined more while the small - cap index was relatively stable. The high trading volume (above 2.5 trillion yuan) supported high - P/E stocks, while cyclical industries like non - banking finance and upstream resources, which may be related to weak previous fundamentals, lacked upward support and pulled down the large - cap index. If the trading volume narrows, the small - cap index is expected to correct more. Currently, the market is in a multi - empty sentiment game stage, and attention should be paid to the market sentiment and trading volume adjustment at key points [6] 3. Summary by Relevant Catalogs Market Review - Today, the stock index corrected with shrinking volume, and the small - cap index had a relatively smaller decline. The trading volume of the two markets decreased by 1757.94 billion yuan. In the futures index market, all varieties declined with shrinking volume [4] Important News - Five departments including the Ministry of Human Resources and Social Security issued the "Notice on Issues Concerning the Withdrawal of Individual Pensions", enriching the withdrawal scenarios of individual pensions and clarifying specific operation methods, which will be implemented from September 1st [5] Insurance Strategy - Hold spot and buy put options [7] Futures Index Market Observation - The main contract intraday price changes of IF, IH, IC, and IM were - 0.50%, - 1.19%, - 0.13%, and - 0.03% respectively. The trading volumes were 10.9269 million lots, 6.2436 million lots, 10.2352 million lots, and 23.6188 million lots respectively, with a decrease of 4.0988 million lots, 1.1755 million lots, 2.9385 million lots, and 5.6941 million lots respectively compared with the previous period. The open interests were 25.8257 million lots, 10.3724 million lots, 22.075 million lots, and 37.695 million lots respectively, with a decrease of 1.5341 million lots, 0.35 million lots, 0.5253 million lots, and 1.5574 million lots respectively compared with the previous period [7] Spot Market Observation - The Shanghai Composite Index declined by 0.02%, and the Shenzhen Component Index declined by 0.12%. The ratio of rising to falling stocks was 1.28. The trading volume of the two markets was 25883.69 billion yuan, with a decrease of 1757.94 billion yuan compared with the previous period [8]