Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating provided in the content. 2. Core Views - The market sentiment for both ferrosilicon and silicomanganese is a continuous game between bulls and bears, with prices showing a strong and volatile trend [1]. - The trend intensity for ferrosilicon and silicomanganese is 0 [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - Ferrosilicon 2605: Closing price is 5922, up 38 from the previous trading day, with a trading volume of 117,753 and an open interest of 180,396 [1]. - Ferrosilicon 2607: Closing price is 6046, up 62, trading volume is 78,086, and open interest is 109,597 [1]. - Silicomanganese 2605: Closing price is 6162, up 46, trading volume is 200,890, and open interest is 366,997 [1]. - Silicomanganese 2607: Closing price is 6190, up 48, trading volume is 36,188, and open interest is 100,846 [1]. - **Spot Data**: - Ferrosilicon FeSi75 - B in Inner Mongolia: Price is 5580 yuan/ton, up 30 from the previous trading day [1]. - Silicomanganese FeMn65Si17 in Inner Mongolia: Price is 5900 yuan/ton, up 50 [1]. - Manganese ore Mn44 block: Price is 44.5 yuan/ton - degree [1]. - Semi - coke small material in Shenmu: Price is 695 yuan/ton [1]. - **Price Spreads**: - Ferrosilicon spot - 05 futures spread: - 342 yuan/ton, down 8 [1]. - Silicomanganese spot - 05 futures spread: - 290 yuan/ton, up 4 [1]. - Ferrosilicon 2605 - 2607 spread: - 124 yuan/ton, down 24 [1]. - Silicomanganese 2605 - 2607 spread: - 28 yuan/ton, down 2 [1]. - Silicomanganese 2605 - Ferrosilicon 2605 spread: 240 yuan/ton, up 8 [1]. - Silicomanganese 2607 - Ferrosilicon 2607 spread: 144 yuan/ton, down 14 [1]. 3.2 Macro and Industry News - **Price Information**: - On March 12, the price range of 72 ferrosilicon in different regions: Shaanxi 5400 - 5500, Ningxia 5450 - 5550, Qinghai 5500 - 5600, Gansu 5450 - 5550, Inner Mongolia 5500 - 5600 yuan/ton; 75 ferrosilicon: Shaanxi 6000 - 6100, Ningxia 5900 - 6000, Qinghai 5900 - 6000, Gansu 5950 - 6000 (+50), Inner Mongolia 6000 - 6050 yuan/ton. FOB prices: 72 1120 - 1140 (+20), 75 1150 - 1170 (+10) US dollars/ton [1]. - The price range of 6517 silicomanganese: Northern region 5800 - 5900 yuan/ton, Southern region 5900 - 5950 yuan/ton [1]. - **Production News**: An iron - alloy plant in Ulanqab resumed production of 2 45000kva ferrosilicon furnaces this week [3]. - **Procurement News**: - A large steel mill in Jiangsu set the purchase price of 75B ferrosilicon at 6000 yuan/ton (acceptance), with a quantity of 600 tons [3]. - A large steel group in Jiangsu set the price of silicomanganese at 6150 yuan/ton (cash - inclusive to the factory), up 100 yuan/ton from the beginning - of - month price, with a purchase quantity of 3000 tons [3]. - Hengyang Steel Pipe set the ferrosilicon price at 6000 yuan/ton, up 100 yuan/ton from the previous round, with a quantity of 200 tons [3].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report indicates that both rebar and hot-rolled coil are in a state of long-short sentiment gaming and wide-range oscillations [3]. 3. Summary by Section 3.1 Fundamental Tracking - **Futures Data**: The closing prices of RB2605 and HC2605 were 3,120 yuan/ton and 3,275 yuan/ton respectively, with daily increases of 13 yuan/ton (0.42%) and 12 yuan/ton (0.37%). The trading volumes were 765,830 lots and 320,782 lots, and the open interests were 1,676,246 lots and 1,243,723 lots, with decreases of 46,176 lots and 21,377 lots respectively [3]. - **Spot Price**: Rebar prices in Shanghai, Hangzhou, and Beijing increased by 10 yuan/ton, while the price in Guangzhou remained unchanged. Hot-rolled coil prices in Shanghai, Hangzhou, and Tianjin increased by 10 - 20 yuan/ton, and the price in Guangzhou remained unchanged. The price of Tangshan billet increased by 20 yuan/ton [3]. - **Basis and Spread**: The basis of RB2605 increased by 5 yuan/ton to 100 yuan/ton, and the basis of HC2605 increased by 4 yuan/ton to -15 yuan/ton. The spreads of RB2605 - RB2610 and HC2605 - HC2610 remained unchanged, while the spreads of HC2605 - RB2605 and HC2610 - RB2610 increased by 1 yuan/ton. The spot coil - rebar spread remained unchanged [3]. 3.2 Macro and Industry News - **Steel Production and Inventory**: According to the weekly data from Steel Union on March 12, rebar production increased by 21.99 million tons, hot-rolled coil production decreased by 5.85 million tons, and the total production of five major steel products increased by 23.73 million tons. Rebar inventory increased by 18.49 million tons, hot-rolled coil inventory decreased by 0.1 million tons, and the total inventory of five major steel products increased by 22.89 million tons. The apparent demand for rebar increased by 78.58 million tons, and that for hot-rolled coil increased by 13.79 million tons, with a total increase of 106.73 million tons [4]. - **Steel Import and Export**: In February 2026, China imported 36.9 million tons of steel, a decrease of 9.0 million tons (19.6%) from the previous month, with an average price of 1,470.6 US dollars/ton, a decrease of 52.0 US dollars/ton (2.9%). From January to February, the cumulative steel imports were 82.7 million tons, a decrease of 22.9 million tons (21.7%) year - on - year. China imported 9,763.8 million tons of iron ore, a decrease of 1,474.7 million tons (13.1%) from the previous month, with an average price of 101.3 US dollars/ton, basically the same as the previous month. From January to February, the cumulative iron ore imports were 21,002.3 million tons, an increase of 1,906.4 million tons (10.0%) year - on - year. China exported 783.7 million tons of steel, an increase of 8.3 million tons (1.1%) from the previous month, with an average price of 729.1 US dollars/ton, an increase of 45.5 US dollars/ton (6.7%). From January to February, the cumulative steel exports were 1,559.1 million tons, a decrease of 138.2 million tons (8.1%) year - on - year [5]. - **Price Index**: In February 2026, the national consumer price index increased by 1.3% year - on - year. The national producer price index for industrial products decreased by 0.9% year - on - year, with the decline narrowing by 0.5 percentage points from the previous month, and increased by 0.4% month - on - month, the same as the previous month [5]. - **Policy News**: The Political Bureau of the CPC Central Committee held a meeting on February 27 to discuss the draft outline of the 15th Five - Year Plan and the government work report. Five departments in Shanghai jointly issued a notice on optimizing real estate policies on February 25, which took effect on February 26 [5]. - **Steel Inventory of Key Enterprises**: In mid - February 2026, the steel inventory of key steel enterprises was 1,812 million tons, an increase of 301 million tons (19.9%) from the previous ten - day period, 398 million tons (28.2%) from the beginning of the year, 199 million tons (12.3%) from the same ten - day period of the previous month, 139 million tons (8.3%) from the same ten - day period of last year, and a decrease of 86 million tons (4.5%) from the same ten - day period of the year before last [5]. 3.3 Trend Intensity The trend intensity of rebar and hot-rolled coil is 0, indicating a neutral trend [5].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The market sentiment for both ferrosilicon and silicomanganese is a continuous tug - of - war between bulls and bears, resulting in a volatile price trend [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - For ferrosilicon, the closing price of FeSi2605 is 5884, up 8 from the previous trading day, with a trading volume of 109,672 and an open interest of 191,953; FeSi2607 has a closing price of 5984, up 18, a trading volume of 83,860, and an open interest of 100,706 [1] - For silicomanganese, the closing price of SM2605 is 6116, up 28, with a trading volume of 168,178 and an open interest of 369,306; SM2607 has a closing price of 6142, up 20, a trading volume of 20,985, and an open interest of 100,943 [1] - **Spot Data**: - The price of ferrosilicon FeSi75 - B in Inner Mongolia is 5550 yuan/ton, up 20 yuan/ton from the previous trading day; the price of silicomanganese FeMn65Si17 in Inner Mongolia is 5850 yuan/ton [1] - The price of manganese ore Mn44 block is 44.5 yuan/ton - degree, up 0.3 yuan/ton - degree; the price of semi - coke small material in Shenmu is 695 yuan/ton [1] - **Price Spread Data**: - The basis of ferrosilicon (spot - 05 futures) is - 334 yuan/ton, up 12 yuan/ton; the basis of silicomanganese (spot - 05 futures) is - 292 yuan/ton, down 28 yuan/ton [1] - The near - far month spread of ferrosilicon (2605 - 2607) is - 100 yuan/ton, down 10 yuan/ton; the near - far month spread of silicomanganese (2605 - 2607) is - 26 yuan/ton, up 8 yuan/ton [1] - The cross - variety spread of silicomanganese 2605 - ferrosilicon 2605 is 232 yuan/ton, up 20 yuan/ton; the cross - variety spread of silicomanganese 2607 - ferrosilicon 2607 is 158 yuan/ton, up 2 yuan/ton [1] 3.2 Macro and Industry News - **Price Information**: - On March 11, the price range of 72 ferrosilicon in Shaanxi is 5400 - 5500 yuan/ton, in Ningxia is 5450 - 5550 yuan/ton (down 50 yuan/ton), in Qinghai is 5500 - 5600 yuan/ton, in Gansu is 5450 - 5550 yuan/ton (down 100 yuan/ton), and in Inner Mongolia is 5500 - 5600 yuan/ton; the price range of 75 ferrosilicon in Shaanxi is 6000 - 6100 yuan/ton, in Ningxia is 5900 - 6000 yuan/ton, in Qinghai is 5900 - 6000 yuan/ton, in Gansu is 5850 - 6000 yuan/ton (up 50 yuan/ton), and in Inner Mongolia is 6000 - 6050 yuan/ton [1] - The FOB price of 72 ferrosilicon is 1120 - 1140 dollars/ton (up 20 dollars/ton), and the FOB price of 75 ferrosilicon is 1150 - 1170 dollars/ton (up 10 dollars/ton) [1] - The northern quotation of 6517 silicomanganese is 5800 - 5900 yuan/ton (down 50 yuan/ton), and the southern quotation is 5900 - 5950 yuan/ton [1] - **Production News**: A ferrosilicon plant in Ulanqab powered on and resumed production of 2 45000kva ferrosilicon furnaces [3] - **Procurement News**: A large steel group in Jiangsu set the price of silicomanganese at 6150 yuan/ton cash - inclusive delivered to the factory, up 100 yuan/ton from the beginning - of - the - month price, with a procurement volume of 3000 tons; Hengyang Steel Pipe set the price of ferrosilicon at 6000 yuan/ton, up 100 yuan/ton from the previous round, with a volume of 200 tons [3] 3.3 Trend Intensity - The trend intensity of ferrosilicon is 0, and the trend intensity of silicomanganese is 0 [3]

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]