Group 1: Steel Industry Report Industry Investment Rating No investment rating information provided. Core View This week, the molten iron production decreased seasonally while the apparent demand was decent, reaching 888 million tons. Under the background of production cuts and inventory reduction, the contradictions in the steel market were not significant. The decline in molten iron production suppressed the price of iron ore. Although the supply - demand contradictions in the steel market were not prominent, iron ore and coking coal fluctuated weakly. It is expected that steel prices will experience a central decline within a range, with rebar referring to the 3000 - 3200 range and hot - rolled coil referring to the 3250 - 3400 range. The unilateral driving force is not obvious. Attention can be paid to the long - rebar and short - ore arbitrage operation of the January contract, as well as the convergence arbitrage of the hot - rolled coil to rebar spread of the January contract [1]. Summary by Directory - **Steel Prices and Spreads**: The prices of rebar and hot - rolled coil in different regions and contracts mostly declined. For example, the rebar spot price in East China decreased by 10 yuan/ton, and the hot - rolled coil 05 contract price decreased by 14 yuan/ton [1]. - **Cost and Profit**: The billet price decreased by 10 yuan/ton, and the slab price remained unchanged. The profits of most steel products decreased, such as the East China hot - rolled coil profit decreased by 12 yuan/ton [1]. - **Production**: The daily average molten iron production decreased by 1.6 tons to 234.7 tons, a decline of 0.7%. The production of five major steel products increased by 5.8 tons to 855.7 tons, an increase of 0.7%. The rebar production decreased by 1.9 tons, a decline of 0.9%, while the electric - furnace rebar production increased by 2.6 tons, an increase of 9.5% [1]. - **Inventory**: The inventory of five major steel products decreased by 32.3 tons to 1400.8 tons, a decline of 2.3%. The rebar inventory decreased by 21.9 tons to 531.5 tons, a decline of 4.0% [1]. - **Transaction and Demand**: The building materials trading volume decreased by 0.1 to 9.3, a decline of 0.5%. The apparent demand of five major steel products decreased by 6.2 tons to 888.0 tons, a decline of 0.7% [1]. Group 2: Iron Ore Industry Report Industry Investment Rating No investment rating information provided. Core View Yesterday, the iron ore futures fluctuated. On the supply side, the global iron ore shipment volume decreased last week, while the arrival volume at 45 ports increased significantly. On the demand side, the steel mill profit margin continued to decline, the molten iron volume decreased, and the steel mill restocking demand increased. The inventory of ports increased, the port clearance volume increased, and the steel mill's equity iron ore inventory decreased. Looking forward, the molten iron volume decreased this week, and the steel mill inventory contradiction improved significantly. With the current steel mill profit margin and inventory accumulation level, it is not enough to trigger a negative feedback. Without new macro - driving factors, it is expected that iron ore will be difficult to have an independent unilateral market. In the short term, it will operate weakly under the condition of futures discount repair and the latest decline in molten iron [5]. Summary by Directory - **Iron Ore - Related Prices and Spreads**: The prices of some iron ore varieties increased slightly, such as the PB powder's spot price in Rizhao Port increased by 1 yuan/ton. The 1 - 5 spread increased by 3.0 to 26.5, an increase of 12.8% [5]. - **Supply**: The 45 - port arrival volume (weekly) increased by 548.2 tons to 2817.1 tons, an increase of 24.2%. The global shipment volume (weekly) decreased by 238.0 tons to 3278.4 tons, a decline of 6.8% [5]. - **Demand**: The daily average molten iron production of 247 steel mills (weekly) decreased by 1.6 tons to 234.7 tons, a decline of 0.7%. The 45 - port daily average port clearance volume (weekly) increased by 1.7 tons to 331.6 tons, an increase of 0.5% [5]. - **Inventory Changes**: The 45 - port inventory increased by 108.6 tons to 15210.12 tons, an increase of 0.7%. The imported iron ore inventory of 247 steel mills (weekly) decreased by 58.8 tons to 8942.5 tons, a decline of 0.7% [5]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating No investment rating information provided. Core View Yesterday, the coke futures fluctuated and declined, and the night - session continued to be weak. The port trade quotation declined, and after the fourth - round price increase of mainstream coke enterprises was fully implemented, there was an expectation of price reduction. The coking coal futures showed a weak and fluctuating trend, and the spot price weakened, showing a pattern of futures - spot resonance decline. For coke, the supply - demand situation has weakened, and it is recommended to take a bearish view on the unilateral market with a reference range of 1500 - 1650 and recommend the 1 - 5 reverse spread arbitrage. For coking coal, the market supply has become looser, and it is also recommended to take a bearish view on the unilateral market with a reference range of 1000 - 1120 and recommend the 1 - 5 reverse spread arbitrage [8]. Summary by Directory - **Coke - Related Prices and Spreads**: The prices of coke futures and some spot varieties decreased. For example, the coke 01 contract price decreased by 12 yuan/ton, a decline of 0.7%. The coking profit increased by 11 yuan/ton to - 24 yuan/ton [8]. - **Coking Coal - Related Prices and Spreads**: The prices of coking coal futures and some spot varieties also decreased. The coking coal 01 contract price decreased by 14 yuan/ton, a decline of 1.2%. The sample coal mine profit decreased by 6 yuan/ton to 587 yuan/ton [8]. - **Supply**: The daily average coke production of all - sample coking plants increased by 1.1 tons to 63.8 tons, an increase of 1.7%. The daily average production of 247 steel mills increased by 0.1 tons to 46.3 tons, an increase of 0.2%. Some coal mines in Shanxi have stopped production, and the imported coking coal from Mongolia has increased significantly in customs clearance since November [8]. - **Demand**: The molten iron production of 247 steel mills decreased by 1.6 tons to 234.7 tons, a decline of 0.7% [8]. - **Inventory Changes**: The total coke inventory increased by 4.0 tons to 884.7 tons, an increase of 0.5%. The coking coal inventory in some sectors increased, while in some sectors decreased. For example, the fine - coal inventory of Fenwei coal mines increased by 10.4 tons to 98.0 tons, an increase of 11.9% [8]. - **Supply - Demand Gap**: The coke supply - demand gap calculation result increased by 1.5 tons to - 43 tons, an increase of 34.2% [8].

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views of the Reports Steel Industry - This week, the seasonal decline in hot metal production and stable apparent demand led to a relatively balanced steel market. However, the weak performance of iron ore and coking coal caused steel prices to decline within a certain range. The expected price range for rebar is 3000 - 3200 yuan, and for hot - rolled coils, it is 3250 - 3400 yuan. There is no obvious unilateral driving force, and attention can be paid to the arbitrage operations of going long on rebar and short on iron ore in the January contract, as well as the convergence arbitrage of the spread between hot - rolled coils and rebar in the January contract [1]. Iron Ore Industry - Yesterday, iron ore futures fluctuated. On the supply side, the global iron ore shipments decreased last week, while the arrivals at 45 ports increased significantly. On the demand side, the steel mills' profit margins continued to decline, hot metal production decreased, and the demand for restocking increased. In the inventory aspect, port inventories increased, the port clearance volume increased, and the steel mills' equity iron ore inventories decreased. Without new macro - driving factors, it is difficult for iron ore to have an independent unilateral market, and it is expected to run weakly in the short term [5]. Coke and Coking Coal Industry - Yesterday, coke futures declined with oscillations, and the night session continued to be weak. After the fourth round of price increases by mainstream coke enterprises was fully implemented, there are expectations of price cuts. The coking industry's profit has been restored, and production has increased. On the demand side, steel mills' losses have increased, hot metal production has declined, and steel prices have fluctuated weakly, so steel mills have the intention to suppress coke prices. Coking coal futures showed a weak oscillating trend, and the spot market weakened, resulting in a pattern of simultaneous decline in futures and spot. The supply side has some short - term disruptions, and the import volume of Mongolian coal has increased significantly. It is recommended to take a bearish view on both coke and coking coal in a volatile manner, and consider the 1 - 5 reverse arbitrage for both [8]. 3. Summaries Based on Related Catalogs Steel Industry Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China decreased by 10 yuan; rebar futures contracts 05, 10, and 01 decreased by 11 yuan, 11 yuan, and 6 yuan respectively. Hot - rolled coil spot prices in North China and South China decreased by 10 yuan, while the price in East China remained unchanged; hot - rolled coil futures contracts 05, 10, and 01 decreased by 14 yuan, 13 yuan, and 11 yuan respectively [1]. Cost and Profit - The billet price decreased by 10 yuan, and the slab price remained unchanged. The profits of hot - rolled coils in East China, North China, and South China decreased by 12 yuan, 2 yuan, and 12 yuan respectively. The profits of rebar in East China and North China decreased by 2 yuan and 12 yuan respectively, while the profit in South China decreased by 2 yuan [1]. Production - The daily average hot metal production decreased by 1.6 tons to 234.7 tons, a decrease of 0.7%. The production of five major steel products increased by 5.8 tons to 855.7 tons, an increase of 0.7%. Rebar production decreased by 1.9 tons to 206.1 tons, a decrease of 0.9%, among which electric - furnace production increased by 2.6 tons to 29.3 tons, an increase of 9.5%, and converter production decreased by 4.4 tons to 176.7 tons, a decrease of 2.4%. Hot - rolled coil production increased by 3.0 tons to 319.0 tons, an increase of 0.9% [1]. Inventory - The inventory of five major steel products decreased by 32.3 tons to 1400.8 tons, a decrease of 2.3%. Rebar inventory decreased by 21.9 tons to 531.5 tons, a decrease of 4.0%. Hot - rolled coil inventory decreased by 1.2 tons to 400.9 tons, a decrease of 0.3% [1]. Transaction and Demand - The building materials trading volume decreased by 0.1 to 9.3, a decrease of 0.5%. The apparent demand for five major steel products decreased by 6.2 to 888.0 tons, a decrease of 0.7%. The apparent demand for rebar decreased by 2.8 to 227.9 tons, a decrease of 1.2%. The apparent demand for hot - rolled coils decreased by 4.2 to 320.2 tons, a decrease of 1.3% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The basis of the 01 contract for some iron ore varieties decreased, and the 1 - 5 spread increased by 3.0 to 26.5, an increase of 12.8% [5]. Spot Prices and Price Indexes - The spot prices of PB powder and Jinbuba powder at Rizhao Port increased by 1 yuan, while the prices of other varieties remained unchanged. The Singapore Exchange's 62% Fe swap increased by 0.1 to 104.9 dollars/ton, and the Platts 62% Fe increased by 0.8 to 107.4 [5]. Supply - The weekly arrivals at 45 ports increased by 548.2 tons to 2817.1 tons, an increase of 24.2%. The global weekly shipments decreased by 238.0 tons to 3278.4 tons, a decrease of 6.8%. The monthly national import volume decreased by 500.6 tons to 11130.9 tons, a decrease of 4.3% [5]. Demand - The daily average hot metal production of 247 steel mills decreased by 1.6 tons to 234.7 tons, a decrease of 0.7%. The daily average port clearance volume of 45 ports increased by 1.7 tons to 331.6 tons, an increase of 0.5%. The monthly national pig iron production decreased by 49.7 tons to 6554.9 tons, a decrease of 0.8%. The monthly national crude steel production decreased by 149.3 tons to 7199.7 tons, a decrease of 2.0% [5]. Inventory Changes - The 45 - port inventories increased by 108.6 tons to 15210.12 tons, an increase of 0.7%. The imported iron ore inventories of 247 steel mills decreased by 58.8 tons to 8942.5 tons, a decrease of 0.7%. The inventory available days of 64 steel mills remained unchanged at 20 days [5]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The prices of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged, while the prices of Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) and coke futures contracts 01 and 05 decreased. The coking industry's profit increased by 11 yuan to - 24 yuan [8]. Coking Coal - Related Prices and Spreads - The prices of coking coal futures contracts 01 and 05 decreased, and the sample coal mine profit decreased by 6 yuan to 587 yuan [8]. Supply - The daily average coke production of all - sample coking plants increased by 1.1 tons to 63.8 tons, an increase of 1.7%. The daily average coke production of 247 steel mills increased by 0.1 tons to 46.3 tons, an increase of 0.2%. The raw coal production of Fenwei sample coal mines decreased by 2.4 tons to 851.5 tons, a decrease of 0.3%, and the clean coal production decreased by 1.8 tons to 433.8 tons, a decrease of 0.4% [8]. Demand - The hot metal production of 247 steel mills decreased by 1.6 tons to 234.7 tons, a decrease of 0.7%. The daily average coke production of all - sample coking plants and 247 steel mills increased [8]. Inventory Changes - Coke total inventories increased by 4.0 tons to 884.7 tons, an increase of 0.5%. Coking coal inventories showed a mixed trend, with some increasing and some decreasing [8]. Supply - Demand Gap Changes - The coke supply - demand gap increased by 1.5 tons to - 43 tons, an increase of 34.2% [8].

Report Industry Investment Ratings - Not provided in the given content Core Views - The index of the stock index sector has stable support below and needs a driver to break through above. The A - share market opened lower and rebounded, showing a phased stabilization. The international situation is changeable in the short - term, and the index will mainly fluctuate within a range. The bond market may be affected by the central bank's bond - buying situation at the end of the month. Precious metals are affected by factors such as the Middle - East geopolitical situation and the Fed's monetary expectations, with gold and silver prices fluctuating in certain ranges. Various industrial and agricultural products are affected by factors such as supply and demand, geopolitical risks, and seasonal factors, showing different price trends and market outlooks [2] Summary by Related Catalogs Stock Index - The index has stable lower support and needs a driver for upward breakthrough. A - shares opened lower and rebounded, showing phased stabilization. It is recommended to try to buy the deeply - discounted 09 contract of the CSI 1000 on dips and sell the 09 call option around 6300 to form a covered combination [2] Treasury Bonds - Pay attention to the central bank's bond - buying situation at the end of the month. If bond - buying restarts, the 10 - year Treasury bond interest rate may break through 1.6%. Otherwise, the bond market may face phased callback pressure. In the unilateral strategy, appropriate long positions can be configured on adjustments for Treasury bond futures. In the cash - and - carry strategy, pay attention to the positive - carry strategy of the TS2509 contract [2] Precious Metals - Short - term news affects gold prices to fluctuate widely between $3300 - $3400. It is recommended to continue selling out - of - the - money call options. Silver prices are fluctuating in the range of $35.5 - $37. Try the double - selling strategy of out - of - the - money options for Shanghai silver [2] Shipping Index (European Line) - Low airline quotes drive the EC futures to fall. The 08 main contract fluctuates narrowly between 1900 - 2200. Unilateral operations should be on the sidelines for now. Pay attention to the long - materials and short - raw - materials arbitrage operation [2] Steel - Industrial material demand and inventory are deteriorating. Pay attention to the decline in apparent demand. For the iron ore market, iron - making water remains at a high level, and terminal demand shows resilience. Try short - selling on rebounds, with the upper pressure level around 720. For coking coal, the market auction non - successful bid rate has decreased, coal mine production has declined from the high level, and spot prices are weakly stable. Consider going long on coking coal at low prices or long coking coal and short coke. For coke, the fourth round of price cuts by mainstream steel mills on June 23 has been implemented, and the price is close to the phased bottom. Consider long coking coal and short coke [2] Non - ferrous Metals - Copper, aluminum, zinc, nickel, stainless steel, and other non - ferrous metals show different price trends and market characteristics. For example, copper has a narrow - range fluctuation in the main contract, and it is recommended to pay attention to the supply - side recovery rhythm and adopt a high - selling strategy for tin based on inventory and import data inflection points [2] Energy - For crude oil, geopolitical risks are still uncertain in the short - term, and fundamental factors need to be considered in the long - term. Unilateral operations should wait for the situation to become clearer. For urea, short - term demand cannot support high prices, and pay attention to agricultural demand and export conditions in July. For PX and PTA, they may be dragged down by the fall in oil prices due to the decline in geopolitical premiums [2] Chemicals - Different chemical products have different market outlooks. For example, short - fiber has an expected repair of processing fees under the expectation of factory production cuts. Bottle - chip is in the demand peak season, with an expected production cut and processing fees bottoming out [2] Agricultural Products - Different agricultural products such as soybeans, corn, palm oil, cotton, and eggs show different price trends and market characteristics. For example, soybeans follow the decline of US soybeans, and pay attention to subsequent weather - related speculation. Pig prices have rebounded due to hoarding and second - fattening, and the market sentiment is strong [2] Special Commodities - For soda ash, the surplus logic continues, and maintain a high - selling strategy on rebounds. For glass, the spot market's goods - moving situation has improved, and the short - term futures price has support [2] New Energy - For polysilicon, supply has increased, and the futures price has fallen with increased positions. For lithium carbonate, the futures price remains weak, and the fundamental pressure continues [2]

Industry Investment Rating - Not available Core Viewpoints - The index has stable support below but faces pressure to break through above. The tariff negotiation is still ongoing, and the index fluctuates in the short - term due to news. The big - finance sector leads the upward movement, and the stock index rebounds comprehensively. The Sino - US economic and trade negotiation has reached a framework consensus, but there is no incremental information. The uncertainty of Treasury bond futures has weakened, and the overall situation is strong. Gold maintains a range - bound oscillation and may have pulse - type fluctuations. The increase in US inflation is less than expected, supporting the Fed to cut interest rates earlier, and the Middle East geopolitical tensions drive up the price of gold. The container shipping index is in a shock consolidation. The demand and inventory of industrial steel materials are deteriorating. The iron ore is in a range - bound oscillation. The coking coal and coke market expectations are improving. The prices of various energy - chemical and agricultural products show different trends [2] Summary by Variety Financial - **Stock Index**: The index has stable support below and pressure to break through above. The big - finance sector leads the upward movement, and the stock index rebounds comprehensively. It is recommended to sell the put options of the CSI 1000 Index with an exercise price around 5800 in July to collect the premium [2] - **Treasury Bond**: The uncertainty of Treasury bond futures has weakened, and the overall situation is strong. In the short - term, it is advisable to allocate long positions on dips. Pay attention to the positive arbitrage strategy of the TS2509 contract. If there is no sudden change in the trade negotiation this week, Treasury bond futures may continue to oscillate strongly. Currently, 1.6% is the downward resistance level of the 10 - year bond interest rate [2] - **Precious Metal**: Gold maintains a range - bound oscillation and may have pulse - type fluctuations. Do the double - selling strategy of out - of - the - money gold options to earn time value. Consider going long on the main contract on dips. Be cautious about the flow of speculative funds in silver and the "killing decline" caused by long - position profit - taking [2] Black - **Steel**: The demand and inventory of industrial steel materials are deteriorating. Pay attention to the decline range of apparent demand. It is recommended to wait and see for unilateral operations and focus on the arbitrage operation of going long on finished products and short on raw materials [2] - **Iron Ore**: It is in a range - bound oscillation, with a reference range of 700 - 745. Pay attention to the marginal change of terminal demand [2] - **Coking Coal**: The market auction non - successful bid rate has decreased, the coal mine start - up has declined from a high level, and the spot has signs of stabilizing. It is recommended to go long on JM2509 on dips [2] - **Coke**: The third round of price cuts by mainstream steel mills on June 6 has been implemented. The futures price has a rebound expectation. It is recommended to go long on J2509 on dips [2] - **Silicon Iron**: It is in a bottom - range oscillation. Try to go short when it rebounds to 5300 - 5400 [2] - **Manganese Silicon**: The supply pressure still exists. It is in a bottom - range oscillation. Try to go short when it rebounds to 5700 - 5800 [2] Non - ferrous - **Copper**: The domestic spot trading has weakened, and the US copper restocking continues. The main contract reference range is 77000 - 80000 [2] - **Zinc**: The mine - end resumption of production provides incremental supply, and the zinc price oscillates weakly [2] - **Nickel**: The afternoon sentiment improved, and the price rose slightly. The main contract reference range is 118000 - 126000 [2] - **Stainless Steel**: After the price limit was partially restored, the price turned red, but the fundamental contradiction remains unchanged. It is recommended to adopt a high - short strategy after the sentiment stabilizes. The main contract reference range is 12400 - 13000 [2] - **Tin**: Due to the slow recovery of supply and the warming of macro - sentiment, the tin price continues to rise. It is recommended to adopt a short - term long - bias strategy [2] Energy - Chemical - **Crude Oil**: Geopolitical risks are rising. The short - term oil price is likely to continue the strong - bias oscillation trend. Pay attention to the opportunity of monthly spread expansion [2] - **Urea**: The supply is at a high level, and the demand has not improved. The downward pressure on the price remains. It is recommended to wait and see for unilateral operations and wait for the rebound opportunity. The support level of the main contract is adjusted to 1620 - 1640. Consider the 09 - 01 reverse arbitrage [2] - **PX**: The cost side is strong, and the supply - demand situation is good. It has support at 6400 - 6500 in the short - term. Do short - term long operations; mainly do short - term reverse arbitrage for PX9 - 1; shrink the PX - SC spread when it is high [2] - **PTA**: The supply - demand situation is gradually weakening, but the cost side is strong. It is in a stalemate oscillation. Operate in the range of 4500 - 4800 in the short - term; mainly do reverse arbitrage for TA9 - 1 when it is high [2] - **Short - fiber**: Under the expectation of factory production cuts, the short - term processing fee has slightly recovered, but the driving force is still limited. The unilateral operation is the same as that of PTA; expand the processing fee on the PF disk when it is low [2] - **Bottle Chip**: In the peak demand season, there is an expectation of production cuts for bottle chips, and the processing fee is bottom - seeking. It follows the cost fluctuation. The unilateral operation is the same as that of PTA. The processing fee on the main PF disk is expected to fluctuate in the range of 350 - 600 yuan/ton. Pay attention to the opportunity to expand it at the lower edge of the range [2] - **Ethanol**: The short - term demand is weak, but the supply - demand structure of MEG is still good. It is expected to oscillate in the range. Oscillate in the range of 4200 - 4400 for EG09 in the short - term; pay attention to the opportunity of positive arbitrage for EG9 - 1 on dips [2] - **Benzene Ethylene**: The short - term raw materials and benzene ethylene destocking support the price. Pay attention to the medium - term contradiction. Wait and see in the short - term, and consider high - short operations in the medium - term when there is a raw material resonance opportunity [2] - **Caustic Soda**: The supply - demand expectation is not good, the spot price has回调, and the near - month support is insufficient. Exit the 7 - 9 positive arbitrage. Wait and see for unilateral operations [2] - **PVC**: The short - term contradiction has not further intensified, and the macro - disturbance has increased. The price is in a low - level consolidation. Wait and see in the short - term, and maintain a high - short strategy for medium - and long - term participation [2] - **Synthetic Rubber**: BR follows the commodity price fluctuation. Hold the short position of BR2507 [2] - **LLDPE**: The spot price and basis change little, and the trading volume is moderate [2] - **PP**: The supply and demand are both weak, and it oscillates weakly. Oscillate weakly and go short on rallies [2] - **Methanol**: The inventory inflection point has appeared, and it oscillates [2] Agricultural - **Soybean Meal and Rapeseed Meal**: During the Sino - US trade negotiation, the price runs strongly [2] - **Pig**: The demand is weak due to the hot weather, but the rising feed price boosts the price. Pay attention to the performance around 13500 [2] - **Corn**: The upward momentum weakens, and it oscillates at a high level. Oscillate around 2380 in the short - term [2] - **Palm Oil**: Affected by the concern about production, it falls inertia - ally. It may test the support at 7800 in the short - term [2] - **Sugar**: The overseas supply outlook is loose. Do short - selling on rebounds, with a reference range of 5600 - 5850 [2] - **Cotton**: The downstream market remains weak. Do short - selling on rebounds [2] - **Egg**: There is a risk that the spot price may weaken again. Do short - selling on the rebound of the 07 contract and hold the short position [2] - **Apple**: The price in the sales area is stable, and the transaction is priced according to quality. The main contract runs around 7500 [2] - **Jujube**: The market price runs weakly and stably. It runs around 8900 in the short - term [2] - **Peanut**: The market price oscillates. The main contract runs around 8200 [2] - **Soda Ash**: The over - supply logic continues. Maintain the high - short strategy on rebounds. Hold the high - level short position and do the 7 - 9 positive arbitrage [2] Special Commodities - **Glass**: Affected by the cold - repair news, the price fluctuates repeatedly. Wait and see in the short - term [2] - **Rubber**: The driving force is limited, and the rubber price oscillates. Adopt a high - short strategy when it rebounds above 14000 [2] - **Industrial Silicon and Polysilicon**: The industrial silicon futures price rises, and the futures - spot price gradually converges. The polysilicon futures price stabilizes and rebounds. Hold the short position cautiously or close the position first [2] - **Lithium Carbonate**: Affected by the news, the price rises, but the fundamental logic remains unchanged. Observe the performance around 62,000 first [2]