1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Due to the cooling of macro - sentiment, the black commodities have collectively declined. The glass and soda ash futures have significantly dropped, and the double - silicon futures have also weakened following the black commodities [1][3] - The prices of glass and soda ash spot markets tend to stabilize, while the double - silicon spot markets have different trends. The silicon - manganese market is running weakly, and the silicon - iron market has a slight adjustment with better market activity [1][3] 3. Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass: With the easing of the Middle - East geopolitical conflict, the glass futures have significantly declined. The spot price has stabilized, and market transactions are mainly for rigid demand [1] - Soda Ash: The soda ash futures have significantly declined. The spot market quotation tends to stabilize, and the trading volume is average [1] Supply - Demand and Logic - Glass: In the short term, the production of float glass has slightly increased, and there is still an ignition expectation for production lines in the Shahe area. The downstream deep - processing enterprises have gradually resumed work, but the inventory is at a high level, and the inventory - accumulation pattern continues. The Middle - East situation has affected the international energy price, which in turn impacts the glass market. Future attention should be paid to energy price trends, glass production line cold - repairs, and peak - season demand [1] - Soda Ash: The current supply - demand pattern of soda ash has not improved significantly. With the recent resumption of device operation, the supply side is under continuous pressure. Downstream enterprises have gradually resumed work, but they mainly replenish inventory at low prices for rigid demand, and the inventory - reduction rhythm is slow. The Middle - East situation has affected the international energy price, which in turn impacts the soda ash market. Future attention should be paid to the Middle - East situation, cost support, and the progress of new soda ash production projects [1] Strategy - Glass: Oscillating [2] - Soda Ash: Oscillating weakly [2] Double - Silicon (Silicon - Manganese and Silicon - Iron) Market Analysis - Silicon - Manganese: With the news of the easing of the Middle - East geopolitical conflict, energy - chemical commodities based on crude oil have significantly declined. The silicon - manganese futures main contract has slightly weakened following the black sector. The silicon - manganese spot market is running weakly, and the cost - side support is still strong. The price of 6517 in the northern market is 5800 - 5900 yuan/ton, and in the southern market is 5900 - 6000 yuan/ton [3] - Silicon - Iron: The silicon - iron futures have slightly declined following the black commodities. The silicon - iron market has a slight adjustment, and the market activity is good. The ex - factory price of 72 - grade silicon - iron natural lumps in the main production areas is 5450 - 5600 yuan/ton, and the price of 75 - grade silicon - iron is 6000 - 6100 yuan/ton [3] Supply - Demand and Logic - Silicon - Manganese: The price of manganese ore, the raw material, has slightly increased, pushing up the silicon - manganese price from the cost side. However, the shipments from South Africa and Australia remain at a high level, and the manganese ore supply is relatively loose. With the recent price rebound, the profits of multiple production areas have significantly improved. Under the relatively loose overall supply - demand of silicon - manganese, the price increase is still restricted. Continuous attention should be paid to manganese ore cost support, inventory changes, and silicon - manganese warehouse receipts [3] - Silicon - Iron: As silicon - iron enterprises maintain low - load production, the supply pressure of silicon - iron has decreased. The downstream has gradually resumed production, boosting the rigid demand for silicon - iron, and the fundamentals have improved. Considering that the domestic electricity price is expected to further decline and the overall production capacity of silicon - iron is relatively loose, the price increase of silicon - iron is restricted. Continuous attention should be paid to the progress of the Two Sessions, silicon - iron production, silicon - iron inventory, and electricity price policies in production areas [3] Strategy - Silicon - Manganese: Oscillating [4] - Silicon - Iron: Oscillating [4]

Core Viewpoint - The nickel market is experiencing a weak downward trend due to macroeconomic factors, seasonal demand fluctuations, and reduced trading activity ahead of the Chinese New Year [2] Group 1: Market Performance - The Shanghai nickel futures market showed a slight decline, with the main contract closing at 133,350 yuan/ton, down 260 yuan/ton, a decrease of 0.19% [1] - The average price of nickel on February 10 was reported at 139,600 yuan/ton, down 700 yuan from the previous day [1] Group 2: Supply and Demand Dynamics - Supply is tightening as upstream smelters begin to enter holiday mode, leading to a slight decrease in production, but previous inventory accumulation continues to exert pressure on the market [3] - Demand from stainless steel manufacturers is tapering off, and seasonal weakness in the new energy battery sector is contributing to a dual weakness in supply and demand [3][5] Group 3: Industry Insights - The stainless steel sector, which is the main consumer of nickel, is only maintaining minimal purchases due to high prices and poor cost transmission [4] - High-nickel product procurement in the new energy battery sector is also experiencing a slowdown, indicating insufficient demand support [5] Group 4: Cost Factors - Nickel ore prices remain firm, providing some bottom support for nickel prices, but this is insufficient to counteract the negative impact of seasonal demand weakness [6] Group 5: Company Performance and Strategy - Leading nickel resource and smelting companies are maintaining stable operations, with ongoing production and orderly capacity expansion in Indonesia, effectively mitigating market risks from price fluctuations [7] - Companies are initiating routine maintenance and adjusting inventories to prepare for potential post-holiday demand, which may lead to further short-term supply contraction in the nickel market [7] Group 6: Trading Activity - The current spot market is characterized by low trading activity, with downstream buyers primarily making small, necessary purchases, and cautious pricing from traders [8] Group 7: Market Strategy and Outlook - The strategy for trading metals before the holiday should focus on risk control, with a preference for light positions and profit locking, while closely monitoring the U.S. dollar index and domestic capital flows [9] - Short-term nickel prices are expected to remain weak with narrow fluctuations, and post-holiday market direction will depend on downstream resumption of work, Indonesian nickel supply policies, and new energy demand [9]