1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The lithium carbonate futures price opened high and closed low. The spot price of lithium carbonate was relatively resistant to decline, and downstream material factories had an increased willingness to purchase at relatively low prices. The lithium carbonate futures price was hindered from rising due to window guidance, but the spot price had limited decline due to the stocking demand of cathode factories. Therefore, it is expected that the lithium carbonate futures will trade sideways at a high level in the short term [12] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The lithium carbonate futures price opened high and closed low. The intraday spot price of Mysteel in the evening session was 170,000 yuan/ton, down 750 yuan/ton from the previous day. The spot premium over the futures expanded, and the spot was resistant to decline. Downstream material factories mainly made purchases for immediate needs and stockpiling for February. The Australian ore price dropped by 100, the mica ore price dropped by 10, the ternary material price remained flat, and the lithium iron phosphate price dropped by 50 - 100. The lithium carbonate futures price was hindered from rising due to window guidance, but the spot price had limited decline due to the stocking demand of cathode factories. It is expected that the lithium carbonate futures will trade sideways at a high level in the short term [12] 3.2 Industry News - The lithium carbonate futures and options of the Guangzhou Futures Exchange were included in the domestic specific varieties and were approved to introduce overseas traders in a specific variety manner on January 23, 2026. This move aims to consolidate the international competitive position of the industry, serve the construction of a manufacturing power, and enhance the development advantages of the green and low - carbon industry. Since its listing in July 2023, the lithium carbonate futures and options market of the Guangzhou Futures Exchange has generally operated smoothly and effectively played its functions, providing strong support for the high - quality development of the lithium - battery industry and a transparent, fair, and authoritative pricing basis for spot trading [13] - The world's second - largest lithium producer, SQM, released its financial report on Wednesday, showing that its profit in the fourth quarter of 2025 decreased by 59% year - on - year due to the decline in lithium prices. SQM announced on Tuesday that the merger of its lithium business with the lithium business department of Codelco had been fully completed after the Chilean Supreme Court rejected an appeal that previously hindered the transaction [13][14]

Group 1: Industry Investment Rating - No information provided Group 2: Core Views - The industrial silicon futures price rebounded on June 11, 2025, with the main contract 2507 opening at 7365 yuan/ton and closing at 7560 yuan/ton, a change of 2.23% from the previous day's settlement. The spot price of industrial silicon remained stable, and the warehouse receipts continued to decrease. The consumption of organic silicon is expected to increase in June. The short - term industrial silicon market may have abnormal fluctuations due to position reduction. The trading strategy is mainly range operation, and upstream enterprises should sell hedging at high prices [1][2][3] - On June 11, 2025, the main contract of polysilicon futures maintained a volatile pattern, with the closing price changing by 0.72% from the previous trading day. The spot price of polysilicon remained stable, and the inventory of polysilicon and silicon wafers increased. The production schedule of silicon wafers and battery cells in June decreased month - on - month. The polysilicon market is expected to maintain wide - range fluctuations in the short term, and the trading strategy is neutral [4][5][7] Group 3: Market Analysis Industrial Silicon - **Futures Market**: On June 11, 2025, the main contract 2507 of industrial silicon futures opened at 7365 yuan/ton and closed at 7560 yuan/ton, a change of 165 yuan/ton (2.23%) from the previous day's settlement. The position of the main contract 2507 was 147036 lots, and the total number of warehouse receipts was 58674 lots, a change of - 578 lots from the previous day [1] - **Supply Side**: The spot price of industrial silicon remained stable. The price of East China oxygen - passing 553 silicon was 8000 - 8300 yuan/ton, 421 silicon was 8400 - 9000 yuan/ton, Xinjiang oxygen - passing 553 silicon was 7500 - 7700 yuan/ton, and 99 silicon was 7500 - 7700 yuan/ton. The warehouse receipts have continued to decrease recently, and the current warehouse receipt quantity has decreased by 57855 tons compared with the highest point in mid - April. After the recent rebound of the futures price, the basis has narrowed, and the subsequent warehouse receipt cancellation speed may slow down significantly [1] - **Consumption Side**: The quotation of organic silicon DMC was 10700 - 11500 yuan/ton. In May, the domestic organic silicon production increased by 6.48% month - on - month, and the operating rate increased to 62.37%. In June, although some devices are still in the maintenance cycle, the production schedule is expected to continue to rise [2] Polysilicon - **Futures Market**: On June 11, 2025, the main contract 2507 of polysilicon futures opened at 33980 yuan/ton and closed at 34255 yuan/ton, with a closing price change of 0.72% from the previous trading day. The position of the main contract was 60199 lots (62708 lots on the previous trading day), and the trading volume was 79861 lots [4] - **Spot Market**: The spot price of polysilicon remained stable. The price of polysilicon re - feedstock was 32.00 - 35.00 yuan/kg, dense material was 30.00 - 34.00 yuan/kg, cauliflower material was 29.00 - 31.00 yuan/kg, granular silicon was 32.00 - 33.00 yuan/kg, N - type material was 35.00 - 38.00 yuan/kg, and N - type granular silicon was 33.00 - 35.00 yuan/kg [4] - **Inventory and Production**: The inventory of polysilicon manufacturers increased slightly, with the latest inventory at 26.90 (a month - on - month change of 0.37%), and the silicon wafer inventory was 20.02GW (a month - on - month change of 7.80%). The weekly production of polysilicon was 22000.00 tons (a month - on - month change of 1.85%), and the silicon wafer production was 13.04GW (a month - on - month change of - 2.67%) [5] - **Downstream Product Prices**: The price of domestic N - type 18Xmm silicon wafers was 0.92 yuan/piece, N - type 210mm was 1.28 yuan/piece, and N - type 210R silicon wafers was 1.08 yuan/piece. The price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 battery cells was 0.28 yuan/W, TopconM10 battery cells was 0.25 yuan/W, Topcon G12 battery cells was 0.26 yuan/W, Topcon210RN battery cells was 0.27 yuan/W, and HJT210 half - piece battery cells was 0.37 yuan/W. The mainstream transaction price of PERC182mm components was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.69 - 0.70 yuan/W, and N - type 210mm was 0.70 - 0.70 yuan/W [5][6] Group 4: Strategy Industrial Silicon - **Unilateral**: Mainly range operation, upstream enterprises should sell hedging at high prices - **Inter - period**: None - **Inter - variety**: None - **Futures - cash**: None - **Options**: None [3] Polysilicon - **Unilateral**: Neutral - **Inter - period**: None - **Inter - variety**: None - **Futures - cash**: None - **Options**: None [7]