Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On November 5, for the manganese - silicon 2601 contract, it was reported at 5776, up 0.24%. The spot price in Inner Mongolia was 5540, down 10 yuan/ton. It should be treated as a volatile market, and investors should control risks. For the silicon - iron 2601 contract, it was reported at 5560, up 0.98%. The spot price in Ningxia was 5220, down 40 yuan/ton. It should also be treated as a volatile market, and investors should control risks [2]. 3. Summary by Related Catalogs Futures Market - JM主力合约收盘价 was 1268.50 yuan/ton, up 15.50 yuan; J主力合约收盘价 was 1753.00 yuan/ton, up 24.00 yuan. JM期货合约持仓量 was 939019.00 hands, up 4651.00 hands; J期货合约持仓量 was 49255.00 hands, down 185.00 hands. The net position of the top 20 JM contracts was - 57205.00 hands, up 14755.00 hands; the net position of the top 20 J contracts was - 5144.00 hands, up 470.00 hands. The JM5 - 1 month contract spread was 63.50 yuan/ton, up 5.00 yuan; the J5 - 1 month contract spread was 142.00 yuan/ton, up 1.00 yuan. The JM and J warehouse receipts remained unchanged at 900.00 and 2070.00 respectively [2]. Spot Market - The prices of various types of coking coal and metallurgical coke in the spot market remained unchanged. The JM主力合约基差 was 301.50 yuan/ton, down 15.50 yuan; the J主力合约基差 was 22.00 yuan/ton, down 24.00 yuan [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.50 million tons, up 1.00 million tons; the weekly inventory was 295.00 million tons, up 10.60 million tons. The capacity utilization rate of 314 independent coal washing plants was 0.38%, up 0.01%. The monthly raw coal output was 41150.50 million tons, up 2100.80 million tons. The monthly import volume of coal and lignite was 4600.00 million tons, up 326.00 million tons. The daily average output of raw coal from 523 coking coal mines was 190.30 million tons, down 0.60 million tons. The weekly inventory of imported coking coal at 16 ports was 513.89 million tons, up 6.71 million tons; the weekly inventory of coke at 18 ports was 269.90 million tons, up 9.11 million tons [2]. Industry Situation - The monthly import volume of coking coal was 1092.36 million tons, up 76.14 million tons; the monthly export volume of coke and semi - coke was 54.00 million tons, down 1.00 million tons. The monthly output of coking coal was 3975.92 million tons, up 279.06 million tons. The capacity utilization rate of independent coking enterprises was 73.44%, down 0.03%. The weekly profit per ton of coke in independent coking plants was - 32.00 yuan, up 9.00 yuan. The monthly output of coke was 4255.60 million tons, down 4.10 million tons [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 81.73%, down 3.00%; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 88.59%, down 1.33%. The monthly crude steel output was 7349.01 million tons, down 387.84 million tons [2]. Industry News - On November 4, some steel mills in Hebei and Tianjin raised the coke purchase price for the third time, with an increase of 50 - 55 yuan/ton, effective from 0:00 on November 5, 2025. The Reserve Bank of Australia kept the key interest rate at 3.6% and warned of increased inflationary pressures. The CEOs of Morgan Stanley and Goldman Sachs warned that the stock market may be heading for a pull - back. The President of the Swiss National Bank said that inflation should rise slightly in the next few quarters [2]. Manganese - Silicon and Silicon - Iron Market - Manganese - silicon 2601 contract: On November 5, it was reported at 5776, up 0.24%. The spot price in Inner Mongolia was 5540, down 10 yuan/ton. Some steel mills in Shanxi planned to shut down for maintenance earlier than last year. The inventory increased rapidly, the output continued to decline slightly from a high level, and the cost of imported manganese ore decreased by 11.3 million tons. The iron - water demand declined seasonally. The spot profit in Inner Mongolia was - 160 yuan/ton, and in Ningxia was - 260 yuan/ton. The mainstream steel procurement price in October was 5820 yuan/ton, down 180 yuan/ton month - on - month [2]. - Silicon - iron 2601 contract: On November 5, it was reported at 5560, up 0.98%. The spot price in Ningxia was 5220, down 40 yuan/ton. The macro - environment saw the Reserve Bank of Australia keeping the key interest rate at 3.6% and warning of inflation. The supply - demand was in a weak balance, the inventory was at a neutral level, and the cost was supported in the short term. The spot profit in Inner Mongolia was - 310 yuan/ton, and in Ningxia was - 510 yuan/ton [2].

Group 1 - The U.S. stock market experienced a collective decline on November 4, with major tech stocks under pressure, including Intel down over 6%, Tesla down over 5%, and Nvidia down over 3%, resulting in a single-day market value loss of approximately $199 billion (about 1.42 trillion RMB) [2] - Goldman Sachs predicts a potential market pullback of 10% to 20% within the next 12 to 24 months, while Morgan Stanley's CEO mentioned that a 10% to 15% pullback is acceptable as long as it is not driven by macroeconomic cliff factors [4] - Nvidia's CEO Jensen Huang has sold over $1 billion (approximately 7 billion RMB) worth of company stock since June, despite short-term stock price pressure, Nvidia recently achieved a new partnership, pushing its market value to surpass $5 trillion, making it the first company to reach this milestone [4] - Nvidia's market value increased from $4 trillion to $5 trillion in just four months, and the company has created three new billionaires this year due to the recent surge in stock prices, including board member Brooke Seawell [4] - Jensen Huang ranks ninth on the Bloomberg Billionaires Index with a net worth of $175.7 billion, having increased by $61.3 billion this year [4]

摩根士丹利和高盛CEO周二分别警告称，股市可能正走向回撤。摩根士丹利CEO皮克在香港举行的全球金融领袖投资峰会上称应该欢迎出现10%至15%的回撤。高盛CEO所罗门表示，“未来12至24个月内，股市可能出现10%至20%的回撤， 市场总是先上涨，然后回头整理，让投资人重新评估。” ...