1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Steel demand has officially entered the off - season. Hot - rolled coil inventory risk still exists, and future attention should be paid to the production reduction rhythm. With the implementation of the Fed's easing expectations and positive signals from the China - US meeting, the market sentiment and capital environment are expected to improve. The steel consumption side may gradually recover in the future. Although demand is still weak in the short term, it is expected to turn around with policy implementation and macro - environmental changes [2]. - For the iron ore market, due to environmental protection restrictions and declining steel mill profits, iron ore demand continues to weaken, and inventory pressure remains. After the macro - events are realized, the iron ore fundamentals are weak, and the short - term ore price is still running weakly [5]. - For the manganese silicon and silicon iron market, the black - sector pricing has recently returned to fundamentals. The market is trying a "negative feedback" trade, but it is considered a temporary shock with limited downside space. It is more cost - effective to look for callback positions to do long rather than short. The subsequent upward height depends on the introduction and strength of stimulus policies [9][10]. - For the industrial silicon market, supply and demand are both weak, and the cost support is stable. The price is expected to consolidate and wait for new drivers [13]. - For the polysilicon market, the supply - demand pattern may improve marginally, but the short - term de - stocking amplitude is limited. The price increase depends on the actual progress of the platform company [15]. - For the glass market, the short - term market may continue to fluctuate narrowly, and local prices can be flexibly adjusted. For the soda ash market, it is expected to maintain a stable and volatile operation in the short term [18][19]. 3. Summary of Each Section 3.1 Steel 3.1.1 Market Information - The closing price of the rebar main contract was 3034 yuan/ton, down 3 yuan/ton (- 0.09%) from the previous trading day. The registered warehouse receipts decreased by 2399 tons, and the main - contract open interest decreased by 59467 lots. The Tianjin aggregate price of rebar increased by 10 yuan/ton, and the Shanghai aggregate price remained unchanged [1]. - The closing price of the hot - rolled coil main contract was 3245 yuan/ton, down 11 yuan/ton (- 0.33%) from the previous trading day. The registered warehouse receipts decreased by 1490 tons, and the main - contract open interest increased by 240 lots. The Lecong aggregate price of hot - rolled coil decreased by 10 yuan/ton, and the Shanghai aggregate price remained unchanged [1]. 3.1.2 Strategy Viewpoints - Rebar supply and demand both decreased, and inventory continued to decline, showing a neutral performance. Hot - rolled coil demand declined significantly, with inventory accumulating against the season. Overall, steel demand has entered the off - season, and attention should be paid to the production reduction rhythm [2]. 3.2 Iron Ore 3.2.1 Market Information - The main contract of iron ore (I2601) closed at 760.50 yuan/ton, with a change of - 2.19% (- 17.00). The open interest increased by 21913 lots to 55.94 million lots. The weighted open interest was 97.96 million lots. The price of PB powder at Qingdao Port was 773 yuan/wet ton, with a basis of 60.82 yuan/ton and a basis rate of 7.41% [4]. 3.2.2 Strategy Viewpoints - In terms of supply, the overseas iron ore shipment volume decreased, but it was still at a high level. In terms of demand, the daily average pig - iron output decreased, and steel mills increased maintenance. The port inventory increased, and the steel - mill inventory also rose. Fundamentally, iron ore demand continued to weaken, and inventory pressure remained. In the short term, the ore price was expected to be weak, and attention should be paid to the support at 750 yuan/ton [5]. 3.3 Manganese Silicon and Silicon Iron 3.3.1 Market Information - On November 7, the main contract of manganese silicon (SM601) closed down 0.66% at 5760 yuan/ton. The spot price in Tianjin was 5680 yuan/ton, with a basis of 110 yuan/ton. The main contract of silicon iron (SF601) closed down 1.07% at 5526 yuan/ton. The spot price in Tianjin was 5580 yuan/ton, with a basis of 54 yuan/ton [7]. - Last week, the manganese - silicon price fluctuated, with a weekly decline of 8 yuan/ton (- 0.14%). The silicon - iron price also fluctuated, with a weekly increase of 34 yuan/ton (+ 0.62%) [8]. 3.3.2 Strategy Viewpoints - In November, the black - sector pricing returned to fundamentals. The market was trying a "negative feedback" trade, but it was considered a temporary shock. It was more cost - effective to look for callback positions to do long. For manganese silicon, pay attention to the manganese - ore situation. For silicon iron, it followed the electricity - price changes with low operational value [9][10]. 3.4 Industrial Silicon 3.4.1 Market Information - The main contract of industrial silicon (SI2601) closed at 9220 yuan/ton, up 1.71% (+ 155). The open interest increased by 35423 lots to 435728 lots. The spot price of 553 in East China remained unchanged, with a basis of 80 yuan/ton; the spot price of 421 remained unchanged, with a basis of - 320 yuan/ton [12]. 3.4.2 Strategy Viewpoints - In October, industrial - silicon production increased. In November, Southwest production was expected to decline. Demand from polysilicon decreased, and organic - silicon production was expected to be stable. Inventory was at a high level, and the price was expected to consolidate [13]. 3.5 Polysilicon 3.5.1 Market Information - The main contract of polysilicon (PS2601) closed at 53215 yuan/ton, down 0.34% (- 180). The open interest increased by 3207 lots to 228759 lots. The average prices of N - type granular silicon, N - type dense material, and N - type re - feeding material remained unchanged, with a basis of - 1015 yuan/ton [14]. 3.5.2 Strategy Viewpoints - In November, polysilicon production decreased, and downstream silicon - wafer production was also expected to decline. The supply - demand pattern may improve marginally, but short - term de - stocking was limited. The price increase depends on the progress of the platform company [15]. 3.6 Glass and Soda Ash 3.6.1 Market Information - Glass: The main contract closed at 1101 yuan/ton, up 0.36% (+ 4). The North China large - plate price remained unchanged, and the Central China price increased by 20 yuan. The weekly inventory of sample enterprises decreased by 265.40 million cases (- 4.03%) [17]. - Soda ash: The main contract closed at 1207 yuan/ton, up 1.00% (+ 12). The Shahe heavy - soda price increased by 12 yuan. The weekly inventory of sample enterprises increased by 1.22 million tons (4.03%) [18]. 3.6.2 Strategy Viewpoints - Glass: The short - term market may continue to fluctuate narrowly, and local prices can be flexibly adjusted. Attention should be paid to downstream orders and production - capacity changes [18]. - Soda ash: The domestic market was stable, and the short - term market was expected to maintain a stable and volatile operation [19].