Group 1 - The A-share market experienced fluctuations with the chemical sector leading the gains, as the China Petroleum and Chemical Industry Index rose by 1.8% [1] - Key stocks in the sector, such as Zhejiang Longsheng, Huafeng Chemical, and Luxi Chemical, saw significant increases, with gains exceeding 6%, 5%, and 4% respectively [1] - The E Fund Chemical Industry ETF (516570) has attracted substantial capital inflow, with a cumulative net inflow exceeding 1.4 billion yuan over the past 15 trading days [1] Group 2 - Guojin Securities noted a rising trend in prices for multiple chemical products, with policy changes like the cancellation of export tax rebates accelerating export activities [1] - The supply-demand dynamics in the industry are improving, indicating strong profit recovery potential for leading companies and products at price bottoms [1] - The China Petroleum and Chemical Industry Index focuses on sub-industries with clear supply-demand improvements, making it sensitive to price increase expectations [1] Group 3 - The E Fund Chemical Industry ETF (516570) offers a low management fee rate of 0.15% per year, facilitating cost-effective investment opportunities in the chemical sector [1]

Group 1 - The overall A-share market continued to decline, but the chemical sector rebounded significantly after a low opening, with the Chemical ETF (516020) rising over 2% in early trading, leading the A-share ETF market [1] - According to GF Securities, the chemical industry is a typical cyclical sector that usually follows a five-year cycle consisting of four stages: "profit upturn - capacity expansion - profit bottoming - capacity clearance/demand expectation improvement." The firm is optimistic about the chemical sector's prospects due to negative capital expenditure growth, anti-involution measures, global interest rate cuts, and domestic demand expansion [1] - China Merchants Bank Securities forecasts that the chemical industry's prosperity will be at a low point in 2025, but by 2026, the current round of industry expansion will be nearing its end. Anti-involution measures are expected to catalyze a recovery in industry profits, while new materials will benefit from rapid downstream demand growth, potentially initiating a new phase of high growth [1] Group 2 - The Chemical ETF (516020) and its connected fund (012537) track the CSI segmented chemical industry theme index, with component stocks covering popular themes such as AI computing power, anti-involution, robotics, and new energy. Nearly 50% of the portfolio is concentrated in large-cap leading stocks, including Wanhua Chemical and Salt Lake Industry, providing opportunities for strong performers [1] - The remaining 50% of the portfolio is diversified across leading stocks in sub-sectors such as phosphate fertilizer and phosphate chemicals, fluorine chemicals, and nitrogen fertilizers, aiming to capture investment opportunities within the chemical sector comprehensively [1]

Core Viewpoint - The major stock indices rebounded on February 6, with over 4,000 stocks rising, particularly in sectors such as lithium batteries, traditional Chinese medicine, chemicals, electric grid, and oil and gas [1]. Group 1: Market Performance - The three major indices experienced a bottoming out and all turned positive, with the ChiNext index initially dropping nearly 2% [1]. - More than 4,000 stocks saw gains, indicating a broad market recovery [1]. Group 2: Sector Performance - Sectors with notable gains included lithium batteries, traditional Chinese medicine, chemicals, electric grid, and oil and gas, with lithium battery stocks leading the charge [1]. - Specific concept indices showed significant increases, such as lithium battery at 5.38%, chemical fibers at 3.70%, and phosphorous chemicals at 3.43% [2]. Group 3: Commodity Prices - Spot gold and silver prices reversed from declines to gains, with spot gold rising over 1% to $4,835.03 per ounce and spot silver increasing by 2.57% to $72.51 per ounce [2]. - The dollar index was reported at 97.8525, showing a slight decrease of 0.0791% [3].

Group 1 - The chemical ETF (159870) shows strong recovery, indicating a consensus among investors, with noticeable market rotation before the holiday, particularly in cyclical sectors [1] - Local government meetings prioritize green development, with ongoing monitoring and transformation of high-energy-consuming industries, driving the chemical industry's upgrade [1] - The price of disperse dyes has increased by 1,000 yuan, supported by rigid downstream demand and low cost share, with strict safety and environmental regulations leading to fragile supply, suggesting a significant price increase across the dye industry chain [1] - The global fertilizer market is entering a high-price and tight balance phase, with continuous supply disruptions in overseas nitrogen and phosphorus fertilizers pushing prices higher, while potassium fertilizers are expected to exceed demand expectations [1] Group 2 - Since 2022, the overall profit of the chemical industry has been on a downward trend, with a cumulative profit decline of 8% year-on-year for chemical raw materials and products manufacturing from January to October 2025, and a 52% drop compared to the same period in 2022 [2] - The industry’s PPI index is expected to fall below zero in Q3 2024, indicating a bottoming out of the industry’s economic conditions, with a capacity utilization rate of 72.5%, down 3.5 percentage points year-on-year [2] - Northeast Securities highlights the electronic gas sector, noting that electronic specialty gases are critical for semiconductor manufacturing, requiring high purity standards and concentrated downstream applications in integrated circuits, which account for nearly 80% of global demand [2]

Group 1 - Tianji Co., Ltd. experienced a stock price increase of 5.08% on February 6, reaching 38.49 CNY per share, with a trading volume of 867 million CNY and a turnover rate of 4.57%, resulting in a total market capitalization of 19.298 billion CNY [1] - The company, established on March 30, 1996, and listed on May 28, 2015, is located in Shantou, Guangdong Province, and specializes in the research, production, and sales of ceramic cooking appliances and electric kettles, as well as lithium hexafluorophosphate [1] - The revenue composition of Tianji Co., Ltd. includes lithium hexafluorophosphate at 67.27%, sodium phosphinate at 12.80%, small household appliances at 7.86%, hydroxymethylphosphonates at 4.69%, other chemical products at 4.21%, potassium fluoroborate at 2.52%, and diphosphate at 0.63% [1] Group 2 - The Guotai Fund has one fund heavily invested in Tianji Co., Ltd., specifically the Guotai CSI 2000 ETF (561370), which held 2,200 shares in the fourth quarter, accounting for 0.33% of the fund's net value, making it the fourth largest holding [2] - The Guotai CSI 2000 ETF (561370) was established on September 13, 2023, with a latest scale of 31.2937 million CNY, achieving a year-to-date return of 7.67% and a one-year return of 49.57%, ranking 993 out of 5,564 in its category [2]

Core Viewpoint - The "15th Five-Year Plan" is expected to provide clear direction and policy support for the capital market, with a focus on traditional industry upgrades, emerging industry demand expansion, and thematic investments in frontier industries [1] Macro Analysis: Opportunities in Financial Assets - The liquidity environment is expected to remain relatively loose both globally and domestically, providing opportunities across various financial assets, with a particular emphasis on the A-share equity market [2] - Current A-share market valuations are considered reasonable based on historical rolling returns, suggesting that the market is not overly expensive [2] - Two core supporting factors for the A-share market include a friendly liquidity environment and an anticipated upward trend in the profit cycle due to improved supply-demand dynamics [2] Trend Assessment: Technological Self-Reliance - The "15th Five-Year Plan" emphasizes technological self-reliance as a strategic task, highlighting the importance of technological innovation and productivity improvement for sustainable economic development [4] Insight into Opportunities: Three Structural Directions - The "15th Five-Year Plan" outlines three key investment directions: 1. Traditional industries such as chemicals, shipbuilding, and metallurgy are expected to enhance profitability through supply-side policies and optimization [5][6] 2. Emerging industries like artificial intelligence and energy storage are projected to experience sustained demand growth, leading to rapid development [6] 3. Frontier industries, including embodied intelligence and quantum technology, are seen as having significant growth potential and should be monitored for breakthroughs in basic scientific research [6] Rational Layout: Understanding Industry Trends - Investors are advised to recognize industry trends and avoid frequent timing based on short-term fluctuations, particularly in the high-growth and high-volatility technology sector [7] - The investment strategy should focus on understanding industry development trends and adjusting strategies only when substantial changes occur in the underlying fundamentals [7]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - The negotiation between the US and Iran on February 6 will have a directional impact on short - term oil prices. Geopolitical factors such as the situations in Iran and Russia and OPEC+ production expectations in the second quarter are the core concerns of the crude oil market in February. The chemical market is divided under high oil price volatility. [2][3] - For different chemical products, the report provides specific views and outlooks, generally suggesting a volatile trend for the chemical industry, with the movement of the US - Iran relationship disturbing oil prices. [3] 3. Summary by Relevant Catalogs 3.1 Market News and Main Logic of Each Variety Crude Oil - **Market News**: The US - Russia - Ukraine tripartite talks ended with a prisoner - exchange agreement. The Iranian delegation arrived in Oman for nuclear - issue negotiations with the US. [6] - **Main Logic**: High oil price volatility continues before the US - Iran negotiation. Overseas diesel crack spreads are weak, and refinery margins are under pressure. Russia is increasing discounts on crude oil exports to China, and there are concerns about reduced purchases from India. Geopolitical premiums still exist, and short - term focus is on the US - Iran negotiation and India's oil purchases from Russia. [2][6] - **Outlook**: Volatile. The fundamentals are in a supply - surplus state, but geopolitical situations may cause potential disruptions to supply expectations. [6] Asphalt - **Market News**: On February 5, 2026, the asphalt futures price was 3339 yuan/ton, and the spot prices in East China, Northeast China, and Shandong were 3270 yuan/ton, 3600 yuan/ton, and 3250 yuan/ton respectively. [6] - **Main Logic**: The geopolitical premium has partially declined. The partial lifting of US sanctions on Venezuela will increase asphalt raw material supply in the long - term. High profits may drive refineries to switch to alternative raw materials. The supply - demand of asphalt is weak, and inventory is accumulating. The current asphalt price is over - valued compared to other products. [6] - **Outlook**: Volatile. The absolute price of asphalt is over - valued, and the long - term valuation is expected to decline. [6] High - Sulfur Fuel Oil - **Market News**: On February 5, 2026, the high - sulfur fuel oil futures price was 2824 yuan/ton. [6] - **Main Logic**: The US is helping Venezuela increase oil production, which may put long - term pressure on high - sulfur fuel oil. The tense situation in Iran affects fuel oil exports and may increase fuel oil power generation in Iraq. The substitution of natural gas and photovoltaic for fuel oil in the Middle East is a long - term negative factor. The asphalt - fuel oil spread is oscillating at a high level. [6] - **Outlook**: Volatile. The expected increase in Venezuelan oil production will put long - term pressure on high - sulfur fuel oil, and short - term focus is on the geopolitical situation in the Middle East. [6] Low - Sulfur Fuel Oil - **Market News**: On February 5, 2026, the low - sulfur fuel oil futures price was 3285 yuan/ton. [8] - **Main Logic**: Low - sulfur fuel oil fluctuates with crude oil. Natural gas price fluctuations affect it through the crack spread of gasoline and diesel and the expectation of low - sulfur fuel oil power generation. It has strong product attributes but faces negative factors such as the decline in shipping demand, green energy substitution, and high - sulfur substitution. However, its current valuation is low. [8] - **Outlook**: Volatile. It is affected by green fuel substitution and high - sulfur substitution, but its low valuation makes it follow the movement of crude oil. [8] PX - **Market News**: On February 5, the PX CFR China Taiwan price was 902(+5) dollars/ton, and the PX Korea FOB price was 880(+5) dollars/ton. The PX main contract closed at 7200(-96) yuan/ton. [9] - **Main Logic**: Although the cost side has some support, the current supply - demand pattern is seasonally weak. Supply remains high, polyester and terminal demand are declining, inventory is accumulating, and the profit is continuously declining. [9] - **Outlook**: Volatile in the short - term. The PX price is expected to fluctuate, and the PXN is expected to be in the range of [300, 330] dollars/ton. [9] PTA - **Market News**: On February 5, the PTA spot price was 5140(+60) yuan/ton, and the main contract closed at 5144(-74) yuan/ton. The polyester filament and polyester chip production - sales rates were low. [9] - **Main Logic**: The cost side has some support, but the supply has increased slightly, and the polyester enterprises' maintenance scope has expanded during the Spring Festival. The inventory accumulation is greater than expected, and the terminal demand is insufficient. [9] - **Outlook**: Volatile in the short - term. The PTA price is expected to be in a low - level consolidation, and attention should be paid to the TA05 - 09 spread and the support at 5100 yuan/ton for the TA05 contract. [9] Pure Benzene - **Market News**: On February 6, the pure benzene 2603 contract closed at 6127, a change of - 1.34%. The spot prices in different regions and the prices of related products have changed. [9] - **Main Logic**: International oil prices have fallen significantly. There is some restocking demand before the Spring Festival, and the supply - demand of styrene is tight. Pure benzene is a low - valued variety and is a choice for capital allocation. Although the current inventory is high, the de - stocking expectation in Q1 exists. [9][10] - **Outlook**: Volatile and slightly upward. The high inventory needs time to be digested, but the fundamentals are improving, and the de - stocking expectation in the far - month exists. [10] Styrene - **Market News**: On February 6, the East China styrene spot price was 7829(-106) yuan/ton, and the main contract basis was 140(-18) yuan/ton. [11] - **Main Logic**: The styrene price is volatile and slightly upward. The crude oil price is stable, but the supply - demand is expected to weaken. However, the profit compression caused by seasonal inventory accumulation may be limited due to export support and overseas disturbances. [11] - **Outlook**: Volatile and slightly upward. The seasonal inventory accumulation in February is expected to be lower, and the de - stocking trend will resume in March. [12] Ethylene Glycol - **Market News**: On February 5, the ethylene glycol market was weak. The spot price in Zhangjiagang was around 3630 yuan/ton, and the main contract closed at 3745 yuan/ton. The inventory in the East China main port increased. [13] - **Main Logic**: The cost side is stable, but the supply has increased in the short - term, and the demand has decreased, resulting in a weak market. [14] - **Outlook**: Volatile in the short - term. The price is expected to be in the range of [3700 - 4050] yuan/ton for the EG05 contract. [16] Short - Fiber - **Market News**: On February 5, the Zhejiang market polyester short - fiber price fell to 6570 yuan/ton. The PF2603 contract closed at 6564 yuan/ton, and the production - sales rate was 60.43%. The inventory decreased slightly. [18] - **Main Logic**: The short - fiber market is in a weak consolidation. The upstream raw material price fluctuations cause pricing contradictions, and the downstream demand is weak, resulting in low market trading activity. [18] - **Outlook**: The short - fiber price follows the upstream, and the processing fee has stronger support at the bottom. [18] Bottle Chip - **Market News**: On February 5, the East China market polyester bottle - chip price was 6250 yuan/ton. The main contract closed at 6114 yuan/ton, and the processing spread was 609.6 yuan/ton. [20] - **Main Logic**: The upstream polyester raw materials are adjusted within a range, and the polyester bottle - chip price follows the cost. The supply has increased slightly, and the demand has weakened before the Spring Festival. [20] - **Outlook**: The absolute price follows the raw materials, and the processing fee has stronger support at the bottom. Attention should be paid to the long - PR short - TA position. [20] Methanol - **Market News**: On February 5, 2026, the methanol spot price in Taicang was 2195 yuan/ton, and the port basis was - 30 yuan/ton. The Iranian ZPC 165 - million - ton/year capacity device was restarted at a low load. [22] - **Main Logic**: The methanol price was volatile and slightly downward on February 5. The inland market trading improved, and the inventory decreased. However, the coastal market has high inventory and low downstream MTO device operation. Although the Iran situation is improving, there is still uncertainty. [22] - **Outlook**: Volatile. The methanol price follows the fundamentals and may be slightly downward, but the low price may prompt the restart of some MTO devices. [22] Urea - **Market News**: On February 5, 2026, the urea price in the Shandong market was 1780 - 1790 yuan/ton, and the main contract closed at 1779 yuan/ton. [23] - **Main Logic**: The supply of urea is sufficient as the gas - restricted devices are gradually restarted. The agricultural demand is for pre - festival fertilizer preparation, and the industrial demand is decreasing. The inventory has decreased, and the pre - received orders support the price. [23] - **Outlook**: Volatile. The urea price is expected to be slightly adjusted before the Spring Festival, and attention should be paid to downstream purchasing, order digestion, and storage release plans. [23] LLDPE - **Market News**: On February 5, the LLDPE spot price was 6750(-20) yuan/ton, and the main contract basis was - 27(+121) yuan/ton. The PE开工 rate was 87.03%(-0.27%). [25] - **Main Logic**: The plastic price was volatile and downward on February 5. Oil prices are volatile, affected by geopolitical factors. The overall commodity sentiment is weak, and the downstream has stopped production before the Spring Festival. The inventory is decreasing, and there is an expectation of macro - consumption policy support. [25] - **Outlook**: Volatile in the short - term. [25] PP - **Market News**: On February 5, the PP price in East China was 6630(-30) yuan/ton, and the main contract basis was - 46(+95) yuan/ton. The PP开工 rate was 74.9%(-0.01%). [26] - **Main Logic**: The PP price was volatile and downward on February 5. Oil prices are volatile, affected by geopolitical factors. The commodity market sentiment is weak, and the PP refinery profit is under pressure. The downstream is in the off - season, but there is an expectation of macro - consumption policy support. [26] - **Outlook**: Volatile in the short - term. [26] PL - **Market News**: On February 5, the PL price in Shandong was 6410 yuan/ton, and the main contract basis was 205(+148) yuan/ton. [27] - **Main Logic**: The PL price was volatile on February 5. The PDH maintenance has a positive impact. The supply increase is limited, the inventory is controllable, and the downstream demand has increased slightly. [27] - **Outlook**: Volatile in the short - term. [27] PVC - **Market News**: On February 5, the East China PVC price was 4910(-40) yuan/ton, and the main contract basis was - 142(+63) yuan/ton. [28] - **Main Logic**: Geopolitical factors have less impact, and the "export rush" may weaken the demand support. The PVC production has decreased slightly, the downstream demand is weak, the export orders have decreased, and the cost has increased. [28] - **Outlook**: Volatile. The market sentiment is weak, but there are still policy expectations and cost disturbances. [28] Caustic Soda - **Market News**: On February 5, the Shandong 32% caustic soda price was 1841(-3) yuan/ton, and the main contract basis was - 76(+58) yuan/ton. The liquid chlorine price increased by 50 yuan/ton. [29][30] - **Main Logic**: Geopolitical factors have less impact, and the "dual - carbon" policy may accelerate the elimination of backward caustic soda production capacity. The caustic soda inventory is decreasing before the Spring Festival. The alumina production reduction may be slow, the demand from non - aluminum industries is weak, and the liquid chlorine price is volatile, affecting the cost. [28][29] - **Outlook**: Volatile. The increase in the liquid chlorine price opens the downward space for caustic soda, but considering the possible downward adjustment of the liquid chlorine price before the Spring Festival, the caustic soda price is expected to be volatile. [29] 3.2 Variety Data Monitoring Energy and Chemical Daily Index Monitoring - **Inter - period Spread**: The inter - period spreads of various varieties such as Brent, Dubai, PX, PTA, etc. have changed. For example, the Brent M1 - M2 spread is 0.65(-0.06) dollars/barrel, and the PX 1 - 5 month spread is 8(+36) yuan/ton. [31] - **Basis and Warehouse Receipts**: The basis and warehouse receipts of different varieties are provided. For example, the asphalt basis is - 89(+22) yuan/ton, and the warehouse receipt is 40070 tons. [32] - **Inter - variety Spread**: The inter - variety spreads such as 1 - month PP - 3MA, 5 - month TA - EG, etc. have changed. For example, the 1 - month PP - 3MA spread is - 302(-30) yuan/ton. [33] Chemical Basis and Spread Monitoring Although the report lists the monitoring of various varieties such as methanol, urea, etc., no specific data or analysis content is provided in the given text.

日度报告——综合晨报 美国雇主 1 月裁员创纪录，国内三大股指普 跌 [T报ab告le_日R期an：k] 2026-02-06 宏观策略（外汇期货(美元指数)） 美国雇主 1 月裁员创纪录 美国 1 月雇主裁员创纪录，劳动力市场明显走弱，市场风险偏好 走低，美元回升 宏观策略（股指期货） 三大股指普跌，股市持续缩量 MPOA 预测马棕 1 月产量下降超 14%，2 月前 5 日马棕出口小幅 下降 综 海外科技股回调形成对 A 股科技股的压制，同时贵金属再度回 调，拖累指数。当前阶段最核心因素在于股市成交持续缩量， 我们预计年前行情逐渐清淡。 合 黑色金属（螺纹钢/热轧卷板） 晨 Mysteel 五大品种库存周环比增加 59.24 万吨 报 临近春节假期，五大品种累库比较明显加速，卷板开始累库， 螺纹表需明显回落到 147 万吨左右。当前累库对于现货仍形成压 力，但基本面矛盾级别依然不算大，钢价震荡运行。 宏观策略（黄金） 美伊将继续谈判 金价下跌，白银大跌 20%，地缘政治紧张局势缓和，中美领导 人通电话，美伊将开启谈判，此前下跌调整并未结束，市场做 多情绪下降，美股持续回调风险资产普跌。 农产品（豆油/菜油 ...

在功能产业提档升级方面，督促企业主动服务国家和省市重大战略，积极承担并实施好新型工业化强 市、北方内河航运中心、世界文化旅游名城、乡村振兴等领域重点项目。围绕我市加快构建更加完善的 公路、铁路、港口、航运、水利等现代基础设施体系，推动企业增强建设运营与综合服务能力。 在对外合作实现突破方面，统筹市管企业资源资本优势，加大招商引资工作力度，重点围绕京津冀、长 三角、大湾区等地区，加强与央企省企、知名民企、科研院所等合资合作，积极引进一批优质项目，延 伸拉长产业链条，实现合作共赢、融合发展。 在新兴产业培育壮大方面，着眼产业链延伸和价值提升，推动企业加强产业基础能力建设，培育壮大战 略性新兴产业，发展成为重要支柱产业，多渠道开展投资融资、产业培育、资本整合，助力培育新的利 润增长点。 在未来产业超前布局方面，遵循科技创新及产业发展规律，指导企业融合资本、人才、技术、数据要 素，积极融入创新网络，加快布局人工智能、算力、低空经济等未来产业，为建设现代化产业体系提供 新动力。 "十五五"开局的关键节点，济宁市国资委锚定高质量发展目标，在推动市管企业产业布局优化与结构升 级上，绘就了清晰而坚定的发展蓝图。 "'十五五' ...

Group 1: Report Industry Investment Rating - The mid - term outlook for the black building materials sector is "Oscillation" [7] Group 2: Core Views of the Report - The pressure of inventory accumulation in the steel sector during the off - season is becoming more obvious, the fundamentals lack highlights, and the futures market is under pressure. The resumption of production in steel mills is slow, the high shipment and high inventory of iron ore are putting pressure on the market, and the futures market is weak. As winter storage is coming to an end, the support for coal and coke replenishment is gradually weakening, and the import of Mongolian coal is at a high level, causing the futures market to fall from its high. The oversupply of glass and soda ash suppresses the futures prices. The sector is expected to oscillate widely at the bottom, and attention should be paid to macro - policy disturbances [1][2][3] Group 3: Summary by Related Catalogs Iron Element - Iron ore: The inventory pressure of iron ore continues to increase, there are still expectations of weather disturbances on the supply side, and the post - holiday demand is expected to be average. The futures market is under pressure, but there are still macro - expectations due to the upcoming Two Sessions after the holiday. It is expected to oscillate in the short term. For example, the port trading volume of iron ore is 98.6(-4.8) million tons, and the price of 61.5% PB powder in Qingdao Port is 772(-2) yuan/ton [2][8][9] - Scrap steel: The supply and daily consumption of scrap steel are expected to decline seasonally. As the replenishment is approaching the end, the overall fundamentals will weaken marginally, and the spot price is expected to follow the finished products. The average price of crushed materials in East China is 2108 (0) yuan/ton, and the price difference between rebar and scrap steel in East China is 1079 (-10) yuan/ton [2][10] Carbon Element - Coke: The subsequent growth space of coke supply is limited, while the expectation of downstream steel mill复产 still exists. The coke supply - demand structure will remain healthy, but the bullish driving force of the fundamentals is also limited. The spot price is expected to remain stable, and the futures market is expected to follow the cost - side coking coal. The quasi - first - grade coke price in Rizhao Port is 1480 (0) yuan/ton, and the basis of the 05 contract in the port is -18 (+32) yuan/ton [2][10][13] - Coking coal: As the Spring Festival approaches, the production of domestic coal mines will gradually decline. The fundamentals of coking coal will remain healthy, but the bullish driving force of the fundamentals is also limited. The spot price may oscillate, and the futures market is expected to oscillate widely due to the influence of capital sentiment. The price of medium - sulfur main coking coal in Jiexiu is 1280 (0) yuan/ton, and the price of Mongolian 5 coking coal in Wubulangkou Jinquan Industrial Park is 1230 (0) yuan/ton [2][14] Alloys - Manganese silicon: The market continues to be in a state of loose supply and demand, and the upstream has great pressure to destock. The futures price of the main contract of manganese silicon is expected to oscillate around the cost. The ex - factory price of 6517 manganese silicon in Inner Mongolia is 5650 (0) yuan/ton, and the price of Australian ore with 45.0% Mn in Tianjin Port is 41.5 (0) yuan/ton degree [3][17] - Ferrosilicon: The supply and demand of ferrosilicon are both weak, and the fundamental contradictions are limited. Before the festival, the market trading activity is low, and the upward driving force of the futures market is insufficient. The futures price of ferrosilicon is expected to oscillate around the cost. The ex - factory price of 72 ferrosilicon in Ningxia is 5300 (0) yuan/ton, and the price of 99.9% magnesium ingot in Fugu is 16450 (0) yuan/ton [3][18] Glass and Soda Ash - Glass: There are still expectations of supply disturbances, but the inventory of the middle and lower reaches is moderately high. The current supply and demand are still in surplus. If there is no more cold - repair before the end of the year, the high inventory will suppress the price. The mainstream large - plate price in North China is 1020 yuan/ton (0 yuan/ton), and the national average price is 1106 yuan/ton (0 yuan/ton) [3][15] - Soda ash: The overall supply and demand are still in surplus. It is expected to oscillate in the short term. In the long run, the oversupply pattern will further intensify, the price center will continue to decline, and capacity reduction will be promoted. The delivered price of heavy soda ash in Shahe is 1149 yuan/ton (-20 yuan/ton) [3][15][16]