Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - On July 14, 2025, the latest price of silicon - iron natural block (Ningxia 72) was 5200 yuan, with a daily change of 50 yuan and a weekly change of 50 yuan; the latest price of silicon - iron qualified block (Jiangsu 72) was 5600 yuan, with a daily change of 0 yuan and a weekly change of 100 yuan; the latest price of silicon - manganese产区出厂价 (Inner Mongolia 6517) was 5600 yuan, with a daily change of 50 yuan and a weekly change of 50 yuan [2] - There are long - term price trend charts for various silicon - iron and silicon - manganese products from 2021 - 2025, including market prices, export and import prices, and contract closing prices [3][4][6] Supply - There are data on the production volume of 136 silicon - iron enterprises in China (monthly and weekly), and the capacity utilization rate and start - up rate of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly and weekly) from 2021 - 2025 [4] - The weekly production volume data of silicon - manganese in China from 2021 - 2025 are provided [6] Demand - There are data on the estimated and actual production volume of crude steel in China (monthly, in ten thousand tons), the production volume of stainless - steel crude steel in China (monthly, in ten thousand tons), and the demand volume of silicon - manganese in China (in ten thousand tons) from 2021 - 2025 [4][6][7] - Data on the procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group (monthly) and the procurement volume and price of FeMn65Si17 by Hebei Iron and Steel Group (monthly) are provided [4][6] Inventory - There are data on the inventory of 60 sample silicon - iron enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), and the inventory data of silicon - iron in CZCE (including warehouse receipts, effective forecasts, and their sum, daily) from 2021 - 2025 [5] - There are data on the inventory of silicon - manganese in CZCE (including warehouse receipts, effective forecasts, and their sum, daily), and the inventory data of 63 sample silicon - manganese enterprises in China (weekly, in tons) from 2021 - 2025 [7] Cost and Profit - There are data on the electricity price of ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia (daily), the market price of small - sized semi - coke in Shaanxi (daily), the start - up rate of semi - coke in China (weekly), and the production profit of semi - coke in China (daily) from 2021 - 2025 [5] - Data on the production cost, profit from converting to the main contract, and spot profit of silicon - iron in Ningxia and Inner Mongolia, and the export profit of 75 - grade silicon - iron are provided [5] - Data on the profit of silicon - manganese in Inner Mongolia, Guangxi, the northern and southern regions, and the profit from converting Guangxi silicon - manganese to the main contract are provided [7]

Group 1 - The company held an online investor reception day on July 2025, where executives discussed operational performance and future plans with investors [1] - The company emphasizes high dividend returns to shareholders and aims to maintain current dividend levels despite market conditions [1][2] - The company plans to focus on technological innovation and supply chain upgrades to enhance competitiveness in the chlor-alkali chemical, clean energy, and ferroalloy sectors [1][2] Group 2 - The company has no current plans for A and B share consolidation or mid-term dividend schemes, and coal sales accounted for approximately 9% of revenue while clothing sales accounted for about 15% in 2024 [2] - The company reported a 32% year-on-year profit increase in the first quarter, primarily due to significant reductions in product costs [3] - The company is exploring new growth opportunities and optimizing its business layout, including potential entry into the medical sector through its investment in Richde Medical Technology [3]

2011-2015 年熊市周期与当前周期的比较 日期：2025年7月 研究所·李亚飞 投资咨询从业资格号：Z0021184 研究所·金园园（联系人） 从业资格号：F03134630 Guotai Junan Futures all rights reserved, please do not reprint ——锰硅篇 锰硅历史价格回顾 资料来源 Mysteel ，国泰君安期货研究 ： 2 资料来源：Mysteel，国泰君安期货研究 3 资料来源 Mysteel ，USGS 国泰君安期货研究 ： Special report on Guotai Junan Futures Special report on Guotai Junan Futures ◼ 2011-2025年至今，锰硅价格共经历三轮波动周期，当前或处于第四轮下行周期，今年6月低价已突破第二轮周期低位。 ➢ 2011-2015年，价格持续破新低，锰矿进口结构丰富+报价走低 → 成本支撑弱化+锰硅产能过剩 ➢ 2016-2018年，供给侧改革周期，锰硅落后产能出清，供需再平衡显现，价格重心抬升 ➢ 2018-2020年，需求疲软周期，地产周期回落， ...

黑色建材日报 2025-07-10 钢材 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 3063 元/吨, 较上一交易日跌 0 元/吨（0%）。当日注册仓单 44905 吨, 环 比减少 0 吨。主力合约持仓量为 217.4941 万手，环比增加 6394 手。现货市场方面, 螺纹钢天津汇总价格 为 3160 元/吨, 环比减少 0/吨; 上海汇总价格为 3160 元/吨, 环比增加 10 元/吨。 热轧板卷主力合约收 盘价为 3190 元/吨, 较上一交易日跌 1 元/吨（-0.03%）。 当日注册仓单 64587 吨, 环比减少 0 吨。主力 合约持仓量为 158.2553 万手，环比减少 11138 ...

价格 供应 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 CZCE：硅锰：主力合约：收盘价（日） 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 CZCE：硅锰：基差（江苏）（钢联口径） 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅锰主力月 内蒙基差（日） 2021 2022 2023 2024 2025 -200 -100 0 100 200 300 400 500 600 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 1 ...

Report Industry Investment Rating - Not provided in the given content Core Views - Not provided in the given content Summary by Relevant Catalogs Price - The latest prices of silicon ferroalloy in different regions and varieties are presented, such as the latest price of Ningxia 72 silicon ferroalloy natural block is 5100, with a daily change of -50 and a weekly change of 0 [1]. - The prices of silicon manganese in different regions and varieties are also shown, like the latest price of Inner Mongolia 6517 silicon manganese is 5500, with a daily change of -50 and a weekly change of 0 [1]. - The prices of silicon ferroalloy and silicon manganese in different contracts and their changes are provided, including the price of the silicon ferroalloy main contract is 5350, with a daily change of -14 and a weekly change of 80 [1]. Supply - The production data of 136 silicon ferroalloy enterprises in China are shown, including monthly and weekly production, as well as the capacity utilization rate in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production data of silicon manganese, including weekly production and the purchase volume and price of Hebei Iron and Steel Group, are presented [6]. Demand - The demand data of silicon manganese in China (Steel Union caliber) and the export quantity of silicon ferroalloy and silicon manganese are provided [4][7]. - The production data of related industries such as crude steel, stainless - steel crude steel, and metal magnesium are presented, which may affect the demand for ferroalloys [4]. Inventory - The inventory data of 60 sample enterprises of silicon ferroalloy in China and different regions (Ningxia, Inner Mongolia, Shaanxi) are shown, as well as the inventory data of silicon manganese, including warehouse receipts, effective forecasts, and the sum of them [5][7]. - The average available days of silicon ferroalloy inventory in different regions (East China, South China, North China) and in China are presented [5]. Cost and Profit - The cost - related data of silicon ferroalloy and silicon manganese, such as electricity prices in different regions, the market price of semi - carbon manganese ore, and the price of chemical coke, are provided [5][6]. - The profit - related data of silicon ferroalloy and silicon manganese in different regions, including the profit of silicon ferroalloy export, the profit of silicon manganese in Inner Mongolia and Guangxi, are presented [5][7].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The overall atmosphere in the commodity market has declined, and the prices of finished products are showing a weak and volatile trend. The policy suggestion of "anti-involution and capacity reduction" has boosted market sentiment and driven short - term steel price increases, but the implementation of relevant policies remains to be verified. The implementation of Vietnam's anti - dumping policy on Chinese hot - rolled steel may suppress exports, and attention should be paid to Sino - US trade policies and the Politburo meeting in late July [3]. - Iron ore prices are in a wide - range volatile state in the short term, affected by factors such as seasonal changes in supply, iron water production decline, and macro expectations [6]. - Manganese silicon and silicon iron markets are fundamentally bearish, but in the short term, prices are more influenced by emotions and expectations. It is recommended that speculative positions remain on the sidelines and hedging positions look for opportunities to operate when the market rallies [9][10]. - Industrial silicon is in a supply - surplus and demand - deficient situation. The short - term price is in a wide - range oscillation, and the trading focus in July will be on macro and policy expectations [15]. - For glass, policy expectations have a strong impact on prices, and short positions should avoid and wait. For纯碱, the supply is loose and the inventory pressure is large, and it is expected to show a weak and volatile trend [17]. Group 3: Summary by Relevant Catalogs Steel - **Price and Position Data**: The closing price of the rebar main contract was 3063 yuan/ton, up 2 yuan/ton (0.065%) from the previous trading day. The number of registered warrants was 44,905 tons, a net increase of 8,464 tons. The position of the main contract was 2.168547 million lots, a net decrease of 28,783 lots. The closing price of the hot - rolled coil main contract was 3191 yuan/ton, unchanged from the previous trading day. The number of registered warrants was 64,587 tons, unchanged. The position of the main contract was 1.593691 million lots, a net increase of 8,136 lots [2]. - **Market Analysis**: The export pressure has increased due to Vietnam's anti - dumping policy. For rebar, both apparent supply and demand have increased, but the inventory clearance speed has slowed down. For hot - rolled coils, production has slightly increased, demand has decreased, and inventory has slightly accumulated [3]. Iron Ore - **Price and Position Data**: The main contract of iron ore (I2509) closed at 733.00 yuan/ton, up 0.27% (+2.00), with a position change of +7312 lots to 655,200 lots. The weighted position was 1.0841 million lots. The spot price of PB powder at Qingdao Port was 724 yuan/wet ton, with a basis of 34.36 yuan/ton and a basis rate of 4.48% [5]. - **Market Analysis**: The latest iron ore shipments have decreased seasonally, and the daily average pig iron production has decreased. The terminal demand is neutral, and the port inventory has changed little. The price is in a wide - range volatile state in the short term [6]. Manganese Silicon and Silicon Iron - **Price and Position Data**: On July 8, the main contract of manganese silicon (SM509) closed up 0.07% at 5650 yuan/ton. The spot price of 6517 manganese silicon in Tianjin was 5580 yuan/ton, unchanged from the previous day, with a premium of 120 yuan/ton over the futures. The main contract of silicon iron (SF509) closed down 0.26% at 5350 yuan/ton. The spot price of 72 silicon iron in Tianjin was 5430 yuan/ton, unchanged from the previous day, with a premium of 80 yuan/ton over the futures [8][9]. - **Market Analysis**: The fundamental situation is bearish, but in the short term, prices are affected by emotions and expectations. It is recommended to wait and see for speculative positions and look for hedging opportunities when the market rallies [9][10]. Industrial Silicon - **Price and Position Data**: On July 8, the main contract of industrial silicon (SI2509) closed up 2.11% at 8215 yuan/ton. The spot price of East China non - oxygenated 553 was 8500 yuan/ton, unchanged from the previous day, with a premium of 285 yuan/ton over the futures. The 421 market price was 9050 yuan/ton, unchanged from the previous day, with a premium of 35 yuan/ton over the futures [13]. - **Market Analysis**: It is in a supply - surplus and demand - deficient situation. The short - term price is in a wide - range oscillation, and the trading focus in July will be on macro and policy expectations [15]. Glass and Soda Ash - **Price and Inventory Data**: For glass, the spot price in Shahe was 1151 yuan, unchanged from the previous day, and in Central China was 1030 yuan, unchanged. As of July 3, 2025, the total inventory of national float glass sample enterprises was 69.085 million heavy boxes, a decrease of 131,000 heavy boxes (-0.19%) from the previous period and an increase of 10.57% year - on - year. For soda ash, the spot price was 1168 yuan, up 10 yuan from the previous day. As of July 7, 2025, the total inventory of domestic soda ash manufacturers was 1.8481 million tons, an increase of 38,600 tons (2.13%) from last Thursday [17]. - **Market Analysis**: For glass, policy expectations have a strong impact on prices, and short positions should avoid and wait. For soda ash, the supply is loose and the inventory pressure is large, and it is expected to show a weak and volatile trend [17]

据中国贸易救济信息网消息，2025年6月30日，欧盟委员会发布公告称，应Euroalliages于2025年3月28日 提交的申请，对原产于中国和俄罗斯的硅铁发起第三次反倾销日落复审调查，审查若取消现行反倾销措 施，涉案产品的倾销和对欧盟国内产业构成的损害是否将继续或再度发生。 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Related Catalogs Price - For silicon ferroalloy, the latest prices, daily and weekly changes of different grades in various regions (such as Ningxia 72, Inner Mongolia 72) are presented, along with the prices of different contracts (like the main contract, 01 contract) and related price differences (e.g., main month basis, 1 - 5 month spread) [1]. - For silicon manganese, the latest prices, daily and weekly changes of different grades in various regions (such as Inner Mongolia 6517, Ningxia 6517) are shown, as well as the prices of different contracts and related price differences [1]. Supply - The monthly and weekly production data of 136 silicon ferroalloy enterprises in China, and the monthly capacity utilization rates of these enterprises in Inner Mongolia, Ningxia, and Shaanxi are provided [4]. - The weekly production data of silicon manganese in China is presented [6]. Demand - The demand data of silicon manganese in China (in ten thousand tons, according to the Steel Union's caliber), and the monthly production forecast and statistical data of crude steel in China are provided [4][7]. - The procurement prices and quantities of silicon ferroalloy and silicon manganese by Hebei Iron and Steel Group are given [4][6]. Inventory - The weekly inventory data of 60 sample silicon ferroalloy enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the daily data of CZCE silicon ferroalloy warehouse receipts, effective forecasts, and their sum are presented [5]. - The daily data of CZCE silicon manganese warehouse receipts, effective forecasts, and their sum, and the weekly inventory data of 63 sample silicon manganese enterprises in China are provided [7]. Cost - Profit - The electricity prices in regions such as Inner Mongolia, Qinghai, Ningxia, and Shaanxi, and the market prices of raw materials like blue carbon, silica dioxide, and oxidized iron scale are presented [5]. - The production costs, spot profits, and profits after converting to the main contract in Ningxia and Inner Mongolia for silicon ferroalloy are given [5]. - The profits of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region (according to the Steel Union's caliber), and the profits after converting to the main contract in Guangxi and Ningxia for silicon manganese are provided [7].

黑色建材日报 2025-07-08 钢材 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 3061 元/吨, 较上一交易日跌 11 元/吨（-0.35%）。当日注册仓单 36441 吨, 环比增加 7273 吨。主力合约持仓量为 219.733 万手，环比减少 41257 手。现货市场方面, 螺纹钢天津汇 总价格为 3160 元/吨, 环比减少 10/吨; 上海汇总价格为 3150 元/吨, 环比减少 20 元/吨。 热轧板卷主力 合约收盘价为 3191 元/吨, 较上一交易日跌 10 元/吨（-0.31%）。 当日注册仓单 64587 吨, 环比减少 0 吨。主力合约持仓量为 158.5555 万手，环比增 ...