Report Summary 1. Industry Investment Ratings No industry investment ratings are provided in the given reports. 2. Core Views - The steel price is oscillating with an upward bias due to frequent favorable policies. The glass and soda ash markets are significantly affected by positive macro - sentiment, resulting in sharp price increases. The double - silicon market shows an upward - biased oscillation driven by rising macro - expectations [1][3]. - For glass, the supply is basically stable. It is currently in the off - season, and although inventory has decreased, the overall inventory remains high, and the pressure to reduce inventory is still large. In the long run, the supply - demand situation is relatively loose. For soda ash, production resumption and maintenance coexist, and the output is stable month - on - month. During the summer maintenance period, the operating rate is expected to remain at a low level. With the "anti - involution" production cuts in photovoltaic glass, the demand for soda ash is expected to weaken further, and the annual inventory pressure is large [1]. - For silicon manganese, the output is stable, and the demand shows resilience with the recovery of hot metal production. However, the high - level inventory of manufacturers and registered warrants suppresses the price. For silicon iron, the output has increased month - on - month, and the demand has slightly decreased. The factory inventory is at a medium - high level. In the short term, the market sentiment has improved, and the price fluctuates with the sector. In the long run, the production capacity is relatively loose [3]. 3. Summary by Related Catalogs Glass and Soda Ash - **Market Analysis** - Glass: The glass futures market rose significantly yesterday. In the spot market, downstream procurement was cautious, mainly for immediate needs [1]. - Soda Ash: The soda ash futures market also rose significantly yesterday. In the spot market, downstream transactions fluctuated with the market, and buyers were mainly in a wait - and - see mode [1]. - **Supply - Demand and Logic** - Glass: Supply is stable. In the off - season, inventory has decreased but remains high, and the long - term supply - demand is loose. Attention should be paid to glass factory cold - repair plans and profit situations [1]. - Soda Ash: Supply shows coexistence of production resumption and maintenance, with stable output month - on - month. During the summer maintenance, the operating rate will be low. With photovoltaic glass production cuts, demand is expected to weaken, and inventory pressure is large. Monitor production line intermittent maintenance and new production capacity [1]. - **Strategy** - Glass: Oscillation [2]. - Soda Ash: Oscillation [2]. Double - Silicon (Silicon Manganese and Silicon Iron) - **Market Analysis** - Silicon Manganese: Yesterday, it oscillated with an upward bias. In the spot market, confidence was strong. The price in the northern market was 5680 - 5730 yuan/ton, and in the southern market, it was 5700 - 5750 yuan/ton [3]. - Silicon Iron: Yesterday, the futures market was strong. In the spot market, sentiment improved, and the price increased. The price of 72 - grade silicon iron in the main production areas was 5200 - 5300 yuan/ton, and that of 75 - grade was 5650 - 5750 yuan/ton [3]. - **Supply - Demand and Logic** - Silicon Manganese: Output is stable. With the recovery of hot metal production, demand is resilient. High - level inventory of manufacturers and registered warrants suppresses the price. The Australian manganese ore shipment has basically recovered. Monitor silicon manganese inventory and manganese ore shipment [3]. - Silicon Iron: Output has increased month - on - month, and demand has slightly decreased. Factory inventory is at a medium - high level. In the short term, market sentiment has improved, and the price fluctuates with the sector. In the long run, production capacity is relatively loose. Pay attention to electricity price changes and industrial policies [3]. - **Strategy** - Silicon Manganese: Near - month contracts are suppressed by warrants. Look for low - level rebound opportunities in far - month contracts [4]. - Silicon Iron: Oscillation [4].

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views - The market sentiment is pessimistic, and the black market is oscillating downward. Glass and soda ash are affected by supply disturbances, with glass showing strength and soda ash showing weakness on the futures market. The double-silicon market is weak due to low market sentiment [1][3]. Group 3: Glass and Soda Ash Analysis Market Analysis - Glass futures oscillated upward yesterday with strong speculative sentiment. In the spot market, the shipment of manufacturers in the Shahe area was acceptable, the East China market was weakly sorted, most enterprises in the Central China region remained stable, the market price in the South China region was stable, the demand in the Northeast market was poor, the enterprise shipment was restricted, and the transaction in the Southwest region continued to slow down [1]. - Soda ash futures showed a weak oscillating downward trend yesterday. In the spot market, the domestic soda ash price was weakly stable with flexible transaction prices, and downstream buyers made appropriate purchases at low prices [1]. Supply and Demand Logic - The real estate completion data is still poor, leading to a pessimistic outlook for glass consumption. Currently, glass production is at a low level, downstream consumption is weak, short-term restocking cannot change the weak reality, and high inventory suppresses prices. In the short term, glass is under pressure, and future attention should be paid to changes in glass production lines and real estate data [1]. - With the successive implementation of new production projects, the high supply pressure of soda ash has emerged again. It is expected that the pressure to reduce inventory will be relatively large in the future, and prices will still be under pressure. Future attention should be paid to the intermittent maintenance and new production of soda ash production lines [1]. Strategy - Glass is expected to oscillate, while soda ash is expected to oscillate weakly. There are no strategies for inter - period or inter - variety trading [2]. Group 4: Double - Silicon Analysis Market Analysis - Silicon manganese futures continued to decline yesterday, with a decline of 0.92%. In the spot market, the silicon manganese market was weak, with few factory quotes. The price of 6517 in the northern and southern markets was 5500 - 5600 yuan/ton. Affected by industry profits, silicon manganese production is at a low level, with a slight week - on - week increase, and is generally at a low level in recent years. Currently, hot metal production remains at a high level in the same period, and the demand for silicon manganese is resilient. However, considering the strong expectation that hot metal production has peaked, it suppresses the futures market. High inventory of silicon manganese manufacturers and registered warrants suppress the price of silicon manganese. The port inventory of manganese ore has slightly increased from a low level, and the continuous decline in manganese ore prices has dragged down shipments, which supports the cost of alloys. Future attention should be paid to the supply side of manganese ore [3]. - Silicon iron futures continued to be weak yesterday. In the spot market, the silicon iron market was weak, and most operations were cautious. The cash - inclusive ex - factory price of 72 - grade silicon iron natural lumps in the main production areas was 5300 - 5350 yuan/ton, and the price of 75 - grade silicon iron was 5900 - 5950 yuan/ton. Against the background of enterprise losses, silicon iron production has dropped to the lowest level in recent years. High hot metal production maintains the resilience of silicon iron demand, but the inventory reduction of manufacturers has become weak, and the inventory of downstream enterprises remains low. Silicon iron production capacity is relatively abundant, and short - term prices are dragged down by costs. Future attention should be paid to changes in electricity prices and the impact of industrial policies on the black sector [3]. Strategy - For silicon manganese, the near - month contracts are suppressed by warrants, and attention should be paid to the opportunity of a low - level rebound in the far - month contracts. Silicon iron is expected to oscillate [4].

1. Market Analysis Glass and Soda Ash - Glass futures rebounded from a low level and showed a strong performance throughout the day, while the spot market was generally sluggish with some price cuts and slower shipments. The downstream mainly made rigid - demand purchases at low prices, and there was no large - scale speculative restocking. Due to poor real - estate completion data, the market is pessimistic about glass consumption. With low production, weak consumption, high inventory, and short - term restocking unable to change the weak situation, attention should be paid to glass production line changes and real - estate data [1]. - Soda ash futures showed a weak and volatile trend with lower trading sentiment. The domestic soda ash price was weakly stable with flexible transaction prices. Enterprise production increased, especially for heavy soda ash, and inventory slightly decreased, but downstream demand was mainly rigid. With new production projects coming on stream, high supply pressure has reappeared, and attention should be paid to intermittent maintenance and new production of soda ash production lines [1]. Silicomanganese and Ferrosilicon - For silicomanganese, tariff fluctuations and poor off - season consumption expectations led to a collective decline in the black sector, with a 0.87% drop in silicomanganese futures. The spot market was weak, with prices in the north and south at 5550 - 5650 yuan/ton. Affected by industry profits, production is at a low level, although it has slightly rebounded week - on - week. With high pig iron production currently providing demand support but a strong expectation of a peak in pig iron production, high inventories of manufacturers and registered warrants are suppressing prices. Low - level and slightly rising manganese ore port inventory, along with falling manganese ore prices dragging down shipments, support alloy costs, and attention should be paid to the manganese ore supply side [3]. - Ferrosilicon futures followed the black sector and slightly declined. The spot market was weak with cautious operations. The ex - factory price of 72 - grade ferrosilicon in the main production areas was 5300 - 5400 yuan/ton, and 75 - grade was 5900 - 5950 yuan/ton. With enterprises in losses, production has dropped to a near - historical low. High pig iron production maintains demand, but inventory reduction is weakening, downstream inventory is low, and production capacity is relatively abundant. Short - term prices are dragged down by costs, and attention should be paid to electricity price changes and industrial policies affecting the black sector [4]. 2. Strategy - Glass is expected to be in a volatile state, while soda ash is expected to be volatile and weak. There are no strategies for inter - delivery or inter - commodity trading [2]. - Both silicomanganese and ferrosilicon are expected to be in a volatile state [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The market sentiment is cautious, and the black commodity market shows a weak and volatile trend [1]. - For glass and soda ash, the downstream procurement is cautious, with glass opening high and closing low, and soda ash showing a narrow - range oscillation [1]. - For silicon - manganese and silicon - iron, the supply side is frequently disturbed, with silicon - manganese rising strongly and silicon - iron moving in a volatile manner [3]. Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass: The glass futures opened high and closed low yesterday. The spot market had dull trading, and the downstream procurement sentiment was average. This week, the national weekly average price of float glass was 1,251 yuan/ton, a decrease of 17.35 yuan/ton compared to the previous week. The enterprise operating rate was 75.34%, an increase of 0.34%. The manufacturer's inventory was 67.769 million heavy boxes, a decrease of 0.46% [1]. - Soda Ash: The soda ash futures showed a narrow - range oscillation yesterday. The spot market demand was average, mainly for rigid - demand procurement. This week, the capacity utilization rate of soda ash was 78.63%, a decrease of 1.64%. The output was 663,800 tons, a decrease of 2.04%. The inventory was 1.6768 million tons, a decrease of 2.06% [1]. Supply - Demand and Logic - Glass: Recently, the glass output has slightly increased. Due to the insufficient recovery of real - estate and deep - processing demand, the restocking intensity and sustainability are weak. Although the glass inventory has slightly decreased, the de - stocking pressure is large, and the price lacks upward momentum. In the later high - temperature and rainy season, it is not conducive to glass storage, and enterprises may have a stronger intention to reduce prices for sales and inventory reduction [1]. - Soda Ash: Affected by the increase in alkali plant maintenance, the recent soda ash output has declined but remains in a loose state. Currently, the growth of the photovoltaic industry has slowed down, and the room for increasing soda ash demand is limited. The de - stocking pressure is still large. Attention should be paid to the summer maintenance of alkali plants and the progress of annual new - capacity production [1]. Strategy - Glass: Volatile [2] - Soda Ash: Weakly volatile [2] Silicon - Manganese and Silicon - Iron Market Analysis - Silicon - Manganese: The market oscillated upward yesterday, with an increase of 14,243 open positions and a rapid expansion of trading volume. In the spot market, the mainstream steel tenders started to quote, and the market enthusiasm was average. Factories basically stopped quoting. Affected by industry profits, the silicon - manganese output continued to decline and was at a low level in previous years. The hot - metal output declined from a high level, and the demand for silicon - manganese weakened. The silicon - manganese manufacturer's inventory and registered warrants were at a high level, suppressing the silicon - manganese price. However, considering that the manganese ore port inventory was at a low level, the continuous decline in manganese ore prices had dragged down shipments, which supported the alloy cost. Attention should be paid to the supply side of manganese ore in the later stage [3]. - Silicon - Iron: The silicon - iron futures moved in a volatile manner yesterday, with a decrease of 7,875 open positions. In the spot market, the silicon - iron market was weak, with mostly cautious operations and little change in transaction prices. Against the background of enterprise losses, the silicon - iron output remained at a medium - low level. The hot - metal output reached the peak and then declined, and the demand for silicon - iron began to weaken. The manufacturer's inventory continued to be depleted, and the downstream enterprise inventory remained at a low level. The silicon - iron production capacity was relatively loose, and the short - term price was dragged down by costs. Attention should be paid to the impact of electricity price changes and industrial policies on the black sector in the future [3]. Strategy - Silicon - Manganese: Volatile [4] - Silicon - Iron: Volatile [4]