Group 1: Energy and Chemicals - Crude oil: The crude oil主力 closed at 814.9, up 8.48% from the previous settlement of 751.2, with a trading volume of 197,074 hands and an increase of 43,359 hands. The crude oil指数 closed at 794.5, up 8.79% from 730.3, with a trading volume of 265,761 hands and an increase of 62,124 hands. The Oman crude oil price rose from 598 to 619 [2][3]. - PTA: The PTA主力 closed at 6,834, down 0.87% from 6,894, with a trading volume of 1,965,842 hands and an increase of 145,254 hands. The PTA指数 closed at 6,784, down 0.57% from 6,823, with a trading volume of 2,649,896 hands and an increase of 260,677 hands. The PTA cash - flow cost decreased from 6,976 to 6,834 [2][4]. - PX: The PX主力 closed at 9,914, down 1.08% from 10,022, with a trading volume of 767,082 hands and an increase of 4,190 hands. The PX指数 closed at 9,806, down 0.37% from 9,842, with a trading volume of 929,138 hands and an increase of 19,403 hands [2]. - Rubber: The rubber主力 closed at 16,090, down 2.51% from 16,505, with a trading volume of 303,515 hands and an increase of 4,638 hands. The rubber指数 closed at 16,081, down 2.44% from 16,484, with a trading volume of 402,387 hands and an increase of 18,440 hands [2]. - NR: The NR主力 closed at 12,925, down 2.08% from 13,200, with a trading volume of 80,077 hands and an increase of 9,757 hands. The NR指数 closed at 12,954, down 2.02% from 13,221, with a trading volume of 107,591 hands and an increase of 13,756 hands [2]. Group 2: Building Materials - Glass: The glass主力 closed at 1,065, down 1.30% from 1,079, with a trading volume of 896,639 hands and a decrease of 22,260 hands. The glass指数 closed at 1,100, down 1.17% from 1,113, with a trading volume of 1,083,811 hands and a decrease of 14,627 hands [8]. - Soda ash: The soda ash主力 closed at 1,217, down 0.73% from 1,226, with a trading volume of 804,935 hands and a decrease of 91,426 hands. The soda ash指数 closed at 1,240, down 0.56% from 1,247, with a trading volume of 1,099,782 hands and a decrease of 68,595 hands [8]. - Methanol: The methanol主力 closed at 3,182, up 8.64% from 2,929, with a trading volume of 3,079,462 hands and an increase of 397,346 hands. The methanol指数 closed at 3,099, up 8.17% from 2,865, with a trading volume of 3,715,602 hands and an increase of 527,571 hands [8]. - PP: The PP主力 closed at 9,158, up 4.90% from 8,730, with a trading volume of 1,188,717 hands and an increase of 242,930 hands. The PP指数 closed at 8,927, up 5.02% from 8,500, with a trading volume of 1,514,932 hands and an increase of 336,372 hands [8]. Group 3: Non - ferrous Metals - Copper: The Shanghai copper主力 closed at 94,420, down 4.52% from 98,890, with a trading volume of 205,963 hands and an increase of 99,300 hands [13]. - Aluminum: The Shanghai aluminum主力 closed at 24,180, down 2.64% from 24,835, with a trading volume of 460,368 hands and an increase of 173,095 hands [13]. - Zinc: The Shanghai zinc主力 closed at 22,690, down 3.16% from 23,430, with a trading volume of 104,476 hands and an increase of 356 hands [13]. - Nickel: The Shanghai nickel主力 closed at 131,550, down 2.94% from 135,540, with a trading volume of 398,352 hands and an increase of 137,766 hands [13]. - Tin: The Shanghai tin主力 closed at 345,730, down 6.61% from 370,220, with a trading volume of 233,994 hands and an increase of 35,630 hands [13]. - Alumina: The alumina主力 closed at 3,027, down 1.24% from 3,065, with a trading volume of 980,718 hands and a decrease of 34,778 hands [13]. - Industrial silicon: The industrial silicon主力 closed at 8,285, down 1.78% from 8,435, with a trading volume of 172,736 hands and a decrease of 33,633 hands [13]. - Lithium carbonate: The lithium carbonate主力 closed at 142,600, down 6.37% from 152,300, with a trading volume of 288,571 hands and an increase of 82,682 hands [13]. Group 4: Agricultural Products - Live pigs: The live pig基差 increased from - 375 to - 235, and the pig - grain ratio decreased from 4.3976 to 4.3352 [17][18]. - Corn: The corn基差 decreased from - 49 to - 84 [17]. - Soybean meal: The soybean meal基差 decreased from 314 to 308 [17]. - Rapeseed meal: The rapeseed meal基差 increased from 217 to 237 [17]. - Soybean oil: The soybean oil基差 decreased from 310 to 274, and the soybean oil - palm oil spread decreased from - 1,152 to - 1,180 [17][18]. - Rapeseed oil: The rapeseed oil基差 increased from 590 to 626, and the rapeseed oil - palm oil spread decreased from 88 to 58 [17][18]. - Palm oil: The palm oil基差 decreased from 168 to 74 [17]. - Eggs: The egg基差 increased from - 150 to - 117 [17]. Group 5: Other Commodities - Sugar: The sugar closed at 5,417, up 0.74% from 5,377, with a trading volume of 337,734 hands and a decrease of 31,600 hands [20]. - Cotton: The Zhengzhou cotton closed at 15,150, down 0.98% from 15,300, with a trading volume of 347,047 hands and a decrease of 162,198 hands [20]. - Cotton yarn: The cotton yarn closed at 21,285, down 0.42% from 21,375, with a trading volume of 10,269 hands and a decrease of 274 hands [20]. - Apples: The apples closed at 10,611, up 4.76% from 10,129, with a trading volume of 157,849 hands and an increase of 81,362 hands [20]. - Jujubes: The jujubes closed at 8,825, down 0.62% from 8,880, with a trading volume of 97,800 hands and a decrease of 62,124 hands [20]. - Corn starch: The corn starch closed at 2,719, unchanged from the previous day, with a trading volume of 113,758 hands and an increase of 1,468 hands [20]. - European line container freight: The European line container freight closed at 1,915, down 1.45% from 1,943, with a trading volume of 24,435 hands and a decrease of 7,601 hands [20].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The supply of pure benzene is expected to decline significantly in the future due to the spring maintenance of domestic petroleum benzene enterprises and the reduction of overseas pure benzene production caused by the disruption of raw material supply in the Middle East [2]. - The demand for pure benzene is expected to decline less than the supply, and the domestic supply - demand gap will widen, with high inventories expected to be digested smoothly [2]. - In the short term, BZ2604 is expected to fluctuate with international oil prices due to the high uncertainty of the Middle East situation [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract of pure benzene is 8375 yuan/ton, with a week - on - week increase of 221 yuan/ton; the settlement price is 8429 yuan/ton, with a week - on - week increase of 145 yuan/ton [2]. - The trading volume of the main contract is 18772 lots, with a week - on - week decrease of 11251 lots; the open interest is 11644 lots, with a week - on - week decrease of 1709 lots [2]. 3.2 Spot Market - The mainstream price of pure benzene in the East China market is 8375 yuan/ton; in the South China market, it is 8200 - 8400 yuan/ton, with a week - on - week decrease of 85 yuan/ton; in the North China market, it is 7800 yuan/ton; in the Northeast region, it is 7703 yuan/ton, with a week - on - week decrease of 126 yuan/ton [2]. - The mainstream price of hydrogenated benzene in Jiangsu is 7975 yuan/ton, with a week - on - week decrease of 25 yuan/ton; in Shanxi, it is 7405 yuan/ton, with no change [2]. - The FOB mid - price of pure benzene in South Korea is 1048 US dollars/ton, with a week - on - week decrease of 31 US dollars/ton; the CFR mid - price of pure benzene in China is 1058.3 US dollars/ton, with a week - on - week decrease of 31.35 US dollars/ton [2]. 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 112.77 US dollars/barrel, with a week - on - week increase of 9.32 US dollars/barrel [2]. - The CFR mid - price of naphtha in Japan is 1039.25 US dollars/ton, with a week - on - week increase of 7.25 US dollars/ton [2]. 3.4 Industry Situation - The capacity utilization rate of pure benzene is 74.2%, with a week - on - week decrease of 2.9 percentage points; the weekly output is 43.93 tons, with a week - on - week decrease of 1.4 tons [2]. - The port inventory of pure benzene is 30.2 tons, with a week - on - week decrease of 0.1 tons; the production cost is 6537.8 yuan/ton, with a week - on - week increase of 702.3 yuan/ton [2]. - The production profit of pure benzene is 875 yuan/ton, with a week - on - week increase of 348 yuan/ton [2]. 3.5 Downstream Situation - The total开工率 of styrene is 71.79%, with a week - on - week decrease of 2.32 percentage points; the capacity utilization rate of caprolactam is 74.87%, with no change [2]. - The capacity utilization rate of phenol is 86.87%, with a week - on - week decrease of 1.64 percentage points; the capacity utilization rate of aniline is 89.04%, with a week - on - week decrease of 0.31 percentage points [2]. - The capacity utilization rate of adipic acid is 69%, with a week - on - week decrease of 0.7 percentage points [2]. 3.6 Industry News - From March 6th to 12th, the operating rate of petroleum benzene decreased by 2.36% week - on - week to 74.20%, and the operating rate of hydrogenated benzene increased by 0.4% week - on - week to 63.07% [2]. - From March 7th to 13th, the weighted operating rate of pure benzene downstream decreased by 1.46% week - on - week to 76.27% [2]. - As of March 16th, the inventory of pure benzene in East China ports was 28.8 tons, with a week - on - week decrease of 4.64% [2]. - As of March 13th, the profit of petroleum benzene was 875 yuan/ton, with a week - on - week increase of 348 yuan/ton [2].

1. Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - Domestic PVC supply and demand are in a tight - balanced state, and the previous high inventory is expected to be digested. The V2605 is expected to fluctuate widely in the short - term due to geopolitical news. The downstream is gradually entering the traditional peak season, and the operating rate is expected to rise to a relatively high level for the whole year. Overseas device shutdowns in South Korea and other countries are beneficial to PVC exports [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of PVC futures is 5860 yuan/ton, with a ring - on - ring increase of 125 yuan/ton; the trading volume is 2,273,087 lots, with a ring - on - ring increase of 267,171 lots; the open interest is 831,069 lots, with a ring - on - ring decrease of 24,311 lots. The long position of the top 20 futures holders is 1,033,792 lots, with a ring - on - ring increase of 3,876 lots; the short position is 1,058,909 lots, with a ring - on - ring increase of 14,284 lots; the net long position is - 25,117 lots, with a ring - on - ring decrease of 10,408 lots [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC is 6,500 yuan/ton, with a ring - on - ring decrease of 50 yuan/ton, and the price of calcium carbide - based PVC is 5,689.26 yuan/ton, with a ring - on - ring decrease of 48.52 yuan/ton. In the South China region, the price of ethylene - based PVC is 6,545 yuan/ton, with a ring - on - ring decrease of 35 yuan/ton, and the price of calcium carbide - based PVC is 5,750.62 yuan/ton, with a ring - on - ring decrease of 106.25 yuan/ton. The CIF price of PVC in China and Southeast Asia is 1,050 US dollars/ton, with a ring - on - ring increase of 210 US dollars/ton; the FOB price in Northwest Europe is 1,050 US dollars/ton, with a ring - on - ring increase of 140 US dollars/ton. The basis of PVC is - 55 yuan/ton, with a ring - on - ring increase of 116 yuan/ton [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China is 2,825 yuan/ton, with a ring - on - ring increase of 25 yuan/ton; in North China, it is 2,833.33 yuan/ton, with a ring - on - ring increase of 43.33 yuan/ton; in Northwest China, it is 2,661 yuan/ton, with a ring - on - ring increase of 18 yuan/ton. The mainstream price of liquid chlorine in Inner Mongolia is - 150 yuan/ton, with no change. The CFR mid - price of VCM in the Far East is 787 US dollars/ton, with a ring - on - ring increase of 245 US dollars/ton; in Southeast Asia, it is 788 US dollars/ton, with a ring - on - ring increase of 210 US dollars/ton. The CFR mid - price of EDC in the Far East is 300 US dollars/ton, with a ring - on - ring increase of 55 US dollars/ton; in Southeast Asia, it is 299 US dollars/ton, with a ring - on - ring increase of 50 US dollars/ton [3]. 3.4 Industry Situation - The operating rate of PVC is 81.35%, with a ring - on - ring increase of 0.24%. The operating rate of calcium carbide - based PVC is 82.93%, with a ring - on - ring increase of 2.28%; the operating rate of ethylene - based PVC is 77.6%, with a ring - on - ring decrease of 4.61%. The total social inventory of PVC is 63.18 tons, with a ring - on - ring decrease of 0.39 tons. The total social inventory in the East China region is 58.08 tons, with no change; in the South China region, it is 5.1 tons, with a ring - on - ring decrease of 0.39 tons [3]. 3.5 Downstream Situation - The national real estate climate index is 91.45, with a ring - on - ring decrease of 0.45. The cumulative value of new housing construction area is 587,699,600 square meters, with a ring - on - ring increase of 53,132,600 square meters. The cumulative value of real estate construction area is 6,598,902,900 square meters, with a ring - on - ring increase of 38,240,900 square meters. The cumulative value of completed real estate development investment is 448.9598 billion yuan, with a ring - on - ring increase of 287.141 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC is 39.97%, with a ring - on - ring increase of 2%; the 40 - day historical volatility is 32.09%, with a ring - on - ring increase of 0.87%. The implied volatility of at - the - money put options is 48.67%, with a ring - on - ring decrease of 10.09%; the implied volatility of at - the - money call options is 48.68%, with a ring - on - ring decrease of 10.07% [3]. 3.7 Industry News - From March 6th to 12th, China's PVC capacity utilization rate was 81.35%, with a ring - on - ring increase of 0.24%. From March 7th to 13th, the downstream operating rate of PVC increased by 3.49% to 39.33% on a ring - on - ring basis, among which the operating rate of pipes increased by 5% to 38% and the operating rate of profiles increased by 2.61% to 30% on a ring - on - ring basis. As of March 12th, the social inventory of PVC was 1.4072 million tons, with a ring - on - ring increase of 0.24%. From March 6th to 12th, the national average cost of calcium carbide - based PVC increased by 8.02% to 5,150 yuan/ton on a ring - on - ring basis, and the national average cost of ethylene - based PVC increased by 20.22% to 6,452 yuan/ton on a ring - on - ring basis. The profit of calcium carbide - based PVC increased by 159 yuan/ton to 267 yuan/ton on a ring - on - ring basis, and the profit of ethylene - based PVC increased by 48 yuan/ton to - 235 yuan/ton on a ring - on - ring basis [3].

证券代码：600063 股票简称：皖维高新 编号：临 2026-022 安徽皖维高新材料股份有限公司 2025 年年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担个别及连带责任 根据上海证券交易所《上市公司行业信息披露指引第十八号—— 化工》、《关于做好主板上市公司 2025 年年度报告披露工作的通知》 的有关要求，安徽皖维高新材料股份有限公司（以下简称"公司"） 现将 2025 年年度主要经营数据公告如下： 注： 1、上表中，公司熟料销量低于产量的原因为部分熟料产品用作生产水泥产品的原 料；公司 VAE 乳液销量低于产量的原因为部分 VAE 乳液产品用作可再分散性胶粉产品的原 料。2、上表中，销售量包括贸易销售量。 二、报告期公司主要产品和原材料的价格变动情况： （一）主要产品价格波动情况 特此公告 主要产品 单 位 产量 同比变动比 例 销量 同比变动 比例 营业收入（万元） 同比变动 比例 聚乙烯醇（PVA） t 306,362.01 22.18% 266,652.77 27.61% 261,986.66 1 ...

Group 1 - The Japanese automotive industry is facing production cuts due to the blockade of the Strait of Hormuz, affecting logistics and supply chains [2][4] - Nissan plans to reduce production by 1,200 vehicles in Japan within March, while Toyota is also implementing production cuts [2][4] - Nissan's subsidiary in Kyushu will cut production of the small MPV "Serena" and SUV "X-Trail" to ensure storage space, while continuing normal production of the profitable "Patrol" model [4] Group 2 - Toyota is expected to reduce production of popular models like the "Land Cruiser" by approximately 20,000 vehicles by the end of March, with an overall reduction of about 40,000 vehicles in the two months leading to April [4] - Japanese automakers are heavily reliant on exports to the Middle East, with S&P Global Mobility reporting that Japanese manufacturers sold over 870,000 new vehicles in ten Middle Eastern countries in 2025, accounting for 30% of the region's total [4] - The logistics disruption is also impacting the supply of automotive parts, with Mitsubishi Chemical Group announcing price increases for certain products due to difficulties in importing naphtha from the Middle East [5][6] Group 3 - The shipping companies have suspended operations in the Strait of Hormuz, which typically sees 10-15 car transport ships from Japan to the Middle East each month, each capable of carrying up to 5,000 vehicles [5] - The situation is exacerbated by attacks on commercial ships in the Red Sea, leading to further shipping route disruptions [5] - If the geopolitical tensions persist, there may be a potential increase in tire prices due to raw material shortages, as companies like Bridgestone and Yokohama Rubber are closely monitoring the situation [6]

Group 1 - The core viewpoint is that the second quarter is a critical window for rebuilding confidence in the A-share market, with a focus on the stabilization and recovery of corporate profit margins as a necessary condition for the continuation of the bull market [1] - The Middle East conflict is seen as a catalyst for style switching this year, providing an opportunity to test the pricing power of China's advantageous manufacturing sector amid global supply chain disruptions [1] - Trends in the industry indicate that code inflation and physical scarcity are enhancing the pricing power of advantageous manufacturing in China, accelerated by disruptive innovation in AI and global energy supply chain disturbances [1] Group 2 - The re-evaluation of Chinese assets should not be centered around the HALO concept, as the logic differs from overseas markets; the focus should be on companies with market share and competitive advantages that can actively manage future capital expenditure [2] - The current bottom-line recommendation emphasizes industries in China with share advantages, where the cost of overseas capacity reset is high and supply elasticity is easily influenced by policy, particularly in chemicals, non-ferrous metals, power equipment, and new energy [2]

Group 1 - The core strategy framework is based on the revaluation of China's "resource + traditional manufacturing pricing power" [1] - The A-share market is at a critical juncture in terms of index, valuation, and macro liquidity, with the stability of corporate profit margins being a key consideration [1] - The ongoing conflict in the Middle East is seen as a catalyst for market style shifts, with low valuation and pricing power being the two most important factors in the context of rising global costs and weakening financial conditions [1] Group 2 - From an industrial trend perspective, the expansion of codes and physical scarcity in China reflects the enhancement of pricing power in advantageous manufacturing [2] - Short-term signals indicate that price increases will be the sharpest tool in the first quarter, with the Middle East conflict potentially raising oil price levels and affecting the cost curves of many cyclical products [2] - There are structural opportunities arising from the oil price shock, including alternative raw materials and processes in the chemical sector, and products with previously high production shares in the Middle East and Western Europe [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The main contracts of coking coal and coke rose slightly in the night session yesterday, and the total open interest of coking coal was basically flat compared with the previous period. Last week, the coking coal production continued to increase, and the customs clearance volume of Mongolian coal also increased significantly, indicating pressure on the supply side of coking coal. Due to the impact of environmental protection restrictions, the hot metal production continued to decline, but with the end of environmental protection restrictions and the promotion of resumption of work and production, it is expected that the hot metal production will significantly rebound in the future. The increase in the listing volume and trading volume of coking coal last week also proves the current rigid demand resilience, so there is no need to be overly pessimistic about the future trend. The future focus should be on the trend of hot metal production, mine operation, and geopolitical situation [2] 3. Summary by Relevant Catalogs Futures Price and Trading Volume - **Price Changes**: The closing prices of coking coal futures contracts on different delivery dates changed compared to the previous two days. For example, the 1 - month contract decreased by 6.5 to 1475.5, with a decline of -0.44%; the 5 - month contract decreased by 5.0 to 1176.0, with a decline of -0.42%; the 9 - month contract increased by 1.5 to 1282.0, with an increase of 0.12% [2] - **Trading Volume and Open Interest**: The trading volume of the 5 - month contract was 673152, and the open interest was 391077. The open interest of the 1 - month contract decreased by 49, while that of the 9 - month contract increased by 1386 [2] - **Price Spreads**: The price spreads between different contracts also changed. For example, the 1 - 5 month spread increased by 306 to 240, and the 5 - 9 month spread increased by 2.5 to -79.5 [2] Spot Price - **Coal Types and Prices**: The current prices of low - sulfur main coking coal in Linfen (ex - factory price) is 3711, the port pick - up price of Mongolian No. 5 main coking coal is 1210, and the prices of other coal types in different regions are also provided, such as the Tangshan first - grade coke price is 1800 [2] - **Price Changes**: The price of low - sulfur main coking coal in Taiyuan (railway siding price) increased by 44, while the prices of other coal types remained unchanged [2] Policy Information - The National Development and Reform Commission has launched a new batch of 13 landmark major foreign - funded projects with a planned investment of 13.4 billion US dollars. The projects are mainly concentrated in manufacturing fields such as electronics, chemicals, automobiles, and machinery, and for the first time, logistics projects are included in the list, while continuing to support R & D center projects in fields such as biomedicine [2]

Group 1 - The second quarter is a critical window for rebuilding confidence in the A-share market, with long-term stabilization and recovery of corporate profit margins being a necessary prerequisite for the continuation of the bull market [1] - The A-share market is at a key juncture in terms of index, valuation, and macro liquidity, with the Shanghai Composite Index facing a significant pressure line that has persisted for 20 years since October 2007 [1] - Despite a prolonged bull market, many industries are experiencing profit margins at historical lows, indicating a structural characteristic of the current market where high valuations coexist with low profits [1] Group 2 - The rapid rise in oil prices presents an opportunity to test the pricing power of China's advantageous manufacturing sector, with the Middle East conflict acting as a catalyst for style switching in the market [2] - In the context of rising global costs and weakening financial conditions, low valuations and pricing power are crucial factors for investment [2] - The recommendation is to focus on re-evaluating the pricing power of China's advantageous manufacturing sectors, including chemicals, non-ferrous metals, power equipment, and new energy, while also increasing exposure to low-valuation factors such as insurance, brokerage, and electricity [2]

Report Industry Investment Ratings No information provided in the given content. Core Views - Nickel: The combination of smelting inventory accumulation and macro - sentiment, with the shortage at the ore end providing support at the bottom [2][4]. - Stainless steel: Pressured by fundamentals and the macro - environment, but supported by the current cost [2][4]. - Lithium carbonate: Attention should be paid to the impact of macro - commodity fluctuations [2][12]. - Industrial silicon: In a weak pattern [2][17]. - Polysilicon: Spot prices are falling [2][18]. Summaries by Related Catalogs Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai nickel main contract was 135,200, down 740 from the previous day; the closing price of the stainless - steel main contract was 14,020, down 75. The trading volume of the Shanghai nickel main contract was 260,586, a decrease of 82,221; the trading volume of the stainless - steel main contract was 126,426, a decrease of 17,805 [4]. - **Macro and Industry News**: The Indonesian Nickel Miners Association (APNI) revealed that the Ministry of Energy and Mineral Resources (ESDM) will revise the benchmark price formula for nickel ore commodities in early 2026. The Solway Investment Group plans to restart its nickel mine business in Guatemala. The approved nickel ore production quota in 2026 is between 2.6 billion and 2.7 billion tons. Some nickel - mining companies in Indonesia were sanctioned [4][5][9]. - **Trend Intensity**: Nickel trend intensity is 0; stainless - steel trend intensity is 0 [11]. Lithium Carbonate - **Fundamental Data**: The closing price of the 2605 contract was 150,120, down 5,200 from the previous day. The trading volume was 205,889, an increase of 32,450. The spot - 2605 basis was 5,380 [14]. - **Macro and Industry News**: The Ningde Times' Jinchui Phase I project in Ningde City, Fujian Province, is planned to be completed and delivered by the end of April 2026. Nandu Power signed an 117MWh energy - storage project in the Northern Territory of Australia [15][16]. - **Trend Intensity**: Lithium carbonate trend intensity is - 1 [16]. Industrial Silicon and Polysilicon - **Fundamental Data**: The closing price of the Si2605 contract was 8,375, down 185 from the previous day; the closing price of the PS2605 contract was 40,105, down 1,565. The industrial - silicon social inventory was 55.2 million tons, a decrease of 0.1 million tons compared to a week ago [18]. - **Macro and Industry News**: Sanyou Chemical's annual production capacity of silicone monomers has reached 400,000 tons/year, and the silicone industry's supply - side has a rigid contraction and demand - side has a structural growth [18]. - **Trend Intensity**: Industrial silicon trend intensity is 0; polysilicon trend intensity is - 1 [20].