Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Supply contraction expectations have intensified again, with polysilicon leading the rise in new energy metals. In the short - to - medium term, lithium carbonate has stopped falling due to tight supply - demand, and polysilicon prices may rise due to supply contraction expectations. In the long term, silicon supply contraction is expected, and the supply - demand surplus of lithium carbonate is narrowing [3]. - For industrial silicon, there is a situation of weak supply and demand during the dry season, and the price will fluctuate. For polysilicon, policy expectations have risen again, and the price will fluctuate and rebound. For lithium carbonate, demand expectations have boosted the price, which will oscillate at a high level [4]. Summary by Related Catalogs 1. Market Views Industrial Silicon - **Viewpoint**: During the dry season, supply and demand are both weak, and the silicon price will oscillate [8]. - **Information Analysis**: As of November 26, 2025, the spot price of industrial silicon is stable. The domestic inventory is 448,200 tons, a month - on - month decrease of 0.8%. In October, the domestic monthly output was 452,000 tons, a month - on - month increase of 7.5% and a year - on - year decrease of 3.8%. The export volume in October was 45,073 tons, a month - on - month decrease of 35.8% and a year - on - year decrease of 30.8%. The new photovoltaic installed capacity in October was 12.6GW, a month - on - month increase of 30.43% and a year - on - year decrease of 38.3%. The organic silicon industry may enter a production - cut and price - support stage [8]. - **Main Logic**: On the supply side, the number of open furnaces in the southwest has decreased rapidly, and the supply in the northwest fluctuates slightly. On the demand side, the demand from polysilicon and organic silicon industries may decline, and the demand from the aluminum alloy industry has limited growth. The social inventory is still at a high level, and attention should be paid to the progress of new warehouse receipts registration [8]. - **Outlook**: If the organic silicon industry cuts production, the demand for industrial silicon will weaken further, but the short - term market sentiment is volatile, so the price will oscillate [8]. Polysilicon - **Viewpoint**: Policy expectations have risen again, and the polysilicon price will fluctuate and rebound [8]. - **Information Analysis**: As of November 26, 2025, the average transaction price of N - type re -投料 is 53,200 yuan/ton, unchanged from the previous week. The number of warehouse receipts on the Guangzhou Futures Exchange is 7,270 lots. In October, the export volume decreased by 58% year - on - year, and the import volume decreased by 39.1% year - on - year. From January to October, the domestic new photovoltaic installed capacity increased by 39.5% year - on - year. The China Photovoltaic Industry Association will promote industry self - discipline and "anti - involution" work [9]. - **Main Logic**: Macroscopically, policy expectations have risen. In terms of supply, production in the southwest will decrease during the dry season, and long - term attention should be paid to the impact of anti - involution policies. In terms of demand, the demand has weakened since November. Overall, the demand has declined marginally, but the supply is also shrinking, and the anti - involution policy is expected to strengthen, so the price will maintain a wide - range oscillation [10][11]. - **Outlook**: The anti - involution policy can boost the price, but the demand is weakening, so the price will show a wide - range oscillation [11]. Lithium Carbonate - **Viewpoint**: Demand expectations have boosted the price, which will oscillate at a high level [8]. - **Information Analysis**: On November 26, 2025, the closing price of the lithium carbonate main contract increased by 0.99% to 96,340 yuan/ton, and the total position increased by 22,323 lots to 1,055,957 lots. The spot price of battery - grade lithium carbonate increased by 750 yuan/ton to 92,800 yuan/ton [11][12]. - **Main Logic**: Currently, supply and demand are both strong, and de - stocking is expected to continue from November to December. The supply is growing strongly but is restricted by ore shortages. The demand is good, and speculative demand may emerge. The social inventory is de - stocking, and attention should be paid to the resumption of production at Jiuxiaowo. In the long term, a bullish view is recommended [13]. - **Outlook**: In the short term, supply and demand are in a tight balance, and the price will oscillate at a high level [13]. 2. Market Monitoring No specific content provided for analysis. 3. Commodity Index - On November 26, 2025, the comprehensive index of CITIC Futures commodities showed that the commodity index was 2,241.06, up 0.12%; the commodity 20 index was 2,543.53, up 0.04%; the industrial products index was 2,200.67, up 0.03%; the PPI commodity index was 1,336.40, down 0.13% [54]. - The new energy commodity index on November 26, 2025, was 451.43, with a daily increase of 0.35%, a decrease of 0.33% in the past 5 days, an increase of 6.41% in the past month, and an increase of 9.47% since the beginning of the year [55].

中信期货研究（新能源⾦属每⽇报告） 2025-11-26 投资咨询业务资格：证监许可【2012】669号 现实供需偏紧，碳酸锂再度领涨新能源 金属 新能源观点：现实供需偏紧，碳酸锂再度领涨新能源⾦属 交易逻辑：碳酸锂供需双增，供需延续偏紧格局；工业硅和多晶硅供 需趋松。中短期来看，广期所针对碳酸锂限仓且上调日内平今仓手续 费，投资者对供需偏紧的乐观情绪快速降温，碳酸锂一度杀跌，不 过，考虑到碳酸锂现实供需偏紧，短时冲击过后，投资者重新聚焦偏 紧的供需面，碳酸锂再度领涨新能源金属。长期来看，硅供应端收缩 预期较强，尤其多晶硅，价格重心可能抬升；锂矿产能还处于上升阶 段，但需求预期也在不断拔高，供需过剩量预期在收窄，碳酸锂长期 供需走向需要重新审视。 ⼯业硅观点：过剩压⼒仍在，硅价震荡运⾏ 多晶硅观点：政策预期反复，多晶硅⾼位震荡 碳酸锂观点：需求预期提振，锂价重新⾛强 ⻛险提⽰：供应扰动；国内政策刺激超预期；美联储鸽派不及预期； 国内需求复苏不及预期；经济衰退。 有⾊与新材料团队 研究员： 郑非凡 从业资格号F03088415 投资咨询号Z0016667 白帅 从业资格号F03093201 投资咨询号Z0020 ...

Core Viewpoint - The launch of platinum and palladium futures and options by the Guangzhou Futures Exchange in late 2025 will provide new opportunities for the clean energy transition in China, addressing the current reliance on foreign markets for price hedging and risk management [3][5][10]. Group 1: Market Context - Platinum and palladium are essential in various clean energy applications, including hydrogen energy catalysis and automotive exhaust purification, but their high prices and volatility pose risks to industry players [3][5]. - China’s domestic production of platinum and palladium is minimal, with only 4.9 tons expected in 2024, while imports are projected at 91.1 tons, accounting for 70.9% of domestic supply [5][6]. - The reliance on imports exposes Chinese companies to international price fluctuations and supply chain vulnerabilities, with over 85% dependency on foreign sources [6][11]. Group 2: Price Volatility and Risk Management - The price volatility of platinum and palladium has exceeded 20% annually over the past five years, with significant fluctuations recorded in both metals [6][10]. - The introduction of futures and options will enhance risk management capabilities for domestic companies, allowing them to hedge against price risks more effectively [10][11]. - The new contracts will be denominated in RMB, eliminating currency risk and aligning with domestic industry needs [11]. Group 3: Demand Growth and Industry Development - The demand for platinum and palladium is expected to rise significantly due to China's "dual carbon" goals, with projections indicating that platinum demand in the hydrogen economy could exceed 25 tons by 2039 [12][14]. - The futures and options market will facilitate the sharing of market information across the entire supply chain, from import to production and recycling, fostering collaborative development [14]. - The establishment of a complete industrial ecosystem through these financial instruments will enhance China's influence in the global clean energy transition [14].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry in China [6] Core Viewpoints - The non-ferrous metals sector has experienced a significant decline of 6.75% recently, with a notable single-day drop of 5.26% on November 21. Market expectations for a Federal Reserve rate cut in December have decreased, leading some investors to believe that the sector may continue to face weakness [9][13] - Contrarily, the report suggests that the non-ferrous sector presents a buying opportunity, particularly in segments that have been unfairly punished. The recent downturn was largely influenced by a sharp decline in the lithium carbonate sector, which has created volatility in both commodity and stock markets [9][13] - The electrolytic aluminum sector is highlighted as a defensive play with a high dividend yield of around 6%. The report anticipates demand growth and price increases in 2026, driven by U.S. fiscal expansion and rising industrial metal demand [9][14] - The gold sector is expected to maintain a volatile short-term price trend, but the medium-term outlook remains bullish due to weakening U.S. dollar credit and rising inflation expectations [9][14] Summary by Sections Non-Ferrous Metals - The report emphasizes the need to focus on undervalued segments within the non-ferrous metals sector, particularly electrolytic aluminum and gold, which are expected to rebound [9][13][14] Steel Industry - Steel production has seen a slight decline in iron output, while demand remains strong. The average daily output of iron from 247 steel companies is reported at 236.28 thousand tons, reflecting a minor decrease of 0.25% [15][20] - Social and steel mill inventories are on a downward trend, with total inventory decreasing by 3.01% week-on-week [22] - The profitability of steel products is under pressure due to rising costs, with the price of Australian iron ore increasing by 0.77% and the price of iron concentrate slightly decreasing by 1.02% [25][30] New Energy Metals - In October 2025, China's lithium carbonate production surged by 67.28% year-on-year, reaching 73,420 tons, while hydroxide production saw a slight decline [36][40] - The demand for new energy vehicles remains robust, with production and sales in October 2025 increasing by 19.94% and 18.65% year-on-year, respectively [40][43] - Prices for lithium and cobalt have risen, with battery-grade lithium carbonate priced at 93,550 yuan per ton, reflecting a week-on-week increase of 7.59% [45][46] Industrial Metals - The report notes a slight decline in metal prices, but they remain at high levels overall. The global refined copper output has increased, although supply growth is lagging behind demand [54]

Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Views - The report highlights a significant increase in lithium carbonate prices, with lithium salt plants actively mining [2] - The short-term outlook for lithium shows a continued increase in both supply and demand, while long-term projections indicate that energy storage will become a major growth driver for lithium [2] - In the precious metals sector, the report notes a decrease in interest rate cut expectations from the Federal Reserve, while global central banks continue to show strong demand for gold [11] - For industrial metals, the report indicates that copper prices have a solid support at the bottom, with expectations of price increases driven by potential Federal Reserve rate cuts and strong demand from the new energy sector [12][13] Summary by Sections Precious Metals - The report discusses the cautious stance of the Federal Reserve regarding interest rate cuts, which limits the price increase of gold. However, long-term value remains intact due to geopolitical uncertainties and inflation concerns [10][11] - Key stocks to watch include Zhaojin Mining, Zijin Mining, and others in both A-shares and H-shares [11] Industrial Metals - Copper prices are expected to rise due to a tightening supply and strong demand from the new energy sector. The report notes a recent accident in a Congolese copper mine that has raised supply concerns [12][13] - Aluminum prices are expected to remain stable in the short term, with a potential for increases in the long term due to supply constraints and strong demand [16] New Energy Metals - Lithium carbonate prices have surged, with strong production from lithium salt plants. The report anticipates a continued high demand for lithium, particularly in energy storage applications [2][17] - Key companies in the lithium sector include Ganfeng Lithium, Yahua Industrial, and others [18] Other Minor Metals - The report notes a stable market for antimony, with a significant increase in exports in October. The outlook for antimony prices remains stable [19][21] - Other minor metals such as tungsten and molybdenum are also highlighted, with specific companies recommended for investment [21]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In the short and medium term, the actual supply and demand of lithium carbonate are favorable, and inventory depletion is accelerating. However, the Guangzhou Futures Exchange has started to limit positions on lithium carbonate, which may cool down the recent exuberant sentiment. For polysilicon, the rumors of state reserve purchases have been refuted, but there are still expectations for supply - side contraction policies, and the price has support at the bottom. In the long term, the supply - side contraction expectation of silicon is strong, especially for polysilicon, and the price center may rise. The lithium ore production capacity is still in the rising stage, but the demand expectation is also increasing, and the expected surplus of supply and demand is narrowing [1]. - The sentiment of industrial silicon has declined, and the supply and demand are still weak, with the price fluctuating. The policy expectation of polysilicon is volatile, and the price is in a wide - range shock. The trading sentiment of lithium carbonate has cooled down, and attention should be paid to the high - level fluctuations of lithium prices [2]. Summary by Related Catalogs 1. Market Views Industrial Silicon - **Information Analysis**: As of November 2025, the spot prices of industrial silicon fluctuated slightly. The domestic inventory decreased by 0.1% month - on - month to 452,000 tons, and the warehouse receipt inventory decreased by 1.8% week - on - week. In October 2025, the monthly output increased by 7.5% month - on - month to 452,000 tons, but decreased by 3.8% year - on - year. The export volume in October decreased by 35.8% month - on - month and 30.8% year - on - year. The organic silicon industry may enter a production - reduction and price - support stage [6]. - **Main Logic**: The anti - involution in the organic silicon industry has strengthened the market's expectation of anti - involution in surplus varieties, but the production reduction in the organic silicon industry is negative for the demand of industrial silicon. From the fundamental perspective, the supply in the southwest decreased due to the dry season, and the demand from polysilicon and organic silicon may decline. The inventory is still at a high level, and the warehouse receipts are being depleted [6]. - **Outlook**: The price of industrial silicon is expected to fluctuate. Attention should be paid to the subsequent changes in the organic silicon start - up rate, and the over - supply pressure of industrial silicon still exists [6]. Polysilicon - **Information Analysis**: The成交 price of N - type re - feedstock polysilicon was stable, and the number of warehouse receipts on the Guangzhou Futures Exchange decreased by 20. The export and import volumes from January to September 2025 decreased year - on - year. The photovoltaic installation growth rate decreased from June to September [6][9]. - **Main Logic**: In terms of supply, the production of polysilicon will decrease in the dry season, and there are still expectations for anti - involution policies. In terms of demand, the photovoltaic installation growth rate decreased in the second half of the year, and the demand for polysilicon may weaken in November. Overall, the supply - demand situation still has pressure, and the price is expected to remain in a wide - range shock [7][9]. - **Outlook**: The anti - involution policy has a significant boost to the polysilicon price, but the inventory pressure is still large. The price of polysilicon is expected to show a wide - range shock [10]. Lithium Carbonate - **Information Analysis**: On November 20, 2025, the closing price of the lithium carbonate main contract decreased by 0.32%, and the total position decreased by 15,651 lots. The spot prices of battery - grade and industrial - grade lithium carbonate increased by 2,400 yuan/ton. In October, the import volume of lithium carbonate increased by 22% month - on - month and 3% year - on - year [10][11]. - **Main Logic**: The current supply and demand are both strong, and inventory depletion is expected to continue from November to December. The supply is expected to remain strong, but there is a shortage of ore. The demand is good, and speculative demand may push up the price. The social inventory is depleting, and the warehouse receipts have stabilized. In the short term, the resumption of production of Jiaxiawo is the key factor affecting the balance sheet. In the long term, a bullish view is recommended [12]. - **Outlook**: The short - term supply - demand is in a tight balance, and the price is expected to fluctuate strongly [12]. 2. Market Monitoring Industrial Silicon No specific monitoring content provided. Polysilicon No specific monitoring content provided. Lithium Carbonate No specific monitoring content provided. 3. Commodity Index - The comprehensive index of CITIC Futures commodities on November 20, 2025: the commodity index was 2,234.73, down 0.64%; the commodity 20 index was 2,535.29, down 0.70%; the industrial products index was 2,200.99, down 0.68%. The new energy commodity index was 452.94, with a daily decline of 2.17%, a 5 - day increase of 5.19%, a 1 - month increase of 10.07%, and a year - to - date increase of 9.83% [54][56].

2025年11月17日 国泰君安期货商品研究晨报-绿色金融与新能源 | 观点与策略 | | --- | 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025 年 11 月 17 日 镍：镍价破位下行，承压震荡运行 不锈钢：弱现实压制钢价，但下方难言广阔 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com | 镍：镍价破位下行，承压震荡运行 | 2 | | --- | --- | | 不锈钢：弱现实压制钢价，但下方难言广阔 | 2 | | 碳酸锂：高位震荡，关注需求环比走弱风险 | 4 | | 工业硅：仓单继续去化，底部仍有支撑 | 6 | | 多晶硅：关注开会情况 | 6 | 国 泰 君 安 期 货 研 究 所 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 117,080 | -1,850 | -2,360 | -3,510 | ...

Investment Rating - The report maintains a "stronger than market" rating for the non-ferrous metals sector [8]. Core Views - The demand outlook in the energy storage sector remains positive, driving significant price increases in lithium chemical products [4]. - The end of the U.S. government shutdown has led to a shift in market sentiment, with expectations for interest rate cuts by the Federal Reserve becoming more uncertain [12][13]. - The overall market for precious metals is characterized by a strong performance, with gold and silver prices benefiting from geopolitical uncertainties and inflation concerns [12][74]. Summary by Sections 1. Precious Metals - The U.S. government shutdown has ended, but expectations for a rate cut in December have become more volatile, impacting market confidence [12]. - Gold prices have shown resilience, supported by geopolitical risks and inflation concerns, while silver prices have also increased significantly [74]. - Key stocks to watch include Zhaojin Mining, Zijin Mining, and others in the A-share and H-share markets [14]. 2. Industrial Metals - The market for copper remains tight, with supply disruptions contributing to price support, while aluminum prices are expected to fluctuate due to seasonal demand [15][18]. - The anticipated increase in investment and consumption due to potential Federal Reserve rate cuts is expected to further support copper prices [18]. - Notable stocks include Jiangxi Copper, Luoyang Molybdenum, and others [18]. 3. New Energy Metals - The lithium market is experiencing a tight supply situation, with strong demand from the energy storage sector driving prices higher [19]. - The production of lithium iron phosphate is expected to increase, further supporting price stability [19]. - Key stocks in this sector include Ganfeng Lithium, Yahua Industrial, and others [20]. 4. Other Minor Metals - The rare earth market is showing a mixed outlook, with price increases in raw materials but cautious purchasing behavior from separation enterprises [21][24]. - The market for antimony and tungsten is also experiencing fluctuations, with specific stocks recommended for monitoring [24]. 5. Market Review - The non-ferrous metals index increased by 1.1%, outperforming the Shanghai and Shenzhen 300 index [25][26]. - Notable stock performances include Fangyuan Co. with a 34.59% increase and Yunlu Co. with a 14.98% decrease [28]. 6. Valuation - The non-ferrous metals sector is currently valued at a PE ratio of 26.47, with aluminum expected to see valuation increases due to supply constraints and higher green metal value [35].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the short - to - medium term, the actual supply and demand of new energy metals are favorable. Lithium carbonate is leading the rise, and short - long opportunities for lithium carbonate are worth attention. In the long term, the supply - side contraction expectation of silicon is strong, especially for polysilicon, and the price center may rise. The long - term supply and demand trend of lithium carbonate needs to be re - examined [2]. 3. Summary by Related Catalogs 3.1 Market Outlook 3.1.1 Industrial Silicon - **View**: The expectation of organic silicon production cuts suppresses the upward movement of silicon prices. The medium - term outlook is for prices to remain volatile [7]. - **Analysis of Information**: As of October 2025, domestic monthly industrial silicon production was 452,000 tons, a 7.5% month - on - month increase and a 3.8% year - on - year decrease. From January to October, cumulative production was 3.469 million tons, a 16.7% year - on - year decrease. In September, industrial silicon exports were 70,233 tons, an 8.4% month - on - month decrease and a 7.7% year - on - year increase. From January to September 2025, cumulative exports were 561,000 tons, a 2.3% year - on - year increase. The latest domestic inventory was 461,400 tons, a 3.1% month - on - month increase. Organic silicon monomer plants plan to cut production by 30% [7]. - **Main Logic**: On the supply side, the dry season in the southwest has led to a rapid decline in the number of open furnaces, and most southwest silicon plants will enter shutdown and maintenance. Northwest supply has shown small fluctuations with no obvious increase. On the demand side, the demand for industrial silicon from polysilicon in the southwest is expected to decline slightly in November. If the organic silicon production cuts are implemented, demand will also fall. The increase in aluminum alloy demand is limited. The continuous reduction of industrial silicon warehouse receipts provides some support to the futures market [7]. 3.1.2 Polysilicon - **View**: Silicon wafer enterprises have jointly supported prices, and polysilicon prices have stopped falling and rebounded. The medium - term outlook is for wide - range volatility [8]. - **Analysis of Information**: The成交 price range of N - type re -投料 is 49,000 - 55,000 yuan/ton, with an average price of 53,200 yuan/ton, unchanged week - on - week. The latest number of polysilicon warehouse receipts on the Guangzhou Futures Exchange is 9,130 lots, a decrease of 720 lots from the previous value. From January to September 2025, domestic new photovoltaic installations were 240.27GW, a 49.35% year - on - year increase [8]. - **Main Logic**: The China Photovoltaic Industry Association has refuted false rumors, and silicon wafer enterprises have jointly supported prices, which has stopped the decline of polysilicon prices. From August to October, polysilicon production has recovered to over 130,000 tons, but it will contract in November due to the dry season. On the demand side, photovoltaic installations have declined since June, and downstream demand may weaken in November. Overall, there is still pressure on the supply and demand of polysilicon, but production will decrease during the dry season, and policy expectations remain, so prices are expected to remain in wide - range volatility [10]. 3.1.3 Lithium Carbonate - **View**: The pattern of strong supply and demand continues, and lithium prices are oscillating at high levels. The short - term outlook is for prices to oscillate strongly [11]. - **Analysis of Information**: On November 13, the closing price of the lithium carbonate main contract increased by 1.46% to 87,840 yuan/ton, and the total open interest increased by 33,593 lots to 1,038,019 lots. The spot price of battery - grade lithium carbonate increased by 1,050 yuan/ton to 84,350 yuan/ton, and the price of industrial - grade lithium carbonate increased by 900 yuan/ton to 82,000 yuan/ton. Australian lithium miner Liontown will conduct its first auction of 10,000 tons of lithium spodumene concentrate on November 19, 2025 [11]. - **Main Logic**: The current market has strong supply and demand, and inventory is expected to continue to decline from November to December. However, supply expectations are unstable, which may cause large price fluctuations. SMM monthly production has continued to increase significantly, but there is a shortage of ore, which restricts lithium salt supply. Apparent demand is currently good, and production schedules from November to December are expected to remain strong. Social inventory is continuing to decline, and warehouse receipts have recently stabilized. In the medium - to - short - term, the resumption of production at Jiuxiawo is the key factor affecting the balance sheet. It is recommended to take a bullish approach and buy on dips [12]. 3.2 Market Monitoring 3.2.1 Industrial Silicon No detailed content provided. 3.2.2 Polysilicon No detailed content provided. 3.2.3 Lithium Carbonate No detailed content provided. 3.3 Commodity Index - On November 13, 2025, the comprehensive index of CITIC Futures commodities: the commodity index was 2,269.39, up 0.47%; the commodity 20 index was 2,577.33, up 0.54%; the industrial products index was 2,223.17, down 0.01%; the PPI commodity index was 1,352.02, up 0.54%. The new energy commodity index was 433.60, with a daily increase of 0.89%, a 5 - day increase of 3.31%, a 1 - month increase of 7.49%, and a year - to - date increase of 5.14% [54][55].

投资咨询业务资格：证监许可【2012】669号 中信期货研究（新能源⾦属每⽇报告） 2025-11-11 供需偏紧，碳酸锂继续领涨新能源金属 新能源观点：供需偏紧，碳酸锂继续领涨新能源⾦属 交易逻辑：碳酸锂供需双增，供需延续偏紧格局，库存去化加快；工 业硅和多晶硅供需也偏紧，主要是受益于西南地区枯水期减产；电解 钴产量快速下滑，过剩局面缓解。中短期来看，现实供需偏好，碳酸 锂去库加快，碳酸锂领涨新能源金属，关注碳酸锂短多机会。长期来 看，硅供应端收缩预期较强，尤其多晶硅，价格重心可能抬升；锂矿 产能还处于上升阶段，但需求预期也在不断拔高，碳酸锂长期供需走 向需要重新审视。 ⼯业硅观点：枯⽔期减产叠加仓单去化，硅价⽀撑较强。 多晶硅观点：产量边际下滑，多晶硅⾼位震荡。 碳酸锂观点：需求持续超预期，股期联动锂价⼤涨。 ⻛险提⽰：供应扰动；国内政策刺激超预期；美联储鸽派不及预期； 国内需求复苏不及预期；经济衰退。 有⾊与新材料团队 研究员： 郑非凡 从业资格号F03088415 投资咨询号Z0016667 白帅 从业资格号F03093201 投资咨询号Z0020543 杨飞 从业资格号F03108013 投资咨询号 ...