Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - For silicon iron, on September 15, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5250 and 5280 respectively, with daily changes of 0 and -30, and weekly changes of 50 and 30. The latest prices of the main contract and 01 contract were 5608 and 5574, with daily changes of -18 and -14, and weekly changes of 10 and 20 [1]. - For silicon manganese, on September 15, 2025, the latest prices of Inner Mongolia 6517, Ningxia 6517, and Guangxi 6517 were 5650, 5600, and 5650 respectively. The latest price of the main contract was 5832 [1]. Supply - The production data of 136 silicon iron enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, and capacity utilization in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production data of silicon manganese in China from 2021 - 2025 are presented, including weekly production and enterprise - level production data [6]. Demand - The demand data of silicon iron and silicon manganese in China from 2021 - 2025 are presented, including estimated and actual consumption in related industries such as steel and magnesium production [4][7]. Inventory - The inventory data of 60 sample silicon iron enterprises in China from 2021 - 2025 are presented, including total inventory and inventory in Ningxia, Inner Mongolia, and Shaanxi. Also, data on warehouse receipts, effective forecasts, and inventory available days are provided [5]. - The inventory data of silicon manganese in China from 2021 - 2025 are presented, including warehouse receipts, effective forecasts, and inventory of 63 sample enterprises [7]. Cost and Profit - The cost - related data of silicon iron and silicon manganese from 2021 - 2025 are presented, including electricity prices, raw material prices, and production costs. Profit - related data such as production profit, export profit, and profit after discounting to the main contract are also provided [5][7].

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The overall atmosphere in the commodity market has warmed up, but the prices of finished steel products are showing a weak trend. Although it's the traditional peak season, the demand for rebar remains weak, while the demand for hot-rolled coils still has some resilience. If the demand cannot be effectively restored, steel prices may continue to decline. The raw material end is relatively strong, and attention should be paid to the possible disturbances caused by safety inspections and environmental protection restrictions [4]. - The price of iron ore is expected to continue its oscillatory trend. The short - term demand for iron ore is still supported, but the profit rate of steel mills is declining. It is necessary to observe the recovery of downstream demand and the speed of inventory reduction [7]. - Manganese silicon and ferrosilicon are likely to follow the trend of the black - sector market, with relatively low operational cost - effectiveness [12]. - The price of industrial silicon is expected to oscillate in the short term. If the market continues to discuss furnace - type elimination and other related topics, the price may rise further; otherwise, the weak fundamentals will limit the price increase. The price of polysilicon is more influenced by policy narratives, and attention should be paid to capacity integration policies and downstream price - passing progress [16][17]. - The price of glass has limited room for adjustment, and the market still has expectations for policy support. The price of soda ash is expected to oscillate in the short term and may gradually increase in the medium - to - long term, but the improvement of downstream demand is slow, which will limit its upward space [19][20]. - Although the black - sector prices may experience short - term corrective risks due to the current real - demand situation, in the face of the subsequent certainty of overseas fiscal and monetary easing and the opening of China's policy space, the black - sector may gradually become more cost - effective for long - positions, and the key node may be around the "Fourth Plenary Session" in mid - October [11]. Summary by Related Catalogs Steel - **Market Prices**: The closing price of the rebar main contract was 3127 yuan/ton, up 35 yuan/ton (1.131%) from the previous trading day. The closing price of the hot - rolled coil main contract was 3364 yuan/ton, up 30 yuan/ton (0.899%) from the previous trading day [3]. - **Market Conditions**: The export volume of steel has slightly rebounded but remains in a weak and oscillatory pattern. The apparent demand for rebar continues to be sluggish, with increasing inventory pressure. The output of hot - rolled coils has rebounded, with relatively good apparent demand and a slight reduction in inventory. The trends of rebar and hot - rolled coils are diverging [4]. Iron Ore - **Market Prices**: The main contract of iron ore (I2601) closed at 799.50 yuan/ton, with a change of +0.50% (+4.00). The weighted holding volume was 85.84 million hands. The spot price of PB powder at Qingdao Port was 794 yuan/wet ton, with a basis of 44.95 yuan/ton and a basis rate of 5.32% [6]. - **Supply and Demand**: Overseas iron ore shipments have significantly declined, and the near - end arrival volume has slightly decreased. The daily average pig - iron output has increased, and the short - term demand for iron ore is still supported. The profit rate of steel mills continues to decline, and both port and steel - mill imported ore inventories have slightly increased [7]. Manganese Silicon and Ferrosilicon - **Market Prices**: On September 12, the main contract of manganese silicon (SM601) closed down 0.10% at 5832 yuan/ton. The main contract of ferrosilicon (SF511) closed down 0.32% at 5608 yuan/ton [9][10]. - **Market Conditions**: The fundamentals of manganese silicon are not ideal due to high supply and weak demand in the building materials sector. The supply - and - demand fundamentals of ferrosilicon have no obvious contradictions or drivers. Both are likely to follow the black - sector market [12]. Industrial Silicon and Polysilicon - **Industrial Silicon** - **Market Prices**: The closing price of the main contract of industrial silicon (SI2511) was 8745 yuan/ton, with a change of +0.06% (+5). The weighted contract holding volume decreased by 11051 hands to 487604 hands [14]. - **Market Conditions**: The production capacity of industrial silicon is in surplus, with high inventory and insufficient effective demand. Although the production of downstream polysilicon and silicone DMC has increased, the overall inventory is still at a high level [15][16]. - **Polysilicon** - **Market Prices**: The closing price of the main contract of polysilicon (PS2511) was 53610 yuan/ton, with a change of - 0.19% (-100). The weighted contract holding volume decreased by 2557 hands to 301669 hands [16]. - **Market Conditions**: The price of polysilicon is more influenced by policy narratives. The overall inventory reduction space in the industry is limited, and the price is prone to fluctuations with changes in market sentiment [17]. Glass and Soda Ash - **Glass** - **Market Prices**: The spot price in Shahe was 1150 yuan, up 3 yuan from the previous day, and the spot price in Central China was 1110 yuan, unchanged from the previous day. The total inventory of national float - glass sample enterprises decreased by 146.7 million heavy boxes, a decrease of 2.33% month - on - month and 14.94% year - on - year [19]. - **Market Conditions**: The glass production has increased, but the inventory pressure has decreased. The downstream real - estate demand data has not improved significantly, but the market still has expectations for policy support [19]. - **Soda Ash** - **Market Prices**: The spot price was 1197 yuan, unchanged from the previous day. The total inventory of domestic soda - ash manufacturers decreased by 2.56 million tons, a decrease of 1.40% [20]. - **Market Conditions**: The downstream float - glass operating rate has increased, and the photovoltaic - glass operating rate has changed little. The soda - ash production is stable, and the inventory pressure has weakened. The price is expected to oscillate in the short term and may gradually increase in the medium - to - long term [20].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The manganese - silicon alloy market is currently in a wait - and - see state, awaiting the final tender price of Hegang Group to guide the market. It is expected that the price of manganese - silicon will fluctuate this week, with SM2601 fluctuating between 5750 - 5900 yuan/ton [3]. Summary by Related Catalogs 1. Manganese - silicon Supply Capacity - There are data on the monthly capacity of Chinese manganese - silicon enterprises and the annual production of manganese - silicon in different regions of China, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas [7][8]. Production - Annual production: There are annual production data of manganese - silicon in different regions such as Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas in China [8]. - Weekly, monthly production and operating rate: There are data on the weekly and monthly production of Chinese manganese - silicon and the weekly operating rate of Chinese manganese - silicon enterprises [11]. - Regional production: There are monthly production data of Inner Mongolia, Ningxia, and Guizhou, and daily average production data of Inner Mongolia, Ningxia, Guizhou, and Guangxi [12][13]. 2. Manganese - silicon Demand Steel Tender Purchase Price - There are monthly purchase price data of manganese - silicon 6517 by multiple steel companies, including Baoshan Iron & Steel Co., Ltd., Baowu E'gang, Chengde Jianlong, Heilongjiang Jianlong, Yangchun Iron & Steel, Jilin Jianlong, and Nanjing Iron & Steel Co., Ltd. [16]. Daily Average Hot Metal and Profit - There are weekly data on the daily average hot metal production and profitability of 247 Chinese steel enterprises [18]. 3. Manganese - silicon Import and Export - There are monthly data on the total export and import quantities of Chinese ferromanganese - silicon [20]. 4. Manganese - silicon Inventory - There are weekly data on the inventory of 63 sample Chinese manganese - silicon enterprises, and monthly data on the average available days of manganese - silicon inventory in China, the northern region, and the eastern region [22]. 5. Manganese - silicon Cost Manganese Ore - Import Volume - There are monthly data on the total import volume of manganese ore by trade method, the import volume of manganese ore from Gabon to China, the total import volume of manganese ore from southern Africa to China, and the import volume of manganese ore from Australia to China [24]. Manganese Ore - Port Inventory and Available Days - There are weekly data on the port inventory of Chinese manganese ore, the port inventory of Qinzhou Port and Tianjin Port, and the average available days of Chinese manganese ore inventory [26]. Manganese Ore - High - grade Ore Port Inventory - There are weekly data on the port inventory of Australian - produced, Gabon - produced, and Brazilian - produced high - grade manganese ore in Qinzhou Port and Tianjin Port [28]. Manganese Ore - Tianjin Port Manganese Ore Price - There are daily data on the aggregated prices of South African semi - carbonate manganese lumps (Mn36.5%), Australian - produced manganese ore (Mn45%), and Gabon - produced manganese lumps (Mn44.5%) in Tianjin Port [29]. Regional Cost - There are daily data on the cost of manganese - silicon in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi [30]. 6. Manganese - silicon Profit - There are daily data on the profit of manganese - silicon in the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi [32].

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core Viewpoints of the Report - The supply - demand side shows marginal improvement, but the pressure of high supply and low downstream profits restricts the upside space. The market is expected to fluctuate at the bottom this week [5] - The strategy suggests a bottom - oscillating trend for single - side trading, waiting and seeing for arbitrage, and selling straddle combinations on rallies for options [6] Group 3: Summary According to Relevant Catalogs 1. Comprehensive Analysis and Trading Strategy - **Fundamentals**: Supply shows differentiation, with silicon - iron production slightly decreasing and silicon - manganese production slightly increasing this week. The previous continuous resumption trend has shifted to high - level stable operation. Demand for raw materials remains high as the pig - iron output of 247 steel mills rebounds significantly after the parade. However, the recovery of steel demand in the second week of September is not obvious, and the risk of production cuts affecting raw - material demand still exists due to low steel profits. The cost side supports silicon - manganese, with a slight increase in electricity prices in major production areas and stable manganese - ore port inventories, which are significantly lower than the same period in previous years [5] - **Market sentiment**: Rumors of energy - consumption control in some industrial - silicon production areas have disturbed the ferro - alloy supply side, but the high - supply problem still exists, so one should not be overly optimistic about the rebound height [5] - **Strategy**: Single - side trading is expected to oscillate at the bottom; arbitrage requires waiting and seeing; options suggest selling straddle combinations on rallies [6] 2. Core Logic Analysis - **Demand**: The daily average pig - iron output of 247 sample steel mills is 2.4055 million tons, a week - on - week increase of 0.1171 million tons. The weekly demand for silicon - iron in five major steel types (about 70% of the total demand) is 19,700 tons, a week - on - week decrease of 300 tons; the weekly demand for silicon - manganese in five major steel types (70%) is 122,300 tons, a week - on - week decrease of 1,400 tons [11] - **Supply**: The sample opening rate of 136 independent silicon - iron enterprises is 36.84%, a week - on - week decrease of 1.5%; the national silicon - iron output (weekly supply) is 113,000 tons, a week - on - week decrease of 2,000 tons. The sample opening rate of 187 independent silicon - manganese enterprises is 47.38%, a week - on - week increase of 0.93%; the national silicon - manganese output (99% of weekly supply) is 214,100 tons, a week - on - week increase of 1,300 tons [12] - **Inventory**: As of the week of September 12, the national inventory of 60 independent silicon - iron enterprises is 69,000 tons, a week - on - week increase of 3,400 tons; the national inventory of 63 independent silicon - manganese enterprises (accounting for 79.77% of national production capacity) is 167,000 tons, a week - on - week increase of 6,000 tons [13] 3. Weekly Data Tracking - **Spot price - basis**: There are price and basis trend charts for Inner Mongolia silicon - manganese FeMn65Si17 and Inner Mongolia silicon - iron 72%FeSi from 2021 - 2025 [18] - **Production situation of dual - silicon enterprises**: There are charts showing the weekly output and opening rate of domestic silicon - manganese and silicon - iron enterprises from 2021 - 2025 [24] - **Steel - mill production situation**: There are charts showing the blast - furnace capacity utilization rate, weekly steel output, profitability rate, social steel inventory, and daily pig - iron output of 247 steel mills from 2021 - 2025 [29] - **Silicon - manganese cost - profit**: On September 11, 2025, the production costs and profits of silicon - manganese in different regions are presented, with all regions showing losses [31] - **Silicon - iron cost - profit**: On September 11, 2025, the production costs and profits of silicon - iron in different regions are presented, with all regions showing losses [41] - **Cost of carbon elements and electricity price**: There are price trend charts for Fugu semi - coke small materials, Yulin steam - coal lump coal, Ningxia chemical coke, and regional electricity prices from 2021 - 2025 [48][51] - **Bidding prices of double - silicon steel by Hebei representative steel mills**: There are price trend charts for silicon - iron and silicon - manganese procurement prices of Hebei Iron and Steel Group from 2020 - 2025 [53] - **Monthly output of silicon - manganese and silicon - iron supply**: There are charts showing the monthly output and cumulative output of domestic silicon - manganese and silicon - iron from 2021 - 2025 [60][63] - **Import and export of manganese ore and silicon - iron**: There are charts showing the monthly net import volume of manganese ore and the monthly net export volume of silicon - iron, including the cumulative and year - on - year data [67] - **Demand for magnesium metal**: There are charts showing the price of Fugu magnesium metal Mg99.9% and the cumulative output of magnesium metal in Yulin, Shaanxi from 2020 - 2025 [69] - **Silicon - iron inventory of alloy plants vs. steel mills**: There are charts showing the silicon - iron inventory of alloy plants, the regional distribution of alloy - plant silicon - iron inventory, the available days of steel - mill silicon - iron inventory, and its regional distribution from 2021 - 2025 [73] - **Manganese - ore inventory of alloy plants, steel mills, and ports**: There are charts showing the available days of steel - mill silicon - manganese inventory, its regional distribution, the total manganese - ore inventory at Tianjin Port, and the silicon - manganese inventory of alloy plants from 2021 - 2025 [76]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the alloy prices fluctuated. The increase in the cost side pushed the price center slightly higher, but Hegang's entry for inquiries may set the tone for the latest steel mill tenders, causing a slight market slowdown. Attention should be paid to Hegang's final quoted price [5]. - The resumption of production in steel mills after the military parade led to a recovery in hot metal production, supporting the demand for raw materials. The upward shift in the cost center provided short - term support for alloy prices [5]. Summary by Directory 1. Overall Market Situation - This week, the prices of ferrosilicon and silicomanganese fluctuated. The ferrosilicon 2511 contract closed at 5608 yuan/ton, up 10 yuan/ton week - on - week, with 724,757 contracts traded and 217,964 contracts held (a decrease of 22,817 contracts week - on - week). The silicomanganese 2601 contract closed at 5832 yuan/ton, down 12 yuan/ton week - on - week, with 729,357 contracts traded and 325,570 contracts held (an increase of 701 contracts week - on - week) [8]. - The spot prices of ferrosilicon in major regions across the country stopped falling. The aggregated quotation for 75B ferrosilicon in the main production areas was 5200 - 5330 yuan/ton, a week - on - week change of 30 - 50 yuan/ton. The aggregated quotation range for silicomanganese in major regions was 5550 - 5800 yuan/ton, with price fluctuations of - 30 - 100 yuan/ton [9]. 2. Silicomanganese Fundamental Data - **Supply**: This week's silicomanganese production was 21.41 tons, a week - on - week decrease of 0.06 tons (- 0.3%). The weekly operating rate was 46.45%, a decrease of 0.55 percentage points from last week. Inner Mongolia had some factory furnace shutdowns for maintenance, while supply in Ningxia, Guangxi, and Guizhou continued to expand [16][20]. - **Demand**: From the performance of downstream steel mills, production gradually recovered after the military parade restrictions, and the actual output of downstream hot metal increased week - on - week. Taking 247 steel enterprises as an example, the blast furnace operating rate this week was 90.18%, an increase of 4.39 percentage points from last week; the average daily hot metal output was 240.55 tons, an increase of 11.71 tons week - on - week. However, the overall demand for silicomanganese weakened as the production of rebar decreased by 6.75 tons this week [22]. - **Inventory**: As of September 12, the number of silicomanganese warehouse receipts was 61,440, a decrease of 1,420 week - on - week, equivalent to a stock of 307,200 tons, with a warehouse receipt destocking of 7,100 tons. The average available days of silicomanganese inventory in steel mills in August was 14.98 days (+ 0.74 days). The inventory of 63 silicomanganese sample enterprises across the country was 166,800 tons, an increase of 6,300 tons week - on - week [29][30][33]. - **Cost and Price**: Overseas manganese ore enterprises' quotations were stable, and the port inquiry atmosphere was active. Affected by the firm port quotations of manganese ore and the increase in settlement electricity fees, the cost center shifted upward [36][51]. 3. Ferrosilicon Fundamental Data - **Supply**: This week's ferrosilicon production was 11.31 tons, a week - on - week decrease of 0.2 tons (- 1.8%). The weekly operating rate was 34.84%, a decrease of 1.5 percentage points from last week. Production in Qinghai and Shaanxi decreased [55][60]. - **Demand**: From the performance of downstream steel mills, production gradually recovered after the military parade restrictions, and the actual output of downstream hot metal increased week - on - week. Non - steel demand also showed an upward trend. Ferrosilicon exports in July were 3.59 tons, a month - on - month increase of 3.52% [71]. - **Inventory**: As of September 12, the number of ferrosilicon warehouse receipts was 16,465, a decrease of 1,844 week - on - week, equivalent to a stock of 82,325 tons, with a warehouse receipt destocking of 9,220 tons. The average available days of ferrosilicon inventory in steel mills in August was 14.67 days (+ 0.42 days). The inventory of 60 ferrosilicon sample enterprises across the country was 69,940 tons, an increase of 3,380 tons week - on - week [73][74][78]. - **Cost and Price**: The increase in the settlement electricity price led to an increase in ferrosilicon production costs [82].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in its operational performance compared to the previous year [3]. Financial Performance - In H1 2025, the company achieved revenue of 11.825 billion yuan, a year-on-year decrease of 11.83%, and a net profit attributable to shareholders of 989 million yuan, down 1.82% year-on-year [3]. - For Q2 2025, the company recorded revenue of 6.222 billion yuan, a year-on-year decline of 7.27%, but a quarter-on-quarter increase of 11.05% [3]. Segment Performance - The apparel segment saw production increase by 2.82% year-on-year, with a unit selling price of 851 yuan, up 7.19%, and a unit gross profit of 462 yuan, up 2.79% [4]. - In H1 2025, the silicon manganese and silicon iron segments reported significant increases in gross profit per ton, with silicon iron gross profit up 51.93% and silicon manganese up 37.18% [5]. - The caustic soda segment experienced a gross profit increase of 47.11% per ton, while the PVC segment saw a decrease of 4.02% [6]. - The coal segment's gross profit per ton fell significantly, with a 40.68% year-on-year decline, and the investment income from Yongmei Mining decreased by 23.28% [7]. Dividend Policy - The company maintained a high dividend payout ratio, reaching 90.92% in 2024, resulting in a current dividend yield of 6.06% [8].

Investment Rating - The report maintains an "Accumulate" rating for the company [6][4]. Core Views - The company demonstrates strong profitability and a high dividend policy, with a 2024 dividend payout ratio reaching 90.92%, corresponding to a current dividend yield of 6.06% [3][4]. - The company is recognized as a leader in the silicon iron industry, with its circular industrial chain synergy gradually becoming evident [4]. Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 11.825 billion yuan, a year-on-year decrease of 11.83%, and a net profit attributable to shareholders of 989 million yuan, down 1.82% year-on-year [1]. - The second quarter of 2025 saw operating revenue of 6.222 billion yuan, a year-on-year decrease of 7.27%, but a quarter-on-quarter increase of 11.05% [1]. - The company's silicon iron production in the first half of 2025 was 792,800 tons, an increase of 6.85% year-on-year, with a gross profit per ton of 772 yuan, up 51.93% year-on-year [2]. - The company’s caustic soda production was 363,200 tons, with a gross profit per ton of 1,669 yuan, reflecting a year-on-year increase of 47.11% [2]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down by 18.90% and 22.61% to 2.055 billion yuan and 2.266 billion yuan, respectively, with a new forecast for 2027 set at 2.485 billion yuan [4][5]. - The report provides a detailed financial summary, indicating a projected revenue decline in 2025, followed by a slight recovery in subsequent years [5][19]. Dividend Policy - The company has consistently maintained a high dividend policy from 2020 to 2024, with total cash dividends amounting to 16.79 billion yuan in 2024 [3].

Group 1: Report Title and Date - The report is titled "Guoxin Futures Ferroalloy Weekly Report: Supply and Demand Drag, Policy Support, Wait-and-See Approach" and dated September 12, 2025 [2] Group 2: Market Review - News Overview - Multiple banks in Shenzhen announced that starting from September 12, they will no longer distinguish between first - and second - home mortgages, and the specific mortgage rates will be determined based on multiple factors [5] - Eight departments in Henan Province jointly issued measures to support housing consumption, including increasing purchase subsidies and raising housing provident fund loan limits [5] - Three national departments issued a work plan for the power equipment industry from 2025 - 2026, aiming for an average annual revenue growth of about 6% for traditional power equipment and other goals [5] - From January to August, China's automobile production and sales exceeded 20 million for the first time, with year - on - year growth of 12.7% and 12.6% respectively [5] - Multiple regions in Jiangxi suspended subsidy activities for consumer goods replacement from September 12 at 24:00 [5] Group 3: Market Review - Manganese Silicon - Manganese silicon futures showed small fluctuations last week, spot prices remained flat, and the basis fluctuated slightly. The production of manganese silicon continued to rise while steel production decreased month - on - month. The supply - demand situation is expected to become looser, but with low current inventory, the price trend lacks a clear direction. The national capacity utilization rate of 187 independent silicon - manganese enterprises was 47.38%, an increase of 0.93% from the previous week, and the daily average output was 30,590 tons, an increase of 185 tons [49] - The report also presented data on manganese silicon's basis, price changes, and related production and demand indicators in different regions [9] Group 4: Market Review - Ferrosilicon - Ferrosilicon futures showed small fluctuations last week, spot prices rebounded slightly, and the basis changed little. Ferrosilicon production decreased month - on - month, and steel production also decreased. The national capacity utilization rate of 136 independent ferrosilicon enterprises was 34.84%, a decrease of 1.50% from the previous week, and the daily average output was 16,150 tons, a decrease of 280 tons [49] Group 5: Manganese Silicon Industry Chain Overview - The report covered aspects such as manganese ore prices, import volume, inventory, profit estimation, production, and demand in the manganese silicon industry chain [22][24][26] Group 6: Ferrosilicon Industry Chain Overview - The report analyzed ferrosilicon profit estimation, production, and demand in the ferrosilicon industry chain [38][41][46] Group 7: Outlook - For manganese silicon, due to high production levels, it is advisable to pay attention to energy prices and industrial policy changes and adopt a wait - and - see approach [49] - For ferrosilicon, its trend depends on energy price changes, and a wait - and - see approach is also recommended [49]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The overall atmosphere in the commodity market has warmed up, but the prices of finished steel products are showing a weak trend. The demand for rebar remains weak, while the demand for hot-rolled coils is relatively firm, leading to a divergence in their trends. If the demand cannot be effectively restored, steel prices may still decline. The raw material side is relatively strong, and the potential impacts of safety inspections and environmental protection restrictions need to be continuously monitored [4]. - For iron ore, although the latest overseas shipments have significantly declined, the short-term demand support remains due to the increase in molten iron production. The price is expected to fluctuate strongly in the short term, and the recovery of downstream demand and the speed of inventory reduction need to be continuously observed [7]. - Regarding ferrosilicon and silicomanganese, their fundamentals are not ideal, and they are likely to follow the sentiment of the black sector, especially the situation of coking coal. The operability is relatively low. The impact of the "anti-involution" policy on the black sector depends on its actual implementation and effectiveness [10][11]. - For industrial silicon and polysilicon, they are in a "weak reality" pattern. Industrial silicon is expected to fluctuate, and polysilicon continues the "weak reality, strong expectation" pattern. The short-term market focus is on capacity integration policies and downstream price transfer progress [14][16]. - In the glass and soda ash market, the price adjustment space of glass is limited, and the market has certain expectations for policy support. Soda ash prices are expected to fluctuate in the short term, and the price center may gradually rise in the long term, but the increase is limited by the downstream demand [18][19]. 3. Summary by Category Steel - **Price and Position Data**: The closing price of the rebar main contract was 3092 yuan/ton, down 17 yuan/ton (-0.54%) from the previous trading day. The closing price of the hot-rolled coil main contract was 3334 yuan/ton, down 8 yuan/ton (-0.23%) from the previous trading day [3]. - **Market Analysis**: The demand for rebar continues to be sluggish, with high inventory pressure. The production of hot-rolled coils has increased, and the apparent demand is relatively good, with a slight reduction in inventory. The profit of steel mills is gradually narrowing, and the weakness of the futures market is becoming more prominent [4]. Iron Ore - **Price and Position Data**: The main contract of iron ore (I2601) closed at 795.50 yuan/ton, with a change of -1.18% (-9.50). The position changed by -5590 hands to 53.90 million hands. The weighted position was 85.28 million hands. The spot price of PB powder at Qingdao Port was 790 yuan/wet ton, with a basis of 44.54 yuan/ton and a basis rate of 5.30% [6]. - **Market Analysis**: Overseas shipments have significantly declined, mainly due to port berth maintenance. The short-term demand support remains due to the increase in molten iron production. The port and steel mill inventories have slightly increased, and the price is expected to fluctuate strongly in the short term [7]. Ferrosilicon and Silicomanganese - **Price and Position Data**: The spot price of 6517 silicomanganese was 5700 yuan/ton, unchanged from the previous day. The main contract of ferrosilicon (SF511) closed down 0.04% at 5626 yuan/ton [9]. - **Market Analysis**: Their fundamentals are not ideal, and they are likely to follow the sentiment of the black sector, especially the situation of coking coal. The operability is relatively low. The impact of the "anti-involution" policy depends on its actual implementation and effectiveness [10][11]. Industrial Silicon and Polysilicon - **Price and Position Data**: The closing price of the industrial silicon main contract (SI2511) was 8740 yuan/ton, up 0.87% (+75). The weighted contract position changed by 13190 hands to 498655 hands. The closing price of the polysilicon main contract (PS2511) was 53710 yuan/ton, up 1.56% (+825). The weighted contract position changed by -52 hands to 304226 hands [13][15]. - **Market Analysis**: They are in a "weak reality" pattern. Industrial silicon is expected to fluctuate, and polysilicon continues the "weak reality, strong expectation" pattern. The short-term market focus is on capacity integration policies and downstream price transfer progress [14][16]. Glass and Soda Ash - **Price and Position Data**: The spot price of glass in Shahe was 1147 yuan, down 17 yuan from the previous day. The spot price of soda ash was 1195 yuan, up 15 yuan from the previous day [18][19]. - **Market Analysis**: The price adjustment space of glass is limited, and the market has certain expectations for policy support. Soda ash prices are expected to fluctuate in the short term, and the price center may gradually rise in the long term, but the increase is limited by the downstream demand [18][19].

Report Industry Investment Rating - No information provided in the report Core Viewpoints - No clear core viewpoints are presented in the given content Summary by Relevant Catalogs Price - On September 12, 2025, for silicon iron, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5250 and 5310 respectively, with no daily change but weekly changes of 50 and 90 [2]. - For silicon manganese, the latest prices of Inner Mongolia 6517, Ningxia 6517, and Guangxi 6517 were 5680, 5600, and 5680 respectively, with daily changes of 0, 50, and 0, and weekly changes of 0, 100, and 0 [2]. Supply - There are data on the production and capacity utilization of 136 silicon iron production enterprises in China, including monthly production and weekly production with a 95% capacity - occupancy ratio [4]. - Data on the production of silicon manganese in China on a weekly basis are also provided [7]. Inventory - For silicon iron, there are data on the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi on a weekly basis [6]. - For silicon manganese, there are data on the inventory of 63 sample enterprises in China on a weekly basis, as well as data on warehouse receipts, effective forecasts, and the sum of them [8]. Cost and Profit - Information on the electricity prices of ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia is provided, which affects the production cost of ferroalloys [6]. - There are data on the production cost and profit of silicon iron in Ningxia and Inner Mongolia, and the profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions [6][8].