Group 1: Report Industry Investment Rating There is no information provided regarding the report industry investment rating. Group 2: Core Views of the Report - Last week, industrial silicon prices stabilized and rebounded due to reduced production during the dry season in Southwest China, a new balance cycle in the photovoltaic industry chain, and the gradual recovery of traditional industries. The supply side has entered a marginal contraction, while the demand side shows different trends in various segments. The new platform for polysilicon capacity clearance continues to boost market sentiment, and the 14th Five - Year Plan emphasizes the development of a new energy system. The social inventory of industrial silicon decreased to 552,000 tons, and the spot market remained stable. Technically, the futures price is expected to maintain a stable and positive trend in the short term [2][5][9]. Group 3: Summary by Directory 1. Market Data - The industrial silicon futures price decreased by 2.28% from October 31st to November 7th, while the prices of various spot grades remained unchanged except for organic silicon DMC, which increased by 1.36%. The industrial silicon social inventory decreased by 1.08% to 552,000 tons [3]. 2. Market Analysis and Outlook - **Macro**: In September, China's industrial enterprise profits increased significantly, with high - tech manufacturing playing a leading role. From January to September, the profits of high - tech manufacturing increased by 8.7% year - on - year, accelerating by 2.7 percentage points compared to January - August [6]. - **Supply and Demand**: By November 6th, the weekly output of industrial silicon was 90,900 tons, a week - on - week decrease of 7.8% and a year - on - year increase of 1.2%. The number of open furnaces in the three major production areas decreased to 273, with the overall furnace opening rate rising to 34.3%. On the demand side, the polysilicon market is cautious, silicon wafer prices may lose support, battery cell prices are close to cash costs, and component inventory is expected to drop to 31GW [7]. - **Inventory**: As of November 7th, the national social inventory of industrial silicon decreased to 552,000 tons, and the exchange registered warehouse receipts decreased to 231,000 tons. The 5 - series warehouse receipts are actively registering [8]. 3. Industry News - On October 31st, Inner Mongolia released a plan for a clean energy base project in the Kubuqi Desert with a total installed capacity of 6 million kilowatts [10]. - Nantong Crystal Co., Ltd. received an investment of 100 million yuan from Guotou Jixin, a subsidiary of the third phase of the National Big Fund, and its registered capital increased from 300 million yuan to 400 million yuan [11]. 4. Related Charts - The report provides charts on industrial silicon production, exports, social inventory, exchange warehouse receipts, and the production of related products such as organic silicon DMC and polysilicon [17][18].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Industrial Silicon - This week, the spot price of industrial silicon remained largely stable with minor fluctuations, while the futures price oscillated downward. The downstream demand decreased slightly, and the procurement sentiment was poor. The overall supply - demand was relatively loose, but there were also some bullish factors such as cost increases and production cuts in the southwest [6]. - The recommended strategy is to maintain a short position when the price rises, with an upper pressure level of 9,500 yuan/ton [7]. Polysilicon - The spot price of polysilicon was largely stable with minor fluctuations, and the market atmosphere was sluggish. The futures price oscillated strongly due to expectations of production reduction and the establishment of a storage platform. In the short - term, the price is expected to oscillate weakly [12]. - The recommended strategy is to hold the previous short position, with an oscillation range of 48,000 - 52,000 yuan [13]. 3. Summary by Directory 3.1 Weekly Core Points and Strategies Industrial Silicon - **Market Situation**: The spot price decreased slightly, and the futures price oscillated downward. The southwest region gradually reduced production, and the downstream demand was weak [6]. - **Logic Analysis**: - **Bearish Logic**: High supply in October, high inventory, and limited demand growth in the fourth quarter [6]. - **Bullish Logic**: Cost increase, production cuts in Xinjiang and the southwest, and expectations of the dry season in the southwest [6]. - **Recommended Strategy**: Short positions can be established when the price rises, with an upper pressure level of 9,500 yuan/ton [7]. Polysilicon - **Market Situation**: The spot price was stable with minor fluctuations, and the futures price oscillated strongly. The market was in a state of "strong expectation" and "weak reality" [12]. - **Logic Analysis**: - **Bearish Logic**: High inventory, loose supply, weak downstream transactions, and poor fundamentals [12]. - **Bullish Logic**: Rising component tender prices, policy support, and industrial linkage effects [13]. - **Recommended Strategy**: Hold the previous short position, with an oscillation range of 48,000 - 52,000 yuan [13]. 3.2 Industrial Silicon Data Review Price Data - **Futures**: The closing price of the main contract Si2601 was 9,220 yuan/ton, up 1.32% from last week. The trading volume increased by 29.79%, and the open interest increased by 17.38% [27]. - **Spot**: The prices of Tongyang 5530 and Tongyang 4210 in the East China market remained unchanged from last week [27]. - **Basis and Spread**: The basis of Si2601 (East China 553) decreased by 52.17%, and the basis of Si2601 (East China 421) decreased by 25% [27]. Supply and Demand Data - **Supply**: The overall industrial silicon production decreased by 7.85% this week, and the opening rate decreased to 34.30%. The southwest region saw a significant decline in production, while the northwest region also had a slight decrease [28][58]. - **Demand**: The demand from downstream industries such as polysilicon, organic silicon, and aluminum alloy was weak. The production of polysilicon decreased by 5.05%, and the production of organic silicon increased by 5.22% [28]. - **Inventory**: The social inventory increased to 554,800 tons, up 4.8% from last week, while the futures inventory decreased by 505 tons [28][80]. Cost and Profit Data - **Cost**: The production cost increased mainly due to the rising price of petroleum coke and electricity in the southwest region [78]. - **Profit**: The profit decreased slightly this week, and it is expected to continue to decline next week [78]. 3.3 Polysilicon Data Review Price Data - **Spot**: The price of P - type polysilicon remained unchanged at 44,000 yuan/ton, and the price of N - type polysilicon decreased by 1.54% to 51,000 yuan/ton [119]. - **Futures**: The futures price oscillated strongly due to expectations of production reduction and the establishment of a storage platform [12]. Supply and Demand Data - **Supply**: In November, the polysilicon production is expected to decrease, with a north - south difference in production changes. The overall supply is still at a high level, and the inventory continued to rise [126]. - **Demand**: The downstream demand was weak. The production of silicon wafers, battery cells, and components decreased, and the procurement sentiment was poor [119][126]. Cost and Profit Data - **Cost**: The average production cost decreased to 41,553 yuan/ton, a decrease of 0.2% [132]. - **Profit**: The gross profit and gross margin increased slightly, but the overall profit level was still low [132].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - **Market Performance**: From October 31 to November 7, 2025, the spot price of industrial silicon fluctuated upward, with the benchmark product at 9,092 yuan/ton on November 7, almost unchanged from 9,087 yuan/ton on October 31. In the futures market, the main contract of industrial silicon rose, with the latest transaction price at 9,220 yuan/ton, a weekly increase of 1.32%. The open interest of the main contract was about 268,300 lots [6]. - **Supply**: After the end of the wet - season, most manufacturers in the southwest main production areas reduced or halted production, leading to a significant decline in output. The operating rate in the northwest decreased slightly, and overall market supply decreased compared to the previous week [6]. - **Demand**: The polysilicon market is in a game between "weak reality" and "strong expectation". High inventory and weak demand suppress the spot price, and leading enterprises cut production in November, reducing the demand for industrial silicon. The organic silicon DMC plants in Jiangxi and Yunnan have gradually resumed operation, increasing the demand for industrial silicon. The output of aluminum rods decreased this week, and the capacity utilization rate rebounded, with demand for industrial silicon remaining relatively stable. Export demand decreased in September [6]. - **Cost, Profit and Inventory**: The production cost of industrial silicon increased this week due to a slight increase in petroleum coke prices, and the prices of silica and electrodes in the southwest were basically stable. The electricity price in the southwest will rise next week, further increasing production costs. The profit of industrial silicon decreased slightly due to increased costs. The industry inventory is at a relatively high level, and with most southwest manufacturers halting production and low market prices, manufacturers are not willing to sell, resulting in little change in inventory. As of November 6, the inventory in the industrial silicon futures delivery warehouse was about 231,000 tons [6]. - **Outlook**: Although the operating rate of industrial silicon has decreased, due to the previous increase in the northwest, buyers' purchasing mentality is not active, and most purchase on - demand. It is expected that the short - term market price of industrial silicon will fluctuate slightly [6]. - **Strategy**: Consider going long on si2601 at low prices, with an expected operating range of 8,500 - 10,500 yuan/ton; or sell out - of - the - money call options; or adopt a reverse arbitrage strategy between industrial silicon and polysilicon [6]. 3. Summary by Directory 3.1 Week - to - Week Views and Hot News - **Week - to - Week Views**: Analyzed market performance, supply, demand, cost, profit, inventory, and provided outlook and trading strategies as mentioned above [6]. - **Hot News**: A polysilicon restructuring "consortium" platform is being planned, with a proposed fund of about 70 billion yuan, to be acquired in a "debt - assumption" way. TBEA denied the rumor of its polysilicon capacity being acquired. Relevant policies on new - energy power consumption and the electronic information manufacturing industry's growth plan were introduced [7]. 3.2 Industry Pattern - **Industrial Chain**: The industrial silicon industry chain includes raw materials such as petroleum coke, charcoal, etc., and downstream products such as organic silicon, polysilicon, and aluminum alloys, which are widely used in electronics, construction, and other fields [11]. 3.3 Futures and Spot Markets - **Spot Price and Basis**: Provided price trends and basis data of different grades and regions of industrial silicon, including 553 and 421 grades in various ports and regions [13][24]. - **Futures Contracts**: Showed the closing and settlement prices of continuous and active contracts of industrial silicon [33]. 3.4 Inventory - Presented the inventory data of the industrial silicon industry, including factory inventory, market inventory, and futures inventory [47]. 3.5 Cost and Profit - **Profit and Cost**: Displayed the comprehensive profit and cost of industrial silicon [55]. - **Electricity Price**: Showed the electricity prices in main and non - main production areas [62][76]. - **Other Raw Materials**: Presented the prices of silica, petroleum coke, electrodes, and silicon coal [90][95]. 3.6 Supply - **Output**: Showed the weekly and monthly output, operating rate, and monthly capacity of industrial silicon. There are also plans for new production capacity in multiple regions, with a total of 1.88 million tons of new capacity planned [108][115]. 3.7 Demand - **Consumption Overview**: Analyzed the consumption structure and quantity of industrial silicon in different fields such as alloys, polysilicon, etc. [118]. - **Polysilicon**: Showed the production, price, inventory, and cost of polysilicon [124][129]. - **Organic Silicon**: Presented the price, production, cost, and profit of organic silicon [132][137]. - **Aluminum Rods**: Showed the production, inventory, and price of aluminum rods, as well as the operating rate and production of aluminum alloys [142][149]. - **Solar/PV**: Displayed the cumulative production and price of solar cells [164]. 3.8 Import and Export - **Industrial Silicon**: Showed the import and export volume of industrial silicon [173]. - **Polysilicon**: Presented the import and export volume of polysilicon [178].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - Nickel is in a low - level oscillation due to the game between high inventory accumulation and Indonesian risks. Stainless steel has a weak reality that drags down steel prices and is in a short - term low - level oscillation. Industrial silicon has a strong upward drive for the disk due to warehouse receipt depletion. Polysilicon is in a policy vacuum period and the disk returns to fundamentals. Lithium carbonate may face downward risks from mine resumption. Palm oil may see the end of short - term negative news with the MPOB report next week, and attention should be paid to the implementation of production cuts in November. Soybean oil is mainly for long - allocation without an independent upward drive. Soybean meal is oscillating, waiting for the guidance of the USDA supply - demand report. Soybean No.1 is oscillating due to repeated trade sentiment. Corn requires attention to the spot market. Sugar requires attention to policy changes. Cotton is expected to maintain a narrow - range oscillation in the near term. Live pigs are accumulating contradictions and waiting for spot confirmation. Peanuts are facing supply pressure [2][4][5][28][69][80]. 3. Summaries by Related Catalogs 3.1 Nickel and Stainless Steel - **Fundamentals** - Nickel: High inventory accumulation and supply - demand imbalance on the one hand, and uncertainties in Indonesian policies on the other hand, result in a low - level oscillation. The replacement of nickel plates with ferronickel in the nickel alloy end and the expected increase in pure nickel production limit the upward elasticity. However, the uncertainty of Indonesian supply governance policies makes short - sellers lack confidence [4]. - Stainless steel: The lack of upward drive in the real fundamentals, with weak consumption in the post - real - estate cycle, high upstream inventory, and a large number of expiring warehouse receipts, leads to a low - level oscillation. Although the supply is elastic, the cost decline also limits the downward space [5]. - **Inventory Tracking** - Refined nickel: On November 7, the 27 - warehouse social inventory of refined nickel in China increased by 1934 tons to 50,680 tons. LME nickel inventory increased by 1002 tons to 253,104 tons [6]. - Stainless steel: In October, SMM stainless steel mill inventory was 1.574 million tons, with a year - on - year increase of 9% and a month - on - month increase of 3%. On November 6, SMM stainless steel social inventory slightly decreased to 946,000 tons, and the total social inventory of steel - linked stainless steel increased by 0.29% week - on - week [8]. - **Market News** - There are multiple events in Indonesia, such as the takeover of a nickel mine by the forestry working group, sanctions on mining companies, and regulations on the approval of RKAB. In addition, China has suspended a non - official subsidy for imported copper and nickel from Russia, and Trump has proposed additional tariffs on China [9][10][11]. 3.2 Industrial Silicon and Polysilicon - **Price Trends** - Industrial silicon: The disk price is strongly oscillated, and the spot price has increased. It closed at 9220 yuan/ton on Friday [28]. - Polysilicon: The disk center has declined, and the spot price is stable, closing at 53,215 yuan/ton on Friday [28]. - **Supply - Demand Fundamentals** - Industrial silicon: The supply side has a slight reduction in weekly industry inventory. The southwest region has reduced production, and the overall output in November - December is expected to decrease. The demand side is supported by polysilicon and silicone, but the demand may decline in the future [29][30]. - Polysilicon: The short - term weekly output has decreased, and the upstream inventory is flat. The demand side has a decrease in silicon wafer production scheduling [30][31]. - **Market Outlook** - Industrial silicon: The depletion of warehouse receipts provides upward drive for the disk. It is recommended to take a long - position approach when the price drops [33]. - Polysilicon: In the policy vacuum period, the disk trades based on supply - demand. It is recommended to short at high prices [33]. 3.3 Lithium Carbonate - **Price Trends** - The futures contract oscillates widely in the range of 77,000 - 83,000 tons. The 2511 contract closes at 80,460 yuan/ton, with a week - on - week increase of 1160 yuan/ton, and the 2601 contract closes at 82,300 yuan/ton, with a week - on - week increase of 1520 yuan/ton [69]. - **Supply - Demand Fundamentals** - Supply: The weekly output increases to 21,534 tons, and the inventory decreases by 3405 tons to 124,000 tons. The cost of lithium carbonate may increase due to the supplementary payment of mining rights transfer income [70]. - Demand: In October 2025, the domestic energy storage market completed 10GW/29.4GWh of energy storage system and EPC general contracting bidding, showing a decline compared to September [70]. - **Market Outlook** - There is a risk of price decline after the resumption of mines in Jiangxi. The futures main - contract price is expected to be in the range of 70,000 - 83,000 yuan/ton [71]. 3.4 Palm Oil and Soybean Oil - **Previous Week's Views and Logic** - Palm oil: The market is worried about high production in Malaysia in the fourth quarter, and the 01 contract decreased by 1.59% last week, with a possible short - term stabilization [80]. - Soybean oil: In a large - supply environment, it follows the oil and fat sector to oscillate weakly, but its strong export demand makes it relatively strong among oil and fat varieties, and the 01 contract increased by 0.39% last week [80]. - **This Week's Views and Logic** - Palm oil: Malaysia may have high production in the fourth quarter, and the inventory is expected to be high. Indonesia has large export pressure in November. Although it may show a short - term end of negative news, the market has not fully priced in the high production in November - December. The inventory at the origin is expected to increase, and the price needs additional demand stimulation to stabilize [81]. - Soybean oil: The production situation in Brazil is good, and the supply is large. The domestic soybean arrival is sufficient, and the export demand may maintain the monthly de - stocking process. It is mainly for long - allocation but has no independent upward drive [84].

Report Industry Investment Rating - Industrial silicon: Volatile; Polysilicon: Volatile [1] Core Viewpoints - Industrial silicon prices may have a clearer lower limit, and it is recommended to buy on dips and take profits at high levels. Polysilicon has entered a critical point of policy - fundamental game, and it is advisable to consider short - selling on rallies [3][14][15] Summary by Directory 1. Industrial Silicon/Polysilicon Industry Chain Prices - Industrial silicon Si2601 contract rose 120 yuan/ton to 9220 yuan/ton week - on - week. SMM spot East China oxygen - blown 553 remained flat at 9450 yuan/ton, and Xinjiang 99 rose 50 yuan/ton to 8850 yuan/ton. Polysilicon PS2601 contract fell 3195 yuan/ton to 53215 yuan/ton. The average transaction price of polysilicon N - type re -投料 was flat at 53200 yuan/ton [8][9] 2. Dry Season Production Cuts Materialize, Platform Companies Fall Short of Expectations Again - **Industrial silicon**: Futures main contract fluctuated strongly. Yunnan's开工 decreased by 22 units to 21, Sichuan's by 23 units to 22, while Inner Mongolia and Ningxia each added 1 unit. Southwest furnaces may further limit production in mid - to - late November, with the start - up furnaces in Southwest expected to drop to about 20 by the end of November. Northern production is stable. SMM industrial silicon social inventory decreased by 0.6 million tons week - on - week, and sample factory inventory increased by 0.39 million tons. After updating the balance sheet, a slight inventory build - up in November and a 1 - million - ton inventory reduction in December are expected [10] - **Organic silicon**: Prices fluctuated. Jiangxi Xinghuo's 200,000 - ton plant is expected to resume production on the 31st, Tangshan Sanyou's Phase III plant shut down, Hubei Xingrui's plant is operating at 70% capacity, Xin'an Chemical's plant is under maintenance, Shandong Dongyue's Phase III plant shut down, and Yunnan Energy Investment's plant is expected to resume production on the 4th. The overall enterprise start - up rate was 72.41%, weekly output was 47,900 tons (up 5.51% week - on - week), and inventory was 43,500 tons (down 1.36% week - on - week). Prices are expected to fluctuate [10][11] - **Polysilicon**: Futures main contract dropped significantly. Spot prices are under pressure. Leading first - tier manufacturers' dense re -投料 prices are above 51 - 53 yuan/kg, second - and third - tier manufacturers' prices are 47 - 50 yuan/kg, and low - quality supplies' prices are weakening. Granular material prices are 50 - 51 yuan/kg. November's production is expected to drop to 115,000 tons. As of November 6th, factory inventory was 259,000 tons (down 0.2 million tons week - on - week). In November, it enters the critical point of policy - fundamental game, and the fundamentals are more severe than in October. If platform companies underperform again, spot prices may fall [11] - **Silicon wafers**: Prices declined. M10 wafers' mainstream price is 1.35 yuan/piece, with some dropping to 1.33 yuan/piece; G12R wafers' mainstream price is 1.35 yuan/piece, with low - price transactions at 1.30 - 1.33 yuan/piece; G12 wafers' mainstream price dropped to 1.65 - 1.68 yuan/piece. November's production is expected to be 57.66GW, a decrease of 2.99GW from October. As of November 6th, inventory was 17.52GW (down 1.41GW week - on - week). The supply - demand and inventory situation in the silicon wafer segment is controllable, but it is under pressure due to the battery segment [12] - **Battery cells**: Prices continued to fall. Indian demand shifted to Southeast Asian production bases, and M10 battery cells' mainstream price dropped to 0.305 yuan/watt. Domestic demand also declined, and G21R and G12 battery cells' mainstream prices dropped to 0.28 and 0.30 yuan/watt. As of November 3rd, export factory inventory was 3.85GW (down 2.17GW week - on - week). November's production is expected to be 57.4GW. With weakening domestic and foreign demand, prices may decline further [12] - **Components**: Prices were basically stable. Centralized components mainly executed previous orders, with mainstream delivery prices at 0.64 - 0.70 yuan/watt; distributed project large - customer delivery prices were 0.66 - 0.70 yuan/watt. Some centralized procurement projects had demand for high - power components above 700W, and leading component manufacturers raised quotes for such components by 0.04 - 0.06 yuan/watt to 0.72 - 0.75 yuan/watt. Demand declined significantly, and some enterprises reported orders falling short of expectations. November's domestic production is expected to be 44.4GW (down 1GW month - on - month). There are concerns about a significant drop in December's production. As of November 3rd, finished - product inventory was 31.2GW (down 0.6GW week - on - week). Component enterprises are responding to the guiding prices, but actual transaction prices need attention [13] 3. Investment Recommendations - **Industrial silicon**: After previous hedging, short - term price drops are unlikely to cause production cuts. Prices need to break through 10,000 yuan/ton to bring significant supply increases. It is recommended to buy on dips and take profits at high levels [14] - **Polysilicon**: It has entered the critical point of policy - fundamental game, and the fundamentals are more severe. If platform companies underperform again, spot prices may fall. It is advisable to consider short - selling on rallies [15] 4. Hot News Compilation - In September 2025, the national photovoltaic power generation utilization rate was 95%, and the January - September utilization rate was also 95% [16] - A Chinese company invested $85 million to build a factory in Angola to process quartz ore into metallic silicon, with a monthly production capacity of 1,000 tons per electric furnace. The project has provided jobs for 500 Angolan and 50 Chinese employees [16] - On November 5th, the environmental impact assessment of a 6.2GW TOPCon solar cell technical renovation project in Jiangsu was publicized, with a total investment of 22 million yuan [17] 5. Industry Chain High - Frequency Data Tracking - **Industrial silicon**: Includes data on spot prices, weekly production in different regions, social inventory, and sample factory inventory [19][22][27] - **Organic silicon**: Covers data on DMC spot prices, weekly profit, factory inventory, and weekly production [29][30] - **Polysilicon**: Involves data on spot prices, weekly gross profit, factory weekly inventory, and enterprise weekly production [33][37] - **Silicon wafers**: Contains data on spot prices, profit calculation, factory weekly inventory, and enterprise weekly production [39][43] - **Battery cells**: Has data on spot prices, profit calculation, export factory weekly inventory, and enterprise monthly production [44][50] - **Components**: Includes data on spot prices, profit calculation, finished - product inventory, and enterprise monthly production [52][57]

Report Information - Report Title: Energy and Chemical Industry Weekly Report [1] - Date: November 7, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Ratings No investment ratings were provided in the report. Core Views - The international oil price is expected to oscillate in the short - term but face continuous oversupply pressure in the medium - term. For oil, it is advisable to try short - selling on rebounds. [7][8] - The asphalt market is expected to oscillate in the short - term due to weak supply and demand and a narrowing basis after the decline. [35] - The PTA market is expected to rise slightly, and the ethylene glycol market is expected to continue a slight rebound. [62] - The price of polyester staple fiber may rise slightly, with cost support and weak supply - demand factors. [71] - The soda ash market is expected to see the futures price drop to near the recent low, and it is advisable to short - sell on rallies if it breaks through the 1200 yuan/ton resistance level. [79] - The industrial silicon futures price will continue to oscillate strongly in the short - term, but there is strong resistance above. [101] - The polysilicon futures price will oscillate in a wide range, and it is advisable to buy on dips in the range and wait for policy signals for breakthrough opportunities. [123] - The pulp market will have a limited short - term rebound and is advisable for reverse arbitrage. [140] Summary by Directory Crude Oil - **Market Review and Operation Suggestions**: International oil prices oscillated this week with a narrowing amplitude. The market lacks short - term drivers and is expected to oscillate. Medium - term oversupply pressure persists. Operationally, try short - selling on rebounds. [7][8] - **Fundamental Changes**: US crude inventories increased, refinery inputs rose seasonally, and refined product inventories decreased. OPEC+ will stop increasing production in Q1 2026, but it's hard to reverse the oversupply. Supply growth far exceeds demand growth, and the inventory accumulation rate is accelerating. [9][10][11] Asphalt - **Market Review and Operation Suggestions**: The cost end (crude oil) lacks support. The supply and demand of asphalt are both weak, and the basis has narrowed after the decline. It is expected to oscillate in the short - term. [34][35] - **Fundamental Changes**: The cost end has mid - term oversupply pressure. The asphalt production capacity may increase slightly next week. Demand shows regional differentiation, with weak speculative demand. Factory and social inventories both decreased this week. [36][37][39] Polyester - **Market Review and Operation Suggestions**: Crude oil fundamentals are mixed, and PX is expected to oscillate strongly, supporting PTA costs. PTA is expected to rise slightly, and ethylene glycol is expected to rebound slightly. [61][62] - **Main Driving Forces**: Downstream consumption is stable in the short - term but has a weakening expectation. PTA supply may decrease, and its fundamentals are strong. Ethylene glycol has cost support and a rebound demand. [63][64][66] Polyester Staple Fiber - **Market Review and Operation Suggestions**: The cost end supports the market, but supply is sufficient, and demand is weak. The price may rise slightly. [71] - **Main Driving Forces**: Downstream consumption support is limited. The short - fiber industry's operation is stable, and supply is sufficient. Cost support is strong, but supply - demand factors drag down the price. [72][73][74] Soda Ash - **Market Review and Operation Suggestions**: The futures price oscillated weakly this week, with supply remaining high, demand weakening, and inventory slightly increasing. It is expected to drop further, and it is advisable to short - sell on rallies if it breaks through 1200 yuan/ton. [76][78][79] - **Market Conditions**: Supply is stable with a slight decline in production. Inventory is at a high level and continues to accumulate. Spot prices are expected to oscillate narrowly. Glass demand for soda ash is weakening, and exports decreased in September. [80][83][93] Industrial Silicon - **Futures Review and Outlook**: The futures price has been oscillating strongly recently. The main driving force is the seasonal production reduction in the southwest, but the supply - demand imbalance improvement is limited. The price may continue to oscillate strongly in the short - term with strong upper resistance. [101] - **Fundamental Overview**: The price of industrial silicon and its related products is stable. Inventory is slowly accumulating, and production is decreasing. The demand for polysilicon, organic silicon, and other products is relatively stable. [102][103][105] Polysilicon - **Market Review and Outlook**: The price is weaker than other varieties this week. The supply - demand improvement drive is limited. The price will continue to be in a stalemate in the short - term and oscillate in a wide range. It is advisable to buy on dips in the range and wait for policy signals for breakthrough opportunities. [123] - **Photovoltaic Industry Fundamentals**: The prices of main products in the industry are stable. Inventory has increased slightly. Production in the supply - end may decline in November, mid - stream demand is stable, and terminal demand is weak. [124][125][126] Pulp - **Market Review and Outlook**: The futures price rebounded this week. Macro pressure has weakened, imports have decreased, and inventory has declined, but the industry profit improvement is limited. The short - term rebound space is limited, and reverse arbitrage is advisable. [139][140] - **Fundamental Changes**: The pulp shipment volume of major producing countries in August increased. China's pulp imports decreased in October. Global and domestic pulp inventories have different trends. Downstream paper performance is still differentiated. [141][149][156]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Industrial silicon futures prices fluctuated narrowly, with the Si2601 closing at 9020 yuan/ton, a decline of 0.06%, a trading volume of 276,196 lots, and an open interest of 232,849 lots, a net decrease of 9,304 lots [4]. - Spot prices were slightly raised and then stabilized, with the 553 price ranging from 9,000 to 9,400 yuan/ton and the 421 price ranging from 9,600 to 9,950 yuan/ton [4]. - In November, the southwest production areas are expected to enter the seasonal production - reduction stage. Sichuan and Yunnan produced over 90,000 tons in October, compared with 64,200 tons in the same period last year. However, the northern production areas have an expected increase in production. The current supply - demand imbalance has not been reversed, and the actual production reduction after profit repair remains to be observed. Spot prices are generally stable, and the 01 price is in a convergent oscillation stage, still operating within the adjustment range after August [4]. 3. Summary by Directory 3.1 Market Performance - Industrial silicon futures prices fluctuated narrowly. The Si2601 closed at 9020 yuan/ton, down 0.06%, with a trading volume of 276,196 lots and an open interest of 232,849 lots, a net decrease of 9,304 lots [4]. - Spot prices were slightly raised and then stabilized, with the 553 price ranging from 9,000 to 9,400 yuan/ton and the 421 price ranging from 9,600 to 9,950 yuan/ton [4]. 3.2 Market News - On November 6th, the number of industrial silicon warehouse receipts on the GZEE was 46,281 lots, a net increase of 86 lots from the previous trading day [5]. - On October 31st, the industrial silicon market inventory was 447,700 tons, a weekly increase of 0.58% and a year - on - year increase of 43.59% [5]. - In September, the industrial silicon export volume was 70,232.72 tons, a decrease of 8.36% from the previous month and a year - on - year increase of 7.73%. From January to September, the cumulative industrial silicon export volume was 491,400 tons, a cumulative year - on - year increase of 1.55%, with an average monthly export volume of 61,500 tons [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The current macro - level is in a relatively vacuum period, A - shares lack a clear upward main line, market trading volume remains low, and the stock index continues to fluctuate, accumulating momentum for the next round of upward movement. Meanwhile, with policy support and abundant macro - liquidity, there is still strong support below the stock index [1]. Summary by Related Catalogs Macro Finance - **Treasury Bonds**: Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, suppressing the upward space, showing an oscillating trend [1]. - **Copper**: The tight pattern of US dollar liquidity has eased, market risk appetite has recovered, and copper prices have stopped falling [1]. - **Aluminum**: Recently, the industrial - side driving force is limited, and the macro - level benefits have been digested, so aluminum prices are oscillating [1]. - **Alumina**: With still a small profit in production, domestic alumina production capacity is continuously released, and both production and inventory are increasing, putting pressure on the spot price. Recently, attention should be paid to the cost support [1]. - **Zinc**: The US government shutdown has reached the longest historical record, and market risk - aversion sentiment has increased. The LME zinc inventory has been continuously decreasing, and the short - squeeze movement has driven zinc prices higher. However, considering the domestic oversupply, caution is needed when chasing high prices [1]. Non - ferrous Metals - **Nickel**: The better - than - expected US ADP data has alleviated concerns about the US economic recession, but the expectation of the Fed's interest - rate cut has been suppressed, and market risk appetite has fluctuated. Indonesia has recently restricted the approval of nickel - related smelting projects again, but the approved projects are not affected. In the fourth quarter, attention should be paid to the approval of nickel - ore quotas in 2026. Nickel prices may oscillate in the short term, and high inventory pressure should be watched out for. It is recommended to trade within a short - term range, and the long - term surplus pattern of primary nickel will continue [1]. - **Stainless Steel**: The better - than - expected US ADP data has alleviated concerns about the US economic recession, but the expectation of the Fed's interest - rate cut has been suppressed, and market risk appetite has fluctuated. Indonesia has restricted the approval of nickel - related smelting projects again, but the approved projects are not affected. In the fourth quarter, attention should be paid to the progress of the approval of Indonesian nickel - ore quotas, and the premium at the ore end is currently stable. The price of raw - material ferronickel has weakened slightly, the social inventory of stainless steel has decreased slightly, and the steel mills' production plan for October is stable. Macro - sentiment is fluctuating, steel mills have recently lifted price limits, and stainless - steel futures are oscillating at the bottom. It is recommended to trade short - term and look for opportunities to sell on rallies [1]. - **Tin**: Recently, the positive macro - sentiment has been digested. Considering that the raw - material end of tin has not recovered and the new - quality demand is expected to be good, it is still recommended to pay attention to the opportunity of going long on dips in the long - term [1]. Precious Metals and New Energy - **Precious Metals (Gold and Silver)**: Judges of the high - court generally question the legitimacy of tariffs, increasing market uncertainty and supporting precious - metal prices. However, the resilience of US economic data has disrupted the interest - rate cut expectation. Precious metals are expected to oscillate within a range in the short term [1]. - **Industrial Silicon**: The production capacity in the northwest is continuously resuming, the start - up in the southwest is weaker than in previous years, and the impact of the dry season is weakened [1]. - **Polysilicon**: In the long - term, there is an expectation of production - capacity reduction. In the fourth quarter, the terminal installation will increase marginally. The anti - involution policy has not been implemented for a long time, and market sentiment has faded [1]. - **Lithium Carbonate**: The traditional peak season for new - energy vehicles is approaching, the energy - storage demand is strong, but the hedging pressure is large [1]. Ferrous Metals - **Rebar**: There are concerns about the potential weakening of industrial demand in the off - season. After the macro - sentiment is realized, attention should be paid to the upward pressure. It is advisable to participate in the out - of - the - money accumulative put option strategy [1]. - **Hot - Rolled Coil**: The off - season effect of the industry is not obvious, but the industrial structure is still loose. Similarly, attention should be paid to the upward pressure on prices after the macro - sentiment is realized [1]. - **Iron Ore**: Near - month production is restricted, but the commodity sentiment is good, and there is still an upward opportunity for far - month contracts [1]. - **Sulfur**: The direct demand is good, and there is cost support, but the supply is high, inventory is accumulating, and the sector is under pressure, with limited price rebound space [1]. - **Coke and Coking Coal**: Coking coal is struggling near the previous high, repeatedly testing the support. The high point of the coke futures price has included the expectation of five rounds of price increases, but the actual three - round price increase has been delayed, and the game is intense. Based on the tight supply, coke and coking coal are relatively strong, but considering the weakening of steel prices and the potential weakening of steel demand in November, the futures prices of coke and coking coal are likely to return to the oscillating range after a false breakout. In the short - term, it is advisable to wait and see, and in the long - term, it is still advisable to go long at low prices. Industrial customers can consider selling hedging [1]. Agricultural Products - **Palm Oil**: In the short term, palm oil still faces the dual pressures of seasonal production increase and weak exports. However, starting from November, Malaysia enters the traditional production - reduction cycle. If export data improve significantly, it may trigger a staged rebound [1]. - **Soybean Oil**: According to the China - US negotiation agreement, China will purchase 12 million tons of US soybeans in the next two months, which may bring a loose expectation for soybean oil in the fourth quarter, and the rebound momentum is insufficient. The actual impact needs to be observed [1]. - **Rapeseed Oil**: The meeting between Chinese and Canadian leaders has brought the expectation of Sino - Canadian relaxation, and the bumper harvest of Canadian rapeseed has put pressure on the futures price [1]. - **Cotton**: Although the production capacity in Xinjiang is expanding, the production capacity in the inland may decrease marginally. At the same time, due to the thinning of spinning profits in Xinjiang, the operating rate may also be affected. The contradiction between the expansion of Xinjiang's production capacity and the reduction of spinning profits makes the cotton demand in the new year highly uncertain. The current futures price has fully priced in the selling pressure of new crops, and the downward space is limited, but under the background of a record - high production of new crops, the basis and futures price may continue to be under pressure [1]. - **Sugar**: Typhoons before and after the National Day have had an adverse impact on the sugar - cane harvest and production in South China. There is a seasonal upward impetus for sugar prices in the short term. In the medium - term, considering the good growth of sugar cane this year, the rebound space after the new - sugar listing is expected to be limited [1]. - **Soybeans and Soybean Meal**: The domestic soybean purchase and crushing profit is poor, and the domestic futures price is undervalued. With the expectation of China's purchase of US soybeans, the import cost of US soybeans is expected to rise, and the domestic futures price is expected to rebound in the short term to repair the crushing profit. However, the current loose supply of domestic soybean - meal spot and the expected loose global soybean supply in the long - term limit the rebound height [1]. - **Paper Pulp**: The current trading logic of paper pulp is related to the trading of old warehouse receipts for the November contract. With weak downstream demand, the futures price is under great pressure. It is recommended to conduct a reverse spread between the November and January contracts [1]. - **Log**: The fundamentals of logs have declined, but the spot price is firm. After a sharp decline in the futures price, the risk - return ratio of short - selling is low. It is recommended to wait and see [1]. - **Live Pigs**: In the past half - month, the spot price has risen alternately in the north and south due to secondary fattening, frozen - product storage, and reluctance to sell, which has postponed the production capacity. There is still pressure on the November slaughter. In the short term, the futures price is at the same level as the spot price, and the futures price will follow the spot price to stabilize and then weaken [1]. Energy and Chemicals - **Crude Oil**: OPEC+ plans to continue a small - scale production increase in December, the short - term geopolitical speculation has cooled down, and the suspension of some China - US trade - tariff policies has eased market sentiment [1]. - **Fuel Oil**: Similar to crude oil, the short - term supply - demand contradiction is not prominent, and it follows the trend of crude oil. The demand for the 14th Five - Year Plan construction rush is likely to be falsified, and the supply of Venezuelan crude oil is sufficient. The profit of asphalt is high [1]. - **Natural Rubber**: There is strong support from raw - material costs, the mid - stream inventory is continuously decreasing, and the commodity - market atmosphere is positive [1]. - **BR Rubber**: The decline of crude - oil prices has reduced the cost support of butadiene, and the supply of synthetic rubber is loose. High - production and high - inventory have not suppressed the price, and the mainstream supply price has been continuously reduced [1]. - **PTA**: Gasoline profit and low benzene price support PX. The gasoline cracking price has risen above $15, prompting refineries to increase gasoline production and reduce the feed of aromatic - hydrocarbon units. Overseas device failures and the decline of the operating load of some domestic reforming units, as well as the rotation inspection of large domestic PTA devices, have led to a decline in domestic PTA production [1]. - **Ethylene Glycol**: The decline of crude - oil prices has led to a decline in ethylene - glycol prices, while the rise of coal prices has slightly strengthened the cost support of domestic ethylene glycol. The "Golden September and Silver October" of the polyester industry is coming to an end, and the domestic demand has not significantly declined [1]. - **Short - Fiber**: Gasoline profit and low benzene price support PX. The rebound of PTA prices has strengthened the basis of short - fiber. Short - fiber prices continue to fluctuate closely with costs [1]. - **Styrene**: The Asian benzene price is still weak, the operating rates of STDP and reforming units have declined, the arbitrage window from Northeast Asia to the US is still closed, the profit of domestic styrene has decreased, the number of styrene - device overhauls has gradually increased, and crude - oil prices have continued to fall [1]. - **Urea**: The export sentiment has eased slightly, and the limited domestic demand restricts the upward space. There is support from anti - involution and cost - end factors [1]. - **PE**: Under high - supply, the inventory pressure is large, the intensity of overhauls has weakened, and the downstream demand is slowly increasing, but the peak season is not prosperous [1]. - **PP**: The support from overhauls is limited, and the new - device production has increased the supply pressure. The downstream improvement is less than expected, and the futures price has returned to the fundamentals, showing a weak - oscillating trend [1]. - **PVC**: The overhauls have decreased compared with the previous period, and the new production capacity has been released, increasing the supply pressure. The rise of coal prices has strengthened the cost support of PVC [1]. - **Caustic Soda**: Many alumina projects in Guangxi are planned to be put into production, the subsequent concentration of overhauls will decrease, the high - concentration caustic soda is at a negative premium, the absolute price is low, and the near - month warehouse receipts are limited, so there is a risk of short - squeeze [1]. - **LPG**: The international oil - gas fundamentals are continuously loose, the CP/FEI prices have weakened, the valuation of the domestic LPG futures price has been repaired, and the domestic spot fundamentals are stable due to short - term cooling and chemical rigid demand [1]. Others - **Container Shipping (European Route)**: The positive macro - sentiment has been gradually digested, the expectation of price increases in the peak season has been priced in advance, and the shipping capacity supply in November is relatively loose [1].

Report Industry Investment Rating No relevant content provided. Core View of the Report The report offers a daily morning observation of the non - ferrous metals market, analyzing the market trends, important information, logical reasoning, and trading strategies of various non - ferrous metals such as precious metals, copper, alumina, etc. Summary by Related Catalogs Precious Metals - **Market Review**: London gold closed down 0.05% at $3977.17/ounce, London silver closed up 0.03% at $48.01/ounce. The US dollar index closed down 0.45% at 99.67, and the 10 - year US Treasury yield fell to 4.088%. The RMB exchange rate against the US dollar closed at 7.1188 [8]. - **Important Information**: Trump won't announce new tariffs during the Supreme Court's tariff case. The US House Speaker is less optimistic about resolving the government shutdown. The US included copper, silver, and potash in the 2025 critical minerals list. US private employment data shows a weak labor market. Fed officials have different views on December rate cuts [8][9]. - **Logic Analysis**: Multiple Fed officials are cautious about December rate cuts, pressuring precious metals. But risks like the government shutdown, tariff debates, and labor market risks support prices. So, precious metals are expected to continue adjusting [9][10]. - **Trading Strategy**: Use a band - trading approach for single - side trading; wait and see for arbitrage and options [11]. Copper - **Market Review**: The night - session of SHFE copper 2512 contract rose 0.33% to 85690 yuan/ton, and the LME copper closed down 0.43% at $10684/ton. LME and COMEX inventories increased [12]. - **Important Information**: The US included copper in the critical minerals list. The Fed's December rate - cut direction is unclear. Chinese copper inventories have been rising for 5 weeks. Tanzania reopened its border with Zambia [12]. - **Logic Analysis**: The long - term US government shutdown causes liquidity concerns. Copper supply remains tight, but non - US supply pressure eases. High copper prices reduce demand, and domestic inventories increase [13]. - **Trading Strategy**: Wait and see for single - side trading; hold cross - market long positions and exit when the export window opens; wait and see for options [13][14]. Alumina - **Market Review**: The night - session of alumina 2601 contract fell 6 yuan to 2774 yuan/ton. Spot prices in different regions showed various changes [17]. - **Important Information**: Australia sold 30,000 tons of alumina at $320/ton FOB. National alumina inventories increased. Some projects in Guinea and China are in progress [17][18][19]. - **Logic Analysis**: Alumina supply still exceeds demand. Although there are expectations of production cuts, actual cuts haven't happened, and imports and new projects put pressure on prices [19]. - **Trading Strategy**: Expect narrow - range bottom - grinding for single - side trading; wait and see for arbitrage and options [22]. Electrolytic Aluminum - **Market Review**: The SHFE aluminum 2512 contract rose 280 yuan to 21630 yuan/ton. Spot prices in different regions increased [23]. - **Important Information**: US companies' October lay - offs reached a 20 - year high. US ADP employment in October increased. Chinese aluminum ingot inventories decreased. A US aluminum smelter cut production [23][24]. - **Logic Analysis**: US economic data improved the market's expectation of a December Fed rate cut. The supply - demand of aluminum remains tight, with overseas supply concerns and domestic consumption growth [24]. - **Trading Strategy**: Expect an upward - biased trend for single - side trading; consider going long SHFE aluminum and short LME aluminum for arbitrage; wait and see for options [24]. Cast Aluminum Alloy - **Market Review**: The night - session of cast aluminum alloy 2512 contract remained flat at 20910 yuan/ton. Spot prices in different regions were stable [25][26]. - **Important Information**: Similar to electrolytic aluminum, including US lay - offs, ADP employment data, and TGA balance changes. The industry's theoretical profit increased [26][27]. - **Logic Analysis**: US economic data eased market concerns. Supply shortages and rising raw material costs support prices, and demand is improving [27]. - **Trading Strategy**: Expect an upward - biased trend for single - side trading; wait and see for arbitrage and options [27]. Zinc - **Market Review**: The LME zinc fell 0.11% to $3051/ton, and the SHFE zinc 2512 rose 0.15% to 22630 yuan/ton. Shanghai zinc inventories decreased [29]. - **Important Information**: SMM seven - region zinc inventories decreased [31]. - **Logic Analysis**: The mining end is tight, and processing fees are falling, leading to potential production cuts. The export window is open, but new production and export volume are uncertain [31]. - **Trading Strategy**: Wait and see for single - side trading; hold the strategy of buying SHFE zinc and selling LME zinc for arbitrage; wait and see for options [31]. Lead - **Market Review**: The LME lead rose 0.84% to $2036.5/ton, and the SHFE lead 2512 fell 0.23% to 17405 yuan/ton. Spot prices fell, and downstream buying improved [33]. - **Important Information**: SMM five - region lead inventories increased [33]. - **Logic Analysis**: Some lead - storage enterprises cut production due to high prices and high dealer inventories. Supply is expected to increase, and demand is entering the off - season [33]. - **Trading Strategy**: Hold short positions for single - side trading; wait and see for arbitrage and options [35]. Nickel - **Market Review**: The LME nickel rose to $15055/ton, and the inventory decreased to 253104 tons [36]. - **Important Information**: Indonesia restricted new smelting licenses and cracked down on illegal nickel mining [36]. - **Logic Analysis**: LME nickel inventories remain high, indicating loose supply - demand. Cost support may weaken in December, and nickel prices will fluctuate weakly [36]. - **Trading Strategy**: Expect a downward - biased trend for single - side trading; wait and see for arbitrage; sell a wide - straddle option for the 2512 contract [37][39]. Stainless Steel - **Important Information**: A South Korean stainless - steel factory suspended operations due to a gas leak. National stainless - steel inventories increased slightly [40]. - **Logic Analysis**: Terminal demand is weak, and the supply of cold - rolled products is sufficient. Cost support is weak, and the price trend is downward [40]. - **Trading Strategy**: Sell on rebounds for single - side trading; wait and see for arbitrage [41]. Industrial Silicon - **Important Information**: An industrial silicon project in Angola was completed [42]. - **Logic Analysis**: In November, demand for industrial silicon decreased, and some factories stopped production. Supply - demand is basically balanced, and prices will fluctuate in the range of 8500 - 9500 yuan/ton [42][44]. - **Trading Strategy**: Buy on dips for single - side trading; conduct a long - spread strategy for Si2512 and Si2601 contracts; sell out - of - the - money put options [44]. Polysilicon - **Important Information**: The National Energy Administration issued a guidance on coal - new energy integration [45]. - **Logic Analysis**: In November, polysilicon supply and demand both decreased, with supply decreasing more. Without new positive news, the price is weak in the short term [45]. - **Trading Strategy**: Wait for a full correction for single - side trading; conduct a reverse - spread strategy for far - month contracts; no option strategy [45]. Lithium Carbonate - **Important Information**: A mining right in Jiangxi was under public notice. Chile's lithium carbonate exports increased in October [46][48]. - **Logic Analysis**: This week's production increased, and inventory decreased. But lithium concentrate arrivals and potential production resumptions will pressure prices in the future [48]. - **Trading Strategy**: Sell on rebounds for single - side trading; wait and see for arbitrage; sell out - of - the - money call options [49]. Tin - **Market Review**: The SHFE tin 2512 rose 0.11% to 283100 yuan/ton, and LME tin inventories increased [50]. - **Important Information**: Fed officials have different views on rate cuts. Yunnan over - achieved its tin exploration target. A company's tin production decreased. An electronics company's export situation changed [50][52]. - **Logic Analysis**: Fed officials' rate - cut views differ. Tin mining supply is tight, and production recovery may be delayed. Demand recovers slowly [53]. - **Trading Strategy**: Expect high - level fluctuations for single - side trading; wait and see for options [53].

Report Overview - The report is a commodity research morning report on green finance and new energy by Guotai Junan Futures on November 7, 2025, covering nickel, stainless steel, lithium carbonate, industrial silicon, and polysilicon [1][2] Report Industry Investment Ratings - No industry investment ratings are provided in the report Core Views - Nickel is suppressed by inventory accumulation at the smelting end and supported by uncertainties at the ore end; stainless steel prices are oscillating narrowly at a low level [2][4] - Lithium carbonate prices are expected to decline as the transfer income is lower than market expectations [2][7] - For industrial silicon, attention should be paid to the bottom support [2][10] - Polysilicon may experience a significant decline in the futures market as the news - based expectations have failed to materialize [2][11] Summary by Commodity Nickel and Stainless Steel - **Fundamental Data**: The closing price of Shanghai Nickel's main contract was 119,750 yuan, down 280 yuan from the previous day; the stainless - steel main contract closed at 12,590 yuan, up 55 yuan. The trading volume of Shanghai Nickel's main contract was 110,740 lots, a decrease of 12,708 lots, while the stainless - steel main contract had a trading volume of 191,761 lots, an increase of 32,752 lots [4] - **Macro and Industry News**: Indonesian forestry workgroups took over a nickel mine due to violations; China suspended an unofficial subsidy for copper and nickel imports from Russia; Indonesia imposed sanctions on 190 mining companies; a new regulation on mine RKAB approval was issued; Trump threatened to impose 100% tariffs on China [4][5][6] - **Trend Intensity**: Both nickel and stainless steel have a trend intensity of 0, indicating a neutral outlook [6] Lithium Carbonate - **Fundamental Data**: The closing price of the 2511 contract was 77,880 yuan, up 80 yuan; the 2601 contract closed at 80,500 yuan, up 1,360 yuan. The trading volume of the 2511 contract was 186 lots, a decrease of 99 lots, and the 2601 contract had a trading volume of 582,033 lots, an increase of 66,302 lots [7] - **Macro and Industry News**: SMM's battery - grade lithium carbonate index price decreased; weekly production increased and inventory decreased; Chile's lithium carbonate and lithium sulfate exports showed different trends in October and from January - October [8][9] - **Trend Intensity**: Lithium carbonate has a trend intensity of - 1, indicating a bearish outlook [9] Industrial Silicon and Polysilicon - **Fundamental Data**: The Si2601 contract of industrial silicon closed at 9,065 yuan/ton, up 45 yuan; the PS2601 contract of polysilicon closed at 53,395 yuan/ton, up 40 yuan. Industrial silicon's social inventory was 55.2 million tons, and polysilicon's manufacturer inventory was 25.9 million tons [11] - **Macro and Industry News**: A 6.2GW TOPCon high - efficiency solar cell sheet technical transformation project's environmental impact report was publicly announced [11] - **Trend Intensity**: Industrial silicon has a trend intensity of 0 (neutral), while polysilicon has a trend intensity of - 2 (most bearish) [13]