Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - On March 31, industrial silicon and polysilicon both showed weak oscillations. The main contract of industrial silicon 2605 closed at 8355 yuan/ton, with an intraday decline of 1.71%, and the position decreased by 18,817 lots to 202,000 lots. The main contract of polysilicon 2605 closed at 35,200 yuan/ton, with an intraday decline of 3.1%, and the position decreased by 128 lots to 34,456 lots [2]. - Industrial silicon is in a game between cost support and marginal inventory accumulation. After the increase in petroleum coke and electricity prices, the quotation center of spot - futures traders has risen significantly, and low - price goods in the market have disappeared. However, the overall market atmosphere is difficult to improve significantly, and it will operate in an oscillatory manner. Polysilicon is in a window period of policy implementation. Silicon material production is steadily increasing, the delivery of photovoltaic centralized projects has slowed down, and leading enterprises continue the dual - distribution strategy, so the industry inventory has the risk of increasing pressure. The market has not shown an obvious bottom - reaching signal and mainly follows the bottom - running logic [2]. 3. Summary by Directory 3.1 Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract decreased from 8480 yuan/ton on March 30 to 8355 yuan/ton on March 31, a decrease of 125 yuan/ton. Most of the spot prices of different grades and varieties in different regions either decreased slightly or remained stable. The current lowest delivery price remained at 8800 yuan/ton, and the spot premium expanded to 445 yuan/ton. The industrial silicon inventory increased in most places, with the social inventory increasing by 23,100 tons to 456,150 tons [4]. - **Polysilicon**: The futures settlement price of the main contract decreased from 36,550 yuan/ton on March 30 to 35,200 yuan/ton on March 31, a decrease of 1350 yuan/ton. The spot prices of some varieties decreased, and the lowest delivery price dropped by 750 yuan/ton to 38,500 yuan/ton. The spot premium expanded to 3300 yuan/ton. The polysilicon inventory increased, with the social inventory increasing by 24,000 tons to 332,000 tons [4]. - **Organic Silicon**: The prices of DMC, raw rubber, and 107 glue in the East China market remained unchanged, while the price of dimethyl silicone oil increased by 1000 yuan/ton to 15,800 yuan/ton [4]. 3.2 Chart Analysis - **Industrial Silicon and Cost - end Prices**: Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [6][8][11]. - **Downstream Product Prices**: Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [14][16][19]. - **Inventory**: Charts present the futures inventories of industrial silicon and polysilicon, the weekly industrial silicon industry inventory, the weekly industrial silicon inventory change, the weekly polysilicon inventory, and the weekly DMC inventory [21][22][24]. - **Cost - Profit**: Charts show the average cost and profit levels of industrial silicon, the weekly cost - profit of industrial silicon, the processing industry profit of polysilicon, the cost - profit of DMC, and the cost - profit of aluminum alloys [27][29][32].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The geopolitical situation in the Middle East is the core factor affecting the market, with significant impacts on the prices of various commodities and financial products. The short - term price fluctuations of many commodities are large, and long - term trends depend on the development of the situation in the Middle East, especially the situation of the Strait of Hormuz [2]. - The Fed's stance on interest rates and inflation also has an impact on the market. Powell's remarks have suppressed the expectation of interest rate hikes [2]. Summary by Category Energy and Petrochemicals - **Crude Oil**: The possibility of a short - term negotiation agreement between Iran and the US is extremely low. The Strait of Hormuz has few ships passing through, and the short - term oil price has a large two - way fluctuation risk. In the long term, the core variable determining the oil price trend is whether the Strait of Hormuz can remain unobstructed [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: Geopolitical factors are the core trading logic. The supply shock in the Middle East has not been alleviated, and the crude - oil related products have strong fundamental support. Although the market will fluctuate, the downside support is solid [20]. - **Asphalt**: Due to concerns about imported raw materials, the supply of asphalt has shrunk. The price follows the trend of crude oil, with improved fundamentals and limited downside space [21]. - **Urea**: The urea market continues to be sorted at a high level. The daily output has declined slightly, and the policy restricts the price increase. It is expected to remain stable with minor fluctuations [22]. - **Methanol**: The import volume has decreased, the downstream device operation rate has increased, and the market is expected to remain strong. Attention should be paid to the development of geopolitical conflicts and the sustainability of downstream high profits [23]. - **Pure Benzene**: The domestic petroleum benzene device has reduced production, and the import has decreased. The demand has increased, and the price is affected by the geopolitical situation [24]. - **Benzene Ethylene**: The cost provides support, but the supply - demand fundamentals are expected to weaken. Attention should be paid to the implementation of supply reduction [25]. - **Polypropylene, Plastic & Propylene**: The supply of propylene is expected to decline, and the demand has improved. The supply of polyethylene is under little pressure, and the demand is stable. The supply of polypropylene has tightened, but the downstream demand is weak [26]. - **PVC & Caustic Soda**: PVC is running weakly, and the export is expected to be good. Caustic soda is oscillating weakly, and attention should be paid to the geopolitical situation [27]. - **PX & PTA**: The prices are oscillating. The PX load is high, and the PTA is accumulating inventory. The downstream demand is weak [28]. - **Ethylene Glycol**: The supply is expected to tighten, and the market is expected to oscillate at a high level. Attention should be paid to the development of the situation, export performance, and downstream load [29]. Metals - **Copper**: The market is still evaluating the risk of ground operations in the Middle East. The price has a downward adjustment risk, and it is advisable to short on rebounds [3]. - **Aluminum**: The overseas shortage expectation has increased, but the short - term war situation is difficult to ease. It is not advisable to chase the high price [4]. - **Zinc**: The fundamentals are strong, but the rebound space is limited by the geopolitical situation. It is expected to oscillate in the range of 22,500 - 23,700 yuan/ton [7]. - **Lead**: The price is consolidating at a low level. The cost supports the price, and it is advisable to try to go long at a low level [8]. - **Nickel and Stainless Steel**: The market is under pressure from the strong US dollar. The demand is less than expected, and the inventory is high. It is expected to oscillate weakly [9]. - **Tin**: The price may decline. It is advisable to short on rebounds or try to short against the MA20 moving average [10]. - **Carbonate Lithium**: The price is oscillating strongly. Attention should be paid to the demand change in April [11]. - **Industrial Silicon**: The demand is weak, and the price is expected to oscillate. The 8,000 - yuan/ton mark has support [12]. - **Polysilicon**: The price is under pressure, and there is still a downward pressure in the medium term [13]. - **Iron Ore**: The supply is expected to recover, and the demand is improving. The price is expected to oscillate [14]. - **Coke and Coking Coal**: The supply of carbon elements is abundant, but the energy concern may make the prices easy to rise and difficult to fall. Attention should be paid to geopolitical news [15][16]. - **Manganese Silicon**: The cost is expected to rise, and the demand is increasing. Attention should be paid to geopolitical news [17]. - **Silicon Iron**: The price is oscillating strongly. The demand is resilient, and the price may be driven by silicon basin [18]. Agricultural Products - **Soybean & Soybean Meal**: The expected planting area of US soybeans has increased. The market is affected by multiple factors, and attention should be paid to various dynamic changes [33]. - **Soybean Oil & Palm Oil**: Palm oil is strong due to the expected B50 policy in Indonesia. Attention should be paid to the procurement of methanol in Indonesia, the US planting report, and the climate [34]. - **Rapeseed Meal & Rapeseed Oil**: The supply of rapeseed is expected to increase, and it is advisable to wait and see in the short term [35]. - **Domestic Soybeans**: The price has rebounded. Attention should be paid to the impact of the Middle East situation on energy prices and market trends [36]. - **Corn**: The price may be affected by the increase in wheat auctions. The futures price is weak, and attention should be paid to various factors [37]. - **Pigs**: The far - month contracts are weak, and the industry's production capacity needs to be reduced. The market is in a state of oversupply [38]. - **Eggs**: The egg - laying hen inventory is expected to decline in the next five months, and the spot price has the basis to strengthen. Attention should be paid to whether the futures price stabilizes and rises [39]. - **Cotton**: The US cotton price is rising, and the planting area is expected to decrease. The domestic market is in a good season, and the medium - term strategy is bullish [40]. - **Sugar**: Internationally, the new - season sugar production in Brazil is expected to decline. Domestically, it is in a pattern of weak reality and strong expectation. Attention should be paid to the weather [41]. - **Apples**: The futures price has corrected. The market focuses on the demand side, and it is advisable to wait and see [42]. - **Wood**: The price is oscillating. The supply is short, the demand is recovering, and the inventory is low. It is advisable to wait and see [43]. - **Pulp**: The fundamentals are average. The inventory is high, and the price is expected to oscillate in a low - level range [44]. Financial Products - **Stock Index**: The A - share market has bottomed out and rebounded. The Fed's stance on interest rates has affected the market. It is advisable to go long on dips for broad - based indexes and consider using put options for protection [45]. - **Treasury Bonds**: The futures price has risen significantly, and the yield curve has steepened slightly. The short - end assets are more beneficial [46]. Shipping - **Container Shipping Index (European Line)**: The SCFIS European route index has risen. The supply in April is still relatively loose, and the airlines may push up prices in late April. The near - and far - month contracts have different trends [19].

Investment Rating - The report maintains a long-term positive outlook on the non-ferrous metals industry despite short-term pressures from geopolitical conflicts and economic indicators [1][2]. Core Insights - The U.S. March PMI has decreased by 0.5 points to 51.4, indicating a slowdown in economic expansion, while input price indices have risen significantly, reflecting increased cost pressures [1][17]. - The ongoing conflict in the Middle East is affecting global metal markets, with rising costs and supply chain disruptions becoming evident [1][2]. - Zimbabwe's ban on lithium ore exports has intensified, leading to cash flow crises for local small mining companies [3][19]. - The UAE's Emirates Global Aluminium reported significant damage to its smelting facility due to attacks, impacting production capabilities [4][20]. - Indonesia has approved export taxes on nickel, reflecting budgetary pressures exacerbated by rising oil prices due to geopolitical tensions [5][21]. Summary by Sections Market Review - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 2.78%, driven by strong performances in energy metals [10][11]. Key Focus Areas & Metal Prices - **Industrial Metals**: Geopolitical tensions are increasing risks for aluminum production, with LME copper prices at $12,141.00 per ton, up 2.59% week-on-week [22][25]. - **Precious Metals**: COMEX gold prices decreased to $4,489.70 per ounce, reflecting a 0.05% decline, while silver prices showed mixed trends [37][38]. - **Energy Metals**: Lithium carbonate prices rose to 164,200 yuan per ton, up 11.28% week-on-week, amid tightening supply conditions [38][43]. Core View Updates and Key Stock Tracking - **Industrial Metals**: Recommendations include companies with integrated operations like China Hongqiao and others in the aluminum sector [52]. - **Precious Metals**: Continued central bank gold purchases suggest gold remains a key asset for long-term investment [53]. - **Strategic and Minor Metals**: Anticipated easing of export restrictions on certain rare earths and lithium-related products may lead to price increases [53]. Company Earnings Forecasts - Key companies such as Zijin Mining and Luoyang Molybdenum are highlighted with projected earnings per share and valuations, indicating strong growth potential [55][56].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - On March 26, industrial silicon showed a volatile and slightly stronger trend, with the main contract 2605 closing at 8,735 yuan/ton, an intraday increase of 0.58%, and the position decreased by 2,435 lots to 229,600 lots. The spot reference price of industrial silicon from Baichuan was 9,155 yuan/ton, remaining stable compared to the previous trading day. The price of the lowest deliverable product rebounded to 8,800 yuan/ton, and the spot premium widened to 65 yuan/ton. Polysilicon showed a volatile and slightly weaker trend, with the main contract 2605 closing at 35,540 yuan/ton, an intraday decrease of 2.78%, and the position increased by 631 lots to 33,451 lots. The price of N-type recycled polysilicon from Baichuan dropped to 39,750 yuan/ton, and the price of the lowest deliverable polysilicon also dropped to 39,750 yuan/ton, with the spot premium widening to 4,210 yuan/ton [2]. - The northern and southern production areas of industrial silicon are slowly resuming production. The cost support logic of petroleum coke and electricity prices still exists, but the pricing center of gravity has deviated under the market's pessimistic sentiment. With the moderate release of supply and cost support, industrial silicon is mainly stable with slight adjustments, and the probability of a sharp decline is low. The polysilicon market is lackluster, and the spot end is difficult to reverse the continuous discount sales. Currently, the futures market can still cover the cash costs of large manufacturers. As the resumption of production by large manufacturers approaches and the supply gradually changes from contraction to expansion, the imbalance between supply and demand will intensify. Under the subsequent pressure of the return of social inventory to accumulation, the role of warehouse receipts in relieving inventory still exists. Without clear policy support, it is difficult for the market to have a trending market, and it will mainly operate at the bottom. It is recommended to hold a light position and wait for the resonance signal of policy and demand [2]. 3. Summary According to Relevant Catalogs 3.1 Research Viewpoints - Industrial silicon showed a volatile and slightly stronger trend on March 26, while polysilicon showed a volatile and slightly weaker trend. The cost of industrial silicon has support, but the market sentiment is pessimistic. The polysilicon market is lackluster, and the supply-demand imbalance may intensify. It is recommended to hold a light position and wait for signals [2]. 3.2 Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract decreased by 35 yuan/ton to 8,735 yuan/ton. Most of the spot prices of different grades and regions remained stable, with only a few showing slight changes. The current lowest deliverable product price remained at 8,800 yuan/ton, and the spot premium widened by 35 yuan to 65 yuan/ton. The industrial silicon inventory increased by 15,300 tons to 452,650 tons [4]. - **Polysilicon**: The futures settlement price of the main contract decreased by 1,210 yuan/ton to 35,540 yuan/ton. The price of N-type recycled polysilicon dropped by 750 yuan/ton to 39,750 yuan/ton, and the current lowest deliverable product price also dropped by 750 yuan/ton. The spot premium widened by 460 yuan to 4,210 yuan/ton. The polysilicon social inventory decreased by 0.3 million tons to 35.7 million tons [4]. - **Organic Silicon**: The price of DMC in the East China market remained stable at 14,300 yuan/ton, and the price of dimethyl silicone oil increased by 1,000 yuan/ton to 15,800 yuan/ton [4]. 3.3 Chart Analysis - **Industrial Silicon and Cost - end Prices**: Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [6][7][8][9][10][11]. - **Downstream Product Prices**: Charts show the prices of DMC, other organic silicon products, polysilicon, silicon wafers, battery cells, and components [12][13][15][17][18][19][20]. - **Inventory**: Charts show the futures inventory, weekly industry inventory, and weekly inventory changes of industrial silicon and polysilicon, as well as the weekly inventory of DMC [22][23][25][26]. - **Cost and Profit**: Charts show the average cost and profit levels of industrial silicon, weekly cost - profit of industrial silicon, polysilicon processing industry profit, DMC cost - profit, and aluminum alloy cost - profit [28][29][30][31][32][33][35]. 3.4 Team Introduction - The research team of the report includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience and research achievements in the field of non - ferrous metals [38][39].

Summary of the Conference Call for Hanrui Cobalt Industry Company Overview - **Company**: Hanrui Cobalt Industry - **Industry**: Cobalt and Copper Mining Key Points Business Operations and Capacity - **Indonesia Nickel Project**: A 20,000-ton high-ice nickel project is expected to start trial production in early April 2026, with a minimum output target of 10,000 metal tons and a profit margin of approximately $2,000 per ton [2][16] - **Congo Copper Operations**: The target for full production in Congo is set at 70,000 tons by 2026, with plans to add 50,000 tons of capacity. The company aims to increase the self-owned mine ratio to 60% and reduce raw material costs through heap leaching technology [2][3] - **Cobalt Business**: The company has not set an incremental target for cobalt due to slow quota execution but has secured approximately 3,000 tons of rights through agreements with local companies, covering about 45% of hydroxide cobalt production capacity [2][10] Cost and Profitability - **Congo Copper Smelting Costs**: The smelting cost has risen from $1,500 per ton to $1,800-$1,900 per ton due to power shortages and rising auxiliary material prices, reducing net profit per ton to around $700-$800 [2][5][6] - **Profit Margins**: The normal gross margin for Congo's electrolytic copper business is around 20%, with net margins in the low double digits. Current copper prices have dropped from $13,000 per ton to approximately $12,000 per ton, impacting gross profit by $200 per ton [5][6] Power Supply Solutions - **Power Shortages**: The main challenge in Congo is the power shortage, with companies increasing diesel generator usage, raising operational costs. The company has deployed a "photovoltaic + energy storage" microgrid system to cover 40% of its electricity needs [4][9] - **Future Plans**: The company plans to enhance the photovoltaic system and optimize energy storage to better match production electricity curves [9] Expansion Plans - **New Copper Capacity**: The company plans to add 50,000 tons of copper capacity, focusing on new sites near mines to reduce transportation costs and utilize lower-grade ores economically [7][8] - **Project Timeline**: The new copper project is in the feasibility study phase, with a target start in 2026, contingent on overseas investment approval [8] Cobalt Supply and Market Dynamics - **Cobalt Quota Solutions**: The company has signed agreements with three local companies for cobalt quotas, expecting to secure around 3,000 to 3,200 tons of cobalt production, which would cover about 30% of its hydroxide cobalt capacity [10][11] - **Cobalt Powder Market**: The gross margin for cobalt powder production is around 20%, with current prices allowing for a profit of approximately $8,900 per ton [12] Capital Expenditure and Financing - **Future Capital Expenditure**: The company plans to focus capital expenditures on the second phase of the Indonesia nickel project ($800-$900 million) and the Congo copper project ($150-$200 million), with financing through overseas investments and project cash flow [2][20] Hedging Strategies - **Hedging Approach**: The company employs a complete hedging strategy to lock in risks without speculative operations, particularly for copper, while the nickel hedging strategy is still under development [21] Additional Insights - **Geopolitical Impact**: Recent geopolitical factors have led to price increases for sulfur and diesel, significantly impacting copper smelting costs [4] - **Raw Material Supply**: The company is working on securing raw materials for its nickel project through long-term agreements and local mining partnerships [18] This summary encapsulates the key insights from the conference call, highlighting the company's operational strategies, financial outlook, and market dynamics in the cobalt and copper industries.

1. Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Views - The global economic and political situation is complex, with the military conflict between the US, Israel, and Iran intensifying, which has a significant impact on the energy market and may lead to a long - term energy crisis. The Chinese government will continue to implement a moderately loose monetary policy and take measures to boost domestic demand and promote economic development [10][11][17] - The performance of different industries varies. The gold price has dropped sharply, the aluminum price has risen due to supply shortages, the coal - coke - steel - ore industry has new exploration results, the energy - chemical industry is affected by the Middle East situation, and the agricultural product market, especially the pig - breeding market, is in a downturn [5][6][13] 3. Summary by Directory 3.1 Macro Data - GDP growth in the fourth quarter of 2025 slowed down year - on - year, with a growth rate of 4.5%. The manufacturing and non - manufacturing PMIs in February 2026 were below the boom - bust line, at 49.0% and 49.5%, respectively. Social financing scale in February 2026 was 23855 billion yuan. The growth rates of M0, M1, and M2 in February 2026 were 14.1%, 5.9%, and 9.0% respectively. New RMB loans in February 2026 were 9000 billion yuan. CPI in February 2026 increased by 1.3% year - on - year, and PPI decreased by 0.9%. Fixed - asset investment in the first two months of 2026 increased by 1.8% year - on - year, and the total retail sales of consumer goods increased by 2.8%. Exports in February 2026 increased by 39.6% year - on - year, and imports increased by 13.8% [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Domestic refined oil prices may rise to the "9 - yuan era", with an expected increase of about 2000 yuan/ton. The 1 - year and 5 - year LPRs in March 2026 remained unchanged at 3.0% and 3.5% respectively, and experts predict a possible interest rate cut in the middle of the year. The trading rules of platinum and palladium futures on the Guangzhou Futures Exchange have been adjusted [2] - The People's Bank of China will maintain a moderately loose monetary policy. The US - China trade relations are expected to improve, and both sides hope to promote economic and trade cooperation. The base differences of domestic commodities vary, and the Middle East situation is tense [3][4] 3.2.2 Metals - The international gold price has dropped by 10.49%, and domestic gold jewelry prices have also declined. The performance of gold - related listed companies may be further differentiated, with upstream gold mining enterprises benefiting the most from the rising gold price. The calculation method of the margin account fund adequacy ratio for ICBC's agent individual precious metal trading business has been modified [5] - Aluminum production in Bahrain has been affected, leading to a sharp rise in international aluminum prices. Battery - grade lithium carbonate and lithium hydroxide prices have reached new lows in over a month [6][7] 3.2.3 Coal - Coking - Steel - Ore - A large - scale rare - earth mine in Sichuan has increased its reserves by over 200%, and Indonesia is expected to approve a nickel - ore production plan of about 1 billion tons by the end of March [8] 3.2.4 Energy - Chemical - The military conflict between the US, Israel, and Iran has affected the safety of navigation in the Persian Gulf and the Strait of Hormuz. The US has threatened to attack Iran's power plants, and Iran has responded strongly. The global energy supply is at risk, and the supply of liquefied petroleum gas in India is in short supply [9][10][11] 3.2.5 Agricultural Products - China will implement a plan to increase the income of urban and rural residents to boost consumption. The pig - breeding market is in deep losses, and the state has started to purchase frozen pork for storage. Scientists have developed "long - life rice" [12][13][14] 3.3 Financial News Compilation 3.3.1 Open Market - This week, 2423 billion yuan of reverse repurchases and 4500 billion yuan of MLF will expire. Last week, the central bank achieved a net injection of 658 billion yuan through reverse repurchase operations [15] 3.3.2 Key News - The draft financial law is open for public comments, aiming to strengthen financial risk management. China will promote high - quality development and opening - up, and the government will take measures to boost domestic demand. The central bank will promote the high - level opening of the financial industry and maintain a moderately loose monetary policy [16][17] - The performance comparison benchmarks of wealth management products are showing trends of "anchor replacement" and reduction. The LPR has remained stable for ten months. The sixth state - owned bank's financial asset investment company has been established. Iran has put forward six conditions for a ceasefire, and the US is seeking diplomatic solutions [19][20][21] - Some bond - related events have occurred, such as the ineffective bond - holder meeting and the default of debt repayment. Overseas credit ratings of some companies have been adjusted [22] 3.3.3 Bond Market Summary - The main interest - rate bonds in the inter - bank bond market in China have been fluctuating within a narrow range. The performance of exchange - traded bonds and convertible bonds has been mixed. Shibor short - term varieties have mostly declined, and the yields of European and US bonds have generally risen [23][24][25] 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar has risen, while the US dollar index has also risen, and most non - US currencies have declined [26][27] 3.3.5 Research Report Highlights - CITIC Securities believes that the US - Iran conflict may lead to high oil prices for a long time, and China's exports may slow down in the short term. Huatai Fixed - Income is cautious about US bonds. Guosheng Fixed - Income expects the long - end interest rate to recover. Shenwan Fixed - Income provides investment strategies for small and medium - sized banks' Tier 2 and perpetual bonds [28][29][30] 3.3.6 Today's Reminder - On March 23, 2026, a large number of bonds will be listed, issued, and have their payments made, and many bonds will have their principal and interest repaid [30][31] 3.4 Stock Market Key News - The A - share market has shown a significant divergence, with the Shanghai Composite Index hitting a new low this year. The Hong Kong stock market has also declined, but the IPO financing amount has exceeded 100 billion Hong Kong dollars [32]

Core Viewpoint - The central theme of the articles revolves around the Chinese central bank's commitment to maintaining stability in financial markets, alongside ongoing geopolitical tensions affecting global energy security and commodity prices [1][6][7]. Group 1: Financial Market Stability - The People's Bank of China (PBOC) has reiterated its intention to implement a moderately loose monetary policy, utilizing tools such as reserve requirement ratio cuts and government bond transactions to ensure ample liquidity and low financing costs [1][7]. - The PBOC aims to align monetary supply growth with economic growth and price level expectations, emphasizing the importance of financial services in key sectors like technology innovation and small to medium enterprises [7]. Group 2: Commodity Market Insights - Oil prices are expected to remain volatile due to ongoing geopolitical tensions in the Middle East, with the market pricing in current conflict levels without extreme escalations [2][14]. - Precious metals have experienced fluctuations, with initial declines due to rising oil prices and subsequent rebounds as market conditions evolve. Long-term trends for gold remain bullish due to factors like geopolitical risks and diversification of central bank reserves [2][18]. Group 3: Stock Market Dynamics - Stock indices have faced downward pressure from geopolitical disturbances, with significant trading volumes observed. The market is transitioning from a "expectation-driven" phase to a "profit-driven" phase as companies begin to report earnings [3][11]. - The financing balance in the stock market has seen an increase, indicating potential investor confidence in established industry leaders as earnings reports are released [3][11]. Group 4: Industry-Specific Developments - The pharmaceutical company Kunming Pharmaceutical Group reported a significant decline in revenue and profits for 2025, attributed to complex external environments and internal transformation challenges [9]. - The agricultural sector is experiencing mixed signals, with Brazilian soybean production forecasts being adjusted downward despite overall expectations of increased yields [25]. Group 5: Global Economic Indicators - Recent economic indicators show a rebound in major metrics such as industrial output and fixed asset investment, suggesting a positive start to the year for the national economy [12]. - The U.S. Federal Reserve's decision to maintain interest rates and its inflation outlook are influencing market expectations, particularly in the commodities sector [12][18].

1. Report Industry Investment Ratings No information about the report industry investment ratings is provided in the given content. 2. Core Views of the Report Tin - Short - term tin prices are expected to fluctuate weakly, with attention on the performance of tin prices at the 350,000 - yuan level. The long - term bullish logic for tin prices still exists, and short - term adjustments may provide opportunities for long - term long positions [1][2]. Copper - In the short term, the inventory structural contradiction that previously drove copper price increases has basically been resolved. Prices are under pressure due to reduced market risk appetite and are in an adjustment phase. It is recommended to follow the changes in the US - Iran conflict and overseas inventory accumulation, with the main focus on the pressure around 98,000 yuan [4]. Zinc - The short - term zinc price is expected to operate weakly. It is necessary to pay attention to zinc ore TC, marginal changes in demand, and macro - level guidance, with the main focus on the support between 22,800 - 23,000 yuan [7]. Aluminum - The alumina market should maintain a short - term bearish strategy on rallies. For aluminum, in the short term, it will oscillate at high levels with news changes. The LME spot shortage and high domestic inventory create internal and external driving differentiation, and the Shanghai - London ratio is expected to continue to weaken. In the long term, the long - term bullish logic remains unchanged. It is recommended to closely monitor inventory inflection points and downstream resumption progress, with the main Shanghai aluminum contract expected to operate in the range of 24,000 - 26,000 yuan/ton [9]. Aluminum Alloy - The short - term raw material cost at a high level strongly supports the ADC12 price, but demand follows slowly and the negative feedback effect of high prices is gradually emerging. The market is expected to continue to oscillate at high levels, with the main contract reference range of 23,000 - 24,500 yuan/ton [10]. Nickel - The macro sentiment exerts pressure, but the raw material end has contradictions and supports the price. The inventory shows internal and external differentiation. The bottom support is strong, but the upward driving force needs to be further transmitted to the real end. The disk is expected to oscillate within a range, with the main reference range of 132,000 - 142,000 yuan [11]. Stainless Steel - The macro sentiment has a certain suppressing effect, the raw material end is tight with strong cost support, and there is a game between supply and demand as steel mills increase production and demand gradually recovers. In the short term, it is expected to oscillate and adjust, with the main reference range of 13,800 - 14,500 yuan [13]. Lithium Carbonate - The macro sentiment is weak and exerts pressure, while the actual fundamentals of lithium carbonate are resilient, and demand remains optimistic but lacks further momentum. In the short term, the unilateral driving force is limited, and it is expected to oscillate and adjust widely around the macro and news, with the main reference range of 146,000 - 158,000 yuan [15][16]. Industrial Silicon - The spot price is stable, and the futures price continues to decline significantly due to overall sentiment. The cost end may support the bottom of industrial silicon. The supply is growing rapidly, demand is growing slightly, and there is a risk of inventory accumulation. It is advisable to operate cautiously and wait and see, and consider trying long positions at around 8,100 yuan [17]. Polysilicon - The polysilicon spot market is stable, and the futures price drops significantly with market sentiment, reflecting the pessimistic expectation of inventory accumulation. The industry still faces oversupply pressure. It is recommended to wait and see for now. If you want to participate, you can consider trying long positions after the price stabilizes, but pay attention to position control and setting stop - losses [18]. 3. Summary by Relevant Catalogs Tin - **Price and Basis**: The price of SMM 1 tin is 369,500 yuan/ton, down 2.85% [1]. - **Internal and External Price Ratios and Import Profits and Losses**: The import loss is - 6,076.10 yuan/ton, and the Shanghai - London ratio is 7.89 [1]. - **Monthly Spreads**: For example, the spread between 2604 - 2605 is - 270 yuan/ton, down 58.82% [1]. - **Fundamental Data**: In December, tin ore imports were 17,637 tons, up 16.81%; SMM refined tin production in February was 11,490 tons, down 23.91% [1]. - **Inventory Changes**: SHEF inventory increased by 7.30%, social inventory increased by 2.10%, SHEF warehouse receipts decreased by 3.09%, and LME inventory increased by 2.52% [2]. Copper - **Price and Basis**: The price of SMM 1 electrolytic copper is 98,990 yuan/ton, down 1.23% [4]. - **Internal and External Price Ratios and Import Profits and Losses**: The import profit is 363 yuan/ton, and the Shanghai - London ratio (delayed by one day) is 7.91 [4]. - **Monthly Spreads**: For example, the spread between 2604 - 2605 is - 20 yuan/ton, an increase of 60 yuan/ton [4]. - **Fundamental Data**: Electrolytic copper production in February was 114.24 million tons, down 3.13%; the import volume in December was 26.02 million tons, down 4.02% [4]. - **Inventory Changes**: Domestic social inventory decreased by 5.46%, bonded area inventory decreased by 4.18%, SHFE inventory increased by 1.96%, LME inventory increased by 1.13%, and COMEX inventory decreased by 0.24% [4]. Zinc - **Price and Spreads**: The price of SMM 0 zinc ingot is 23,200 yuan/ton, down 2.81% [7]. - **Price Ratios and Profits and Losses**: The import loss is - 2,774 yuan/ton, and the Shanghai - London ratio is 7.26 [7]. - **Monthly Spreads**: For example, the spread between 2604 - 2605 is - 20 yuan/ton, an increase of 10 yuan/ton [7]. - **Fundamental Data**: Refined zinc production in February was 50.46 million tons, down 9.99%; the import volume in December was 0.88 million tons, down 51.94% [7]. - **Inventory Changes**: China's seven - region zinc ingot social inventory increased by 5.19%, and LME inventory decreased by 0.30% [7]. Aluminum - **Price and Spreads**: The price of SMM A00 aluminum is 24,510 yuan/ton, down 1.57% [9]. - **Price Ratios and Profits and Losses**: The electrolytic aluminum import loss is - 3,420 yuan/ton, and the Shanghai - London ratio is 7.34 [9]. - **Monthly Spreads**: For example, the spread between AL 2603 - 2604 is - 100 yuan/ton, a decrease of 15 yuan/ton [9]. - **Fundamental Data**: Alumina production in February was 660.02 million tons, down 10.63%; domestic electrolytic aluminum production was 346.00 million tons, down 8.91% [9]. - **Inventory Changes**: China's electrolytic aluminum social inventory increased by 4.33%, and LME inventory decreased by 0.84% [9]. Aluminum Alloy - **Price and Spreads**: The price of SMM aluminum alloy ADC12 is 25,000 yuan/ton, down 0.40% [10]. - **Monthly Spreads**: For example, the spread between 2603 - 2604 is - 23,595 yuan/ton, an increase of 130 yuan/ton [10]. - **Fundamental Data**: The production of recycled aluminum alloy ingots in February was 35.80 million tons, down 41.31%; the production of primary aluminum alloy ingots was 20.93 million tons, down 30.99% [10]. - **Inventory Changes**: The weekly social inventory of recycled aluminum alloy ingots decreased by 5.56% [10]. Nickel - **Price and Basis**: The price of SMM 1 electrolytic nickel is 138,000 yuan/ton, down 1.39% [11]. - **Cost of Electrolytic Nickel**: The cost of integrated MHP - produced electrolytic nickel is 113,324 yuan/ton, down 0.69% [11]. - **New Energy Material Prices**: The average price of battery - grade lithium carbonate is 85,150 yuan/ton, up 0.95% [11]. - **Monthly Spreads**: For example, the spread between 2603 - 2604 is 1,620 yuan/ton, an increase of 1,090 yuan/ton [11]. - **Supply, Demand, and Inventory**: China's refined nickel production was 32,600 tons, down 7.45%; the import volume was 23,394 tons, up 84.63%. SHFE inventory increased by 3.10%, and social inventory increased by 3.49% [11]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 roll) is 14,350 yuan/ton, down 0.35% [13]. - **Raw Material Prices**: The average price of Philippine laterite nickel ore 1.5% (CIF) is 80 US dollars/wet ton, unchanged [13]. - **Monthly Spreads**: For example, the spread between 2603 - 2604 is - 250 yuan/ton, an increase of 40 yuan/ton [13]. - **Fundamental Data**: The production of 300 - series stainless steel crude steel in China (43 companies) was 190.08 million tons, up 44.07%; the import volume was 14.50 million tons, up 29.32% [13]. - **Inventory Changes**: The 300 - series social inventory (Wuxi + Foshan) decreased by 1.19%, and SHFE warehouse receipts decreased by 0.78% [13]. Lithium Carbonate - **Price and Basis**: The average price of SMM battery - grade lithium carbonate is 155,500 yuan/ton, down 1.58% [15]. - **Monthly Spreads**: For example, the spread between 2603 - 2605 is 1,380 yuan/ton, a decrease of 2,720 yuan/ton [15]. - **Fundamental Data**: Lithium carbonate production in February was 83,090 tons, down 15.13%; the demand was 111,503 tons, down 10.57% [15]. - **Inventory Changes**: The total lithium carbonate inventory in February was 28,353 tons, down 4.76% [15]. Industrial Silicon - **Price and Basis**: The price of East China oxygen - containing SI5530 industrial silicon is 9,200 yuan/ton, unchanged [17]. - **Monthly Spreads**: For example, the spread between the main contract and the next - month contract is - 20 yuan/ton, a decrease of 5 yuan/ton [17]. - **Fundamental Data**: The national industrial silicon production was 27.57 million tons, down 26.58%; the national operating rate was 38.02%, down 21.33% [17]. - **Inventory Changes**: The social inventory (weekly) decreased by 0.18%, and the warehouse receipt inventory (daily) decreased by 1.40% [17]. Polysilicon - **Spot Price and Basis**: The average price of N - type re - feedstock is 45,500 yuan/kg, unchanged [18]. - **Futures Price and Monthly Spreads**: The main contract price is 40,105 yuan, down 3.76% [18]. - **Fundamental Data**: The polysilicon production was 1.90 million tons, up 1.06%; the import volume was 0.00 million tons, down 100.00% [18]. - **Inventory Changes**: The polysilicon inventory was 35.70 million tons, up 2.59%; the silicon wafer inventory was 28.35 million tons, down 2.28% [18].

1. Report Industry Investment Rating No information is provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The 3 - month FOMC maintained the interest rate at 3.50% - 3.75%, and the conflict between the US and Iran escalated, which had a significant impact on the global financial and commodity markets [2]. - A - shares showed a V - shaped rebound, but the risk preference was affected by the external environment, and the short - term market was likely to continue to fluctuate and differentiate among sectors. The bond market also showed a rebound but was restricted by the fundamentals and inflation expectations [3]. - Precious metals were under pressure due to the Fed's hawkish signals and high inflation data, and were expected to maintain a weak trend in the short term [4][5]. - Copper prices were under pressure due to the Fed's policy stance and high PPI data, and were expected to continue to adjust in the short term [6][7]. - Aluminum prices were affected by both positive and negative factors, with the tightening expectation suppressing the upside and the supply - side disturbance providing support, and were expected to remain strong [8][9]. - Alumina was affected by the policy uncertainty of Guinea's bauxite, but the subsequent supply pressure might limit its upside space, and it was expected to be strongly volatile [10]. - Cast aluminum was affected by the cost and supply - demand situation, and was expected to fluctuate within a limited range [11]. - Zinc prices were under pressure due to the Fed's hawkish signals and geopolitical tensions, and the short - term decline was rapid [12][13]. - Lead prices had limited upward momentum due to weak downstream purchases, but the low - level operation of the regenerated lead smelter provided support [14]. - Tin prices were under pressure due to weak macro and micro factors, and were expected to decline to find support [15]. - Nickel prices were affected by the Fed's policy and supply - demand fundamentals, and were expected to fluctuate in the short term [16][17]. - Lithium carbonate prices were under pressure due to the Fed's reduced interest - rate cut expectations, and were expected to be weakly volatile in the short term [18]. - Steel prices were affected by the Fed's policy and the recovery of terminal demand, and were expected to fluctuate [19]. - Iron ore prices were supported by the shipping cost increase and supply - demand situation, and were expected to remain high and volatile [20]. - Coking coal and coke prices were boosted by the rising oil prices, and were expected to continue to rebound in an oscillatory manner [21]. - Bean and rapeseed meal prices were affected by the supply of soybeans and the energy market, and were expected to adjust in an oscillatory manner [22]. - Palm oil prices were affected by the energy market and supply - demand situation, and were expected to adjust in an oscillatory manner [23][25]. 3. Summary by Relevant Catalogs 3.1 Macro - Overseas: The 3 - month FOMC maintained the interest rate at 3.50% - 3.75% with a 11:1 vote, added the statement of "highly uncertain Middle - East situation", and the dot - plot still maintained one interest - rate cut in 2026 - 2027. The SEP slightly revised up the growth and inflation expectations for 2026. The conflict between the US and Iran escalated, affecting the global energy supply. The CME interest - rate futures postponed the next interest - rate cut to July 2027, the 10Y US Treasury yield rose to 4.28%, the US dollar index returned to 100, and the US stocks, gold, and copper fell, while the oil price rose by 5% [2]. - Domestic: A - shares had a V - shaped rebound on Wednesday, with the Shanghai Composite Index closing at 4063 points. The trading volume shrank to 2.06 trillion yuan. The risk preference of A - shares was affected by the external environment, and the short - term market was likely to continue to fluctuate. The bond market rebounded, but was restricted by the fundamentals and inflation expectations [3]. 3.2 Precious Metals - The international precious - metal futures prices fell sharply on Wednesday, with COMEX gold futures down 3.68% to $4823.90 per ounce and COMEX silver futures down 5.63% to $75.42 per ounce. The Fed released hawkish signals, the market's interest - rate cut expectations cooled, and the US inflation data exceeded expectations, putting pressure on precious - metal prices. The Fed's March meeting maintained the interest rate, pointed out the uncertainty of the Middle - East impact, and raised the inflation expectation. The interest - rate futures market expected a 50% probability of an interest - rate cut this year. Precious - metal prices were expected to remain weak in the short term [4][5]. 3.3 Copper - On Wednesday, the main contract of Shanghai copper broke through the support level, and LME copper fell to around $12300. The domestic electrolytic copper spot market had weak transactions. The macro factors included the Fed's policy stance and the high US PPI data in February, which indicated a possible rebound in underlying inflation and limited the Fed's interest - rate cut space. The industry news was that BHP planned to invest $5 billion in a new concentrator project for its Escondida copper mine in Chile. Copper prices were expected to continue to adjust in the short term [6][7]. 3.4 Aluminum - On Wednesday, the main contract of Shanghai aluminum closed at 24800 yuan/ton, down 0.4%. The LME aluminum closed at $3419.5 per ton, up 1.63%. The electrolytic aluminum ingot inventory increased, and the aluminum rod inventory also increased. The Fed maintained the interest rate and raised the inflation expectation. The Middle - East geopolitical conflict continued to escalate, which had both positive and negative impacts on aluminum prices. Aluminum prices were expected to remain strong [8][9]. 3.5 Alumina - On Wednesday, the main contract of alumina futures closed at 3048 yuan/ton, up 0.66%. The spot alumina price rose. The import of bauxite increased. The policy uncertainty of Guinea's bauxite drove the alumina market, but the subsequent supply pressure might limit its upside space. Alumina was expected to be strongly volatile [10]. 3.6 Cast Aluminum - On Wednesday, the main contract of cast - aluminum alloy futures closed at 23570 yuan/ton, down 0.86%. The scrap - aluminum price fluctuated, and the supply of scrap aluminum gradually recovered. The supply of cast aluminum increased slightly, and the consumption increased slightly when the price fell. Cast aluminum was expected to fluctuate within a limited range [11]. 3.7 Zinc - On Wednesday, the main contract of Shanghai zinc showed a weak trend, and LME zinc broke through the support level. The US PPI data exceeded expectations, the Fed maintained the interest rate, and the dot - plot showed a reduced expectation of interest - rate cuts. The geopolitical tension in the Middle - East increased the risk aversion sentiment. Zinc prices were under pressure and were expected to have fluctuations around 23000 [12][13]. 3.8 Lead - On Wednesday, the main contract of Shanghai lead showed a narrow - range oscillation. The terminal consumption recovered limitedly, and the battery export was restricted by tariffs. The downstream battery enterprises reduced their purchases when the lead price rebounded. The regenerated lead smelter had large losses and low operating loads, which provided support. Lead prices were expected to operate in a low - level range [14]. 3.9 Tin - On Wednesday, the main contract of Shanghai tin showed a weak trend. The US PPI data exceeded expectations, the Fed maintained the interest rate, and the geopolitical situation in the Middle - East was tense. The supply of tin ore improved, and the demand was affected by the correction of AI expectations and the under - expected photovoltaic orders. Tin prices were expected to decline to find support [15]. 3.10 Nickel - On Wednesday, the main contract of Shanghai nickel oscillated and declined. The Fed's policy stance suppressed the market risk preference. The supply of nickel ore was restricted by the rainy season in the Philippines, and the cost was supported. The downstream steel mills were in the seasonal procurement period, but the demand was affected by the high - cost raw materials. Nickel prices were expected to fluctuate in the short term [16][17]. 3.11 Lithium Carbonate - On Wednesday, lithium carbonate prices fell significantly, and the spot market also weakened. The raw - material prices decreased. The supply was expected to increase, and the demand in the power - battery and energy - storage fields had different performances. Lithium carbonate prices were under pressure but had some support, and were expected to be weakly volatile in the short term [18]. 3.12 Steel (Screw and Coil) - On Wednesday, steel futures oscillated and adjusted. The Fed maintained the interest rate. The Middle - East situation affected the market sentiment. The terminal demand recovered, and the steel production increased after the Two Sessions. Steel prices were expected to fluctuate [19]. 3.13 Iron Ore - On Wednesday, iron - ore futures oscillated. The spot market had normal transactions. The shipping cost increased due to the Iran conflict, which supported the iron - ore price. The overseas shipment increased, the port inventory decreased slightly, and the demand from steel mills increased. Iron - ore prices were expected to remain high and volatile [20]. 3.14 Coking Coal and Coke - On Wednesday, coking - coal and coke futures rebounded in an oscillatory manner. The Middle - East geopolitical conflict pushed up the oil price, which drove the coal market. The coking - coal price rebounded, and the coke cost was supported. The supply of coking coal was relatively loose, and the demand for coke increased. Coking - coal and coke prices were expected to continue to rebound in an oscillatory manner [21]. 3.15 Bean and Rapeseed Meal - On Wednesday, the bean - meal 05 contract fell 0.26%, and the rapeseed - meal 05 contract fell 1.09%. The Middle - East energy infrastructure was attacked, and the oil price rose, which boosted the soybean and related agricultural - product markets. The domestic short - term supply was expected to be tight, and the downstream purchasing enthusiasm increased. Bean and rapeseed meal prices were expected to adjust in an oscillatory manner [22]. 3.16 Palm Oil - On Wednesday, palm - oil futures fell. The Middle - East situation affected the energy market, and the oil price rose. The B50 biodiesel policy in Indonesia might be restarted, and the US biodiesel policy was to be released. Palm - oil prices were expected to adjust in an oscillatory manner [23][25]. 3.17 Metal Main - Variety Trading Data The report provides the closing prices, price changes, trading volumes, and other data of various metal futures on March 18, including copper, aluminum, zinc, lead, nickel, tin, gold, silver, etc. [26] 3.18 Industry Data Perspective The report provides the price changes, inventory changes, and other data of copper, nickel, zinc, lead, aluminum, alumina, tin, and other metals from March 17 to March 18 [27][30].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - On March 17, industrial silicon fluctuated weakly. The main contract 2605 closed at 8,560 yuan/ton, with an intraday decline of 1.72%, and the open interest increased by 4,057 lots to 241,000 lots. The spot reference price of industrial silicon from Baichuan was 9,313 yuan/ton, remaining stable compared to the previous trading day. The price of the lowest deliverable product rebounded to 8,800 yuan/ton, and the spot premium expanded to 240 yuan/ton. The production resumption of industrial silicon in Xinjiang was hindered, which was structurally offset by a small amount of production resumption in the southwest. The increase in petroleum coke raw materials and the grid electricity price in Xinjiang provided cost support. Downstream demand for essential stocks was sufficient, but the willingness for incremental stocking was insufficient. The industrial silicon futures market fluctuated within a narrow range, and the spot price stabilized at the bottom [2]. - Polysilicon also fluctuated weakly. The main contract 2605 closed at 41,670 yuan/ton, with an intraday decline of 0.9%, and the open interest decreased by 549 lots to 34,098 lots. The price of N-type recycled polysilicon from Baichuan dropped to 45,500 yuan/ton, and the price of the lowest deliverable silicon material also dropped to 45,500 yuan/ton. The spot premium narrowed to 3,830 yuan/ton. The actual transactions of polysilicon continued to move towards lower prices. Some large factories have plans to start production in March, ending the supply contraction. The newly added inventory was continuously transferred to warehouse receipts to relieve the pressure of factory inventory backlog. The downstream silicon wafer procurement willingness was low, and polysilicon was expected to fluctuate and adjust at the bottom in the short term. The market was waiting for the specific policy signals of anti - involution in the photovoltaic industry after the Two Sessions to trigger the release of bullish sentiment [2]. 3. Summary by Directory 3.1 Research Viewpoints - Industrial silicon futures and spot prices showed a weak - fluctuating trend on March 17. The production resumption situation in different regions and cost factors affected the market. Downstream demand was relatively stable in terms of essential stocks but lacked incremental demand [2]. - Polysilicon futures and spot prices also declined slightly. The supply situation was changing, and the market was waiting for policy signals [2]. 3.2 Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract decreased by 125 yuan/ton to 8,560 yuan/ton. The prices of various grades of industrial silicon in different regions remained stable. The spot premium expanded to 240 yuan/ton. The industrial silicon warehouse receipts remained unchanged at 21,976, while the Guangzhou Futures Exchange inventory increased by 5,700 tons to 109,880 tons. The total social inventory of industrial silicon increased by 15,300 tons to 452,650 tons [4]. - **Polysilicon**: The futures settlement price of the main contract decreased by 35 yuan/ton to 41,670 yuan/ton. The price of N - type recycled polysilicon dropped by 500 yuan/ton to 45,500 yuan/ton. The spot premium narrowed to 3,830 yuan/ton. The polysilicon warehouse receipts decreased by 780 to 9,910, and the Guangzhou Futures Exchange inventory increased by 10,000 tons to 320,700 tons. The total social inventory of polysilicon decreased by 3,000 tons to 357,000 tons [4]. - **Organic Silicon**: The price of DMC in the East China market remained stable at 14,300 yuan/ton. The prices of other organic silicon products such as raw rubber and 107 glue remained unchanged, while the price of dimethyl silicone oil increased by 1,000 yuan/ton to 15,800 yuan/ton [4]. 3.3 Chart Analysis - **Industrial Silicon and Cost - side Prices**: Charts showed the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [6][7][9][10][11][12]. - **Downstream Product Prices**: Charts presented the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and photovoltaic modules [14][15][16][17][18][19]. - **Inventory**: Charts displayed the futures inventory of industrial silicon and polysilicon, the weekly industry inventory and inventory changes of industrial silicon, the weekly inventory of polysilicon, and the weekly inventory of DMC [20][21][23][24]. - **Cost and Profit**: Charts showed the average cost and profit levels of industrial silicon, the weekly cost and profit of industrial silicon, the processing industry profit of polysilicon, the cost and profit of DMC, and the cost and profit of aluminum alloy [26][27][28][29][31][32]. 3.4 Team Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in the non - ferrous metal and new energy industries, and have won many industry awards and received media interviews [34][35].