Report Industry Investment Rating No relevant information provided. Core Viewpoints - In the second quarter, industrial silicon is in a game between cost support and marginal inventory accumulation, with overall weak operation. Attention should be paid to the resumption progress of the southwest during the wet season and the production control intensity of polysilicon. Polysilicon will continue its bottom - hitting rhythm. With the release of compliant production capacity under the energy consumption standard, the supply has changed from tight to loose, but the demand - bearing capacity is limited. During the policy implementation window period in April, the silicon material production has increased steadily, the delivery of photovoltaic centralized projects has slowed down, and the inventory of the industry may face increasing pressure. From May to June, the silicon material end moderately controls the speed to maintain prices. Although the photovoltaic installation has recovered steadily and the demand has improved slightly, it is still difficult to digest the supply increment. In the long - term, it is advisable to short on rebounds. The core is to focus on the actual terminal bearing capacity and inventory digestion performance after the end of the rush - to - export period. Currently, the policy expectations have been fully priced in, and a deep correction due to policy disappointment should be vigilant [4]. Summary by Directory 1. Futures Price - In the first quarter, the industrial silicon futures fluctuated weakly. As of March 27, the main contract closed at 8,625 yuan/ton, with a quarterly decline of 2.65%. The polysilicon futures trended weakly, and the main contract closed at 35,680 yuan/ton, with a quarterly decline of 38.4% [5]. 2. Spot Price - All spot prices decreased. The price of non - oxygenated 553 decreased by 150 yuan/ton to 8,800 yuan/ton, the price of oxygenated 553 decreased by 400 yuan/ton to 9,000 yuan/ton, and the price of 421 decreased by 300 yuan/ton to 9,600 yuan/ton. The price of P - type polysilicon decreased by 12,000 yuan/ton to 32,000 yuan/ton, and the price of N - type polysilicon decreased by 13,300 yuan/ton to 38,500 yuan/ton [5]. 3. Spread - The spread between 553 grades narrowed, the spread between high - and low - grade products widened, the regional spread of 553 narrowed, and the regional spread of 421 narrowed. The industrial silicon spot changed from a discount of 10 yuan/ton to a premium of 175 yuan/ton, and the polysilicon spot changed from a discount of 6,920 yuan/ton to a premium of 4,070 yuan/ton [5][17]. 4. Supply - In the first quarter, the total domestic industrial silicon production reached 847,400 tons, a year - on - year decrease of 6.9%. The number of open furnaces in the quarter decreased by 39 to 204, and the furnace - opening rate decreased by 4.9% to 25.6%. The proportion of the main production areas changed as follows: Xinjiang increased to 62.7%, Inner Mongolia increased to 11.3%, Gansu increased to 9.8%, Yunnan decreased to 5.2%, and Sichuan decreased to 0.5%. Xinjiang's production capacity was rapidly released, and the new production capacities in Inner Mongolia and Gansu continued to fill the production reduction gap in the southwest [4][5]. 5. Demand - In the first quarter, the polysilicon production was 254,000 tons, a year - on - year decrease of 11.8%. The DMC production in the first quarter was 532,000 tons, a year - on - year decrease of 23.3%. From January to February, the aluminum alloy production was 2.765 million tons, a year - on - year increase of 11%, and the estimated production from January to March was 4.515 million tons. The estimated silicon consumption for organic silicon, polysilicon, and aluminum alloy was 276,000 tons, 330,000 tons, and 181,000 tons respectively. From January to February, the cumulative net export of industrial silicon was 113,000 tons, a year - on - year increase of 20.8% [4][5]. 6. Inventory - In terms of exchange inventory, in the first quarter, the overall inventory of industrial silicon increased by 6,020 tons to 111,400 tons, and the overall inventory of polysilicon increased by 18,000 tons to 30,100 tons. In terms of social inventory, in the first quarter, the industrial silicon inventory decreased by 20,600 tons to 435,600 tons, among which the factory inventory decreased by 15,100 tons to 251,000 tons; the inventory at Huangpu Port decreased by 1,500 tons to 56,500 tons, the inventory at Tianjin Port decreased by 6,000 tons to 74,000 tons, and the inventory at Kunming Port increased by 2,000 tons to 54,000 tons. The overall inventory of polysilicon increased by 23,700 tons to 332,000 tons [4][5].

1. Report Industry Investment Rating No relevant content found. 2. Core Viewpoints of the Report - The market is significantly affected by the geopolitical conflict between the US, Israel, and Iran, with prices of various commodities fluctuating greatly. The market is constantly adjusting its expectations for the development of the war, and the uncertainty is high [2][3][4]. - Different industries have different supply - demand situations. Some industries are facing supply shortages due to the conflict, while others are affected by demand changes. For example, the energy and chemical industries are strongly affected by supply disruptions, while the agricultural and livestock industries are more affected by factors such as seasonal demand and production capacity [2][66][69]. 3. Summary According to the Directory 3.1 Daily Selections - **Stainless Steel**: The macro - pressure on stainless steel has improved, and supply - demand is gradually recovering. The raw material cost is strongly supported, and the short - term is expected to maintain a relatively strong shock, with the main contract referring to the 14000 - 14600 range [2][38][40]. - **Methanol**: Affected by the uncertainty of the Middle - East situation, the fluctuation of methanol is magnified. The import reduction dominates the current market, but attention should be paid to the sustainability of demand and policy risks [3][106]. - **Rebar**: The steel price center has risen, and attention should be paid to the pressure at the previous high. The supply and demand of steel are both increasing, and the inventory has entered the destocking cycle [4][50][51]. - **Pig**: The pressure of pig slaughter is large, and attention should be paid to the intensity of supply reduction. The futures and spot prices are expected to continue to bottom out, but the downward space is limited after the futures price falls below 10000 [5][69][70]. 3.2 Macro - finance - **Stock Index Futures**: The A - share market has experienced a significant correction, with the stock index futures following the decline. It is recommended to closely monitor the inflow of broad - based ETFs and wait for the stabilization opportunity [6][7][9]. - **Precious Metals**: The news of the conflict between the US and Iran has repeatedly aggravated market turmoil. The precious metals have rebounded after a sharp decline. In the short term, it is recommended to wait and see for the situation to become clear [10][12][13]. 3.3 Non - ferrous Metals - **Copper**: The situation between the US and Iran may ease, and the copper price has rebounded. The short - term copper price is in the adjustment stage, and the long - term multi - order layout opportunity may be provided by the short - term adjustment [14][17]. - **Alumina**: The speculative demand has increased, and the spot price has continued to rise. The current market is in a state of oversupply, and the short - term strategy is to maintain a short - selling idea at high prices [18][20]. - **Aluminum**: The expectation of the easing of the conflict between the US and Iran has increased, and the downward space of the aluminum price is limited. The short - term aluminum price will maintain a wide - range shock, and the long - term bullish logic still holds [21][23]. - **Zinc**: The social inventory has decreased, and the zinc price has stopped falling and stabilized. The short - term zinc price is under pressure, but the long - term supply - demand fundamentals are relatively stable [26][29]. - **Tin**: Trump's easing of the threat to Iran has improved the market risk sentiment, and the tin price has rebounded at night. If the war is expected to end, long - orders can be considered [29][33][34]. - **Nickel**: The macro - expectation is repeated, and the nickel price fluctuates widely. The short - term is expected to be in a range - bound shock [34][37][38]. - **Stainless Steel**: The macro - pressure has improved, and the supply - demand is gradually recovering. The short - term is expected to maintain a relatively strong shock [38][40]. - **Lithium Carbonate**: The macro - expectation is repeated, and the lithium carbonate price fluctuates greatly. The short - term is expected to be in a relatively strong range adjustment [41][44]. - **Polysilicon**: The supply exceeds demand, the spot price has fallen, and the futures are approaching the limit - down. It is recommended to wait and see [45][46][47]. - **Industrial Silicon**: The cost center has moved up, the spot price has risen, and the futures have oscillated upward. It is recommended to pay attention to the opportunity of buying at low prices [47][49]. 3.4 Ferrous Metals - **Steel**: The steel price center has risen, and attention should be paid to the pressure at the previous high. The supply and demand of steel are both increasing, and the inventory has entered the destocking cycle [50][51]. - **Iron Ore**: The macro - disturbance has intensified, and the iron - making production has accelerated. The short - term iron ore main contract is expected to be in a high - level shock [52][53]. - **Coking Coal**: Some coal types have risen, and the overseas energy commodities have fluctuated greatly. It is recommended to go long on the coking coal 2605 contract at low prices [55][57]. - **Coke**: The coke spot price has increased, and the cost has pushed up the increase expectation. It is recommended to go long on the coke 2605 contract at low prices [58][59]. - **Silicon Iron**: The geopolitical conflict continues, and the supply and demand of silicon iron are both increasing. The short - term price is expected to be in a wide - range shock [60][61]. - **Manganese Silicon**: The market sentiment is changeable, and the cost of manganese silicon has increased. The short - term price is expected to be in a wide - range shock [63][65]. 3.5 Agricultural Products - **Meal**: The US soybeans are in a high - level shock, and the domestic spot price has fallen slightly. The short - term domestic soybean meal is expected to be in a high - level shock [66][68]. - **Pig**: The pressure of pig slaughter is large, and attention should be paid to the intensity of supply reduction. The futures and spot prices are expected to continue to bottom out, but the downward space is limited after the futures price falls below 10000 [69][70]. - **Corn**: Driven by the rise of starch, the corn price is in a high - level shock. The short - term rise of the corn price is restricted [71][73]. - **Sugar**: The spot price has increased, but the transaction is average. The short - term sugar futures are expected to maintain a high - level and relatively strong shock [74]. - **Cotton**: The market trading is stable, and the cotton price is adjusted within the range. The short - term cotton price is expected to be in a wide - range shock [77]. - **Egg**: The demand is boosted by stocking, and the egg price is stable and slightly strong. The short - term egg price is expected to maintain a low - level shock [80][81]. - **Oil**: Affected by geopolitical factors, the fluctuation of oil is intensified. Different types of oils have different market trends [82][84]. - **Jujube**: The supply exceeds demand, and the futures price is in a low - level range shock. The price is expected to be in the range of 8500 - 9500 yuan/ton [85][86]. - **Apple**: The market sentiment is weak, and the futures price has fallen from a high level. The 05 contract is expected to maintain a relatively strong shock, and the 10 contract needs to pay attention to the weather during the flowering period [87][88]. 3.6 Energy and Chemicals - **Crude Oil**: Trump has released a signal of easing, and the oil price has significantly corrected. The short - term oil price is expected to maintain a wide - range shock [90][91]. - **PX**: There are signs of geopolitical easing, and PX has adjusted with the oil price. It is recommended to exit the long - orders and wait and see [92][93]. - **PTA**: There are signs of geopolitical easing, and PTA has adjusted with the oil price. It is recommended to pay attention to the oil price trend [94][95]. - **Short - fiber**: It has limited self - driving force and follows the raw material price fluctuation. It is recommended to pay attention to the passage recovery of the Strait of Hormuz and the downstream cost transmission [96]. - **Bottle Chip**: The supply is expected to be in short supply, and the supply - demand is expected to be tight. It is recommended to go long on the PR2605 call option with a light position [98][99]. - **Ethylene Glycol**: Affected by the Middle - East conflict, the cost support is strong, and the destocking amplitude in the near - term is expected to increase. It is recommended to go long on the EG2605 call option with a light position [100]. - **Pure Benzene**: There are signs of geopolitical easing, and pure benzene has adjusted with the oil price. It is recommended to exit the long - orders and wait and see [101][102]. - **Styrene**: There are signs of geopolitical easing, and styrene has adjusted with the oil price. It is recommended to follow the strategy of pure benzene [103][104]. - **LLDPE**: The basis is risk - free, and the transaction is cold. The short - term market is in a wide - range shock [105]. - **PP**: The upstream shutdown and production reduction have increased, and the 05 contract has significantly reduced inventory. It is recommended to gradually take profit on the 5 - 9 positive spread [106]. - **Methanol**: Affected by the uncertainty of the Middle - East situation, the fluctuation of methanol is magnified. It is recommended to reduce the long - orders [3][106]. - **Caustic Soda**: The situation in the Middle - East has escalated, and the caustic soda price is running strongly. The short - term caustic soda price is expected to be strong [107][109]. - **PVC**: The geopolitical disturbance has brought export expectations, and the emotional fluctuation of PVC has been magnified. The short - term PVC price is passively pushed up [110][111]. - **Urea**: The situation in the Middle - East is tense, and the emotional fluctuation of urea has increased. It is recommended to take profit on the long - orders and exit in the short - term [112][114]. - **Soda Ash**: The supply is in a downward trend at a high level, and the cost has boosted the sentiment. The soda ash has rebounded. It is recommended to wait and see on the long - side and pay attention to the 5 - 9 reverse spread [114][118]. - **Glass**: The daily melting volume has continued to decline, and the cost has been boosted. It is recommended to wait and see [114][118]. - **Natural Rubber**: Trump has eased the threat to Iran, the market sentiment has eased, and the rubber price has stopped falling and rebounded. It is recommended to wait and see [119][121]. - **Synthetic Rubber**: Under the tense situation in the Middle - East, the cost support of BR is significantly enhanced, and BR is running strongly. It is recommended to pay attention to the risk of falling after the rise [121][123]. 3.7 Container Shipping to Europe - The geopolitical concern has increased, and the European line has significantly risen and then fallen during the session. It is recommended to wait for the market sentiment to cool down and pay attention to the long - order layout opportunity of the peak - season contract [123][124][126].

Company Overview - Baowu Magnesium Industry Technology Co., Ltd. was established in 1993 and listed on the Shenzhen Stock Exchange in 2007, evolving into a high-tech enterprise involved in mining, non-ferrous metal smelting, and recycling [1] - The company specializes in the production and deep processing of magnesium and aluminum alloy materials, with key products including magnesium alloys, aluminum alloy extrusions, and metal strontium [1] - The complete industry chain from mining to recycling enhances product cost structure and risk resistance, ensuring stable supply to customers [1] Semi-Solid Injection Molding Technology - Semi-solid magnesium alloy injection molding improves product strength, fatigue performance, and corrosion resistance while reducing energy consumption due to lower processing temperatures [2] - Production cycles can be compressed by 20%-30%, aligning with market demands for lightweight and environmentally friendly magnesium alloy products [2] - The company has established semi-solid casting lines with capacities of 300 tons, 1300 tons, 1500 tons, and 3500 tons in Nanjing and Chongqing [2] Metal Strontium Production - Strontium, a rare alkaline earth metal, enhances the strength, hardness, and corrosion resistance of aluminum and magnesium alloys [3] - The company has an annual production capacity of 3000 tons of metal strontium, with an output of approximately 2500 tons [3] Magnesium Application in Automotive Industry - Recent breakthroughs in magnesium applications in the automotive sector are driven by lower costs due to price inversions between magnesium and aluminum [4] - The maturity of large die-casting machines has enabled the production of large integrated magnesium alloy components, significantly increasing magnesium usage per vehicle [4] - Advances in processing techniques, such as semi-solid injection molding, mitigate the challenges associated with magnesium's reactivity [4] - The expansion of the magnesium industry has stabilized material prices, enhancing user confidence in supply [4] Export Challenges - The U.S. has imposed anti-dumping measures on Chinese magnesium products since the 1990s, leading to a cessation of exports from the company to the U.S. [5] - The company adheres to information disclosure regulations, ensuring transparency and compliance during investor communications [5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report Industrial Silicon - In March, the supply side will show a marginally loose but controllable pattern, with the core variable in Xinjiang and the resumption progress of large factories being the key contradiction. If the resumption is less than expected, the supply will remain in tight balance. The supply driver is generally neutral to weak [2]. - The demand side will show a pattern of "gradual recovery, rigid rebound, and limited incremental growth", relying on the release of rigid demand from downstream resumption. If the resumption is less than expected, the demand will remain weak, restricting the upward space of futures prices [2]. - In terms of valuation, the pattern of weak supply and demand remains unchanged, inventory is at a relatively high level, and capital sentiment is cautious. In March, the valuation driver tends to fluctuate at a low level and recover moderately, with limited repair amplitude and difficult to break through the previous high [2]. Polysilicon - In March, on the supply side, production reduction efforts will narrow, output is expected to moderately rebound to 85,000 - 87,000 tons, and the supply pressure will increase. High inventory restricts the supply increment, and the supply recovery rhythm is moderate [4]. - The demand side in March relies on the release of rigid demand from the downstream photovoltaic industry chain. If the resumption is less than expected or inventory removal is slow, the demand will remain weak and difficult to boost prices effectively [5]. - In terms of valuation, the basis valuation in March will maintain a high level of futures - spot discount, and there is still downward pressure in the short term. The overall situation in March is "marginally loose supply, slowly recovering demand, and low - pressured valuation", with a short - term bearish trend [5]. Summary According to the Table of Contents 2026 February Industrial Silicon Market Review - In February, the industrial silicon market showed a pattern of weak demand, with futures prices oscillating downward to find new lows and the discount space widening. Affected by the Spring Festival, the market was light before the festival, stagnant during the festival, and tentative after the festival. The price center of gravity moved down significantly compared with the end of January. The overall supply pressure was still large, and the inventory pressure remained [13]. Narrowing of Basis Fluctuation Range and Strengthening of Bottom - Building Support - In February, the industrial silicon basis mainly showed a discount pattern, with the spread widening before the festival and narrowing after the festival. The futures market was more flexible due to capital and supply - demand expectations, while the spot market was weak, resulting in a phased differentiation of futures and spot price trends [17]. Marginal Contraction of Costs and Continuous Pressure on Profit Margins - In terms of electricity prices, in February, the electricity prices in each production area were generally stable. Only in the southwest production area, the electricity price was slightly higher due to seasonal factors of hydropower. Other raw materials such as silica, silicon coal, and carbonaceous reducing agents also remained stable in price, making the production cost have no obvious downward space [24][26]. - The average production cost of the industrial silicon industry in February was in the range of 8,500 - 8,800 yuan/ton. The average profit of enterprises decreased significantly compared with January. Large - scale enterprises still had a small profit, while some small and medium - sized enterprises had a small loss [32]. Supply Side: Continued Marginally Loose Supply Pattern, Focus on Resumption of Large Factories - In February 2026, the industrial silicon output was expected to decrease by about 60,000 tons month - on - month, to 254,600 tons, a month - on - month decline of more than 35%. Due to the reduction plans of leading enterprises in Xinjiang and the Spring Festival holiday, the production reduction trend continued. The resumption progress after the festival was uncertain [35]. - In Xinjiang, most enterprises implemented production reduction plans, and the resumption time after the festival was not clear. In the southwest, enterprises in Yunnan and Sichuan were mostly in low - load production or shutdown, and some planned to resume production after March [36]. Demand Side: Slow Recovery of Resumption, Rigid Demand Rebound but Limited Increment, and Obvious High - Inventory Restriction Polysilicon - In February 2026, the polysilicon market continued the weak pattern of weak supply and demand, futures - spot differentiation, and difficult inventory removal. The price center of gravity moved down and then oscillated. The core contradiction was the game between active production reduction on the supply side and overall weak demand [42]. - In terms of supply, in February, the polysilicon industry's overall开工 rate was 29.11%, with a month - on - month decrease of 14.51%. The domestic output was expected to be 82,000 tons, a month - on - month decrease of 17.3% and a year - on - year decrease of about 10%. Different regions had different production reduction situations [44]. - In terms of demand, in February, the domestic photovoltaic installation was in the off - season, and the new installation was less than 5GW, with a significant decline year - on - year and month - on - month. Overseas demand was also weak, and the overall demand was expected to decline by 21.05% month - on - month, further increasing the inventory [49]. Silicone - In terms of price, as of the end of January, the mainstream prices of various silicone products were stable with an upward trend, and the price - holding intention was strong [63]. - In terms of supply, in February, the silicone industry implemented a 30% production reduction, and the overall开工 rate was about 55%. From March to May, the emission reduction ratio will be increased to 35% [66]. - In terms of demand, in February, the silicone demand showed a structural recovery, mainly driven by the strong export of photovoltaic and emerging industries such as new energy vehicles and electronics AI. In March, if the real estate demand recovery and export were not as expected, the market would still oscillate [68]. Aluminum Alloy - In terms of price, in February 2026, the prices of aluminum alloy and upstream aluminum ingots showed a pattern of rising first and then falling, with different increases among varieties. The price was affected by multiple factors, and the downstream price transmission efficiency gradually weakened [71]. - In terms of supply, in February, the supply of primary aluminum was limited by the production capacity ceiling, and the output of recycled aluminum alloy ingots was restricted by raw materials and low开工 rate. In March, the supply of aluminum alloy ingots will shift from phased looseness to stable convergence [72]. - In terms of demand, in February, the demand for aluminum alloy ingots was in a weak recovery state after the festival, with only new energy and other fields showing relative resilience. In March, with the full resumption of downstream production, the demand will improve significantly [73]. Inventory and Import - Export: Inventory Accumulation in the Industry Chain and Weak Import - Export Performance Industrial Silicon Inventory - In February, the social inventory of industrial silicon decreased slightly, while the exchange warehouse receipts increased, showing a "structural differentiation" of futures - spot inventory. The reasons for inventory removal were the active purchase by downstream and traders due to low futures prices and the limited inventory supplement on the supply side, but the inventory removal amplitude was small [79]. Polysilicon Inventory - By the end of February, the polysilicon social inventory had accumulated to a high level of 480,000 tons, and the inventory turnover days had extended to more than 45 days. High inventory was mainly due to the fact that the production reduction amplitude was less than the demand decline amplitude under the background of weak supply and demand, which restricted the industry's price recovery [81]. Industrial Silicon Import - Export - Exports were stable, and the main export destinations were Japan, India, etc. Imports decreased sharply throughout the year, mainly reflecting that domestic production capacity was sufficient and the dependence on overseas raw materials was significantly reduced [84]. Polysilicon Import - Export - Imports showed a pattern of "decreasing volume and increasing price", which may mean an increase in the demand for high - end semiconductor - grade silicon materials. Exports showed "simultaneous decline in volume and price", mainly due to the weak overseas photovoltaic market demand or inventory adjustment [88]. Market Outlook - Industrial silicon will maintain a weak oscillating pattern. On the supply side, the resumption progress of large factories in Xinjiang should be concerned. On the demand side, the resumption and procurement demand of the polysilicon, silicone, and aluminum alloy industries should be focused on. In the long - term, the high - prosperity of the photovoltaic industry will drive the demand for industrial silicon, but in the short - term, the supply - demand contradiction is difficult to be completely resolved [91]. - Polysilicon futures in February showed a pattern of "rebound under pressure and weak oscillation". In March, the price may rebound in the first ten days but face strong resistance above 52,000 yuan/ton. In the middle and late ten days, the price is expected to fall back and oscillate in the range of 48,000 - 50,000 yuan/ton [92].

1. Industry Investment Rating The provided content does not mention any industry investment ratings. 2. Core Views Copper - Short - term: Copper prices are expected to be affected by factors such as incomplete downstream复产 after the domestic festival, continuous inventory accumulation at home and abroad, and non - expanding CL premium. In March, the electrolytic copper production is expected to remain high, with a phased mismatch between supply and demand, continuous inventory accumulation, low spot premiums, and limited price upward drive. The risk to focus on is the narrowing of the CL premium. - Medium - to long - term: The copper fundamentals are still good. There are capital expenditure constraints on the supply side, and AI is expected to bring incremental demand for power grid upgrade and transformation. The center of copper prices is expected to gradually rise. Short - term adjustments may provide opportunities for long - term long positions. The main contract is recommended to pay attention to the support around 100,000 yuan/ton [2]. Zinc - The zinc fundamentals are generally good. The shortage pattern in the mine end has improved, and the domestic zinc mine TC has bottomed out. After March, with the resumption of domestic mines, TC may have a slight rebound space. The smelting profit may be repaired, and the refined zinc output is expected to remain high. - The demand is weak due to seasonal factors, and the downstream enterprises are in the process of resuming production. The terminal procurement demand is weak, and the spot trading is still average. The inventory has room for replenishment as the peak - season demand recovers. However, if the downstream复产 in the peak season fails to meet expectations, the domestic inventory pressure may suppress the zinc price. The main contract is recommended to pay attention to the support around 23,800 yuan/ton [4]. Nickel - Recently, macro uncertainties have increased, and there have been continuous disturbances in the mine end, providing strong support for raw materials. However, weak demand and high inventory are the main constraints. The bottom support is strong, but the upward drive is limited. The nickel price is expected to maintain a range - bound oscillation, with the main contract running between 134,000 - 140,000 yuan/ton [6]. Stainless Steel - Overseas macro risks are uncertain, while domestic policy expectations are strong. Steel mills are expected to reduce production, but demand boost and inventory digestion are still insufficient. The cost and demand of stainless steel are in continuous game. In the short term, it is expected to oscillate strongly, with the main contract running between 14,000 - 14,500 yuan/ton [8]. Lithium Carbonate - Geopolitical conflicts have increased market uncertainties and magnified macro risks. The lithium carbonate price is over - valued, and funds are flowing to the oil - chemical and precious - metal sectors. The new energy trading momentum is weak, and there has been a significant net outflow of funds. The price is currently driven by sentiment, and the macro risks have strengthened the risk - aversion mentality of funds. The price may be adjusted in the short term, and the main contract's operating range is lowered to 140,000 - 150,000 yuan/ton. It is not recommended to open new long positions in the short term, and the previous long positions can be protected by options [10]. Industrial Silicon - The supply and demand sides have not changed much, but attention should be paid to the impact of the expanding Middle - East geopolitical conflict on export demand. In March, both supply and demand are expected to be strong. The cost provides support for the futures price. It is recommended to hold long positions around 8,200 yuan/ton cautiously and pay attention to reducing or closing positions [11]. Polysilicon - The supply and demand sides have not changed much, but attention should be paid to the impact of the expanding Middle - East geopolitical conflict on market risk appetite and export demand. If the downstream battery and component enterprises resume production and increase production significantly, and the terminal photovoltaic installation demand is released, the polysilicon procurement demand is expected to pick up, and the inventory pressure will be relieved. The futures market is expected to stabilize and rebound. It is recommended to wait and see [13]. Tin - The long - term upward logic of tin prices still exists. The supply of tin ore has increased, and the downstream demand is expected to gradually recover, but the high price may suppress the demand recovery rhythm. Affected by the tense situation between the US and Iran, the market risk - aversion sentiment has impacted the price, and the tin price has dropped significantly. It is recommended to wait for the sentiment to stabilize before entering the market [15][16]. Aluminum - Alumina: The price is expected to continue to oscillate widely, with the main contract running between 2,700 - 2,900 yuan/ton. The key to whether the market can build a bottom lies in whether the industry profit pressure can trigger more substantial production cuts or whether there are more explicit capacity - control policies. Attention should also be paid to the changes in warehouse receipts and the operation of new capacities in Guangxi. - Aluminum: In the short term, the macro situation is the key variable, and trading should be cautious to prevent short - term price retracement due to profit - taking. In the long term, the supply increment elasticity at home and abroad is limited, the global supply - demand balance pattern remains, and the long - term upward logic of aluminum prices remains unchanged. The short - term operating range of the main Shanghai aluminum contract is expected to be 23,000 - 25,000 yuan/ton. Attention should be paid to the post - holiday inventory inflection point and downstream resumption progress [18]. Aluminum Alloy - In the short term, the market will continue to oscillate in a range under the situation of weak supply and demand, with the main contract running between 22,000 - 24,000 yuan/ton. The key turning point in the post - holiday market lies in whether the downstream resumption rhythm and order recovery can match the supply increase speed and the improvement of scrap - aluminum circulation. If the terminal orders increase significantly and the primary aluminum is strongly driven by the macro factors, the ADC12 price still has room for further increase [19]. 3. Summary by Directory Copper - **Price and Basis**: The prices of SMM 1 electrolytic copper, SMM Guangdong 1 electrolytic copper, and SMM wet - process copper have all decreased, with daily declines of - 0.51%, - 0.14%, and - 0.49% respectively. The refined - scrap price difference has increased by 5.66%. - **Fundamental Data**: In February, the electrolytic copper production decreased by 3.13% month - on - month, and in December, the import volume decreased by 4.02% month - on - month. The domestic mainstream port copper concentrate inventory increased by 5.40% week - on - week, the electrolytic copper rod production start - up rate increased by 6.42 percentage points, and the recycled copper rod production start - up rate decreased by 5.20 percentage points. The domestic social inventory, bonded - area inventory, and SHFE inventory have all increased, with week - on - week increases of 10.13%, 0.30%, and 43.69% respectively [2]. Zinc - **Price and Basis**: The price of SMM 0 zinc ingot increased by 0.12%, and the price of SMM 0 zinc ingot in Guangdong increased by 0.16%. The import loss decreased by 36.38 yuan/ton. - **Fundamental Data**: In February, the refined zinc production decreased by 9.99% month - on - month. In December, the import volume decreased by 51.94% month - on - month, and the export volume decreased by 36.32% month - on - month. The galvanizing, die - casting zinc alloy, and zinc oxide production start - up rates have all increased. The domestic zinc - ingot seven - region social inventory increased by 21.41% week - on - week, and the LME inventory decreased by 1.45% [4]. Nickel - **Price and Basis**: The prices of SMM 1 electrolytic nickel, 1 Duochuan nickel, and 1 imported nickel have all decreased, with daily declines of - 0.99%, - 1.10%, and - 1.01% respectively. The LME 0 - 3 spread decreased by 9.06%. The futures import profit increased by 90.07%. - **Fundamental Data**: In February, the Chinese refined nickel production decreased by 7.59% month - on - month, and the import volume increased by 84.63% month - on - month. The SHFE inventory and social inventory increased by 3.43% and 2.73% week - on - week respectively [6]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) decreased by 0.34%. The price of Philippine laterite nickel ore 1.5% (CIF) increased by 4.96%. - **Fundamental Data**: The production of Chinese 300 - series stainless - steel crude steel decreased by 27.89% month - on - month, and the production of Indonesian 300 - series stainless - steel crude steel increased by 0.36% month - on - month. The stainless - steel import volume increased by 29.32% month - on - month, and the export volume increased by 19.65% month - on - month. The 300 - series social inventory (Wuxi + Foshan) increased by 15.95% week - on - week [8]. Lithium Carbonate - **Price and Basis**: The prices of SMM battery - grade lithium carbonate, SMM industrial - grade lithium carbonate, SMM battery - grade lithium hydroxide, and SMM industrial - grade lithium hydroxide have all decreased. The lithium spodumene concentrate CIF average price decreased by 5.93%. - **Fundamental Data**: In February, the lithium carbonate production decreased by 15.13% month - on - month, and the demand decreased by 10.57% month - on - month. In December, the import volume increased by 8.77% month - on - month, and the export volume increased by 20.11% month - on - month. The overall inventory decreased by 4.76% month - on - month [10]. Industrial Silicon - **Price and Basis**: The prices of East - China oxygen - permeated S15530 industrial silicon and Xinjiang 99 silicon decreased by 0.55% and 0.58% respectively. The main - contract futures price decreased by 1.44%. - **Fundamental Data**: The national industrial silicon production decreased by 26.58% month - on - month. The Xinjiang, Yunnan, and Sichuan production decreased by 32.24%, 24.58%, and 70.87% respectively. The national start - up rate decreased by 21.33% month - on - month. The organic silicon DMC production decreased by 15.06% month - on - month, and the polysilicon production decreased by 23.61% month - on - month. The industrial silicon export volume decreased by 100.00% month - on - month [11]. Polysilicon - **Price and Basis**: The main - contract futures price decreased by 2.74%. The N - type silicon - chip 210mm average price decreased by 0.72%. - **Fundamental Data**: The weekly polysilicon production decreased by 1.49% to 1.98 million tons, and the silicon - chip production increased by 12.94% to 11.35GW. The monthly polysilicon production decreased by 23.61% to 7.70 million tons, and the import volume and export volume both decreased by 100.00% [13]. Tin - **Price and Basis**: The prices of SMM 1 tin and Yangtze River 1 tin decreased by 4.85% and 4.84% respectively. The import loss increased by 5.13%. - **Fundamental Data**: In December, the tin ore import volume increased by 16.81%. In February, the SMM refined tin production decreased by 23.91%. The SHEF inventory and social inventory increased by 11.25% and 15.26% respectively [15]. Aluminum - **Price and Basis**: The prices of SMM A00 aluminum and Yangtze River aluminum A00 increased by 1.40% and 1.44% respectively. The electrolytic aluminum import loss increased by 337.2 yuan/ton. - **Fundamental Data**: In February, the alumina production decreased by 10.63% month - on - month, and the domestic electrolytic aluminum production decreased by 8.91% month - on - month. The aluminum - profile, aluminum - cable, and aluminum - plate production start - up rates have all increased. The Chinese electrolytic aluminum social inventory increased by 10.92% week - on - week, and the LME inventory decreased by 0.43% [18]. Aluminum Alloy - **Price and Basis**: The prices of SMM aluminum alloy ADC12 and other varieties increased by about 1.26%. The Jiangxi Baotai Network ADC12 - A00 price difference decreased by 13.64%. - **Fundamental Data**: In January, the recycled - aluminum alloy ingot production decreased by 4.69% month - on - month, and the primary - aluminum alloy ingot production decreased by 30.99% month - on - month. The recycled - aluminum alloy production start - up rate decreased by 4.06% week - on - week. The recycled - aluminum alloy ingot weekly social inventory decreased by 0.23% [19].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - For industrial silicon, the supply decreased last week, the demand remained low, and the cost support increased. It is expected to fluctuate in the range of 8300 - 8490 for the 2605 contract [6]. - For polysilicon, the supply production schedule continued to decrease, the demand in various downstream sectors also decreased, and the cost support remained stable. It is expected to fluctuate in the range of 48240 - 50370 for the 2605 contract [9]. - The main bullish factors are cost increase support and manufacturers' production suspension and reduction plans; the main bearish factors are the slow recovery of post - holiday demand and the strong supply and weak demand of downstream polysilicon [11][12]. 3. Summary According to the Directory 3.1 Daily Viewpoints 3.1.1 Industrial Silicon - **Supply**: The supply last week was 71,000 tons, a 13.41% decrease compared to the previous week [6]. - **Demand**: The demand last week was 60,000 tons, a 20.00% decrease compared to the previous week, and the demand remained low [6]. - **Cost**: The production cost of sample oxygen - passing 553 in Xinjiang was 9769.7 yuan/ton, with no change compared to the previous week, and the cost support increased during the dry season [6]. - **Basis**: On February 13, the spot price of non - oxygen - passing in East China was 9200 yuan/ton, and the basis of the 05 contract was 805 yuan/ton, with the spot at a premium to the futures [6]. - **Inventory**: The social inventory was 562,000 tons, a 1.44% increase compared to the previous week; the sample enterprise inventory was 200,800 tons, a 2.52% decrease compared to the previous week; the main port inventory was 136,000 tons, a 1.45% decrease compared to the previous week [6][15]. - **Disk**: MA20 was downward, and the price of the 05 contract closed below MA20. The main position was net short, and the short position decreased [6]. - **Expectation**: The supply production schedule decreased and remained at a low level, the demand recovery showed signs, and the cost support increased. The 2605 contract of industrial silicon is expected to fluctuate in the range of 8300 - 8490 [6]. 3.1.2 Polysilicon - **Supply**: The production last week was 20,100 tons, with no change compared to the previous week. The production schedule for February is expected to be 79,700 tons, a 20.93% decrease compared to the previous month [8]. - **Demand**: The production of silicon wafers last week was 10.05GW, a 3.17% decrease compared to the previous week, and the inventory was 300,600 tons, a 6.14% increase compared to the previous week. Currently, silicon wafer production is in a loss state. The production of battery cells in January was 41.44GW, a 11.37% decrease compared to the previous month, and the inventory of external sales factories last week was 9.31GW, a 1.52% increase compared to the previous week. Currently, battery cell production is in a profitable state. The production of components in January was 35.2GW, a 9.04% decrease compared to the previous month, and the domestic monthly inventory was 24.76GW, a 51.73% decrease compared to the previous month; the European monthly inventory was 34.2GW, a 9.26% increase compared to the previous month. Currently, component production is in a profitable state [8]. - **Cost**: The average cost of N - type polysilicon in the industry is 40,830 yuan/ton, and the production profit is 11,420 yuan/ton [8]. - **Basis**: On February 13, the price of N - type dense material was 52,250 yuan/ton, and the basis of the 05 contract was 3945 yuan/ton, with the spot at a premium to the futures [9]. - **Inventory**: The weekly inventory was 349,000 tons, a 2.34% increase compared to the previous week, and it was at a high level in the same period of history [9]. - **Disk**: MA20 was downward, and the price of the 05 contract closed below MA20. The main position was net long, and the long position decreased [9]. - **Expectation**: The supply production schedule continued to decrease, the demand in various downstream sectors also decreased, and the overall demand showed a continuous decline. The cost support remained stable. The 2605 contract of polysilicon is expected to fluctuate in the range of 48240 - 50370 [9]. 3.2 Market Overview 3.2.1 Industrial Silicon - The prices of various contracts and spot prices of industrial silicon showed different degrees of changes, and the social inventory and sample enterprise inventory also changed [15]. 3.2.2 Polysilicon - The prices of various contracts and spot prices of polysilicon showed different degrees of changes, and the weekly total inventory increased [17]. 3.3 Price and Cost Trends 3.3.1 Industrial Silicon - The price - basis and delivery product price difference trends of industrial silicon were presented, and the cost trends of different regions and specifications were also shown [19][35]. 3.3.2 Polysilicon - The disk price trend and basis trend of polysilicon were presented, and the cost trend of the polysilicon industry was also shown [22][67]. 3.4 Inventory and Production Trends 3.4.1 Industrial Silicon - The inventory trends of industrial silicon in different regions and the production and capacity utilization trends were presented [25][29]. 3.4.2 Polysilicon - The inventory trend and production trend of polysilicon were presented [67]. 3.5 Supply - Demand Balance 3.5.1 Industrial Silicon - The weekly and monthly supply - demand balance tables of industrial silicon were presented, showing the production, import, export, consumption, and balance situations [42][45]. 3.5.2 Polysilicon - The monthly supply - demand balance table of polysilicon was presented, showing the supply, import, export, consumption, and balance situations [69]. 3.6 Downstream Industry Trends 3.6.1 Organic Silicon - The price, production, and inventory trends of DMC in the organic silicon industry were presented, as well as the price trends of downstream products such as 107 glue, silicone oil, raw rubber, and D4 [48][50]. 3.6.2 Aluminum Alloy - The price, supply, inventory, and production trends of the aluminum alloy industry were presented, as well as the demand situations in the automotive and wheel hub sectors [56][61]. 3.6.3 Polysilicon Downstream - The price, production, inventory, and supply - demand balance trends of silicon wafers, battery cells, photovoltaic components, and photovoltaic accessories in the polysilicon downstream industry were presented, as well as the cost - profit trends of components and the photovoltaic grid - connected power generation trends [72][84][89].

Core Viewpoint - Lichong Group has transformed from a small family workshop into a leading global player in the aluminum alloy industry, achieving over 30 billion yuan in revenue through a focus on innovation and a complete industrial chain [1][2][8]. Group 1: Company History and Development - Founded in the early 1980s in Baoding, Hebei, Lichong Group started as a family-run workshop focused on waste aluminum recycling and processing [2][3]. - The company capitalized on the booming demand for aluminum during China's economic reforms, achieving a net profit of over 9 million yuan in 1988 as aluminum prices surged from 7,000 yuan/ton to over 18,000 yuan/ton [2][3]. - Lichong Group avoided diversification and focused on the aluminum alloy sector, which allowed for deep exploration and innovation in production processes [3]. Group 2: Technological Innovation - The company has invested heavily in R&D to overcome initial technological barriers, leading to the development of high-purity aluminum-silicon-magnesium-titanium alloys, breaking foreign monopolies [4]. - Lichong Group's latest innovation, a heat treatment-free aluminum alloy, enhances manufacturing efficiency and reduces costs, marking a significant technological breakthrough [4][6]. - The company has established a comprehensive technical system covering alloy materials, wheel manufacturing, and new material applications, with a total of 984 patents, including 181 invention patents [6]. Group 3: Global Expansion and Market Strategy - Lichong Group has built overseas production bases in Thailand and Mexico, creating a supply chain network across Southeast Asia, Europe, and America, which helps mitigate trade barriers and respond quickly to international orders [7][8]. - The company emphasizes a complete industrial chain from waste aluminum recycling to new energy materials, achieving a resource closed loop that significantly reduces energy consumption and carbon emissions [7]. - Lichong Group's products span various sectors, including automotive, rail transportation, robotics, aerospace, and high-end manufacturing, enhancing its resilience against market fluctuations [7][8]. Group 4: Future Outlook - The company plans to continue focusing on aluminum alloy new materials and automotive lightweight strategies while exploring emerging fields such as humanoid robots and solid-state batteries [5][8]. - Lichong Group aims to strengthen its position in both traditional and new industries, striving for high-quality development in the aluminum alloy sector [8].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report focuses on the fundamentals of industrial silicon and polysilicon, suggesting to pay attention to market sentiment changes in industrial silicon and the situation of the Beijing meeting in polysilicon [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Industrial Silicon and Polysilicon Futures Market - Si2605 closing price is 8,815 yuan/ton, with a volume of 256,241 lots, and an open interest of 234,800 lots. PS2605 closing price is 50,000 yuan/ton, with a volume of 18,297 lots, and an open interest of 38,411 lots [1] - Industrial silicon's near - month contract to continuous - first spread is - 35 yuan/ton, and the cost of buying the near - month and selling the continuous - first inter - period is 51.2 yuan/ton. Polysilicon's near - month contract to continuous - first spread is - 120.0 yuan/ton [1] 3.1.2 Basis - Industrial silicon's spot premium or discount varies according to different benchmarks. For example, the spot premium to East China Si5530 is + 535 yuan/ton. Polysilicon's spot premium to N - type re - investment material is + 3750 yuan/ton [1] 3.1.3 Price - The price of Xinjiang 99 silicon is 8700 yuan/ton, Yunnan Si4210 is 10000 yuan/ton, and polysilicon - N - type re - investment material is 53500 yuan/ton [1] 3.1.4 Profit - Silicon factory profits for Xinjiang new - standard 553 are - 2316.5 yuan/ton, and for Yunnan new - standard 553 are - 5509 yuan/ton. Polysilicon enterprise profit is 9.0 yuan/kg [1] 3.1.5 Inventory - Industrial silicon's social inventory (including warehouse receipt inventory) is 55.4 million tons, enterprise inventory is 20.9 million tons, and industry inventory is 76.3 million tons. Polysilicon's factory inventory is 33.3 million tons [1] 3.1.6 Raw Material Costs - The prices of silicon ore, washed coking coal, petroleum coke, electrodes, etc. in different regions are provided. For example, Xinjiang silicon ore is 320 yuan/ton, and Yunnan silicon ore is 230 yuan/ton [1] 3.1.7 Downstream Products of Polysilicon (Photovoltaic) - The prices and profit situations of products such as silicon wafers, battery cells, components, photovoltaic glass, and photovoltaic - grade EVA are given. For example, the price of N - type 210mm silicon wafers is 1.53 yuan/piece, and the profit of polysilicon enterprises is 9.0 yuan/kg [1] 3.1.8 Organic Silicon and Aluminum Alloy - The price of DMC is 13900 yuan/ton, and the DMC enterprise profit is 1912 yuan/ton. The price of ADC12 is 23650 yuan/ton, and the recycled aluminum enterprise profit is 360 yuan/ton [1] 3.2 Macro and Industry News - In December 2025, there were 6233 newly - established on - record new energy power generation projects (excluding household photovoltaics) nationwide, including 36 wind power projects, 6190 photovoltaic power generation projects (48 centralized photovoltaic power generation projects and 6142 industrial and commercial distributed photovoltaic power generation projects), and 7 biomass power generation projects [1][3] 3.3 Trend Intensity - The trend intensity of industrial silicon is 1, and that of polysilicon is also 1, with the range of trend intensity being integers in the [-2, 2] interval [3]

Copper - Copper prices have stabilized slightly overnight, with domestic refined copper maintaining an import window closure status [3][13] - The US ISM manufacturing index for January rose to 52.6, significantly exceeding expectations and reaching the highest level since February 2022, driven by robust growth in new orders and output [3][13] - China's January manufacturing PMI rose to a three-month high of 50.3, with sales prices increasing for the first time in 14 months [3][13] - LME copper inventory decreased by 300 tons to 174,675 tons, while Comex inventory increased by 1,859 tons to 525,967 tons [3][13] - The market is facing short-term price pressure due to weak fundamentals, accumulating inventory, and a demand vacuum around the Spring Festival, with potential support testing in the range of 95,000 to 100,000 yuan/ton [3][13] Nickel & Stainless Steel - LME nickel fell by 2.91% to $17,045 per ton, while SHFE nickel dropped by 2.83% to 132,670 yuan per ton [14][15] - LME inventory decreased by 756 tons to 285,528 tons, and SHFE warehouse receipts fell by 302 tons to 46,574 tons [14][15] - Despite market sentiment dragging prices down, there are concerns about tight resource supply, which may support boundary costs [14][15] Aluminum & Aluminum Alloy - The price of alumina showed a slight increase, with AO2605 closing at 2,821 yuan per ton, up 1.18% [16] - SHFE aluminum experienced a decline, with AL2603 closing at 23,520 yuan per ton, down 2.12% [16] - Recent regional alumina maintenance has led to supply disturbances, causing inventory to gradually accumulate [16] Industrial Silicon & Polysilicon - Industrial silicon prices showed a slight decline, with the main contract closing at 8,795 yuan per ton, down 1.18% [17] - Polysilicon prices also fell, with the main contract closing at 47,050 yuan per ton, down 1.66% [17] - The supply of silicon ore is shrinking as companies enter winter maintenance, impacting overall supply [17] Lithium Carbonate - Lithium carbonate futures dropped to 132,440 yuan per ton, with battery-grade lithium carbonate prices falling by 7,500 yuan to 160,500 yuan per ton [18] - Weekly production decreased by 648 tons to 21,569 tons, with lithium spodumene production down by 670 tons [18] - The market sentiment is currently negative, with prices under pressure, but strategic stocking demand from downstream may provide some support [18]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - For industrial silicon, the 05 contract showed an upward trend this week, but it is expected to have a bearish oscillatory adjustment next week. The supply is expected to decrease, demand may recover slightly, and cost support will rise [4][5]. - For polysilicon, the 05 contract also rose this week, and it is also predicted to have a bearish oscillatory adjustment next week. Supply production is expected to continue to decrease, demand will show some recovery but may be weak later, and cost support will remain stable [8][9]. Summary by Relevant Catalogs 1. Review and Outlook Industrial Silicon - Price: The 05 contract opened at 8,605 yuan/ton on Monday and closed at 8,820 yuan/ton on Friday, with a weekly increase of 2.50% [4]. - Supply: This week's supply was 83,000 tons, a 2.35% decrease from the previous week. The sample enterprise output was 44,140 tons, a 0.23% increase. The expected monthly operating rate is 61%, a 3.59 - percentage - point decrease from last month [4]. - Demand: This week's demand was 70,000 tons, a 4.10% decrease. Demand remains sluggish, with different situations in polysilicon, organic silicon, and aluminum alloy sectors [5]. - Cost: The production cost of sample oxygen - blown 553 in Xinjiang was 9,794.9 yuan/ton, remaining unchanged. Cost support increased during the dry season [5]. - Inventory: Social inventory was 556,000 tons, a 0.18% increase; sample enterprise inventory was 213,100 tons, a 2.70% increase; major port inventory was 137,000 tons, remaining unchanged [5]. Polysilicon - Price: The 05 contract opened at 50,200 yuan/ton on Monday and closed at 50,720 yuan/ton on Friday, with a weekly increase of 1.04% [8]. - Supply: Last week's production was 20,500 tons, a 4.65% decrease. The predicted January production schedule is 107,800 tons, a 6.66% decrease from last month [8]. - Demand: Different trends are seen in silicon wafers, battery cells, and components. Overall, demand shows some recovery but may be weak later [8][9]. - Cost: The average cost of N - type polysilicon in the industry is 38,600 yuan/ton, with a production profit of 15,400 yuan/ton [8]. - Inventory: Weekly inventory was 330,000 tons, a 2.80% increase, at a historically high level [9]. 2. Fundamental Analysis - Industrial Silicon Price - Basis and Delivery Product Spread Trends: Analyzes the trends of the SI main contract basis and the price difference between different grades of silicon [15][16]. - Industrial Silicon Inventory: Presents the inventory trends of industrial silicon in different regions and ports [18][19][20]. - Industrial Silicon Production and Capacity Utilization Trends: Shows the production and capacity utilization trends of industrial silicon sample enterprises [22][23][24]. - Industrial Silicon Cost - Sample Region Trends: Analyzes the cost trends of industrial silicon in different regions [29][30][31]. - Industrial Silicon Supply - Demand Balance: Provides both weekly and monthly supply - demand balance tables for industrial silicon [33][34][37]. - Industrial Silicon Downstream - Organic Silicon: Covers various aspects such as price, production, import - export, and inventory trends [39][40][42]. - Industrial Silicon Downstream - Aluminum Alloy: Analyzes price, supply, inventory, and production trends, as well as the demand from the automotive and wheel hub sectors [47][48][52]. - Industrial Silicon Downstream - Polysilicon: Includes cost, price, inventory, supply - demand balance, and trends of silicon wafers, battery cells, and components [55][56][59]. 3. Technical Analysis - SI Main Contract: This week, the main 05 contract showed an upward trend, and it is expected to have a bearish oscillatory adjustment next week [79]. - PS Main Contract: This week, the main 05 contract showed an upward trend, and it is expected to have a bearish oscillatory adjustment next week [81].