Report Summary 1) Report Industry Investment Rating - The investment rating for the black metal (silicon - ferromanganese and silicon) sector is "oscillating and bullish" [1] 2) Core View of the Report - The overall view of silicon - ferromanganese and silicon is bullish in the short - term, with the market trading on policy expectations [1] 3) Summary by Relevant Catalogs Market Quotes - The SM2601 contract closed at 5990, up 0.77% from the previous trading day's close; the SF2511 contract closed at 5766, up 1.16% from the previous trading day's close [1] Important Information - The Federal Reserve cut the federal funds rate target range to 4.00% - 4.25% by 25 basis points on Wednesday, the first rate cut this year and the resumption of rate cuts after 9 months [1] - On September 16, the First President's Office Meeting of the Third Session of the Jiangsu Iron and Steel Industry Association was held in Tangshan, Hebei. Relevant initiatives and suggestions were reviewed and passed [1] - On September 17, Li Zhen, Deputy Director of the State - owned Assets Supervision and Administration Commission of the State Council, said that state - owned enterprises would be promoted to carry out strategic and professional restructuring and integration [1] - From January to August, Hebei ranked first in the country in crude steel production with 14198.63 million tons, and Jiangsu ranked second with 8119.29 million tons [1] Market Logic - Recently, downstream inquiries in the manganese - silicon market have been active, and market procurement demand has increased. Manganese ore prices have slightly increased. With the approaching of the National Day holiday, downstream procurement demand has rebounded. Although Hebei Iron and Steel's steel procurement inquiry price has dropped significantly, downstream low - price procurement demand has increased, and manganese ore cost support is strong, so producers are reluctant to lower prices. The final pricing of Hebei Iron and Steel's September steel procurement should be noted. For silicon - iron, Hebei Iron and Steel's September silicon - iron tender price is 5800 yuan/ton (including tax and acceptance at the factory), a decrease of 230 yuan/ton compared with August, and the procurement quantity is 3280 tons, an increase of 130 tons compared with August. There is strong short - term support below, and the overall view of double - silicon is bullish [1] Trading Strategy - The short - term market trades on policy expectations and is viewed bullishly [1]

研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 昨日 SM2509 合约收于 5610，环比上一交易日收盘下跌 0.11%。SF2509 合约收于 5316， 环比上一交易日收盘上涨 0.30%。 【重要资讯】 | | --- | --- | --- | --- | | 黑色 | 硅铁锰 | 震荡偏空 | 1、当地时间 6 月 23 日，一名伊朗高级官员证实，伊朗已接受卡塔尔参与调解、美国 提出的与以色列停火方案。 2、6 月 23 日，焦炭市场价格偏弱运行，第四轮降价落地。河北山东主流钢厂针对焦 炭采购价格下调湿熄 50 元/吨，干熄 55 元/吨。 3、杭州推出住房公积金直付购房首付款业务，在杭州市购买的新建商品房，可使用公 | | | 硅 | | 积金直接直付购房首付款。 | | | | | 【市场逻辑】 | | | | | 锰硅基本面变化不大，产业仍处在亏损周期内，成本端向下空间收窄，6 月钢招接近 | | | | | 尾声，短期震荡为主。硅铁近期市场询盘活跃度尚可，6 月钢招 ...