【多晶硅巨头"约谈"风波：未来光伏如何"反内卷"？】2026年1月8日，多晶硅期货打开跌停板后，9日 继续回落。 市场波动背后，一则会议纪要在业内广泛流传。会议纪要显示，2026年1月6日，市场监管总局约谈中国 光伏行业协会及通威股份（600438.SH）、协鑫科技（3800.HK）、大全能源（688303.SH）、新特能源 （1799.HK）、亚洲硅业和东方希望等多家多晶硅龙头企业，通报行业垄断风险并提出整改意见。 截至1月9日收盘，通威股份、协鑫科技、大全能源和新特能源股价均出现下跌，跌幅分别为3.83%、 7.89%、6.1%和7.81%。 网络流传的会议纪要信息显示，监管方面指出，根据市场举报，自2025年7月以来，光伏行业存在以自 律为名，推动多晶硅价格上涨的现象。相关企业签订承诺函，制定行业整合方案，并成立平台公司。平 台公司根据需求定产，动态调整，实现产销平衡。上述行为名义调整产能，实际是控制产销量，根据出 资比例瓜分市场，挤压下游空间。 会议纪要显示的整改意见方向，要求相关企业不得约定产能、销售价格，不得以任何形式进行市场划 分、产量和利润分配，不得就价格、成本和产销量等信息开展沟通协调。 上 ...

2026年1月8日，多晶硅期货打开跌停板后，9日继续回落。 市场波动背后，一则会议纪要在业内广泛流传。会议纪要显示，2026年1月6日，市场监管总局约谈中国 光伏行业协会及通威股份（600438.SH）、协鑫科技（3800.HK）、大全能源（688303.SH）、新特能源 （1799.HK）、亚洲硅业和东方希望等多家多晶硅龙头企业，通报行业垄断风险并提出整改意见。 截至1月9日收盘，通威股份、协鑫科技、大全能源和新特能源股价均出现下跌，跌幅分别为3.83%、 7.89%、6.1%和7.81%。 对于上述约谈事宜，《中国经营报》记者未能从相关多晶硅企业获得实质性回应，但其中一家多晶硅企 业人士告诉记者，此次约谈与同行公司的举报有关。 一德期货分析师张海端向记者表示，多晶硅期货近日走势主要受约谈事件影响，多晶硅市场交易逻辑转 向反垄断预期，资金呈现撤离迹象，这也意味着此前光伏行业通过产能收储、自律挺价等行为形成的价 格联盟难以维系，光伏"反内卷"将更多依靠市场与法治手段推进。 一位多晶硅行业资深人士向记者表示，"反内卷"要坚持法治化、市场化，依法依规推进。约谈主要是回 应相关举报，针对的是设立平台公司推动产能整合 ...

锡产业期现日报 投资咨询业务资格:证监许可【 2011】1292号 2026年1月5日 厂广发期货 | 2026年1月5日 | | | | 寇帝斯 | Z0021810 | | --- | --- | --- | --- | --- | --- | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | SMM 1#锡 | 326450 | 323500 | 2950 | 0.91% | | | SMM 1#锡升贴水 | 850 | 350 | 500 | 142.86% | 元/吨 | | 长江 1#锡 | 326950 | 324000 | 2950 | 0.91% | | | LME 0-3升贴水 | -1.00 | 80.00 | -81.00 | -101.25% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -15368.24 | -13988.79 | -1379.45 | -9.86% | 元/吨 | | 沪伦比值 | 7.83 | ...

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Tin Industry - The market sentiment is overly high recently, and there is a risk of a decline. Attention should be paid to the macro - situation and the supply - side recovery [2]. Aluminum Alloy Industry - The strong cost and weak demand make the price of ADC12 have limited upward and downward space. It is expected to continue to fluctuate in a high - level range in the short term, with the main contract reference range of 20800 - 21800 yuan/ton [4]. Aluminum Industry - For alumina, the policy is more sentiment - driven and difficult to reverse the supply - demand fundamentals in the short term. The price is expected to fluctuate widely around the industry cash cost line. It is recommended to wait and see, with the main contract reference range of 2650 - 2950 yuan/ton. For electrolytic aluminum, the market is dominated by the game between strong macro - expectations and weak fundamentals. The price is expected to remain in a high - level wide - range fluctuation in the short term, with the main contract reference range of 21800 - 22800 yuan/ton [5]. Zinc Industry - The short - term zinc price is expected to fluctuate. The support comes from the tight domestic zinc ore supply and low zinc ingot inventory, while the pressure comes from the expected supply of imported ores. Attention should be paid to the import profit and loss, TC inflection point, and refined zinc inventory changes, with the main contract focusing on the 22850 - 22950 support [7]. Copper Industry - The medium - and long - term fundamentals of copper are good, but the short - term price is over - estimated to some extent. In a market with high speculative sentiment and risk preference, the price may remain strong in the short term. It is not advisable to short on the left side before the bullish logic reverses and the price shows a peak signal. Attention should be paid to overseas inventory changes and CL premium changes [10]. Lithium Carbonate Industry - The short - term supply is expected to increase slightly, and the downstream demand maintains a certain resilience. The destocking has slowed down. The price may remain strong in the short term under the support of capital sentiment, but attention should be paid to the risk of regulatory tightening and profit - taking adjustment of funds [14]. Nickel Industry - The expectation of increased nickel ore control in Indonesia drives the recent sentiment to strengthen, but the short - term reality is still weak, and the medium - term fundamentals are loose, which restricts the upward space of the price. The disk is expected to maintain a strong - side fluctuation in the short term, with the main contract reference range of 123000 - 130000 [15]. Stainless Steel Industry - The supply pressure has eased slightly, and the cost support of ore and ferronickel has strengthened, but the demand boost in the off - season is still insufficient. The short - term market sentiment is boosted, but the supply - demand game continues. It is expected to fluctuate and adjust in the short term, with the main contract reference range of 12500 - 13200 [17]. Industrial Silicon Industry - The supply and demand of industrial silicon are both stable with a downward trend, and the expectation of production reduction is further heating up. The price is expected to fluctuate at a low level, with the main price fluctuation range of 8000 - 9000 yuan/ton. Attention should be paid to the production reduction intensity [20]. Polysilicon Industry - The polysilicon price remains in a high - level shock. In January, under the background of weak demand, there is further production reduction pressure if supply - demand balance is to be achieved. It is recommended to wait and see, paying attention to the production reduction situation and price adjustment acceptance [21]. 3. Summaries According to Relevant Catalogs Tin Industry Price and Spread - SMM 1 tin price increased by 0.60%, SMM 1 tin premium increased by 900.00%, etc. The import profit and loss decreased by 13.49%, and the monthly spread of some contracts changed significantly [2]. Fundamental Data - In November, tin ore imports increased by 29.81%, SMM refined tin production decreased by 0.81%, etc. SHEF inventory increased by 4.72%, and social inventory increased by 2.02% [2]. Aluminum Alloy Industry Price and Spread - SMM aluminum alloy ADC12 price increased by 0.23%, and the refined - scrap price difference of some varieties changed. The monthly spread of some contracts also changed [4]. Fundamental Data - In November, the production of recycled aluminum alloy ingots increased by 5.74%, and the production of primary aluminum alloy ingots increased by 5.84%. The operating rate of recycled aluminum alloy increased by 6.93%, and the social inventory of recycled aluminum alloy decreased by 2.06% [4]. Aluminum Industry Price and Spread - SMM A00 aluminum price increased by 0.18%, and the prices of alumina in different regions decreased to varying degrees. The import profit and loss of electrolytic aluminum decreased by 44.9 yuan/ton, and the monthly spread of some contracts changed [5]. Fundamental Data - In November, alumina production decreased by 4.44%, domestic electrolytic aluminum production decreased by 2.82%, etc. The operating rate of some aluminum products decreased, and the social inventory of electrolytic aluminum increased by 6.75% [5]. Zinc Industry Price and Spread - SMM 0 zinc ingot price increased by 0.52%, the import profit and loss decreased by 177.63 yuan/ton, and the monthly spread of some contracts changed [7]. Fundamental Data - In November, refined zinc production decreased by 3.56%, refined zinc exports increased by 402.59%. The operating rates of galvanizing, die - casting zinc alloy, and zinc oxide increased, and the seven - place social inventory of zinc ingots decreased by 6.14% [7]. Copper Industry Price and Spread - SMM 1 electrolytic copper price increased by 3.14%, the refined - scrap price difference increased by 6.95%, the import profit and loss decreased by 129.00 yuan/ton, and the monthly spread of some contracts changed [10]. Fundamental Data - In November, electrolytic copper production increased by 1.05%, and imports decreased by 3.90%. The operating rates of electrolytic copper rod and recycled copper rod decreased, and the domestic social inventory increased by 16.77% [10]. Lithium Carbonate Industry Price and Spread - SMM battery - grade lithium carbonate average price increased by 6.67%, and the monthly spread of some contracts changed [14]. Fundamental Data - In November, lithium carbonate production increased by 3.35%, demand increased by 5.11%, imports decreased by 7.64%, and exports increased by 208.75%. The total inventory decreased by 23.36% [14]. Nickel Industry Price and Spread - SMM 1 electrolytic nickel price increased by 1.81%, the futures import profit and loss increased by 83.57%, and the monthly spread of some contracts changed [15]. Fundamental Data - In November, China's refined nickel production decreased by 9.38%, and imports decreased by 65.66%. SHFE inventory decreased by 1.82%, and social inventory decreased by 1.43% [15]. Stainless Steel Industry Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) increased by 0.38%, and the monthly spread of some contracts changed [17]. Fundamental Data - In November, the production of 300 - series stainless steel crude steel in China decreased by 0.72%, and exports increased by 13.18%. The social inventory of 300 - series decreased by 1.43% [17]. Industrial Silicon Industry Price and Spread - The price of East China oxygen - containing SI5530 industrial silicon remained unchanged, and the monthly spread of some contracts changed [20]. Fundamental Data - In November, the national industrial silicon production decreased by 11.17%, the organic silicon DMC production increased by 3.82%, and the export volume increased by 21.78%. The Xinjiang inventory increased by 2.33%, and the social inventory increased by 0.36% [20]. Polysilicon Industry Price and Spread - The average price of N - type re - feed increased by 0.10%, and the monthly spread of some contracts changed significantly [21]. Fundamental Data - In November, polysilicon production decreased by 14.48%, imports decreased by 27.05%, and exports increased by 108.68%. The polysilicon inventory increased by 3.41%, and the silicon wafer inventory increased by 0.88% [21].

1. Report Industry Investment Rating No relevant information provided. 2. Report Core Views Copper - Overseas inventory is structurally imbalanced, and terminal demand is significantly suppressed. Yesterday, copper prices continued to rise, with short - term price fluctuations intensifying. The high copper price is mainly driven by supply and inventory structural imbalances, and the Fed's actions support the price. SMM expects China's electrolytic copper production to rise in December, but high prices suppress demand, leading to inventory accumulation and weak downstream performance. The upward drive lies in further deterioration of overseas inventory structure and improved interest - rate cut expectations, while the downward drive is from weak demand. The short - term price is volatile, with the main focus on the 95,500 support level [1]. Aluminum - Alumina: The market has a supply - demand imbalance with stable supply growth and peaking demand, causing a negative feedback loop. Supply increases, leading to inventory accumulation and price decline. The price is expected to oscillate around the cash - cost line, with a reference range of 2,450 - 2,650 yuan/ton. Attention should be paid to environmental policies and enterprise production cuts [3]. - Electrolytic aluminum: The market is in a state of high - level oscillation. Macro - level overseas easing expectations and domestic positive policies support the price, but the supply increases, demand enters the off - season, and inventory accumulates. The price is expected to oscillate widely, with a reference range of 21,800 - 22,600 yuan/ton. Attention should be paid to macro - expectations and inventory changes [3]. Aluminum Alloy - The casting aluminum alloy market is in a state of oscillating and strengthening. The core contradiction is the game between strong cost support and weakening demand. The supply of scrap aluminum is tight, pushing up costs, while high aluminum prices suppress downstream demand. The ADC12 price is expected to oscillate in a high - level range of 20,800 - 21,600 yuan/ton. Attention should be paid to scrap - aluminum supply, environmental policies, and downstream orders [5]. Zinc - TC has stopped falling and stabilized, and terminal demand is weak, so zinc prices are oscillating weakly. Domestic zinc - ore production decreases in November, and the import window opens. Smelters cut production due to profit pressure, and refined - zinc production growth is limited. Downstream demand is generally weak at the end of the year, and social inventory is decreasing. The LME inventory increases, and the squeeze - out risk eases. The main support is at 22,850 - 22,950 [9]. Tin - The supply of tin ore is expected to recover, with increased imports in November and exports from Indonesia. The demand in South China shows some resilience, while that in East China is more restricted. The previous long positions should be gradually closed, and attention should be paid to macro - factors and supply - side recovery [11]. Nickel - The nickel market is in a state of short - term oscillation and repair. The market is trading around the expectation of tightened nickel - ore supply due to news from Indonesia. The domestic spot price falls, and the supply of refined nickel is tight. The price of nickel - iron has stronger bottom support. However, the short - term reality is weak, and the medium - term fundamentals are loose, restricting the upward price space. The main reference range is 123,000 - 130,000 [12]. Stainless Steel - The stainless - steel market is oscillating narrowly. The spot - market trading atmosphere is weak. The macro - environment is favorable, but the market has a strong expectation of tightened ore supply. The price of nickel - iron has stronger bottom support, and the supply pressure eases slightly. However, the demand is in the off - season, and high inventory remains a problem. The market is expected to oscillate and adjust, with a main reference range of 12,500 - [14]. Lithium Carbonate - The lithium - carbonate market is in a state of wide - range oscillation. The recent news is abundant, and the fundamentals are in a state of strong supply and demand. The production is expected to increase in December, and the demand has some resilience, but the power - market orders decline in the off - season. The inventory decreases, and the tight - balance fundamentals support the price, but there is limited new driving force [16]. Industrial Silicon - The industrial - silicon market has stable spot prices and oscillating futures prices. The supply and demand are both decreasing steadily, and the expectation of production cuts is rising. The demand from polysilicon is expected to decline significantly. The price is expected to oscillate at a low level, with a main range of 8,000 - 9,000 yuan/ton. Attention should be paid to the production - cut intensity [18]. Polysilicon - The polysilicon market has stable spot prices and a significant increase in futures prices. The exchange has introduced cooling measures. Upstream enterprises try to boost prices, but downstream profits are under pressure. The demand in the first quarter has no bright spots. The price is expected to remain high and oscillate, and attention should be paid to production cuts and price acceptance [19]. 3. Summary by Relevant Catalogs Copper - **Price and Basis**: SMM 1 electrolytic copper is at 94,760 yuan/ton, up 0.07% from the previous day. The SMM 1 electrolytic copper premium is - 330 yuan/ton, down 20 yuan/ton. The refined - scrap spread is 3,944 yuan/ton, up 11.29% [1]. - **Fundamental Data**: In November, electrolytic - copper production was 110.31 million tons, up 1.05% month - on - month; imports were 27.11 million tons, down 3.90% [1]. Aluminum - **Price and Spread**: SMM A00 aluminum is at 21,980 yuan/ton, down 0.23%. The alumina prices in different regions are all down slightly [3]. - **Fundamental Data**: In November, alumina production was 743.94 million tons, down 4.44% month - on - month; domestic electrolytic - aluminum production was 363.66 million tons, down 2.82% [3]. Aluminum Alloy - **Price and Spread**: SMM aluminum alloy ADC12 is at 21,950 yuan/ton, unchanged. The refined - scrap spreads in different regions have different changes [5]. - **Fundamental Data**: In November, the production of recycled - aluminum alloy ingots was 68.20 million tons, up 5.74% month - on - month; that of primary - aluminum alloy ingots was 30.27 million tons, up 5.84% [5]. Zinc - **Price and Spread**: SMM 0 zinc ingot is at 23,080 yuan/ton, down 0.77%. The import loss is - 2,669 yuan/ton [9]. - **Fundamental Data**: In November, refined - zinc production was 59.52 million tons, down 3.56% month - on - month; imports were 1.82 million tons, down 3.22% [9]. Tin - **Price and Spread**: SMM 1 tin is at 332,750 yuan/ton, down 1.07%. The import loss is - 14,018.67 yuan/ton [11]. - **Fundamental Data**: In October, tin - ore imports were 11,632, up 33.49% month - on - month; SMM refined - tin production was 16,090, up 53.09% [11]. Nickel - **Price and Spread**: SMM 1 electrolytic nickel is at 127,400 yuan/ton, down 2.15%. The 8 - 12% high - nickel pig - iron price is 900 yuan/nickel point, up 0.67% [12]. - **Fundamental Data**: In November, China's refined - nickel production was 33,342, down 9.38% month - on - month; imports were 9,741, down 65.66% [12]. Stainless Steel - **Price and Spread**: 304/2B (Wuxi Hongwang 2.0 roll) is at 13,000 yuan/ton, down 0.38%. The price of 8 - 12% high - nickel pig - iron is 900 yuan/nickel point, up 0.67% [14]. - **Fundamental Data**: In November, China's 300 - series stainless - steel crude - steel production was 178.70 million tons, down 0.72% month - on - month; Indonesia's was 42.35 million tons, up 0.36% [14]. Lithium Carbonate - **Price and Spread**: SMM battery - grade lithium carbonate is at 104,900 yuan/ton, up 3.35%. The lithium - spodumene concentrate CIF average price is 1,440 US dollars/ton, up 0.42% [16]. - **Fundamental Data**: In November, lithium - carbonate production was 95,350, up 3.35% month - on - month; demand was 133,451, up 5.11% [16]. Industrial Silicon - **Price and Spread**: Huale Tongyang SI5530 industrial silicon is at 9,250 yuan/ton, unchanged. The 2601 - 2602 spread is - 20 yuan/ton, unchanged [18]. - **Fundamental Data**: In November, national industrial - silicon production was 40.17 million tons, down 11.17% month - on - month; the national operating rate was 64.82%, down 4.84% [18]. Polysilicon - **Price and Spread**: N - type re - feedstock average price is 52,350 yuan/ton, unchanged. The main - contract price is 60,760 yuan/ton, up 4.22% [19]. - **Fundamental Data**: In November, polysilicon production was 11.46 million tons, down 14.48% month - on - month; imports were 0.11 million tons, down 27.05% [19].

Report Industry Investment Ratings No relevant information provided. Core Views Industrial Silicon - Industrial silicon spot prices stabilized, while futures prices rose and then fell. The price is expected to remain in a low - level oscillation, with the main range between 8000 - 9000 yuan/ton. If production drops significantly, it may reach 10000 yuan/ton; if polysilicon production cuts are large and industrial silicon production cuts fall short of expectations, the price may drop to 7500 yuan/ton. [1] Polysilicon - Polysilicon futures prices continued to rise strongly, with a large premium over the spot average. The supply is excessive, and the demand is weak. The price is expected to remain in a high - level oscillation. If production cuts are significant, the futures may remain strong; if not, the high premium may converge to the spot price. [2] Tin - The supply of tin ore remains tight, and the demand in some regions shows resilience. Tin prices are expected to remain strong within the year. [4] Lithium Carbonate - The lithium carbonate market was affected by news, with the main contract rising. The fundamentals have not changed much, with both supply and demand being strong. The price may remain strong in the short - term, but there is a risk of a pullback. [5] Nickel - The nickel market was affected by Indonesian nickel ore news and macro factors. The fundamentals are relatively loose, and the price may repair slightly in the short - term, with the main reference range of 112000 - 116000 yuan/ton. [7] Stainless Steel - The stainless - steel market was affected by low valuations and nickel price rebounds. It is in a situation of weak supply and demand, and is expected to oscillate and adjust in the short - term, with the main operating range of 12200 - 12800 yuan/ton. [9] Zinc - The zinc market is affected by macro - level risk aversion. The supply is gradually changing from loose to tight, and the demand has a structural improvement. The short - term Shanghai zinc price may be stronger than the London zinc price. [13] Copper - The copper market is affected by macro factors and supply - side concerns. The price bottom has shifted up, and short - term price fluctuations may be intensified by macro events. [14] Aluminum - The alumina market has a pattern of high supply and high inventory, and the price is expected to remain in a bottom - level oscillation. The electrolytic aluminum market is expected to oscillate widely, with the main contract in the range of 21700 - 22400 yuan/ton. [17] Cast Aluminum Alloy - The cast aluminum alloy market is in a game between strong cost support and weak demand. It is expected to remain in a high - level narrow - range oscillation, with the main contract in the range of 20700 - 21400 yuan/ton. [18] Summary by Relevant Catalogs Industrial Silicon - **Spot Prices and Basis**: The prices of East China oxygen - containing SI5530, SI4210, and Xinjiang 99 silicon remained unchanged on December 17 compared to December 16. The basis of various types decreased. [1] - **Inter - month Spreads**: The inter - month spreads of most contracts changed significantly, with some showing large decreases or increases. [1] - **Fundamental Data**: National industrial silicon production decreased by 11.17%, and the national operating rate decreased by 4.84%. The production and operating rates in Yunnan and Sichuan decreased significantly, while those in Xinjiang increased slightly. [1] - **Inventory Changes**: Xinjiang, Yunnan, and Sichuan factory inventories and social inventories increased slightly, while the change in warehouse receipt inventory was zero. [1] Polysilicon - **Spot Prices and Basis**: The average prices of N - type re - feedstock and N - type granular silicon remained unchanged. The N - type material basis decreased significantly. [2] - **Futures Prices and Inter - month Spreads**: The main contract price rose, and the inter - month spreads of some contracts changed significantly. [2] - **Fundamental Data**: Weekly silicon wafer production increased by 1.67%, and monthly polysilicon production decreased by 14.48%. [2] - **Inventory Changes**: Polysilicon and silicon wafer inventories increased. [2] Tin - **Spot Prices and Basis**: The prices of SMM 1 tin and Yangtze River 1 tin increased by 1.65%. The LME 0 - 3 premium increased by 12.00%. [4] - **Inter - month Spreads**: The inter - month spreads of some contracts changed significantly. [4] - **Fundamental Data**: In October, tin ore imports increased by 33.49%, and SMM refined tin production increased by 53.09%. [4] - **Inventory Changes**: SHEF inventory, social inventory, and LME inventory increased. [4] Lithium Carbonate - **Prices and Basis**: The prices of various types of lithium carbonate and related raw materials increased to varying degrees. [5] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [5] - **Fundamental Data**: In November, lithium carbonate production and demand increased, and the inventory decreased. [5] Nickel - **Prices and Basis**: The prices of various types of nickel increased slightly, and the premium of Jinchuan nickel continued to rise. [7] - **Cost of Electrolytic Nickel**: The cost of some methods of producing electrolytic nickel changed. [7] - **New Energy Material Prices**: The price of battery - grade lithium carbonate increased, while the price of battery - grade nickel sulfate decreased slightly. [7] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [7] - **Supply, Demand and Inventory**: Chinese refined nickel production and imports decreased, while domestic inventories increased. [7] Stainless Steel - **Prices and Basis**: The spot price of stainless steel increased slightly, and the futures - spot price difference decreased. [9] - **Raw Material Prices**: The price of some raw materials remained stable, while the price of high - carbon ferrochrome increased slightly. [9] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [9] - **Fundamental Data**: Chinese 300 - series stainless steel production decreased slightly, and exports decreased significantly. [9] Zinc - **Prices and Spreads**: The price of SMM 0 zinc ingot decreased by 0.69%, and the import loss increased. [13] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [13] - **Fundamental Data**: In November, refined zinc production decreased by 3.56%, and the operating rates of some downstream industries changed. [13] - **Inventory Changes**: Chinese zinc ingot social inventory decreased, while LME inventory increased. [13] Copper - **Prices and Basis**: The price of SMM 1 electrolytic copper increased by 0.49%, and the premium decreased. [14] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [14] - **Fundamental Data**: In November, electrolytic copper production increased by 1.05%, and the operating rates of some copper - related industries decreased. [14] - **Inventory Changes**: Domestic social inventory increased, while the bonded area inventory decreased. [14] Aluminum Alumina - **Prices and Spreads**: The prices of alumina in various regions decreased slightly. [17] - **Fundamental Data**: In November, alumina production decreased by 4.44%, and the operating rate increased slightly. [17] - **Inventory Changes**: Alumina plant inventory, port inventory, and electrolytic aluminum plant alumina inventory increased. [17] Electrolytic Aluminum - **Prices and Spreads**: The price of SMM A00 aluminum increased by 0.55%. [17] - **Fundamental Data**: In November, domestic and overseas electrolytic aluminum production decreased. [17] - **Inventory Changes**: Chinese electrolytic aluminum social inventory increased slightly. [17] Cast Aluminum Alloy - **Prices and Spreads**: The prices of various types of cast aluminum alloy increased slightly. [18] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [18] - **Fundamental Data**: In November, the production of regenerated and primary aluminum alloy ingots increased, and the operating rates of related industries increased. [18] - **Inventory Changes**: The social inventory of regenerated aluminum alloy ingots decreased slightly. [18]

| | 业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | (2011 1292号 2025年12月 16日 | | | | 纪元非 Z0013180 | | | 现货价格及主力合约基差 | | | | | | | 品种 | 12月12日 | 12月11日 | 涨跌 | 涨跌幅 | 单位 | | 华东通氧S15530工业硅 | 9200 | 9200 | 0 | 0.00% | | | 基差(通氧SI5530基准) | 765 | ate | -150 | -16.39% | | | 华东SI4210工业硅 | aeso | aeso | 0 | 0.00% | 元/肥 | | 基差(SI4210基准) | 415 | 565 | -150 | -26.55% | | | 新疆99硅 | 8750 | 8750 | 0 | 0.00% | | | 基差(新疆) | 1115 | 1265 | -150 | -11.86% | | | 月间价差 | | | | | | | 合约 | 12月12日 | 12月11日 | 涨跌 | 涨跌幅 | 单位 | | ...

| 铜产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年12月15日 星期一 | | | | 周敏波 | Z0015979 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 車位 | | SMM 1#电解铜 | 03222 | 92665 | +930.00 | 1.00% | 元/吨 | | SMM 1#电解铜升贴水 | -20 | 5 | -25.00 | | 元/吨 | | SMM 广东1#电解铜 | 93650 | 92785 | +865.00 | 0.93% | 元/吨 | | SMM 广东1#电解铜升贴水 | વેર | ୧୧ | +30.00 | - | 元/肥 | | SMM湿法铜 | 93505 | 92585 | +920.00 | 0.99% | 元/吨 | | SMM湿法铜升贴水 | -110 | -75 | -35.00 | - | 7C/ http | | 精废价差 | 4797 | 4007 | +79 ...

本周，由多家硅料龙头企业联合投资设立的北京光和谦成科技有限责任公司正式登记成立，光伏行 业"反内卷"迈出重要一步。 硅片环节，本周，价格在前期连续下跌后开始出现止跌迹象，主流成交均价大致维持上周水平。虽仍可 见部分企业在低价段的报价区间较广，但高低价差距已有所收敛，市场氛围由先前的悲观逐步转向观 望。此外，上游硅料价格持稳，也使整体行情呈现"弱稳"格局。 InfoLink数据显示，183N硅片的主流成交仍落在1.18元/片，210RN主流价格则落在1.20元/片—1.23元/ 片。然而，在减产预期及收储信号的带动下，部分企业已陆续收回先前的低价报盘，使本周成交区间虽 显扩大，但价格重心已回到主流水平。至于210N硅片，价格表现相对坚挺，主流成交维持在1.50元/ 片，市场分化程度明显低于其他尺寸，显示其具备较强支撑力。 InfoLink认为，随着12月减产计划逐步落地，硅片库存累积速度已有放缓。需注意的是，自律性减产与 实际产量控制仍待观察，当前硅片价格波动多受到会议与收储信号带动的短期备货所影响。整体而言， 在新的会议之前，硅片价格大概率维持窄幅震荡格局。预计下周仍以持稳为主，小幅反弹为辅，主流价 格出现大 ...

| を业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | Hol [201] 1295号 2025年 | | | | 纪元菲 | 20013180 | | 现货价格及主力合约基差 | | | | | | | 品科 | 12月11日 | 12月10日 | 涨跌 | 涨跌幅 | 单位 | | 华东通氧S15530工业硅 | 9200 | 9200 | 0 | 0.00% | | | 基差(通氧SI5530基准) | ate | ರಿನಲ್ಲಿ | -35 | -3.68% | | | 华东SI4210工业硅 | aeso | aeso | 0 | 0.00% | 元/肥 | | 基差(SI4210基准) | રેક | 600 | -35 | -5.83% | | | 新疆99硅 | 8750 | 8750 | 0 | 0.00% | | | 基差(新疆) | 1265 | 1300 | -35 | -2.69% | | | 月间价差 | | | | | | | 合约 | 12月11日 | 12月10日 | 消歧失 | 涨跌幅 | 单位 | | 25 ...