Silicon metal is an industrial source of refined silicon, a non-metallic element. It is gray, hard, and brittle and is also called as industrial silicon or metal silicon. Its chemical composition mainly consists of iron (Fe), aluminum (Al), and calcium (Ca). According to the content of Fe, Al, and Ca in metallic silicon, it can be divided into different grades such as 553, 441, 411, 421, and 3303. It is available in various purity grades and mesh sizes. The global silicon metal market analyzes various grades of silicon metal offered by key players in the market. The market is segmented into product type and application.

基本金属：随着价格涨至相对高位， 下游成交活跃度降低，铜铝期货步入振荡状态。能源金属：在消费驱动全球新能源汽车需求增长的加速阶段，随着供需迎来拐点叠加产 业链加速补库，上游能源金属价格上行周期的幅度和持续性均有望超预期。同时值得强调的是，红土镍矿湿法冶炼 MHP 生产硫酸镍较火法仍具备较强的 成本优势，布局湿法的战略意义仍十分显著。贵金属：近阶段贵金属价格回撤，主要系美债收益率破 1%，触发市场担忧美联储政策 转向，及实际利率上升担忧。

流动性：美联储负债继续创新高。基建地产链条：短期销售继续走强，螺纹价利继续回暖。工业品链条：铜、铝价格和利润继续上涨，均处于历史高位。出口链条：中国出口集运价格指数继续下滑。比价关系：螺纹与铁矿价格比值继续上涨。

 ID.4 交付在即，市场关注销量前景，空间：行业容量巨大，面向电动车空白市场，产品力：内外兼修，定价较有吸引力；大众品牌号召力强，创新推出代理制营销模式；ID.4 具备爆款潜力，MEB 长期空间大，孕育产业链机会。

产业链上下游协同发展，燃料电池汽车行业有望开始放量。“碳中和”愿景确立汽车行业转型目标，“以奖代补”助力燃料电池行业健康 快速发展。重塑股份是燃料电池系统行业龙头，掌握核心零部件技术。行业格局未定，龙头企业身位领先，重塑规模优势显著。