双硅昨日盘面宽幅震荡，小幅收跌。从成本线来看，天津港加蓬矿、半碳酸价格继续下调0.2元/吨度、澳矿下调0.4元/吨度，兰炭价格暴跌至1155元/吨后持稳，硅锰成本线走弱，现货持续下跌，硅锰利润微薄，基本按需采购，硅铁端兰炭的超低价还未能流入库存，硅铁成本支撑较弱。整体基本面来看，双硅都是供大于求，需求略有好转，整体偏弱，但硅铁相较于硅锰更为弱势，操作上可以考虑空硅铁多硅锰的价差套利，此外需要注意二月钢招区间对双硅价格的影响。

研究报告全文：铁合金数据日报2023221品种日内观点双硅昨日盘面宽幅震荡小幅收跌从成本线来看天津港加蓬矿半碳酸价格继续下调02元吨度硅铁澳矿下调04元吨度兰炭价格暴跌至1155元吨后持稳硅锰成本线走弱现货持续下跌硅锰利润微薄基本按需采购硅铁端兰炭的超低价还未能流入库存硅铁成本支撑较弱整体基本面来看双硅都是供大于求需求略有好转整体偏弱但硅铁相较于硅锰更为弱势操作上可以考虑空硅铁多硅锰硅锰的价差套利此外需要注意二月钢招区间对双硅价格的影响产业链数据项目数据环比项目数据环比宁夏硅铁现价77000硅铁2305结算价7880-6内蒙硅铁现价79000硅铁2309结算价7790-10期现货市场宁夏锰硅现价72500锰硅2305结算价7450-16内蒙锰硅现价73000锰硅2309结算价7342-36硅铁2305基差-1806硅铁9-1价差8-8硅铁2309基差-9010硅铁5-9价差904基差及价差锰硅2305基差-15016锰硅9-1价差10-10锰硅2309基差-4236锰硅5-9价差10820宁夏硅铁利润64050宁夏锰硅利润-480646515111利润内蒙硅铁利润100850内蒙锰硅利润-34664655111硅铁2305209万-02万锰硅2305164万-06万持仓情况硅铁230911万00万锰硅230907万01万主要图表图1硅铁现货价格元吨图2硅锰现货价格元吨宁夏硅铁内蒙硅铁宁夏硅锰内蒙硅锰190001500017000130001500013000110001100090009000700070005000500030003000202021202051202071202091202121202151202171202191202221202251202271202321202011202031202041202061202081202111202131202141202161202181202211202231202241202261202281202291202311202011202061202081202111202161202181202211202241202261202311202021202031202041202051202071202091202121202131202141202151202171202191202221202231202251202271202281202291202321202012120211212022121202010120201112021101202111120221012022111202111120221112020101202011120201212021101202112120221012022121图3硅铁现货利润元吨图4硅锰现货利润元吨宁夏虚拟利润内蒙虚拟利润内蒙虚拟利润宁夏虚拟利润140001500120001000100005008000600004000-5002000-10000-2000201913202013202113202213202313图5硅铁05合约基差图6硅铁09合约基差SF2009基差SF2109基差SF2209基差SF2309基差SF2005基差SF2005基差SF2105基差SF2205基差8000700060006000500040004000300020002000100000-1000-2000-2000516616716816916101611161216116216316416916101611161216116216316416516616716816图7硅锰05合约基差图8硅锰09合约基差SM2009基差SM2109基差SM2209基差SM2309基差SM2005基差SM2105基差SM2205基差SM2305基差4000400035003000300025002000200015001000100050000-500-1000-1000516616716816916101611161216116216316416916101611161216116216316416516616716816图9硅铁9-1价差图10硅铁5-9价差SF2005-SF2009SF2105-SF2109SF2205-SF2209SF2305-SF230925002000150010005000-500-1000-1500-2000916101611161216116216316416图11硅锰9-1价差图12硅锰5-9价差SM2009-SM2101SM2109-SM2201SM2209-SM2301SM2309-SM2401SM2005-SM2009SM2105-SM2109SM2205-SM2209SM2305-SM23095001500400300100020010050000-100-200-500-300-400-1000117217317417517617717817917918101811181218118218318418免责声明本报告由东吴期货研究所制作及发布报告是基于本公司认为可靠的且目前已公开的信息撰写本公司力求但不保证该信息的准确性和完整性所表述的意见并不构成对任何人的投资建议投资者需自行承担风险未经本公司事先书面授权不得对本报告进行任何有悖原意的引用删节修改及用于其它用途