1日双硅盘面受PMI影响震荡反弹走强。从成本线来看，天津港澳矿下跌0.3元/吨度，加蓬矿下调0.2元/吨度，其余电力、冶金焦、硅石价格持稳，兰炭价格暴跌后回升至1270元/吨后持稳，宁夏硅铁现货下调150元/吨，内蒙硅铁下调100元/吨，硅铁利润被进一步压缩，成本支撑稳定，硅锰利润微薄，成本线下移。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，硅锰下方空间有限，硅铁受情绪影响暂震荡，操作上可以考虑空硅铁多硅锰的价差套利。

研究报告全文：铁合金数据日报202332品种日内观点1日双硅盘面受PMI影响震荡反弹走强从成本线来看天津港澳矿下跌03元吨度加蓬矿下调02元硅铁吨度其余电力冶金焦硅石价格持稳兰炭价格暴跌后回升至1270元吨后持稳宁夏硅铁现货下调150元吨内蒙硅铁下调100元吨硅铁利润被进一步压缩成本支撑稳定硅锰利润微薄成本线下移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硅硅锰锰下方空间有限硅铁受情绪影响暂震荡操作上可以考虑空硅铁多硅锰的价差套利产业链数据数据环比项目数据环比宁夏硅铁现价7650-150硅铁2305结算价808692内蒙硅铁现价7700-100硅铁2309结算价798078期现货市场宁夏锰硅现价72500锰硅2305结算价748692内蒙锰硅现价73000锰硅2309结算价740282硅铁2305基差-436-242硅铁9-1价差24-16硅铁2309基差-330-228硅铁5-9价差10614基差及价差锰硅2305基差-186-92锰硅9-1价差40锰硅2309基差-102-82锰硅5-9价差8410宁夏硅铁利润4755-150宁夏锰硅利润-467980利润内蒙硅铁利润6935-100内蒙锰硅利润-33398-10硅铁2305152万-04万锰硅2305155万-17万持仓情况硅铁230912万01万锰硅230909万-01万主要图表图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190001500017000130001500013000110001100090009000700070005000500030003000202121202131202141202151202161202171202181202191202211202011202021202031202041202051202061202071202081202091202111202221202231202241202251202261202271202281202291202311202321202331202011202021202031202041202051202061202071202081202311202321202331202091202111202121202131202141202151202161202171202181202191202211202221202231202241202251202261202271202281202291202110120211112021121202010120201112020121202210120221112022121202211120221212020101202011120201212021101202111120211212022101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