Qi Huo Ri Bao·2025-10-21 01:23Group 1: Market Performance - U.S. stock markets saw significant gains, with the Nasdaq rising by 1.37%, the Dow Jones by 1.12%, and the S&P 500 by 1.07% [1] - Major tech stocks performed well, with Apple increasing approximately 4% to reach a market capitalization of $3.89 trillion, surpassing Microsoft [1] - The Nasdaq Golden Dragon China Index rose by 2.39%, with notable increases in Chinese stocks such as iQIYI (up over 8%) and NIO (up nearly 5%) [1] Group 2: Commodity Prices - COMEX gold futures increased by 3.82%, reaching $4,374.3 per ounce, while spot gold rose by 2.48% to $4,357.36 per ounce, both hitting historical highs [1] - COMEX silver futures rose by 2.59%, closing at $51.4 per ounce [1] - WTI crude oil futures slightly decreased by 0.03% to $57.52 per barrel, and Brent crude oil futures fell by 0.46% to $61.01 per barrel [1] - U.S. natural gas futures surged nearly 13%, closing at $3.397 per million British thermal units [1] Group 3: Silicon Market Dynamics - On October 20, polysilicon futures experienced a significant decline, with the main contract PS2511 closing at 50,340 yuan, down 3.66% [6] - Analysts attribute the price drop to a shift in market focus from speculative influences to fundamental conditions, indicating a supply surplus in the polysilicon market [6][7] - Current weekly polysilicon production is maintained at 31,000 tons, with expectations of exceeding 130,000 tons in October [6] - Inventory levels have increased to 289,340 tons, indicating a lack of substantial improvement in the supply-demand balance [6][7] Group 4: Future Outlook for Polysilicon - Analysts express mixed views on the future of polysilicon prices, with potential support from reduced production during the dry season in southwestern regions [7] - The market is currently characterized by a struggle between strong policy expectations and weak fundamental realities, leading to uncertainty in price movements [7]