前期空单获利离场，多晶硅盘面持续向上修复

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views - The industrial silicon futures price rebounded slightly on April 23, 2025, and the polysilicon futures contract continued to rebound. The overall macro - sentiment improvement led to a rebound in the futures market, but the industry still faced pressure from high inventory and cost issues [1][4] - The spot price of industrial silicon was weakly stable, and the supply - side price center of gravity moved down. The downstream demand was weak, especially in the organic silicon industry, where the monomer plant's start - up rate was low [1][2] - The polysilicon spot price remained stable, with a slight increase in factory inventory and a decrease in silicon wafer inventory. The futures rebound was due to the low willingness of manufacturers to register warehouse receipts at low prices during the first delivery and the profit - taking of short positions [4][5][6] Group 3: Summary by Related Catalogs Industrial Silicon Market Analysis - On April 23, 2025, the main contract 2505 of industrial silicon futures opened at 8835 yuan/ton and closed at 8930 yuan/ton, up 1.08% from the previous day's settlement. The position of the main contract was 182,521 lots, and the number of warehouse receipts was 69,820, a decrease of 74 from the previous day [1] - The spot price of industrial silicon was weakly stable. The price of East China oxygen - passing 553 silicon was 9600 - 9900 yuan/ton, and 421 silicon was 10400 - 10700 yuan/ton. The price of Xinjiang oxygen - passing 553 silicon dropped by 100 yuan/ton, and 99 silicon dropped by 50 yuan/ton. Some silicon enterprises offered price concessions, and the downstream pre - holiday stocking was average [1] - The organic silicon DMC quotation was 11200 - 12000 yuan/ton. Due to weak demand, organic silicon monomer plants in East, North, and Southwest China started to cut production, with the start - up rate at 56% - 57%. The demand rebound was difficult, and the market needed time to recover [2] Strategy - Unilateral: Mainly operate in the range, and upstream enterprises sell hedging at high prices. There are no strategies for inter - period, cross - variety, spot - futures, and options [4] Polysilicon Market Analysis - On April 23, 2025, the main contract 2506 of polysilicon futures opened at 38305 yuan/ton and closed at 39135 yuan/ton, up 2.70% from the previous day. The position was 60,991 lots (66,241 the previous day), and the trading volume was 89,640 lots [4] - The polysilicon spot price was stable. The re -投料 price was 35.00 - 37.00 yuan/kg, the dense material was 34.00 - 35.00 yuan/kg, the cauliflower material was 31.00 - 32.00 yuan/kg, the granular silicon was 33.00 - 35.00 yuan/kg, the N - type material was 39.00 - 45.00 yuan/kg, and the N - type granular silicon was 38.00 - 39.00 yuan/kg [4][5] - Polysilicon factory inventory increased slightly, with a 2.87% month - on - month change, and silicon wafer inventory decreased by 4.86% month - on - month to 18.22GW. The weekly polysilicon output was 22,300.00 tons, up 2.76% month - on - month, and the silicon wafer output was 13.57GW, up 0.70% month - on - month [5] - The prices of domestic N - type silicon wafers, battery cells, and components remained unchanged [5][6] Strategy - Unilateral: In the short term, be cautiously bullish on the 2506 contract, pay attention to the delivery game. If the price rebounds significantly, upstream enterprises sell hedging at high prices. There are no strategies for inter - period, cross - variety, spot - futures, and options [7]