供应维持宽松，工业硅低位震荡

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - Last week, industrial silicon prices were in a low - level oscillation. The main reasons were the unclear global trade situation, the转正 of the profit growth rate of Chinese industrial enterprises, and the rather sluggish sentiment in the industrial products market. The supply side was shifting to contraction, while the short - term oversupply situation continued. The social inventory slightly decreased to 602,000 tons, and the warehouse receipt inventory was still close to 70,000 lots. Overall, the year - on - year profit growth rate of Chinese industrial enterprises turned positive, but the Sino - US trade situation remained unclear, and market concerns persisted. The supply was loose, and the consumption side showed no obvious increase. It was expected that the industrial silicon would continue to oscillate weakly in the short term [2][5][8]. Group 3: Summary by Related Catalogs 1. Market Data - From April 18th to April 25th, the price of the industrial silicon main contract rose from 8,720 yuan/ton to 8,780 yuan/ton, an increase of 0.69%. The prices of oxygen - passing 553 spot, non - oxygen - passing 553 spot, 421 spot, 3303 spot, and organic silicon DMC spot all decreased, with decreases of 2.54%, 2.58%, 1.88%, 0.87%, and 6.71% respectively. The price of polysilicon dense material spot remained unchanged. The industrial silicon social inventory remained at 451,000 tons [3]. 2. Market Analysis and Outlook - Macro - aspect: In the first quarter of this year, the year - on - year profit of industrial enterprises above designated size in China increased by 0.8%, and in March, it increased by 2.6%. The profit of the equipment manufacturing industry increased by 6.4% year - on - year, and the profit of the high - tech manufacturing industry turned from a decline to an increase [6]. - Supply - demand aspect: As of April 25th, the weekly output of industrial silicon decreased to 72,300 tons, a month - on - month decrease of 0.93% and a year - on - year decrease of 13.21%. The number of open furnaces in the three major main production areas decreased to 219, with an overall open - furnace rate of 27.48%. Some polysilicon enterprises have production reduction plans in May, and silicon wafer enterprises have production reduction expectations later. The price of photovoltaic cells has been continuously falling, and the support from the cost side has been gradually weakening. Component enterprises are pessimistic about the future market [7]. - Inventory aspect: As of April 25th, the national social inventory of industrial silicon decreased to 602,000 tons, remaining flat month - on - month. The warehouse receipt inventory of the Guangzhou Futures Exchange continued to decrease to 6.95 lots, equivalent to 347,000 tons. After the exchange introduced new regulations on the delivery product standards, most of the 4 - series brand warehouse receipts could not be re - registered due to excessive titanium content, while the 5 - series warehouse receipts that met the new delivery standards were actively registered and stored, resulting in an increasing warehouse receipt inventory [8]. 3. Industry News - China's wind and photovoltaic power generation: In the first quarter of 2025, the newly added installed capacity of wind and photovoltaic power generation in China reached 74.33 million kilowatts, and the cumulative installed capacity reached 1.482 billion kilowatts, exceeding the thermal power installed capacity for the first time. The power generation of wind and photovoltaic power accounted for 22.5% of the total social power consumption, an increase of 4.3 percentage points compared with the same period last year [9]. - Saudi Arabia's photovoltaic development: With the Saudi government gradually canceling energy subsidies, many enterprises in various industries are accelerating the shift to solar power generation. For example, Fakeeh Care Group reduced its electricity bill expenditure by more than 170,000 riyals in 2024 after installing solar panels, and Tamer Group saved more than 440,000 riyals in energy expenditure in 2024 and plans to expand the photovoltaic system to all major distribution centers within two years [10].