建信期货工业硅日报-20250429

Report Information - Report Date: April 29, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Market Performance and Price - The main contract price of industrial silicon futures showed weak performance. The closing price of Si2506 was 8,800 yuan/ton, a decline of 0.73%. The trading volume was 177,294 lots, and the open interest was 188,093 lots, with a net decrease of 5,009 lots [4] - The spot price of industrial silicon was also weak. The price of 553 in Sichuan and Yunnan was 9,500 yuan/ton. The price of 421 was 10,850 yuan/ton in Sichuan, 10,350 yuan/ton in Yunnan, 10,400 yuan/ton in Inner Mongolia, and 10,500 yuan/ton in Xinjiang [4] Market Outlook - Macro - negative risks were mitigated, and the capital drive weakened due to the upcoming long holiday. The fundamental situation remained weak, limiting the rebound of the futures price. The market was expected to fluctuate weakly [5] - On the supply side, the weekly output in the fourth week of April was 72,000 tons, still above the equilibrium level. On the demand side, the demand for polysilicon was 108,000 tons, the monthly demand for silicone decreased to about 100,000 tons due to collective production cuts by silicone enterprises, and other demands remained stable. The oversupply situation showed no signs of improvement [5] - The combined inventory of futures and spot reached 752,800 tons. Based on the current monthly demand of 310,000 tons, the inventory - to - consumption ratio climbed to 2.51. The losses had not significantly affected the supply side, and the fundamental driving force was still weak. Attention should be paid to the potential pressure of increased production during the wet season. The weak spot price restricted the rebound space of industrial silicon, and it was expected to continue the weak fluctuation before the long holiday [5] Market News - On April 28, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 69,417 lots, a net decrease of 85 lots from the previous trading day [6] - On April 22, 2025, Hesheng Silicon Industry Co., Ltd. released its 2024 annual report. During the reporting period, the company's operating income was 26.692 billion yuan, a year - on - year increase of 0.41%. The net profit attributable to shareholders of the listed company was 1.74 billion yuan, a year - on - year decrease of 33.64% [6] - Shandong Dongyue Silicone Material Co., Ltd. recently released its Q1 2025 financial report. The operating income decreased by 15.68%. The company's operating income in this quarter was 1,202,001,050.99 yuan, compared with 1,425,465,566.20 yuan in the same period last year [6] - On April 28, the reference price of silicone DMC on Shengyi.com was 11,680 yuan/ton, a decrease of 18.89% compared with the beginning of the month (14,400 yuan/ton) [6]