工业硅、多晶硅日评：工业硅上方压力较强，多晶硅波动加剧-20250509

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The industrial silicon market is characterized by strong supply and weak demand, with high inventory pressure, and is expected to remain weak in the short - term, trading in the range of 8,000 - 10,000 yuan/ton [1] - The polysilicon price fluctuates sharply in the short - term due to the conflict between weak fundamentals and delivery factors. If the contradiction of "high positions and low warehouse receipts" remains unresolved, long positions in the 06 contract can be considered [1] Summary by Related Catalogs Industrial Silicon Price Changes - The average price of non - oxygenated 553 (East China) industrial silicon decreased by 0.55% to 9,050 yuan/ton, and the average price of 421 (East China) industrial silicon decreased by 0.50% to 10,050 yuan/ton. The closing price of the futures main contract increased by 0.30% to 8,315 yuan/ton [1] Supply and Demand - In April, the industrial silicon production decreased to about 300,000 tons due to production cuts in some Xinjiang silicon enterprises. In May, production is expected to increase steadily but incrementally limited. On the demand side, polysilicon enterprises maintain production cuts, organic silicon enterprises have strong intentions to cut production to support prices but face weak demand, and silicon - aluminum alloy enterprises purchase as needed [1] Investment Strategy - The industrial silicon market has strong supply and weak demand, high inventory pressure, and is expected to remain weak in the short - term, with a trading range of 8,000 - 10,000 yuan/ton [1] Polysilicon Price Changes - N - type dense material, polysilicon re - feeding material, polysilicon dense material, and polysilicon cauliflower material prices remained unchanged. The closing price of the futures main contract increased by 4.03% to 36,950 yuan/ton [1] Supply and Demand - Supply: Silicon material enterprises maintain production cuts, and some new production capacities may be put into operation, with expected output within 100,000 tons. Demand: The photovoltaic market is weak, with rising inventories of silicon wafers and materials, falling prices, and weak market transactions [1] Investment Strategy - Due to delivery factors and production cut news, the polysilicon price rebounded at a low level. In the short - term, price fluctuations intensify. If the "high positions and low warehouse receipts" contradiction is not resolved, long positions in the 06 contract can be considered [1] Other Information - Jinyang New Energy's subsidiary has entered into a joint - venture agreement for a 4GW HBC upgrade project [1] - The price of 2.0mm single - layer coated glass of two domestic second - tier photovoltaic glass enterprises has been lowered to 13 yuan/square meter, and the mainstream market quotation has dropped to 13.5 yuan/square meter [1] - Yidao New Energy's Quzhou and Jingshan bases have obtained ISO 14067 product carbon footprint certification [1]