仓单数量仍未增加，多晶硅或仍有一定向上修复空间

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - For industrial silicon, the spot price is weakly stable, and the futures market rebounds after a decline, mainly influenced by macro - sentiment. The supply side has cost pressure and some production cuts, but raw material prices are falling. The demand side is weak, and the cost support is further weakened. The total industry inventory and warehouse receipt pressure are relatively high [1][2]. - For polysilicon, the futures market continues to repair upward, and the spot market price stabilizes with some increases. Under the background of industry self - restricted production, polysilicon production remains low, inventory is falling, and there is a possibility of further production cuts. The demand side also shows signs of weakness, and the number of warehouse receipts is low [3][5][7]. 3. Summary by Related Contents Industrial Silicon - Market Analysis: On May 12, 2025, the industrial silicon futures price rebounded after a decline. The main contract 2506 opened at 8275 yuan/ton and closed at 8320 yuan/ton, a change of 0.24% from the previous settlement. The main contract 2505 had a position of 171,625 lots at the close, and the total number of warehouse receipts on May 12 was 67,097 lots, a decrease of 241 lots from the previous day [1]. - Supply Side: The spot price of industrial silicon is weakly stable. The prices of various grades of silicon have decreased. The silicon coal prices in major production areas such as Xinjiang, Gansu, Ningxia, and Shaanxi have dropped, weakening the cost support [1]. - Consumption Side: The organic silicon DMC quotation is 11,300 - 11,600 yuan/ton, a decrease of 100 yuan/ton. The recent trading volume is average, and manufacturers have high inventory pressure, so they lower the price to accept orders [2]. - Strategy: For industrial silicon, the strategy is mainly range - bound operation, and upstream enterprises can sell hedging at high prices [3]. Polysilicon - Market Data: On May 12, 2025, the main contract 2506 of polysilicon futures continued to repair upward, opening at 38,100 yuan/ton and closing at 38,450 yuan/ton, a 2.49% increase from the previous trading day. The position of the main contract reached 69,417 lots, and the trading volume was 322,808 lots [3]. - Spot Price: The spot price of polysilicon is stable. The prices of various types of polysilicon remain unchanged. The inventory of polysilicon manufacturers and silicon wafers has decreased, and the weekly production of polysilicon and silicon wafers has also declined [5]. - Silicon Wafers, Battery Cells, and Components: The prices of different types of silicon wafers, battery cells, and components are provided, and most of them remain stable [5][6]. - Supply and Demand: On the supply side, under industry self - restriction, polysilicon production remains low, and inventory is falling. On the demand side, the battery production rate and total output of Chinese enterprises in April and May are given, and some photovoltaic component enterprises have plans to further reduce production [7]. - Strategy: For polysilicon, the short - term strategy for the 2506 contract is to be cautiously bullish [8].