工业硅：弱势格局，关注上游供应变化，多晶硅：需求回落，盘面亦维持跌势

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The industrial silicon market is in a weak pattern, and attention should be paid to changes in upstream supply; the demand for polysilicon has declined, and the futures market has also maintained a downward trend [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Industrial Silicon and Polysilicon Futures Market: The closing price of Si2507 was 8,145 yuan/ton, down 265 yuan from T - 1; the closing price of PS2506 was 36,850 yuan/ton, down 1,070 yuan from T - 1. The trading volume and open interest of both showed different degrees of change [1]. - Basis: The spot premium of industrial silicon and polysilicon showed different degrees of change compared with different benchmarks [1]. - Price: The prices of industrial silicon, polysilicon and related products such as silicon wafers, battery cells, and components all showed downward trends to varying degrees compared with previous periods [1]. - Profit: The profits of silicon factories, polysilicon enterprises, DMC enterprises, and recycled aluminum enterprises all showed different degrees of change, and some were in a loss state [1]. - Inventory: The inventories of industrial silicon and polysilicon also showed different degrees of change, with some inventories decreasing [1]. - Raw Material Cost: The prices of raw materials for industrial silicon such as silicon ore, washed coal, petroleum coke, electrodes, etc. showed different degrees of change [1]. 3.2 Macro and Industry News - On May 15, China National Energy Group announced the termination of the public tender for the procurement of photovoltaic module equipment for a 500MW photovoltaic project in Xinjiang due to large price changes in the photovoltaic module market [1][3]. 3.3 Trend Intensity - The trend intensity of industrial silicon and polysilicon is -1, indicating a bearish view [3].