工业硅：商品情绪改善，关注上行风险，多晶硅：弱势基本面格局依旧

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The sentiment in the industrial silicon commodity market has improved, and upward risks should be noted. The fundamental situation of polysilicon remains weak [1]. - The trend strength of industrial silicon and polysilicon is -1, indicating a bearish outlook [3]. 3. Content Summaries by Directory 3.1 Fundamental Tracking - Futures Market: Si2507's closing price was 7,135 yuan/ton, down 145 yuan from T - 1, 205 yuan from T - 5, and 1,405 yuan from T - 22. PS2507's closing price was 34,540 yuan/ton, down 515 yuan from T - 1 and 560 yuan from T - 5 [1]. - Basis: The spot premium of industrial silicon (against East China Si5530) was +1050 yuan/ton, and that of polysilicon (against N - type re - investment) was - 1490 yuan/ton [1]. - Prices: The price of East China oxygen - passing Si5530 was 8150 yuan/ton, and the price of polysilicon - N - type re - investment material was 36500 yuan/ton [1]. - Profits: The profit of silicon plants (Xinjiang new standard 553) was - 3988 yuan/ton, and the profit of polysilicon enterprises was - 4.7 yuan/kg [1]. - Inventory: The industrial silicon social inventory (including warehouse receipt inventory) was 58.7 tons, and the polysilicon manufacturer inventory was 26.9 tons [1]. - Raw Material Costs: The price of Xinjiang silicon ore was 400 yuan/ton, and the price of Xinjiang washed coking coal was 1350 yuan/ton [1]. 3.2 Macro and Industry News Canadian solar manufacturer Heliene has put into operation a 500MW component assembly plant in Minnesota, USA. The company's total annual production capacity in the US has reached 1.3GW [2]. 3.3 Trend Intensity The trend intensity of industrial silicon and polysilicon is -1, with -2 being the most bearish and 2 being the most bullish [3].