工业硅：上行空间有限，以逢高空配为主，多晶硅：盘面以空配为主

Group 1: Investment Ratings - Industrial silicon: The upside potential is limited, and it is recommended to short on rallies [1] - Polysilicon: It is recommended to short on the futures market [1] Group 2: Core Views - The trend strength of industrial silicon and polysilicon is -1, indicating a bearish outlook [3] Group 3: Summary of Key Data Industrial Silicon and Polysilicon Futures Market - Si2507: The closing price is 7,475 yuan/ton, with a trading volume of 539,994 lots and an open interest of 177,663 lots [1] - PS2507: The closing price is 34,105 yuan/ton, with a trading volume of 123,726 lots and an open interest of 64,383 lots [1] Basis and Price - Industrial silicon: The spot premium against different benchmarks varies, and prices in different regions have declined over different time periods [1] - Polysilicon: The N-type refeed material price is 36,500 yuan/ton, showing a decline compared to a month ago [1] Profit - Silicon plant profit: In Xinjiang and Yunnan, it remains in the negative range, with some changes over time [1] - Polysilicon enterprise profit: It is -4.7 yuan/kg, showing a certain degree of change [1] Inventory - Industrial silicon: Social, enterprise, and industry inventories show different trends, and the futures warehouse receipt inventory has decreased [1] - Polysilicon: The manufacturer's inventory is 26.9 tons, with a slight change [1] Raw Material Cost - Various raw materials such as silicon ore, washed coal, petroleum coke, and electrodes have price changes in different regions [1] Other Related Industries - Organic silicon: DMC price and enterprise profit have changed [1] - Aluminum alloy: ADC12 price and recycled aluminum enterprise profit have changed [1] Group 4: Macro and Industry News - On June 5, the Inner Mongolia Xingfa industrial silicon project entered the main structure construction stage after the successful first steel structure hoisting of the 1 smelting workshop, with a total investment of nearly 1.5 billion yuan [3]