新能源及有色金属日报：光伏产业链报价上调，需注意政策推进情况-20250710

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views - The industrial silicon futures price was weakly volatile on July 9, 2025, with the main contract 2509 opening at 8200 yuan/ton and closing at 8140 yuan/ton, a change of -0.67% from the previous settlement price. The spot price of industrial silicon remained stable, while the price of organic silicon DMC was relatively stable, with a slight increase in the online quotation of Shandong monomer enterprises due to cost support [1]. - The short - term fundamentals of industrial silicon have slightly improved, but without policy support, the price may still weaken. The polycrystalline silicon futures price continued to rise on July 9, 2025, and the spot price remained stable. The price increase has been transmitted to the silicon wafer segment, and the progress and implementation of policies need to be monitored [1][3][6]. Group 3: Market Analysis Industrial Silicon - Futures: On July 9, 2025, the main contract 2509 of industrial silicon futures opened at 8200 yuan/ton and closed at 8140 yuan/ton, a change of -55 yuan/ton (-0.67%) from the previous settlement price. The position of the main contract was 399029 lots, and the number of warehouse receipts was 50792 lots, a change of -285 lots from the previous day [1]. - Supply: The spot price of industrial silicon remained stable. The price of East China oxygen - passing 553 silicon was 8700 - 8800 yuan/ton, 421 silicon was 8900 - 9200 yuan/ton, Xinjiang oxygen - passing 553 silicon was 8100 - 8300 yuan/ton, and 99 silicon was 8100 - 8200 yuan/ton [1]. - Consumption: The quotation of organic silicon DMC was 10300 - 10600 yuan/ton. The online DMC quotation of Shandong monomer enterprises was raised to 10700 yuan/ton, an increase of 400 yuan/ton from the previous level, mainly due to cost support [1]. Polycrystalline Silicon - Futures: On July 9, 2025, the main contract 2508 of polycrystalline silicon futures opened at 38480 yuan/ton and closed at 39270 yuan/ton, a change of 5.03% from the previous day. The position of the main contract was 97187 lots (110547 lots the previous day), and the trading volume was 794464 lots [3]. - Spot: The spot price of polycrystalline silicon remained stable. The prices of re - feeding materials, dense materials, cauliflower materials, granular silicon, N - type materials, and N - type granular silicon were within certain ranges, with slight increases in N - type materials and N - type granular silicon [3]. - Inventory and Production: The inventory of polycrystalline silicon manufacturers increased slightly, with a 0.74% month - on - month change, and the silicon wafer inventory decreased by 4.43% month - on - month. The weekly production of polycrystalline silicon was 24000 tons, a 1.69% month - on - month change, and the silicon wafer production was 11.90GW, a - 11.46% month - on - month change [3]. Silicon Wafers, Battery Cells, and Components - Silicon Wafers: The price of domestic N - type silicon wafers increased significantly on the afternoon of July 9, with an average increase of 0.1 - 0.15 yuan/piece [3][5]. - Battery Cells: The prices of various types of battery cells remained stable [5]. - Components: The mainstream transaction prices of various types of components remained stable [5]. Group 4: Strategies Industrial Silicon - Unilateral: Mainly use range - bound operations, and upstream enterprises can sell hedging at high prices [2]. - Other Strategies: No cross - period, cross - variety, spot - futures, or option strategies are recommended [2]. Polycrystalline Silicon - Unilateral: Neutral [6]. - Other Strategies: No cross - period, cross - variety, spot - futures, or option strategies are recommended [6].