工业硅：仓单开始累库，关注上方空间，多晶硅：关注现货成交情况

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core Viewpoints - The report focuses on the fundamentals of industrial silicon and polysilicon, including price, profit, inventory, and cost data, and also mentions relevant macro and industry news [1][2]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Industrial Silicon and Polysilicon Futures Market: Si2509's closing price was 8,785 yuan/ton, with a decrease compared to T - 1, T - 5, and T - 22; PS2508's closing price was 42,470 yuan/ton, showing an increase compared to T - 1 and T - 5 [1]. - Basis: Industrial silicon's spot premium or discount varied against different benchmarks; polysilicon's spot premium against N - type re - investment was +3030 yuan/ton, showing a significant change compared to T - 1 [1]. - Price: The price of East China's oxygen - passing Si5530 was 9150 yuan/ton, and the price of Yunnan's Si4210 was 9900 yuan/ton; the price of polysilicon - N - type re - investment material was 45500 yuan/ton, showing an increase compared to T - 5 and T - 22 [1]. - Profit: Silicon factory profits in Xinjiang and Yunnan were negative; polysilicon enterprise profit was - 1.9 yuan/kg, showing an improvement compared to T - 5 and T - 22 [1]. - Inventory: Industrial silicon's social inventory (including warehouse receipt inventory) was 55.1 million tons, with a decrease compared to T - 5 and T - 22; polysilicon's factory inventory was 27.6 million tons, showing an increase compared to T - 22 [1]. - Raw Material Cost: The prices of silicon ore, washed coal, petroleum coke, electrodes, etc. showed different trends in different regions [1]. - Polysilicon (Photovoltaic): The prices of polysilicon - related products such as silicon wafers, battery cells, components, etc. showed different trends, and the profit of polysilicon enterprises was - 1.9 yuan/kg [1]. - Organic Silicon: The price of DMC was 10800 yuan/ton, and the profit of DMC enterprises was - 1238 yuan/ton [1]. - Aluminum Alloy: The price of ADC12 was 20000 yuan/ton, and the profit of recycled aluminum enterprises was - 510 yuan/ton [1]. 3.2 Macro and Industry News - Two photovoltaic power generation projects invested by a subsidiary of the National Energy Group were successfully put into operation, with a total installed capacity of 130MW and an annual power generation of 167 million kWh [2]. 3.3 Trend Intensity - The trend intensity of industrial silicon was 0, and the trend intensity of polysilicon was also 0, indicating a neutral view [3].