工业硅：仓单去化，盘面表现抗跌，多晶硅：政策扰动加强，关注上方空间

I. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. II. Core Viewpoints of the Report - The report focuses on the market analysis of industrial silicon and polysilicon, covering aspects such as fundamental data, macro and industry news, and trend strength. For industrial silicon, it shows characteristics of warehouse receipt de - stocking and a resilient performance in the futures market. For polysilicon, there is increasing policy interference, and the upside potential should be noted [2]. III. Summary by Relevant Catalogs 1. Fundamental Data Tracking - Futures Market: The Si2509 closing price is 9,690 yuan/ton, with a trading volume of 1,172,879 lots and a position of 336,274 lots. The PS2509 closing price is 53,765 yuan/ton, with a trading volume of 1,123,795 lots and a position of 172,564 lots. There are also data on spreads and cross - period costs for both industrial silicon and polysilicon [2]. - Basis: Industrial silicon has different spot premiums and discounts against different benchmarks (e.g., +470 yuan/ton against East China Si5530), and polysilicon has a spot premium and discount of - 7740 yuan/ton against N - type re - investment [2]. - Price: The price of East China oxygen - passing Si5530 is 10,100 yuan/ton, Yunnan Si4210 is 10,300 yuan/ton, and polysilicon - N - type re - investment material is 46,000 yuan/ton. There are also price data for related products in the polysilicon (photovoltaic) and other industries [2]. - Profit: Silicon factory profits in Xinjiang and Yunnan are - 1,511 yuan/ton and - 3,384 yuan/ton respectively for the new standard 553. Polysilicon enterprise profit is - 18.1 yuan/kg, and there are profit data for DMC and ADC12 enterprises [2]. - Inventory: Industrial silicon's social inventory (including warehouse receipt inventory) is 53.5 million tons, enterprise inventory is 17.8 million tons, and industry inventory is 71.3 million tons. Polysilicon's factory inventory is 24.3 million tons [2]. - Raw Material Cost: The prices of raw materials such as silicon ore, washed coal, petroleum coke, electrodes, etc. are provided, with price changes over different time periods [2]. 2. Macro and Industry News - The 21.6MW centralized photovoltaic power generation project of Dongfang Hope Zhundong Industrial Park's thermal power plant has been officially connected to the grid. It can generate over 31 million kWh of electricity annually, replace about 9,400 tons of standard coal, and reduce carbon dioxide emissions by over 25,000 tons, contributing to the regional green power supply and the "dual - carbon" goal [3][4]. 3. Trend Strength - The trend strength of industrial silicon is 0, and that of polysilicon is 1, indicating different market outlooks for the two [4].