工业硅、多晶硅日评：多头情绪有所淡化，价格有所回调-20250729

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The bullish sentiment in the industrial silicon and polysilicon markets has faded, leading to price corrections. For industrial silicon, the supply may decrease after offsetting increases and decreases, while demand has mixed changes. For polysilicon, the supply is expected to increase slightly, but the demand in the photovoltaic market remains weak [1]. Summary by Related Catalogs Industrial Silicon and Polysilicon Price Changes - Industrial silicon: The average price of non - oxygenated 553 (East China) dropped 1.52% to 9,700 yuan/ton, and the 421 (East China) average price fell 1.45% to 10,200 yuan/ton. The futures main contract closing price dropped 8.33% to 8,915 yuan/ton. For polysilicon, N - type dense material, N - type re - feeding material, N - type mixed material, and N - type granular silicon prices remained flat, while the futures main contract closing price dropped 3.17% to 49,409 yuan/ton [1]. Market News - On July 26, the China Tendering and Bidding Network announced the winning candidate publicity for the second batch of photovoltaic module procurement of Guangdong Electric Power Development Co., Ltd. in 2025. Jingao and Hengdian Dongci were short - listed, with Jingao at 0.73 yuan/W and Hengdian Dongci at 0.701 yuan/W, and the procurement volume was tentatively set at 124.09MWp [1]. - Premier Energies plans to build a new 1.2GW TOPCon solar cell production line in Telangana, India, which will increase its solar cell production capacity from 2GW to 3.2GW [1]. Investment Strategy - Industrial Silicon - Supply side: Northern large factories have production cuts with no restart news, while Southwest production areas are in the wet season with lower power costs and a slow increase in enterprise operations. Overall, supply may decrease after offsetting [1]. - Demand side: Polysilicon enterprises maintain production cuts, with some restarts in July to bring demand increments; the organic silicon industry has a strong willingness to cut production to support prices, but demand is weak; silicon - aluminum alloy enterprises purchase as needed, and downstream low - level inventory willingness is insufficient [1]. Investment Strategy - Polysilicon - Supply side: Polysilicon enterprises maintain production cuts, and some new production capacity may be put into use, with an expected slight increase in production in July, approaching 110,000 tons [1]. - Demand side: The photovoltaic market is weak, with rising inventories of silicon wafers and polysilicon. Although the downstream silicon wafer prices have followed the increase due to the expected price increase of polysilicon, the terminal market is still weak [1].