工业硅、多晶硅日评：高位整理-20250807

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For industrial silicon, with the cooling of sentiment and hedging pressure on the market, silicon prices have declined and adjusted, but bullish sentiment keeps fluctuating. Short - term silicon prices are expected to consolidate at high levels, and operations require caution. Continued attention should be paid to the resumption dynamics of silicon enterprises [1] - For polysilicon, since the end of June, driven by supply - side reform expectations and spot price increases, the polysilicon market has continued to rise, and prices have repeatedly hit new highs since listing. Although the sentiment has faded recently, it still fluctuates. Prices remain at high levels, the market fluctuates greatly, and operations require caution. Continued attention should be paid to macro - sentiment evolution and warehouse receipt registration [1] 3. Summary by Relevant Catalogs Industrial Silicon and Polysilicon Price Information - Industrial Silicon Futures and Spot Prices: The average price of non - oxygenated 553 (East China) remained unchanged at 9,100 yuan/ton, the closing price of the futures main contract rose 2.96% to 8,700 yuan/ton, and the basis (East China 553 - futures main) decreased by 250 yuan to 400 yuan/ton [1] - Polysilicon Futures and Spot Prices: The price of N - type polysilicon material remained unchanged at 46 yuan/kg, the closing price of the futures main contract rose 2.02% to 51,345 yuan/ton, and the basis decreased by 1,015 yuan to - 5,345 yuan/ton [1] - Industrial Silicon Spot Prices: The average prices of various grades of industrial silicon in different regions remained mostly unchanged, with price ranges from 8,900 yuan/ton to 10,100 yuan/ton [1] - Polysilicon Spot Prices: The prices of N - type dense material, N - type re -投料, N - type mixed material, and N - type granular silicon remained unchanged, at 46 yuan/kg, 47 yuan/kg, 45 yuan/kg, and 44.5 yuan/kg respectively [1] - Silicon Wafer Prices: The prices of N - type 210mm, N - type 210R, and N - type 183mm silicon wafers remained unchanged at 1.55 yuan/piece, 1.35 yuan/piece, and 1.20 yuan/piece respectively [1] - Battery Cell Prices: The price of single - crystal PERC battery cells M10 - 182mm remained unchanged at 0.27 yuan/watt [1] - Component Prices: The prices of single - crystal PERC components (single - sided and double - sided, 182mm and 210mm) remained unchanged, ranging from 0.70 yuan/watt to 0.73 yuan/watt [1] - Organic Silicon Prices: The price of DMC decreased by 0.81% to 12,300 yuan/ton, the price of 107 glue remained unchanged at 12,750 yuan/ton, and the price of silicone oil decreased by 0.35% to 14,100 yuan/ton [1] Industry News - On July 30, 2025, Boxinyuan (Zibo) New Materials Technology Co., Ltd. is advancing its kiloton - scale solid - state battery silicon - carbon anode material project. The project is expected to invest 200 million yuan, aiming to produce 1,000 tons of new silicon - carbon anode materials annually from 2025 to 2027, with an expected annual output value of over 100 million yuan. Samples have been preliminarily recognized by leading domestic enterprises such as Huawei and CATL [1] - On August 1, 2025, the US Department of Commerce launched a second anti - dumping and countervailing sunset review investigation on crystalline silicon photovoltaic products imported from China and a second anti - dumping sunset review investigation on products imported from Taiwan, China. The US International Trade Commission also launched a second anti - dumping and countervailing sunset review industrial injury investigation on the above - mentioned products [1] Investment Strategies Industrial Silicon - On the supply side, as silicon prices rise, some previously shut - down silicon plants in Xinjiang have resumed production. In the southwest production area, with the arrival of the wet season, power costs have decreased, and enterprise operations have steadily recovered. It is expected that some silicon furnaces will restart in August, and supply will increase steadily [1] - On the demand side, polysilicon enterprises maintain a production - cut state, and some silicon material plants plan to resume production in July, bringing some demand increments. In the organic silicon sector, a large factory has stopped production for rectification due to an accident, supply has tightened temporarily, and organic silicon prices have continued to rise supported by silicon prices. Silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at low levels is insufficient [1] Polysilicon - On the supply side, polysilicon enterprises maintain a production - cut state, and some silicon material plants may have new production capacity put into operation. After offsetting increases and decreases, production is expected to increase slightly, with July's production expected to approach 110,000 tons [1] - On the demand side, the photovoltaic market is weak overall, with rising inventories of silicon wafers and polysilicon. Recently, driven by the expected increase in polysilicon prices, downstream silicon wafer prices have followed suit. Enterprises say they will actively respond to policies, and the trading atmosphere has improved. However, the terminal market remains weak due to the large over - consumption of demand by the rush to install in the first half of the year [1]