工业硅：焦煤夜盘上涨，关注市场情绪提振，多晶硅：关注市场信息扰动

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - For industrial silicon, the night - session of coking coal has risen, and attention should be paid to the boost of market sentiment - For polysilicon, attention should be paid to market information disturbances [1] 3) Summary by Relevant Catalogs Fundamental Tracking - Futures Market Data: - Industrial silicon (Si2511): The closing price is 9,000 yuan/ton, with a trading volume of 662,196 lots and an open interest of 271,943 lots. Compared with previous periods, the closing price, trading volume, and open interest have changed significantly - Polysilicon (PS2511): The closing price is 52,985 yuan/ton, trading volume is 592,822 lots, and open interest is 139,739 lots [1] - Basis and Spread Data: - Industrial silicon: The spread between the near - month contract and the continuous first contract is - 65 yuan/ton, and the cost of the near - month long and continuous first short inter - period arbitrage is 55.0 yuan/ton - Polysilicon: The spread between the near - month contract and the continuous first contract is - 2575.0 yuan/ton [1] - Spot Premium and Discount Data: - Industrial silicon: The spot premium and discount vary when benchmarked against different types, such as + 505 yuan/ton when benchmarked against East China Si5530 - Polysilicon: The spot premium and discount when benchmarked against N - type recycled materials is - 5985 yuan/ton [1] - Price and Profit Data: - Industrial silicon: The price of Xinjiang 99 - silicon is 8700 yuan/ton, and the profit of silicon plants in Xinjiang and Yunnan is negative - Polysilicon: The price of N - type recycled materials is 47000 yuan/ton, and the profit of polysilicon enterprises is - 16.9 yuan/kg [1] - Inventory Data: - Industrial silicon: Social inventory is 54.7 million tons, enterprise inventory is 17.0 million tons, and industry inventory is 71.7 million tons - Polysilicon: The manufacturer's inventory is 23.3 million tons [1] - Raw Material Cost Data: - Industrial silicon: The cost of raw materials such as silicon ore, washed coking coal, and petroleum coke varies by region - Polysilicon: The prices of relevant raw materials such as trichlorosilane and silicon powder are provided [1] - Photovoltaic Product Data: - For polysilicon - related photovoltaic products, the prices of silicon wafers, battery cells, components, photovoltaic glass, and photovoltaic - grade EVA are given, along with the profit data of related enterprises [1] Macro and Industry News - The first - phase project of Gansu Heihe Silicon - based New Material Comprehensive Utilization Project in Zhangye Economic Development Zone is in the final stage of construction. The project has a total investment of 2.063 billion yuan, with a planned two - phase implementation. After completion, it will have an annual production capacity of 120,000 tons of industrial silicon and 50,000 tons of high - purity ferrosilicon, with an annual output value of 2.94 billion yuan [3] Trend Intensity - The trend intensity of industrial silicon is 0, indicating a neutral view - The trend intensity of polysilicon is 1, indicating a slightly bullish view [3]