新能源及有色金属日报：商品情绪偏强，工业硅多晶硅大幅上涨-20250812

Report Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of industrial silicon show an increase in both supply and demand, with the overall commodity sentiment remaining strong, leading to a bullish trend in the industrial silicon futures market. For polysilicon, the spot price is relatively stable, but there is significant pressure on inventory accumulation due to a large increase in supply in August and average consumer demand. The futures market is greatly affected by anti - involution policies, and in the medium to long term, it is suitable to buy on dips [3][6] Summary by Related Content Industrial Silicon Market Analysis - On August 11, 2025, the industrial silicon futures price fluctuated upwards. The main contract 2511 opened at 8,760 yuan/ton and closed at 9,000 yuan/ton, a change of 415 yuan/ton (4.83%) from the previous settlement. The position of the main contract 2511 at the close was 271,943 lots, and the total number of warehouse receipts was 50,760 lots, a change of 420 lots from the previous day. The spot price of industrial silicon rose slightly, with prices in some regions increasing and remaining stable in Kunming. The price of 97 - silicon also remained stable [1] - The consumption side: The quoted price of silicone DMC was 1,1500 - 12,500 (- 150) yuan/ton. The silicone price showed a slight decline, with limited support from the consumer side. The domestic DMC price showed a differentiated trend this week, with some monomer plants offering lower prices to stimulate downstream bottom - up stocking, while others maintained higher prices due to previous orders. The main reason for the price decline was weak downstream demand [2] Strategy - Unilateral: Neutral; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [3] Polysilicon Market Analysis - On August 11, 2025, the main contract 2511 of polysilicon futures rose significantly, opening at 50,600 yuan/ton and closing at 52,985 yuan/ton, a 6.34% change from the previous trading day. The position of the main contract reached 139,739 lots (137,596 lots the previous day), and the trading volume was 592,822 lots. The spot price of polysilicon remained stable. The inventory of polysilicon manufacturers and silicon wafers increased, and the weekly production of polysilicon and silicon wafers also increased [4] - The prices of silicon wafers, battery cells, and components remained stable. After a polysilicon meeting last week, the market is now focusing on downstream and power station meetings this week, and the current production reduction situation of upstream enterprises is undetermined [4][5] Strategy - Unilateral: Short - term range trading; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None. In the medium to long term, it is suitable to buy on dips [6]