现货价格持稳，工业硅盘面受情绪推动宽幅震荡

Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints - For industrial silicon, the spot price remains stable, and the futures market is mainly affected by overall commodity sentiment, with short - term expectations of wide - range fluctuations. For the long - term, no clear view is given [1][2]. - For polysilicon, the spot trading is average, and the quotation is relatively stable. In August, the supply side has a large increase, and the downstream production schedule has a slight increase. The market is greatly affected by the anti - involution policy, with large short - term fluctuations and expectations of wide - range shocks. In the medium - to - long - term, it is suitable to buy on dips [3][6]. Market Analysis Industrial Silicon - Futures Market: On August 12, 2025, the industrial silicon futures price fluctuated. The main contract 2511 opened at 9050 yuan/ton and closed at 8840 yuan/ton, a change of - 100 yuan/ton (- 1.12%) from the previous settlement. The position of the main contract 2511 was 278,860 lots, and the number of warehouse receipts was 50,658 lots, a decrease of 102 lots from the previous day [1]. - Supply Side: The spot price of industrial silicon remained stable. The price of East China oxygen - passing 553 silicon was 9300 - 9500 yuan/ton, and 421 silicon was 9600 - 9900 yuan/ton. The price of Xinjiang oxygen - passing 553 silicon and 99 silicon increased by 100 yuan/ton to 8700 - 8900 yuan/ton. The silicon prices in Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained stable, and the price of 97 silicon also remained stable [1]. - Demand Side: The price of silicone DMC was 11500 - 12500 yuan/ton. Recently, the silicone price has weakened. The main reason is the lack of downstream orders, so downstream enterprises mainly consume inventory, with low willingness to purchase new products and a significant decline in new order volume [1]. Polysilicon - Futures Market: On August 12, 2025, the main contract 2511 of polysilicon futures fluctuated. It opened at 52800 yuan/ton and closed at 51800 yuan/ton, a change of 0.69% from the previous trading day. The position of the main contract was 136,055 lots (139,739 lots the previous day), and the trading volume was 481,809 lots [3]. - Supply Side: The spot price of polysilicon remained stable. The price of N - type material was 45.00 - 49.00 yuan/kg, and N - type granular silicon was 43.00 - 46.00 yuan/kg. The inventory of polysilicon manufacturers and silicon wafers increased. The polysilicon inventory was 23.30 (a month - on - month change of 1.75%), and the silicon wafer inventory was 19.11GW (a month - on - month change of 5.29%). The weekly polysilicon output was 29,400 tons (a month - on - month change of 10.94%), and the silicon wafer output was 12.02GW (a month - on - month change of 9.27%) [3]. - Demand Side: The price of domestic N - type 18Xmm silicon wafers was 1.20 yuan/piece, N - type 210mm was 1.55 yuan/piece, and N - type 210R silicon wafers was 1.35 yuan/piece. The price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 battery cells was 0.28 yuan/W, TopconM10 battery cells was 0.29 yuan/W (a decrease of 0.01 yuan/W), Topcon G12 battery cells was 0.29 yuan/W, Topcon210RN battery cells was 0.29 yuan/W, and HJT210 half - piece battery cells was 0.37 yuan/W. The mainstream transaction price of PERC182mm components was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.66 - 0.68 yuan/W, and N - type 210mm was 0.67 - 0.68 yuan/W. Anhui Jiaokong Resources Co., Ltd. issued a tender announcement for 120.28MW photovoltaic components for a highway EPC project, with an estimated contract value of 85 million yuan and a unit price of 0.71 yuan/W [3][5]. Strategy Industrial Silicon - Unilateral: Range trading [2]. - Inter - delivery: None [2]. - Inter - commodity: None [2]. - Futures - cash: None [2]. - Options: None [2]. Polysilicon - Unilateral: Short - term range trading; medium - to - long - term buying on dips [6]. - Inter - delivery: None [6]. - Inter - commodity: None [6]. - Futures - cash: None [6]. - Options: None [6].