工业硅、多晶硅日评：高位整理-20250815

Industry Investment Rating - No relevant information provided Core Viewpoints - The silicon price is expected to maintain high-level consolidation due to cooling sentiment, hedging pressure on the disk, and fluctuating bullish sentiment. Continued attention should be paid to the production dynamics of silicon enterprises [1]. - The polysilicon price is also expected to maintain high-level consolidation with large disk fluctuations. Caution is required in operations, and continuous attention should be paid to the evolution of macro sentiment and the registration of warehouse receipts [1]. Summary by Related Catalogs Industrial Silicon - Price Information: The average price of non-oxygenated 553 (East China) remained flat at 9,200 yuan/ton, and the futures main contract closing price increased by 0.87% to 8,675 yuan/ton. The basis (East China 553 - futures main) decreased by 75 yuan/ton to 525 yuan/ton [1]. - Supply and Demand: As the silicon price continues to rise, some previously overhauled silicon plants in Xinjiang have resumed production. In the southwest production area, the power cost has decreased during the wet season, and the enterprise start-up is steadily increasing. The supply pressure in the market has rebounded, and the price may be under pressure again [1]. - Investment Strategy: The silicon price is expected to maintain high-level consolidation, and continuous attention should be paid to the production dynamics of silicon enterprises [1]. Polysilicon - Price Information: The price of N-type dense material remained flat at 46 yuan/kg, and the futures main contract closing price decreased by 1.68% to 50,430 yuan/ton [1]. - Supply and Demand: On the supply side, polysilicon enterprises maintain a production reduction trend, and some polysilicon plants may have new production capacity put into operation. After offsetting, the output is expected to increase slightly. On the demand side, the photovoltaic market is weak, and the inventory of silicon wafers and polysilicon has increased [1]. - Investment Strategy: The polysilicon price is expected to maintain high-level consolidation with large disk fluctuations. Caution is required in operations, and continuous attention should be paid to the evolution of macro sentiment and the registration of warehouse receipts [1]. Other Information - Industry News: On August 12, 2025, the filing of the organic silicon monomer upgrading project of Hubei Xingrui Silicon Materials Co., Ltd. was approved. The Indonesian government announced a new plan to deploy 100GW of solar power projects [1]. - Inventory Information: On August 14, the total social inventory of industrial silicon in major regions was 54.5 tons, a decrease of 0.2 tons compared to last week [1].