工业硅、多晶硅日评：高位整理-20250819

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core Viewpoints - The silicon price has adjusted downward due to cooling sentiment and hedging pressure on the disk, but the bullish sentiment has been fluctuating recently, and it is expected that the silicon price will remain in a high - level consolidation. The price of polysilicon has continued to rise since the end of June due to supply - side reform expectations and spot price increases, and although the sentiment has weakened recently, it is still volatile. It is expected that the price will remain in a high - level consolidation with large fluctuations in the disk, and operations should be cautious [1] 3. Summary by Related Content Industrial Silicon - Price Changes: The average price of industrial silicon non - oxygen - passing 553 (East China) remained flat at 9,200 yuan/ton, and the average price of 421 (East China) industrial silicon remained flat at 9,750 yuan/ton. The closing price of the futures main contract dropped 2.27% to 8,605 yuan/ton [1] - Supply - side: As the silicon price continues to rise, some previously shut - down silicon plants in Xinjiang have resumed production. The southwest production area has entered the wet season, power costs have decreased, and enterprise start - up rates have steadily increased. It is expected that some silicon furnaces will restart in August, and the supply will increase steadily [1] - Demand - side: Polysilicon enterprises maintain a production - cut situation, and some silicon material plants have复产 arrangements, which will bring some demand increments. An organic silicon manufacturer has stopped production for rectification due to an accident, and the supply has tightened temporarily. Recently, monomer plant enterprises have recovered, the market supply pressure has increased, and prices may be under pressure again. Silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at low levels is insufficient [1] Polysilicon - Price Changes: The price of N - type dense material remained flat at 46 yuan/kg, the price of N - type re - feeding material remained flat at 47 yuan/kg, the price of N - type mixed material remained flat at 45 yuan/kg, and the price of N - type granular silicon remained flat at 44.5 yuan/kg. The closing price of the futures main contract dropped 0.87% to 52,280 yuan/ton [1] - Supply - side: Polysilicon enterprises maintain a production - cut situation, and some silicon material plants may have new production capacity put into operation. After offsetting increases and decreases, the output is expected to increase slightly. It is expected that the output in July will approach 110,000 tons, and the output in August will increase to about 130,000 tons [1] - Demand - side: The photovoltaic market as a whole is weak, the inventory of silicon wafers and silicon materials has increased. Recently, due to the expected increase in polysilicon prices, the downstream silicon wafer prices have risen, and the trading atmosphere has improved. However, the demand was greatly overdrawn by the rush to install in the first half of the year, the terminal market is still weak, and the component prices have adjusted downward [1] Other Information - New Energy Tenders: On August 14, the list of candidates for the 2025 Jizhong New Materials 7.15MWp N - type double - sided double - glass photovoltaic module project of Hebei Jizhong New Energy Technology Co., Ltd. was announced. The first candidate was JA Solar Technology Co., Ltd. with a bid price of 5,112,586.05 yuan and a converted unit price of about 0.715 yuan/W. The second candidate was Yingli Energy Development Co., Ltd. with a bid price of 5,076,500 yuan and a converted unit price of about 0.71 yuan/W [1] - New Energy Company Establishment: State Power Investment Corporation and China General Nuclear Power Group have established new energy companies in Tianjin and Tibet respectively, with a total registered capital of 400 million yuan. Tianjin Electric Power Investment Qingneng New Energy (Limited Partnership) was established on July 3, 2025, with a registered capital of 300 million yuan and is indirectly 100% controlled by State Power Investment Corporation [1]