工业硅、多晶硅日评：高位整理-20250820

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Industrial silicon prices are expected to maintain high-level consolidation due to supply increases and mixed demand, with continued attention to silicon enterprise production dynamics [1] - Polysilicon prices are also expected to stay at a high level with large market fluctuations, and it is necessary to continuously monitor macro - sentiment changes and warehouse receipt registration [1] Summary by Related Content Industrial Silicon and Polysilicon Price Changes - The average price of non - oxygenated 553 (East China) industrial silicon remained flat at 9,200 yuan/ton, and the 421 (East China) average price was flat at 9,750 yuan/ton. The futures main contract closing price rose 0.23% to 8,625 yuan/ton [1] - N - type dense material price was flat at 46 yuan/kg, N - type re -投料 price was flat at 47 yuan/kg, N - type mixed material price was flat at 45 yuan/kg, N - type granular silicon price was flat at 44.5 yuan/kg, and the futures main contract closing price fell 0.04% to 52,260 yuan/ton [1] Supply and Demand Analysis - Industrial Silicon - Supply: As silicon prices rise, some previously - overhauled silicon plants in Xinjiang have resumed production. In the southwest, with the arrival of the wet season, power costs have decreased, and enterprise start - up rates are steadily increasing. It is expected that some silicon furnaces will restart in August, and supply will increase steadily [1] - Demand: Polysilicon enterprises continue to reduce production, but some silicon material plants plan to resume production, which will bring some demand increments. An organic silicon plant stopped production for rectification due to an accident, and the recent supply pressure of monomer plants has increased, and prices may be under pressure again. Silicon - aluminum alloy enterprises purchase as needed, and downstream low - level inventory - building willingness is insufficient [1] Supply and Demand Analysis - Polysilicon - Supply: Silicon material enterprises maintain a production - reduction state, but some new production capacity may be put into operation. After offsetting, it is expected that production will increase slightly, reaching nearly 110,000 tons in July and about 130,000 tons in August [1] - Demand: The photovoltaic market is weak, with rising inventories of silicon wafers and silicon materials. Recently, due to the expected increase in polysilicon prices, silicon wafer prices have risen, and the trading atmosphere has improved. However, the terminal market is still weak due to the large - scale pre - installation in the first half of the year [1] Industry News - On August 19, TBEA Co., Ltd. announced that it plans to issue up to 8 billion yuan of convertible corporate bonds to unspecified objects, and the funds will be used for a coal - to - natural - gas project with a total investment of 17.039 billion yuan [1] - From January to June 2025, Shandong Province issued 53.83 million green certificates, a 130.4% increase year - on - year, covering various renewable energy types [1]