工业硅：逢高布空思路，多晶硅，区间震荡，关注市场信息

Group 1: Investment Ratings - Industry investment ratings for industrial silicon: Go short at high prices [1] - Industry investment ratings for polysilicon: Range-bound trading, pay attention to market information [2] Group 2: Core Views - The report provides a comprehensive analysis of the fundamentals of industrial silicon and polysilicon, including futures market data, basis, price, profit, inventory, and raw material costs. It also presents macro and industry news and trend strength indicators [2][3][4] Group 3: Summary by Directory 1. Fundamental Tracking - Futures Market Data: Si2511's closing price was 8,675 yuan/ton, down 70 yuan from T - 1; PS2511's closing price was 51,405 yuan/ton, down 125 yuan from T - 1 [2] - Basis: Industrial silicon's spot premium (against East China Si5530) was +710 yuan/ton, up 170 yuan from T - 1; polysilicon's spot premium (against N - type re - investment) was - 2,580 yuan/ton, down 175 yuan from T - 1 [2] - Price: Xinjiang 99 - silicon was 8,650 yuan/ton, up 200 yuan from T - 1; polysilicon - N - type re - investment material was 49,000 yuan/ton, unchanged from T - 1 [2] - Profit: Silicon factory profit (Xinjiang new standard 553) was - 2,626 yuan/ton, down 70 yuan from T - 1; polysilicon enterprise profit was - 15.8 yuan/kg, up 0.3 yuan from T - 1 [2] - Inventory: Industrial silicon's social inventory (including warehouse receipt inventory) was 54.3 million tons, with a decrease of 0.2 million tons compared to T - 5; polysilicon's factory inventory was 24.9 million tons, with an increase of 0.7 million tons compared to T - 5 [2] - Raw Material Costs: Xinjiang silicon ore was 340 yuan/ton, unchanged; Ningxia washed coal was 1,000 yuan/ton, up 30 yuan from T - 5 [2] 2. Macro and Industry News - Huaneng Energy Transportation Industry Holding Co., Ltd. issued a framework agreement procurement for China Huaneng Group Co., Ltd.'s 2025 photovoltaic modules. The total procurement scale is 6GW, divided into 4 bid sections based on component conversion efficiency and size, with a minimum efficiency requirement of over 22.3% and a maximum of over 23.8%. The agreement is valid from the date of issue until March 31, 2026 [3] 3. Trend Strength - Industrial silicon trend strength: 0; polysilicon trend strength: 0. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4]