工业硅：逢高布空思路为主，多晶硅：关注市场信息

Group 1: Investment Rating - The investment strategy for industrial silicon is to mainly short at high prices, and for polysilicon, it is to pay attention to market information [1][2] Group 2: Core View - The report provides a comprehensive analysis of the fundamentals of industrial silicon and polysilicon, including price, volume, open interest, basis, profit, inventory, and raw material costs. It also reports on a macro and industry news event where the US International Trade Court ruled that the Biden administration's two - year suspension of import tariffs on Southeast Asian solar cells and components was illegal, which may lead to retroactive taxation [2][4] Group 3: Summary by Directory 1. Fundamental Tracking - Futures Market: Si2511 closed at 8,390 yuan/ton, down 180 yuan from T - 1; PS2511 closed at 49,555 yuan/ton, down 110 yuan from T - 1. Si2511 trading volume was 338,974 lots, an increase of 45,781 lots from T - 1; PS2511 trading volume was 353,059 lots, a decrease of 23,245 lots from T - 1 [2] - Basis: Industrial silicon's spot premium (against East China Si5530) was +695 yuan/ton, down 30 yuan from T - 1; polysilicon's spot premium (against N - type recycled material) was - 555 yuan/ton, an increase of 110 yuan from T - 1 [2] - Profit: Silicon factory profit (Xinjiang new standard 553) was - 2,911 yuan/ton, down 180 yuan from T - 1; polysilicon enterprise profit was - 15.6 yuan/kg, an increase of 0.5 yuan from T - 1 [2] - Inventory: Industrial silicon's social inventory (including warehouse receipt inventory) was 54.1 tons, a decrease of 0.2 tons from T - 5; polysilicon's factory inventory was 21.3 tons, a decrease of 3.6 tons from T - 5 [2] - Raw Material Costs: Xinjiang silicon ore was 340 yuan/ton, unchanged from T - 1; Xinjiang washed coking coal was 1,300 yuan/ton, an increase of 50 yuan from T - 5 [2] 2. Macro and Industry News - The US International Trade Court ruled that the Biden administration's two - year suspension of import tariffs on Southeast Asian solar cells and components was illegal. The US Customs and Border Protection may immediately start the retroactive taxation process, and the total tariff on imports from Cambodia, Malaysia, Thailand, and Vietnam during the suspension period could reach tens of billions of dollars [4] 3. Trend Intensity - The trend intensity of industrial silicon and polysilicon is - 1, indicating a bearish outlook [4]