工业硅、多晶硅日评：高位整理-20250904

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - For industrial silicon, considering the cooling sentiment and hedging pressure above the market, the silicon price has adjusted downward. Recently, driven by the polysilicon sentiment, the industrial silicon market has strengthened again. It is expected that the short - term silicon price will maintain high - level consolidation, and attention should be paid to the support level of 8,300 yuan/ton [1]. - For polysilicon, the fundamentals show strong supply and weak demand, and the price support is insufficient. Recently, the storage acquisition information has fermented again, and the polysilicon market has continued to rise. In the short term, supply - side disturbances may be repeated, the price fluctuation may be magnified again, and the price is likely to rise rather than fall. Attention should be paid to the pressure level of 55,000 - 56,000 yuan/ton [1]. 3. Summary by Related Catalogs 3.1 Price Changes - Industrial silicon: The average price of non - oxygenated 553 (East China) remained flat at 8,950 yuan/ton, and the average price of 421 (East China) remained flat at 9,400 yuan/ton. The closing price of the futures main contract rose 0.24% to 8,490 yuan/ton [1]. - Polysilicon: N - type dense material remained flat at 50 yuan/kg, N - type re - feed material remained flat at 51.5 yuan/kg, N - type mixed material remained flat at 49 yuan/kg, and N - type granular silicon remained flat at 48.5 yuan/kg. The closing price of the futures main contract rose 0.55% to 52,160 yuan/ton [1]. - Other products: The price of N - type 183mm silicon wafers rose 2.40% to 1.28 yuan/piece, while other silicon wafers, battery cells, and components prices remained flat. The price of DMC decreased 0.47% to 10,650 yuan/ton, while the prices of 107 glue and silicone oil remained flat [1]. 3.2 Industry News - The CIF price of Malaysian bauxite (with an original ore aluminum content of 37% - 41% and a silicon content of 5% - 6%) has risen by 2.5 US dollars to 50.5 US dollars due to the increase in freight [1]. - The PC project of the second and third bid sections of the 1 million - kilowatt photovoltaic desert control project in Shache County, Xinjiang has been temporarily terminated due to a major change in the design plan [1]. 3.3 Supply and Demand Analysis - Industrial silicon: On the supply side, as the silicon price continues to rise, some previously shut - down silicon plants in Xinjiang have resumed production, and the power cost in the southwest production area has decreased during the wet season, with stable recovery in enterprise operations. On the demand side, polysilicon enterprises maintain a production - reduction state, with some silicon material plants planning to resume production; an organic silicon manufacturer has stopped production for rectification due to an accident, and the silicon alloy enterprises purchase as needed, with low inventory - building willingness in the downstream [1]. - Polysilicon: On the supply side, silicon material enterprises maintain a production - reduction state, with some new production capacity expected to be put into operation, and the output is expected to increase slightly. On the demand side, the silicon wafer price cannot cover the full cost, battery cell prices are loosening due to inventory accumulation, and the terminal acceptance of high prices is low [1].