工业硅：逢高布空思路为主，多晶硅：关注政策端信息

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - For industrial silicon, the main idea is to short at high prices; for polysilicon, attention should be paid to policy - related information [2] - The trend strength of industrial silicon is 0 (neutral), and that of polysilicon is 1 (slightly bullish) [4] Group 3: Summary by Directory 1. Fundamental Tracking a. Futures Market - Si2511: The closing price is 8,515 yuan/ton, the trading volume is 371,805 lots, and the open interest is 277,305 lots. Compared with different reference days (T - 1, T - 5, T - 22), there are corresponding changes [2] - PS2511: The closing price is 52,195 yuan/ton, the trading volume is 268,080 lots, and the open interest is 145,950 lots, with specific changes compared to previous days [2] b. Basis - Industrial silicon has different spot premiums and discounts when benchmarked against different products (such as Si5530, Si4210, Xinjiang 99 silicon), and polysilicon also has a spot premium and discount when benchmarked against N - type re - investment [2] c. Price - Industrial silicon prices vary by region and type, such as Xinjiang 99 silicon at 8,500 yuan/ton, Yunnan Si4210 at 9,650 yuan/ton; polysilicon - N - type re - investment material is 51,500 yuan/ton [2] d. Profit - Silicon factory profits for different types (Xinjiang new standard 553 and Yunnan new standard 553) are negative, and polysilicon enterprise profit is - 14.3 yuan/kg [2] e. Inventory - Industrial silicon has different inventory types, including social inventory (53.7 million tons), enterprise inventory (17.1 million tons), industry inventory (70.8 million tons), and futures warehouse receipt inventory (25.0 million tons); polysilicon factory inventory is 21.1 million tons [2] f. Raw Material Cost - The prices of raw materials for industrial silicon and polysilicon, such as silicon ore, washed coal, petroleum coke, electrodes, etc., have different price levels and changes [2] g. Price and Profit in Related Industries - In the polysilicon (photovoltaic) industry, prices of products like silicon wafers, battery cells, components, etc., and profits of related enterprises are provided; in the organic silicon and aluminum alloy industries, prices and profits of products are also given [2] 2. Macro and Industry News - On September 4, the Ministry of Industry and Information Technology and the State Administration for Market Regulation jointly issued the "Stable Growth Action Plan for the Electronic Information Manufacturing Industry from 2025 - 2026". The plan sets various goals for the industry from 2025 - 2026, such as average growth rate of added value, revenue scale, and market penetration rate [2][4]