反内卷氛围浓厚，工业硅向上运行

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Last week, industrial silicon prices stabilized and rebounded due to the rising anti - involution sentiment, rumors of polysilicon industry production cuts and sales restrictions, and the stabilizing and recovering manufacturing PMI in August. The supply side showed a passive contraction, while the demand side had mixed performance. The social inventory of industrial silicon continued to decline, and the spot market gradually stabilized and rose [2][6][10]. - Domestically, the anti - involution sentiment is still rising, and rumors of polysilicon production cuts and sales restrictions are boosting the market. The manufacturing sentiment has slightly recovered, and external demand for new orders has maintained strong growth. Technically, the 8500 level on the futures chart has strong support, and it is expected that the futures price will maintain a volatile and slightly upward trend in the short term [3][10]. 3. Summary by Directory Market Data | Contract | 9/5 Price | 8/29 Price | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | | Industrial silicon main contract | 8820.00 | 8390.00 | 430.00 | 5.13% | Yuan/ton | | Oxygen - containing 553 spot | 9100.00 | 9050.00 | 50.00 | 0.55% | Yuan/ton | | Non - oxygen - containing 553 spot | 8950.00 | 8950.00 | 0.00 | 0.00% | Yuan/ton | | 421 spot | 9400.00 | 9400.00 | 0.00 | 0.00% | Yuan/ton | | 3303 spot | 10300.00 | 10300.00 | 0.00 | 0.00% | Yuan/ton | | Organic silicon DMC spot | 10650.00 | 10750.00 | - 100.00 | - 0.93% | Yuan/ton | | Polysilicon dense material spot | 48.00 | 46.00 | 2.00 | 4.35% | Yuan/kg | | Industrial silicon social inventory | 53.7 | 54.1 | - 0.4 | - 0.74% | Million tons | [4] Market Analysis and Outlook - Macro - aspect: China's S&P manufacturing PMI rose to 50.5, higher than the previous value of 49.5. The official manufacturing PMI was 49.4, with the new order index reaching the highest since March. Domestic demand drove sales growth, while new export orders slightly declined. New order inflows led to an increase in backlogs in August, and manufacturers continued to downsize for the fifth consecutive month [7]. - Supply - demand aspect: As of September 5th, the weekly output of industrial silicon was 93,000 tons, a week - on - week increase of 3.2% and a year - on - year decrease of 0.9%. The total number of open furnaces in the three major production areas was 300, with the overall furnace - opening rate slightly rising to 37.7%. The supply side showed marginal relaxation, and the demand side had different trends among different segments. The market was focused on the production cut and sales restriction efforts of mid - stream silicon materials, which boosted the price of upstream industrial silicon [7][8]. - Inventory aspect: As of September 5th, the national social inventory of industrial silicon decreased to 53.7 million tons, a decrease of 0.4 million tons from the previous period. The exchange - registered warehouse receipts continued to increase, reaching 49,972 lots, equivalent to 24.9 million tons. The inventory of 5 - series warehouse receipts was increasing [9]. Industry News - On September 4th, the Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry from 2025 to 2026", aiming to achieve high - quality development in the photovoltaic field by eliminating "involution - style" competition, with specific expected goals and implementation requirements [11]. - Recently, Guoneng Rixin won the bid for the secondary system upgrade and maintenance material procurement project of Southern Power Grid Comprehensive Energy's distributed photovoltaic power stations, which is of great significance for improving the operation management standard and safety of the distributed photovoltaics [12]. Related Charts The report provides multiple charts showing data such as industrial silicon export volume, domestic social inventory, Guangzhou Futures Exchange warehouse receipts, weekly production in main production areas, organic silicon DMC production, polysilicon production, and spot prices of different grades of industrial silicon and related products [14][16][17]