Guo Tai Jun An Qi Huo·2025-09-11 02:01Report Summary 1. Report's Industry Investment Rating - No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints - The report focuses on the fundamentals of industrial silicon and polysilicon, including price, profit, inventory, and raw material cost, and also mentions relevant macro and industry news, as well as the trend intensity of industrial silicon and polysilicon [1][2][3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Market: Si2511's closing price was 8,665 yuan/ton, with a trading volume of 622,948 lots and an open interest of 278,065 lots; PS2511's closing price was 52,885 yuan/ton, with a trading volume of 411,979 lots and an open interest of 137,072 lots [1]. - Basis: The industrial silicon spot had different premiums or discounts against different benchmarks, and the polysilicon spot had a discount of -1,835 yuan/ton against N - type recycled materials [1]. - Price: The price of Xinjiang 99 - silicon was 8,500 yuan/ton, Yunnan Si4210 was 9,650 yuan/ton, and polysilicon - N - type recycled materials was 51,550 yuan/ton [1]. - Profit: The profit of silicon plants in Xinjiang and Yunnan was -2,636 yuan/ton and -3,436 yuan/ton respectively; the profit of polysilicon enterprises was -14.3 yuan/kg [1]. - Inventory: The industrial silicon's social inventory was 53.7 million tons, enterprise inventory was 17.1 million tons, industry inventory was 70.8 million tons, and futures warehouse receipt inventory was 25.0 million tons; the polysilicon's manufacturer inventory was 21.1 million tons [1]. - Raw Material Cost: The prices of raw materials such as silicon ore, washed coal, petroleum coke, and electrodes in different regions had different changes [1]. - Polysilicon (Photovoltaic): The prices of polysilicon - related products such as silicon wafers, battery cells, components, photovoltaic glass, and photovoltaic - grade EVA had different changes, and the profit of polysilicon enterprises was -14.3 yuan/kg [1]. - Organic Silicon: The price of DMC was 10,700 yuan/ton, and the profit of DMC enterprises was -1,186 yuan/ton [1]. - Aluminum Alloy: The price of ADC12 was 20,850 yuan/ton, and the profit of recycled aluminum enterprises was 100 yuan/ton [1]. 3.2 Macro and Industry News - On September 9th, Jinko Energy announced that its subsidiary Zhejiang Jinko Energy Co., Ltd. planned to sell 80% of the equity of its subsidiary Zhejiang Jinko New Materials Co., Ltd. to Diker Co., Ltd. for 80 million yuan [2]. 3.3 Trend Intensity - The trend intensity of industrial silicon was 0, and that of polysilicon was 1. The trend intensity ranges from -2 to 2, where -2 means the most bearish and 2 means the most bullish [3].