Rui Da Qi Huo·2025-09-17 09:17Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The supply side of the industrial silicon industry shows a regional differentiation trend of "steady production increase in the northwest and capacity shrinkage in the southwest." Next week, the actual production progress of new capacity in Xinjiang needs to be closely monitored [2]. - The total demand for industrial silicon from the three major downstream industries remains flat. Although the spot price of industrial silicon has risen, the futures price has weakened slightly. However, it is expected that the futures price will follow the spot price increase, and it is recommended to go long at low prices [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 8,965 yuan/ton, up 50 yuan; the position of the main contract is 285,673 lots, down 1,511 lots; the net position of the top 20 is -58,016 lots, up 1,276 lots; the warehouse receipt of the Guangzhou Futures Exchange is 49,896 lots, up 24 lots. The closing price of the December contract is -385 yuan/ton, down 15 yuan [2]. Spot Market - The average price of oxygen - ventilated 553 silicon is 9,350 yuan/ton, up 50 yuan; the average price of 421 silicon is 9,600 yuan/ton, unchanged; the basis of the Si main contract is 385 yuan/ton, unchanged; the DMC spot price is 11,020 yuan/ton, unchanged [2]. Upstream Situation - The average prices of silica, petroleum coke, clean coal, wood chips, and graphite electrodes (400mm) remain unchanged at 410 yuan/ton, 1,860 yuan/ton, 1,850 yuan/ton, 490 yuan/ton, and 12,250 yuan/ton respectively [2]. Industry Situation - The monthly output of industrial silicon is 366,800 tons, an increase of 33,600 tons; the weekly social inventory is 552,000 tons, an increase of 10,000 tons; the monthly import volume is 2,211.36 tons, an increase of 71.51 tons; the monthly export volume is 52,919.65 tons, a decrease of 12,197.89 tons [2]. Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, an increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,900 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon is 6.45 US dollars/kg, up 0.25 US dollars/kg; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, unchanged [2]. - The monthly export volume of unforged aluminum alloy is 24,908.89 tons, a decrease of 861.29 tons; the weekly operating rate of organic silicon DMC is 72.71%, an increase of 2.12 percentage points; the monthly output of aluminum alloy is 1.536 million tons, a decrease of 133,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a decrease of 337.93 tons [2]. Industry News - GCL Technology (03800.HK) reached a strategic financing agreement with Infini Capital, raising about HK$5.446 billion (about US$700 million) through private placement of about 4.736 billion shares, with a lock - in period of 6 months [2]. - President Xi Jinping's article pointed out the need to rectify the chaos of low - price and disorderly competition among enterprises. In the industrial silicon sector, the supply side shows a regional differentiation trend, and the demand side of the three major downstream industries remains flat [2].