多晶硅自律会议召开，工业硅补涨

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The rebound of industrial silicon last week was mainly due to the Fed's expected interest rate cut, which released an expectation of loose liquidity, and the marginal increase in the profit growth rate of industrial enterprises in August. The polysilicon self - discipline meeting further boosted prices, triggering a catch - up rally in industrial silicon. The supply side maintained moderate growth, and the demand side showed different trends in various segments. Overall, the rebound of industrial enterprise profit growth in China and the Fed's interest rate cut boosted the market, and the polysilicon industry planned the next round of production cuts. Technically, the 8800 level on the futures chart has confirmed medium - term support, and the polysilicon futures price is expected to enter a volatile upward trend in the short term [2][5][9]. 3. Summary by Relevant Catalogs 3.1 Market Data | Contract | 9/12 | 9/5 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | | Industrial silicon main contract | 8745.00 | 8820.00 | - 75.00 | - 0.85% | Yuan/ton | | Oxygen - containing 553 spot | 9200.00 | 9100.00 | 100.00 | 1.10% | Yuan/ton | | Non - oxygen - containing 553 spot | 9000.00 | 8950.00 | 50.00 | 0.56% | Yuan/ton | | 421 spot | 9500.00 | 9400.00 | 100.00 | 1.06% | Yuan/ton | | 3303 spot | 10300.00 | 10300.00 | 0.00 | 0.00% | Yuan/ton | | Organic silicon DMC spot | 10700.00 | 10650.00 | 50.00 | 0.47% | Yuan/ton | | Polysilicon dense material spot | 50.00 | 48.00 | 2.00 | 4.17% | Yuan/kg | | Industrial silicon social inventory | 53.9 | 53.7 | 0.2 | 0.37% | 10,000 tons | [3] 3.2 Market Analysis and Outlook - Macro aspect: In August, the profits of large - scale industrial enterprises in China increased by 5.2% year - on - year, and the cumulative profit growth from January to August was 6.2%. Different industries showed different growth rates [6]. - Supply - demand aspect: As of September 19, the weekly output of industrial silicon was 94,700 tons, a month - on - month decrease of 0.8% and a year - on - year decrease of 0.43%. The overall furnace - opening rate slightly increased to 39.1%. After the polysilicon self - discipline meeting, enterprises had production cut plans but the amplitude was limited. The silicon wafer segment started production cuts in October, with no short - term demand for large - scale restocking. The price of photovoltaic cells rose moderately, and the component segment showed narrow - range fluctuations [5][7][9]. - Inventory aspect: As of September 19, the national social inventory of industrial silicon rose to 543,000 tons. As of September 5, the warehouse receipt inventory on the Guangzhou Futures Exchange continued to rise to 49,874 lots, equivalent to 249,000 tons. The 5 - series warehouse receipts that met the new delivery standards were actively registered and stored [8]. 3.3 Industry News - MENA region power market: According to the IEA report, the power consumption in the Middle East and North Africa (MENA) region will continue to grow rapidly in the next decade. The proportion of fossil fuels in power generation will decline, while solar photovoltaic power generation will grow rapidly. The investment in the MENA power sector is expected to increase by 50% by 2035. Improving air - conditioning energy efficiency is crucial for controlling peak power demand [10]. - Inner Mongolia policy: On September 12, Inner Mongolia issued a notice to optimize the mechanism of mandatory and voluntary consumption of renewable energy power. It requires new "two - high" projects to have a certain proportion of green power consumption and increases the proportion of green power consumption for existing enterprises [11]. 3.4 Relevant Charts The report provides charts on industrial silicon production, export volume, domestic social inventory, warehouse receipt inventory on the futures exchange, weekly production in main producing areas, organic silicon DMC production, polysilicon production, and spot prices of industrial silicon and related products [14][15].