工业硅：情绪回落，盘面存下行驱动，多晶硅：市场情绪降温

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating provided in the documents. 2. Report Core View The market sentiment of polysilicon is cooling, and the trend intensities of industrial silicon and polysilicon are both -1, indicating a bearish outlook [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Industrial Silicon and Polysilicon Futures Market: The Si2511 closing price was 8,960 yuan/ton, down 95 yuan from T - 1, and the PS2511 closing price was 51,465 yuan/ton, up 100 yuan from T - 1. Trading volumes and open interests of both contracts showed certain changes compared to previous periods [1]. - Basis and Price: The basis of industrial silicon and polysilicon showed different changes against different benchmarks. Prices of various products such as industrial silicon, polysilicon, and related downstream products also had different fluctuations over time [1]. - Profit: The profits of silicon factories, polysilicon enterprises, DMC enterprises, and regenerative aluminum enterprises showed different trends, with some in the negative range and others showing changes in different time intervals [1]. - Inventory: Industrial silicon's social, enterprise, and industry inventories, as well as polysilicon's factory inventory, had different changes compared to previous periods [1]. - Raw Material Cost: Prices of raw materials such as silicon ore, washed coking coal, petroleum coke, electrodes, etc., showed different changes in different regions [1]. 3.2 Macro and Industry News On September 24th, Hongjun New Energy signed a cooperation agreement with a Saudi partner to build a 6GW high - efficiency heterojunction component production base in Saudi Arabia. Many Chinese enterprises are planning photovoltaic production capacity in the Middle East, and the photovoltaic market in Saudi Arabia has great potential [2][3]. 3.3 Trend Intensity The trend intensity of industrial silicon and polysilicon is -1, indicating a weak and bearish market sentiment [3].