工业硅：上方空间有限，多晶硅：本周自律会议密集，仓单小幅去化，市场情绪或改善

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints - Industrial silicon has limited upside potential [1] - For polysilicon, there were intensive self - regulatory meetings this week, with a slight reduction in warehouse receipts, and market sentiment may improve [2] Section Summaries 1. Fundamental Tracking - Futures Market Data: - Industrial silicon (Si2511): The closing price was 8,805 yuan/ton, with a trading volume of 241,553 lots and an open interest of 165,722 lots. Compared with T - 1, T - 5, and T - 22, there were corresponding changes [2] - Polysilicon (PS2511): The closing price was 48,740 yuan/ton, with a trading volume of 246,976 lots and an open interest of 87,665 lots. There were also changes compared with T - 1 and T - 5 [2] - Basis and Spread: - Industrial silicon: The spread between the near - month contract and the first continuous contract was 25 yuan/ton, and the cost of the near - month long and first continuous short inter - period arbitrage was 44.5 yuan/ton [2] - Polysilicon: The spread between the near - month contract and the first continuous contract was 195.0 yuan/ton [2] - Spot Premium and Discount: Different spot premium and discount data for industrial silicon (against different grades) and polysilicon (against N - type re - investment material) were presented [2] - Prices: - Industrial silicon: The price of Xinjiang 99 silicon was 8,850 yuan/ton, and the price of Yunnan Si4210 was 9,950 yuan/ton [2] - Polysilicon: The price of N - type re - investment material was 52,750 yuan/ton [2] - Profit: - Industrial silicon: The profit of silicon plants in Xinjiang (new standard 553) was - 2,464.5 yuan/ton, and in Yunnan (new standard 553) was - 3,403 yuan/ton [2] - Polysilicon: The profit of polysilicon enterprises was - 14.0 yuan/kg [2] - Inventory: - Industrial silicon: Social inventory was 54.5 tons, enterprise inventory was 16.8 tons, industry inventory was 71.3 tons, and futures warehouse receipt inventory was 25.4 tons [2] - Polysilicon: The manufacturer's inventory was 24.0 tons [2] - Raw Material Costs: Different prices and their changes for silicon ore, washed coal, petroleum coke, electrodes, etc. were provided [2] - Photovoltaic Industry: - Prices: The price of silicon wafers (N - type - 210mm) was 1.7 yuan/piece, the price of battery cells (TOPCon - 210mm) was 0.315 yuan/watt, etc. [2] - Profit: The profit of DMC enterprises was - 777 yuan/ton, and the profit of recycled aluminum enterprises was 200 yuan/ton [2] 2. Macro and Industry News On the evening of October 10, PowerChina (601669) announced that a consortium composed of its subsidiaries and itself signed contracts for two photovoltaic IPP projects in Saudi Arabia, with a total contract value of approximately 11.719 billion yuan. The projects are located in the Afif town of Riyadh Province, Saudi Arabia, with a construction period of 26 months [4] 3. Trend Intensity The trend intensity of industrial silicon was - 1, indicating a bearish view; the trend intensity of polysilicon was 1, indicating a bullish view [4]