工业硅：区间震荡格局，多晶硅：推荐回调继续买入

Report Industry Investment Ratings - Industrial silicon: Ranging pattern [1] - Polysilicon: Recommended to buy on dips [2] Core Viewpoints - The report presents detailed fundamental data of industrial silicon and polysilicon, including price, profit, inventory, etc., and also mentions relevant macro and industry news [2] Summary by Relevant Catalogs Fundamental Tracking - Futures Market: Si2511 closed at 8,605 yuan/ton, with a volume of 209,588 lots and an open interest of 131,649 lots; PS2511 closed at 52,575 yuan/ton, with a volume of 266,129 lots and an open interest of 78,885 lots [2] - Basis: Industrial silicon's spot premium/discount varies with different benchmarks; polysilicon's spot premium/discount (against N - type re - investment) is +1385 yuan/ton [2] - Price: Xinjiang 99 - silicon is 8750 yuan/ton, Yunnan Si4210 is 9950 yuan/ton, and polysilicon - N - type re - investment material is 52750 yuan/ton [2] - Profit: Silicon plant profit in Xinjiang (new standard 553) is - 2699.5 yuan/ton, and polysilicon enterprise profit is - 14.0 yuan/kg [2] - Inventory: Industrial silicon's social inventory is 56.2 million tons, enterprise inventory is 16.8 million tons, and polysilicon's manufacturer inventory is 25.3 million tons [2] Macro and Industry News - On September 29, 2025, India's Ministry of Commerce and Industry issued an anti - dumping affirmative final ruling on solar cells from China, recommending a 3 - year anti - dumping tax based on CIF. Different Chinese producers have different tax rates [2][4] Trend Intensity - Industrial silicon trend intensity: 0; polysilicon trend intensity: 1 [4]