工业硅：弱势震荡，多晶硅：关注政策实际落地节点

Group 1: Report Investment Ratings - Industry investment ratings for industrial silicon: Weak and volatile [1] - Industry investment ratings for polysilicon: Focus on the actual implementation nodes of policies [2] Group 2: Core Views - The report provides fundamental data on industrial silicon and polysilicon, including futures market prices, trading volumes, open interests, basis, spot premiums and discounts, prices, profits, inventories, and raw material costs [2] - On October 16, Guangdong Power Trading Center issued two rules related to the sustainable development price settlement mechanism for new energy projects in Guangdong [4] - The trend strength of industrial silicon is 0, and that of polysilicon is also 0, indicating a neutral view [4] Group 3: Summary by Directory 1. Fundamental Data Tracking - Futures Market: Si2511 closing price is 8,430 yuan/ton, down 175 yuan from T - 1; PS2511 closing price is 52,340 yuan/ton, down 235 yuan from T - 1 [2] - Basis and Spot Premiums/Discounts: Industrial silicon spot premiums vary by type, and polysilicon spot premium (against N - type re - investment) is - 325 yuan/ton [2] - Prices: Xinjiang 99 silicon is 8750 yuan/ton, and polysilicon - N - type re - investment material is 52800 yuan/ton [2] - Profits: Silicon factory profits in Xinjiang and Yunnan are negative, and polysilicon enterprise profit is - 14.0 yuan/kg [2] - Inventories: Industrial silicon social inventory is 56.2 million tons, and polysilicon factory inventory is 25.3 million tons [2] - Raw Material Costs: Costs of silicon ore, washed coal, petroleum coke, electrodes, etc. are provided, with some showing price changes [2] 2. Macro and Industry News - Guangdong Power Trading Center issued rules for the sustainable development price settlement mechanism of new energy projects, with the first bidding transaction to be held in Q4 2025 [4] 3. Trend Strength - Industrial silicon and polysilicon both have a trend strength of 0, indicating a neutral market view [4]