工业硅：关注仓单注册情况，多晶硅：关注现货成交价格

Report Summary Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - For industrial silicon, attention should be paid to the situation of warehouse receipt registration; for polysilicon, attention should be paid to the spot transaction price [1]. Detailed Summaries by Catalog 1. Fundamental Tracking - Futures Market: - Industrial silicon (Si2511) had a closing price of 8,705 yuan/ton, with a volume of 172,346 lots and an open interest of 76,195 lots. Polysilicon (PS2511) had a closing price of 50,760 yuan/ton, a volume of 86,148 lots, and an open interest of 45,407 lots [1]. - The spread between the near - month contract and the continuous first contract for industrial silicon was - 375 yuan/ton, and for polysilicon was - 2380.0 yuan/ton [1]. - Basis: - Industrial silicon's spot premium or discount varied when对标ing different grades (e.g., +645 yuan/ton when对标ing East China Si5530). Polysilicon's spot premium or discount (对标ing N - type recycled feedstock) was +1740 yuan/ton [1]. - Prices: - The price of Xinjiang 99 - silicon was 8700 yuan/ton, Yunnan Si4210 was 9950 yuan/ton, and polysilicon - N - type recycled feedstock was 52980 yuan/ton [1]. - Profits: - Silicon factory profits in Xinjiang (new standard 553) were - 2564.5 yuan/ton, and in Yunnan (new standard 553) were - 3503 yuan/ton. Polysilicon enterprise profits were - 13.9 yuan/kg [1]. - Inventory: - Industrial silicon's social inventory (including warehouse receipt inventory) was 55.9 million tons, enterprise inventory was 16.8 million tons, and industry inventory was 72.7 million tons. Polysilicon's factory inventory was 25.8 million tons [1]. - Raw Material Costs: - For industrial silicon, raw material costs included Xinjiang silicon ore at 320 yuan/ton, Yunnan silicon ore at 290 yuan/ton, etc. For polysilicon, related prices such as N - type recycled feedstock and other photovoltaic - related materials were provided [1]. 2. Macro and Industry News - On October 23, State Grid Xinjiang Electric Power announced a list of existing new - energy projects, including 1271 distributed power new - energy projects with a mechanism electricity price of 0.25 - 0.262 yuan/kWh and 842 centralized power new - energy projects with the same price range [1]. 3. Trend Intensity - The trend intensity of industrial silicon was 0, and that of polysilicon was 1. The range of trend intensity is [-2, 2], with - 2 being the most bearish and 2 being the most bullish [3].