工业硅：仓单去化，底部较有支撑，多晶硅：关注政策落地信息

Report Title - Industrial Silicon: Warehouse Receipt Liquidation, Strong Support at the Bottom; Polysilicon: Monitor Policy Implementation Information [1][2] Report Date - October 27, 2025 [1] Report Industry Investment Rating - Not provided Core Viewpoints - The industrial silicon market shows warehouse receipt liquidation and has relatively strong support at the bottom, while the polysilicon market requires attention to policy implementation information [1][2] Summary by Directory Fundamental Tracking - Futures Market: Si2601's closing price was 8,920 yuan/ton, with a trading volume of 187,264 lots and an open interest of 186,339 lots; PS2601's closing price was 52,305 yuan/ton, with a trading volume of 169,042 lots and an open interest of 81,555 lots [2] - Basis: Industrial silicon's spot premium (against East China Si5530) was +430 yuan/ton, and polysilicon's spot premium (against N-type recycled material) was +195 yuan/ton [2] - Price: The price of Xinjiang 99 silicon was 8,700 yuan/ton, Yunnan Si4210 was 9,950 yuan/ton, and polysilicon - N-type recycled material was 52,980 yuan/ton [2] - Profit: The profit of silicon plants in Xinjiang (new standard 553) was -2,349.5 yuan/ton, and in Yunnan (new standard 553) was -3,288 yuan/ton; the profit of polysilicon enterprises was 8.5 yuan/kg [2] - Inventory: Industrial silicon's social inventory (including warehouse receipt inventory) was 55.9 million tons, enterprise inventory was 16.8 million tons, and futures warehouse receipt inventory was 24.2 million tons; polysilicon's manufacturer inventory was 25.8 million tons [2] - Raw Material Cost: The price of petroleum coke in Maoming was 1,400 yuan/ton, and the price of carbon electrodes was 7,200 yuan/ton [2] Macro and Industry News - The National Development and Reform Commission mentioned that China's market access negative list items have been reduced from 328 to 106 after four revisions, and over 4,200 policy measures hindering factor flow have been cleared, but there are still many bottlenecks [2] Trend Intensity - Industrial silicon's trend intensity was 1, and polysilicon's trend intensity was 1, both indicating a neutral view [4]