工业硅：仓单继续去化，底部较有支撑，多晶硅：情绪发酵，管住本周政策情况

Group 1: Report Title and Date - The report is titled "Industrial Silicon: Warehouse Receipts Continue to Decline, with Strong Support at the Bottom; Polysilicon: Sentiment is Fluctuating, Monitor This Week's Policy Situation" and is dated October 28, 2025 [1][2] Group 2: Industry Investment Rating - Not provided in the report Group 3: Core Views - The industrial silicon warehouse receipts continue to decline, and the bottom is well - supported; for polysilicon, sentiment is fluctuating, and attention should be paid to this week's policy situation [1][2] Group 4: Fundamental Tracking Industrial Silicon and Polysilicon Futures Market - Si2601 closing price is 8,965 yuan/ton, with a trading volume of 198,198 lots and an open interest of 201,518 lots; PS2601 closing price is 54,500 yuan/ton, with a trading volume of 238,898 lots and an open interest of 105,877 lots [2] Basis - Industrial silicon spot premium (against East China Si5530) is +385 yuan/ton; polysilicon spot premium (against N - type recycled material) is - 2000 yuan/ton [2] Price - The price of Xinjiang 99 - silicon is 8700 yuan/ton; the price of polysilicon - N - type recycled material is 52980 yuan/ton [2] Profit - Silicon factory profit (Xinjiang new standard 553) is - 2304.5 yuan/ton; polysilicon enterprise profit is 8.5 yuan/kg [2] Inventory - Industrial silicon social inventory (including warehouse receipt inventory) is 55.9 million tons; polysilicon factory inventory is 25.8 million tons [2] Raw Material Cost - The price of Xinjiang silicon ore is 320 yuan/ton; the price of Xinjiang washed coking coal is 1475 yuan/ton [2] Organic Silicon - The price of DMC is 11000 yuan/ton, and the DMC enterprise profit is - 910 yuan/ton [2] Aluminum Alloy - The price of ADC12 is 21200 yuan/ton, and the recycled aluminum enterprise profit is 40 yuan/ton [2] Group 5: Macro and Industry News - On October 26, the National Energy Administration released power industry statistics for January - September. In September, the monthly new photovoltaic installation was 9.66GW, a 31.25% month - on - month increase; from January to September, the cumulative new photovoltaic installation was 240.27GW [2] Group 6: Trend Intensity - The trend intensity of industrial silicon is 0, and that of polysilicon is 0, indicating a neutral trend [4]