工业硅：仓单去化，底部支撑明显，多晶硅：市场情绪有所降温，警惕回落风险

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The industrial silicon has obvious bottom support with the depletion of warehouse receipts, while the market sentiment of polysilicon has cooled down, and there is a risk of a decline [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Market - For industrial silicon, the Si2601 closing price was 8,965 yuan/ton, with a change of 45 yuan compared to T - 1, 400 yuan compared to T - 5, and 0 yuan compared to T - 22. The trading volume was 198,198 lots, and the open interest was 201,518 lots [2]. - For polysilicon, the PS2601 closing price was 54,500 yuan/ton, with a change of 2,195 yuan compared to T - 1 and 4,160 yuan compared to T - 5 [2]. 3.1.2 Basis - Industrial silicon's spot premium or discount varied depending on different benchmarks. For example, the spot premium or discount against East China Si5530 was +395 yuan/ton [2]. - Polysilicon's spot premium or discount against N - type re - investment was - 1,855 yuan/ton [2]. 3.1.3 Price - The price of Xinjiang 99 silicon was 8,700 yuan/ton, Yunnan Si4210 was 9,950 yuan/ton, and polysilicon - N - type re - feedstock was 52,980 yuan/ton [2]. 3.1.4 Profit - The profit of silicon plants in Xinjiang (new standard 553) was - 2,314.5 yuan/ton, and in Yunnan (new standard 553) was - 3,253 yuan/ton [2]. - The profit of polysilicon enterprises was 8.5 yuan/kg [2]. 3.1.5 Inventory - Industrial silicon's social inventory (including warehouse receipt inventory) was 55.9 million tons, enterprise inventory was 16.8 million tons, and the industry inventory was 72.7 million tons. The futures warehouse receipt inventory was 24.0 million tons [2]. - Polysilicon's manufacturer inventory was 25.8 million tons [2]. 3.2 Macro and Industry News - On October 23, the National Energy Administration released data on the country's electricity consumption in September. The total electricity consumption was 888.6 billion kWh, a year - on - year increase of 4.5%. From January to September, the cumulative total electricity consumption was 7,767.5 billion kWh, a year - on - year increase of 4.6% [2][4]. 3.3 Trend Intensity - The trend intensity of industrial silicon was 1, and that of polysilicon was - 1. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4].