工业硅：仓单去化，底部有支撑，多晶硅：情绪提振，盘面上涨

Report Summary 1. Report Title and Date - The report is titled "Industrial Silicon: Warehouse Receipts Clearance, Support at the Bottom; Polysilicon: Sentiment Boosts, Futures Prices Rise" and was released on November 3, 2025 [1][2] 2. Core Viewpoints - The industrial silicon market has support at the bottom due to warehouse receipts clearance, while the polysilicon market has seen a price increase driven by sentiment [1][2] 3. Industry Data Summary Industrial Silicon and Polysilicon Futures Market - Si2601 closed at 9,100 yuan/ton, down 55 yuan from the previous day, with a trading volume of 283,386 lots and an open interest of 228,565 lots [2] - PS2601 closed at 56,410 yuan/ton, up 1,460 yuan from the previous day, with a trading volume of 313,999 lots and an open interest of 142,356 lots [2] Basis and Price - The industrial silicon spot premium/discount (against East China Si5530) was +350 yuan/ton, up 55 yuan from the previous day [2] - The polysilicon spot premium/discount (against N-type recycled feedstock) was -2,950 yuan/ton, up 40 yuan from the previous day [2] - The price of Xinjiang 99 silicon was 8,800 yuan/ton, up 50 yuan from the previous day [2] - The price of polysilicon - N-type recycled feedstock was 52,250 yuan/ton, down 50 yuan from the previous day [2] Profit - The profit of silicon plants (Xinjiang new standard 553) was -2,114.5 yuan/ton, down 15 yuan from the previous day [2] - The profit of polysilicon enterprises was 7.8 yuan/kg, up 0.3 yuan from the previous day [2] Inventory - The industrial silicon social inventory (including warehouse receipt inventory) was 55.8 million tons, down 0.1 million tons from a week ago [2] - The polysilicon factory inventory was 26.1 million tons, up 0.3 million tons from a week ago [2] Raw Material Costs - The price of Xinjiang silicon ore was 320 yuan/ton, unchanged from the previous day [2] - The price of Xinjiang washed coal was 1,475 yuan/ton, unchanged from the previous day [2] 4. Macro and Industry News - On October 30, the incremental bidding results of Guangdong Province's Document No. 136 were announced, with 11,654 projects selected. The maximum single - project scale was over 20MW. The distributed photovoltaic bidding clearing price was 0.36 yuan/kWh, and 4.65 billion kWh of electricity was included in the mechanism scale [3] 5. Trend Intensity - The trend intensity of industrial silicon was 0, indicating a neutral outlook, while the trend intensity of polysilicon was 1, indicating a slightly bullish outlook [4]