工业硅：仓单去化，盘面上行驱动偏强，多晶硅：政策真空期，盘面回归基本面

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Industrial silicon: The futures contract has upward momentum due to the reduction of warehouse receipts. Although the supply and demand are both weak, the continuous reduction of futures warehouse receipts provides support to the bottom of the market. It is advisable to take a long - position approach when the price drops. [5] - Polysilicon: The market has entered a policy vacuum period, and the futures contract is trading based on the weak supply - demand situation. It is expected that the price will decline next week, and investors can short at high prices and take profit at low prices. [5] 3. Summary by Relevant Catalogs 3.1 Price Trends - Industrial silicon: The futures price showed a strong - side fluctuation this week, closing at 9,220 yuan/ton on Friday. The spot price increased, with Xinjiang 99 - silicon quoted at 8,850 yuan/ton (up 50 yuan week - on - week) and Inner Mongolia 99 - silicon at 9,100 yuan/ton (unchanged). [1] - Polysilicon: The futures price center declined this week, closing at 53,215 yuan/ton on Friday. The spot price remained stable. [1] 3.2 Supply and Demand Fundamentals Industrial silicon - Supply: The weekly industry inventory decreased slightly. Southwest production decreased, and the cost during the dry season in the Southwest is expected to lead to further production cuts. Although Xinjiang factories are resuming production, the overall supply from November is expected to decline. The futures warehouse receipts decreased by 0.6 million tons week - on - week, and the overall industry inventory decreased by 0.2 million tons. [2] - Demand: Downstream polysilicon and organic silicon sectors support consumption. Polysilicon production will decline from November, organic silicon is gradually resuming production after maintenance, and the overall demand for industrial silicon is expected to decline marginally. Aluminum alloy procurement maintains a rigid - demand rhythm, and the export volume in the fourth quarter is expected to be lower than that in the third quarter. [3] Polysilicon - Supply: The short - term weekly production decreased. Southwest leading factories will cut production in November, and the planned output is expected to drop to 110,000 tons. The factory inventory remained unchanged this week, and the average full cost is 50,890 yuan/ton. [3] - Demand: The silicon wafer production schedule decreased week - on - week. Affected by the decline in terminal demand, the production schedule in November is expected to fall, and the transaction price remains flat. [4] 3.3 Market Data Charts - Industrial silicon: The report provides data on mainstream consumption area reference prices, major port/warehouse transaction prices, social inventory, factory inventory, monthly output,开工率, export and import volumes, trade - link inventory - to - sales ratio, and prices of raw materials such as silica, petroleum coke, and electrodes. [8][10][11] - Polysilicon: It includes data on spot prices, monthly output, industry 开工率, import and export volumes, industry profit calculation, and single - crystal silicon wafer export volume. [19][21][23] - Organic silicon (DMC): Data on average price trends, monthly output, 开工率, factory inventory, and industry profit calculation are presented. [24][27][38] - Aluminum alloy (Recycled aluminum): Information on price seasonality, monthly 开工率, average profit calculation, and domestic automobile monthly sales seasonality is provided. [31][35][39]