南华期货工业硅、多晶硅企业风险管理日报-20251111

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - Industrial Silicon: Expected to remain in a wide - range oscillation phase with no significant drivers currently. Supply - side pressure is likely to gradually ease, while demand from different sectors shows mixed trends. The "anti - involution" policy is a positive factor, but downstream industry integration or production cuts may weaken demand [4][5]. - Polysilicon: The short - term trading focus is on whether the November photovoltaic storage platform will be established, followed by the expected game of "November centralized warehouse receipt cancellation". The market shows "supply increase, demand stability" characteristics, and the overall risk is relatively high [7][8]. 3. Summary by Directory Industrial Silicon - Futures Data - The closing price of the industrial silicon main contract was 9180 yuan/ton, down 1.18% daily and up 3.32% weekly. The trading volume was 326,774 lots, down 10.66% daily and 13.96% weekly. The open interest was 270,959 lots, down 3.75% daily and up 11.90% weekly [10]. - The industrial silicon weighted index contract closing price was 9168 yuan/ton, down 1.21% daily and up 3.19% weekly. The trading volume was 411,740 lots, down 10.30% daily and 15.12% weekly. The open interest was 426,734 lots, down 3.02% daily and up 3.71% weekly [10]. - The number of industrial silicon warehouse receipts was 46,255 lots, up 0.16% daily and 0.20% weekly [10]. - Spot Data - In the industrial silicon sector, the prices of 99 and 553 in Xinjiang were 8850 yuan/ton, with a weekly increase of 0.57%. The price in Tianjin was 9400 yuan/ton, with a weekly increase of 0.53%. The price in Yunnan was 9600 yuan/ton, unchanged weekly. The price of 421 in Xinjiang was 9100 yuan/ton, unchanged weekly [18]. - In the mid - stream, the price of 99 and 553 industrial silicon powder was 10,100 yuan/ton, with a weekly increase of 1.51%. The price of 421 was 10,700 yuan/ton, unchanged weekly [18]. - In the downstream, the price of trichlorosilane was 3375 yuan/kg, unchanged weekly. The polysilicon N - type price index was 52 yuan/kg, down 0.02% weekly. The price of organic silicon DMC was 11,150 yuan/ton, unchanged weekly. The price of aluminum alloy ADC12 was 21,500 yuan/ton, up 0.47% weekly [18]. - Basis and Warehouse Receipts - The total number of industrial silicon warehouse receipts was 46,079 lots, down 176 lots from the previous period. The inventory in various delivery warehouses showed little change [29]. Polysilicon - Futures Data - The closing price of the polysilicon main contract was 51,930 yuan/ton, down 3.33% daily and 3.32% weekly. The trading volume was 324,598 lots, up 48.36% daily and 18.32% weekly. The open interest was 138,468 lots, up 9.92% daily and 7.44% weekly [30]. - The polysilicon weighted index closing price was 51,997 yuan/ton, down 3.28% daily and 3.28% weekly. The trading volume was 268,888 lots, down 18.66% daily and 3.07% weekly. The open interest was 222,392 lots, down 2.09% daily and 13.83% weekly [30]. - The number of polysilicon futures warehouse receipts was 9850 lots, up 2.71% weekly [30]. - Spot Data - In the polysilicon sector, the prices of N - type re -投料, N - type dense material, N - type mixed material, and N - type granular silicon were 52.2, 51, 50.5, and 50.5 yuan/kg respectively, all unchanged weekly [45]. - For N - type silicon wafers, the silicon wafer price index was 1.29 yuan/piece, down 2.00% weekly. The prices of G10 - 182 (130um) and G12 - 210 (130um) were 1.28 and 1.63 yuan/piece respectively, down 4.48% and 3.55% weekly [46]. - For battery cells, the prices of different types showed various changes, with some remaining unchanged and some having slight decreases or increases [46]. - For components, the prices of different types also showed various changes, with some having slight increases [46]. - Basis and Warehouse Receipt Data - The basis of the polysilicon main contract was 70 yuan/ton, up 1790 yuan from the previous day and 1775 yuan from the previous week [56]. - The total number of polysilicon warehouse receipts was 9850 lots, unchanged [56].