工业硅&多晶硅日评20251114：上方承压-20251114

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The silicon market has weak supply and demand, with limited improvement in demand. The industrial silicon market remains in an oversupply situation, which may put pressure on the upper limit of the market. Attention should be paid to the pressure level of 9,300 - 9,500 yuan/ton. [1] - The downstream replenishment willingness of polysilicon is limited, and there is significant pressure for further price increases in the spot market, which restricts the upward space of the market. Investors with existing long positions should protect their profits. [1] Summary by Related Catalogs Industrial Silicon - Price Information: The average price of non-oxygenated 553 (East China) remained flat at 9,350 yuan/ton, and the average price of 421 (East China) remained flat at 9,750 yuan/ton. The closing price of the futures main contract decreased by 0.54% to 9,145 yuan/ton. [1] - Supply and Demand: In October, the southwest production area entered the high-cost dry season, and some silicon enterprises shut down their furnaces. In November, the industrial silicon production is expected to drop below 400,000 tons. Downstream demand is weak, with polysilicon enterprises reducing production, organic silicon enterprises operating at reduced capacity or under maintenance, and silicon-aluminum alloy enterprises purchasing on demand. [1] - Investment Strategy: Adopt an interval trading strategy. Pay attention to the pressure level of 9,300 - 9,500 yuan/ton and monitor industrial policy changes and silicon enterprise production dynamics. [1] Polysilicon - Price Information: The prices of N-type dense material, N-type re-feeding material, N-type mixed material, and N-type granular silicon remained unchanged. The closing price of the futures main contract increased by 1.37% to 54,195 yuan/ton. [1] - Supply and Demand: Silicon material enterprises are reducing production, but some new production capacities may be put into operation. In November, production is expected to decline. The polysilicon market has light trading, and downstream resistance to high-priced resources is strong. [1] - Investment Strategy: Before the implementation of supply-side reform policies, investors can try to go long on dips with a light position. Monitor the launch of the polysilicon platform and macro sentiment changes. [1] Other Information - Silicon Coal Price: In Gansu, the silicon coal price increased slightly by 30 yuan/ton, with the average price of silicon mixed coal reaching 930 yuan/ton and the average price of granular coal reaching 1,050 yuan/ton. [1] - Italian Agricultural Photovoltaic Project: Italy's first-round agricultural photovoltaic plan has selected 747 projects, with a total installed capacity of 2 GW, supported by 1.7 billion euros (1.9 billion US dollars) from the European Recovery Fund. [1]