工业硅期货早报-20251118

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - For industrial silicon, the fundamentals are bullish, with supply-side production scheduled to decrease, demand recovery at a low level, and cost support increasing. The 2601 contract is expected to oscillate in the range of 8990 - 9170 [5][8]. - For polysilicon, the fundamentals are neutral, with continuous decreases in supply-side production scheduling and overall demand showing a continuous decline, while cost support remains stable. The 2601 contract is expected to oscillate in the range of 51880 - 53430 [10]. 3. Summary by Relevant Catalogs 3.1 Daily Views - Industrial Silicon - Supply: Last week, the industrial silicon supply was 91,000 tons, unchanged from the previous week [5]. - Demand: Last week, the industrial silicon demand was 84,000 tons, a 2.44% increase from the previous week, indicating a slight uptick in demand [5]. - Cost: In Xinjiang, the production loss of sample oxygenated 553 silicon was 2,874 yuan/ton, and the cost support increased during the dry season [6]. - Basis: On November 17, the spot price of non-oxygenated silicon in East China was 9,350 yuan/ton, and the basis of the 01 contract was 270 yuan/ton, with the spot price higher than the futures price [7]. - Inventory: The social inventory was 546,000 tons, a 1.08% decrease from the previous week; the sample enterprise inventory was 172,600 tons, a 0.35% increase; and the main port inventory was 127,000 tons, unchanged from the previous week [8]. - Market: The MA20 was upward, and the price of the 01 contract closed above the MA20 [8]. - Main Position: The main position was net short, with a decrease in short positions [8]. 3.2 Daily Views - Polysilicon - Supply: Last week, the polysilicon production was 26,800 tons, a 0.74% decrease from the previous week. The predicted production in November is 120,100 tons, a 10.37% decrease from the previous month [10]. - Demand: Last week, the silicon wafer production was 13.12GW, a 2.45% decrease from the previous week, and the inventory was 184,200 tons, a 5.13% increase. Currently, silicon wafer production is in a loss state. The production scheduled for November is 57.66GW, a 4.92% decrease from the previous month [10]. - Cost: The average industry cost of N-type polysilicon is 38,920 yuan/ton, and the production profit is 12,080 yuan/ton [10]. - Basis: On November 17, the basis of the 01 contract was -355 yuan/ton, with the spot price lower than the futures price [10]. - Inventory: The weekly inventory was 267,000 tons, a 3.08% increase from the previous week, at a historically low level [10]. - Market: The MA20 was upward, and the price of the 01 contract closed below the MA20 [10]. - Main Position: The main position was net short, with an increase in short positions [10]. 3.3 Industrial Silicon Price - Basis and Delivery Product Spread Trends - The report presents the historical trends of the basis of the SI main contract and the price spread between East China 421 and 553 silicon [21][22]. 3.4 Polysilicon Market Price Trends - The report shows the historical trends of the price, trading volume, and basis of the PS main contract [24][25]. 3.5 Industrial Silicon Inventory - The report displays the historical trends of the inventory in delivery warehouses and ports, SMM sample enterprise weekly inventory, and registered warehouse receipts [27]. 3.6 Industrial Silicon Production and Capacity Utilization Trends - The report presents the historical trends of SMM sample enterprise weekly production, industrial silicon monthly production by specification, and SMM sample enterprise operating rate [28][29][30][31][33]. 3.7 Industrial Silicon Cost - Sample Region Trends - The report shows the historical trends of the cost and profit of 421 silicon in Sichuan, 421 silicon in Yunnan, and oxygenated 553 silicon in Xinjiang [35][36]. 3.8 Industrial Silicon Weekly Supply - Demand Balance Sheet - The report presents the historical trends of the weekly supply - demand balance of industrial silicon [37][38]. 3.9 Industrial Silicon Monthly Supply - Demand Balance Sheet - The report shows the historical trends of the monthly supply - demand balance of industrial silicon [40][41]. 3.10 Industrial Silicon Downstream - Organic Silicon - DMC Price and Production Trends - The report presents the historical trends of DMC daily capacity utilization, profit - cost trends, weekly production, and price [43][44]. 3.11 Industrial Silicon Downstream - Organic Silicon - Downstream Price Trends - The report shows the historical trends of the average prices of 107 rubber, silicone oil, raw rubber, and D4 [45][46]. 3.12 Industrial Silicon Downstream - Organic Silicon - Import - Export and Inventory Trends - The report presents the historical trends of DMC monthly import and export volumes and inventory [49][50]. 3.13 Industrial Silicon Downstream - Aluminum Alloy - Price and Supply Situation - The report shows the historical trends of waste aluminum recycling volume, waste aluminum social inventory, aluminum scrap import volume, China's unforged aluminum alloy import - export situation, SMM aluminum alloy ADC12 price, and import ADC12 cost - profit [52][53]. 3.14 Industrial Silicon Downstream - Aluminum Alloy - Inventory and Production Trends - The report presents the historical trends of the monthly production of primary aluminum - based aluminum alloy ingots and recycled aluminum alloy ingots, the weekly operating rates of primary and recycled aluminum alloys, and the social inventory of aluminum alloy ingots [55][56]. 3.15 Industrial Silicon Downstream - Aluminum Alloy - Demand (Automobiles and Wheel Hubs) - The report shows the historical trends of automobile monthly production, sales, and aluminum alloy wheel hub export [57][58][59][60]. 3.16 Industrial Silicon Downstream - Polysilicon Fundamental Trends - The report presents the historical trends of the polysilicon industry cost, price, total inventory, monthly production, operating rate, and monthly demand [62][63].