TRINA(SH:688599) Guo Tai Jun An Qi Huo·2025-11-19 01:49Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core Viewpoints of the Report - Industrial silicon: Organic silicon may cut production to support prices in the future [2] - Polysilicon: Weak and volatile pattern [3] Group 3: Summary Based on Related Catalogs Macro and Industry News - On the evening of November 17, Trina Solar announced a voluntary disclosure about signing energy storage sales contracts. Its subsidiary Trina Storage signed a total of 2.66GWh of energy storage product sales contracts with customers in North America, Europe, and Latin America, with the North American contract reaching 1.08GWh [3] Fundamental Tracking Industrial Silicon - Futures Market: Si2601 closing price was 8,980 yuan/ton, down 100 yuan from the previous day; trading volume was 304,628 lots; open interest was 248,019 lots. The spread between the near - month contract and the continuous first contract was 20 yuan/ton, and the cost of the near - month long and continuous first short inter - period was 45.4 yuan/ton [3] - Spot Market: The spot premium of industrial silicon (against East China Si5530) was +470 yuan/ton. The social inventory (including warehouse receipt inventory) was 54.6 million tons, down 0.6 million tons from a week ago; the enterprise inventory was 17.3 million tons, up 0.06 million tons from a week ago; the industry inventory was 71.9 million tons, down 0.54 million tons from a week ago; the futures warehouse receipt inventory was 21.7 million tons, down 0.3 million tons from the previous day [3] - Profit and Cost: The profit of Xinjiang new standard 553 silicon plants was - 2189.5 yuan/ton, and that of Yunnan new standard 553 silicon plants was - 3436 yuan/ton. The prices of raw materials such as silicon ore, washed coal, and petroleum coke are also provided [3] Polysilicon - Futures Market: PS2601 closing price was 52,210 yuan/ton, down 445 yuan from the previous day; trading volume was 173,704 lots; open interest was 137,091 lots. The spread between the near - month contract and the continuous first contract was 920.0 yuan/ton [3] - Spot Market: The spot premium of polysilicon (against N - type recycled material) was - 655 yuan/ton. The manufacturer's inventory was 26.7 million tons, up 0.8 million tons from a week ago [3] - Profit: The profit of polysilicon enterprises was 7.7 yuan/kg [3] Trend Intensity - Industrial silicon trend intensity: 0; polysilicon trend intensity: - 1. The range of trend intensity is an integer in the range of [-2, 2], where - 2 means most bearish and 2 means most bullish [4]