工业硅&多晶硅日评20251120：上方承压-20251120

Report Industry Investment Rating - Not provided Core Viewpoints - The current supply - demand situation in the industrial silicon market remains weak, and the silicon price is under pressure. For polysilicon, the downstream restocking willingness is limited, and there is pressure for the spot price to continue rising, which restricts the upside space of the futures market [1] Summary by Related Content Industrial Silicon - Price Information: The average price of non - oxygenated 553 (East China) industrial silicon 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 rose 4.57% to 9,390 yuan/ton [1] - Supply Situation: The southwest production area has entered the high - cost dry season. Some silicon enterprises stopped production at the end of October, and the overall production in November is expected to drop below 400,000 tons. The north has a slight increase in furnace operation [1] - Demand Situation: Polysilicon and organic silicon enterprises are reducing production, and the demand for industrial silicon may decline. Silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at low prices is limited [1] - Investment Strategy: The current supply - demand situation remains weak, and there is pressure on the silicon price. The trading strategy is to operate within a range, and pay attention to the registration of new warehouse receipts [1] Polysilicon - Price Information: N - type dense material remained flat at 51 yuan/kg, N - type re - feeding material rose 0.29% to 52.30 yuan/kg. The closing price of the futures main contract rose 4.63% to 54,625 yuan/ton [1] - Supply Situation: Silicon material enterprises are reducing production, but with new capacity coming on stream, the output in October may increase slightly, and it is expected to drop to about 120,000 tons in November [1] - Demand Situation: The polysilicon market is trading lightly, with few new transactions. The downstream is resistant to high - priced resources, waiting for industry policy guidance [1] - Investment Strategy: The downstream restocking willingness is limited, and there is pressure for the spot price to continue rising. The trading strategy is to go long on dips before the supply - side reform policy is implemented, and pay attention to protecting profits for existing long positions [1] Industry News - Yunnan Energy Investment won the bid for the Dazhushan Wind Farm Project in Huize County, Yunnan, with an expected installed capacity of 25,000 kilowatts [1] - Germany's new photovoltaic installed capacity in October was 1,145 megawatts. The installed capacity of ground - mounted photovoltaic systems exceeded that of rooftop systems in October, while the opposite was true in September. The demand for rooftop systems continued to decline [1]