工业硅：盘面底部支撑明显多晶硅：关注仓单后续变化

Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints The report presents the fundamental data of industrial silicon and polysilicon, including futures market, basis, price, profit, inventory, and raw material cost, as well as macro and industry news and trend strength [1][2][3]. Detailed Summaries 1. Industrial Silicon and Polysilicon Futures Market - Si2601: The closing price is 8,940 yuan/ton, with a change of -20 compared to T - 1, -140 compared to T - 5, and 235 compared to T - 22. The trading volume is 214,012 lots, and the open interest is 262,676 lots [1]. - PS2601: The closing price is 53,315 yuan/ton, with a change of -45 compared to T - 1. The trading volume is 187,876 lots, and the open interest is 128,427 lots [1]. 2. Basis - Industrial silicon: The spot premium or discount varies depending on the benchmark, such as +560 yuan/ton (against East China Si5530), +10 yuan/ton (against East China Si4210), and -40 yuan/ton (against Xinjiang 99 silicon) [1]. - Polysilicon: The spot premium or discount against N - type re - feed is -1,315 yuan/ton [1]. 3. Price - Industrial silicon: Xinjiang 99 silicon is 8,900 yuan/ton, and Yunnan Si4210 is 10,000 yuan/ton. Polysilicon - N - type re - feed is 52,250 yuan/ton [1]. - Organic silicon: DMC price is 13,200 yuan/ton [1]. - Aluminum alloy: ADC12 price is 21,350 yuan/ton [1]. 4. Profit - Silicon plant: The profit of Xinjiang new - standard 553 is -2,329.5 yuan/ton, and that of Yunnan new - standard 553 is -3,576 yuan/ton [1]. - Polysilicon enterprise: The profit is 7.7 yuan/kg [1]. - DMC enterprise: The profit is 1,322 yuan/ton [1]. - Regenerated aluminum enterprise: The profit is -10 yuan/ton [1]. 5. Inventory - Industrial silicon: Social inventory is 54.8 million tons, enterprise inventory is 17.8 million tons, industry inventory is 72.6 million tons, and futures warehouse receipt inventory is 20.8 million tons [1]. - Polysilicon: The manufacturer's inventory is 27.1 million tons [1]. 6. Raw Material Cost - Silicon ore: Xinjiang is 320 yuan/ton, and Yunnan is 290 yuan/ton [1]. - Washed coking coal: Ningxia is 1,200 yuan/ton [1]. - Petroleum coke: Maoming coke is 1,400 yuan/ton, and Yangzi coke is 2,340 yuan/ton [1]. - Electrode: Graphite electrode is 12,450 yuan/ton, and carbon electrode is 7,200 yuan/ton [1]. 7. Macro and Industry News - As of the end of October 2025, the total installed power generation capacity in China is 3.75 billion kilowatts, a year - on - year increase of 17.3%. Among them, the installed capacity of solar power is 1.14 billion kilowatts, a year - on - year increase of 43.8%, and the installed capacity of wind power is 0.59 billion kilowatts, a year - on - year increase of 21.4%. From January to October, the average utilization hours of power generation equipment is 2,619 hours, 260 hours lower than the same period last year. In October, the new installed capacity of solar power is 12.6 million kilowatts, a month - on - month increase of 30.43% [2]. 8. Trend Strength - Industrial silicon: The trend strength is 0. - Polysilicon: The trend strength is 1. The trend strength ranges from -2 (most bearish) to 2 (most bullish) [3].