工业硅：区间震荡行情，多晶硅：关注仓单注册情况

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Industrial silicon is expected to experience range - bound trading [1]. - For polysilicon, attention should be paid to the situation of warehouse receipt registration [2]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Market Data: - Si2601: The closing price was 9,130 yuan/ton, with a volume of 197,891 hands and a position of 211,799 hands. The volume decreased by 125,633 hands compared to T - 1, and the position decreased by 25,849 hands [2]. - PS2601: The closing price was 56,425 yuan/ton, with a volume of 181,263 hands and a position of 144,759 hands. The volume decreased by 142,807 hands compared to T - 1, and the position increased by 3,173 hands [2]. - Basis and Price: - Industrial silicon: The spot premium (against East China Si5530) was +420 yuan/ton, and the profit of Xinjiang new - standard 553 silicon plants was - 2139.5 yuan/ton [2]. - Polysilicon: The spot premium (against N - type re - investment) was - 4425 yuan/ton, and the profit of polysilicon enterprises was 7.7 yuan/kg [2]. - Inventory: - Industrial silicon: The social inventory (including warehouse receipt inventory) was 550,000 tons, the enterprise inventory was 180,000 tons, and the industry inventory was 730,000 tons. The futures warehouse receipt inventory decreased by 165,000 tons compared to T - 1 [2]. - Polysilicon: The manufacturer's inventory was 281,000 tons [2]. - Raw Material Cost: - For industrial silicon, the prices of raw materials such as silicon ore, washed coking coal, petroleum coke, and electrodes remained relatively stable, with little change compared to previous periods [2]. - For polysilicon - related products, the prices of some products such as silicon powder and silicon wafers decreased slightly [2]. 3.2 Macro and Industry News On November 28, Huaneng Xinjiang's 500,000 - kilowatt photovoltaic project was successfully put into operation. Huaneng Group's total installed power generation capacity exceeded 300 million kilowatts, and the installed capacity of low - carbon clean energy exceeded 160 million kilowatts, accounting for over 55% [2][4]. 3.3 Trend Intensity - The trend intensity of industrial silicon is 0, indicating a neutral trend. - The trend intensity of polysilicon is - 1, indicating a weakly bearish trend [4].