工业硅&多晶硅日评20251202：上方承压-20251202

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The silicon market maintains a pattern of weak supply and demand, and there is still pressure on the upside of silicon prices. For industrial silicon, pay attention to the subsequent new warehouse receipt registration and the actual start - up of silicon enterprises. For polysilicon, downstream restocking willingness is limited, and there is great pressure for the spot price to continue rising, which suppresses the upside space of the market [1] - The trading strategy for industrial silicon is range operation, and the trading strategy for polysilicon is to wait and see [1] Group 3: Summary According to Related Content Industrial Silicon - Price Information: The average price of non - oxygenated 553 (East China) remained flat at 9,350 yuan/ton, the average price of 421 (East China) increased by 0.51% to 9,800 yuan/ton, and the closing price of the futures main contract rose by 0.16% to 9,145 yuan/ton [1] - Supply: Southwest silicon enterprises' production suspension has basically been implemented, with the start - up at the lowest level of the year. The start - up in the north is relatively stable. It is expected that the industrial silicon output in December will fluctuate slightly around 400,000 tons [1] - Demand: Polysilicon enterprises continue to reduce production, organic silicon enterprises have reached a joint production reduction mechanism, which may weaken the demand for industrial silicon. Silicon - aluminum alloy enterprises purchase as needed, and the overall willingness of downstream enterprises to stock up at a low level is limited [1] Polysilicon - Price Information: N - type dense material remained flat at 51 yuan/kg; N - type re -投料 increased by 0.10% to 52.35 yuan/kg; N - type mixed material remained flat at 50.50 yuan/kg; N - type granular silicon remained flat at 50.5 yuan/kg; the closing price of the futures main contract rose by 2.27% to 57,705 yuan/ton [1] - Supply: Silicon material enterprises continue to reduce production, and some silicon material factories may have new production capacity put into operation. After offsetting, it is expected that the output in October will still increase slightly, and the output in November will decrease to about 120,000 tons month - on - month [1] - Demand: The polysilicon market trading is light, with few new transactions. Downstream enterprises resist high - priced resources, and the market is waiting for industry policy guidance [1] Industry News - On December 1st, the State Grid New Energy Cloud announced the mechanism electricity price bidding results of Jibei Power Grid. A total of 1,209 projects were short - listed, including 1,172 photovoltaic projects with a mechanism electricity volume of 3,613,181.236 MWh and a mechanism electricity price of 0.352 yuan/kWh, and 37 wind power projects with a mechanism electricity volume of 10,370,416.581 MWh and a mechanism electricity price of 0.347 yuan/kWh [1] - On December 1st, the State Grid New Energy Cloud publicized the mechanism electricity price bidding results of incremental new energy projects in 2026. The mechanism electricity volume of offshore photovoltaic bidding projects is 1,596,912.011 MWh, and the mechanism electricity price is 388.0 yuan/MWh for 10 projects; the mechanism electricity volume of other new energy types is 661,291.372 MWh, and the mechanism electricity price is 350.0 yuan/MWh for 6,294 projects [1]