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1. Report Industry Investment Rating - Industrial silicon: Oscillation [4] - Polysilicon: Oscillation [4] 2. Core Viewpoints of the Report - The fundamentals of industrial silicon are less optimistic than previously expected, and it may trade between 8,500 - 9,500 yuan/ton. Attention should be paid to short - selling opportunities after rebounds [3][16]. - The spot price of polysilicon is expected to remain stable. If the PS2601 contract gaps down significantly on Monday, long - buying opportunities at low levels should be considered, and attention should be paid to the 1 - 5 positive spread arbitrage opportunity for the PS2605 contract [3][16]. 3. Summary According to Relevant Catalogs 3.1 Industrial Silicon/Polysilicon Industry Chain Prices - The Si2601 contract of industrial silicon decreased by 325 yuan/ton week - on - week to 8,805 yuan/ton. The SMM spot price of East China oxygen - blown 553 decreased by 100 yuan/ton to 9,450 yuan/ton, and the price of Xinjiang 99 remained flat at 8,900 yuan/ton [9]. - The PS2601 contract of polysilicon decreased by 915 yuan/ton to 55,510 yuan/ton. The average transaction price of N - type re - feeding material of polysilicon remained flat at 53,200 yuan/ton [9]. 3.2 Xinjiang Large Factories Increase Production, and New Delivery Brands for Polysilicon Industrial Silicon - This week, the main contract of industrial silicon futures fluctuated downward. Xinjiang added 5 units, Yunnan reduced 2 units, Sichuan decreased 14 units, and Inner Mongolia added 1 unit. Shihezi launched a level II (orange) emergency response for heavy pollution weather [1][4][11]. - The social inventory of industrial silicon increased by 0.8 million tons, and the sample factory inventory increased by 0.29 million tons week - on - week. From December to the first quarter of next year, industrial silicon will accumulate 10,000 - 20,000 tons of inventory per month [11]. Organic Silicon - This week, the price of organic silicon continued to rise. Some enterprises reduced production, and some resumed production. The overall operating rate was 73.31%, the weekly output was 48,500 tons, a decrease of 2.81% week - on - week, and the inventory was 45,600 tons, an increase of 2.01% week - on - week. The price is expected to oscillate at a high level [11][12]. Polysilicon - This week, the main contract of polysilicon futures fluctuated. The price of N - type dense re - feeding material of leading manufacturers remained above 51 - 53 yuan/kg, and the granular material remained at 50 - 51 yuan/kg. The production schedule in December is expected to be 112,000 tons. The inventory is expected to remain stable [2][12]. Silicon Wafers - This week, the price of silicon wafers continued to fall, and the average price of each size has broken through the cash cost. Production is expected to be 45GW in December, and the inventory is expected to oscillate at a low level [13]. Battery Cells - This week, the price of battery cells remained stable. Production is expected to be 47.8GW in December. The price is expected to remain stable [13]. Components - This week, the price of components remained basically stable. Production is expected to be significantly lower in December, with only 37GW for domestic production. The price is expected to decline [14]. New Delivery Brands for Polysilicon - On December 5th, the Guangzhou Futures Exchange added "Jingnuo" and "Orient Hope" as registered brands for polysilicon futures. Orient Hope's monthly production of benchmark delivery products is about 3,000 tons, and Jingnuo's is about 1,000 tons [2][15]. 3.3 Investment Recommendations Industrial Silicon - The fundamentals are less optimistic. It may trade between 8,500 - 9,500 yuan/ton. Pay attention to short - selling opportunities after rebounds [3][16]. Polysilicon - The spot price is expected to remain stable. If the PS2601 contract gaps down significantly on Monday, consider long - buying opportunities at low levels. Pay attention to the 1 - 5 positive spread arbitrage opportunity for the PS2605 contract [3][16]. 3.4 Hot News - The Guangzhou Futures Exchange added "Jingnuo" and "Orient Hope" as registered brands for polysilicon futures [15][17]. - The trading margin standard and trading limit of the PS2601 contract of polysilicon futures were adjusted [17]. - The power industry released the new energy grid - connected consumption situation in October 2025, with a photovoltaic utilization rate of 94.8% and a wind power utilization rate of 96.4% [18]. 3.5 Industry Chain High - frequency Data Tracking - The report provides high - frequency data charts for industrial silicon, organic silicon, polysilicon, silicon wafers, battery cells, and components, including prices, production, and inventory [8].