多晶硅受收储平台公司成立影响，盘面再次大幅上涨

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - For industrial silicon, the spot price has slightly declined and the futures price has dropped significantly, mainly due to the sharp decline of commodities such as coking coal and the lower - than - expected production reduction in the northwest region. The supply - demand pattern may improve after production cuts in the southwest, but consumer demand is average. The industrial silicon futures are mainly affected by overall commodity sentiment and policy news, and there may be upward potential if there are relevant policies [1][2]. - For polysilicon, the supply - demand situation is poor, consumption has declined significantly, inventory has continued to increase, and there is a large overall inventory pressure. The futures price rose significantly on December 9, 2025, mainly due to the establishment of a platform company, and the subsequent specific measures remain to be seen. The market is expected to be volatile [3][5]. 3. Summary of Each Section Industrial Silicon - Market Analysis - On December 9, 2025, the industrial silicon futures price dropped significantly, with the main contract 2601 opening at 8600 yuan/ton and closing at 8340 yuan/ton, a change of - 300 yuan/ton (- 3.47%). The main contract 2601 had a position of 185,271 lots, and the number of warehouse receipts was 7,528, unchanged from the previous day [1]. - The industrial silicon spot price slightly declined. The price of East China oxygen - passing 553 silicon was 9100 - 9300 (- 100) yuan/ton, and 421 silicon was 9500 - 9800 (- 50) yuan/ton. Silicon prices in some regions such as Kunming, Huangpu Port, and the northwest decreased, while the price of 97 silicon remained stable [1]. - The organic silicon DMC was quoted at 13500 - 13700 (0) yuan/ton. After the price increase of major organic silicon products, downstream sentiment was wait - and - see. With the continuous fulfillment of pre - sale orders, enterprise inventory pressure was not high, and the market was expected to run stably in the short term [1]. - Strategy - Short - term range operation is recommended. If the futures price continues to decline significantly, long positions can be considered. There are no suggestions for inter - period, cross - variety, spot - futures, and options operations [2]. Polysilicon - Market Analysis - On December 9, 2025, the main contract of polysilicon futures showed a strong - side volatile trend, opening at 54285 yuan/ton and closing at 55610 yuan/ton, a change of 3.45% from the previous trading day. The main contract had a position of 68,874 lots (79,367 lots the previous day) and a trading volume of 158,738 lots [3]. - The polysilicon spot price weakened slightly. N - type material was 49.60 - 55.00 (0.00) yuan/kg, and n - type granular silicon was 49.00 - 51.00 (0.00) yuan/kg. The polysilicon manufacturer inventory and silicon wafer inventory increased. The latest polysilicon inventory was 29.10 (a 3.38% change), silicon wafer inventory was 21.30GW (a 9.23% change), polysilicon weekly output was 25800.00 tons (a 7.50% change), and silicon wafer output was 11.95GW (a - 0.58% change) [3]. - In December, silicon wafer enterprises significantly reduced production by about 16%, reaching a new low for the year. This was due to insufficient domestic demand and high procurement costs [4]. - The prices of battery chips and components remained stable [4]. - Strategy - Short - term range operation is recommended. Given the large price fluctuations, participants need to pay attention to risk control. There are no suggestions for inter - period, cross - variety, spot - futures, and options operations [5].