工业硅：关注新疆环保进度，多晶硅：盘面高位震荡

Group 1: Report Industry Investment Rating - No information provided in the report Group 2: Core Views of the Report - The report focuses on the fundamentals of industrial silicon and polysilicon, including futures market data, basis, prices, profits, inventory, and raw material costs [2]. - In the US solar market, there was a significant increase in new PV installations in Q3 2025, but issues like component shortages and labor shortages limited market expansion [2]. - The trend strength of both industrial silicon and polysilicon is neutral [4]. Group 3: Summary by Related Catalogs 1. Fundamental Tracking Industrial Silicon and Polysilicon Futures Market - Si2601 closing price is 8,435 yuan/ton, down 370 yuan from T - 5 and 760 yuan from T - 22 [2]. - Si2601 trading volume is 228,177 lots, with a decrease compared to T - 5 and T - 22 [2]. - Si2601 open interest is 110,824 lots, down significantly from T - 5 and T - 22 [2]. - PS2605 closing price is 57,190 yuan/ton, up 1,680 yuan from T - 5 [2]. - PS2605 trading volume is 314,687 lots, showing an increase from T - 5 [2]. - PS2605 open interest is 126,436 lots, up 28,445 lots from T - 5 [2]. Basis - Industrial silicon's spot premium against different benchmarks shows various changes over different time periods [2]. - Polysilicon's spot premium against N - type recycled material is - 3765 yuan/ton [2]. Prices - Xinjiang 99 - silicon price is 8750 yuan/ton, down 150 yuan from T - 5 [2]. - Yunnan Si4210 price is 10000 yuan/ton, remaining stable [2]. - Polysilicon - N - type recycled material price is 52300 yuan/ton, up 100 yuan from T - 22 [2]. Profits - Silicon factory profit for Xinjiang new - standard 553 is - 2984.5 yuan/ton, with a decrease compared to T - 5 and T - 22 [2]. - Silicon factory profit for Yunnan new - standard 553 is - 4096 yuan/ton, also showing a decline [2]. - Polysilicon enterprise profit is 8.0 yuan/kg, up 0.6 yuan from T - 5 [2]. Inventory - Industrial silicon social inventory (including warehouse - receipt inventory) is 56.1 tons, up 0.3 tons from T - 5 [2]. - Industrial silicon enterprise inventory is 18.7 tons, up 0.45 tons from T - 5 [2]. - Industrial silicon industry inventory (social + enterprise) is 74.8 tons, up 0.75 tons from T - 5 [2]. - Industrial silicon futures warehouse - receipt inventory is 4.3 tons, up 0.7 tons from T - 5 [2]. - Polysilicon factory inventory is 29.3 tons, up 0.2 tons from T - 5 [2]. Raw Material Costs - Silicon ore prices in Xinjiang and Yunnan show different trends, with Yunnan's price down 20 yuan/ton from T - 22 [2]. - Wash - cleaned coal prices in Xinjiang and Ningxia have different changes, with Ningxia's price up 60 yuan/ton from T - 22 [2]. - Petroleum coke prices in Maoming and Yangzi have some changes, with Yangzi's price up 100 yuan/ton from T - 22 [2]. - Electrode prices remain stable [2]. 2. Macro and Industry News - In Q3 2025, the US added 11.7GW of new PV installations, a 20% year - on - year and 49% quarter - on - quarter increase [2]. - By Q3 2025, solar energy accounted for 58% of the US grid's new power - generation capacity, and the cumulative installed capacity exceeded 30GW [2]. - Issues such as PV component shortages, delivery delays, and labor shortages in Q3 2025 restricted market expansion [2]. 3. Trend Intensity - The trend intensity of industrial silicon is 0, indicating a neutral view [4]. - The trend intensity of polysilicon is 0, also indicating a neutral view [4].