工业硅：硅料减产，逢高布空，多晶硅：消息面影响较大

Group 1: Report Title and Core View - The report is titled "Industrial Silicon: Silicon Material Production Cut, Short at High Levels" and "Polysilicon: Greatly Affected by News" [1][2] - The core view is that for industrial silicon, with silicon material production cuts, it's advisable to short at high levels; polysilicon is greatly affected by news [1][2] Group 2: Industry Investment Rating - There is no information about the industry investment rating in the report Group 3: Fundamental Data Summary Industrial Silicon and Polysilicon Futures Market - Si2605 closing price is 8,980 yuan/ton, with a change trend compared to T - 1, T - 5, and T - 22 [2] - Si2605 trading volume is 477,386 lots, with significant changes over different time periods [2] - Si2605 open interest is 244,734 lots, showing different change trends [2] - PS2605 closing price is 58,300 yuan/ton, down 1,065 yuan from T - 1 [2] - PS2605 trading volume is 20,581 lots, with a large decrease compared to T - 5 [2] - PS2605 open interest is 67,800 lots, showing a downward trend [2] Basis - Industrial silicon spot premium/discount has different values when benchmarked against different products, such as +270 yuan/ton when benchmarked against East China Si5530 [2] Price - Xinjiang 99 - silicon price is 8700 yuan/ton, with no change compared to T - 1 and T - 5, but a decrease of 200 yuan compared to T - 22 [2] - Yunnan Si4210 price is 10000 yuan/ton, remaining unchanged [2] - Polysilicon - N - type re - feedstock price is 53500 yuan/ton, with an increase compared to T - 5 and T - 22 [2] Profit - Silicon plant profit for Xinjiang new standard 553 is - 2346.5 yuan/ton, showing different change trends [2] - Silicon plant profit for Yunnan new standard 553 is - 4654 yuan/ton, with corresponding changes [2] - Polysilicon enterprise profit is 9.1 yuan/kg, showing an increasing trend [2] Inventory - Industrial silicon social inventory (including warehouse receipt inventory) is 55.7 million tons, with a change of 0.2 million tons compared to T - 5 [2] - Industrial silicon enterprise inventory is 20.2 million tons, up 0.68 million tons compared to T - 5 [2] - Industrial silicon industry inventory is 75.9 million tons, showing an increase [2] - Industrial silicon futures warehouse receipt inventory is 5.4 million tons, with a certain change trend [2] - Polysilicon manufacturer inventory is 30.6 million tons, showing an upward trend [2] Raw Material Cost - Silicon ore prices in Xinjiang and Yunnan have different values and change trends [2] - Wash coal prices in Xinjiang and Ningxia remain unchanged [2] - Petroleum coke prices of Maoming Coke and Yangtze Coke show no change [2] - Electrode prices of graphite electrode and carbon electrode remain stable [2] Polysilicon (Photovoltaic) - Prices of silicon wafers, battery cells, components, photovoltaic glass, and photovoltaic - grade EVA have different values and change trends [2] Organic Silicon - DMC price is 13600 yuan/ton, with a decrease compared to T - 22 [2] - DMC enterprise profit is 1560 yuan/ton, showing a downward trend [2] Aluminum Alloy - ADC12 price is 23700 yuan/ton, showing an upward trend [2] - Recycled aluminum enterprise profit is - 440 yuan/ton, with different change trends [2] Group 4: Macro and Industry News - On December 5, 2025, the Shanxi Provincial People's Government released a proposal to promote energy transformation during the "15th Five - Year Plan" period, aiming to transform from a coal - rich province to an energy - strong province [2][4] Group 5: Trend Intensity - Industrial silicon trend intensity is 0, and polysilicon trend intensity is - 1, indicating different market outlooks [4]