工业硅：关注市场情绪变化，多晶硅：关注北京会议情况

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report focuses on the fundamentals of industrial silicon and polysilicon, suggesting to pay attention to market sentiment changes in industrial silicon and the situation of the Beijing meeting in polysilicon [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Industrial Silicon and Polysilicon Futures Market - Si2605 closing price is 8,815 yuan/ton, with a volume of 256,241 lots, and an open interest of 234,800 lots. PS2605 closing price is 50,000 yuan/ton, with a volume of 18,297 lots, and an open interest of 38,411 lots [1] - Industrial silicon's near - month contract to continuous - first spread is - 35 yuan/ton, and the cost of buying the near - month and selling the continuous - first inter - period is 51.2 yuan/ton. Polysilicon's near - month contract to continuous - first spread is - 120.0 yuan/ton [1] 3.1.2 Basis - Industrial silicon's spot premium or discount varies according to different benchmarks. For example, the spot premium to East China Si5530 is + 535 yuan/ton. Polysilicon's spot premium to N - type re - investment material is + 3750 yuan/ton [1] 3.1.3 Price - The price of Xinjiang 99 silicon is 8700 yuan/ton, Yunnan Si4210 is 10000 yuan/ton, and polysilicon - N - type re - investment material is 53500 yuan/ton [1] 3.1.4 Profit - Silicon factory profits for Xinjiang new - standard 553 are - 2316.5 yuan/ton, and for Yunnan new - standard 553 are - 5509 yuan/ton. Polysilicon enterprise profit is 9.0 yuan/kg [1] 3.1.5 Inventory - Industrial silicon's social inventory (including warehouse receipt inventory) is 55.4 million tons, enterprise inventory is 20.9 million tons, and industry inventory is 76.3 million tons. Polysilicon's factory inventory is 33.3 million tons [1] 3.1.6 Raw Material Costs - The prices of silicon ore, washed coking coal, petroleum coke, electrodes, etc. in different regions are provided. For example, Xinjiang silicon ore is 320 yuan/ton, and Yunnan silicon ore is 230 yuan/ton [1] 3.1.7 Downstream Products of Polysilicon (Photovoltaic) - The prices and profit situations of products such as silicon wafers, battery cells, components, photovoltaic glass, and photovoltaic - grade EVA are given. For example, the price of N - type 210mm silicon wafers is 1.53 yuan/piece, and the profit of polysilicon enterprises is 9.0 yuan/kg [1] 3.1.8 Organic Silicon and Aluminum Alloy - The price of DMC is 13900 yuan/ton, and the DMC enterprise profit is 1912 yuan/ton. The price of ADC12 is 23650 yuan/ton, and the recycled aluminum enterprise profit is 360 yuan/ton [1] 3.2 Macro and Industry News - In December 2025, there were 6233 newly - established on - record new energy power generation projects (excluding household photovoltaics) nationwide, including 36 wind power projects, 6190 photovoltaic power generation projects (48 centralized photovoltaic power generation projects and 6142 industrial and commercial distributed photovoltaic power generation projects), and 7 biomass power generation projects [1][3] 3.3 Trend Intensity - The trend intensity of industrial silicon is 1, and that of polysilicon is also 1, with the range of trend intensity being integers in the [-2, 2] interval [3]