工业硅&多晶硅日报（2026 年 2 月 11 日）-20260211

Group 1: Report's Investment Rating - No information provided on the industry investment rating Group 2: Core View - On February 10, industrial silicon and polysilicon both showed a weak and volatile trend. The main contract of industrial silicon 2605 closed at 8375 yuan/ton, with an intraday decline of 1.53% and an increase of 8477 lots in positions to 303,000 lots. The reference price of industrial silicon spot was 9458 yuan/ton, remaining stable, and the lowest delivery price was 8850 yuan/ton, with the spot premium expanding to 475 yuan/ton. The main contract of polysilicon 2605 closed at 48,950 yuan/ton, with an intraday decline of 1.23% and an increase of 270 lots in positions to 38,617 lots. The price of N-type re - fed silicon material was 53,650 yuan/ton, with the spot premium narrowing to 4700 yuan/ton. Yunnan manufacturers are in the delivery period of the last batch of pre - holiday orders and will gradually reduce production this week, while Xinjiang continues to reduce production. Current traders are actively selling, downstream stocking is coming to an end, and there is no upward momentum before the holiday. The new orders in the crystalline silicon market have stagnated before the holiday, and the silicon wafer market has entered a one - order - one - negotiation mode. Except for component traders selling at reduced prices due to financial pressure, other sectors have temporarily stabilized in the stalemate of transactions. The crystalline silicon market will continue to be weak before the holiday, and the market contradiction has shifted to the game of post - holiday expected confidence [2] Group 3: Summary by Directory Research View - On February 10, industrial silicon and polysilicon prices were weak and volatile, and the market was affected by factors such as production reduction, active selling by traders, and the end of downstream stocking. The market focus has shifted to post - holiday expectations [2] Daily Data Monitoring - Industrial Silicon: The futures settlement price of the main contract decreased from 8450 yuan/ton on February 9 to 8375 yuan/ton on February 10, a decrease of 75 yuan/ton. Most of the spot prices of different grades and in different regions remained stable, with only a 50 - yuan/ton decrease in the price of oxygen - passed 553 silicon in Tianjin Port. The lowest delivery price remained at 8850 yuan/ton, and the spot premium increased from 400 yuan/ton to 475 yuan/ton. The inventory increased, with the social inventory increasing by 16,500 tons to 439,350 tons [4] - Polysilicon: The futures settlement price of the main contract decreased from 49,370 yuan/ton on February 9 to 48,950 yuan/ton on February 10, a decrease of 420 yuan/ton. The spot prices of various types remained stable. The lowest delivery price was 53,650 yuan/ton, and the spot premium increased from 4280 yuan/ton to 4700 yuan/ton. The inventory increased, with the social inventory increasing by 0.9 million tons to 34.1 million tons [4] - Organic Silicon: The price of DMC in the East China market remained at 14,000 yuan/ton, the prices of raw rubber and 107 glue remained stable, and the price of dimethyl silicone oil increased by 1000 yuan/ton to 15,500 yuan/ton [4] Chart Analysis - Industrial Silicon and Cost - Side Prices: Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [6][8][10] - Downstream Product Prices: Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery chips, and components [12][14][16] - Inventory: Charts present the futures inventories, weekly industry inventories, and weekly inventory changes of industrial silicon and polysilicon, as well as the weekly inventory of DMC [18][21] - Cost and Profit: Charts show the average cost and profit levels of industrial silicon, weekly cost - profit of industrial silicon, processing industry profit of polysilicon, cost - profit of DMC, and cost - profit of aluminum alloy [24][26][29] Team Introduction - The non - ferrous metal team includes Zhan Dapeng, Wang Heng, and Zhu Xi, each with rich experience and professional titles in relevant fields, and they have made contributions in research and media communication [32][33]