Longi(SH:601012) Guo Tai Jun An Qi Huo·2026-02-24 02:17Report Summary 1. Report Industry Investment Rating No investment rating information provided in the report. 2. Core Viewpoints - The report focuses on the fundamentals of industrial silicon and polysilicon, including price, volume, inventory, cost, and profit data, and also mentions a renewable energy cooperation project [2]. - The trend strength of both industrial silicon and polysilicon is rated as neutral, with a value of 0 [4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Market: For industrial silicon, the Si2605 closing price is 8,395 yuan/ton, with a decrease of 105 yuan compared to T - 5; the trading volume and open interest show different changes. For polysilicon, the PS2605 closing price is 49,305 yuan/ton, with a small increase compared to T - 1. The trading volume and open interest also have corresponding changes [2]. - Basis: Industrial silicon's spot premium or discount shows different values when benchmarked against different grades, and polysilicon's spot premium or discount (benchmarked against N - type re - investment) is +3,945 yuan/ton, with a decrease compared to previous periods [2]. - Price: The price of Xinjiang 99 - silicon is 8,700 yuan/ton, and the price of Yunnan Si4210 is 10,000 yuan/ton. The price of polysilicon - N - type re - investment material is 53,250 yuan/ton, with a decrease of 350 yuan compared to T - 5. The prices of downstream products such as silicon wafers, battery cells, and components also have different changes [2]. - Profit: Silicon factory profits for Xinjiang and Yunnan new - standard 553 are - 2,736.5 yuan/ton and - 5,616 yuan/ton respectively, with some changes compared to previous periods. Polysilicon enterprise profit is 8.9 yuan/kg, with an increase of 0.4 yuan compared to T - 1 [2]. - Inventory: Industrial silicon's social inventory (including warehouse receipt inventory) is 55.7 tons, with a decrease of 0.5 tons compared to T - 5. The enterprise inventory and industry inventory also show corresponding changes. The polysilicon factory inventory is 34.9 tons, with an increase of 0.8 tons compared to T - 5 [2]. - Raw Material Cost: The prices of raw materials such as silicon ore, washed coal, petroleum coke, and electrodes in different regions have different stability or change trends [2]. 3.2 Macro and Industry News - On January 28, China Pingmei Shenma Group, LONGi Green Energy Technology Co., Ltd., and the Zambian government signed a renewable energy cooperation memorandum of understanding, planning to invest in a 1,000 - megawatt solar power project in the next three years [2][4]. 3.3 Trend Strength - The trend strength of industrial silicon and polysilicon is 0, indicating a neutral outlook [4].