工业硅：处于相对低估值区间多晶硅：情绪或提振盘面

Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The sentiment may boost the polycrystalline silicon market, but the trend strength of both industrial silicon and polycrystalline silicon is currently neutral, with a value of 0 [3]. 3. Summary by Directory 3.1 Fundamental Tracking - Industrial Silicon and Polycrystalline Silicon Futures Market - Si2605: The closing price is 8,410 yuan/ton, with a change of -40 yuan compared to T - 5 and -320 yuan compared to T - 22. The trading volume is 134,782 lots, showing a decrease of 65,318 lots compared to T - 5 and 101,060 lots compared to T - 22. The open interest is 293,851 lots, an increase of 7,958 lots compared to T - 1 [1]. - PS2605: The closing price is 47,000 yuan/ton, down 2,370 yuan compared to T - 5. The trading volume is 8,503 lots, an increase of 3,797 lots compared to T - 5. The open interest is 37,729 lots, with an increase of 885 lots compared to T - 1 [1]. - Basis and Price - Industrial silicon: The spot premium (against East China Si5530) is +890 yuan/ton, +440 yuan/ton (against East China Si4210), and +290 yuan/ton (against Xinjiang 99 silicon). The price of Xinjiang 99 silicon is 8,700 yuan/ton, and Yunnan Si4210 is 10,000 yuan/ton [1]. - Polycrystalline silicon: The spot premium (against N - type re - investment) is +3945 yuan/ton. The price of polycrystalline silicon - N - type re - investment material is 53,000 yuan/ton, down 650 yuan compared to T - 5 and 1750 yuan compared to T - 22 [1]. - Profit - Silicon plant profit: For Xinjiang new standard 553, it is - 2736.5 yuan/ton, and for Yunnan new standard 553, it is - 5616 yuan/ton [1]. - Polycrystalline silicon enterprise profit: 8.9 yuan/kg, an increase of 0.4 yuan compared to T - 1 [1]. - Inventory - Industrial silicon: The social inventory (including warehouse receipt inventory) is 55.7 million tons, a decrease of 0.5 million tons compared to T - 5. The enterprise inventory (sample enterprises) is 20.1 million tons, a decrease of 0.52 million tons compared to T - 5. The industry inventory (social inventory + enterprise inventory) is 75.8 million tons, a decrease of 1.02 million tons compared to T - 5 [1]. - Polycrystalline silicon: The manufacturer inventory is 34.9 million tons, an increase of 0.8 million tons compared to T - 5 [1]. - Raw Material Cost - Silicon ore: The price in Xinjiang is 320 yuan/ton, and in Yunnan is 230 yuan/ton [1]. - Washed coking coal: The price in Xinjiang is 1475 yuan/ton, and in Ningxia is 1200 yuan/ton [1]. - Petroleum coke: The price of Maoming coke is 1400 yuan/ton, and Yangzi coke is 1740 yuan/ton [1]. - Electrode: The price of graphite electrode is 12450 yuan/ton, and carbon electrode is 7200 yuan/ton [1]. - Polycrystalline Silicon (Photovoltaic) and Related Products - Price: The price of silicon wafers (N - type - 210mm) is 1.43 yuan/piece, down 0.05 yuan compared to T - 5. The price of battery cells (TOPCon - 210mm) is 0.435 yuan/watt, down 0.01 yuan compared to T - 5. The price of components (N - type - 210mm, centralized) is 0.738 yuan/watt, unchanged compared to T - 5. The price of photovoltaic glass (3.2mm) is 17.5 yuan/cubic meter, unchanged compared to T - 5. The price of photovoltaic - grade EVA is 9000 yuan/ton, unchanged compared to T - 5 [1]. - Profit: The profit of DMC enterprises is 1954 yuan/ton, a decrease of 7 yuan compared to T - 5. The profit of recycled aluminum enterprises is 490 yuan/ton, an increase of 80 yuan compared to T - 5 [1]. 3.2 Macro and Industry News - On February 9, the IEC international standard "Measurement Specification for R & D Perovskite Photovoltaic Cells" (IEC/TS 63202 - 9 ED1) led by China Huaneng Group Co., Ltd. was successfully established. This is the first international standard led by China in the perovskite photovoltaic field, which will help consolidate China's leading position in the standard testing of perovskite photovoltaic cells and promote the technological innovation and high - quality development of the perovskite photovoltaic cell industry [3].