工业硅：关注上游复产情况，多晶硅：关注节后现货成交

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - For industrial silicon, focus on the resumption of production in the upstream [2] - For polysilicon, focus on spot transactions after the holiday [2] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Market Data: Si2605 closing price is 8,335 yuan/ton, with a change of -95 yuan compared to T - 1; PS2605 closing price is 46,315 yuan/ton, with a change of -1,315 yuan compared to T - 1 [1] - Basis Data: Industrial silicon spot premium (against East China Si5530) is +915 yuan/ton, with a change of 95 yuan compared to T - 1 [1] - Price Data: Xinjiang 99 - silicon is 8700 yuan/ton, remaining unchanged compared to T - 1; polysilicon - N - type re - feedstock is 52000 yuan/ton, with a change of -1000 yuan compared to T - 1 [1] - Profit Data: Silicon plant profit (Xinjiang new standard 553) is -2796.5 yuan/ton, with a change of -95 yuan compared to T - 1; polysilicon enterprise profit is 7.7 yuan/kg, with a change of -0.6 yuan compared to T - 1 [1] - Inventory Data: Industrial silicon - social inventory (including warehouse receipt inventory) is 560,000 tons, with an increase of 3,000 tons compared to T - 5; polysilicon - manufacturer inventory is 344,000 tons, with a decrease of 5,000 tons compared to T - 5 [1] - Raw Material Cost Data: Xinjiang silicon ore is 320 yuan/ton, remaining unchanged compared to T - 1; Yunnan silicon ore is 230 yuan/ton, remaining unchanged compared to T - 1 [1] 2. Macro and Industry News - The US Department of Commerce will impose counter - subsidy duties on crystalline silicon solar cell components imported from India, Indonesia, and Laos. The general subsidy rates for Indian producers/exports are set at 125.87%, 104.38% for Indonesia, and 80.67% for Laos [3] 3. Trend Intensity - Industrial silicon trend intensity is 0; polysilicon trend intensity is 0. The trend intensity ranges from -2 to 2, where -2 means most bearish and 2 means most bullish [3]