工业硅：关注市场情绪扰动多晶硅：偏弱震荡格局

1. Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - The industrial silicon market should pay attention to market sentiment disturbances, and the polysilicon market is in a weak and volatile pattern [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Market: The closing price of Si2605 was 8,325 yuan/ton, down 70 yuan from T - 1, 70 yuan from T - 5, and 455 yuan from T - 22. The closing price of PS2605 was 44,930 yuan/ton, down 1,565 yuan from T - 1 and 4,375 yuan from T - 5. The trading volume and open interest of both had corresponding changes [2]. - Basis: Industrial silicon and polysilicon had different spot premium and discount situations compared with different benchmarks, with values changing over different time periods [2]. - Prices: The price of Xinjiang 99 - silicon was 8,600 yuan/ton, down 50 yuan from T - 1. The price of polysilicon - N - type re - feed was 51,900 yuan/ton, down 100 yuan from T - 1. Other related products such as silicon wafers, battery chips, and components also had price fluctuations [2]. - Profits: The profit of silicon plants (Xinjiang new standard 553) was - 2,806.5 yuan/ton, down 70 yuan from T - 1. The profit of polysilicon enterprises was 7.6 yuan/kg, up 0.3 yuan from T - 1. The profit of DMC enterprises and regenerative aluminum enterprises also had corresponding changes [2]. - Inventory: The industrial silicon - social inventory was 560,000 tons, with an increase of 3,000 tons from T - 5. The polysilicon - manufacturer inventory was 344,000 tons, with a decrease of 5,000 tons from the previous data [2]. - Raw Material Costs: The prices of raw materials such as silicon ore, washed coal, petroleum coke, and electrodes in different regions had different degrees of stability or change [2]. 3.2 Macro and Industry News - On February 25th, the official website of the Shanghai Stock Exchange showed that the IPO application of Jiangsu Xinhua Semiconductor Technology Co., Ltd. on the Science and Technology Innovation Board was accepted by the Shanghai Stock Exchange. The company is mainly engaged in the R & D, production, and sales of electronic - grade polysilicon [2][4]. 3.3 Trend Intensity - The trend intensity of industrial silicon was 0, and that of polysilicon was also 0, both showing a neutral state [4].