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1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Industrial silicon: The cost support is strengthening, and attention should be paid to supply disturbances. The current market is in a weakly oscillating pattern, and future trends depend on factors such as Xinjiang's resumption of production and polysilicon inventory reduction. New orders are recommended to wait and see, and previous long orders can gradually take profits [6][7]. - Polysilicon: The market is oscillating near the cost, and there are opportunities to build positions on dips. In the short term, it is expected to maintain a weakly oscillating pattern, and operations can be carried out along the cost - marginal valuation [13]. 3. Summary According to the Directory 3.1 Industrial Silicon Data Review 3.1.1 Spot Price Trends - As of March 20, 2026, the oxygen - passing Si5530 price in East China was 9,200 yuan/ton, with a week - on - week increase of 0.52; the Si4210 price was 9,600 yuan/ton, with a week - on - week increase of 1.63%; the Si4210 (for silicone) price was 9,850 yuan/ton, remaining flat week - on - week [31]. 3.1.2 Futures Price Trends - The main contract of industrial silicon futures declined unilaterally this week, with increasing volume and stable positions, and a slight rebound at the end. The price dropped from 8,685 yuan/ton to a low of 8,235 yuan/ton during the week and closed at 8,455 yuan/ton on Friday, with a cumulative decline of 230 yuan/ton and a decline rate of 2.65%. The trading volume gradually increased, and the open interest fluctuated slightly. The market was under pressure from increased supply in Xinjiang, slow recovery of downstream demand, and high social inventory [34]. 3.1.3 Supply - The total number of metal silicon furnaces is 796, and the number of operating furnaces this week increased slightly compared with last week, with an overall operating rate of 25.63%. The production in the northwest region increased, and the production in the southwest region also increased slightly. The national output this week was 66,300 tons, with a month - on - month increase of 0.38% [55][63]. 3.1.4 Cost - The power cost has strong support, the price of petroleum coke is firm, and the prices of silica and silicon coal are stable. The cost of industrial silicon this week decreased to 9,072.19 yuan/ton, and the profit was - 116 yuan/ton, showing a slight loss [79][83]. 3.1.5 Inventory - The social inventory decreased slightly to 509,700 tons, with a month - on - month decrease of 5.31%. The overall industry inventory remained at a high level, and the inventory pressure of manufacturers was relieved [91]. 3.1.6 Demand - The silicone market is in a weak consolidation state, with cost support but increasing supply - demand pressure. The aluminum alloy market has weak demand, and the spot aluminum price oscillates. The overall demand for industrial silicon is recovering slowly [100][122]. 3.1.7 Import and Export - In December 2025, China's industrial silicon exports were 59,000 tons, a month - on - month increase of 7.56% and a year - on - year increase of 2.45%. The total exports from January to December 2025 were 720,600 tons, a year - on - year decrease of 0.6% [92]. 3.2 Polysilicon Data Review 3.2.1 Price - The polysilicon market continued its weak downward trend this week. The spot price of P - type polysilicon in China was 36,000 yuan/ton, a decrease of 20,000 yuan/ton compared with last week; the spot price of N - type polysilicon was 41,500 yuan/ton, also a decrease of 20,000 yuan/ton compared with last week [134]. 3.2.2 Basis and Spread - The spread converged, and attention should be paid to downstream price - setting [138]. 3.2.3 Supply - New production capacity will contribute a small amount of output this month. The overall operating rate of the polysilicon industry is maintained at 30%. According to the current production plans of enterprises, the domestic polysilicon output in March is expected to recover to 85,000 - 90,000 tons, and the supply side may show a mild recovery [148]. 3.2.4 Inventory - The inventory this week was 372,900 tons, a month - on - month increase of 3.39%. The inventory pressure continued to be prominent, and it was difficult to reduce inventory in the short term [143]. 3.2.5 Cost and Profit - The average production cost of polysilicon this week was 44,189.79 yuan/ton, a month - on - month increase of 0.7%. The gross profit and gross profit margin recovered to 1,663.47 yuan/ton, a month - on - month decrease of 117% [154]. 3.2.6 Import and Export - In December 2025, China's polysilicon imports were 1,872.812 tons, a year - on - year decrease of 42.81% and a month - on - month increase of 77.5%. The total imports from January to December 2025 were 19,051.011 tons, a cumulative year - on - year decrease of 52.16%. The exports in December 2025 were 1,670.405 tons, a year - on - year decrease of 71.03% and a month - on - month decrease of 48.29%. The total exports from January to December 2025 were 25,115.565 tons, a cumulative year - on - year decrease of 37.25% [155][158]. 3.2.7 Demand - The silicon wafer enterprises' operating rate remained high in March, and the domestic silicon wafer output is expected to recover to 49GW. The battery cell market has low operating rates and weak demand. The component market's transaction prices are stable [160][135].