TZE(SZ:002129) Guo Tai Jun An Qi Huo·2026-04-01 02:30Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The industrial silicon market should focus on market sentiment, and the polysilicon market is in a weak shock pattern [1][2] - The trend strength of industrial silicon is 0, and that of polysilicon is -1, indicating a neutral view on industrial silicon and a bearish view on polysilicon [4] Group 3: Summary by Related Catalogs Fundamental Tracking - Futures Market: Si2605's closing price was 8,355 yuan/ton, with a decline of 125 yuan from the previous trading day, 250 yuan from a week ago, and 40 yuan from a month ago; its trading volume was 172,049 lots, a decrease of 11,006 lots from the previous day, an increase of 25,941 lots from a week ago, and a decrease of 94,232 lots from a month ago; its open interest was 201,800 lots, a decrease of 18,817 lots from the previous day, 19,401 lots from a week ago, and 126,616 lots from a month ago. PS2605's closing price was 35,200 yuan/ton, a decrease of 1,350 yuan from the previous day and 530 yuan from a week ago [2] - Basis: The spot premium of industrial silicon (against East China Si5530) was +795 yuan/ton, an increase of 75 yuan from the previous day, 200 yuan from a week ago, and 40 yuan from a month ago [2] - Price: The price of Xinjiang 99 silicon was 8,550 yuan/ton, unchanged from the previous day and a week ago, and a decrease of 150 yuan from a month ago; the price of Yunnan Si4210 was 9,900 yuan/ton, unchanged from the previous day and a week ago, and a decrease of 100 yuan from a month ago; the price of polysilicon - N - type re - feed was 38,500 yuan/ton, a decrease of 750 yuan from the previous day, 4,000 yuan from a week ago, and 13,500 yuan from a month ago [2] - Profit: The profit of silicon plants (Xinjiang new standard 553) was - 2,776.5 yuan/ton, a decrease of 125 yuan from the previous day, 710 yuan from a week ago, and 685 yuan from a month ago; the profit of polysilicon enterprises was - 5.7 yuan/kg, a decrease of 0.3 yuan from the previous day, 1.6 yuan from a week ago, and 13.0 yuan from a month ago [2] - Inventory: The social inventory of industrial silicon (including warehouse receipt inventory) was 560,000 tons, an increase of 7,000 tons from a week ago; the enterprise inventory of industrial silicon (sample enterprises) was 191,000 tons, a decrease of 6,700 tons from a week ago; the industry inventory of industrial silicon (social inventory + enterprise inventory) was 751,000 tons, an increase of 300 tons from a week ago; the warehouse receipt inventory of industrial silicon futures was 112,000 tons, an increase of 1,000 tons from a week ago; the manufacturer inventory of polysilicon was 332,000 tons, a decrease of 12,000 tons from a week ago [2] - Raw Material Cost: The price of Xinjiang silicon ore was 320 yuan/ton, unchanged from the previous day and a week ago; the price of Xinjiang washed coking coal was 1,475 yuan/ton, unchanged from the previous day and a week ago; the price of Maoming petroleum coke was 1,400 yuan/ton, unchanged from the previous day and a week ago; the price of Yangtze petroleum coke was 1,960 yuan/ton, an increase of 80 yuan from a week ago and 220 yuan from a month ago [2] Macro and Industry News - On March 30, TCL Zhonghuan announced that it planned to acquire 8.06% of the shares of Yidao New Energy Technology Co., Ltd. (before capital increase) for 258 million yuan in cash. At the same time, it planned to invest 1 billion yuan in Yidao New Energy to obtain 55.56% of the shares after the capital increase. After the completion of the share transfer and capital increase, TCL Zhonghuan would obtain 59.14% of the shares of Yidao New Energy with 1.258 billion yuan and receive the voting rights entrusted by 7.2% of the shares, controlling a total of 66.34% of the shares. Yidao New Energy is engaged in the R & D, manufacturing, and sales of high - efficiency solar cells, photovoltaic modules, and systems, and its N - type module winning bid volume has ranked among the top in the country since 2023 [3][4]