工业硅日报 工业硅&多晶硅日报（2025 年 12 月 10 日） 工业硅日报 一、研究观点 点评 9 日工业硅震荡偏弱，主力 2601 收于 8340 元/吨，日内跌幅 3.47%，持仓 减仓 1816 手至 18.5 万手。百川工业硅现货参考价 9603 元/吨，较上一交易 日下调 45 元/吨。最低交割品#421 价格跌至 8850 元/吨，现货升水扩至 510 元/吨。多晶硅震荡偏强，主力 2601 收于 55610 元/吨，日内涨幅 3.45%，持仓减仓 10493 手至 68874 手；多晶硅 N 型复投硅料价格持稳在 52350 元/吨，最低交割品硅料价格持稳在 52350 元/吨，现货对主力贴水扩 至 3310 元/吨。工业硅厂进一步减产但不及下游采购跌量，当前成交集中 在套保单或未交付前期订单，工业硅短期难见趋势。光伏产业链自下而上 延续高库存、降排产逻辑，降价情绪未向上蔓延。交易所提保限仓且针对 交割品进行扩容，缓解挤仓压力。近月仓单增长较慢，盘面虚实偏高给予 当前近月支撑，谨慎盲目追空。 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 二、日度数据监测 | | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For industrial silicon, the supply is shrinking with the southwest region in the dry - season, and the demand from downstream industries like polysilicon and organic silicon is complex. The price is expected to range between 8,500 - 9,500 yuan/ton in the short - term, with supply - side factors being closely watched [3]. - For polysilicon, the supply is fluctuating, and the demand is weak due to factors such as reduced domestic tenders and overseas demand decline. The market is under pressure, and attention should be paid to the re - registration of warehouse receipts [3]. 3. Summary According to the Directory 3.1 Price Review - Industrial silicon futures' main contract closing price increased by 1.90% from 8,960 yuan/ton on 2025/11/21 to 9,130 yuan/ton on 2025/11/28. Polysilicon futures' main contract closing price rose by 5.74% from 53,360 yuan/ton to 56,425 yuan/ton. Most spot prices of industrial silicon remained stable, with only a few showing minor changes [9]. 3.2 Raw Material Prices - **Silica**: Downstream rigid - demand procurement continued, and the price of silica remained stable [14]. - **Electricity Price**: In the dry - season, the electricity price in the southwest region gradually increased, while in other regions, it showed different trends over time [20]. - **Electrode**: The electrode price remained stable. As of November 28, the average price of carbon electrodes was 7,200 yuan/ton, and that of graphite electrodes was 12,450 yuan/ton, both unchanged from the previous period [30]. - **Silicon Coal and Petroleum Coke**: The prices of silicon coal and petroleum coke were generally stable with minor fluctuations [32]. 3.3 Industrial Silicon Production and Price - **Profit**: In October, the average profit of industrial silicon 553 was - 917 yuan/ton, a month - on - month increase of 112 yuan/ton, and that of 421 was - 564 yuan/ton, a month - on - month increase of 101 yuan/ton [37]. - **Production**: In the week of November 28, the number of open furnaces of silicon enterprises decreased by 5, mainly in Sichuan, Chongqing, and Xinjiang. The total production showed a decreasing trend, and it was expected to be around 400,000 tons in December [38]. - **Price**: The spot price of industrial silicon was generally stable with minor fluctuations [49]. 3.4 Polysilicon Production and Price - **Production**: Last week, the polysilicon production was 24,000 tons, a week - on - week decrease of 3,100 tons. As of November 27, the inventory was 281,000 tons, an increase of 10,000 tons. In December, the production was expected to be around 110,000 tons [69]. - **Price**: The futures price was volatile and strong, and the spot price was firm [70]. 3.5 Silicon Wafer, Battery Cell, and Component - **Silicon Wafer**: The inventory continued to accumulate, and the price dropped again. Some enterprises sold silicon wafers at low prices to recover funds, but it couldn't stimulate more demand. It was expected that silicon wafer factories would significantly reduce production in December [75]. - **Battery Cell**: The inventory pressure was not relieved, and the price was continuously under pressure. Battery factories tightened demand and carried out price - limited procurement [80]. - **Component**: Terminal procurement decreased, and the component inventory fluctuated slightly [83]. 3.6 Organic Silicon - **Production**: In November, the DMC production in China was 217,600 tons, a month - on - month increase of 8,000 tons, and the operating rate was 74.79%, a month - on - month increase of 5.08 percentage points. The supply increased due to the resumption of previously shut - down and overhauled devices [94]. - **Price**: The price of organic silicon increased. As of November 28, the average price of DMC was 13,200 yuan/ton, a week - on - week increase of 0.76%; that of 107 glue was 13,850 yuan/ton, unchanged; and that of silicone oil was 14,700 yuan/ton, a week - on - week increase of 0.68%. Downstream rigid - demand procurement enthusiasm increased, but there was no large - scale inventory replenishment [101]. 3.7 Silicon Aluminum Alloy - **Production**: In the week of November 27, the operating rate of primary aluminum alloy was 60.2%, a week - on - week increase of 0.4 percentage points, and that of recycled aluminum alloy was 61.5%, a week - on - week increase of 0.9 percentage points [110]. - **Price**: The price of the silicon aluminum alloy fluctuated slightly. As of November 28, the average price of ADC12 was 21,350 yuan/ton, unchanged, and that of A356 was 21,900 yuan/ton, a week - on - week increase of 0.46% [113]. 3.8 Inventory and Supply - Demand Balance - **Inventory**: As of November 27, the social inventory of industrial silicon (social inventory + delivery warehouse) was 550,000 tons, a week - on - week increase of 2,000 tons; the total factory inventory of Xinjiang, Yunnan, and Sichuan was 179,600 tons, a week - on - week increase of 1,800 tons. As of November 28, the registered warehouse receipts on the exchange were 6,596 lots, equivalent to 33,000 tons of spot [125]. - **Supply - Demand Balance**: The report provided the monthly supply - demand balance sheet of industrial silicon from January 2024 to October 2025, showing different supply - demand situations in different months [126].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The fundamentals of industrial silicon and polysilicon are weak, with prices facing upward pressure. For industrial silicon, supply is contracting and costs are rising, providing some support for prices, but weak demand restricts upward movement. For polysilicon, there is a game between "weak reality" and "strong expectation", and prices are under pressure [4]. 3. Summary by Relevant Catalogs 3.1 Industry Chain Price Review - **Industrial Silicon Futures and Spot Prices**: The closing price of the industrial silicon futures main contract on November 21, 2025, was 8,960 yuan/ton, down 0.67% from November 14. Spot prices of different grades in various regions showed minor fluctuations, with some prices rising slightly [10]. - **Polysilicon and Related Product Prices**: The closing price of the polysilicon futures main contract on November 21, 2025, was 53,360 yuan/ton, down 1.27% from November 14. The prices of N - type polysilicon materials remained stable, while the prices of some silicon wafers, battery cells, and components decreased [10]. - **Raw Material Prices**: Silica prices remained stable due to downstream rigid - demand procurement. Electricity prices in the southwest region increased during the flat - dry season. Electrode prices remained stable due to weak supply and demand. Silicon coal prices increased due to cost drivers, while petroleum coke prices remained stable [16][22][27][33]. 3.2 Supply and Demand Analysis 3.2.1 Industrial Silicon - **Supply**: In November, industrial silicon supply is expected to fall below 400,000 tons, a decrease of about 12%, in line with the same period in previous years. The opening of furnaces in the southwest region decreased, while the output in the northwest region was stable with a slight increase [4]. - **Demand**: In the polysilicon industry, production is expected to decline. The organic silicon industry has a strong willingness to support prices, with a consensus on stepped production cuts, resulting in a decrease in demand for industrial silicon. The silicon - aluminum alloy industry has no production increase or decrease plans, and its operation is stable [4]. 3.2.2 Polysilicon - **Supply**: Last week's production was 27,100 tons, a week - on - week increase. In November, due to maintenance and production cuts in Sichuan and Yunnan and some increases in Inner Mongolia, the total production is expected to drop to about 120,000 tons [4]. - **Demand**: The front - end installation rush in the first half of the year overdrafted some demand in the second half. Domestic bidding projects decreased, and overseas demand declined, putting pressure on the component side. If domestic demand remains weak, component production cuts may increase. Battery cell inventories are accumulating, and prices are generally falling. Silicon wafer inventories are also increasing, and production in November is expected to decline [4]. 3.3 Inventory Analysis - **Industrial Silicon**: Except for some silicon enterprises in the southwest that have reduced production, most manufacturers are in normal production. Due to relatively low prices, silicon enterprises are less willing to sell, and inventories are accumulating. As of November 20, the total industrial silicon social inventory (social inventory + delivery warehouse) was 548,000 tons, a week - on - week increase of 2,000 tons [4][131]. - **Polysilicon**: As of November 20, the total polysilicon inventory was 271,000 tons, and the silicon wafer inventory was 18.72 GW. As of November 21, the registered polysilicon warehouse receipts were 7,500 lots [4]. 3.4 Market Outlook - **Industrial Silicon**: Driven by the sentiment of the organic silicon industry, industrial silicon prices briefly rose last week. Fundamentally, supply contraction and cost increases provide some support for silicon prices, but weak demand restricts upward movement. It is expected that silicon prices will remain range - bound in the short term, with an operating range of 8,500 - 9,500 yuan/ton [4]. - **Polysilicon**: There is a game between "weak reality" and "strong expectation". Downstream prices are being lowered due to poor demand and inventory pressure. The overall market sentiment is pessimistic, and polysilicon prices are under pressure. Attention should be paid to protecting the profits of previous long positions [4].

1. Report Industry Investment Rating - The report does not provide a unified industry - wide investment rating. Instead, it gives specific investment suggestions for different metals: - Copper: Suggests waiting and seeing or trading in a light - position range [3] - Aluminum: Recommends waiting and seeing [3] - Zinc: Advises range trading [3] - Lead: Recommends range trading and being cautious and bearish [3] - Nickel: Suggests cautious short - holding or waiting and seeing [4] - Stainless steel: Recommends waiting and seeing [4] - Tin: Advises cautious range trading [4] - Industrial silicon: Recommends waiting and seeing [4] - Polysilicon: Suggests low - buying and high - selling [4] - Lithium carbonate: Recommends exiting and waiting and seeing [4] 2. Report's Core View - The macro - environment has a significant impact on metal prices. For example, the uncertainty of the Fed's policy and geopolitical conflicts affect market sentiment. At the same time, the fundamentals of supply and demand also play a crucial role in determining metal prices. Some metals are facing supply - side challenges such as production cuts or disruptions, while others are affected by changes in downstream demand. Overall, the market is complex and volatile, and different metals show different trends and investment opportunities [3][4]. 3. Summary According to Related Catalogs 3.1 Metals Market Analysis 3.1.1 Copper - Price trend: The Shanghai copper main contract continues to show a high - level volatile pattern. In the short term, it will remain at 85,000 - 88,000. The long - term demand outlook is optimistic, but in the short term, it is necessary to be vigilant about the suppression of consumption by high copper prices and the pressure brought by changes in the Fed's policy expectations [3]. - Fundamentals: Market consumption has improved recently, and social inventories have declined. The focus has shifted to the long - term contract negotiation of mines. Freeport - McMoRan plans to resume large - scale production in the Grasberg mine in Indonesia in the second quarter of 2026, which is expected to ease the anxiety about mine - end supply [3]. 3.1.2 Aluminum - Price trend: The price has fallen from a high level. The aluminum price is expected to fluctuate at the current position. - Fundamentals: The price of bauxite in Shanxi and Henan is stable, while the price of imported bauxite in Guinea has decreased. The operating capacity of alumina has increased, and the inventory has also increased. The operating capacity of electrolytic aluminum remains unchanged. Some enterprises have carried out production reduction and technological transformation. The downstream demand is gradually entering the off - season, and the inventory of aluminum ingots has decreased slightly [3]. 3.1.3 Zinc - Price trend: The zinc price has fluctuated weakly in the range of 22,000 - 22,800 yuan/ton. - Fundamentals: The processing fees of domestic and imported zinc mines have continued to decline, and there are expectations of production cuts. Terminal consumption is weak, and the inventory is still at a high level [3]. 3.1.4 Lead - Price trend: The Shanghai lead main contract shows a bearish trend and is expected to fluctuate weakly after a rapid decline. The reference range is 16,800 - 17,300 yuan/ton. - Fundamentals: The supply of Shanghai lead has decreased, and the prices of lead concentrate, lead ingots, and waste batteries have all declined. With the completion of the first large - capacity all - solid - state battery production line in China, the market is affected [3]. 3.1.5 Nickel - Price trend: The price has declined widely and is expected to continue to decline. - Fundamentals: The global refined nickel has continued to accumulate inventory. The price of nickel ore is stable, the price of nickel iron has declined, and the pattern of nickel iron surplus continues. The downstream stainless steel is in the off - season, with weak demand and continuous increase in inventory. The price of nickel sulfate has slightly declined, and the demand is weak [4]. 3.1.6 Tin - Price trend: The price shows a high - level volatile pattern and is expected to rise overall. The reference range is 280,000 - 300,000 yuan/ton. - Fundamentals: The domestic refined tin production has increased year - on - year, and the import of tin concentrate has increased month - on - month. The export of refined tin in Indonesia has decreased. The semiconductor industry is expected to continue to recover, and the inventory is at a medium level. The supply of tin ore is expected to improve [4]. 3.1.7 Industrial Silicon and Related Products - Price trend: Industrial silicon is at high risk and is recommended to wait and see; polysilicon is recommended for low - buying and high - selling. - Fundamentals: The production of industrial silicon has decreased, and the inventory of polysilicon has increased. The production of organic silicon has increased, and enterprises have reached a price - holding consensus and formulated production - cut measures. The production of the photovoltaic industry chain is expected to decline slightly [4]. 3.1.8 Lithium Carbonate - Price trend: The price has risen and then fallen, and it is expected to fluctuate strongly. - Fundamentals: The supply of lithium carbonate is in a tight balance. The production in October has increased month - on - month, and the import has also changed. The downstream demand is strong, especially in the energy storage field. However, there are still uncertainties in the mining rights of Yichun mines [4]. 3.2 Macroeconomic Data - The report provides a series of macro - economic data, including the US economic data (such as the New York Fed manufacturing index, durable goods orders, unemployment rate, etc.), euro - zone inflation data, and China's loan market quotation rate (LPR). These data reflect the current economic situation of different regions and have an impact on the metal market [12][15][16].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - On November 12, the current - month contracts of the four major stock index futures showed mixed trends. IF fell 0.03%, IH rose 0.38%, IC fell 0.37%, and IM fell 0.38% [1]. - On the trading day, the total trading volume of stock index futures rebounded, indicating that investors' trading enthusiasm has increased. The total trading volume and total open interest of IF, IH, IC, and IM all increased [1][2]. - The trend strength of IF and IH is 1, and the trend strength of IC and IM is also 1 [6]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Data - **Prices and Fluctuations**: The closing prices of CSI 300, SSE 50, CSI 500, and CSI 1000 were 4645.91, 3044.3, 7243.25, and 7486.38 respectively, with fluctuations of - 0.13%, + 0.32%, - 0.66%, and - 0.72%. The prices of their corresponding futures contracts also showed different fluctuations [1]. - **Trading Volume and Open Interest**: The total trading volume of IF, IH, IC, and IM increased by 10290 lots, 3933 lots, 33145 lots, and 57813 lots respectively. The total open interest of IF, IH, IC, and IM increased by 10237 lots, 2738 lots, 21807 lots, and 22747 lots respectively [1][2]. - **Basis**: The basis of each futures contract is different. For example, the basis of IF2511 is - 0.91, and the basis of IH2511 is 2.5 [1]. 3.2 Top 20 Member Open Interest Changes - The open interest of long and short positions of each futures contract has different changes. For example, the long - position net change of IF2511 is 1564, and the short - position net change is 8653 [5]. 3.3 Market News - Technology stocks declined again, the Dow Jones Industrial Average rose for four consecutive days to a new high, AMD rose 9%, gold rose for four consecutive days, and crude oil tumbled. The U.S. dollar fell 0.3% from its daily high, Bitcoin had a reverse trend, gold rose 1.7% intraday, and U.S. oil tumbled more than 4.2% [7]. - Vice - Premier He Lifeng met with relevant American representatives, emphasizing the broad cooperation space in Sino - US economic and trade fields [7]. - The Shanghai Stock Exchange International Investors Conference was officially opened. Relevant leaders of the CSRC and the Shanghai Stock Exchange made statements on deepening reforms and optimizing systems [7][8]. - The A - share market fluctuated throughout the day. The Shanghai Composite Index fell 0.07% to 4000.14 points, the Shenzhen Component Index fell 0.36%, and the ChiNext Index fell 0.39%. The trading volume of A - shares was 1.96 trillion yuan, lower than the previous day's 2.01 trillion yuan [8].

A股三大股指11月12日集体低开。盘初三大股指强劲翻红，但此后重返跌势。午后创出日内新低后出现 抄底盘，尾盘出现拉升带动沪指一度转涨。 从盘面上看，光伏产业链、核聚变概念跌幅居前，培育钻石、超硬材料显著回调。保险、制药、银行板 块走强，农业银行、工商银行双双创新高，农行市值突破3万亿元。 Wind统计显示，两市及北交所共1756只股票上涨，3561只股票下跌，平盘有126只股票。 沪深两市成交总额19451亿元，较前一交易日的19936亿元减少485亿元。其中，沪市成交8405亿元，比 上一交易日8584亿元减少179亿元，深市成交11046亿元。 两市及北交所共有7只股票涨幅在9%以上，18只股票跌幅在9%以上。 至收盘，上证综指跌0.07%，报4000.14点；科创50指数跌0.58%，报1379.45点；深证成指跌0.36%，报 13240.62点；创业板指跌0.39%，报3122.03点。 ...

Market Overview - The photovoltaic industry chain and nuclear fusion concepts experienced significant declines, while cultivated diamonds and superhard materials showed notable corrections [1] - The insurance, pharmaceutical, and banking sectors strengthened, with Agricultural Bank of China and Industrial and Commercial Bank of China both reaching new highs [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.95 trillion, a decrease of 48.6 billion compared to the previous trading day, with over 3,500 stocks declining [1][4] Capital Flow - Main capital flows showed a net inflow into the pharmaceutical, banking, and non-ferrous metal sectors, while there was a net outflow from power grid equipment, communications, and computing sectors [3] - Specific stocks with net inflows included Luxshare Precision (964 million), CATL (838 million), and Shannon Chip (732 million) [3] - Stocks facing net outflows included LONGi Green Energy (1.927 billion), Sungrow Power Supply (1.426 billion), and TBEA (1.095 billion) [3] Institutional Insights - Dongwu Securities indicated that the A-share market is in the early stages of a new bull market driven by policy and industry trends [3] - Yingda Securities noted that the market is consolidating around the 4,000-point level, which is beneficial for solidifying the market foundation for future trends [5] - Galaxy Securities expressed continued optimism for the computing power sector, highlighting its performance realization phase and relatively moderate valuation levels, particularly in PCB, domestic computing power, IP licensing, and chip inductors [5]

Core Viewpoint - The Chinese stock market showed positive performance with significant increases in major indices, while certain sectors experienced declines and others saw strong gains [1] Market Performance - The Shanghai Composite Index closed at 4016.33 points, up by 0.70%, with a trading volume of 968.216 billion [1] - The Shenzhen Component Index closed at 13691.38 points, up by 1.95%, with a trading volume of 1287.814 billion [1] - The ChiNext Index closed at 3324.27 points, up by 2.93%, with a trading volume of 616.646 billion [1] Sector Analysis - Banking and liquor sectors experienced declines [1] - The non-ferrous metals sector showed strong gains [1] - Other sectors such as brokerage, coal, insurance, electricity, and oil also saw upward movements [1] - The photovoltaic industry chain stocks surged, while lithium mines, solid-state batteries, and rare earth concepts were active [1]

Core Viewpoint - Tongwei Co., Ltd. reported a significant reduction in losses for the third quarter, indicating a potential turning point in profitability as the solar industry shows signs of recovery [1] Financial Performance - In the first three quarters, the company achieved a net profit attributable to shareholders of -5.27 billion yuan, with a third-quarter net profit of -315 million yuan, marking a 62.69% reduction in losses [1] - The third-quarter loss represents the lowest quarterly loss since Q4 2023, with a sequential reduction in losses of 86.68% compared to the second quarter [1] Market Dynamics - The price of polysilicon has rebounded significantly, with the average price of N-type re-investment materials rising from 34,700 yuan per ton in early July to 53,200 yuan per ton by late September, reflecting a 53.3% increase [1] - The solar industry is experiencing improvements across various segments, driven by policies aimed at rationalizing prices and reducing internal competition [1] Competitive Position - As a leading player in the entire solar industry chain, the company benefits from cost advantages, technological barriers, and resilient cash flow, which enhance its ability to withstand risks during the industry's consolidation phase [1] - The company is expected to see a recovery in profitability, with an optimistic outlook for future performance, maintaining an "overweight" rating [1]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - This week, industrial silicon prices rose by 1.66%, while polysilicon prices fell by 3.71%. The industrial silicon futures market showed an upward trend due to increased expectations of production cuts during the dry season, while polysilicon prices declined as the market sentiment subsided [4]. - Looking ahead, in the industrial silicon market, supply will see a combination of production cuts in the southwest and increased production in the northwest next week. Demand from polysilicon is highly uncertain, while that from organosilicon and aluminum alloy remains relatively stable. Cost provides support for prices, but high inventory restricts upward price movement. In the polysilicon market, supply will face rising production costs as the dry season approaches in the southwest, and demand remains weak overall, although emerging markets offer some buffer. Policy rumors have boosted market confidence, but the details and implementation time are unclear [4]. - It is recommended that the main contract of industrial silicon oscillates within the range of 8400 - 8600 yuan, with a stop - loss range of 8200 - 8800 yuan. The main contract of polysilicon will oscillate in the short term, within the range of 48000 - 53000 yuan, with a stop - loss range of 46000 - 55000 yuan [4]. 3. Summary by Directory 3.1 Weekly Highlights - **Market Review**: Industrial silicon prices increased by 1.66% this week, and polysilicon prices decreased by 3.71%. The industrial silicon futures market trended upward due to dry - season production cut expectations, while polysilicon prices declined as market sentiment faded [4]. - **Market Outlook**: - **Industrial Silicon**: Supply will see production cuts in Sichuan and Yunnan during the dry - season transition, while Xinjiang will increase production. Demand from organosilicon has some support, but polysilicon demand may weaken, and aluminum alloy demand is stable but has limited price - pulling power [4]. - **Polysilicon**: Supply will face rising costs in the southwest during the dry season, and demand is weak in the photovoltaic industry. Although emerging markets offer some support, European high inventory and uncertain policies add to market uncertainty [4]. - **Operation Suggestions**: The main contract of industrial silicon should be traded within the range of 8400 - 8600 yuan, with a stop - loss range of 8200 - 8800 yuan. The main contract of polysilicon should be traded within the range of 48000 - 53000 yuan, with a stop - loss range of 46000 - 55000 yuan [4]. 3.2 Futures and Spot Market - **Industrial Silicon**: The futures price increased this week, while the spot price remained flat, and the basis decreased. As of October 23, 2025, the spot price was 9350 yuan/ton, and the basis was 645 yuan/ton [10][12]. - **Polysilicon**: Both the futures and spot prices increased this week, and the basis strengthened. As of October 23, 2025, the spot price was 52.98 yuan/kg, up 230 yuan/kg from last week, and the basis was 2220 yuan/g [14][16]. 3.3 Industry Situation - **Industrial Silicon**: - **Raw Materials and Costs**: Raw material prices remained stable this week. Electricity prices are expected to rise near the dry season, increasing costs, but electricity prices in the northwest are stable [21][24]. - **Warehouse Receipts**: The number of industrial silicon warehouse receipts decreased. As of October 23, 2025, the number of warehouse receipts was 48371 lots, a decrease of 1986 lots from the previous period [26][28]. - **Downstream Industries**: - **Organosilicon**: Production and operating rates increased this week. As of October 23, 2025, the weekly production was 4.6 tons, an increase of 0.88%, and the operating rate was 70.05%, an increase of 0.55%. Costs stabilized, spot prices and profits increased, and future production is expected to remain flat [30][35][39]. - **Aluminum Alloy**: Spot prices and inventory increased. As of October 23, 2025, the price was 21000 yuan/ton, up 100 yuan/ton from last week, and the inventory was 7.53 tons, up 0.09 tons from last week. Demand for industrial silicon is expected to stabilize [41][47]. - **Polysilicon**: - **Downstream Products**: Silicon wafer prices remained flat, and battery cell prices weakened. As of October 23, 2025, the silicon wafer price was 1.48 yuan/piece, unchanged from last week, and the battery cell price was 0.30 yuan/watt, a decrease of 0.01 yuan/watt from last week. This is expected to have a negative impact on polysilicon demand [49][51]. - **Cost, Profit, and Inventory**: Affected by industrial silicon, polysilicon costs decreased, profits increased, and inventory increased. As of October 23, 2025, the profit was 11080 yuan/ton, the average cost was 40672 yuan/ton, and the inventory was 27.84 tons [56][61].