Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - As the flood season approaches in Yunnan, Sichuan and other places, the electricity price cost advantage emerges, stimulating the resumption of production of local industrial silicon enterprises to accelerate [2]. - The downstream of industrial silicon is mainly concentrated in the fields of organic silicon, polysilicon and aluminum alloy. The total demand for industrial silicon from the three downstream industries shows a downward trend, making it difficult to strongly drive the market [2]. - The large number of warehouse receipts brings huge delivery pressure to the market, severely suppressing price increases. Overall, supply is low, demand is decreasing, and inventory remains high. It is recommended to adopt a high - short strategy in the medium - to - long term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 7,880 yuan/ton, with a week - on - week increase of 15 yuan/ton; the position of the main contract is 183,690 lots, with a week - on - week decrease of 9,112 lots [2]. - The net position of the top 20 is - 30,513 lots, with a week - on - week decrease of 1,233 lots; the warehouse receipts of GZEE are 65,298 lots, with a week - on - week decrease of 355 lots [2]. - The price difference between the July - August contracts is - 25 yuan/ton, with a week - on - week increase of 5 yuan/ton [2]. 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 8,650 yuan/ton, with a week - on - week decrease of 50 yuan/ton; the average price of 421 silicon is 9,500 yuan/ton, with a week - on - week decrease of 100 yuan/ton [2]. - The basis of the Si main contract is 770 yuan/ton, with a week - on - week decrease of 65 yuan/ton; the spot price of DMC is 11,680 yuan/ton, with no week - on - week change [2]. 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, the average price of petroleum coke is 1,930 yuan/ton, the average price of clean coal is 1,850 yuan/ton, the average price of wood chips is 540 yuan/ton, and the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, all with no week - on - week change [2]. 3.4 Industry Situation - The monthly output of industrial silicon is 335,750 tons, with a month - on - month increase of 46,400 tons; the weekly social inventory of industrial silicon is 599,000 tons, with a week - on - week increase of 3,000 tons [2]. - The monthly import volume of industrial silicon is 2,211.36 tons, with a month - on - month increase of 71.51 tons; the monthly export volume is 52,919.65 tons, with a month - on - month decrease of 12,197.89 tons [2]. 3.5 Downstream Situation - The weekly output of organic silicon DMC is 39,200 tons, with a week - on - week decrease of 300 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market is 20,500 yuan/ton, with no week - on - week change [2]. - The overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, and the weekly average spot price is 4.3 US dollars/kg, with a week - on - week decrease of 0.04 US dollars/kg [2]. - The monthly export volume of unwrought aluminum alloy is 18,176.9 tons, with a month - on - month increase of 691.08 tons; the weekly operating rate of organic silicon DMC is 59.57%, with a week - on - week decrease of 0.48% [2]. - The monthly output of aluminum alloy is 1.655 million tons, with a month - on - month increase of 103,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, with a month - on - month decrease of 337.93 tons [2]. 3.6 Industry News - A notice was issued for the preferred investment and development entities of the second and third batches of new energy projects in Guangnan County, Yunnan Province in 2024. The second batch includes 4 centralized photovoltaic power generation projects with a total installed capacity of 310,000 kilowatts [2]. - The state is increasing investment to support long - term data infrastructure construction [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The total demand for industrial silicon from the three major downstream industries is showing a downward trend and fails to strongly boost the market. The large number of warehouse receipts exerts significant delivery pressure on the market, severely restricting price increases. Overall, with low supply, reduced demand, and high inventory, a mid - to long - term short - selling strategy is recommended [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 8,130 yuan/ton, down 15 yuan; the position volume of the main contract is 155,038 lots, up 16,616 lots; the net position of the top 20 is - 22,466 lots, up 2,521 lots; the warehouse receipts of the Guangzhou Futures Exchange are 66,097 lots, down 287 lots; the spread between the July - August contracts is - 35, unchanged [2] Spot Market - The average price of oxygen - passing 553 silicon is 8,950 yuan/ton, down 150 yuan; the average price of 421 silicon is 9,850 yuan/ton, down 150 yuan; the basis of the Si main contract is 820 yuan/ton, down 135 yuan; the DMC spot price is 11,680 yuan/ton, unchanged [2] Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,930 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 540 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2] Industry Situation - The monthly output of industrial silicon is 335,750 tons, up 46,400 tons; the weekly social inventory of industrial silicon is 599,000 tons, up 3,000 tons; the monthly import volume of industrial silicon is 52,919.65 tons, up 2,211.36 tons; the monthly export volume of industrial silicon is down 12,197.89 tons [2] Downstream Situation - The weekly output of silicone DMC is 39,200 tons, down 300 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market is 20,500 yuan/ton, unchanged; the overseas price of photovoltaic - grade polysilicon is 15.75 US dollars/kg; the weekly average price of photovoltaic - grade polysilicon is 4.3 US dollars/kg, down 0.04 US dollars/kg; the monthly export volume of unwrought aluminum alloy is 18,176.9 tons, up 691.08 tons; the weekly operating rate of silicone DMC is 59.57%, down 0.48 percentage points; the monthly output of aluminum alloy is 20,187.85 tons, up 165.5 tons; the monthly export volume of aluminum alloy is down 337.93 tons [2] Industry News - On May 17, 2025, Aba Xilong Industrial Silicon Co., Ltd. obtained a patent named "A New Device for Improving the Screening Rate of Industrial Silicon Powder" with the authorization announcement number CN222872642U and an application date of June 2024. The state is increasing investment in long - term data infrastructure construction. As the wet season approaches in Yunnan, Sichuan and other places, the cost advantage of electricity prices stimulates local industrial silicon enterprises to resume production more quickly [2]

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - Supply is at a low level, demand is decreasing, and inventory remains high. The industrial silicon contract has switched to the main contract 06. It is recommended to place short orders for the industrial silicon main contract 2506 around 9000 yuan, with a stop - loss at 9100 yuan. Attention should be paid to the operation rhythm and risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 8875 yuan/ton, down 55 yuan; the main contract position is 182,653 lots, up 132 lots; the net position of the top 20 is - 12,915 lots, up 877 lots; the warehouse receipt of GEE is 69,680 lots; the spread between the May - September contracts is - 125 yuan, down 5 yuan [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9650 yuan/ton, down 100 yuan; the average price of 421 silicon is 10,450 yuan/ton, down 100 yuan; the basis of the Si main contract is 775 yuan/ton, down 45 yuan; the DMC spot price is 11,800 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, the average price of petroleum coke is 1930 yuan/ton, the average price of clean coal is 1850 yuan/ton, the average price of wood chips is 540 yuan/ton, and the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, all unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon is 335,750 tons, an increase of 46,400 tons; the weekly social inventory of industrial silicon is 612,000 tons, unchanged; the monthly import volume of industrial silicon is 2211.36 tons, an increase of 71.51 tons; the monthly export volume of industrial silicon is 52,919.65 tons, a decrease of 12,197.89 tons [2] 3.5 Downstream Situation - The weekly output of silicone DMC is 40,200 tons, down 300 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,700 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon is 4.58 US dollars/kg, down 0.35 US dollars/kg; the overseas market price of photovoltaic - grade polysilicon is 16.75 US dollars/kg, unchanged; the monthly export volume of unforged aluminum alloy is 17,485.81 tons, a decrease of 632.98 tons; the weekly operating rate of silicone DMC is 60.43%, down 1.06 percentage points; the monthly output of aluminum alloy is 1.655 million tons, an increase of 103,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a decrease of 337.93 tons [2] 3.6 Industry News - The US Department of Commerce announced the final anti - dumping and counter -vailing duty rates for crystalline photovoltaic cells (whether assembled into modules) from four Southeast Asian countries. Some Cambodian enterprises were imposed a counter -vailing duty of up to 3403.96%, and the "national entity" in Vietnam was imposed an anti - dumping duty of up to 271.28% [2] 3.7 Supply and Demand Analysis - On the supply side, the production cuts by leading manufacturers in the northwest are offset by the new production capacity in the southwest. With the approaching of the wet season, the cost pressure in the southwest will ease, and the overall output is expected to recover. On the demand side, the weakness is difficult to reverse in the short term. The photovoltaic industry is affected by the self - regulatory agreement, the silicone price has declined again, and the aluminum alloy industry has weak overseas demand [2]

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