Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - The industrial silicon market was positively affected by news disturbances. Factors such as the possible cancellation of preferential electricity prices and rumors of delayed resumption of production by large factories led to a significant rebound in the industrial silicon futures market. Short - term policy and capital sentiment have a large impact, and it is recommended to wait and see, with previous short positions needing protection [1][3]. - There have been many policy disturbances in the photovoltaic industry recently, including anti - involution, storage mergers and acquisitions, and self - disciplined production cuts. Policy implementation and the downward transmission of spot prices need to be continuously monitored. In the medium - to - long - term, it is suitable to build long positions in polysilicon at low prices [8]. 3. Summary by Related Catalogs Industrial Silicon - **Market Analysis** - On July 14, 2025, the industrial silicon futures price rose significantly. The main contract 2509 opened at 8460 yuan/ton and closed at 8695 yuan/ton, a change of 275 yuan/ton (3.27%) from the previous day's settlement. The position of the main contract 2509 was 402,890 lots, and the number of warehouse receipts on July 13 was 50,090 lots, a change of - 139 lots from the previous day [2]. - The spot price of industrial silicon increased. The price of East China oxygen - passing 553 silicon was 8900 - 9100 yuan/ton (up 150 yuan/ton); 421 silicon was 9200 - 9400 yuan/ton (up 100 yuan/ton); Xinjiang oxygen - passing 553 silicon was 8400 - 8500 yuan/ton (up 50 yuan/ton); 99 silicon was 8300 - 8400 yuan/ton (up 50 yuan/ton) [2]. - The price of organic silicon DMC was 10,600 - 11,000 yuan/ton (unchanged). Due to the continuous rise of the industrial silicon market, the cost of DMC was pushed up, and its price jumped by about 350 yuan/ton, which in turn drove up the price of 107 glue [2]. - **Strategy** - The short - term policy and capital sentiment have a large impact. It is recommended to wait and see, and previous short positions need to be protected [3]. Polysilicon - **Market Analysis** - On July 14, 2025, the main contract 2508 of polysilicon futures fluctuated widely, opening at 41,290 yuan/ton and closing at 41,765 yuan/ton, a change of 0.81% from the previous day's closing price. The position of the main contract was 78,328 lots (previous day: 85,925 lots), and the trading volume on the day was 470,329 lots [5]. - The spot price of polysilicon remained stable. The price of polysilicon re - feedstock was 32.00 - 33.00 yuan/kg; dense polysilicon was 30.00 - 32.00 yuan/kg; cauliflower - shaped polysilicon was 28.00 - 31.00 yuan/kg; granular silicon was 30.00 - 31.00 yuan/kg; N - type material was 42.00 - 49.00 yuan/kg (down 0.50 yuan/kg); N - type granular silicon was 41.00 - 46.00 yuan/kg [5]. - The inventory of polysilicon manufacturers increased slightly, and the silicon wafer inventory decreased. The latest statistics showed that the polysilicon inventory was 276,000 tons, a change of 1.40% from the previous period; the silicon wafer inventory was 18.13GW, a change of - 5.70% from the previous period. The weekly polysilicon output was 22,800 tons, a change of - 5.00% from the previous period; the silicon wafer output was 11.50GW, a change of - 3.37% from the previous period [5][6]. - The prices of silicon wafers, battery cells, and components remained mostly stable, with only minor changes in a few varieties [6]. - After domestic photovoltaic silicon wafer enterprises generally raised their quotes on the afternoon of July 9, the domestic silicon wafer market has fully carried out transactions at the new prices. Battery factories have started to purchase in large quantities. Currently, silicon material transactions have not fully started, with only a few P - type orders [7]. - **Strategy** - Short - term: pay attention to risks and be cautiously bullish. In the medium - to - long - term, it is suitable to build long positions at low prices [8].

Report Industry Investment Rating - Industrial silicon: Interval operation is the main strategy, and upstream companies should sell hedging at high prices. Unilateral is neutral. [2][8] - Polysilicon: Unilateral is neutral. There are no suggestions for inter - period, cross - variety, spot - futures, and options operations. [8] Core Viewpoints - Industrial silicon: On July 2, 2025, the industrial silicon futures price rose significantly. Short - term supply - demand margin improved due to large factories' production cuts and a slight increase in downstream production schedules, but the high total industry inventory led to hedging pressure after the rebound. The market was affected by policy expectations, and short - term observation was recommended. [1][2] - Polysilicon: On July 2, 2025, the polysilicon futures main contract hit the daily limit. Affected by policies and industry self - discipline, leading companies uniformly raised quotes, but the supply - demand fundamentals remained weak. Policy game had a large impact, and participants needed to manage risks and follow up on policy implementation. [2][6] Market Analysis Industrial Silicon - Futures: On July 2, 2025, the main contract 2509 opened at 7,805 yuan/ton and closed at 8,210 yuan/ton, up 4.79% from the previous settlement. The closing position was 386,361 lots, and the number of warehouse receipts was 51,916 lots, a decrease of 221 lots from the previous day. [1] - Supply: The spot price of industrial silicon rose slightly. The prices of some silicon in different regions increased, while the price of 97 - silicon remained stable. [1] - Consumption: The domestic monomer enterprise's operation rate continued to increase slightly, reaching about 70%. It was expected that the DMC production schedule in July would increase by about 10,000 tons, increasing the consumption of industrial silicon. [1] Polysilicon - Futures: On July 2, 2025, the main contract 2508 hit the daily limit, opening at 33,350 yuan/ton and closing at 35,050 yuan/ton, up 6.99%. The position was 95,005 lots, and the trading volume was 411,586 lots. [2] - Spot: The spot quotes of polysilicon were raised. The N - type polysilicon price index rose by 2 yuan/kg to 36 yuan/kg, with a daily increase of 5.88%, but there was no spot transaction. [2][6] - Inventory and Production: Polysilicon inventory was 27.00, a month - on - month increase of 3.05%; silicon wafer inventory was 20.11GW, a month - on - month increase of 7.30%. The weekly polysilicon production was 23,600.00 tons, a month - on - month decrease of 3.67%; the silicon wafer production was 13.44GW, a month - on - month increase of 4.10%. [4] Silicon Wafer, Battery Chip, and Component - Silicon Wafer: The prices of domestic N - type 18Xmm, N - type 210mm, and N - type 210R silicon wafers remained unchanged. [4] - Battery Chip: The prices of various types of battery chips remained unchanged. [4] - Component: The mainstream transaction prices of various types of components remained unchanged. [5] Strategy Industrial Silicon - Unilateral: Interval operation is the main strategy, and upstream companies should sell hedging at high prices. [2] - Others: There are no suggestions for inter - period, cross - variety, spot - futures, and options operations. [2][3] Polysilicon - Unilateral: Neutral. [8] - Others: There are no suggestions for inter - period, cross - variety, spot - futures, and options operations. [8] Risk Factors Industrial Silicon - Re - production and new capacity investment in the northwest and southwest regions. - Changes in polysilicon enterprise operation rates. - Policy disturbances. - Macroeconomic and capital sentiment. - Operation conditions of organic silicon enterprises. [3] Polysilicon - Impact of industry self - discipline on upstream and downstream operation rates. - Impact of futures listing on the spot market. - Impact of capital sentiment. - Impact of policy disturbances. [8]