Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - On July 17, industrial silicon showed a volatile and slightly stronger trend, with the main contract 2509 closing at 8,745 yuan/ton, an intraday increase of 0.75%, and the open interest increasing by 1,200 lots to 381,000 lots. The reference price of Baichuan's industrial silicon spot was 9,111 yuan/ton, remaining stable compared to the previous trading day. The price of the lowest deliverable 421 grade rose to 8,700 yuan/ton, and the spot shifted from a premium to a discount of 15 yuan/ton. Polysilicon oscillated higher, with the main contract 2508 closing at 45,700 yuan/ton, an intraday increase of 7.5%, and the open interest decreasing by 819 lots to 70,964 lots. The price of N-type recycled polysilicon materials rose to 45,550 yuan/ton, and the price of the lowest deliverable silicon materials rose to 43,500 yuan/ton. The spot shifted from a premium to a discount of 200 yuan/ton to the main contract. The possible cancellation of subsidized electricity prices in Xinjiang and the non-restart of production capacity by large factories led to a continuous recovery of industrial silicon prices as costs increased. There are currently many disagreements in the market, and the overall transmission is limited, making it difficult for prices to continue to rise sharply. Guided by policies, the confidence of the photovoltaic industry chain to support prices has spread downstream. The futures market has followed the spot market, continuing to trade based on the logic of speculative demand. The polysilicon market is generally stronger than the industrial silicon market. Continued attention should be paid to the opportunity for the PS/SI price ratio to widen [2] Summary by Relevant Catalogs Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract increased by 30 yuan/ton to 8,710 yuan/ton, and the near-month contract increased by 45 yuan/ton to 8,715 yuan/ton. The spot prices of various grades remained stable. The current lowest deliverable price was 8,700 yuan/ton, and the spot shifted from a premium of 3 yuan/ton to a discount of 15 yuan/ton. The industrial silicon warehouse receipts remained unchanged at 50,215 tons. The weekly inventory in the Guangzhou Futures Exchange decreased by 7,360 tons to 251,145 tons, and the total social inventory decreased by 4,800 tons to 437,900 tons [4] - **Polysilicon**: The futures settlement price of the main and near-month contracts both increased by 2,755 yuan/ton to 45,700 yuan/ton. The price of P-type polysilicon dense materials and recycled materials increased by 3,500 yuan/ton. The current lowest deliverable price increased by 2,000 yuan/ton to 45,500 yuan/ton, and the spot shifted from a premium of 555 yuan/ton to a discount of 200 yuan/ton. The polysilicon warehouse receipts remained unchanged at 2,780 tons. The weekly factory inventory increased by 0.3 million tons to 27.68 million tons, and the total social inventory increased by 0.3 million tons to 27.7 million tons [4] - **Organic Silicon**: The DMC price in the East China market remained stable at 11,200 yuan/ton, and the price of dimethyl silicone oil increased by 2,000 yuan/ton to 14,000 yuan/ton [4] - **Downstream Products**: The prices of silicon wafers and battery cells remained unchanged [4] Chart Analysis - **Industrial Silicon and Cost-side Prices**: Included charts on various grades of industrial silicon prices, grade price differences, regional price differences, electricity prices, silica prices, and silicon coal prices [5][7][10] - **Downstream Product Prices**: Included charts on DMC prices, organic silicon product prices, polysilicon prices, silicon wafer prices, battery cell prices, and component prices [12][14][16] - **Inventory**: Included charts on industrial silicon futures inventory, factory inventory, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [19][22] - **Cost and Profit**: Included charts on the average cost and profit levels of main production areas, weekly cost and profit of industrial silicon, aluminum alloy processing industry profit, DMC cost and profit, and polysilicon cost and profit [25][27][33] Team Introduction - The non - ferrous metals team of Everbright Futures Research Institute consists of Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng is the director of non - ferrous research and a senior precious metals researcher. Wang Heng mainly studies aluminum and silicon, and Zhu Xi focuses on lithium and nickel [35][36]

Report Summary 1. Report Industry Investment Rating - Industrial Silicon: Short - term watch [3] - Polysilicon: Cautiously bullish in the long - term [6][8] 2. Report Core View - Industrial silicon's supply - demand pattern has improved due to low开工 of northwest and southwest factories and lower - than - usual production in the southwest, with reduced inventory. The overall commodity sentiment has a positive impact, but the influence of policies on the industrial silicon industry needs attention. For polysilicon, recent price increases are driven by policies and funds. Policy implementation and price transmission need to be monitored, and it is suitable for long - term low - level long - position layout [3][6]. 3. Summary by Related Catalogs Industrial Silicon - **Market Analysis** - On July 17, 2025, the industrial silicon futures price showed a strong oscillation. The main contract 2509 opened at 8,750 yuan/ton and closed at 8,745 yuan/ton, up 0.75% from the previous settlement. The main contract's open interest was 381,048 lots, and the number of warehouse receipts was 50,357 lots, an increase of 142 lots from the previous day [1]. - The spot price of industrial silicon remained stable. The price of East China oxygen - passing 553 silicon was 9,100 - 9,300 yuan/ton, 421 silicon was 9,400 - 9,600 yuan/ton, Xinjiang oxygen - passing 553 silicon was 8,600 - 8,700 yuan/ton, and 99 silicon was 8,500 - 8,700 yuan/ton [1]. - As of July 17, the total social inventory of industrial silicon in major regions was 547,000 tons, a decrease of 4,000 tons from the previous week. Among them, the inventory in ordinary social warehouses was 120,000 tons, a decrease of 4,000 tons, and the inventory in social delivery warehouses was 427,000 tons, unchanged from the previous week [1]. - The price of organic silicon DMC was 10,600 - 11,000 yuan/ton. The DMC price of Shandong monomer enterprises increased by 100 yuan/ton to 10,800 yuan/ton this week, while the prices of other domestic monomer enterprises remained stable. The market's mainstream transaction center was around 10,800 yuan/ton. Although the low - price quotes in the domestic market increased slightly, the matching degree of transactions decreased, and downstream enterprises' purchasing willingness was limited due to sufficient raw material inventory [2]. - **Strategy** - Short - term watch, and short - position holders should pay attention to stop - losses or use options for protection [3]. Polysilicon - **Market Analysis** - On July 17, 2025, the main contract 2508 of polysilicon futures continued to rise, opening at 43,900 yuan/ton and closing at 45,700 yuan/ton, a 7.49% increase from the previous trading day. The open interest of the main contract was 70,964 lots (71,783 lots the previous day), and the trading volume was 410,795 lots [3]. - The spot price of polysilicon remained stable. The price of polysilicon re - feeding material was 32.00 - 36.60 yuan/kg (an increase of 1.80 yuan/kg), dense material was 30.00 - 32.00 yuan/kg, cauliflower material was 28.00 - 31.00 yuan/kg, granular silicon was 30.00 - 31.00 yuan/kg, N - type material was 44.50 - 49.00 yuan/kg (an increase of 1.25 yuan/kg), and N - type granular silicon was 41.00 - 45.00 yuan/kg [3]. - The inventory of polysilicon manufacturers and silicon wafers decreased. The latest polysilicon inventory was 249,000 tons, a decrease of 9.78% from the previous period, and the silicon wafer inventory was 16.02 GW, a decrease of 5.70%. The weekly polysilicon output was 23,000 tons, a decrease of 5.00%, and the silicon wafer output was 11.10 GW, a decrease of 3.37% [4]. - In the silicon wafer market, the price of domestic N - type 18Xmm silicon wafers was 1.25 yuan/piece (an increase of 0.25 yuan/piece), N - type 210mm was 1.67 yuan/piece (an increase of 0.32 yuan/piece), and N - type 210R silicon wafers were 1.43 yuan/piece (an increase of 0.28 yuan/piece) [4]. - In the battery cell market, the price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 battery cells were about 0.28 yuan/W, Topcon M10 battery cells were about 0.24 yuan/W, Topcon G12 battery cells were 0.26 yuan/W, Topcon 210RN battery cells were 0.26 yuan/W, and HJT210 half - piece battery cells were 0.37 yuan/W [4]. - In the component market, the mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.67 - 0.68 yuan/W, and N - type 210mm was 0.67 - 0.68 yuan/W [5]. - **Strategy** - In the long - term, it is suitable to lay out long positions when the price is low. In the short - term, be cautiously bullish [6][8].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On July 16, industrial silicon showed a weak oscillation. The main contract 2509 closed at 8,685 yuan/ton, with an intraday decline of 0.91% and a decrease in open interest by 16,085 lots to 379,800 lots. The reference price of industrial silicon spot from Baichuan was 9,111 yuan/ton, up 173 yuan/ton from the previous trading day. The price of the lowest deliverable 421 silicon rose to 8,700 yuan/ton, with a spot premium of 30 yuan/ton. Polysilicon showed a strong oscillation. The main contract 2508 closed at 42,945 yuan/ton, with an intraday increase of 1.5% and an increase in open interest by 1,962 lots to 71,783 lots. The price of N-type recycled polysilicon material rose to 44,550 yuan/ton, and the price of the lowest deliverable silicon material rose to 43,500 yuan/ton. The spot premium over the main contract narrowed to 555 yuan/ton [2]. - Market news indicates that Xinjiang may cancel subsidized electricity prices, and large - scale production cuts may not be restarted. As the cost of industrial silicon increases, its price continues to recover. However, there are many differences in the market, the overall transmission is limited, and it is difficult to continue to rise sharply. It is advisable to mainly short at the upper edge of the range. Guided by policies, the confidence of the photovoltaic industry chain to support prices has increased, but the terminal demand has not improved, and the market transactions are almost stagnant. The futures follow the spot price and are more based on the logic of speculative demand trading. In the short term, there are a lot of true and false news in the market, the volatility of the market increases, and the risk of chasing up rises [2]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract decreased from 8,765 yuan/ton on July 15 to 8,680 yuan/ton on July 16, a decrease of 85 yuan/ton. The price of most spot varieties increased slightly, such as the price of non - oxygenated 553 silicon in East China rising from 8,900 yuan/ton to 8,950 yuan/ton. The lowest deliverable price remained unchanged at 8,700 yuan/ton, and the spot premium changed from - 60 yuan/ton to 30 yuan/ton. The industrial silicon warehouse receipts decreased by 43 tons, and the total social inventory decreased by 4,800 tons [4]. - **Polysilicon**: The futures settlement price of the main contract increased from 42,470 yuan/ton on July 15 to 42,945 yuan/ton on July 16, an increase of 475 yuan/ton. The spot prices of various types of polysilicon remained unchanged. The lowest deliverable price remained at 43,500 yuan/ton, and the spot premium decreased from 1,030 yuan/ton to 555 yuan/ton. The polysilicon warehouse receipts remained unchanged, and the total social inventory increased by 0.3 million tons [4]. - **Organic Silicon**: The price of DMC in the East China market increased from 11,000 yuan/ton to 11,200 yuan/ton, and the price of dimethyl silicone oil increased from 12,000 yuan/ton to 14,000 yuan/ton, while the prices of other organic silicon products remained unchanged [4]. - **Downstream Products**: The prices of silicon wafers and battery cells remained unchanged. The inventory of industrial silicon decreased, while the inventory of polysilicon increased [4]. 3.2 Chart Analysis - **Industrial Silicon and Cost - side Prices**: Charts show the prices of different grades of industrial silicon, grade price differences, regional price differences, electricity prices, silica prices, and refined coal prices [5][7][11]. - **Downstream Product Prices**: Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [12][15][17]. - **Inventory**: Charts present the inventory of industrial silicon futures, factory warehouses, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [20][23]. - **Cost and Profit**: Charts show the average cost and profit levels of main production areas, weekly cost - profit of industrial silicon, aluminum alloy processing industry profit, DMC cost - profit, and polysilicon cost - profit [26][28][33].

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint On July 15, industrial silicon and polysilicon both showed a volatile and upward - trending pattern. The main contract of industrial silicon 2509 closed at 8785 yuan/ton, with an intraday increase of 2.81%, and its position decreased by 6237 lots to 4397000 lots. The reference price of Baichuan industrial silicon spot was 9111 yuan/ton, an increase of 173 yuan/ton from the previous trading day. The price of the lowest deliverable 421 rose to 8500 yuan/ton, and the spot shifted from premium to discount of 60 yuan/ton. The main contract of polysilicon 2508 closed at 42470 yuan/ton, with an intraday increase of 2.78%, and its position decreased by 6237 lots to 69821 lots. The price of N - type recycled polysilicon material rose to 44550 yuan/ton, and the price of the lowest deliverable silicon material rose to 43500 yuan/ton. The spot premium over the main contract narrowed to 1030 yuan/ton. Market news indicated that Xinjiang might cancel the subsidized electricity price and large - scale plants' shut - down capacities would not restart, leading to continuous price recovery of industrial silicon due to cost increase. However, there were many disagreements in the market, with limited overall transmission and high difficulty in continuous upward surges. It was advisable to continue short - selling at the upper limit of the range. Guided by policies, the confidence of the photovoltaic industry chain in price support increased, but the terminal demand had not improved, and market transactions were almost at a standstill. Futures followed the spot price and were more driven by speculative demand. In the short term, there were a lot of true and false news in the market, with increased volatility of the disk and higher risks of chasing up [2]. 3. Summary by Directory 3.1 Daily Data Monitoring - **Industrial Silicon**: The futures settlement prices of the main and near - month contracts increased by 220 yuan/ton and 695 yuan/ton respectively. The spot prices of various grades of industrial silicon generally increased, with the price increase of different grades ranging from 50 - 200 yuan/ton. The current lowest deliverable price rose by 200 yuan/ton, and the spot premium shifted to a discount of 60 yuan/ton, a decrease of 495 yuan/ton [4]. - **Polysilicon**: The futures settlement prices of the main and near - month contracts both increased by 705 yuan/ton. Most of the spot prices remained unchanged, and the current lowest deliverable price stayed the same. The spot premium decreased by 705 yuan/ton to 1030 yuan/ton [4]. - **Organic Silicon**: The price of DMC in the East China market, raw rubber, and 107 glue remained unchanged, while the price of dimethyl silicone oil increased by 2000 yuan/ton [4]. - **Downstream Products**: The prices of silicon wafers and battery cells remained unchanged. The industrial silicon warehouse receipts increased by 168, and the Guangzhou Futures Exchange inventory decreased by 7360 tons. The total industrial silicon social inventory decreased by 4800 tons. The polysilicon warehouse receipts remained unchanged, the Guangzhou Futures Exchange inventory was flat, and the total polysilicon social inventory increased by 0.3 million tons [4]. 3.2 Chart Analysis - **Industrial Silicon and Cost - end Prices**: The report presented charts on the prices of various grades of industrial silicon, grade price differences, regional price differences, electricity prices, silica prices, and refined coal prices [5][7][10]. - **Downstream Product Prices**: Charts showed the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [13][16][18]. - **Inventory**: Charts included the industrial silicon futures inventory, factory inventory, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [21][24]. - **Cost and Profit**: Charts presented the average cost and profit levels of main production areas, weekly cost - profit of industrial silicon, aluminum alloy processing industry profit, DMC cost - profit, and polysilicon cost - profit [27][29][35]. 4. Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher of precious metals, a gold intermediate investment analyst, an excellent metal analyst of the Shanghai Futures Exchange, and the best industrial product futures analyst of Futures Daily & Securities Times. He has more than ten years of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles in public newspapers and magazines. His team has won the awards of the 16th and 15th best non - ferrous metal industry futures research teams of Futures Daily & Securities Times and the title of excellent non - ferrous metal industry team of the Shanghai Futures Exchange in 2016 [37]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon research [37]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel [38].

Group 1 - The investment rating of the industry is not mentioned in the report. - The core view of the report is that on July 14, the industrial silicon futures contract 2509 closed at 8,695 yuan/ton, with an intraday increase of 3.27%, and the open interest increased by 35,078 lots to 403,000 lots. The reference price of the industrial silicon spot from Baichuan was 8,938 yuan/ton, up 57 yuan/ton from the previous trading day. The price of the lowest deliverable 421 grade silicon increased to 8,500 yuan/ton, and the spot shifted from a discount to a premium of 435 yuan/ton. The polysilicon futures contract 2508 closed at 42,090 yuan/ton, with an intraday increase of 0.81%, and the open interest decreased by 7,597 lots to 78,328 lots. The SMM price of N-type polysilicon feedstock rose to 41,500 yuan/ton, and the price of the lowest deliverable N-type polysilicon feedstock rose to 41,500 yuan/ton, with the spot shifting from a premium to a discount of 265 yuan/ton to the front-month contract. Market news indicates that Xinjiang may cancel subsidized electricity prices and major manufacturers may not resume production, causing the price of industrial silicon to continue rising due to increased costs. However, there are many market disagreements, limited overall market transmission, and high difficulty in sustaining the upward trend. The strategy of shorting at the upper end of the trading range can be continued. Guided by policies, the confidence of the photovoltaic industry chain to support prices has increased, but the terminal demand has not improved, and market transactions are almost stagnant. Futures follow the spot prices and are more driven by speculative demand. In the short term, the market is filled with true and false news, increasing the volatility of the trading volume and the risk of unilateral trading [2] Group 2 - On July 14, the industrial silicon futures settlement price for the front-month contract decreased by 400 yuan/ton, the price of the 421 grade silicon increased by 100 yuan/ton, and the spot shifted from a discount of 65 yuan/ton to a premium of 435 yuan/ton. The price of the front-month contract for polysilicon futures decreased by 5,535 yuan/ton, the price of the lowest deliverable N-type polysilicon feedstock remained unchanged at 41,500 yuan/ton, and the spot shifted from a premium of 170 yuan/ton to a discount of 265 yuan/ton. The price of dimethyl silicone oil in the organic silicon market increased by 2,000 yuan/ton, while the prices of other products remained unchanged. The prices of silicon wafers and battery cells remained unchanged. The inventory of industrial silicon decreased by 4,800 tons, and the inventory of polysilicon increased to 274,000 tons [4]. Group 3 - The report includes various price charts and data comparisons of industrial silicon, polysilicon, and organic silicon, covering aspects such as prices, inventories, and cost-profit analysis. The price charts are divided into four categories: industrial silicon and cost, downstream products, inventory, and cost-profit [5][13][22]. - The price charts for industrial silicon and its cost include prices of various grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [5][7][10]. - The price charts for downstream products include prices of DMC, silicone products, silicon wafers, battery cells, and components [13][17][19]. - The inventory charts cover industrial silicon and polysilicon inventories in different locations and warehouses, as well as total social inventories [4]. - The cost-profit charts analyze the cost and profit of industrial silicon, polysilicon, and organic silicon in different regions and production locations [28][36].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 本次业绩预告的具体适用情形：净利润为负值。 2、预计2025年半年度实现归属于上市公司股东的扣除非经常性损益的净利润为-67,000万元到-52,000万 元。 （三）公司本期业绩预告数据未经注册会计师审计。 二、上年同期业绩情况 ● 双良节能系统股份有限公司（以下简称"公司"）预计2025年半年度实现归属于上市公司股东净利润 为-65,000万元到-50,000万元。 ● 预计2025年半年度实现归属于上市公司股东的扣除非经常性损益的净利润为-67,000万元到-52,000万 元。 ● 公司本次预计业绩数据未经注册会计师审计。预告数据仅为公司财务部门初步核算数据，具体准确的 财务数据以公司正式披露的2025年半年度报告为准，敬请广大投资者注意投资风险。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年6月30日。 （二）业绩预告情况 1、经公司财务部门初步测算，预计2025年半年度实现归属于上市公司股东净利润为-65,000万 ...

Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 1.71 trillion yuan, an increase of 218 billion yuan compared to the previous trading day, marking the highest trading volume since March 15 [1][2] - Over 2,900 stocks in the market experienced an increase [1][2] Index Performance - The three major A-share indices saw collective gains in the morning, with the Shanghai Composite Index rising by 0.01%, the Shenzhen Component Index increasing by 0.61%, and the ChiNext Index up by 0.8% at the close [1] Sector Performance - The rare earth permanent magnet sector experienced a surge, with over ten stocks, including Northern Rare Earth and Baotou Steel, hitting the daily limit [4] - Banking stocks saw a rise but later retreated, while brokerage, steel, and pharmaceutical sectors showed strong performance [4] Individual Stock Highlights - Notable stock performances included Benlang New Materials (+29.95%), San Chuan Wisdom (+20.09%), and Jiu Wu Gao Ke (+20.02%) [5] - Other significant gainers included Zhongse Co., Baotou Steel, and Northern Rare Earth, each rising by 10% [5] Fund Flow - Main capital saw a net inflow into sectors such as securities, software development, and semiconductors, while there was a net outflow from electronic components, banks, and photovoltaic equipment [6] - Specific stocks with net inflows included Dongfang Fortune and Changjiang Electric Power, while stocks like Seres and Tianfu Communication faced significant outflows [7] Analyst Insights - Jiang Hai Securities noted a perfect combination of volume and price, indicating an unchanged upward trend [7] - De Xun Securities highlighted that the Shanghai Composite Index's ability to break above 3,500 points this week is supported by strong buying momentum from the banking sector, although technical resistance remains [7] - Guojin Securities stated that the market is in a fluctuating upward trend, with broad recognition of the upward trend and accumulating market confidence [7]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views - The industrial silicon futures price was weakly volatile on July 9, 2025, with the main contract 2509 opening at 8200 yuan/ton and closing at 8140 yuan/ton, a change of -0.67% from the previous settlement price. The spot price of industrial silicon remained stable, while the price of organic silicon DMC was relatively stable, with a slight increase in the online quotation of Shandong monomer enterprises due to cost support [1]. - The short - term fundamentals of industrial silicon have slightly improved, but without policy support, the price may still weaken. The polycrystalline silicon futures price continued to rise on July 9, 2025, and the spot price remained stable. The price increase has been transmitted to the silicon wafer segment, and the progress and implementation of policies need to be monitored [1][3][6]. Group 3: Market Analysis Industrial Silicon - **Futures**: On July 9, 2025, the main contract 2509 of industrial silicon futures opened at 8200 yuan/ton and closed at 8140 yuan/ton, a change of -55 yuan/ton (-0.67%) from the previous settlement price. The position of the main contract was 399029 lots, and the number of warehouse receipts was 50792 lots, a change of -285 lots from the previous day [1]. - **Supply**: The spot price of industrial silicon remained stable. The price of East China oxygen - passing 553 silicon was 8700 - 8800 yuan/ton, 421 silicon was 8900 - 9200 yuan/ton, Xinjiang oxygen - passing 553 silicon was 8100 - 8300 yuan/ton, and 99 silicon was 8100 - 8200 yuan/ton [1]. - **Consumption**: The quotation of organic silicon DMC was 10300 - 10600 yuan/ton. The online DMC quotation of Shandong monomer enterprises was raised to 10700 yuan/ton, an increase of 400 yuan/ton from the previous level, mainly due to cost support [1]. Polycrystalline Silicon - **Futures**: On July 9, 2025, the main contract 2508 of polycrystalline silicon futures opened at 38480 yuan/ton and closed at 39270 yuan/ton, a change of 5.03% from the previous day. The position of the main contract was 97187 lots (110547 lots the previous day), and the trading volume was 794464 lots [3]. - **Spot**: The spot price of polycrystalline silicon remained stable. The prices of re - feeding materials, dense materials, cauliflower materials, granular silicon, N - type materials, and N - type granular silicon were within certain ranges, with slight increases in N - type materials and N - type granular silicon [3]. - **Inventory and Production**: The inventory of polycrystalline silicon manufacturers increased slightly, with a 0.74% month - on - month change, and the silicon wafer inventory decreased by 4.43% month - on - month. The weekly production of polycrystalline silicon was 24000 tons, a 1.69% month - on - month change, and the silicon wafer production was 11.90GW, a - 11.46% month - on - month change [3]. Silicon Wafers, Battery Cells, and Components - **Silicon Wafers**: The price of domestic N - type silicon wafers increased significantly on the afternoon of July 9, with an average increase of 0.1 - 0.15 yuan/piece [3][5]. - **Battery Cells**: The prices of various types of battery cells remained stable [5]. - **Components**: The mainstream transaction prices of various types of components remained stable [5]. Group 4: Strategies Industrial Silicon - **Unilateral**: Mainly use range - bound operations, and upstream enterprises can sell hedging at high prices [2]. - **Other Strategies**: No cross - period, cross - variety, spot - futures, or option strategies are recommended [2]. Polycrystalline Silicon - **Unilateral**: Neutral [6]. - **Other Strategies**: No cross - period, cross - variety, spot - futures, or option strategies are recommended [6].

多晶硅日报 请阅读正文后的声明 每日报告 一、行情回顾与展望 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 07 月 03 日 能源化工研究团队 研究员：李捷, ...

Market Overview - The A-share market showed mixed performance on July 2, with the Shanghai Composite Index down 0.09% to 3454.79 points, the ChiNext Index down 1.13% to 2123.72 points, and the Shenzhen Component Index down 0.61% to 10412.63 points [1] - A total of 1943 stocks rose while 3282 stocks fell, with a total trading volume of 13769 billion yuan, a decrease of 892 billion yuan from the previous trading day [2] Sector Performance - Marine economy stocks surged, particularly in aquaculture and deep-sea technology, with several stocks hitting the daily limit [4] - The steel sector saw a rebound in the afternoon, with stocks like Shengde Xintai and Chongqing Steel reaching their daily limit [4] - The banking sector remained active, with major banks like China Construction Bank and Shanghai Pudong Development Bank reaching historical highs [4] - Semiconductor stocks experienced significant declines, with several companies dropping over 6% [4][5] Future Market Expectations - Zhongyuan Securities predicts a steady upward trend for the A-share market in the short term, supported by increased long-term capital inflow and stable ETF growth [6] - Yingda Securities suggests a relatively positive mid-term market outlook, with expectations of continued upward movement due to financial support policies and potential interest rate cuts from the Federal Reserve [6] - Dongguan Securities notes that the upcoming half-year report disclosures and policy expectations will enhance market drivers [6] - Overall, the market is expected to experience fluctuations, with potential opportunities in sectors like new consumption, media, and non-bank financials [7][8]