Report Industry Investment Rating No information provided. Core Viewpoints - For industrial silicon, after the China-US call, the commodity sentiment has improved, and the profit - taking of short positions in most under - performing commodities may lead to a market rebound. Industrial silicon will be affected to some extent, and there may be abnormal fluctuations in the disk due to short - term position reduction. The fundamentals change little, with the futures price oscillating and the spot price stabilizing [1][3]. - For polysilicon, the fundamentals are weak. With the short - term improvement in commodity sentiment and more capital games, the disk may maintain a wide - range oscillation [4][6]. Summary by Directory Industrial Silicon Market Analysis - On June 5, 2025, the industrial silicon futures price oscillated weakly. The main contract 2507 opened at 7200 yuan/ton and closed at 7135 yuan/ton, down 40 yuan/ton (-0.56%) from the previous settlement. The position of the main contract 2505 was 183,965 lots at the close, and the number of warehouse receipts on June 6, 2025 was 61,309 lots, a decrease of 494 lots from the previous day [1]. - The industrial silicon spot price remained stable. The price of East China oxygen - passing 553 silicon was 8000 - 8300 yuan/ton, 421 silicon was 8400 - 9200 yuan/ton (down 50 yuan/ton), Xinjiang oxygen - passing 553 silicon was 7500 - 7700 yuan/ton, and 99 - silicon was 7500 - 7700 yuan/ton [1]. - On June 5, the total social inventory of industrial silicon in major regions was 587,000 tons, a decrease of 2000 tons from last week. The inventory in social ordinary warehouses was 135,000 tons, an increase of 1000 tons from last week, and the inventory in social delivery warehouses (including unregistered warehouse receipts and spot parts) was 452,000 tons, a decrease of 3000 tons from last week [1]. - The organic silicon DMC quotation was 11300 - 11600 yuan/ton. The average price this week decreased slightly by 50 yuan/ton compared with last week. The opening quotation of DMC on the online mall of Shandong monomer enterprises was 11400 yuan/ton, remaining stable compared with last week. The DMC quotations of other domestic monomer enterprises were 11500 - 11600 yuan/ton. The local transaction price in the domestic DMC market declined, terminal demand weakened, and some enterprises with relatively high inventory levels slightly lowered prices to attract orders [2]. Strategy - The one - side strategy is mainly range operation, and upstream enterprises can sell hedging at high prices. There are no strategies for inter - period, cross - variety, spot - futures, and options [3]. Polysilicon Market Analysis - On June 5, 2025, the main contract 2507 of polysilicon futures maintained an oscillating pattern, opening at 34,810 yuan/ton and closing at 34,540 yuan/ton, with a closing price change of - 0.27% from the previous trading day. The position of the main contract was 65,802 lots (67,873 lots the previous trading day), and the trading volume on the day was 127,429 lots [4]. - The polysilicon spot price remained stable. The quotations of polysilicon re - feedstock were 32.00 - 35.00 yuan/kg, dense material was 30.00 - 34.00 yuan/kg, cauliflower material was 29.00 - 31.00 yuan/kg, granular silicon was 32.00 - 33.00 yuan/kg, N - type material was 35.00 - 38.00 yuan/kg, and N - type granular silicon was 33.00 - 35.00 yuan/kg [4]. - The polysilicon manufacturer's inventory increased slightly, and the silicon wafer inventory increased. The latest statistics showed that the polysilicon inventory was 269,000 tons, a month - on - month increase of 0.37%, the silicon wafer inventory was 20.02GW, a month - on - month increase of 7.80%, the weekly polysilicon output was 22,000 tons, a month - on - month increase of 1.85%, and the silicon wafer output was 13.04GW, a month - on - month decrease of 2.67% [4][5]. - In terms of silicon wafers, the price of domestic N - type 18Xmm silicon wafers was 0.94 yuan/piece, N - type 210mm was 1.28 yuan/piece, and N - type 210R silicon wafers was 1.08 yuan/piece [5]. - In terms of battery cells, the price of high - efficiency PERC182 battery cells was 0.28 yuan/W, PERC210 battery cells were about 0.28 yuan/W, TopconM10 battery cells were about 0.25 yuan/W (down 0.01 yuan/W), Topcon G12 battery cells were 0.26 yuan/W, Topcon210RN battery cells were 0.27 yuan/W, and HJT210 half - piece battery cells were 0.37 yuan/W [5]. - In terms of components, the mainstream transaction prices of PERC182mm were 0.67 - 0.74 yuan/W, PERC210mm were 0.69 - 0.73 yuan/W, N - type 182mm were 0.69 - 0.69 yuan/W, and N - type 210mm were 0.69 - 0.69 yuan/W [5]. Strategy - The one - side strategy is neutral. There are no strategies for inter - period, cross - variety, spot - futures, and options [6].

风险提示：证券市场价格受多重因素影响，历史数据不代表未来表现，投资者应注意市场波动风险，审 慎做出投资决策。 卖方阵营呈现不同资金特征，中国银河证券沈阳大北关街营业部以5083.91万元金额居首，该席位近三 个月上榜个股短期表现相对强势，三天上涨概率超过58%。位列其后的国泰海通证券宜昌沿江大道营业 部与甬兴证券台州分公司，分别对应3861.16万元、3277.37万元金额，后者虽然上榜次数较少，但历史 交易成功率保持较高水平。 值得注意的是，沪股通专用席位在卖出方同样现身，以2578.30万元金额位列第四，形成双向操作态 势。申港证券浙江分公司作为新晋活跃席位，本次以2036.87万元金额首次出现在该股卖出席位中，其 过往单一案例成功率显示100%的短期正收益记录。 6月4日翠微股份公开交易数据显示，多家市场关注度较高的证券营业部现身榜单。在买入方阵营中，沪 股通专用席位以7734.03万元金额位列榜首，该席位近三个月在340次上榜记录中，个股后续三天上涨概 率达41.18%。中信证券上海分公司以3453.15万元金额紧随其后，该席位历史交易记录显示，其操盘风 格偏向短线波段操作。 值得关注的是，瑞银证券上 ...