Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week, industrial silicon rose 5.13% and polysilicon rose 14.49%. The industrial silicon futures market showed a trend of first falling and then rising, while the polysilicon futures market broke through the platform [4]. - For industrial silicon, next week's supply is expected to increase, mainly due to the significant increase in production in Southwest China during the wet season. The demand from the three major downstream industries remains flat, and the industry inventory is still at a high level. It is recommended to trade the main contract in the range of 8000 - 9000, with a stop - loss range of 7500 - 9500 [4]. - For polysilicon, the supply is increasing and the demand is weakening. It is expected that the market will continue to adjust next week. It is recommended to trade the main contract in the range of 52000 - 58000, with a stop - loss range of 49000 - 60000 [4]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Key Points Summary - **Market Review**: Industrial silicon rose 5.13% and polysilicon rose 14.49% this week. The industrial silicon futures market was volatile, and the polysilicon futures market broke through the platform on Friday [4]. - **Market Outlook**: - **Industrial Silicon**: Supply is expected to increase, especially in Southwest China. The demand from organic silicon, polysilicon, and aluminum alloy industries remains flat. The industry inventory is high, and inventory digestion faces pressure [4]. - **Polysilicon**: Supply is increasing, but the increase is expected to be limited. Demand is weakening due to weak terminal demand. The market is expected to continue to adjust next week [4]. - **Operation Suggestions**: Trade the industrial silicon main contract in the range of 8000 - 9000, with a stop - loss range of 7500 - 9500. Trade the polysilicon main contract in the range of 52000 - 58000, with a stop - loss range of 49000 - 60000 [4]. 3.2 Futures and Spot Market - **Futures Prices**: Both industrial silicon and polysilicon futures prices rose this week [5]. - **Spot Prices and Basis**: Industrial silicon spot prices rose, and the basis strengthened. Polysilicon spot prices also rose, and the basis strengthened [10][14]. - **Industrial Silicon Production and Capacity Utilization**: As of September 4, 2025, the national industrial silicon production was about 8.11 million tons, and the capacity utilization rate was 55.85% [19]. 3.3 Industry Situation - **Cost**: This week, industrial silicon raw materials and electricity prices remained flat. During the wet season, the overall cost remained low [21]. - **Warehouse Receipts**: As of September 4, 2025, the number of industrial silicon warehouse receipts was 50072, a decrease of 637 compared with the previous week [28]. - **Downstream Industries**: - **Organic Silicon**: Production and operating rate remained flat. Due to cost and price declines, profits decreased. It is expected that production will remain stable, and the demand for industrial silicon will remain flat [30][37]. - **Aluminum Alloy**: Spot prices rose, and inventory continued to increase. The demand for industrial silicon is expected to be negative [43]. - **Silicon Wafer and Battery Cell**: Silicon wafer prices were flat, and battery cell prices remained the same. The demand for polysilicon is expected to increase slightly [50]. - **Polysilicon Industry**: Cost and profit increased, and inventory decreased. As of September 5, polysilicon profit was 12070 yuan/ton, the average cost was 39430 yuan/ton, and inventory was 26.8 million tons [57][63].

Report Industry Investment Rating - No relevant content provided Core Views of the Report - This week, industrial silicon prices decreased by 0.68%, and polysilicon prices dropped by 2.53%. The industrial silicon futures market showed a volatile trend of first falling and then rising, while the polysilicon futures market oscillated at a high level [4]. - Looking ahead, in the industrial silicon market, supply is expected to increase in the southwest region due to the deepening of the wet season, but demand from the three major downstream industries remains flat overall. For polysilicon, supply is increasing while demand is weakening, and the market is likely to face further adjustments and continue to oscillate [4]. - In terms of operations, it is recommended that the main contract of industrial silicon oscillates within the range of 8000 - 9000, with a stop - loss range of 7500 - 9500. The main contract of polysilicon is expected to oscillate in the short term, within the range of 46000 - 53000, with a stop - loss range of 44000 - 55000 [4]. Summary by Directory 1. Weekly Key Points Summary - **Market Review**: Industrial silicon futures first fell and then rose this week, while polysilicon futures oscillated at a high level. After reaching over 52000, the polysilicon price dropped again due to low market acceptance of high - priced goods [4]. - **Market Outlook**: - **Industrial Silicon**: Supply in the southwest is expected to increase as the wet season deepens, but demand from downstream industries shows different trends. Organic silicon demand is negative, while polysilicon demand is expected to increase in August but may be limited in the long term. Aluminum alloy demand remains stable [4]. - **Polysilicon**: Supply is increasing, and demand is weakening due to factors such as weak terminal demand and a supply - strong and demand - weak market structure in the photovoltaic industry [4]. - **Operation Suggestions**: The main contract of industrial silicon should be mainly range - bound, and the main contract of polysilicon should oscillate in the short term, with specific ranges provided [4]. 2. Spot and Futures Markets - **Price Movements**: This week, both industrial silicon and polysilicon futures prices declined. Industrial silicon spot prices decreased, and the basis narrowed. Polysilicon spot prices increased, and the basis strengthened [4][10][14]. - **Output and Capacity Utilization**: As of August 21, 2025, the national industrial silicon output was about 79,800 tons, and the capacity utilization rate was 54.95%. The output and capacity utilization rate remained unchanged this week [20]. 3. Industry Situation - **Cost and Price**: This week, the raw materials for industrial silicon decreased, and electricity prices remained stable during the wet season, keeping the overall cost low. The price of aluminum alloy increased, and the inventory increased significantly [23][45]. - **Warehouse Receipts**: As of August 21, 2025, the number of industrial silicon warehouse receipts was 51,166 lots, a net increase of 465 lots [30]. - **Downstream Industry**: - **Organic Silicon**: Output and the operating rate decreased, and profits declined due to cost and price changes [32][37][43]. - **Aluminum Alloy**: The inventory increased significantly, and it is expected that the demand for industrial silicon will remain weak [45][47]. - **Silicon Wafer and Battery Cell**: Prices remained flat, which is expected to drag down the demand for polysilicon [52][57]. - **Polysilicon Industry**: Costs decreased, profits and output increased, indicating that the industry is gradually improving [59][62].

Group 1: Report Summary - The report is an industrial silicon and polysilicon market weekly report, covering the period from June 5th to June 13th, 2025 [2] - It provides an analysis of the industrial silicon and polysilicon markets, including price trends, supply and demand, and inventory levels - Recommendations for trading strategies are also given Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Views - Industrial silicon prices rose 0.75% this week, with the market sentiment warming up as it approached the cash - cost price of large manufacturers. However, the 07 contract is expected to have limited performance next week, while the 08 contract has seen a significant increase in short positions [7] - Polysilicon prices fell 3.01% this week, continuing the previous week's decline due to the bankruptcy of US energy storage companies and the subsequent decline in downstream photovoltaic prices [7] - In the industrial silicon market, supply is increasing as Yunnan and Sichuan enter the rainy season, and demand from downstream industries shows a flat trend overall. The large number of warehouse receipts has brought significant delivery pressure to the market [7] - In the polysilicon market, supply is decreasing as all manufacturers are operating at reduced capacity, and demand is weak due to factors such as reduced downstream photovoltaic component production and high inventory levels [7] Group 4: Summary by Directory 1. Weekly Key Points Summary - **Market Performance**: Industrial silicon rose 0.75% this week, while polysilicon fell 3.01% [7] - **Supply - Demand Analysis**: For industrial silicon, supply is increasing as large enterprises ramp up production during the rainy season, and downstream demand from organic silicon, polysilicon, and aluminum alloy shows a flat trend. For polysilicon, supply is decreasing as manufacturers operate at reduced capacity, and demand is weak due to factors such as reduced downstream production and high inventory [7] - **Trading Recommendations**: Industrial silicon's main contract is expected to trade in a range of 6800 - 7800, with a stop - loss range of 6500 - 8000. Polysilicon's main contract is expected to trade in a range of 32500 - 39000, with a stop - loss range of 32000 - 42000 [7] 2. Futures and Spot Market - **Price Trends**: Both industrial silicon and polysilicon futures prices fell this week. Industrial silicon's spot price was flat, and its basis weakened. Polysilicon's spot price decreased, and its basis also weakened [8][13][17] - **Futures Market**: Industrial silicon's production and capacity utilization increased this week, with a national production of about 70,600 tons and a capacity utilization rate of 48.62% [21][22] 3. Industry Situation - **Raw Materials**: Industrial silicon raw material prices fell, and most manufacturers' production costs were not supported [25] - **Inventory**: Industrial silicon's warehouse receipts and social inventory decreased this week, but the overall inventory pressure remained high [30][32] - **Downstream Industries**: - Organic silicon production and operating rates increased, but its profit decreased due to falling spot prices. It is expected that production will continue to increase [35][39][41] - Aluminum alloy prices fell, and inventory increased, making it difficult to drive industrial silicon demand [47][49] - Silicon wafer prices fell, which dragged down polysilicon demand. Battery cell prices were flat, and demand was unclear [54][56] - **Cost and Production**: Polysilicon's production cost remained flat, and its production is expected to decline gradually. In May 2025, China's polysilicon production was 97,355 tons, a month - on - month decrease of 0.59% [60][62]