1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - **Industrial Silicon**: Due to the unexpected resumption of polysilicon production, the supply - demand of industrial silicon has marginally improved, but the industrial hedging pressure is strong after the market rebound. It is expected to maintain a volatile and slightly stronger trend, and attention should be paid to the supply - side policies [54]. - **Polysilicon**: The policy expectation is gradually taking shape, which is contrary to the fundamental oversupply contradiction. The market is in a situation of strong expectation and weak reality, with large fluctuations, and cautious operation is required [55]. 3. Summary by Relevant Catalogs 3.1 Industrial Silicon, Polysilicon Overview and Strategy Recommendation - **Industrial Silicon Weekly Review (7.21 - 7.25)**: The prices of 553, 99 and 421 industrial silicon showed different trends. The prices of raw materials such as silicon coal and petroleum coke were relatively stable. The production in various regions increased to varying degrees, and the inventory and demand also changed [8][10]. - **Polysilicon Weekly Review (7.21 - 7.25)**: The price of N - type polysilicon material increased slightly, the production increased, and the inventory decreased slightly. The downstream demand was still under pressure [10]. 3.2 Industrial Silicon Supply - **Price/Spread/Cost/Profit**: The prices of different grades of industrial silicon fluctuated, and the cost and profit of different regions also varied. For example, the cost of Yunnan, Sichuan and Xinjiang was different, and the profit was mostly negative [8][10]. - **Industrial Silicon Supply**: The production in various regions such as Xinjiang, Yunnan, Sichuan and Inner Mongolia showed different trends of increase or decrease. The production capacity utilization rate also changed accordingly [8][10]. - **Industrial Silicon Inventory/Supply - Demand Difference**: The total inventory decreased slightly, the social inventory decreased, and the factory inventory increased. The supply - demand difference also changed with the change of supply and demand [10]. 3.3 Industrial Silicon Demand - **Polysilicon Demand**: The demand for polysilicon was affected by factors such as the production of silicon wafers and the price of polysilicon. The production of polysilicon increased, and the demand was expected to increase [10][20]. - **Organic Silicon Demand**: The price of organic silicon DMC increased, the production was affected by the shutdown of a factory, and the demand was relatively stable [10]. - **Other Demands**: The demand for aluminum alloy increased slightly, and the export increased significantly, but the overseas orders were not many [10]. 3.4 Balance Sheets - **Industrial Silicon Supply Balance Sheet**: Under the neutral assumption, the production of industrial silicon in different months and regions was estimated, and the production capacity utilization rate and other data were provided [12]. - **Industrial Silicon Demand Balance Sheet**: The demand for industrial silicon in different months and fields was estimated, including organic silicon, polysilicon, aluminum alloy and export, and the supply - demand difference and inventory were calculated [20]. - **Polysilicon Supply Balance Sheet**: The supply of polysilicon in different months was estimated, including production, import and export, and the production capacity utilization rate was also provided [27]. - **Polysilicon Demand Balance Sheet**: The demand for polysilicon was estimated from aspects such as silicon wafer production and consumption coefficient, and the supply - demand difference and inventory were calculated [35]. 3.5 Cost Curve - The cost curves of polysilicon under different scenarios (considering and not considering waste heat power generation) were provided, showing the cost echelons of different enterprises [51][52]. 3.6 Trading Logic - **Industrial Silicon**: The main trading logic is affected by factors such as polysilicon production resumption, industrial hedging pressure and supply - side policies [54]. - **Polysilicon**: The main trading logic is affected by policy expectations, the contradiction between supply and demand, and the actual implementation of measures [55].