Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - For industrial silicon, the recent continuous outflow of warehouse receipts, good shipment of spot - futures traders, and improved overall commodity sentiment have led to a stable rebound in the industrial silicon futures market. However, the fundamentals are weak. If the market rebounds significantly, upstream producers can consider selling hedges at high prices. The trading strategy is mainly range - bound operation [2]. - For polysilicon, the polysilicon futures market maintains a range - bound oscillation. Near - month contracts are strong due to delivery games, while far - month contracts are weak due to poor consumption expectations. The trading strategy is neutral [5]. 3. Summary by Industry Industrial Silicon - **Market Analysis** - On June 18, 2025, the industrial silicon futures price was mainly volatile. The main contract 2509 opened at 7360 yuan/ton and closed at 7360 yuan/ton, a change of 80 yuan/ton (1.10%) from the previous day's settlement. The position of the 2509 main contract at the close was 318,893 lots. On June 17, 2025, the total number of warehouse receipts was 56,068 lots, a change of - 755 lots from the previous day [1]. - The spot price of industrial silicon remained stable. The price of East China oxygen - passing 553 silicon was 8000 - 8300 yuan/ton, 421 silicon was 8400 - 9000 yuan/ton, Xinjiang oxygen - passing 553 silicon was 7500 - 7700 yuan/ton, and 99 silicon was 7500 - 7700 yuan/ton. Silicon prices in Kunming and Huangpu ports decreased slightly, while in Tianjin, the price of 553 silicon increased slightly and 3303 silicon decreased. Prices in Xinjiang, Sichuan, Shanghai, and the northwest remained stable, and the price of 97 silicon also remained stable [1]. - In terms of consumption, the quoted price of silicone DMC was 10,400 - 10,900 yuan/ton, a decrease of 100 yuan/ton. The start - up of silicone monomer enterprises continued to increase. After the maintenance of monomer plants in the southwest and east China ended, the maintenance plants in north China were also about to resume. The start - up rate of the silicone monomer industry was expected to approach 70%. Although the start - up situation was good, consumption was average and prices were weak [1]. - **Strategy** - Unilateral: Mainly range - bound operation, upstream producers sell hedges at high prices. - Inter - period: None. - Cross - variety: None. - Spot - futures: None. - Options: None [2] Polysilicon - **Market Analysis** - On June 17, 2025, the main contract 2507 of polysilicon futures maintained a volatile pattern, opening at 34,230 yuan/ton and closing at 34,010 yuan/ton, a closing price change of - 0.07% from the previous trading day. The position of the main contract reached 43,443 lots (51,277 lots the previous day), and the trading volume on the day was 45,805 lots [3]. - The spot price of polysilicon remained stable. The quoted price of polysilicon re - feeding material was 31.00 - 34.00 yuan/kg, dense material was 29.00 - 34.00 yuan/kg, cauliflower material was 28.00 - 31.00 yuan/kg, granular silicon was 30.00 - 32.00 yuan/kg, N - type material was 34.00 - 37.00 yuan/kg, and N - type granular silicon was 32.00 - 34.00 yuan/kg. Polysilicon manufacturers' inventory increased slightly, while silicon wafer inventory decreased. The latest statistics showed that polysilicon inventory was 27.50 (a month - on - month change of 2.23%), silicon wafer inventory was 19.34GW (a month - on - month change of - 3.40%), polysilicon weekly output was 23,800.00 tons (a month - on - month change of 8.00%), and silicon wafer output was 13.10GW (a month - on - month change of 0.40%) [3][4]. - In the silicon wafer market, the price of domestic N - type 18Xmm silicon wafers was 0.91 yuan/piece, N - type 210mm was 1.27 yuan/piece, and N - type 210R silicon wafers were 1.06 yuan/piece. - 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 0.27 yuan/W, and HJT210 half - piece battery cells were 0.37 yuan/W. - 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 0.69 - 0.70 yuan/W, and N - type 210mm was 0.70 - 0.70 yuan/W [4]. - **Strategy** - Unilateral: Neutral. - Inter - period: None. - Cross - variety: None. - Spot - futures: None. - Options: None [5]