Report Industry Investment Rating - No information provided Core Viewpoints - For industrial silicon, the supply side still has a certain increment while the improvement in demand is limited. It remains in an oversupplied pattern, which may suppress the upper limit of the market. Attention should be paid to the support level of 8,300 - 8,500 yuan/ton. [1] - For polysilicon, with new supply - side news, the polysilicon market has risen again. Considering the high raw material inventory of downstream enterprises, it's difficult to have a concentrated restocking in the short term, and there is significant pressure for the spot price to continue rising, which may suppress the upper limit of the market. [1] Summary by Related Catalogs Price Information - Industrial silicon: The average price of non - oxygenated 553 (East China) remained flat at 9,300 yuan/ton, and the average price of 421 (East China) remained flat at 9,700 yuan/ton. The closing price of the futures main contract dropped 2.03% to 8,430 yuan/ton. [1] - Polysilicon: The price of N - type dense material remained flat at 51.25 yuan/kg; the price of N - type re - feeding material rose 0.09% to 52.80 yuan/kg; the price of N - type mixed material remained flat at 50.25 yuan/kg; the price of N - type granular silicon remained flat at 50.5 yuan/kg. The closing price of the futures main contract dropped 0.45% to 52,340 yuan/ton. [1] Inventory Information - As of October 16, the total social inventory of industrial silicon in major regions was 562,000 tons, an increase of 17,000 tons from the previous week. Among them, the social general warehouse inventory was 120,000 tons, unchanged from before the holiday, and the social delivery warehouse inventory was 442,000 tons, an increase of 17,000 tons from the previous week. [1] Market News - Mercom India Research reported that in the first half of 2025, India's photovoltaic manufacturing industry grew significantly, with an additional 44.2GW of module production capacity and 7.5GW of battery production capacity. The total production capacity of modules and batteries on the ALMM I and II lists reached 109.5GW and 17.9GW respectively. [1] Investment Strategy - Industrial silicon: Adopt range - bound trading. Continuously monitor industrial policy changes and silicon enterprise production dynamics. [1] - Polysilicon: Go long with a light position on dips before the implementation of supply - side reform policies. Continuously monitor the implementation of industrial policies and macro - sentiment evolution. [1]

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | | 工业硅&多晶硅日评20251016：关注供给端变动 | | | | --- | --- | --- | --- | | 2025/10/16 | 指标 单位 今值 变动 近期趋势 | | | | 不通氧553#（华东）平均价格 | 元/吨 | 9,300.00 | 0.00% | | 工业硅期现价格 | 期货主力合约收盘价 元/吨 | 8,570.00 | 0.59% | | 基差（华东553#-期货主力） | 元/吨 | 730.00 | -50.00 | | N型多晶硅料 | 元/千克 | 51.25 | 0.00% | | 多晶硅期现价格 | 元/吨 期货主力合约收盘价 | 50,865.00 | 1.75% | | 不通氧553#（华东）平均价格 | 基差 元/吨 元/吨 | 385.00 9,300.00 | -875.00 0.00% | | 不通氧553#（黄埔港）平均价格 | 元/吨 | 9,350.00 | 0.00% | | 不通氧553#（天津港）平均价格 | 元/吨 | 9,250.00 | ...