Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - **Nickel**: The contradictions in the smelting end are not prominent, and attention should be paid to the news - related risks at the mine end [2][4]. - **Stainless Steel**: There is a game between short - and long - term logics, and steel prices may fluctuate [2][4]. - **Lithium Carbonate**: Supply and demand are both increasing, and the market is under pressure [2][11]. - **Industrial Silicon**: The industry inventory is accumulating, and the strategy is to short at high prices [2][15]. - **Polysilicon**: Attention should be paid to market information changes [2][15]. 3. Summary by Related Catalogs Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai Nickel main contract was 121,980 yuan, and the stainless - steel main contract was 12,950 yuan. There were also data on trading volume, spot prices, and spreads [4]. - **Macro and Industry News**: Many events occurred in Indonesia, including the trial production of the CNI nickel - iron project, environmental violations in the IMIP, plans to shorten mining quota periods, production suspensions in some nickel - iron smelting industrial parks, and the takeover of a nickel - mine area by the forestry working group [4][5][7][9]. - **Trend Intensity**: The trend intensity of nickel and stainless steel is 0, indicating a neutral view [10]. Lithium Carbonate - **Fundamental Data**: Data on futures contracts (such as 2511 and 2601 contracts), spot prices, basis, and raw - material prices are provided [12]. - **Macro and Industry News**: The SMM battery - grade lithium carbonate index price decreased, and Zijin Mining's lithium - salt project was put into production [13][14]. - **Trend Intensity**: The trend intensity of lithium carbonate is - 1, indicating a slightly bearish view [14]. Industrial Silicon and Polysilicon - **Fundamental Data**: Information on futures prices, trading volumes, open interests, basis, prices, profits, inventories, and raw - material costs of industrial silicon and polysilicon is presented [15]. - **Macro and Industry News**: The three ministries and commissions issued the "National Industrial Resources Comprehensive Utilization Advanced and Applicable Process Technology Equipment Catalog (2025 Edition)" [15]. - **Trend Intensity**: The trend intensity of industrial silicon is - 1 (slightly bearish), and that of polysilicon is 0 (neutral) [17].

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - For industrial silicon, the industry inventory is accumulating, and the idea is to short at high prices; for polysilicon, attention should be paid to market information changes [1] - The trend strength of industrial silicon is -1, indicating a bearish view, and the trend strength of polysilicon is 0, indicating a neutral view [3] Group 3: Summary by Directory Fundamental Tracking - **Futures Market**: The closing price of Si2511 was 8,745 yuan/ton, with a change of -75 yuan compared to T - 5; the closing price of PS2511 was 53,610 yuan/ton, with a change of -3,125 yuan compared to T - 5. The trading volume and open interest of both contracts also showed different degrees of changes [1] - **Basis and Premium**: The basis and premium of industrial silicon and polysilicon showed different changes compared to different benchmarks and time periods [1] - **Prices**: The price of Xinjiang 99 - silicon was 8,600 yuan/ton, with a change of 100 yuan compared to T - 5; the price of polysilicon - N - type re - feedstock was 51,550 yuan/ton, with a change of -50 yuan compared to T - 5. The prices of other products also had corresponding changes [1] - **Profits**: The profit of silicon plants in Xinjiang (new standard 553) was -2,526 yuan/ton, with a change of -390 yuan compared to T - 5; the profit of polysilicon enterprises was -14.4 yuan/kg, with a change of 0.2 yuan compared to T - 5. The profits of other products also showed different trends [1] - **Inventory**: The industrial silicon - industry inventory (social inventory + enterprise inventory) was 71.3 million tons, with an increase of 0.51 million tons compared to T - 5; the polysilicon - manufacturer inventory was 21.9 million tons, with an increase of 0.8 million tons compared to T - 5 [1] - **Raw Material Costs**: The prices of raw materials such as silicon ore, washed coal, petroleum coke, and electrodes in different regions showed different degrees of changes [1] Macro and Industry News - On September 11, 2025, the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Ecology and Environment issued the "Catalog of Advanced and Applicable Process Technologies and Equipment for National Industrial Resource Comprehensive Utilization (2025 Edition)", focusing on four fields including industrial solid waste source reduction and comprehensive utilization, with a focus on the comprehensive utilization technology of new energy vehicle power batteries, photovoltaic modules, etc. [3] Trend Strength - The trend strength of industrial silicon is -1, and the trend strength of polysilicon is 0, with the value range of trend strength being integers in the [-2, 2] interval, representing different degrees of bullish or bearish views [3]