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].

2025 年 09 月 15 日 工业硅：行业库存累库，逢高布空思路 多晶硅：关注市场信息变动 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Si2511收盘价（元/吨） | 8,745 | 5 | -75 | 145 | | | | | Si2511成交量（手） | 303,843 | -43,776 | -259,443 | -206,437 | | | | | Si2511持仓量（手） | 277,988 | -9,783 | -8,557 | -6,512 | | | 工业硅、多晶硅期货市场 | | PS2511收盘价（元/吨） | 53,610 | -100 | -3,125 | - | | | | | PS2511成交量（手） | 356,808 | 78,512 | -308,434 | - | | | | | PS2511持 ...