Core Insights - The total installed power generation capacity in the country reached 3.65 billion kilowatts by the end of June, representing a year-on-year growth of 18.7% [1] - The average utilization hours of power generation equipment from January to June were 1,504 hours, which is a decrease of 162 hours compared to the same period last year [1]

Group 1: Report Title and General Outlook - The report focuses on industrial silicon and polysilicon, with the overall trend of industrial silicon remaining weak, while for polysilicon, market sentiment is fermenting and attention is on the upside potential [1][2] Group 2: Fundamental Data Industrial Silicon and Polysilicon Futures Market - Si2507: The closing price is 7,880 yuan/ton, with a change of -530 yuan/ton compared to T - 5 and -1,135 yuan/ton compared to T - 22; the trading volume is 208,397 lots, down 27,382 lots from T - 1; the open interest is 183,690 lots, down 9,112 lots from T - 1 [2] - PS2507: The closing price is 36,080 yuan/ton, up 220 yuan/ton from T - 1 and down 1,840 yuan/ton from T - 5; the trading volume is 126,262 lots, down 30,963 lots from T - 1; the open interest is 77,294 lots, up 3,806 lots from T - 1 [2] Basis - Industrial silicon: The spot premium/discount varies depending on the benchmark, e.g., +790 yuan/ton for East China Si5530, +840 yuan/ton for Yunnan Si4210, and +690 yuan/ton for Tianjin 99 silicon [2] - Polysilicon: The spot premium/discount for N - type re - feed is -510 yuan/ton, down 255 yuan/ton from T - 1 and 1,340 yuan/ton from T - 5 [2] Price - Industrial silicon: The price of East China oxygen - passing Si5530 is 8,650 yuan/ton, down 50 yuan/ton from T - 1 and 450 yuan/ton from T - 5; Yunnan Si4210 is 10,200 yuan/ton, down 150 yuan/ton from T - 1 and 600 yuan/ton from T - 5 [2] - Polysilicon: The price of N - type re - feed is 36,500 yuan/ton, unchanged from T - 1 and down 2,250 yuan/ton from T - 5 [2] Profit - Industrial silicon: The profit of Xinjiang new - standard 553 silicon plants is -3,587 yuan/ton, up 15 yuan/ton from T - 1; Yunnan new - standard 553 silicon plants is -6,742 yuan/ton, up 95 yuan/ton from T - 1 [2] - Polysilicon: The profit of polysilicon enterprises is -5.3 yuan/kg, up 0.4 yuan/kg from T - 1 [2] Inventory - Industrial silicon: The social inventory (including warehouse receipt inventory) is 58.2 million tons, the enterprise inventory is 23.4 million tons, and the industry inventory (social + enterprise) is 81.6 million tons, down 3.04 million tons from T - 5; the futures warehouse receipt inventory is 32.6 million tons, down 0.2 million tons from T - 1 [2] - Polysilicon: The manufacturer inventory is 26.0 million tons, up 1.0 million tons from T - 5 [2] Raw Material Cost - Silicon ore: The price in Xinjiang is 430 yuan/ton, down 10 yuan/ton from T - 5; in Yunnan, it is 385 yuan/ton, down 25 yuan/ton from T - 5 [2] - Washed coking coal: In Xinjiang, it is 1,350 yuan/ton, down 100 yuan/ton from T - 5; in Ningxia, it is 960 yuan/ton, down 80 yuan/ton from T - 5 [2] - Petroleum coke: The price of Maoming coke is 1,400 yuan/ton, unchanged from T - 5; Yangtze coke is 1,830 yuan/ton, up 40 yuan/ton from T - 5 [2] - Electrodes: Graphite electrodes are 12,400 yuan/ton, down 300 yuan/ton from T - 5; carbon electrodes are 7,910 yuan/ton, down 90 yuan/ton from T - 5 [2] Other Related Products - Organic silicon: The price of DMC is 11,450 yuan/ton, unchanged from T - 1; the profit of DMC enterprises is -473 yuan/ton, up 64 yuan/ton from T - 1 [2] - Aluminum alloy: The price of ADC12 is 20,400 yuan/ton, unchanged from T - 1; the profit of recycled aluminum enterprises is 40 yuan/ton, down 50 yuan/ton from T - 1 [2] - Photovoltaic products: The price of silicon wafers (N - type - 182mm) is 0.94 yuan/piece, unchanged from T - 1; battery cells (TOPCon - M10) are 0.258 yuan/watt, unchanged from T - 1; components (N - type - 182mm) are 0.701 yuan/watt, unchanged from T - 1; photovoltaic glass (3.2mm) is 21.5 yuan/cubic meter, unchanged from T - 1; photovoltaic - grade EVA price is 10,200 yuan/ton, unchanged from T - 1 [2] Group 3: Macro and Industry News - On May 22, the National Energy Administration released the national power industry statistics for January - April. As of the end of April, the total installed power generation capacity was 3.49 billion kilowatts, a year - on - year increase of 15.9%. Among them, solar power installed capacity was 0.99 billion kilowatts, a year - on - year increase of 47.7%; wind power installed capacity was 0.54 billion kilowatts, a year - on - year increase of 18.2%. From January to April, the average utilization hours of national power generation equipment were 1,008 hours, 103 hours lower than the same period last year; the investment in power source projects of major power generation enterprises was 193.3 billion yuan, a year - on - year increase of 1.6%; the investment in power grid projects was 140.8 billion yuan, a year - on - year increase of 14.6% [2] Group 4: Trend Intensity - The trend intensity of industrial silicon is -1, indicating a weak trend; the trend intensity of polysilicon is 1, indicating a relatively strong trend [4]