Group 1: Industry Investment Rating - No industry investment rating is provided in the report. Group 2: Core Viewpoints - The fundamentals of industrial silicon have changed little. In August, both supply and demand will increase, and there may be a slight reduction in inventory overall, but the total inventory pressure is significant. With the cooling of sentiment caused by anti - involution, the industrial silicon futures market may experience a weak and oscillating correction in the near term [2]. - After continuous increases, polysilicon has seen a correction. It is expected to have strong support around 45,000 yuan/ton. The details of the anti - involution plan in the photovoltaic industry are still being determined, and the implementation of policies and the downward transmission of spot prices need to be continuously monitored. In the medium to long term, polysilicon is suitable for long - position layout on dips [5]. Group 3: Market Analysis of Industrial Silicon Price and Trading Volume - On August 4, 2025, the futures price of industrial silicon dropped significantly. The main contract 2509 opened at 8,490 yuan/ton and closed at 8,360 yuan/ton, a change of - 300 yuan/ton (- 3.46%) from the previous settlement. The position of the main contract 2509 was 176,164 lots at the close, and the total number of warehouse receipts was 50,312 lots, a change of - 204 lots from the previous day [1]. Supply - The spot price of industrial silicon declined. In July 2025, the output of industrial silicon was 338,300 tons, a month - on - month increase of 3.2% and a year - on - year decrease of 30.6%. From January to July 2025, the cumulative output of industrial silicon was 2.2112 million tons, a year - on - year decrease of 20.0% [1]. Consumption - The quoted price of silicone DMC was 12,100 - 12,700 yuan/ton. The non - affected units of the Shandong accident monomer plant have gradually resumed normal operation, while the affected units need renovation and reconstruction, with the completion time undetermined. The matching degree of transactions has decreased because downstream enterprises have sufficient raw material inventories and limited purchasing意愿 [1]. Group 4: Strategy for Industrial Silicon - Unilateral: Cautiously bearish - No strategies are provided for inter - delivery spread, cross - variety, spot - futures, and options [2] Group 5: Market Analysis of Polysilicon Price and Trading Volume - On August 4, 2025, the main contract 2511 of polysilicon futures fluctuated widely. It opened at 48,800 yuan/ton and closed at 48,980 yuan/ton, a change of - 1.23% from the previous trading day. The position of the main contract reached 106,749 lots (99,344 lots the previous day), and the trading volume was 296,610 lots [3]. Supply and Inventory - The spot price of polysilicon remained stable. The polysilicon manufacturers' inventory decreased, while the silicon wafer inventory increased. The latest polysilicon inventory was 229,000 tons, a month - on - month change of - 5.76%, and the silicon wafer inventory was 18.15GW, a month - on - month change of 1.57%. The weekly output of polysilicon was 26,500 tons, a month - on - month change of 3.92%, and the silicon wafer output was 11.00GW, a month - on - month change of - 1.79% [3]. Group 6: Strategy for Polysilicon - Unilateral: Short - term range trading - No strategies are provided for inter - delivery spread, cross - variety, spot - futures, and options [5]