Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - The overall sentiment of commodities remains positive. The supply - demand pattern of industrial silicon has improved recently, with reduced inventory. Affected by the anti - involution policy and the rising price of coking coal, the industrial silicon futures market may show a strong performance. For polysilicon, due to the expected impact of the anti - involution policy on capacity and under the influence of capital sentiment, the futures market may also run strongly [3][7]. Group 3: Summary by Industry Industrial Silicon - **Market Analysis**: On July 24, 2025, the main contract 2509 of industrial silicon futures opened at 9560 yuan/ton and closed at 9690 yuan/ton, a change of - 0.21% from the previous day's settlement. The position of the main contract was 336274 lots, and the number of warehouse receipts was 49776 lots, a decrease of 330 lots from the previous day. The spot price of industrial silicon increased. The social inventory in major areas was 53.5 tons, a decrease of 1.2 tons from the previous week [1]. - **Supply - Side**: The spot price of industrial silicon rose. The price of East China oxygen - blown 553 silicon was 10000 - 10200 yuan/ton, and 421 silicon was 10200 - 10500 yuan/ton. The price of Xinjiang oxygen - blown 553 silicon was 9400 - 9600 yuan/ton, and 99 silicon was 9400 - 9500 yuan/ton. Downstream users purchased on demand, and the center of market transactions moved up [1]. - **Consumption - Side**: The quoted price of organic silicon DMC was 12100 - 12800 yuan/ton. The supply was expected to decrease due to an incident at a Shandong organic silicon plant. The decrease in supply and the sharp rise in weekly prices stimulated downstream enterprises' panic - buying sentiment [2]. - **Strategy**: For unilateral trading, it is advisable to be cautiously bullish; there is no strategy for inter - period trading [3]. Polysilicon - **Market Analysis**: On July 24, 2025, the main contract 2509 of polysilicon futures continued to rise, opening at 50025 yuan/ton and closing at 53765 yuan/ton, a 5.15% increase from the previous trading day. The position of the main contract was 172564 lots, and the trading volume was 1123795 lots. The spot price of polysilicon remained stable. The polysilicon manufacturers' inventory decreased, while the silicon wafer inventory increased. The weekly polysilicon output was 25500 tons, a 10.87% increase, and the silicon wafer output was 11.20GW, a 0.90% increase [4]. - **Strategy**: In the short - term, it is recommended to conduct range trading for unilateral trading; there are no strategies for inter - period, cross - variety, spot - futures, and options trading [9]. Silicon Wafers, Battery Cells, and Components - **Silicon Wafers**: The price of domestic N - type 18Xmm silicon wafers was 1.10 yuan/piece, N - type 210mm was 1.45 yuan/piece, and N - type 210R silicon wafers was 1.25 yuan/piece [6]. - **Battery Cells**: The price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 battery cells was about 0.28 yuan/W, Topcon M10 battery cells was about 0.27 yuan/W, Topcon G12 battery cells was 0.27 yuan/W, Topcon 210RN battery cells was 0.27 yuan/W, and HJT210 half - piece battery was 0.37 yuan/W [6]. - **Components**: The mainstream transaction price of PERC182mm components was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.68 - 0.70 yuan/W, and N - type 210mm was 0.68 - 0.70 yuan/W [6].