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]