1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - This week, with the arrival of the dry season, the industrial silicon market further reduced production. The demand for polysilicon was highly uncertain, while the demand for silicone and aluminum alloy was relatively stable. Cost provided support for the price floor, but high inventory restricted the upward price movement. Today, industrial silicon bottomed out and rebounded but still closed lower. Overall, the bottom support strengthened, and it is expected to continue oscillating. The operation suggestion is to buy on dips and pay attention to operational risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 9,140 yuan/ton, up 40 yuan; the position of the main contract was 228,268 lots, down 297 lots; the net position of the top 20 was -56,668 lots, up 770 lots; the Guangzhou Futures Exchange warehouse receipts were 46,161 lots, down 1,092 lots; the closing price of the December contract for industrial silicon was -430 yuan/ton, down 35 yuan; the spread between the November - December contracts for industrial silicon was -430 yuan/ton, down 35 yuan [2] 3.2 Spot Market - The average price of oxygen - blown 553 silicon was 9,450 yuan/ton, unchanged; the average price of 421 silicon was 9,700 yuan/ton, unchanged; the basis of the Si main contract was 310 yuan/ton, down 40 yuan; the DMC spot price was 11,800 yuan/ton, up 525 yuan [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 2,110 yuan/ton, unchanged; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon was 402,800 tons, up 36,000 tons; the weekly social inventory of industrial silicon was 552,000 tons, up 10,000 tons; the monthly import volume of industrial silicon was 1,939.85 tons, up 602.27 tons; the monthly export volume of industrial silicon was 70,232.72 tons, down 6,409.29 tons; the weekly output of silicone DMC was 44,900 tons, up 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 21,400 yuan/ton, up 100 yuan [2] 3.5 Downstream Situation - The overseas market price of photovoltaic - grade polysilicon was 15.85 US dollars/kg; the weekly average spot price of photovoltaic - grade polysilicon was 6.5 US dollars/kg, down 0.01 US dollars/kg; the monthly export volume of unforged aluminum alloy was 23,495.34 tons, down 5,568.37 tons; the weekly operating rate of silicone DMC was 68.56%, down 1.49 percentage points; the monthly output of aluminum alloy was 1.776 million tons, up 141,000 tons; the monthly export volume of aluminum alloy was 23,495.34 tons, down 5,568.37 tons [2] 3.6 Industry News - Hesheng Silicon Industry (603260.SH) released its Q3 2025 report, with operating income of 5.43 billion yuan, a year - on - year decrease of 23.51%, and net profit attributable to shareholders of the listed company of 75.6675 million yuan, a year - on - year decrease of 84.12%. Although still showing negative year - on - year growth, the single - quarter profit index turned positive compared to the loss in the first half of the year. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year. China will adjust its counter - measures accordingly, and both sides agreed to extend some tariff exclusion measures [2] 3.7 Supply and Demand Analysis - On the supply side, as Sichuan and Yunnan transition from the wet season to the dry season in October, production costs for manufacturers increased, and some enterprises with exhausted raw materials stopped production. As November approached, the scale of production cuts in the dry season expanded further. In Xinjiang, with stable and low - cost power supply, some manufacturers actively increased production, with an increase in the number of open furnaces and continuous release of production capacity. On the demand side, the downstream of industrial silicon is mainly concentrated in silicone, polysilicon, and aluminum alloy. For silicone, inventory was lower than the historical average, production profit was flat, and it provided certain rigid - demand procurement support for industrial silicon. For polysilicon, inventory reached 282,600 tons, higher than the historical average. Rising silicon wafer prices were beneficial for polysilicon demand, but production cuts in the dry season were expected to have a negative impact on industrial silicon demand. For aluminum alloy, the operating rate of enterprises remained stable, the demand for industrial silicon remained high, and the demand performance was relatively stable, but its marginal impact on the price of industrial silicon was limited [2]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core View of the Report - The total demand for industrial silicon from its three major downstream industries remains negative, and the industry inventory is still at a high level. Although the number of standard warehouse receipts has decreased, inventory digestion still faces certain pressure. Industrial silicon started to recover slightly today, but it is expected to maintain a volatile operation. Whether it can rise in the future depends on the production reduction situation. It is recommended to go long at low prices [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main contract was 8,565 yuan/ton, with a month-on-month increase of 135 yuan/ton; the position of the main contract was 114,236 lots, a decrease of 17,557 lots; the net position of the top 20 was -37,784 lots, an increase of 4,414 lots; the warehouse receipts of the Guangzhou Futures Exchange were 49,303 lots [2] - The closing price of the December contract for industrial silicon was -365 yuan/ton, with a month-on-month increase of 55 yuan/ton; the price difference between the November - December contracts for industrial silicon was -365 yuan/ton, an increase of 55 yuan/ton [2] 3.2 Spot Market - The average price of oxygenated 553 silicon was 9,350 yuan/ton, unchanged; the average price of 421 silicon was 9,700 yuan/ton, unchanged [2] - The basis of the Si main contract was 785 yuan/ton, a decrease of 135 yuan/ton; the spot price of DMC was 11,275 yuan/ton, an increase of 75 yuan/ton [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 1,950 yuan/ton, unchanged; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon was 366,800 tons, an increase of 33,600 tons; the weekly social inventory of industrial silicon was 552,000 tons, an increase of 10,000 tons [2] - The monthly import volume of industrial silicon was 1,337.59 tons, an increase of 1,220.14 tons; the monthly export volume was 76,642.01 tons, an increase of 2,635.83 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC was 44,900 tons, an increase of 700 tons; the overseas market price of photovoltaic - grade polysilicon was 15.75 US dollars/kg [2] - The average price of aluminum alloy ADC12 in the Yangtze River spot market was 20,900 yuan/ton, unchanged; the weekly average spot price of photovoltaic - grade polysilicon was 6.53 US dollars/kg, a decrease of 0.01 US dollars/kg [2] - The monthly export volume of unwrought aluminum alloy was 29,063.7 tons, an increase of 4,154.82 tons; the weekly operating rate of organic silicon DMC was 69.36%, a decrease of 1.16 percentage points [2] - The monthly output of aluminum alloy was 1.635 million tons, an increase of 99,000 tons; the monthly export volume of aluminum alloy was 29,063.7 tons, an increase of 4,154.82 tons [2] 3.6 Industry News - On October 16, Hesheng Silicon Industry repaid 900 shares of margin - shorted stocks and sold 1,700 shares. The selling amount was 84,400 yuan, accounting for 0.07% of the outflow amount on that day. The margin balance was 3.3669 million yuan, lower than the 40% quantile level in history [2] - The Ministry of Finance and other three departments adjusted the value - added tax policy for wind power generation. In terms of industrial silicon, on the supply side, the spot market price of industrial silicon mainly declined this week compared with last week. Sichuan and Yunnan are transitioning from the wet season to the dry season in October, and the production cost of manufacturers has increased, accelerating the implementation of production reduction plans. Some enterprises that have exhausted their raw materials have chosen to stop production. Some small factories in Gansu and Ningxia have completed raw material reserves and are waiting to enter the market. Currently, some manufacturers in Xinjiang are actively producing, and some are conducting transactions with futures - cash merchants, locking in profits in advance through forward contracts. On the demand side, the downstream of industrial silicon is mainly concentrated in the organic silicon, polysilicon, and aluminum alloy fields [2] 3.7 Demand Analysis of Downstream Industries - In the organic silicon sector, the inventory is lower than the historical average. The production profit has rebounded slightly but is still in the loss range. The comprehensive operating rate has decreased month - on - month and is lower than the historical average, with a negative impact on the demand for industrial silicon [2] - In the polysilicon sector, the inventory is as high as 275,000 tons, higher than the historical average. Silicon wafers and solar cells are in a loss state, and only components are profitable [2] - In the aluminum alloy sector, the overall inventory has decreased slightly, the price has remained flat, the operating situation of the aluminum alloy industry is stable, but the demand is average, and the driving effect on industrial silicon is limited [2]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The total demand for industrial silicon from the three major downstream industries remains flat. The current industry inventory is still at a high level, and although the number of standard warehouse receipts has decreased, inventory digestion still faces certain pressure. Today's technical form shows a decrease in volume, and it is expected to continue to oscillate and build a bottom. It is recommended that if the price falls below 8,200 yuan later, one can consider mid - to long - term bottom - fishing to buy long positions [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 8,490 yuan/ton, with a week - on - week increase of 20 yuan; the position of the main contract is 279,742 lots, a week - on - week decrease of 1,738 lots; the net position of the top 20 is - 69,982 lots, a week - on - week increase of 1,758 lots; the warehouse receipts of GZEE are 50,400 lots; the price difference between September and October industrial silicon is 40 yuan, a week - on - week increase of 70 yuan [2]. 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9,100 yuan/ton, with no week - on - week change; the average price of 421 silicon is 9,400 yuan/ton, with no week - on - week change; the basis of the Si main contract is 610 yuan/ton, a week - on - week decrease of 20 yuan; the spot price of DMC is 11,020 yuan/ton, a week - on - week decrease of 80 yuan [2]. 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, the average price of petroleum coke is 1,810 yuan/ton, the average price of clean coal is 1,850 yuan/ton, the average price of wood chips is 490 yuan/ton, and the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, all with no week - on - week change [2]. 3.4 Industry Situation - The monthly output of industrial silicon is 333,200 tons, a month - on - month increase of 8,500 tons; the weekly social inventory of industrial silicon is 552,000 tons, a week - on - week increase of 10,000 tons; the monthly import volume of industrial silicon is 2,211.36 tons, a month - on - month increase of 71.51 tons; the monthly export volume of industrial silicon is 52,919.65 tons, a month - on - month decrease of 12,197.89 tons [2]. 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, a week - on - week increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,700 yuan/ton, with no week - on - week change; the weekly average spot price of photovoltaic - grade polysilicon is 6.2 US dollars/kg, a week - on - week increase of 1.26 US dollars/kg; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, with no week - on - week change; the monthly export volume of unforged aluminum alloy is 24,908.89 tons; the weekly operating rate of organic silicon DMC is 70.59%, a week - on - week decrease of 2.12 percentage points; the monthly output of aluminum alloy is 1.536 million tons, a month - on - month decrease of 133,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a month - on - month decrease of 337.93 tons [2]. 3.6 Industry News - The export value of photovoltaic silicon wafers is 600 million US dollars, a year - on - year decrease of 54.2%, and the export volume is 2.94 billion pieces, a year - on - year increase of 5%; the export value of photovoltaic cells is 1.73 billion US dollars, a year - on - year increase of 31.1%, and the export volume is 44.4 GW, a year - on - year increase of 59.1%; the export value of photovoltaic modules is 11.54 billion US dollars, a year - on - year decrease of 29.3%, and the export volume is 120.5 GW, a year - on - year decrease of 17.7% [2]. 3.7 Supply and Demand Analysis - **Supply**: In the southwest region, with the deepening of the wet season, the electricity price advantage is more obvious, and the resumption process of silicon plants is accelerating. The number of newly opened furnaces in Sichuan, Yunnan and other places has increased, and it is expected that the output in the southwest region will increase week - on - week next week. In Xinjiang, some large factories maintain stable production, but the enthusiasm of small and medium - sized silicon plants to resume production is not high, and the overall output is relatively stable [2]. - **Demand**: - **Organic silicon**: The organic silicon market is rising, profits are increasing, and there is also an expectation of increased production in the organic silicon industry, but the driving effect on the demand for industrial silicon is negative [2]. - **Polysilicon**: The downstream polysilicon industry is expected to significantly increase production in August, increasing the demand for industrial silicon. Polysilicon enterprises have raised prices strongly due to the "anti - involution" policy, and the enthusiasm for starting work has increased. However, the price increase in the downstream links is limited, and in the long run, the demand in the photovoltaic industry is expected to shrink, which may limit the continuous growth of polysilicon's demand for industrial silicon [2]. - **Aluminum alloy**: The overall inventory continues to rise significantly. Although the price has increased, the operation of the aluminum alloy industry is stable, but the demand performance is average, and the driving effect on industrial silicon is limited [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The total demand for industrial silicon from its three major downstream industries remains flat. The price of industrial silicon rose and then fell today, showing a downward trend in its technical form, but it found support at the 8100 integer level. It is recommended to consider long - term mid - to - long - term low - buying for long positions if the price breaks below 8200 yuan later [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 8675 yuan/ton, a decrease of 70 yuan; the main contract position was 289125 lots, an increase of 9744 lots; the net position of the top 20 was - 84679 lots, a decrease of 7835 lots; the warehouse receipts of the GZEX were 50938 lots, a decrease of 111 lots; the price difference between September and October industrial silicon was - 35 yuan, a decrease of 15 yuan [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon was 9350 yuan/ton, an increase of 100 yuan; the average price of 421 silicon was 9650 yuan/ton, an increase of 50 yuan; the basis of the Si main contract was 675 yuan/ton, an increase of 170 yuan; the DMC spot price was 11100 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 1810 yuan/ton, unchanged; the average price of clean coal was 1850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton; the ex - factory price of graphite electrodes (400mm) was 12250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon was 324700 tons, an increase of 19500 tons; the weekly social inventory of industrial silicon was 55.2 tons, an increase of 1 ton; the monthly import volume of industrial silicon was 2211.36 tons, an increase of 71.51 tons; the monthly export volume of industrial silicon was 52919.65 tons, a decrease of 12197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC was 4.49 tons, an increase of 0.07 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot was 20400 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon was 4.94 US dollars/kilogram; the overseas market price of photovoltaic - grade polysilicon was 15.75 US dollars/kilogram, unchanged; the monthly export volume of unforged aluminum alloy was 24908.89 tons, a decrease of 861.29 tons; the weekly operating rate of organic silicon DMC was 72.71%, a decrease of 2.34%; the monthly output of aluminum alloy was 153.6 tons, a decrease of 13.3 tons; the monthly export volume of aluminum alloy was 20187.85 tons, a decrease of 337.93 tons [2] 3.6 Industry News - In the first half of 2025, LONGi Green Energy Technology Co., Ltd. achieved an operating income of 32.813 billion yuan, with a significant reduction in losses of 2.661 billion yuan compared with the same period of the previous year, mainly benefiting from operational efficiency improvement, which led to a significant decline in sales and management expenses and a significant reduction in asset impairment losses. Technological innovation has become the key to breaking the situation. LONGi Green Energy has launched a new round of technological engine drive with its leading differentiated BC technology. In the industrial silicon sector, on the supply side, as the flood season deepens in the southwest region, the electricity price advantage becomes more obvious, stimulating the resumption of production in silicon plants to accelerate. The number of newly opened furnaces in Sichuan, Yunnan and other places is increasing, and it is expected that the output of industrial silicon in the southwest region will increase week - on - week next week [2] 3.7 Viewpoint Summary - On the supply side, the production in Xinjiang is stable, but the enthusiasm of small and medium - sized silicon plants to resume production is not high. The production in the southwest region is expected to increase. On the demand side, the organic silicon market is weak, with a significant decline in profits and operating rate, having a negative impact on the demand for industrial silicon; the polysilicon industry is expected to increase production significantly in August, increasing the demand for industrial silicon, but the long - term demand for the photovoltaic industry may shrink, which may limit the continuous growth of polysilicon's demand for industrial silicon; the overall inventory of aluminum alloy continues to rise significantly, but the price has increased, and the overall demand for industrial silicon remains stable [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The total demand for industrial silicon from the three major downstream industries remains flat. The price of industrial silicon dropped slightly after failing to break through 9,000 yuan, and it is expected to have some further downward momentum. It is recommended to consider mid - to long - term long positions if the price later falls below 8,000 yuan [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main contract is 8,840 yuan/ton, down 160 yuan; the main contract position is 278,860 lots, up 6,917 lots; the net position of the top 20 is - 70,979 lots, down 3,564 lots; the Guangzhou Futures Exchange warehouse receipt is 50,340 lots, down 135 lots; the price difference between September and October industrial silicon is - 30 yuan, down 15 yuan [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9,400 yuan/ton, unchanged; the average price of 421 silicon is 9,750 yuan/ton, unchanged; the Si main contract basis is 560 yuan/ton, up 160 yuan; the DMC spot price is 12,000 yuan/ton, down 300 yuan [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,810 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 490 yuan/ton, unchanged; the ex - factory price of graphite electrode (400mm) is 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - Industrial silicon monthly output is 305,200 tons, up 5,500 tons; industrial silicon social inventory is 552,000 tons, up 10,000 tons; industrial silicon monthly import volume is 2,211.36 tons, up 71.51 tons; industrial silicon monthly export volume is 52,919.65 tons, down 12,197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, up 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,200 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon is 4.94 US dollars/kilogram, unchanged; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kilogram, unchanged; the monthly export volume of unforged aluminum alloy is 25,770.18 tons; the weekly operating rate of organic silicon DMC is 74.84%, up 4.76 percentage points; the monthly output of aluminum alloy is 1.669 million tons, up 24,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, down 337.93 tons [2] 3.6 Industry News - The China Photovoltaic Industry Association predicted that by 2025, the cumulative decommissioned photovoltaic modules in the country will reach about 9GW, and the decommissioned modules in that year will exceed 2.7GW, equivalent to about 210,000 - 270,000 tons of waste. The Photovoltaic Recycling Industry Development Cooperation Center of the China Green Supply Chain Alliance Photovoltaic Special Committee predicted that by 2030, the cumulative decommissioned scale of national photovoltaic modules will reach 1 million tons, and 12 million tons by 2040 [2] 3.7 Supply - demand Analysis - On the supply side, in the southwest region, with the deepening of the wet season, the electricity price advantage is more prominent, stimulating the resumption of production in silicon plants. The number of newly opened furnaces in Sichuan, Yunnan and other places continues to increase, and the output in the southwest region is expected to increase week - on - week. In Xinjiang, although some large factories maintain a stable production rhythm, some small and medium - sized silicon plants have low enthusiasm for resuming production due to thin profits affected by the previous low prices, and the overall output remains relatively stable. On the demand side, the downstream of industrial silicon is mainly concentrated in the organic silicon, polysilicon and aluminum alloy fields. The demand in the organic silicon market has recovered and increased, and the operating rate has increased slightly, driving the demand for industrial silicon to some extent. The operating rate of the polysilicon industry remains at a high level. With the continuous favorable policies for the photovoltaic industry, the downstream installation demand is still expected, providing strong rigid support for industrial silicon. However, the price of polysilicon has shown a slight downward trend recently, and enterprises under cost pressure have a demand to lower the purchase price of industrial silicon. In the aluminum alloy field, enterprises replenish inventory as needed, inventory continues to grow, prices decline, and it is in a passive inventory reduction stage, with little impetus to the demand for industrial silicon [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint - The total demand for industrial silicon from its three major downstream industries is still showing a slowdown trend. Today, industrial silicon prices rose and then fell, mainly because the downstream cannot absorb the high spot prices. Currently, industrial silicon inventory remains at a high level. It is recommended to wait and see in the short - term and maintain a short - selling strategy in the medium - to - long - term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 9,525 yuan/ton, down 130 yuan; the main contract's open interest was 380,961 lots, down 2,335 lots; the net position of the top 20 was - 68,472 lots, down 18,540 lots; the Guangzhou Futures Exchange's warehouse receipts were 50,053 lots; the price difference between August and September industrial silicon was - 25 yuan, down 5 yuan [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon was 10,000 yuan/ton, up 300 yuan; the average price of 421 silicon was 10,250 yuan/ton, up 300 yuan; the basis of the Si main contract was 475 yuan/ton, up 430 yuan; the DMC spot price was 11,900 yuan/ton, up 1,040 yuan [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 1,720 yuan/ton, unchanged; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - Industrial silicon production was 305,200 tons per month, up 5,500 tons; industrial silicon social inventory was 552,000 tons per week, up 10,000 tons; industrial silicon imports were 2,211.36 tons per month, up 71.51 tons; industrial silicon exports were 52,919.65 tons per month, down 12,197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC was 44,900 tons, up 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 20,300 yuan/ton, unchanged; the overseas market price of photovoltaic - grade polysilicon was 15.75 US dollars/kg; the weekly average spot price of photovoltaic - grade polysilicon was 4.94 US dollars/kg; the monthly export volume of unforged aluminum alloy was 25,770.18 tons, up 1,590.89 tons; the weekly operating rate of organic silicon DMC was 71.38%, up 1.97 percentage points; the monthly output of aluminum alloy was 1.669 million tons, up 24,000 tons; the monthly export volume of aluminum alloy was 20,187.85 tons, down 337.93 tons [2] 3.6 Industry News - The National Energy Administration plans to conduct a verification of coal production in key coal - producing provinces (regions) to promote stable and orderly coal supply. On the supply side of industrial silicon, the spot price has risen significantly. The fertilizer subsidy policy in the Ili region of the Northwest remains stable. The production cost in the Southwest has decreased. The resumption of production in Baoshan is active, but it has not met expectations in Nujiang and Dehong. Sichuan manufacturers mainly focus on ensuring supply and relying on self - owned power plants for production, with no obvious increase in the overall operating rate [2] 3.7 Key Focus - There is no news today [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The supply side of industrial silicon will remain loose as the spot price has risen significantly, electricity prices in the southwest region have decreased, large factories have plans to start operations, and the government in the Yili region of Xinjiang, Northwest China, will continue to subsidize production enterprises. [2] - The overall demand for industrial silicon from its three major downstream industries is showing a slowdown trend. The organic silicon market has a flat spot - price with recovering production profits, but is expected to see an increase in costs and a decline in production next week, negatively impacting the demand for industrial silicon. The polysilicon sector has mainstream enterprises reducing production and the downstream photovoltaic industry having an anti - involution situation, leading to a significant decline in demand. In the aluminum alloy field, enterprises replenish inventory as needed, with inventory increasing and prices remaining flat, being in a passive de - stocking phase and having little ability to drive the demand for industrial silicon. [2] - It is recommended to wait and see in the short term and maintain a short - selling strategy in the medium - to - long term. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 8,470 yuan/ton, up 330 yuan; the main contract position is 381,237 hands, down 17,792 hands; the net position of the top 20 is - 93,605 hands, down 8,706 hands; the Guangzhou Futures Exchange warehouse receipt is 50,792 hands, down 285 hands; the price difference between August and September industrial silicon is 5 yuan, unchanged. [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 8,750 yuan/ton, unchanged; the average price of 421 silicon is 9,100 yuan/ton, up 50 yuan; the basis of the Si main contract is 280 yuan/ton, down 330 yuan; the DMC spot price is 10,800 yuan/ton, up 240 yuan. [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,720 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged. [2] 3.4 Industry Situation - The monthly output of industrial silicon is 305,200 tons, up 5,500 tons; the weekly social inventory of industrial silicon is 552,000 tons, up 10,000 tons; the monthly import volume of industrial silicon is 2,211.36 tons, up 71.51 tons; the monthly export volume of industrial silicon is 52,919.65 tons, down 12,197.89 tons. [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, up 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,200 yuan/ton, up 100 yuan; the overseas price of photovoltaic - grade polysilicon is 15.75 US dollars/kg; the weekly average price of photovoltaic - grade polysilicon is 4.22 US dollars/kg; the monthly export volume of unforged aluminum alloy is 24,179.3 tons; the weekly operating rate of organic silicon DMC is 68.24%, up 1.07 percentage points; the monthly output of aluminum alloy is 1.645 million tons, up 117,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, down 337.93 tons. [2] 3.6 Industry News - There are many unconfirmed rumors in the market, waiting for official announcements. Trump said that tariffs will start to be levied on August 1st, with a 50% tariff on imported copper. In the industrial silicon sector, the spot price has risen significantly, electricity prices in the southwest region have decreased, large factories have plans to start operations, and in July, electricity prices in the southwest will further decline. [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Supply of industrial silicon will remain loose as southwest region's electricity prices are expected to drop further, leading to potential restarts of large and some small - medium enterprises, and Xinjiang's Ili region will continue electricity subsidies [2]. - Demand from the three major downstream industries for industrial silicon is showing a slowdown trend. Organic silicon may see a slight increase in production next week, which is positive for demand; however, the polysilicon industry is in a reduced - load operation state, and the aluminum alloy industry is in passive de - stocking, both having a negative impact on demand [2]. - For mid - to long - term operations, a high - selling strategy is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 7,555 yuan/ton, with a week - on - week increase of 70 yuan/ton; the main contract's open interest is 306,644 lots, up 13,217 lots [2]. - The net position of the top 20 is - 48,542 lots, a decrease of 347 lots; the Guangzhou Futures Exchange's warehouse receipts are 53,570 lots, down 614 lots [2]. - The price spread between the July - August contracts is 15 yuan/ton, an increase of 5 yuan/ton [2]. 3.2 Spot Market - The average price of oxygen - blown 553 silicon is 8,150 yuan/ton, unchanged; the average price of 421 silicon is 8,700 yuan/ton, unchanged [2]. - The basis of the Si main contract is 595 yuan/ton, a decrease of 70 yuan/ton; the DMC spot price is 10,560 yuan/ton, down 60 yuan/ton [2]. 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,610 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 540 yuan/ton [2]. - The ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2]. 3.4 Industry Situation - The monthly output of industrial silicon is 299,700 tons, a decrease of 36,050 tons; the weekly social inventory of industrial silicon is 559,000 tons, a decrease of 13,000 tons [2]. - The monthly import volume of industrial silicon is 52,919.65 tons, an increase of 2,211.36 tons; the monthly export volume is 71.51 tons, a decrease of 12,197.89 tons [2]. 3.5 Downstream Situation - The weekly output of organic silicon DMC is 45,000 tons, an increase of 1,400 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market is 20,100 yuan/ton, unchanged [2]. - The overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg; the weekly average spot price of photovoltaic - grade polysilicon is 4.25 US dollars/kg, a decrease of 0.03 US dollars/kg [2]. - The monthly export volume of unforged aluminum alloy is 24,179.3 tons, an increase of 7,624.27 tons; the weekly operating rate of organic silicon DMC is 68.4%, an increase of 2.12 percentage points [2]. - The monthly output of aluminum alloy is 20,187,850 tons, an increase of 164,500 tons; the monthly export volume is 11.7 tons, a decrease of 337.93 tons [2]. 3.6 Industry News - Hesheng Silicon Industry's Q1 2025 report shows that its main business income is 5.228 billion yuan, a year - on - year decrease of 3.47%; net profit attributable to the parent is 260 million yuan, a year - on - year decrease of 50.81%; non - recurring profit after deduction is 216 million yuan, a year - on - year decrease of 58.49%; the debt ratio is 62.56%, investment income is - 599,550 yuan, financial expenses are 235 million yuan, and the gross profit margin is 14.62% [2]. - The US Senate Republican leader Thune plans to vote on Trump's "Beautiful Big Bill" on Friday, which restricts new energy and affects the demand of the new energy industry [2]