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]

果后，小幅回落，预计后续仍有部分回落动能，操作上建议,若后期跌破8000元，可以考虑中长线逢低布局 多单。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 求预期仍在，对工业硅刚需支撑较强。不过，多晶硅价格近期呈微降态势，企业成本压力下，对工业硅采 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 购价格有压价诉求。铝合金领域，企业多按需补库，库存继续增长，价格下行，处于被动去库存，对工业 研究员: 黄闻杰 期货从业资格号F03142112 期货投资咨询从业证书号Z0021738 硅需求来说难有拉动。整体而言，三大下游行业对工业硅总需求依旧呈现持平。今日工业硅在冲击9000无 免责声明 工业硅产业日报 2025-08-12 | 项目类别 | 数据指标 ...

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]