1. Report Industry Investment Rating - No specific investment rating provided in the report 2. Core View of the Report - Supply of polysilicon is expected to increase due to potential复产 of some bases and release of new production capacity of leading companies in the second half of the year, while short - term demand is weak as June's PV new installation decreased significantly year - on - year and month - on - month. Therefore, the polysilicon market is expected to face continued adjustment next week, with prices likely to show a volatile trend due to cost and policy support but limited upside by downstream acceptance. Industrial silicon demand is steadily declining with supply also decreasing, maintaining a volatile state. The current advice is to wait and see or arrange put options [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of polysilicon is 52,260 yuan/ton, down 20 yuan; the main contract position is 137,977 lots, up 2,460 lots. The 11 - 12 spread of polysilicon is - 2,420 yuan, down 130 yuan; the spread between polysilicon and industrial silicon is 43,635 yuan/ton, down 40 yuan [2] 3.2 Spot Market - The spot price of polysilicon is 47,000 yuan/ton, unchanged; the basis is - 5,280 yuan/ton, up 460 yuan. The average weekly price of photovoltaic - grade polysilicon is 4.94 US dollars/kg, unchanged. The average prices of cauliflower - shaped, dense, and re - feed polysilicon are 30 yuan/kg, 36 yuan/kg, and 34.8 yuan/kg respectively, all unchanged [2] 3.3 Upstream Situation - The closing price of the main contract of industrial silicon is 8,625 yuan/ton, up 20 yuan; the spot price is 9,400 yuan/ton, unchanged. The monthly export volume of industrial silicon is 52,919.65 tons, down 12,197.89 tons; the monthly import volume is 2,211.36 tons, up 71.51 tons. The monthly output of industrial silicon is 324,700 tons, up 19,500 tons; the total social inventory is 552,000 tons, up 10,000 tons [2] 3.4 Industry Situation - The monthly output of polysilicon is 100,000 tons, up 5,000 tons; the monthly import volume is 1,170 tons, up 57 tons. The weekly spot price of imported polysilicon in China is 6.3 US dollars/kg, unchanged; the monthly average import price is 2.19 US dollars/ton, down 0.14 US dollars/ton [2] 3.5 Downstream Situation - The monthly output of solar cells is 6,7386,000 kilowatts, down 318,300 kilowatts. The average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W. The monthly export volume of PV modules is 88,975,860 pieces, down 14,424,120 pieces; the monthly import volume is 11,095,900 pieces, down 1,002,590 pieces; the monthly average import price is 0.31 US dollars/piece, down 0.01 US dollars/piece. The comprehensive price index of the PV industry (SPI) for polysilicon is 27.86, unchanged [2] 3.6 Industry News - The Department of Electronic Information of the Ministry of Industry and Information Technology plans to hold a PV enterprise symposium on August 19th. The central bank will implement a moderately loose monetary policy and consider promoting a reasonable recovery of prices. There are expectations of increased supply of polysilicon due to the复产 of some bases and new capacity release [2] 3.7 Key Points of View - The supply of polysilicon is expected to increase, while the demand is weak. The short - term demand for polysilicon is restricted by the low PV new installation in June. The operating rate of downstream PV enterprises is difficult to improve. It is expected that the polysilicon market will continue to adjust next week, with prices showing a volatile trend. Industrial silicon demand is declining, and the market remains volatile [2] 3.8 Key Concerns - There is no news today. The polysilicon market is in high - level volatility, and the PV symposium has not released much news. The market is still speculating on merger rumors. The operation suggestion is to wait and see or arrange put options [2]

Core Viewpoint - The industrial silicon market is experiencing a short-term emotional rebound while facing long-term fundamental pressures, leading to cautious market sentiment and potential price volatility [8]. Group 1: Futures Market - Industrial silicon futures showed strong performance, with the main contract 2509 closing at 7720, up 200 from the previous day, marking a 2.66% increase [1]. - The trading volume for the main contract reached 1,087,621 lots, with an open interest of 321,342 lots, and total open interest at 570,558 lots [1]. Group 2: Spot Market - The spot prices for industrial silicon are gradually rising, with the main contract closing at 7720 compared to 7420 previously, indicating a recovery in market sentiment [3]. - Current market quotes are around 8400 yuan/ton in Tianjin and Guangzhou, approximately 8100 yuan/ton in Kunming, and about 7900 yuan/ton for 553 non-oxygen in Kunming [3]. Group 3: End Market - The market for polysilicon and organosilicon remains stable, with no significant changes in pricing observed [5]. Group 4: Overall Market Sentiment - The industrial silicon market is characterized by a mix of short-term emotional recovery and ongoing long-term pressures, with a cautious outlook on price stability due to supply-demand imbalances [8]. - Future market trends will depend on the actual resumption of production, the sustainability of futures movements, and any substantial improvements in downstream demand, particularly for polysilicon and organosilicon [8].

Core Viewpoint - The industrial silicon market is experiencing slight price fluctuations, with a recent overall decline in prices despite some recovery in specific contracts. The market sentiment remains cautious due to weak downstream demand and production expectations in certain regions [1][2]. Price Trends - The main contract price fluctuated from 7215 CNY/ton to 7280 CNY/ton, with an increase of 0.90%. The national average price decreased by 214 CNY/ton to 8747 CNY/ton. Specific grades saw price changes: 553 grade at 8452 CNY/ton (down 200 CNY), 441 grade at 9031 CNY/ton (down 154 CNY), and 421 grade at 9356 CNY/ton (down 261 CNY) [1]. - The FOB price remained stable, indicating no significant changes in export pricing [1]. Supply and Demand Dynamics - On the supply side, some manufacturers in southern regions have resumed production, while northern large manufacturers are steadily advancing their production plans, leading to an overall increasing production trend [1]. - Demand from downstream sectors is mixed, with some single-unit factories increasing their operating rates and production, while aluminum alloy manufacturers are purchasing industrial silicon as needed, resulting in a slight increase in total demand for industrial silicon [1]. Market Sentiment - The market sentiment is currently pessimistic due to weak downstream demand and anticipated production in the southwestern region. However, prices are significantly below production costs, leading the market to await a potential price stabilization point [2].

Core Viewpoint - The silicon industry is experiencing a continued decline in spot prices, with market sentiment remaining pessimistic due to weak downstream demand [1] Supply Side - The number of operational furnaces in the north and south has varied, but overall national production remains stable this month [1] - Supply conditions are not showing significant changes, indicating a stable supply environment [1] Demand Side - The operating rates of organic silicon monomer plants have remained relatively unchanged, maintaining steady demand for industrial silicon [1] - The production of polysilicon is stable, contributing to steady demand for industrial silicon [1] - Demand from aluminum alloy manufacturers for industrial silicon is based on needs, with no growth observed in the overall demand from the three major downstream sectors [1] Price Trends - Spot prices have fallen below 8,000 yuan per ton, exerting significant pressure on the market [1] - Organic silicon monomer plants previously saw a slight price increase due to improved downstream demand, but are currently focused on fulfilling prior orders, maintaining price stability [1] - Polysilicon prices have remained flat [1]

Report Industry Investment Rating - Not provided Core Viewpoint of the Report - The current oversupply situation of industrial silicon is difficult to change in the short term. Downstream production cuts and high inventory suppress price rebounds, leading to weak and volatile silicon prices [2] Summary by Relevant Catalogs Market Conditions - Yesterday, the industrial silicon market declined. Manufacturers' quotes were under pressure, and downstream demand had no new growth. The price of East China oxygenated 553 silicon was 8900 - 9200 yuan/ton, and that of East China 421 silicon was 9800 - 10100 yuan/ton. The closing price of the industrial silicon futures main contract si2506 was 8230, down 0.60%, with a single - day reduction of 9326 lots. It was shifting to the far - month contract, with a current position of 162,300 lots and a trading volume of 13.666 billion yuan [1] Supply Side - Recently, some silicon plants in the South are preparing to start furnaces, and some submerged arc furnaces will start from the end of this month to early next month. Some northern factories are struggling at the cost line. If the futures price drops below 8000, some small and medium - sized silicon plants are expected to cut production [1] Demand Side - Polysilicon prices are stable, with continuous news of production cuts and acquisitions. The current quotes for N - type dense material, N - type granular silicon, N - type re - feeding material, and N - type mixed material are 38 - 40 yuan/kg, 35 - 38 yuan/kg, 39 - 43 yuan/kg, and 36 - 38 yuan/kg respectively. The price of organic silicon DMC is stable, with a market - mainstream opening price reference of 11300 - 12000 yuan/ton (net water delivered). Shandong's main monomer enterprises slightly lowered prices to boost sales, but downstream inquiry enthusiasm was low, and procurement was mainly for rigid demand. The overall demand release was limited, and market transactions weakened with strong bargaining tendencies. Aluminum alloy ingot prices were temporarily stable, the industry's operating rate decreased, and downstream enterprises mainly consumed pre - holiday orders with insufficient post - holiday stocking willingness [1] Inventory - On May 13th, the industrial silicon warehouse receipt inventory was 66,494 lots, a decrease of 603 lots. Although the warehouse receipt inventory continued to decrease, the total industrial silicon inventory remained at a high level [1]

Group 1: Report's Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core View of the Report - The current market bottoming signal for industrial silicon is unclear. Social inventory and the number of warehouse receipts suppress the rebound height, and silicon prices are expected to continue to run sluggishly [1]. Group 3: Summary by Relevant Aspects Market Conditions - On May 8, 2025, the industrial silicon spot market was weak. The price of East China oxygenated 553 silicon was 9000 - 9300 yuan/ton, and that of East China 421 silicon was 9900 - 10200 yuan/ton. The closing price of the industrial silicon futures main contract si2506 was 8315, down 0.36%, with a single - day reduction of 1671 lots, current positions of 181,100 lots, and a trading volume of 16.375 billion yuan. The si2506 showed a "V" - shaped trend on that day [1]. Supply Side - In the southwest region, as the wet season approaches, due to low prices and expanding industry losses, the enthusiasm for enterprise resumption is significantly lower than in previous years, with only partial capacity slowly releasing. In the northwest region, the operating rate remains high, and the supply pressure is not relieved. The current market price has fallen below the cash cost of most factories, the industry's loss - making area has expanded, but due to previous hedging and forward price locking, the production reduction is limited, and the capacity adjustment cycle is lengthened. The de - stocking process is slow. Although the prices of silica and reducing agents in the southwest region have slightly declined, cost support cannot offset the downward pressure on prices [1]. Demand Side - Polysilicon prices are temporarily stable, the supply - demand game has deepened, and the mentality of enterprise production reduction is brewing but not yet concentrated. Organic silicon DMC prices are stable, with the market's mainstream opening price at 11500 - 12000 yuan/ton (net water delivered). Terminal demand is weak, factories frequently reduce production and conduct maintenance. Although the DMC price has a slight rebound, orders are mainly from pre - holiday inventory digestion, and post - holiday market transactions have weakened. Aluminum alloy ingot prices have fallen, the industry's operating rate has been adjusted down, and downstream enterprises mainly consume pre - holiday orders and have insufficient willingness to stock up after the holiday [1]. Inventory - On May 8, the industrial silicon warehouse receipt inventory was 68,415 lots, a single - day decrease of 271 lots. The warehouse receipt inventory has been decreasing recently but remains at a high level [1].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The current absolute price of industrial silicon has reached a historical low, but due to weak end - market demand and high inventory, the industrial silicon market will remain weak in the short term [2]. 3. Key Points from Different Aspects Market Price - This week, the industrial silicon market showed a downward trend in both spot and futures prices. The price of East China oxygen - fed 553 silicon is 9,500 - 9,900 yuan/ton, and that of East China 421 silicon is 10,200 - 10,600 yuan/ton. On Friday, the closing price of the main industrial silicon futures contract si2506 was 8,780 yuan, down 0.85%, with an increase of 10,449 lots in positions, the current open interest was 193,100 lots, and the trading volume was 8.356 billion yuan [1]. Supply - In the supply side, small factories in the north have increased their production cut - back efforts, mostly with 12,500KVA furnaces. However, the gradual start - up in the south has offset some of the production reduction, resulting in limited week - on - week fluctuations in weekly supply. The start - up in the southern production areas is slowly recovering, but some small and medium - sized manufacturers still lack confidence in resuming production and are mostly in a wait - and - see mode. In the short term, the supply is still concentrated in the north. A large northern factory plans to conduct maintenance soon, and the production cut situation is unclear. Despite the current low - level start - up, there is still an expectation of increased national production during the wet season [1]. Demand - For the downstream polysilicon plants, the powder single - tender prices released this week decreased by about 500 - 700 yuan/ton compared with the previous period. The supply of silicon material enterprises decreased slightly this week, but with the decline in terminal installation demand, the prices of components and cells dropped rapidly, and market expectations weakened significantly. The price of organic silicon DMC showed a fluctuating downward trend, with the mainstream opening price at 11,500 - 13,000 yuan/ton (net water delivered). The growth rate of new capacity of organic silicon monomers has slowed down significantly, and monomer plants have taken turns to cut production. The aluminum alloy ingot price is weak, and the spot market shows weak supply and demand, with low trading volume [1]. Inventory - On April 25, the industrial silicon warehouse receipt inventory was 69,502 lots, a decrease of 859 lots in a single week, but the warehouse receipt inventory is still at a high level [1].