Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The industrial silicon futures price may maintain a volatile and slightly stronger trend in the short term, supported by the cost side and market expectations of supply contraction. However, the upside space may be limited due to high inventory levels and limited improvement in demand, as well as potential under - performance of supply - side production cuts [10]. 3. Summary by Section 3.1 Futures Market - **Contract行情**: On September 19, 2025, the industrial silicon si2511 contract rose significantly, with a trading volume of 510,306 lots and an open interest of 311,097 lots [2]. - **Variety Price**: The total open interest of 12 industrial silicon futures contracts was 553,772 lots, an increase of 37,604 lots from the previous trading day. The open interest of the active contract si2511 increased by 26,045 lots [4]. 3.2 Spot Market - **Basis Data**: In the past 10 trading days, the basis of the active contract industrial silicon si2511 weakened. The price of industrial silicon non - oxygenated 553 was 9,100 yuan/ton on the day, and the basis was - 205 yuan/ton [6]. 3.3 Influencing Factors - **Industry News**: The weekly output of industrial silicon was 94,700 tons, a decrease of 800 tons from the previous week, showing a slowdown after consecutive weeks of growth. The weekly output of sample enterprises in Xinjiang increased by 1,500 tons to 33,600 tons, with the operating rate increasing by 3.1% to 69.36%. The weekly output of sample enterprises in Yunnan increased slightly by 50 tons to 7,565 tons, and that in Sichuan remained unchanged at 2,135 tons [6]. - **Technical Analysis**: From the daily chart, the industrial silicon main 2511 contract closed with a large positive line, breaking through the recent trading range. The price stood above the 5 - day moving average, and the MACD indicator formed a golden cross above the zero - axis, indicating an increase in short - term bullish power. However, the price is approaching the resistance level of 9,500 - 9,600 yuan/ton, and further upward movement requires continuous volume support and effective breakthrough of this resistance area [7]. 3.4 Market Outlook The short - term trend of industrial silicon futures prices may be volatile and slightly stronger, but the upside space may be limited if supply - side production cuts fall short of expectations [10].

成文日期：20250915 报告周期:周报 研究品种:工业在 研究员：曹柏泉（从业资格号：F03122015；投资咨询从业证书号：Z0019820) 工业硅期货周报 核心观点: 当周 (20250908-0912) 期货市场工业硅价格宽幅运行,现货 价格横盘偏强整理。期货市场周内主力合约 si2511 在 8200-8800 元 /吨附近波动,周内趋势表现震荡偏强,工业硅下游保持逢低补库。 1 期货市场 1.1 合约价格 当周工业硅期货价格区间偏弱震荡,呈现三阳二阴走势,截至 周末, 主力合约工业硅（si2511）周度下跌 75 点，收盘至 8745 点, 最高价 8795 点，最低价 8215 点，持仓 27.8 万手，成交量于过去时 段平均水平有所下跌，符合调整修正行情特性。 图 1: 工业硅(si2511) 日纺 数据来源： wh6&国金期货研究所 1.2 品种行情 工业硅期货周度行情,工业硅（si2608）合约价格最高,保持 研究咨询: 028 6130 3163 邮箱: institute@gjgh.com.cn 投诉热线:4006821188 请务必阅读文末风险揭示及免责声明 2.1 现货行情 本 ...