Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - On July 9th, polysilicon showed a volatile and upward trend, with the main contract 2508 closing at 39,270 yuan/ton, an intraday increase of 5.03%, and the position increasing by 13,360 lots to 97,187 lots. The SMM polysilicon N-type silicon material price rose to 40,000 yuan/ton, and the price of the lowest deliverable N-type silicon material also rose to 40,000 yuan/ton. The spot premium over the main contract widened to 730 yuan/ton. Industrial silicon showed a volatile and downward trend, with the main contract 2509 closing at 8,140 yuan/ton, an intraday decrease of 0.67%, and the position increasing by 11,907 lots to 399,000 lots. The Baichuan industrial silicon spot reference price remained stable at 8,777 yuan/ton compared to the previous trading day. The price of the lowest deliverable 421 rose to 8,250 yuan/ton, and the spot premium narrowed to 90 yuan/ton [2]. - The polysilicon market is expected to gradually clear its production capacity through measures such as cost investigation and pricing, cancellation of planned restarts, state reserve purchases, the industry association setting a benchmark cost price, and re - positioning photovoltaics as an energy product rather than a manufacturing product. Currently, the trading logic of polysilicon is in a period of policy regulation and the fermentation of various news, and the expectation of anti - involution production cuts in the industry is accelerating. The market volatility has increased, and there is strong overall support. It is not advisable to short against the trend, and one can choose to wait and see or try to go long with a light position. For industrial silicon, although the warehouse receipts have decreased, the accumulation of social inventory suppresses the rebound space, so a high - selling strategy should be adopted. Attention should be paid to the implementation of production cuts for both types of silicon and the opportunity to go long on polysilicon and short on industrial silicon after the PS/SI price ratio rebounds [2]. Group 3: Summary by Relevant Catalogs 1. Research Viewpoints - Polysilicon and industrial silicon showed different trends on July 9th. Polysilicon was volatile and upward, while industrial silicon was volatile and downward. The polysilicon market is in a period of policy - driven production capacity adjustment, and the industrial silicon market is affected by inventory [2]. 2. Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract decreased by 30 yuan/ton to 8,165 yuan/ton, and the near - month contract increased by 125 yuan/ton to 8,160 yuan/ton. Among the spot prices, the price of some grades such as the non - oxygenated 553 silicon in Sichuan and the oxygenated 553 silicon in Kunming increased by 50 yuan/ton, while the price of the 421 silicon for organic silicon use in Kunming decreased by 100 yuan/ton. The current lowest deliverable price remained unchanged at 8,250 yuan/ton, and the spot premium decreased by 125 yuan to 90 yuan/ton. The industrial silicon warehouse receipts decreased by 285, and the social inventory decreased by 400 tons [4]. - **Polysilicon**: The futures settlement price of the main contract increased by 885 yuan/ton to 39,270 yuan/ton, and the near - month contract decreased by 415 yuan/ton to 37,535 yuan/ton. The N - type polysilicon material price increased by 1,000 yuan/ton to 40,000 yuan/ton. The current lowest deliverable price increased by 1,000 yuan/ton to 40,000 yuan/ton, and the spot premium increased by 115 yuan to 730 yuan/ton. The polysilicon warehouse receipts remained unchanged at 2,780, and the Guangzhou Futures Exchange inventory increased by 0.5 million tons to 8.34 million tons [4]. - **Organic Silicon**: The price of DMC in the East China market remained stable at 10,800 yuan/ton, the prices of raw rubber and 107 glue remained unchanged, and the price of dimethyl silicone oil increased by 2,000 yuan/ton to 14,000 yuan/ton [4]. - **Downstream Products**: The prices of silicon wafers (single - crystal M10/G12) and battery cells (single - crystal M10/G12) remained unchanged [4]. 3. Chart Analysis 3.1 Industrial Silicon and Cost - side Prices - Charts show the prices of different grades of industrial silicon, grade price differences, regional price differences, electricity prices, silica prices, and refined coal prices [5][7][10] 3.2 Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [13][17][19] 3.3 Inventory - Charts present the inventory of industrial silicon futures, industrial silicon factory warehouses, industrial silicon weekly industry inventory, DMC weekly inventory, and polysilicon weekly inventory [22][23][25] 3.4 Cost and Profit - Charts show the average cost and profit levels of main production areas, weekly cost and profit of industrial silicon, profit of the aluminum alloy processing industry, cost and profit of DMC, and cost and profit of polysilicon [28][30][32] 4. Non - Technical Content (Team Introduction) - The non - ferrous metals team of Everbright Futures Research Institute includes Zhan Dapeng, Wang Heng, and Zhu Xi, with their respective educational backgrounds, research directions, and professional qualifications introduced [34][35][36]