Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - The industrial silicon market was positively affected by news disturbances. Factors such as the possible cancellation of preferential electricity prices and rumors of delayed resumption of production by large factories led to a significant rebound in the industrial silicon futures market. Short - term policy and capital sentiment have a large impact, and it is recommended to wait and see, with previous short positions needing protection [1][3]. - There have been many policy disturbances in the photovoltaic industry recently, including anti - involution, storage mergers and acquisitions, and self - disciplined production cuts. Policy implementation and the downward transmission of spot prices need to be continuously monitored. In the medium - to - long - term, it is suitable to build long positions in polysilicon at low prices [8]. 3. Summary by Related Catalogs Industrial Silicon - **Market Analysis** - On July 14, 2025, the industrial silicon futures price rose significantly. The main contract 2509 opened at 8460 yuan/ton and closed at 8695 yuan/ton, a change of 275 yuan/ton (3.27%) from the previous day's settlement. The position of the main contract 2509 was 402,890 lots, and the number of warehouse receipts on July 13 was 50,090 lots, a change of - 139 lots from the previous day [2]. - The spot price of industrial silicon increased. The price of East China oxygen - passing 553 silicon was 8900 - 9100 yuan/ton (up 150 yuan/ton); 421 silicon was 9200 - 9400 yuan/ton (up 100 yuan/ton); Xinjiang oxygen - passing 553 silicon was 8400 - 8500 yuan/ton (up 50 yuan/ton); 99 silicon was 8300 - 8400 yuan/ton (up 50 yuan/ton) [2]. - The price of organic silicon DMC was 10,600 - 11,000 yuan/ton (unchanged). Due to the continuous rise of the industrial silicon market, the cost of DMC was pushed up, and its price jumped by about 350 yuan/ton, which in turn drove up the price of 107 glue [2]. - **Strategy** - The short - term policy and capital sentiment have a large impact. It is recommended to wait and see, and previous short positions need to be protected [3]. Polysilicon - **Market Analysis** - On July 14, 2025, the main contract 2508 of polysilicon futures fluctuated widely, opening at 41,290 yuan/ton and closing at 41,765 yuan/ton, a change of 0.81% from the previous day's closing price. The position of the main contract was 78,328 lots (previous day: 85,925 lots), and the trading volume on the day was 470,329 lots [5]. - The spot price of polysilicon remained stable. The price of polysilicon re - feedstock was 32.00 - 33.00 yuan/kg; dense polysilicon was 30.00 - 32.00 yuan/kg; cauliflower - shaped polysilicon was 28.00 - 31.00 yuan/kg; granular silicon was 30.00 - 31.00 yuan/kg; N - type material was 42.00 - 49.00 yuan/kg (down 0.50 yuan/kg); N - type granular silicon was 41.00 - 46.00 yuan/kg [5]. - The inventory of polysilicon manufacturers increased slightly, and the silicon wafer inventory decreased. The latest statistics showed that the polysilicon inventory was 276,000 tons, a change of 1.40% from the previous period; the silicon wafer inventory was 18.13GW, a change of - 5.70% from the previous period. The weekly polysilicon output was 22,800 tons, a change of - 5.00% from the previous period; the silicon wafer output was 11.50GW, a change of - 3.37% from the previous period [5][6]. - The prices of silicon wafers, battery cells, and components remained mostly stable, with only minor changes in a few varieties [6]. - After domestic photovoltaic silicon wafer enterprises generally raised their quotes on the afternoon of July 9, the domestic silicon wafer market has fully carried out transactions at the new prices. Battery factories have started to purchase in large quantities. Currently, silicon material transactions have not fully started, with only a few P - type orders [7]. - **Strategy** - Short - term: pay attention to risks and be cautiously bullish. In the medium - to - long - term, it is suitable to build long positions at low prices [8].

1. Report Industry Investment Rating - Industrial silicon: Short - term neutral, upstream is recommended to sell hedging at high prices [3] - Polysilicon: Long - term suitable for low - level layout of long positions, short - term neutral [6][8] 2. Report's Core View - The influence of policies and emotions on the new energy and non - ferrous metals industry continues to ferment, with the polysilicon futures hitting the daily limit [1] - The fundamentals of industrial silicon are short - term improved slightly, but the overall situation is still weak, and its futures price increase is affected by polysilicon [3] - Polysilicon prices are expected to rise significantly due to policy disturbances, and mid - to long - term investment opportunities exist [6] 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On July 8, 2025, the industrial silicon futures price was strong. The main contract 2509 opened at 8060 yuan/ton and closed at 8215 yuan/ton, up 2.82% from the previous settlement. The position of the main contract was 387122 lots, and the number of warehouse receipts was 51077 lots, down 272 lots from the previous day [2] - The spot price of industrial silicon remained stable. The price of East China oxygen - passing 553 silicon was 8700 - 8800 yuan/ton, 421 silicon was 8900 - 9200 yuan/ton, Xinjiang oxygen - passing 553 silicon was 8000 - 8200 yuan/ton, and 99 silicon was 8000 - 8100 yuan/ton [2] - The consumption side: The price of silicone DMC was 10300 - 10600 yuan/ton. In June, the domestic silicone DMC production increased by 13.75% month - on - month and decreased by 1.60% year - on - year. It is estimated that the silicone production in July will increase by 1.53% month - on - month [2] Strategy - The short - term fundamentals have slightly improved, but the industry inventory is high, and there is hedging pressure after the rebound. It is recommended to wait and see in the short term. If there is no policy promotion, upstream enterprises should sell hedging at high prices [3] Polysilicon Market Analysis - On July 8, 2025, the main contract 2508 of polysilicon futures hit the daily limit, opening at 36505 yuan/ton and closing at 38385 yuan/ton, up 7.00% from the previous day. The position was 110547 lots, and the trading volume was 634366 lots [4] - The spot price of polysilicon remained stable, except for the increase in N - type materials. The polysilicon manufacturers' inventory increased slightly, and the silicon wafer inventory decreased slightly. The weekly polysilicon production was 24000.00 tons, up 1.69% week - on - week, and the silicon wafer production was 11.90GW, down 11.46% week - on - week [4][5] - The prices of silicon wafers, battery cells, and components remained stable [5] Strategy - Recently, affected by policies and capital emotions, the prices of futures and spot have risen sharply. The market expects the polysilicon price to be above 39 - 40 yuan/kg. In the long - term, it is suitable to lay out long positions at low levels [6]