1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The market is showing signs of activity, and investors are advised to be cautious of potential disturbances. The report analyzes the supply, demand, inventory, cost - profit, and other aspects of industrial silicon, polycrystalline silicon, and lithium carbonate, and provides corresponding investment views and trading strategies [1][9][10][86] 3. Summary by Directory 3.1 Color and New Energy Price Monitoring - **Metal Prices**: The report monitors the closing prices of various non - ferrous metals. For example, the current value of the US dollar index is 97.6519, with a daily increase of 0.29%, a weekly increase of 0.03%, and an annual decrease of 9.98%. The current price of industrial silicon is 9305 yuan/ton, with a daily increase of 4.49%, a weekly increase of 6.40%, and an annual decrease of 15.29%. The current price of lithium carbonate is 73960 yuan/ton, with a daily increase of 1.48%, a weekly increase of 3.93%, and an annual decrease of 4.07% [7] 3.2 Industrial Silicon (SI) - **Supply**: The national weekly output is 9.47 tons, a decrease of 0.81% compared to the previous week, and the number of open furnaces is 311, an increase of 3 compared to the previous week. Different regions have different production and furnace - opening trends [9] - **Demand**: In the polysilicon segment, the weekly output is 3.13 tons, an increase of 0.32% compared to the previous week. In the organic silicon segment, the DMC weekly output is 4.86 tons, a decrease of 0.61% compared to the previous week [9] - **Inventory**: The explicit inventory is 69.20 tons, a decrease of 0.32% compared to the previous week. The industry inventory is 44.26 tons, a decrease of 0.41% compared to the previous week [9] - **Cost - Profit**: The national average cost per ton is 9105 yuan, an increase of 0.17% compared to the previous week, and the profit per ton is 149 yuan, an increase of 26 yuan/ton compared to the previous week [9] - **Investment View**: The fundamental pattern continues, and the price is affected by small market rumors. It is expected that the price has a downward pressure. The trading strategy is to be bearish on the single - side market, and attention should be paid to the reduction and resumption of production by large manufacturers and changes in environmental protection policies [9] 3.3 Polysilicon (PS) - **Supply**: The national weekly output is 3.13 tons, an increase of 0.32% compared to the previous week. The production in different regions remains stable [10] - **Demand**: The weekly output of silicon wafers is 13.56GW, an increase of 1.23% compared to the previous week. The factory inventory is 16.87GW, an increase of 1.93% compared to the previous week [10] - **Inventory**: The factory inventory is 24.21 tons, an increase of 3.36% compared to the previous week, and the registered warehouse receipts are 23700 tons, an increase of 1.02% compared to the previous week [10] - **Cost - Profit**: The national average cost per ton is 41056 yuan, an increase of 0.05% compared to the previous week, and the profit per ton is 8195 yuan, a decrease of 86 yuan compared to the previous week [10] - **Macro - factor**: A new national standard for polysilicon energy consumption is being solicited, which is more stringent than the previous version. In the long - term, polysilicon production capacity is in a reduction trend [10] - **Investment View**: It is bullish. Before the policy is fully implemented, there is room for market speculation. The trading strategy is to be bullish on the single - side market, and attention should be paid to the reduction and resumption of production by large manufacturers and changes in anti - involution policies [10] 3.4 Lithium Carbonate (LC) - **Supply**: The national weekly output is 2.04 tons, an increase of 2.00% compared to the previous week. The production in August is 8.52 tons, an increase of 4.55% compared to the previous month, and the production in September is expected to be 8.67 tons, an increase of 1.75% compared to the previous month [86] - **Import**: In July, the import volume of lithium carbonate is 1.38 tons, a decrease of 21.77% compared to the previous month. In July, the import volume of lithium concentrate is 57.61 tons, an increase of 34.73% compared to the previous month [86] - **Demand**: In the lithium - iron system, the weekly output of materials is 7.82 tons, a decrease of 0.10% compared to the previous week. In the new energy vehicle segment, the production and sales in August are increasing, and the penetration rate in July is 48.67%, an increase of 2.91pct compared to the previous month [86] - **Inventory**: The social inventory (including warehouse receipts) is 13.75 tons, a decrease of 0.71% compared to the previous week. The inventory in the downstream is expected to continue to replenish, which will support the futures price [86] - **Cost - Profit**: The cash production cost of lithium mica for external - purchase ore - based lithium extraction is 77345 yuan/ton, a decrease of 0.03% compared to the previous week, and the production profit is - 6951 yuan/ton, an increase of 612 yuan/ton compared to the previous week [86] - **Investment View**: It is bullish. Pay attention to whether the market will speculate on supply - side issues. The trading strategy is to be bullish on the single - side market, and attention should be paid to the reduction of production at the mine end, changes in environmental protection policies, and disturbances from large power companies [86]