Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Supply - side policy expectations are fluctuating, and new energy metals continue to oscillate. In the short - to - medium term, supply expectations are again dominating the market, with lithium carbonate leading the decline among new energy metals. In the long term, the supply of silicon, especially polysilicon, is expected to contract, and the price center may rise; lithium ore production capacity is still increasing, which will limit the upside of lithium prices [2]. - For industrial silicon, market sentiment is fluctuating, and silicon prices are oscillating. For polysilicon, market sentiment is cooling, and polysilicon prices are oscillating at a high level. For lithium carbonate, sentiment is suppressing the price decline, and the situation of strong supply and demand continues [3][6][7][10]. Group 3: Summary According to the Catalog 1. Market Views Industrial Silicon - **View**: Market sentiment is fluctuating, and silicon prices are oscillating. Mid - term outlook is oscillating. - **Data Analysis**: As of November 6, 2025, the oxygen - passed 553 in East China is 9450 yuan/ton, and 421 in East China is 9700 yuan/ton. The latest domestic inventory is 447,700 tons, a month - on - month increase of 0.6%. As of October 2025, the monthly domestic production is 452,000 tons, a month - on - month increase of 7.5% and a year - on - year decrease of 3.8%. In September, the export volume is 70,233 tons, a month - on - month decrease of 8.4% and a year - on - year increase of 7.7%. In September, the single - month new photovoltaic installed capacity is 9.66GW, a year - on - year decrease of 53.76% [6]. - **Main Logic**: On the supply side, the dry season in the southwest is coming, and the number of open furnaces in the southwest continues to decline. In the northwest, the supply is stable, and large factories may resume production. On the demand side, in November, the production of polysilicon in the southwest will decrease during the dry season, and the demand for industrial silicon is expected to decline slightly. The inventory of industrial silicon has been decreasing recently, which supports the market [6]. Polysilicon - **View**: Market sentiment is cooling, and polysilicon prices are oscillating at a high level. Mid - term outlook is oscillating. - **Data Analysis**: The成交 price range of N - type re -投料 is 49,000 - 55,000 yuan/ton, with an average price of 53,200 yuan/ton, unchanged from the previous week. In September, the export volume is about 2,150 tons, a year - on - year decrease of 53%; the import volume is about 1,292 tons, a year - on - year decrease of 49.46%. From January to September 2025, the domestic new photovoltaic installed capacity is 240.27GW, a year - on - year increase of 49.35% [7]. - **Main Logic**: Macroscopically, the positive impact of Sino - US trade negotiations has been realized, and market risk appetite has cooled. On the supply side, production has recovered in August - September and is expected to remain high in October and contract in November. On the demand side, the photovoltaic installed capacity growth rate was high in the first half of the year, but demand has weakened since June. Overall, the current supply - demand situation is under pressure, but it is expected to improve during the dry season, and prices are expected to oscillate widely [8][9]. Lithium Carbonate - **View**: Sentiment is suppressing the price decline, and the situation of strong supply and demand continues. Mid - term outlook is oscillating. - **Data Analysis**: On November 5, the closing price of the lithium carbonate main contract increased by 0.74% to 79,140 yuan/ton; the total contract positions increased by 1,333 to 828,733. The spot price of battery - grade lithium carbonate decreased by 400 yuan/ton to 80,500 yuan/ton, and the industrial - grade decreased by 400 yuan/ton to 78,300 yuan/ton. The average price of spodumene concentrate index (CIF China) decreased by 11 US dollars/ton to 920 US dollars/ton. The warehouse receipts increased by 340 to 26,830 [10]. - **Main Logic**: Currently, the market has strong supply and demand, and de - stocking is expected to continue in November. Supply is expected to be strong in November - December, and there is an additional import expectation in November. Demand is currently strong, but attention should be paid to the production schedule in December and the possible weakening of demand in the first quarter of next year. Social inventory is de - stocking, and recently, warehouse receipts have been decreasing. Prices are expected to oscillate widely [10]. 2. Market Monitoring - No specific content for market monitoring analysis is provided in the given text, only the headings for industrial silicon, polysilicon, and lithium carbonate are mentioned [12][18][30] 3. Commodity Index - On November 5, 2025, the comprehensive index of CITIC Futures is 2233.64, up 0.18%; the commodity 20 index is 2526.40, up 0.18%; the industrial product index is 2213.59, unchanged; the PPI commodity index is 1335.37, down 0.17%. The new energy commodity index is 410.23, up 0.56% today, down 3.47% in the past 5 days, up 3.64% in the past month, and down 0.53% since the beginning of the year [52][53]