Report Industry Investment Rating - Not provided Core Viewpoints - In 2025, the silicone industry shows broad development prospects, with emerging fields potentially becoming the core growth driver, and the growth momentum comes from gradually replacing traditional petroleum-based materials and expanding emerging application scenarios [2] - With the approaching of the wet season, Yunnan, Sichuan and other places are gradually entering the wet season, showing an advantage in electricity price costs. However, judging from the capacity utilization rate and production data, the southwest region has no intention to resume work. Although the production has increased slightly, it remains at a low level [2] - The downstream of industrial silicon is mainly concentrated in the silicone, polysilicon and aluminum alloy fields. The overall demand for industrial silicon from the three downstream industries is on a downward trend. In the short term, there is pressure around 7,500, and call options are gradually being reduced. It is recommended to maintain a short - selling strategy in the medium and long term [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 7,455 yuan/ton, down 105 yuan; the position of the main contract is 121,504 lots, down 25,532 lots; the net position of the top 20 is - 45,657 lots, down 14,035 lots; the warehouse receipts of GZEE are 58,372 lots; the price difference between the July - August contracts is 25 yuan, up 15 yuan [2] Spot Market - The average price of oxygen - blown 553 silicon is 8,150 yuan/ton, unchanged; the average price of 421 silicon is 8,700 yuan/ton, unchanged; the basis of the Si main contract is 695 yuan/ton, up 105 yuan; the spot price of DMC is 11,120 yuan/ton, unchanged [2] Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,570 yuan/ton, down 190 yuan; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 540 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2] Industry Situation - The monthly production of industrial silicon is 299,700 tons, down 36,050 tons; the weekly social inventory of industrial silicon is 587,000 tons, down 2,000 tons; the monthly import volume of industrial silicon is 2,211.36 tons, up 71.51 tons; the monthly export volume of industrial silicon is 52,919.65 tons, down 12,197.89 tons [2] Downstream Situation - The weekly production of silicone DMC is 38,700 tons, down 200 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,200 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon is 4.28 US dollars/kilogram, unchanged; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kilogram, unchanged; the monthly export volume of unwrought aluminum alloy is 16,555.02 tons, down 1,621.87 tons; the weekly capacity utilization rate of silicone DMC is 58.67%, down 0.53 percentage points; the monthly production of aluminum alloy is 1.528 million tons, down 127,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, down 337.93 tons [2]