1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Industrial silicon supply is tightening, with demand mainly for rigid procurement. The oversupply situation remains unchanged, and weak demand and high inventory are the main factors restricting price increases. Short - term silicon prices are expected to range between 8,500 - 9,500 yuan/ton [3]. - The "purchase and storage platform" for polysilicon has not been implemented, and the market has become desensitized. With weak demand and high inventory risks, polysilicon spot prices have declined, and the high premium in the futures market lacks support. Short - term prices are expected to consolidate, and previous long positions should protect profits [3]. 3. Summary by Directory 3.1 Industrial Silicon 3.1.1 Cost and Profit - Petroleum coke prices have slightly increased, while silica, electrode prices have remained stable. With the southwest region entering the dry - season, power costs have significantly increased [3]. - In September, the average profit of industrial silicon 553 was - 1,029 yuan/ton, a month - on - month increase of 252 yuan/ton; the average profit of 421 was - 665 yuan/ton, a month - on - month increase of 267 yuan/ton [36]. 3.1.2 Supply - In Sichuan, as it enters the normal - water period and electricity prices rise, most manufacturers have stopped production. In Yunnan, due to the dry - season and increased costs, most businesses have stopped production. In the north, the start - up rate is slowly increasing, but a factory in Xinjiang reduced production last week. The overall supply is expected to fall below 400,000 tons in November, a decrease of about 12% [3]. - On November 7, the number of open furnaces decreased by 37 week - on - week, mainly in Sichuan and Yunnan, and slightly in Xinjiang [37]. 3.1.3 Demand - Some polysilicon manufacturers are under maintenance, and production is expected to decline. Organic silicon enterprises that previously cut production have gradually resumed, increasing the demand for industrial silicon, but purchases are mainly for rigid replenishment. The silicon - aluminum alloy industry has no plans to increase or decrease production, and the start - up rate is relatively stable [3]. 3.1.4 Inventory - Except for some southwest silicon enterprises that have reduced production, most manufacturers are in normal production. Due to low prices, silicon enterprises are reluctant to sell, and inventory continues to accumulate [3]. 3.1.5 Market Outlook - The oversupply situation of industrial silicon remains unchanged. Weak demand and high inventory restrict price increases. Short - term silicon prices are expected to range between 8,500 - 9,500 yuan/ton [3]. 3.2 Polysilicon 3.2.1 Supply - Last week, polysilicon production was 27,000 tons, a week - on - week decrease of 1,200 tons. As of November 6, the inventory was 259,000 tons, a decrease of 2,000 tons. In October, production was 134,000 tons, an increase of 4,000 tons from September. In November, production is expected to decline to about 120,000 tons [68]. 3.2.2 Demand - The upstream demand from the component side is weak, and there is no obvious inventory - building action. The support from the battery - chip side is insufficient, and the silicon - wafer production plan for November has declined [3]. 3.2.3 Inventory - As of November 6, the total polysilicon inventory was 259,000 tons, and the silicon - wafer inventory was 17.52GW. As of November 7, the registered polysilicon warehouse receipts were 9,850 lots [3]. 3.2.4 Market Outlook - The "purchase and storage platform" has not been implemented, and the market has become desensitized. With weak demand and high inventory risks, polysilicon spot prices have declined, and the high premium in the futures market lacks support. Short - term prices are expected to consolidate [3]. 3.3 Organic Silicon 3.3.1 Supply - In October, the DMC start - up rate was 69.71%, a month - on - month decrease of 1.54 percentage points, and the output was 209,600 tons, a month - on - month decrease of 600 tons. Recently, the previously maintained devices in Yunnan and Jiangxi have gradually resumed production, and the supply shows an increasing trend [97]. 3.3.2 Price - As of November 7, the average DMC price was 11,150 yuan/ton, a week - on - week increase of 1.36%; the average 107 - rubber price was 11,500 yuan/ton, remaining unchanged; the average silicone oil price was 13,050 yuan/ton, a week - on - week increase of 1.56%. In the long - term, prices may continue to weaken due to oversupply [104]. 3.4 Aluminum Alloy 3.4.1 Start - up Rate - In the week of November 6, the start - up rate of primary aluminum alloy was 59.4%, a week - on - week increase of 0.2 percentage points; the start - up rate of recycled aluminum alloy was 59.1%, remaining unchanged [112]. 3.4.2 Price - As of November 7, the average ADC12 price was 21,450 yuan/ton, a week - on - week increase of 0.70%; the average A356 price was 22,000 yuan/ton, a week - on - week increase of 1.38% [115]. 3.5 Inventory - As of November 6, the industrial silicon social inventory (social + delivery warehouse) was 552,000 tons, a week - on - week decrease of 6,000 tons; the total factory inventory in Xinjiang, Yunnan, and Sichuan was 172,000 tons, a week - on - week increase of 3,900 tons. As of November 7, the exchange - registered warehouse receipts were 46,180 lots, equivalent to 230,900 tons of spot [126].

Report Summary 1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints - For industrial silicon, due to potential supply - side disturbances, the industrial silicon futures market has strengthened recently. Short - term silicon prices are expected to remain high, but there is a risk of a price drop if polysilicon enterprises implement production cuts and silicon enterprises increase production [1]. - For polysilicon, supply - side disturbances are still fluctuating, and polysilicon prices are consolidating at a high level. Given the high raw material inventory of downstream enterprises, it is difficult to have a concentrated restocking in the short term, which may put pressure on the market [1]. 3. Summary by Related Content Industrial Silicon - **Price Information**: The average price of industrial silicon不通氧553 (East China) remained flat at 9,200 yuan/ton, and the 421 (East China) average price remained flat at 9,700 yuan/ton. The futures main contract closed 0.28% lower at 8,925 yuan/ton [1]. - **Supply and Demand**: Some previously - shut - down silicon plants in Xinjiang have resumed production as silicon prices rise. The southwest region has entered the wet season with low electricity costs, and enterprise production is steadily increasing. On the demand side, polysilicon enterprises are still reducing production, but some have plans to resume production; the organic silicon market has supply pressure again; silicon - aluminum alloy enterprises purchase as needed [1]. - **Export and Import Data**: In August 2025, industrial silicon exports were 7.66 tons, a 4% month - on - month increase and an 18% year - on - year increase. From January to August 2025, cumulative exports were 49.14 tons, a 2% year - on - year increase. In August 2025, imports were 0.13 tons, and the cumulative imports from January to August were 0.67 tons, a 67% year - on - year decrease [1]. - **Trading Strategy**: Use interval operations, continue to hold out - of - the - money put options, and consider participating in the 2511 and 2512 reverse spreads [1]. Polysilicon - **Price Information**: The prices of N - type dense material, N - type re - feed material, N - type mixed material, and N - type granular silicon remained flat. The futures main contract closed 1.43% lower at 50,260 yuan/ton [1]. - **Supply and Demand**: Polysilicon enterprises are still reducing production, but some may have new production capacity. The market trading volume has increased significantly, inventory has decreased, and price increases are spreading downstream, but terminal demand pressure is high, and component price increases face resistance [1]. - **Trading Strategy**: Before the implementation of supply - side reform policies, consider lightly buying on dips [1]. Other Information - **Photovoltaic Glass Export**: In August 2025, China's photovoltaic glass exports were 46.61 tons, an 11.86% increase from July and a 33.74% year - on - year increase. From January to August 2025, total exports were 298.10 tons, a 16.49% year - on - year increase [1].

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - For industrial silicon, considering the cooling sentiment and hedging pressure above the market, the silicon price has adjusted downward. Recently, driven by the polysilicon sentiment, the industrial silicon market has strengthened again. It is expected that the short - term silicon price will maintain high - level consolidation, and attention should be paid to the support level of 8,300 yuan/ton [1]. - For polysilicon, the fundamentals show strong supply and weak demand, and the price support is insufficient. Recently, the storage acquisition information has fermented again, and the polysilicon market has continued to rise. In the short term, supply - side disturbances may be repeated, the price fluctuation may be magnified again, and the price is likely to rise rather than fall. Attention should be paid to the pressure level of 55,000 - 56,000 yuan/ton [1]. 3. Summary by Related Catalogs 3.1 Price Changes - Industrial silicon: The average price of non - oxygenated 553 (East China) remained flat at 8,950 yuan/ton, and the average price of 421 (East China) remained flat at 9,400 yuan/ton. The closing price of the futures main contract rose 0.24% to 8,490 yuan/ton [1]. - Polysilicon: N - type dense material remained flat at 50 yuan/kg, N - type re - feed material remained flat at 51.5 yuan/kg, N - type mixed material remained flat at 49 yuan/kg, and N - type granular silicon remained flat at 48.5 yuan/kg. The closing price of the futures main contract rose 0.55% to 52,160 yuan/ton [1]. - Other products: The price of N - type 183mm silicon wafers rose 2.40% to 1.28 yuan/piece, while other silicon wafers, battery cells, and components prices remained flat. The price of DMC decreased 0.47% to 10,650 yuan/ton, while the prices of 107 glue and silicone oil remained flat [1]. 3.2 Industry News - The CIF price of Malaysian bauxite (with an original ore aluminum content of 37% - 41% and a silicon content of 5% - 6%) has risen by 2.5 US dollars to 50.5 US dollars due to the increase in freight [1]. - The PC project of the second and third bid sections of the 1 million - kilowatt photovoltaic desert control project in Shache County, Xinjiang has been temporarily terminated due to a major change in the design plan [1]. 3.3 Supply and Demand Analysis - Industrial silicon: On the supply side, as the silicon price continues to rise, some previously shut - down silicon plants in Xinjiang have resumed production, and the power cost in the southwest production area has decreased during the wet season, with stable recovery in enterprise operations. On the demand side, polysilicon enterprises maintain a production - reduction state, with some silicon material plants planning to resume production; an organic silicon manufacturer has stopped production for rectification due to an accident, and the silicon alloy enterprises purchase as needed, with low inventory - building willingness in the downstream [1]. - Polysilicon: On the supply side, silicon material enterprises maintain a production - reduction state, with some new production capacity expected to be put into operation, and the output is expected to increase slightly. On the demand side, the silicon wafer price cannot cover the full cost, battery cell prices are loosening due to inventory accumulation, and the terminal acceptance of high prices is low [1].

Report Industry Investment Rating - No information provided in the report Core Viewpoints - The silicon price is expected to remain in high-level consolidation in the short term, and continuous attention should be paid to the production dynamics of silicon enterprises [1] - The polysilicon price is volatile and likely to rise, and continuous attention should be paid to the implementation of industrial policies and the evolution of macro sentiment [1] Summary by Relevant Catalogs Industrial Silicon - **Price Information**: The average price of non-oxygenated 553 (East China) remained flat at 8,950 yuan/ton, and the average price of 421 (East China) industrial silicon remained flat at 9,400 yuan/ton. The closing price of the futures main contract rose 1.25% to 8,495 yuan/ton [1] - **Supply and Demand**: As the silicon price continues to rise, some previously overhauled silicon plants in Xinjiang have resumed production. The southwest production area has entered the wet season, with lower power costs and a steady increase in enterprise start-up, resulting in a steady increase in supply. On the demand side, polysilicon enterprises maintain a production reduction trend, and some silicon material plants have复产 arrangements, which will bring some demand increments. In the organic silicon sector, a large factory has stopped production for rectification due to an accident, resulting in a temporary tightening of supply. Recently, monomer plant enterprises have recovered, and the market supply pressure has increased, and the price may be under pressure again. Silicon-aluminum alloy enterprises purchase on demand, and the downstream's willingness to stock up at a low level is insufficient [1] Polysilicon - **Price Information**: The price of N-type dense material remained flat at 48 yuan/kg, the price of N-type re-feeding material remained flat at 49 yuan/kg, the price of N-type mixed material remained flat at 47 yuan/kg, and the price of N-type granular silicon remained flat at 46 yuan/kg. The closing price of the futures main contract rose 5.51% to 52,285 yuan/ton [1] - **Supply and Demand**: On the supply side, polysilicon enterprises maintain a production reduction trend, and some silicon material plants may have new production capacity put into operation. After offsetting the increase and decrease, the output is expected to increase slightly. It is expected that the output in July will approach 110,000 tons, and the output in August will increase to about 130,000 tons month-on-month. On the demand side, based on the current latest polysilicon price, the silicon wafer quotation still cannot cover the full cost. Considering the weak demand and the gradual stabilization of upstream raw material prices, the silicon wafer price lacks upward momentum. Some battery cell enterprises have accumulated inventory due to reduced orders, and the price has loosened. The terminal's acceptance of high prices is low, and the overseas component export tax refund stockpiling is basically completed, and the components continue to weaken [1] Other Information - SMM research shows that affected by the recent self-discipline of the polysilicon industry and market transactions, the quotations of domestic leading polysilicon enterprises have been raised, with the mainstream quotation of rod-shaped silicon rising to 55 yuan/kg and the quotation of granular silicon at 49 yuan/kg. The subsequent transaction situation needs further observation [1] - On August 27, 2025, witnessed by Egyptian Prime Minister Mustafa Madbouly, JA Solar signed an investment agreement with Egyptian AHG, UAE Global South Utilities, and Bahrain Infinity Capital. JA Solar plans to invest $220 million (about 1.57 billion yuan) to build a 2GW solar cell factory, a 2GW solar module factory, and a 1GWh energy storage system factory in Egypt, with a planned construction period of three years [1]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The price of industrial silicon has declined and adjusted due to the cooling of sentiment and hedging pressure on the disk, but the bullish sentiment has been fluctuating recently, and it is expected that the price will remain in a high - level consolidation. For polysilicon, the price has continued to rise since the end of June due to supply - side reform expectations and spot price increases. Although the sentiment has faded recently, it still fluctuates, and the price is expected to remain in a high - level consolidation with large disk fluctuations [1]. Summary by Relevant Catalogs Industrial Silicon Price Changes - The average price of non - oxygenated 553 (East China) industrial silicon decreased by 1.63% to 9,050 yuan/ton, and the average price of 421 (East China) decreased by 1.54% to 9,600 yuan/ton. The closing price of the futures main contract dropped by 2.72% to 8,390 yuan/ton [1]. Export and Import - In July 2025, the export volume of industrial silicon was 74,000 tons, a month - on - month increase of 8% and a year - on - year increase of 37%, reaching a single - month high since 2022. From January to July 2025, the cumulative export volume was 414,700 tons, a year - on - year decrease of 1%. In July 2025, the import volume of metallic silicon in China was very small. From January to July 2025, the cumulative import volume was 5,300 tons, a year - on - year decrease of 65% [1]. Fundamental Analysis - As the silicon price continues to rise, some previously overhauled silicon plants in Xinjiang have resumed production. The southwest production area has entered the wet season, with lower power costs and a steady increase in enterprise starts. It is expected that some silicon furnaces will restart in August, and the supply will increase steadily. On the demand side, polysilicon enterprises maintain a production - reduction state, some silicon material plants have复产 arrangements, bringing some demand increments; an organic silicon manufacturer has stopped production for rectification due to an accident, with a temporary tightening of supply, but the supply pressure in the market has rebounded recently, and the price may be under pressure again; silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at low levels is insufficient [1]. Polysilicon Price Changes - The price of N - type dense material remained flat at 46 yuan/kg, the price of N - type re - feeding material remained flat at 47 yuan/kg, the price of N - type mixed material remained flat at 45 yuan/kg, and the price of N - type granular silicon remained flat at 44.5 yuan/kg. The closing price of the futures main contract dropped by 0.74% to 51,875 yuan/ton [1]. Fundamental Analysis - On the supply side, polysilicon enterprises maintain a production - reduction state, and some silicon material plants may have new production capacity put into operation. After offsetting, the output is expected to increase slightly. It is expected that the output in July will approach 110,000 tons and increase to about 130,000 tons in August. On the demand side, according to the current polysilicon price, the silicon wafer quotation still cannot cover the full cost. Considering the weak demand and the stable price of upstream raw materials, the silicon wafer price lacks upward momentum; some battery cell enterprises have price loosening due to reduced orders and accumulated inventory; the terminal's acceptance of high prices is low, and the overseas component export tax - refund stockpiling is basically completed, and the component price continues to weaken [1]. Other Related Products Silicon Wafer, Battery Cell, and Component Prices - The prices of various types of silicon wafers, battery cells, and components remained unchanged on the day [1]. Organic Silicon Prices - The price of DMC is 11,000 yuan/ton, the price of 107 glue dropped by 4.08% to 11,750 yuan/ton, and the price of silicone oil dropped by 3.64% to 13,250 yuan/ton [1]. Photovoltaic Glass Export - In July 2025, the export volume of photovoltaic glass was 416,700 tons, a month - on - month decrease of 6.11% compared with June and a year - on - year increase of 39.60%. From January to July 2025, the total export volume of photovoltaic glass was 2,514,900 tons, a year - on - year increase of 13.77%. Due to the upcoming cancellation of the glass export tax refund, overseas demand has increased recently, but the stockpiling volume has begun to decrease gradually, and it is expected that the export volume in August will decrease significantly [1].

Industry Investment Rating - No investment rating information provided in the report Core Viewpoints - The silicon price has declined and adjusted due to the cooling of sentiment and hedging pressure above the market, but recently the bullish sentiment has resurfaced, and it is expected that the silicon price may maintain a high - level and strong consolidation. For polysilicon, since the end of June, driven by supply - side reform expectations and spot price increases, the polysilicon market has continued to rise, and although the sentiment has faded recently, it still fluctuates, with prices remaining high and volatile, requiring cautious operation [1] Summary by Relevant Catalogs Price Information - **Industrial Silicon Spot Price**: The average price of non - oxygen - blown 553 in different regions (East China, Huangpu Port, Tianjin Port, Kunming, Sichuan) remained unchanged at 9,200 yuan/ton, 9,300 yuan/ton, 9,100 yuan/ton, 9,250 yuan/ton, and 8,950 yuan/ton respectively; the average price of oxygen - blown 553 in different regions remained unchanged; the average price of 421 in different regions also remained unchanged [1] - **Industrial Silicon Futures Price**: The closing price of the futures main contract was 8,840 yuan/ton, a decrease of 1.78% from the previous day [1] - **Polysilicon Spot Price**: N - type dense material, N - type re - feeding material, N - type mixed material, and N - type granular silicon prices remained unchanged at 46 yuan/kg, 47 yuan/kg, 45 yuan/kg, and 44.5 yuan/kg respectively [1] - **Polysilicon Futures Price**: The closing price of the futures main contract was 51,800 yuan/ton, a decrease of 2.24% from the previous day [1] - **Silicon Wafer Price**: The prices of N - type 210mm, N - type 210R, and N - type 183mm silicon wafers remained unchanged at 1.55 yuan/piece, 1.35 yuan/piece, and 1.20 yuan/piece respectively [1] - **Battery Chip Price**: The price of single - crystal PERC battery chips M10 - 182mm remained unchanged at 0.27 yuan/watt [1] - **Component Price**: The prices of single - sided and double - sided single - crystal PERC components of different specifications remained unchanged [1] - **Organic Silicon Price**: The prices of DMC, 107 glue, and silicone oil remained unchanged at 12,000 yuan/ton, 12,750 yuan/ton, and 14,100 yuan/ton respectively [1] News and Information - Yantai Huaxing Silicon Materials Co., Ltd. was established, jointly held by Xingfa Group and Wanhua Chemical, marking the deepening of their strategic cooperation in the silicon materials field [1] - Shifang Baichuan Xinyong New Energy Co., Ltd. is promoting its high - efficiency perovskite solar cell production project, planning to build two pilot production lines, with a design annual output of 1.4GW of high - efficiency silicon solar cells and an expansion of perovskite tandem solar cell production capacity to 200MW/year [1] Investment Strategy - Industrial Silicon - **Supply Side**: As the silicon price continues to rise, some previously overhauled silicon plants in Xinjiang have resumed production. In addition, the southwest production area has entered the wet season, with lower electricity costs and a steady increase in enterprise start - up rates. It is expected that some silicon furnaces will restart in August, and the supply will increase steadily [1] - **Demand Side**: Polysilicon enterprises maintain a production - reduction state, and some silicon material plants have复产 arrangements, which will bring some demand increments; in the organic silicon sector, a large factory has stopped production for rectification due to an accident, resulting in a temporary tightening of supply, but recently the monomer plants have recovered, increasing market supply pressure and potentially pressuring prices again; silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at low levels is insufficient [1] Investment Strategy - Polysilicon - **Supply Side**: Polysilicon enterprises maintain a production - reduction state, and some may have new production capacity put into operation. After offsetting the increase and decrease, the output is expected to increase slightly. It is expected that the output in July will approach 110,000 tons, and the output in August will increase to about 130,000 tons month - on - month [1] - **Demand Side**: The photovoltaic market is generally weak, with rising inventories of silicon wafers and silicon materials. Recently, due to the expected increase in polysilicon prices, the downstream silicon wafer prices have followed suit, and the trading atmosphere has improved. However, the terminal market is still weak due to the large over - consumption of demand in the first half of the year [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The silicon price has been adjusted downward due to cooling sentiment and hedging pressure on the upper side of the futures market. However, the bullish sentiment has resurfaced recently, and it is expected that the silicon price will remain strong at a high level. For polysilicon, since the end of June, driven by supply - side reform expectations and spot price increases, the polysilicon futures market has continued to rise, and the price has repeatedly hit new highs since listing. Although the sentiment has faded recently, there are still fluctuations, and the price remains strong at a high level with large market volatility, so operation requires caution [1]. 3. Summary by Relevant Catalogs 3.1 Industrial Silicon and Polysilicon Price Changes - Industrial silicon: The average price of non - oxygenated 553 (East China) increased by 1.10% to 9,200 yuan/ton, and the average price of 421 (East China) increased by 0.52% to 9,750 yuan/ton. The closing price of the futures main contract rose 3.33% to 9,000 yuan/ton. The N - type polysilicon material price remained unchanged, with N - type dense material at 46 yuan/kg, N - type re - feed material at 47 yuan/kg, N - type mixed material at 45 yuan/kg, and N - type granular silicon at 44.5 yuan/kg. The closing price of the polysilicon futures main contract rose 4.32% to 52,985 yuan/ton [1]. 3.2 Supply and Demand Analysis of Industrial Silicon - Supply: As the silicon price continues to rise, some previously shut - down silicon plants in Xinjiang have resumed production. The southwest production area has entered the wet season, with lower electricity costs and steadily increasing enterprise operations. It is expected that some silicon furnaces will restart in August, and the supply will increase steadily [1]. - Demand: Polysilicon enterprises maintain a production - cut state, but some silicon material plants have复产 plans, which will bring some demand increments. In the organic silicon sector, a large factory has stopped production for rectification due to an accident, with a temporary tightening of supply. Recently, monomer plants have recovered, increasing market supply pressure and potentially pressuring prices again. Silicon - aluminum alloy enterprises purchase as needed, and the downstream has insufficient willingness to stock up at low levels [1]. 3.3 Supply and Demand Analysis of Polysilicon - Supply: Polysilicon enterprises maintain a production - cut state, but some may have new production capacity put into operation. After offsetting increases and decreases, the output is expected to increase slightly, with an expected output approaching 110,000 tons in July and increasing to about 130,000 tons in August [1]. - Demand: The photovoltaic market is generally weak, with rising inventories of silicon wafers and silicon materials. Recently, due to the expected increase in polysilicon prices, the downstream silicon wafer prices have followed suit. Enterprises say they will actively respond to policies, and the trading atmosphere has improved. However, the high - volume installations in the first half of the year have significantly overdrawn demand, and the terminal market remains weak [1]. 3.4 Industry News - Silicon Bao Technology has launched self - developed low - density, high - flame - retardant organic silicon sealing materials for the power battery adhesive field, and double - component fast - curing organic silicon sealants for the photovoltaic adhesive field [1]. - Indian energy enterprise SAEL Industries' subsidiary will build a 5GW battery and 5GW component vertically integrated factory in Uttar Pradesh, with a total investment of about 6.8 billion yuan [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - For industrial silicon, the supply side may see a reduction after offsetting increases and decreases, while the demand side has mixed trends. Short - term silicon prices are expected to continue a relatively strong consolidation with amplified fluctuations, and short - term operations are recommended. In the long - term, there is upward pressure on the market [1]. - For polysilicon, driven by supply - side reform expectations and spot price increases, the futures price is expected to maintain a strong trend in the short - term, but there is a risk of price decline after reaching a high [1]. 3. Summary by Relevant Catalogs Industrial Silicon - **Price Information** - The average price of non - oxygenated 553 (East China) remained unchanged at 8,950 yuan/ton, and the 421 (East China) remained at 9,500 yuan/ton. The futures main contract closed at 8,745 yuan/ton, up 0.69% [1]. - The basis (East China 553 - futures main) was 205 yuan/ton, down 60 yuan [1]. - **Market News** - The Guangzhou Futures Exchange will limit the daily opening volume of polysilicon futures and the SI2509 contract of industrial silicon futures from July 21, 2025 [1]. - As of July 17, the total social inventory of industrial silicon in major regions was 54.7 tons, a decrease of 0.4 tons from the previous week [1]. - **Fundamentals** - Supply: Northern large factories have production cuts with no resumption news, and the southwest region is about to enter the wet season with a slow resumption of production. Overall, supply may decrease [1]. - Demand: Polysilicon enterprises maintain production cuts but some will resume production in July; organic silicon enterprises have strong intentions to cut production and support prices but weak demand; silicon - aluminum alloy enterprises purchase as needed [1]. Polysilicon - **Price Information** - N - type dense material rose 3.41% to 45.5 yuan/kg, N - type re - feed material rose 2.75% to 46.75 yuan/kg, N - type mixed material rose 1.15% to 44 yuan/kg, and N - type granular silicon remained unchanged at 43 yuan/kg. The futures main contract closed at 45,700 yuan/ton, up 6.42% [1]. - **Fundamentals** - Supply: Silicon material enterprises maintain production cuts, but new production capacity may be put into operation, and the output in July is expected to approach 110,000 tons [1]. - Demand: The photovoltaic market is weak, with rising inventories of silicon wafers and silicon materials. Although the trading atmosphere has improved recently, the terminal market remains weak [1]. Other Products - **Silicon Wafer Prices** - N - type 210mm wafers rose 23.70% to 1.67 yuan/piece, N - type 210R wafers rose 24.35% to 1.43 yuan/piece, and N - type 183mm wafers rose 25.00% to 1.25 yuan/piece. P - type 210mm and P - type 182mm wafers remained unchanged [1]. - **Battery Cell Prices** - The price of single - crystal PERC battery cells M10 - 182mm remained at 0.27 yuan/watt [1]. - **Component Prices** - The prices of single - crystal PERC components remained unchanged [1]. - **Organic Silicon Prices** - The prices of DMC, 107 glue, and silicone oil remained unchanged [1].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The silicon market is facing a situation of weak supply and demand, with high inventory pressure in the industry. Silicon prices are expected to remain under pressure at low levels in the short term, and the downward space may be relatively limited. For polysilicon, the fundamentals are weak, and prices are expected to have no upward trend in the short term, with a strategy of shorting on rebounds [1] Summary by Related Catalogs Price Information - Industrial silicon: The average price of non - oxygenated 553 (East China) remained flat at 8,100 yuan/ton, and the average price of 421 (East China) remained flat at 8,700 yuan/ton. The closing price of the futures main contract rose 0.41% to 7,420 yuan/ton. The prices of different grades and regions of industrial silicon showed little change, except for a 1.20% drop in the average price of non - oxygenated 553 in Kunming and a 1.02% drop in the average price of 421 in Sichuan [1] - Polysilicon: The prices of N - type dense material, polysilicon re - feedstock, polysilicon dense material, and polysilicon cauliflower material remained flat. The closing price of the futures main contract fell 3.42% to 30,615 yuan/ton [1] - Other products: The prices of silicon wafers, battery cells, components, and organic silicon products remained unchanged [1] Export and Import Information - Organic silicon: In May 2025, the export volume of primary - form polysiloxane was 4.66 million tons, a month - on - month decrease of 2.10% and a year - on - year decrease of 4.51%. From January to May 2025, the total export volume was 22.89 million tons, a year - on - year increase of 5.73% [1] - Industrial silicon: In May 2025, the export volume was 5.57 million tons, a month - on - month decrease of 8% and a year - on - year decrease of 22%. From January to May 2025, the cumulative export volume was 27.24 million tons, a year - on - year decrease of 10%. The import volume in May 2025 was very small, and the cumulative import volume from January to May was 0.52 million tons, a year - on - year decrease of 55% [1] Inventory Information - As of June 19, the total social inventory of industrial silicon in major regions was 55.9 million tons, a week - on - week decrease of 1.3 million tons. Among them, the inventory in ordinary social warehouses was 13.1 million tons, a week - on - week decrease of 0.2 million tons, and the inventory in social delivery warehouses was 42.8 million tons, a week - on - week decrease of 1.1 million tons [1] Fundamental Analysis - Supply side: For industrial silicon, the start - up of silicon enterprises in the north has changed little, and the southwest production area is about to enter the wet season with lower power costs, so the enterprise start - up is steadily increasing. For polysilicon, silicon material enterprises maintain a production - cut situation, and although there may be new capacity put into operation, the overall supply is expected to increase slightly [1] - Demand side: For industrial silicon, polysilicon enterprises maintain production cuts and the resumption of production may be postponed; organic silicon enterprises have a strong willingness to cut production to support prices, but demand is weak; silicon - aluminum alloy enterprises purchase as needed, and the overall downstream willingness to stock up at low levels is insufficient. For polysilicon, the photovoltaic market is weak, with rising inventories of silicon wafers and silicon materials, falling prices of silicon wafers, battery cells, and components, and weak market transactions [1]

Report Summary 1. Report Industry Investment Rating No investment rating information was provided in the report. 2. Core Viewpoints - The silicon market is experiencing a situation of weak supply and demand, with high inventory pressure in the industry. Silicon prices are expected to remain under pressure at low levels in the short term, but the downward space may be limited due to the current low prices. [1] - For polysilicon, the fundamentals are weak, and the transaction price is moving downward. Considering the high uncertainty of terminal installation and the difficulty in resolving over - capacity issues in the short term, polysilicon prices are unlikely to show an upward trend in the short term. The recommended strategy is to short on rebounds. [1] 3. Summary by Relevant Catalogs Price Data - **Industrial Silicon**: The average price of industrial silicon's non - oxygenated 553 (East China) remained flat at 8,100 yuan/ton, and the 421 (East China) remained flat at 8,700 yuan/ton. The closing price of the futures main contract rose 1.96% to 7,560 yuan/ton. [1] - **Polysilicon**: N - type dense material remained flat at 35.5 yuan/kg; polysilicon re - feedstock remained flat at 33.5 yuan/kg; polysilicon dense material remained flat at 32 yuan/kg; polysilicon cauliflower material remained flat at 30 yuan/kg. The closing price of the futures main contract rose 0.88% to 34,255 yuan/ton. [1] - **Silicon Wafer**: Most photovoltaic companies' silicon wafer prices followed the market downward, with small and medium - sized enterprises having a larger decline of about 0.03 yuan/piece. In June, the operating rate of silicon wafer enterprises was generally lower than that in May, mostly between 40% - 60%, a month - on - month decrease of about 3% - 13%. [1] - **Others**: The prices of battery chips, components, and most organic silicon products remained stable, while the price of silicone oil decreased by 0.36% to 13,750 yuan/ton. [1] Industry News - In May, automobile production and sales reached 2.649 million and 2.686 million units respectively, with a month - on - month increase of 1.1% and 3.7%, and a year - on - year increase of 11.6% and 11.2%. From January to May, automobile production and sales reached 12.826 million and 12.748 million units respectively, with a year - on - year increase of 12.7% and 10.9%. [1] - Cangzhou Huayu Special Gas Technology Co., Ltd.'s annual 5,000 - ton electronic special gas project was officially put into production, with a 95% domestic - made silane gas production device and the largest single - set production capacity in the country. [1] Fundamental Analysis - **Supply Side**: Some silicon enterprises in the north reduced production due to cost inversion. In the southwest production area, although the wet season was approaching, there was a lack of confidence in the future market, with strong wait - and - see sentiment and low willingness to resume production. For polysilicon, enterprises maintained a production - reduction trend, and some may have new capacity put into production, with an expected output of less than 100,000 tons. [1] - **Demand Side**: Polysilicon enterprises maintained production reduction, and the resumption of production might be postponed. The organic silicon industry had a strong willingness to reduce production to support prices, but demand was weak, and the actual transaction price declined. Silicon - aluminum alloy enterprises purchased on demand, and the downstream had low willingness to stock up at low prices. The photovoltaic market was weak, with rising inventories of silicon wafers and polysilicon, and falling prices of silicon wafers, battery chips, and components. [1]