Report Industry Investment Rating - Not provided in the content Core Viewpoints - The silicon price has declined and adjusted due to the cooling of sentiment and the hedging pressure above the disk, but the bullish sentiment has been fluctuating recently, and it is expected that the silicon price will remain in high-level consolidation. For industrial silicon, continuous attention should be paid to the production dynamics of silicon enterprises; for polysilicon, continuous attention should be paid to the evolution of macro sentiment and the registration of warehouse receipts [1] Summary by Related Catalogs Industrial Silicon Price Information - The average price of non-oxygenated 553 (East China) industrial silicon remained flat at 9,050 yuan/ton, and the average price of 421 (East China) industrial silicon remained flat at 9,600 yuan/ton. The closing price of the futures main contract rose 2.92% to 8,635 yuan/ton [1] Supply and Demand - On the supply side, 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, the power cost has decreased, and the enterprise start-up has steadily recovered. 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 trend, and some silicon material plants have复产 arrangements, which will bring some incremental demand; in the organic silicon sector, a large factory stopped production for rectification due to an accident, and the supply tightened temporarily. Recently, monomer plants have recovered, 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 low levels is insufficient [1] Inventory - On August 21, the total social inventory of industrial silicon in major regions was 543,000 tons, a decrease of 2,000 tons from last week. Among them, the social ordinary warehouse was 117,000 tons, remaining flat from last week, and the social delivery warehouse was 426,000 tons (including the part not registered as warehouse receipts and spot), a decrease of 2,000 tons from last week [1] Polysilicon Price Information - The price of N-type dense material rose 4.35% to 48 yuan/kg; the price of N-type re-feeding material rose 4.26% to 49 yuan/kg; the price of N-type mixed material rose 4.44% to 47 yuan/kg; the price of N-type granular silicon rose 3.37% to 46 yuan/kg. The closing price of the futures main contract fell 0.67% to 51,530 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 the increase and decrease offset each other, the output is expected to increase slightly. It is expected that the output in July will approach 110,000 tons, and will increase to about 130,000 tons in August. On the demand side, according to the current latest polysilicon price calculation, 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 stocking is basically completed, and the component continues to weaken [1] Organic Silicon Import and Export - In July 2025, China's export volume of primary polysiloxanes in the organic silicon sector was 46,400 tons, a month-on-month decrease of 6.64% and a year-on-year decrease of 7.01%. From January to July 2025, the cumulative export volume of primary polysiloxanes was 325,000 tons, a year-on-year increase of 1.85%. In July 2025, the import volume was 8,000 tons, a month-on-month decrease of 2.44% and a year-on-year decrease of 17.53%. From January to July 2025, the cumulative import volume was 56,400 tons, a year-on-year decrease of 12.96% [1] Price Information - The price of DMC remained flat at 11,000 yuan/ton, the price of 107 glue remained flat at 11,750 yuan/ton, and the price of silicone oil fell 0.75% to 13,150 yuan/ton [1]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - Industrial silicon prices may maintain high-level consolidation due to factors such as the resumption of production in some silicon plants in Xinjiang, the entry of the southwest production area into the wet season, the stable increase in supply, and the complex demand situation [1] - Polysilicon prices are expected to remain at a high level with large fluctuations in the market, and cautious operation is required, considering the supply adjustment and the weak demand in the photovoltaic market [1] Group 3: Summary According to the Directory Industrial Silicon and Polysilicon Price Changes - Industrial silicon: The average price of non-oxygenated 553 (East China) remained flat at 9,200 yuan/ton, and the closing price of the futures main contract rose 1.50% to 8,805 yuan/ton. The price of most industrial silicon products remained stable, while the prices in some regions decreased slightly [1] - Polysilicon: The prices of N-type dense material, N-type re-feeding material, N-type mixed material, and N-type granular silicon remained flat, and the closing price of the futures main contract rose 4.58% to 52,740 yuan/ton [1] Power Generation Information - In July, the power generation of industrial enterprises above the designated size increased by 3.1% year-on-year, with the growth rate accelerating by 1.4 percentage points compared to June. From January to July, the cumulative power generation increased by 1.3% year-on-year. Different power generation varieties showed different trends, with the growth rates of thermal power, wind power, and solar power accelerating, the decline of hydropower expanding, and the growth rate of nuclear power slowing down [1] Investment Strategy - Industrial Silicon - Supply: With the continuous rise of silicon prices, some previously shut-down silicon plants in Xinjiang have resumed production, and enterprises in the southwest production area have steadily increased their production due to lower power costs. It is expected that some silicon furnaces will restart in August, and the supply will increase steadily [1] - Demand: Polysilicon enterprises maintain a production reduction trend, and some silicon material plants have复产 arrangements, which will bring some demand increments. The supply of the organic silicon industry is tightened due to an accident, but the supply pressure has recently increased. Silicon-aluminum alloy enterprises purchase on demand, and the downstream's willingness to stock up at low levels is insufficient [1] Investment Strategy - Polysilicon - Supply: Silicon material enterprises maintain a production reduction trend, and some new production capacities may be put into operation. After offsetting, the output is expected to increase slightly, with the output in July approaching 110,000 tons and increasing to about 130,000 tons in August [1] - Demand: The photovoltaic market is weak, with the inventory of silicon wafers and silicon materials increasing. Recently, due to the expected increase in polysilicon prices, the price of downstream silicon wafers has increased, and the trading atmosphere has improved. However, the terminal market is still weak, and the component prices have adjusted [1]

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 工业硅&多晶硅日评20250811：高位整理 | | | | | | | --- | --- | --- | --- | --- | --- | | 2025/8/11 | 指标 | 单位 | 今值 | 变动 | 近期趋势 | | 元/吨 | 不通氧553#（华东）平均价格 | | 9,100.00 | 0.00% | | | 工业硅期现价格 | 期货主力合约收盘价 | 元/吨 | 8,710.00 | 0.64% | | | 元/吨 | 基差（华东553#-期货主力） | | 390.00 | -55.00 | | | 46.00 | N型多晶硅料 | 元/千克 | | 0.00% | | | 多晶硅期现价格 | 期货主力合约收盘价 | 元/吨 | 50,790.00 | 1.36% | | | 元/吨 | 基差 | | -4,790.00 | -680.00 | | | 不通氧553#（华东）平均价格 | | 元/吨 | 9,100.00 | 0.00% | | | 不通氧553#（黄埔港）平均价格 | | 元/吨 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For industrial silicon, with the cooling of sentiment and hedging pressure on the market, silicon prices have declined and adjusted, but bullish sentiment keeps fluctuating. Short - term silicon prices are expected to consolidate at high levels, and operations require caution. Continued attention should be paid to the resumption dynamics of silicon enterprises [1] - 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 prices have repeatedly hit new highs since listing. Although the sentiment has faded recently, it still fluctuates. Prices remain at high levels, the market fluctuates greatly, and operations require caution. Continued attention should be paid to macro - sentiment evolution and warehouse receipt registration [1] 3. Summary by Relevant Catalogs Industrial Silicon and Polysilicon Price Information - **Industrial Silicon Futures and Spot Prices**: The average price of non - oxygenated 553 (East China) remained unchanged at 9,100 yuan/ton, the closing price of the futures main contract rose 2.96% to 8,700 yuan/ton, and the basis (East China 553 - futures main) decreased by 250 yuan to 400 yuan/ton [1] - **Polysilicon Futures and Spot Prices**: The price of N - type polysilicon material remained unchanged at 46 yuan/kg, the closing price of the futures main contract rose 2.02% to 51,345 yuan/ton, and the basis decreased by 1,015 yuan to - 5,345 yuan/ton [1] - **Industrial Silicon Spot Prices**: The average prices of various grades of industrial silicon in different regions remained mostly unchanged, with price ranges from 8,900 yuan/ton to 10,100 yuan/ton [1] - **Polysilicon Spot Prices**: The prices of N - type dense material, N - type re -投料, N - type mixed material, and N - type granular silicon remained unchanged, at 46 yuan/kg, 47 yuan/kg, 45 yuan/kg, and 44.5 yuan/kg respectively [1] - **Silicon Wafer Prices**: 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 Cell Prices**: The price of single - crystal PERC battery cells M10 - 182mm remained unchanged at 0.27 yuan/watt [1] - **Component Prices**: The prices of single - crystal PERC components (single - sided and double - sided, 182mm and 210mm) remained unchanged, ranging from 0.70 yuan/watt to 0.73 yuan/watt [1] - **Organic Silicon Prices**: The price of DMC decreased by 0.81% to 12,300 yuan/ton, the price of 107 glue remained unchanged at 12,750 yuan/ton, and the price of silicone oil decreased by 0.35% to 14,100 yuan/ton [1] Industry News - On July 30, 2025, Boxinyuan (Zibo) New Materials Technology Co., Ltd. is advancing its kiloton - scale solid - state battery silicon - carbon anode material project. The project is expected to invest 200 million yuan, aiming to produce 1,000 tons of new silicon - carbon anode materials annually from 2025 to 2027, with an expected annual output value of over 100 million yuan. Samples have been preliminarily recognized by leading domestic enterprises such as Huawei and CATL [1] - On August 1, 2025, the US Department of Commerce launched a second anti - dumping and countervailing sunset review investigation on crystalline silicon photovoltaic products imported from China and a second anti - dumping sunset review investigation on products imported from Taiwan, China. The US International Trade Commission also launched a second anti - dumping and countervailing sunset review industrial injury investigation on the above - mentioned products [1] Investment Strategies Industrial Silicon - On the supply side, as silicon prices rise, some previously shut - down silicon plants in Xinjiang have resumed production. In the southwest production area, with the arrival of the wet season, power costs have decreased, and enterprise operations have steadily recovered. It is expected that some silicon furnaces will restart in August, and supply will increase steadily [1] - On the demand side, polysilicon enterprises maintain a production - cut state, and some silicon material plants plan to resume production in July, bringing some demand increments. In the organic silicon sector, a large factory has stopped production for rectification due to an accident, supply has tightened temporarily, and organic silicon prices have continued to rise supported by silicon prices. Silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at low levels is insufficient [1] Polysilicon - On the supply side, polysilicon enterprises maintain a production - cut state, and some silicon material plants may have new production capacity put into operation. After offsetting increases and decreases, production is expected to increase slightly, with July's production expected to approach 110,000 tons [1] - On the demand side, the photovoltaic market is weak overall, with rising inventories of silicon wafers and polysilicon. Recently, driven by the expected increase in polysilicon prices, downstream silicon wafer prices have followed suit. Enterprises say they will actively respond to policies, and the trading atmosphere has improved. However, the terminal market remains weak due to the large over - consumption of demand by the rush to install in the first half of the year [1]