1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The fundamentals of the silicon market have not significantly improved. The supply side shows a situation of both increases and decreases, remaining generally stable. The demand side is mainly driven by rigid - demand purchases, and the silicon market maintains a pattern of strong supply and weak demand. The poor demand remains the main factor restricting the upward movement of silicon prices. It is expected that silicon prices will maintain range - bound trading in the short term, with an operating range of 8,300 - 9,300 yuan/ton. [3] - The polysilicon market has weak terminal demand, resulting in light trading. Overall, there is a wait - and - see attitude. The price center maintains high - level range fluctuations in the game between policy - driven positive expectations and weak fundamentals. [3] 3. Summary According to the Directory 3.1. Industrial Silicon 3.1.1. Cost and Profit - In the context of anti - involution sentiment and increasing demand, the prices of silicon coal, petroleum coke, and electrodes have rebounded. The south - west production area is gradually shifting from the wet season to the dry season, and power costs will gradually rise. [3] - In September, the average profit of industrial silicon 553 nationwide was - 1,029 yuan/ton, a month - on - month increase of 252 yuan/ton; the average profit of industrial silicon 421 was - 665 yuan/ton, a month - on - month increase of 267 yuan/ton. [35] 3.1.2. Supply - As the dry season approaches and production costs rise, most silicon enterprises in the south - west production area are expected to stop production at the end of the month, while a small number are temporarily waiting and watching. At the same time, some silicon enterprises in the north - west regions such as Xinjiang, Gansu, and Inner Mongolia have the intention to increase production, and the current operation is relatively stable. [3] - In the week of October 24, the number of open furnaces of silicon enterprises decreased by 1 compared with the previous week, mainly in Inner Mongolia. [36] 3.1.3. Demand - The polysilicon production in October may still increase slightly, which will increase the demand for industrial silicon. Organic silicon enterprises are mostly in a state of production reduction or maintenance, and it is difficult to increase the demand for industrial silicon. The demand for silicon - aluminum alloy remains stable, and the overall demand for industrial silicon is still weak. [3] 3.1.4. Inventory - Currently, most manufacturers are in normal production, but due to the relatively low price, the willingness to sell is low, and the factory inventory in the south - west region continues to accumulate. [3] 3.1.5. Market Outlook - The silicon market is expected to maintain a pattern of strong supply and weak demand in the short term, and silicon prices will maintain range - bound trading, with an operating range of 8,300 - 9,300 yuan/ton. [3] 3.2. Polysilicon 3.2.1. Supply - Last week, the polysilicon output was 29,500 tons, a month - on - month decrease of 1,500 tons. As of October 23, the polysilicon inventory was 25.8 million tons, an increase of 0.5 million tons. The output in September was 13 million tons, slightly lower than that in August, and it is expected to increase slightly in October. [68] 3.2.2. Demand - The terminal installation rush in the first half of the year overdrafted part of the demand in the second half of the year. The domestic bidding projects have decreased, the component side is under great pressure, and it is difficult to have obvious restocking actions. The support from the battery - chip side is insufficient as orders are delivered and overseas demand declines. [3] 3.2.3. Inventory - As of October 16, the total polysilicon inventory was 253,000 tons, and the silicon - wafer inventory was 17.31GW. As of October 17, the registered polysilicon warehouse receipts were 8,610 lots. [3] 3.2.4. Market Outlook - The polysilicon market has light trading, and the overall sentiment is one of waiting and watching. The price center maintains high - level range fluctuations in the game between policy - driven positive expectations and weak fundamentals. [3] 3.3. Organic Silicon 3.3.1. Supply - In September, the operating rate of China's DMC was 71.25%, a month - on - month decrease of 4.38 percentage points. The DMC output was 210,200 tons, a month - on - month decrease of 12,900 tons. Recently, many enterprises are in a state of production reduction or maintenance. [98] 3.3.2. Demand - The previous orders have been basically delivered, new orders are scarce, and the inventory accumulation pressure is large. [105] 3.3.3. Market Outlook - The organic silicon price has declined. As of October 24, the average DMC price was 11,100 yuan/ton, a month - on - month decrease of 1.77%; the average 107 - rubber price was 11,500 yuan/ton, remaining flat month - on - month; the average silicone oil price was 12,850 yuan/ton, a month - on - month decrease of 0.77%. [105] 3.4. Silicon - Aluminum Alloy 3.4.1. Supply - In the week of October 23, the operating rate of primary aluminum alloy was 59%, a month - on - month increase of 0.6 percentage points; the operating rate of recycled aluminum alloy was 58.6%, remaining flat month - on - month. [113] 3.4.2. Market Outlook - The price of silicon - aluminum alloy has rebounded. As of October 24, the average ADC12 price was 21,200 yuan/ton, a month - on - month increase of 0.71%; the average A356 price was 21,650 yuan/ton, a month - on - month increase of 1.17%. [116] 3.5. Inventory - As of October 23, the social inventory of industrial silicon (social inventory + delivery warehouse) was 559,000 tons, a month - on - month decrease of 3,000 tons; the total factory inventory in Xinjiang, Yunnan, and Sichuan was 167,700 tons, a month - on - month decrease of 300 tons. As of October 24, the registered warehouse receipts on the exchange were 48,327 lots, equivalent to 241,600 tons of physical goods. [128]