Report Industry Investment Rating No information provided. Core Viewpoints - The current silicon market maintains a pattern of weak supply and demand, and there is still pressure on the upside of silicon prices. Attention should be paid to the subsequent registration of new warehouse receipts and the actual start - up of silicon enterprises [1]. - For polysilicon, the downstream's willingness to replenish inventory is limited, and there is significant pressure on the spot price to continue rising, which suppresses the upside space of the futures market. Attention should be paid to the implementation of the polysilicon platform and the evolution of macro - sentiment [1]. Summary by Related Catalogs Price Information - Industrial silicon: The average price of non - oxygen - passing 553 (East China) remained at 9,350 yuan/ton with a 0.00% change; the futures main contract closed at 8,910 yuan/ton, down 0.11%. The average prices of different grades and regions of industrial silicon showed various trends, with some remaining unchanged and some having slight declines [1]. - Polysilicon: N - type dense material remained at 51 yuan/kg; N - type re - feeding material dropped 0.10% to 52.30 yuan/kg; N - type mixed material remained at 50.50 yuan/kg; N - type granular silicon dropped 0.99% to 50 yuan/kg. The futures main contract closed at 56,915 yuan/ton, down 0.90% [1]. - Other products: Silicon wafer, battery cell, and component prices mostly remained unchanged, while some organic silicon product prices, such as DMC, increased by 2.25% to 13,650 yuan/ton [1]. Information - On December 4, the total social inventory of industrial silicon in major regions was 55.8 tons, an increase of 0.8 tons from last week [1]. - The U.S. Department of Energy renamed the National Renewable Energy Laboratory (NREL) to the Rocky Mountain National Laboratory, which reflects a policy shift and raises concerns about the weakening of renewable energy research [1]. Investment Strategy - Industrial Silicon - Fundamentals: Southwest silicon enterprises' production stoppages have basically been implemented, with low - level production. Northern production is relatively stable. December's industrial silicon output is expected to fluctuate slightly around 400,000 tons. Demand from polysilicon and organic silicon enterprises may weaken, and downstream low - level inventory - building willingness is limited [1]. - Strategy: The silicon market is in a situation of weak supply and demand, with pressure on silicon prices. Adopt an interval - trading strategy and pay attention to new warehouse - receipt registration and actual enterprise start - up [1]. Investment Strategy - Polysilicon - Supply and demand: Silicon material enterprises maintain production cut - backs, with some new capacity additions. October's output is expected to increase slightly, and November's output is expected to drop to around 120,000 tons. Market transactions are light, and downstream resistance to high - price resources is strong [1]. - Strategy: The downstream's willingness to replenish inventory is limited, suppressing the upside of the futures market. Adopt a wait - and - see strategy and pay attention to platform implementation and macro - sentiment [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The silicon market maintains a pattern of weak supply and demand, and there is still pressure on the upside of silicon prices. For industrial silicon, pay attention to the subsequent new warehouse receipt registration and the actual start - up of silicon enterprises. For polysilicon, downstream restocking willingness is limited, and there is great pressure for the spot price to continue rising, which suppresses the upside space of the market [1] - The trading strategy for industrial silicon is range operation, and the trading strategy for polysilicon is to wait and see [1] Group 3: Summary According to Related Content Industrial Silicon - **Price Information**: The average price of non - oxygenated 553 (East China) remained flat at 9,350 yuan/ton, the average price of 421 (East China) increased by 0.51% to 9,800 yuan/ton, and the closing price of the futures main contract rose by 0.16% to 9,145 yuan/ton [1] - **Supply**: Southwest silicon enterprises' production suspension has basically been implemented, with the start - up at the lowest level of the year. The start - up in the north is relatively stable. It is expected that the industrial silicon output in December will fluctuate slightly around 400,000 tons [1] - **Demand**: Polysilicon enterprises continue to reduce production, organic silicon enterprises have reached a joint production reduction mechanism, which may weaken the demand for industrial silicon. Silicon - aluminum alloy enterprises purchase as needed, and the overall willingness of downstream enterprises to stock up at a low level is limited [1] Polysilicon - **Price Information**: N - type dense material remained flat at 51 yuan/kg; N - type re -投料 increased by 0.10% to 52.35 yuan/kg; N - type mixed material remained flat at 50.50 yuan/kg; N - type granular silicon remained flat at 50.5 yuan/kg; the closing price of the futures main contract rose by 2.27% to 57,705 yuan/ton [1] - **Supply**: Silicon material enterprises continue to reduce production, and some silicon material factories may have new production capacity put into operation. After offsetting, it is expected that the output in October will still increase slightly, and the output in November will decrease to about 120,000 tons month - on - month [1] - **Demand**: The polysilicon market trading is light, with few new transactions. Downstream enterprises resist high - priced resources, and the market is waiting for industry policy guidance [1] Industry News - On December 1st, the State Grid New Energy Cloud announced the mechanism electricity price bidding results of Jibei Power Grid. A total of 1,209 projects were short - listed, including 1,172 photovoltaic projects with a mechanism electricity volume of 3,613,181.236 MWh and a mechanism electricity price of 0.352 yuan/kWh, and 37 wind power projects with a mechanism electricity volume of 10,370,416.581 MWh and a mechanism electricity price of 0.347 yuan/kWh [1] - On December 1st, the State Grid New Energy Cloud publicized the mechanism electricity price bidding results of incremental new energy projects in 2026. The mechanism electricity volume of offshore photovoltaic bidding projects is 1,596,912.011 MWh, and the mechanism electricity price is 388.0 yuan/MWh for 10 projects; the mechanism electricity volume of other new energy types is 661,291.372 MWh, and the mechanism electricity price is 350.0 yuan/MWh for 6,294 projects [1]

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]