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].