Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On July 8th, polysilicon hit the daily limit again due to multiple news. The main contract 2508 closed at 38,385 yuan/ton, with an intraday increase of 7%. The SMM N-type polysilicon price rose to 39,000 yuan/ton. The spot price shifted from a discount to a premium of 615 yuan/ton compared to the main contract. Industrial silicon showed a slightly stronger trend, with the main contract 2509 closing at 8,215 yuan/ton, an intraday increase of 2.8%. The spot premium narrowed to 215 yuan/ton. There are expectations of anti-involution production cuts in the polysilicon industry, and the trading logic is in a period of policy regulation and news fermentation. The market has strong support, and short-selling is not advisable. One can choose to wait and see or take a small long position. Industrial silicon follows the rise of polysilicon in the short term, but the decline in warehouse receipts and the accumulation of social inventory limit the upside. A high-selling strategy is recommended. Attention should be paid to the implementation of production cuts for both types of silicon and the opportunity to go long on polysilicon and short on industrial silicon after the PS/SI price ratio rebounds [2] Group 3: Summary by Relevant Catalogs 1. Research Viewpoints - Polysilicon is affected by multiple news, hitting the daily limit again. Industrial silicon shows a slightly stronger trend. There are expectations of anti-involution production cuts in the polysilicon industry, and the trading logic is in a period of policy regulation and news fermentation. Industrial silicon follows the rise of polysilicon in the short term, but the decline in warehouse receipts and the accumulation of social inventory limit the upside [2] 2. Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract increased from 7,990 yuan/ton on July 7th to 8,195 yuan/ton on July 8th. The spot price of most grades remained stable, and the spot premium decreased from 240 yuan/ton to 215 yuan/ton [4] - **Polysilicon**: The futures settlement price of the main contract increased from 36,515 yuan/ton on July 7th to 38,385 yuan/ton on July 8th. The N-type polysilicon price rose from 36,000 yuan/ton to 39,000 yuan/ton, and the spot price shifted from a discount to a premium of 615 yuan/ton [4] - **Organic Silicon**: The DMC price in the East China market remained stable at 10,800 yuan/ton. Data for other products were incomplete [4] - **Downstream Products**: The prices of silicon wafers, battery cells, and components remained unchanged [4] 3. Chart Analysis 3.1 Industrial Silicon and Cost-side Prices - Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [5][7][10] 3.2 Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [13][16][18] 3.3 Inventory - Charts present the inventory of industrial silicon futures, factory warehouses, weekly industry inventory, and changes in weekly inventory, as well as the weekly inventory of DMC and polysilicon [21][22][24] 3.4 Cost and Profit - Charts show the average cost and profit levels in major production areas, the weekly cost and profit of industrial silicon, the profit of the aluminum alloy processing industry, and the cost and profit of DMC and polysilicon [27][29][32] Group 4: Team Introduction - The non-ferrous metals team at Everbright Futures Research Institute includes Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng has over a decade of commodity research experience and has won multiple industry awards. Wang Heng focuses on aluminum and silicon research, and Zhu Xi focuses on lithium and nickel research [35][36]