1. Report Industry Investment Rating - Industrial silicon: Unilateral - Neutral; Inter - period: None; Inter - variety: None; Futures - spot: None; Options: None [2] - Polysilicon: Unilateral - Short - term range operation; Inter - period: None; Inter - variety: None; Futures - spot: None; Options: None [7] 2. Core Views - For industrial silicon, the spot price remains stable, the inventory decreases slightly, the supply - demand change is small, and the market is mainly influenced by overall commodity sentiment [1][2] - For polysilicon, the weekly output decreases slightly, the upstream inventory goes through slight destocking, and the market is affected by anti - involution policy expectations and fundamentals. Policy implementation and spot price transmission need to be continuously monitored, and polysilicon is suitable for long - term bottom - fishing [3][5][7] 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On September 4, 2025, the industrial silicon futures price fluctuated. The main contract 2511 opened at 8405 yuan/ton and closed at 8515 yuan/ton, a change of 0.12% from the previous settlement. The main contract held 277,305 lots, and the number of warehouse receipts was 50,072, a decrease of 276 from the previous day [1] - The industrial silicon spot price remained stable. The price of East China oxygen - passing 553 silicon was 9000 - 9200 yuan/ton, 421 silicon was 9300 - 9500 yuan/ton, Xinjiang oxygen - passing 553 silicon was 8400 - 8600 yuan/ton, and 99 silicon was 8400 - 8600 yuan/ton [1] - On September 4, the total social inventory of industrial silicon in major regions was 537,000 tons, a decrease of 4,000 tons from the previous week. The ordinary social warehouse had 117,000 tons, a decrease of 2,000 tons, and the social delivery warehouse had 420,000 tons, a decrease of 2,000 tons [1] Consumption End - The organic silicon DMC was quoted at 10,500 - 10,800 yuan/ton. Shandong monomer enterprises' DMC was quoted at 10,800 yuan/ton this week, a decrease of 500 yuan/ton from the previous week. Other domestic monomer enterprises' DMC was mainly quoted at 11,000 - 11,500 yuan/ton, a decrease of 500 - 1000 yuan/ton from the previous week [2] - The upstream and downstream are in a deep game. Monomer enterprises adopt a promotional strategy, but some downstream enterprises are cautious due to the lack of improvement in terminal orders [2] Strategy - The spot price remains stable, the inventory decreases slightly, the supply - demand change is small, and the market is mainly influenced by overall commodity sentiment [2] Polysilicon Market Analysis - On September 4, 2025, the polysilicon futures main contract 2511 fluctuated slightly, opening at 51,700 yuan/ton and closing at 52,195 yuan/ton, a 0.55% change from the previous trading day. The main contract held 145,950 lots, and the trading volume was 268,080 lots [3] - The polysilicon spot price remained stable. The N - type material was 49.00 - 54.00 yuan/kg, and n - type granular silicon was 48.00 - 49.00 yuan/kg [3] - The polysilicon manufacturers' inventory increased, the silicon wafer inventory increased. The latest polysilicon inventory was 21.10 (a - 0.90% change), the silicon wafer inventory was 16.85GW (a - 6.65% change), the weekly polysilicon output was 30,200.00 tons (a - 2.58% change), and the silicon wafer output was 13.78GW (a 3.53% change) [5] Strategy - The weekly output decreases slightly, the upstream inventory goes through slight destocking, and the market is affected by anti - involution policy expectations and fundamentals. Policy implementation and spot price transmission need to be continuously monitored, and polysilicon is suitable for long - term bottom - fishing [7] Policy - On September 4, the Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Stable Growth Action Plan for the Electronic Information Manufacturing Industry from 2025 - 2026", aiming to promote the high - quality development of the photovoltaic field, guide local layout, and strengthen product quality management [6]

（文章来源：新华财经） "全行业包括电炉钢企业要充分认识国内需求下降、国际贸易缩量的严峻形势，共同坚守'三定三不 要'、反内卷的准则，真执行、真落实产量调控措施，以实际有效的行动促进生产经营改善。"赵民革 说。 此外，还要做好《钢铁行业产能置换实施办法》修订和政策宣贯，开展规范引领企业评价，及时听取企 业诉求建议，持续完善以质量、安全、环保、能耗、碳排放等为主要导向因素、促进优胜劣汰的产量调 控评价机制，促进产能结构调整优化。 新华财经唐山7月30日电（记者王小璐、刘桃熊） 中国钢铁工业协会会长赵民革在中国钢铁工业协会六 届十一次理事（扩大）会议上介绍下半年重点工作任务时提到，要综合整治内卷，努力提升行业发展质 量和效益。 他具体表示，结合《关于完善价格机制改革的若干意见》等中央文件精神，发挥行业协会作用，完善行 业协会职能，探索可落地、可实施的行业自律机制，建立价格治理工作体系，通过自律控产推动行业经 济效益增长、运行质量提升。继续配合国家部委做好钢铁产能产量调控工作，在没有出台更有效的市场 化、法治化产能产量治理政策前，开展粗钢产量调控是适时调整生产强度、建立供需平衡的最优解。 ...