Industry Investment Rating - No information provided Core Viewpoints - Industrial silicon futures prices are oscillating. The Si2511 contract closed at 8,605 yuan/ton, up 0.12%, with a trading volume of 209,588 lots and an open interest of 131,649 lots, a net decrease of 10,732 lots. Spot prices are mainly stable, basis fluctuations are weakening, and capital divergence is converging. Supply pressure remains high, with the output in the second week of October at 95,700 tons and the monthly output expected to reach 420,000 tons. There is no significant increase in demand, with stable monthly demand for polysilicon, 120,000 tons for organosilicon, and 120,000 tons for exports and alloy demand. The supply-demand surplus pressure persists, and there is no inventory reduction drive in the market. The policy side is in a vacuum period. Future support is mainly concentrated on production cuts in the southwest and rising electricity prices, and potential policy benefits need to be observed. The fundamentals are difficult to provide significant drivers, and the short-term price is expected to oscillate between 8,200 and 9,000 yuan/ton [4] Summary by Directory 1. Market Review and Outlook - Market performance: Industrial silicon futures prices oscillated. The Si2511 contract closed at 8,605 yuan/ton, up 0.12%, with a trading volume of 209,588 lots and an open interest of 131,649 lots, a net decrease of 10,732 lots [4] - Future outlook: Spot prices are mainly stable, basis fluctuations are weakening, and capital divergence is converging. Supply pressure remains high, with the output in the second week of October at 95,700 tons and the monthly output expected to reach 420,000 tons. There is no significant increase in demand, with stable monthly demand for polysilicon, 120,000 tons for organosilicon, and 120,000 tons for exports and alloy demand. The supply-demand surplus pressure persists, and there is no inventory reduction drive in the market. The policy side is in a vacuum period. Future support is mainly concentrated on production cuts in the southwest and rising electricity prices, and potential policy benefits need to be observed. The fundamentals are difficult to provide significant drivers, and the short-term price is expected to oscillate between 8,200 and 9,000 yuan/ton [4] 2. Market News - On October 16, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 50,291 lots, a net decrease of 66 lots from the previous trading day [5] - The organosilicon DMC market is stable, with quotes ranging from 11,100 to 11,500 yuan/ton. Most manufacturers still have some pre-sold orders as support. Currently, the number of manufacturers under maintenance is relatively large, and some manufacturers plan to enter maintenance, leading to a reduction in market supply [5] - On October 16, there was a rumor that a polysilicon storage platform had been established, with the platform company's industrial and commercial registration completed (named "China Silicon Capacity Integration Co., Ltd.") and a joint management account opened. However, a reporter from Securities Times learned from an authoritative industry source that the rumor was false [5]