1. Report Industry Investment Rating No relevant information provided in the report. 2. Core Viewpoints of the Report Industrial Silicon - The supply of industrial silicon last week was 71,000 tons, a week - on - week decrease of 13.41%. Demand was 60,000 tons, a week - on - week decrease of 20%. Demand remained sluggish. The cost support increased during the dry season. The 2605 contract is expected to fluctuate in the range of 8,275 - 8,465 [6]. - The overall fundamental situation is bearish, but there are positive factors such as rising cost support and manufacturers' plans to stop or reduce production. Negative factors include the slow recovery of demand after the holiday and the strong supply and weak demand of downstream polysilicon [13][14]. Polysilicon - The polysilicon production last week was 20,100 tons, a week - on - week decrease of 0.49%. The scheduled production in February is expected to be 79,700 tons, a month - on - month decrease of 20.93%. The overall demand shows a continuous decline. The cost support remains stable. The 2605 contract is expected to fluctuate in the range of 48,075 - 50,285 [8][11]. - The fundamental situation is bearish, but there are positive factors such as the net long position of the main contract (with a decrease in long positions) and the spot price premium over the futures price [10][11]. 3. Summary According to the Directory 3.1 Daily Views Industrial Silicon - **Supply**: Last week's supply was 71,000 tons, down 13.41% week - on - week [6]. - **Demand**: Last week's demand was 60,000 tons, down 20% week - on - week. The inventory and profit status of downstream products vary: polysilicon inventory is at a neutral level; organic silicon inventory is at a low level with a production profit of 2,570 yuan/ton and a comprehensive operating rate of 64.02%, flat week - on - week and lower than the historical average; aluminum alloy ingot inventory is at a high level [6]. - **Cost**: The production cost of sample oxygen - passing 553 in Xinjiang is 9,769.7 yuan/ton, unchanged week - on - week. Cost support has increased during the dry season [6]. - **Basis**: On February 11, the spot price of non - oxygen - passing silicon in East China was 9,200 yuan/ton, and the basis of the 05 contract was 830 yuan/ton, with the spot price at a premium to the futures price [6]. - **Inventory**: Social inventory was 562,000 tons, up 1.44% week - on - week; sample enterprise inventory was 206,000 tons, down 1.43% week - on - week; major port inventory was 136,000 tons, down 1.44% week - on - week [6]. - **Market**: The MA20 is downward, and the price of the 05 contract closed below the MA20 [6]. - **Main Position**: The main position is net short, with an increase in short positions [6]. - **Expectation**: Supply scheduling has decreased and remains at a low level. Demand recovery is emerging. Cost support is rising. The 2605 contract is expected to fluctuate in the range of 8,275 - 8,465 [6]. Polysilicon - **Supply**: Last week's production was 20,100 tons, down 0.49% week - on - week. The scheduled production in February is 79,700 tons, down 20.93% month - on - month [8]. - **Demand**: Last week's silicon wafer production was 10.38GW, down 11.65% week - on - week, with an inventory of 283,200 tons, up 3.77% week - on - week, and the production is currently in a loss state. The production of battery cells and components also shows a downward trend, but battery cells and components are currently in a profitable state [9]. - **Cost**: The average production cost of N - type polysilicon is 40,830 yuan/ton, with a production profit of 11,920 yuan/ton [9]. - **Basis**: On February 11, the price of N - type dense material was 52,750 yuan/ton, and the basis of the 05 contract was 4,470 yuan/ton, with the spot price at a premium to the futures price [11]. - **Inventory**: Weekly inventory was 341,000 tons, up 2.40% week - on - week, at a neutral level compared to the historical average [11]. - **Market**: The MA20 is upward, and the price of the 05 contract closed below the MA20 [11]. - **Main Position**: The main position is net long, with a decrease in long positions [10]. - **Expectation**: Supply scheduling continues to decrease, and overall demand shows a continuous decline. Cost support remains stable. The 2605 contract is expected to fluctuate in the range of 48,075 - 50,285 [11]. 3.2 Market Overview Industrial Silicon - The report provides the price, change, and inventory data of various industrial silicon contracts and spot products, including different grades of silicon in East China, contract prices from 01 to 12, and various inventory data such as social inventory, sample enterprise inventory, and major port inventory [17]. Polysilicon - It presents the price, change, and inventory data of polysilicon contracts, as well as the price, production, and inventory data of downstream products such as silicon wafers, battery cells, and components [19]. 3.3 Other Aspects - The report also includes multiple charts and data on the price, production, inventory, and cost of industrial silicon and its downstream products (organic silicon, aluminum alloy, polysilicon, etc.). These charts show the historical trends and current situations of various indicators, providing a comprehensive reference for analyzing the market situation of industrial silicon and related industries [21][24][27] etc.

1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The price of industrial silicon is expected to maintain a range - bound fluctuation. The supply side has significantly shrunk, providing obvious price support, but the high inventory of polysilicon suppresses demand, and the price lacks upward momentum. The upward potential depends on the recovery of downstream demand and inventory clearance progress, while the downward space is limited by cost support and production cut expectations [1][2] - The price of polysilicon is expected to continue to fluctuate. Although the supply side has shrunk significantly in February, providing support for prices, the demand side remains weak due to downstream cost constraints. The large - scale inventory is being cleared slowly, suppressing price increases. There is no obvious driving force for the "rush to export" phenomenon before April, and we need to wait for the supply - demand game [3][5] 3. Summary by Related Categories Industrial Silicon Market Analysis - On February 10, 2026, the futures price of industrial silicon fluctuated and fell. The main contract 2605 opened at 8430 yuan/ton and closed at 8375 yuan/ton, a change of (- 130) yuan/ton or (- 1.53)% from the previous day's settlement. The position of the main contract 2605 was 303387 lots, and the total number of warehouse receipts on February 9, 2026, was 18117 lots, a change of 1368 lots from the previous day [1] - The spot price of industrial silicon remained stable. According to SMM data, the price of East China oxygen - passing 553 silicon was 9200 - 9400 (0) yuan/ton; 421 silicon was 9500 - 9800 (0) yuan/ton, Xinjiang oxygen - passing 553 price was 8600 - 8800 (0) yuan/ton, and 99 silicon price was 8600 - 8800 (0) yuan/ton. Silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained flat, and the price of 97 silicon was stable [1] - As of February 5, the total social inventory of industrial silicon in major regions was 56.2 tons, an increase of 1.44% from the previous week [1] - The demand for industrial silicon continued to be weak. The pre - holiday stocking was nearing the end, there were no new orders, large polysilicon manufacturers cut production, and the market was mainly focused on inventory clearance [1] - Large manufacturers have plans to cut production and stop work in February, and with the Spring Festival approaching, the supply is expected to shrink [1] Strategy - The price of industrial silicon is expected to maintain a range - bound fluctuation. Short - term range operation is recommended for unilateral trading, and there are no strategies for cross - period, cross - variety, and options trading [2] Polysilicon Market Analysis - On February 10, 2026, the main futures contract 2605 of polysilicon fluctuated and fell, opening at 48815 yuan/ton and closing at 48950 yuan/ton, a change of - 1.23% from the previous trading day. The position of the main contract reached 38617 (38347 in the previous trading day) lots, and the trading volume on the day was 3991 lots [2] - The spot price of polysilicon increased slightly. According to SMM statistics, N - type material was 48.50 - 58.80 (0.00) yuan/kg, and n - type granular silicon was 49.00 - 51.00 (0.00) yuan/kg [3] - The inventory of polysilicon manufacturers and silicon wafers increased. The latest polysilicon inventory was 34.10, with a month - on - month change of 2.40%, and the silicon wafer inventory was 28.32GW, with a month - on - month change of 3.77%. The weekly production of polysilicon was 20100.00 tons, with a month - on - month change of - 0.50%, and the silicon wafer production was 10.38GW, with a month - on - month change of - 11.66% [3] - The prices of silicon wafers, battery chips, and components remained stable. There were no quotes and transactions for mainstream polysilicon products this week. Market sentiment was more cautious than last week, new orders were completely stagnant, and only a few companies had small - scale exploratory inquiries. Downstream companies were mainly digesting existing inventories, and the purchasing willingness was extremely low [3][4] Strategy - The price of polysilicon is expected to continue to fluctuate. Short - term range operation is recommended for unilateral trading, and the main contract is expected to maintain a slight fluctuation in the short term. There are no strategies for cross - period, cross - variety, and options trading [5]

Group 1: Report's Investment Rating - No information provided on the industry investment rating Group 2: Core View - On February 10, industrial silicon and polysilicon both showed a weak and volatile trend. The main contract of industrial silicon 2605 closed at 8375 yuan/ton, with an intraday decline of 1.53% and an increase of 8477 lots in positions to 303,000 lots. The reference price of industrial silicon spot was 9458 yuan/ton, remaining stable, and the lowest delivery price was 8850 yuan/ton, with the spot premium expanding to 475 yuan/ton. The main contract of polysilicon 2605 closed at 48,950 yuan/ton, with an intraday decline of 1.23% and an increase of 270 lots in positions to 38,617 lots. The price of N-type re - fed silicon material was 53,650 yuan/ton, with the spot premium narrowing to 4700 yuan/ton. Yunnan manufacturers are in the delivery period of the last batch of pre - holiday orders and will gradually reduce production this week, while Xinjiang continues to reduce production. Current traders are actively selling, downstream stocking is coming to an end, and there is no upward momentum before the holiday. The new orders in the crystalline silicon market have stagnated before the holiday, and the silicon wafer market has entered a one - order - one - negotiation mode. Except for component traders selling at reduced prices due to financial pressure, other sectors have temporarily stabilized in the stalemate of transactions. The crystalline silicon market will continue to be weak before the holiday, and the market contradiction has shifted to the game of post - holiday expected confidence [2] Group 3: Summary by Directory Research View - On February 10, industrial silicon and polysilicon prices were weak and volatile, and the market was affected by factors such as production reduction, active selling by traders, and the end of downstream stocking. The market focus has shifted to post - holiday expectations [2] Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract decreased from 8450 yuan/ton on February 9 to 8375 yuan/ton on February 10, a decrease of 75 yuan/ton. Most of the spot prices of different grades and in different regions remained stable, with only a 50 - yuan/ton decrease in the price of oxygen - passed 553 silicon in Tianjin Port. The lowest delivery price remained at 8850 yuan/ton, and the spot premium increased from 400 yuan/ton to 475 yuan/ton. The inventory increased, with the social inventory increasing by 16,500 tons to 439,350 tons [4] - **Polysilicon**: The futures settlement price of the main contract decreased from 49,370 yuan/ton on February 9 to 48,950 yuan/ton on February 10, a decrease of 420 yuan/ton. The spot prices of various types remained stable. The lowest delivery price was 53,650 yuan/ton, and the spot premium increased from 4280 yuan/ton to 4700 yuan/ton. The inventory increased, with the social inventory increasing by 0.9 million tons to 34.1 million tons [4] - **Organic Silicon**: The price of DMC in the East China market remained at 14,000 yuan/ton, the prices of raw rubber and 107 glue remained stable, and the price of dimethyl silicone oil increased by 1000 yuan/ton to 15,500 yuan/ton [4] Chart Analysis - **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 [6][8][10] - **Downstream Product Prices**: Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery chips, and components [12][14][16] - **Inventory**: Charts present the futures inventories, weekly industry inventories, and weekly inventory changes of industrial silicon and polysilicon, as well as the weekly inventory of DMC [18][21] - **Cost and Profit**: Charts show the average cost and profit levels of industrial silicon, weekly cost - profit of industrial silicon, processing industry profit of polysilicon, cost - profit of DMC, and cost - profit of aluminum alloy [24][26][29] Team Introduction - The non - ferrous metal team includes Zhan Dapeng, Wang Heng, and Zhu Xi, each with rich experience and professional titles in relevant fields, and they have made contributions in research and media communication [32][33]

Core Viewpoint - The company anticipates a phase of supply-demand structural adjustment in the industry by 2025, leading to downward pressure on product prices [1] Industry Summary - The industrial silicon market is experiencing a significant year-on-year contraction in demand, resulting in declining sales prices due to changes in the photovoltaic industry chain supply-demand relationship [1] - The organic silicon market is also under pressure, with product prices fluctuating at low levels for most of the year [1] - The photovoltaic business segment is seeing gradual recovery in the polysilicon market due to policy and market collaboration, but still faces short-term challenges such as insufficient demand and high inventory levels [1] Company Strategy - The company adheres to a core strategy of "focusing on the main business, strengthening fundamentals, and optimizing allocation" [1] - It aims to leverage full industry chain collaboration and refined management to continuously solidify cost advantages and operational efficiency in core businesses like industrial silicon and organic silicon [1] - The company is committed to optimizing the asset and business structure of the photovoltaic segment in response to policy guidance and market demand changes [1] Future Outlook - The company will actively respond to industry self-discipline initiatives to promote the industry’s transition from low-price disorderly competition to high-quality development [1] - It will closely monitor market changes, dynamically optimize production and operational arrangements, and continue to advance the research and industrialization of high value-added products [1] - The focus is on enhancing overall profitability and risk resistance, maintaining positive operating cash flow, and laying a solid foundation for the company's long-term healthy development [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On February 5th, industrial silicon showed a weak and fluctuating trend. The main contract 2605 closed at 8605 yuan/ton, with an intraday decline of 2.77%. The open interest increased by 25,966 lots to 267,000 lots. The spot reference price of industrial silicon from Baichuan remained stable at 9628 yuan/ton compared to the previous trading day. The price of the lowest deliverable product remained stable at 8850 yuan/ton, and the spot premium widened to 245 yuan/ton [2]. - Polysilicon also showed a weak and fluctuating trend. The main contract 2605 closed at 49,550 yuan/ton, with an intraday decline of 1.52%. The open interest decreased by 288 lots to 38,804 lots. The price of N-type re - fed silicon material from Baichuan dropped to 52,500 yuan/ton, and the price of the lowest deliverable silicon material was 52,500 yuan/ton. The spot premium widened to 4050 yuan/ton [2]. - Silica enterprises have officially entered the winter maintenance period, and the overall supply of ore is shrinking. Affected by the Spring Festival holiday, downstream industries have also entered a comprehensive maintenance period. Under the game of reduced supply and demand of industrial silicon, the price center is supported by costs, but whether there will be an upward driving force depends on whether large factories cut production more than expected [2]. - The Ministry of Industry and Information Technology held a meeting and mentioned anti - monopoly issues again. The signing of new orders by silicon wafer enterprises is basically at a standstill, the pessimistic expectation of the crystalline silicon market continues, and there is still pressure for silicon material prices to decline. Attention should be paid to whether the industry inventory can be reduced and whether silicon material factories have plans to expand production cuts [2]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Industrial Silicon Futures**: The settlement price of the main contract decreased from 8850 yuan/ton on February 4th to 8605 yuan/ton on February 5th, a decrease of 245 yuan/ton. The settlement price of the near - month contract decreased from 8785 yuan/ton to 8610 yuan/ton, a decrease of 175 yuan/ton [4]. - **Industrial Silicon Spot Prices**: The spot prices of various grades of industrial silicon in different regions remained stable, with no price changes for most grades such as non - oxygenated 553 and oxygenated 553 silicon [4]. - **Polysilicon Futures**: The settlement price of the main contract decreased from 51,195 yuan/ton on February 4th to 49,550 yuan/ton on February 5th, a decrease of 1645 yuan/ton. The settlement price of the near - month contract decreased from 50,060 yuan/ton to 49,490 yuan/ton, a decrease of 570 yuan/ton [4]. - **Polysilicon Spot Prices**: The price of N - type polysilicon re - fed material increased slightly from 53,500 yuan/ton to 53,600 yuan/ton, while the prices of other types of polysilicon remained stable [4]. - **Organic Silicon Spot Prices**: The prices of DMC in the East China market, raw rubber, and 107 glue remained stable, while the price of dimethyl silicone oil increased from 14,500 yuan/ton to 15,500 yuan/ton, an increase of 1000 yuan/ton [4]. - **Inventory Situation**: Industrial silicon inventory increased. The total social inventory of industrial silicon increased from 439,350 tons to 456,150 tons, an increase of 16,800 tons. Polysilicon inventory also increased. The total social inventory of polysilicon increased from 308,000 tons to 333,000 tons, an increase of 25,000 tons [4]. 3.2 Chart Analysis - **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 [6][11]. - **Downstream Product Prices**: Charts show the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [15][17]. - **Inventory**: Charts show the futures inventory, weekly industry inventory, and weekly inventory changes of industrial silicon and polysilicon, as well as the weekly inventory of DMC [20][23]. - **Cost - Profit**: Charts show the average cost and profit levels of industrial silicon, weekly cost - profit of industrial silicon, processing industry profit of polysilicon, cost - profit of DMC, and cost - profit of aluminum alloy [25][27]. 3.3 Team Introduction - The non - ferrous metal team of Everbright Futures includes Zhan Dapeng, a senior researcher in precious metals and the director of non - ferrous research; Wang Heng, a researcher focusing on aluminum and silicon; and Zhu Xi, a researcher focusing on lithium and nickel [33][34].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report Industrial Silicon - Supply side: Last week, the industrial silicon supply was 82,000 tons, a 1.20% decrease from the previous week. The supply-side production schedule has decreased and remains at a low level [6]. - Demand side: Last week, the industrial silicon demand was 75,000 tons, a 7.14% increase from the previous week, indicating a rise in demand. Polysilicon inventory is at a neutral level, silicon wafers and battery cells are in a loss state, while components are profitable. Organic silicon inventory is at a low level, with a production profit of 2,145 yuan/ton and a comprehensive开工 rate of 64.02%, which is flat compared to the previous week and lower than the historical average. Aluminum alloy ingot inventory is at a high level [6]. - Cost side: The production cost of sample oxygenated 553 silicon in Xinjiang is 9,859.7 yuan/ton, with no change from the previous week. The cost support has increased during the dry season [6]. - Expectation: The industrial silicon 2605 contract is expected to fluctuate in the range of 8,490 - 8,720 yuan/ton [8]. Polysilicon - Supply side: Last week, the polysilicon production was 20,200 tons, a 1.46% decrease from the previous week. The production schedule for February is forecasted to be 79,700 tons, a 20.93% decrease from the previous month [10]. - Demand side: Last week, the silicon wafer production was 11.75 GW, an 8.19% increase from the previous week, and the inventory was 272,900 tons, a 1.90% increase. Currently, silicon wafer production is in a loss state. The production schedule for February is 45.31 GW, a 1.34% decrease from the previous month. In January, the battery cell production was 41.44 GW, an 11.37% decrease from the previous month. Last week, the inventory of battery cell export factories was 9.17 GW, a 2.80% increase. Currently, battery cell production is in a loss state. The production schedule for February is 36.7 GW, an 11.43% decrease. In January, the component production was 35.2 GW, a 9.04% decrease from the previous month. The expected component production for February is 29.8 GW, a 15.34% decrease. The domestic monthly inventory is 24.76 GW, a 51.73% decrease, and the European monthly inventory is 34.2 GW, a 9.26% increase. Currently, component production is profitable [10]. - Cost side: The average cost of polysilicon N-type material in the industry is 40,830 yuan/ton, and the production profit is 11,920 yuan/ton [10]. - Expectation: The polysilicon 2605 contract is expected to fluctuate in the range of 48,250 - 50,850 yuan/ton [10]. 3. Summary by Directory 1. Daily Views - **Industrial Silicon** - Supply: Decreased, with a weekly supply of 82,000 tons and a 1.20% decrease [6]. - Demand: Increased, with a weekly demand of 75,000 tons and a 7.14% increase [6]. - Cost: Increased, with the cost support rising during the dry season [6]. - Expectation: Fluctuate in the range of 8,490 - 8,720 yuan/ton [8]. - **Polysilicon** - Supply: Decreased, with a weekly production of 20,200 tons and a 1.46% decrease, and a forecasted February production of 79,700 tons, a 20.93% decrease from the previous month [10]. - Demand: Mixed, with short - term silicon wafer production decreasing and medium - term recovery expected, battery cell production continuously decreasing, and component production continuously decreasing. Overall demand shows some recovery but may be weak in the future [10]. - Cost: Increased, with cost support strengthening [10]. - Expectation: Fluctuate in the range of 48,250 - 50,850 yuan/ton [10]. 2. Fundamental/Position Data - **Industrial Silicon** - **Supply**: Last week's supply was 82,000 tons, a 1.20% decrease [6]. - **Demand**: Last week's demand was 75,000 tons, a 7.14% increase [6]. - **Cost**: The production cost of sample oxygenated 553 silicon in Xinjiang is 9,859.7 yuan/ton, with no change from the previous week [6]. - **Inventory**: Social inventory is 554,000 tons, a 0.35% decrease; sample enterprise inventory is 206,600 tons, a 1.14% decrease; major port inventory is 138,000 tons, a 0.73% increase [8]. - **Position**: The main position is net short, and the short position has decreased [8]. - **Polysilicon** - **Supply**: Last week's production was 20,200 tons, a 1.46% decrease, and the forecasted February production is 79,700 tons, a 20.93% decrease from the previous month [10]. - **Demand**: Silicon wafer production last week was 11.75 GW, an 8.19% increase, and the inventory was 272,900 tons, a 1.90% increase. Battery cell production and component production are decreasing [10]. - **Cost**: The average cost of polysilicon N - type material in the industry is 40,830 yuan/ton, and the production profit is 11,920 yuan/ton [10]. - **Inventory**: The weekly inventory is 341,000 tons, a 2.40% increase, at a neutral level [10]. - **Position**: The main position is net long, and the long position has increased [10].

Report Industry Investment Rating - Not specified in the provided content Core Viewpoints - The polysilicon market has seen a significant rebound from oversold conditions, while the pattern of weak supply and demand persists. The price of industrial silicon is expected to maintain a range-bound oscillation, and the polysilicon price is also predicted to remain volatile [1][3][6] Summary by Related Catalogs Industrial Silicon Market Analysis - On February 3, 2026, the futures price of industrial silicon fluctuated and declined. The main contract 2605 opened at 8,825 yuan/ton and closed at 8,815 yuan/ton, a change of -55 yuan/ton (-0.62%) from the previous day's settlement. As of the close, the position of the main contract 2605 was 234,800 lots, and the total number of warehouse receipts on February 2, 2026, was 14,855 lots, a change of 912 lots from the previous day [1] - The spot price of industrial silicon remained basically stable. According to SMM data, the price of East China oxygenated 553 silicon was 9,300 - 9,400 yuan/ton; 421 silicon was 9,500 - 9,800 yuan/ton; the price of Xinjiang oxygenated 553 silicon was 8,600 - 8,800 yuan/ton, and the price of 99 silicon was 8,600 - 8,800 yuan/ton. The silicon prices in Kunming, Huangpu Port, Northwest China, Tianjin, Xinjiang, Sichuan, and Shanghai remained unchanged, and the price of 97 silicon was stable. The total social inventory of industrial silicon in the main regions on January 29 was 554,000 tons, a decrease of 0.36% from the previous week [1] Supply and Demand - Supply side: There are expectations of production cuts and shutdowns for industrial silicon in February. During the Spring Festival and the traditional off-season, the supply side shows a contraction trend [2] - Demand side: The demand side of industrial silicon is sluggish. The cancellation of the export tax - rebate policy for photovoltaic value - added tax has led to an expected short - term increase in polysilicon demand, but the demand - side transmission of industrial silicon is blocked due to inventory accumulation. In February, large polysilicon manufacturers cut production, and the supply shrank. There are expectations of production cuts in the organic silicon sector, the operating rate of aluminum - silicon alloy enterprises has slightly decreased, and the downstream demand for aluminum alloys shows a marginal weakening trend. It is expected that the subsequent operating rate will be mainly stable with a weakening tendency [2] Strategy - In the short term, due to the interweaving of long and short factors, the price of industrial silicon is expected to maintain a range - bound oscillation. With the reduction of both supply and demand, combined with the price increase transmission effects of coal prices and the photovoltaic industry chain, price support is obvious. The upward height depends on the recovery of downstream demand and the progress of inventory reduction, while the downward space is limited by cost support and production cut expectations. The recommended strategy is short - term range - bound operation [3] Polysilicon Market Analysis - On February 3, 2026, the main futures contract 2605 of polysilicon fluctuated and rose. It opened at 47,200 yuan/ton and closed at 50,000 yuan/ton, with a closing price change of 6.61% from the previous trading day. The position of the main contract reached 38,411 lots (40,278 lots the previous trading day), and the trading volume was 18,297 lots [3] - The spot price of polysilicon increased slightly. According to SMM statistics, the price of N - type material was 48.00 - 59.00 yuan/kg (an increase of 2.20 yuan/kg), and the price of n - type granular silicon was 49.00 - 51.00 yuan/kg (an increase of 1.00 yuan/kg). The inventory of polysilicon manufacturers and silicon wafers increased. The latest statistics show that the polysilicon inventory was 33.30 tons, a month - on - month change of 0.90%, the silicon wafer inventory was 27.29 GW, a month - on - month change of 1.90%, the weekly polysilicon output was 20,200.00 tons, a month - on - month change of -1.46%, and the silicon wafer output was 11.75 GW, a month - on - month change of 8.20% [3] Strategy - The polysilicon price is expected to maintain a volatile trend. In February, many polysilicon enterprises have clearly planned to stop production, and the supply shows a contraction trend. Recently, the sharp drop in silver prices has alleviated the downstream cost pressure, and the demand has improved marginally. After the polysilicon enterprises were interviewed, the expectation of coordinated price support has failed, and the overall market is moving towards cost reduction and efficiency improvement, with the downstream production capacity accelerating the clearance. In the short term, attention should be paid to the new quotes of silicon wafers and the "rush to export" situation brought about by the cancellation of photovoltaic tax rebates; in the long term, attention should be paid to the recovery of the demand side and the progress of inventory reduction. The recommended strategy is short - term range - bound operation, and the main contract is expected to maintain a volatile trend in the short term [6] Product Prices - **Silicon Wafers**: The price of domestic N - type 18Xmm silicon wafers is 1.23 yuan/piece, the price of N - type 210mm is 1.53 yuan/piece, and the price of N - type 210R silicon wafers is 1.33 yuan/piece [4] - **Battery Cells**: The price of high - efficiency PERC182 battery cells is 0.27 yuan/W; the price of PERC210 battery cells is about 0.28 yuan/W; the price of TopconM10 battery cells is about 0.44 yuan/W; the price of Topcon G12 battery cells is 0.44 yuan/W; the price of Topcon210RN battery cells is 0.44 yuan/W. The price of HJT210 half - piece battery cells is 0.37 yuan/W [4][5] - **Components**: The mainstream transaction price of PERC182mm is 0.67 - 0.74 yuan/W, the mainstream transaction price of PERC210mm is 0.69 - 0.73 yuan/W, the mainstream transaction price of N - type 182mm is 0.73 - 0.74 yuan/W, and the mainstream transaction price of N - type 210mm is 0.75 - 0.77 yuan/W [5]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - On February 3, industrial silicon fluctuated weakly, with the main contract 2605 closing at 8,815 yuan/ton, an intraday decline of 0.62%, and the open interest decreased by 1,513 lots to 235,000 lots. The reference price of industrial silicon spot from百川 was 9,628 yuan/ton, remaining stable compared to the previous trading day. The lowest deliverable price remained stable at 8,850 yuan/ton, and the spot premium narrowed to 35 yuan/ton [2]. - Polysilicon fluctuated strongly, with the main contract 2605 closing at 50,000 yuan/ton, an intraday increase of 6.61%, and the open interest decreased by 1,867 lots to 38,411 lots. The price of N-type recycled polysilicon material from百川 dropped to 52,500 yuan/ton, and the lowest deliverable silicon material price was 52,500 yuan/ton, with the spot premium narrowing to 3,500 yuan/ton [2]. - Silica enterprises have officially entered the winter maintenance period, and the overall supply of ore is shrinking. Downstream industries have also entered full - scale maintenance due to the Spring Festival holiday. In the game of reduced supply and demand of industrial silicon, the price has cost support, but whether there can be upward momentum depends on whether large manufacturers cut production more than expected [2]. - The Ministry of Industry and Information Technology held a meeting and mentioned anti - monopoly issues again. The signing of new orders by silicon wafer enterprises is basically at a standstill, the pessimistic expectation in the crystalline silicon market continues, and there is still downward pressure on silicon material prices. Attention should be paid to whether the industry inventory can be reduced and whether silicon material factories have plans to expand production cuts [2]. 3. Summary of Each Section 3.1 Daily Data Monitoring - **Industrial Silicon Futures and Spot Prices**: The futures settlement price of the main industrial silicon contract increased from 8,795 yuan/ton on February 2 to 8,815 yuan/ton on February 3, an increase of 20 yuan/ton. Most of the spot prices of different grades and at different ports remained unchanged. The current lowest deliverable price was 8,850 yuan/ton, and the spot premium decreased from 5 yuan/ton to 35 yuan/ton [4]. - **Polysilicon Futures and Spot Prices**: The futures settlement price of the main polysilicon contract increased from 47,050 yuan/ton on February 2 to 50,000 yuan/ton on February 3, an increase of 2,950 yuan/ton. Some spot prices increased, and the current lowest deliverable price increased from 51,300 yuan/ton to 53,500 yuan/ton. The spot premium decreased from 4,250 yuan/ton to 3,500 yuan/ton [4]. - **Organic Silicon Spot Prices**: The price of DMC in the East China market remained at 14,000 yuan/ton, the prices of raw rubber and 107 glue remained unchanged, and the price of dimethyl silicone oil increased by 1,000 yuan/ton to 15,500 yuan/ton [4]. - **Inventory Situation**: The industrial silicon warehouse receipts increased by 852 tons to 15,707 tons. The Guangzhou Futures Exchange inventory increased by 18,560 tons to 69,715 tons. The total social inventory of industrial silicon increased by 16,800 tons to 456,150 tons. The polysilicon warehouse receipts increased by 40 tons to 8,510 tons. The Guangzhou Futures Exchange inventory increased by 132,000 tons to 252,600 tons. The total social inventory of polysilicon increased by 25,000 tons to 333,000 tons [4]. 3.2 Chart Analysis - **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 [6][9][12]. - **Downstream Product Prices**: Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [15][17][19]. - **Inventory**: Charts present the futures inventories of industrial silicon and polysilicon, the weekly industry inventories of industrial silicon, the weekly inventory changes of industrial silicon, the weekly inventories of polysilicon and DMC [21][22][25]. - **Cost and Profit**: Charts show the average cost and profit levels of industrial silicon, the weekly cost and profit of industrial silicon, the processing industry profit of polysilicon, the cost and profit of DMC, and the cost and profit of aluminum alloys [27][29][31].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - **Industrial Silicon**: Supply decreased last week, demand increased, and the cost support rose during the dry - season. The 2605 contract is expected to fluctuate between 8675 - 8915. The fundamentals are bullish [6]. - **Polysilicon**: Supply production scheduling continued to decrease, demand showed some recovery but may be weak later, and cost support remained stable. The 2605 contract is expected to fluctuate between 45850 - 48250. The fundamentals are bullish [8]. - **Likely Positive Factors**: Cost increase provides support, and manufacturers have plans to halt or reduce production [11]. - **Likely Negative Factors**: Slow demand recovery after the holiday; strong supply and weak demand in the downstream polysilicon market [12]. - **Main Logic**: Capacity clearance, cost support, and demand growth [12]. 3. Summary by Directory 3.1 Daily Viewpoint 3.1.1 Industrial Silicon - **Supply**: Last week's supply was 82,000 tons, a 1.20% week - on - week decrease [6]. - **Demand**: Last week's demand was 75,000 tons, a 7.14% week - on - week increase [6]. - **Cost**: The production cost of sample oxygen - passing 553 in Xinjiang was 9859.7 yuan/ton, with a 0.00% week - on - week increase [6]. - **Basis**: On February 2, the spot price of non - oxygen - passing silicon in East China was 9200 yuan/ton, and the basis of the 05 contract was 405 yuan/ton, with the spot at a premium to the futures [6]. - **Inventory**: Social inventory was 554,000 tons, a 0.35% week - on - week decrease; sample enterprise inventory was 209,000 tons, a 1.92% week - on - week decrease; main port inventory was 138,000 tons, a 0.73% week - on - week increase [6]. - **Market Chart**: MA20 was upward, and the futures price of the 05 contract closed above MA20 [6]. - **Main Position**: The main position was net short, and short positions decreased [6]. 3.1.2 Polysilicon - **Supply**: Last week's production was 20,200 tons, a 1.46% week - on - week decrease. The predicted production scheduling for February was 79,700 tons, a 20.93% month - on - month decrease [8]. - **Demand**: Last week's silicon wafer production was 11.75GW, an 8.19% week - on - week increase. The inventory was 272,900 tons, a 1.90% week - on - week increase [8]. - **Cost**: The average production cost of N - type polysilicon was 38,650 yuan/ton, and the production profit was 11,850 yuan/ton [8]. - **Basis**: On February 2, the price of N - type dense material was 50,500 yuan/ton, and the basis of the 05 contract was 4250 yuan/ton, with the spot at a premium to the futures [8]. - **Inventory**: Weekly inventory was 333,000 tons, a 0.90% week - on - week increase, at a neutral level compared to historical periods [8]. - **Market Chart**: MA20 was downward, and the futures price of the 05 contract closed below MA20 [8]. - **Main Position**: The main position was net long, and short positions turned to long [8]. 3.2 Fundamental/Position Data 3.2.1 Industrial Silicon - **Price**: Various contract prices and spot prices showed different changes, such as the 01 contract price of East China non - oxygen - passing 553 silicon remaining unchanged at 9200 yuan/ton [15]. - **Inventory**: Different types of inventory, including social, sample enterprise, and port inventory, had different changes, with social inventory decreasing by 0.36% week - on - week [15]. - **Production/Utilization Rate**: Sample enterprise production decreased by 1.36% week - on - week, and the Xinjiang sample utilization rate decreased by 1.44% week - on - week [15]. - **Cost**: Costs in different regions, such as Sichuan, Xinjiang, and Yunnan, showed different trends [15]. 3.2.2 Polysilicon - **Price**: Various contract prices and spot prices of polysilicon products, such as N - type silicon wafers and dense materials, showed different changes [17]. - **Inventory**: Weekly inventory of polysilicon increased by 0.91% week - on - week [17]. - **Production/Utilization Rate**: Weekly silicon wafer production increased by 5.74% week - on - week, and the photovoltaic cell monthly production decreased by 11.38% month - on - month [17]. - **Cost**: The average cost of the polysilicon industry remained unchanged [17].

Report Title - "Silicon Strategy Monthly Report, February 2026" [1] Investment Rating - Not provided in the report Core Viewpoint - In February, silicon stone enterprises enter the winter maintenance period, industrial silicon production in the southwest stops completely, and large factories in Xinjiang will cut production by 50%. Downstream industries will also enter full - scale maintenance due to the Spring Festival holiday. Under the game of supply reduction, the price has cost support, but whether there is upward momentum depends on whether large factories have unexpected production cuts. In February, Huadian's centralized project will open bids. Although component manufacturers have significantly raised prices, there is pressure of high - price but low - demand due to the limitation of terminal IRR. The Ministry of Industry and Information Technology's meeting mentioned the anti - monopoly issue again, and the signing of new silicon wafer orders has come to a halt. The pessimistic expectation in the crystalline silicon market continues, and there is still pressure for silicon material prices to fall. Attention should be paid to whether the industry inventory can be reduced and whether silicon material factories have plans to expand production cuts [4]. Summary by Directory 1. Futures Price - In January, the industrial silicon futures fluctuated weakly. As of the 30th, the main contract closed at 8,850 yuan/ton, with a monthly decline of 0.11%. The polysilicon futures trended weakly, and the main contract closed at 47,140 yuan/ton, with a monthly decline of 18.6% [5]. 2. Spot Price - The spot prices remained stable across the board. The price of non - oxygenated 553 remained at 8,950 yuan/ton, oxygenated 553 at 9,400 yuan/ton, and 421 at 9,900 yuan/ton. The price of P - type polysilicon decreased by 0.1 million yuan/ton to 48,000 yuan/ton, and N - type decreased by 0.45 million yuan/ton to 55,000 yuan/ton [5]. 3. Spread - In January, the spread between 553 remained stable, the spread between high - and low - grade products remained stable, and the regional spreads of 553 and 421 remained stable. The industrial silicon spot changed from a discount of 10 yuan/ton to par, and the polysilicon spot changed from a discount of 4,920 yuan/ton to a premium of 4,160 yuan/ton [5][17]. 4. Supply - According to Baichuan, it is estimated that the domestic industrial silicon production in January was 333,000 tons, a month - on - month decrease of 6.4% and a year - on - year increase of 11.5%. The number of monthly operating furnaces decreased by 33 to 210, and the operating rate decreased by 4.15 percentage points to 26.4% [4][5]. 5. Demand - In January, the polysilicon production decreased by 33,800 tons to 83,100 tons, a year - on - year decrease of 12.6% and a month - on - month decrease of 28.9%. The DMC production decreased by 22,100 tons to 183,000 tons, a year - on - year decrease of 21% and a month - on - month decrease of 10.8% [4][5]. 6. Inventory - On the exchange, the overall inventory of industrial silicon increased by 18,600 tons to 69,700 tons in January, and the polysilicon inventory increased by 137,000 tons to 253,000 tons. In the social inventory, the overall inventory of industrial silicon decreased by 16,800 tons to 439,000 tons, among which the factory inventory decreased by 15,800 tons to 250,300 tons; the inventory at Huangpu Port increased by 2,000 tons to 59,000 tons, the inventory at Tianjin Port decreased by 1,000 tons to 79,000 tons, and the inventory at Kunming Port decreased by 1,000 tons to 51,000 tons. The monthly inventory of polysilicon increased by 2.47 tons to 33.3 tons [4][5].