大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月20日 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 供给端来看，上周工业硅供应量为9.1万吨，环比持平。 需求端来看，上周工业硅需求为8.4万吨，环比增长2.44%.需求有所抬升. 多晶硅库存为26.7万吨，处于低位，硅片亏损，电池片亏损，组件盈利； 有机硅库存为56300吨，处于低位，有机硅生产利润为-156元/吨，处于亏 损状态，其综合开工率为72.18%，环比持平，低于历史同期平均水平；铝 合金锭库存为7.21万吨，处于高位，进口亏损为410元/吨，A356铝送至无 锡运费和利润为669.5元/吨，再生铝开工率为60.6%，环比增加2.54%,处 于高位。 成本端来看，新疆地区样本通氧5 ...

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月19日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 供给端来看，上周工业硅供应量为9.1万吨，环比持平。 需求端来看，上周工业硅需求为8.4万吨，环比增长2.44%.需求有所抬升. 多晶硅库存为26.7万吨，处于低位，硅片亏损，电池片亏损，组件盈利； 有机硅库存为56300吨，处于低位，有机硅生产利润为-156元/吨，处于亏 损状态，其综合开工率为72.18%，环比持平，低于历史同期平均水平；铝 合金锭库存为7.21万吨，处于高位，进口亏损为410元/吨，A356铝送至无 锡运费和利润为652.84元/吨，再生铝开工率为60.6%，环比增加2.54%, 处于高位。 成本端来看，新疆地区样本通氧 ...

Core Viewpoint - Fuda Industrial plans to reduce its stake in Hosheng Silicon Industry, selling up to 27.07 million shares, which represents 2.29% of the total share capital, due to its own funding needs [1] Group 1: Share Reduction Details - The share reduction will occur between November 14, 2025, and February 13, 2026, with a maximum of 11.82 million shares sold through centralized bidding (1% of total share capital) and 15.25 million shares through block trading (1.29% of total share capital) [4] - The estimated cash amount from this share reduction is approximately 1.584 billion yuan, based on the closing price of 58.51 yuan per share on the announcement date [4] Group 2: Financial Performance of Fuda Industrial - For the first three quarters of 2025, Fuda Industrial reported revenue of 15.206 billion yuan, a year-on-year decrease of 25.35% [4] - The net profit attributable to shareholders was -321 million yuan, a decline of 122.1% year-on-year, while the net profit excluding non-recurring items was -271 million yuan, down 120.61% year-on-year [4] Group 3: Company Background - Hosheng Silicon Industry was established in 2005 by Ningbo Hosheng Group and successfully listed on the Shanghai Stock Exchange in 2017 [4] - The company operates digital manufacturing bases in various provinces including Xinjiang, Zhejiang, Sichuan, Yunnan, and Heilongjiang, and has high-tech research and development centers in Shanghai and Hainan [4] - Hosheng Silicon Industry's business encompasses energy, industrial silicon, organic silicon, carbon products, new materials, third-generation semiconductor silicon carbide, the entire photovoltaic industry chain, and energy storage [4]

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月12日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 | | | | | 供给端来看 ， | 上周工业硅供应量为9 | | 1万吨 ， | | 环比有所减少9 . | 00% 。 | | | | . | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 需求端来看 ， | 上周工业硅需求为8 | . | 2万吨 ， | 环比减少5 | 74% . . | 需求持续低迷 | . | | | | | | | | | 多晶硅库存为25 . | 9万吨 ...

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月11日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 | | | | | 供给端来看 ， | 上周工业硅供应量为9 | . | 1万吨 ， | | 环比有所减少9 | 00% . | 。 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 需求端来看 ， | 上周工业硅需求为8 | . | 2万吨 ， | 环比减少5 | 74% . . | | 需求持续低迷 . | | | | | | | | 多晶硅库存为25 . | 9万吨 处于低位 ， | ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For industrial silicon, the supply and demand sides are weak, with costs such as electricity prices and coal coke remaining stable. Prices are expected to consolidate and await new drivers. In November, the production of polysilicon is scheduled to decline, and the demand for industrial silicon will be less supported. The output of silicone is expected to be stable, and the high inventory has limited marginal impact on prices [15]. - For polysilicon, in November, some production capacities will undergo maintenance, and the production schedule will decrease. The supply - demand pattern may improve marginally, but the short - term inventory reduction is expected to be limited. The market will continue to bet on the establishment of the platform company, and price fluctuations may occur. Attention should be paid to position control and follow - up progress [17]. 3. Summary by Directory 3.1 Monthly Assessment and Strategy Recommendation - **Production Data**: In October, the polysilicon output was 134,000 tons (SMM), with a cumulative output of 1.0751 million tons from January to October, a year - on - year decrease of 30.30%. The DMC output was 200,900 tons (Baichuan Yingfu), with a cumulative output of 2.0627 million tons from January to October, a year - on - year increase of 14.39%. From January to September, the cumulative output of aluminum alloy was 14.116 million tons, a year - on - year increase of 2.544 million tons or 21.98%. The cumulative net export of industrial silicon was 453,000 tons, a year - on - year increase of 27,700 tons or 5.27% [13]. - **Inventory**: At the end of October, the industrial silicon inventory was 684,000 tons (Baichuan Yingfu), including 264,700 tons in factory inventory, 183,000 tons in market inventory, and 236,300 tons in registered warehouse receipts [13]. 3.2 Spot and Futures Market - **Industrial Silicon**: As of October 31, 2025, the spot price of 553 (non - oxygenated) industrial silicon in East China was 9,300 yuan/ton, unchanged from the previous month; the spot price of 421 industrial silicon was 9,700 yuan/ton, with a discounted futures price of 8,900 yuan/ton, also unchanged [22]. - **Polysilicon**: As of October 31, 2025, the average price of N - type re - feeding polysilicon was 52.25 yuan/kg, a monthly decrease of 0.3 yuan/kg; the average price of N - type dense polysilicon was 51 yuan/kg, a monthly decrease of 0.05 yuan/kg [25]. 3.3 Industrial Silicon - **Production**: In October 2025, the industrial silicon output was 404,800 tons (Baichuan Yingfu), a month - on - month increase of 20,800 tons. The cumulative output from January to October was 3.3393 million tons, a year - on - year decrease of 637,900 tons or 16.04% [30]. - **Cost**: At the end of October, the average production cost in Xinjiang was 8,473.08 yuan/ton, 9,387.50 yuan/ton in Yunnan, and 9,104.76 yuan/ton in Sichuan [44]. - **Inventory**: At the end of October, the industrial silicon inventory was 684,000 tons (Baichuan Yingfu), remaining at a high level [47]. 3.4 Polysilicon - **Production**: In October, the polysilicon output was 134,000 tons (SMM), a month - on - month increase of 4,000 tons. The cumulative output from January to October was 1.0751 million tons, a year - on - year decrease of 30.30% [52]. - **Inventory**: At the end of October, the polysilicon inventory was 276,200 tons (Baichuan Yingfu) and 261,000 tons (SMM), with factory inventory accumulating [58]. - **Cost and Profit**: At the end of October, the production cost of polysilicon was 41,553 yuan/ton, and the gross profit was 8,697 yuan/ton, indicating relatively good profitability [61]. 3.5 Silicone - **Production**: In October, the DMC output was 200,900 tons (Baichuan Yingfu), a month - on - month decrease of 7,900 tons. The cumulative output from January to October was 2.0627 million tons, a year - on - year increase of 14.39% [90]. - **Price and Profit**: As of October 31, 2025, the average price of silicone was 11,000 yuan/ton, a monthly decrease of 50 yuan/ton. The DMC gross profit was - 1,440.63 yuan/ton [93]. - **Inventory**: At the end of October, the DMC inventory was 44,100 tons (Baichuan Yingfu), a month - on - month decrease of 400 tons [96]. 3.6 Silicon - Aluminum Alloy and Exports - **Aluminum Alloy**: As of October 31, 2025, the price of primary aluminum alloy A356 was 21,720 yuan/ton, a monthly increase of 590 yuan/ton; the price of recycled aluminum alloy ADC12 was 21,340 yuan/ton, a monthly increase of 400 yuan/ton. From January to September, the cumulative output of aluminum alloy was 14.116 million tons, a year - on - year increase of 2.544 million tons or 21.98% [101]. - **Exports**: From January to September, the cumulative net export of industrial silicon was 453,000 tons, a year - on - year increase of 27,700 tons or 5.27% [107].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For industrial silicon, the supply side has reduced production, demand recovery is at a low level, cost support has increased, and it is expected to fluctuate in the range of 8920 - 9120 [6]. - For polysilicon, the supply - side production scheduling continues to decrease, overall demand shows continuous decline, cost support remains stable, and it is expected to fluctuate in the range of 52550 - 54160 [8]. 3. Summary According to the Table of Contents 3.1 Daily Views 3.1.1 Industrial Silicon - **Supply - side**: Last week, the industrial silicon supply was 100,000 tons, a 0.99% decrease from the previous week [6]. - **Demand - side**: Last week, the demand was 87,000 tons, a 7.44% decrease from the previous week, and demand remains sluggish. Polysilicon inventory is 2.61 million tons, with silicon wafers, battery cells in loss, and components in a neutral profit state. Organic silicon inventory is 56,300 tons (low), with a production profit of - 520 yuan/ton (in loss), and a comprehensive开工 rate of 68.56% (unchanged from the previous week, lower than the historical average). Aluminum alloy ingot inventory is 735,000 tons (high), with an import loss of 327 yuan/ton [6]. - **Cost - side**: In Xinjiang, the production loss of sample oxygen - passing 553 is 3144 yuan/ton, and the cost support has increased during the dry season [6]. - **Basis**: On November 5th, the spot price of non - oxygen - passing silicon in East China was 9300 yuan/ton, and the basis of the 01 contract was 280 yuan/ton, with the spot at a premium to the futures [6]. - **Inventory**: Social inventory is 558,000 tons, a 0.17% decrease from the previous week; sample enterprise inventory is 168,100 tons, a 0.24% increase; major port inventory is 124,000 tons, a 0.81% increase [6]. - **Disk**: MA20 is upward, and the price of the 01 contract closes above MA20 [6]. - **Main positions**: The main positions are net short, and short positions are decreasing [6]. - **Expectation**: Supply - side production scheduling decreases, demand recovery is at a low level, cost is near the historical average, and cost support has increased. Industrial silicon 2601 is expected to fluctuate in the range of 8920 - 9120 [6]. 3.1.2 Polysilicon - **Supply - side**: Last week, the polysilicon output was 28,200 tons, a 4.40% decrease from the previous week. The production scheduling for November is expected to be 120,100 tons, a 10.37% decrease from the previous month [8]. - **Demand - side**: Last week, the silicon wafer output was 14.24GW, a 3.32% decrease from the previous week, and the inventory was 189,300 tons, a 2.49% increase. Currently, silicon wafer production is in loss. In November, the production scheduling is 57.66GW, a 4.92% decrease from the previous month. In October, the battery cell output was 59.27GW, a 2.78% decrease from the previous month. Last week, the battery cell export factory inventory was 3.85GW, a 36.04% decrease. Currently, battery cell production is in loss. In November, the production scheduling is 58.68GW, a 0.99% decrease. In October, the component output was 48.1GW, a 3.60% decrease from the previous month. In November, the expected component output is 46.92GW, a 2.45% decrease. The domestic monthly inventory is 24.76GW, a 51.73% decrease; the European monthly inventory is 28.1GW, a 5.70% decrease. Currently, component production is profitable [8]. - **Cost - side**: The average cost of N - type polysilicon in the industry is 38,760 yuan/ton, and the production profit is 12,240 yuan/ton [8]. - **Basis**: On November 5th, the price of N - type dense material was 51,000 yuan/ton, and the basis of the 01 contract was - 1155 yuan/ton, with the spot at a discount to the futures [8]. - **Inventory**: The weekly inventory is 261,000 tons, a 1.16% increase from the previous week, at a neutral level compared to the same period in history [8]. - **Disk**: MA20 is upward, and the price of the 01 contract closes above MA20 [8]. - **Main positions**: The main positions are net long, and long positions are decreasing [8]. - **Expectation**: Supply - side production scheduling continues to decrease, demand for silicon wafers, battery cells, and components continues to decline, overall demand shows continuous decline, cost support remains stable, and polysilicon 2601 is expected to fluctuate in the range of 52550 - 54160 [8]. 3.2 Market Overview 3.2.1 Industrial Silicon - The prices of some contracts have increased, such as the 01 contract price rising from 8885 to 9020, a 1.52% increase [15]. - The spot prices of different types of industrial silicon in East China remain mostly unchanged [15]. - The inventory of some regions and ports has changed, with social inventory decreasing slightly, and sample enterprise and major port inventories increasing [15]. 3.2.2 Polysilicon - The prices of some contracts have decreased, such as the 01 contract price dropping from 53715 to 53355, a 0.67% decrease [17]. - The prices of silicon wafers, battery cells, and components remain mostly unchanged [17]. - The weekly total inventory is 261,000 tons, a 1.16% increase from the previous week [17]. 3.3 Other Aspects - **Price - Basis and Delivery Product Spread Trends**: The report presents the historical trends of the basis of industrial silicon and the price spread between 421 and 553 [20]. - **Inventory**: It shows the historical trends of industrial silicon inventory, including delivery warehouses, ports, and sample enterprise inventories [25]. - **Production and Capacity Utilization**: It shows the historical trends of industrial silicon production, capacity utilization, and monthly production by specification [28][29]. - **Cost**: It shows the historical cost - profit trends of industrial silicon in sample regions [35]. - **Supply - Demand Balance**: It presents the weekly and monthly supply - demand balance tables of industrial silicon and polysilicon [37][40][64]. - **Downstream Trends**: It details the price, production, inventory, and supply - demand balance trends of industrial silicon's downstream industries, including organic silicon, aluminum alloy, and polysilicon [43][51][61].

Core Insights - QYResearch has established a strong brand reputation due to frequent citations by renowned domestic and international companies, securities firms, and media outlets, ensuring the credibility and professionalism of its industry analyses and customized reports [1] Group 1: Market Predictions - The global sodium-ion battery market is projected to reach a sales figure of 152.13 billion yuan by 2031, with a compound annual growth rate (CAGR) of 88.9% [3] - The global medical device market is expected to reach 862.6 billion USD by 2030, driven by factors such as aging population, rising chronic disease prevalence, and advancements in medical technology [5][51] - The global eVTOL market is anticipated to grow from 14.8 billion USD in 2024 to 220 billion USD by 2031, with a CAGR of 45% [7] - The global automotive interior and exterior parts market is expected to reach 149 billion USD in 2024, 157.18 billion USD in 2025, and 224.23 billion USD by 2031, with a CAGR of 6% [9] - The global commercial cleaning robot market is projected to reach 1.71 billion USD by 2031, indicating significant growth potential [11] - The global MLCC release film market is estimated to grow from 3.678 billion USD in 2024 to 5.792 billion USD by 2031, with a CAGR of approximately 6.8% [21] - The global household NAS device market is expected to grow from 2.44 billion yuan in 2023 to 28.93 billion yuan by 2030 [25] Group 2: Company Performance - Shenzhen Mindray Bio-Medical Electronics Co., Ltd. is leveraging the AI wave in healthcare to tap into a 6 trillion yuan international market [5] - Zhejiang Tiancheng Self-Control Co., Ltd. reported a 158% increase in net profit in Q3, driven by the low-altitude economy [7] - Huaxi Biological Technology Co., Ltd. reported nearly 1 billion yuan in revenue for Q3, with a net profit increase of over 50% [17] - Jiangsu Double Star Plastic New Materials Co., Ltd. is breaking through technology monopolies in the MLCC release film and carrier copper foil sectors [21] Group 3: Industry Trends - The global market for sodium-ion batteries is expected to see rapid growth, reflecting a shift towards alternative energy storage solutions [3] - The medical device sector is experiencing robust growth due to demographic changes and technological advancements [5][51] - The eVTOL market is gaining traction as urban air mobility solutions become more viable [7] - The automotive parts market is evolving with increasing demand for innovative interior and exterior solutions [9] - The commercial cleaning robot market is expanding as automation in cleaning processes becomes more prevalent [11]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For industrial silicon, the supply increased last week, the demand picked up, and the cost support rose. It is expected to fluctuate in the range of 8805 - 9035 for the 2601 contract [6]. - For polysilicon, the supply is expected to increase in the short - term and adjust in the medium - term, while the demand is expected to recover in the medium - term. The 2601 contract is expected to fluctuate in the range of 51485 - 53125 [8]. 3. Summary According to the Directory 3.1 Daily Views - Industrial Silicon - **Supply**: Last week's supply was 101,000 tons, a 2.02% increase from the previous week [6]. - **Demand**: Last week's demand was 94,000 tons, a 27.03% increase from the previous week. The demand for polysilicon, organic silicon, and aluminum alloy showed different trends [6]. - **Cost**: The production in Xinjiang's sample oxygen - passing 553 was at a loss of 3141 yuan/ton, and the cost support increased during the dry season [6]. - **Base Difference**: On October 24, the spot price in East China was 9300 yuan/ton, and the 01 contract base difference was 380 yuan/ton, with the spot at a premium to the futures [6]. - **Inventory**: The social inventory decreased by 0.53% to 559,000 tons, and the sample enterprise inventory decreased by 0.17% to 167,700 tons. The main port inventory increased by 2.50% to 123,000 tons [6]. - **Expected Trend**: It is expected to fluctuate in the range of 8805 - 9035 for the 2601 contract [6]. 3.2 Daily Views - Polysilicon - **Supply**: Last week's output was 29,500 tons, a 4.83% decrease from the previous week. The planned output for October is 134,500 tons, a 3.46% increase from the previous month [8]. - **Demand**: The output of silicon wafers, battery cells, and components showed different trends in production and inventory. The production of silicon wafers and battery cells is currently at a loss, while the production of components is profitable [8]. - **Cost**: The average cost of N - type polysilicon is 36,050 yuan/ton, and the production profit is 15,450 yuan/ton [8]. - **Base Difference**: On October 24, the N - type dense material was 51,500 yuan/ton, and the 01 contract base difference was 675 yuan/ton, with the spot at a premium to the futures [8]. - **Inventory**: The weekly inventory is 258,000 tons, a 1.97% increase from the previous week, at a high level compared to the same period in history [8]. - **Expected Trend**: The supply is expected to increase in the short - term and adjust in the medium - term, while the demand is expected to recover in the medium - term. The 2601 contract is expected to fluctuate in the range of 51485 - 53125 [8]. 3.3 Market Overview - **Industrial Silicon**: The futures closing prices of most contracts decreased, and the base difference of some contracts increased. The inventory and production showed different trends in different regions [15]. - **Polysilicon**: The futures closing prices of most contracts decreased, and the base difference, inventory, and production of related products also showed different trends [17]. 3.4 Price and Inventory Trends - **Industrial Silicon**: The price - base difference and delivery product spread trends, inventory trends, production, and capacity utilization trends, and cost trends are presented through charts [20][25][29][36]. - **Polysilicon**: The disk price trend, price - base difference trend, and inventory trend are presented through charts [22][23]. 3.5 Supply - Demand Balance Tables - **Industrial Silicon**: The weekly and monthly supply - demand balance tables show the production, consumption, import, and export of industrial silicon in different periods [39][42]. - **Polysilicon**: The monthly supply - demand balance table shows the supply, consumption, import, and export of polysilicon in different periods [68]. 3.6 Downstream Product Trends - **Organic Silicon**: The price, production, import - export, and inventory trends of DMC and its downstream products are presented through charts [45][47][52]. - **Aluminum Alloy**: The price, supply, inventory, production, and demand trends of aluminum alloy are presented through charts [55][58][59]. - **Polysilicon Downstream**: The trends of silicon wafers, battery cells, photovoltaic components, and photovoltaic accessories in the polysilicon downstream industry are presented through charts [71][74][77]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Views of the Report - **Carbonate Lithium**: The post - holiday restocking enthusiasm of downstream enterprises exceeded expectations, but considering the seasonal changes in terminal demand, the demand growth rate may decline in the fourth quarter. The short - term price increase lacks sustainability. It is recommended to take a bearish approach on rallies, and upstream and downstream enterprises should choose the right time for hedging. The support for the main contract is 68,000 - 70,000, and the resistance is 80,000 - 82,000 [4][5]. - **Industrial Silicon**: With the approaching dry season, power costs are rising, and there may be large - scale shutdowns in the southwest region. The supply remains high, while the demand is weak. The inventory is accumulating, and the price is under pressure. However, due to cost support, the price is expected to fluctuate within a range. The support for the main contract is 8,400 - 8,500, and the resistance is 9,400 - 9,500 [5][6]. - **Polysilicon**: High profits drive high production enthusiasm, and the output is expected to increase in October. But the terminal demand is weak, and downstream production cuts are progressing, leading to inventory accumulation. With the expected implementation of policies, the market may fluctuate, and it is recommended to look for opportunities to short on rebounds. The support for the main contract is 49,000 - 50,000, and the resistance is 54,000 - 55,000 [8]. 3. Summary by Directory 3.1 First Part: Spot Prices 3.1.1 Plate Strategy Recommendation - **Carbonate Lithium 11**: The market is characterized by strong supply and demand but a weakening atmosphere. It is expected to decline in a volatile manner. Upstream enterprises should seize opportunities to sell on rallies for hedging, and downstream cathode material enterprises should pay attention to low - price stocking or buying for hedging [14]. - **Industrial Silicon 01**: Supply - demand pressure is increasing, and the price is under pressure, but there is policy support at the bottom. It is expected to fluctuate within a range. An interval trading strategy is recommended, and long positions established at low levels can be held cautiously [14]. - **Polysilicon 01**: Fundamental pressure is spreading upstream, and the market may fluctuate before the implementation of capacity control policies. It is recommended to look for opportunities to short on rebounds [14]. - **Arbitrage Recommendation**: There are currently no good arbitrage opportunities [15]. 3.1.2 Futures and Spot Price Changes | Variety | Closing Price | Change Rate | Trading Volume | Open Interest | Open Interest Change | Warehouse Receipts | | --- | --- | --- | --- | --- | --- | --- | | Carbonate Lithium | 79,520 | - 0.53% | 613,476 | 431,174 | 12,027 | 28,699 | | Industrial Silicon | 8,920 | - 1.55% | 187,264 | 186,339 | 9,344 | 48,327 | | Polysilicon | 52,305 | - 1.52% | 169,042 | 81,555 | 2,627 | 9,420 | [15] 3.2 Second Part: Fundamental Situation 3.2.1 Carbonate Lithium Fundamental Data - **Production and Inventory**: This week, the production of carbonate lithium reached 21,308 tons, a new weekly high. The total sample inventory was 130,366 tons, a decrease of 2,292 tons from the previous week. The apparent weekly demand reached 23,600 tons, also a new high, and the inventory - available days dropped below 40 days [4]. - **Downstream Situation**: The report does not provide detailed text information, but there are relevant charts such as the production capacity of lithium iron phosphate, the operating rate of lithium iron phosphate plants, the monthly operating rate of SMM ternary materials, and the monthly output of lithium hexafluorophosphate [25][27]. 3.2.2 Industrial Silicon Fundamental Data - **Production and Inventory**: With the approaching dry season, power costs are rising, and there may be large - scale shutdowns in the southwest region, while the northwest region maintains stable production. The overall supply is high, and the inventory is accumulating [5]. - **Downstream Situation**: The polysilicon market has weak demand, the organic silicon market is unstable, and the demand for aluminum alloy remains stable [5]. 3.2.3 Polysilicon Fundamental Data - **Production and Inventory**: High profits drive high production enthusiasm, and the output is expected to increase in October. However, the terminal demand is weak, and downstream production cuts are progressing, leading to inventory accumulation [8]. - **Downstream Situation**: The report does not provide detailed text information, but there are relevant charts such as the monthly output of silicon wafers and the monthly output of photovoltaic modules in China [39].