1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For industrial silicon, the supply pressure persists, with weekly production continuing to rise and the start - up rate in the northwest region increasing. The demand support is weakening as polysilicon production is expected to decline in the last two months and the DMC start - up rate of organic silicon has decreased. The price is expected to move sideways in the short term, constrained by the current situation and easily influenced by the overall commodity environment [16]. - For polysilicon, as November approaches, the supply pressure may ease marginally after the production increase in October. The downstream start - up rate is expected to be stable. The price shows a wide - range oscillation pattern, affected by policy expectations [18]. 3. Summary According to the Directory 3.1 Week - to - Week Assessment and Strategy Recommendation Industrial Silicon - Demand: The weekly production of polysilicon is 31,100 tons, showing a slight decline week - on - week [14]. - Price: As of October 24, 2025, the spot price of 553 (non - oxygenated) industrial silicon in East China is 9,300 yuan/ton, unchanged week - on - week; the spot price of 421 industrial silicon is 9,650 yuan/ton, with the discounted futures price at 8,850 yuan/ton, down 50 yuan/ton week - on - week. The futures main contract (SI2601) closed at 8,920 yuan/ton, up 120 yuan/ton week - on - week [15]. - Cost: The average cost in Xinjiang is 8,473.08 yuan/ton, 9,387.50 yuan/ton in Yunnan, 9,104.76 yuan/ton in Sichuan, and 9,000 yuan/ton in Inner Mongolia [15]. - Supply: The weekly production of industrial silicon is 98,500 tons, an increase of 10,000 tons week - on - week [15]. - Inventory: The industrial silicon inventory is 686,700 tons, down 9,300 tons week - on - week, remaining at a high level [15]. Polysilicon - Price: As of October 24, 2025, the average price of N - type re - feeding polysilicon is 52.98 yuan/kg, up 0.18 yuan/kg week - on - week; the average price of N - type dense polysilicon is 51.5 yuan/kg, up 0.25 yuan/kg week - on - week. The futures main contract (PS2601) closed at 52,305 yuan/ton, down 2,545 yuan/ton week - on - week [17]. - Cost: The production cost of polysilicon is 41,443.00 yuan/ton, with a gross profit of 9,157.00 yuan/ton [17]. - Supply: The weekly production of polysilicon is 31,100 tons, showing a slight decline week - on - week, close to the same period in 2024 [17]. - Downstream: The weekly production of silicon wafers is 14.73 GW, rising slightly week - on - week; the production of solar cells in September is 60.97 GW, up 2.7 GW month - on - month; the production of modules in September is 49.9 GW, up 0.7 GW month - on - month [17]. - Inventory: The factory inventory of polysilicon is 273,000 tons according to Baichuan Yingfu, and 258,000 tons according to SMM [17]. 3.2 Futures and Spot Markets Industrial Silicon - As of October 24, 2025, the spot price of 553 (non - oxygenated) industrial silicon in East China is 9,300 yuan/ton, unchanged week - on - week; the spot price of 421 industrial silicon is 9,650 yuan/ton, with the discounted futures price at 8,850 yuan/ton, down 50 yuan/ton week - on - week. The futures main contract (SI2601) closed at 8,920 yuan/ton, up 120 yuan/ton week - on - week [23]. Polysilicon - As of October 24, 2025, the average price of N - type re - feeding polysilicon is 52.98 yuan/kg, up 0.18 yuan/kg week - on - week; the average price of N - type dense polysilicon is 51.5 yuan/kg, up 0.25 yuan/kg week - on - week. The futures main contract (PS2601) closed at 52,305 yuan/ton, down 2,545 yuan/ton week - on - week [26]. 3.3 Industrial Silicon Total Production - As of October 24, 2025, the weekly production of industrial silicon is 98,500 tons, an increase of 10,000 tons week - on - week. In September 2025, the production is 384,000 tons, up 13,600 tons month - on - month, and the cumulative production from January to September decreased by 596,500 tons or 16.89% year - on - year [31]. Production in Major Producing Areas - Not elaborated in detail in terms of specific changes in the text, but data charts for major producing areas such as Sichuan, Yunnan, Xinjiang, Inner Mongolia, and Gansu are provided [33][35][38] Production Cost - As of October 24, 2025, the electricity price in major producing areas remained unchanged week - on - week, and the silica price was stable. The silicon coal price in major producing areas was stable week - on - week. The average cost in Xinjiang is 8,473.08 yuan/ton, 9,387.50 yuan/ton in Yunnan, 9,104.76 yuan/ton in Sichuan, and 9,000 yuan/ton in Inner Mongolia [44][47]. Visible Inventory - As of October 24, 2025, the industrial silicon inventory is 686,700 tons, down 9,300 tons week - on - week, remaining at a high level. Factory inventory is 262,100 tons, down 400 tons week - on - week; market inventory is 183,000 tons, unchanged week - on - week; registered warehouse receipt inventory is 241,600 tons, down 8,900 tons week - on - week [50]. 3.4 Polysilicon Production - As of October 24, 2025, the weekly production of polysilicon is 31,100 tons, showing a slight decline week - on - week, close to the same period in 2024. The production in September is 130,000 tons, down 17,000 tons month - on - month; the cumulative production from January to September is 941,100 tons, a decrease of 33.30% year - on - year [55]. Start - up Rate and Scheduled Production - The start - up rate of polysilicon in September is 49.43%, up 3.65 percentage points month - on - month. SMM expects the production in October to be 134,500 tons, increasing month - on - month [58]. Inventory - As of October 24, 2025, the factory inventory of polysilicon is 273,000 tons according to Baichuan Yingfu, and 258,000 tons according to SMM [61]. Cost and Profit - As of October 24, 2025, the production cost of polysilicon is 41,443.00 yuan/ton, and the gross profit is 9,157.00 yuan/ton, with relatively good profit [64]. Downstream (Silicon Wafers, Solar Cells, Modules) - Silicon wafers: The weekly production is 14.73 GW, rising slightly week - on - week; the production in September is 59.05 GW, up 3.01 GW month - on - month; the production from January to September is 488.17 GW, a decrease of 5.58% year - on - year. The inventory is 18.47 GW, increasing slightly week - on - week; the predicted production in October is 55.68 GW, decreasing month - on - month [67][70]. - Solar cells: The production in September is 60.97 GW, up 2.7 GW month - on - month; the start - up rate in September is 59.56%, up 2.67 percentage points month - on - month. The inventory is 7.1 GW, rising week - on - week; the predicted production in October is 59.6 GW, decreasing slightly month - on - month [75][78]. - Modules: The production in September is 49.9 GW, up 0.7 GW month - on - month; the start - up rate in September is 48.7%, down 0.39 percentage points month - on - month. The inventory is 33.5 GW, decreasing slightly week - on - week; the predicted production in October is 48.31 GW, lower than that in September [83][86]. 3.5 Organic Silicon Production - As of October 24, 2025, the DMC production is 45,000 tons, down 1,300 tons week - on - week. The production in September is 208,800 tons, down 10,800 tons month - on - month. The cumulative production from January to September is 1,861,800 tons, an increase of 16.89% year - on - year [93]. Price and Profit - As of October 24, 2025, the average price of organic silicon is 11,100 yuan/ton, down 200 yuan/ton week - on - week. The DMC gross profit is - 1,440.63 yuan/ton [96]. Inventory - As of October 24, 2025, the DMC inventory is 43,000 tons, up 1,200 tons week - on - week [99]. 3.6 Silicon - Aluminum Alloy and Exports Aluminum Alloy - As of October 24, 2025, the price of primary aluminum alloy A356 is 21,690 yuan/ton, up 270 yuan/ton week - on - week; the price of recycled aluminum alloy ADC12 is 21,230 yuan/ton, up 160 yuan/ton week - on - week. The cumulative production from January to September is 1,411,600 tons, an increase of 254,400 tons or 21.98% year - on - year. The start - up rate of primary aluminum alloy is 59%, and that of recycled aluminum alloy is 58.6% [104][107]. Exports - The cumulative net export of industrial silicon from January to September is 553,000 tons, an increase of 27,700 tons or 5.27% year - on - year [110].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - This week, industrial silicon prices rose by 1.66%, while polysilicon prices fell by 3.71%. The industrial silicon futures market showed an upward trend due to increased expectations of production cuts during the dry season, while polysilicon prices declined as the market sentiment subsided [4]. - Looking ahead, in the industrial silicon market, supply will see a combination of production cuts in the southwest and increased production in the northwest next week. Demand from polysilicon is highly uncertain, while that from organosilicon and aluminum alloy remains relatively stable. Cost provides support for prices, but high inventory restricts upward price movement. In the polysilicon market, supply will face rising production costs as the dry season approaches in the southwest, and demand remains weak overall, although emerging markets offer some buffer. Policy rumors have boosted market confidence, but the details and implementation time are unclear [4]. - It is recommended that the main contract of industrial silicon oscillates within the range of 8400 - 8600 yuan, with a stop - loss range of 8200 - 8800 yuan. The main contract of polysilicon will oscillate in the short term, within the range of 48000 - 53000 yuan, with a stop - loss range of 46000 - 55000 yuan [4]. 3. Summary by Directory 3.1 Weekly Highlights - **Market Review**: Industrial silicon prices increased by 1.66% this week, and polysilicon prices decreased by 3.71%. The industrial silicon futures market trended upward due to dry - season production cut expectations, while polysilicon prices declined as market sentiment faded [4]. - **Market Outlook**: - **Industrial Silicon**: Supply will see production cuts in Sichuan and Yunnan during the dry - season transition, while Xinjiang will increase production. Demand from organosilicon has some support, but polysilicon demand may weaken, and aluminum alloy demand is stable but has limited price - pulling power [4]. - **Polysilicon**: Supply will face rising costs in the southwest during the dry season, and demand is weak in the photovoltaic industry. Although emerging markets offer some support, European high inventory and uncertain policies add to market uncertainty [4]. - **Operation Suggestions**: The main contract of industrial silicon should be traded within the range of 8400 - 8600 yuan, with a stop - loss range of 8200 - 8800 yuan. The main contract of polysilicon should be traded within the range of 48000 - 53000 yuan, with a stop - loss range of 46000 - 55000 yuan [4]. 3.2 Futures and Spot Market - **Industrial Silicon**: The futures price increased this week, while the spot price remained flat, and the basis decreased. As of October 23, 2025, the spot price was 9350 yuan/ton, and the basis was 645 yuan/ton [10][12]. - **Polysilicon**: Both the futures and spot prices increased this week, and the basis strengthened. As of October 23, 2025, the spot price was 52.98 yuan/kg, up 230 yuan/kg from last week, and the basis was 2220 yuan/g [14][16]. 3.3 Industry Situation - **Industrial Silicon**: - **Raw Materials and Costs**: Raw material prices remained stable this week. Electricity prices are expected to rise near the dry season, increasing costs, but electricity prices in the northwest are stable [21][24]. - **Warehouse Receipts**: The number of industrial silicon warehouse receipts decreased. As of October 23, 2025, the number of warehouse receipts was 48371 lots, a decrease of 1986 lots from the previous period [26][28]. - **Downstream Industries**: - **Organosilicon**: Production and operating rates increased this week. As of October 23, 2025, the weekly production was 4.6 tons, an increase of 0.88%, and the operating rate was 70.05%, an increase of 0.55%. Costs stabilized, spot prices and profits increased, and future production is expected to remain flat [30][35][39]. - **Aluminum Alloy**: Spot prices and inventory increased. As of October 23, 2025, the price was 21000 yuan/ton, up 100 yuan/ton from last week, and the inventory was 7.53 tons, up 0.09 tons from last week. Demand for industrial silicon is expected to stabilize [41][47]. - **Polysilicon**: - **Downstream Products**: Silicon wafer prices remained flat, and battery cell prices weakened. As of October 23, 2025, the silicon wafer price was 1.48 yuan/piece, unchanged from last week, and the battery cell price was 0.30 yuan/watt, a decrease of 0.01 yuan/watt from last week. This is expected to have a negative impact on polysilicon demand [49][51]. - **Cost, Profit, and Inventory**: Affected by industrial silicon, polysilicon costs decreased, profits increased, and inventory increased. As of October 23, 2025, the profit was 11080 yuan/ton, the average cost was 40672 yuan/ton, and the inventory was 27.84 tons [56][61].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Industrial silicon supply shows a pattern of "increasing in the north and decreasing in the south". The supply pressure remains as the weekly production slightly increases. The demand support may weaken, and the cost provides some downside support. It is expected to consolidate in the short - term [16]. - For polysilicon, policy expectations resurge, causing the price to rebound. However, real - world constraints still exist, such as over - expected production in October, declining downstream silicon wafer production, and inventory pressure. Attention should be paid to the progress of platform companies [18]. 3. Summary According to the Directory 3.1 Week - on - Week Assessment and Strategy Recommendation Industrial Silicon - **Demand**: Polysilicon weekly production is 31,500 tons, with a slight week - on - week increase. DMC production is 46,300 tons, a decrease of 1,300 tons week - on - week. From January to August, the cumulative aluminum alloy production is 12.324 billion tons, a year - on - year increase of 2.163 billion tons or 21.29%. From January to August, China's cumulative net export of industrial silicon is 484,700 tons, a year - on - year increase of 21,000 tons or 4.54% [14]. - **Inventory**: The industrial silicon inventory is 696,100 tons, a week - on - week increase of 2,200 tons, remaining at a high level. Factory inventory is 262,500 tons, up 3,000 tons week - on - week; market inventory is 183,000 tons, unchanged; registered warehouse receipt inventory is 250,600 tons, down 800 tons week - on - week [14]. - **Price**: As of October 17, 2025, the spot price of 553 (non - oxygen - blown) industrial silicon in East China is 9,300 yuan/ton, unchanged week - on - week; the spot price of 421 industrial silicon is 9,700 yuan/ton, with a converted futures price of 8,900 yuan/ton, unchanged week - on - week. The futures main contract (SI2511) closes at 8,430 yuan/ton, a decrease of 255 yuan/ton week - on - week [15]. - **Cost**: The average cost in Xinjiang is 8,404.17 yuan/ton, 9,387.50 yuan/ton in Yunnan, 9,095.24 yuan/ton in Sichuan, and 9,000 yuan/ton in Inner Mongolia [15]. - **Supply**: The weekly production of industrial silicon is 97,500 tons, an increase of 2,000 tons week - on - week [15]. Polysilicon - **Price**: As of October 17, 2025, the average price of SMM - statistical polysilicon N - type re -投料 is 52.8 yuan/kg, an increase of 0.25 yuan/kg week - on - week; the average price of N - type dense material is 51.25 yuan/kg, an increase of 0.2 yuan/kg week - on - week. The futures main contract (PS2511) closes at 52,340 yuan/ton, an increase of 3,375 yuan/ton week - on - week [17]. - **Cost**: The production cost of polysilicon is 41,493 yuan/ton, and the gross profit is 9,107 yuan/ton [17]. - **Supply**: The weekly production of polysilicon is 31,500 tons, with a slight week - on - week increase, close to the same period in 2024. From January to September, the cumulative production is 941,100 tons, a year - on - year decrease of 33.30% [17]. - **Downstream**: The weekly production of silicon wafers is 14.35GW, a slight week - on - week increase. In September, the production of battery cells is 60.97GW, an increase of 2.7GW month - on - month. In September, the production of components is 49.9GW, an increase of 0.7GW month - on - month [17]. - **Inventory**: The factory inventory of polysilicon is 263,500 tons, and the SMM - statistical inventory is 253,000 tons [17]. 3.2 Spot and Futures Market Industrial Silicon - As of October 17, 2025, the spot price of 553 (non - oxygen - blown) industrial silicon in East China is 9,300 yuan/ton, unchanged week - on - week; the spot price of 421 industrial silicon is 9,700 yuan/ton, with a converted futures price of 8,900 yuan/ton, unchanged week - on - week. The futures main contract (SI2511) closes at 8,430 yuan/ton, a decrease of 255 yuan/ton week - on - week. The 553 (non - oxygen - blown) has a premium of 870 yuan/ton over the futures main contract, with a basis ratio of 9.35%; the 421 has a discount of 470 yuan/ton to the main contract, with a basis ratio of 5.28% [23]. Polysilicon - As of October 17, 2025, the average price of SMM - statistical polysilicon N - type re -投料 is 52.8 yuan/kg, an increase of 0.25 yuan/kg week - on - week; the average price of N - type dense material is 51.25 yuan/kg, an increase of 0.2 yuan/kg week - on - week. The futures main contract (PS2511) closes at 52,340 yuan/ton, an increase of 3,375 yuan/ton week - on - week. The main contract basis is 460 yuan/ton, with a basis ratio of 0.87% [26]. 3.3 Industrial Silicon Total Production - As of October 17, 2025, the weekly production of industrial silicon is 97,500 tons, an increase of 2,000 tons week - on - week. In September 2025, the production is 384,000 tons, an increase of 13,600 tons month - on - month. From January to September, the cumulative year - on - year decrease is 596,500 tons or 16.89% [31]. Production in Main Producing Areas - No specific analysis of production changes in main producing areas is provided in the summary part, but relevant data charts are shown. Production Cost - As of October 17, 2025, the electricity price and silica price in main producing areas are unchanged week - on - week. The average cost in Xinjiang is 8,404.17 yuan/ton, 9,387.50 yuan/ton in Yunnan, 9,095.24 yuan/ton in Sichuan, and 9,000 yuan/ton in Inner Mongolia [47]. Visible Inventory - As of October 17, 2025, the industrial silicon inventory is 696,100 tons, a week - on - week increase of 2,200 tons, remaining at a high level. The factory inventory is 262,500 tons, up 3,000 tons week - on - week; the market inventory is 183,000 tons, unchanged; the registered warehouse receipt inventory is 250,600 tons, down 800 tons week - on - week [50]. 3.4 Polysilicon Production - As of October 17, 2025, the weekly production of polysilicon is 31,500 tons, with a slight week - on - week increase, close to the same period in 2024. In September, the production is 130,000 tons, a decrease of 17,000 tons month - on - month. From January to September, the cumulative production is 941,100 tons, a year - on - year decrease of 33.30% [55]. Capacity Utilization and Scheduled Production - The capacity utilization rate of polysilicon in September is 49.43%, an increase of 3.65 percentage points month - on - month. SMM predicts that the production in October will be 134,500 tons, an increase from the previous month [58]. Inventory - As of October 17, 2025, the factory inventory of polysilicon is 263,500 tons, and the SMM - statistical inventory is 253,000 tons [61]. Cost and Profit - As of October 17, 2025, the production cost of polysilicon is 41,493 yuan/ton, and the gross profit is 9,107 yuan/ton, with relatively good profits [64]. Silicon Wafers - **Production**: The weekly production of silicon wafers is 14.35GW, a slight week - on - week increase. In September, the production is 59.05GW, an increase of 3.01GW month - on - month. From January to September, the production is 488.17GW, a year - on - year decrease of 5.58% [67]. - **Scheduled Production and Inventory**: The inventory of silicon wafers is 17.31GW, a slight week - on - week increase. The predicted production in October is 55.68GW, a decrease from September [70]. Battery Cells - **Production**: In September, the production of battery cells is 60.97GW, an increase of 2.7GW month - on - month. The capacity utilization rate in September is 59.56%, an increase of 2.67 percentage points month - on - month. From January to September, the cumulative production is 507.84GW, a year - on - year increase of 2.43% [75]. - **Scheduled Production and Inventory**: The inventory of battery cells is 6.63GW, a week - on - week rebound. The predicted production in October is 59.6GW, a slight decrease from the previous month [78]. Components - **Production**: In September, the production of components is 49.9GW, an increase of 0.7GW month - on - month. The capacity utilization rate in September is 48.7%, a decrease of 0.39 percentage points month - on - month. From January to September, the cumulative production is 429.5GW, a year - on - year increase of 1.34% [83]. - **Scheduled Production and Inventory**: The inventory of components is 34.2GW, a slight week - on - week increase. The predicted production in October is 48.31GW, a decrease from September [86]. 3.5 Organic Silicon Production - As of October 17, 2025, the DMC production is 46,300 tons, a decrease of 1,300 tons week - on - week. In September, the production is 208,800 tons, a decrease of 10,800 tons month - on - month. From January to September, the cumulative production is 1.8618 million tons, a year - on - year increase of 16.89% [93]. Price and Profit - As of October 17, 2025, the average price of organic silicon is 11,300 yuan/ton, an increase of 250 yuan/ton week - on - week. The gross profit of DMC is - 1,703.13 yuan/ton [96]. Inventory - As of October 17, 2025, the DMC inventory is 41,800 tons, a decrease of 1,100 tons week - on - week [99]. 3.6 Silicon - Aluminum Alloy and Exports Aluminum Alloy - **Price**: The price of primary aluminum alloy A356 is 21,420 yuan/ton, a week - on - week decrease of 50 yuan/ton; the price of recycled aluminum alloy ADC12 is 21,070 yuan/ton, a week - on - week decrease of 90 yuan/ton [104]. - **Production**: From January to August, the cumulative production of aluminum alloy is 12.324 billion tons, a year - on - year increase of 2.163 billion tons or 21.29% [104]. - **Capacity Utilization**: The capacity utilization rate of primary aluminum alloy is 58.4%, and that of recycled aluminum alloy is 58.6% [107]. Exports - From January to August, China's cumulative net export of industrial silicon is 484,700 tons, a year - on - year increase of 21,000 tons or 4.54% [110].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The industrial silicon market is affected by factors such as supply - demand imbalance, with increasing supply and weak demand. The price is expected to fluctuate in the range of 8390 - 8650 for the 2511 contract. The main logic is the mismatch between production capacity and demand, making the downward trend difficult to reverse [8][13]. - The polysilicon market also shows a situation of supply exceeding demand. Although there is cost support, the overall demand is in a state of decline, but it may rebound later. The 2511 contract is expected to fluctuate in the range of 49110 - 50870 [10]. Summary by Directory 1. Daily Views Industrial Silicon - **Supply**: Last week, the supply of industrial silicon was 97,000 tons, a 4.30% increase compared to the previous period [8]. - **Demand**: The demand was 82,000 tons. The polysilicon inventory was 240,000 tons, at a high level. The silicone inventory was 55,100 tons, at a low level. The aluminum alloy ingot inventory was 757,000 tons, at a high level. The overall demand was weak [8]. - **Cost**: The production of sample oxygen - passing 553 in Xinjiang was at a loss of 3,126 yuan/ton, and the cost support increased during the dry season [8]. - **Base Difference**: On October 14, the spot price of non - oxygen - passing in East China was 9,300 yuan/ton, and the basis of the 11 - contract was 780 yuan/ton, with the spot at a premium to the futures [8]. - **Inventory**: The social inventory was 545,000 tons, a 0.37% increase compared to the previous period. The sample enterprise inventory increased by 3.29%, and the main port inventory remained unchanged [8]. - **Disk Surface**: The MA20 was downward, and the price of the 11 - contract closed below the MA20 [8]. - **Main Force Position**: The net short position of the main force decreased [8]. - **Expectation**: The industrial silicon 2511 contract is expected to fluctuate in the range of 8390 - 8650 [8]. Polysilicon - **Supply**: Last week, the polysilicon output was 31,000 tons, a 0.32% decrease compared to the previous period. The planned output in October is 134,500 tons, a 3.46% increase compared to the previous month [10]. - **Demand**: The silicon wafer production was in a loss state. The battery cell production was also in a loss state, while the component production was profitable. The overall demand was weak [10]. - **Cost**: The average cost of N - type polysilicon was 36,150 yuan/ton, and the production profit was 15,100 yuan/ton [10]. - **Base Difference**: The basis of the N - type dense material was 2,760 yuan/ton, with the spot at a premium to the futures [10]. - **Inventory**: The weekly inventory was 240,000 tons, a 6.19% increase compared to the previous period [10]. - **Disk Surface**: The MA20 was downward, and the price of the 11 - contract closed below the MA20 [10]. - **Main Force Position**: The main force had a net long position, and the long position decreased [10]. - **Expectation**: The polysilicon 2511 contract is expected to fluctuate in the range of 49110 - 50870 [10]. 2. Market Overview Industrial Silicon - Futures contracts generally showed a downward trend. For example, the 01 - contract decreased by 2.86% [16]. - The spot prices of some products remained stable, such as the East China non - oxygen - passing 553 silicon [16]. - Inventory data showed different trends, with some inventories increasing and some remaining stable [16]. Polysilicon - Futures contracts generally showed an upward trend. For example, the 01 - contract increased by 2.39% [18]. - The prices of silicon wafers, battery cells, and components showed different trends, with some remaining stable and some changing slightly [18]. - Inventory data showed that the total weekly inventory increased by 6.19% [18]. 3. Price and Inventory Trends Industrial Silicon - The price - basis and delivery product price difference trends showed the relationship between the basis, spot price, and closing price [20]. - The inventory trends of delivery warehouses, ports, and sample enterprises were presented [26]. Polysilicon - The disk price trend showed the price and trading volume changes of the main contract [23]. - The basis trend showed the relationship between the basis, closing price, and spot price [24]. 4. Supply and Demand Balance Industrial Silicon - The weekly supply - demand balance table showed the production, import, export, consumption, and balance of industrial silicon [38]. - The monthly supply - demand balance table showed the actual consumption, export, import, and production of industrial silicon in different months [41]. Polysilicon - The monthly supply - demand balance table showed the consumption, export, import, supply, and balance of polysilicon in different months [65]. 5. Downstream Market Trends Organic Silicon - The DMC price, production, and inventory trends were presented, including the capacity utilization rate, profit - cost trend, and production volume trend [44]. - The price trends of downstream products such as 107 glue, silicone oil, raw rubber, and D4 were presented [46][47]. - The import - export and inventory trends of DMC were presented [51]. Aluminum Alloy - The price, supply, inventory, and production trends were presented, including the price trend of SMM aluminum alloy ADC12, the import - export situation of unforged aluminum alloy, and the production and inventory trends of primary and recycled aluminum alloy ingots [54][57]. - The demand trends in the automotive and wheel - hub markets were presented [58]. Polysilicon - The cost, price, inventory, production, and demand trends were presented, including the industry cost trend, price trend of N - type dense material and N - type recycled material, and the inventory, production, and demand trends of polysilicon [62]. - The trends of silicon wafers, battery cells, photovoltaic components, and photovoltaic accessories were presented, including the price, production, inventory, and import - export trends of each link [68][71][74][77].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The overall situation of the industrial silicon market shows a complex pattern with factors such as supply - demand imbalance, cost changes, and inventory fluctuations. The market is affected by both positive and negative factors, with cost support on the one hand and sluggish demand on the other [6][10][11]. - The polycrystalline silicon market also faces a similar situation, with supply - demand mismatches and cost - profit relationships influencing its price trends. The overall demand shows a decline but may rebound later [8]. 3. Summary According to the Table of Contents 3.1 Daily Views Industrial Silicon - Supply: Last week, the supply of industrial silicon was 97,000 tons, a 430% increase compared to the previous period [6]. - Demand: The demand was 82,000 tons, a 4.65% decrease compared to the previous period, and the demand remained sluggish [6]. - Inventory: Polycrystalline silicon inventory was 240,000 tons, at a high level; silicone inventory was 55,100 tons, at a low level; aluminum alloy ingot inventory was 75,700 tons, at a high level [6]. - Cost: The production loss of sample oxygen - passing 553 in Xinjiang was 3,126 yuan/ton, and the cost support increased during the dry season [6]. - Basis: On October 13, the spot price of non - oxygen - passing in East China was 9,300 yuan/ton, and the basis of the 11 - contract was 495 yuan/ton, with the spot at a premium to the futures [6]. - Market Outlook: The supply schedule is increasing, and it is expected to fluctuate in the range of 8,670 - 8,940 [6]. Polycrystalline Silicon - Supply: Last week, the output was 31,000 tons, a 0.32% decrease compared to the previous period. The scheduled output for October is 134,500 tons, a 3.46% increase compared to the previous month [8]. - Demand: Last week, the silicon wafer output was 12.83 GW, a 6.89% decrease compared to the previous period, and the inventory was 167,800 tons, a 7.83% increase compared to the previous period. Currently, silicon wafer production is in a loss state [8]. - Cost: The average cost of polycrystalline silicon N - type material in the industry is 36,150 yuan/ton, and the production profit is 15,100 yuan/ton [8]. - Basis: The N - type dense material was 51,250 yuan/ton on October 13, and the basis of the 11 - contract was 4,010 yuan/ton, with the spot at a premium to the futures [8]. - Market Outlook: The supply schedule will increase in the short - term and may adjust in the medium - term. The overall demand shows a decline but may rebound later, and it is expected to fluctuate in the range of 47,805 - 49,675 [8]. 3.2 Fundamental/Position Data Industrial Silicon - Price: The prices of various contracts and spot prices of industrial silicon showed different degrees of changes, with some contracts rising and some remaining unchanged [14]. - Inventory: The weekly social inventory was 545,000 tons, a 0.37% increase compared to the previous period; the weekly sample enterprise inventory was 167,850 tons, a 3.29% increase compared to the previous period; the weekly major port inventory remained unchanged at 120,000 tons [14]. - Output: The weekly sample enterprise output was 46,910 tons, an 8.31% increase compared to the previous period [14]. - Cost - Profit: The cost and profit of different regions and specifications of industrial silicon showed different trends, with some in a loss state [14]. Polycrystalline Silicon - Price: The prices of various contracts of polycrystalline silicon showed different degrees of decline, and the prices of silicon wafers, battery cells, and components remained mostly unchanged [16]. - Inventory: The weekly total inventory was 240,000 tons, a 6.19% increase compared to the previous period [16]. - Output: The monthly output of polycrystalline silicon was 131,700 tons, a 23.89% increase compared to the previous period [16].

Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - For industrial silicon, the supply side still shows a certain increase, the improvement on the demand side is limited, the industrial silicon remains in an oversupply situation, and the silicon price will continue to be under pressure due to macro - sentiment disturbances. Attention should be paid to the support level of 8,300 yuan/ton. [1] - For polysilicon, the supply - side disturbances are still fluctuating, the polysilicon price is consolidating at a high level. Considering the high raw material inventory of downstream, it is difficult to have a concentrated restocking in the short term, and there is great pressure for the spot price to rise further, which may suppress the futures market. [1] Group 3: Summary by Related Catalogs Industrial Silicon Price Information - The average price of non - oxygenated 553 (East China) remained unchanged at 9,300 yuan/ton, and the average price of 421 (East China) remained unchanged at 9,700 yuan/ton. The closing price of the futures main contract rose 0.52% to 8,685 yuan/ton. [1] - The average prices of non - oxygenated 553 and oxygenated 553 in different regions (Huangpu Port, Tianjin Port, Kunming, Sichuan) remained unchanged. [1] Inventory and Production - On October 9, the total social inventory of industrial silicon in major regions was 545,000 tons, an increase of 2,000 tons compared with before the National Day. [1] - In September 2025, the domestic industrial silicon output was 420,800 tons, a month - on - month increase of 35,100 tons (9.1%) and a year - on - year decrease of 33,300 tons (7.3%). From January to September 2025, the cumulative output was 3.0177 million tons, a year - on - year decrease of 18.3%. In October, the total planned production is expected to increase by 8.5% month - on - month. [1] Supply and Demand - In October, the southwest production area will gradually enter the high - cost dry season, and some silicon enterprises will reduce or stop production. If northern silicon enterprises do not resume production on a large scale, the supply side will tighten. [1] - On the demand side, polysilicon enterprises are still reducing production, but there may be an output increase in October. Organic silicon enterprises maintain the pre - holiday operating level, and silicon - aluminum alloy enterprises purchase as needed. The downstream's willingness to stock up at low levels is limited. [1] Investment Strategy - Keep holding out - of - the - money put options. [1] Polysilicon Price Information - The prices of N - type dense material, N - type re -投料, N - type mixed material, and N - type granular silicon remained unchanged, while the closing price of the futures main contract fell 3.55% to 48,965 yuan/ton. [1] Supply and Demand - On the supply side, polysilicon enterprises are maintaining production cuts, and some may have new capacity put into operation. After offsetting, the output in October is expected to increase slightly. [1] - On the demand side, the market transactions during the National Day were light, with few new transactions. The downstream is resistant to high - price resources, and the market is waiting for the industry meeting in October. [1] Investment Strategy - Before the implementation of supply - side reform policies, one can try to go long on dips with a light position. [1] Other Products - For silicon wafers, the prices of N - type 210mm, N - type 210R, and N - type 183mm remained unchanged. [1] - For battery cells, the price of single - crystal PERC battery cells M10 - 182mm remained unchanged. [1] - For components, the prices of single - crystal PERC components (single - sided and double - sided, 182mm and 210mm) remained unchanged. [1] - For organic silicon, the price of DMC remained unchanged at 11,050 yuan/ton, the price of 107 glue increased 3.14% to 11,500 yuan/ton, and the price of silicone oil remained unchanged at 12,850 yuan/ton. [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - **Positive Factors**: Cost increase provides support, and manufacturers have plans to halt or reduce production [10]. - **Negative Factors**: Demand recovery is sluggish after the holiday; there is an oversupply in the downstream polysilicon market. The main reason is the mismatch between production capacity and demand, making it difficult to reverse the downward trend [11]. 3. Summary by Relevant Catalogs 3.1 Daily Views 3.1.1 Industrial Silicon - **Fundamentals**: Last week, the supply of industrial silicon was 97,000 tons, a 4.30% increase compared to the previous week. The demand was 82,000 tons, a 4.65% decrease. The polysilicon inventory was 240,000 tons, at a high level. The silicone inventory was 55,100 tons, at a low level, with a production profit of -708 yuan/ton, in a loss - making state. The comprehensive operating rate was 70.43%, flat compared to the previous week, and lower than the historical average. The aluminum alloy ingot inventory was 757,000 tons, at a high level, with an import loss of 188 yuan/ton. The cost support in the Xinjiang region has increased [6]. - **Basis**: On October 10th, the spot price of non - oxygenated silicon in East China was 9,300 yuan/ton, and the basis of the 11 - contract was 615 yuan/ton, with the spot price higher than the futures price [6]. - **Inventory**: The social inventory was 545,000 tons, a 0.37% increase compared to the previous week. The sample enterprise inventory was 167,850 tons, a 3.29% increase. The main port inventory was 120,000 tons [6]. - **Disk**: The MA20 was upward, and the futures price of the 11 - contract closed below the MA20 [6]. - **Main Position**: The main position was net short, and the short position increased [6]. - **Expectation**: The supply production has increased and is near the historical average level. The demand recovery is at a low level, and the cost support has increased. The industrial silicon 2511 is expected to fluctuate between 8,550 - 8,820 [6]. 3.1.2 Polysilicon - **Fundamentals**: Last week, the polysilicon production was 31,000 tons, a 0.32% decrease compared to the previous week. The production in October is expected to be 134,500 tons, a 3.46% increase compared to the previous month. The silicon wafer production was 12.83GW, a 6.89% decrease, and the inventory was 167,800 tons, a 3.38% increase. The silicon wafer production is currently in a loss - making state. The production in October is expected to be 55.68GW, a 5.70% decrease compared to the previous month. The battery cell and component production have mixed performance, with battery cells mostly in loss and components in profit [8]. - **Basis**: On October 10th, the price of N - type dense material was 51,050 yuan/ton, and the basis of the 11 - contract was 3,585 yuan/ton, with the spot price higher than the futures price [8]. - **Inventory**: The weekly inventory was 240,000 tons, a 6.19% increase compared to the previous week, at a high level compared to the same period in history [8]. - **Disk**: The MA20 was downward, and the futures price of the 11 - contract closed below the MA20 [8]. - **Main Position**: The main position was net long, and the long position decreased [8]. - **Expectation**: The supply production is expected to increase in the short term and adjust in the medium term. The overall demand shows a decline but may rebound later. The cost support is stable. The polysilicon 2511 is expected to fluctuate between 48,060 - 49,870 [8]. 3.2 Market Overview 3.2.1 Industrial Silicon - The futures prices of various contracts showed different degrees of increase or decrease. The spot prices of different grades of silicon in East China remained stable [14]. - The social inventory, sample enterprise inventory, and main port inventory showed different trends of change. The production and operating rates of sample enterprises in different regions also had corresponding changes [14]. 3.2.2 Polysilicon - The prices of silicon wafers, battery cells, and components showed different trends. The production, inventory, and cost - profit indicators also had corresponding changes [16]. 3.3 Price - Basis and Delivery Product Spread Trends - The basis of industrial silicon SI main contract and the spread between East China 421 and 553 silicon showed different trends over time [19]. - The price of polysilicon main contract and the basis showed different trends over time [23]. 3.4 Inventory - The inventory of industrial silicon in delivery warehouses and ports, SMM sample enterprises, and the number of registered warrants showed different trends over time [25]. 3.5 Production and Capacity Utilization - The weekly production of SMM sample enterprises, monthly production by specification, and operating rate of industrial silicon showed different trends over time [29][30][31]. 3.6 Cost - The cost and profit trends of 421 silicon in Sichuan and Yunnan and oxygenated 553 silicon in Xinjiang showed different trends over time [35]. 3.7 Supply - Demand Balance 3.7.1 Industrial Silicon - The weekly and monthly supply - demand balance of industrial silicon showed different trends over time, with factors such as production, import, export, and consumption affecting the balance [37][40]. 3.7.2 Polysilicon - The monthly supply - demand balance of polysilicon showed different trends over time, with factors such as supply, import, export, and consumption affecting the balance [64]. 3.8 Downstream Market 3.8.1 Silicone - The price, production, import - export, and inventory of DMC in the silicone industry showed different trends over time [43][50]. - The prices of downstream products such as 107 glue, silicone oil, raw rubber, and D4 in the silicone industry showed different trends over time [45][46]. 3.8.2 Aluminum Alloy - The price, import - export, inventory, production, and demand (automobile and wheel hub) of aluminum alloy showed different trends over time [53][56][57]. 3.8.3 Polysilicon - The cost, price, inventory, production, and supply - demand balance of polysilicon showed different trends over time [61][64]. - The price, production, inventory, and demand of silicon wafers, battery cells, photovoltaic components, and photovoltaic accessories in the polysilicon downstream industry showed different trends over time [67][70][73][76].

Group 1 - The company is convening its second extraordinary general meeting of shareholders for 2025 on October 28, 2025, at 14:00 [1][3] - The meeting will be held at the company's conference room located at 1988 North Third Ring East Road, Cixi City, Zhejiang Province [1] - Voting will be conducted through a combination of on-site and online methods, utilizing the Shanghai Stock Exchange's network voting system [1][3] Group 2 - The network voting will be available on October 28, 2025, from 9:15 to 15:00, with specific time slots for trading system voting [1] - Shareholders must register to attend the meeting, with registration for in-person attendance open from 8:00 to 17:00 on October 27, 2025 [14][16] - The company will provide a reminder service for small and medium investors to ensure they can participate in the voting process [7]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - For industrial silicon, in the short - term, it will mainly fluctuate in October. If there are supply - side disturbances or policy drives, the price may continue to rise. In the long - term, as the southwest region enters the dry season, production cuts will reduce supply pressure, and the far - month contract valuation is expected to increase. The price has room for repair compared to downstream polysilicon, and the "anti - involution" policy still has potential to improve prices [15]. - For polysilicon, the market may enter a fundamental correction phase before the actual implementation of policies or the emergence of new catalytic variables. The short - term price is constrained by high inventory and weak demand. However, after November, the supply - demand pattern may improve, and the short - term price fluctuation is regarded as a technical correction. The estimated lower support level for silicon material prices is 48,000 yuan/ton, and attention should be paid to the actual implementation of policies [17]. Summary According to the Table of Contents 1. Monthly Assessment and Strategy Recommendation - **Monthly Points Summary** - Polysilicon: In September (SMM), the output was 130,000 tons, a month - on - month decrease of 17,000 tons; the cumulative output from January to September was 941,100 tons, a year - on - year decrease of 333,000 tons. In September (百川盈孚), the DMC output was 208,800 tons, a month - on - month decrease of 10,800 tons. The cumulative DMC output from January to September was 1,861,800 tons, a year - on - year increase of 16.89%. From January to August, the cumulative aluminum alloy output was 12,324,000 tons, a year - on - year increase of 2,163,000 tons or 21.29%. From January to August, the cumulative net export of industrial silicon was 484,700 tons, a year - on - year increase of 21,000 tons or 4.54%. At the end of September, the industrial silicon inventory (百川盈孚) was 695,700 tons, remaining at a high level [13]. - Industrial Silicon: As of September 30, 2025, the spot price of 553 (non - oxygen - permeable) industrial silicon in East China was 9,300 yuan/ton, a month - on - month increase of 350 yuan/ton; the spot price of 421 industrial silicon was 9,700 yuan/ton, with a discounted futures price of 8,900 yuan/ton, a month - on - month increase of 300 yuan/ton. The average production cost in Xinjiang was 8,404.17 yuan/ton, 9,387.50 yuan/ton in Yunnan, and 9,095.24 yuan/ton in Sichuan. In September 2025, the industrial silicon output (百川盈孚) was 384,000 tons, a month - on - month increase of 13,600 tons, and the cumulative output from January to September was 2,934,500 tons, a year - on - year decrease of 596,500 tons or 16.89% [14]. - **Fundamental Assessment** - **Industrial Silicon**: The basis is positive, the cost is basically stable, the output continues to grow, the demand has marginal improvement, and the inventory remains high. In the future, the supply - demand situation has no immediate concerns. The polysilicon production schedule in October will increase slightly, and the supply pressure will decrease in the dry season in the southwest region, with cost support strengthening [15]. - **Polysilicon**: The main contract is at a discount, the output is stable month - on - month, the cost is 41,543.0 yuan/ton with a relatively good profit, the demand is weakening, and the factory inventory is flat. The market may enter a correction phase, and the supply - demand pattern may improve after November [17]. 2. Spot and Futures Market - **Industrial Silicon**: As of September 30, 2025, the spot price of 553 (non - oxygen - permeable) industrial silicon in East China was 9,300 yuan/ton, a month - on - month increase of 350 yuan/ton; the spot price of 421 industrial silicon was 9,700 yuan/ton, with a discounted futures price of 8,900 yuan/ton, a month - on - month increase of 300 yuan/ton [22]. - **Polysilicon**: As of September 30, 2025, the average price of SMM - statistical N - type polysilicon re -投料 was 52.55 yuan/kg, a month - on - month increase of 3.55 yuan/kg; the average price of N - type dense material was 51.05 yuan/kg, a month - on - month increase of 3.05 yuan/kg [25]. 3. Industrial Silicon - **Total Output**: In September 2025, the industrial silicon output (百川盈孚) was 384,000 tons, a month - on - month increase of 13,600 tons, and the cumulative output from January to September was 2,934,500 tons, a year - on - year decrease of 596,500 tons or 16.89% [30]. - **Output in Main Production Areas**: The report provides historical output data of industrial silicon in Sichuan, Yunnan, Xinjiang, Inner Mongolia, and Gansu, but no specific latest production data for each region are mentioned other than the overall data [32][34]. - **Production Cost**: As of September 30, 2025, the electricity price in the main production areas remained flat month - on - month, and the silicon stone price was stable. The silicon coal price in the main production areas remained flat month - on - month. The average production cost in Xinjiang was 8,404.17 yuan/ton, 9,387.50 yuan/ton in Yunnan, and 9,095.24 yuan/ton in Sichuan [43][46]. - **Visible Inventory**: At the end of September, the industrial silicon inventory (百川盈孚) was 695,700 tons, remaining at a high level. Among them, the factory inventory was 260,000 tons, the market inventory was 185,000 tons, and the registered warehouse receipt inventory was 250,700 tons [49]. 4. Polysilicon - **Output**: In September (SMM), the polysilicon output was 130,000 tons, a month - on - month decrease of 17,000 tons; the cumulative output from January to September was 941,100 tons, a year - on - year decrease of 333,000 tons [54]. - **Operating Rate and Production Schedule**: In September (百川盈孚), the polysilicon operating rate was 49.43%, a month - on - month increase of 3.65 percentage points. SMM predicts that the polysilicon output in October will be 134,500 tons, a month - on - month increase [57]. - **Inventory**: At the end of September, the polysilicon inventory (百川盈孚) was 240,900 tons; the SMM - statistical inventory was 226,000 tons, and the factory inventory was flat [60]. - **Cost and Profit**: At the end of September, the polysilicon production cost (百川盈孚) was 41,543.0 yuan/ton, and the gross profit was 9,057 yuan/ton, with a relatively good profit [63]. - **Silicon Wafer**: In September (SMM), the silicon wafer output was 59.05GW, a month - on - month increase of 3.01GW, and the cumulative output from January to September was 488.17GW, a year - on - year decrease of 5.58%. At the end of September, the silicon wafer inventory (SMM) was 16.23GW, a slight month - on - month decrease. The predicted output in October is 55.68GW, a month - on - month decrease [66][69]. - **Battery Chip**: In September (SMM), the battery chip output was 60.97GW, a month - on - month increase of 2.7GW, and the cumulative output from January to September was 507.84GW, a year - on - year increase of 2.43%. The operating rate in September was 59.56%, a month - on - month increase of 2.67 percentage points. At the end of September, the inventory of Chinese photovoltaic battery export factories (SMM) was 3.04GW, a month - on - month decrease. The predicted output in October is 59.6GW, a slight month - on - month decrease [74][77]. - **Module**: In September (SMM), the module output was 49.9GW, a month - on - month increase of 0.7GW, and the cumulative output from January to September was 429.5GW, a year - on - year increase of 1.34%. The operating rate in September was 48.7%, a month - on - month decrease of 0.39 percentage points. At the end of September, the finished module inventory (SMM) was 33.6GW, a month - on - month decrease. The predicted output in October is 48.31GW, a decrease compared to September [82][85]. 5. Organic Silicon - **Output**: In September (百川盈孚), the DMC output was 208,800 tons, a month - on - month decrease of 10,800 tons. The cumulative DMC output from January to September was 1,861,800 tons, a year - on - year increase of 16.89% [92]. - **Price and Profit**: As of September 30, 2025, the average price of organic silicon (SMM) was 11,050 yuan/ton, a month - on - month increase of 300 yuan/ton. The DMC gross profit (百川盈孚) was - 1,921.88 yuan/ton [95]. - **Inventory**: At the end of September, the DMC inventory (百川盈孚) was 44,500 tons, a month - on - month decrease of 4,800 tons [99]. 6. Silicon - Aluminum Alloy and Export - **Aluminum Alloy**: As of September 30, 2025, the price of primary aluminum alloy A356 was 21,130 yuan/ton, a month - on - month decrease of 10 yuan/ton; the price of recycled aluminum alloy ADC12 was 20,940 yuan/ton, a month - on - month increase of 170 yuan/ton. From January to August, the cumulative aluminum alloy output was 12,324,000 tons, a year - on - year increase of 2,163,000 tons or 21.29%. At the end of September, the operating rate of primary aluminum alloy was 58.4%, and that of recycled aluminum alloy was 56.6% [104][107]. - **Export**: From January to August, the cumulative net export of industrial silicon in China was 484,700 tons, a year - on - year increase of 21,000 tons or 4.54% [110].

1. Report Industry Investment Rating The document does not provide an industry investment rating. 2. Report's Core View The report analyzes the market conditions of industrial silicon and polysilicon futures. For industrial silicon, the overall market is affected by factors such as supply - demand balance, cost, and inventory. For polysilicon, the supply - demand relationship also shows certain trends, with potential for subsequent market rebounds. The main logic for the overall market is that capacity mismatch leads to a situation of strong supply and weak demand, and the downward trend is difficult to change. The main influencing factors include cost increases, slow post - holiday demand recovery, and the supply - demand imbalance in the downstream polysilicon market [6][8][11]. 3. Summary by Directory 3.1 Daily View - Industrial Silicon - **Fundamentals**: Last week, the supply of industrial silicon was 93,000 tons, a 1.09% increase from the previous week. The demand was 86,000 tons, a 7.50% increase. Polysilicon inventory was 226,000 tons, at a high level; organic silicon inventory was 55,100 tons, at a low level, with a production profit of - 708 yuan/ton, in a loss state, and a comprehensive operating rate of 70.59%, unchanged from the previous week and lower than the historical average. Alloy ingot inventory was 73,100 tons, at a high level. The cost support in Xinjiang's sample oxygen - passing 553 production increased, with a loss of 3,020 yuan/ton. Overall, the fundamentals are bullish [6]. - **Basis**: On October 09, the spot price of non - oxygen - passing 553 silicon in East China was 9,300 yuan/ton, and the basis of the 11 - contract was 660 yuan/ton, with the spot at a premium to the futures, which is bullish [6]. - **Inventory**: The social inventory was 543,000 tons, unchanged from the previous week. The sample enterprise inventory was 162,500 tons, a 7.11% decrease. The main port inventory was 120,000 tons, unchanged. Overall, the inventory situation is bearish [6]. - **Disk**: The MA20 is upward, and the price of the 11 - contract closed below the MA20, showing a neutral situation [6]. - **Main Position**: The main position is net short, and the short position is decreasing, which is bearish [6]. - **Expectation**: The supply scheduling is increasing, and the demand recovery is at a low level. The cost support is rising. The industrial silicon 2511 is expected to fluctuate in the range of 8,505 - 8,775 [6]. 3.2 Daily View - Polysilicon - **Fundamentals**: Last week, the polysilicon production was 31,100 tons, a 0.32% increase from the previous week. The predicted production in October is 134,500 tons, a 3.46% increase from the previous month. The silicon wafer production last week was 12.83 GW, a 6.89% decrease, and the inventory was 167,800 tons, a 3.38% increase. The battery cell production showed short - term decreases but is expected to recover in the medium term. The component production also showed short - term decreases with medium - term recovery prospects. Overall, the fundamentals are bearish [8]. - **Basis**: On October 09, the price of N - type dense material was 51,050 yuan/ton, and the basis of the 11 - contract was 1,785 yuan/ton, with the spot at a premium to the futures, which is bullish [8]. - **Inventory**: The weekly inventory was 226,000 tons, a 10.78% increase, at a high level compared to the same period in history, showing a neutral situation [8]. - **Disk**: The MA20 is downward, and the price of the 11 - contract closed below the MA20, which is bearish [8]. - **Main Position**: The main position is net long, and the long position is decreasing, which is bullish [8]. - **Expectation**: The supply scheduling continues to increase, while the demand shows a decline but may rebound later. The cost support remains stable. The polysilicon 2511 is expected to fluctuate in the range of 49,885 - 51,645 [8]. 3.3 Market Overview - **Industrial Silicon**: The prices of some futures contracts showed small fluctuations. The inventory of some regions and ports remained stable, while the sample enterprise inventory decreased. The production and operating rates of some regions remained unchanged [14]. - **Polysilicon**: The prices of some futures contracts also showed fluctuations. The silicon wafer production and inventory, battery cell production and profit, and component production and inventory all had corresponding changes [16]. 3.4 Price - Basis and Delivery Product Spread Trends The report presents the historical trends of the basis of industrial silicon's main contract and the price spread between 421 and 553 silicon in East China, which helps to understand the price relationship between the spot and futures markets and different product specifications [18][19]. 3.5 Inventory - **Industrial Silicon**: The social inventory remained unchanged, the sample enterprise inventory decreased, and the main port inventory remained stable [6][14]. - **Polysilicon**: The weekly inventory increased, reaching a high level compared to the same period in history [8]. 3.6 Production and Capacity Utilization - **Industrial Silicon**: The weekly production of sample enterprises in some regions remained unchanged, and the operating rate also showed little change [14]. - **Polysilicon**: The production showed an increasing trend, and the operating rate was affected by market demand [8]. 3.7 Cost - **Industrial Silicon**: The production cost in Xinjiang's sample oxygen - passing 553 production increased, and the production in some regions was in a loss state [6]. - **Polysilicon**: The average cost of the polysilicon industry remained stable, and the production profit was at a certain level [8]. 3.8 Supply - Demand Balance - **Industrial Silicon**: The weekly and monthly supply - demand balance tables show the production, import, export, and consumption of industrial silicon, and the overall balance situation varies [35][38]. - **Polysilicon**: The monthly supply - demand balance table shows the supply, import, export, and consumption of polysilicon, and the balance situation also changes over time [62]. 3.9 Downstream Market - **Organic Silicon**: The price, production, and inventory of DMC and other products showed corresponding changes. The operating rate of DMC remained stable, and the profit was in a loss state [41]. - **Aluminum Alloy**: The price, production, inventory, and demand of aluminum alloy products showed different trends. The import cost and profit of ADC12 also had corresponding changes [51]. - **Polysilicon**: The cost, price, production, and inventory of polysilicon and its downstream silicon wafers and battery cells all showed certain trends [59][65][67].