Report Industry Investment Ratings No relevant content provided. Core Views Glass and Soda Ash - Soda ash remains in an obvious oversupply situation, with weakening spot sales recently. In the medium term, after the PV glass capacity growth slows down and the float glass capacity stabilizes, there is still pressure on supply and demand, and there may be further cold repair expectations. It is recommended to wait for a new opportunity to short. [1] - The glass market has seen a significant weakening in the recent market sentiment, and the spot sales have also declined sharply. The inventory has shifted from manufacturers to middle - men, and the overall spot price is difficult to increase further. It is recommended to hold short positions. [1] Industrial Silicon - Driven by the good atmosphere in the commodity market, industrial silicon has risen. In August, the supply and demand of the industrial silicon market both increase, and it is expected to reach a tight balance. If the price drops to 8000 - 8500 yuan/ton, it is advisable to try long positions. [2] Polysilicon - In August, the supply and demand of polysilicon both increase, but the supply growth rate is larger, and there is still pressure on inventory accumulation. If there is new progress in capacity integration or clearance, polysilicon is expected to rise again; otherwise, it may fluctuate and decline under the pressure of inventory and warehouse receipts. It is advisable to try long positions at low prices and buy put options to try short positions at high prices. [3] Natural Rubber - In the short term, the positive factors on the supply side are concentrated, and the spot inventory continues to decline. The rubber price is expected to be strong. It is recommended to short at high prices if the raw material supply in the peak - production season is smooth. [4] Logs - From a fundamental perspective, last week, due to the reduction of available goods in some specifications and the reluctance of traders to sell, the spot price was continuously raised. The demand remains strong, and the inventory has decreased significantly. The short - term futures market is expected to fluctuate strongly, and it is recommended to go long at low prices. [5] Summary by Relevant Catalogs Glass and Soda Ash Price and Spread - Glass: The prices in North China, East China, Central China, and South China have all declined, while the futures prices of glass 2505 and 2509 have increased. The 05 basis has decreased. [1] - Soda ash: The prices in North China, East China, and Central China remain unchanged, while the price in Northwest China has decreased. The futures prices of soda ash 2505 and 2509 have increased, and the 05 basis has decreased. [1] Supply - The soda ash production rate and weekly output have increased, while the float glass daily melting volume and PV glass daily melting volume remain unchanged. [1] Inventory - The glass inventory and soda ash factory and delivery - warehouse inventories have all increased, while the glass factory's soda ash inventory days remain unchanged. [1] Real Estate Data - The year - on - year growth rates of new construction area, completion area, and sales area have all decreased, while the growth rate of under - construction area has decreased significantly. [1] Industrial Silicon Spot Price and Basis - The prices of East China oxygen - passing SI5530 industrial silicon, East China SI4210 industrial silicon, and Xinjiang 99 silicon have all increased, while the corresponding bases have decreased. [2] Monthly Spread - The spreads of 2508 - 2509, 2510 - 2511, and 2511 - 2512 have decreased, while the spreads of 2509 - 2510 and 2512 - 2601 have increased. [2] Fundamental Data - The national industrial silicon output, national and regional production rates, and exports have increased, while the organic silicon DMC output has decreased. [2] Inventory - The Xinjiang factory inventory has decreased slightly, while the Sichuan factory inventory and social inventory have increased slightly. [2] Polysilicon Spot Price and Basis - The average prices of N - type re - feeding material, N - type granular silicon, and other products remain unchanged, while the N - type material basis has decreased significantly. [3] Futures Price and Monthly Spread - The main contract price has increased, while the spreads of "current month - first - continuous" and "first - continuous - second - continuous" have changed significantly. [3] Fundamental Data - The weekly and monthly polysilicon production, export volume, and net export volume have increased, while the import volume has decreased. The silicon wafer production has changed in different periods. [3] Inventory - The polysilicon inventory, silicon wafer inventory, and polysilicon warehouse receipts have all increased. [3] Natural Rubber Spot Price and Basis - The prices of Yunnan state - owned whole - latex and Thai standard mixed rubber have increased, while the prices of cup rubber, glue, and some raw materials in Xishuangbanna have dropped to zero. The basis and non - standard price difference have decreased. [4] Monthly Spread - The spreads of 9 - 1 and 1 - 5 have decreased, while the spread of 5 - 9 has increased. [4] Fundamental Data - In June, the production of Thailand and India increased, while the production of Indonesia decreased. The tire production and natural rubber import volume in China increased, while the tire export volume decreased. The production cost and profit of Thai dry rubber have changed. [4] Inventory - The bonded area inventory has decreased, while the Shanghai Futures Exchange factory - warehouse futures inventory has increased. The inbound and outbound rates of dry rubber in Qingdao have changed. [4] Logs Futures and Spot Price - The prices of log futures contracts 2509, 2511, and 2601 have increased, while the basis has decreased. The spot prices of some radiation pine and spruce in ports remain unchanged or increase slightly. The new round of foreign quotation remains unchanged. [5] Cost - The RMB - US dollar exchange rate and the import theoretical cost remain unchanged. [5] Monthly Data - The port shipping volume and the number of departing ships from New Zealand to China, Japan, and South Korea have decreased. [5] Inventory - The inventory in major ports in China, Shandong, and Jiangsu has decreased. [5] Demand - The daily average outbound volume in China remains unchanged, with a slight increase in Shandong and a slight decrease in Jiangsu. [5]

Report Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of industrial silicon show an increase in both supply and demand, with the overall commodity sentiment remaining strong, leading to a bullish trend in the industrial silicon futures market. For polysilicon, the spot price is relatively stable, but there is significant pressure on inventory accumulation due to a large increase in supply in August and average consumer demand. The futures market is greatly affected by anti - involution policies, and in the medium to long term, it is suitable to buy on dips [3][6] Summary by Related Content Industrial Silicon Market Analysis - On August 11, 2025, the industrial silicon futures price fluctuated upwards. The main contract 2511 opened at 8,760 yuan/ton and closed at 9,000 yuan/ton, a change of 415 yuan/ton (4.83%) from the previous settlement. The position of the main contract 2511 at the close was 271,943 lots, and the total number of warehouse receipts was 50,760 lots, a change of 420 lots from the previous day. The spot price of industrial silicon rose slightly, with prices in some regions increasing and remaining stable in Kunming. The price of 97 - silicon also remained stable [1] - The consumption side: The quoted price of silicone DMC was 1,1500 - 12,500 (- 150) yuan/ton. The silicone price showed a slight decline, with limited support from the consumer side. The domestic DMC price showed a differentiated trend this week, with some monomer plants offering lower prices to stimulate downstream bottom - up stocking, while others maintained higher prices due to previous orders. The main reason for the price decline was weak downstream demand [2] Strategy - Unilateral: Neutral; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [3] Polysilicon Market Analysis - On August 11, 2025, the main contract 2511 of polysilicon futures rose significantly, opening at 50,600 yuan/ton and closing at 52,985 yuan/ton, a 6.34% change from the previous trading day. The position of the main contract reached 139,739 lots (137,596 lots the previous day), and the trading volume was 592,822 lots. The spot price of polysilicon remained stable. The inventory of polysilicon manufacturers and silicon wafers increased, and the weekly production of polysilicon and silicon wafers also increased [4] - The prices of silicon wafers, battery cells, and components remained stable. After a polysilicon meeting last week, the market is now focusing on downstream and power station meetings this week, and the current production reduction situation of upstream enterprises is undetermined [4][5] Strategy - Unilateral: Short - term range trading; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None. In the medium to long term, it is suitable to buy on dips [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For industrial silicon, supply production has increased and is near the historical average, while demand recovery remains low, and cost support has slightly increased. The 2511 contract is expected to oscillate in the range of 8455 - 8855 [6]. - For polysilicon, supply production continues to increase. Demand shows a short - term increase in silicon wafer production, a medium - term potential callback, a continuous increase in cell production, and a short - term decrease and medium - term potential recovery in component production. Overall demand is in a state of decline but may rebound later. Cost support remains stable. The 2511 contract is expected to oscillate in the range of 48660 - 51560 [8]. 3. Summary by Directory 3.1 Daily Views Industrial Silicon - **Fundamentals**: Last week, the supply was 81,000 tons, a 1% decrease from the previous week, and demand was 70,000 tons, a 3.40% increase. Polysilicon inventory is high, silicone inventory is low and profitable, and aluminum alloy inventory is high. The comprehensive operating rate of silicone is 70.08%, flat compared to the previous period and lower than the historical average. The cost support in Xinjiang during the flood season has weakened [6]. - **Basis**: On August 7th, the spot price of non - oxygenated silicon in East China was 9100 yuan/ton, and the basis of the 11 - contract was 445 yuan/ton, with the spot at a premium to the futures [6]. - **Inventory**: Social inventory is 540,000 tons, a 0.93% increase; sample enterprise inventory is 171,450 tons, a 3.41% decrease; major port inventory is 119,000 tons, a 0.83% decrease [6]. - **Market**: MA20 is upward, and the price of the 11 - contract closed below MA20, showing a neutral trend [6]. - **Main Position**: The main position is net short, and short positions have increased, showing a bearish trend [6]. Polysilicon - **Fundamentals**: Last week, production was 26,500 tons, a 3.92% increase, and the planned production in August is 130,500 tons, a 22.76% increase compared to the previous month. Silicon wafer production decreased last week, cell production increased, and component production decreased slightly. The average cost of N - type polysilicon is 36,500 yuan/ton, with a profit of 9500 yuan/ton [8]. - **Basis**: On August 7th, the price of N - type dense material was 46,000 yuan/ton, and the basis of the 11 - contract was - 3110 yuan/ton, with the spot at a discount to the futures, showing a bearish trend [8]. - **Inventory**: Weekly inventory is 229,000 tons, a 5.76% decrease, at a high level in the same period historically, showing a neutral trend [8]. - **Market**: MA20 is upward, and the price of the 11 - contract closed above MA20, showing a bullish trend [8]. - **Main Position**: The main position is net long, and long positions have decreased, showing a bullish trend [8]. 3.2 Market Overview Industrial Silicon - Futures prices of most contracts have decreased, with the largest decline of 2.02% in the 05 - contract. Spot prices of various types of silicon remain unchanged [16]. - Inventory shows a mixed trend, with social inventory increasing slightly and sample enterprise inventory decreasing [16]. - Production and operating rates: Weekly sample enterprise production has increased, with significant increases in Yunnan and Sichuan samples, while Xinjiang samples have decreased slightly [16]. Polysilicon - Futures prices of some contracts have fluctuated, with the largest increase of 1.98% in the 08 - contract. - Silicon wafer production has increased, and inventory has decreased significantly. Cell production and exports have increased, and component production and exports show a mixed trend [18]. 3.3 Other Aspects - The report also includes multiple charts and data on the price, inventory, production, and cost trends of industrial silicon and polysilicon and their downstream products, such as organic silicon, aluminum alloy, etc. These data reflect the market conditions from 2018 to 2025 and provide a basis for analyzing market trends and investment opportunities [20][23][25]

南华期货硅产业链企业风险管理日报 2025年08月07日 夏莹莹 投资咨询证书：Z0016569 余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 工业硅&多晶硅期货价格区间 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 日涨跌 | 当前波动率历史百分位（3年） | 日涨跌 | | --- | --- | --- | --- | --- | --- | | 工业硅主力合约 | 强支撑位：8200 | 41.9% | -0.09% | 96.6% | -0.2% | | 多晶硅主力合约 | 强支撑位：45000 | 48.75% | 2.83% | 85.61% | 1.6% | source： 南华研究,同花顺 工业硅&多晶硅风险管理策略建议 | 行为 导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | | --- | --- | --- | --- | --- | --- | | 库存 | 产品库存偏高，有存货 | 为了防止存货减值，根据企业库存情况，做空期 货来锁定利润，弥补企业的 ...

Core Points - The 2025 China Silicon Industry Conference is set to take place, attracting participants from government departments, industry associations, major upstream and downstream silicon production enterprises, traders, consumers, equipment manufacturers, auxiliary material producers, financial institutions, research institutes, and media representatives [2] Group 1: Conference Details - The conference offers various promotional opportunities such as display boards, roll-up banners, informational materials, and speaking engagements to enhance corporate visibility and facilitate collaboration [2] - Registration for the conference is free, with member units receiving complimentary conference materials and meal vouchers, while non-member units and excess members are charged 2000 yuan per set for materials and meal vouchers [11] Group 2: Promotional Pricing - The pricing for promotional items includes: - Roll-up banner: 5000 yuan - Material placement: 5000 yuan - Tea break video display: 10000 yuan - Color pages: 6000 yuan - Material bagging: 9000 yuan - Presentation report: 50000 yuan - Name listing: 50000 yuan - Background board (3*3): 15000 yuan - Exhibition fountain: 10000 yuan - Exhibition booth (background board + exhibition table): 20000 yuan [4] Group 3: Contact Information - For registration, contact Zhang Bo at 15587104501, for promotional inquiries contact Zhang Fan at 18001036278, and for accommodation inquiries contact Li Peiyao at 18611884979 [14][17]

工业硅&多晶硅日报（2025 年 8 月 6 日） 工业硅日报 一、研究观点 点评 5 日工业硅震荡偏强，主力 2509 收于 8450 元/吨，日内涨幅 1.02%，持 仓减仓 24386 手至 15.2 万手。百川工业硅现货参考价 9440 元/吨，较 上一交易日持稳。最低交割品#421 价格回落至 8800 元/吨，现货升水 收至 310 元/吨。多晶硅震荡偏强，主力 2509 收于 50330 元/吨，日内 涨幅 3.88%，持仓增仓 20838 手至 12.8 万手；多晶硅 N 型复投硅料价 格跌至 44500 元/吨，最低交割品硅料价格跌至 44500 元/吨，现货贴水 扩至 4325 元/吨。多晶硅政策预期见顶、估值出现瓶颈，市场关注转向 产业供应压力和需求弱态结构，现货锚定成本定价，期货中枢跟随高 品仓单溢价，产能整合动态消息给予盘面阶段升水。在多晶硅产能集 中整合和工业硅西南复产节奏中，持续跟踪空 SI 多 PS 机会。工业硅将 以电价补贴取消后成本为基准，西南复产成为边际驱动项。重点关注 政策落地情况，警惕产能收储或电价改革延迟，多头情绪下的退潮踩 踏风险。 请务必阅读正文之后的免责条款部 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - In August, the price of industrial silicon will be based on the cost after the cancellation of electricity price subsidies. The resumption of production in the southwest region will be the marginal driving factor, and the overall price center may rise slightly, but there is also a possibility of a significant downward pressure after low expectations. For polysilicon, the policy expectations have peaked, and the valuation has reached a bottleneck. The market's attention has shifted to the industrial supply pressure and weak demand structure. The spot price is anchored to the cost, and the futures center follows the premium of high - quality warehouse receipts. The dynamic news of capacity integration gives the futures market a phased premium. Continuously track the opportunity of shorting SI and going long on PS during the concentrated integration of polysilicon capacity and the resumption of production rhythm of industrial silicon in the southwest region [2]. Group 3: Summaries According to the Directory 1. Futures Price - In July, the industrial silicon futures fluctuated strongly. As of the 31st, the main contract 2509 closed at 8,860 yuan/ton, with a monthly increase of 9.18%. The polysilicon futures fluctuated upward, and the main contract 2509 closed at 49,130 yuan/ton within the month, with a monthly increase of 46.5% [4]. 2. Spot Price - The spot price continued to recover. The Baichuan reference price was 9,592 yuan/ton. Among them, the price of non - oxygenated 553 increased by 350 yuan/ton to 8,700 yuan/ton, the price of oxygenated 553 increased by 950 yuan/ton to 9,300 yuan/ton, and the price of 421 increased by 1,250 yuan/ton to 9,750 yuan/ton. The price of P - type polysilicon increased by 4,800 yuan/ton to 35,000 yuan/ton, and the price of N - type polysilicon increased by 11,800 yuan/ton to 45,800 yuan/ton [4]. 3. Spread - In July, the spread between 553 grades widened, the spread between high and low grades widened, the regional spread of 553 widened, and the regional spread of 421 widened. The industrial silicon spot changed from a discount to a premium of 390 yuan/ton, and the polysilicon spot changed from a premium to a discount of 3,135 yuan/ton [4][16]. 4. Supply - According to Baichuan, it is estimated that the domestic industrial silicon production in July was 352,800 tons, a year - on - year decrease of 24% and a month - on - month increase of 6.6%. The monthly number of open furnaces increased by 47 to 262, and the furnace opening rate increased by 5.9% to 32.9%. In July, the polysilicon production increased by 9,400 tons to 105,700 tons, a year - on - year decrease of 26% and a month - on - month increase of 9.8%. The DMC production in July increased by 20,500 tons to 207,400 tons, a year - on - year increase of 34.2% and a month - on - month increase of 11% [2][4]. 5. Demand - Under the anti - involution policy, new capacity investment has stagnated, but the backlog of inventory has not been significantly reduced. After the inventory of downstream silicon wafers decreased, enterprises began to accept price increases and enter the market to purchase. Due to the sudden shutdown and maintenance of a large organic silicon factory in Shandong, the overall supply of monomer plants continued to shrink. Affected by the previous low prices, there were many pre - sale orders. Recently, influenced by the upstream price increase and the psychology of "buying on rising" of downstream customers, the purchase volume continued to improve marginally, and the inventory pressure of monomer plants was relieved [2]. 6. Inventory - In terms of the exchange, the overall inventory of industrial silicon decreased by 9,000 tons to 253,000 tons in July, while the polysilicon inventory increased by 14,100 tons to 92,100 tons. In terms of social inventory, the industrial silicon inventory increased by 5,400 tons to 442,900 tons in July, among which the factory inventory increased by 5,900 tons to 271,400 tons; the inventory at Huangpu Port remained stable at 55,000 tons, the inventory at Tianjin Port remained stable at 68,000 tons, and the inventory at Kunming Port decreased by 500 tons to 48,500 tons. The monthly inventory of polysilicon increased by 5,600 tons to 27,540 tons [2][4].

Report Industry Investment Rating - The report suggests a cautious approach towards the upstream industrial silicon and polysilicon sectors, with a potential for price corrections. It recommends short - selling industrial silicon on rallies, and a short - term short or intraday short strategy for polysilicon [1][7] Core Viewpoints - Industrial silicon prices are affected by upstream factory复产 rhythms. If there is large - scale复产, the supply - demand balance will shift to oversupply, driving the price down. Polysilicon is policy - driven, but there is a short - term correction drive. The price transmission from upstream to downstream is not smooth [6][7] Summary by Related Content Price Trends - Industrial silicon futures showed a weak oscillation this week, with the Friday closing price at 8,500 yuan/ton. Spot prices also declined, with Xinjiang 99 - silicon at 9,050 yuan/ton (down 450 yuan week - on - week) and Inner Mongolia 99 - silicon at 9,350 yuan/ton (down 400 yuan week - on - week). Polysilicon futures rose and then fell, closing at 49,200 yuan/ton on Friday, and the spot market had weak transactions [1] Supply - Demand Fundamentals Industrial Silicon - Supply: Sichuan's production increased, while Xinjiang's decreased. Overall weekly production increased marginally. Yunnan's复产 was slow. The futures warehouse receipts increased by 0.4 million tons this week, social inventory increased by 0.5 million tons, and factory inventory decreased by 0.6 million tons, resulting in overall inventory reduction [2] - Demand: Downstream short - term demand was stable. Polysilicon's weekly production increased, boosting the purchase of industrial silicon. Organic silicon's weekly production also increased, but its terminal consumption had limited improvement. The aluminum alloy and export markets had no significant increase in demand [3] Polysilicon - Supply: Short - term weekly production continued to increase, with an estimated production of 120,000 - 130,000 tons in August. Factory inventory decreased due to speculative restocking by downstream buyers [3] - Demand: After the profit of silicon wafers was restored, production increased slightly in August compared to July. However, the price increase transmission from upstream to downstream was not smooth, and the acceptance of component price increases by end - users was yet to be observed [5] Market Outlook Industrial Silicon - Attention should be paid to the upstream factory复产 rhythm. The increase in futures warehouse receipts may affect market sentiment. If there is large - scale复产, the supply - demand balance will shift to oversupply, driving the price down. It is recommended to short - sell on rallies, with an expected price range of 8,200 - 9,000 yuan/ton next week [6][7] Polysilicon - The short - term market sentiment has cooled down, and there is a correction drive. The price transmission from upstream to downstream is not smooth. It is a policy - driven market, and the long - term strategy is to buy on dips, while short - term shorting or intraday shorting may be more appropriate. The expected price range next week is 46,000 - 55,000 yuan/ton [7] Trading Strategies - Unilateral: Short - sell industrial silicon on rallies; for polysilicon, short - term shorting or intraday shorting [7] - Inter - period: Consider entering a reverse spread position for PS2509/PS2511 based on futures warehouse receipt registration [8] - Hedging: Recommend upstream industrial silicon and polysilicon factories to sell for hedging [8]

Core Viewpoint - The article highlights China's competitive edge in the global green industry, particularly in photovoltaic products, new energy vehicles, and lithium batteries, while also addressing the emerging "involution" competition within the industry chain [1] Group 1: Conference Overview - The conference titled "2025 China Silicon Industry Conference" will focus on "Technological Innovation and Green Transformation, Industry Self-discipline for Harmonious Development" [2] - The event is scheduled for September 10-12, 2025, in Baotou, Inner Mongolia [2] - The conference is organized by the China Nonferrous Metals Industry Association, with several co-organizers from the silicon material sector [2][3] Group 2: Agenda Highlights - The agenda includes a high-level dialogue session featuring industry leaders discussing development trends and self-discipline [4] - Keynote speeches will cover topics such as the current state and outlook of China's silicon industry, opportunities and challenges in the renewable energy market, and future trends in the crystalline silicon photovoltaic industry [4] - A market and technology report session will focus on industrial silicon and polysilicon futures [4][8] Group 3: Participation and Costs - Registration for the conference is free, with specific benefits for member units, including complimentary materials and meal vouchers [5] - Non-member units and excess personnel from member units will incur a fee of 2000 yuan per set for materials and meal vouchers [5] - A registration link is provided for participants to sign up [6]

Group 1: Report's Investment Rating - No information provided Group 2: Core Viewpoints - On July 30, polysilicon hit the daily limit again, with the main contract 2509 closing at 54,705 yuan/ton, an intraday increase of 8.87%, and the open interest increasing by 22,849 lots to 164,000 lots. The price of N-type recycled polysilicon increased to 46,500 yuan/ton, and the price of the lowest deliverable silicon material also rose to 46,500 yuan/ton, with the spot discount widening to 8,085 yuan/ton. Industrial silicon strengthened in a volatile manner, with the main contract 2509 closing at 9,285 yuan/ton, an intraday increase of 2.2%, and the open interest decreasing by 33,993 lots to 243,000 lots. The reference price of Baichuan's industrial silicon spot was 9,630 yuan/ton, a decrease of 100 yuan/ton from the previous trading day. The price of the lowest deliverable 421 silicon dropped to 9,450 yuan/ton, and the spot premium narrowed to 125 yuan/ton [2]. - The market has been spreading news about capacity mergers and acquisitions, and the Photovoltaic Industry Association has clarified some news. The Ministry of Industry and Information Technology has once again emphasized consolidating the comprehensive governance results against involution and promoting the governance of key industries such as photovoltaics to force out backward production capacity through standard improvement. Polysilicon was boosted by the news again, and industrial silicon was driven up by polysilicon [2]. - Currently, policies still support the market, but after the pre - speculative demand is fulfilled, the sentiment has cooled down, and there is insufficient momentum to break through the previous high again. After the exchange adjusted the margin and handling fees, investors should avoid heavy - position chasing up or selling short. They should appropriately pay attention to the inter - month reverse spread space and the PS/SI price ratio arbitrage, as well as the resumption of production in the southwest region and the progress of policies [2]. Group 3: Summary by Directory 1. Daily Data Monitoring - **Industrial Silicon** - Futures settlement prices: The main contract increased from 9,085 yuan/ton on July 29 to 9,345 yuan/ton on July 30, a rise of 260 yuan/ton; the near - month contract increased from 8,995 yuan/ton to 9,325 yuan/ton, a rise of 330 yuan/ton [4]. - Spot prices: The prices of various grades of industrial silicon generally increased, with the increase ranging from 0 to 200 yuan/ton. The current lowest deliverable price increased from 9,250 yuan/ton to 9,450 yuan/ton, and the spot premium decreased from 255 yuan/ton to 125 yuan/ton [4]. - **Polysilicon** - Futures settlement prices: The main contract increased from 50,805 yuan/ton on July 29 to 54,705 yuan/ton on July 30, a rise of 3,900 yuan/ton; the near - month contract increased from 50,805 yuan/ton to 54,585 yuan/ton, a rise of 3,780 yuan/ton [4]. - Spot prices: The prices of various types of polysilicon increased, with the increase ranging from 1,000 to 10,000 yuan/ton. The current lowest deliverable price increased from 44,500 yuan/ton to 46,500 yuan/ton, and the spot discount widened from 6,305 yuan/ton to 8,085 yuan/ton [4]. - **Organic Silicon** - The prices of DMC in the East China market, raw rubber, and 107 glue remained unchanged at 12,500 yuan/ton, 13,500 yuan/ton, and 13,000 yuan/ton respectively, while the price of dimethyl silicone oil increased from 13,000 yuan/ton to 14,500 yuan/ton, a rise of 1,500 yuan/ton [4]. - **Inventory** - Industrial silicon: The warehouse receipts remained unchanged at 50,082 tons. The Guangzhou Futures Exchange inventory decreased from 251,965 tons to 248,550 tons, a decrease of 3,415 tons. The social inventory decreased by 300 tons to 442,600 tons [4]. - Polysilicon: The warehouse receipts remained unchanged at 3,070 tons. The Guangzhou Futures Exchange inventory increased from 83,400 tons to 90,600 tons, an increase of 7,200 tons. The social inventory remained unchanged at 272,000 tons [4]. 2. Chart Analysis - **Industrial Silicon and Cost - end Prices** - Charts show the prices of different grades of industrial silicon, grade price differences, regional price differences, electricity prices, silica prices, and silicon coal prices [5][7][10]. - **Downstream Product Prices** - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [12][13][15][16]. - **Inventory** - Charts present the industrial silicon futures inventory, factory inventory, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [20][22]. - **Cost and Profit** - Charts show the average cost and profit levels in major production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, DMC cost - profit, and polysilicon cost - profit [25][27][31]. 3. Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng is the director of non - ferrous research at Everbright Futures Research Institute, with more than ten years of commodity research experience. Wang Heng focuses on aluminum and silicon research, and Zhu Xi focuses on lithium and nickel research [33][34].