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].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Industrial silicon is expected to remain volatile in the short term, with attention paid to whether the supply - demand structure improves after the holiday. If southwest regions cut production during the dry season and downstream demand remains stable, the high - level inventory may decline, and the far - month contract valuation may rise. However, price maintenance requires real - data confirmation. Also, the potential price improvement from the "anti - involution" policy remains uncertain [16]. - Polysilicon prices may experience a short - term phased decline. After a long - term policy narrative, the upward drive is insufficient without unexpected news. If the fourth - quarter production rate remains the same, there will be real - end pressure. Attention should be paid to the maintenance of leading enterprises and policy changes [18]. Summary by Directory 1. Week - ly Assessment and Strategy Recommendation Demand - Polysilicon weekly output was 31,400 tons, a slight increase from the previous week. DMC output was 47,100 tons, a decrease of 1,500 tons from the previous week. From January to August, the cumulative aluminum alloy output was 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 was 484,700 tons, a year - on - year increase of 21,000 tons or 4.54% [14]. Inventory - Industrial silicon inventory was 695,700 tons, an increase of 3,700 tons from the previous week, remaining at a high level. Factory inventory was 260,000 tons, an increase of 2,400 tons; market inventory was 185,000 tons, unchanged; registered warehouse - receipt inventory was 250,700 tons, an increase of 1,300 tons [14]. Price and Cost - As of September 26, 2025, the spot price of 553 (non - oxygen - passed) industrial silicon in East China was 9,300 yuan/ton, a weekly increase of 200 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 weekly increase of 100 yuan/ton. The futures main contract (SI2511) closed at 8,960 yuan/ton, a decrease of 345 yuan/ton. The 553 (non - oxygen - passed) had a premium of 340 yuan/ton over the futures main contract, with a basis rate of 3.66%; the 421 had a discount of 60 yuan/ton, with a basis rate of - 0.67%. The average production cost in Xinjiang was 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 output of industrial silicon was 95,600 tons, an increase of 900 tons from the previous week [15]. 2. Spot and Futures Market Industrial Silicon - As of September 26, 2025, the spot price of 553 (non - oxygen - passed) industrial silicon in East China was 9,300 yuan/ton, a weekly increase of 200 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 weekly increase of 100 yuan/ton. The futures main contract (SI2511) closed at 8,960 yuan/ton, a decrease of 345 yuan/ton. The 553 (non - oxygen - passed) had a premium of 340 yuan/ton over the futures main contract, with a basis rate of 3.66%; the 421 had a discount of 60 yuan/ton, with a basis rate of - 0.67% [23]. Polysilicon - As of September 26, 2025, the average price of N - type polysilicon re - feedstock was 52.55 yuan/kg, a decrease of 0.1 yuan/kg; the average price of N - type dense material was 51.05 yuan/kg, a decrease of 0.1 yuan/kg. The futures main contract (PS2511) closed at 51,465 yuan/ton, a decrease of 1,235 yuan/ton. The basis of the main contract was 1,085 yuan/ton, with a basis rate of 2.06% [26]. 3. Industrial Silicon Total Output - As of September 26, 2025, the weekly output of industrial silicon was 95,600 tons, an increase of 900 tons from the previous week. In August 2025, the output was 370,500 tons, an increase of 49,300 tons from the previous month. From January to August, the cumulative output decreased by 538,600 tons or 17.44% year - on - year [31]. Production in Main Producing Areas - No specific new data other than the total output was provided in the summary part, but figures for Sichuan, Yunnan, Xinjiang, Inner Mongolia, and Gansu were presented in the graphs [30][33][35]. Production Cost - As of September 26, 2025, the electricity price and silicon - coal price in main producing areas remained stable. The average production cost in Xinjiang was 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 [45]. Visible Inventory - As of September 26, 2025, the industrial silicon inventory was 695,700 tons, an increase of 3,700 tons from the previous week, remaining at a high level. Factory inventory was 260,000 tons, an increase of 2,400 tons; market inventory was 185,000 tons, unchanged; registered warehouse - receipt inventory was 250,700 tons, an increase of 1,300 tons [48]. 4. Polysilicon Output - As of September 26, 2025, the weekly output of polysilicon was 31,400 tons, a slight increase from the previous week, close to the same period in 2024. In August, the output was 131,700 tons, an increase of 25,400 tons from the previous month. From January to August, the cumulative output was 811,100 tons, a year - on - year decrease of 36.67% [53]. Capacity Utilization and Scheduled Production - The capacity utilization rate in August was 45.78%, an increase of 6.55 percentage points from the previous month. SMM predicted that the output in September would be 126,700 tons, with a decrease in the capacity utilization rate [56]. Inventory - As of September 26, 2025, the factory inventory of polysilicon was 240,900 tons according to Baichuan Yingfu, and 226,000 tons according to SMM [59]. Cost and Profit - As of September 26, 2025, the production cost of polysilicon was 41,543 yuan/ton, and the gross profit was 9,057 yuan/ton, indicating relatively good profitability [62]. Downstream: Silicon Wafers, Battery Cells, and Components - Silicon wafers: The weekly output was 13.78GW, a slight decrease from the previous week. In August, the output was 56.04GW, an increase of 3.29GW from the previous month. From January to August, the cumulative output was 429.12GW, a year - on - year decrease of 8.77%. The inventory was 16.23GW, a slight decrease from the previous week, and the predicted output in September was 57.53GW, a slight increase [65][68]. - Battery cells: In August, the output was 58.27GW, an increase of 0.08GW from the previous month, and the capacity utilization rate was 56.89%, a decrease of 2.17 percentage points from the previous month. From January to August, the cumulative output was 446.87GW, a year - on - year increase of 0.96%. The inventory was 8.11GW, an increase from the previous week, and the predicted output in September was 60.04GW, a slight increase [73][76]. - Components: In August, the output was 49.2GW, an increase of 2.1GW from the previous month, and the capacity utilization rate was 49.09%, an increase of 3.17 percentage points from the previous month. From January to August, the cumulative output was 379.6GW, a year - on - year increase of 1.31%. The inventory was 35.2GW, a slight increase from the previous week, and the predicted output in September was 50.3GW, an increase from August [81][84]. 5. Organic Silicon Output - As of September 26, 2025, the DMC output was 47,100 tons, a decrease of 1,500 tons from the previous week. In August, the output was 219,600 tons, an increase of 13,100 tons from the previous month. From January to August, the cumulative output was 1.653 billion tons, a year - on - year increase of 17.58% [91]. Price and Profit - As of September 26, 2025, the average price of organic silicon was 11,050 yuan/ton, an increase of 250 yuan/ton from the previous week. The gross profit of DMC was - 1,921.88 yuan/ton [94]. Inventory - As of September 26, 2025, the DMC inventory was 44,500 tons, a decrease of 1,300 tons from the previous week [98]. 6. Silicon - Aluminum Alloy and Export Aluminum Alloy - As of September 26, 2025, the price of primary aluminum alloy A356 was 21,220 yuan/ton, unchanged from the previous week; the price of recycled aluminum alloy ADC12 was 20,940 yuan/ton, an increase of 20 yuan/ton from the previous week. From January to August, the cumulative output was 12.324 billion tons, a year - on - year increase of 2.163 billion tons or 21.29%. The capacity utilization rate of primary aluminum alloy was 58.4%, and that of recycled aluminum alloy was 56.6% [103][106]. Export - From January to August, China's cumulative net export of industrial silicon was 484,700 tons, a year - on - year increase of 21,000 tons or 4.54% [109].

Report Industry Investment Rating - Industrial silicon: Recommend selling high and shorting, with the expected trading range next week between 8,500 - 9,100 yuan/ton [6] - Polysilicon: Recommend waiting and seeing, with the expected trading range next week between 49,000 - 52,000 yuan/ton [6] Core Viewpoints - Industrial silicon sentiment will decline, and the futures price may decline. Although the supply - demand pattern provides short - term support, the continuous decline of coking coal futures will affect sentiment. The upper limit of the futures price can refer to the hedging position during the dry season in the southwest region [5] - Polysilicon policy expectations have significantly cooled, and the futures price has returned to fundamental analysis. The supply in October is still in surplus, and the industry inventory is difficult to decline. It is necessary to pay attention to the subsequent implementation of policies [6] Summary by Related Catalogs 1. Price Trends - Industrial silicon: The futures price has fallen from a high, closing at 8,960 yuan/ton on Friday. The spot price has increased, with the Xinjiang 99 - silicon quoted at 9,000 yuan/ton (up 200 yuan month - on - month) and Inner Mongolia 99 - silicon at 9,200 yuan/ton (up 150 yuan month - on - month) [1] - Polysilicon: The futures price first fell and then rose, closing at 52,700 yuan/ton on Friday. The spot price remained stable, with upstream quotes firm and downstream making small - scale replenishments [1] 2. Supply - Demand Fundamentals Industrial Silicon - Supply: The weekly industry inventory has slightly decreased. The overall weekly production has decreased month - on - month, with increased production in Xinjiang, slightly decreased production in Sichuan, and stable production in Yunnan. The futures warehouse receipts have increased by 0.2 tons week - on - week, the social inventory has remained unchanged, and the factory inventory has decreased by 12,000 tons [2] - Demand: The downstream polysilicon and organic silicon sectors support consumption. The short - term weekly production of silicon materials remains high, and the silicon powder tender price has increased. The weekly production of organic silicon has slightly decreased, and the demand for industrial silicon remains at a rigid level. The aluminum alloy sector has rigid orders, and the actual trading volume has not significantly increased. The export market has remained stable [2] Polysilicon - Supply: The short - term weekly production remains high. The estimated production in September is about 127,000 tons, and the planned production in October is about 125,000 tons. The upstream inventory has increased [3] - Demand: The silicon wafer production schedule may gradually decrease. The downstream has replenished inventory for 2 - 3 months, and the next replenishment time may be in mid - October [3][4] 3. Market Outlook Industrial Silicon - The sentiment will decline, and the futures price may test the cost line of small factories in Xinjiang. The upper limit of the futures price can refer to the hedging position during the dry season in the southwest region, which is around 10,500 - 11,000 yuan/ton (corresponding to the SI2512 contract) [5] Polysilicon - The policy expectations have cooled, and the futures price has adjusted downward. When the futures price falls to around 49,000 - 50,000 yuan/ton, non - standard product shipments are good, providing support for the futures price [6]

Group 1: Natural Rubber Industry Investment Rating Not provided Core Viewpoint The 01 contract range is expected to be between 15,000 - 16,500. Follow-up attention should be paid to the raw material output in the peak production season of the main producing areas. If the raw material output is smooth, the upper edge of the range should adopt a short - selling strategy; if the raw material output is not smooth, the rubber price is expected to continue to run within the range [1]. Summary by Directory - **Spot Price and Basis**: On September 25th, the price of Yunnan Guofu full - latex (SCRWF) in Shanghai was 14,850 yuan/ton, up 50 yuan/ton from the previous day; the full - milk basis was - 820 yuan/ton, up 12.20%. The price of Thai standard mixed rubber remained unchanged at 14,850 yuan/ton. The price of cup rubber in the international market increased by 0.10 Thai baht/kg, and the price of glue decreased by 0.50 Thai baht/kg [1]. - **Inter - month Spread**: The 9 - 1 spread was - 15 yuan/ton, up 50.00% from the previous day; the 1 - 5 spread was 55 yuan/ton, down 26.67%; the 5 - 9 spread was - 40 yuan/ton, up 11.11% [1]. - **Fundamental Data**: In July, Thailand's production was 421,600 tons, up 1.61%; Indonesia's production was 197,500 tons, up 12.09%; India's production was 45,000 tons, down 2.17%; China's production was 101,300 tons, down 1.30%. The weekly operating rate of semi - steel tires was 73.58%, down 0.08%; the weekly operating rate of full - steel tires was 65.72%, up 0.06%. In August, domestic tire production was 10,295,400 tons, up 9.10%, and tire export volume was 63,010,000 pieces, down 5.46%. In July, the total import volume of natural rubber was 474,800 tons, up 2.47%. In August, the import volume of natural and synthetic rubber (including latex) was 660,000 tons, up 4.76% [1]. - **Inventory Change**: The bonded area inventory decreased by 0.95%, and the factory - warehouse futures inventory of natural rubber on the SHFE decreased by 3.07%. The inbound rate of dry rubber in the bonded warehouse in Qingdao increased, and the outbound rate decreased [1]. Group 2: Log Industry Investment Rating Not provided Core Viewpoint Currently, logs are in a volatile pattern, with a position volume of only about 12,000 lots, and the market maintains a narrow - range oscillation around 800. As the traditional peak seasons of "Golden September and Silver October" approach, follow - up attention should be paid to whether the shipment volume improves significantly after entering the seasonal peak season. In the current "weak reality, strong expectation" pattern, the strategy suggests seizing opportunities to go long at low prices [2]. Summary by Directory - **Futures and Spot Prices**: On September 26th, the 2511 log contract closed at 807.5 yuan/cubic meter, up 4.5 yuan/cubic meter from the previous day. The spot price of the benchmark delivery product remained unchanged, with the price of 3.9 - meter medium - grade A radiata pine in Shandong being 750 yuan/cubic meter and that in Jiangsu being 770 yuan/cubic meter [2]. - **Cost: Import Cost Calculation**: The RMB - US dollar exchange rate was 7.119, and the import theoretical cost was 799.14 yuan/cubic meter, up 0.11 yuan/cubic meter from the previous day [2]. - **Supply**: In August, the port shipment volume from New Zealand to China, Japan, and South Korea decreased by 3.87%, and the number of ships decreased by 6.38%. The main port inventory in China decreased by 3.31% week - on - week [2]. - **Demand**: The average daily outbound volume decreased by 5% week - on - week, with the average daily outbound volume in Shandong decreasing by 11% and that in Jiangsu increasing by 4% [2]. Group 3: Polysilicon Industry Investment Rating Not provided Core Viewpoint Fundamentally, the supply - side regulation effect is less than expected, and the industry's over - capacity pattern remains unchanged. At the same time, the inventory in the downstream component segment is high, and the price has loosened. It is expected that before the National Day holiday, the polysilicon price will mainly remain range - bound, with a possible fluctuation range of 48,000 - 53,000 yuan/ton. Follow - up attention should be paid to whether the national - level policies on capacity clearance and industry stockpiling will have specific schedules and implementation details, as well as the actual operating rate and production reduction implementation of polysilicon enterprises, and track the inventory digestion progress and new order demand of downstream photovoltaic component factories [3]. Summary by Directory - **Spot Price and Basis**: On September 25th, the average price of N - type re -投料 was 52,550 yuan/ton, up 0.10%; the average price of N - type granular silicon was 50,500 yuan/ton, up 2.02%; the N - type material basis (average price) was 1,185 yuan/ton, up 5.80% [3]. - **Futures Price and Inter - month Spread**: The main contract price was 21,365 yuan/ton, down 0.03%. The spread between the current month and the first - continuous contract decreased by 91.80%, and the spread between the first - continuous and the second - continuous contract increased by 3.34% [3]. - **Fundamental Data**: Weekly, the silicon wafer production was 13.78 GW, down 1.01%; the polysilicon production was 31,100 tons, up 0.32%. Monthly, the polysilicon production was 131,700 tons, up 23.31%; the polysilicon import volume was 100 tons, down 9.63%; the polysilicon export volume was 300 tons, up 40.12% [3]. - **Inventory Change**: The polysilicon inventory was 226,000 tons, up 10.78%; the silicon wafer inventory was 16.23 GW, down 3.79%; the polysilicon warehouse receipt was 7,880 lots, up 0.38% [3]. Group 4: Industrial Silicon Industry Investment Rating Not provided Core Viewpoint From a fundamental perspective, from September to October, as the supply of industrial silicon increases, the balance gradually turns to a loose state. The expectation of batch production cuts by silicon enterprises in Sichuan and Yunnan during the flat - dry water period is at the end of October, so the expected loose balance at the supply peak in October is more obvious and narrows again in November. At the same time, the cost increase during the flat - dry water period in the southwest raises the industry's average cost, bringing positive sentiment to the market. In the short term, the upward driving force of industrial silicon is insufficient, and the silicon price may turn to oscillation again, with the main price fluctuation range likely to be between 8,000 - 9,500 yuan/ton. Attention should be paid to the production reduction rhythm of silicon material enterprises and industrial silicon enterprises in Sichuan and Yunnan in the fourth quarter [4]. Summary by Directory - **Spot Price and Main Contract Basis**: On September 25th, the price of N - type re -投料 remained unchanged at 52,550 yuan/ton; the price of N - type granular silicon was 50,500 yuan/ton, up 1000 yuan/ton from the previous day; the N - type material basis (average price) was 1,185 yuan/ton, up 65 yuan/ton [4]. - **Inter - month Spread**: The spread between 2510 - 2511 was - 15 yuan/ton, up 50.00% from the previous day; the spread between 2511 - 2512 was - 390 yuan/ton, up 1.27%; the spread between 2512 - 2601 was 25 yuan/ton, down 28.57% [4]. - **Fundamental Data**: Monthly, the national industrial silicon production was 385,700 tons, up 14.01%; the production in Xinjiang was 169,700 tons, up 12.91%; the production in Yunnan was 58,100 tons, up 41.19%; the production in Sichuan was 53,700 tons, up 10.72%. The national operating rate was 52.61%, up 3.26% [4]. - **Inventory Change**: The inventory in Xinjiang decreased by 11.63%, the inventory in Yunnan increased by 2.91%, and the inventory in Sichuan increased by 3.06%. The social inventory remained unchanged, the contract inventory increased by 0.28%, and the non - warehouse receipt inventory decreased by 0.24% [4]. Group 5: Glass and Soda Ash Industry Investment Rating Not provided Core Viewpoint - **Soda Ash**: The soda ash market has continued to trade in a narrow range, influenced by news and sentiment. The fundamental oversupply problem persists. Although the manufacturer's inventory has decreased recently, the inventory has actually shifted to the middle and lower reaches, and the trade inventory has continued to rise. The weekly production remains high, and there is still an oversupply compared to the current rigid demand. In the medium term, there is no expectation of a significant increase in downstream production capacity, so the overall demand for soda ash will continue the previous rigid demand pattern. If there is no actual capacity exit or load reduction in the future, the inventory will be further pressured. The implementation of policies and the load regulation of soda ash plants can be tracked. The overall supply - demand pattern is still bearish, and short - selling positions established on rallies can be held [5]. - **Glass**: Rumors about a glass enterprise meeting have driven the market sentiment to rise significantly. The news and speculation about "calling for industry price increases" and "anti - involution" should be viewed rationally as they cannot be confirmed for now. The glass market has seen a significant increase in positions and prices in the past two days due to news - driven factors. The sharp rebound in the glass market has led to an increase in spot prices, with some regional enterprises raising their prices by up to 100 yuan/ton, and the spot market trading has become active again, with the production - sales ratio exceeding 100%. However, the intermediate inventory in some regions remains high and shows no obvious signs of reduction. In the long - term, the real estate market is at the bottom of the cycle, and the industry needs to clear excess capacity to solve the oversupply problem. In the short - term, the sentiment - driven market has led to a temporary improvement in the spot market, and its sustainability needs to be tracked. As the National Day approaches, the pre - holiday macro sentiment is positive, and the glass industry does not have the driving force for continuous negative feedback for now, so excessive short - selling is not recommended. After the holiday, the actual implementation of policies in various regions and the inventory replenishment performance of the middle and lower reaches during the "Golden September and Silver October" period need to be tracked [5]. Summary by Directory - **Glass - related Prices and Spreads**: The prices in North China, East China, Central China, and South China increased by 4.31%, 4.88%, 4.35%, and 4.80% respectively. The prices of glass 2505 and glass 2509 increased by 1.99% and 1.54% respectively [5]. - **Soda Ash - related Prices and Spreads**: The prices in North China, East China, Central China, and Northwest China remained unchanged. The prices of soda ash 2505 and soda ash 2509 increased by 0.72% and 0.79% respectively [5]. - **Supply**: The operating rate of soda ash decreased by 2.02%, the weekly production of soda ash decreased by 2.02%, the daily melting volume of float glass decreased by 0.47%, and the daily melting volume of photovoltaic glass remained unchanged [5]. - **Inventory**: The glass inventory decreased by 1.10%, the soda ash factory inventory decreased by 2.33%, and the soda ash delivery warehouse inventory increased by 10.69% [5]. - **Real Estate Data**: The year - on - year growth rates of new construction area, construction area, completion area, and sales area were - 0.09%, 0.05%, - 0.22%, and - 6.55% respectively [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - For industrial silicon, due to potential disturbances on the supply - side, the industrial silicon futures market has strengthened again. Considering that the factors of sentiment and supply disturbances have not been completely eliminated, the silicon price is expected to remain at a high level in the short term. The supply is expected to increase steadily, while the demand shows different trends in different sectors. The overall low - level inventory - building willingness of downstream industries is insufficient [1]. - For polysilicon, the supply - side disturbances are still fluctuating, and the polysilicon price is in a high - level consolidation state. Given the high raw material inventory of downstream industries, it is difficult to have a concentrated restocking in the short term, and the pressure to further raise the spot price is relatively large, which may suppress the futures market [1]. 3. Summary by Related Catalogs Industrial Silicon - **Price Changes**: The average price of non - oxygenated 553 (East China) increased by 1.09% to 9,300 yuan/ton, and the average price of 421 (East China) remained flat at 9,700 yuan/ton. The closing price of the futures main contract rose 0.39% to 9,055 yuan/ton [1]. - **Supply and Demand**: On the supply side, some previously shut - down silicon plants in Xinjiang have resumed production, and the production in the southwest region has increased due to the low - cost electricity in the wet season. On the demand side, polysilicon enterprises are still reducing production, but some silicon material plants plan to resume production, bringing some incremental demand; an organic silicon plant has stopped production for rectification due to an accident, but the supply pressure has rebounded recently; silicon - aluminum alloy enterprises purchase as needed, and the downstream has insufficient willingness to stock up at low levels [1]. - **Investment Strategy**: Adopt range trading and continue to hold out - of - the - money put options. Continuously monitor industrial policy changes and silicon enterprise production dynamics [1]. Polysilicon - **Price Changes**: N - type dense material rose 0.10% to 51.05 yuan/kg, N - type re - feeding material rose 0.10% to 52.55 yuan/kg, N - type mixed material remained flat at 50 yuan/kg, N - type granular silicon rose 2.02% to 50.5 yuan/kg, and the closing price of the futures main contract fell 0.03% to 51,365 yuan/ton [1]. - **Supply and Demand**: On the supply side, silicon material enterprises are still reducing production, but some may have new capacity put into operation, with an expected slight increase in production to about 130,000 tons in August. On the demand side, the trading volume in the polysilicon market has increased significantly, and the inventory has decreased significantly. However, the terminal demand pressure is large, and the component price increase is restricted, which may lead to reverse price transmission in the industrial chain [1]. - **Investment Strategy**: Before the implementation of supply - side reform policies, try to go long on dips with a light position. Continuously monitor the implementation of industrial policies and the evolution of macro - sentiment [1]. Other Information - A project of Hubei Hanshen Material Technology Co., Ltd. with an annual output of 10,000 tons of optical adhesives has been filed for construction, with a total investment of 55 million yuan and planned to start in September [1]. - China will provide 7,000 MW of solar modules to Iran, and the project funds will be borne by the Iranian National Development Fund. If the plan progresses as scheduled, it will help Iran alleviate the power shortage problem [1].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The industrial silicon futures market shows relatively resilient performance, while the sentiment in the polysilicon market has cooled down [1][2]. - The trend strength of industrial silicon is neutral (0), and that of polysilicon is slightly bearish (-1) [4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: The closing price of Si2511 is 9,055 yuan/ton, with a decrease of 35 yuan compared to T-1. The trading volume is 318,137 lots, a decrease of 35,630 lots from T-1. The open interest is 259,965 lots, a decrease of 10,966 lots from T-1. For PS2511, the closing price is 51,365 yuan/ton, a decrease of 15 yuan from T-1. The trading volume is 184,786 lots, a decrease of 57,230 lots from T-1, and the open interest is 105,474 lots, a decrease of 5,713 lots from T-1 [2]. - **Basis Data**: The spot premium or discount of industrial silicon varies when benchmarked against different products, such as +445 yuan/ton when benchmarked against East China Si5530, -155 yuan/ton against East China Si4210, and -55 yuan/ton against Xinjiang 99 silicon. The spot premium of polysilicon against N-type re - feed is +685 yuan/ton [2]. - **Price Data**: The price of Xinjiang 99 silicon is 9,000 yuan/ton, Yunnan Si4210 is 9,950 yuan/ton, and polysilicon - N - type re - feed is 52,550 yuan/ton. The prices of other related products in the industrial chain, such as silicon wafers, battery cells, and components, are also provided [2]. - **Profit Data**: The profit of silicon plants in Xinjiang (new standard 553) is - 2,186 yuan/ton, and in Yunnan (new standard 553) is - 3,131 yuan/ton. The profit of polysilicon enterprises is - 14.3 yuan/kg, and the profit of DMC enterprises is - 946 yuan/ton [2]. - **Inventory Data**: The social inventory of industrial silicon (including warehouse receipt inventory) is 54.3 million tons, the enterprise inventory is 16.3 million tons, and the industry inventory is 70.6 million tons. The warehouse receipt inventory of industrial silicon futures is 25.0 million tons, and the manufacturer inventory of polysilicon is 22.6 million tons [2]. - **Raw Material Cost Data**: The prices of raw materials such as silicon ore, washed coal, petroleum coke, and electrodes are provided. For example, the price of silicon ore in Xinjiang is 320 yuan/ton, and in Yunnan is 290 yuan/ton [2]. 3.2 Macro and Industry News - Starting from January 1, 2027, at least 80% of photovoltaic modules entering the European Economic Area (EEA), Switzerland, and the UK must come from production bases certified by the SSI's Environmental, Social, and Governance (ESG) and supply - chain traceability standards. By January 1, 2028, this proportion will increase to 100%. Additionally, from April 1, 2026, SSI member enterprises must submit relevant information about their production bases to the secretariat [3][4].