Group 1: Research Views - On November 11, industrial silicon fluctuated weakly. The main contract 2601 closed at 9,180 yuan/ton, with an intraday decline of 0.54%. The open interest decreased by 10,544 lots to 271,000 lots. The reference price of Baichuan's industrial silicon spot was 9,692 yuan/ton, up 38 yuan/ton from the previous trading day. The price of the lowest deliverable 421 remained stable at 8,900 yuan/ton, and the spot discount narrowed to 230 yuan/ton [2]. - Polysilicon also fluctuated weakly. The main contract 2601 closed at 51,930 yuan/ton, with an intraday decline of 2.5%. The open interest increased by 12,494 lots to 138,000 lots. The price of N-type recycled polysilicon feedstock was 52,000 yuan/ton, and the price of the lowest deliverable silicon feedstock was also 52,000 yuan/ton. The spot premium widened to 1,100 yuan/ton [2]. - Silicon plants in the southwest region significantly reduced production. However, due to the synchronous production cuts in the downstream, the inventory reduction rhythm was not achieved. Silicon plants prematurely supported prices and held stocks, and the futures market priced in the production cut expectations in advance, limiting the upward price repair space [2]. - In November, the production schedules of polysilicon feedstock and downstream silicon wafers both declined. The planned production cut scale of silicon feedstock exceeded that of the downstream, but under the strict quota limit of silicon wafers, the production cut rhythm was ahead of the upstream. As the impact of the polysilicon production capacity platform news faded, the short - term weak reality led the futures market to enter a low - level consolidation stage. Due to the reconvening of the industry conference and the active dynamics of the production capacity platform, there was a positive effect from the news side for polysilicon, so it was not advisable to overly short the market [2]. Group 2: Daily Data Monitoring Industrial Silicon - The futures settlement price of the main contract decreased from 9,290 yuan/ton on November 10 to 9,180 yuan/ton on November 11, a decrease of 110 yuan/ton. The price of the near - month contract decreased from 9,305 yuan/ton to 9,180 yuan/ton, a decrease of 125 yuan/ton. Most of the spot prices of different grades and regions remained unchanged, and the spot discount narrowed from 355 yuan/ton to 230 yuan/ton [3]. - The industrial silicon warehouse receipts decreased by 176 tons to 46,079 tons on a daily basis. The weekly inventory at GFE decreased by 5,365 tons to 230,900 tons, and the weekly inventory at Huangpu Port decreased by 1,000 tons to 55,000 tons. The weekly factory inventory decreased by 3,700 tons to 264,700 tons, and the total social inventory decreased by 4,700 tons to 447,700 tons [3]. Polysilicon - The futures settlement price of the main contract decreased from 53,720 yuan/ton on November 10 to 51,930 yuan/ton on November 11, a decrease of 1,790 yuan/ton. The price of the near - month contract decreased from 50,935 yuan/ton to 50,900 yuan/ton, a decrease of 35 yuan/ton. Most of the spot prices remained unchanged, and the spot premium widened from 1,065 yuan/ton to 1,100 yuan/ton [3]. - The weekly inventory at GFE increased by 0.8 tons to 29.55 tons, the weekly factory inventory increased by 0.1 tons to 27.69 tons, and the total social inventory increased by 0.1 tons to 27.7 tons [3]. Organic Silicon - The price of DMC in the East China market remained stable at 11,000 yuan/ton. The price of raw rubber increased by 100 yuan/ton to 12,200 yuan/ton, and the price of dimethyl silicone oil increased by 1,700 yuan/ton to 13,500 yuan/ton, while the price of 107 glue remained unchanged at 11,800 yuan/ton [3]. Group 3: Chart Analysis 3.1 Industrial Silicon and Cost - side Prices - Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [5][7][11]. 3.2 Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and photovoltaic modules [14][16][18]. 3.3 Inventory - Charts present the industrial silicon futures inventory, factory inventory, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [22][23][25]. 3.4 Cost and Profit - Charts show the average cost and profit levels in major production areas, weekly cost - profit of industrial silicon, aluminum alloy processing industry profit, DMC cost - profit, and polysilicon cost - profit [28][30][35]. Group 4: Team Introduction - Zhan Dapeng, a science master, is the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher in precious metals, a gold intermediate investment analyst, an excellent metal analyst of SHFE, and the best industrial product futures analyst of Futures Daily & Securities Times. He has more than a decade of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles in public newspapers and magazines. He is often interviewed by multiple media. His team has won the awards of the 16th and 15th Best Metal Industry Futures Research Teams of Futures Daily & Securities Times and the title of Excellent Non - ferrous Metal Industry Team of SHFE in 2016 [37]. - Wang Heng, a master of finance from the University of Adelaide in Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon research [37]. - Zhu Xi, a master of science from the University of Warwick in the UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel [38].

Core Viewpoint - The industrial silicon market is experiencing a strong price trend due to supply-side contraction and optimistic market sentiment, with the main futures contract closing at 9,180 yuan/ton as of yesterday [1] Cost Structure - Electricity costs constitute the largest portion of industrial silicon production costs, accounting for 40% to 55% depending on regional electricity prices. In the Southwest production area, electricity prices are expected to rise by 0.15 to 0.25 yuan/kWh, increasing production costs by approximately 2,000 yuan/ton [2] - Other significant production costs include silicon coal, petroleum coke, silicon electrodes, and silicon stone. Despite a decrease in silicon coal demand due to lower production rates, prices are expected to remain stable due to strong cost support [2] - The price of petroleum coke is rising due to good demand and supply contraction, while silicon electrodes face upward price resistance due to weak demand and inventory pressure [2] - Overall, the increase in production costs provides solid support for silicon prices [2] Supply Dynamics - The operating rate in the Southwest production area (Yunnan and Sichuan) has dropped significantly as it transitions from the wet season to the dry season, leading to reduced production and profitability for silicon companies [3] - As of last week, the operating rate in Sichuan was 41%, with smaller companies operating at around 13%. In Yunnan, most companies have entered a seasonal shutdown period, with an expected production drop of over 50% in November [3] - In contrast, the Northwest region is seeing a recovery in operating rates, with Xinjiang's production accounting for 52% of the national total. Overall, the national industrial silicon production is expected to fall below 400,000 tons in November, a 12% decrease month-on-month [4] Demand Trends - Demand changes primarily stem from the polysilicon sector, which has been in a state of reduced production since mid-2024. Polysilicon prices have rebounded, leading to a slight increase in production rates, but November's output is expected to decrease to around 120,000 tons [6] - The organic silicon sector is recovering as maintenance in southern and southwestern regions concludes, potentially increasing demand for industrial silicon. However, purchasing behavior remains cautious, focusing on just-in-time inventory [6] Inventory Levels - As of November 6, total visible inventory of industrial silicon stands at 724,000 tons, a decrease of 40,000 tons year-on-year but still at a relatively high level. Social inventory is 127,000 tons, with delivery warehouse inventory at 425,000 tons [7] - The anticipated cancellation of futures warehouse receipts at the end of the month may lead to 10,000 to 20,000 tons of industrial silicon entering the spot market, complicating inventory reduction efforts [7] Market Outlook - The increase in production costs supports silicon prices from below, while weak demand and high inventory levels constrain upward price movement. The market is expected to maintain a range-bound trading pattern in the short term, with further upward movement requiring additional positive stimuli [8]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **Industrial Silicon**: Expected to remain in a wide - range oscillation phase with no significant drivers currently. Supply - side pressure is likely to gradually ease, while demand from different sectors shows mixed trends. The "anti - involution" policy is a positive factor, but downstream industry integration or production cuts may weaken demand [4][5]. - **Polysilicon**: The short - term trading focus is on whether the November photovoltaic storage platform will be established, followed by the expected game of "November centralized warehouse receipt cancellation". The market shows "supply increase, demand stability" characteristics, and the overall risk is relatively high [7][8]. 3. Summary by Directory Industrial Silicon - **Futures Data** - The closing price of the industrial silicon main contract was 9180 yuan/ton, down 1.18% daily and up 3.32% weekly. The trading volume was 326,774 lots, down 10.66% daily and 13.96% weekly. The open interest was 270,959 lots, down 3.75% daily and up 11.90% weekly [10]. - The industrial silicon weighted index contract closing price was 9168 yuan/ton, down 1.21% daily and up 3.19% weekly. The trading volume was 411,740 lots, down 10.30% daily and 15.12% weekly. The open interest was 426,734 lots, down 3.02% daily and up 3.71% weekly [10]. - The number of industrial silicon warehouse receipts was 46,255 lots, up 0.16% daily and 0.20% weekly [10]. - **Spot Data** - In the industrial silicon sector, the prices of 99 and 553 in Xinjiang were 8850 yuan/ton, with a weekly increase of 0.57%. The price in Tianjin was 9400 yuan/ton, with a weekly increase of 0.53%. The price in Yunnan was 9600 yuan/ton, unchanged weekly. The price of 421 in Xinjiang was 9100 yuan/ton, unchanged weekly [18]. - In the mid - stream, the price of 99 and 553 industrial silicon powder was 10,100 yuan/ton, with a weekly increase of 1.51%. The price of 421 was 10,700 yuan/ton, unchanged weekly [18]. - In the downstream, the price of trichlorosilane was 3375 yuan/kg, unchanged weekly. The polysilicon N - type price index was 52 yuan/kg, down 0.02% weekly. The price of organic silicon DMC was 11,150 yuan/ton, unchanged weekly. The price of aluminum alloy ADC12 was 21,500 yuan/ton, up 0.47% weekly [18]. - **Basis and Warehouse Receipts** - The total number of industrial silicon warehouse receipts was 46,079 lots, down 176 lots from the previous period. The inventory in various delivery warehouses showed little change [29]. Polysilicon - **Futures Data** - The closing price of the polysilicon main contract was 51,930 yuan/ton, down 3.33% daily and 3.32% weekly. The trading volume was 324,598 lots, up 48.36% daily and 18.32% weekly. The open interest was 138,468 lots, up 9.92% daily and 7.44% weekly [30]. - The polysilicon weighted index closing price was 51,997 yuan/ton, down 3.28% daily and 3.28% weekly. The trading volume was 268,888 lots, down 18.66% daily and 3.07% weekly. The open interest was 222,392 lots, down 2.09% daily and 13.83% weekly [30]. - The number of polysilicon futures warehouse receipts was 9850 lots, up 2.71% weekly [30]. - **Spot Data** - In the polysilicon sector, the prices of N - type re -投料, N - type dense material, N - type mixed material, and N - type granular silicon were 52.2, 51, 50.5, and 50.5 yuan/kg respectively, all unchanged weekly [45]. - For N - type silicon wafers, the silicon wafer price index was 1.29 yuan/piece, down 2.00% weekly. The prices of G10 - 182 (130um) and G12 - 210 (130um) were 1.28 and 1.63 yuan/piece respectively, down 4.48% and 3.55% weekly [46]. - For battery cells, the prices of different types showed various changes, with some remaining unchanged and some having slight decreases or increases [46]. - For components, the prices of different types also showed various changes, with some having slight increases [46]. - **Basis and Warehouse Receipt Data** - The basis of the polysilicon main contract was 70 yuan/ton, up 1790 yuan from the previous day and 1775 yuan from the previous week [56]. - The total number of polysilicon warehouse receipts was 9850 lots, unchanged [56].

工业硅日报 工业硅&多晶硅日报（2025 年 11 月 11 日） 一、研究观点 点评 10 日工业硅震荡偏强，主力 2601 收于 9290 元/吨，日内涨幅 1.31%，持仓 增仓 13202 手至 28.2 万手。百川工业硅现货参考价 9692 元/吨，较上一交 易日上调 38 元/吨。最低交割品#421 价格持稳在 8900 元/吨，现货贴水扩 至 355 元/吨。多晶硅震荡偏弱，主力 2601 收于 53720 元/吨，日内涨幅 1.08%，持仓增仓 457 手至 12.6 万手；多晶硅 N 型复投硅料价格 52000 元/ 吨，最低交割品硅料价格在 52000 元/吨，现货升水扩至 1065 元/吨。西南 硅厂规模减产，因下游出现同步减产，未能实现去库节奏。硅厂提前挺价 持货，盘面提前计价减产预期，限制价格向上修复空间。11 月多晶硅料和 下游硅片排产均有下滑，硅料计划减产规模超过下游，但硅片配额强限 下，减产节奏先于上游。随着多晶硅产能平台消息影响淡化，短期弱现实 引导盘面处于低位盘整阶段。因行业会议再度召开，产能平台动态较多， 多晶硅存在消息端提振效应，不宜过分追空。 请务必阅读正文之后的免责 ...

Core Viewpoint - Hoshine Silicon Industry (603260.SH) announced that Fidelity Industrial plans to reduce its holdings by up to 27.0705 million shares, accounting for no more than 2.29% of the total shares, due to its own funding needs [1] Summary by Category - **Company Announcement** - Hoshine Silicon Industry disclosed that Fidelity Industrial will initiate a share reduction plan starting three trading days after the announcement [1] - The maximum number of shares to be reduced is 27.0705 million [1] - The reduction will not exceed 2.29% of the total shares outstanding [1]

Core Viewpoint - Huasheng Silicon Industry reported a net profit attributable to shareholders of -321 million yuan for the first three quarters, a year-on-year decline of 122.1% [1] - In Q3, the company achieved a net profit of 76 million yuan, with a year-on-year decline of 84.12% and a quarter-on-quarter increase of 111.52% [1] Group 1: Industrial Silicon - In Q3 2025, the industrial silicon market saw both volume and price increases, leading to a turnaround in quarterly profitability [1] - The photovoltaic industry is implementing "anti-involution" policies to address issues of low-price disorderly competition, prompting silicon material companies to raise product prices above cost levels [1] - Multi-crystalline silicon companies are collaborating to limit shipments, which, combined with a market sentiment of "buying on the rise, not on the fall," has increased downstream stockpiling demand, further driving up multi-crystalline silicon prices [1] Group 2: Metal Silicon Market - The improved market sentiment in the metal silicon market is attributed to the rebound in silicon prices, indicating a gradual improvement in supply and demand [1] Group 3: Organic Silicon - In Q3 2025, the organic silicon monomer market faced weak orders, resulting in continuous price declines and a decrease in industry operating rates [1] - With the arrival of the traditional peak season in Q4 and expected industry maintenance, prices are anticipated to undergo a phase of recovery [1] Group 4: Investment Rating - The company maintains a "buy" rating based on the current market dynamics and anticipated recovery in prices [1]

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月10日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 4 每日观点——工业硅 | | | | | 供给端来看 ， 需求端来看 ， | 上周工业硅供应量为9 上周工业硅需求为8 | . | 1万吨 ， . 2万吨 ， | 环比减少5 | 环比有所减少9 74% . . | 00% 。 . 需求持续低迷 | . | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 多晶硅库存为25 . | 9万吨 处于低位 ， | ， | 硅片亏损 | ， | 电池片亏损 | 组件盈利 ， | ； | ...

Report Title - Industrial Silicon and Polysilicon Weekly Report - Industrial Silicon with No Prominent Contradictions, Polysilicon Continuing the Game between Policy Expectations and Negative Feedback [1] Report Date - November 9, 2025 [1] Report Author - An Ran [1] Industry Investment Rating - Not provided in the report Core Viewpoints - For industrial silicon, the current trading logic is that although there is supply pressure, the expected slight inventory reduction due to the southwest's production cut in the dry season leads to a loose balance overall, with no prominent supply - demand contradictions. The valuation is relatively neutral to low, and it is expected to continue narrow - range fluctuations in the fourth quarter. The risk of breaking through the lower limit comes from the coal end. It is recommended to maintain a low - buying strategy or sell out - of - the - money put options on dips [61]. - For polysilicon, there is still a large divergence between industry policy - oriented expectations and the weak reality from the bottom - up of components. In the fourth quarter, the market will continue to repeatedly game the progress of mergers and acquisitions of production capacity. It will operate in a range - bound manner, with the lower limit anchored to the downstream's willingness - to - hold price and the upper limit pressured by the weak reality. When the futures price is at a discount to the spot price, one can try to buy out - of - the - money call options [66]. Summary by Directory 1. Industrial Silicon and Polysilicon Overview and Strategy Recommendation - **Weekly Overview (11.3 - 11.7)** - **Industrial Silicon**: The price of 553 remained unchanged week - on - week, the price of 99 silicon in Xinjiang increased by 100 yuan, and the price of 421 remained unchanged. The prices of some raw materials such as petroleum coke and charcoal increased. The production in the northwest was basically stable, while the production in Yunnan and Sichuan decreased significantly. The total weekly production of industrial silicon decreased by 8504 tons, a decrease of 8.2% [7]. - **Polysilicon**: The price of N - type polysilicon dense material decreased slightly, the weekly production decreased by 0.12 million tons, a decrease of 4.3%. The inventory of polysilicon factories decreased slightly. The prices of silicon wafers and battery cells decreased slightly, and the production and inventory of silicon wafers also decreased [9]. - **Organic Silicon**: The data of DMC was not updated this week. New orders were weak, and the production of DMC was under pressure. The monomer factories were cautious in purchasing industrial silicon and tried to lower the price [9]. - **Aluminum Alloy**: The silicon consumption increased by 7.4% month - on - month, maintaining the rigid demand rhythm [9]. - **Export**: The export volume decreased by 8.4% month - on - month. Although some overseas aluminum alloy factories had purchase orders, the transaction price was difficult to rise [9]. - **Inventory**: The total inventory of industrial silicon decreased slightly, with a decrease of 0.21 million tons, a decrease of 0.29%. The social inventory decreased, while the factory inventory increased [9]. - **Strategy Recommendation** - **Industrial Silicon**: For the month - spread between November and December contracts, it is recommended to wait and see when it is around 2000 - 2200. For the 06 contract, one can try to short lightly at 11700 - 11800. One can also consider selling out - of - the - money put options on dips [62][64]. - **Polysilicon**: When the futures price is at a discount to the spot price, one can try to buy out - of - the - money call options [66]. 2. Industrial Silicon Supply - **Price/Spread/Cost/Profit** - **Price**: The prices of different grades of industrial silicon showed different trends, with the price of 99 silicon in Xinjiang rising and others remaining stable [7]. - **Cost**: The costs of industrial silicon in different regions were different, and the costs in some regions increased slightly [7]. - **Profit**: Most regions were in a loss state, and the profit situation in some regions improved slightly [7]. - **Industrial Silicon Supply** - **Monthly Production**: The production in different regions showed different trends, with the production in Xinjiang stable and the production in Yunnan and Sichuan decreasing significantly [7]. - **Weekly Production**: The total weekly production of industrial silicon decreased, mainly due to the significant decrease in the production in Yunnan and Sichuan [7]. - **Industrial Silicon Inventory/Supply - Demand Difference** - **Inventory**: The total inventory of industrial silicon decreased slightly, with the social inventory decreasing and the factory inventory increasing [9]. - **Supply - Demand Difference**: The supply - demand situation showed a loose balance, with no prominent contradictions [61]. 3. Industrial Silicon Demand - Polysilicon - **Polysilicon Supply Analysis** - **Price/Spread/Cost/Profit**: The price of polysilicon decreased slightly, the cost was stable, and the profit decreased slightly [9]. - **Polysilicon Supply**: The weekly production of polysilicon decreased, and it was expected that the production in November would be less than 1.2 million tons [9]. - **Polysilicon Demand Analysis** - The demand for polysilicon was affected by the production cut of silicon wafers, and the consumption decreased [9]. - **Polysilicon - Photovoltaic Chain Inventory Analysis** - The inventory of polysilicon factories decreased slightly, and the inventory of silicon wafers also decreased [9].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Industrial silicon: The futures contract has upward momentum due to the reduction of warehouse receipts. Although the supply and demand are both weak, the continuous reduction of futures warehouse receipts provides support to the bottom of the market. It is advisable to take a long - position approach when the price drops. [5] - Polysilicon: The market has entered a policy vacuum period, and the futures contract is trading based on the weak supply - demand situation. It is expected that the price will decline next week, and investors can short at high prices and take profit at low prices. [5] 3. Summary by Relevant Catalogs 3.1 Price Trends - Industrial silicon: The futures price showed a strong - side fluctuation this week, closing at 9,220 yuan/ton on Friday. The spot price increased, with Xinjiang 99 - silicon quoted at 8,850 yuan/ton (up 50 yuan week - on - week) and Inner Mongolia 99 - silicon at 9,100 yuan/ton (unchanged). [1] - Polysilicon: The futures price center declined this week, closing at 53,215 yuan/ton on Friday. The spot price remained stable. [1] 3.2 Supply and Demand Fundamentals Industrial silicon - Supply: The weekly industry inventory decreased slightly. Southwest production decreased, and the cost during the dry season in the Southwest is expected to lead to further production cuts. Although Xinjiang factories are resuming production, the overall supply from November is expected to decline. The futures warehouse receipts decreased by 0.6 million tons week - on - week, and the overall industry inventory decreased by 0.2 million tons. [2] - Demand: Downstream polysilicon and organic silicon sectors support consumption. Polysilicon production will decline from November, organic silicon is gradually resuming production after maintenance, and the overall demand for industrial silicon is expected to decline marginally. Aluminum alloy procurement maintains a rigid - demand rhythm, and the export volume in the fourth quarter is expected to be lower than that in the third quarter. [3] Polysilicon - Supply: The short - term weekly production decreased. Southwest leading factories will cut production in November, and the planned output is expected to drop to 110,000 tons. The factory inventory remained unchanged this week, and the average full cost is 50,890 yuan/ton. [3] - Demand: The silicon wafer production schedule decreased week - on - week. Affected by the decline in terminal demand, the production schedule in November is expected to fall, and the transaction price remains flat. [4] 3.3 Market Data Charts - Industrial silicon: The report provides data on mainstream consumption area reference prices, major port/warehouse transaction prices, social inventory, factory inventory, monthly output,开工率, export and import volumes, trade - link inventory - to - sales ratio, and prices of raw materials such as silica, petroleum coke, and electrodes. [8][10][11] - Polysilicon: It includes data on spot prices, monthly output, industry 开工率, import and export volumes, industry profit calculation, and single - crystal silicon wafer export volume. [19][21][23] - Organic silicon (DMC): Data on average price trends, monthly output, 开工率, factory inventory, and industry profit calculation are presented. [24][27][38] - Aluminum alloy (Recycled aluminum): Information on price seasonality, monthly 开工率, average profit calculation, and domestic automobile monthly sales seasonality is provided. [31][35][39]

工业硅日报 工业硅&多晶硅日报（2025 年 11 月 7 日） 一、研究观点 点评 6 日工业硅震荡偏强，主力 2601 收于 9065 元/吨，日内涨幅 1.17%，持仓 增仓 4006 手至 23.7 万手。百川工业硅现货参考价 9654 元/吨，较上一交易 日上调 14 元/吨。最低交割品#421 价格持稳在 8900 元/吨，现货贴水扩至 200 元/吨。多晶硅震荡偏弱，主力 2601 收于 53395 元/吨，日内跌幅 0.09%，持仓减仓 2818 手至 12.2 万手；多晶硅 N 型复投硅料价格 52000 元 /吨，最低交割品硅料价格在 52500 元/吨，现货升水收至 500 元/吨。工业 硅重心继续跟随成本回升，但盘面针对后期减产已经充分计价，工业硅供 需改善有余但去库不足，存在见顶压力。西南开启减产季，硅片排产受配 额限制，多晶硅由供需双增转向供需减量博弈格局，有望迎来阶段去库节 奏。重点关注仓单注销冲击下，能否形成实际性去库结果。近期行业公开 产能收储平台 17 家企业完成签字，现货限价坚挺支撑底部，后续平台正式 成立和控产的动态频发，将给予盘面持续向上驱动。 请务必阅读正文之后的免 ...