1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The industrial silicon price is expected to maintain a range - bound oscillation, with a supply - demand dual - weak pattern. The upside potential depends on downstream demand recovery and inventory reduction, while the downside is limited by cost support and production cut expectations. [3] - The polysilicon price is expected to continue a weak oscillation. The weak industrial silicon price makes the cost support for polysilicon weak, and the demand expectation from the "rush to export" before April has not been realized, with high inventory and difficult demand transmission in the industry chain. [6] 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On March 31, 2026, the industrial silicon futures price oscillated and declined. The main contract 2605 opened at 8480 yuan/ton and closed at 8355 yuan/ton, a change of (- 145) yuan/ton or (- 1.71)%. The position of the main contract 2605 was 201,800 lots, and the number of warehouse receipts on March 30, 2026 was 22,313 lots, a change of 24 lots from the previous day. [1] - The spot price of industrial silicon declined. The price of East China oxygen - permeable 553 silicon was 9,100 - 9,200 (- 50) yuan/ton; 421 silicon was 9,500 - 9,700 (0) yuan/ton, Xinjiang oxygen - permeable 553 price was 8,500 - 8,600 (0) yuan/ton, and 99 silicon price was 8,500 - 8,600 (0) yuan/ton. The silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained flat, and the price of 97 silicon was stable. [1] - As of March 26, the total social inventory of industrial silicon in major regions was 560,000 tons, an increase of 1.26% from the previous week. [1] - The organic silicon DMC was quoted at 13,800 - 14,300 (0) yuan/ton. After the festival, the demand for downstream polysilicon, organic silicon, and aluminum alloy all decreased to varying degrees, and most of the post - festival inquiries were exploratory. [1] Supply - demand and Cost - The supply side remained in a loose state, and the pattern of oversupply continued. The demand side was continuously sluggish, and the war between the US and Iran restricted the export logistics of industrial silicon. Recently, the prices of petroleum coke and Xinjiang electricity have increased, and the cost support for industrial silicon is stable. [1][2] Strategy - The industrial silicon price is expected to maintain a range - bound oscillation. In the short - term, conduct range operations. There are no strategies for inter - period, cross - variety, spot - futures, or options. [3] Polysilicon Market Analysis - On March 31, 2026, the main contract 2605 of polysilicon futures oscillated and declined, opening at 36,760 yuan/ton and closing at 35,200 yuan/ton, a change of - 3.1% from the previous trading day. The position of the main contract was 34,456 (34,584 in the previous trading day) lots, and the trading volume was 165,316 lots. [3] - The spot price of polysilicon declined. The N - type material was 35.50 - 41.50 (- 0.75) yuan/kg, and the n - type granular silicon was 40.00 - 43.00 (0.00) yuan/kg. The polysilicon manufacturer's inventory decreased, while the silicon wafer inventory increased. The latest polysilicon inventory was 33.20, a change of - 3.49% month - on - month, the silicon wafer inventory was 26.98GW, a change of - 2.42% month - on - month, the weekly polysilicon output was 19,400.00 tons, a change of 1.00% week - on - week, and the silicon wafer output was 11.38GW, a change of - 3.40% week - on - week. [4] - In terms of silicon wafers, the domestic N - type 18Xmm silicon wafer was 0.99 (0.00) yuan/piece, the N - type 210mm was 1.28 (- 0.02) yuan/piece, and the N - type 210R silicon wafer was 1.04 (- 0.05) yuan/piece. [4] - In terms of battery cells, the high - efficiency PERC182 battery cell was 0.27 (0.00) yuan/W; the PERC210 battery cell was about 0.28 (0.00) yuan/W; the TopconM10 battery cell was about 0.38 (- 0.01) yuan/W; the Topcon G12 battery cell was 0.38 (- 0.01) yuan/W; the Topcon210RN battery cell was 0.39 (- 0.01) yuan/W. The HJT210 half - cell battery was 0.37 (0.00) yuan/W. [5] - For components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 (0.00) yuan/W, the mainstream transaction price of PERC210mm was 0.69 - 0.73 (0.00) yuan/W, the mainstream transaction price of N - type 182mm was 0.74 - 0.76 (0.00) yuan/W, and the mainstream transaction price of N - type 210mm was 0.75 - 0.78 (0.00) yuan/W. [5] - Since the polysilicon price fell below the cost level of 40,000 yuan/ton, the market sentiment was pessimistic. The fundamental weakness and the impact of the US - Iran conflict on bulk commodities still existed. The spot market trading almost stagnated, the inventory reached a high level, the supply - demand game continued, the supply - side production cut pressure increased, and the downstream battery factories only maintained rigid - demand purchases and had a low acceptance of high - price goods. [5] Strategy - The polysilicon price is expected to continue a weak oscillation. In the short - term, conduct range operations, and the main contract is expected to maintain an oscillation in the short - term. There are no strategies for inter - period, cross - variety, spot - futures, or options. [6]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - For industrial silicon, this week's 05 contract showed an upward trend, with the opening price on Monday at 8,550 yuan/ton and the closing price on Friday at 8,625 yuan/ton, a weekly increase of 0.88%. It is expected that next week, the supply-side production schedule will increase but remain at a low level, while demand recovery will also be at a low level, and cost support will rise. The disk is expected to have a bearish oscillatory adjustment [4][5]. - For polysilicon, this week's 05 contract showed a downward trend, with the opening price on Monday at 38,180 yuan/ton and the closing price on Friday at 35,680 yuan/ton, a weekly decrease of 6.54%. It is expected that next week, the supply-side production schedule will continue to increase, and the overall demand will show a continuous decline. Cost support will remain stable. The disk is expected to have a bullish oscillatory adjustment [6][7]. 3. Summary by Relevant Catalogs 3.1 Review and Outlook 3.1.1 Industrial Silicon - **Supply**: This week, the industrial silicon supply was 78,000 tons, remaining flat compared to the previous week. The sample enterprise output was 40,760 tons, a 1.17% increase. The expected monthly operating rate is 44.46%, a 6.44 - percentage - point increase from last month's 38.02% [4]. - **Demand**: This week, the industrial silicon demand was 68,000 tons, a 1.44% decrease. In the polysilicon sector, the inventory was 332,000 tons, higher than the historical average. In the organic silicon sector, the inventory was 58,500 tons, lower than the historical average, and the production profit was 2,430 yuan/ton. In the aluminum alloy sector, the inventory of aluminum alloy ingots was 44,900 tons, higher than the historical average [5]. - **Cost**: The production cost of sample oxygen - passing 553 in Xinjiang was 9,769.7 yuan/ton, remaining flat. The cost support increased during the dry season [5]. - **Inventory**: The social inventory was 560,000 tons, a 1.27% increase. The sample enterprise inventory was 191,100 tons, a 3.38% decrease. The main port inventory was 134,000 tons, a 1.47% decrease [5]. 3.1.2 Polysilicon - **Supply**: Last week, the polysilicon output was 19,400 tons, a 2.10% increase. The predicted production schedule for March is 84,900 tons, a 10.25% increase compared to last month [6]. - **Demand**: Last week, the silicon wafer output was 11.38 GW, a 3.39% decrease. The battery cell output in February was 37.09 GW, a 10.49% decrease. The component output in February was 29.3 GW, a 16.76% decrease. The production of silicon wafers is currently in a loss state, while the production of battery cells and components is in a profitable state [6]. - **Cost**: The average cost of N - type polysilicon in the industry is 40,060 yuan/ton, with a production income of - 310 yuan/ton [6]. - **Inventory**: The weekly inventory was 332,000 tons, a 3.48% decrease, at a historical high [7]. 3.2 Fundamental Analysis - **Price - Basis and Delivery Product Spread**: The document shows the historical trends of the SI main contract basis and the price spread between 421 and 553 silicon in East China [13][14]. - **Inventory**: It presents the historical trends of industrial silicon inventory in delivery warehouses, ports, and sample enterprises [16][17][18]. - **Production and Capacity Utilization**: It shows the historical trends of industrial silicon production, capacity utilization, and operating rates of sample enterprises in different regions [19][20][22]. - **Cost**: It includes the historical trends of main - producing area electricity prices, silicon stone prices, graphite electrode prices, and some reducing agent prices, as well as the cost trends of 421/553 silicon in Sichuan, Xinjiang, and Yunnan [24][25][28]. - **Supply - Demand Balance**: It provides the weekly and monthly supply - demand balance tables of industrial silicon, showing the production, import, export, consumption, and balance of industrial silicon [31][32][35]. - **Downstream Industries** - **Organic Silicon**: It includes the price, production, import - export, and inventory trends of DMC, as well as the price trends of downstream products such as 107 glue, raw rubber, silicone oil, and D4 [37][38][40]. - **Aluminum Alloy**: It shows the price, supply, inventory, production, and demand trends of aluminum alloy, including waste aluminum recycling, import of aluminum crushed materials, and the production and sales of automobiles and aluminum alloy wheels [49][50][55]. - **Polysilicon**: It presents the cost, price, inventory, production, and supply - demand balance trends of polysilicon, as well as the trends of silicon wafers, battery cells, photovoltaic components, photovoltaic accessories, and photovoltaic grid - connected power generation [59][60][63]. 3.3 Technical Analysis - **SI Main Contract**: This week, the main 05 contract showed an upward trend, and it is expected to have a bearish oscillatory adjustment next week [81][82]. - **PS Main Contract**: This week, the main 05 contract showed a downward trend, and it is expected to have a bullish oscillatory adjustment next week [83].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints - Industrial silicon prices are expected to maintain a range - bound oscillation. The supply side is expected to gradually release after a significant contraction since the Spring Festival, while the demand for polysilicon remains weak. In the long - term, price support is evident, and the overall situation is one of weak supply and demand. [3] - Polysilicon prices are expected to continue a weak oscillation. The continuous weakness of industrial silicon prices weakens the cost support for polysilicon. The expected demand from the "rush to export" before April has not materialized, and high inventories make it difficult for the industrial chain to transmit demand. [7] 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On March 26, 2026, the industrial silicon futures price fluctuated and rose. The main contract 2605 opened at 8,785 yuan/ton and closed at 8,735 yuan/ton, a change of 50 yuan/ton (0.58%) from the previous day's settlement. The position of the 2605 main contract at the close was 230,888 lots, and the total number of warehouse receipts on March 25, 2026 was 22,272 lots, a change of 60 lots from the previous day. [1] - The spot price of industrial silicon remained stable. According to SMM data, the price of East China oxygen - passing 553 silicon was 9,100 - 9,300 yuan/ton; 421 silicon was 9,500 - 9,700 yuan/ton, Xinjiang oxygen - passing 553 price was 8,500 - 8,600 yuan/ton, and 99 silicon price was 8,500 - 8,600 yuan/ton. Silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained flat, and the price of 97 silicon was stable. [1] - SMM statistics show that the total social inventory of industrial silicon in major regions on March 19 was 553,000 tons, a decrease of 0.18% from the previous week. [1] - The downstream demand for polysilicon, organic silicon, and aluminum alloy all decreased to varying degrees after the festival, and most of the post - festival inquiries were exploratory. [1] - The operating rate in Xinjiang exceeded 50%. After the festival, the supply side gradually recovered, but the operating rate in the southwest region remained low during the dry season. [1] Cost - Recently, the prices of petroleum coke and Xinjiang electricity have increased, providing solid cost support for industrial silicon. [2] Strategy - Industrial silicon prices are expected to maintain a range - bound oscillation. Short - term interval operation is recommended. There are no strategies for inter - period, cross - variety, spot - futures, or options. [3] Polysilicon Market Analysis - On March 26, 2026, the main contract 2605 of polysilicon futures fluctuated and declined, opening at 36,750 yuan/ton and closing at 35,540 yuan/ton, a change of - 2.78% from the previous trading day. The position of the main contract reached 33,451 lots (32,820 lots the previous day), and the trading volume on that day was 8,529 lots. [3] - The spot price of polysilicon decreased. According to SMM statistics, the price of N - type material was 36.00 - 43.50 yuan/kg (- 0.75 yuan/kg), and the price of n - type granular silicon was 40.00 - 43.00 yuan/kg (no change). [4] - The inventory of polysilicon manufacturers decreased, while the inventory of silicon wafers increased. The latest statistics show that the polysilicon inventory was 332,000 tons, a change of - 3.49% month - on - month, the silicon wafer inventory was 27.65GW, a change of - 2.47% month - on - month, the weekly polysilicon output was 19,000 tons, with no change month - on - month, and the silicon wafer output was 11.78GW, a change of - 1.67% month - on - month. [4] - After the polysilicon price fell below the cost level of 40,000 yuan/ton last week, the market sentiment was pessimistic. Coupled with the continuous weakness of the fundamentals and the impact of the US - Iran conflict on commodities as a whole, the polysilicon price fluctuated and declined, reaching around 35,000 yuan/ton. Most enterprises in the market were in a loss, and only a few enterprises maintained profitability. Affected by cost pressure, the expected production capacity of enterprises will significantly shrink, and attention should also be paid to the possibility of a price rebound after over - decline. [6] Strategy - Polysilicon prices are expected to continue a weak oscillation. Short - term interval operation is recommended, and the main contract is expected to maintain an oscillation in the short term. There are no strategies for inter - period, cross - variety, spot - futures, or options. [7]

Report Industry Investment Rating - No information about the industry investment rating is provided in the content. Core Viewpoints of the Report - The report provides an in - depth analysis of the industrial silicon and polysilicon markets, including supply, demand, cost, inventory, and price trends. It also offers expectations for the future price ranges of industrial silicon 2605 and polysilicon 2605 [3][8]. - The main logic for the market is capacity clearance, cost support, and demand increment. There are both positive and negative factors in the market, such as cost - rising support and slow post - holiday demand recovery [11][12]. Summary by Directory 1. Daily Viewpoint Industrial Silicon - **Supply**: Last week, the industrial silicon supply was 78,000 tons, remaining flat compared to the previous week. The supply production schedule is expected to increase, but it remains at a low level [3][6]. - **Demand**: Last week, the industrial silicon demand was 69,000 tons, a 1.47% increase compared to the previous week. The demand recovery is at a low level. Polysilicon inventory is at a high level, silicon wafers are in a loss state, while battery cells and components are in a profitable state. The organic silicon inventory is at a low level, with a production profit of 2,503 yuan/ton and a comprehensive operating rate of 68.6% (flat compared to the previous week and lower than the historical average). The aluminum alloy ingot inventory is at a high level, and the recycled aluminum operating rate is at a high level [6]. - **Cost**: The production cost of sample oxygen - passing 553 in Xinjiang is 9,769.7 yuan/ton, remaining flat compared to the previous week. The cost support increases during the dry season [6]. - **Basis**: On March 25th, the spot price of non - oxygen - passing silicon in East China was 9,150 yuan/ton, and the basis of the 05 contract was 380 yuan/ton, with the spot price at a premium to the futures price [6]. - **Inventory**: The social inventory is 553,000 tons, a 0.18% increase compared to the previous week. The sample enterprise inventory is 197,800 tons, a 0.36% increase compared to the previous week. The main port inventory is 136,000 tons, a 1.49% increase compared to the previous week [6]. - **Disk**: MA20 is upward, and the futures price of the 05 contract closes above MA20 [6]. - **Main Position**: The main position is net short, and the short position decreases [6]. - **Expectation**: Industrial silicon 2605 is expected to fluctuate in the range of 8,680 - 8,860 [6]. Polysilicon - **Supply**: Last week, the polysilicon production was 19,000 tons, remaining flat compared to the previous week. The production schedule for March is predicted to be 84,900 tons, a 10.25% increase compared to the previous month [8]. - **Demand**: Last week, the silicon wafer production was 11.78GW, a 1.66% decrease compared to the previous week, and the inventory was 276,500 tons, a 2.46% decrease compared to the previous week. Currently, silicon wafer production is in a loss state. The production schedule for March is 49.01GW, a 10.70% increase compared to the previous month. The battery cell production in February was 37.09GW, a 10.49% decrease compared to the previous month. Last week, the external sales factory inventory of battery cells was 6.79GW, a 16.66% increase compared to the previous week. Currently, battery cell production is in a profitable state. The production schedule for March is 46.36GW, a 24.99% increase compared to the previous month. The component production in February was 29.3GW, a 16.76% decrease compared to the previous month. The expected component production in March is 41.39GW, a 41.26% increase compared to the previous month. The domestic monthly inventory is 24.76GW, a 51.73% decrease compared to the previous month, and the European monthly inventory is 38.41GW, a 12.30% increase compared to the previous month. Currently, component production is in a profitable state [8]. - **Cost**: The average cost of N - type polysilicon in the industry is 40,260 yuan/ton, and the production profit is - 1,260 yuan/ton [8]. - **Basis**: On March 25th, the price of N - type dense material was 39,000 yuan/ton, and the basis of the 05 contract was 3,750 yuan/ton, with the spot price at a premium to the futures price [8]. - **Inventory**: The weekly inventory is 344,000 tons, a 3.64% decrease compared to the previous week, and it is at a high level in the same period of history [8]. - **Disk**: MA20 is downward, and the futures price of the 05 contract closes below MA20 [8]. - **Main Position**: The main position is net long, and the long position decreases [8]. - **Expectation**: Polysilicon 2605 is expected to fluctuate in the range of 35,735 - 37,765 [8]. 2. Market Overview Industrial Silicon - The report shows the price changes of different contracts of industrial silicon futures, spot prices, basis, inventory, production, and other data [14]. Polysilicon - It presents the price changes of different contracts of polysilicon futures, prices of silicon wafers, battery cells, components, and other products, as well as inventory, production, and export data [15]. 3. Price - Basis and Delivery Product Spread Trends - The report shows the historical trends of the basis of industrial silicon and the spread between 421 and 553 silicon [17][18]. 4. Inventory - It shows the historical trends of industrial silicon inventory in delivery warehouses, ports, and sample enterprises, as well as the number of registered warrants [20][21][22]. 5. Production and Capacity Utilization Trends - It shows the historical trends of the weekly production of industrial silicon sample enterprises, monthly production by specification, and the operating rate of sample enterprises [24][25][26]. 6. Component Cost Trends - It shows the historical trends of electricity prices, silicon stone prices, graphite electrode prices, and some reducing agent prices in the main production areas of industrial silicon [29][30]. 7. Cost - Sample Region Trends - It shows the historical cost trends of 421/553 silicon in Sichuan, Xinjiang, and Yunnan [32][33][34]. 8. Weekly and Monthly Supply - Demand Balance Sheets - The weekly and monthly supply - demand balance sheets of industrial silicon show the production, import, export, consumption, and balance of industrial silicon [36][39][40]. 9. Downstream - Organic Silicon - **DMC Price and Production Trends**: It shows the historical trends of DMC capacity utilization, profit, cost, production, and price [42][43]. - **Downstream Price Trends**: It shows the historical price trends of 107 glue, raw rubber, silicone oil, and D4 [44][45][46][47]. - **Import - Export and Inventory Trends**: It shows the historical trends of DMC import, export, and inventory [49][50][52]. 10. Downstream - Aluminum Alloy - **Price and Supply Situation**: It shows the historical trends of waste aluminum recycling volume, waste aluminum social inventory, aluminum scrap import volume, SMM aluminum alloy ADC12 price, and import ADC12 cost - profit [54][55]. - **Inventory and Production Trends**: It shows the historical trends of the monthly production of primary aluminum - based aluminum alloy ingots and recycled aluminum alloy ingots, the weekly operating rates of primary and recycled aluminum alloys, and the social inventory of aluminum alloy ingots [57][58]. - **Demand (Automobiles and Wheel Hubs)**: It shows the historical trends of automobile monthly production, sales, and aluminum alloy wheel hub export [60][61]. 11. Downstream - Polysilicon - **Fundamental Trends**: It shows the historical trends of polysilicon industry cost, price, total inventory, monthly production, monthly operating rate, and monthly demand [64][65]. - **Supply - Demand Balance Sheet**: It shows the monthly supply - demand balance of polysilicon, including consumption, export, import, supply, and balance [67][68]. - **Silicon Wafer Trends**: It shows the historical trends of silicon wafer price, weekly production, weekly inventory, monthly demand, and net export [70][71]. - **Battery Cell Trends**: It shows the historical trends of single - crystal P/N type battery cell price, battery cell production scheduling and actual production, photovoltaic battery external sales factory weekly inventory, photovoltaic battery operating rate, and battery cell export [73][74]. - **Photovoltaic Component Trends**: It shows the historical trends of component price, domestic and European photovoltaic component inventory, monthly production, and component export [76][77]. - **Photovoltaic Accessory Trends**: It shows the historical trends of photovoltaic coating price, photovoltaic film import - export, photovoltaic glass monthly production, export, high - purity quartz sand price, and solder strip import - export [79][80]. - **Component Composition Cost - Profit Trends (210mm)**: It shows the cost and profit trends of silicon materials, silicon wafers, battery cells, and components in 210mm double - sided double - glass components [82]. - **Photovoltaic Grid - Connected Power Generation Trends**: It shows the historical trends of the national new power generation installed capacity, power generation composition and total amount, photovoltaic power station new grid - connected capacity, and solar monthly power generation [83][84].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - On March 24, industrial silicon fluctuated with a slight upward trend, while polysilicon fluctuated weakly. The industrial silicon market is supported by cost, and the probability of a sharp decline is low. The polysilicon market is lackluster, and the spot end continues to offer discounts. Without clear policy support, the market is expected to operate at the bottom. It is recommended to hold a light position and wait for signals of policy - demand resonance [2] Summary by Directory 1. Research Viewpoints - Industrial silicon's主力2605 contract closed at 8605 yuan/ton on March 24, with an intraday increase of 0.17%, and the position decreased by 9687 lots to 221,000 lots. The spot reference price of industrial silicon remained stable at 9155 yuan/ton, and the lowest delivery price rose to 8800 yuan/ton, with the spot premium narrowing to 195 yuan/ton. The north - south production areas of industrial silicon are slowly resuming production, and the cost support from petroleum coke and electricity prices still exists, but the pricing center has deviated due to market pessimism. With the moderate release of supply and cost support, industrial silicon is expected to remain stable with minor adjustments and the probability of a sharp decline is low [2] - Polysilicon's主力2605 contract closed at 35730 yuan/ton on March 24, with an intraday decrease of 3.17%, and the position increased by 731 lots to 32746 lots. The price of N - type recycled polysilicon dropped to 42500 yuan/ton, and the lowest delivery price also dropped to 42500 yuan/ton, with the spot premium narrowing to 6770 yuan/ton. The polysilicon market is lackluster, and the spot end is difficult to reverse the situation of continuous discount sales. The current futures price can still cover the cash cost of large manufacturers. As large manufacturers are approaching resumption of production and supply is changing from contraction to expansion, the supply - demand imbalance will intensify. Under the pressure of inventory accumulation, the role of warehouse receipts in relieving inventory still exists. Without clear policy support, the market is difficult to have a trend - based market and will mainly operate at the bottom [2] 2. Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract increased from 8575 yuan/ton on March 23 to 8605 yuan/ton on March 24, an increase of 30 yuan/ton. The spot prices of various grades of industrial silicon remained mostly unchanged. The current lowest delivery price was 8800 yuan/ton, and the spot premium decreased from 225 yuan/ton to 195 yuan/ton. The industrial silicon warehouse receipts remained unchanged at 21648, and the Guangzhou Futures Exchange inventory increased by 5700 tons to 109880 tons. The inventory in ports and factories also changed, with the total social inventory increasing by 15300 tons to 452650 tons [4] - **Polysilicon**: The futures settlement price of the main contract increased from 35435 yuan/ton on March 23 to 35730 yuan/ton on March 24, an increase of 295 yuan/ton. The spot prices of some types of polysilicon decreased, with the current lowest delivery price dropping from 43250 yuan/ton to 42500 yuan/ton, and the spot premium decreasing from 7815 yuan/ton to 6770 yuan/ton. The polysilicon warehouse receipts remained unchanged at 9810, the Guangzhou Futures Exchange inventory increased by 1.0 million tons to 32.07 million tons, and the factory inventory decreased by 0.3 million tons to 35.70 million tons, with the total social inventory decreasing by 0.3 million tons to 35.7 million tons [4] - **Organic Silicon**: The DMC price in the East China market remained unchanged at 14300 yuan/ton, the price of raw rubber remained unchanged at 15100 yuan/ton, the price of 107 glue remained unchanged at 14800 yuan/ton, and the price of dimethyl silicone oil increased by 1000 yuan/ton to 15800 yuan/ton [4] 3. Chart Analysis - **3.1 Industrial Silicon and Cost - end Prices**: The charts show the prices of different grades of industrial silicon, grade price differences, regional price differences, electricity prices, silica prices, and refined coal prices [6][7][10][11] - **3.2 Downstream Product Prices**: The charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [12][17][19] - **3.3 Inventory**: The charts present the futures inventories of industrial silicon and polysilicon, weekly industry inventories and inventory changes of industrial silicon, weekly inventories of polysilicon, and weekly inventory of DMC [22][23][26] - **3.4 Cost and Profit**: The charts show the average cost and profit levels of industrial silicon, weekly cost - profit of industrial silicon, processing industry profit of polysilicon, cost - profit of DMC, and cost - profit of aluminum alloy [29][31][33]

Report Summary 1. Industry Investment Ratings - Industrial silicon: Weak pattern [1] - Polysilicon: Mainly in a downward trend [2] 2. Core Views - The industrial silicon market shows a weak situation, and the polysilicon market is mainly experiencing a downward trend [1][2] - Turkey's photovoltaic industry has significant growth momentum, with its cumulative photovoltaic installed capacity reaching 25827MW by the end of January 2026, and the proportion of photovoltaic installed capacity in the total installed capacity rising to 20.9% [3][4] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: Si2605 closing price is 8,605 yuan/ton, with changes of -30 (T - 1), -45 (T - 5), and -270 (T - 22); PS2605 closing price is 35,730 yuan/ton, with a T - 1 change of 295 and a T - 5 change of -5,940. There are also corresponding changes in trading volumes and open interests [2] - **Basis and Price**: Industrial silicon has different spot premiums and discounts for different standards, and polysilicon - N - type re - feedstock price is 42,500 yuan/ton, with a T - 1 change of -750, a T - 5 change of -3000, and a T - 22 change of -10750 [2] - **Profit**: Silicon factory profits for different standards in Xinjiang and Yunnan are negative, and polysilicon enterprise profits are -1.8 yuan/kg, with a T - 1 change of -0.4, a T - 5 change of -2.6, and a T - 22 change of -10.3 [2] - **Inventory**: Industrial silicon social inventory is 55.3 million tons, enterprise inventory is 19.8 million tons, and industry inventory is 75.1 million tons; polysilicon factory inventory is 34.4 million tons [2] - **Raw Material Costs**: Prices of raw materials such as silicon ore, washed coking coal, petroleum coke, and electrodes in different regions have little change [2] - **Prices and Profits in Related Industries**: In the polysilicon (photovoltaic), organic silicon, and aluminum alloy industries, there are corresponding changes in prices and profits [2] 3.2 Macro and Industry News - Turkey's photovoltaic cumulative installed capacity reached 25827MW by the end of January 2026, and multiple photovoltaic projects were connected to the grid in January, including the first large - scale photovoltaic energy storage integration project [3][4] 3.3 Trend Intensity - Industrial silicon trend intensity: 0; polysilicon trend intensity: -1 [4]

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - Industrial silicon price is expected to maintain range - bound oscillations with supply gradually releasing after significant contraction since the Spring Festival, weak downstream demand in polysilicon, obvious medium - long - term price support, and an overall situation of weak supply and demand [3] - Polysilicon price is expected to continue weak oscillations due to weak industrial silicon price, unfulfilled demand expectations, high inventory, and other factors [7] 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On March 23, 2026, the industrial silicon futures price fluctuated and rose. The main contract 2605 opened at 8,550 yuan/ton and closed at 8,575 yuan/ton, a change of 155 yuan/ton (1.84%) from the previous day's settlement. The position of the main contract 2605 was 230,888 lots, and the number of warehouse receipts on March 22, 2026 was 21,648 lots, a change of - 20 lots from the previous day [1] - Industrial silicon spot price increased. According to SMM data, the price of East China oxygen - passing 553 silicon was 9,100 - 9,300 (100) yuan/ton; 421 silicon was 9,500 - 9,700 (0) yuan/ton, Xinjiang oxygen - passing 553 price was 8,500 - 8,600 (0) yuan/ton, and 99 silicon price was 8,500 - 8,600 (0) yuan/ton. Silicon prices in some regions were flat, and the price of 97 silicon remained stable [1] - As of March 19, the total social inventory of industrial silicon in major regions was 553,000 tons, a decrease of 0.18% from the previous week [1] - According to SMM statistics, the quotation of organic silicon DMC was 13,800 - 14,300 (0) yuan/ton. After the festival, the demand for downstream polysilicon, organic silicon, and aluminum alloy all decreased to varying degrees, and most were tentative inquiries [1] - The operating rate in Xinjiang exceeded 50%, and the supply side gradually recovered after the festival, but the operating rate in the southwest remained low during the dry season [1] Cost - Recently, the prices of petroleum coke and Xinjiang's electricity have increased, providing solid cost support for industrial silicon [2] Strategy - Industrial silicon price is expected to maintain range - bound oscillations. Short - term range operation for the single - side strategy, and no suggestions for cross - period, cross - variety, spot - futures, and options strategies [3] Polysilicon Market Analysis - On March 23, 2026, the main contract 2605 of polysilicon futures fluctuated and fell, opening at 38,180 yuan/ton and closing at 35,435 yuan/ton, a change of - 8.12% from the previous trading day. The position of the main contract was 32,015 (33,320 in the previous trading day) lots, and the trading volume on that day was 12,786 lots [3] - Polysilicon spot price decreased. According to SMM statistics, the price of N - type material was 39.00 - 47.50 (- 0.25) yuan/kg, and n - type granular silicon was 40.00 - 43.00 (- 2.50) yuan/kg [4] - Polysilicon manufacturers' inventory decreased, and silicon wafer inventory increased. The latest statistics showed that polysilicon inventory was 34.40 (a month - on - month change of - 3.56%), silicon wafer inventory was 27.65GW (a month - on - month change of - 2.47%), polysilicon weekly output was 19,000.00 tons (a month - on - month change of 0.00%), and silicon wafer output was 11.78GW (a month - on - month change of - 1.67%) [4] - In the silicon wafer market, the price of domestic N - type 18Xmm silicon wafer was 0.99 (- 0.02) yuan/piece, N - type 210mm was 1.29 (0.00) yuan/piece, and N - type 210R silicon wafer was 1.09 (0.00) yuan/piece [4] - In the battery cell market, the price of high - efficiency PERC182 battery cell was 0.27 (0.00) yuan/W; PERC210 battery cell was about 0.28 (0.00) yuan/W; TopconM10 battery cell was about 0.40 (0.00) yuan/W; Topcon G12 battery cell was 0.40 (0.00) yuan/W; Topcon210RN battery cell was 0.41 (0.00) yuan/W. The price of HJT210 half - cell battery was 0.37 (0.00) yuan/W [6] - In the component market, the mainstream transaction price of PERC182mm was 0.67 - 0.74 (0.00) yuan/W, PERC210mm was 0.69 - 0.73 (0.00) yuan/W, N - type 182mm was 0.74 - 0.76 (0.00) yuan/W, and N - type 210mm was 0.75 - 0.78 (0.00) yuan/W [6] - After the polysilicon price fell below the cost level of 40,000 yuan/ton last week, the market sentiment was pessimistic. The price hit the daily limit, reaching around 35,000 yuan/ton. Most enterprises in the market were in the red, and only a few maintained profitability. Due to cost pressure, the expected production capacity of enterprises will significantly shrink, and the possibility of price rebound after over - decline should be vigilant [6] Strategy - Polysilicon price is expected to continue weak oscillations. Short - term range operation for the single - side strategy with the main contract expected to maintain oscillations in the short term, and no suggestions for cross - period, cross - variety, spot - futures, and options strategies [7]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - On March 19, industrial silicon fluctuated weakly, with the main contract 2605 closing at 8,285 yuan/ton, a daily decline of 1.78%, and the open interest increasing by 6,591 lots to 254,000 lots. The reference price of industrial silicon spot from Baichuan was 9,313 yuan/ton, remaining stable compared to the previous trading day. The price of the lowest deliverable product rebounded to 8,800 yuan/ton, and the spot premium expanded to 515 yuan/ton. Polysilicon fluctuated weakly, with the main contract 2605 closing at 38,550 yuan/ton, a daily decline of 5.77%, and the open interest decreasing by 1,612 lots to 32,966 lots. The price of N-type recycled silicon material from Baichuan dropped to 43,750 yuan/ton, and the price of the lowest deliverable silicon material dropped to 43,750 yuan/ton, with the spot premium narrowing to 5,200 yuan/ton [2]. - The受阻 resumption of production in Xinjiang and the small - scale resumption of production in the southwest of industrial silicon form a structural hedge. The increase in petroleum coke raw materials and the grid electricity price in Xinjiang provide cost support. Downstream rigid - demand stocking is sufficient, but the willingness for incremental stocking is insufficient. The industrial silicon futures market fluctuates in a narrow range, and the spot price stabilizes at the bottom. The actual transactions of polysilicon continue to move towards lower prices. In March, some large factories have start - up plans one after another, the supply contraction situation ends, and the newly added inventory is continuously transferred to warehouse receipts to relieve the pressure of factory inventory backlog. The downstream silicon wafer procurement willingness is low, and polysilicon is expected to continue to bottom - out in the short term. The market is waiting for the specific policy signal of anti - involution in the photovoltaic industry [2]. Group 3: Summary by Directory 1. Research View - The research view mainly analyzes the price trends of industrial silicon and polysilicon on March 19, 2026, including futures prices, spot prices, and the relationship between them. It also analyzes the supply - demand situation and cost factors affecting the two, and predicts the future trends of the two [2]. 2. Daily Data Monitoring Industrial Silicon - Futures settlement prices of the main and near - month contracts decreased, with the main contract dropping from 8,375 yuan/ton to 8,285 yuan/ton, and the near - month contract dropping from 8,325 yuan/ton to 8,255 yuan/ton. Most spot prices of different grades and regions of industrial silicon decreased, and the price difference between 421 and 553 silicon increased by 100 yuan/ton. The lowest deliverable product price remained unchanged at 8,800 yuan/ton, and the spot premium increased to 515 yuan/ton [4]. - In terms of inventory, the industrial silicon warehouse receipts remained unchanged at 21,669, the Guangzhou Futures Exchange inventory increased from 104,180 tons to 109,880 tons, the inventory at Huangpu Port increased by 1,000 tons, the inventory at Tianjin Port increased by 1,000 tons, the inventory at Kunming Port decreased by 1,000 tons, and the factory inventory increased by 14,300 tons. The total social inventory increased by 15,300 tons to 452,650 tons [4]. Polysilicon - Futures settlement prices of the main and near - month contracts decreased significantly, with the main contract dropping from 40,105 yuan/ton to 38,550 yuan/ton, and the near - month contract dropping from 39,910 yuan/ton to 38,000 yuan/ton. Most spot prices of polysilicon decreased, and the lowest deliverable product price dropped from 45,500 yuan/ton to 43,750 yuan/ton, with the spot premium narrowing to 5,200 yuan/ton [4]. - In terms of inventory, the polysilicon warehouse receipts remained unchanged at 9,910, the Guangzhou Futures Exchange inventory increased from 310,500 tons to 320,700 tons, the factory inventory decreased by 3,000 tons to 357,000 tons, and the total social inventory decreased by 3,000 tons to 357,000 tons [4]. Organic Silicon - The prices of DMC in the East China market, raw rubber, and 107 glue remained unchanged, while the price of dimethyl silicone oil increased by 1,000 yuan/ton to 15,800 yuan/ton [4]. 3. Chart Analysis 3.1 Industrial Silicon and Cost - end Prices - The charts show the prices of different grades of industrial silicon, grade price differences, regional price differences, electricity prices, silica prices, and coking coal prices [6][8][11]. 3.2 Downstream Product Prices - The charts show the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and photovoltaic modules [14][19][20]. 3.3 Inventory - The charts show the futures inventory of industrial silicon and polysilicon, the weekly industry inventory and inventory changes of industrial silicon, the weekly inventory of polysilicon, and the weekly inventory of DMC [22][25]. 3.4 Cost - profit - The charts show the average cost and profit levels of industrial silicon, the weekly cost - profit of industrial silicon, the processing industry profit of polysilicon, the cost - profit of DMC, and the cost - profit of aluminum alloy [28][30][33]. 4. Team Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in non - ferrous metal research and have won many industry awards [36][37].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report Industrial Silicon - Supply: Last week, the industrial silicon supply was 78,000 tons, a 8.33% week-on-week increase. The supply schedule is increasing but is still at a low level [6]. - Demand: Last week, the demand was 68,000 tons, a 4.62% week-on-week increase. The recovery of demand is emerging [6]. - Cost: The production cost of sample oxygenated 553 in Xinjiang is 9,769.7 yuan/ton, remaining flat week-on-week. The cost support has increased during the dry season [6]. - Outlook: Industrial Silicon 2605 is expected to fluctuate between 8,200 - 8,370 yuan/ton [6]. Polysilicon - Supply: Last week, the polysilicon production was 19,000 tons, a 1.06% week-on-week increase. The production schedule for March is predicted to be 84,900 tons, a 10.25% increase compared to the previous month [8]. - Demand: The overall demand shows recovery, but may lack strength later. The production of silicon wafers continues to increase, the production of solar cells increases in the short term and is expected to correct in the medium term, and the production of components increases in the short term and is expected to correct in the medium term [9][10]. - Cost: The average industry cost of N-type polysilicon is 40,720 yuan/ton, with a production profit of 1,280 yuan/ton [9]. - Outlook: Polysilicon 2605 is expected to fluctuate between 37,615 - 39,485 yuan/ton [10]. Summary by Relevant Catalogs Daily Viewpoints Industrial Silicon - Fundamental: Neutral [6] - Basis: On March 19th, the spot price of non-oxygenated silicon in East China was 9,100 yuan/ton, and the basis of the 05 contract was 815 yuan/ton. The spot price is higher than the futures price, which is bullish [6]. - Inventory: The social inventory is 552,000 tons, a 0.18% week-on-week decrease; the sample enterprise inventory is 197,100 tons, a 0.61% week-on-week increase; the main port inventory is 134,000 tons, a 0.74% week-on-week decrease. This is bearish [6]. - Chart: MA20 is downward, and the futures price of the 05 contract closed below MA20. This is bearish [6]. - Main Position: The main position is net short, and the short position is decreasing. This is bearish [6]. Polysilicon - Fundamental: Bullish [9] - Basis: On March 19th, the price of N-type dense material was 42,000 yuan/ton, and the basis of the 05 contract was 5,200 yuan/ton. The spot price is higher than the futures price, which is bullish [11]. - Inventory: The weekly inventory is 357,000 tons, a 2.58% week-on-week increase, and it is at a historically high level. This is bearish [11]. - Chart: MA20 is downward, and the futures price of the 05 contract closed below MA20. This is bearish [11]. - Main Position: The main position is net long, and the long position is increasing. This is bullish [11]. Market Overview Industrial Silicon - Futures closing prices of multiple contracts showed different degrees of decline, and some spot prices also decreased [16]. - The weekly social inventory decreased by 0.18%, the sample enterprise inventory increased by 0.61%, and the main port inventory decreased by 0.74% [16]. Polysilicon - Futures closing prices of multiple contracts showed different degrees of decline, and the prices of some silicon wafers and solar cells also changed [17]. - The weekly silicon wafer inventory decreased by 22.06%, and the photovoltaic cell export volume increased by 24.25% [17]. Downstream Industry Analysis Organic Silicon - The DMC daily capacity utilization rate remained flat at 65.4%, and the monthly DMC inventory increased by 23.94% [15][45]. - The prices of products such as 107 rubber, raw rubber, silicone oil, and D4 remained stable [47][48][49]. Aluminum Alloy - The monthly production of primary and secondary aluminum alloy ingots decreased, and the weekly aluminum alloy ingot social inventory decreased by 7.20% [16][58]. - The price of SMM aluminum alloy ADC12 remained stable, and the import profit decreased [16][55]. Polysilicon - The polysilicon industry cost remained stable, and the price of N-type polysilicon decreased by 3.85% [17][64]. - The total polysilicon inventory increased by 2.59% week-on-week, and the monthly production and demand showed different trends [17][64].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - For industrial silicon, the supply increased last week, the demand rose, the cost support increased during the dry - season, and it is expected to fluctuate in the 8290 - 8460 range [3][6] - For polysilicon, the supply production is continuously increasing, the demand shows some recovery but may be weak later, the cost support is stable, and it is expected to fluctuate in the 39200 - 41010 range [8] 3. Summary According to the Directory 3.1 Daily Views 3.1.1 Industrial Silicon - Supply: Last week, the supply was 78,000 tons, a month - on - month increase of 8.33% [6] - Demand: Last week, the demand was 68,000 tons, a month - on - month increase of 4.62% [6] - Inventory: Polysilicon inventory was 357,000 tons, at a high level; organic silicon inventory was 58,500 tons, at a low level; alloy ingot inventory was 58,000 tons, at a high level; social inventory was 552,000 tons, a month - on - month decrease of 0.18%; sample enterprise inventory was 197,100 tons, a month - on - month increase of 0.61%; main port inventory was 134,000 tons, a month - on - month decrease of 0.74% [6] - Cost: The production cost of sample oxygen - passing 553 in Xinjiang was 9769.7 yuan/ton, remaining the same month - on - month [6] - Basis: On March 18, the spot price of non - oxygen - passing in East China was 9200 yuan/ton, and the basis of the 05 contract was 825 yuan/ton, with the spot at a premium to the futures [6] - Disk: MA20 was flat, and the futures price of the 05 contract closed below MA20 [6] - Main Position: The main position was net short, and the short position decreased [6] 3.1.2 Polysilicon - Supply: Last week, the output was 19,000 tons, a month - on - month increase of 1.06%, and the planned production in March was 84,900 tons, a month - on - month increase of 10.25% [8] - Demand: Last week, the silicon wafer output was 11.98GW, a month - on - month increase of 8.12%, and the inventory was 283,500 tons, a month - on - month decrease of 2.27%; the battery cell output in February was 37.09GW, a month - on - month decrease of 10.49%, and the external sales factory inventory last week was 5.82GW, a month - on - month decrease of 16.61%; the component output in February was 29.3GW, a month - on - month decrease of 16.76%, and the planned output in March was 41.39GW, a month - on - month increase of 41.26% [8] - Cost: The average cost of N - type polysilicon was 40,720 yuan/ton, and the production profit was 2280 yuan/ton [8] - Basis: On March 18, the price of N - type dense material was 43,000 yuan/ton, and the basis of the 05 contract was 5395 yuan/ton, with the spot at a premium to the futures [8] - Inventory: The weekly inventory was 357,000 tons, a month - on - month increase of 2.58%, at a high level in the same period of history [8] - Disk: MA20 was downward, and the futures price of the 05 contract closed below MA20 [8] - Main Position: The main position was net long, and the long position increased [8] 3.2 Industrial Silicon Market Overview - Futures closing prices of various contracts showed different degrees of decline compared with the previous values [14] - Spot prices of different types of industrial silicon remained unchanged [14] - Inventory data of different regions and types showed different trends, such as a decrease in social inventory and an increase in sample enterprise inventory [14] 3.3 Polysilicon Market Overview - Futures closing prices of various contracts showed different degrees of decline compared with the previous values [15] - Prices of silicon wafers, battery cells, and components showed different trends, and some remained unchanged [15] - Inventory and production data of silicon wafers, battery cells, and components also showed different trends [15] 3.4 Industrial Silicon Price - Basis and Delivery Product Spread Trends - The report presents the historical trends of the basis of the SI main contract and the spread between 421 and 553 in East China [17][18] 3.5 Industrial Silicon Inventory - The report shows the historical trends of inventory in delivery warehouses, ports, and SMM sample enterprises [20][21][22] 3.6 Industrial Silicon Production and Capacity Utilization Trends - The report shows the historical trends of weekly production of SMM sample enterprises, monthly production by specification, and the opening rate of sample enterprises [24][25][26] 3.7 Industrial Silicon Component Cost Trends - The report shows the historical trends of electricity prices in main production areas, silicon stone prices in main production areas, graphite electrode prices, and some reducing agent prices [30][31] 3.8 Industrial Silicon Cost - Sample Region Trends - The report shows the historical cost trends of 421/553 in Sichuan, Xinjiang, and Yunnan [32][33][34] 3.9 Industrial Silicon Weekly Supply - Demand Balance Sheet - The report shows the historical trends of weekly supply - demand balance of industrial silicon [36][37] 3.10 Industrial Silicon Monthly Supply - Demand Balance Sheet - The report shows the monthly supply - demand balance data of industrial silicon from 2025 to 2026 [39][40] 3.11 Industrial Silicon Downstream - Organic Silicon - **DMC Price and Production Trends**: The report shows the historical trends of DMC daily capacity utilization, profit - cost, weekly output, and price [42][43] - **Downstream Price Trends**: The report shows the historical trends of prices of 107 glue, raw rubber, silicone oil, and D4 [44][45][46][47] - **Import - Export and Inventory Trends**: The report shows the historical trends of DMC monthly import - export volume and inventory [49][50][51] 3.12 Industrial Silicon Downstream - Aluminum Alloy - **Price and Supply Situation**: The report shows the historical trends of waste aluminum recycling volume, waste aluminum social inventory, aluminum scrap import volume, SMM aluminum alloy ADC12 price, and import ADC12 cost - profit [52][53] - **Inventory and Production Trends**: The report shows the historical trends of monthly production of primary aluminum - based aluminum alloy ingots and recycled aluminum alloy ingots, weekly opening rates of primary and recycled aluminum alloys, and aluminum alloy ingot social inventory [55][56] - **Demand (Automobiles and Wheels)**: The report shows the historical trends of monthly automobile production, sales, and aluminum alloy wheel export [57][58][59] 3.13 Industrial Silicon Downstream - Polysilicon - **Fundamental Trends**: The report shows the historical trends of polysilicon industry cost, price, total inventory, monthly output, monthly opening rate, and monthly demand [61][62] - **Supply - Demand Balance Sheet**: The report shows the monthly supply - demand balance data of polysilicon from 2024 to 2025 [64][65] - **Silicon Wafer Trends**: The report shows the historical trends of silicon wafer price, weekly output, weekly inventory, monthly demand, and net export of single - crystal and poly - crystal silicon wafers [67][68] - **Battery Cell Trends**: The report shows the historical trends of single - crystal P/N type battery cell price, battery cell production scheduling and actual output, photovoltaic battery external sales factory weekly inventory, photovoltaic battery opening rate, and battery cell export [70][71] - **Photovoltaic Component Trends**: The report shows the historical trends of component price, domestic and European photovoltaic component inventory, monthly component output, and component export [73][74] - **Photovoltaic Accessory Trends**: The report shows the historical trends of photovoltaic coating price, photovoltaic film import - export volume, photovoltaic glass monthly output, export volume, high - purity quartz sand price, and solder strip import - export volume [76][77] - **Component Composition Cost - Profit Trends (210mm)**: The report shows the historical trends of silicon material cost, silicon wafer profit - cost, battery cell profit - cost, and component profit - cost of 210mm double - sided double - glass components [79] - **Photovoltaic Grid - Connected Power Generation Trends**: The report shows the historical trends of national new power generation installed capacity, power generation composition and total amount, photovoltaic power station new grid - connected capacity, and solar monthly power generation [80][81]