1. Report Industry Investment Rating - Not provided in the report 2. Core Views of the Report - For industrial silicon, the supply is increasing, demand is recovering, cost support is rising, and it is expected to oscillate in the range of 8585 - 8765 [6]. - For polysilicon, the supply production schedule is continuously increasing, demand shows some recovery but may be weak later, cost support is stable, and it is expected to oscillate in the range of 41100 - 42980 [11]. 3. Summary According to the Directory 3.1 Daily Views 3.1.1 Industrial Silicon - Supply: Last week's supply was 78,000 tons, a 8.33% increase from the previous week [6]. - Demand: Last week's demand was 68,000 tons, a 4.62% increase from the previous week. Polysilicon inventory is at a high level, silicon wafers are in a loss state, while battery cells and components are profitable. Organic silicon inventory is at a low level, with a production profit of 2940 yuan/ton and a comprehensive operating rate of 65.4%, which is flat compared to the previous week and lower than the historical average. The inventory of aluminum alloy ingots is at a high level, with an import loss of 1986 yuan/ton [6]. - Cost: The production cost of sample oxygen - passed 553 in Xinjiang is 9769.7 yuan/ton, with no change from the previous week. The cost support has increased during the dry season [6]. - Basis: On March 13th, the spot price of non - oxygen - passed silicon in East China was 9200 yuan/ton, and the basis of the 05 contract was 525 yuan/ton, with the spot price higher than the futures price [6]. - Inventory: The social inventory is 552,000 tons, a 0.18% decrease from the previous week; the sample enterprise inventory is 197,100 tons, a 0.61% increase from the previous week; the main port inventory is 134,000 tons, a 0.74% decrease from the previous week [6]. - Disk: MA20 is upward, and the futures price of the 05 contract is above MA20 [6]. - Main position: The main position is net short, and the short position is increasing [6]. - Expectation: The supply production schedule is increasing but remains at a low level, demand recovery is emerging, cost support is rising. Industrial silicon 2605 is expected to oscillate in the range of 8585 - 8765 [6]. 3.1.2 Polysilicon - Supply: Last week's production was 19,000 tons, a 1.06% increase from the previous week. The predicted production schedule for March is 84,900 tons, a 10.25% increase from the previous month [9]. - Demand: Last week's silicon wafer production was 11.98GW, an 8.12% increase from the previous week, and the inventory was 283,500 tons, a 2.27% decrease from the previous week. Currently, silicon wafer production is in a loss state. The production schedule for March is 49.01GW, a 10.70% increase from the previous month. In February, the production of battery cells was 37.09GW, a 10.49% decrease from the previous month. Last week, the inventory of battery cell external sales factories was 6.98GW, a 19.95% decrease from the previous week. Currently, production is profitable. The production schedule for March is 46.36GW, a 24.99% increase from the previous month. In February, the production of components was 29.3GW, a 16.76% decrease from the previous month. The expected production of components in March is 41.39GW, a 41.26% increase from the previous month. The domestic monthly inventory is 24.76GW, a 51.73% decrease from the previous month, and the European monthly inventory is 38.41GW, a 12.30% increase from the previous month. Currently, component production is profitable [10]. - Cost: The average cost of polysilicon N - type material in the industry is 40,720 yuan/ton, and the production profit is 2780 yuan/ton [10]. - Basis: On March 13th, the price of N - type dense material was 43,500 yuan/ton, and the basis of the 05 contract was 3960 yuan/ton, with the spot price higher than the futures price [12]. - Inventory: The weekly inventory is 357,000 tons, a 2.58% increase from the previous week, at a high level compared to the same period in history [12]. - Disk: MA20 is downward, and the futures price of the 05 contract is below MA20 [12]. - Main position: The main position is net long, and the short position has turned to long [11]. - Expectation: The supply production schedule is continuously increasing. The production of silicon wafers is continuously increasing, the production of battery cells will increase in the short - term and may adjust in the medium - term, and the production of components will increase in the short - term and may adjust in the medium - term. Overall, demand shows some recovery but may be weak later. Cost support is stable. Polysilicon 2605 is expected to oscillate in the range of 41100 - 42980 [11]. 3.2 Market Overview 3.2.1 Industrial Silicon - The prices of some contracts have changed. For example, the 01 contract increased by 0.82%, and the 03 contract decreased by 2.98%. The prices of different grades of silicon in East China remained mostly unchanged [17]. - 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% [17]. - The weekly production of sample enterprises increased by 19.12%, and the production of different regions such as Xinjiang, Yunnan, and Sichuan also changed to varying degrees [17]. 3.2.2 Polysilicon - The prices of some contracts have changed. For example, the 01 contract increased by 0.62%, and the 02 contract decreased by 10.20% [19]. - The prices of silicon wafers, battery cells, and components remained mostly unchanged, and the production and inventory of silicon wafers, battery cells, and components also changed to varying degrees [19]. 3.3 Other Aspects - The report also includes various trend charts and data on industrial silicon, such as price - basis and delivery product price difference trends, inventory, production and capacity utilization trends, cost trends, and downstream industry trends (including organic silicon, aluminum alloy, polysilicon, etc.) [21][24][28]