1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Industrial silicon supply will contract next week as Sichuan, Yunnan and other regions enter the dry season, with increased production cuts and some enterprises halting production due to rising electricity prices, despite expected restarts in the Northwest [2] - On the demand side, organic silicon maintains a rigid demand for industrial silicon but consumption growth is limited; polysilicon currently supports industrial silicon procurement but may reduce demand due to rising costs and potential production cuts; aluminum alloy has stable demand for industrial silicon but limited price - pulling ability [2] - Although industrial silicon showed little movement today, the volume and price of downstream organic silicon are rising, which is expected to drive industrial silicon up, and it is recommended to go long at low prices [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 9,145 yuan/ton, down 50 yuan; the position of the main contract is 267,758 lots, up 5,622 lots; the net position of the top 20 is - 64,574 lots, down 473 lots; the warehouse receipts of GZEE are 45,387 lots, down 549 lots; the basis between the December and January industrial silicon contracts is 10 yuan, up 10 yuan [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9,500 yuan/ton, unchanged; the average price of 421 silicon is 9,750 yuan/ton, unchanged; the basis of the Si main contract is 355 yuan/ton, up 50 yuan; the DMC spot price is 11,800 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 2,410 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon is 402,800 tons, an increase of 36,000 tons; the weekly social inventory of industrial silicon is 552,000 tons, an increase of 10,000 tons; the monthly import volume of industrial silicon is 1,939.85 tons, an increase of 602.27 tons; the monthly export volume of industrial silicon is 70,232.72 tons, a decrease of 6,409.29 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, an increase of 700 tons; the overseas market price of photovoltaic - grade polysilicon is 15.95 US dollars/kg; the average price of aluminum alloy ADC12 in the Yangtze River spot is 21,500 yuan/ton, an increase of 100 yuan; the weekly average price of photovoltaic - grade polysilicon is 6.5 US dollars/kg; the monthly export volume of unforged aluminum alloy is 23,495.34 tons, a decrease of 5,568.37 tons; the weekly operating rate of organic silicon DMC is 69.26%, an increase of 0.7%; the monthly output of aluminum alloy is 1.776 million tons, an increase of 141,000 tons; the monthly export volume of aluminum alloy is 23,495.34 tons, a decrease of 5,568.37 tons [2] 3.6 Industry News - China's cumulative installed capacity of operational power energy storage projects is 137.9 GW, accounting for 37.1% of the global market, with a year - on - year increase of 59.9%; the cumulative installed capacity of new - type energy storage is 78.3 GW, accounting for 47% of the global market, and lithium - ion batteries dominate, accounting for 97.1% of the cumulative installed capacity of new - type energy storage [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The supply of industrial silicon will shrink next week as the dry - season production cuts in Southwest China are more significant, despite the复产 expectations in Northwest China [2] - The downstream demand for industrial silicon is diverse. Organic silicon maintains a rigid - demand state but has limited consumption upside due to the sluggish terminal market. The short - term weekly production of polysilicon is still high, but there are expectations of production cuts, which may reduce the demand for industrial silicon. The demand from the aluminum alloy industry is stable but has limited marginal impact on prices [2] - Industrial silicon follows the polysilicon trend and remains stable. It is expected to have a higher probability of oscillating upward in the future. It is recommended to go long on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 9,195 yuan/ton, up 15 yuan; the main contract position is 262,136 hands, down 8,823 hands; the net position of the top 20 is - 64,101 hands, up 1,755 hands; the GZEE warehouse receipts are 45,936 hands, down 143 hands; the basis between the December and January industrial silicon contracts is 0, unchanged [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9,500 yuan/ton, unchanged; the average price of 421 silicon is 9,750 yuan/ton, unchanged; the basis of the Si main contract is 305 yuan/ton, down 15 yuan; the DMC spot price is 11,800 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average prices of silica, petroleum coke, clean coal, wood chips, and graphite electrodes (400mm) are 410 yuan/ton, 2,410 yuan/ton, 1,850 yuan/ton, 490 yuan/ton, and 12,250 yuan/ton respectively, all unchanged [2] 3.4 Industry Situation - The monthly industrial silicon output is 402,800 tons, an increase of 36,000 tons; the weekly social inventory of industrial silicon is 552,000 tons, an increase of 10,000 tons; the monthly import volume is 70,232.72 tons, an increase of 1,939.85 tons; the monthly export volume is 602.27 tons, a decrease of 6,409.29 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, an increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market is 21,400 yuan/ton, unchanged; the overseas market price of photovoltaic - grade polysilicon is 15.95 US dollars/kg, unchanged; the weekly average spot price of photovoltaic - grade polysilicon is 6.5 US dollars/kg, unchanged; the monthly export volume of unforged aluminum alloy is 23,495.34 tons, a decrease of 5,568.37 tons; the weekly operating rate of organic silicon DMC is 69.26%, an increase of 0.7%; the monthly aluminum alloy output is 1,776,000 tons, an increase of 141,000 tons; the monthly aluminum alloy export volume is 23,495.34 tons, a decrease of 5,568.37 tons [2] 3.6 Industry News - On November 11, 2025, Hesheng Silicon Industry announced that Fuda Industrial plans to reduce its shareholding by no more than 27.0705 million shares (2.29% of the total share capital) in the next three months for its own capital needs [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - This week, with the arrival of the dry season, the industrial silicon market further reduced production. The demand for polysilicon was highly uncertain, while the demand for silicone and aluminum alloy was relatively stable. Cost provided support for the price floor, but high inventory restricted the upward price movement. Today, industrial silicon bottomed out and rebounded but still closed lower. Overall, the bottom support strengthened, and it is expected to continue oscillating. The operation suggestion is to buy on dips and pay attention to operational risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 9,140 yuan/ton, up 40 yuan; the position of the main contract was 228,268 lots, down 297 lots; the net position of the top 20 was -56,668 lots, up 770 lots; the Guangzhou Futures Exchange warehouse receipts were 46,161 lots, down 1,092 lots; the closing price of the December contract for industrial silicon was -430 yuan/ton, down 35 yuan; the spread between the November - December contracts for industrial silicon was -430 yuan/ton, down 35 yuan [2] 3.2 Spot Market - The average price of oxygen - blown 553 silicon was 9,450 yuan/ton, unchanged; the average price of 421 silicon was 9,700 yuan/ton, unchanged; the basis of the Si main contract was 310 yuan/ton, down 40 yuan; the DMC spot price was 11,800 yuan/ton, up 525 yuan [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 2,110 yuan/ton, unchanged; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon was 402,800 tons, up 36,000 tons; the weekly social inventory of industrial silicon was 552,000 tons, up 10,000 tons; the monthly import volume of industrial silicon was 1,939.85 tons, up 602.27 tons; the monthly export volume of industrial silicon was 70,232.72 tons, down 6,409.29 tons; the weekly output of silicone DMC was 44,900 tons, up 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 21,400 yuan/ton, up 100 yuan [2] 3.5 Downstream Situation - The overseas market price of photovoltaic - grade polysilicon was 15.85 US dollars/kg; the weekly average spot price of photovoltaic - grade polysilicon was 6.5 US dollars/kg, down 0.01 US dollars/kg; the monthly export volume of unforged aluminum alloy was 23,495.34 tons, down 5,568.37 tons; the weekly operating rate of silicone DMC was 68.56%, down 1.49 percentage points; the monthly output of aluminum alloy was 1.776 million tons, up 141,000 tons; the monthly export volume of aluminum alloy was 23,495.34 tons, down 5,568.37 tons [2] 3.6 Industry News - Hesheng Silicon Industry (603260.SH) released its Q3 2025 report, with operating income of 5.43 billion yuan, a year - on - year decrease of 23.51%, and net profit attributable to shareholders of the listed company of 75.6675 million yuan, a year - on - year decrease of 84.12%. Although still showing negative year - on - year growth, the single - quarter profit index turned positive compared to the loss in the first half of the year. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year. China will adjust its counter - measures accordingly, and both sides agreed to extend some tariff exclusion measures [2] 3.7 Supply and Demand Analysis - On the supply side, as Sichuan and Yunnan transition from the wet season to the dry season in October, production costs for manufacturers increased, and some enterprises with exhausted raw materials stopped production. As November approached, the scale of production cuts in the dry season expanded further. In Xinjiang, with stable and low - cost power supply, some manufacturers actively increased production, with an increase in the number of open furnaces and continuous release of production capacity. On the demand side, the downstream of industrial silicon is mainly concentrated in silicone, polysilicon, and aluminum alloy. For silicone, inventory was lower than the historical average, production profit was flat, and it provided certain rigid - demand procurement support for industrial silicon. For polysilicon, inventory reached 282,600 tons, higher than the historical average. Rising silicon wafer prices were beneficial for polysilicon demand, but production cuts in the dry season were expected to have a negative impact on industrial silicon demand. For aluminum alloy, the operating rate of enterprises remained stable, the demand for industrial silicon remained high, and the demand performance was relatively stable, but its marginal impact on the price of industrial silicon was limited [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Next week, in the industrial silicon market, production cuts in the southwest and increased production in the northwest will occur simultaneously; there is high uncertainty in the demand for polysilicon, while the demand for organosilicon and aluminum alloy is relatively stable; costs provide support for prices at the lower end, but high inventories limit the upside potential of prices. Industrial silicon continued to fluctuate at the bottom today. If production capacity continues to decline, industrial silicon prices are expected to find support. However, the short - term main contract is near the high - price level, so it is recommended to short on rallies [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 8955 yuan/ton, down 10 yuan; the main contract's open interest was 211,670 hands, up 10,152 hands; the net position of the top 20 was - 55,846 hands, down 7,555 hands; the Guangzhou Futures Exchange's warehouse receipts were 48,044 hands, down 141 hands; the closing price of the December contract for industrial silicon was - 375 yuan/ton, up 5 yuan; the spread between the November - December contracts for industrial silicon was - 375 yuan/ton, up 5 yuan [2] 3.2 Spot Market - The average price of oxygen - blown 553 silicon was 9350 yuan/ton, unchanged; the average price of 421 silicon was 9650 yuan/ton, unchanged; the basis of the Si main contract was 395 yuan/ton, up 10 yuan; the DMC spot price was 11,275 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 2030 yuan/ton, unchanged; the average price of clean coal was 1850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly industrial silicon production was 402,800 tons, up 36,000 tons; the weekly industrial silicon social inventory was 552,000 tons, up 10,000 tons; the monthly industrial silicon imports were 1,939.85 tons, up 602.27 tons; the monthly industrial silicon exports were 70,232.72 tons, down 6,409.29 tons [2] 3.5 Downstream Situation - The weekly output of organosilicon DMC was 44,900 tons, up 700 tons; the overseas market price of photovoltaic - grade polysilicon was 15.85 US dollars/kg; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 21,100 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon was 6.51 US dollars/kg, down 0.02 US dollars/kg; the monthly export volume of unforged aluminum alloy was 23,495.34 tons, down 5,568.37 tons; the weekly operating rate of organosilicon DMC was 70.05%, up 0.69 percentage points; the monthly aluminum alloy production was 1.776 million tons, up 141,000 tons; the monthly aluminum alloy export volume was 23,495.34 tons, down 5,568.37 tons [2] 3.6 Industry News - In the first half of 2025, China's wind and photovoltaic power generation installed capacity exceeded that of thermal power for the first time, marking that the energy revolution has entered a critical stage. The large - scale construction and grid - connection of new energy power stations represented by wind and solar energy have become the key forces in achieving the "dual - carbon" goal. In terms of industrial silicon, on the supply side, Sichuan and Yunnan are transitioning from the wet season to the dry season in October, leading to an increase in manufacturers' production costs. Some enterprises with exhausted raw materials have chosen to stop production. As November approaches, the scale of production cuts during the dry season is expected to further expand. In Xinjiang, with stable and low - cost power supply, some manufacturers are actively increasing production, with an increase in the number of furnaces in operation and continuous release of production capacity [2] 3.7 Demand Analysis - In the organosilicon segment, inventories are lower than the historical average. The production profit of organosilicon has slightly rebounded but remains in the loss range, providing some rigid - demand procurement support for industrial silicon. Most organosilicon manufacturers still have some pre - sold orders, and many are in maintenance or plan to enter maintenance, which maintains the demand for industrial silicon to some extent. In the polysilicon segment, inventories are as high as 278,300 tons, higher than the historical average. The prices of silicon wafers are flat, and the prices of solar cells are falling, with poor downstream transmission. Leading enterprises have maintenance plans, and there is a risk of weakening demand support for industrial silicon in the future. In the aluminum alloy segment, the operating rate of aluminum alloy enterprises remains stable, with high demand for industrial silicon, showing relatively stable demand, but the marginal effect on industrial silicon prices is limited [2]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5] Core Insights - Prices for various cobalt categories have risen, with lithium hexafluorophosphate reaching a nearly two-year high [1] - The report highlights the increasing prices of lithium concentrate and cobalt, indicating a positive trend in the new energy vehicle materials sector [1][4] - The report suggests focusing on companies with cost advantages and resource expansion potential in the lithium mining sector, such as Salt Lake Co., Cangge Mining, and Tianqi Lithium [4] Summary by Relevant Sections Cobalt and New Materials - Electrolytic cobalt price is at 398,000 CNY/ton, up 8.2% week-on-week, with a price ratio of electrolytic cobalt to cobalt powder at 0.81, down 1.2% [1][10] - Lithium concentrate (Li2O 5%) price is 795 USD/ton, up 8.16% week-on-week [1][29] - Cobalt sulfate price is 89,900 CNY/ton, up 0.96% week-on-week [37] New Energy Vehicle Materials - Prices for battery-grade lithium hydroxide and carbonates remain stable, with battery-grade lithium carbonate price at 73,800 CNY/ton [29] - The price of lithium iron phosphate is 334,000 CNY/ton, with a week-on-week increase of 0% [39] - The report notes a significant increase in the production and penetration rate of new energy vehicles, with September 2025 production at 1.6169 million units, up 16.3% month-on-month [25][26] Photovoltaic Materials - Photovoltaic-grade polysilicon price is 6.51 USD/kg, down 0.3% week-on-week, while EVA price is 10,900 CNY/ton, down 0.9% [2] - The report indicates that the price of photovoltaic glass remains stable at 24.0 CNY/sqm [2] Uranium and Nuclear Materials - Uranium price is at 62.88 USD/lb, up 6.6% week-on-week [2] - Prices for zirconium-related materials remain stable, with no significant changes reported [2] Other Materials - The price of lithium cobalt oxide is 376.0 CNY/kg, up 3.3% week-on-week [3] - The report highlights the increase in rhodium prices, with a current price of 21,150 CNY/kg, up 0.5% [3]

Group 1 - The core viewpoint of the report indicates that the equity market is experiencing a volume contraction, which complicates trend formation and increases the difficulty of market speculation [1][12][19] - As of October 24, 2025, the total closing price of the Wind All A index was 6320.41, reflecting a 3.47% increase since October 17, while the China Securities Convertible Bond index rose by 1.47% during the same period [9][1] - The report highlights that the market's trading volume on October 23 dropped to 1.66 trillion yuan, marking a significant decrease and indicating a potential lack of momentum in the market [12][14][19] Group 2 - The report suggests that the current market conditions may lead to a rebound as historical data shows that extreme volume contraction often precedes a volume expansion [35][37] - The report notes that the concentration of trading volume is high, with a concentration indicator of 43.66% as of October 24, which is close to the historical high of 45% [39][42] - The proportion of stocks with prices above their historical 95th percentile is 16.61%, indicating that the market requires strong logic to support further price increases [39][44] Group 3 - The report emphasizes that the technology sector may present better buying opportunities, as historical performance indicates that when the technology index outperforms the Wind All A index by over 10% from January to October, it tends to continue to perform well in November and December [2][46] - The convertible bond market has seen a slight recovery in demand, with the issuance of new bonds after a long hiatus, although the pricing structure remains high, limiting comfortable participation for investors [54][58] - The report warns of potential strong redemption pressures in the convertible bond market, as the probability of strong redemptions has remained above 50% for four consecutive months [58][61]

Key Points - The core viewpoint of the article highlights the price fluctuations of various new materials across different sectors, indicating trends in the military, new energy vehicles, photovoltaic, nuclear power, consumer electronics, and other materials [4][5][6][7][8][10]. Military New Materials - The price of electrolytic cobalt increased to 368,000 CNY per ton, up by 6.7% week-on-week. The price ratio of electrolytic cobalt to cobalt powder is 0.82, down by 13.1% [4]. New Energy Vehicle Materials - The price of lithium ore (Li2O 5%) reached 735 USD per ton, up by 1.38% week-on-week. The price of sulfuric cobalt rose to 89,000 CNY per ton, an increase of 17.11% [5]. - The prices of lithium iron phosphate and 523-type cathode materials were 334,000 CNY per ton and 1,359,000 CNY per ton, reflecting changes of -2.62% and +11.1% respectively [5]. Photovoltaic New Materials - The price of photovoltaic-grade polysilicon was 6.53 USD per kilogram, down by 0.2%. The price of EVA decreased to 11,000 CNY per ton, a decline of 0.9% [6]. Nuclear Power New Materials - The price of uranium reached 62.88 USD per pound, increasing by 6.6% [7]. Consumer Electronics New Materials - The price of lithium cobalt oxide rose to 364.0 CNY per kilogram, up by 19.7%. The price of silicon carbide increased by 3.6% to 5,800.00 CNY per ton [8][9]. Other Materials - The prices of platinum, rhodium, and iridium were 406.00 CNY, 2,105.00 CNY, and 1,185.00 CNY per gram, reflecting increases of 6.3% and 9.4% respectively [10].

Report Overview - Report Date: October 22, 2025 [1] - Report Type: Industrial Silicon Industry Daily Report Report Industry Investment Rating - Not provided Report's Core View - The industrial silicon market continued its stable trend today. After the release of the 14th Five - Year Plan, the market is expected to form new breakthrough points. It is recommended to build long positions at low prices. The overall demand from the three major downstream industries for industrial silicon remains negative, and the industry inventory is still at a high level, with inventory digestion facing certain pressure [2] Summary by Relevant Catalogs 1. Market Data Futures Market - The closing price of the main contract was 8,485 yuan/ton, down 20 yuan; the position of the main contract was 96,554 lots, down 10,964 lots; the net position of the top 20 was - 36,839 lots, down 273 lots; the warehouse receipts of GME were 48,738 lots, down 113 lots; the closing price of the December contract was -365 yuan/ton, unchanged; the spread between the November - December contracts was -365 yuan/ton, unchanged [2] Spot Market - The average price of oxygen - ventilated 553 silicon was 9,350 yuan/ton, unchanged; the average price of 421 silicon was 9,650 yuan/ton, down 50 yuan; the basis of the Si main contract was 865 yuan/ton, up 20 yuan; the DMC spot price was 11,275 yuan/ton, unchanged [2] Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 1,980 yuan/ton, up 30 yuan; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] Industry Situation - The monthly output of industrial silicon was 402,800 tons, an increase of 36,000 tons; the weekly social inventory of industrial silicon was 552,000 tons, an increase of 10,000 tons; the monthly import volume of industrial silicon was 1,337.59 tons, an increase of 1,220.14 tons; the monthly export volume of industrial silicon was 76,642.01 tons, an increase of 2,635.83 tons [2] Downstream Situation - The weekly output of organic silicon DMC was 44,900 tons, an increase of 700 tons; the overseas market price of photovoltaic - grade polysilicon was 15.75 US dollars/kg, unchanged; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 20,900 yuan/ton, unchanged; the export volume of unforged aluminum alloy was 23,495.34 tons, down 5,568.37 tons; the weekly operating rate of organic silicon DMC was 69.36%, down 1.16 percentage points; the monthly output of aluminum alloy was 1.635 million tons, an increase of 99,000 tons; the monthly export volume of aluminum alloy was 29,063.7 tons, an increase of 4,154.82 tons [2] 2. Industry News - GCL Technology announced that its photovoltaic materials business turned profitable in Q3 2025, recording a profit of about 960 million yuan, compared with a loss of 1.81 billion yuan in the same period last year. After excluding non - recurring gains, the business still achieved an operating profit. The Ministry of Finance and other three departments adjusted the VAT policy for wind power generation and other sectors [2] 3. Supply - Demand Analysis Supply Side - The spot price of industrial silicon in the market mainly declined this week. Sichuan and Yunnan are transitioning from the wet season to the dry season in October, with rising production costs for manufacturers and accelerating production cut plans. Some enterprises with exhausted raw materials have stopped production. Some small factories in Gansu and Ningxia have completed raw material reserves and are waiting to start production. Some manufacturers in Xinjiang are actively producing, and some are conducting transactions with futures - cash merchants, locking in profits in advance through forward contracts [2] Demand Side - **Organic Silicon**: The inventory is lower than the historical average. The production profit has slightly rebounded but is still in the loss range. The comprehensive operating rate decreased month - on - month and is lower than the historical average, having a negative impact on the demand for industrial silicon. - **Polysilicon**: The inventory is as high as 275,000 tons, higher than the historical average. Silicon wafers and battery cells are in a loss state, and only components are profitable. - **Aluminum Alloy**: The overall inventory decreased slightly, the price remained flat, the industry's operating situation was stable, but the demand was average, and the pull on industrial silicon was limited [2]

Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core View of the Report The industrial silicon market continues to oscillate at a low level. Due to the impact of the dry - season production cuts, industrial silicon prices are expected to rise, but excessive chasing of long positions is not advisable. It is recommended to lay out long positions on dips [2]. 3) Summary by Related Catalogs a) Market Data - **Futures Market**: The closing price of the main contract is 8,570 yuan/ton, up 50 yuan; the main contract position is 144,190 lots, down 18,484 lots; the net position of the top 20 is - 44,756 lots, down 2,237 lots; the Guangzhou Futures Exchange warehouse receipts are 51,197 lots, up 343 lots; the closing price of the December contract is - 385 yuan/ton, down 25 yuan [2]. - **Spot Market**: The average price of oxygen - passing 553 silicon is 9,400 yuan/ton, unchanged; the average price of 421 silicon is 9,700 yuan/ton, unchanged; the DMC spot price is 11,200 yuan/ton, unchanged; the Si main contract basis is 830 yuan/ton [2]. - **Upstream Situation**: The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,950 yuan/ton, up 30 yuan; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2]. - **Industry Situation**: The monthly output of industrial silicon is 366,800 tons, up 33,600 tons; the weekly social inventory of industrial silicon is 552,000 tons, up 10,000 tons; the monthly import volume of industrial silicon is 1,337.59 tons, up 1,220.14 tons; the monthly export volume of industrial silicon is 76,642.01 tons, up 2,635.83 tons [2]. - **Downstream Situation**: The weekly output of organic silicon DMC is 44,900 tons, up 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,900 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon is 6.54 dollars/kg, unchanged; the overseas market price of photovoltaic - grade polysilicon is 15.75 dollars/kg, unchanged; the monthly export volume of unforged aluminum alloy is 29,063.7 tons, up 4,154.82 tons; the weekly operating rate of organic silicon DMC is 70.52%, down 0.07%; the monthly output of aluminum alloy is 1.635 million tons, up 99,000 tons; the monthly export volume of aluminum alloy is 29,063.7 tons, up 4,154.82 tons [2]. b) Industry News - South Korea's polysilicon leader OCI Holding plans to acquire a 65% stake in a Vietnamese silicon wafer factory to expand its photovoltaic silicon wafer business. The acquisition target is a 2.7GW silicon wafer factory expected to be completed by the end of October [2]. - Industry insiders suggest that a document to strengthen photovoltaic capacity regulation may be issued soon. The spot price of industrial silicon has mainly declined this week. Affected by the dry season, there are expectations of production cuts in the southwest region of industrial silicon, and some enterprises are considering production cuts [2]. c) Market Analysis - **Supply Side**: The northwest region has an electricity price advantage, with stable factory operations. The southwest region has production - cut expectations due to the dry season, and some enterprises are under pressure from profit losses [2]. - **Demand Side**: The three major downstream industries (organic silicon, polysilicon, and aluminum alloy) have a negative overall demand for industrial silicon. The organic silicon market is declining, the polysilicon industry has concerns about policy implementation, and the aluminum alloy industry has stable operations but general demand [2]. - **Inventory Situation**: The industry inventory is still at a high level, and although the number of standard warehouse receipts has decreased, inventory digestion still faces pressure [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall demand for industrial silicon from its three major downstream industries remains negative, and the industry inventory is still at a high level. Although the number of standard warehouse receipts has decreased, inventory digestion still faces certain pressure. Industrial silicon saw a supplementary decline today, but later supply is expected to decrease. It is recommended to buy on dips [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the main contract was 8,520 yuan/ton, down 285 yuan; the main contract position was 162,674 lots, down 3,048 lots; the net position of the top 20 was -42,519 lots, up 7,966 lots; the Guangzhou Futures Exchange warehouse receipts were 50,854 lots, up 573 lots; the closing price of the December contract for industrial silicon was -360 yuan/ton, up 25 yuan; the spread between the November - December contracts for industrial silicon was -360 yuan/ton, up 25 yuan [2] 现货市场 - The average price of oxygen - passing 553 silicon was 9,400 yuan/ton, down 50 yuan; the average price of 421 silicon was 9,700 yuan/ton, unchanged; the basis of the Si main contract was 880 yuan/ton, up 235 yuan; the DMC spot price was 11,200 yuan/ton, up 150 yuan [2] Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 1,920 yuan/ton, unchanged; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 产业情况 - Industrial silicon monthly output was 366,800 tons, up 33,600 tons; industrial silicon social inventory was 552,000 tons, up 10,000 tons; industrial silicon monthly imports were 1,337.59 tons, up 1,220.14 tons; industrial silicon monthly exports were 76,642.01 tons, up 2,635.83 tons [2] 下游情况 - The weekly output of organic silicon DMC was 44,900 tons, up 700 tons; the overseas market price of photovoltaic - grade polysilicon was 15.75 US dollars/kg, unchanged; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 20,900 yuan/ton, unchanged; the monthly export volume of unforged aluminum alloy was 29,063.7 tons, up 4,154.82 tons; the weekly operating rate of organic silicon DMC was 70.52%, down 0.07%; the monthly output of aluminum alloy was 1.635 million tons, up 99,000 tons; the monthly export volume of aluminum alloy was 29,063.7 tons, up 4,154.82 tons [2] Industry News - On October 13, the Beijing Market Supervision and Administration Bureau announced the release of 6 green and low - carbon local standards to help Beijing become an international green economy benchmark city, covering key areas such as carbon emissions, energy consumption limits, resource recycling, and energy metering system construction. From a fundamental perspective, on the supply side, affected by the dry season, there are expectations of production cuts in the southwest region of industrial silicon. Some enterprises are under pressure from profit losses and have put production cuts on the agenda. Most manufacturers in the southwest said they will operate until the end of October and have no plans to resume production thereafter. The northwest region has an electricity price advantage, and manufacturers' operations are stable. In the Yili region, operations are relatively optimistic, and large factories have expectations of resuming production. Although the operating rate has decreased, the overall situation of oversupply has not improved. On the demand side, the downstream of industrial silicon is mainly concentrated in the organic silicon, polysilicon, and aluminum alloy fields [2]