惠誉常青已发布协鑫科技控股有限公司（协鑫科技）"2"的主体评级，主体得分为70。该评级反映公司在太阳能材料领域带来的环境效益，但同时由于产 能提升，环境指标的绝对值增加。员工与董事会成员的性别多样性亦影响了最终得分。 协鑫科技是一家光伏材料制造商，在中国运营13个生产基地，并在香港交易所上市。公司主要生产光伏级多晶硅及硅片，并提供予下游光伏电池生产商使 用。协鑫科技在2025年上半年的市占率为24%。 惠誉常青认为，协鑫科技的主业支持太阳能发电装机容量的扩张，从而有助于缓解气候变化。其采用流化床反应器（FBR）技术生产的颗粒多晶硅，相较 于西门子法生产的多晶硅，具有更低的"从摇篮到大门"碳足迹，有助于降低下游光伏组件的隐含碳排放。 协鑫科技在集团层面制定了涵盖气候变化与自然资源管理的环境政策，全部子公司获得 ISO 14001:2015 认证。公司在集团层面披露范围1和范围2温室气 体排放，并就主要业务线报告碳强度指标。随着产能提升，能源使用与废弃物产量的绝对值增加，但碳强度同比下降。公司的目标是在2040年前实现范围 1和范围2碳中和，并在2050年前实现价值链层面碳中和。 我们对协鑫科技的社会状况持中性意 ...

点击注册小程序 核电新材料：铀价上涨 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 军工新材料：电解钴价格上涨 （1）本周电解钴价格40.00 万元/吨，环比 +1.8%。本周电解钴和钴粉价格比值0.77 ，环比+1.1%；电解 钴和硫酸钴价格比值为4.39 ，环比+1.4%。（2）碳纤维本周价格83.8元/千克，环比+0%。毛利-9.53元/千 克。 新能源车新材料：电碳价格创近16个月新高 （1）本周电碳、工碳和电池级氢氧化锂价格分别为9.21 、8.93 和8.15 万元/吨，环比+4.3%、+4.07%和 +2.9%。电碳与工碳价差为2024年11月以来较低，或代表锂电景气度相较工业领域有所减弱。（2）本周 硫酸钴价格8.84 万元/吨，环比+0%。（3）本周磷酸铁锂、523型正 ...

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]