Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - Due to continuous production cuts in the southwest region during the dry season on both the supply and demand sides, and a significant decline in inventory due to the centralized cancellation of warehouse receipts, with limited actual consumption, the market may fluctuate in the short term [3]. 3. Summary by Relevant Catalog Futures Market - SI2512 closed at 9155 with a 0.38% increase and a position of 1674 [2]. - SI2601 closed at 9145 with a 0.16% decrease and a position of 203274 [2]. - SI2602 closed at 9140 with no change and a position of 52565 [2]. - SI2603 closed at 9145 with a 0.16% decrease and a position of 26444 [2]. - SI2604 closed at 9135 with a 0.11% decrease and a position of 12994 [2]. Spot Market - In the East region, 553 (non - oxygen - passing) was priced at 9350 with no change, 553 (hydrogen - passing) at 9550 with no change, 421 at 9800 with no change, 441 at 9750, and 3303 at 10450 [2]. - At Huangpu Port, 553 (hydrogen - passing) was priced at 9600 with no change, and 421 at 10050 [2]. - At Tianjin Port, 553 (flux - passing) was priced at 9400, and 421 at 9800 with no change [2]. - In Kunming, 553 (hydrogen - passing) was priced at 9600, and 421 at 10000 with no change [2]. - Sichuan DMC price for 421 was 9800, 107 - glue was 13850, polycrystalline silicon (dense material, per kg) was 51 with no change, and the average price of aluminum alloy ADC12 was 21500 with a 150 increase [2]. Price Difference - The price difference between si2512 and si2601 was 10 - 45 [2]. - The price difference between si2601 and si2602 was 5 - 15 [2]. - The price difference between 421 spot and 553 oxygen - passing spot was 250 [2]. - The basis (East 553 spot - main contract) was 405 with a 15 decrease [2]. Warehouse Information - The total capacity of all warehouses was 7.5 tons, and the total number of warehouse receipts remained unchanged at 3680 [2]. Industry Dynamics - On November 14, the online approval and supervision platform for investment projects in Jiangxi Province announced the filing information for an annual production of 137,500 tons of organic silicon new material project by Jiangxi Xinfang High - Tech Yongxiu [2].