工业硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2026 年 01 月 13 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 工业硅日报 日期 2026 年 01 月 09 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2026 年 01 月 07 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 工业硅日报 一、行情回顾与展望 ...

工业硅日报 行业 日期 2025 年 12 月 30 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 一、行情回顾与展望 市场表现：工业硅期货价格冲高回落。SI2605 合约价格 8715 元/吨，跌幅 0.68%， 盘中涨幅一度超 2%，成交量 382415 手，持仓量 221065 手，净减 3677 手，前二 十多头净增 449 手，空头净减 1312 手。 现货价格：现货价格持稳，四川 553 价格 9200 元/吨，云南 553 价格 8900 元/吨； 四川 421 价格 9900 元/吨，新疆 421#价格 9550 元/吨，内蒙 421 价格 9550 元/吨。 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou ...

工业硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 12 月 24 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

12月10日，国内期市有色金属板块互有涨跌。其中，工业硅期货行情呈现震荡下行走势，截至发稿主力 合约小幅下挫1.54%，报8305.0元/吨。 现货方面，据光大期货介绍，9日百川工业硅现货参考价9603元/吨，较上一交易日下调45元/吨。最低 交割品#421价格跌至8850元/吨，现货升水扩至510元/吨。 供应方面，兴业期货分析称，供应端产量变化不大，南方开工率处于低位，北方厂家产量小幅提高，现 阶段变量主要取决于大厂开工情况的变动。 需求方面，铜冠金源期货指出，电池片上周跌势放缓，头部一体化企业12月加大减产力度，市场决策存 在分化，需求端加快收紧；组件企业成品库存下相对稳定，但临近年底集中式装机实际需求出现下滑， 国内企业中标省市级光伏项目数量下滑，上周中标总采购容量为1232.8MW，环比下滑345.7MW。 展望后市，中信建投（601066）期货认为，在成本支撑削弱下，硅价或有一定下行空间，但预计后市煤 价或逐步企稳，工业硅下行空间或相对有限。 ...

工业硅日报 期货从业资格号：F03134307 行业 日期 2025 年 12 月 08 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 一、行情回顾与展望 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Industrial silicon futures prices fluctuated narrowly, with the Si2601 closing at 9020 yuan/ton, a decline of 0.06%, a trading volume of 276,196 lots, and an open interest of 232,849 lots, a net decrease of 9,304 lots [4]. - Spot prices were slightly raised and then stabilized, with the 553 price ranging from 9,000 to 9,400 yuan/ton and the 421 price ranging from 9,600 to 9,950 yuan/ton [4]. - In November, the southwest production areas are expected to enter the seasonal production - reduction stage. Sichuan and Yunnan produced over 90,000 tons in October, compared with 64,200 tons in the same period last year. However, the northern production areas have an expected increase in production. The current supply - demand imbalance has not been reversed, and the actual production reduction after profit repair remains to be observed. Spot prices are generally stable, and the 01 price is in a convergent oscillation stage, still operating within the adjustment range after August [4]. 3. Summary by Directory 3.1 Market Performance - Industrial silicon futures prices fluctuated narrowly. The Si2601 closed at 9020 yuan/ton, down 0.06%, with a trading volume of 276,196 lots and an open interest of 232,849 lots, a net decrease of 9,304 lots [4]. - Spot prices were slightly raised and then stabilized, with the 553 price ranging from 9,000 to 9,400 yuan/ton and the 421 price ranging from 9,600 to 9,950 yuan/ton [4]. 3.2 Market News - On November 6th, the number of industrial silicon warehouse receipts on the GZEE was 46,281 lots, a net increase of 86 lots from the previous trading day [5]. - On October 31st, the industrial silicon market inventory was 447,700 tons, a weekly increase of 0.58% and a year - on - year increase of 43.59% [5]. - In September, the industrial silicon export volume was 70,232.72 tons, a decrease of 8.36% from the previous month and a year - on - year increase of 7.73%. From January to September, the cumulative industrial silicon export volume was 491,400 tons, a cumulative year - on - year increase of 1.55%, with an average monthly export volume of 61,500 tons [5].

Industry Investment Rating - No relevant content provided Core Viewpoints - The industrial silicon futures price continued to decline after the mid - day session. Although some spot prices increased slightly within the range, the strong driving force for industrial silicon itself is limited. The fourth - quarter benefits focus on production cuts in the southwest. The intraday short - term accelerated decline started in the afternoon due to the continuous strengthening of the US dollar index and the weakening of multiple equity markets, but the decline space is expected to be limited [4]. Summaries by Directory 1. Market Review and Outlook Market Performance - The industrial silicon futures price declined continuously after the mid - day session. The Si2601 closed at 8885 yuan/ton, a drop of 2.31%. The trading volume was 379,786 lots, and the open interest was 242,153 lots, with a net increase of 13,885 lots [4]. Spot Price - The spot price increased slightly, with the price range remaining unchanged. The 553 price range was 8900 - 9300 yuan/ton, and the 421 price range was 9550 - 9950 yuan/ton [4]. Future Outlook - Some spot prices increased slightly within the range, but the strong driving force for industrial silicon itself is limited. The fourth - quarter benefits focus on production cuts in the southwest. The intraday short - term accelerated decline started in the afternoon. The continuous strengthening of the US dollar index led to a sharp decline in the prices of commodities priced in foreign markets, and multiple equity markets also declined, spreading strong macro - hedging risks. However, the overall market is still within the adjustment range since August, and the net long positions of the 01 contract increased by 16,008 lots. It is expected that the decline space is limited, and attention should be paid to the support at the lower edge of the range [4]. 2. Market News - On November 4, the number of industrial silicon warehouse receipts on the Guangzhou Futures Exchange was 45,823 lots, a net decrease of 338 lots from the previous trading day [5]. - On October 31, the industrial silicon market inventory was 447,700 tons, a weekly increase of 0.58% and a year - on - year increase of 43.59% [5]. - In September, the industrial silicon export volume was 70,232.72 tons, a decrease of 8.36% from the previous month and a year - on - year increase of 7.73%. From January to September, the cumulative industrial silicon export volume was 491,400 tons, a cumulative year - on - year increase of 1.55%, with an average monthly export volume of 61,500 tons [5].

Group 1: General Information - Report date: November 04, 2025 [2] - Research team: Energy and Chemical Research Team, including researchers for different products such as industrial silicon [3] Group 2: Market Performance and Outlook Market Performance - Industrial silicon futures prices opened low, then trended lower, and finally rebounded weakly. The Si2601 contract closed at 9140 yuan/ton, down 0.38%, with a trading volume of 226,808 lots and an open interest of 228,268 lots, a net decrease of 297 lots [4] - The price range of 553 industrial silicon is 8900 - 9300 yuan/ton, and the price range of 421 is 9550 - 9950 yuan/ton [5] Outlook - Industrial silicon enterprises have insufficient willingness to actively cut production. Supply in October will exceed about 430,000 tons, and there is no incremental demand. The loose supply - demand situation means there is no inventory reduction drive, and social inventory still exceeds 440,000 tons [5] - Spot prices have limited guidance on short - term futures prices. The expected support in the fourth quarter mainly comes from rising costs in the southwest and active production cuts, but the effectiveness of the positive factors remains to be seen [5] - The industrial silicon market has limited strong drivers. The futures price is still within the adjustment range since August. In November, warehouse receipts need to be concentrated for cancellation and delivery, which will intensify short - term price fluctuations, but the upside resistance is still obvious [5] Group 3: Market News - On November 03, the number of industrial silicon warehouse receipts on the Guangzhou Futures Exchange was 46,161 lots, a net decrease of 1,092 lots from the previous trading day [6] - On October 31, the industrial silicon market inventory was 447,700 tons, a weekly increase of 0.58% and a year - on - year increase of 43.59% [6] - In September, the export volume of industrial silicon was 70,232.72 tons, a decrease of 8.36% from the previous month but a year - on - year increase of 7.73%. From January to September, the cumulative export volume was 491,400 tons, a cumulative year - on - year increase of 1.55%, with an average monthly export volume of 61,500 tons [6]