1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core View of the Report - The polysilicon market is still under fundamental sentiment suppression but remains stable overall. The new energy - consumption national standard may affect the supply pattern in the short - term, and the uncertainty of the "anti - involution" policy is an important factor in market fluctuations. New capacity faces difficulties in being launched in the short - term. On the demand side, silicon wafer prices are flat, downstream inventory is high, new orders slow down, and domestic PV installation has declined for two consecutive months, resulting in weak terminal demand. However, the growth in N - type material demand may offset some of the P - type surplus and support prices. It is recommended to buy on dips and observe whether downstream PV enterprises can effectively transfer costs after the holiday [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main polysilicon contract is 51,360 yuan/ton, up 80 yuan; the 11 - 12 spread is - 2,560 yuan, down 60 yuan; the main position is 87,359 lots, down 6,409 lots; the polysilicon - industrial silicon spread is 42,720 yuan/ton, up 50 yuan [2]. 3.2 Spot Market - The spot price of polysilicon is 52,550 yuan/ton, unchanged; the basis is 1,270 yuan/ton, up 185 yuan; the weekly average price of PV - grade polysilicon is 6.54 US dollars/kg, unchanged. The average prices of cauliflower, dense, and re - feed polysilicon are 30 yuan/kg, 36 yuan/kg, and 34.8 yuan/kg respectively, all unchanged [2]. 3.3 Upstream Situation - The closing price of the main industrial silicon contract is 8,640 yuan/ton, up 30 yuan; the spot price is 9,450 yuan/ton, down 50 yuan. The monthly export volume of industrial silicon is 76,642.01 tons, up 2,635.83 tons; the monthly import volume is 1,337.59 tons, up 1,220.14 tons. The monthly output is 366,800 tons, up 33,600 tons; the total social inventory is 552,000 tons, up 10,000 tons [2]. 3.4 Industry Situation - The monthly output of polysilicon is 125,000 tons, up 20,000 tons; the monthly import volume is 1,006 tons, down 164 tons. The weekly spot price of imported polysilicon in China is 6.89 US dollars/kg, unchanged; the monthly average import price is 2.62 US dollars/ton, down 0.25 US dollars/ton [2]. 3.5 Downstream Situation - The monthly output of solar cells is 6,985.7 million watts, up 347.5 million watts; the average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W. The monthly export volume of PV modules is 149,022,600 units, up 38,589,900 units; the monthly import volume is 21,440,200 units, up 6,914,600 units; the monthly average import price is 0.25 US dollars/unit, down 0.05 US dollars/unit. The weekly PV industry comprehensive price index (SPI) for polysilicon is 32.82, unchanged [2]. 3.6 Industry News - At the 2025 Brazil São Paulo Solar Exhibition, TrinaTracker announced supplying a 130MW Smart Tracking System for the Colinas project in Brazil, showing continuous breakthroughs of Chinese PV enterprises in the Latin American market. The draft of the new energy - consumption national standard for polysilicon has been released, and the "anti - involution" policy details are yet to be finalized [2].

Report Summary - **Report Date**: September 29, 2025 [1] - **Report Type**: Industrial Silicon Industry Daily Report 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The overall supply glut of industrial silicon has not improved, with Southwest China having a production cut expectation and Northwest China having stable production due to electricity price advantages [2]. - The downstream demand for industrial silicon in the organic silicon, polysilicon, and aluminum alloy sectors is generally flat. Organic silicon market is in decline, polysilicon has policy - related uncertainties, and aluminum alloy has stable production but limited demand for industrial silicon [2]. - The industry inventory is still at a high level, and there is pressure on inventory digestion. Today, the price of industrial silicon dropped significantly due to pre - holiday capital risk - aversion and weak photovoltaic demand. It is recommended to buy on dips [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract is 8,610 yuan/ton, down 350 yuan; the position of the main contract is 206,977 lots, down 34,235 lots; the net position of the top 20 is - 68,897 lots, down 2,055 lots; the Guangzhou Futures Exchange warehouse receipt is 50,133 lots, up 67 lots; the closing price of the December contract for industrial silicon is - 395 yuan/ton, down 5 yuan; the spread between the November - December contracts for industrial silicon is - 395 yuan, down 5 yuan [2]. 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9,450 yuan/ton, down 50 yuan; the average price of 421 silicon is 9,700 yuan/ton, unchanged; the basis of the Si main contract is 840 yuan/ton, up 300 yuan; the DMC spot price is 11,050 yuan/ton, down 70 yuan [2]. 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,860 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 366,800 tons, an increase of 33,600 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 1,337.59 tons, an increase of 1,220.14 tons; the monthly export volume of industrial silicon is 76,642.01 tons, an increase of 2,635.83 tons; the weekly output of silicone DMC is 44,900 tons, an increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market is 20,800 yuan/ton, unchanged [2]. 3.5 Downstream Situation - The overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, unchanged; the export volume of unforged aluminum alloy is 29,063.7 tons; the weekly average price of photovoltaic - grade polysilicon is 6.54 US dollars/kg, unchanged; the weekly operating rate of silicone DMC is 70.59%, down 0.53 percentage points; the monthly output of aluminum alloy is 1.635 million tons, an increase of 99,000 tons; the monthly export volume of aluminum alloy is 29,063.7 tons, an increase of 4,154.82 tons [2]. 3.6 Industry News - At the 2025 Brazil São Paulo Solar Energy Exhibition, TrinaTracker, a Chinese photovoltaic enterprise, announced that it will supply a 130MW Blazer 1P intelligent tracking system for the Colinas project in Pernambuco, Brazil, marking the continuous breakthrough of Chinese photovoltaic enterprises in the Latin American market with the "global production + local service" strategy [2]. - According to the National Bureau of Statistics, the profits of industrial enterprises above designated size increased by 20.4% year - on - year in August, turning from a 1.5% decline in the previous month, and increased by 0.9% year - on - year from January to August [2].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The polysilicon market is still affected by fundamental sentiment and is expected to show a high - level oscillation next week. It is recommended to place long orders on dips [2]. - The new energy consumption national standard for polysilicon may lead to industry consolidation in the long - term, but in the short - term, market concerns about the progress of capacity elimination and the uncertainty of the "anti - involution" policy are major factors causing market fluctuations. New capacity addition is difficult in the short - term [2]. - On the demand side, silicon wafer prices are flat, some enterprises raise prices, downstream silicon wafer enterprises have high inventories, new order procurement slows down, and domestic PV installation has declined for two consecutive months, resulting in weak terminal demand. However, the growing demand for N - type materials may partially offset the surplus of P - type materials and support prices to some extent [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main polysilicon futures contract is 51,280 yuan/ton, down 185 yuan from the previous day; the main position is 93,768 lots, down 7,718 lots. The 11 - 12 spread of polysilicon is - 2,435 yuan, down 120 yuan, and the polysilicon - industrial silicon spread is 42,670 yuan/ton, up 165 yuan [2]. Spot Market - The spot price of polysilicon is 52,550 yuan/ton, unchanged from the previous day; the basis is 1,085 yuan/ton, down 100 yuan. The average weekly price of photovoltaic - grade polysilicon is 6.54 US dollars/kg, unchanged [2]. Upstream Situation - The closing price of the main industrial silicon contract is 8,610 yuan/ton, down 350 yuan; the spot price is 9,500 yuan/ton, unchanged. The monthly export volume of industrial silicon is 76,642.01 tons, up 2,635.83 tons; the monthly import volume is 1,337.59 tons, up 1,220.14 tons. The monthly output of industrial silicon is 366,800 tons, up 33,600 tons, and the total social inventory is 552,000 tons, up 10,000 tons [2]. Industry Situation - The monthly output of polysilicon is 125,000 tons, up 20,000 tons; the monthly import volume is 1,006 tons, down 164 tons. The weekly spot price of imported polysilicon materials in China is 6.89 US dollars/kg, unchanged, and the monthly average import price is 2.62 US dollars/ton, down 0.25 US dollars [2]. Downstream Situation - The monthly output of solar cells is 69,857,000 kilowatts, up 3,475,000 kilowatts. The average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W. The monthly export volume of PV modules is 149,022,660 units, up 38,589,980 units; the monthly import volume is 21,440,290 units, up 6,914,640 units, and the monthly average import price is 0.25 US dollars/unit, down 0.05 US dollars [2]. Industry News - At the 2025 Brazil São Paulo Solar Exhibition, TrinaTracker, a Chinese PV enterprise, announced to supply a 130MW Blazer 1P intelligent tracking system for the Colinas project in Pernambuco, Brazil, indicating continuous breakthroughs of Chinese PV enterprises in the Latin American market with the "global production + local service" strategy [2]. - The State - owned Assets Supervision and Administration Commission of the State Council held a symposium on the economic operation of state - owned enterprises, calling for leading the fight against "involution - style" competition. A draft for soliciting opinions on the new national standard for energy consumption of polysilicon has been released [2].