Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The industrial silicon futures price fluctuated within a narrow range, and the spot price remained stable. The market focus has shifted from production cuts in the southwest to the weakening demand. The industrial silicon industry lacks anti - involution policy expectations, and the futures market shows a bearish structure. Attention should be paid to the 8765 - 8840 range as a reference for long - short conversion [4]. 3. Summary by Directory 3.1 Market Performance and Outlook - **Market Performance**: The closing price of Si2601 was 8,805 yuan/ton, with a decline of 1.12%. The trading volume was 170,669 lots, and the open interest was 196,943 lots, with a net increase of 3,924 lots [4]. - **Spot Price**: The 553 - grade silicon price in Sichuan was 9,350 yuan/ton, and the 553 (oxygen - passed) grade in Yunnan was 9,400 yuan/ton. The 421 - grade silicon price in Sichuan was 9,950 yuan/ton, 9,600 yuan/ton in Xinjiang, and 9,600 yuan/ton in Inner Mongolia [4]. - **Outlook**: Production cuts in the southwest have approached the seasonal low, while the operation in the northwest is basically stable, with a monthly output expected to be around 350,000 tons. Demand is weakening. The weekly output of polysilicon is 26,500 tons, a 3% week - on - week decrease, and the monthly output is expected to be within 115,000 - 120,000 tons. The average operating load rate of silicone monomers is 74.29%, a 2 - percentage - point decrease from last week. Alloy demand has entered the seasonal off - season [4]. 3.2 Market News - On December 5, 2025, the number of industrial silicon warehouse receipts on the Guangzhou Futures Exchange was 7,288 lots, a net increase of 60 lots compared to the previous trading day [5]. - In October 2025, the export volume of industrial silicon was 45,073.36 tons, a 35.82% month - on - month decrease and a 30.78% year - on - year decrease [5]. - In October 2025, the export volume of China's primary silicone polyoxane was 40,600 tons, a 13.49% month - on - month decrease and a 5.65% year - on - year decrease. From January to October 2025, the cumulative export volume was 460,500 tons, a 1.51% year - on - year increase [5].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The industrial silicon futures price fluctuated within a narrow range, and the spot price continued to weaken. The supply has entered a stable stage, but the demand has also weakened simultaneously, and the situation of supply - demand imbalance has not been reversed. The fundamentals lack obvious drivers, and the market will mainly operate in a volatile manner [4]. 3. Summary by Relevant Catalogs 3.1 Market Performance and Outlook - **Futures Market**: The closing price of Si2601 was 8,910 yuan/ton, with a decline of 0.50%. The trading volume was 152,172 lots, and the open interest was 193,019 lots, a net decrease of 907 lots [4]. - **Spot Market**: The spot price continued to loosen. The price of Sichuan 553 was 9,350 yuan/ton, and the price of Yunnan 553 (oxygen - passed) was 9,400 yuan/ton. The price of Sichuan 421 was 9,950 yuan/ton, the price of Xinjiang 421 and Inner Mongolia 421 was 9,600 yuan/ton [4]. - **Outlook**: The supply has entered a stable stage, but the demand has also weakened. The organic silicon enterprises will cut production to support prices starting from December, and the polysilicon is in the season of production reduction. The supply - demand imbalance persists. The fundamentals lack obvious drivers, and the market will mainly operate in a volatile manner with a strong support range of 8,765 - 8,840 yuan/ton [4]. 3.2 Market News - On December 3rd, the number of industrial silicon warehouse receipts on the GZFE was 7,228 lots, a net increase of 336 lots compared to the previous trading day [5]. - In October 2025, the export volume of industrial silicon was 45,073.36 tons, a month - on - month decrease of 35.82% and a year - on - year decrease of 30.78% [5]. - In October 2025, the export volume of China's primary - form polysiloxanes was 40,600 tons, a month - on - month decrease of 13.49% and a year - on - year decrease of 5.65%. From January to October 2025, the cumulative export volume of primary - form polysiloxanes was 460,500 tons, a year - on - year increase of 1.51% [5].

Group 1: Report Information - Report date: December 04, 2025 [2] - Report type: Industrial Silicon Daily Report [1] - Research team: Energy and Chemical Research Team [3] Group 2: Market Performance and Outlook Market Performance - Industrial silicon futures prices fluctuated narrowly. The closing price of Si2601 was 8,920 yuan/ton, a decline of 1.60%. The trading volume was 145,999 lots, and the open interest was 193,926 lots, with a net increase of 6,584 lots [4] - Spot prices have loosened recently. The price of Sichuan 553 was 9,350 yuan/ton, and the price of Yunnan 553 (oxygen - passed) was 9,400 yuan/ton. The price of Sichuan 421 was 9,950 yuan/ton, the price of Xinjiang 421 was 9,700 yuan/ton, and the price of Inner Mongolia 421 was 9,700 yuan/ton [4] Market Outlook - Spot price fluctuations are within 100 yuan/ton, providing limited guidance to the futures market. The production reduction in the southwest region is approaching the seasonal low, while the northern region maintains high - level production. The output has entered a stable stage, but the demand has weakened simultaneously. Silicone enterprises will reduce production to support prices starting from December, and polysilicon is in the season of production reduction. The supply - demand imbalance remains unresolved [4] - Futures warehouse receipts are concentrated for cancellation, and the futures price is at a discount. There is support around 8,800 yuan/ton in the short term, with limited downward space, and the market will generally move in a range - bound manner (net long positions increased by 5,596 lots, and net short positions increased by 547 lots) [4] Group 3: Market News - On December 03, the number of industrial silicon warehouse receipts on the Guangzhou Futures Exchange was 6,892 lots, a net increase of 108 lots compared to the previous trading day [4] - In October 2025, the export volume of industrial silicon was 45,073.36 tons, a month - on - month decrease of 35.82% and a year - on - year decrease of 30.78% [4] - In October 2025, the export volume of China's primary - form polysiloxanes (organic silicon) was 40,600 tons, a month - on - month decrease of 13.49% and a year - on - year decrease of 5.65%. From January to October 2025, the cumulative export volume of primary - form polysiloxanes was 460,500 tons, a year - on - year increase of 1.51% [4]

Report Information - Report date: December 01, 2025 [2] - Report type: Industrial Silicon Daily Report - Research team: Energy and Chemical Research Team - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [3] 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The industrial silicon futures price fluctuated within a narrow range. The Si2601 contract closed at 9,130 yuan/ton, up 0.05%. The trading volume was 197,891 lots, and the open interest was 211,799 lots, a net decrease of 25,849 lots. The spot price increased slightly this week. The weekly reduction in industrial silicon production continued to increase, with an estimated output of about 386,000 tons in November. The demand side also weakened synchronously. Organic silicon enterprises reached a consensus on production cuts, with an output of 218,400 tons in November and a decline in the operating rate starting in December. Polysilicon was in the season of seasonal production cuts, with an estimated output of 118,000 tons in November. The imbalance between supply and demand has not been reversed. The centralized cancellation of futures warehouse receipts increased the liquidity of the spot market, but the high inventory remained unchanged, and the price will face real selling pressure after rebounding to a high level. The price of the 01 contract recently rebounded after being supported by the spot price, but the upside space was limited, and it will fluctuate [4]. 3. Summary by Directory 3.1 Market Review - **Futures market**: The industrial silicon futures price fluctuated within a narrow range. The Si2601 contract closed at 9,130 yuan/ton, up 0.05%. The trading volume was 197,891 lots, and the open interest was 211,799 lots, a net decrease of 25,849 lots [4]. - **Spot market**: The spot price increased in some regions today. The price of 553-grade silicon in Sichuan was 9,350 yuan/ton, and that in Yunnan was 9,200 yuan/ton. The price of 421-grade silicon in Sichuan was 10,100 yuan/ton, that in Xinjiang was 9,700 yuan/ton, and that in Inner Mongolia was 9,700 yuan/ton [4]. 3.2 Market Outlook - **Supply side**: The weekly reduction in industrial silicon production continued to increase, with an estimated output of about 386,000 tons in November [4]. - **Demand side**: The demand side also weakened synchronously. Organic silicon enterprises reached a consensus on production cuts, with an output of 218,400 tons in November and a decline in the operating rate starting in December. Polysilicon was in the season of seasonal production cuts, with an estimated output of 118,000 tons in November [4]. - **Market situation**: The imbalance between supply and demand has not been reversed. The centralized cancellation of futures warehouse receipts increased the liquidity of the spot market, but the high inventory remained unchanged, and the price will face real selling pressure after rebounding to a high level. The price of the 01 contract recently rebounded after being supported by the spot price, but the upside space was limited, and it will fluctuate [4]. 3.3 Market News - On November 28, the industrial silicon warehouse receipt volume on the Guangzhou Futures Exchange was 6,596 lots, a net decrease of 32,959 lots from the previous trading day [5]. - In October 2025, the export volume of industrial silicon was 45,073.36 tons, a month-on-month decrease of 35.82% and a year-on-year decrease of 30.78%. In October 2025, the export volume of China's primary polysiloxane in the form of silicone was 40,600 tons, a month-on-month decrease of 13.49% and a year-on-year decrease of 5.65%. From January to October 2025, the cumulative export volume of primary polysiloxane in the form of silicone was 460,500 tons, a year-on-year increase of 1.51% [5].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The spot price of industrial silicon remains stable, providing limited room for futures price speculation. The weekly production reduction of industrial silicon continues to increase, and the output has slightly decreased. However, the demand side has also weakened simultaneously. The organic silicon enterprises have reached a consensus on production reduction, leading to a decline in the December operating rate, and the seasonal production reduction of polysilicon is ongoing. The imbalance between supply and demand has not been reversed. The approaching centralized cancellation of futures warehouse receipts provides spot liquidity, and the high inventory situation remains unchanged. The price of the 2601 contract will be supported by the spot price in the near - term decline and will generally continue to fluctuate strongly [4] 3. Summary by Relevant Catalogs 3.1. Market Performance - The industrial silicon futures price fluctuated within a narrow range. The closing price of Si2601 was 9,020 yuan/ton, with a gain of 0.28%. The trading volume was 369,225 lots, and the open interest was 2,639,190,529 lots, a net decrease of 3,390 lots [4] 3.2. Spot Price - The spot price was stable. The price of Sichuan 553 was 9,250 yuan/ton, and that of Yunnan 553 was 9,150 yuan/ton. The price of Sichuan 421 was 10,050 yuan/ton, the price of Xinjiang 421 was 9,700 yuan/ton, and the price of Inner Mongolia 421 was 9,700 yuan/ton [4] 3.3. Market News - On November 26th, the industrial silicon warehouse receipt volume of the Guangzhou Futures Exchange was 40,425 lots, a net decrease of 289 lots compared to the previous trading day [5] - In October 2025, the export volume of China's primary polysiloxane in the organic silicon sector was 40,600 tons, a month - on - month decrease of 13.49% and a year - on - year decrease of 5.65%. From January to October 2025, the cumulative export volume of primary polysiloxane in the organic silicon sector was 460,500 tons, a year - on - year increase of 1.51% [5]