1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views Aluminum - The current oversupply situation in the aluminum market has not been substantially reversed. Short - term strategy is to maintain a bearish view on rallies. For long - term, the global supply growth elasticity is limited, and the long - term bullish logic remains valid. The short - term aluminum price will fluctuate widely with macro - sentiment and geopolitical news, with the Shanghai Aluminum main contract expected to trade between 23,000 - 25,000 yuan/ton [1]. Aluminum Alloy - The short - term raw material cost at a high level strongly supports the ADC12 price, but the demand follows slowly and the negative feedback effect of high prices is emerging. The market is expected to continue the high - level shock pattern, with the main contract reference range of 22,000 - 23,500 yuan/ton [2]. Copper - In the short - term, the copper price is in an adjustment phase. The supply - demand fundamentals have improved and the inventory pressure has weakened. The medium - to - long - term logic of copper supply - demand contradiction has not changed significantly. The short - term adjustment may provide an opportunity for long - term long positions, but the price is still suppressed before the market risk appetite recovers significantly. The main focus is on the pressure around 97,000 - 98,000 yuan/ton [3]. Zinc - In the context of supply improvement, high inventory, and limited macro - bullish factors, the zinc price is under short - term pressure. It is recommended to pay attention to the zinc ore TC, marginal changes in demand, and macro - indicators, with the main focus on the support around 22,000 - 22,500 yuan/ton [5]. Nickel - The news of Indonesia's export tax has a short - term positive impact on sentiment. The macro - expectation is volatile. The contradiction in the raw material end supports the price, but the insufficient digestion of actual inventory is a constraint. The disk is expected to run in a strong range, with the main contract reference range of 134,000 - 142,000 yuan/ton [7]. Stainless Steel - Recently, the cost logic of stainless steel is strong. The news fermentation and the tight raw material end in reality provide support. The steel mill production has increased significantly, and the demand is gradually recovering but the terminal acceptance is still weak. It is expected to maintain a strong shock in the short - term, with the main contract reference range of 14,200 - 14,800 yuan/ton [10]. Lithium Carbonate - The war expectation is volatile, and the macro - sentiment has weakened again. The fundamentals are resilient but the marginal driving force is weakening. The mine - end disturbance still has room for fermentation, and the bottom support is still strong. It is expected to maintain range - bound fluctuations in the short - term, with the main contract reference range of 150,000 - 160,000 yuan/ton [12]. Tin - The US - Iran conflict is at a stalemate, and the market risk - aversion sentiment has resurfaced, causing the tin price to fall. The medium - to - long - term bullish logic still exists. If there are signs of the conflict ending, long positions can be established on dips [14]. Industrial Silicon - Industrial silicon is facing the pressure of oversupply with expected production growth. The cost end strongly supports the bottom. It is expected to oscillate around 8,000 - 9,000 yuan/ton. It is necessary to pay attention to production control, environmental protection, and cost - end fluctuations [15]. Polysilicon - The polysilicon market is oversupplied, and the price is expected to continue to fall. The market sentiment tends to trade for market - clearing, and the price is expected to fall towards the lowest cash cost. It is recommended to wait and see for now [17]. 3. Summaries by Directory Aluminum Price and Spread - SMM A00 aluminum price decreased by 1.05% to 23,510 yuan/ton, and the alumina prices in different regions had small increases or remained unchanged [1]. Fundamental Data - In February, the production of alumina, domestic and overseas electrolytic aluminum decreased, while the electrolytic aluminum import volume increased and the export volume decreased. The开工 rates of some aluminum - related industries increased, and the social inventory of electrolytic aluminum and aluminum rods, as well as the inventory of electrolytic aluminum plants and alumina plants, showed different changes [1]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices in different regions decreased, and the price difference between Jiangxi Baotai Network ADC12 and A00 aluminum increased significantly [2]. Fundamental Data - In February, the production of recycled and primary aluminum alloy ingots, as well as waste aluminum, decreased. The import and export volumes of unforged aluminum alloy ingots also decreased. The开工 rates of recycled and primary aluminum alloy industries decreased, and the inventory of recycled aluminum alloy showed a downward trend [2]. Copper Price and Spread - SMM 1 electrolytic copper price decreased by 0.28% to 95,325 yuan/ton, and the refined - scrap price difference decreased by 80.31% [3]. Fundamental Data - In February, the production and import volume of electrolytic copper decreased. The import copper concentrate index decreased, and the domestic mainstream port copper concentrate inventory decreased slightly. The开工 rates of electrolytic copper and scrap copper rod - making industries increased, and the global visible inventory started to decline this week [3]. Zinc Price and Spread - SMM 0 zinc ingot price decreased by 0.35% to 22,840 yuan/ton, and the import loss increased [5]. Fundamental Data - In February, the production of refined zinc decreased, the import volume decreased significantly, and the export volume increased. The开工 rates of galvanizing, die - casting zinc alloy, and zinc oxide industries increased, and the domestic zinc ingot seven - region social inventory decreased [5]. Nickel Price and Spread - SMM 1 electrolytic nickel price increased by 1.12% to 139,350 yuan/ton, and the prices of some nickel - related products and cost data showed different changes [7]. Fundamental Data - China's refined nickel production decreased, and the import volume increased significantly. The SHFE inventory decreased slightly, the social inventory increased, and the LME inventory decreased slightly [7]. Stainless Steel Price and Spread - The prices of 304/2B stainless steel coils in Wuxi and Foshan remained unchanged, and the futures - spot price difference increased [10]. Fundamental Data - China's 300 - series stainless steel crude steel production increased, while Indonesia's decreased. The import and export volumes of stainless steel increased significantly, and the 300 - series social inventory and SHFE warehouse receipts increased slightly [10]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate average price increased by 2.62% to 156,500 yuan/ton, and the prices of other lithium - related products also had different changes [12]. Fundamental Data - In February, the production and demand of lithium carbonate decreased, the import volume decreased slightly, and the export volume increased. The total inventory, downstream inventory, and smelter inventory of lithium carbonate decreased [12]. Tin Price and Spread - SMM 1 tin price decreased by 1.34% to 352,800 yuan/ton, and the import loss increased [14]. Fundamental Data - In February, the import of tin ore decreased, the production of refined tin decreased, the import volume increased, and the export volume decreased. The开工 rates of tin - related industries decreased, and the inventory of tin decreased [14]. Industrial Silicon Price and Spread - The prices of industrial silicon in different regions remained unchanged, and the futures price decreased slightly [15]. Fundamental Data - The national and regional production of industrial silicon decreased, the开工 rates decreased, the production of organic silicon DMC and polysilicon decreased, and the export volume decreased. The social inventory increased slightly [15]. Polysilicon Price and Spread - The average price of N - type re - feed material decreased by 1.85% to 39,750 yuan/ton, and the futures price decreased by 3.29% to 35,540 yuan/ton [17]. Fundamental Data - The production of polysilicon and silicon wafers decreased, the import and export volumes of polysilicon and silicon wafers had different changes, and the inventory of polysilicon and silicon wafers decreased [17].

Report Summary 1. Industry Investment Ratings - Industrial silicon: Weak pattern [1] - Polysilicon: Mainly in a downward trend [2] 2. Core Views - The industrial silicon market shows a weak situation, and the polysilicon market is mainly experiencing a downward trend [1][2] - Turkey's photovoltaic industry has significant growth momentum, with its cumulative photovoltaic installed capacity reaching 25827MW by the end of January 2026, and the proportion of photovoltaic installed capacity in the total installed capacity rising to 20.9% [3][4] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: Si2605 closing price is 8,605 yuan/ton, with changes of -30 (T - 1), -45 (T - 5), and -270 (T - 22); PS2605 closing price is 35,730 yuan/ton, with a T - 1 change of 295 and a T - 5 change of -5,940. There are also corresponding changes in trading volumes and open interests [2] - **Basis and Price**: Industrial silicon has different spot premiums and discounts for different standards, and polysilicon - N - type re - feedstock price is 42,500 yuan/ton, with a T - 1 change of -750, a T - 5 change of -3000, and a T - 22 change of -10750 [2] - **Profit**: Silicon factory profits for different standards in Xinjiang and Yunnan are negative, and polysilicon enterprise profits are -1.8 yuan/kg, with a T - 1 change of -0.4, a T - 5 change of -2.6, and a T - 22 change of -10.3 [2] - **Inventory**: Industrial silicon social inventory is 55.3 million tons, enterprise inventory is 19.8 million tons, and industry inventory is 75.1 million tons; polysilicon factory inventory is 34.4 million tons [2] - **Raw Material Costs**: Prices of raw materials such as silicon ore, washed coking coal, petroleum coke, and electrodes in different regions have little change [2] - **Prices and Profits in Related Industries**: In the polysilicon (photovoltaic), organic silicon, and aluminum alloy industries, there are corresponding changes in prices and profits [2] 3.2 Macro and Industry News - Turkey's photovoltaic cumulative installed capacity reached 25827MW by the end of January 2026, and multiple photovoltaic projects were connected to the grid in January, including the first large - scale photovoltaic energy storage integration project [3][4] 3.3 Trend Intensity - Industrial silicon trend intensity: 0; polysilicon trend intensity: -1 [4]

Report Summary 1. Report's Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The report focuses on industrial silicon and polysilicon, suggesting to pay attention to the impact of market sentiment on industrial silicon. For polysilicon, the supply - demand relationship is weakening, and the spot price may loosen [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Data Tracking - **Industrial Silicon Futures**: The Si2605 closing price is 8,205 yuan/ton, with a decrease of 120 yuan compared to T - 1, 205 yuan compared to T - 5, and 620 yuan compared to T - 22. The trading volume is 285,487 lots, and the open interest is 348,330 lots [2]. - **Polysilicon Futures**: The PS2605 closing price is 43,700 yuan/ton, down 1,230 yuan from T - 1 and 3,300 yuan from T - 5. The trading volume is 9,256 lots, and the open interest is 39,340 lots [2]. - **Basis**: Industrial silicon's basis shows different values when benchmarked against different grades. For example, the basis against East China Si5530 is +895 yuan/ton. Polysilicon's basis against N - type re - investment material is +8300 yuan/ton [2]. - **Prices**: The price of Xinjiang 99 - grade silicon is 8,550 yuan/ton, down 50 yuan from T - 1, and the price of Yunnan Si4210 remains at 10,000 yuan/ton. The price of polysilicon N - type re - investment material is 51,900 yuan/ton, with no change from T - 1 but a decrease of 1,100 yuan from T - 5 [2]. - **Profits**: Silicon factory profits for Xinjiang new - standard 553 are - 2,926.5 yuan/ton, and for Yunnan new - standard 553 are - 5,806 yuan/ton, both showing declines compared to previous periods. Polysilicon enterprise profits are 7.6 yuan/kg, up 0.4 yuan from T - 1 but down compared to T - 5 [2]. - **Inventory**: Industrial silicon's social inventory (including warehouse - receipt inventory) is 56.203 million tons, and the industry inventory is 76.3 million tons. Polysilicon's factory inventory is 34.4 million tons [2]. - **Raw Material Costs**: The prices of raw materials such as silicon ore, washed coal, petroleum coke, and electrodes in different regions show different trends. For instance, the price of Xinjiang silicon ore is 320 yuan/ton, remaining unchanged [2]. 3.2 Macro and Industry News - Six departments including the Ministry of Industry and Information Technology issued a guidance on promoting the comprehensive utilization of photovoltaic modules. By 2027, the green production level of photovoltaic modules will be further improved, and the comprehensive utilization volume will reach 250,000 tons. By 2030, the comprehensive utilization technology and equipment level will be further enhanced [2][4]. 3.3 Trend Intensity - The trend intensity of industrial silicon is 0, and that of polysilicon is also 0, indicating a neutral stance [4].

Group 1: Report Overview - Title: "Industrial Silicon: Inventory Accumulation, Monitor Warehouse Receipts; Polysilicon: Monitor Spot Transactions After the Festival" - Date: February 10, 2026 [1][2] Group 2: Investment Ratings and Trend Intensities - Industrial silicon trend intensity: 0 (neutral) - Polysilicon trend intensity: 0 (neutral) [4] Group 3: Core Views - For industrial silicon, pay attention to inventory accumulation and warehouse receipt situations - For polysilicon, focus on spot transactions after the festival - The "China Photovoltaic Industry Development Roadmap (2025 - 2026)" predicts that China's new photovoltaic installed capacity in 2026 will be between 180GW and 240GW, a decline from 2025, and will return to an upward trend after 2027. The average annual new photovoltaic installed capacity during the 15th Five - Year Plan period is expected to be between 238GW and 287GW [1][2][4] Group 4: Fundamental Data Summary Industrial Silicon and Polysilicon Futures Market - Si2605 closing price: 8,450 yuan/ton, down 50 yuan from T - 1, 345 yuan from T - 5, and 85 yuan from T - 22 - Si2605 trading volume: 200,100 lots, down 135,319 lots from T - 1, 266,625 lots from T - 5, and 466,015 lots from T - 22 - Si2605 open interest: 294,910 lots, up 17,899 lots from T - 1, 58,597 lots from T - 5, and 34,379 lots from T - 22 - PS2605 closing price: 49,370 yuan/ton, up 85 yuan from T - 1 and 2,320 yuan from T - 5 - PS2605 trading volume: 4,706 lots, down 5,977 lots from T - 1 and 13,083 lots from T - 5 - PS2605 open interest: 38,347 lots, up 413 lots from T - 1, down 1,931 lots from T - 5 [2] Basis and Price - Industrial silicon spot premium (against East China Si5530): + 850 yuan/ton, up from T - 1, T - 5, and T - 22 - Industrial silicon spot premium (against East China Si4210): + 400 yuan/ton, with changes from T - 1, T - 5, and T - 22 - Industrial silicon spot premium (against Xinjiang 99 silicon): + 250 yuan/ton, with changes from T - 1, T - 5, and T - 22 - Polysilicon spot premium (against N - type recycled feedstock): + 4380 yuan/ton, with changes from T - 1, T - 5, and T - 22 - Xinjiang 99 silicon price: 8700 yuan/ton, unchanged from T - 1, T - 5, and T - 22 - Yunnan Si4210 price: 10000 yuan/ton, unchanged from T - 1, T - 5, and T - 22 - Polysilicon - N - type recycled feedstock price: 53650 yuan/ton, up 50 yuan from T - 1, 2350 yuan from T - 5, and down 1850 yuan from T - 22 [2] Profit - Silicon plant profit (Xinjiang new standard 553): - 2681.5 yuan/ton, down from T - 1, T - 5, and T - 22 - Silicon plant profit (Yunnan new standard 553): - 5874 yuan/ton, down from T - 1, T - 5, and T - 22 - Polysilicon enterprise profit: 9.2 yuan/kg, up 0.5 yuan from T - 1, 0.6 yuan from T - 5, and down 1.0 yuan from T - 22 - DMC enterprise profit: 1980 yuan/ton, up 0 yuan from T - 1, 75 yuan from T - 5, and 368 yuan from T - 22 - Recycled aluminum enterprise profit: 250 yuan/ton, down 160 yuan from T - 1, up 100 yuan from T - 5, and 550 yuan from T - 22 [2] Inventory - Industrial silicon - social inventory (including warehouse receipt inventory): 56.2 tons, up 0.8 tons from T - 5 and 1 ton from T - 22 - Industrial silicon - enterprise inventory (sample enterprises): 20.6 tons, down 0.30 tons from T - 5 and up 0.4 tons from T - 22 - Industrial silicon - industry inventory (social inventory + enterprise inventory): 76.8 tons, up 0.50 tons from T - 5 and 1.36 tons from T - 22 - Industrial silicon - futures warehouse receipt inventory: 8.4 tons, up 0.3 tons from T - 1, 0.9 tons from T - 5, and 3.0 tons from T - 22 - Polysilicon - manufacturer inventory: 34.1 tons, up 0.8 tons from T - 5 and 3.9 tons from T - 22 [2] Raw Material Costs - Silicon ore: Xinjiang 320 yuan/ton, unchanged; Yunnan 230 yuan/ton, unchanged from T - 1 and T - 5, down 20 yuan from T - 22 - Washed coking coal: Xinjiang 1475 yuan/ton, unchanged; Ningxia 1200 yuan/ton, unchanged - Petroleum coke: Maoming coke 1400 yuan/ton, unchanged; Yangtze coke 1740 yuan/ton, down 600 yuan from T - 5 and T - 22 - Electrodes: Graphite electrode 12450 yuan/ton, unchanged; Carbon electrode 7200 yuan/ton, unchanged [2] Photovoltaic and Related Products - Silicon powder (99 silicon): 9850 yuan/ton, unchanged from T - 1 and T - 5, up 50 yuan from T - 22 - Silicon wafer (N - type - 210mm): 1.48 yuan/piece, down 0.02 yuan from T - 1, 0.05 yuan from T - 5, and 0.20 yuan from T - 22 - Battery cell (TOPCon - 210mm): 0.44 yuan/watt, unchanged from T - 1, T - 5, and down 0.83 yuan from T - 22 - Module (N - type - 210mm, centralized): 0.738 yuan/watt, unchanged from T - 1, up 0.002 yuan from T - 5, and 0.038 yuan from T - 22 - Photovoltaic glass (3.2mm): 17.5 yuan/cubic meter, unchanged from T - 1, T - 5, and down 0.5 yuan from T - 22 - Photovoltaic - grade EVA price: 9000 yuan/ton, unchanged from T - 1 and T - 5, up 299 yuan from T - 22 [2] Organic Silicon and Aluminum Alloy - DMC price: 13900 yuan/ton, unchanged from T - 1, T - 5, and up 300 yuan from T - 22 - ADC12 price: 23650 yuan/ton, up 100 yuan from T - 1, down 200 yuan from T - 5, and 50 yuan from T - 22 [2]

Core Viewpoint - The aluminum alloy market is experiencing downward pressure due to a combination of weak demand, macroeconomic uncertainties, and a strong dollar impacting prices [1][2]. Group 1: Market Performance - The main aluminum alloy futures contract (2603) closed at 21,915 CNY, down 430 CNY, a decrease of 1.92%, with a trading volume of 6,836 lots, down 1,370 lots, and an open interest of 4,361 lots, down 169 lots [1]. - On February 5, the average price for aluminum alloy ADC12 was reported at 23,500 CNY/ton, down 100 CNY; A356.2 at 25,700 CNY/ton, down 200 CNY; A380 remained stable at 25,000 CNY/ton; ZL102 at 25,100 CNY/ton, down 200 CNY; and ZLD104 at 25,000 CNY/ton, down 200 CNY [1]. Group 2: Supply and Demand Dynamics - The supply of scrap aluminum remains tight, supporting high-cost levels for aluminum alloy, while demand is weakening as downstream enterprises reduce operations ahead of the Spring Festival [2]. - The market is characterized by high aluminum alloy prices, with sellers reluctant to lower prices, leading to a cautious purchasing atmosphere and low trading activity [2]. - Overall, while tight supply and cost support maintain high aluminum prices, low inventory buildup intentions and fluctuating macroeconomic sentiment are expected to lead to price adjustments in the short term [2].

Group 1 - The core viewpoint of the article highlights the significant increase in the price of casting aluminum alloys, with the main contract closing at 23,785 yuan, up 770 yuan or 3.35% [1] - The trading volume for the main casting aluminum contract reached 23,390 lots, an increase of 13,048 lots, while the open interest decreased by 644 lots to 8,815 lots [1] - The spot prices for various aluminum alloy ingots showed notable increases, with A356.2 averaging 26,300 yuan per ton (up 300 yuan), A380 at 25,400 yuan per ton (up 200 yuan), and ADC12 at 23,900 yuan per ton (up 200 yuan) [1] Group 2 - The macroeconomic environment is influenced by U.S. President Trump's comments on the dollar's decline, which he views as normal, leading to a drop in the dollar to a four-year low of 95.566, positively impacting the non-ferrous metals sector [1] - The aluminum alloy market is experiencing a rebound in trading activity, with high prices leading to reluctance among suppliers to sell, while downstream buyers are hesitant to purchase at elevated prices, resulting in a market characterized by limited transactions despite high prices [2] - Supply-side constraints are noted due to regional tax policy adjustments, weather, and environmental factors affecting production, contributing to a continued state of market stagnation and high volatility in casting aluminum prices [2]

Group 1 - The main futures contract for casting aluminum alloy (2603) showed a strong upward trend, closing at 22,995 yuan, an increase of 190 yuan or 0.83%, with a trading volume of 9,779 lots, up by 1,393 lots, and an open interest of 16,595 lots, down by 1,319 lots [1] - The average price of casting aluminum alloy ingots (A356.2) was reported at 26,100 yuan/ton, up by 300 yuan; A380 at 25,300 yuan/ton, up by 200 yuan; ADC12 at 23,800 yuan/ton, up by 200 yuan; ZL102 at 25,500 yuan/ton, up by 300 yuan; and ZLD104 at 25,400 yuan/ton, up by 300 yuan [1] - The macroeconomic environment improved with a rebound in global stock markets and increased expectations for interest rate cuts by the Federal Reserve, which is anticipated to lower rates twice in the second half of 2026 by 25 basis points each time [1] Group 2 - The supply of scrap aluminum is tightening due to seasonal factors, limiting the production capacity of recycled aluminum enterprises before the Spring Festival; however, the demand for aluminum alloys remains resilient, supported by ongoing policy benefits for new energy vehicles in 2026 and increased import quotas for electric vehicles from Canada [2] - In the spot market, aluminum alloy prices are rising, with suppliers holding firm on prices, while downstream buyers have returned to a wait-and-see approach after a brief period of low-price procurement, indicating limited overall consumption improvement [2] - The tight supply of scrap aluminum persists, and the operating rate of casting aluminum remains stable at a low level, leading to a continued balanced supply-demand situation, with cost support expected to maintain a fluctuating price trend for casting aluminum [2]

Group 1: Report Title and General Outlook - The report focuses on industrial silicon and polysilicon, with the outlook of industrial silicon being in a state of upstream production cuts and range - bound oscillation [1] Group 2: Fundamental Data Industrial Silicon and Polysilicon Futures Market - Si2605 closing price is 8,780 yuan/ton, with changes of 35 yuan from T - 1, 25 yuan from T - 5, and 135 yuan from T - 22; its trading volume is 280,575 lots, down 57,731 lots from T - 1, up 34,639 lots from T - 5, and down 67,902 lots from T - 22; its open interest is 223,687 lots, down 865 from T - 1, down 11,402 from T - 5, and up 15,907 from T - 22 [2] - PS2605 closing price is 49,700 yuan/ton, down 1,000 yuan from T - 1 and up 755 yuan from T - 5; its trading volume is 15,484 lots, up 5,369 lots from T - 1 and down 5,458 lots from T - 5; its open interest is 43,920 lots, up 288 from T - 1 and down 4,519 from T - 5 [2] Basis - Industrial silicon spot premium/discount (against East China Si5530) is +470 yuan/ton, with changes of -35 yuan from T - 1, -25 yuan from T - 5, and -85 yuan from T - 22; against East China Si4210 is +70 yuan/ton, -35 yuan from T - 1, -25 yuan from T - 5, and 1,135 yuan from T - 22; against Xinjiang 99 silicon is -80 yuan/ton, -35 yuan from T - 1, -25 yuan from T - 5, and -140 yuan from T - 22 [2] - Polysilicon spot premium/discount (against N - type re - investment) is +5050 yuan/ton, 0 from T - 1, -1,255 yuan from T - 5, and 11,895 yuan from T - 22 [2] Price - Xinjiang 99 silicon price is 8700 yuan/ton, unchanged from T - 1 and T - 5, and down 50 yuan from T - 22; Yunnan Si4210 price is 10000 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [2] - Polysilicon - N - type re - investment material price is 54500 yuan/ton, down 750 yuan from T - 1, down 250 yuan from T - 5, and up 2100 yuan from T - 22 [2] Profit - Silicon plant profit (Xinjiang new standard 553) is - 2351.5 yuan/ton, up 35 yuan from T - 1, down 325 yuan from T - 5, and down 70 yuan from T - 22; (Yunnan new standard 553) is - 5574 yuan/ton, up 35 yuan from T - 1, down 295 yuan from T - 5, and down 205 yuan from T - 22 [2] - Polysilicon enterprise profit is 10.1 yuan/kg, down 0.4 yuan from T - 1, up 0.1 yuan from T - 5, and up 2.4 yuan from T - 22 [2] Inventory - Industrial silicon - social inventory (including warehouse receipt inventory) is 55.5 million tons, up 0.3 million tons from T - 5 and 0.2 million tons from T - 22; enterprise inventory (sample enterprises) is 20.8 million tons, up 0.42 million tons from T - 5 and 2.1 million tons from T - 22; industry inventory (social + enterprise) is 76.3 million tons, up 0.72 million tons from T - 5 and 2.25 million tons from T - 22; futures warehouse receipt inventory is 6.0 million tons, up 0.2 million tons from T - 1, 0.4 million tons from T - 5, and 1.6 million tons from T - 22 [2] - Polysilicon - manufacturer inventory is 32.1 million tons, up 1.9 million tons from T - 5 and 2.8 million tons from T - 22 [2] Raw Material Cost - Silicon ore price in Xinjiang is 320 yuan/ton, unchanged from T - 5 and T - 22; in Yunnan is 240 yuan/ton, down 10 yuan from T - 5 and 20 yuan from T - 22 [2] - Washed coking coal price in Xinjiang is 1475 yuan/ton, unchanged from T - 5 and T - 22; in Ningxia is 1200 yuan/ton, unchanged from T - 5 and T - 22 [2] - Petroleum coke price: Maoming coke is 1400 yuan/ton, unchanged from T - 5 and T - 22; Yangtze coke is 2340 yuan/ton, unchanged from T - 5 and T - 22 [2] - Electrode price: graphite electrode is 12450 yuan/ton, unchanged from T - 5 and T - 22; carbon electrode is 7200 yuan/ton, unchanged from T - 5 and T - 22 [2] Polysilicon (Photovoltaic) Price and Profit - Polysilicon - N - type re - investment material price is 54500 yuan/ton, down 750 yuan from T - 1, down 250 yuan from T - 5, and up 2100 yuan from T - 22; trichlorosilane is 3425 yuan/ton, unchanged from T - 1, T - 5, and T - 22; silicon powder (99 silicon) is 9800 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [2] - Silicon wafer (N - type - 210mm) price is 1.68 yuan/piece, down 0.01 yuan from T - 1 and T - 5, and up 0.20 yuan from T - 22; battery cell (TOPCon - 210mm) is 0.41 yuan/watt, unchanged from T - 1, up 0.02 yuan from T - 5, and down 0.71 yuan from T - 22; component (N - type - 210mm, centralized) is 0.711 yuan/watt, unchanged from T - 1, up 0.003 yuan from T - 5, and up 0.024 yuan from T - 22; photovoltaic glass (3.2mm) is 17.5 yuan/cubic meter, unchanged from T - 1 and T - 5, and down 1.5 yuan from T - 22; photovoltaic - grade EVA price is 9000 yuan/ton, unchanged from T - 1, up 299 yuan from T - 5, and down 65 yuan from T - 22 [2] - Polysilicon enterprise profit is 10.1 yuan/kg, down 0.4 yuan from T - 1, up 0.1 yuan from T - 5, and up 2.4 yuan from T - 22 [2] Organic Silicon and Aluminum Alloy Price and Profit - Organic silicon DMC price is 13900 yuan/ton, unchanged from T - 1, up 50 yuan from T - 5, and up 300 yuan from T - 22; DMC enterprise profit is 1954 yuan/ton, unchanged from T - 1, up 124 yuan from T - 5, and up 264 yuan from T - 22 [2] - Aluminum alloy ADC12 price is 23850 yuan/ton, unchanged from T - 1, down 350 yuan from T - 5, and up 2200 yuan from T - 22; recycled aluminum enterprise profit is 140 yuan/ton, down 30 yuan from T - 1, up 610 yuan from T - 5, and up 220 yuan from T - 22 [2] Group 3: Macro and Industry News - The battery end is still under cost pressure due to the rising silver price. The mainstream market quotation is 0.4 - 0.43 yuan/W, and some leading enterprises intend to raise the quotation to 0.45 yuan/W. The current mainstream domestic market transactions are concentrated at 0.4 - 0.41 yuan/W, and the latest overseas battery 183N transaction has reached 0.43 yuan/W due to the export tax policy [2][4] Group 4: Trend Intensity - The trend intensity of industrial silicon is 0, indicating a neutral outlook; the trend intensity of polysilicon is -1, indicating a slightly bearish outlook [4]

Group 1: Report's Core View - The supply side shows a slight decline in production scheduling in January. On the demand side, the production scheduling of polysilicon and silicone in January has decreased significantly. Overall, both supply and demand of industrial silicon have decreased, and with the strengthening expectation of polysilicon production reduction, the support for price decline is weak [2] Group 2: Market Data Futures Market - SI 2601: Closing price is 8630, with a change of -0.12% [1] - SI 2602: Closing price is 8640, with a change of 0.17% [1] - SI 2603: Closing price is 8670, with a change of 0.17% [1] - SI 2604: Closing price is 8695, with a change of 0.12% [1] - SI 2605: Closing price is 8730, with a change of 0.46% [1] Spot Market - In East China: 553 (non - oxygen - passing) price is 9200 with no change; 553 (hydrogen - passing) price is 9250 with no change; 421 price is 9650 with no change; 441 price is 9400 with no change; 3303 price is 10350 [1] - At Huangpu Port: 553 (hydrogen - passing) price is 9300 with no change; 421 price is 9900 with no change [1] - At Tianjin Port: 553 (oxygen - passing) price is 9200 with no change; 421 price is 9750 with no change [1] - In Kunming: 421 price is 10000 with no change [1] - In Sichuan: 421 price is 9800 with no change [1] - DMC price is 13850; 107 glue price is 14500; polysilicon (compact material, per kg) price is 54.25 with no change; aluminum alloy ADC12 average price is 24000, with a decrease of 200 [1] Spread Data - si2601 - si2602 spread is - 10, with a change of 15 [1] - si2602 - si2603 spread is - 30, with a change of 5 [1] - 421 spot - 553 oxygen - passing spot spread is 400 [1] - Basis (East China 553 spot - main contract) is 520, with a change of 25 [1] Warehouse Data - Total warehouse capacity is 7.95 tons. The total number of yesterday's warehouse receipts is 7192, and today's is 7191, a decrease of 1 [1] Group 3: Industry Dynamics - On November 14, the Online Approval and Supervision Platform for Investment Projects in Jiangxi Province announced the filing information of Jiangxi Xinfang High - tech Yongxiu's annual production project of 137,500 tons of organic silicon new materials [1]

Group 1 - The core viewpoint of the articles indicates a downward trend in the casting aluminum alloy market, with significant price declines observed in both futures and spot markets [1][2] - The main contract for casting aluminum alloy closed at 23,155 yuan, down 385 yuan or 1.64%, with a trading volume of 18,793 lots, a decrease of 1,010 lots [1] - Spot prices for various casting aluminum alloys, such as A356.2 and A380, have also decreased by 300 yuan, with average prices reported at 26,100 yuan and 25,200 yuan per ton respectively [1] Group 2 - On the macroeconomic front, the Ministry of Finance announced a reduction in battery export tax rebates to 6% starting April 2026, leading to a preemptive "export rush" and a subsequent decrease in short-term buying momentum [2] - The raw material side shows strong prices for primary aluminum, but tight supply of imported and domestic scrap aluminum, along with tax adjustments, has increased costs in some regions, providing support for casting aluminum prices [2] - Demand remains weak due to seasonal factors and year-end influences, with alloy plants operating at only 58% capacity due to environmental controls and insufficient orders, particularly affecting the automotive sector's consumption of casting aluminum [2]