Report Industry Investment Rating - Not provided Core Viewpoints - The silicon market has weak supply and demand, with limited improvement on the demand side. The industrial silicon market remains in an oversupply situation, which may suppress the upper limit of the market. For industrial silicon, pay attention to the pressure level of 9,300 - 9,500 yuan/ton [1]. - For polysilicon, the downstream's willingness to replenish inventory is limited, and there is significant pressure for the spot price to rise further, which restricts the upward space of the market. Holders of previous long - positions should protect their profits [1]. Summary by Related Catalogs Industrial Silicon Price Information - The average price of non - oxygenated 553 (East China) industrial silicon remained flat at 9,350 yuan/ton, and the average price of 421 (East China) industrial silicon remained flat at 9,750 yuan/ton. The closing price of the futures main contract rose 0.16% to 9,195 yuan/ton [1]. Supply and Demand - Supply: In October, the southwest产区 entered the high - cost dry season. Some silicon enterprises stopped production by the end of October, and the silicon enterprise operating rate decreased significantly. In Yunnan, only integrated enterprises or those with long - term orders were in production, while in the north, the number of operating furnaces increased steadily. After offsetting, the industrial silicon output in November is expected to fall below 400,000 tons [1]. - Demand: Polysilicon enterprises continued to cut production, organic silicon enterprises were mostly in a state of reduced load or maintenance, and silicon - aluminum alloy enterprises purchased as needed. The downstream's willingness to stock up at low levels was limited [1]. Investment Strategy - The silicon market has weak supply and demand, and the excess situation may suppress the market. Pay attention to the 9,300 - 9,500 yuan/ton pressure level. Adopt an interval operation strategy and continuously monitor industry policy changes and silicon enterprise production dynamics [1]. Polysilicon Price Information - The price of N - type dense material remained flat at 51 yuan/kg; the price of N - type re - feeding material fell 0.10% to 52.15 yuan/kg; the prices of N - type mixed material and N - type granular silicon remained flat at 50.50 yuan/kg. The closing price of the futures main contract rose 2.95% to 53,460 yuan/ton [1]. Supply and Demand - Supply: Silicon material enterprises continued to cut production, and some silicon material plants may have new production capacity put into operation. After offsetting, the output in October is expected to increase slightly, and the output in November may decline [1]. - Demand: The polysilicon market transactions were light, with few new transactions. Downstream enterprises were resistant to high - priced resources, and the market was waiting for industry policy guidance [1]. Investment Strategy - The downstream's willingness to replenish inventory is limited, and there is pressure for the spot price to rise. Holders of previous long - positions should protect their profits. Before the supply - side reform policy is implemented, try to go long on dips [1]. Automotive Industry Information - In October 2025, the production and sales of passenger cars were 2.995 million and 2.961 million respectively, with a month - on - month increase of 3.3% and 3.6%, and a year - on - year increase of 10.7% and 7.5%. From January to October 2025, the production and sales of passenger cars were 24.237 million and 24.209 million respectively, with a year - on - year increase of 13.5% and 12.9% [1]. - In October 2025, the production and sales of commercial vehicles were 364,000 and 361,000 respectively, with a month - on - month decrease of 3.3% and 1.9%, and a year - on - year increase of 25.4% and 21%. From January to October 2025, the production and sales of commercial vehicles were 3.456 million and 3.479 million respectively, with a year - on - year increase of 10.9% and 9% [1]. - In October 2025, the production and sales of new energy vehicles were 1.772 million and 1.715 million respectively, with a year - on - year increase of 21.1% and 20%. From January to October 2025, the production and sales of new energy vehicles were 13.015 million and 12.943 million respectively, with a year - on - year increase of 33.1% and 32.7% [1]. - In October 2025, automobile exports were 666,000, with a month - on - month increase of 2.1% and a year - on - year increase of 22.9%. From January to October 2025, automobile exports were 5.616 million, with a year - on - year increase of 15.7% [1].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The supply - demand imbalance in the industrial silicon market has not been reversed. Enterprises have insufficient willingness to cut production actively. In October, the supply was over 400,000 tons, while the demand was generally stable. The loose supply - demand situation led to a lack of inventory reduction drivers. The expected support in the fourth quarter mainly lies in the cost increase in Southwest China and active production cuts, but the effectiveness of the positive effects remains to be seen. The industrial silicon has limited strong drivers, and the price of the main contract will fluctuate under pressure [5]. 3. Summary by Related Catalogs 3.1 Market Review and Outlook - **Market Performance**: The price of industrial silicon futures fluctuated, showing a pattern of strengthening first and then weakening. The closing price of Si2601 was 8,955 yuan/ton, a decrease of 0.28%. The trading volume was 261,087 lots, and the open interest was 211,670 lots, with a net increase of 10,152 lots [4]. - **Spot Price**: The price range of 553 industrial silicon was 8,800 - 9,300 yuan/ton, and that of 421 was 9,550 - 9,950 yuan/ton [5]. - **Market Outlook**: The supply - demand imbalance persists. The supply in October was over 400,000 tons, and the demand was stable. The market lacks inventory reduction drivers. The expected support in Q4 is from cost increase in Southwest China and active production cuts, but the positive effects are uncertain. The main contract price will fluctuate under pressure due to limited drivers and continuous increase in net short positions in the 2601 contract [5]. 3.2 Market News - On October 28, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 48,044 lots, a net decrease of 141 lots compared to the previous trading day. From January to September, the export volume of industrial silicon was 491,400 tons, with a cumulative year - on - year increase of 1.55%, and the monthly average export volume was 61,500 tons. In September, the export volume decreased slightly. The export volume in August was 70,232.72 tons, a decrease of 8.36% from the previous month, and a year - on - year increase of 7.73% [6].

Report Summary 1. Report Date - The report is dated October 24, 2025 [2] 2. Research Team - Energy and Chemical Research Team includes researchers for different products such as crude oil, PTA/MEG, industrial silicon, polyolefins, and pulp [3] 3. Market Performance and Outlook Market Performance - Industrial silicon futures prices rebounded today. Si2601 closed at 9060 yuan/ton, up 2.72%, with a trading volume of 228,318 lots and an open interest of 176,995 lots, a net increase of 14,597 lots [4] Spot Prices - The price range of 553 is 8800 - 9300 yuan/ton, and that of 421 is 9550 - 9950 yuan/ton [5] Market Outlook - Enterprises have insufficient willingness to cut production actively. Supply in October is over 400,000 tons, and demand is generally stable. Loose supply - demand keeps the market without inventory - reduction drive. In the 4th quarter, the expected support mainly lies in the cost increase in the Southwest and active production cuts, but the implementation degree remains to be seen. Spot prices are in a stalemate again. The market rebounds due to the strengthening of the sector after adjusting to the lower end of the range, with increasing resistance to the rebound. It is expected to fluctuate cautiously and strongly [5] 4. Market News - On October 23, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 48,371 lots, a net decrease of 367 lots from the previous trading day [6]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - Industrial silicon futures prices are oscillating. The Si2601 contract closed at 8,805 yuan/ton, down 0.17%. The trading volume was 91,554 lots, and the open interest was 162,398 lots, with a net increase of 12,048 lots. Industrial silicon enterprises lack the willingness to actively cut production, and the demand side lacks growth momentum, causing short - term price movements to reach a stalemate. Although the southwest region is about to cut production, the northwest region's output continues to increase, and the weekly output in the third week of October was as high as 97,000 tons. The monthly demand for polysilicon is stable, and if the industry reaches a new consensus on further production cuts, it will continue to have a negative impact on the demand side of industrial silicon. The demand for silicone is 120,000 tons, and the demand for exports and alloys is also 120,000 tons, and there is no drive for inventory reduction in the market. There is also a lack of specific policy follow - up in the industrial silicon industry. In the fourth quarter, the marginal change in the industry is that the southwest production area will enter the dry season, which will increase costs due to rising electricity prices and lead to seasonal active production cuts. The current price has fallen into a stalemate again, and there is a lack of drivers for market improvement. The downward trend slows down near the lower end of the range (net short positions in the 11 - contract are being actively reduced), and the short - term market will continue to oscillate. Attention should be paid to the strength of the lower support [4][5]. 3. Summary by Relevant Catalogs 3.1 Market Performance - Industrial silicon futures prices oscillated. The Si2601 contract closed at 8,805 yuan/ton, down 0.17%, with a trading volume of 91,554 lots and an open interest of 162,398 lots, a net increase of 12,048 lots [4]. 3.2 Spot Prices - The price range of 553 industrial silicon is 8,800 - 9,300 yuan/ton, and the price range of 421 is 9,550 - 9,950 yuan/ton [5]. 3.3 Market News - On October 22, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 48,738 lots, a net decrease of 113 lots from the previous trading day. In September, the value - added of industrial enterprises above designated size increased by 6.5% year - on - year in real terms. From a month - on - month perspective, it increased by 0.64% compared with the previous month. From January to September, the value - added of industrial enterprises above designated size increased by 6.2% year - on - year. From January to September, the national fixed - asset investment (excluding rural households) was 3,715.35 billion yuan, a year - on - year decrease of 0.5%. Among them, private fixed - asset investment decreased by 3.1% year - on - year. From a month - on - month perspective, fixed - asset investment (excluding rural households) decreased by 0.07% in September [6].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - The industrial silicon market is in high - level consolidation. The supply side has potential disturbances, and the short - term silicon price may maintain high - level consolidation, but there is a risk of a subsequent decline. For polysilicon, the price is also in high - level consolidation, and it is difficult for the spot price to rise further in the short term due to high downstream raw material inventories [1]. 3. Summary by Relevant Catalogs Industrial Silicon - **Price Data**: The average price of non - oxygenated 553 (East China) remained flat at 9,200 yuan/ton, and the average price of 421 (East China) remained flat at 9,700 yuan/ton. The closing price of the futures main contract rose 1.06% to 9,020 yuan/ton [1]. - **Supply and Demand**: On the supply side, some previously shut - down silicon plants in Xinjiang have resumed production, and the start - up rate in the southwest region has steadily increased. On the demand side, polysilicon enterprises are still reducing production, some silicon material plants have复产 plans, organic silicon supply has tightened and then recovered, and silicon - aluminum alloy enterprises purchase on demand [1]. - **Investment Strategy**: Adopt interval operation and continue to hold out - of - the - money put options [1]. Polysilicon - **Price Data**: N - type dense material fell 0.29% to 51 yuan/kg, N - type re - feed material fell 0.28% to 52.5 yuan/kg, N - type mixed material fell 0.30% to 50 yuan/kg, and N - type granular silicon remained flat at 49.5 yuan/kg. The closing price of the futures main contract rose 2.23% to 51,380 yuan/ton [1]. - **Supply and Demand**: On the supply side, silicon material enterprises are still reducing production, and some may have new capacity put into operation, with a slight increase in expected output. On the demand side, trading volume has increased significantly, inventory has decreased, but terminal demand pressure is large, and component price increases face resistance [1]. - **Investment Strategy**: Before the supply - side reform policy is implemented, try to go long on dips with a light position [1]. Industry News - On the evening of September 24, Xinjiang Dongfang Hope New Energy Co., Ltd. started the annual routine maintenance of its first - phase polysilicon production line, and its third - phase project is ready for shutdown and maintenance. This is expected to have a positive impact on product quality and production stability, and will not have a major impact on overall supply [1]. - On September 23, the winning bid results of the first - batch photovoltaic module procurement framework (third tender) of a technology company from 2025 - 2026 were announced, with winning bid prices ranging from 0.71 - 0.76 yuan/W [1].

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - Industrial silicon prices are expected to continue low-level consolidation in the short term, with an operating range of 9,000 - 10,500 yuan/ton, and follow-up attention should be paid to the production dynamics of silicon enterprises [1] - The price of polysilicon may decline in the future, and the previous long positions can be gradually closed at high prices. The inter - delivery strategy can consider the 06 - 11 positive spread and 11 - 12 negative spread [1] Summary According to Related Content Industrial Silicon - **Price Changes**: The average price of non - oxygenated 553 (East China) industrial silicon remained flat at 9,950 yuan/ton compared to the previous day, and the average price of 421 (East China) industrial silicon also remained flat at 10,900 yuan/ton. The closing price of the futures main contract decreased by 1.53% to 9,310 yuan/ton [1] - **Supply and Demand**: In terms of supply, furnace starts in Xinjiang decreased, while there were new furnace starts in Sichuan. It is expected that some silicon enterprises in Yunnan will have new capacity put into operation in April, showing a pattern of increasing supply in the south and decreasing in the north. On the demand side, there is no obvious improvement, and the high inventory pressure in the silicon market remains [1] - **Investment Strategy**: Due to the reduction in supply after the production cut of some large northern factories, but the lack of improvement in demand, the short - term silicon price is expected to continue low - level consolidation, and the follow - up should focus on the production dynamics of silicon enterprises [1] Polysilicon - **Price Changes**: N - type dense material remained flat at 40 yuan/kg compared to the previous day; polysilicon re - feeding material price remained flat at 36 yuan/kg; polysilicon dense material remained flat at 34.5 yuan/kg. The closing price of the futures main contract decreased by 0.68% to 41,550 yuan/ton [1] - **Supply and Demand**: On the supply side, polysilicon enterprises maintained a production - cut situation, and it is expected that the output in April will still be within 100,000 tons. On the demand side, as the 430 rush - installation node approaches, the demand for distributed component orders has cooled down, but the demand for centralized orders has started to increase [1] - **Investment Strategy**: Considering that the self - disciplined production cut and the rush - installation tide still support the polysilicon price, but the follow - up demand may weaken, the price center may move down. Previous long positions can be gradually closed at high prices, and the inter - delivery strategy can consider the 06 - 11 positive spread and 11 - 12 negative spread [1] Other Products - **DMC**: The domestic DMC market has poor trading recently. Due to high inventory, the mainstream trading center of DMC has moved down to 13,500 yuan/ton, and the price is expected to decline slightly in the future [1] - **Photovoltaic Cells**: Photovoltaic cell prices have started to decline, with different sizes showing different market trends. The price of Topcon210RN batteries has dropped significantly, with a decline of over 12% [1]