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].