Group 1: Industry Investment Rating - No industry investment rating is provided in the report. Group 2: Core Viewpoints - The fundamentals of industrial silicon have changed little. In August, both supply and demand will increase, and there may be a slight reduction in inventory overall, but the total inventory pressure is significant. With the cooling of sentiment caused by anti - involution, the industrial silicon futures market may experience a weak and oscillating correction in the near term [2]. - After continuous increases, polysilicon has seen a correction. It is expected to have strong support around 45,000 yuan/ton. The details of the anti - involution plan in the photovoltaic industry are still being determined, and the implementation of policies and the downward transmission of spot prices need to be continuously monitored. In the medium to long term, polysilicon is suitable for long - position layout on dips [5]. Group 3: Market Analysis of Industrial Silicon Price and Trading Volume - On August 4, 2025, the futures price of industrial silicon dropped significantly. The main contract 2509 opened at 8,490 yuan/ton and closed at 8,360 yuan/ton, a change of - 300 yuan/ton (- 3.46%) from the previous settlement. The position of the main contract 2509 was 176,164 lots at the close, and the total number of warehouse receipts was 50,312 lots, a change of - 204 lots from the previous day [1]. Supply - The spot price of industrial silicon declined. In July 2025, the output of industrial silicon was 338,300 tons, a month - on - month increase of 3.2% and a year - on - year decrease of 30.6%. From January to July 2025, the cumulative output of industrial silicon was 2.2112 million tons, a year - on - year decrease of 20.0% [1]. Consumption - The quoted price of silicone DMC was 12,100 - 12,700 yuan/ton. The non - affected units of the Shandong accident monomer plant have gradually resumed normal operation, while the affected units need renovation and reconstruction, with the completion time undetermined. The matching degree of transactions has decreased because downstream enterprises have sufficient raw material inventories and limited purchasing意愿 [1]. Group 4: Strategy for Industrial Silicon - Unilateral: Cautiously bearish - No strategies are provided for inter - delivery spread, cross - variety, spot - futures, and options [2] Group 5: Market Analysis of Polysilicon Price and Trading Volume - On August 4, 2025, the main contract 2511 of polysilicon futures fluctuated widely. It opened at 48,800 yuan/ton and closed at 48,980 yuan/ton, a change of - 1.23% from the previous trading day. The position of the main contract reached 106,749 lots (99,344 lots the previous day), and the trading volume was 296,610 lots [3]. Supply and Inventory - The spot price of polysilicon remained stable. The polysilicon manufacturers' inventory decreased, while the silicon wafer inventory increased. The latest polysilicon inventory was 229,000 tons, a month - on - month change of - 5.76%, and the silicon wafer inventory was 18.15GW, a month - on - month change of 1.57%. The weekly output of polysilicon was 26,500 tons, a month - on - month change of 3.92%, and the silicon wafer output was 11.00GW, a month - on - month change of - 1.79% [3]. Group 6: Strategy for Polysilicon - Unilateral: Short - term range trading - No strategies are provided for inter - delivery spread, cross - variety, spot - futures, and options [5]

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - The overall sentiment of commodities remains positive. The supply - demand pattern of industrial silicon has improved recently, with reduced inventory. Affected by the anti - involution policy and the rising price of coking coal, the industrial silicon futures market may show a strong performance. For polysilicon, due to the expected impact of the anti - involution policy on capacity and under the influence of capital sentiment, the futures market may also run strongly [3][7]. Group 3: Summary by Industry Industrial Silicon - **Market Analysis**: On July 24, 2025, the main contract 2509 of industrial silicon futures opened at 9560 yuan/ton and closed at 9690 yuan/ton, a change of - 0.21% from the previous day's settlement. The position of the main contract was 336274 lots, and the number of warehouse receipts was 49776 lots, a decrease of 330 lots from the previous day. The spot price of industrial silicon increased. The social inventory in major areas was 53.5 tons, a decrease of 1.2 tons from the previous week [1]. - **Supply - Side**: The spot price of industrial silicon rose. The price of East China oxygen - blown 553 silicon was 10000 - 10200 yuan/ton, and 421 silicon was 10200 - 10500 yuan/ton. The price of Xinjiang oxygen - blown 553 silicon was 9400 - 9600 yuan/ton, and 99 silicon was 9400 - 9500 yuan/ton. Downstream users purchased on demand, and the center of market transactions moved up [1]. - **Consumption - Side**: The quoted price of organic silicon DMC was 12100 - 12800 yuan/ton. The supply was expected to decrease due to an incident at a Shandong organic silicon plant. The decrease in supply and the sharp rise in weekly prices stimulated downstream enterprises' panic - buying sentiment [2]. - **Strategy**: For unilateral trading, it is advisable to be cautiously bullish; there is no strategy for inter - period trading [3]. Polysilicon - **Market Analysis**: On July 24, 2025, the main contract 2509 of polysilicon futures continued to rise, opening at 50025 yuan/ton and closing at 53765 yuan/ton, a 5.15% increase from the previous trading day. The position of the main contract was 172564 lots, and the trading volume was 1123795 lots. The spot price of polysilicon remained stable. The polysilicon manufacturers' inventory decreased, while the silicon wafer inventory increased. The weekly polysilicon output was 25500 tons, a 10.87% increase, and the silicon wafer output was 11.20GW, a 0.90% increase [4]. - **Strategy**: In the short - term, it is recommended to conduct range trading for unilateral trading; there are no strategies for inter - period, cross - variety, spot - futures, and options trading [9]. Silicon Wafers, Battery Cells, and Components - **Silicon Wafers**: The price of domestic N - type 18Xmm silicon wafers was 1.10 yuan/piece, N - type 210mm was 1.45 yuan/piece, and N - type 210R silicon wafers was 1.25 yuan/piece [6]. - **Battery Cells**: The price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 battery cells was about 0.28 yuan/W, Topcon M10 battery cells was about 0.27 yuan/W, Topcon G12 battery cells was 0.27 yuan/W, Topcon 210RN battery cells was 0.27 yuan/W, and HJT210 half - piece battery was 0.37 yuan/W [6]. - **Components**: The mainstream transaction price of PERC182mm components was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.68 - 0.70 yuan/W, and N - type 210mm was 0.68 - 0.70 yuan/W [6].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - The industrial silicon market shows an oscillating trend. After major manufacturers cut production, the supply - side pressure decreases, the southwest region's operation rate is lower than in previous years, and the consumption side increases. The subsequent focus should be on the operation status of major manufacturers and policy disturbances [2]. - Recently, polysilicon enterprises have actively raised spot quotes in response to the national anti - involution policy. Currently, there are few actual transactions, and terminal installation is expected to decline significantly. The futures market has continuously risen due to policy and capital sentiment. Future attention should be paid to the implementation of policies and price transmission [6]. Group 3: Market Analysis Industrial Silicon - On July 7, 2025, the industrial silicon futures price showed a weak oscillating trend. The main contract 2509 opened at 7980 yuan/ton and closed at 8045 yuan/ton, a change of 55 yuan/ton (0.69%) from the previous settlement. As of the close, the position of the 2509 main contract was 384,707 lots, and on July 8, 2025, the total number of warehouse receipts was 51,349 lots, a change of - 352 lots from the previous day [1]. - The spot price of industrial silicon remained stable. The price of East China oxygen - passing 553 silicon was 8700 - 8800 yuan/ton, 421 silicon was 8900 - 9200 yuan/ton, Xinjiang oxygen - passing 553 silicon was 8000 - 8200 yuan/ton, and 99 silicon was 8000 - 8100 yuan/ton. The silicon prices in Kunming and Sichuan decreased, while those in Huangpu Port, Tianjin, the Northwest, Shanghai, and Xinjiang remained stable, and the price of 97 silicon also remained stable [1]. - The consumption side: The quoted price of organic silicon DMC was 10300 - 10600 yuan/ton. In June, the domestic organic silicon DMC production increased by 13.75% month - on - month and decreased by 1.60% year - on - year. In July, although the operation rate of some domestic monomer enterprises decreased, the overall impact was limited, and the estimated organic silicon production in July increased by 1.53% month - on - month [1]. Polysilicon - On July 7, 2025, the main contract 2508 of polysilicon futures maintained an oscillating pattern, opening at 35100 yuan/ton and closing at 36515 yuan/ton, with a closing price change of 2.86% from the previous trading day. The position of the main contract reached 105,230 lots (77,334 lots the previous day), and the trading volume on that day was 440,264 lots [3]. - The spot price of polysilicon remained stable. The quoted price of polysilicon re - feeding material was 32.00 - 33.00 yuan/kg, dense material was 30.00 - 32.00 yuan/kg, cauliflower material was 28.00 - 31.00 yuan/kg, granular silicon was 30.00 - 31.00 yuan/kg, N - type material was 36.00 - 36.00 yuan/kg, and N - type granular silicon was 34.00 - 34.00 yuan/kg. The inventory of polysilicon manufacturers increased slightly, and the silicon wafer inventory decreased slightly. The latest statistics showed that the polysilicon inventory was 27.20 (a month - on - month change of 0.74%), the silicon wafer inventory was 19.22GW (a month - on - month change of - 4.43%), the weekly polysilicon production was 24,000.00 tons (a month - on - month change of 1.69%), and the silicon wafer production was 11.90GW (a month - on - month change of - 11.46%) [3]. Silicon Wafers - The price of domestic N - type 18Xmm silicon wafers was 0.87 yuan/piece, N - type 210mm was 1.19 yuan/piece, and N - type 210R silicon wafers was 0.99 yuan/piece. Affected by the policy orientation of the polysilicon end, the downstream silicon wafer market had a turning point, and the market trading atmosphere heated up, with stronger trading desire. However, enterprises remained cautious about the subsequent trend of the silicon wafer market [5]. Battery Cells - The price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 battery cells was about 0.28 yuan/W, TopconM10 battery cells was about 0.23 yuan/W, Topcon G12 battery cells was 0.25 yuan/W, Topcon210RN battery cells was 0.25 yuan/W, and HJT210 half - piece battery cells was 0.37 yuan/W [5]. Components - The mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.67 - 0.68 yuan/W, and N - type 210mm was 0.67 - 0.68 yuan/W [5]. Group 4: Strategies Industrial Silicon - Unilateral: Mainly conduct range operations, and upstream enterprises should sell hedging at high prices [2]. - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2] Polysilicon - If the futures price corrects and the polysilicon price is smoothly transmitted downstream to silicon wafers and components, long positions can be laid out at low prices [6]. - Unilateral: None [8] - Inter - period: None [8] - Cross - variety: None [8] - Spot - futures: None [8] - Options: None [8] Group 5: Factors to Monitor - Resumption and new capacity commissioning in the Northwest and Southwest regions [4] - Changes in the operation rate of polysilicon enterprises [4] - Policy disturbances [4] - Macroeconomic and capital sentiment [4] - Operation status of organic silicon enterprises [4]

Group 1: Report Investment Rating - No investment rating information provided Group 2: Core Views - For industrial silicon, the futures price showed a weak oscillation, and the spot price remained stable. The fundamentals changed little, and it was expected to oscillate at the bottom in the short - term [1][3] - For polysilicon, the futures price oscillated, and the spot price was stable. The fundamentals were weak, and the market might maintain a wide - range oscillation in the short - term due to improved commodity sentiment and more capital games [4][6] Group 3: Industrial Silicon Summary Market Analysis - On June 16, 2025, the industrial silicon futures price oscillated weakly. The 2507 main contract opened at 7305 yuan/ton and closed at 7370 yuan/ton, a change of 0.41% from the previous settlement price. The 2505 main contract held 323363 positions at the close, and on June 17, the total number of warehouse receipts was 56823, a decrease of 1097 from the previous day [1] - The industrial silicon spot price was stable. The price of East China oxygen - passing 553 silicon was 8000 - 8300 yuan/ton, 421 silicon was 8400 - 9000 yuan/ton, Xinjiang oxygen - passing 553 silicon was 7500 - 7700 yuan/ton, and 99 silicon was 7500 - 7700 yuan/ton [1] - As of June 12, the total social inventory of industrial silicon in major areas was 57.2 tons, a decrease of 1.5 tons from the previous week. Among them, the general social warehouse was 13.3 tons, a decrease of 0.2 tons, and the social delivery warehouse was 43.9 tons, a decrease of 1.3 tons [1] Consumption End - The organic silicon DMC quotation was 10400 - 11100 yuan/ton, a decrease of 200 yuan/ton. The domestic organic silicon DMC market's transaction center continued to decline, and the mainstream transaction price was about 10700 yuan/ton. The lowest transaction price in Shandong was below 10500 yuan/ton. The operating rate of organic silicon monomer enterprises was expected to approach 70%, and the DMC transaction center was expected to decline slightly [2] Strategy - The industrial silicon futures price oscillated, and the spot price was stable. The fundamentals changed little, and it was expected to oscillate at the bottom in the short - term. The strategy was to operate within a range, and upstream enterprises could sell hedging at high prices [3] Group 4: Polysilicon Summary Market Analysis - On June 16, 2025, the polysilicon futures 2507 main contract oscillated. It opened at 33765 yuan/ton and closed at 34320 yuan/ton, a 1.93% change from the previous trading day. The main contract held 51277 positions, and the trading volume was 62835 [4] - The polysilicon spot price was stable. The re - feeding material was priced at 31.00 - 34.00 yuan/kg, dense material at 29.00 - 34.00 yuan/kg, cauliflower material at 28.00 - 31.00 yuan/kg, granular silicon at 30.00 - 32.00 yuan/kg, N - type material at 34.00 - 37.00 yuan/kg, and N - type granular silicon at 32.00 - 34.00 yuan/kg [4] - Polysilicon factory inventory increased slightly, and silicon wafer inventory decreased. The latest polysilicon inventory was 27.50, a 2.23% change, silicon wafer inventory was 19.34GW, a - 3.40% change. The weekly polysilicon output was 23800.00 tons, an 8.00% change, and the silicon wafer output was 13.10GW, a 0.40% change [4][5] - In terms of silicon wafers, the domestic N - type 18Xmm silicon wafer was 0.91 yuan/piece, N - type 210mm was 1.27 yuan/piece, and N - type 210R silicon wafer was 1.06 yuan/piece [5] - In terms of battery cells, the high - efficiency PERC182 battery cell was 0.27 yuan/W, PERC210 was about 0.28 yuan/W, TopconM10 was about 0.24 yuan/W, Topcon G12 was 0.26 yuan/W, Topcon210RN was 0.27 yuan/W, and HJT210 half - piece battery was 0.37 yuan/W [5] - For components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.69 - 0.70 yuan/W, and N - type 210mm was 0.70 - 0.70 yuan/W [5] Strategy - The polysilicon futures price oscillated, and the spot price was stable. The fundamentals were weak, and the market might maintain a wide - range oscillation in the short - term. The strategy was neutral [6]

Industry Investment Rating - Not provided Core Viewpoints - For industrial silicon, the futures price rebounded while the spot price stabilized, with the basis narrowing significantly. The fundamentals changed little, but the overall sentiment improved recently. The price bottom is easily affected by various news, and the near - month contract has high positions, leading to large short - term fluctuations. Upstream enterprises can sell on rallies for hedging [1][2]. - For polysilicon, the futures price declined, and the spot price was weakly stable. The fundamentals are weak. As the number of warehouse receipts increases, the delivery game weakens, and the futures price is under pressure. Attention should be paid to the subsequent increase in warehouse receipts [3][5][10]. Market Analysis Industrial Silicon - On June 8, 2025, the main contract 2507 of industrial silicon futures opened at 7,245 yuan/ton and closed at 7,475 yuan/ton, up 2.33% from the previous settlement price. The position of the main contract 2507 was 177,663 lots, and the number of warehouse receipts on June 9 was 60,179 lots, a decrease of 394 lots from the previous day [1]. - The spot price of industrial silicon was stable. The price of East China oxygen - containing 553 silicon was 8,000 - 8,300 yuan/ton, 421 silicon was 8,400 - 9,000 yuan/ton, Xinjiang oxygen - containing 553 silicon was 7,500 - 7,700 yuan/ton, and 99 silicon was 7,500 - 7,700 yuan/ton. The prices of individual silicon in Xinjiang and Sichuan continued to decline, while those in Kunming, Huangpu Port, Tianjin, Shanghai, and the northwest remained stable, as did the price of 97 silicon [1]. - The DMC price of silicone was 10,900 - 11,500 yuan/ton, a decrease of 200 yuan/ton. The weekend quotation of Shandong monomer enterprises decreased by 400 yuan/ton to 11,000 yuan/ton, and the bid - winning price dropped to 10,800 yuan/ton. After the price decline, the transaction center of the DMC market decreased [1]. Polysilicon - On June 8, 2025, the main contract 2507 of polysilicon futures opened at 34,620 yuan/ton and closed at 34,105 yuan/ton, a decrease of 2.24% from the previous trading day. The position of the main contract was 64,383 lots (65,179 lots the previous day), and the trading volume was 123,726 lots [3][7]. - The spot price of polysilicon was stable. The price of polysilicon re - feedstock was 32.00 - 35.00 yuan/kg, dense material was 30.00 - 34.00 yuan/kg, cauliflower material was 29.00 - 31.00 yuan/kg, granular silicon was 32.00 - 33.00 yuan/kg, N - type material was 35.00 - 38.00 yuan/kg, and N - type granular silicon was 33.00 - 35.00 yuan/kg [3][7]. - The polysilicon inventory was 26.90 (a 0.37% month - on - month increase), the silicon wafer inventory was 20.02GW (a 7.80% month - on - month increase), the weekly polysilicon output was 22,000 tons (a 1.85% month - on - month increase), and the silicon wafer output was 13.04GW (a 2.67% month - on - month decrease) [3][4][7]. - The price of domestic N - type 18Xmm silicon wafers was 0.92 yuan/piece (a decrease of 0.03 yuan/piece), N - type 210mm was 1.28 yuan/piece, and N - type 210R silicon wafers were 1.08 yuan/piece [4][7]. - The price of high - efficiency PERC182 battery cells was 0.27 yuan/W (a decrease of 0.01 yuan/W), PERC210 battery cells were about 0.28 yuan/W, TopconM10 battery cells were about 0.25 yuan/W, Topcon G12 battery cells were 0.26 yuan/W, Topcon210RN battery cells were 0.27 yuan/W, and HJT210 half - piece battery cells were 0.37 yuan/W [4][8][9]. - The mainstream transaction price of PERC182mm components was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.69 - 0.70 yuan/W (an increase of 0.01 yuan/W), and N - type 210mm was 0.70 - 0.70 yuan/W (an increase of 0.01 yuan/W) [4][9]. Strategies Industrial Silicon - Unilateral: Mainly conduct range operations, and upstream enterprises can sell on rallies for hedging. - Inter - period: None. - Cross - variety: None. - Futures - spot: None. - Options: None [2]. Polysilicon - Unilateral: Mainly conduct range operations. - Inter - period: None. - Cross - variety: None. - Futures - spot: None. - Options: None [5][8][10].

Report Summary 1. Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Views - The cost support has weakened due to the decline in raw materials and electricity prices during the wet season in the southwest region. There are no bright spots on the consumer side, and high industry inventories are suppressing prices. Attention should be paid to the resumption of production in the southwest and the impact of macro - sentiment [2]. - In the short term, actual spot transactions are extremely rare. Downstream enterprises are mainly consuming inventory. Near - month contracts are still trading based on delivery games, while far - month contracts are trading on weak reality and weak expectations [6]. 3. Summary by Related Content Industrial Silicon - **Market Analysis** - On May 19, 2025, the industrial silicon futures price continued to bottom out. The main contract 2507 opened at 8150 yuan/ton and closed at 8130 yuan/ton, a change of (-155) yuan/ton or (-1.87)% from the previous day's settlement. The position of the main contract 2507 was 155,038 lots, and the total number of warehouse receipts was 66,384 lots, a change of - 49 lots from the previous day [1]. - The spot price of industrial silicon declined. The price of oxygen - blown 553 silicon in East China was 8800 - 9100 (-150) yuan/ton; 421 silicon was 9600 - 10100 (-150) yuan/ton. The price of oxygen - blown 553 silicon in Xinjiang was 8100 - 8300 (-100) yuan/ton, and 99 silicon was 8100 - 8300 (-100) yuan/ton. Some silicon prices in Kunming, Huangpu Port, Tianjin, Xinjiang, Sichuan, Shanghai, and the northwest region also continued to decline. The price of 97 silicon also declined [1]. - According to SMM statistics, the quotation of organic silicon DMC was 11300 - 11600 (0) yuan/ton. It is reported that the market trading volume is expected to recover faster in mid - to late May, and the low - level inventory reduction of monomer enterprises has been effective recently. Although the operation of monomer enterprises in North and Southwest China has recovered, those in the Northwest are still in the maintenance period [1]. - **Strategy** - For single - side trading, focus on range operations, and upstream enterprises should sell hedging at high prices. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [3]. Polysilicon - **Market Analysis** - On May 19, 2025, the main contract 2506 of polysilicon futures fluctuated. It opened at 36,900 yuan/ton and closed at 37,150 yuan/ton, a change of 0.51% from the previous trading day. The position of the main contract reached 28,688 (32,702 the previous day) lots, and the trading volume was 72,986 lots [4]. - The spot price of polysilicon remained stable. The quotation of polysilicon re - feedstock was 34.00 - 36.00 (0.00) yuan/kg; dense polysilicon was 33.00 - 35.00 (0.00) yuan/kg; cauliflower - shaped polysilicon was 30.00 - 32.00 (0.00) yuan/kg; granular silicon was 33.00 - 34.00 (0.00) yuan/kg, N - type silicon was 37.00 - 39.00 (-0.75) yuan/kg, and N - type granular silicon was 34.00 - 36.00 (0.00) yuan/kg. The inventory of polysilicon manufacturers decreased, while the inventory of silicon wafers increased month - on - month. The latest statistics show that the polysilicon inventory was 25.00 tons, a month - on - month change of - 2.27%, the silicon wafer inventory was 19.44GW, a month - on - month change of 7.22%, the weekly polysilicon output was 21,400.00 tons, with a month - on - month change of 0.00%, and the silicon wafer output was 12.42GW, a month - on - month change of 0.50% [4]. - **Strategy** - For single - side trading, focus on range operations. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [7]. Silicon Wafers, Battery Cells, and Components - **Silicon Wafers** - The price of domestic N - type 18Xmm silicon wafers was 0.94 (0.00) yuan/piece, N - type 210mm was 1.28 (-0.02) yuan/piece, and N - type 210R silicon wafers were 1.08 (-0.02) yuan/piece [6]. - **Battery Cells** - The price of high - efficiency PERC182 battery cells was 0.29 (0.00) yuan/W; PERC210 battery cells were about 0.28 (0.00) yuan/W; Topcon M10 battery cells were about 0.26 (0.00) yuan/W; Topcon G12 battery cells were 0.28 (0.00) yuan/W; Topcon 210RN battery cells were 0.26 (0.00) yuan/W; and HJT210 half - cell batteries were 0.37 (0.00) yuan/W [6]. - **Components** - The mainstream transaction price of PERC182mm was 0.67 - 0.74 (0.00) yuan/W, PERC210mm was 0.69 - 0.73 (0.00) yuan/W, N - type 182mm was 0.69 - 0.69 (0.00) yuan/W, and N - type 210mm was 0.69 - 0.70 (0.00) yuan/W [6]. Factors to Watch - Resumption of production in the southwest and changes in the operation in the northwest [2][5]. - Changes in the operation of polysilicon enterprises [5]. - Policy disturbances [5]. - Macro and capital sentiment [2][5]. - Operation of organic silicon enterprises [5]. - Impact of industry self - discipline on upstream and downstream operations [7]. - Impact of futures listing on the spot market [7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overall fundamentals of the industrial silicon industry are weak. Although there has been some production reduction on the supply side, the approaching wet season in the southwest region is expected to increase supply. The falling prices of silicon coal and electricity during the wet season have weakened cost support. On the consumption side, performance is weak, with the possibility of further production cuts [2]. - The futures market for polysilicon has been volatile recently. Downstream production scheduling has decreased month-on-month. News of joint production cuts by silicon material factories has had a significant impact on the market. Attention should be paid to changes in the number of warehouse receipts and the impact of position reduction on the market [6]. Market Analysis Industrial Silicon - On May 13, 2025, the industrial silicon futures price fluctuated weakly. The main contract 2506 opened at 8,320 yuan/ton and closed at 8,230 yuan/ton, a change of -50 yuan/ton (-0.60%) from the previous settlement. As of the close, the main contract 2505 had a position of 162,299 lots, and on May 14, 2025, the total number of warehouse receipts was 66,494 lots, a change of -603 lots from the previous day [1]. - Industrial silicon spot prices remained stable. According to SMM data, the price of oxygenated 553 silicon in East China was 9,000 - 9,200 yuan/ton; 421 silicon was 9,700 - 10,300 yuan/ton; the price of oxygenated 553 silicon in Xinjiang was 8,200 - 8,400 yuan/ton; and 99 silicon was 8,200 - 8,400 yuan/ton. In recent days, downstream alloy users have placed orders, and some traders reported improved trading volumes compared to last week. Sellers' quotes remained stable, but downstream users still had a tendency to bargain [1]. - According to SMM statistics, the quoted price of organic silicon DMC was 11,300 - 11,600 yuan/ton. Domestic organic silicon DMC enterprises maintained stable quotes, with local transaction prices slightly decreasing. The overall transaction range was 11,300 - 11,600 yuan/ton, but market transaction expectations were not strong. Downstream enterprises mainly replenished inventory as needed. It is expected that after May 20, downstream enterprises' raw material inventories will be depleted, which may drive market trading volumes [1]. Polysilicon - On May 13, 2025, the main polysilicon futures contract 2507 rose significantly and then declined. It opened at 38,230 yuan/ton and closed at 38,270 yuan/ton, a 0.91% change from the previous trading day. The main contract had a position of 52,252 lots (69,417 lots the previous day) and a trading volume of 321,982 lots [4]. - Polysilicon spot prices remained stable. According to SMM statistics, the quoted price of polysilicon reclaimed material was 35.00 - 36.00 yuan/kg; dense polysilicon was 34.00 - 35.00 yuan/kg; cauliflower polysilicon was 31.00 - 32.00 yuan/kg; granular silicon was 33.00 - 34.00 yuan/kg; N-type material was 37.00 - 44.00 yuan/kg; and N-type granular silicon was 35.00 - 36.00 yuan/kg. Polysilicon manufacturers' inventories decreased, as did silicon wafer inventories. The latest statistics showed polysilicon inventory at 25.70 (a month-on-month change of -1.90%), silicon wafer inventory at 18.13GW (a month-on-month change of -12.08%), weekly polysilicon production at 21,400.00 tons (a month-on-month change of -4.46%), and silicon wafer production at 12.35GW (a month-on-month change of -7.07%) [4][5]. - For silicon wafers, the price of domestic N-type 18Xmm silicon wafers was 0.98 yuan/piece, N-type 210mm was 1.30 yuan/piece, and N-type 210R silicon wafers were 1.10 yuan/piece. For battery cells, the price of high-efficiency PERC182 battery cells was 0.29 yuan/W; PERC210 battery cells were about 0.28 yuan/W; Topcon M10 battery cells were about 0.27 yuan/W; Topcon G12 battery cells were 0.28 yuan/W; Topcon 210RN battery cells were 0.27 yuan/W; and HJT210 half-cell batteries were 0.37 yuan/W. For components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N-type 182mm was 0.69 - 0.70 yuan/W, and N-type 210mm was 0.69 - 0.70 yuan/W [5]. Strategies Industrial Silicon - Unilateral: Mainly conduct range operations. Upstream enterprises should sell on rallies for hedging [3]. - Inter - delivery spread: None [3]. - Cross - variety: None [3]. - Spot - futures: None [3]. - Options: None [3]. Polysilicon - Unilateral: Be cautiously bullish on the 2506 contract [7]. - Inter - delivery spread: None [7]. - Cross - variety: None [7]. - Spot - futures: None [7]. - Options: None [7].