Last week, the price of industrial silicon futures fluctuated, and it was difficult to support the higher price on Thursday, and fell again; In terms of spot, prices have stabilized, and low brand prices have risen slightly. On the supply side, the weekly production of Sichuan and Xinjiang increased significantly last week, followed by further resumption of production in Sichuan, Xinjiang's output is expected to stabilize at a high level, and the growth slope of supply pressure may trend steeper, but at the same time, it is necessary to pay attention to the adjustment plan of production in main producing areas under low prices. On the demand side, the price of the main material of the photovoltaic industry chain continues to decline, and the polysilicon material is under pressure for production, but the pressure of low prices on production is gradually increasing, and it is necessary to pay attention to the follow-up silicon material maintenance and production reduction. Silicone enterprises end the early maintenance, start repair, but the price also fell to a lower level, while the terminal real estate year-on-year data did not give good information, silicone follow-up operating rate or difficult to have significant growth. The operating rate of silicon and aluminum alloy enterprises was flat, and the downstream was also dominated by just-needed procurement, and the operating rate of alloy plants was further driven up by limited. Overall, the marginal changes on both sides of supply and demand are in line with our previous judgment, showing that the supply side is still resilient, while the demand side has limited growth momentum, and under the weak fundamentals, the silicon price maintains a shock operation. In the later stage, it is necessary to pay attention to the speed of silicon plant resumption, and the possible reduction of downstream polysilicon production, or have a significant impact on the shock situation.