Citic Securities: The silicon-based materials industry is awaiting recovery, while downstream sectors with high growth are set to benefit.

CITIC Securities' research report indicates that the silicon-based materials industry is currently consolidating at the bottom of the cycle. The supply side has already substantially slowed, but the industry has not experienced deep losses, and there are difficulties in self-clearing. The current efforts to reduce internal competition may have limited support for prices. The second half of 2026 will further test the contradictions between supply and demand, with forecasted prices for silicon materials expected to be between 11,500 and 13,000 yuan per ton, still at relatively low levels. It is recommended to pay attention to companies in the silicon-based materials industry that are extending and expanding into high-growth downstream sectors.