Core Viewpoint - The industrial silicon market is experiencing a dual weakness in supply and demand, with a shift in focus from "weak demand" to "weak supply-demand balance" as production cuts are implemented by suppliers [1][2]. Supply Side Summary - The supply of industrial silicon is tightening, with low operating rates in Sichuan and Yunnan, and some companies in Xinjiang and Inner Mongolia planning maintenance or production cuts due to ongoing losses [1][2]. - A major enterprise in Xinjiang is expected to implement production cuts starting in February, potentially affecting about 50% of its capacity for approximately one month, which has positively influenced market sentiment [1]. Demand Side Summary - Overall downstream demand remains weak, with the polysilicon price stable but inventory levels continuing to rise, limiting the efficiency of procurement despite short-term boosts from export tax policy changes [2]. - The organic silicon market is experiencing low trading activity, and aluminum alloy demand is marginally weakening, leading to primarily just-in-time purchasing for industrial silicon [2]. Price Summary - As of January 28, the industrial silicon futures price was reported at 8,760 yuan/ton, with a slight decline of 60 yuan/ton [1]. - The national average price for industrial silicon was stable at 9,245 yuan/ton, with specific regional prices in Xinjiang at 8,810 yuan/ton, Yunnan at 10,005 yuan/ton, and Sichuan at 10,050 yuan/ton [3][4]. - Export FOB prices have decreased by 50 USD/ton due to weak overseas demand [1][2].

Core Viewpoint - The article highlights a downward trend in silicon wafer prices due to weak downstream demand and a lack of market activity, with expectations for continued weakness in the short term as the Chinese New Year approaches [1][2]. Price Trends - N-type G10L monocrystalline silicon wafer (182*183.75mm/130μm) average transaction price is 1.26 yuan/piece, down 3.82% week-on-week [1][3]. - N-type G12R monocrystalline silicon wafer (182*210mm/130μm) average transaction price is 1.32 yuan/piece, down 7.04% week-on-week [1][3]. - N-type G12 monocrystalline silicon wafer (210*210mm/130μm) average transaction price is 1.52 yuan/piece, down 8.43% week-on-week [1][3]. Demand and Supply Analysis - Weak downstream demand is attributed to terminal users' reluctance to accept high prices for components and batteries, leading to low purchasing intentions [2]. - The approach of the Chinese New Year has resulted in reduced operational rates in the industry, with major companies operating at 50% and 48% capacity, and integrated companies between 50%-70% [2]. - Silicon wafer prices are being lowered by suppliers under inventory pressure to stimulate transactions [2]. Market Outlook - The market is expected to remain weak in the short term due to the traditional off-season in the first quarter and the upcoming holiday [2]. - Post-holiday, there may be a potential recovery in the silicon wafer market if downstream component replenishment demand is released and prices of commodities like silver adjust [2].

当前多晶硅市场僵局持续，主要受供需两侧因素共同制约。需求方面，银浆等关 键辅材价格持续高位导致电池片生产成本居高不下，叠加组件端海外订单放量不 足，采购意愿低迷；同时春节临近加剧了硅片、电池企业开工计划的不确定性，进 一步抑制短期需求。供应方面，头部企业大幅减产或停产导致硅料供应持续收缩， 一定程度上缓和了供需矛盾，也削弱了企业主动降价的意愿。 截至本周，一家头部企业已全面停产，叠加另外两家企业减产落地，预计 1月份 多晶硅产量环比大幅减少15%，与同期硅片企业的排产规模基本匹配，市场累库速度 显著放缓，供需弱平衡格局进一步巩固。从排产计划看，2月份多晶硅产量将进一步 下调至8.2-8.5万吨，供应收缩力度持续加大。 据安泰科统计， 本周多晶硅主流产品均无成交。观望情绪持续主导市场，全周几 乎无规模性成交，仅极个别企业达成小额试探性订单，新单签约量近乎停滞。尽管 部分企业为试探市场下调报价，但下游采购意愿持续低迷，以消化库存和僵持观望 为主，未因报价松动而启动补库，导致调价难以转化为实际成交。 | 3-1 M J 20 M T T T T T T T T + : | | | --- | --- | | 四川永 ...

Core Viewpoint - The article provides an analysis of the pricing trends in the photovoltaic glass market, highlighting the current prices and fluctuations for different thickness categories of photovoltaic glass [1]. Pricing Summary - For 2.0mm photovoltaic glass, the highest price is 10.5 yuan per square meter, the lowest is 10 yuan, and the average price is 10.25 yuan, with no price fluctuation reported [1]. - For 3.2mm photovoltaic glass, the highest price is 18 yuan per square meter, the lowest is 17 yuan, and the average price is 17.5 yuan, also showing no price fluctuation [1]. - The prices mentioned are inclusive of tax and are based on a compilation of quotes from multiple photovoltaic glass manufacturers, with the price changes compared to the previous week [1].

| 高纯石英砂(万元/吨) | | | | | | --- | --- | --- | --- | --- | | 类别 | 最高价 | 最低价 | 均价 | 波动 | | 进口石英砂 | 7 | 6. 2 | 6. 6 | 0 | | 内层石英砂 | 6 | 4 | 5 | 0 | | 中层石英砂 | 2. 4 | 2. 2 | 2. 3 | 0 | | 外层石英砂 | 2 | 1.3 | 1. 65 | 0 | | | | | | 2026-1-27 | | 石英増場价格(万元/只) | | | | | | --- | --- | --- | --- | --- | | 类别 | 最高价 | 最低价 | 均价 | 波动 | | 28 寸石英坤娲 | 0. 62 | 0. 6 | 0. 61 | 0 | | 32 寸石英म锅 | 0. 63 | 0. 62 | 0. 625 | 0 | | 36 寸石英坤娲 | 0. 71 | 0. 7 | 0. 705 | 0 | | | | | | 2026-1-27 | 注:此报价为整理多家国内生产石英砂、坩埚企业以及下 游拉晶企业报价,均为含税价,涨跌幅度根据上周报 ...

一是要坚持把宏观政策的发力点放在做强国内大循环上，全方位扩大国内需求。重点是要适应需求 升级的趋势，结合新一轮科技革命和产业变革的需要，研究制定出台2026—2030年扩大内需战略 实施方案，为以新需求引领新供给、以新供给创造新需求提供强有力的创新举措和要素保障，努力 实现供需互促、循环升级。 二是坚持把发展经济的着力点放在实体经济上，加快构建现代化产业体系。实体经济是我国经济发 展的根基，要适应产业转型升级的需要，通过创新不断催生新的供给，催生新的就业岗位。坚持智 能化、绿色化、融合化方向，推动重点产业提质升级，大力培育壮大新兴产业和未来产业，深入开 展"人工智能+"行动。要发挥好国家创业投资基金行业标杆作用，研究设立国家级并购基金，加强 政府投资基金布局规划和投向指导，促进创新创业创造，加快培育和发展新质生产力。 三是坚持把市场运行的调控点放在纵深推进全国统一大市场建设上，充分激发市场活力。重点是要 综合整治"内卷式"竞争，实现从卷价格向优价值转变。要完善市场准入、公平竞争、产能退出等机 制，加强产能调控，积极化解供大于求的阶段性矛盾。进一步细化地方招商引资鼓励和禁止事项边 界，规范地方经济促进行为。加强 ...

本周硅片市场观望情绪较为浓厚，上下游呈僵持博弈局面。尽管在出口退税政策和白银价 格飙升影响下，组件、电池价格持续上涨，但是价格上涨未能有效向前端传导，需求偏弱导 致硅片价格暂无明显波动。具体来看，其一，虽然在去库进展缓慢压力下，部分小厂价格开 始小幅下探，但国内硅片大厂报价依旧坚挺；其二，国内终端需求一般，同时电池厂在成本 压力下，对高价硅片的接受度降低，导致硅片采购需求订单偏少。因此本周硅片市场以零星 成交为主，上游挺价，下游压价，整体市场处于拉锯阶段，硅片价格暂稳运行。据调研，本 周行业整体开工率无明显变化，其中两家一线企业开工率在 50% 和 48% ，一体化企业开工 率在 50%-70% 之间，其余企业开工在 50%-72% 之间。 | 隆基绿能科技股份有限公司 | TCL 中环新能源科技股份有限公司 | | --- | --- | | 晶澳太阳能科技股份有限公司 | 晶科能源控股有限公司 | | 阳光能源控股有限公司 | 弘元绿色能源股份有限公司 | | 北京京运通科技股份有限公司 | 高景太阳能股份有限公司 | | 江苏美科太阳能科技股份有限公司 | 双良硅材料(包头)有限公司 | | 宇泽半导体 ...

| | 国内工业硅价格 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 牌号/地区 | 地区综合 价格 | 波动 | ર્રક3 | 波动 | 441 | 波动 | 421 | 波动 | 3303 | 波动 | | 新疆 | 8810 | 0 | 8600-8800 | 0 | 8700-9200 | 0 | 9000-9500 | 0 | 9400-10000 | 0 | | 云南 | 10005 | 0 | 9100-9700 | 0 | 9400-10200 | 0 | 9700-10300 | 0 | 10200-10800 | 0 | | 福建 | | | | | | | | | | | | 四川 | 10050 | 0 | --- | --- | | 1 | 9800-10300 | 0 | --- | | | 全国综合价格 | 9245 | 0 | 8713 | 0 | 9169 | 0 | 9791 | 0 | | | | 工业硅期货价格 | 8780 | | 基 ...

Group 1 - The core viewpoint of the article indicates that the market for polysilicon, particularly n-type materials, is currently stable with transaction prices holding steady despite slight fluctuations in individual company quotes. The average transaction price for n-type recycled material is 59,200 yuan/ton, while n-type granular silicon is at 55,800 yuan/ton, both showing no change compared to the previous period [1][2]. - The market atmosphere is described as quiet, with new orders being scarce and transactions primarily consisting of small, tentative deals. This stalemate is attributed to two main factors: first, some demand has been preemptively fulfilled by 2025, leading to a lack of urgency in procurement from downstream silicon wafer manufacturers; second, rising silver prices have significantly increased production costs for battery cells and modules, limiting the impact of slight price reductions in polysilicon on downstream costs [1][2]. - A significant reduction in polysilicon production is anticipated, with major companies planning to halt or reduce output in January, leading to an expected average monthly production of around 80,000 tons in the first quarter. Although terminal demand has not shown substantial recovery, the drastic supply contraction is expected to gradually lead to a weak balance in supply and demand [2][3]. Group 2 - The key variables influencing price trends in the polysilicon market include: first, any substantial changes in downstream operating rates, particularly the effective transmission of order demand from the battery and module sectors to the silicon wafer sector; second, the sustainability of inventory reduction, as high inventory levels could suppress prices if demand does not recover in a timely manner [2][3]. - The transaction price data for domestic solar-grade polysilicon indicates that the highest price for n-type recycled material is 63,000 yuan/ton, while the lowest is 50,000 yuan/ton, with an average price of 59,200 yuan/ton showing no fluctuation [3].

| 光伏玻璃(元/平方米) | | | | | | --- | --- | --- | --- | --- | | 类别 | 最高价 | 最低价 | 均价 | 波动 | | 2.0mm 光伏玻璃 | 10. 5 | 10 | 10. 25 | -0. 5 | | 3.2mm 光伏玻璃 | 18 | 17 | 17. 5 | -0. 25 | | | | | | 2026-1-20 | 数据来源:安泰科 采编:张博 注:此报价为整理多家生产光伏玻璃企业报价，均为含税 价,涨跌幅度根据上周报价比较所得。 ...