集邦咨询：光伏产业链价格难稳 终端需求尚待提振

Core Insights - The photovoltaic industry chain is facing price instability, with terminal demand needing to be boosted [1] Group 1: Silicon Procurement and Inventory - In the polysilicon segment, procurement is slowing down due to poor visibility of downstream orders in July, leading to a continued low willingness to stock up for the next month [1] - As of this week, silicon wafer inventory remains above 2 billion pieces, indicating a vacuum in terminal demand, making it difficult to prevent inventory levels from rising despite potential production cuts from leading specialized manufacturers next month [1] Group 2: Demand and Pricing Pressure - The demand for battery cells is also not optimistic, leading to cautious procurement of silicon wafers, with expectations of a loose supply-demand balance for silicon wafers in July [1] - The component segment is expected to see a continued decline in order demand, with significant reductions in orders from leading manufacturers, while second and third-tier manufacturers face poor order intake and generally low operating rates [1]