期价创新高，交易所调整交易限额及手续费，分析人士：需注意风险管理

Core Viewpoint - The recent surge in polysilicon futures prices is primarily driven by macro policy expectations and supply-side adjustments, with prices reaching a new high since listing [1][2]. Group 1: Price Movements - Polysilicon futures for the main PS2508 contract closed at 45,700 yuan/ton, marking a 7.49% increase and a 50.3% rise from the low of 30,400 yuan/ton in late June [1]. - The average transaction price for N-type polysilicon was 41,700 yuan/ton, reflecting a 12.4% week-on-week increase, while N-type granular silicon averaged 41,000 yuan/ton, up 15.2% [3]. Group 2: Market Dynamics - The implementation of a price cap on polysilicon sales has been a significant factor supporting the recent price increase, although this policy has not yet been confirmed by companies [2]. - There is a notable increase in transaction activity, with six companies achieving new orders and a significant rise in transaction volume compared to the previous week [3]. Group 3: Future Outlook - Despite the strong policy expectations, the supply-demand dynamics in the polysilicon market have not changed, and there are concerns about potential resistance from downstream sectors to price increases [3]. - Analysts predict that while the price surge may slow down due to weak fundamentals, polysilicon prices are likely to remain elevated due to cost support [3]. Group 4: Regulatory Changes - The exchange has announced new trading limits for polysilicon futures to mitigate excessive speculation, with a daily opening position limit set at 10,000 lots for non-futures company members [4]. - Adjustments to trading fees for polysilicon futures contracts have also been implemented, effective from July 21, 2025 [4].