光伏产业链中上游价格延续涨势 下游接受度仍待验证

Group 1 - The core viewpoint indicates that the upstream prices in the photovoltaic industry chain continue to rise, with multi-crystalline silicon dense material prices averaging 42,000 yuan/ton, an increase of 13.5% [1] - InfoLink observes that the price of multi-crystalline silicon dense material may rise to approximately 50,000-52,000 yuan/ton, with a possibility of reaching 55,000 yuan/ton, depending on downstream acceptance [1] - The price of industrial silicon also increased, with the main contract closing price rising from 8,745 yuan/ton to 9,525 yuan/ton, an increase of 8.92% [2] Group 2 - The average price of silicon wafers has continued to rise, with 183N single crystal wafers averaging 1.1 yuan/piece, up 4.76% week-on-week, and 210N single crystal wafers averaging 1.44 yuan/piece, up 6.67% [2] - The overall operating rate in the industry remains stable, with major integrated companies operating at 50%-80% capacity [3] - Battery cell prices have been adjusted to 0.27 yuan/W, with expectations for further increases to cover cost pressures [4] Group 3 - The price transmission from upstream to downstream has been effective, with the industry chain gradually moving towards covering full costs, with estimated component prices around 0.81 yuan/W after covering all costs [4] - Some silicon wafer manufacturers are refusing to ship orders below current prices, indicating a positive outlook for future price recovery [3] - The overall supply chain dynamics, including the impact of policy adjustments, are influencing price stability and potential increases in the component market [4]