广期所再出手，三大主力合约开仓不超过500手

Core Viewpoint - The photovoltaic industry chain is experiencing significant market activity due to acquisition rumors, leading to a surge in polysilicon futures prices, which closed up 8.87% at 54,705 yuan/ton on July 30, 2023 [1][6]. Market Reactions - The Shanghai Futures Exchange implemented new trading limits for polysilicon, industrial silicon, and lithium carbonate futures, restricting daily opening positions to a maximum of 500 contracts for certain contracts starting August 1, 2025 [3][4]. - Following the announcement, market sentiment cooled, with no night trading for the three major products, and declines observed in other popular commodities such as coking coal and rebar [4]. Trading Volume and Capital Flow - On July 30, the polysilicon futures market saw a significant increase in trading volume, with a net capital inflow of approximately 4.026 billion yuan [5][6]. - The number of open positions increased by 22,800 contracts, with a notable rise in long positions, indicating strong bullish sentiment among traders [6]. Policy Implications - Industry experts suggest that the new trading limits will effectively curb speculative trading and mitigate market risks [4]. - The "anti-involution" policy is expected to enhance corporate profitability across various sectors, including the photovoltaic industry, by promoting capacity consolidation and price discipline [7]. Future Outlook - The polysilicon market is currently in a phase of deep supply-demand adjustment, with future trends heavily dependent on the implementation of policies [7]. - Despite a potential weakening of the fundamental market conditions in August, the prevailing market sentiment remains strong, driven by policy expectations [8].