Zhong Guo Neng Yuan Wang·2025-09-23 06:07Core Viewpoint - The recent upward trend in polysilicon prices is supported by tightening supply and optimistic market expectations following the release of new energy consumption standards by the National Standardization Administration [2][3] Group 1: Polysilicon Market Dynamics - Recent transaction prices for polysilicon n-type recycled materials range from 51,000 to 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, reflecting a month-on-month increase of 8.57% [2] - N-type granular silicon has a transaction price range of 49,000 to 50,000 yuan/ton, with an average price of 49,500 yuan/ton, showing a month-on-month increase of 3.13% [2] - The price increase is attributed to first-tier companies reaching their sales limits, leading to a temporary tightening of market supply, while second-tier companies are beginning to secure orders [2] Group 2: New Energy Consumption Standards - On September 16, the National Standardization Administration released a draft for mandatory national standards, lowering the energy consumption limits for polysilicon production [3] - The new standards set the energy consumption for trichlorosilane polysilicon at 5/5.5/6.4 kgce/kg for different production levels, down from previous limits of 7.5/8.5/10.5 kgce/kg [3] - The effective polysilicon production capacity in China is expected to decrease to approximately 2.4 million tons per year, a reduction of 16.4% compared to the end of 2024 [3] Group 3: Investment Recommendations - In the photovoltaic sector, it is recommended to focus on leading companies such as Tongwei Co. and GCL-Poly Energy, while in the photovoltaic glass segment, attention should be given to Fuyao Glass [5] - For humanoid robotics, core companies with high supply chain certainty and significant value in the industrial chain, such as Top Group and Sanhua Intelligent Control, are recommended [5] Group 4: Overall Market Outlook - The overall outlook for the electric power equipment sector is maintained as "recommended" [6]