供需边际改善有限 多晶硅仍在区间内宽幅震荡

Group 1 - The domestic futures market for non-ferrous metals showed a mixed performance, with polysilicon futures experiencing a downward trend, closing at 54,060.0 CNY/ton, down approximately 2.40% [1] - Market sentiment is influenced by ongoing speculation regarding storage and the establishment of platform companies, leading to rapid price fluctuations without sufficient driving forces from either bulls or bears [1] - The photovoltaic terminal demand remains weak, with both upstream and downstream polysilicon production reducing in November, resulting in limited marginal improvements in supply and demand [1][2] Group 2 - On the supply side, the southwestern regions are facing tight electricity supply and rising costs due to the dry season, prompting some polysilicon producers to consider reducing their operating rates [2] - In contrast, regions like Xinjiang and Inner Mongolia benefit from stable electricity costs due to abundant coal resources, allowing for steady polysilicon production [2] - The downstream market for battery cells and modules is experiencing weak demand, leading to increased inventory pressure for silicon wafer companies, which are compelled to cut production to alleviate supply-demand imbalances [2]