Ruida Futures(SZ:002961) Jin Tou Wang·2025-12-09 08:03Group 1 - The core viewpoint of the articles indicates that the domestic futures market for non-ferrous metals is experiencing a downturn, while polysilicon futures show a strong performance with a significant increase of 3.45%, closing at 55,610.0 yuan/ton [1] - The spot prices for polysilicon, as reported by Jianxin Futures, show that the transaction price range for n-type re-investment materials is between 49,000 to 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, remaining stable month-on-month [1] - The production of polysilicon is expected to continue declining in December, although some production capacity in the northwest is anticipated to ramp up, limiting the extent of the decline [1] Group 2 - Demand analysis from Ruida Futures indicates a differentiated demand pattern in the core downstream photovoltaic industry, with weak terminal demand and stable intermediate demand [1] - Domestic terminal installation demand is slow due to factors such as land approval and electricity price policies, while the overseas European market is experiencing a slowdown in installation growth due to falling energy prices and subsidy reductions [1] - The cautious optimism regarding polysilicon is based on the expectation that supply-side constraints will not lead to significant production cuts or price increases, as the current weak demand cycle limits the potential for unexpected supply or demand policies to alter the market dynamics [2]