硅业分会：大多数多晶硅企业均将新单报价上调至约6.5万元／吨以上

Core Viewpoint - The domestic polysilicon market is experiencing a situation of "sluggish transactions and rising quotes," with most polysilicon companies raising new order prices to around 65,000 yuan per ton to stabilize the price system and inventory in anticipation of improved demand by the end of Q1 2026 [1][2]. Group 1: Market Pricing and Transactions - The transaction price range for n-type polysilicon is between 49,000 to 55,000 yuan per ton, with an average transaction price of 53,200 yuan per ton, remaining stable week-on-week [1]. - The transaction price range for n-type granular silicon is between 50,000 to 51,000 yuan per ton, with an average transaction price of 50,500 yuan per ton, also remaining stable week-on-week [1]. - The number of mainstream signing enterprises has further decreased, and new orders have almost stagnated, indicating a lack of market activity [1]. Group 2: Supply and Demand Dynamics - The number of operating polysilicon enterprises remains at 11, with December production expected to stay within 120,000 tons, limited by low operating rates and seasonal reductions in the southwest region [2]. - The annual domestic polysilicon production is projected to be around 1.33 million tons for 2025, with the top five companies accounting for approximately 78% of this output [2]. - The downstream sectors, including silicon wafers, battery cells, and modules, are facing high inventory levels and slow project initiation, leading to increased production cuts [2]. Group 3: Market Sentiment and Future Outlook - The current market sentiment is dominated by a strong consensus on price stability, despite the ongoing high inventory and weak demand conditions [2]. - In the short term, actual transaction volumes in the polysilicon market are expected to remain limited, but major enterprises are clearly maintaining a firm pricing stance [2]. - If the industry can maintain stable inventory and pricing during the transitional period of January to February, the market may gradually recover as terminal demand improves [2].