头部硅片企业联合大幅上调报价，产业链盈利修复可期

Core Viewpoint - Leading silicon wafer companies have significantly raised their prices, indicating a stabilization and recovery phase in the photovoltaic industry after a deep adjustment, driven by cost support, supply-demand regulation, and industry chain transmission [1][2]. Cost Factors - The price increase of silicon wafers is primarily due to a substantial rise in upstream silicon material prices, with new single quotes exceeding 65,000 yuan/ton, and silicon material accounting for 48% of wafer costs [1]. - The price adjustment reflects the downward transmission of cost pressures within the industry chain and is a proactive measure by companies to address rising costs and restore profitability [1]. Supply and Demand Dynamics - Silicon wafer companies are actively reducing production and controlling inventory to adjust market supply, leading to a significant decrease in operational load among leading firms and a slowdown in inventory accumulation [1]. - The downstream battery segment has seen price increases due to soaring silver prices, with average prices for models like 183N and 210RN reaching 0.3 yuan/W, providing a transmission space for wafer price increases [1]. Industry Collaboration - There is a strengthening consensus on industry self-discipline to stabilize prices, with leading companies guiding market expectations through joint pricing to avoid chaotic price competition [1]. Market Outlook - In the short term, silicon prices are expected to maintain a strong trend due to reduced production and manageable inventory levels [2]. - The China Photovoltaic Industry Association forecasts a conservative estimate of 213 GW and an optimistic estimate of 271 GW for new domestic photovoltaic installations by 2026, which, along with rebounding demand from overseas markets, is expected to significantly boost silicon wafer demand [2]. - The price increase in silicon wafers enhances the stabilization expectations of the photovoltaic industry chain, benefiting leading companies directly and improving demand expectations for upstream polysilicon producers [2].