Zhong Guo Jing Ying Bao·2026-01-09 16:40Core Viewpoint - The recent meeting minutes reveal that the Chinese regulatory authority has raised concerns about potential monopolistic practices in the polysilicon industry, leading to a significant market reaction and stock price declines for major companies in the sector [1][2]. Group 1: Regulatory Actions - On January 6, 2026, the State Administration for Market Regulation held discussions with key players in the polysilicon industry, including Tongwei Co., GCL-Poly Energy, Daqo New Energy, and others, to address reported monopolistic risks and suggested corrective measures [1][2]. - The meeting minutes indicated that since July 2025, there have been allegations of companies colluding to raise polysilicon prices under the guise of self-regulation, which included signing commitment letters and forming a platform company for capacity integration [2]. Group 2: Market Impact - Following the regulatory discussions, stock prices for major polysilicon companies fell significantly, with declines of 3.83% for Tongwei, 7.89% for GCL-Poly, 6.1% for Daqo, and 7.81% for Xinte Energy as of January 9 [1]. - Analysts suggest that the recent price increases in polysilicon, which had risen to over 60,000 yuan per ton, may not be sustainable due to the regulatory scrutiny and potential dismantling of price-fixing agreements among companies [5]. Group 3: Industry Perspectives - Industry experts emphasize the need for a legal and market-driven approach to combat "involution" and monopolistic practices, highlighting that the recent regulatory actions are a response to industry reports and not a rejection of the efforts made towards self-regulation [2][4]. - The establishment of the Beijing Guanghe Qiancheng Technology Co., viewed as a platform for capacity integration, has been criticized, with some industry insiders suggesting that its objectives may no longer be necessary [3][4]. Group 4: Future Outlook - The polysilicon market is expected to experience further price adjustments, with predictions that prices may eventually trend towards 40,000 yuan per ton as market competition intensifies and supply-demand dynamics remain loose [5]. - The ongoing discussions about "anti-involution" and regulatory compliance will likely shape the future strategies of companies within the polysilicon sector, as they navigate the balance between competitive pricing and regulatory frameworks [4][5].