Zhong Guo Jing Ying Bao·2026-01-10 02:21Core Viewpoint - The recent meeting with the State Administration for Market Regulation highlighted concerns about potential monopolistic practices in the polysilicon industry, prompting calls for regulatory compliance and market-driven solutions to address excessive competition and price manipulation [1][2][4]. Industry Overview - On January 6, 2026, the State Administration for Market Regulation held discussions with major polysilicon companies, including Tongwei Co., GCL-Poly Energy, Daqo New Energy, and Xinte Energy, regarding reported monopolistic risks and corrective measures [1][2]. - Following the meeting, stock prices for these companies fell significantly, with declines of 3.83%, 7.89%, 6.1%, and 7.81% respectively by January 9 [1]. Regulatory Actions - The meeting's minutes indicated that since July 2025, there have been reports of companies using self-regulation as a pretext to raise polysilicon prices, leading to the establishment of a platform company aimed at capacity integration [2]. - The regulatory body emphasized that companies should not agree on production capacity, sales prices, or engage in market division, and must avoid any form of communication regarding pricing and production volumes [2]. Market Dynamics - The establishment of the platform company, Beijing Guanghe Qiancheng Technology Co., was intended to address the issue of excessive competition in the polysilicon sector through a dual-track model of "debt acquisition + flexible capacity utilization" [2]. - Analysts noted that the recent discussions have shifted market expectations towards anti-monopoly measures, leading to a withdrawal of funds from the polysilicon market and a potential breakdown of previously established price alliances [1][5]. Future Outlook - The polysilicon industry is currently facing significant challenges due to supply-demand imbalances and widespread losses among companies, necessitating a swift resolution to foster healthy development [4]. - Future pricing trends for polysilicon may be influenced by the recent regulatory actions, with expectations of price adjustments as market dynamics evolve [5].