价格竞争倒逼过剩产能出清仍是长期趋势

Group 1: Report Structure - The report includes four parts: an overview and trend review of the silicon-based industry chain, an overview of core views, the fundamental situation of industrial silicon, and the fundamental situation of polysilicon [4][17][22] Group 2: Silicon Industry Chain - The industrial silicon industry chain involves upstream raw materials such as quartzite and carbon reducers, midstream products like organic silicon monomers and polysilicon, and downstream applications in construction, electronics, new energy, and other fields [6] Group 3: Industrial Silicon Supply and Demand - The industrial silicon monthly supply - demand balance table shows data from January 2024 to February 2025, including production, imports, various demands, exports, and the supply - demand balance. For example, in February 2025, the supply - demand balance was 0.51 [48] Group 4: Photovoltaic Component Market - China's photovoltaic component exports decreased both year - on - year and month - on - month in February 2025. Component production continued to decline to meet the industry's requirement of reducing production to support prices, and component prices remained stable near the cost line [54][55] Group 5: Polysilicon Market - The polysilicon cost is composed of electricity (40%), metallic silicon (27%), labor (4%), steam (3%), water (2%), other auxiliary materials (6%), equipment depreciation (15%), and maintenance costs (3%). The polysilicon cost has slightly loosened [71][72][73]