Report Information - Report Date: July 08, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Investment Rating - Not provided in the content Core View - The price of the main contract of polysilicon continued to rise sharply. The closing price of PS2508 was 36,515 yuan/ton, with a daily increase of 2.86%. The trading volume was 440,264 lots, and the open interest was 105,230 lots, with a net increase of 27,896 lots. The spot price increased over the weekend, with the transaction price range of polysilicon N-type re-feeding material being 34,000 - 38,000 yuan/ton and the average transaction price being 34,700 yuan/ton. Policy-driven anti-involution competition benefits are being transmitted to the spot market. The increasing position operation continues to highlight the strong expectation guiding the upward movement of the futures price. In the short term, the weak reality of the fundamentals has not yet restricted the price, and the price is expected to be mainly strong, but beware of a sharp pullback [4]. Summary by Directory 1. Market Review and Outlook - Market Performance: The main contract price of polysilicon continued to rise sharply. The closing price of PS2508 was 36,515 yuan/ton, with a 2.86% increase. The trading volume was 440,264 lots, and the open interest was 105,230 lots, with a net increase of 27,896 lots [4]. - Future Outlook: Over the weekend, the spot price increased. The transaction price range of polysilicon N-type re-feeding material was 34,000 - 38,000 yuan/ton, and the average transaction price was 34,700 yuan/ton. Policy-driven anti-involution competition benefits are being transmitted to the spot market. The increasing position operation continues to highlight the strong expectation guiding the upward movement of the futures price. In the short term, the weak reality of the fundamentals has not yet restricted the price, and the price is expected to be mainly strong, but beware of a sharp pullback [4]. 2. Market News - As of July 07, the number of polysilicon warehouse receipts was 2,780 lots, with no increase from the previous trading day [5]. - A high-level meeting pointed out that it is necessary to regulate the disorderly low-price competition of enterprises in accordance with laws and regulations, guide enterprises to improve product quality, and promote the orderly withdrawal of backward production capacity [5]. - On June 23, the National Energy Administration released the national power industry statistics for January - May. As of the end of May, the country's cumulative installed power generation capacity was 3.61 billion kilowatts, a year-on-year increase of 18.8%. Among them, the installed capacity of solar power generation was 1.08 billion kilowatts, a year-on-year increase of 56.9%. From January to May, the country's power generation equipment had an average utilization of 1,249 hours, a decrease of 132 hours compared to the same period last year. The country's major power generation enterprises completed a power source project investment of 257.8 billion yuan, a year-on-year increase of 0.4%, and the grid project investment was 204 billion yuan, a year-on-year increase of 19.8% [5].
建信期货多晶硅日报-20250708
Jian Xin Qi Huo·2025-07-08 01:21