建信期货多晶硅日报-20250826

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - The spot price's rigidity provides strong support for the futures price, and with the policy entering a rational - driven stage, the futures price will fluctuate in a wide - spread premium range and run cautiously strong [4]. 3. Summary by Directory 3.1. Market Review and Outlook - Market Performance: The price of the polysilicon main contract continued to show high - level oscillations. The closing price of PS2511 was 51,580 yuan/ton, a 0.73% increase. The trading volume was 36,522 lots, and the open interest was 136,801 lots, with a net decrease of 5,596 lots [4]. - Future Outlook: The transaction price range of n - type re -投料 was 45,000 - 52,000 yuan/ton, with an average transaction price of 47,900 yuan/ton, a 1.05% week - on - week increase. Polysilicon production in August will increase to 125,000 tons, and in September, production will enter the stage of production - limit and sales - control policies. Downstream actively replenishes inventory to buffer the shrinking pressure of terminal demand. The domestic photovoltaic power station installation volume in July was only 11GW [4]. 3.2. Market News - On August 25, the number of polysilicon warehouse receipts was 6,730 lots, a net increase of 190 lots from the previous trading day [5]. - As of August 22, many photovoltaic listed companies released their first - half "report cards". Some photovoltaic component manufacturers showed signs of performance improvement. The cumulative photovoltaic installation volume from January to July 2025 reached 1,109.6GW, and the new installation volume from January to July was 223.25GW. The new installation volume in July was only 11GW, a 47.7% year - on - year decrease, hitting a new low in 2025 [5].