Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-09-03 09:37Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The polysilicon market is expected to continue to adjust due to increased supply and weakened demand. The price may continue to show a volatile trend, with the upside space limited by downstream acceptance. The industrial silicon market is expected to maintain a volatile downward trend, with demand stabilizing and supply still increasing. It is recommended to wait and see or arrange put options [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main polysilicon contract was 52,160 yuan/ton, up 285 yuan; the main position was 149,210 lots, up 3,355 lots. The 11 - 12 spread of polysilicon was -2,325 yuan, down 10 yuan; the spread between polysilicon and industrial silicon was 43,670 yuan/ton, up 265 yuan [2] Spot Market - The spot price of polysilicon was 51,500 yuan/ton, up 2,500 yuan; the basis was -375 yuan/ton, up 2,910 yuan. The weekly average price of photovoltaic - grade polysilicon was 6.2 US dollars/kg, up 1.26 US dollars. The average prices of cauliflower - type, dense - type and re - feeding polysilicon were 30 yuan/kg, 36 yuan/kg and 34.8 yuan/kg respectively, with no change [2] Upstream Situation - The closing price of the main industrial silicon contract was 8,490 yuan/ton, up 20 yuan; the spot price was 9,100 yuan/ton, up 50 yuan. The monthly output of industrial silicon was 333,200 tons, up 8,500 tons; the total social inventory was 552,000 tons, up 10,000 tons. The monthly export volume was 52,919.65 tons, down 12,197.89 tons; the monthly import volume was 2,211.36 tons, up 71.51 tons [2] Industry Situation - The monthly output of polysilicon was 105,000 tons, up 5,000 tons; the monthly import volume was 1,170 tons, up 57 tons. The weekly spot price of imported polysilicon in China was 6.61 US dollars/kg, up 0.15 US dollars; the monthly average import price was 2.19 US dollars/ton, down 0.14 US dollars [2] Downstream Situation - The monthly output of solar cells was 66,382,000 kW, down 1,004,000 kW; the average price of solar cells was 0.82 RMB/W, up 0.01 RMB/W. The monthly export volume of photovoltaic modules was 110,432,680 pieces, up 21,456,820 pieces; the monthly import volume was 14,525,650 pieces, up 3,429,750 pieces. The monthly average import price was 0.29 US dollars/piece, down 0.02 US dollars [2] Industry News - The export value of photovoltaic wafers was 600 million US dollars, a year - on - year decrease of 54.2%, and the export volume was 2.94 billion pieces, a year - on - year increase of 5%. The export value of photovoltaic cells was 1.73 billion US dollars, a year - on - year increase of 31.1%, and the export volume was 44.4 GW, a year - on - year increase of 59.1%. The export value of photovoltaic modules was 11.54 billion US dollars, a year - on - year decrease of 29.3%, and the export volume was 120.5 GW, a year - on - year decrease of 17.7%. China will establish three cooperation platforms and three cooperation centers, and implement new "10 million kilowatt photovoltaic" and "10 million kilowatt wind power" projects with other SCO countries in the next 5 years [2]