建信期货多晶硅日报-20250911

Report Information - Date: September 11, 2025 [2] - Research Team: Energy and Chemical Research Team [3] - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [1][3] Market Performance and Outlook Market Performance - The price of the main polysilicon contract continued to oscillate weakly. The closing price of PS2511 was 51,885 yuan/ton, a decrease of 4.40%. The trading volume was 411,979 lots, and the open interest was 137,072 lots, a net decrease of 5,908 lots [4] Outlook - The stable spot price provides rigid support for the lower limit of the futures price (the average spot price of re-feeding materials is 49,000 yuan/ton). The policy has a pulsed impact, and the market has recently entered a policy vacuum period. The futures market continued to reduce trading volume and open interest, and the number of warehouse receipts increased again. The selling pressure at high levels is obvious. After the second breakthrough failed, the futures price entered a high-level range oscillation. The market is waiting to see the follow-up policy support [4] Market News - On September 10, the number of polysilicon warehouse receipts was 7,370 lots (22,110 tons), an increase of 500 lots (1,500 tons) from the previous trading day [5] - From January to July 2025, the cumulative installed capacity of photovoltaic reached 1,109.6 GW, and the newly installed capacity was 223.25 GW. In July, the newly installed capacity was 11 GW, a year-on-year decrease of 47.7%, the lowest in 2025 [5]