瑞达期货多晶硅产业日报-20250917

Report Industry Investment Rating - No information provided Core View of the Report - The photovoltaic industry chain quotes have been slightly raised, but the pattern of strong supply and weak demand in the market remains unchanged. The terminal transaction pressure is high, and prices are expected to weaken in the future, which will suppress the demand for polysilicon. Today, polysilicon has weakened slightly, and the overall anti - involution market has not continued. The market will continue to fluctuate widely. It is recommended to wait and see or layout put options [3] Summary by Relevant Catalogs Futures Market - The closing price of the main contract of polysilicon is 53,490 yuan/ton, down 180 yuan; the position of the main contract is 126,234 lots, down 1,545 lots; the 11 - 12 spread of polysilicon is - 2,585 yuan, down 60 yuan; the spread between polysilicon and industrial silicon is 44,525 yuan/ton, down 230 yuan [3] Spot Market - The spot price of polysilicon is 52,500 yuan/ton, up 950 yuan; the basis of polysilicon is - 1,170 yuan/ton, up 825 yuan; the weekly average price of photovoltaic - grade polysilicon is 6.45 US dollars/kg, up 0.25 US dollars; the average price of cauliflower - like polysilicon is 30 yuan/kg, unchanged; the average price of dense polysilicon is 36 yuan/kg, unchanged; the average price of re - feed polysilicon is 34.8 yuan/kg, unchanged [3] Upstream Situation - The closing price of the main contract of industrial silicon is 8,965 yuan/ton, up 50 yuan; the spot price of industrial silicon is 9,300 yuan/ton, up 100 yuan; the monthly output of industrial silicon is 366,800 tons, up 33,600 tons; the monthly export volume of industrial silicon is 52,919.65 tons, down 12,197.89 tons; the monthly import volume of industrial silicon is 2,211.36 tons, up 71.51 tons; the total social inventory of industrial silicon is 552,000 tons, up 10,000 tons [3] Industry Situation - The monthly output of polysilicon is 125,000 tons, up 20,000 tons; the monthly import volume of polysilicon is 1,170 tons, up 57 tons; the weekly spot price of imported polysilicon in China is 6.9 US dollars/kg, up 0.14 US dollars; the monthly import average price of polysilicon in China is 2,190 US dollars/ton, down 140 US dollars [3] Downstream Situation - The monthly output of solar cells is 66,382,000 kilowatts, down 1,004,000 kilowatts; the average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W; the monthly export volume of photovoltaic modules is 110,432,680 pieces, up 21,456,820 pieces; the monthly import volume of photovoltaic modules is 14,525,650 pieces, up 3,429,750 pieces; the monthly import average price of photovoltaic modules is 0.29 US dollars/piece, down 0.02 US dollars/piece; the weekly comprehensive price index of the photovoltaic industry (SPI) for polysilicon is 30.34, up 0.62 [3] Industry News - GCL Technology (03800.HK), the leading company in photovoltaic granular silicon, announced a strategic financing agreement with Infini Capital. It will issue about 4.736 billion shares through private placement, raising HK$5.446 billion (about US$700 million), with an intention to lock in for 6 months. President Xi Jinping pointed out in an important article that efforts should be made to rectify the chaos of low - price and disorderly competition in enterprises. For polysilicon, the inventory is rising, and the subsequent increase is expected to be limited due to the anti - involution in the industry. The price of silicon wafers has risen slightly, but downstream enterprises are still waiting and watching [3]