多晶硅10月报：恐有回调风险，但远期向上方向不变-20250929

Group 1: Report's Overall View - The industry may face a pullback risk, but the long - term upward trend remains unchanged [3] Group 2: Fundamental Situation Price Changes - From September 22nd to September 26th, most prices in the polysilicon industry chain remained stable. Compared with the end of July and August, polysilicon spot prices had significant increases. For example, the average price of N - type dense material increased by 12.20% compared to the end of July and 6.35% compared to the end of August. PV wafer prices also rose, with the average price of N - type 183mm wafers increasing by 12.50% compared to the end of July and 9.76% compared to the end of August. PV cell prices had different degrees of increase, while some distributed project component prices decreased slightly, and some centralized project component prices had a small increase [14] Supply - Demand Balance - The polysilicon supply - demand balance varied from month to month in 2025. From January to June, there was a shortage in most months, with the largest shortage of 2.13 million tons in April. From July to October, there was a surplus, with the largest surplus of 2.75 million tons in August. In November and December, there was a shortage again. The total supply - demand balance for the year showed a shortage of 1.19 million tons [38] Group 3: Market Outlook and Strategy Recommendation - No specific content provided in the given text