多晶硅数据日报-20251015

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Supply side: Affected by the resumption of production capacity in Qinghai and the ramp - up of new capacity in other regions, the production schedule of polysilicon in October increased more than expected [1] - Demand side: Due to the quota limit in the fourth quarter, the production schedule of silicon wafers in October may be reduced [1] - Inventory side: Factory inventory and warehouse receipt inventory are accumulating [1] - Policy: The two ministries emphasized not to bid below cost, strengthening the effectiveness of cost support. The "anti - involution" of polysilicon has basically formed a policy framework of "capacity reduction + sales at no less than cost price", and the medium - and long - term fundamentals of polysilicon may improve. The market sentiment has subsided, and the futures price may fluctuate in the short term [1] Group 3: Summary by Relevant Data Futures Price and Spread - The closing prices of different polysilicon futures contracts on October 15, 2025, such as PS2510 at 49980, PS2512 at 52390, and PS2601 at 52265, with their respective price changes and spreads like PS2510 - PS2511 at - 10 and PS2511 - PS2512 at - 2400 [1] Inventory - Polysilicon inventory (weekly, in 10,000 tons) is 24, with an increase of 1.4; N - type dense material inventory is 51.25; silicon wafer inventory (weekly, in GW) is 16.78; registered warehouse receipts (daily, in tons) is 7950 [1] Spot Price and Basis - The basis between N - type dense material and PS2511 is 1260, and between N - type mixed material and PS2511 is 260 [1] Market News - On October 14, market news said that relevant authorities may issue a document on strengthening photovoltaic capacity regulation, and an industry insider close to the authorities said the document may be released soon, involving requirements for limiting the operating rate of existing capacity across the entire industry chain [1]