建信期货多晶硅日报-20251106

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - The imbalance between supply and demand of polysilicon has not been reversed, with spot prices remaining stagnant and the 01 contract price fluctuating widely within a range [4] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - Market Performance: The main contract price of polysilicon showed a weak and narrow - range oscillation. The closing price of the PS2601 contract was 53,390 yuan/ton, a decline of 2.44%. The trading volume was 175,236 lots, and the open interest was 125,062 lots, with a net decrease of 3,814 lots [4] - Spot Price: The transaction price range of polysilicon n - type re - feedstock was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, unchanged from the previous period. The transaction price range of n - type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also unchanged from the previous period [4] - Future Outlook: The profit repair of polysilicon restrains the active production reduction. The polysilicon output in October was 137,000 tons (equivalent to 68GW downstream). In November, the equipment in the southwest production area actively reduced production, and the monthly supply was about 120,000 tons (equivalent to 60GW). Downstream demand lacks increment, and terminal demand remains weak in the situation of "rush installation" and policy bearishness [4] 3.2 Market News - On November 05, the number of polysilicon warehouse receipts was 9,730 lots, an increase of 140 lots compared with the previous trading day [5] - In September 2025, the newly - added photovoltaic installed capacity was 9.66GW, a month - on - month increase of 31.25%. From January to September, the cumulative newly - added photovoltaic installed capacity was 240.27GW [5]