建信期货多晶硅日报-20251107

Group 1: Report Summary - The report is a daily report on polysilicon dated November 07, 2025, by the Energy and Chemical Research Team of Jianxin Futures [2][3] Group 2: Market Performance and Outlook - The price of the main polysilicon contract was strong first and then weak. The closing price of the PS2601 contract was 53,395 yuan/ton, a decline of 0.09%. The trading volume was 256,104 lots, and the open interest was 122,244 lots, with a net decrease of 2,818 lots [4] - The transaction price range of polysilicon n-type re-feeding material 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 [4] - The profit repair of polysilicon has curbed the active production reduction. The polysilicon output in October was 137,000 tons (68GW downstream). In November, the devices in the southwest production area actively reduced production, and the monthly supply was about 120,000 tons (60GW). The downstream demand lacked an increase, and the terminal demand was still weak due to "rush installation" and policy uncertainties. The imbalance between supply and demand has not been reversed. The spot price was stagnant. There was news that a polysilicon restructuring "consortium" platform was being planned, but the details of the acquisition plan were still under discussion. The futures price dropped during the session. Although there were policy expectations, the funds were cautious and did not rush in, and the price fluctuated within a range (net long position decreased by 3,193 lots) [4] Group 3: Market News - On November 06, the number of polysilicon warehouse receipts was 9,790 lots, an increase of 60 lots from the previous trading day [5] - In September 2025, the new installed capacity of photovoltaics was 9.66GW, a month-on-month increase of 31.25%. From January to September, the cumulative new installed capacity of photovoltaics was 240.27GW [5]