瑞达期货多晶硅产业日报-20251120

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - On the supply side of polysilicon, as the southwest region enters the dry season, power supply is tight and costs have risen significantly. Polysilicon producers in Sichuan, Yunnan and other places face high cost pressure, and some plan to reduce the operating rate. In the northwest regions such as Xinjiang and Inner Mongolia, the power cost is relatively stable, and the polysilicon production capacity runs smoothly. [3] - On the demand side, the downstream markets of cells and modules are weak, wafer producers' inventory pressure has increased, and they have to cut production to ease the supply - demand contradiction. The slowdown in end - market demand and the continuous decline in photovoltaic product prices have compressed corporate profit margins and dampened production enthusiasm. [3] - Polysilicon prices have fallen significantly today, and overall demand has not increased significantly. Attention should be paid to the resistance level of 56,000 yuan. [3] Group 3: Summary by Related Catalogs Futures Market - The closing price of the main polysilicon contract is 52,450 yuan/ton, down 2,175 yuan; the main position is 134,292 lots, down 25 lots; the December - January basis of polysilicon is 1,965 yuan, down 195 yuan; the polysilicon - industrial silicon spread is 43,375 yuan/ton, down 1,860 yuan. [3] 现货市场 - The spot price of polysilicon is 52,300 yuan/ton, unchanged; the average price of N - type silicon wafers (210R) is 1.27 yuan/piece, unchanged; the weekly average price of photovoltaic - grade polysilicon is 6.5 US dollars/kg, unchanged; the basis of polysilicon is - 150 yuan/ton, up 2,175 yuan. [3] Upstream Situation - The closing price of the main industrial silicon contract is 9,075 yuan/ton, down 315 yuan; the spot price of industrial silicon is 9,550 yuan/ton, up 100 yuan; the monthly export volume of industrial silicon is 70,232.72 tons, down 6,409.29 tons; the monthly import volume is 1,939.85 tons, up 602.27 tons; the monthly output of industrial silicon is 402,800 tons, up 36,000 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 130,000 tons, up 5,000 tons; the monthly import volume of polysilicon is 1,292 tons, up 286 tons; the weekly spot price of imported polysilicon materials in China is 6.92 US dollars/kg, unchanged; the monthly average import price of polysilicon is 2.35 US dollars/ton, down 0.27 US dollars/ton. [3] Downstream Situation - The monthly output of solar cells is 7,0873,000 kilowatts, up 101,600 kilowatts; the weekly average price of mainstream photovoltaic modules is 0.73 yuan/watt, down 0.01 yuan; the weekly comprehensive price index of the photovoltaic industry (SPI) for polysilicon is 32.82, unchanged; the daily average price of solar cells is 0.82 yuan/W, up 0.01 yuan; the monthly export volume of photovoltaic modules is 129,531,200 pieces, down 19,491,300 pieces; the monthly import volume is 14,733,700 pieces, down 6,706,500 pieces; the monthly average import price of photovoltaic modules is 0.3 US dollars/piece, up 0.06 US dollars/piece. [3] Industry News - On November 12th, Luxi Chemical (000830.SZ) led an organic silicon industry meeting. The industry agreed to cut the operating rate by 30% starting in early December and raise the price of organic silicon DMC to 13,500 yuan/ton within half a month. [3]