Report Date - The report is dated December 11, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The supply and demand of polysilicon have both decreased. The production in December is expected to remain flat month - on - month, but the weak terminal demand is gradually spreading upstream in the industrial chain. Downstream enterprises are reducing production, and the market has not yet entered the active destocking stage. The prices of silicon wafers and solar cells have been weak recently, and the industrial chain profits are concentrated in the silicon material segment. It is difficult to pass on price increases in silicon materials. With policy emphasis on stability and the lack of upward drivers from the fundamentals, the "stockpiling" platform has been established but no details are available, and the capital response has been tepid. The price has risen and then fallen, with an increase in net short positions during the day, and overall, it continues to fluctuate within a range [4] Summary by Directory 1. Market Review and Outlook Market Performance - The price of the polysilicon main contract rose and then fell. The closing price of the PS2601 contract was 55,915 yuan/ton, with a 1.62% increase, a trading volume of 116,207 lots, and an open interest of 54,959 lots, a net decrease of 13,915 lots. The closing price of the PS2605 contract was 54,600 yuan/ton, with a 1.76% increase, a trading volume of 184,575 lots, and an open interest of 108,249 lots, a net increase of 2,717 lots. The net long positions of the top 20 increased by 1,861 lots, and the net short positions of the top 20 increased by 2,806 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, remaining flat month - on - month. 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 remaining flat month - on - month [4] Future Outlook - The supply and demand of polysilicon have both decreased. The production in December is expected to remain flat month - on - month, but the weak terminal demand is gradually spreading upstream in the industrial chain. Downstream enterprises are reducing production, and the market has not yet entered the active destocking stage. The prices of silicon wafers and solar cells have been weak recently, and the industrial chain profits are concentrated in the silicon material segment. It is difficult to pass on price increases in silicon materials. With policy emphasis on stability and the lack of upward drivers from the fundamentals, the "stockpiling" platform has been established but no details are available, and the capital response has been tepid. The price has risen and then fallen, with an increase in net short positions during the day, and overall, it continues to fluctuate within a range [4] 2. Market News - On December 10, the number of polysilicon warehouse receipts was 3,430 lots, an increase of 620 lots from the previous trading day [5] - According to relevant regulations, Xinjiang Jinnuo New Energy Industry Development Co., Ltd.'s "Jinnuo" brand and Xinjiang Eastern Hope New Energy Co., Ltd.'s "Eastern Hope" brand have been added as registered brands for polysilicon futures, effective from the date of the announcement [5] - There is news that the long - awaited polysilicon production capacity integration and acquisition platform, Beijing Guanghe Qiancheng Technology Co., Ltd., has been established, with a registered capital of 3 billion yuan and a founding date of December 9, 2025 [5]
建信期货多晶硅日报-20251211
Jian Xin Qi Huo·2025-12-11 02:22