建信期货多晶硅日报-20251223

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The fundamental aspect is not the main logic for futures trading. Futures funds are still speculating on the positive impact of the reserve platform on capacity constraints. The exchange has continuously taken measures to send out stabilizing signals. In the short - term, the market will continue to run cautiously and strongly, with short - term support around 58,000 yuan. Spot enterprises have price - raising actions, but market transactions are light. The expected output of polysilicon in December is 110,000 - 120,000 tons, which can meet the downstream demand of 60GW. However, the production of intermediate silicon wafers and battery cells will be lower than that of polysilicon, and the terminal demand is still in a weak stage after the "rush - to - install" period [4]. 3. Summary by Relevant Catalogs 3.1. Market Performance - The price of the polysilicon main contract fluctuated at a high level. The closing price of the PS2605 contract was 58,845 yuan/ton, a decrease of 2.08%. The trading volume was 213,280 lots, and the open interest was 134,949 lots, a net decrease of 4,238 lots. The net long positions of the top twenty decreased by 237 lots, and the net short positions of the top twenty decreased by 2,098 lots [4]. 3.2. Spot Price - This week, 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, remaining flat compared to 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 remaining flat compared to the previous period [4]. 3.3. Market News - On December 22, the number of polysilicon warehouse receipts was 3,660 lots, remaining the same as the previous trading day. Beijing Guanghe Qiancheng Technology Co., Ltd. completed its registration, marking the official establishment of the long - awaited "polysilicon capacity integration and acquisition platform" in the photovoltaic industry. The platform plans to adopt an innovative "two - pronged approach" model, operating under a dual - track model of "debt - assumption acquisition + flexible utilization of production capacity" through market - oriented and legal mechanisms [5].