【安泰科】单晶硅片周评-市场气氛转弱 硅片价格松动下行（2025年4月10日）

Core Viewpoint - The recent decline in silicon wafer prices is attributed to weakening market expectations for future terminal demand, shifting industry sentiment from positive to negative [2] Group 1: Silicon Wafer Prices - This week, the average transaction prices for various types of N-type monocrystalline silicon wafers have decreased slightly, with G10L wafers priced at 1.26 RMB per piece (down 1.56% week-on-week), G12R wafers at 1.52 RMB per piece (down 1.30%), and G12 wafers at 1.55 RMB per piece (down 2.52%) [1] - The market sentiment has noticeably weakened, leading to a halt in the price increase of silicon wafers, with small-volume low-price orders being executed and prices for all models showing a downward trend [1] Group 2: Market Dynamics - The decline in silicon wafer prices is driven by expectations of reduced terminal component demand, with downstream entities exhibiting increased caution as the "430" node approaches, leading to a decrease in battery consumption [2] - The end of the rush for installations has resulted in weakened demand for silicon wafers, transitioning the market from a tight supply to a more relaxed situation [2] - In early orders, a prevalent low-price procurement mentality among downstream buyers, combined with U.S. tariff policies, has contributed to the weakening market atmosphere [2] Group 3: Production and Pricing Trends - The overall industry operating rate this week is reported to be between 50%-58%, with leading companies maintaining rates of 58% and 60%, while integrated companies operate at 60%-80% and others at 55%-80% [2] - Prices in the terminal component and battery segments have also seen slight declines, with mainstream battery prices at 0.30-0.32 RMB/W (down 0.02-0.03 RMB/W) and distributed component prices at 0.72-0.74 RMB/W (down 0.04-0.06 RMB/W) [2] - Despite the expectation of declining demand following the end of the installation rush, recent local government policies, such as full-grid support for commercial distributed projects in Jiangsu, suggest that the market may stabilize and that the downward space for silicon wafer prices may be limited [2]