光伏周价格 | 反内卷会议支撑价格持稳，终端对组件报涨态度谨慎

Core Viewpoint - The article discusses the current pricing trends and market dynamics in the photovoltaic (PV) industry, particularly focusing on polysilicon, silicon wafers, battery cells, and modules, highlighting a stable pricing environment despite supply and demand imbalances [4][5][6][7][8]. Polysilicon Segment - The mainstream transaction prices for N-type polysilicon are reported as follows: N-type re-investment material at 45.0 RMB/kg, N-type dense material at 43.0 RMB/kg, and N-type granular silicon at 42.5 RMB/kg [4]. - The trading environment is characterized by a tug-of-war, with leading manufacturers trying to maintain prices while downstream demand remains weak, leading to cautious purchasing behavior [5]. - Overall polysilicon inventory has accumulated to nearly 400,000 tons, primarily due to increased production from leading manufacturers [6]. - The supply-demand framework's influence on pricing is diminishing, with policy expectations becoming more dominant in the market [7]. - Prices for various N-type polysilicon products have remained stable, supported by recent policy meetings aimed at preventing excessive competition [8]. Silicon Wafer Segment - The mainstream transaction prices for N-type silicon wafers are as follows: M10 at 1.20 RMB/piece, G12 at 1.55 RMB/piece, and G12R at 1.35 RMB/piece [9]. - The supply-demand balance for 183N/210N wafers is relatively stable, while 210RN faces slight oversupply due to increased production and weak demand [10]. - Overall silicon wafer inventory has entered a phase of accumulation, reaching approximately 20 GW, with a focus on 210RN products [11]. - Prices for all specifications of silicon wafers have stabilized, with policy support providing a foundation for potential price increases [12]. Battery Cell Segment - The mainstream transaction prices for battery cells are reported as follows: M10 single crystal TOPCon at 0.295 RMB/W, G12 single crystal TOPCon at 0.285 RMB/W, and G12R single crystal TOPCon at 0.285 RMB/W [12]. - The demand for battery cells is weakening as high-priced overseas orders decrease, leading to a weak balance between supply and demand [13]. - Inventory levels for specialized battery cell manufacturers remain stable, but there is a risk of re-accumulation due to declining demand [14]. - Prices for N-type battery cells have remained stable, supported by recent policy meetings [15]. Module Segment - The mainstream transaction prices for modules are as follows: 182mm double-sided double-glass TOPCon at 0.67 RMB/W and 210mm double-sided double-glass HJT at 0.72 RMB/W [16]. - As September approaches, procurement for ground-mounted power stations is starting, providing some support for module demand, although market acceptance of price increases is limited [17]. - New orders have seen price increases, with leading manufacturers adjusting prices to 0.70 RMB/W and above, while secondary manufacturers are around 0.65 RMB/W [18].