【安泰科】单晶硅片周评-上下游僵持博弈 硅片价格持稳运行（2025年9月25日）

Group 1 - The core viewpoint of the articles indicates that silicon wafer prices remain stable this week, with no significant fluctuations observed in various models [1][2] - N-type G10L silicon wafer (182183.75mm/130μm) has an average transaction price of 1.32 yuan per piece, N-type G12R silicon wafer (182210mm/130μm) at 1.40 yuan, and N-type G12 silicon wafer (210*210mm/130μm) at 1.68 yuan, all unchanged from last week [1][3] - The market is experiencing a wait-and-see sentiment with fewer orders for silicon wafers, influenced by rising upstream polysilicon prices, which have increased production costs for wafer manufacturers [1][2] Group 2 - Downstream battery and module prices have also remained stable, with mainstream battery prices at 0.29-0.30 yuan/W and module prices at 0.66-0.68 yuan/W, unchanged from the previous week [2] - Despite the recent rise in polysilicon prices, weak downstream demand is limiting the market's ability to accept price increases, particularly in the module segment, which is facing challenges in sales [2][4] - The overall operating rate in the industry has slightly increased, with leading companies operating at rates of 54% and 52%, while integrated companies range from 56% to 80% [1]