【安泰科】单晶硅片周评- 供需暂无变化 市场持稳运行（2025年10月9日）

Core Viewpoint - The silicon wafer prices remain stable post-holiday, with no significant changes observed in the market [1][2]. Market Demand and Supply - In August, the newly installed photovoltaic capacity was 7.36 GW, a month-on-month decrease of 36.77%, indicating that domestic terminal demand fell short of expectations, leading component manufacturers to prioritize depleting existing inventory [2]. - The silicon wafer output in September was approximately 57.98 GW, reflecting a month-on-month increase of 3.35%, which aligns closely with downstream battery demand [2]. - Despite the underwhelming demand, the rising prices of polysilicon have increased production costs for silicon wafers, providing some support for market prices [2]. - The overall operating rates in the industry remained unchanged compared to pre-holiday levels, with leading companies operating at rates of 54% and 52%, while integrated companies operated between 56% and 80% [2]. Price Stability - The mainstream prices for battery cells remained stable at 0.29-0.30 CNY/W, and module prices were steady at 0.66-0.68 CNY/W, showing no fluctuations compared to the previous week [2]. - The willingness of companies to maintain prices is strong due to increased costs and expectations of supply discipline, suggesting that downstream and terminal enterprises will gradually accept price increases from upstream [2]. Price Data Summary - The average transaction prices for various types of silicon wafers are as follows: - N-type G10L silicon wafer: 1.32 CNY/piece - N-type G12R silicon wafer: 1.40 CNY/piece - N-type G12 silicon wafer: 1.68 CNY/piece - These prices have remained stable compared to pre-holiday levels [1][3][4].