【安泰科】单晶硅片周评-市场观望情绪较为浓厚 上下游僵持博弈 （2025年10月16日）

Core Viewpoint - The silicon wafer market remains stable with no significant price changes observed this week, despite weak domestic demand and inventory pressures in the downstream battery and module sectors [1][2]. Group 1: Silicon Wafer Prices - The average transaction prices for various types of silicon wafers are as follows: N-type G10L at 1.32 CNY/piece, N-type G12R at 1.40 CNY/piece, and N-type G12 at 1.68 CNY/piece, all remaining unchanged from the previous week [1][3]. - The market is characterized by a strong willingness among wafer manufacturers to maintain prices due to robust silicon material costs, leading to limited willingness to sell at lower prices [1]. Group 2: Market Demand and Supply - Domestic terminal demand is weak, with most components and battery sectors focusing on consuming existing inventory, resulting in small batch purchases driven by essential orders [1]. - The overall operating rate in the industry remains stable compared to last week, with leading companies operating at rates of 54% and 52%, while integrated companies operate between 56% and 80% [1]. Group 3: Downstream Prices - Downstream battery prices are stable, with mainstream prices ranging from 0.29 to 0.30 CNY/W, and module prices also stable at 0.66 to 0.68 CNY/W, showing no change from the previous week [2]. - Despite the current challenges in the silicon wafer market, there is a positive outlook for demand due to anti-dumping tariff news from India and domestic export tax rebate policies [2].