【安泰科】单晶硅片周评-下游需求疲软 硅片排产降低 （2025年11月6日）

Core Viewpoint - The silicon wafer prices are experiencing a weak stabilization trend, with slight declines observed in various types of wafers due to soft downstream demand and market sentiment leaning towards price decreases [1][2]. Group 1: Price Trends - N-type G10L monocrystalline silicon wafer (182183.75mm/130μm) has an average transaction price of 1.31 yuan per piece, down 0.76% week-on-week [1][3]. - N-type G12R monocrystalline silicon wafer (182210mm/130μm) has an average transaction price of 1.33 yuan per piece, down 0.75% week-on-week [1][3]. - N-type G12 monocrystalline silicon wafer (210*210mm/130μm) has an average transaction price of 1.65 yuan per piece, down 0.60% week-on-week [1][3]. Group 2: Market Conditions - The downstream demand is weak, leading to a continued slight decline in silicon wafer prices, with low procurement willingness from buyers [2]. - The overall operating rate in the industry remains stable, with major companies operating at rates of 56% and 54%, while integrated companies operate between 56%-80% [2]. - Some manufacturers and traders are resorting to low-price sales to ensure cash flow, further intensifying market pressure [2]. Group 3: Future Outlook - Despite the current downward pressure on prices due to supply-demand mismatch, if the raw material polysilicon prices remain strong, there will be cost support for silicon wafers [2]. - Leading companies still have the intention to maintain prices, and some have initiated production cuts, suggesting a potential reduction in inventory growth this month [2].