[安泰科]多晶硅周评-市场情绪波动 弱稳格局延续（2025年11月12日）

Core Viewpoint - The domestic polysilicon market is maintaining a weak and stable pattern, with prices remaining steady despite fluctuations caused by declining prices in downstream sectors [1][2]. Price Trends - The transaction price range for n-type re-investment material is between 49,000 to 55,000 yuan per ton, with an average price of 53,200 yuan per ton, showing no change week-on-week [1]. - The transaction price range for n-type granular silicon is between 50,000 to 51,000 yuan per ton, with an average price of 50,500 yuan per ton, also stable compared to the previous week [1]. - The price data for various polysilicon products indicates no fluctuations, with n-type re-investment material and n-type granular silicon both showing a 0% change [3]. Supply and Demand Dynamics - The overall state of supply exceeding demand in the polysilicon market remains unchanged, with high inventory pressure persisting [2]. - Downstream price reductions and production cuts may weaken short-term demand for polysilicon, but companies are not in a hurry to lower prices to clear inventory due to high social inventory levels [2]. - Despite pessimistic market sentiment, actual operations are expected to remain stable, with low likelihood of significant price fluctuations due to ongoing production cuts and policy support from suppliers [2].