光伏周价格 | 终端需求转淡，光伏全产业链价格全线承压

Core Viewpoint - The article highlights the ongoing challenges in the photovoltaic industry, particularly in the supply and demand dynamics, leading to price pressures across various segments of the solar supply chain [4][5][8][11][12]. Group 1: Polysilicon - Current polysilicon inventory remains high at over 430,000 tons, with no signs of destocking, indicating a continued accumulation trend [4]. - The supply side is showing signs of active contraction due to market supply-demand mismatches, leading to a phase of production cuts to maintain prices [4][6]. - Weak terminal demand has resulted in continuous price declines for downstream products, which has pressured polysilicon prices downward [5][7]. Group 2: Silicon Wafers - The silicon wafer segment faces significant inventory pressure, with total industry inventory accumulating to around 24 GW [8]. - Demand remains weak, particularly for the 210N size, leading to a negative cycle of demand shrinkage [9]. - Price strategies from leading companies have failed, with market prices continuing to decline and nearing cash cost levels, limiting further price drops [10]. Group 3: Battery Cells - The inventory turnover days for battery cells have extended beyond 7 days, prompting supply-side contractions as major manufacturers show signs of production cuts [11]. - Overall demand is weak, particularly in overseas markets like India, which has significantly impacted the demand for 210N battery cells [12]. - Battery prices are approaching cash cost levels, with future price stability dependent on the actual implementation of production cuts and the trends in upstream silicon wafer prices [13]. Group 4: Photovoltaic Modules - The module segment is facing severe supply-demand challenges as the industry enters a seasonal downturn, with both domestic and international demand shrinking [14]. - The construction of centralized projects in northern regions has slowed due to climatic factors, leading to a significant drop in demand for large-format modules [14]. - Current spot prices have fallen to a low range of 0.65-0.68 RMB per watt, with manufacturers adopting a "production cut to maintain prices" strategy to manage inventory risks [14].