【安泰科】单晶硅片周评-市场情绪积极 硅片小幅探涨（2025年12月18日）

Core Viewpoint - The silicon wafer prices have shown a slight increase this week, driven by various factors including stable raw material costs, rising demand for battery cells, and reduced production rates among manufacturers [1][2]. Price Trends - N-type G10L silicon wafer average price is 1.17 yuan per piece, up 0.86% week-on-week - N-type G12R silicon wafer average price is 1.20 yuan per piece, up 0.84% week-on-week - N-type G12 silicon wafer average price is 1.50 yuan per piece, up 0.67% week-on-week - Mainstream battery cell prices are between 0.28-0.30 yuan/W, up 7.1% week-on-week, while module prices remain stable at 0.66-0.68 yuan/W [1][3]. Market Influences - Cost support from stable polysilicon prices has positively impacted wafer manufacturers - Rising silver prices for battery cells have led to an increase in battery cell prices, creating upward price expectations for silicon wafers - A decrease in production rates among silicon wafer manufacturers has contributed to a more positive market sentiment [2]. Production Rates - Overall industry operating rates have decreased by 5% week-on-week - Major manufacturers are operating at 50% and 48% capacity, while integrated companies are operating between 50%-70% - Other manufacturers are operating at 50%-72% capacity [2]. Future Outlook - Many silicon wafer companies plan to raise prices for the next round of silicon wafers, with some choosing to pause shipments to observe future price trends - The price trajectory of silicon wafers will largely depend on the recovery of end-user demand, with expectations for stable operations in the short term despite general downstream demand [2].