[安泰科]多晶硅周评-成交温和修复 价格小幅上涨（2025年12月24日）

Core Viewpoint - The domestic polysilicon market has experienced a slight price increase, ending a three-month period of stability, driven by supply-side adjustments and demand recovery [1][2]. Group 1: Market Price Trends - The transaction price range for n-type polysilicon is between 50,000 - 56,000 CNY/ton, with an average price of 53,900 CNY/ton, reflecting a week-on-week increase of 1.32% [1][3]. - The average transaction price for n-type granular silicon remains stable at 50,500 CNY/ton, with no change from the previous week [1][3]. - The increase in polysilicon prices is attributed to three main factors: supply-side production cuts, rising production costs, and the need for price stability across the supply chain [1]. Group 2: Supply and Demand Dynamics - The supply side continues to show a strong reduction atmosphere, with leading companies cutting production more than expected, keeping overall operating rates low [2]. - Downstream demand is supported by a slight recovery in silicon wafer prices and rigid procurement needs from battery and module sectors, although a full recovery in end-demand is still pending [2]. - Current inventory levels remain high, but there is no significant accumulation expected in the short term, indicating a balance between production and demand [2]. Group 3: Market Outlook - The recent slight increase in polysilicon prices and moderate transaction volume indicate a gradual recovery of market confidence [2]. - It is anticipated that the polysilicon market may achieve stability in both volume and price in the short term due to proactive supply tightening and smoother price transmission downstream [2].