光伏周价格 | 全线“喊涨”成交冷淡，光伏产业链静待节后实质性反弹

Core Viewpoint - The article discusses the current state of the photovoltaic (PV) industry, highlighting the pressures on supply and demand, price trends, and the overall market dynamics as companies navigate through high costs and seasonal demand fluctuations [5][20]. Group 1: Supply and Demand Dynamics - The supply side of the polysilicon market is under significant pressure, with inventory levels exceeding 470,000 tons and continuing to accumulate [7]. - Demand is weak due to the traditional off-season in Q1, leading to low purchasing willingness from downstream buyers, resulting in a stagnant market [8]. - The current market is characterized by a struggle between supply and demand, with prices expected to slowly recover despite weak fundamentals, supported by strategic price maintenance from upstream companies [9][10]. Group 2: Price Trends in Key Components - In the silicon wafer segment, inventory levels are around 15 GW, showing a slight upward trend, while demand is hampered by saturated inventory and resistance to high prices from buyers [11][12]. - The battery cell market is experiencing mild inventory pressure, with levels at 7-9 days, and manufacturers are shifting strategies from volume-based pricing to production cuts to maintain price levels [14]. - The photovoltaic module sector is undergoing a significant adjustment due to high manufacturing costs and seasonal demand weakness, leading to increased production cuts and a focus on eliminating outdated capacity [17][18]. Group 3: Market Outlook - The market is currently in a phase of "price without market," with limited transactions occurring as buyers resist high prices while sellers maintain their pricing strategies [13][16]. - Despite the current lack of substantial demand support, there is potential for price recovery post-Chinese New Year as upstream cost pressures and supply-side optimizations take effect [19].