【安泰科】单晶硅片周评-上下游僵持博弈 硅片价格持稳运行（2026年1月15日）

Core Viewpoint - The silicon wafer prices remain stable this week, with downstream battery prices continuing to rise, indicating a mixed market sentiment influenced by various factors [1][2]. Group 1: Silicon Wafer Prices - The average transaction price for N-type G10L monocrystalline silicon wafers (182183.75mm/130μm) is 1.31 yuan per piece, unchanged from last week [1]. - The average transaction price for N-type G12R monocrystalline silicon wafers (182210mm/130μm) is 1.42 yuan per piece, also stable compared to the previous week [1]. - The average transaction price for N-type G12 monocrystalline silicon wafers (210*210mm/130μm) is 1.66 yuan per piece, remaining flat week-on-week [1]. Group 2: Market Dynamics - The silicon wafer market is experiencing weak demand, with no significant price fluctuations due to multiple factors, including rising silver prices and weak terminal installation demand [2]. - The operating rates of silicon wafer manufacturers have continued to decline, with major companies operating at 50% and 48%, while integrated companies operate between 50%-70% [2]. - The upstream silicon material prices remain firm, providing some cost support, but the overall market sentiment is characterized by a standoff between upstream and downstream players [2]. Group 3: Future Outlook - Future market conditions may improve due to export tax rebate policies, which are expected to enhance overseas demand in the first quarter [2]. - Despite potential improvements, the overall terminal installation demand remains weak, and battery manufacturers are pushing for lower silicon wafer prices, suggesting a continued weak market trend in the short term [2].