[安泰科]多晶硅周评-市场观望情绪浓厚 供需双弱格局延续（2026年2月4日）

Group 1 - The core viewpoint of the article indicates that the polysilicon market is currently experiencing a stalemate, with no quotations or transactions reported for mainstream products this week. The market sentiment has worsened, leading to a complete halt in new contract signings, with only a few companies engaging in minor exploratory inquiries [1] - The deepening market deadlock is attributed to high absolute prices of key materials like silver paste, which continue to exert cost pressure on battery production. This has limited the downstream acceptance of polysilicon prices. Additionally, the uncertainty surrounding the operational plans of downstream silicon wafer and battery manufacturers ahead of the Spring Festival has delayed short-term procurement needs [1] - In January, domestic polysilicon production was approximately 102,000 tons, a month-on-month decrease of 8.3%. The reduction mainly came from companies like Yongxiang Co., GCL-Poly Energy, and Lihau Qingneng, while increases were noted from companies like Nanfang Glass and Tianrui. The production plan for February is set to further decrease to below 85,000 tons, aligning supply with demand [1] Group 2 - The polysilicon market is expected to maintain a weak supply and demand balance in the short term, with sluggish demand before the Spring Festival and supply contraction continuing to dominate the market outlook. Significant price fluctuations are unlikely [2] - After the Spring Festival, as some downstream companies gradually release their rigid procurement needs, order transactions are expected to slowly resume, with prices fluctuating within a narrow range based on the cost lines of enterprises [2]