【安泰科】单晶硅片周评-市场观望为主 硅片价格持稳运行（2026年2月12日）

Core Viewpoint - The silicon wafer prices remain stable this week, with no significant changes observed in the market, reflecting a cautious approach from both upstream and downstream players [1][2]. Group 1: Price Stability - N-type G10L monocrystalline silicon wafer (182183.75mm/130μm) has an average transaction price of 1.20 yuan per piece, while N-type G12R (182210mm/130μm) is at 1.26 yuan, and N-type G12 (210*210mm/130μm) is at 1.45 yuan, all unchanged from last week [1][3]. - The mainstream price for battery cells is between 0.41-0.45 yuan/W, and for modules, it is between 0.71-0.75 yuan/W, showing no significant fluctuations [1]. Group 2: Market Dynamics - The silicon wafer market transactions are generally weak, with companies halting purchasing orders ahead of the holiday, leading to minimal sales activity [2]. - The overall operating rate in the industry has slightly decreased, with two leading companies operating at 46% and 45%, while integrated companies are at 50%-60%, and others range from 50%-70% [2]. Group 3: Future Outlook - The market is expected to remain in a stalemate between upstream price support and downstream price pressure, with prices likely to stabilize in the short term [2]. - After the holiday, as terminal installation projects resume, there is potential for a slight recovery in demand for silicon wafers, which may positively impact the market [2].