【安泰科】单晶硅片周评-市场成交清淡 硅片价格承压下行（2026年2月26日）

Core Viewpoint - The silicon wafer market is experiencing a downward price trend due to weak demand and increased inventory levels, leading to a "price without market" situation [2]. Group 1: Price Trends - The average transaction prices for N-type silicon wafers have decreased: G10L at 1.10 yuan/piece (down 8.33%), G12R at 1.20 yuan/piece (down 4.76%), and G12 at 1.40 yuan/piece (down 3.45%) [1][3]. - The overall market for silicon wafers is showing a slight downward trend, with some companies adopting price reduction strategies to stimulate sales [2]. Group 2: Market Conditions - The market is characterized by low purchasing willingness from downstream sectors, with battery cell prices stable at 0.41-0.45 yuan/W and module prices at 0.71-0.75 yuan/W [1]. - The operating rates of major companies remain stable, with two leading firms at 46% and 45%, and integrated companies operating at 50%-60% [1]. Group 3: Inventory and Demand - Inventory levels have increased due to continuous production during the Spring Festival and decreased logistics efficiency, while terminal installation demand remains weak [2]. - The recovery of actual demand for silicon wafers is not meeting expectations, leading to a cautious purchasing attitude from downstream buyers [2].