Report Date - The report is dated January 6, 2026 [2] Market Performance - The price of the main contract of polycrystalline silicon showed a strong and volatile trend. The closing price of the PS2605 contract was 58,645 yuan/ton, with a decline of 0.19%. The trading volume was 17,155 lots, and the open interest was 74,571 lots, with a net decrease of 1,797 lots. The net long positions of the top twenty decreased by 1,168 lots, and the net short positions of the top twenty decreased by 1,164 lots [4] Spot Price - The transaction price range of n-type polysilicon reclaimed materials was 50,000 - 56,000 yuan/ton, and the average transaction price was 53,900 yuan/ton, a week-on-week increase of 1.32%. The transaction price range of n-type granular silicon was 50,000 - 51,000 yuan/ton, and the average transaction price was 50,500 yuan/ton, remaining unchanged from the previous period [4] Market Outlook - The spot price remained stable overall. The Silicon Industry Branch expected that the output and shipment scale of polysilicon in January would be significantly reduced to 60,000 - 80,000 tons, but the implementation needed to be observed. Downstream components were also under pressure from the rising prices of silver and silicon materials, and the production schedule in January would decline. The supply and demand were expected to enter a stage of simultaneous reduction. The polysilicon futures would remain stable and continue to trade with low volume and decreasing positions in a volatile manner before there was a significant improvement in the industry and policy relaxation [4] Market News - On January 5, the number of polysilicon warehouse receipts was 4,030 lots, an increase of 20 lots compared to the previous trading day [5] - In December, the estimated production of polysilicon was 116,900 tons, a month-on-month decrease of 4.42% [5] - At the end of December, the inventory of polysilicon factories was 309,800 tons, a week-on-week increase of 0.49% [5]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - In January, the main production center of industrial silicon will continue to shift northward. Although there is a reduction in production due to environmental protection control, it is difficult to offset the decline in demand. Polysilicon will have limited - production reduction, silicone will have group - reduction, and aluminum alloy will have environmental - protection reduction. Industrial silicon has cost support but no upward driving force, and it is advisable to consider short - selling on rebounds. [4] - Although the photovoltaic industry chain has seen price increases driven by battery cells recently, due to the transmission blockage in the component segment, the effect of further price increases is limited, and downstream industries will further expand the scale of production reduction. [4] - In January, with industry self - discipline and the joint production reduction of silicon materials, polysilicon is expected to have an unexpected reduction in supply, which will provide strong support. At the same time, due to the exchange's implementation of risk - control position limits, the upward premium space is tightened. Attention should be paid to the implementation of production reduction by silicon material factories, downstream receiving sentiment, and the inventory dynamics of the industrial chain. [4] 3. Summary by Directory 3.1 Futures Price - In December, the industrial silicon futures fluctuated weakly. As of the 31st, the main contract closed at 8,860 yuan/ton, with a monthly decline of 2.96%. The polysilicon futures fluctuated strongly, and the main contract closed at 57,920 yuan/ton within the month, with a monthly increase of 2.65%. [5] 3.2 Spot Price - All industrial silicon spot prices decreased. The price of non - oxygenated 553 decreased by 250 yuan/ton to 8,950 yuan/ton, oxygenated 553 decreased by 100 yuan/ton to 9,400 yuan/ton, and 421 decreased by 200 yuan/ton to 9,900 yuan/ton. Polysilicon P - type remained stable at 44,000 yuan/ton, and N - type increased by 800 yuan/ton to 51,800 yuan/ton. [5] 3.3 Spread - In December, the spread between 553 widened, the spread between high - and low - grade products narrowed, the regional spread of 553 widened, and the regional spread of 421 narrowed. The industrial silicon spot discount narrowed to 10 yuan/ton, and the polysilicon spot discount narrowed to 4,670 yuan/ton. [5][17] 3.4 Supply - According to Baichuan, it is estimated that the domestic industrial silicon production in December will be 348,700 tons, a year - on - year increase of 4% and a month - on - month decrease of 3.2%. The number of monthly open furnaces decreased by 14 to 243, and the furnace - opening rate decreased by 1.76% to 0.5%. [4][5] 3.5 Demand - In December, the polysilicon production decreased by 0.4 tons to 110,000 tons, a year - on - year increase of 13% and a month - on - month decrease of 3.5%. The DMC production decreased by 13,200 tons to 196,000 tons, a year - on - year decrease of 16.5% and a month - on - month decrease of 6.3%. [4][5] 3.6 Inventory - In terms of the exchange, the overall inventory of industrial silicon in December increased by 17,200 tons to 50,000 tons, and the polysilicon inventory increased by 81,000 tons to 121,000 tons. In terms of social inventory, the overall inventory of industrial silicon in December increased by 7,750 tons to 456,000 tons, including a 2,750 - ton increase in factory inventory to 266,000 tons; Huangpu Port's inventory increased by 2,000 tons to 58,000 tons, Tianjin Port's inventory increased by 1,000 tons to 80,000 tons, and Kunming Port's inventory increased by 2,000 tons to 52,000 tons. The monthly inventory of polysilicon increased by 2.62 tons to 30.8 tons. [4][5]

Group 1 - The core point of the article is that the main contract for polysilicon has increased by 4%, currently priced at 60,335 yuan per ton [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The market for polysilicon is showing a cautious and moderately strong trend. The establishment of the reserve platform has increased the preference for long - position funds, causing the market price to break through resistance levels and resonate with the technical aspects. However, the Guangzhou Futures Exchange has been taking measures to release rational signals and reduce positions. Also, the certainty of the improvement in the fundamental situation is not significant yet, and the expected price increase in the silicon material sector needs to be transmitted throughout the entire industry chain for a re - distribution of industrial profits. The supply side may see positive effects as the expected polysilicon output in January is to be significantly reduced to 60,000 - 80,000 tons, but this requires continuous observation. The price has formed a downward trend on the minute - line chart and is in the upward adjustment stage. After breaking below the support level of 58,000 yuan, it has not resumed its upward trend, and attention should be paid to the resistance in the range of 59,000 - 60,000 yuan [4]. 3. Summary by Relevant Catalogs 3.1. Market Review and Outlook - **Market Performance**: The main contract price of polysilicon is oscillating at a high level. The closing price of the PS2605 contract is 58,300 yuan/ton, with a decline of 1.30%. The trading volume is 197,440 lots, and the open interest is 127,084 lots, a net decrease of 4,519 lots. The net long positions of the top 20 traders decreased by 493 lots, and the net short positions decreased by 3,038 lots [4]. - **Spot Price**: This week, the transaction price range of polysilicon N - type re - feedstock is 50,000 - 56,000 yuan/ton, with an average transaction price of 53,900 yuan/ton, a week - on - week increase of 1.32%. The transaction price range of N - type granular silicon is 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, remaining unchanged from the previous period [4]. - **Future Outlook**: The market is expected to run cautiously and moderately strong. The establishment of the reserve platform has increased the preference for long - position funds, but the Guangzhou Futures Exchange has been reducing positions. The improvement in the fundamental situation is not certain, and the expected price increase in the silicon material sector needs to be transmitted throughout the industry chain. The expected reduction in polysilicon output in January is a positive factor for the supply side but needs continuous observation. Pay attention to the resistance in the range of 59,000 - 60,000 yuan [4]. 3.2. Market News - On December 24, the number of polysilicon warehouse receipts was 3,960 lots, an increase of 300 lots from the previous trading day [5]. - Beijing Guanghe Qiancheng Technology Co., Ltd. has completed its registration, marking the official launch of the long - awaited "polysilicon production capacity integration and acquisition platform" in the photovoltaic industry. The platform plans to adopt an innovative "two - pronged approach" model, operating under a dual - track model of "debt - assumption acquisition + flexible utilization of production capacity" [5]. - The estimated polysilicon output in December is 113,500 tons, and there may still be some production reduction plans in the future [5]. - According to the notice of Guangzhou Futures Exchange (No. 420 [2025]), starting from the trading time on December 22, 2025, for polysilicon futures contracts PS2601 - PS2612, the minimum opening order quantity per transaction has been adjusted from 1 lot to 5 lots, while the minimum closing order quantity per transaction remains at 1 lot [5].

Core Viewpoint - The main contract for polysilicon has seen a significant increase, reaching a new high since its listing, indicating strong market demand and potential investment opportunities in the polysilicon sector [1] Group 1 - The polysilicon main contract has expanded its intraday increase to 4.00%, currently priced at 61,395 yuan per ton [1] - This price marks a new high since the contract's listing, reflecting robust market performance [1] - The contract has risen over 12% in value this month, showcasing a strong upward trend in the polysilicon market [1]

（文章来源：每日经济新闻） 每经AI快讯，12月9日，多晶硅连续主力合约日内涨4%，现报54105.00元。 ...

每经AI快讯，12月9日，多晶硅连续主力合约日内涨4%，现报54105.00元。 每经AI快讯，12月9日，多晶硅连续主力合约日内涨4%，现报54105.00元。 ...

Group 1: Report Overview - Report date: December 08, 2025 [2] - Research team: Energy and Chemical Research Team [3] Group 2: Market Performance and Outlook - Market performance: The price of the main polysilicon contract dropped significantly. The closing price of the PS2601 contract was 55,510 yuan/ton, a decrease of 2.96%. The trading volume was 159,380 lots, and the open interest was 97,991 lots, with a net decrease of 18,662 lots [4] - Spot price: The transaction price range of n-type polysilicon re-feeding materials was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, unchanged from the previous period. The transaction price range of n-type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also unchanged from the previous period [4] - Future outlook: The fundamentals have not improved. The production in December is expected to remain flat compared to the previous month. Profits are concentrated in the silicon material segment, but downstream segments are continuously lowering prices due to terminal pressure. Downstream enterprises are reducing production and controlling output. Spot prices remain stable, meeting the policy requirements for stability. The adjustment of the supply - demand relationship is difficult to improve through the industry's own driving force. Under the requirements of the exchange, the 01 contract continues to reduce positions, the short squeeze narrative cools down, and the futures price may run weakly and return to fluctuate around the spot price [4] Group 3: Market News - On December 05, the number of polysilicon warehouse receipts was 1,560 lots, an increase of 10 lots from the previous trading day [5] - The China Photovoltaic Industry Association stated that it is working with industry enterprises, and relevant work is progressing steadily. Rumors on the Internet are false information. The association firmly safeguards national and industry interests and will fight against malicious short - selling of the photovoltaic industry [5] - The Silicon Industry Branch of the association estimated that the production in November was about 114,900 tons, a 14% decrease from 137,000 tons in October, and the production in December is expected to rebound to about 120,000 tons [5]

Report Industry Investment Rating - Not provided in the content Core Views of the Report - In December, terminal consumption weakens, export of downstream products declines month-on-month, and production schedules of components, batteries, and silicon wafers are reduced. It is expected that the silicon wafer production schedule in December will be around 52GW, equivalent to a polysilicon demand of 104,000 tons. On the supply side, the operating rate of polysilicon enterprises in December changes little, and the monthly output is expected to be 112,000 tons, with the polysilicon inventory continuing to accumulate [4][40]. - In November, the sharp decline in silicon wafer and battery prices restricts the possibility of polysilicon spot price increase. However, polysilicon manufacturers implement sales restrictions well and the inventory is concentrated, so it is also difficult for the spot price to decline in December. It is expected that the spot price will remain stable in December. The storage platform has not been launched yet, and its launch will be a major positive factor, but it is difficult to see a trend - upward movement under the current situation. The pattern of a small number of new warehouse receipts will continue in December, and the futures market is expected to maintain a BACK structure. The polysilicon futures price in December is expected to fluctuate, with the near - month contract reference range of (52,000, 60,000) and the far - month contract reference range of (50,000, 58,000) [5][41]. Summary by Relevant Catalogs 1. Preface Summary - The report is the polysilicon December report released on November 28, 2025, with the theme of "Range - bound, pay attention to the launch rhythm of the platform company" [3] 2. Fundamental Situation 2.1 Market Review - In November, polysilicon futures showed a volatile trend without breaking through the October price range. In the early part of November, the market mainly speculated on the launch of the storage platform, but the launch time of the platform company was later than expected, so the futures price was weak. At the end of November, due to the concentrated cancellation of warehouse receipts, the market started to trade on the logic of insufficient warehouse receipts for the 2512 contract, leading to a sharp rebound in the futures price and a deep BACK structure in the monthly spread [9] 2.2 Demand: Polysilicon demand decreases month - on - month in December - **Component production schedule reduction**: In October 2025, the newly - added photovoltaic installed capacity in China was 12.6GW, a year - on - year decrease of 38.3% and a month - on - month increase of 30.4%. From January to October, the newly - added photovoltaic installed capacity was 252.87GW, a year - on - year increase of 39.48%. In October, the export volume of photovoltaic components was 18.77GW, a month - on - month decrease of 23.6%. In December, the terminal demand for photovoltaic components decreases month - on - month compared with November, and the enterprise order volume is poor. The production schedule of domestic photovoltaic components in December is expected to be 42GW, a decrease of 4GW month - on - month [13] - **Battery and silicon wafer production schedules follow component reduction**: In the second half of the year, the export demand for photovoltaic batteries is strong, with a year - on - year increase of over 60%. The growth mainly comes from Turkey and Indonesia, but the growth in Turkey has limited sustainability due to the implementation of battery import tax on September 17, and the increase in Indonesia is mostly from re - export trade. In December, due to the reduction of component production schedule and low inventory in the battery link, the photovoltaic battery production schedule is expected to decrease to around 48GW. In November, silicon wafer prices declined. It is expected that the silicon wafer production schedule in December will decrease to 52GW. From January to October 2025, the cumulative export volume of Chinese silicon wafers was 48.1GW, a year - on - year increase of 35.1%, and the cumulative export amount was 210 million US dollars, a year - on - year decrease of 37.2% [21] 2.3 Supply: Polysilicon production schedule is reduced in December - As of the end of November, there were 11 polysilicon enterprises in production. Tongwei Co., Ltd. reduced production in its Yunnan base and shut down its Sichuan base in November. Xinjiang Daqo New Energy increased production in its Zhunbei base in October, and the supply may be reflected in November. GCL Technology reduced production by nearly 4,000 tons in October and may continue to slightly reduce production in December. It is expected that the monthly output of polysilicon in December will be 112,000 tons, a decrease of 2,000 tons compared with November [31] 2.4 Inventory: The high - inventory pattern of polysilicon remains unchanged - According to the production schedule data, the supply and demand of polysilicon were balanced in November. The spot market transaction of polysilicon in November improved compared with October, and large - order transactions occurred between upstream and downstream leading enterprises before the Chengdu Photovoltaic Conference, with the price remaining the same as in October. Currently, the factory inventory of polysilicon enterprises is 271,000 tons, an increase of 10,000 tons compared with October. The non - standard inventory of spot - futures traders is 15,000 - 20,000 tons, and the warehouse receipt volume is about 27,000 tons. The downstream inventory is about 160,000 tons. The factory inventory of polysilicon is concentrated in a few manufacturers, which have certain price - support ability in the spot market [32] 3. Future Outlook and Strategy Recommendation 3.1 Fundamental Outlook - In December, terminal consumption weakens, export of downstream products declines month - on - month, and production schedules of components, batteries, and silicon wafers are reduced. It is expected that the silicon wafer production schedule in December will be 52GW, equivalent to a polysilicon demand of 104,000 tons. On the supply side, the operating rate of polysilicon enterprises in December changes little, and the monthly output is expected to be 112,000 tons, with the polysilicon inventory continuing to accumulate [40] 3.2 Trading Logic Analysis - In November, the sharp decline in silicon wafer and battery prices restricts the possibility of polysilicon spot price increase. However, polysilicon manufacturers implement sales restrictions well and the inventory is concentrated, so it is also difficult for the spot price to decline in December. It is expected that the spot price will remain stable in December. The storage platform has not been launched yet, and its launch will be a major positive factor, but it is difficult to see a trend - upward movement under the current situation. The pattern of a small number of new warehouse receipts will continue in December, and the futures market is expected to maintain a BACK structure. The polysilicon futures price in December is expected to fluctuate, with the near - month contract reference range of (52,000, 60,000) and the far - month contract reference range of (50,000, 58,000) [5][41] 3.3 Strategy Recommendation - **Single - side trading**: Range - bound operation, high - selling and low - buying - **Arbitrage**: Positive arbitrage - **Options**: None recommended [7][42]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The spot price of polysilicon remains stable, with a consensus on price support from policies and enterprises. In the short - term, the industry lacks the internal driving force for supply - demand improvement. The supply - demand situation will remain loose, and the profit of the industrial chain has concentrated on the polysilicon end. The futures price will operate within the range of the spot price [4]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - **Market Performance**: The price of the polysilicon main contract showed a strong trend. The closing price of the PS2601 contract was 55,895 yuan/ton, with a 2.93% increase. The trading volume was 330,316 lots, and the open interest was 143,043 lots, with a net increase of 13,966 lots [4]. - **Spot Price**: The transaction price range of n - type polysilicon re - feeding materials was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, remaining flat compared to the previous period. The transaction price range of n - type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also remaining flat [4]. - **Future Outlook**: The spot price of polysilicon will continue to be stable. In the short - term, the industry lacks the internal driving force for supply - demand improvement. The production of silicon materials in November and December is expected to remain at 120,000 tons, and the production of silicon wafers and solar cells is stable. The supply - demand will remain loose. The weak terminal demand pressure is gradually transmitted to the upstream of the industrial chain. The prices of downstream silicon wafers and components continued to decline this week, which also hinders the price increase of silicon materials. There is no actual positive news from the policy side, but the official and enterprise consensus is to emphasize stability. The futures price will operate within the range of the spot price [4]. 3.2 Market News - On November 25, the number of polysilicon warehouse receipts was 7,270 lots, remaining stable compared to the previous trading day [5]. - The China Photovoltaic Industry Association stated that it is working with industry enterprises, and all relevant work is progressing steadily. The rumors on the Internet are false information. The association will fight against malicious short - selling and other bad behaviors [5]. - The Silicon Industry Branch of the association estimated that the production in November was about 118,000 tons, a 14% decrease from 137,000 tons in October. The production in December is expected to rebound to about 120,000 tons [5]. - The Silicon Industry Branch said that the industrial chain has reached an implicit consensus that if the polysilicon price continues to decline, it may lead to the collapse of the entire industrial chain price system, so enterprises are determined to stabilize the price [5].