周价格表 01 2026 公示 2 0 2 6年1月起，Tr e n dFo r c e集邦咨询计划新增TOPCo n高效组件6 4 0W+版型价格公示。 | G12R 单晶TOPCon电池片(RMB) | 0.400 | 0.360 | 0.360 | 12.50% | | --- | --- | --- | --- | --- | | 组件 (Per Watt) | 高点 | 低点 | 均价 | 涨跌幅 | | 182mm TOPCon双面双玻组件(RMB) | 0.700 | 0.650 | 0.690 | 1.47% | | 210mm HJT双面双玻组件(RMB) | 0.750 | 0.710 | 0.720 | 0.00% | | 中国区组件价格 (Per Watt) | 高点 | 低点 | 均价 | 涨跌幅 | | 集中式项目 182-210mm TOPCon组件 (RMB) | 0.700 | 0.650 | 0.690 | 1.47% | | 分布式项目 182-210mm TOPCon组件 | 0.730 | 0.670 | 0.700 | 0.00% | | (RMB) | | | | ...

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]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - The current market for lithium carbonate, industrial silicon, and polysilicon futures shows significant price fluctuations. The lithium carbonate market is driven by strong demand expectations, while the industrial silicon and polysilicon markets are influenced by policy and news. [1][9][12] 3. Summary by Related Catalogs Lithium Carbonate - **Market Trend**: The lithium carbonate futures rose strongly again today. The main 2601 contract increased by 6.18% compared to the previous trading day's closing price, reaching 99,300 yuan/ton, and the trading volume reached a record high. [1] - **Core Logic**: The current market is driven by demand expectations. The demand for lithium carbonate in power batteries and energy storage is strong. The penetration rate of new energy vehicles is expected to rise to about 60% in November - December, and the energy - storage battery installation growth rate in 2026 is expected to exceed 40%. Recently, the capital has also accelerated the upward trend. [1] - **Technical Analysis**: The overall trading volume of lithium carbonate futures increased significantly. The 5 - minute and 2 - hour cycle charts show a strong trend, with a long - short dividing line at 86,580 yuan/ton. [1] - **Strategy Suggestion**: In the context of "strong reality and strong expectation", the operation should be mainly based on buying on dips. Do not trade against the trend when the futures price retraces. [2] Industrial Silicon - **Market Trend**: The industrial silicon futures rose strongly after the lunch break. The main 2601 contract increased by 4.57% compared to the previous trading day's closing price, reaching 9,390 yuan/ton, hitting the highest level since July 30. [9] - **Core Logic**: Affected by the information from the meeting of the actual controller of the silicone monomer factory and the price increase of the silicone spot, the main 2601 contract of industrial silicon rose sharply. However, the current fundamental supply - demand of industrial silicon is weak, and the industry inventory is high. [9] - **Technical Analysis**: The overall trading volume of industrial silicon futures increased significantly. The 5 - minute and 2 - hour cycle charts show a strong trend, with a long - short dividing line at 8,945 yuan/ton. [9] - **Strategy Suggestion**: Affected by policies and news, the price of industrial silicon futures fluctuates greatly. It is recommended to wait and see. You can refer to the Band Winner indicator in the 8:30 morning live broadcast. [9] Polysilicon - **Market Trend**: The polysilicon futures followed the upward trend of industrial silicon and rose rapidly after the lunch break. The main 2601 contract increased by 4.63% compared to the previous trading day's closing price, reaching 54,625 yuan/ton. [12] - **Core Logic**: The polysilicon followed the upward trend of industrial silicon. The fundamental supply - demand of polysilicon is weak, and the main focus is on the establishment of the state - reserve platform and relevant announcements of polysilicon enterprises. The production in November is expected to be 127,000 tons, and the inventory has slightly increased recently. [12][15] - **Technical Analysis**: The overall trading volume of polysilicon futures decreased. The 5 - minute and 2 - hour cycle charts show a strong trend, with a long - short dividing line at 52,210 yuan/ton. [15] - **Strategy Suggestion**: Affected by policies and news, the price of polysilicon futures fluctuates greatly. It is recommended to wait and see. You can refer to the Band Winner indicator in the 8:30 morning live broadcast. [15]

Core Viewpoint - The photovoltaic sector experienced a significant drop due to rumors regarding the cancellation of a storage platform, leading to a collective decline in major stocks such as Canadian Solar and JA Solar, which fell over 6% [1][2]. Group 1: Market Reaction - The photovoltaic sector was already fragile, and any minor disturbance could trigger panic selling, as evidenced by the sharp decline following the rumors [2]. - Major stocks like Canadian Solar saw a drop of over 14%, while JA Solar, LONGi Green Energy, and others fell more than 6% [2]. - The photovoltaic ETF also experienced a decline of over 5%, indicating widespread market panic [2]. Group 2: Rumor and Response - The rumors included claims that a silicon material and component alliance was rejected by authorities and that JA Solar's secretary claimed the storage platform was "dead" [2]. - In response, JA Solar denied the rumors, stating that no such comments were made by executives and emphasized their commitment to supporting the photovoltaic industry's policies [3]. - The China Photovoltaic Industry Association also issued a statement declaring the rumors as false and warned against malicious actions aimed at undermining the industry [3]. Group 3: Importance of Storage Platform - The storage platform is considered a crucial measure for the photovoltaic industry's "anti-involution" strategy, aimed at stabilizing the market [4]. - A proposed joint storage platform involving major companies is in the planning stages, with an estimated fund size of around 70 billion yuan [4]. - The initiative aims to control production by acquiring smaller production lines, which is seen as essential for the recovery of the photovoltaic supply chain [4]. Group 4: Industry Performance and Challenges - The photovoltaic industry is facing significant operational challenges, with a clear divergence in profitability across the supply chain [5]. - JA Solar reported a 24.05% year-on-year decline in revenue for Q3 2025, with a net loss of 11.65 billion yuan, reflecting the struggles of the downstream sector [5]. - In contrast, LONGi Green Energy showed signs of improvement, with a revenue of 509.15 billion yuan for the first nine months of the year, indicating a potential recovery [5]. Group 5: Market Sentiment and Future Outlook - The recent market reaction highlights the industry's sensitivity to policy changes and rumors, reflecting broader concerns about the implementation of the "anti-involution" policies [6]. - The stability of silicon prices and the ability to pass costs down the supply chain are critical factors for the industry's recovery [6]. - The overall market remains under pressure due to high inventory levels and concerns about the balance of interests between upstream and downstream sectors [6].

Core Viewpoint - The recent rumors regarding the "photovoltaic storage platform" have caused significant volatility in the photovoltaic sector, leading to sharp declines in stock prices of major companies, although some recovery was noted by the end of the trading day [1][2]. Group 1: Market Reaction - On November 12, major companies in the photovoltaic sector experienced substantial stock price drops, with Canadian Solar (阿特斯) falling over 17%, and other leading firms like Tongwei Co., Longi Green Energy, and JA Solar nearing their daily limit down [1]. - The overall photovoltaic ETF declined by more than 4% on the same day, indicating widespread market concern [1]. Group 2: Company Responses - JA Solar issued a clarification statement denying any internal or external meetings where misleading comments were made, labeling the circulating information as a harmful rumor [1]. - The China Photovoltaic Industry Association's executive secretary urged the public not to spread rumors and emphasized the industry's efforts to promote orderly exit of outdated capacities [1][2]. Group 3: Industry Context - The excessive market reaction to the "storage" rumors highlights the severe supply-demand imbalance and price pressures faced by the photovoltaic industry, particularly in the upstream polysilicon segment [2]. - The concept of a "storage platform" is seen as a market-driven approach to reduce vicious competition and facilitate the exit of ineffective capacities, aiming to restore healthy profit levels in the industry [3]. - Ongoing efforts to combat "involution" in the photovoltaic sector are being supported by policy-level initiatives, including multiple industry meetings and consultations on mandatory national standards [3].

Core Viewpoint - JinkoSolar has issued a statement clarifying that recent rumors circulating online regarding the company are false and misleading, damaging the company's and industry's reputation [1][4] Company Response - The company emphasizes that its board secretary has not made any statements in internal or external meetings as claimed in the rumors, and it reserves the right to pursue legal action against those spreading false information [1] - JinkoSolar urges investors, partners, and the public to rely on official channels for accurate information and to avoid spreading rumors [1] Industry Context - The China Photovoltaic Industry Association has also stated that the rumors are untrue and encourages careful discernment in decision-making [4] - The association is committed to protecting national and industry interests and will combat malicious actions aimed at undermining the photovoltaic sector [4] Company Background - JinkoSolar was founded in 2005 and has since developed a vertically integrated supply chain, including silicon rods, wafers, solar cells, modules, and photovoltaic power generation [4][5] - The company went public on NASDAQ in 2007 and later completed its privatization and relisting on the Shenzhen Stock Exchange in 2019 [5] - JinkoSolar operates multiple production bases globally and has established a comprehensive renewable energy industry chain, with products sold in 180 countries and regions [5]

Group 1 - The core viewpoint of the article is that JinkoSolar has issued a clarification statement regarding false rumors circulating online, which have misled the public and harmed the company's reputation [1][5][7] - The company stated that its board secretary did not make any statements in internal or external meetings that were reported online, and it reserves the right to pursue legal action against those spreading false information [1][5] - Following the spread of the rumors, the A-share photovoltaic sector experienced a significant decline, with notable stocks like Canadian Solar dropping over 17% and the photovoltaic ETF falling more than 4% [5][6] Group 2 - JinkoSolar's stock price fell by 6.84%, closing at 14.03 yuan, with a total market capitalization of 46.435 billion yuan [7] - Company representatives expressed confidence in the photovoltaic industry's policies aimed at reducing "involution" and emphasized their support for the establishment of a storage platform, acknowledging the challenges in its implementation [7]

Core Viewpoint - The response from JinkoSolar regarding the recent concerns about executive statements at a photovoltaic monthly meeting indicates a commitment to transparency and support for industry policies aimed at healthy development [2]. Group 1: Company Response - JinkoSolar plans to issue an announcement to clarify the recent rumors circulating in the market [2]. - The company expresses strong confidence in the implementation of policies aimed at reducing competition within the photovoltaic industry [2]. - JinkoSolar acknowledges the need for collaboration among various parties to overcome challenges in the establishment of a storage platform [2]. Group 2: Industry Context - The photovoltaic sector in A-shares experienced a notable decline on November 12, reflecting market reactions to the circulating rumors [2]. - The China Photovoltaic Industry Association issued a statement denouncing the false information and emphasized the importance of discerning accurate information [2]. - The association reaffirmed its commitment to protecting national and industry interests against malicious actions aimed at undermining the photovoltaic sector [2].

Core Viewpoint - The A-share photovoltaic sector experienced a significant downturn, with major companies like Canadian Solar and LONGi Green Energy seeing substantial declines in stock prices due to market rumors regarding the failure of a silicon material and component alliance [1][3][4]. Group 1: Market Performance - On November 12, the photovoltaic sector index fell by 1.46%, losing 60.292 points, with Canadian Solar dropping over 14% and other companies like JA Solar and LONGi Green Energy also experiencing declines exceeding 6% [1][2]. - Specific stock performances included Canadian Solar at 20.56, down 14.33%, and LONGi Green Energy at 20.79, down 7.35% [2][3]. Group 2: Industry Rumors and Responses - Market rumors suggested that a silicon material and component alliance was rejected by relevant authorities, and there were claims that JA Solar executives indicated a "storage platform" had failed [3][4]. - JA Solar's staff denied these claims, stating that the company was not involved in the storage platform and that the rumors were unfounded [3]. - The China Photovoltaic Industry Association issued a statement refuting the circulating rumors, emphasizing their commitment to industry self-regulation and combating malicious actions against the photovoltaic sector [4][7]. Group 3: Industry Developments - The "storage platform" is part of the photovoltaic industry's efforts to combat "involution," with major companies reportedly signing agreements to collaborate on capacity storage [8]. - Reports indicated that the total funding required for capacity storage could exceed 200 billion to 300 billion, with plans for a fund of approximately 700 billion to facilitate acquisitions [8]. - Despite recent challenges, some photovoltaic companies, like LONGi Green Energy, reported improved financial performance, with a revenue of 509.15 billion for the first nine months of the year, showing a significant reduction in losses over the last two quarters [8][9]. Group 4: Future Outlook - Analysts noted that the photovoltaic sector's profitability showed signs of improvement, driven by stabilized prices in the supply chain and reduced inventory impairment losses [9]. - The focus for the industry moving forward includes monitoring the implementation of the silicon material storage platform and the demand side, particularly regarding the "14th Five-Year Plan" for photovoltaic installations and the enforcement of pricing regulations [11].

Core Viewpoint - The A-share photovoltaic sector experienced a significant decline, attributed to market rumors regarding the rejection of a silicon material and component alliance, as well as misleading statements about a storage platform by a senior executive of JA Solar [1][4]. Group 1: Market Reaction - On November 12, major stocks in the photovoltaic sector, including Canadian Solar (阿特斯), JA Solar (晶澳科技), Longi Green Energy (隆基绿能), and others, saw declines exceeding 6%, with Canadian Solar dropping over 14% [1]. - The market reaction was influenced by rumors that a silicon material and component alliance was rejected by authorities, leading to a sell-off in related stocks [1]. Group 2: Clarification of Rumors - JA Solar's staff denied the rumor regarding the statement about the storage platform, clarifying that the company is not a participant in the platform and that the information circulating is false [1]. - The China Photovoltaic Industry Association issued a statement confirming that the rumors are untrue and emphasized their commitment to combating malicious actions aimed at undermining the industry [3]. Group 3: Industry Developments - The storage platform is part of the photovoltaic industry's efforts to combat "involution," with 17 leading companies reportedly signing agreements to collaborate on capacity storage [4]. - Reports indicated that the total funding required for capacity storage could exceed 200 billion to 300 billion yuan, with plans for a fund of approximately 700 billion yuan to facilitate acquisitions [4]. Group 4: Financial Performance - Despite the recent downturn, some photovoltaic companies have shown signs of improved performance, with Longi Green Energy reporting a revenue of 50.915 billion yuan for the first nine months of the year, including a significant reduction in losses in the third quarter [4]. - Analysts noted that the profitability of leading photovoltaic companies improved in the third quarter, driven by stabilized prices in the supply chain and reduced inventory impairment losses [5].