Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The polysilicon market price is temporarily stable, but the supply - side has all manufacturers in a reduced - load operation state. The market's expectation of new capacity launch is increasing, and most enterprises are in the stage of losing cash cost, with production enthusiasm frustrated and some suspending delivery product lines [3]. - The demand side is relatively weak. Downstream photovoltaic module production scheduling has been reduced, the demand margin is weakening, silicon wafer enterprises' production is expected to decline, and cell enterprises also have production - reduction plans. The terminal market has strong wait - and - see sentiment after the "rush installation" boom [3]. - Polysilicon inventory is at a high level. The inventory backlog from silicon wafer enterprises' previous purchases suppresses the market price. Long - term operation should still be mainly short - selling [3]. 3) Summary by Relevant Catalogs a) Market Data - **Futures Market**: The closing price of the main polysilicon contract is 31,085 yuan/ton (up 470), the position volume is 72,286 lots (down 5,897), the Aug - Sep polysilicon price difference is 360 (up 100), and the polysilicon - industrial silicon price difference is 23,600 yuan/ton (up 405) [3]. - **Spot Market**: The spot price of polysilicon is 34,500 yuan/ton (unchanged), the basis is 3,885 yuan/ton (up 1,085), the weekly average price of photovoltaic - grade polysilicon is 4.25 US dollars/kg (down 0.03), and the average prices of different types of polysilicon such as cauliflower, dense, and re - feeding materials are unchanged [3]. - **Upstream**: The closing price of the main industrial silicon contract is 7,485 yuan/ton (up 65), the spot price is 8,150 yuan/ton (unchanged), the monthly export volume is 52,919.65 tons (down 12,197.89), the monthly import volume is 2,211.36 tons (up 71.51), the monthly output is 299,700 tons (down 36,050), and the total social inventory is 559,000 tons (down 13,000) [3]. - **Industry**: The monthly yield of polysilicon is 95,000 tons (down 1,000), the monthly import volume is 793 tons (down 161), the weekly import spot price of polysilicon in China is 4.88 US dollars/kg (down 0.13), and the monthly import average price is 2.19 US dollars/ton (down 0.14) [3]. - **Downstream**: The monthly output of solar cells is 7,056,900 kW (down 135,900), the average price of solar cells is 0.82 RMB/W (up 0.01), the monthly export volume of photovoltaic modules is 103,399,980 units (up 19,610,660), the monthly import volume is 12,098,490 units (down 8,021,950), and the monthly import average price is 0.29 US dollars/unit (up 0.02) [3]. b) Industry News - As of June 23, the mainstream market prices of P - type and N - type polysilicon of different types are stable. China's polysilicon import volume in May was 793 tons, a year - on - year decrease of 80.5%, and the cumulative import volume from January to May was 10,097 tons, a year - on - year decrease of 42.7% [3].

Report Industry Investment Rating - Not provided Core View of the Report - The polysilicon market price is temporarily stable, but the supply - side has all manufacturers operating at reduced loads, while the market's expectation of new capacity launch is increasing. Most enterprises are in the stage of losing cash - cost, and production enthusiasm is frustrated. The demand side is relatively weak, with downstream photovoltaic component production schedules and silicon wafer enterprise quotas being adjusted down, and cell manufacturers having production cut plans. Terminal market has strong wait - and - see sentiment. Overseas market demand is uncertain due to macro - economic instability and trade frictions. Polysilicon inventory is at a high level, suppressing market prices. Long - term operation should focus on short - selling [3]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of polysilicon is 33,955 yuan/ton, down 150 yuan; the main contract position is 62,708 lots, down 2,267 lots. The price difference between the 06 - 07 contracts of polysilicon is 2,825 yuan/ton, up 565 yuan; the price difference between polysilicon and industrial silicon is 26,540 yuan/ton, down 90 yuan [3]. Spot Market - The spot price of polysilicon is 36,500 yuan/ton, unchanged; the average price of cauliflower - type polysilicon is 29 yuan/kg, unchanged; the average price of dense - type polysilicon is 31.5 yuan/kg, unchanged; the average price of re - feeding polysilicon is 32.5 yuan/kg, unchanged. The weekly average price of photovoltaic - grade polysilicon is 4.28 US dollars/kg, unchanged. The basis of polysilicon is 2,545 yuan/ton, up 150 yuan [3]. Upstream Situation - The closing price of the main contract of industrial silicon is 52,919.65 yuan/ton, down 60 yuan; the export volume of industrial silicon is down 12,197.89 tons. The spot price of industrial silicon is 8,150 yuan/ton, unchanged; the import volume is 2,211.36 tons, up 71.51 tons. The monthly output of industrial silicon is 299,700 tons, down 36,050 tons; the total social inventory is 587,000 tons, down 2,000 tons [3]. Industry Situation - The monthly output of polysilicon is 96,000 tons, down 1,000 tons; the monthly import volume is 954 tons, down 1,952 tons. The weekly spot price of imported polysilicon in China is 5.01 US dollars/kg, unchanged; the monthly average import price is 2.19 US dollars/ton, down 0.14 US dollars/ton [3]. Downstream Situation - The monthly output of solar cells is 71,928,000 kilowatts, down 6,516,000 kilowatts. The average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W. The monthly export volume of photovoltaic modules is down 11,583.8 units; the monthly import volume is 20,120.44 units, up 10,274.32 units; the monthly average import price is 0.29 US dollars/unit, up 0.02 US dollars/unit. The weekly comprehensive price index of the photovoltaic industry (SPI) for polysilicon is 22.29, unchanged [3]. Industry News - As of June 9, the mainstream market prices of P - type cauliflower - type polysilicon, N - type dense - type polysilicon, N - type re - feeding polysilicon, N - type granular silicon, and N - type polysilicon are all stable. The first meeting of the China - US economic and trade consultation mechanism was held in London on June 9 and continued on June 10 [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The polysilicon market price is temporarily stable, but the supply and demand situation is complex. On the supply side, all polysilicon manufacturers are operating at reduced loads, and the expectation of new capacity launch is increasing. Most enterprises are in the stage of losing cash - cost, and production enthusiasm is frustrated. On the demand side, the downstream photovoltaic module production schedule is synchronously reduced to 50 - 55GW, and the demand side shows an obvious marginal weakening trend. The inventory of the polysilicon industry remains high, and it is difficult to reduce inventory, putting serious pressure on the spot price. The macro - economic environment and international trade frictions also suppress overseas demand [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of polysilicon is 35,625 yuan/ton, a decrease of 1,525 yuan/ton compared with the previous period. The main contract position is 70,536 lots, an increase of 41,848 lots. The price difference between the 06 - 07 contracts of polysilicon is 1,100 yuan/ton, an increase of 225 yuan/ton. The price difference between polysilicon and industrial silicon is 27,715 yuan/ton, a decrease of 1,305 yuan/ton [2]. 3.2 Spot Market - The spot price of polysilicon is 38,000 yuan/ton, a decrease of 750 yuan/ton. The average price of polysilicon (cauliflower material) is 30.5 yuan/kg, unchanged. The basis of polysilicon is 850 yuan/ton, a decrease of 1,050 yuan/ton. The average price of polysilicon (dense material) is 33.5 yuan/kg, unchanged. The weekly average price of photovoltaic - grade polysilicon is 4.3 US dollars/kg, a decrease of 0.04 US dollars/kg. The average price of polysilicon (re - feeding material) is 34.5 yuan/kg, unchanged [2]. 3.3 Upstream Situation - The closing price of the main contract of industrial silicon is 7,910 yuan/ton, a decrease of 220 yuan/ton. The export volume of industrial silicon is 52,919.65 tons, a decrease of 12,197.89 tons. The spot price of industrial silicon is 8,950 yuan/ton, a decrease of 150 yuan/ton. The import volume of industrial silicon is 2,211.36 tons, an increase of 71.51 tons. The output of industrial silicon is 335,750 tons, an increase of 46,400 tons. The total social inventory of industrial silicon is 599,000 tons, an increase of 3,000 tons [2]. 3.4 Industry Situation - The monthly output of polysilicon is 97,000 tons, an increase of 7,000 tons. The monthly import volume of polysilicon is 2,906 tons, a decrease of 222 tons. The weekly spot price of imported polysilicon materials in China is 5.01 US dollars/kg, a decrease of 0.13 US dollars/kg. The monthly average import price of polysilicon in China is 2.19 US dollars/ton, a decrease of 0.14 US dollars/ton [2]. 3.5 Downstream Situation - The monthly output of solar cells is 78,444,000 kilowatts, an increase of 11,443,000 kilowatts. The comprehensive price index of the photovoltaic industry (SPI) for polysilicon is 22.91, a decrease of 0.62. The average price of solar cells is 0.82 RMB/W, an increase of 0.01 RMB/W. The monthly export volume of photovoltaic modules is 95,373,120 pieces, an increase of 24,038,530 pieces. The monthly import volume of photovoltaic modules is 9,846,120 pieces, a decrease of 2,122,260 pieces. The monthly average import price of photovoltaic modules is 0.27 US dollars/piece, an increase of 0.01 US dollars/piece [2]. 3.6 Industry News - As of May 19, the mainstream market prices of P - type polysilicon cauliflower material, N - type dense material, N - type re - feeding material, and N - type granular silicon are stable at 32 yuan/kg, 35.5 yuan/kg, 39 yuan/kg, and 37 yuan/kg respectively. From January to April, the social financing increment was 163.4 billion yuan, and the new loans were 100.6 billion yuan. In April, M2 increased by 8% year - on - year [2].