1. Report Industry Investment Rating - No relevant content 2. Core View of the Report - The price of the main contract of polysilicon dropped significantly. The closing price of PS2508 was 30,615 yuan/ton, a decline of 3.30%. The production is expected to increase slightly, while the demand pressure is gradually increasing, and the pessimistic expectation drives the market to weaken first [4] 3. Summary According to the Directory 3.1 Market Review and Outlook - Market Performance: The price of the main contract of polysilicon dropped significantly. The closing price of PS2508 was 30,615 yuan/ton, with a trading volume of 88,450 lots and an open interest of 78,183 lots, a net increase of 10,054 lots [4] - Future Outlook: The expectation of concentrated production cuts has failed. The weekly production is expected to enter a stage of slight month - on - month increase. The terminal photovoltaic demand is expected to fall to about 40GW, and the inventory has been increasing since April. There is no positive news on the demand side during the policy vacuum period [4] 3.2 Market News - As of June 23, the number of polysilicon warehouse receipts was 2,600 lots, unchanged from the previous trading day [5] - The transaction price range of N - type re -投料 was 32,000 - 35,000 yuan/ton, with an average transaction price of 34,400 yuan/ton, a month - on - month decrease of 6.27%. The transaction price range of N - type granular silicon was 33,000 - 34,000 yuan/ton, with an average transaction price of 33,500 yuan/ton, a month - on - month decrease of 2.90%. There was no bulk transaction of P - type polysilicon [5]

1. Report Date - The report is dated June 17, 2025 [2] 2. Research Team - The research team consists of Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA/MEG), Peng Haozhou (Industrial Silicon/Polysilicon), Peng Jinglin (Polyolefins), and Liu Youran (Pulp) [3] 3. Market Performance and Outlook Market Performance - The main polysilicon contract rebounded from a low level. The closing price of PS2508 was 33,585 yuan/ton, with a gain of 1.93%. The trading volume was 62,835 lots, and the open interest was 51,277 lots, a net decrease of 5,586 lots [4] Outlook - The supply - demand contradiction has not further intensified after the "rush installation" ended, but terminal pressure will gradually be transmitted upstream. The weekly output in the second week of June remained at 22,000 tons, and the monthly output is expected to stay around 100,000 tons. It is difficult to increase production during the wet season, which may relieve the potential supply pressure in the far - month. If production cuts are implemented, it will support the current spot and futures prices. The weak reality is that the "rush installation" of downstream photovoltaic terminals is ending, and the terminal photovoltaic demand has dropped to around 40GW. Although the weekly data of silicon wafers and cells has not decreased rapidly, the inventory has been accumulating for 9 consecutive weeks, and there are few positive news on the demand side during the policy vacuum period. The 07 contract is already at a discount to the price range of re - feed materials, reflecting the pessimistic expectations of funds. The resistance to further decline is increasing, but if the production cut does not increase, the fundamentals are difficult to provide continuous rebound momentum, and it will mainly operate weakly in the range [4] 4. Market News - As of June 16, the number of polysilicon warehouse receipts was 2,600 lots, unchanged from the previous trading day. The transaction price range of n - type re - feed materials was 36,000 - 38,000 yuan/ton, with an average price of 37,500 yuan/ton, unchanged from the previous period. The transaction price range of n - type granular silicon was 34,000 - 35,000 yuan/ton, with an average price of 34,500 yuan/ton, unchanged from the previous period. The transaction price range of p - type polysilicon was 30,000 - 33,000 yuan/ton, with an average price of 31,300 yuan/ton, unchanged from the previous period. The China Non - Ferrous Metals Industry Association will hold the "2025 China (Leshan) Silicon Industry Chain Development Conference" in Leshan, Sichuan from June 24 - 26 [5]

Group 1: Report Overview - Report Date: May 14, 2025 [2] Group 2: Market Performance and Outlook - Market Performance: The polysilicon 06 contract was strong first and then weak. The PS2506 closed at 38,270 yuan/ton, up 0.91%, with a trading volume of 322,000 lots and an open interest of 52,252 lots, a net decrease of 17,165 lots [4] - Future Outlook: Short - term trends are bullish. The shortage of near - month delivery products and the far - month production cut logic boost the preference of long - position funds. However, the upward resistance is increasing. The key trading range is 38,000 - 40,000 yuan/ton [4] Group 3: Supply and Demand Analysis - Supply: Monthly silicon material supply is maintained at 90,000 - 100,000 tons. There may be an increase in production during the wet season. If far - month production is cut by more than 10%, the spot market is expected to enter the destocking stage [4] - Demand: The "rush installation" of downstream photovoltaic terminals is coming to an end, and demand has decreased significantly month - on - month. Polysilicon, silicon wafers, and battery cells have been accumulating inventory for 5 consecutive weeks [4] Group 4: Market News - As of May 14, the number of polysilicon warehouse receipts was 20 lots, unchanged from the previous trading day [5] - There were rumors that the top six silicon material manufacturers planned to acquire the remaining silicon material production capacity, and a leading manufacturer proposed a production cut to support prices, but the feasibility of the plan is unknown [5] - Relevant enterprise executives and investor hotlines denied the "silicon material storage plan" rumor and mentioned the current supply - demand game situation of silicon material production capacity [5]