Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance exceeded expectations, with a notable recovery in profitability driven by the "anti-involution" policy, which is expected to boost industry recovery [6] - The report highlights a potential improvement in refining margins and polyester market conditions, suggesting a favorable outlook for the company's future performance [6] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 343.298 billion, with a year-on-year growth rate of 5.2% [5] - The net profit attributable to the parent company is projected to be 2.936 billion in 2025, reflecting a significant year-on-year increase of 305.3% [5] - Earnings per share (EPS) is expected to reach 0.29 in 2025, with a projected PE ratio of 35 [5] - The company achieved a gross margin of 12.19% in Q3 2025, with a year-on-year increase of 0.48 percentage points [6] Market and Industry Analysis - The report indicates that the refining sector is showing signs of recovery, with Brent oil prices increasing and a projected refining margin of 1,471 yuan/ton in Q3 2025, up 202 yuan/ton from the previous quarter [6] - The polyester market is currently facing challenges due to oversupply, but the "anti-involution" policy is expected to lead to coordinated production cuts, which may improve market conditions [6] - The company's new materials projects and collaboration with Saudi Aramco are anticipated to enhance future growth prospects [6]

Core Viewpoint - The recent reports from the Central Committee and the Ministry of Industry and Information Technology provide clear guidance for the development of China's non-ferrous metal industry, emphasizing a path of high-quality green development [1][2]. Supply Side Analysis - The reports indicate a focus on the protection of strategic minerals and controlled growth of production capacity, aiming for low-speed, stable, and high-quality growth in non-ferrous metal output [2][3]. - The protection and increase of strategic mineral reserves are crucial due to China's low reserves and high external dependence, with the government planning to utilize long-term special bonds to support resource development [3]. - The production of ten types of non-ferrous metals is projected to grow by 4.3% year-on-year in 2024, with an average annual growth target of around 1.5% for 2025-2026, indicating a significant contraction in supply growth [4]. Demand Side Analysis - The reports highlight the expansion of demand driven by the development of new productive forces and related industries, particularly in green low-carbon energy and new material sectors [6][7]. - The demand for copper is expected to see a compound annual growth rate of 16% from 2025 to 2030 due to emerging applications in electric vehicles and data centers, significantly impacting global copper demand [7]. Export Regulation and Strategic Positioning - China is transitioning from being a "resource power" to a "rule power," implementing export licensing and quota management for rare metals to secure global pricing power [8][9]. - The export controls on rare earths and gallium have become strategic tools in trade relations, with significant price increases observed in the market due to these measures [9].

Core Insights - The market sentiment has significantly improved, leading to multiple new fund products being closed early since October [1] - The Jiashi Growth Sharing Mixed Securities Investment Fund raised 3.368 billion yuan and became one of the leading new funds in terms of fundraising scale in October [1] - The fund's early closure was announced to better protect the interests of fund shareholders, reflecting high investor recognition [1] Fund Performance and Strategy - The Jiashi Growth Sharing Mixed Fund is positioned with a growth style, with a performance benchmark set at a combination of various indices [1] - The fund manager, Meng Xia, is noted for a quality growth investment style, aligning well with the fund's objectives [2] - Meng Xia has a strong track record, with his managed Jiashi Growth Driven Mixed Fund achieving a net value growth rate of 76.77% since its inception, significantly outperforming its benchmark [2] Market Outlook - The fund manager, Li Tao, holds a positive outlook on the A-share market, expecting a trend of upward fluctuations due to supportive fiscal policies and easing global liquidity conditions [3] - The information industry, particularly in AI computing and optical communication, is experiencing increasing demand and order fulfillment, which is expected to drive growth [3] - The focus on quality growth and the identification of long-term investment opportunities in excellent companies is emphasized as a strategic approach moving forward [3]

Core Viewpoint - The photovoltaic industry is showing signs of recovery in Q3 performance, primarily due to the reduction of internal competition, rising polysilicon prices, and previous production cuts improving the supply-demand balance. The industry's valuation remains historically low, indicating potential for recovery [1]. Group 1: Industry Performance - In September 2025, domestic newly installed photovoltaic capacity reached 9.66 GW, a month-on-month increase of 31.25%, although it still declined by 53.76% year-on-year. Cumulatively, from January to September, the total newly installed capacity was 240.27 GW, reflecting a year-on-year growth of 64.73% [2]. - In September, domestic polysilicon production was approximately 129,000 tons, a month-on-month increase of 5.3%. Mainstream silicon wafer production reached 56.85 GW, up 6.46% month-on-month [3]. Group 2: Policy and Market Outlook - The "14th Five-Year Plan" suggests accelerating the construction of a new energy system and increasing the proportion of renewable energy supply, while promoting the safe and orderly replacement of fossil energy. This includes enhancing the efficiency of fossil energy use and advancing the development of new energy storage and smart grids [1]. - The implementation of anti-involution policies is expected to lead to the elimination of outdated production capacity, with a gradual reduction in supply across various segments anticipated in the fourth quarter [3].

智通财经APP获悉，TrendForce集邦咨询发文称，11月多晶硅市场将面临供给减少及终端需求下降的"供需双弱"局面。在高库存压力下，尽管反内卷政策可 能助力硅料价格弱势维稳，但多晶硅大厂挺价意愿已现轻微松动。从供需面看，多晶硅涨价动力不足，需密切关注收储政策是否带来价格提振。 当前行业整体库存依旧保持在42万吨以上，且硅料厂库存后续有继续抬升趋势，主要系下游拉晶端自身库存依旧高企且观望情绪浓厚，仅按需采购。 当前行业开工增减不一，主要有红狮海东单线实现满产；通威包头分线检修，通威云南保山逐步降低开工率、乐山基地准备开始降开工率；协鑫乐山基地开 工率小幅下降、新特准东产能继续爬坡、南玻青海少量产出、晶诺稳定运行、东方希望宁夏新项目维持个别反应器试生产、戈恩斯继续检修，青海丽豪产能 爬坡。 硅片 现阶段硅片库存仍高于20GW，市场弥漫跌价预期，电池厂提货速度放缓，专业化硅片厂继续累库。从尺寸结构上来看，210RN库存压力持续，183N和210N 供需保持相对平衡。 光伏组件 随着寒冬淡季趋势逐渐显现，国内外装机需求后续均呈现下降趋势。 短期内，需求仍主要靠国内集中式项目支撑，其中210版型需求旺盛，需求有望延 ...

Report Industry Investment Ratings - Not provided in the content Core Views of the Report - With the gradual alleviation of unfavorable factors from trade frictions, stock indices may return to an upward channel. Even if short - term macro uncertainties increase, the adjustment space of stock indices is expected to be limited due to policy support and abundant macro - liquidity. It is advisable to go long on stock indices when opportunities arise [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term warning on interest - rate risks suppresses the upward space [1] - The initial consensus between China and the US has improved market risk appetite, suppressing precious - metal prices. However, the upcoming Fed rate cut and the ongoing US government shutdown will still support the gold price. Short - term gold prices are expected to fluctuate [1] - The significant decline in the London lease rate has led to the shock adjustment of silver [1] - The recent improvement in macro sentiment and the limited industrial - side drive have led to the slightly stronger and volatile operation of aluminum prices [1] - In the context of continued production profits, domestic alumina production capacity is continuously released, with both production and inventory increasing. The weak fundamentals are pressuring the spot price, and recent attention should be paid to cost support [1] - The recent strengthening of the LME zinc 0 - 3 spread has increased the risk of a short squeeze, strengthening the expectation of zinc exports and driving up the domestic zinc price. Short - term Shanghai zinc is expected to maintain high - level volatility [1] - The alleviation of Sino - US trade frictions has lifted market risk appetite. Attention should be paid to the progress of the Sino - US high - level meeting in South Korea at the end of the month. The Fed rate cut will boost the non - ferrous sector. The implementation of Indonesia's RKAB new policy requires attention to the quota approval in 2026 in the fourth quarter, and be vigilant against mine - end disturbances [1] - The alleviation of Sino - US trade frictions has increased market risk appetite. Attention should be paid to the progress of the Sino - US high - level meeting in South Korea at the end of the month. The stainless - steel futures are expected to rebound in the short term, and short - term operations are recommended, waiting for opportunities to sell on rallies in the medium and long term [1] - The improvement in macro sentiment and the rebound of the semiconductor sector have led to the short - term strong and volatile operation of tin prices under the influence of macro sentiment. Medium - and long - term, opportunities to go long on dips are recommended [1] - The Southwest's industrial - silicon production is weaker than in previous years, and the impact of the dry season is weakened. Polysilicon production is expected to decline in November, and the market sentiment has faded due to the long - term non - implementation of the anti - involution policy [1] - The traditional peak season for new energy vehicles is approaching, and the energy - storage demand is strong. Although the supply - side production schedule has increased, the overall demand is large [1] - The industrial drive of rebar and hot - rolled coils is unclear, and their futures valuations are low. Directional trading is not recommended [1] - Near - month iron ore is restricted by production cuts, but the commodity sentiment is good, and there is still an upward opportunity for far - month contracts [1] - The direct demand for ferromanganese - silicon is good, but the supply is high, and the inventory is at a high level, so the price is under pressure and fluctuating [1] - The supply and demand of glass are supported, and short - term sentiment is dominant. The price decline is limited, and the price fluctuation is strengthening [1] - Following glass, the supply of soda - ash is in excess, and the price is under pressure [1] - Supported by supply - side positive news and strong fundamentals, coking coal is challenging the previous high of the "anti - involution" trade, but the inconsistency of supply and demand among black - sector varieties may not have changed, and there are signs of stagflation in thermal coal in recent days. Whether coking - coal futures can break through successfully is highly uncertain, and it is advisable to wait and see [1] - Similar to coking coal, the coke futures are at a premium. Industrial customers can consider selling some spot on rallies [1] - Indonesia's expected implementation of B50 next year provides support. Currently, the high inventory in Malaysia in September and the expected inventory accumulation in October are pressuring the palm - oil futures. It is advisable to wait and see for the production - area's production cut and inventory reduction cycle [1] - With the upcoming Sino - US leaders' meeting, the negotiation result may bring new guidance. Currently, with the expected reduction of raw - material supply in the fourth quarter and the oil mills' expected reduction of operating rates to support prices, the expected inventory reduction of soybean oil supports the futures. With multiple factors intertwined and a lack of new drivers, it is advisable to wait and see [1] - The expected improvement in Sino - Canadian relations is pressuring the rapeseed - oil futures. Domestic rapeseed is still in short supply, and the rapeseed - oil inventory is continuously decreasing from a high level. It is advisable to wait and see for unilateral trading [1] - The expansion of Xinjiang's cotton - spinning capacity and the reduction of spinning profits have led to great uncertainty in the new - year's cotton demand. The current futures price has fully priced in the selling pressure of new crops, and the downside space is limited, but the new - crop basis and futures price may continue to be under pressure due to the record - high production [1] - Typhoons around the National Day have had an adverse impact on sugar - cane harvesting and production in South China. There is seasonal upward momentum for sugar prices in the short term, but the expected supply increase after the new - sugar listing will limit the rebound space [1] - The corn inventory in the north and south ports is low, and the short - term supply from production areas has decreased, so the price in the north port is firm. The futures and spot prices are expected to face selling pressure later, and the futures price is expected to fluctuate and bottom out, but the expected high enthusiasm of traders to build inventories will limit the downside space [1] - Under the expectation of Sino - US negotiations, the US futures market has risen strongly. With high policy uncertainty, domestic short - selling funds have reduced positions to avoid risks. The domestic purchase - ship profit is still poor, and the domestic futures valuation is low. The futures price is expected to continue to rebound in the short term, and attention should be paid to Sino - US policies and South American weather [1] - The trading logic of pulp is related to the old - warehouse receipts of the November contract. With weak downstream demand, the futures price is under pressure, and a November - January reverse spread is recommended [1] - The fundamentals of logs have declined, but the spot price is firm. After a sharp decline in the futures price, the risk - return ratio of short - selling is low, and it is advisable to wait and see [1] - The live - hog spot price has stabilized recently due to secondary fattening and increased slaughter volume with the cooling weather. Although the futures price is at a premium to the spot price, changes in the slaughter volume and weight need to be awaited, and the short - term price is expected to fluctuate [1] - OPEC+ may continue to maintain a small - scale production increase in November, short - term geopolitical speculation has cooled down, and the US attitude towards tariffs on China has softened [1] - The short - term supply - demand contradiction of fuel oil is not prominent and follows crude oil. The expected "14th Five - Year Plan" rush - work demand is likely to be falsified, and the supply of Marey crude oil is sufficient [1] - The raw - material cost of natural rubber provides strong support, the mid - stream inventory is continuously decreasing, and the commodity - market atmosphere is positive [1] - The decline in crude oil prices has weakened the cost support of butadiene for synthetic rubber. The supply of synthetic rubber is abundant, and the high - level production and inventory have not been the main constraints, and the mainstream supply price has been continuously reduced [1] - The news of the PTA industry's planned "anti - involution" policy has pushed up the PTA price. Overseas device failures and the decline in the operating rate of some domestic reforming devices, as well as the rotation inspection of large domestic PTA devices, have led to a decline in PTA production [1] - The decline in crude oil prices has led to a decline in ethylene - glycol prices, while the rise in coal prices has slightly strengthened the cost support of domestic ethylene - glycol. The "Golden September and Silver October" of the polyester industry is coming to an end, and there has been no significant decline in domestic demand [1] - The news of the PTA industry's planned "anti - involution" policy has pushed up the PTA price, and the basis of short - fiber has strengthened. The short - fiber price continues to closely follow the cost [1] - The Asian benzene price remains weak, the operating rates of STDP and reforming devices have declined, the arbitrage window from Northeast Asia to the US remains closed, the profit of domestic styrene has decreased, the styrene device maintenance has gradually increased, and the crude - oil price has continued to decline [1] - The export sentiment of urea has eased, and the domestic demand is insufficient, so the upside space is limited, but there is support from the anti - involution policy and the cost side [1] - The center of the crude - oil market price has slightly declined, the maintenance intensity has weakened, the downstream demand has slowly increased, and the PE price is fluctuating slightly stronger [1] - The maintenance support for PP is limited, the downstream improvement is less than expected, and the futures price is returning to fundamentals and fluctuating weakly [1] - The PVC futures price is returning to fundamentals, the maintenance has decreased compared with the previous period, the supply pressure is large, and there are many near - month warehouse receipts, so the futures price is fluctuating weakly [1] - There are many planned alumina projects in Guangxi, the subsequent maintenance concentration will decline, and the warehouse - receipt digestion is difficult, with the high - concentration caustic - soda price in an inverted state [1] - The international oil and gas fundamentals are continuously loose, the CP/FEI prices are weakening, the PG futures price has repaired its valuation, but the C3/C4 spot prices are still under pressure, and the domestic fundamentals are continuously loose [1] - The container - shipping European line is gradually entering the contract - changing rhythm. The freight rate is approaching the full - cost line, and it is expected to stop falling and stabilize [1] Summaries by Relevant Catalogs Stock Indices - With the alleviation of trade - friction factors and policy support, stock indices may rise, and it is advisable to go long on dips [1] Bonds - Asset shortage and weak economy are beneficial to bond futures, but short - term interest - rate risks suppress the upward space [1] Precious Metals - Gold is affected by both market - sentiment suppression and fundamental support, and short - term gold prices are expected to fluctuate. Silver is adjusting due to the decline in the London lease rate [1] Non - Ferrous Metals - Copper prices are expected to remain strong, aluminum prices are fluctuating slightly stronger, alumina fundamentals are weak, zinc prices are expected to remain high and volatile, and nickel prices are affected by supply and macro factors. The industry is also affected by Sino - US relations and Indonesian policies [1] Black Metals - Rebar and hot - rolled coils lack clear industrial drive, iron - ore near - month contracts are restricted by production cuts, ferromanganese - silicon is under supply - side pressure, glass is supported by supply and demand, soda - ash follows glass, coking coal and coke face uncertainties in supply - demand consistency [1] Agricultural Products - Palm oil, soybean oil, and rapeseed oil are affected by international policies, inventory, and Sino - foreign relations. Cotton demand is uncertain, sugar has short - term seasonal support, and corn prices are affected by inventory and supply - demand expectations [1] Energy and Chemicals - Crude oil, fuel oil, natural rubber, synthetic rubber, PTA, ethylene - glycol, short - fiber, benzene, urea, PE, PP, PVC, alumina, and SLPG are affected by factors such as supply - demand, policies, and raw - material prices [1] Others - Container - shipping European - line freight rates are expected to stop falling and stabilize, pulp trading is related to old warehouse receipts, logs' spot price is firm, live - hog prices are expected to fluctuate, and the market sentiment of various commodities is affected by Sino - US relations and international policies [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For industrial silicon, the spot price is stable, and the intraday rebound of the futures market is mainly driven by the sharp rise of commodities such as coking coal. Starting from the end of October, production in Southwest China will be reduced, and the supply - demand pattern may improve. The industrial silicon futures market is mainly affected by overall commodity sentiment and policy news. If there are relevant policies, the market may have room to rise. For polysilicon, the supply - demand fundamentals are average, with large inventory pressure. Although production may decrease in November, downstream production scheduling may also weaken. The futures market is affected by anti - involution policies and weak reality, with large fluctuations. In the medium - to - long - term, it is suitable to layout long positions at low prices [2][5] Group 3: Summary by Related Catalogs Industrial Silicon Market Analysis - On October 29, 2025, the industrial silicon futures price showed a strong and volatile trend. The main contract 2601 opened at 8,995 yuan/ton and closed at 9,170 yuan/ton, up 1.61% from the previous settlement price. The position of the 2511 main contract was 220,662 lots, and the total number of warehouse receipts was 47,338 lots, a decrease of 706 lots from the previous day. The spot price of industrial silicon remained stable. The price of oxygen - passing 553 silicon in East China was 9,300 - 9,400 yuan/ton, and 421 silicon was 9,500 - 9,800 yuan/ton. The price of organic silicon DMC was 10,800 - 11,200 yuan/ton and is expected to decline slightly under pressure [1] Strategy - Short - term range operation is recommended, and long positions can be taken on the dry - season contracts at low prices. There are no strategies for inter - period, cross - variety, spot - futures, and options [2] Polysilicon Market Analysis - On October 29, 2025, the main contract 2601 of polysilicon futures fluctuated. It opened at 54,600 yuan/ton and closed at 54,990 yuan/ton, up 0.72% from the previous trading day. The position of the main contract reached 118,430 lots, and the trading volume was 307,284 lots. The spot price of polysilicon remained stable. The inventory of polysilicon manufacturers and silicon wafers increased. The weekly output of polysilicon was 29,500 tons, a decrease of 4.84% month - on - month, and the output of silicon wafers was 14.73GW, an increase of 2.65% month - on - month. The production of polysilicon in October is expected to be about 133,500 tons, an increase from September, and production in Southwest China is expected to decline significantly in November [3] Strategy - Short - term range operation is recommended. The 11 main contract is expected to fluctuate between 49,000 - 53,000 yuan/ton, and the 12 contract is expected to fluctuate between 50,000 - 57,000 yuan/ton. There are no strategies for inter - period, cross - variety, spot - futures, and options [5]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The news of the PTA industry promoting an "anti-involution" policy has pushed up the PTA price rapidly, but it may fall due to the post - market decline of crude oil [2]. - Although the overall load of domestic PTA plants has been adjusted down due to low processing fees, the polyester industry's profit is still constrained by over - capacity pressure from new capacity and overseas plant commissioning [2]. - After long - term low - level operation, the PTA price rebounded quickly due to policy expectations. The current downstream polyester operating rate remains above 91%, with demand slightly exceeding expectations, and recent polyester production and sales are generally high [2]. - Against the background of positive news from the Sino - US economic and trade negotiations, overseas demand for Chinese textile and clothing products is expected to recover [2] Group 3: Summary of Related Data Spot and Futures Prices - PTA spot price remained at 4535, MEG inner - market price decreased from 4167 to 4152, PTA closing price increased from 4614 to 4636, and MEG closing price increased from 4069 to 4100 [2]. - The price of 1.4D direct - spinning polyester staple fiber decreased from 6445 to 6440, and the short - fiber basis increased from 103 to 151 [2]. - The price of polyester bottle chips in the Jiangsu and Zhejiang markets decreased, with the average price down 10 yuan/ton compared to the previous working day [2]. Industry Indicators - The direct - spinning short - fiber load (weekly) increased from 93.90% to 94.40%, and the polyester staple fiber production and sales decreased from 44.00% to 41.00% [2][3]. - The yarn - spinning machine operating rate (weekly) remained at 63.50%, and the recycled cotton - type load index (weekly) decreased from 51.50% to 51.00% [2][3]. Cash Flow and Processing Fees - The polyester staple fiber cash flow increased from 240 to 246, and the bottle - chip spot processing fee decreased from 459 to 455 [2]. - The T32S pure - polyester yarn processing fee increased from 3875 to 3880, and the polyester - cotton yarn profit decreased from 1587 to 1536 [2]. - The cash flow of 6 - 15D hollow short - fiber increased from 522 to 527 [2].

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints - PTA prices saw a rapid afternoon rally due to rumors of an "anti-involution" policy in the PTA industry. Despite rising crude oil prices, PTA prices had only rebounded slightly. With cost support from rising crude oil and policy expectations, PTA prices rebounded after long - term low - level operation. The downstream polyester industry's demand is slightly better than expected, and overseas demand for Chinese textile and clothing products may recover after positive signals from China - US economic and trade negotiations [2]. - For ethylene glycol, the inventory at East China ports remains low, and the arrival volume at ports is limited. However, domestic device production and the return of coal - based ethylene glycol devices are pressuring prices. As the polyester peak season is ending and the crude oil fundamentals are weakening, the polyester industry is expected to operate weakly [2]. 3) Summary by Relevant Catalogs Market Data - **INE Crude Oil**: Price dropped from 462.7 yuan/barrel on October 28, 2025, to 462.6 yuan/barrel on October 29, 2025, a decrease of 0.10 yuan/barrel [2]. - **PTA - SC**: Price increased from 1251.5 yuan/ton to 1274.2 yuan/ton, an increase of 22.73 yuan/ton [2]. - **PX**: CFR China PX price rose from 814 to 818, an increase of 4; PX - naphtha spread widened from 236 to 249, an increase of 13 [2]. - **PTA**: The main futures price rose from 4614 yuan/ton to 4636 yuan/ton, an increase of 22 yuan/ton; the spot price remained unchanged at 4535 yuan/ton; the spot processing fee decreased from 180.7 yuan/ton to 170.1 yuan/ton, a decrease of 10.6 yuan/ton; the disk processing fee increased from 259.7 yuan/ton to 261.1 yuan/ton, an increase of 1.4 yuan/ton; the main basis improved from (81) to (76), an increase of 5; the number of PTA warehouse receipts remained unchanged at 48579 [2]. - **MEG**: The main futures price rose from 4069 yuan/ton to 4100 yuan/ton, an increase of 31 yuan/ton; the MEG - naphtha spread decreased from (121.59) yuan/ton to (121.78) yuan/ton, a decrease of 0.2 yuan/ton; the MEG domestic price decreased from 4167 to 4152, a decrease of 15; the main basis decreased from 83 to 78, a decrease of 5 [2]. - **Industry Chain Operating Rates**: PX operating rate remained at 86.21%, PTA operating rate increased from 79.46% to 80.09%, an increase of 0.63%, MEG operating rate remained at 64.41%, and polyester load remained at 89.28% [2]. - **Polyester Product Data**: For polyester filament, POY150D/48F, FDY150D/96F, and DTY150D/48F prices remained unchanged; POY, FDY, and DTY cash flows increased by 5; the filament sales rate decreased from 63% to 48%, a decrease of 15%. For polyester staple fiber, the price of 1.4D direct - spun polyester staple fiber decreased from 6445 to 6440, a decrease of 5; the staple fiber cash flow remained at 272; the staple fiber sales rate remained at 43%. For polyester chips, the semi - bright chip price increased from 5560 to 5565, an increase of 5; the chip cash flow increased from (63) to (53), an increase of 10; the chip sales rate decreased from 57% to 37%, a decrease of 20% [2]. Device Maintenance - A 2.2 - million - ton PTA device in East China slightly reduced its load, and the recovery time is to be tracked [2]

Core Viewpoint - The photovoltaic industry is facing a dual weakness in supply and demand, leading to potential price declines across various segments, including polysilicon, wafers, cells, and modules [4][8][11]. Polysilicon - Current industry inventory remains above 420,000 tons, with expectations of further increases due to high downstream inventory and cautious purchasing behavior [4]. - Supply dynamics are mixed, with some manufacturers achieving full production while others are reducing operational rates, indicating a complex supply landscape [5]. - The market is anticipated to experience a "supply-demand dual weakness" in November, with high inventory levels putting pressure on prices, although major polysilicon producers show slight willingness to maintain prices [6]. Wafers - Wafer inventory is currently above 20 GW, with a prevailing expectation of price declines as battery manufacturers slow down their procurement [7]. - The overall transaction prices for wafers have slightly decreased, with first-tier companies showing price support while second and third-tier companies are increasing low-price orders [8]. - The market expects wafer manufacturers to potentially implement production cuts to stabilize prices amid high supply pressure [8]. Cells - Battery inventory is maintained at around 5-7 days, with a notable differentiation in inventory levels based on size, particularly with 210 RN facing less pressure compared to 183 N [9]. - The overall price outlook for November indicates continued downward pressure due to weakening terminal demand and the influence of component pricing [10]. Modules - The demand for photovoltaic modules is expected to decline as the winter season approaches, with domestic and international installation demands decreasing [11]. - Short-term demand is primarily supported by domestic centralized projects, particularly for 210 models, but this is expected to diminish as project deliveries conclude [11]. - Overall, the module market is under pressure from declining terminal demand and insufficient order reserves, leading to a challenging pricing environment [12].