工业硅&多晶硅日报（2025 年 11 月 25 日） 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 工业硅日报 一、研究观点 点评 24 日工业硅震荡偏弱，主力 2601 收于 8940 元/吨，日内跌幅 1%，持仓增 仓 1672 手至 26.3 万手。百川工业硅现货参考价 9745 元/吨，较上一交易日 上涨 63 元/吨。最低交割品#421 价格持稳在 8950 元/吨，现货升水收至 10 元/吨。多晶硅震荡偏强，主力 2601 收于 53315 元/吨，日内涨幅 1.15%， 持仓增仓 2161 手至 12.8 万手；多晶硅 N 型复投硅料价格 52250 元/吨，最 低交割品硅料价格在 52250 元/吨，现货对主力贴水扩至 4040 元/吨。有机 硅企业开始响应国家反内卷号召，联合抱团减产挺价，资金提前入厂布局 关联品种。西南工业硅厂扩大减产，但北方整体供给稳定，积极向期现商 出货，导致价格未修复到西南硅厂顺利出货位置。工业硅短期难见趋势， 延续震荡调整。因硅片订单大幅收缩，二三线经历阶段恐慌性降价，但硅 料挺价意愿强烈。当前市场对于多晶硅产能收储并不乐观，叠加终端 ...

投资咨询业务资格：证监许可【2012】31号 【新能源周报】 高位出现分歧，锂价面临回调压力 国贸期货贵金属与新能源研究中心 2025-11-24 分析师：白素娜 从业资格证号：F3023916 投资咨询证号：Z0013700 助理分析师：陈宇森 从业资格证号： F03123927 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 目录 01 02 工业硅（SI） 多晶硅（PS ） 碳酸锂（LC ） 01 PART ONE 工业硅（SI） 多晶硅（PS） 工业硅 ：去库加大、成本上移 ，工业 硅震荡偏强 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | | | （1）全国周产8.92 万吨，环比-1.42%；全国开炉262 台，环比-5台。 | | 供给端 | 偏多 | （2）主产区：新疆地区周产4.97 吨，环比-2.84%，开炉数环比-2台。内蒙古地区周产1.11 万吨，环比-1.60%，开炉数环比一致。云南地区周 | | | | 产0.69 万吨，环比一致，开炉数环比-2台。四川地区周产0.68 万吨，环比-1.4 ...

1. Report Industry Investment Ratings - Industrial Silicon: Oscillating [7] - Polysilicon: Oscillating [8] - Lithium Carbonate: Bullish [86] 2. Core Views of the Report - The market is pricing in the expectation of mine restart and continues to trade based on demand narratives. Industrial silicon and polysilicon are in a state of double - reduction in supply and demand in November, while lithium carbonate shows an increase in supply and strong demand [7][8][86]. - For industrial silicon, due to the dry season in the southwest, production is decreasing, and prices are expected to oscillate between 8200 - 9400. Polysilicon's production cut in November and the steady progress of capacity storage maintain the view of long - term improvement in fundamentals, with prices oscillating between 4.8 - 5.8. Lithium carbonate is bullish, but the upward trend depends on the supply - side restart situation [7][8][86]. 3. Summaries According to the Directory 3.1 Industrial Silicon (SI) - **Supply**: National weekly production is 9.10 tons, a 7.85% decrease from the previous week. In November, the planned production is 38.95 tons, a 13.88% decrease from the previous month. The dry season in the southwest has led to a large - scale furnace shutdown [7]. - **Demand**: The weekly production of polysilicon is 2.92 tons, a 5.05% decrease from the previous week, and the planned production in November is 12.01 tons, a 10.37% decrease from the previous month. The organic silicon weekly production is 4.79 tons, a 5.51% increase from the previous week, and the planned production in November is 21.76 tons, a 3.82% increase from the previous month [7]. - **Inventory**: The explicit inventory is 69.23 tons, a 1.22% increase from the previous week, showing a slight accumulation. The industry inventory is 46.14 tons, a 3.06% increase from the previous week [7]. - **Cost and Profit**: The national average cost per ton is 9245 yuan, a 1.66% increase from the previous week, and the profit per ton is - 45 yuan, a 225 - yuan decrease from the previous week. The average profit per ton in the main production areas has increased [7]. - **Investment View**: In the short term, prices are expected to oscillate between 8200 - 9400 [7]. 3.2 Polysilicon (PS) - **Supply**: National weekly production is 2.92 tons, a 5.05% decrease from the previous week, and the planned production in November is 12.01 tons, a 10.37% decrease from the previous month [8]. - **Demand**: The weekly production of silicon wafers is 13.24GW, a 1.54% decrease from the previous week, and the planned production in November is 57.66GW, a 4.93% decrease from the previous month [8]. - **Inventory**: Factory inventory is 27.69 tons, a 0.25% increase from the previous week, showing continuous accumulation [8]. - **Cost and Profit**: The national average cost per ton is 41603 yuan, a 0.12% increase from the previous week, and the profit per ton is 8647 yuan, a 50 - yuan decrease from the previous week [8]. - **News**: The total investment in capacity storage may range from 20 billion to 30 billion yuan, but the specific amount is uncertain [8]. - **Investment View**: In the short term, prices are expected to oscillate between 4.8 - 5.8 [8]. 3.3 Lithium Carbonate (LC) - **Supply**: National weekly production is 2.15 tons, a 2.15% increase from the previous week. The planned production in November is about 9.21 tons, a 0.20% decrease from the previous month [86]. - **Import**: In September, the import volume of lithium carbonate was 1.96 tons, a 10.30% decrease from the previous month, and the import volume of lithium concentrate was 52.05 tons, a 10.61% increase from the previous month [86]. - **Material Demand**: The weekly production of iron - lithium materials is 9.69 tons, a 9.52% increase from the previous week, and the weekly production of ternary materials is 1.97 tons, a 2.61% increase from the previous week [86]. - **Terminal Demand**: In September, the production of new energy vehicles was 1.617 million, a 16.29% increase from the previous month, and the sales volume was 1.604 million, a 14.96% increase from the previous month. From January to October, the cumulative tender for energy storage was 201.5GWh, a 44% increase year - on - year [86]. - **Inventory**: Social inventory (including warehouse receipts) is 12.40 tons, a 2.67% decrease from the previous week, showing continuous destocking [86]. - **Cost and Profit**: The cash production cost of外购 lithium mica for lithium extraction is 82865 yuan/ton, a 3.28% decrease from the previous week, and the production profit is - 5626 yuan/ton, a 3204 - yuan increase from the previous week [86]. - **Investment View**: Bullish, but the upward trend depends on the supply - side restart situation [86].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The pattern of both supply and demand reduction in the polysilicon production schedule for November, with a situation of "weak reality and strong expectation", remains unchanged. The previously rumored capacity storage method has been confirmed for the first time, boosting market sentiment. The "involution" measures will take another step, and the progress of capacity clearance continues. In the short term, prices may show a strong trend [2] Summary by Related Catalogs Futures Price - PS2511 closed at 55,000 with a decline of 4.14%. PS2512 closed at 53,750 with a decline of 4.12%. PS2601 closed at 53,715 with a decline of 4.19%. PS2602 closed at 53,685 with a decline of 4.19% [1] - The price difference between PS2511 - PS2512 is -2,175 with an increase of 80. The price difference between PS2512 - PS2601 is 35 with an increase of 40. The price difference between PS2601 - PS2602 is 30 with no change [1] Spot Price - The average price of N - type compact material is 51 with no change. The average price of N - type mixed material is 50.5 [1][2] Basis - The basis between N - type compact material and PS2601 is -2,715 with an increase of 2,350. The basis between N - type mixed material and PS2601 is -3,215 with an increase of 2,350 [2] Inventory - The polysilicon inventory (weekly, in ten thousand tons) is 26.1 with an increase of 0.3. The silicon wafer inventory (weekly, in GW) is 18.93 with an increase of 0.46. The registered warehouse receipts (daily, in tons) is 9,590 with an increase of 490 [2] Newly - installed Capacity - In September 2025, the newly - installed capacity was 9.66 GW, a year - on - year decrease of 53.76% and a month - on - month increase of 31.25%. From January to September 2025, the cumulative installed capacity was 240.27 GW, a year - on - year increase of 49.35% [2]

Group 1: U.S. Tariff Policy - The U.S. Senate has voted to terminate President Trump's comprehensive tariff policy, with a result of 51 votes in favor and 47 against [1] - The Senate approved a joint resolution to end the national emergency declared by the President for implementing global tariffs [1] Group 2: Afghanistan and Pakistan Ceasefire - Afghanistan and Pakistan have agreed to continue the ceasefire and will hold high-level talks on November 6 to discuss the implementation mechanisms [2] - The talks were facilitated by Turkey and Qatar, marking a significant step towards reducing tensions between the two countries [2] - A monitoring and verification mechanism will be established to ensure the ceasefire is maintained, with penalties for any violations [2] Group 3: Ukraine War Status - Ukraine's President Zelensky has signed a law extending the wartime state and mobilization order for an additional 90 days, effective from November 5 [3] Group 4: Polysilicon Market Dynamics - Recent news regarding "stockpiling" has caused disturbances in the photovoltaic market, with major companies forming a consortium to complete this by the end of the year [4] - Polysilicon futures have shown limited reaction to the news, with the main contract closing at 54,950 yuan/ton, down 0.15% [4] - The absolute price of polysilicon futures had already risen above 53,000 yuan/ton prior to the news, leading to a muted market response [4] Group 5: Industry Confidence and Price Predictions - The news has strengthened industry confidence regarding the "stockpiling" initiative, which is crucial for supporting polysilicon prices [5] - Analysts predict that if the stockpiling progresses smoothly, it could lead to the clearance of 430,000 to 480,000 tons of capacity [5] - The overall market is expected to see a reduction in polysilicon supply, potentially balancing supply and demand in November [8] Group 6: Supply and Demand Outlook - The current polysilicon market is characterized by a mismatch between supply and demand, with global production expected to increase slightly in October [6] - Despite high production levels, the demand for new photovoltaic installations has been declining since the "5·31" rush, with September's new installations at 9.66 GW, a 31.4% increase month-on-month but a 53.75% decrease year-on-year [6] - The industry anticipates a potential reduction in polysilicon supply in November, which may lead to a more balanced market [8]

Core Viewpoint - Recent news regarding "storage" has stirred the photovoltaic market, with 17 leading companies reportedly forming a consortium to complete this initiative by the end of the year [1][2] Group 1: Market Reactions - The market appears to be largely unaffected by the news, as the main contract for polysilicon futures closed at 54,950 yuan/ton, down 0.15% [1] - Analysts suggest that the absolute price of polysilicon futures, which had already risen above 53,000 yuan/ton, limits the market's reaction to the news [1][2] Group 2: Supply and Demand Dynamics - The current polysilicon market is characterized by a supply-demand mismatch, with global production expected to slightly increase to 13.34 million tons in October [3] - After a surge in installations following the "5·31" policy, new photovoltaic installations have begun to decline, with September's figures showing a year-on-year decrease of 53.75% [3] Group 3: Future Outlook - Analysts predict that if the storage initiative progresses smoothly, it could lead to the clearance of 430,000 to 480,000 tons of capacity, with a total of over 1.4 million tons potentially being removed from the market [2] - Despite current weak fundamentals, the impact of the storage initiative may provide short-term support for polysilicon prices, although demand remains weak [4]

Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints of the Report - On October 29th, industrial silicon showed a fluctuating and strengthening trend. The main contract 2601 closed at 9,170 yuan/ton, with an intraday increase of 1.61%. The position increased by 8,992 lots to 221,000 lots. The spot reference price of industrial silicon from Baichuan remained stable at 9,554 yuan/ton compared to the previous trading day. The price of the lowest deliverable 421 remained stable at 8,850 yuan/ton, and the spot discount widened to 330 yuan/ton. Southwest production cuts are imminent, silicon factories are holding onto their goods and raising prices, and the costs of silicon coal and electricity are rising, causing the operating center of industrial silicon to move upward [2]. - Polysilicon also showed a fluctuating and strengthening trend. The main contract 2601 closed at 54,990 yuan/ton, with an intraday increase of 0.72%. The position increased by 3,498 lots to 118,000 lots. The price of N-type recycled polysilicon materials rose to 52,500 yuan/ton, and the price of the lowest deliverable silicon materials was 52,500 yuan/ton. The spot premium turned into a discount of 860 yuan/ton. Due to the quota arrangement of the industry association, silicon wafer production cuts after November are basically certain. The weekly silicon wafer production schedule has increased significantly. The current high output is more likely to be a stage of concentrated pre - quota production rush by enterprises, and it cannot be confirmed as a signal of actual demand improvement. The last week of October may be the sprint stage for industrial production rush. Recently, the industry has announced that 17 enterprises have signed the capacity storage platform, and combined with the fact that downstream purchases have exceeded upstream output for the first time, it supports the continued strong operation of polysilicon [2]. Summary by Relevant Catalogs Research Views - Industrial silicon and polysilicon both showed a fluctuating and strengthening trend on October 29th. The reasons for the upward movement of industrial silicon include production cuts in the Southwest, silicon factories holding onto goods and raising prices, and rising costs of silicon coal and electricity. For polysilicon, factors such as industry quota arrangements, production rush, and the capacity storage platform signing support its strong operation [2]. Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract increased from 8,955 yuan/ton on October 28th to 9,170 yuan/ton on October 29th, an increase of 215 yuan/ton. Most of the spot prices remained stable, with only the price of oxygen - containing 553 silicon in Huangpu Port increasing by 50 yuan/ton. The current lowest deliverable price remained at 8,850 yuan/ton, and the spot discount widened by 200 yuan/ton. The industrial silicon warehouse receipts decreased by 706 tons, and the Guangzhou Futures Exchange inventory decreased by 8,935 tons. The total social inventory of industrial silicon increased by 400 tons [3]. - **Polysilicon**: The futures settlement price of the main contract increased from 54,355 yuan/ton on October 28th to 54,990 yuan/ton on October 29th, an increase of 635 yuan/ton. The price of N - type polysilicon dense materials and recycled materials decreased by 500 yuan/ton. The current lowest deliverable price decreased by 500 yuan/ton, and the spot premium turned into a discount, with a decrease of 1,015 yuan/ton. The polysilicon warehouse receipts decreased by 30 tons, and the Guangzhou Futures Exchange inventory increased by 24,000 tons [3]. - **Organic Silicon**: The DMC price in the East China market decreased by 200 yuan/ton, the price of dimethyl silicone oil increased by 1,700 yuan/ton, and the prices of raw rubber and 107 glue remained stable [3]. Chart Analysis - **Industrial Silicon and Cost - side Prices**: The charts show the prices of different grades of industrial silicon, price differences between grades and regions, electricity prices, silica prices, and refined coal prices [5][12]. - **Downstream Product Prices**: The charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [14][16][21]. - **Inventory**: The charts present the inventory of industrial silicon (including futures inventory, factory warehouse inventory, weekly industry inventory, and inventory changes), DMC weekly inventory, and polysilicon weekly inventory [22][26]. - **Cost - Profit**: The charts show the average cost and profit levels of main production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, cost - profit of DMC, and cost - profit of polysilicon [30][32][37].

Report Industry Investment Rating - Industrial silicon: Oscillation; Polysilicon: Oscillation [4] Core Viewpoints of the Report - Industrial silicon prices have a more defined lower limit, and it is more cost - effective to go long at low prices. For polysilicon, the spot price in October is expected to remain flat, and it is not recommended to chase long positions, but rather consider going long when the futures price is at a discount to the spot price [3][17] Summary by Directory 1. Industrial Silicon/Polysilicon Industry Chain Prices - The Si2511 contract of industrial silicon decreased by 255 yuan/ton to 8430 yuan/ton. SMM spot prices of East China oxygen - blown 553 and Xinjiang 99 silicon decreased by 100 yuan/ton to 9350 yuan/ton and 8750 yuan/ton respectively. The PS2511 contract of polysilicon increased by 3375 yuan/ton to 52340 yuan/ton, and the average transaction price of N - type re -投料 of polysilicon was 53200 yuan/ton [9] 2. Industrial Silicon Focuses on Cost Floor, Polysilicon Subject to Large News - Driven Fluctuations - **Industrial Silicon**: The futures main contract weakened. Northern large factories resumed production, while some southern silicon factories cut production in advance. It is expected that there will be more significant production cuts at the end of October. The social inventory increased by 1.7 tons, and the sample factory inventory increased by 0.01 tons compared to before the holiday. It is difficult to reduce inventory in November, and 1.5 tons of inventory will be reduced in December [1][11] - **Organic Silicon**: The price increased slightly. Some devices were under maintenance, the overall enterprise operating rate was 69.99%, the weekly output was 4.63 tons (a decrease of 2.73% month - on - month), and the inventory was 4.18 tons (a decrease of 2.56% month - on - month). The price is expected to oscillate strongly [11][12] - **Polysilicon**: The futures main contract rose. The spot price of first - tier manufacturers' dense material remained at 55 yuan/kg, and that of second - and third - tier manufacturers was 52 - 53 yuan/kg. The new order price of granular material was 51 yuan/kg. The spot trading volume was low after the holiday. The production volume in October is expected to be about 13.8 tons, and it will significantly decrease from November to December. The factory inventory of polysilicon enterprises was 25.3 tons (an increase of 1.3 tons month - on - month), and the polysilicon inventory of silicon wafer enterprises was 22.2 tons (an increase of 1.4 tons month - on - month). The spot price is expected to remain flat [2][13] - **Silicon Wafers**: The prices of some models decreased slightly. The actual final output in October may be higher than expected. As of October 16, the inventory of silicon wafer factories was 17.31GW (an increase of 0.53GW month - on - month). The price is under pressure, and production cuts are needed to support it [14] - **Battery Cells**: The price trend was divided. The mainstream transaction prices of M10/G12 battery cells remained flat, while that of G12R battery cells decreased to 0.285 yuan/W. As of October 13, the inventory of Chinese photovoltaic battery export factories was 6.63GW (an increase of 0.66GW month - on - month). The production volume in October was 58.65GW (a decrease of 1.5GW month - on - month) [15] - **Components**: The price remained basically stable. As of October 13, the finished product inventory of Chinese photovoltaic components was 34.2GW (an increase of 0.6GW month - on - month). The production volume in October was 45.66GW (a decrease of 2.1GW month - on - month). The demand from November to December may not be optimistic. The price is expected to oscillate in the short term [16] 3. Investment Suggestions - **Industrial Silicon**: Due to weak fundamentals and poor macro - sentiment, the futures market weakened this week. After hedging, short - term price drops are unlikely to cause production cuts. It is more cost - effective to go long at low prices [3][17] - **Polysilicon**: It is maintained that the spot price will not fall in October. The market has rebounded significantly. It is not recommended to chase long positions. Consider going long when the futures price is at a discount to the spot price, and pay attention to the PS2511 - PS2512 reverse spread opportunity when the spread is around - 2000 yuan/ton [3][17] 4. Hot News Summary - GCL Technology achieved a profit in the third quarter of 2025, with a profit of about 960 million yuan, compared with a loss of 1.81 billion yuan in the same period last year [18] - In Gansu, the mechanism electricity prices for wind and solar power are the same at 0.1954 yuan/kWh, with a mechanism electricity volume of 830 million kWh [18] - In Xinjiang, the mechanism electricity price for wind power is 0.252 yuan/kWh with a mechanism electricity volume of 18.5 billion kWh, and for photovoltaic power is 0.235 yuan/kWh with a mechanism electricity volume of 3.6 billion kWh [19] 5. Industry Chain High - Frequency Data Tracking - **Industrial Silicon**: Includes data on spot prices, weekly production in different regions, social inventory, and sample factory inventory [20][24][30] - **Organic Silicon**: Covers data on DMC spot prices, weekly profits, factory inventory, and weekly production [31][32][33] - **Polysilicon**: Involves data on spot prices, weekly gross profits, factory weekly inventory, and enterprise weekly production [35][37][38] - **Silicon Wafers**: Contains data on spot prices, average net profits, factory weekly inventory, and enterprise weekly production [40][43][45] - **Battery Cells**: Includes data on spot prices, average net profits, export factory weekly inventory, and enterprise monthly production [46][49][52] - **Components**: Covers data on spot prices, average net profits, factory inventory, and enterprise monthly production [54][57][59]

Core Viewpoint - The continuous rise in polysilicon prices signals a positive trend in the photovoltaic industry, driven by government "anti-involution" policies and industry consolidation efforts [6][9][10]. Group 1: Polysilicon Price Trends - As of September 24, polysilicon prices have surpassed 50,000 yuan per ton, with n-type re-investment material averaging 53,200 yuan per ton and n-type granular silicon at 50,500 yuan per ton [6][7]. - Polysilicon prices have increased for three consecutive months, with n-type re-investment material, n-type dense material, and n-type granular silicon seeing cumulative increases of 54.65%, 55.80%, and 50.75% respectively since June 25 [7][8]. Group 2: Government Policies and Industry Response - The government has consistently emphasized "anti-involution" since last year, with the Central Committee's meetings highlighting the need for industry self-discipline and the exit of inefficient production capacities [10][11]. - In 2025, the Ministry of Industry and Information Technology (MIIT) organized discussions with key enterprises to address low-price competition and promote the exit of outdated capacities [11][12]. Group 3: Industry Consolidation Efforts - Major polysilicon companies are reportedly planning to establish joint ventures for capacity consolidation, with rumors of a consortium involving traditional giants and new entrants to integrate approximately 700,000 tons of capacity [13]. - GCL-Poly Energy announced a strategic financing agreement to raise 5.446 billion Hong Kong dollars, part of which will be allocated for supply-side reforms and structural adjustments in polysilicon capacity [13][14]. Group 4: Energy Consumption Standards - New energy consumption standards for polysilicon production are expected to significantly impact capacity reduction, with the proposed limits set to be much stricter than current standards [15][16]. - The new standards aim to lower energy consumption levels, which could lead to a reduction in effective polysilicon capacity to approximately 2.4 million tons per year, a decrease of 16.4% from 2024 [19]. Group 5: Challenges Ahead - The successful implementation of "anti-involution" measures requires strong government action, as current policies lack enforceability and may not effectively curb overproduction [22]. - Industry consolidation efforts need governmental support to navigate the complexities of financing and stakeholder interests, as relying solely on market forces may prove insufficient [23]. - Addressing demand issues is crucial for the success of capacity reduction initiatives, as current demand remains weak, hindering price transmission to downstream sectors [27][28].

Core Viewpoint - The continuous rise in polysilicon prices signals a positive trend for the photovoltaic industry, with prices surpassing 50,000 yuan per ton, indicating a potential recovery and consolidation in the market [1][3]. Price Trends - As of September 24, 2025, the average transaction prices for various types of polysilicon are as follows: n-type re-investment material at 53,200 yuan/ton, n-type dense material at 49,700 yuan/ton, and n-type granular silicon at 50,500 yuan/ton [2]. - Polysilicon prices have increased for three consecutive months, with cumulative increases of 54.65% for n-type re-investment material, 55.80% for n-type dense material, and 50.75% for n-type granular silicon since June 25 [3]. Government and Industry Actions - The government has been actively promoting a "de-involution" stance since last year, aiming to prevent vicious competition and facilitate the exit of inefficient production capacities [3][4]. - In 2025, the Ministry of Industry and Information Technology (MIIT) has intensified actions against disorderly competition in the photovoltaic industry, emphasizing the need for quality improvement and orderly exit of backward production capacities [4]. Capacity Storage and Integration - Leading polysilicon companies are reportedly planning to establish joint ventures for capacity storage, aiming to consolidate approximately 700,000 tons of production capacity through debt acquisition [5]. - GCL-Poly Energy Holdings has announced a strategic financing agreement to raise 5.446 billion Hong Kong dollars, part of which will be allocated for supply-side reforms and structural adjustments in polysilicon capacity [5][6]. Energy Consumption Standards - New energy consumption standards for polysilicon production are expected to significantly impact capacity clearance and support long-term price increases [7][8]. - The proposed standards will lower energy consumption limits for polysilicon production, with the first level set at 5 kgce/kg, which is significantly stricter than current standards [9]. Challenges Ahead - The successful implementation of capacity storage and integration requires substantial national support and cannot rely solely on voluntary industry actions [13]. - There are concerns regarding the potential for companies to lower product quality to meet energy consumption standards, which could undermine the effectiveness of the regulations [12]. - The photovoltaic industry faces a demand shortage, which complicates the transmission of price increases downstream, indicating that without addressing demand, capacity reduction efforts may not yield the desired results [16].