Report Date - The report date is August 6, 2025 [2] Market Performance - Multiple contracts of polysilicon declined significantly. The closing price of PS2509 was 50,330 yuan/ton, with a gain of 3.88%. The trading volume was 433,130 lots, and the open interest was 127,587 lots, a net increase of 20,838 lots [4] Future Outlook - Polysilicon is supported by comprehensive costs and spot prices. It has ended its previous adjustment and returned to range - bound trading. The price increase in the photovoltaic industry has not been smoothly transmitted to the component end. In August, polysilicon production is expected to increase to 125,000 tons, which can meet the downstream demand of 56.82GW. Since June, the pressure of a sharp decline in terminal demand has gradually spread upstream, and the monthly output of silicon wafers and battery cells has dropped to about 52GW. The supply - demand relationship remains loose. Currently, the supply - demand situation has not improved significantly, and the policy implementation has cooled market sentiment. Prices are expected to remain in a wide - range oscillation, with 47,000 yuan as a short - term support level [4] Market News - On August 5, the number of polysilicon warehouse receipts was 3,120 lots, a net increase of 250 from the previous trading day. From January to June, the cumulative photovoltaic installed capacity was 212.21GW, a year - on - year increase of 107.07%. In June, the domestic installed capacity was only 14GW, showing a significant decline. On August 1, the Ministry of Industry and Information Technology issued a notice on the special energy - saving supervision task list for the polysilicon industry in 2025. According to customs data, in June 2025, China exported about 21.7GW of photovoltaic components, a 3% month - on - month decrease and a 2% decrease compared with June 2024. From January to June, the cumulative export of photovoltaic components was about 127.3GW, a 3% decrease compared with the same period last year [5]

Report Industry Investment Rating No relevant content provided. Core View - The silicon market is experiencing weak supply and demand, with high inventory pressure. Recently, due to sudden production cuts by Xinjiang silicon enterprises on the supply side, the futures and spot prices have rebounded, providing short - term support for silicon prices. In the medium - to - long term, the oversupply situation persists [1]. - The polysilicon price has rebounded at a low level driven by the rising sentiment of industrial silicon. However, from a fundamental perspective, the adjustment of industrial overcapacity takes time to transmit, and the rebound space may be limited [1]. Summary by Related Content Price Changes - **Industrial Silicon**: The average price of non - oxygen - blown 553 (East China) increased by 1.23% to 8,200 yuan/ton, and the average price of 421 (East China) increased by 1.15% to 8,800 yuan/ton. The closing price of the futures main contract rose by 0.37% to 8,060 yuan/ton [1]. - **Polysilicon**: The price of N - type dense material remained flat at 33.5 yuan/kg, the price of polysilicon re - feeding material remained flat at 31.5 yuan/kg, the price of polysilicon dense material remained flat at 30.0 yuan/kg, and the price of polysilicon cauliflower material remained flat at 28.5 yuan/kg. The closing price of the futures main contract rose by 0.66% to 33,535 yuan/ton [1]. - **Silicon Wafer**: The price of N - type 210mm decreased by 0.81% to 1.22 yuan/piece, and the price of N - type 210R decreased by 0.98% to 1.01 yuan/piece. The price of N - type 183mm remained flat at 0.87 yuan/piece [1]. - **Cell**: The price of single - crystal PERC cell M10 - 182mm remained flat at 0.27 yuan/watt [1]. - **Component**: The price of single - crystal PERC component single - sided - 182mm remained flat at 0.70 yuan/watt, and the price of single - crystal PERC component single - sided - 210mm remained flat at 0.72 yuan/watt [1]. - **Organic Silicon**: The price of DMC remained flat at 10,450 yuan/ton, the price of 107 glue decreased by 0.43% to 11,550 yuan/ton, and the price of silicone oil decreased by 0.37% to 13,300 yuan/ton [1]. Market Information - **Silicon Wafer Market**: In July, the overall production schedule of the silicon wafer market is expected to decrease by about 4 - 5GW, with significant production cuts by several leading enterprises, especially for N - type 183mm silicon wafers [1]. - **Electronic Silane Gas Project**: The first - phase 2000 - ton production line of Shaanxi Tianhong Ruike Silicon Materials Co., Ltd.'s annual 5000 - ton electronic silane gas project will be put into production at the end of this month, and the second - phase 3000 - ton project will be launched as planned [1]. - **Photovoltaic Glass Market**: Domestic leading photovoltaic glass enterprises plan to collectively cut production by 30% starting from July, and it is expected that the domestic glass production in July will drop to about 45GW [1]. Supply and Demand Analysis - **Industrial Silicon**: On the supply side, the operation of silicon enterprises in the north has changed little, and the operation of enterprises in the southwest is steadily recovering. On the demand side, polysilicon enterprises continue to cut production, and the demand from the organic silicon and silicon - aluminum alloy industries is weak [1]. - **Polysilicon**: On the supply side, silicon material enterprises continue to cut production, but some may have new production capacity, with a slight increase in expected output. On the demand side, the photovoltaic market is weak, with rising inventory and slow - growing demand [1].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The industrial silicon market is characterized by strong supply and weak demand, with high inventory pressure, and is expected to remain weak in the short - term, trading in the range of 8,000 - 10,000 yuan/ton [1] - The polysilicon price fluctuates sharply in the short - term due to the conflict between weak fundamentals and delivery factors. If the contradiction of "high positions and low warehouse receipts" remains unresolved, long positions in the 06 contract can be considered [1] Summary by Related Catalogs Industrial Silicon Price Changes - The average price of non - oxygenated 553 (East China) industrial silicon decreased by 0.55% to 9,050 yuan/ton, and the average price of 421 (East China) industrial silicon decreased by 0.50% to 10,050 yuan/ton. The closing price of the futures main contract increased by 0.30% to 8,315 yuan/ton [1] Supply and Demand - In April, the industrial silicon production decreased to about 300,000 tons due to production cuts in some Xinjiang silicon enterprises. In May, production is expected to increase steadily but incrementally limited. On the demand side, polysilicon enterprises maintain production cuts, organic silicon enterprises have strong intentions to cut production to support prices but face weak demand, and silicon - aluminum alloy enterprises purchase as needed [1] Investment Strategy - The industrial silicon market has strong supply and weak demand, high inventory pressure, and is expected to remain weak in the short - term, with a trading range of 8,000 - 10,000 yuan/ton [1] Polysilicon Price Changes - N - type dense material, polysilicon re - feeding material, polysilicon dense material, and polysilicon cauliflower material prices remained unchanged. The closing price of the futures main contract increased by 4.03% to 36,950 yuan/ton [1] Supply and Demand - Supply: Silicon material enterprises maintain production cuts, and some new production capacities may be put into operation, with expected output within 100,000 tons. Demand: The photovoltaic market is weak, with rising inventories of silicon wafers and materials, falling prices, and weak market transactions [1] Investment Strategy - Due to delivery factors and production cut news, the polysilicon price rebounded at a low level. In the short - term, price fluctuations intensify. If the "high positions and low warehouse receipts" contradiction is not resolved, long positions in the 06 contract can be considered [1] Other Information - Jinyang New Energy's subsidiary has entered into a joint - venture agreement for a 4GW HBC upgrade project [1] - The price of 2.0mm single - layer coated glass of two domestic second - tier photovoltaic glass enterprises has been lowered to 13 yuan/square meter, and the mainstream market quotation has dropped to 13.5 yuan/square meter [1] - Yidao New Energy's Quzhou and Jingshan bases have obtained ISO 14067 product carbon footprint certification [1]