1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The spot price of polysilicon remains stable, and the industry has a consensus on price support. However, the industry lacks internal improvement drivers. The production of silicon materials in November and December is expected to drop below 120,000 tons, but the weak terminal demand pressure is gradually transmitted to the upstream of the industrial chain. The industrial profit is currently concentrated in the silicon material end, and the prices of downstream silicon wafers and components are still falling this week. The production of silicon wafers and battery cells has decreased simultaneously, and there is no obvious sign of inventory reduction in the industry. The policy is in a vacuum period, and the fundamentals have not improved, but the official and enterprise consensus emphasizes stability. The futures price will run cautiously and strongly within the range [4]. 3. Summary According to Relevant Catalogs 3.1 Market Review and Outlook - **Market Performance**: The price of the polysilicon main contract is running strongly. The closing price of the PS2601 contract is 56,425 yuan/ton, with a gain of 0.66%. The trading volume is 181,263 lots, and the open interest is 144,759 lots, with a net increase of 3,173 lots [4]. - **Spot Price**: The transaction price range of n-type polysilicon re-feeding materials is 49,000 - 55,000 yuan/ton, and the average transaction price is 53,200 yuan/ton, remaining unchanged from the previous period. The transaction price range of n-type granular silicon is 50,000 - 51,000 yuan/ton, and the average transaction price is 50,500 yuan/ton, also remaining unchanged from the previous period [4]. - **Future Outlook**: The spot price of polysilicon remains stable, and the industry has a consensus on price support. However, the industry lacks internal improvement drivers. The production of silicon materials in November and December is expected to drop below 120,000 tons, but the weak terminal demand pressure is gradually transmitted to the upstream of the industrial chain. The industrial profit is currently concentrated in the silicon material end, and the prices of downstream silicon wafers and components are still falling this week. The production of silicon wafers and battery cells has decreased simultaneously, and there is no obvious sign of inventory reduction in the industry. The policy is in a vacuum period, and the fundamentals have not improved, but the official and enterprise consensus emphasizes stability. The futures price will run cautiously and strongly within the range [4]. 3.2 Market News - On November 28, the number of polysilicon warehouse receipts was 1,330 lots, a decrease of 5,960 lots from the previous trading day [5]. - This week, the price of silicon wafers is running weakly. The average transaction price of N-type G10L monocrystalline silicon wafers (182*183.75mm/130μm) is 1.17 yuan/piece, a decrease of 6.40% from last week; the average transaction price of N-type G12R monocrystalline silicon wafers (182*210mm/130μm) is 1.2 yuan/piece, a decrease of 4.00% from last week; the average transaction price of N-type G12 monocrystalline silicon wafers (210*210mm/130μm) is 1.5 yuan/piece, a decrease of 5.06% from last week [5]. - According to research, the price of downstream batteries has decreased slightly compared with last week, and the price of components has remained stable compared with last week. The mainstream price of battery cells is 0.27 - 0.28 yuan/W, a decrease of 0.01 yuan/W from last week, and the mainstream price of components is 0.66 - 0.68 yuan/W, remaining unchanged from last week [5]. - The China Photovoltaic Industry Association stated that the association and various enterprises in the industry are working together, and relevant work is being steadily promoted. All the rumors circulated on the Internet are false information. Please pay attention to identification and make careful decisions. The association firmly safeguards national interests and industry interests and will fight to the end against the malicious acts of trying to profit from smearing and short - selling the photovoltaic industry through rumors [5]. - The Silicon Industry Branch of the association estimates that the production in November is about 118,000 tons, a decrease of 14% from 137,000 tons in October; the production in December is expected to rebound to about 120,000 tons [5].