格隆汇12月17日｜隆基分布式事业群总裁蒋东宇认为，全球光伏市场前景依然广阔，未来十年仍拥有超 过10000吉瓦的广阔空间，其中分布式市场增长潜力预计超过4700吉瓦，已成为能源转型的主力军。 ...

光伏电池片市场价格亦有所上调。其中，183N与210N成交均价上涨在0.285元/瓦，210RN上涨在0.28元/瓦左右，但尚未形成 批量成交。据Mysteel调研了解，下周将再次调涨报价落在183N/210RN/210N在0.3/0.29/0.29元/瓦。当前市场整体以执行前期 订单为主，新单谈判进展缓慢。 1.4组件：年末需求平淡，价格分化态势延续 光伏组件市场整体延续年末淡季特征，需求端持续走弱。与此同时，上游电池片价格持续下行削弱了成本支撑，叠加银浆等 辅材成本高企，组件企业盈利空间被双向挤压。面对一季度需求延迟（受春节及政策落地节奏影响）的预期，多数组件厂已 计划灵活下调12月排产，部分甚至安排产线轮休或提前放假，以控制库存风险。目前行业库存仍处高位，出货压力未减。展 望短期，在无抢装或政策强力托底下，组件价格或继续在低位震荡。 光伏市场概述 1.1 多晶硅：价格维稳待需求改善，平台公司成立提振行业信心 多晶硅现货价格暂时保持稳定。一是供应端主动收缩，11月以来多晶硅产出明显下降。二是近期多晶硅平台公司成立，增强 了市场对行业自律的信心，头部企业不愿降价出货，对价格形成托底。然而需求疲软仍是制约价格 ...

Summary of Citic Bo Conference Call Company Overview - **Company**: Citic Bo - **Industry**: Photovoltaic (PV) sector, specifically focusing on tracking and fixed mounting systems Key Points and Arguments Financial Performance - In the first half of 2025, Citic Bo achieved revenue of **4 billion** CNY and a profit of **158 million** CNY, with total orders amounting to **7.2 billion** CNY, including **5.8 billion** CNY in tracking orders and **1.4 billion** CNY in fixed orders [3][4] - The overall gross margin decreased to approximately **8%**, down from **12%** the previous year, primarily due to an increase in low-margin fixed orders and a decline in tracking support margins from **20.8%** to over **19%** [2][3] Market Dynamics - The company aims for a **20%** revenue growth target for the year despite a reduction in delivery volumes in the Indian market, with a **11%** year-on-year increase in tracking orders when excluding last year's large orders from Adani [2][5] - Domestic policy adjustments and anti-competitive practices have led to delays in some power station projects, affecting the bidding process and potentially impacting Q3 shipment schedules [2][6] Order and Delivery Challenges - Citic Bo currently holds tracking orders worth approximately **5-6 billion** CNY, indicating sufficient order volume, but large-scale orders have longer delivery cycles, posing challenges for timely deliveries [2][9] - The company is adjusting its delivery schedule and signing new small to medium-sized orders to meet its annual growth target [9][10] Strategic Focus - Citic Bo continues to pursue market share in the domestic market by converting fixed orders to tracking orders, which can enhance gross margins [10][18] - The domestic market for tracking systems is expected to grow steadily, with potential for explosive growth in the future despite current slow growth [24] International Market Outlook - The company anticipates an increase in the proportion of overseas tracking orders, particularly from Latin America and Europe, which is expected to boost gross margins [4][12] - The global PV market is projected to see an increase in order volumes, with significant projects emerging in regions like Saudi Arabia [14][15] Product Development - Citic Bo has introduced flexible mounting systems, which have seen limited revenue so far but are expected to gain market acceptance over time [17] - The transition from fixed to tracking systems is being actively promoted in the domestic market to improve profitability and efficiency [18] Competitive Landscape - Citic Bo aims to become the leading company in the global PV sector, currently competing with Tracker, which holds over **20%** market share [25] - The company has achieved a **16%** market share globally, with significant growth potential if U.S. investments in PV and wind energy decline [25] Future Projections - The overall gross margin is expected to improve in the second half of 2025 due to a favorable shift in delivery regions and a potential reduction in domestic tracking system deliveries [20][21] - The company is preparing for potential market fluctuations and is focused on maintaining its growth trajectory despite challenges [21][22] Additional Important Insights - The domestic electricity market's transition towards marketization is still not evident, but Citic Bo is making internal adjustments to align with future demands [23][24] - The company emphasizes the importance of market share over immediate production, reflecting a strategic focus on long-term growth [22]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The industrial silicon futures and spot prices have resonated and rebounded, but considering the cooling of sentiment and the hedging pressure above the market, the market may adjust, yet the bullish sentiment may still fluctuate, so operations need to be cautious. The continuous production resumption dynamics of silicon enterprises should be followed up [1]. - The polysilicon market has shown continuous upward movement driven by supply - side reform expectations and spot price increases. Although the sentiment has weakened recently, it still fluctuates, and the market is volatile, so operations need to be cautious. The evolution of macro - sentiment and the registration of warehouse receipts should be continuously monitored [1]. Summary by Related Content Price Changes - The average price of industrial silicon non - oxygenated 553 (East China) decreased by 2.15% to 9,100 yuan/ton, and the average price of 421 (East China) decreased by 2.02% to 9,700 yuan/ton. The closing price of the futures main contract increased by 1.08% to 8,450 yuan/ton [1]. - The price of N - type dense material remained flat at 46 yuan/kg, N - type re - feeding material remained flat at 47 yuan/kg, N - type mixed material remained flat at 45 yuan/kg, and N - type granular silicon remained flat at 44.5 yuan/kg. The closing price of the polysilicon futures main contract increased by 3.30% to 50,330 yuan/ton [1]. - The prices of silicon wafers, battery cells, components, and organic silicon products remained unchanged [1]. Industry News - On July 22, 2025, the European Commission launched a second anti - dumping and counter -vailing sunset review investigation on solar glass originating from China [1]. - On July 29, Hebei Haopan Environmental Protection Technology Co., Ltd. won the bid for the photovoltaic module procurement project of several photovoltaic power stations in Hebei [1]. Supply and Demand Analysis - Industrial Silicon - Supply: As the silicon price rises, some previously shut - down silicon plants in Xinjiang have resumed production. The southwest production area has entered the wet season, with lower power costs and a steady increase in enterprise operation. It is expected that some silicon furnaces will restart in August, and the supply will increase steadily [1]. - Demand: Polysilicon enterprises maintain a production reduction trend, with some silicon material plants planning to resume production in July, bringing some demand increments. An organic silicon plant has stopped production for rectification due to an accident, and the price has continued to rise. Silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at low levels is insufficient [1]. Supply and Demand Analysis - Polysilicon - Supply: Polysilicon enterprises maintain a production reduction trend, but some may have new production capacity put into operation. After offsetting the increase and decrease, the output is expected to increase slightly, with the July output approaching 110,000 tons [1]. - Demand: The photovoltaic market is weak, with rising inventories of silicon wafers and polysilicon materials. Recently, due to the expected increase in polysilicon prices, the prices of downstream silicon wafers have followed suit, and the trading atmosphere has improved. However, the terminal market is still weak due to the large - scale pre - installation in the first half of the year [1].

1. Report Date - The report is dated August 1, 2025 [2] 2. Research Team - The Energy and Chemical Research Team includes researchers such as Li Jie, CFA (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 - Polysilicon contracts saw significant declines. The closing price of PS2509 was 49,130 yuan/ton, a drop of 7.81%. The trading volume was 565,838 lots, and the open interest was 126,989 lots, with a net decrease of 37,501 lots [4] Outlook - The exchange has issued frequent position - limit notices to cool down the overheated sentiment, leading to a decline in capital risk appetite. The market is expected to be mainly in wide - range fluctuations. In July, polysilicon supply will increase to 10 - 110,000 tons, and the downstream cell production schedule is around 50GW. Supply and demand maintain a loose balance without a de - stocking drive. The June photovoltaic installation volume (14GW) fulfilled the expectation of weak demand in the second half of the year, and the total terminal demand will drop to around 45GW. Overall, recent price movements share the same causes, with comprehensive costs and spot prices providing rigid support at the bottom, and wide - range fluctuations are the main trend [4] 4. Market News - On July 31, the number of polysilicon warehouse receipts was 3,200 lots, an increase of 130 lots from the previous trading day [5] - In June 2025, China's industrial silicon exports reached 68,300 tons, a month - on - month surge of 23% and a year - on - year increase of 12%, hitting a new high in 18 months. Exports to Southeast Asia accounted for 58%, with Thailand (21,000 tons) and Malaysia (18,000 tons) being the main incremental markets, mainly used for local photovoltaic module production [5] - As of the end of June, the cumulative installed power generation capacity nationwide was 3.65 billion kilowatts, a year - on - year increase of 18.7%. Among them, the installed capacity of solar power generation was 1.1 billion kilowatts, a year - on - year increase of 54.2%. From January to June, the cumulative photovoltaic installation volume was 212.21GW, a year - on - year increase of 107.07%, but the domestic installation volume in June was only 14GW, showing a significant decline [5]

Report Industry Investment Rating - No information provided Core Viewpoints - The silicon market is experiencing weak supply and demand, and the industry still faces high inventory pressure. Although the silicon price rebounded from a low level due to supply - side disturbances, the medium - and long - term supply - demand contradiction has not been substantially alleviated, and the rebound space is expected to be limited. For industrial silicon, if the production cut is less than expected, short positions can be considered. For polysilicon, due to strong uncertainty in terminal installation and over - capacity issues that are difficult to resolve in the short term, the price is unlikely to have an upward trend in the short term, and shorting on rebounds is recommended for the medium - and long - term [1]. Summaries by Related Content Industrial Silicon and Polysilicon Price Changes - The average price of industrial silicon non - oxygenated 553 (East China) remained unchanged at 8,100 yuan/ton, and the average price of 421 (East China) remained unchanged at 8,700 yuan/ton. The closing price of the futures main contract rose 2.18% to 7,720 yuan/ton. Among different regions, most prices remained stable, while the average price of oxygenated 553 in some regions had small increases. For polysilicon, the prices of N - type dense material, polycrystalline secondary material, dense material, and cauliflower material remained unchanged, and the closing price of the futures main contract rose 3.56% to 31,715 yuan/ton [1]. Inventory Information - On June 26, the total social inventory of industrial silicon in major regions was 542,000 tons, a decrease of 17,000 tons compared with last week. Among them, the inventory in ordinary social warehouses was 128,000 tons, a decrease of 3,000 tons compared with last week, and the inventory in social delivery warehouses (including non - registered warehouse receipts and spot parts) was 414,000 tons, a decrease of 14,000 tons compared with last week [1]. Industry News - SK plans to sell its silicon - based anode factory to its US partner Group 14, selling its 75% stake in the joint - venture SK Materials Group 14 to Group 14 Technologies through in - kind payment. The joint - venture factory in South Korea is in the trial - production stage [1]. - On the evening of June 24, 2025, Jingshan Light Machinery announced that its wholly - owned subsidiary Suzhou Shengcheng Photovoltaic Equipment Co., Ltd. would invest 150 million yuan in cash in Jiangsu Runyang New Energy Technology Co., Ltd. [1]. Supply and Demand Analysis - **Industrial Silicon**: On the supply side, the operation of silicon enterprises in the north has changed little, and the south - west production area is about to enter the wet season with lower power costs, so the enterprise operation is steadily increasing. On the demand side, polysilicon enterprises are continuing to cut production, and the resumption of production may be postponed; the organic silicon industry has a strong willingness to cut production to support prices, but the demand is weak, and the actual transaction price has declined. Domestic monomer enterprises' operation shows mixed changes, with the overall operation decreasing, and the demand for industrial silicon is further weakened. Silicon - aluminum alloy enterprises purchase as needed, and the downstream has insufficient willingness to stock up at low levels [1]. - **Polysilicon**: On the supply side, silicon material enterprises are maintaining production cuts, and some silicon material factories may have new capacity put into operation. After offsetting, the output is expected to increase slightly, with the overall output remaining within 100,000 tons. On the demand side, the photovoltaic market is generally weak, the inventories of silicon wafers and silicon materials are rising, the prices of silicon wafers, battery cells, and components are continuously falling, the market demand is slowing down, and the transactions are weak [1].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The silicon market is experiencing weak supply and demand, with high inventory pressure in the industry. Silicon prices are expected to remain under pressure in the short term, but the downward space may be limited [1]. - The fundamentals of polysilicon are weak, with lower transaction prices. Considering the high uncertainty of terminal installations and the short - term difficulty in resolving over - capacity issues, polysilicon prices are unlikely to have an upward trend in the short term, and the strategy is mainly to short on rebounds [1]. Summary by Related Catalogs Industrial Silicon - **Price Information**: On June 26, 2025, the average price of non - oxygenated 553 (East China) was 8,100 yuan/ton with 0.00% change; the futures main contract closing price was 7,555 yuan/ton, up 0.94%; the basis (East China 553 - futures main) was 545 yuan/ton, down 70 yuan [1]. - **Supply and Demand**: In the north, silicon enterprise operations changed little. In the southwest, as the wet season approaches, power costs are decreasing, and enterprise operations are steadily increasing. On the demand side, polysilicon enterprises continue to cut production, and the resumption of production may be postponed. Organic silicon enterprises have a strong willingness to cut production to support prices, but demand is weak. Domestic monomer enterprises' operations are mixed, and the overall operation has declined, further weakening the demand for industrial silicon. Silicon - aluminum alloy enterprises purchase as needed, and downstream inventory - building willingness is low [1]. - **Investment Strategy**: The silicon market has weak supply and demand, high inventory pressure, and no expected reversal of silicon prices. It is expected to operate under pressure in the short term. Given the current low silicon prices, the subsequent downward space may be limited. Continuously monitor the production dynamics of silicon enterprises [1]. Polysilicon - **Price Information**: On June 26, 2025, the price of N - type dense material remained unchanged at 33.5 yuan/kg; the futures main contract closing price was 30,625 yuan/ton, down 1.48% [1]. - **Supply and Demand**: Silicon material enterprises continue to cut production, and some may have new capacity put into operation. After offsetting increases and decreases, production is expected to increase slightly, with the overall output remaining within 100,000 tons. On the demand side, the photovoltaic market is weak, with rising inventories of silicon wafers and silicon materials, and continuous price drops of silicon wafers, cells, and components. Market demand has slowed down, and transactions are weak [1]. - **Investment Strategy**: The fundamentals are weak, and the transaction price of silicon materials has decreased. Considering the high uncertainty of terminal installations and the short - term difficulty in resolving over - capacity issues, polysilicon prices are unlikely to have an upward trend in the short term. The strategy is mainly to short on rebounds. Continuously monitor the actual operation of the supply side [1]. Other Related Products - **Silicon Wafer Prices**: N - type 210R was 1.03 yuan/piece, down 1.90%; N - type 183mm was 0.89 yuan/piece, down 1.11% [1]. - **Cell Prices**: Single - crystal PERC cell M10 - 182mm was 0.27 yuan/watt, unchanged [1]. - **Component Prices**: Single - crystal PERC component double - sided - 182mm was 0.73 yuan/watt, unchanged; single - crystal PERC component single - sided - 182mm was 0.70 yuan/watt, unchanged [1]. - **Organic Silicon Prices**: DMC was 10,450 yuan/ton, up 0.48%; 107 glue was 11,650 yuan/ton, down 0.43%; silicone oil was 13,400 yuan/ton, unchanged [1]. Industry News - On the evening of June 24, 2025, Jingshan Light Machinery announced that its wholly - owned subsidiary, Suzhou Shengcheng Photovoltaic Equipment Co., Ltd., would invest 150 million yuan in cash to increase the capital of Jiangsu Runyang New Energy Technology Co., Ltd [1]. - Indian solar manufacturer Waaree Energies has obtained board approval to change the location of its planned 6GW vertically integrated manufacturing plant in India due to project implementation delays in Odisha. The project will now be spread across multiple locations in Gujarat, Maharashtra, and possibly other Indian states [1].

Report Summary 1. Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The silicon market shows a situation of weak supply and demand, with high inventory pressure in the industry. Both the futures and spot prices are declining in tandem. It is expected to maintain a weak trend in the short - term, and the bottom of silicon prices is difficult to determine. For industrial silicon, it is recommended to gradually take profit on previous short positions and wait for opportunities to short on rebounds. For polysilicon, it is advisable to short on rebounds due to the weak fundamentals and the difficulty of an upward trend in the short - term [1]. 3. Summary by Relevant Catalogs Industrial Silicon - **Price Changes**: The average price of industrial silicon non - oxygenated 553 (East China) decreased by 0.61% to 8,100 yuan/ton, and the 421 (East China) remained flat at 8,850 yuan/ton. The futures main contract closing price increased by 2.97% to 7,280 yuan/ton [1]. - **Supply Side**: Some silicon enterprises in the north reduced production due to cost inversion. In the southwest production area, although the wet season is approaching, there is a lack of confidence in the future market, with strong wait - and - see sentiment and insufficient willingness to resume production. The overall start - up rate decreased [1]. - **Demand Side**: Polysilicon enterprises maintained a production - reduction state, and the resumption of production might be postponed. The organic silicon industry had a strong willingness to reduce production to support prices, but demand was weak. The silicon - aluminum alloy enterprises purchased as needed, and the downstream had insufficient willingness to stock up at low levels [1]. - **Investment Strategy**: It is recommended to gradually take profit on previous short positions and wait for opportunities to short on rebounds, and continuously monitor the production dynamics of silicon enterprises [1]. Polysilicon - **Price Changes**: The price of N - type polysilicon materials remained flat at 35.5 yuan/kg, and the futures main contract closing price increased by 2.02% to 35,055 yuan/ton [1]. - **Supply Side**: Polysilicon enterprises maintained a production - reduction state, and some plants might have new production capacity put into operation. The output was expected to be within 100,000 tons [1]. - **Demand Side**: The photovoltaic market was weak, with rising inventories of silicon wafers and polysilicon, continuous decline in the prices of silicon wafers, battery cells, and components, and weak market transactions [1]. - **Investment Strategy**: The strategy is to short on rebounds, and continuously monitor changes in the supply side [1]. Other Information - A monomer enterprise in North China started a 15 - day maintenance, which was expected to affect the DMC output by about 4,000 tons [1]. - Bangjie Co., Ltd. decided to continue the suspension of its battery cell production line to avoid expanding losses [1]. - In May, the non - manufacturing business activity index was 50.3%, with the construction industry at 51.0% and the service industry at 50.2%. Some industries were in a high - prosperity range, while others were below the critical point [1].

Report Industry Investment Rating - Not provided Core Viewpoints - The polysilicon market price is generally stable currently, but the supply - side has all manufacturers operating at reduced loads. The expectation of new capacity launch is increasing, and most enterprises are in the stage of losing cash cost, with production enthusiasm frustrated and some even suspending the delivery product production line [3]. - The demand side is relatively weak. The production schedule of downstream photovoltaic modules has been adjusted down, the price and production schedule of N - type silicon wafers have declined, and battery manufacturers also have production reduction plans. After the "rush - to - install" boom in the terminal market, the wait - and - see sentiment is strong and the procurement enthusiasm is low [3]. - Starting from June 1st, newly installed photovoltaics need to enter the electricity spot market, which reduces the rate of return and suppresses demand. The demand is expected to enter a vacuum period in the third quarter. The unstable macro - economic environment and international trade frictions also lead to uncertainty in overseas photovoltaic market demand, further inhibiting the growth of polysilicon demand [3]. - Polysilicon inventory is at a high level. The polysilicon purchased by silicon wafer enterprises previously has not been fully digested, which suppresses the market price. The short - term operation suggestion is to consider short - term long positions, while the medium - and long - term strategy is mainly short [3]. Summary by Related Catalogs Futures Market - The main contract closing price of polysilicon is 35,100 yuan/ton, a decrease of 190 yuan compared with the previous period; the main contract position is 79,868 lots, a decrease of 932 lots [3]. - The price difference between the 06 - 07 month contracts of polysilicon is 2,350 yuan/ton, an increase of 250 yuan; the price difference between polysilicon and industrial silicon is 27,760 yuan/ton, a decrease of 90 yuan [3]. Spot Market - The spot price of polysilicon is 36,500 yuan/ton, unchanged from the previous period; the average price of polysilicon (cauliflower material) is 29 yuan/kg, unchanged; the average price of polysilicon (dense material) is 31.5 yuan/kg, unchanged; the average price of polysilicon (re - feeding material) is 32.5 yuan/kg, unchanged [3]. - The basis of polysilicon is 1,210 yuan/ton, a decrease of 405 yuan; the weekly average price of photovoltaic - grade polysilicon is 4.29 US dollars/kg, a decrease of 0.01 US dollars [3]. Upstream Situation - The main contract closing price of industrial silicon is 7,340 yuan/ton, a decrease of 100 yuan; the spot price of industrial silicon is 8,500 yuan/ton, unchanged [3]. - The monthly export volume of industrial silicon is 52,919.65 tons, a decrease of 12,197.89 tons; the monthly import volume is 2,211.36 tons, an increase of 71.51 tons [3]. - The monthly output of industrial silicon is 299,700 tons, a decrease of 36,050 tons; the total social inventory of industrial silicon is 582,000 tons, a decrease of 17,000 tons [3]. Industry Situation - The monthly output of polysilicon is 96,000 tons, a decrease of 1,000 tons; the monthly import volume of polysilicon is 954 tons, a decrease of 1,952 tons [3]. - The weekly spot price of imported polysilicon materials in China is 5.01 US dollars/kg, a decrease of 0.13 US dollars; the monthly average import price of polysilicon is 2.19 US dollars/ton, a decrease of 0.14 US dollars [3]. Downstream Situation - The monthly output of solar cells is 71,928,000 kilowatts, a decrease of 6,516,000 kilowatts; the average price of solar cells is 0.82 RMB/W, an increase of 0.01 RMB/W [3]. - The monthly export volume of photovoltaic modules is 83,789,320 units, a decrease of 11,583,800 units; the monthly import volume is 20,120,440 units, an increase of 10,274,320 units; the monthly average import price is 0.29 US dollars/unit, an increase of 0.02 US dollars/unit [3]. - The comprehensive price index (SPI) of the photovoltaic industry for polysilicon is 22.29, a decrease of 0.62 [3]. Industry News - As of May 27th, the mainstream market price of P - type polysilicon cauliflower material is 31 yuan/kg, N - type dense material is 35 yuan/kg, N - type re - feeding material is 37.5 yuan/kg, N - type granular silicon is 35 yuan/kg, and N - type polysilicon is 35 yuan/kg, all of which are stable [3].

Report Summary 1. Investment Rating The report does not provide an investment rating for the polysilicon industry. 2. Core View The polysilicon market is facing significant pressure on the demand side, with high inventory levels and a weak outlook. The supply side is experiencing reduced production due to low prices and high costs, while demand from downstream industries is also weakening. The introduction of new policies and a slowdown in global photovoltaic installation growth are further dampening demand. The report recommends a short - selling strategy [3]. 3. Summary by Directory 3.1 Market Data - **Futures Market**: The main contract closing price of polysilicon was 35,290 yuan/ton, up 405 yuan; the main contract position was 80,800 lots, up 2,449 lots. The 06 - 07 month contract spread was 2,100 yuan/ton, up 995 yuan, and the polysilicon - industrial silicon spread was 27,850 yuan/ton, up 575 yuan [3]. - **Spot Market**: The spot price of polysilicon was 36,500 yuan/ton, unchanged. The average price of cauliflower - type polysilicon was 29 yuan/kg, unchanged; the average price of dense - type polysilicon was 31.5 yuan/kg, unchanged; the average price of re - feed polysilicon was 32.5 yuan/kg, unchanged. The weekly average price of photovoltaic - grade polysilicon was 4.29 US dollars/kg, down 0.01 US dollars. The basis of polysilicon was 410 yuan/ton, down 10 yuan [3]. - **Upstream Situation**: The main contract closing price of industrial silicon was 7,440 yuan/ton, down 170 yuan; the spot price was 8,500 yuan/ton, down 100 yuan. The monthly export volume of industrial silicon was 52,919.65 tons, down 12,197.89 tons; the monthly import volume was 2,211.36 tons, up 71.51 tons. The monthly output of industrial silicon was 335,750 tons, up 46,400 tons, and the total social inventory was 582,000 tons, down 17,000 tons [3]. - **Industry Situation**: The monthly output of polysilicon was 97,000 tons, up 7,000 tons; the monthly import volume was 2,906 tons, down 222 tons. The weekly spot price of imported polysilicon in China was 5.01 US dollars/kg, down 0.13 US dollars; the monthly average import price was 2.19 US dollars/ton, down 0.14 US dollars [3]. - **Downstream Situation**: The monthly output of solar cells was 78,444,000 kilowatts, up 11,443,000 kilowatts. The average price of solar cells was 0.82 RMB/W, up 0.01 RMB. The monthly export volume of photovoltaic modules was 95,373,120 units, up 24,038,530 units; the monthly import volume was 9,846,120 units, down 2,122,260 units, and the monthly average import price was 0.27 US dollars/unit, up 0.01 US dollars. The weekly comprehensive price index of the photovoltaic industry (SPI) for polysilicon was 22.29, down 0.62 [3]. 3.2 Market News As of May 26, the mainstream market prices of P - type cauliflower - type polysilicon, N - type dense - type polysilicon, N - type re - feed polysilicon, N - type granular silicon, and N - type polysilicon were all stable [3]. 3.3 Viewpoint Summary - **Supply Side**: All polysilicon manufacturers are operating at reduced loads. The anticipation of new production capacity is increasing, and most enterprises are in a stage of losing cash costs, with some even suspending the production line of delivery products [3]. - **Demand Side**: The downstream photovoltaic module production schedule has been reduced, and the demand has weakened. Silicon wafer enterprises have lowered their self - regulatory quotas, the price and production schedule of N - type silicon wafers have declined, and battery enterprises also have production reduction plans. After the "rush - to - install" boom in the terminal market, the wait - and - see sentiment is strong, and the purchasing enthusiasm is low [3]. - **Policy Aspect**: Newly installed photovoltaics need to enter the electricity spot market starting from June 1, which has led to a decline in yields and a "531 rush - to - install" wave, but the demand is expected to enter a vacuum period in the third quarter [3]. - **Global Market**: The photovoltaic installation growth rates in major markets such as China, Europe, and the United States have slowed down, with only sporadic bright spots in regions like India and the Middle East [3]. 3.4 Key Focus There is no news today [3].