Core Insights - The price of silicon wafers has remained stable post-holiday, with N-type G10L wafers priced at 1.32 CNY per piece, N-type G12R at 1.40 CNY, and N-type G12 at 1.68 CNY, showing no significant changes compared to pre-holiday prices [1][4] - In August, the newly installed photovoltaic capacity was 7.36 GW, a 36.77% decrease month-on-month, indicating weaker-than-expected domestic demand [1] - The production of silicon wafers in September was approximately 57.98 GW, a 3.35% increase month-on-month, aligning with downstream battery demand [1] Demand Side - The demand for photovoltaic products has not met expectations, leading component manufacturers to prioritize depleting existing inventory [1] - There are no signs of significant demand recovery in the short term, with expectations of slight supply increases, which may lead to continued inventory accumulation [2] Supply Side - The production cost of silicon wafers is supported by rising polysilicon prices, which have been increasing, thereby providing some stability to market prices despite weaker demand [1] - The overall operating rates in the industry have not changed significantly post-holiday, with major companies operating at rates of 54% and 52%, while integrated companies range from 56% to 80% [1] Price Stability - Downstream battery and module prices have remained stable, with mainstream battery prices at 0.29-0.30 CNY/W and module prices at 0.66-0.68 CNY/W, unchanged from the previous week [2] - The expectation is that downstream and terminal companies will gradually accept price increases from upstream due to rising costs and supply discipline [2]