Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - The silicon market currently maintains a pattern of weak supply and demand, with prices under pressure and a resonance decline in futures and spot prices. Attention should be paid to the subsequent registration of new warehouse receipts and the actual start - up of silicon enterprises [1]. - For polysilicon, downstream production scheduling has declined, the acceptance of high - priced goods is low, the supply side fluctuates slightly, there is significant inventory accumulation pressure, and prices are under pressure. Be vigilant against the risk of price surges and subsequent declines after positive news materializes [1]. 3. Summary by Related Catalogs Industrial Silicon - **Price Information**: On December 12, 2025, the average price of non - oxygenated 553 (East China) was 9,200 yuan/ton with a 0.00% change; the futures main contract closing price was 8,285 yuan/ton, up 0.42% from the previous day; the basis (East China 553 - futures main) was 915 yuan/ton, down 35 yuan [1]. - **Supply and Demand**: In terms of supply, the shutdown of silicon enterprises in the southwest production period has basically been implemented, and the start - up is at a low level for the year, while the start - up in the north is relatively stable. It is expected that the industrial silicon output in December will fluctuate slightly around 400,000 tons. On the demand side, polysilicon enterprises maintain a production reduction trend, silicone enterprises have reached a joint production reduction mechanism, which may weaken the demand for industrial silicon, and silicon - aluminum alloy enterprises purchase as needed, with limited willingness of the downstream to stock up at low levels [1]. - **Investment Strategy**: Adopt an interval operation strategy [1]. Polysilicon - **Price Information**: On December 12, 2025, the price of N - type dense material remained unchanged at 51 yuan/kg; the price of N - type re - feed material was 52.30 yuan/kg, unchanged; the price of N - type mixed material was 50.50 yuan/kg, unchanged; the price of N - type granular silicon was 50 yuan/kg, unchanged; the futures main contract closing price was 55,765 yuan/ton, down 0.27% from the previous day [1]. - **Supply and Demand**: On the supply side, polysilicon enterprises maintain a production reduction trend, and some polysilicon plants may have new production capacity put into operation. After offsetting increases and decreases, it is expected that the output in October will still increase slightly, and the output in November will decrease to around 120,000 tons month - on - month. On the demand side, the prices in the industrial chain are under pressure to decline. Although polysilicon prices remain firm, market transactions are relatively light, with few new transactions, and downstream resistance to high - priced resources is strong [1]. - **Investment Strategy**: Adopt a wait - and - see strategy for now [1]. Other Related Products - **Silicon Wafer**: The price of N - type 210R silicon wafer increased by 4.24% to 1.23 yuan/piece, and the price of N - type 183mm silicon wafer increased by 2.61% to 1.18 yuan/piece [1]. - **Battery Cell**: The price of single - crystal PERC battery cells M10 - 182mm remained unchanged at 0.27 yuan/watt [1]. - **Module**: The prices of single - crystal PERC modules (single - sided and double - sided for 182mm and 210mm) remained unchanged [1]. - **Organic Silicon**: The prices of DMC, 107 glue, and silicone oil remained unchanged [1]. Market Information - On December 11, the results of the mechanism electricity price bidding in Hunan Province were announced. The photovoltaic mechanism electricity price was 0.375 yuan/kWh, and the wind power mechanism electricity price was 0.33 yuan/kWh. The photovoltaic mechanism electricity volume was 757,985,576 kWh with 6,190 winning projects (only 6 were centralized photovoltaics), and the wind power mechanism electricity volume was 2.518 billion kWh with 20 winning projects. The new electricity volume included in the mechanism electricity price bidding range was 3.376 billion kWh (annual calculation), with 2.518 billion kWh for wind power and 858 million kWh for photovoltaics. The photovoltaic mechanism electricity volume was not fully used, while the wind power mechanism electricity volume was 100% used. The photovoltaic price was basically close to the upper limit but still had a 15.6% reduction compared to the coal - fired benchmark price [1].