Group 1: Report Information - Report Date: June 13, 2025 [2] Group 2: Market Performance and Outlook - Market Performance: The main contract of polysilicon weakened again. The closing price of PS2507 was 33,585 yuan/ton, a decline of 1.39%. The trading volume was 65,591 lots, and the open interest was 61,695 lots, with a net increase of 1,499 lots [4] - Future Outlook: After the end of the terminal rush installation and with policies in a vacuum period, the weak spot price limits the rebound space. The weekly output in the first week of June is expected to remain at 22,000 tons, and the monthly output is expected to be around 100,000 tons. The potential supply pressure in the far - month is alleviated as the production increase during the wet season is difficult to materialize. A meeting at the end of June may discuss further production cuts to support the current futures and spot prices. The weak reality is mainly reflected in the end of the "rush installation" in the downstream photovoltaic terminal, with a significant decline in monthly demand both year - on - year and month - on - month. The market will mainly oscillate weakly at a low level [4] Group 3: Market News - Warehouse Receipts: As of June 11, the number of polysilicon warehouse receipts was 2,600 lots, with a net increase of 120 lots compared to the previous trading day [5] - Transaction Prices: The transaction price range of n - type re -投料 was 36,000 - 38,000 yuan/ton, with an average transaction price of 37,500 yuan/ton, unchanged from the previous period. The transaction price range of n - type granular silicon was 34,000 - 35,000 yuan/ton, with an average transaction price of 34,500 yuan/ton, unchanged from the previous period. The transaction price range of p - type polysilicon was 30,000 - 33,000 yuan/ton, with an average transaction price of 31,300 yuan/ton, unchanged from the previous period [5] - Industry Conference: The China Non - Ferrous Metals Industry Association will hold the "2025 China (Leshan) Silicon Industry Chain Development Conference" in Leshan, Sichuan Province from June 24 - 26 [5] - Project News: Dacheng New Energy's Anji Intelligent Manufacturing Base Project is expected to be completed and put into operation at the end of June. The project has a total investment of 4.7 billion yuan and plans to build a 4.8GW high - efficiency heterojunction battery + 7.2GW battery module fully automated intelligent production line in two phases [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The fundamentals of the polysilicon market have changed little, as reflected in the large difference in the increase between near - and far - month contracts. Since April, the "rush installation" of photovoltaic terminals has gradually ended, and strong - stimulus policies have created a negative feedback. With the "tariff" dispute, the expectation of export improvement is weak. Polysilicon (280,000 tons), silicon wafers, and battery cells have all accumulated inventory for 4 consecutive weeks. Supply - demand balance requires greater production cuts, and there may be an expectation of increased production during the wet season. The large rebound of the near - month 06 contract is mainly due to the leading enterprises' announcement not to use the futures delivery warehouse for destocking and the exchange having only 60 lots of warehouse receipts, which causes market panic about delivery. The benchmark delivery product has a higher standard than the spot dense material, and the basis provides bottom support. In the short term, the significant increase in the volatility of the 06 contract attracts long - position funds to enter the market, but the weak fundamentals will limit the price rebound space. It is expected to fluctuate cautiously and strongly, and it is not advisable to continue chasing high during the session for the near - month contract. The resistance above 38,000 yuan (the current price range of re - feedstock) increases incrementally, and short - term operations need to be cautious [4] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - **Market Performance**: The near - month polysilicon 06 contract has deeply declined, over - exhausting the bearish drivers. The shortage of the delivery benchmark product has reversed market sentiment, and the price once rose by 3.34% during the session. The closing price of PS2506 was 36,950 yuan/ton, with a gain of 2.43%, a trading volume of 455,000 lots, an open interest of 6,752 lots, and a net increase of 4,212 lots [4] - **Future Outlook**: The fundamentals have limited changes. Since April, the "rush installation" of photovoltaic terminals has ended, policies have a negative feedback, and export improvement expectations are weak. Polysilicon, silicon wafers, and battery cells have accumulated inventory for 4 consecutive weeks. Supply - demand balance needs larger production cuts and there may be increased production in the wet season. The 06 contract rebounded due to delivery - related factors. The basis supports the price, but weak fundamentals limit the rebound space. It is expected to fluctuate cautiously and strongly, and short - term operations should be cautious [4] 3.2 Market News - As of May 8, 2025, the number of polysilicon warehouse receipts was 40 lots, a decrease of 20 lots from the previous trading day [5] - Longi Green Energy, JinkoSolar, JA Solar, and Trina Solar released their Q1 2025 performance reports and held performance briefings. During the reporting period, the four companies had losses of 1.436 billion yuan, 1.39 billion yuan, 1.638 billion yuan, and 1.32 billion yuan respectively, with a total loss of 5.784 billion yuan. Longi Green Energy reduced its losses year - on - year, while the other three companies' losses decreased by 218.2%, 239.35%, and 355.88% respectively year - on - year [5]

Report Information - Report Date: April 30, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Market Performance and Outlook - Market Performance: The polysilicon futures price rebounded but faced resistance and returned to a weak trend. The closing price of PS2506 was 37,320 yuan/ton, a decline of 2.14%. The trading volume was 116,998 lots, and the open interest was 58,208 lots, with a net increase of 3,116 lots [4] - Future Outlook: The weekly spot price remained weak. The成交 price range of N-type dense materials was 35,000 - 37,000 yuan/ton, with an average成交 price of 35,900 yuan/ton, a month-on-month decrease of 1.10%. By the end of April, the "rush to install" in the photovoltaic terminal was gradually coming to an end, and the positive effect was diminishing. The strong - stimulus policy disrupted the short - and long - term market judgments of the photovoltaic market and formed a negative feedback. The expectation of further production cuts by enterprises was low, and the strong supply - demand expectation had recently reversed. There was also an expectation of increased production after the flood season, and the price would continue to fluctuate weakly after breaking through the support level [4] Market News - As of April 29, the number of polysilicon warehouse receipts was 10 lots, unchanged from the previous trading day [5] - On April 21, the international energy think - tank Ember released the "2025 Global Electricity Review", showing that in 2024, the proportion of global clean electricity reached 40.9%, the highest since the 1940s. The technological iteration of photovoltaic modules promoted the decline of photovoltaic power generation costs. It was expected that the benchmark levelized cost of electricity for global photovoltaic power generation in 2025 would decrease by 31% compared with 2024. The cumulative installed capacity of distributed photovoltaics in China was expected to exceed 300GW in 2025, and the market size was expected to exceed 150 billion yuan [5]