Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The overall supply scale of polysilicon remains large, with some companies reducing production but the amplitude falling short of expectations, leading to continued accumulation of social inventory. The number of operating companies has increased, further intensifying supply - side pressure. Demand is relatively weak, with the downstream photovoltaic industry chain having low demand. Component tender prices are continuously falling, causing delays in centralized projects and a reduction in the demand for polysilicon from silicon wafers. Although N - type silicon materials maintain a certain premium due to the increasing penetration rate of TOPCon battery technology, the price of ordinary materials is approaching the cost line, and the overall industry gross profit margin is narrowing. High inventory will exert significant downward pressure on prices next week if supply pressure continues to increase. With the expectation of the conference, polysilicon prices have risen and the increase is expected to last for some time. The operation suggestion is to buy on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of polysilicon is 50,760 yuan/ton, up 450 yuan; the main contract position is 45,407 lots, down 3,609 lots; the spread between November - December of polysilicon is - 2,395 yuan, down 35 yuan; the spread between polysilicon and industrial silicon is 42,055 yuan/ton, up 230 yuan [2] 3.2 Spot Market - The spot price of polysilicon is 53,000 yuan/ton, up 200 yuan; the basis of polysilicon is 2,285 yuan/ton, down 175 yuan; the weekly average price of photovoltaic - grade polysilicon is 6.51 US dollars/kg, down 0.02 US dollars; the average price of cauliflower - type polysilicon is 30 yuan/kg, unchanged; the average price of dense - type polysilicon is 36 yuan/kg, unchanged; the average price of re - feed polysilicon is 34.8 yuan/kg, unchanged [2] 3.3 Upstream Situation - The closing price of the main contract of industrial silicon is 8,705 yuan/ton, up 220 yuan; the spot price of industrial silicon is 9,350 yuan/ton, unchanged; the monthly export volume of industrial silicon is 76,642.01 tons, up 2,635.83 tons; the monthly import volume of industrial silicon is 1,337.59 tons, up 1,220.14 tons; the monthly output of industrial silicon is 402,800 tons, up 36,000 tons; the total social inventory of industrial silicon is 552,000 tons, up 10,000 tons [2] 3.4 Industry Situation - The monthly output of polysilicon is 130,000 tons, up 5,000 tons; the monthly import volume of polysilicon is 1,292 tons, up 286 tons; the weekly spot price of imported polysilicon materials in China is 6.9 US dollars/kg, up 0.01 US dollars; the monthly average import price of polysilicon in China is 2.62 US dollars/ton, down 0.25 US dollars [2] 3.5 Downstream Situation - The monthly output of solar cells is 69,857,000 kilowatts, up 3,475,000 kilowatts; the average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W; the monthly export volume of photovoltaic modules is 129,531,290 units, down 19,491,370 units; the monthly import volume of photovoltaic modules is 14,733,770 units, down 6,706,520 units; the monthly average import price of photovoltaic modules is 0.3 US dollars/unit, up 0.06 US dollars/unit; the weekly comprehensive price index (SPI) of the photovoltaic industry for polysilicon is 32.82, unchanged [2] 3.6 Industry News - According to the Silicon Industry Association, there are 11 polysilicon companies in operation this week. Based on the production plans of polysilicon companies in the fourth quarter, some production capacities in the southwest region are expected to gradually undergo maintenance and production cuts after entering the dry season in November. It is expected that October will be the peak production month of the year, and production will gradually decline from November to December. It is estimated that the annual domestic polysilicon output in 2025 will be about 1.34 million tons, a significant year - on - year decrease of 27.3% [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The polysilicon industry faces significant supply - side pressure with large overall supply, partial enterprise production cuts falling short of expectations, and an increase in the number of operating enterprises leading to inventory accumulation. The demand side is relatively weak, with poor demand in the downstream photovoltaic industry, lower component tender prices, and postponed centralized projects, resulting in reduced demand for polysilicon from silicon wafers. Although N - type silicon materials maintain a certain premium, the price of ordinary materials is approaching the cost line, and the industry's overall gross profit margin is narrowing. International markets have mixed impacts, with high inventory in Europe suppressing import demand, and although the US tariff policy loosens to drive energy storage system exports, it can't fully offset the negative impact of the European market. However, emerging markets like the Middle East and Latin America show a surge in demand, buffering the decline in the demand side. If the supply pressure continues to increase, high inventory will exert significant downward pressure on prices next week. After the monthly meeting, polysilicon remains in a platform shock and is expected to continue. The operation suggestion is to lay out long positions at low prices [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main polysilicon contract is 50,310 yuan/ton, down 405 yuan; the 11 - 12 spread of polysilicon is - 2,360 yuan, up 130 yuan; the main position volume of polysilicon is 49,016 lots, down 3,221 lots; the polysilicon - industrial silicon spread is 41,825 yuan/ton, down 385 yuan [3] 3.2 Spot Market - The spot price of polysilicon is 53,000 yuan/ton, up 200 yuan; the basis of polysilicon is 2,285 yuan/ton, down 175 yuan; the weekly average price of photovoltaic - grade polysilicon is 6.53 US dollars/kg, down 0.01 US dollars; the average price of cauliflower - type polysilicon is 30 yuan/kg, unchanged; the average price of dense - type polysilicon is 36 yuan/kg; the average price of re - feeding polysilicon is 34.8 yuan/kg, unchanged [3] 3.3 Upstream Situation - The closing price of the main industrial silicon contract is 8,485 yuan/ton, down 20 yuan; the spot price of industrial silicon is 9,350 yuan/ton, unchanged; the monthly export volume of industrial silicon is 76,642.01 tons, up 2,635.83 tons; the monthly import volume of industrial silicon is 1,337.59 tons, up 1,220.14 tons; the monthly output of industrial silicon is 402,800 tons, up 36,000 tons; the total social inventory of industrial silicon is 552,000 tons, up 10,000 tons [3] 3.4 Industry Situation - The monthly output of polysilicon is 130,000 tons, up 5,000 tons; the monthly import volume of polysilicon is 1,292 tons, up 286 tons; the weekly spot price of imported polysilicon materials in China is 6.9 US dollars/kg, up 0.01 US dollars; the monthly average import price of polysilicon in China is 2.62 US dollars/ton, down 0.25 US dollars [3] 3.5 Downstream Situation - The monthly output of solar cells is 69,857,000 kilowatts, up 3,475,000 kilowatts; the average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W; the monthly export volume of photovoltaic modules is 129,531,290 units, down 19,491,370 units; the monthly import volume of photovoltaic modules is 14,733,770 units, down 6,706,520 units; the monthly average import price of photovoltaic modules is 0.3 US dollars/unit, up 0.06 US dollars; the weekly comprehensive price index (SPI) of the photovoltaic industry for polysilicon is 32.82, unchanged [3] 3.6 Industry News - GCL Technology announced a voluntary notice, disclosing that its photovoltaic materials business achieved a turnaround in the third quarter of 2025, recording a profit of about 960 million yuan, compared with a loss of 1.81 billion yuan in the same period last year. The profit included a post - tax gain of about 640 million yuan from the sale of an associated company. Excluding this non - recurring gain, the photovoltaic materials business still achieved an operating profit [3]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The supply side of polysilicon has all manufacturers operating at reduced loads, but the market's expectation of new capacity launch is increasing. At the current price level, most enterprises are in the stage of losing cash - cost, with production enthusiasm dampened, and some even suspending the production line of deliverable products. The demand side is relatively weak, with downstream photovoltaic module production scheduling adjusted down, silicon wafer enterprises reducing self - regulated quotas, N - type silicon wafer prices and production scheduling declining, and battery enterprises also having 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 not high. Overseas photovoltaic market demand is also uncertain due to the unstable macro - economic environment and international trade frictions. Polysilicon inventory is at a high level, suppressing market prices. Long - term operations should still focus on short - selling [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of polysilicon is 32,720 yuan/ton, a decrease of 650 yuan; the contract spread between July and August is 800 yuan/ton, a decrease of 505 yuan; the main contract's open interest is 27,613 lots, a decrease of 2,822 lots; the price difference between polysilicon and industrial silicon is 25,250 yuan/ton, a decrease of 695 yuan [2]. 3.2 Spot Market - The spot price of polysilicon is 35,500 yuan/ton, unchanged; the average price of cauliflower - type polysilicon is 29 yuan/kg, unchanged; the average price of dense - type polysilicon is 30.5 yuan/kg, unchanged; the average price of re - feed polysilicon is 31.5 yuan/kg, unchanged; the weekly average price of photovoltaic - grade polysilicon is 4.28 US dollars/kg, unchanged; the basis of polysilicon is 2,130 yuan/ton, an increase of 640 yuan [2]. 3.3 Upstream Situation - The closing price of the main contract of industrial silicon is 7,470 yuan/ton, an increase of 45 yuan; the spot price of industrial silicon is 8,150 yuan/ton, unchanged; 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; the monthly output is 299,700 tons, a decrease of 36,050 tons; the total social inventory is 587,000 tons, a decrease of 2,000 tons [2]. 3.4 Industry Situation - The monthly output of polysilicon is 96,000 tons, a decrease of 1,000 tons; the monthly import volume is 954 tons, a decrease of 1,952 tons; the weekly spot price of imported polysilicon in China is 4.88 US dollars/kg, a decrease of 0.13 US dollars; the monthly average import price is 2,190 US dollars/ton, a decrease of 140 US dollars [2]. 3.5 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; the monthly export volume of photovoltaic modules is 83,789,320 pieces, a decrease of 11,583,800 pieces; the monthly import volume is 20,120,440 pieces, an increase of 10,274,320 pieces; the monthly average import price is 0.29 US dollars/piece, an increase of 0.02 US dollars/piece; the weekly comprehensive price index of the photovoltaic industry (SPI) for polysilicon is 21.67, a decrease of 0.62 [2]. 3.6 Industry News - As of June 18, the mainstream market price of P - type cauliflower - type polysilicon is 31 yuan/kg, stable; the mainstream market price of N - type dense - type polysilicon is 34 yuan/kg, stable; the mainstream market price of N - type re - feed polysilicon is 37.5 yuan/kg, stable; the mainstream market price of N - type granular silicon is 34 yuan/kg, stable; the mainstream market price of N - type polysilicon is 34.5 yuan/kg. China's polysilicon imports in May were 793 tons, a year - on - year decrease of 80.5%, and the cumulative imports from January to May were 10,097 tons, a year - on - year decrease of 42.7% [2].