Core Viewpoint - The multi-crystalline silicon market in China remains stable with slight price fluctuations, driven by supply-demand dynamics and production adjustments by manufacturers [1][2]. Price Summary - The transaction price range for n-type re-investment material is between 46,000 to 51,000 yuan/ton, with an average price of 47,900 yuan/ton, remaining unchanged week-on-week [1]. - The average transaction price for n-type granular silicon is 47,000 yuan/ton, reflecting a week-on-week increase of 2.17% [1][2]. - The main order prices for rod silicon remain stable, while smaller orders and granular silicon prices have increased by 1 yuan/kg [1]. Market Dynamics - The number of main signing enterprises in the multi-crystalline silicon market has decreased to 3-4, indicating a reduction in market activity [1]. - One new silicon material enterprise has resumed production, bringing the total number of operating multi-crystalline silicon enterprises in China to 10 [1]. - Companies are independently reducing production and controlling sales, while downstream demand for inventory has increased, contributing to a bullish sentiment in the industry [1]. Production Outlook - The expected production volume for September is around 125,000 to 130,000 tons, down from the original planned production of 140,000 tons [1]. - Silicon wafer enterprises plan to reduce their operating rates to alleviate supply-demand pressure in the silicon wafer segment [1]. - The multi-crystalline silicon segment continues to face inventory accumulation risks, indicating that the supply-demand fundamentals have not significantly improved [1].

多晶硅现货的成交量环比减少，成交价格整体持稳。硅业分会表示，过去一周，多晶硅成交量环比前一 周有所减少，签单企业数量稳定在4~5家，成交价格整体持稳，仅个别订单略有上浮。 中国有色金属工业协会硅业分会（下称"硅业分会"）日前披露的数据显示，过去一周，多晶硅N型复投 料成交价格区间为4.5万元/吨至4.9万元/吨，成交均价为4.72万元/吨，周环比上涨0.21%。N型颗粒硅成 交价格区间为4.4万元/吨至4.5万元/吨，成交均价维持在4.43万元/吨。 "光伏行业正处于调整期，龙头企业的智慧、上下游协同及政策环境将共同决定行业能否实现良性循 环。"该业内人士进一步表示，后续决定行业好转的关键在于，行业龙头企业是否做到谨慎调整产能、 稳步去库存。 "供需基本面变化和积极市场情绪的叠加作用，支撑近期硅料价格的持稳运行。"硅业分会认为，产能收 购、节能监察等一系列"反内卷"措施逐步走上正轨，市场情绪持续向好。 "在供应过剩的情况下，上下游都需要坚持不亏损接单。"中国有色金属工业协会硅业专家组副主任吕锦 标在接受第一财经记者采访时也表示，硅料端下半年仍需清库存为先，并坚持压负荷，以销定产。 多晶硅现货端价格持稳运行，多 ...

Group 1 - The core viewpoint of the articles indicates that the polysilicon market is currently stable in terms of pricing, with various types of polysilicon maintaining steady transaction prices [1][2] - The transaction price range for n-type re-investment material is between 39,000 to 46,000 yuan/ton, with an average transaction price of 41,700 yuan/ton [1] - The transaction price for n-type granular silicon ranges from 38,000 to 41,000 yuan/ton, with an average of 39,000 yuan/ton, while p-type polysilicon has a price range of 32,000 to 36,000 yuan/ton, averaging 34,000 yuan/ton [1] - Major polysilicon enterprises are currently in the order signing phase, with seven companies reporting transactions for n-type polysilicon this week [1] - Despite some price increases from leading companies to downstream clients, actual transaction prices have remained stable, indicating a cautious market outlook [1] - The current inventory levels of polysilicon are high, making it difficult for price increases to be transmitted to the silicon material end [1] - The production motivation for most operating companies remains insufficient as the signing prices do not cover production costs, leading to a stable production forecast for the next two months [1] Group 2 - As of now, all operating polysilicon companies in China are generally running at reduced capacity, with one company undergoing maintenance and at least two companies slightly increasing their operating rates [2] - The overall production forecast for this month is maintained at approximately 97,000 tons, indicating a slight increase in output [2]