Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The supply side of polysilicon has seen an unexpected increase in production scheduling in October due to the resumption of production in Qinghai and the ramping - up of new capacities in other regions. The demand side may see a reduction in silicon wafer production scheduling in October due to the fourth - quarter quota limit. The inventory side shows an accumulation of factory and warehouse - receipt inventories. The two ministries have emphasized not to bid below cost, strengthening the effectiveness of cost support. A policy framework of "capacity reduction + sales at no less than cost price" for polysilicon has basically taken shape, and the medium - to - long - term fundamentals of polysilicon may improve. However, due to the long - term non - fulfillment of the "anti - involution" measure, market sentiment has faded, and the futures price may fluctuate in the short term [2] Group 3: Summary According to Relevant Catalogs Futures Price - PS2511 closed at 52,575 with a 3.36% increase; PS2510 closed at 55,000 with a 3.55% increase; PS2512 closed at 55,050 with a 3.18% increase; PS2601 closed at 54,975 with a 3.18% increase [1] Price Difference - The price difference between PS2510 - PS2511 is - 20 with a change of 90; the price difference between PS2511 - PS2512 is 15 with a change of - 2475; the price difference between PS2512 - PS2601 is 75 with no change [1] Spot Price - The average price of N - type dense polysilicon is 51.25 with no change; the average price of N - type mixed - material polysilicon is 50.25 with no change [1][2] Basis - The basis of N - type dense material - PS2511 is - 1325 with a change of - 1710; the basis of N - type mixed - material polysilicon - PS2511 is - 2325 with a change of - 1710 [2] Inventory - The polysilicon inventory (weekly, in ten thousand tons) is 25.3 with an increase of 1.3; the silicon wafer inventory (weekly, in GW) is 17.31 with an increase of 0.53; the registered warehouse receipts (daily, in tons) is 8130 with an increase of 80 [2] Market News - On October 14, there was market news that relevant authorities might issue a document to strengthen photovoltaic capacity regulation. An industry insider close to the authorities said the document might be released soon, including requirements for limiting the capacity utilization rate of the entire industrial chain and banning new capacity to achieve supply - demand balance [2]

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