Group 1 - The domestic futures market for non-ferrous metals saw significant gains, with polysilicon futures main contract opening at 33,350.0 CNY/ton and reaching a high of 34,650.0 CNY, marking a 5.27% increase [1] - New Lake Futures indicates that there is an expectation of increased production of silicon materials within the month, but the overall market remains weak with a tendency towards a loose supply-demand relationship [1] - The supply side is currently operating at reduced capacity across all polysilicon manufacturers, while demand from downstream photovoltaic components has weakened, leading to a decrease in production plans for battery manufacturers [2] Group 2 - The market sentiment is beginning to improve due to the issuance of photovoltaic desertification plans in the northern desert regions, although polysilicon inventory remains high and is exerting downward pressure on market prices [2] - The recent market dynamics show mixed signals with increased production expectations during the flood season, but the demand is expected to decline significantly in the second half of the year after the end of the installation rush [3] - Overall, the market is facing significant pressure on the demand side, with a cautious purchasing attitude prevailing among end-users following the end of the "rush installation" trend [2][3]

| | | 多晶硅产业日报 2025-06-24 免责声明 化，导致库存积压，对市场价格形成明显压制。操作中长线依旧高空为主。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 也有减产计划。终端市场在"抢装"热潮消退后，观望情绪浓厚，采购积极性不高。预计整体而言，多晶 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 硅需求端面临着较大压力 。库存方面，多晶硅库存处于高位状态。硅片企业前期采购的多晶硅尚未完全消 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:多晶硅(日,元/吨 ...

一步抑制了多晶硅需求增长。库存方面，多晶硅库存处于高位状态。硅片企业前期采购的多晶硅尚未完全 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:多晶硅(日,元/吨) | 34255 | 300 07-08月合约价差:多晶硅(日,元/吨) | 1305 | 10 | | | 主力持仓量:多晶硅(日,手) | 60199 | -2509 多晶硅-工业硅价差(日,元/吨) | 26695 | 155 | | 现货市场 | 品种现货价:多晶硅(日,元/吨) | 36500 | 0 多晶硅(菜花料)平均价(日,元/千克) | 29 | 0 | | | 基差:多晶硅(日,元/吨) | 2545 | 150 多晶硅(致密料)平均价(日,元/千克) | 31.5 | 0 | | | 光伏级多晶硅周平均价(周,美元/千克) | 4.28 | 0 多晶硅(复投料)平均价(日,元/千克) | 32.5 | 0 | | 上游情况 | 主力合约收盘价:工业硅(日,元/吨) | 7560 | ...

| | | 多晶硅产业日报 2025-06-10 济环境不稳定以及国际贸易摩擦等因素，导致海外光伏市场需求也存在不确定性，进一步抑制了多晶硅需 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 求增长。库存方面，多晶硅库存处于高位状态。硅片企业前期采购的多晶硅尚未完全消化，导致库存积压 免责声明 ，对市场价格形成明显压制。操作中长线依旧高空为主。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:多晶硅(日,元/吨) | 33955 ...

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 工业硅&多晶硅日评20250605：市场信心较差工业硅价格持续下探，多晶硅低位整理 | | | | | | --- | --- | --- | --- | --- | | 2025/6/5 近期趋势 | 指标 | 单位 | 今值 | 变动 | | 元/吨 | 不通氧553#（华东）平均价格 | | 8,100.00 | -0.61% | | 工业硅期现价格 | 期货主力合约收盘价 | 元/吨 | 7,280.00 | 2.97% | | 元/吨 | 基差（华东553#-期货主力） | | 820.00 | -260.00 | | 元/千克 | N型多晶硅料 | | 35.50 | 0.00% | | 多晶硅期现价格 | 期货主力合约收盘价 基差 | 元/吨 元/吨 | 35,055.00 445.00 | 2.02% -695.00 | | 元/吨 | 不通氧553#（华东）平均价格 | | 8,100.00 | -0.61% | | 元/吨 | 不通氧553#（黄埔港）平均价格 | | 8,150.00 | -0.6 ...

多晶硅产业日报 2025-06-04 | | | 晶硅需求端面临着较大压力 。同时，宏观经济环境不稳定以及国际贸易摩擦等因素，导致海外光伏市场需 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 求也存在不确定性，进一步抑制了多晶硅需求增长。库存方面，多晶硅库存处于高位状态。硅片企业前期 免责声明 采购的多晶硅尚未完全消化，导致库存积压，对市场价格形成明显压制。操作中长线依旧高空为主。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘 ...

6月3日盘中，多晶硅期货主力合约遭遇一波急速下挫，最低下探至34745.0元。截止发稿，多晶硅主力 合约报34770.0元，跌幅1.49%。 多晶硅期货主力跌超1%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 方正中期期货 短期多晶硅或维持宽幅震荡走势 国投安信期货 多晶硅倾向震荡为主 瑞达期货（002961） 中长线多晶硅依旧高空为主 方正中期期货：短期多晶硅或维持宽幅震荡走势 国投安信期货：多晶硅倾向震荡为主 现货方面，光伏上游各环节价格持平，组件头部企业小幅上调报价。排产方面，6月组件排产预计环比 下调，而多晶硅6月排产计划尚未明晰，若多晶硅企业加大复产力度，在高库存背景下，多晶硅价格将 进一步承压。整体来看，多晶硅基本面变化不大，技术上看，倾向震荡为主，各省光伏竞价消息逐步出 现，等待指引。 瑞达期货：中长线多晶硅依旧高空为主 整体而言，多晶硅需求端面临着较大压力。同时，宏观经济环境不稳定以及国际贸易摩擦等因素，导致 海外光伏市场需求也存在不确定性，进一步抑制了多晶硅需求增长。库存方面，多晶硅库存处于高位状 态。硅片企业前期采购的多晶硅尚未完全消化，导致库存积压，对市场价格形成明显压制。操 ...

多晶硅产业日报 2025-05-28 | | | | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:多晶硅(日,元/吨) | 35100 | -190 主力持仓量:多晶硅(日,手) | 79868 | -932 | | | 06-07月合约价差:多晶硅(日,元/吨) | 2350 | 250 多晶硅-工业硅价差(日,元/吨) | 27760 | -90 | | 现货市场 | 品种现货价:多晶硅(日,元/吨) | 36500 | 0 多晶硅(菜花料)平均价(日,元/千克) | 29 | 0 | | | 基差:多晶硅(日,元/吨) | 1210 | -405 多晶硅(致密料)平均价(日,元/千克) | 31.5 | 0 | | | 光伏级多晶硅周平均价(周,美元/千克) | 4.29 | -0.01 多晶硅(复投料)平均价(日,元/千克) | 32.5 | 0 | | 上游情况 | 主力合约收盘价:工业硅(日,元/吨) | 7340 | -100 出口数量工业硅(月,吨) | ...

瑞达期货研究院 「2025.05.23」 工业硅多晶硅市场周报 双硅需求难有起色，库存依旧压制价格 研究员:王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 目录 目录 1、周度要点小结 2、期现市场 3、产业情况 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 u 行情回顾： 本周工业硅收跌2.82%，市场在经历上周下跌后，本周继续下跌，主要原因来自于进入丰水期，工业硅成 本继续下滑，而当下现货价格已经跌破成本，多数企业无复工复产意愿，当然下游需求不畅是导致价格下跌主要原因， 工业硅基差走弱，现货价格下滑，后续预计库存下滑后，对价格整体有所支撑，本周多晶硅收涨0.32%，海外光伏组件 大厂破产传闻，以及头部企业联合去产能消息共振下，周五尾盘小幅拉升，但多晶硅目前基本面格局依旧不佳。 u 行情展望：工业硅方面，从供应端来看，随着丰水期临近，云南、四川等地逐步进入丰水期，电价成本优势显现，但 是从开工率以及产量数据来反馈，目前西南地区并没有意愿复工，虽然产量小幅增加，但是依旧处于较低位置。工 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The polysilicon market price is temporarily stable, but the supply and demand situation is complex. On the supply side, all polysilicon manufacturers are operating at reduced loads, and the expectation of new capacity launch is increasing. Most enterprises are in the stage of losing cash - cost, and production enthusiasm is frustrated. On the demand side, the downstream photovoltaic module production schedule is synchronously reduced to 50 - 55GW, and the demand side shows an obvious marginal weakening trend. The inventory of the polysilicon industry remains high, and it is difficult to reduce inventory, putting serious pressure on the spot price. The macro - economic environment and international trade frictions also suppress overseas demand [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of polysilicon is 35,625 yuan/ton, a decrease of 1,525 yuan/ton compared with the previous period. The main contract position is 70,536 lots, an increase of 41,848 lots. The price difference between the 06 - 07 contracts of polysilicon is 1,100 yuan/ton, an increase of 225 yuan/ton. The price difference between polysilicon and industrial silicon is 27,715 yuan/ton, a decrease of 1,305 yuan/ton [2]. 3.2 Spot Market - The spot price of polysilicon is 38,000 yuan/ton, a decrease of 750 yuan/ton. The average price of polysilicon (cauliflower material) is 30.5 yuan/kg, unchanged. The basis of polysilicon is 850 yuan/ton, a decrease of 1,050 yuan/ton. The average price of polysilicon (dense material) is 33.5 yuan/kg, unchanged. The weekly average price of photovoltaic - grade polysilicon is 4.3 US dollars/kg, a decrease of 0.04 US dollars/kg. The average price of polysilicon (re - feeding material) is 34.5 yuan/kg, unchanged [2]. 3.3 Upstream Situation - The closing price of the main contract of industrial silicon is 7,910 yuan/ton, a decrease of 220 yuan/ton. The export volume of industrial silicon is 52,919.65 tons, a decrease of 12,197.89 tons. The spot price of industrial silicon is 8,950 yuan/ton, a decrease of 150 yuan/ton. The import volume of industrial silicon is 2,211.36 tons, an increase of 71.51 tons. The output of industrial silicon is 335,750 tons, an increase of 46,400 tons. The total social inventory of industrial silicon is 599,000 tons, an increase of 3,000 tons [2]. 3.4 Industry Situation - The monthly output of polysilicon is 97,000 tons, an increase of 7,000 tons. The monthly import volume of polysilicon is 2,906 tons, a decrease of 222 tons. The weekly spot price of imported polysilicon materials in China is 5.01 US dollars/kg, a decrease of 0.13 US dollars/kg. The monthly average import price of polysilicon in China is 2.19 US dollars/ton, a decrease of 0.14 US dollars/ton [2]. 3.5 Downstream Situation - The monthly output of solar cells is 78,444,000 kilowatts, an increase of 11,443,000 kilowatts. The comprehensive price index of the photovoltaic industry (SPI) for polysilicon is 22.91, a decrease of 0.62. 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 95,373,120 pieces, an increase of 24,038,530 pieces. The monthly import volume of photovoltaic modules is 9,846,120 pieces, a decrease of 2,122,260 pieces. The monthly average import price of photovoltaic modules is 0.27 US dollars/piece, an increase of 0.01 US dollars/piece [2]. 3.6 Industry News - As of May 19, the mainstream market prices of P - type polysilicon cauliflower material, N - type dense material, N - type re - feeding material, and N - type granular silicon are stable at 32 yuan/kg, 35.5 yuan/kg, 39 yuan/kg, and 37 yuan/kg respectively. From January to April, the social financing increment was 163.4 billion yuan, and the new loans were 100.6 billion yuan. In April, M2 increased by 8% year - on - year [2].