Group 1 - The domestic futures market for non-ferrous metals showed a mostly negative trend, with polysilicon futures experiencing a strong upward movement, reaching a high of 44,280.0 CNY/ton and a low of 43,465.0 CNY/ton, reflecting an increase of approximately 3.96% [1] - According to China International Capital Corporation, the high levels of positions and transactions in polysilicon indicate a strong market sentiment, despite a slight slowdown in price increases. The market remains optimistic due to expectations of production limits and price controls from associations [1] - China Construction Bank Futures noted that the price range for N-type polysilicon in the second week of July varied significantly between 40,000 to 49,000 CNY, influenced by companies' cost structures. Although silicon wafer prices have risen, downstream companies are still purchasing based on demand [1] Group 2 - Guotou Anxin Futures reported that polysilicon futures rebounded close to 43,000 CNY/ton, with the current price of N-type polysilicon stable at 45,500 CNY/ton. The downstream price increases are beginning to transmit costs, with some component companies raising their distributed pricing [2] - The market is expected to maintain a strong upward trend in the short term, with policy expectations being the main trading logic, despite the futures prices still being at a discount to the spot market [2]

Group 1 - The core viewpoint indicates that the domestic futures market for polysilicon is experiencing a strong upward trend, with prices fluctuating between 32,840.0 yuan/ton and 33,985.0 yuan/ton, reflecting a rise of approximately 4.80% [1] - The market is characterized by a mix of bullish and bearish factors, leading to intensified market speculation, with short-term prices expected to remain strong [1] Group 2 - From the supply side, all polysilicon manufacturers are currently operating at reduced capacity, and there is an increasing expectation for new production capacity, although many companies are facing cash cost losses, leading to reduced production enthusiasm [2] - Demand from downstream photovoltaic component production has been adjusted downward, indicating weakening demand, while polysilicon inventory levels remain high due to unsold stock from previous purchases [2] - The overall sentiment in the market is gradually improving due to the issuance of photovoltaic desertification plans in the northern regions, despite significant pressure on the demand side [2] Group 3 - The operational status of major silicon material manufacturers for July remains uncertain, with potential production cuts anticipated, while the photovoltaic industry may also see larger-scale reductions in the third quarter [3] - The total warehouse receipts remain low, indicating that the risk of warehouse squeezing has not been completely eliminated, necessitating attention to the registration progress of warehouse receipts [3] - Short-term price expectations are for continued strong fluctuations, with adjustments needed based on upstream and downstream production schedules [3]