近日，延安石油化工厂突破混合脱氢装置反应产物干燥系统技术瓶颈，通过多维度优化路径提升反应产 物干燥剂性能，实现核心工艺系统全面升级，为装置长周期稳定运行提供保障。 通过系列改进措施，反应产物干燥器运行状况得到了明显改善，出口硫化氢含量从50ppm降至3ppm， 干燥器运行周期较以往延长半年之余。 作为保障混合脱氢装置平稳运行的关键环节，反应产物干燥器承担着脱除反应产物中硫化氢、芳烃溶剂 及水的核心功能。2024年，该装置运行多次出现反应产物干燥剂吸附性能下降的情况，导致出口硫化氢 含量一度升高，对后续系统运行造成影响。 面对这一挑战，技术团队从多个维度展开系统优化，在技术参数方面，团队通过不断摸索调整芳烃溶剂 馏程参数，将芳烃溶剂馏程控制在220℃~385℃的区间。在设备运行环节，团队优化调整再生顺控步骤 时间，使单次再生时间缩短10~12小时，改善了反应产物干燥剂的吸附效果。此外，团队特别关注冷后 温度对干燥剂性能的影响，通过空冷技术改造，疏通空冷喷淋水管道，增加空冷喷淋水，减少反应产物 携带的芳烃溶剂量。团队还精细调控反应进料注硫量，使反应产物硫化氢含量保持稳定，确保反应产物 干燥器最优化运行。 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In the short term, the "rush to export" market caused by the adjustment of the export tax - rebate policy boosts market confidence and improves the extremely sluggish demand in the off - season. The increase in component exports from January to March will drive the growth of polysilicon demand. But if enterprises do not actively cut production to digest inventory, polysilicon prices will face significant downward pressure in the medium and long term [2][21]. - In the long run, cost control and technological optimization are the core competitiveness of enterprises and key variables affecting the long - term trend of polysilicon futures. As the industry returns to a market - oriented competition order, the supply - demand pattern will shift from "oversupply and high inventory" to a healthy state, and the futures price will more accurately reflect the real value of the industry [3][21]. Summary by Relevant Catalogs Policy Influence - Since May 2025, rumors and measures related to polysilicon capacity storage have dominated the sentiment and price trend of polysilicon futures, showing characteristics of "expected - driven rise - regulatory cooling and shock - policy reversal and sharp decline". The establishment of the capacity integration and acquisition platform "Guanghe Qiancheng" in December 2025 drove the futures price to a high of 61,985 yuan/ton on December 17. However, subsequent regulatory interventions, including the market supervision department's约谈 of leading enterprises in January 2026, reversed the policy expectation, causing a sharp decline in the futures price [4]. Current Situation of the Polysilicon Industry - From January 2023 to December 2025, the polysilicon industry's over - supply is a long - term problem with periodic adjustments. The mismatch between production expansion and demand, and the subsequent supply rebound after industry adjustment, have led to continuous over - supply. The industry's high inventory, reaching 32,234 tons for polysilicon enterprises and over 500,000 tons in the industrial chain by 2026, will suppress prices in the first half of 2026 [7][9]. - Before 2024, the photovoltaic industry chain had high profitability. After 2024, intensified competition led to profit decline. In the second half of 2025, profits concentrated in the polysilicon segment, while downstream segments suffered losses. The anti - monopoly约谈 in January 2026 will reshape the profit distribution logic, promoting a return to market - oriented rationality [10][13]. Cancellation of Export Tax Rebates - From April 1, 2026, the 13% VAT export tax - rebate rate for photovoltaic products will be zeroed, and the tax - rebate rate for power batteries will be gradually reduced to zero. Before April 1, a "rush to export" is likely to occur. It is estimated that the demand for polysilicon may increase by 1 - 1.5 tons per month, and the oversupply may be reduced to less than 10,000 tons. However, after April, the demand will face pressure, and enterprises need to cut production [16][18]. Polysilicon Futures - In the short term, the "rush to export" will drive polysilicon demand growth. But without production cuts, prices will face downward pressure in the medium and long term. In the long run, cost control and technological optimization will drive the industry to a more balanced state, and the futures price will better reflect the real value of the industry [21].