Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The spot price of polysilicon will continue to be in a stalemate in the short - term. The supply improvement of polysilicon lacks internal driving force, and attention should be paid to the support strength at the lower edge of the range [4]. 3) Summary by Relevant Catalogs a. Market Performance - The price of the polysilicon main contract fluctuated strongly first. The closing price of the PS2601 contract was 53,720 yuan/ton, with a gain of 1.08%. The trading volume was 218,786 lots, and the open interest was 125,974 lots, with a net increase of 457 lots [4]. - The transaction price range of polysilicon n - type re - feeding materials was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, remaining flat month - on - month. The transaction price range of n - type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also remaining flat month - on - month [4]. b. Future Market Outlook - In November, the polysilicon output was 120,000 tons. Whether the production cut will be implemented under the current profit improvement needs further observation. The output of downstream silicon wafers and cells remained stable at 55 - 60GW, but there was no optimistic expectation for the repair of the cliff - like decline in terminal demand. The industrial chain profit was currently concentrated in the silicon material end, and the downstream's willingness to continue price hikes was decreasing [4]. - The policy support continued to fall short, and the internal driving force for the improvement of polysilicon supply - demand was limited. There was an increase in positions and a decline in volume during the session, so attention should be paid to the support strength at the lower edge of the range (net short increase of 11,785) [4]. c. Market News - On November 11, the number of polysilicon warehouse receipts was 9,850 lots, remaining unchanged from the previous trading day [4]. - In September 2025, the newly - installed photovoltaic capacity was 9.66GW, a month - on - month increase of 31.25%. From January to September, the cumulative newly - installed photovoltaic capacity was 240.27GW [4]. d. Energy Development Measures - Coordinate the external transmission and local consumption of "Shagehuang" new energy bases, optimize the integrated development and consumption of hydropower, wind, and solar bases, promote the standardized and orderly development and consumption of offshore wind power, scientifically and efficiently promote the development and consumption of provincial - level centralized new energy, and actively expand the development and consumption space of distributed new energy [4][5].

记者11月10日从国家能源局获悉，国家发展改革委、国家能源局发布《关于促进新能源消纳和调控的指 导意见》提出，分类引导新能源开发与消纳。 国家能源局有关负责人表示，近年来，我国新能源规模高速增长、占比快速提升，消纳压力持续增加， 如何统筹好新能源发展与消纳已成为能源绿色低碳转型的一项重大课题。国家发展改革委、国家能源局 坚持深化改革，完善政策措施，提升电力系统对新能源的接纳、配置和调控能力，促进新能源在大规模 开发的同时实现高质量消纳。 意见还明确了2030年、2035年新能源消纳调控工作目标。其中，到2035年，适配高比例新能源的新型电 力系统基本建成，新能源消纳调控体系进一步完善，全国统一电力市场在新能源资源配置中发挥基础作 用，新能源在全国范围内优化配置、高效消纳，支撑实现国家自主贡献目标。 （图片来源：摄图网） 意见提出将新能源开发消纳划分为5类，进一步明确分类施策要求。分别为统筹"沙戈荒"新能源基地外 送与就地消纳，优化水风光基地一体化开发与消纳，推动海上风电规范有序开发与消纳，科学高效推动 省内集中式新能源开发与消纳，积极拓展分布式新能源开发与消纳空间。 此外，意见还提出大力推动新能源消纳新模式新 ...

国家能源局有关负责人表示,近年来,我国新能源规模高速增长、占比快速提升,消纳压力持续增加,如何统 筹好新能源发展与消纳已成为能源绿色低碳转型的一项重大课题。国家发展改革委、国家能源局坚持深 化改革,完善政策措施,提升电力系统对新能源的接纳、配置和调控能力,促进新能源在大规模开发的同时 实现高质量消纳。 意见还明确了2030年、2035年新能源消纳调控工作目标。其中,到2035年,适配高比例新能源的新型电力 系统基本建成,新能源消纳调控体系进一步完善,全国统一电力市场在新能源资源配置中发挥基础作用,新 能源在全国范围内优化配置、高效消纳,支撑实现国家自主贡献目标。[责任编辑：朱书慧] 此外,意见还提出大力推动新能源消纳新模式新业态创新发展,增强新型电力系统对新能源适配能力,完善 促进新能源消纳的全国统一电力市场体系,强化新能源消纳技术创新支撑,优化新能源消纳管理机制等一 系列创新举措。 新华社北京11月10日电(记者王悦阳)记者11月10日从国家能源局获悉,国家发展改革委、国家能源局发布 《关于促进新能源消纳和调控的指导意见》提出,分类引导新能源开发与消纳。 意见提出将新能源开发消纳划分为5类,进一步明确分类施 ...

国家能源局有关负责人表示，近年来，我国新能源规模高速增长、占比快速提升，消纳压力持续增 加，如何统筹好新能源发展与消纳已成为能源绿色低碳转型的一项重大课题。国家发展改革委、国家能 源局坚持深化改革，完善政策措施，提升电力系统对新能源的接纳、配置和调控能力，促进新能源在大 规模开发的同时实现高质量消纳。 意见提出将新能源开发消纳划分为5类，进一步明确分类施策要求。分别为统筹"沙戈荒"新能源基 地外送与就地消纳，优化水风光基地一体化开发与消纳，推动海上风电规范有序开发与消纳，科学高效 推动省内集中式新能源开发与消纳，积极拓展分布式新能源开发与消纳空间。 此外，意见还提出大力推动新能源消纳新模式新业态创新发展，增强新型电力系统对新能源适配能 力，完善促进新能源消纳的全国统一电力市场体系，强化新能源消纳技术创新支撑，优化新能源消纳管 理机制等一系列创新举措。 新华社北京11月10日电（记者王悦阳）记者11月10日从国家能源局获悉，国家发展改革委、国家能 源局发布《关于促进新能源消纳和调控的指导意见》提出，分类引导新能源开发与消纳。 意见还明确了2030年、2035年新能源消纳调控工作目标。其中，到2035年，适配高比 ...