1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the fourth - quarter terminal rush - installation expectation, the fundamentals of polysilicon have marginally improved. Coupled with the anti - involution expectation, the price may run strongly in the short term [1] 3. Summary According to Related Content 3.1 Futures Price - For PS2601, the closing price is 54,500 with a 4.2% increase; for PS2511, the closing price is 55,000 with a 3.55% increase; for PS2512, the price is 54,540 with a 4.06% increase; for PS2602, the price is 54,280 with a 4.3% increase [1] - The price difference between PS2511 - PS2512 is - 2350, down 340; between PS2512 - PS2601 is 40, down 65; between PS2601 - PS2602 is 220, down 45 [1] 3.2 Spot Price - The average price of N - type dense particles is 51.5, and that of N - type mixed materials is 50.5 [1] - The price difference between N - type dense materials - PS2601 is - 3000, down 2195; between N - type mixed materials - PS2601 is - 4000, down 2195 [1] 3.3 Inventory - The polysilicon inventory (weekly, in ten thousand tons) is 25.8, an increase of 0.5; the silicon wafer inventory (weekly, in GW) is 1.16, an increase of 18.47; the registered warehouse receipts (daily, in tons) is 9240, a decrease of 180 [1] 3.4 Industry Situation - In October, the polysilicon output is expected to be about 134,000 tons, showing an increase compared with September, exceeding the previous market expectation. Some leading enterprises will cut production in November, and the output is expected to decline [1] - Last week, the quotes of domestic component enterprises fluctuated slightly. Recently, the installation projects in some provinces have increased. In November, some component factories have received more orders, and the original large - scale production reduction plan will be adjusted. The overall planned production reduction in November is expected to be less than expected [1]

Group 1: Report Information - Report date: June 6, 2025 [2] - Research team: Energy and Chemical Research Team [3] - Research fellows: Li Jie, CFA (Crude Oil and Fuel Oil); Ren Junchi (PTA/MEG); Peng Haozhou (Industrial Silicon/Polysilicon); Peng Jinglin (Polyolefins); Liu Youran (Pulp) [3] Group 2: Market Performance and Outlook Market Performance - The price of the polysilicon 06 contract has entered a stalemate stage. The closing price of PS2507 was 34,540 yuan/ton, a decline of 0.27%. The trading volume was 127,429 lots, and the open interest was 65,802 lots, with a net decrease of 2,071 lots [4] Market Outlook - After the end of the terminal rush to install and the policy being in a vacuum period, the weak spot price limits the rebound space. The supply in the first week of June is expected to remain at 22,000 tons, and the expected monthly output is less than 100,000 tons. The expected production increase during the wet season is difficult to materialize, and there is still an expected agreement to cut production in June, which supports the current futures and spot prices. The weak reality is mainly reflected in the fact that the downstream photovoltaic terminal "rush to install" is gradually coming to an end, and the demand has decreased significantly month-on-month. Overall, the logic of the shortage of deliverable goods has been falsified and is difficult to hype again. The weak reality limits the rebound space. Before the production cut is implemented, the short-term price will be in a stalemate, and it is advisable to wait and see [4] Group 3: Market News - As of June 5, the number of polysilicon warehouse receipts was 2,030 lots, a net increase of 110 lots from the previous trading day [5] - According to the Silicon Industry Branch, the number of polysilicon orders traded this week was limited, and the prices remained stable for the time being. The transaction price range of n-type recycled materials was 36,000 - 38,000 yuan/ton, with an average transaction price of 37,500 yuan/ton, unchanged from the previous period. The transaction price range of n-type granular silicon was 34,000 - 35,000 yuan/ton, with an average transaction price of 34,500 yuan/ton, unchanged from the previous period. The transaction price range of p-type polysilicon was 30,000 - 33,000 yuan/ton, with an average transaction price of 31,300 yuan/ton, unchanged from the previous period [5]