Report Date - Date: September 5, 2025 [2] Industry Investment Rating - Not provided in the content Core Viewpoints - The polysilicon market continues to show high - level fluctuations. The price of the main contract of polysilicon remains high, and the spot price also rises. However, the terminal demand decline pressure will gradually spread to the upstream of the industrial chain, and the market needs more confirmed policies to break through the high - level resistance [4] Summary by Directory 1. Market Review and Outlook Market Performance - The price of the main polysilicon contract PS2511 closed at 52,195 yuan/ton, up 0.55%. The trading volume was 268,080 lots, and the open interest was 145,950 lots, with a net decrease of 3,260 lots [4] Future Outlook - The transaction price range of polysilicon n - type re - feedstock is 47,000 - 52,000 yuan/ton, with an average transaction price of 49,000 yuan/ton, up 2.30% week - on - week. In September, due to the production limit and sales control policy, the monthly production is expected to be flat compared with the previous month, down from the previous expectation of 145,000 tons, which can meet the downstream demand of 56.8GW, higher than the expected battery production. The terminal demand decline pressure will gradually spread to the upstream of the industrial chain, and the spot price increase has led the industry out of the loss - making situation. The market is mainly in high - level fluctuations and needs more confirmed policies to break through the resistance [4] 2. Market News - On September 3, the number of polysilicon warehouse receipts was 6,870 lots, unchanged from the previous trading day. From January to July 2025, the cumulative photovoltaic installed capacity reached 1,109.6GW, and the newly - added installed capacity was 223.25GW. In July, the newly - added installed capacity was 11GW, a year - on - year decrease of 47.7%, hitting a new low in 2025 [5]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The price of the main contract of polysilicon dropped significantly. The closing price of PS2511 was 48,690 yuan/ton, a decrease of 4.13%. The future market will mainly experience wide - range fluctuations. The n - type re -投料's transaction price ranges from 45,000 to 52,000 yuan/ton, with an average transaction price of 47,900 yuan/ton, a week - on - week increase of 1.05%. Polysilicon production will increase to 125,000 tons in August and enter the stage of production restriction and sales control in September. The downstream actively replenishes inventory to buffer the pressure of shrinking terminal demand, but domestic demand is still in a weak stage after the "rush - installation" in the first half of the year. Policy - driven factors have entered a rational stage, and after August 19, the policy implementation is expected to enter a vacuum period, which will suppress the risk appetite of long - position funds, and the high - level warehouse receipts are also increasing, putting pressure on the market [4]. 3. Summary According to the Directory 3.1 Market Performance - The price of the main contract of polysilicon dropped significantly. The closing price of PS2511 was 48,690 yuan/ton, a decrease of 4.13%. The trading volume was 502,410 lots, the open interest was 154,537 lots, and the net increase was 17,059 lots [4] 3.2 Future Market Outlook - The n - type re -投料's transaction price ranges from 45,000 to 52,000 yuan/ton, with an average transaction price of 47,900 yuan/ton, a week - on - week increase of 1.05%. Polysilicon production will increase to 125,000 tons in August and enter the stage of production restriction and sales control in September. The downstream actively replenishes inventory to buffer the pressure of shrinking terminal demand. However, the domestic newly - installed photovoltaic capacity in July was only 11GW, and domestic demand is still in a weak stage after the "rush - installation" in the first half of the year. Policy - driven factors have entered a rational stage. After August 19, the policy implementation is expected to enter a vacuum period, which will suppress the risk appetite of long - position funds. At the same time, the high - level warehouse receipts are also increasing, putting pressure on the market, and the market will mainly experience wide - range fluctuations [4] 3.3 Market News - On August 27, the number of polysilicon warehouse receipts was 6,880 lots, a net increase of 10 lots compared with the previous trading day. From January to July 2025, the cumulative photovoltaic installed capacity reached 1,109.6GW, and the newly - installed capacity from January to July was 223.25GW. The newly - installed capacity in July was 11GW, a year - on - year decrease of 47.7%, hitting a new low in 2025 [5]