Report Summary 1. Report Industry Investment Rating No information provided on industry investment rating. 2. Report Core Views - The industrial silicon industry is expected to continue its weak and volatile operation due to the oversupply situation in the short - term, with relatively high total inventory pressure and weak downstream demand [3]. - The polysilicon industry is expected to have a wide - range volatile operation, affected by the increase in warehouse receipts and weak downstream demand [6]. 3. Summary by Related Catalogs Industrial Silicon - **Market Analysis** - On June 3, 2025, the industrial silicon futures price showed a weak and volatile trend. The main contract 2507 opened at 7110 yuan/ton and closed at 7070 yuan/ton, a decrease of 100 yuan/ton (-1.39%) compared to the previous settlement price. The position of the main contract 2507 was 200193 lots at the close, and on June 4, 2025, the total number of warehouse receipts was 62690 lots, a decrease of 563 lots from the previous day [1]. - The spot price of industrial silicon declined. For example, the price of East China oxygen - containing 553 silicon was 8100 - 8300 (-100) yuan/ton, and 421 silicon was 8500 - 9200 (-100) yuan/ton. The silicon prices in various regions also continued to fall. In May 2025, the industrial silicon output was 30.77 tons, a month - on - month increase of 2.3% and a year - on - year decrease of 24.6%. From January to May 2025, the cumulative output decreased by 15.3% year - on - year [1]. - The consumption side: The quoted price of organic silicon DMC was 11300 - 11600 (0) yuan/ton. Some manufacturers stopped quoting prices. The overall market trading atmosphere was good, and the trading activity of both buyers and sellers was at a normal level [2]. - **Strategy** - The industrial silicon futures price hit a new low, and the spot price continued to decline. The supply was relatively weak overall, but the expectation of resuming production in large northwest factories increased, and some silicon factories in the southwest were preparing to start furnaces during the wet season. The demand remained weak. It is recommended to use range - based operations for single - side trading, and upstream producers should sell hedging at high prices [3]. Polysilicon - **Market Analysis** - On June 3, 2025, the main contract 2507 of polysilicon futures fell sharply, opening at 35605 yuan/ton and closing at 34360 yuan/ton, a decrease of 2.65% from the previous trading day. The position of the main contract was 71600 lots (77400 lots the previous day), and the trading volume was 144680 lots [4]. - The spot price of polysilicon remained stable. The inventory of polysilicon manufacturers increased, while the inventory of silicon wafers decreased. The polysilicon inventory was 27.00, a month - on - month increase of 3.85%, the silicon wafer inventory was 18.57GW, a month - on - month decrease of 2.00%. The weekly polysilicon output was 21600.00 tons, a month - on - month increase of 0.40%, and the silicon wafer output was 13.40GW, a month - on - month increase of 0.75% [4][5]. - The prices of silicon wafers, battery cells, and components remained stable [5]. - **Strategy** - The futures price showed a weak and volatile trend, mainly affected by the significant increase in the number of warehouse receipts. The spot price was stable with a slight decline. The polysilicon industry was operating at a reduced load, and the short - term supply pressure was relieved, but the inventory digestion was slow. The downstream demand was still weak. It is recommended to use range - based operations for single - side trading, and upstream producers should sell hedging at high prices [6].

Group 1: Commodity Market Overview - Domestic commodity futures showed mixed results after the Dragon Boat Festival, with significant gains in gold, silver, and crude oil, while declines were noted in butadiene rubber, No. 20 rubber, glass, coking coal, polysilicon, and industrial silicon [1] - The chief non-ferrous analyst from Guosen Futures indicated that short-term volatility in precious metals will increase, necessitating close monitoring of U.S. tariff policies and changes in geopolitical risks [1] - If trade tensions escalate or geopolitical conflicts intensify, COMEX gold could rise to around $3,450 per ounce, while silver may show stronger elasticity due to its industrial properties and expectations of interest rate cuts [1] Group 2: Glass and Silicon Industry Insights - The decline in glass, polysilicon, and industrial silicon prices is attributed to high inventory levels among production companies, leading to significant pressure to reduce prices for sales [1] - The glass industry is experiencing both maintenance and production resumption, with sufficient potential supply capacity that could trigger more production if industry profits improve [1] - Industrial silicon prices have reached new lows, with supply continuing to grow despite the price decline, as production costs in the southwestern region decrease [2] Group 3: Market Performance and Trends - On the first trading day after the holiday, A-shares saw all major indices rise, with small-cap stocks outperforming large-cap stocks, and total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion yuan, an increase of 22.3 billion yuan from the previous trading day [2] - The Shanghai Composite Index broke upward on May 6 and has since oscillated within the 3,300 to 3,400 point range, facing upward moving average pressure for major indices [2]

1. Report Industry Investment Ratings - Industrial silicon: Weak [1] - Polysilicon: Sideways [1] 2. Core Views of the Report - The supply - side pressure of industrial silicon intensifies during the wet season, and it maintains a downward trend. The polysilicon market is in a bottom - capacity - reduction cycle, and the fundamentals of both industries are currently weak [1][3] - For industrial silicon, the supply - side pressure remains due to the expected resumption of production in the southwest and northwest regions. The demand from downstream polysilicon is weakening, the demand from organic silicon is marginally stabilizing, and the demand from silicon - aluminum alloy is stable. The inventory shows no obvious signs of reduction, so it should be treated bearishly [2][4] - For polysilicon, the production has bottomed out and stabilized, with some resumption of production expected in the southwest. The terminal installation is marginally weakening, and inventory reduction is slow. It is recommended to operate within the range of 35,000 - 40,000 [3][4] 3. Summary by Relevant Catalogs Industrial Silicon Supply - side - The spot price of East China non - oxygen - blown 553 silicon is 8,300 - 8,400 yuan/ton, remaining unchanged from the previous trading day. In May, the industrial silicon output dropped to 290,000 tons, a decrease of 10,000 tons from April. Xinjiang reduced production by about 10,000 tons. In the southwest, Sichuan has resumed production to about 15,000 tons, and Yunnan is still operating at a low level, with expected increased operation in June. Some Xinjiang manufacturers have the expectation of resuming production again, and the supply - side pressure persists [2] Downstream Demand - side - Polysilicon: In April, the polysilicon output stabilized at 95,000 tons. As the photovoltaic rush - installation tide nears its end, the demand for polysilicon in the industrial chain is expected to decline, and there is a possibility of further production cuts, leading to a marginal weakening of the demand for industrial silicon [2] - Organic silicon: Monomer manufacturers have initiated joint production cuts. Recently, the DMC inventory has significantly decreased, the DMC price has stabilized and rebounded, and the production - cut effect is evident. The demand for industrial silicon shows marginal signs of stabilization [2] - Alloy silicon: The price is stable, but the consumption is low and cannot support the market. The demand for industrial silicon remains stable [2] Inventory - The inventory pressure is high. This week's inventory increased by 7,000 tons compared to last week, and the current social inventory is reported at 589,000 tons [2] Polysilicon Supply - side - The production cuts of polysilicon have basically been priced in, and the market has returned to fundamental logic. In April, the polysilicon output slightly dropped to 95,000 tons. Currently, polysilicon manufacturers are still producing according to quotas. With the weakening downstream demand expectation, the output will not fluctuate significantly. As the southwest wet season approaches, some manufacturers have the expectation of resuming production, but limited by the polysilicon price, the output is expected to grow slowly [3] Downstream Demand - side - Silicon wafers: There is a trend of production cuts. Currently, they are mainly digesting polysilicon inventory. The silicon wafer price has slightly weakened, and the inventory is being reduced rapidly [3] - Solar cells and modules: The production schedules have also decreased. The rush - installation period has ended. With the gradual withdrawal of photovoltaic subsidies, the photovoltaic industry will accelerate reshuffling, and the demand for polysilicon will decline significantly [3] Inventory - The current polysilicon inventory is about 250,000 tons, and the entire industrial - chain inventory is equivalent to nearly 500,000 tons. The inventory - reduction pressure is high [3]

免责声明 进一步抑制了多晶硅需求增长。库存方面，多晶硅库存处于高位状态。硅片企业前期采购的多晶硅尚未完 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 全消化，导致库存积压，对市场价格形成明显压制。操作中长线依旧高空为主。 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:多晶硅(日,元/吨) | 34360 | -1240 主力持仓量:多晶硅(日,手) | 71600 | -5800 | | | 06-07月合约价差:多晶硅(日,元/吨) | 1940 | 145 多晶硅-工业硅价差(日,元/吨) | 27290 | ...

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Report's Core View - Industrial silicon is experiencing inventory accumulation, and the futures market continues to decline. For polysilicon, the recommended strategy is to short at high prices [2]. - The trend strength for both industrial silicon and polysilicon is -1, indicating a bearish outlook [4]. 3. Summary by Relevant Catalogs **Fundamental Tracking** - **Futures Market Data**: - Industrial silicon (Si2507) has a closing price of 7,160 yuan/ton, with a decrease of 55 yuan compared to T - 1, 755 yuan compared to T - 5, and 1,620 yuan compared to T - 22. Its trading volume is 456,239 lots, down 83,444 lots from T - 1, and its open interest is 208,497 lots, down 15,649 lots from T - 1 [2]. - Polysilicon (PS2507) has a closing price of 35,600 yuan/ton, an increase of 320 yuan compared to T - 1, and a decrease of 490 yuan compared to T - 5. Its trading volume is 150,575 lots, an increase of 5,236 lots from T - 1, and its open interest is 77,400 lots, down 871 lots from T - 1 [2]. - **Basis and Spread**: - The spread between the near - month contract and the continuous first contract for industrial silicon is -20 yuan/ton, and the cost of the near - month long and continuous first short spread is 46.3 yuan/ton. For polysilicon, the spread is 1795.0 yuan/ton [2]. - The spot premium of industrial silicon (against different grades) shows various changes, while the spot premium of polysilicon (against N - type recycled material) is -895 yuan/ton [2]. - **Price and Profit**: - The price of industrial silicon in different regions (e.g., East China's oxygen - passing Si5530 at 8300 yuan/ton, Yunnan's Si4210 at 10000 yuan/ton) and polysilicon (N - type recycled material at 36500 yuan/ton) has different trends. - The profit of silicon plants (e.g., Xinjiang's new standard 553 at -4108 yuan/ton, Yunnan's new standard 553 at -7369 yuan/ton) and polysilicon enterprises (-4.9 yuan/kg) also shows different changes [2]. - **Inventory**: - Industrial silicon's social inventory (including warehouse receipt inventory) is 58.9 million tons, enterprise inventory is 23.8 million tons, and industry inventory (social + enterprise) is 82.7 million tons. The futures warehouse receipt inventory is 31.6 million tons, a decrease of 0.3 million tons compared to T - 1 [2]. - Polysilicon's manufacturer inventory is 27.0 million tons [2]. - **Raw Material Cost**: - The prices of raw materials for industrial silicon such as silicon ore, washed coal, petroleum coke, electrodes, etc., show different degrees of decline. For example, Xinjiang's silicon ore is 400 yuan/ton, and its price has decreased by 20 yuan compared to T - 5 [2]. - **Prices in the Polysilicon (Photovoltaic) Industry Chain**: - The prices of products in the polysilicon photovoltaic industry chain such as silicon wafers, battery cells, components, photovoltaic glass, and photovoltaic - grade EVA also show different degrees of decline. For example, the price of N - type 182mm silicon wafers is 0.94 yuan/piece, a decrease of 0.24 yuan compared to T - 22 [2]. - **Prices and Profits in Other Related Industries**: - In the organic silicon industry, the price of DMC is 11450 yuan/ton, and the profit of DMC enterprises is -135 yuan/ton. In the aluminum alloy industry, the price of ADC12 is 20200 yuan/ton, and the profit of recycled aluminum enterprises is -90 yuan/ton [2]. **Macro and Industry News** - The 1 660MW unit of Qiya Xinjiang Group's Changdong Power Generation 2×660MW ultra - supercritical unit has completed the blow - pipe work on May 4, 2025, and successfully carried out the first impulse on May 27, 2025, and is now capable of generating electricity. The 2 unit is under construction, and after the two units are put into operation, the annual power generation will be nearly 7.5 billion kWh [2][4]. **Trend Intensity** - The trend intensity of industrial silicon and polysilicon is -1, indicating a bearish view, with the value ranging from -2 (most bearish) to 2 (most bullish) [4].

周度报告—工业硅/多晶硅 价格快速下杀，关注供给端变化 [★Ta工bl业e_硅Summary] 新疆大厂部分复产，但由于工业硅价格快速下跌，市场亦传言 其后续复产规划将暂且搁置。6 月西南进入丰水期后，预计仍 有少量工厂计划复产。需求端仍无明显起色，虽然有机硅开工 率回升，但多晶硅复产不及预期，铝合金方面维持刚需采购。 多晶硅厂家近期粉单招标价格下跌至 8800-9000 元/吨，有机硅 亦以 521#替代 421#，521#采购价格在 8300-8400 元/吨。目前 盘面价格几乎跌破全行业现金成本线，基差快速走强，部分贸 易商开始陆续囤货，后续关注供给端的进一步变化。 ★多晶硅 有 色 金 属 6 月签单逐步展开，现货成交价格略有下调。考虑龙头企业率 先复产乐山产能，6 月硅片排产上调至 9.3 万吨。此外，市场 传言某新疆二三线硅料厂二期产能有复产计划，后续根据实际 进展我们将对平衡表再进行调整。根据 SMM，截至 5 月 29 日，中国多晶硅厂库存 27 万吨，环比+1 万吨。近期下游备货 使得原材料库存变动较大，但备货主力仍为前期原材料库存较 高的几家硅片厂，其余硅片厂无太多原材料囤货。在多晶硅现 ...

银河有色 有色研发报告 | 研究所副所长、有色及贵 | 有色和贵金属每日早盘观察 | | --- | --- | | 金属板块负责人：车红云 | | | 期货从业证号：F03088215 | 贵金属 | | 投资咨询号：Z0017510 | 【市场回顾】 | | | 1. 贵金属市场：昨日，因市场评估特朗普政府与美国贸易法院裁决之间的较量，伦敦 | | 研究员：王伟 | 金先跌后涨，盘中一度失守 3250 美元关口，随后持续上涨超 80 美元，最终收涨 | | 期货从业证号：F03143400 | 0.95%，报 3317.8 美元/盎司。伦敦银收涨 1%，报 33.3 美元/盎司。受外盘驱动，沪金 | | 投资咨询从业证号： Z0022141 | 主力合约收涨 0.96%，报 773.78 元/克，沪银主力合约收涨 0.28%，报 8235 元/千克。 | | | 2.美元指数：美元指数先涨后跌，盘中冲上 100 大关，随后持续回吐日内全部涨幅并转 | | 研究员：王露晨 CFA | 跌，最终收跌 0.6%，报 99.28。 | | 期货从业证号：F03110758 | 3.美债收益率：10 年期美债收益率 ...

新能源及有色金属日报 | 2025-05-30 库存压力仍较大，工业硅盘面弱势探底 工业硅： 市场分析 2025-05-29，工业硅期货价格偏弱震荡探底，主力合约2507开于7320元/吨，最后收于7215元/吨，较前一日结算变 化（-135）元/吨，变化（-1.84）%。截止收盘，2505主力合约持仓224146手，2025-05-29仓单总数为63868手，较 前一日变化-418手。 供应端：工业硅现货价格弱稳。据SMM数据，昨日华东通氧553#硅在8400-8500（-50）元/吨；421#硅在8900-9300 （-100）元/吨，新疆通氧553价格7800-8000（-50）元/吨，99硅价格在7800-8000（-50）元/吨。昆明、黄埔港、天 津、新疆、上海、西北地区硅价也部分走低。四川地区今日硅价暂稳。 97硅今日价格同样走低。 消费端：据SMM统计，有机硅DMC报价11400-11600（0）元/吨。SMM报道，随着西北单体企业本周装置结束检 修恢复生产，行业单体企业开工率有所上升，但端午节后，开工预计将受部分单体企业检修周期到来继续下降。 SMM统计5月29日工业硅主要地区社会库存共计58 ...

Report Summary 1. Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - The overall market shows a mixed picture with different commodities experiencing various trends such as震荡 (side - ways movement), decline, or potential for price adjustments. Different trading strategies are recommended for each commodity based on their specific market conditions [2]. 3. Summary by Commodity Categories Financial - **Stock Index Futures**: Indexes have stable lower support but face high upper - breakthrough pressure. Trading volume is low, and there is no clear trend. It is recommended to wait and see [2]. - **Treasury Bonds**: In the short - term, 10 - year Treasury bond rates may fluctuate between 1.65% - 1.7%, and 30 - year rates between 1.85% - 1.95%. The market is in a narrow - range震荡, waiting for fundamental guidance. Unilateral strategies suggest waiting and observing, while paying attention to high - frequency economic data and fund - flow dynamics. For the 2509 contract, a positive arbitrage strategy is recommended [2]. - **Precious Metals**: Gold fails to continue its upward trend due to a lack of clear drivers and may maintain a震荡 pattern. A strategy of selling out - of - the - money gold option straddles can be used to earn time value. Silver follows gold's fluctuations, and it is recommended to sell relatively out - of - the - money call options [2]. Black Metals - **Steel**: Industrial material demand and inventory are deteriorating. Attention should be paid to the decline in apparent demand. Steel mill maintenance is increasing, and hot metal production is falling from its peak. For the RB2510 contract, unilateral operations are on hold, and attention is given to the strategy of going long on materials and short on raw materials [2]. - **Iron Ore**: Attention is paid to the support around 670 - 680 [2]. - **Coke**: The second round of coke price cuts by major steel mills was implemented on the 28th. There is still a possibility of further price cuts, and it is recommended to short the J2509 contract at an appropriate time [2]. - **Coking Coal**: The market auction is continuously cold, coal mine production is at a high level, and inventory is high. There is still a possibility of price decline, and it is recommended to short the JM2509 contract [2]. Energy and Chemicals - **Crude Oil**: The macro - situation and supply - increase expectations are in a stalemate, and the market is waiting for the implementation of OPEC's production - increase policy. The WTI is expected to fluctuate between [59, 69], Brent between [61, 71], and SC between [440, 500]. For arbitrage, attention is paid to the INE month - spread rebound opportunities [2]. - **Urea**: Under high - supply pressure, the market is searching for a bottom in a震荡 pattern. It is recommended to use a medium - to - long - term band trading strategy and a short - term unilateral bearish strategy. The main contract's fluctuation range is adjusted to around [1800, 1900] [2]. - **PX**: Supply - demand conditions are marginally weakening, but the spot market is tight, so there is support at low levels. In the short - term, it will震荡 between 6500 - 6800. A light - position reverse arbitrage for PX9 - 1 can be tried, and the PX - SC spread can be shorted when it is high [2]. - **PTA**: Supply - demand conditions are marginally weakening, but raw - material support is strong. In the short - term, it will震荡 between 4600 - 4800, and a reverse arbitrage for TA9 - 1 is recommended [2]. Agricultural Products - **Live Pigs**: Supported by pre - Dragon Boat Festival stocking, attention is paid to the support at 13500 [2]. - **Corn**: The market price will震荡 around 2320 in the short - term [2]. - **Oils and Fats**: There are both bullish and bearish factors, and oils and fats are in a narrow - range震荡. Palm oil may reach 8100 in the short - term [2]. - **Sugar**: Overseas supply is expected to be loose. It is recommended to wait and see or conduct bearish trading on rebounds [2]. - **Cotton**: The downstream market remains weak, and bearish trading on rebounds is recommended [2]. Special Commodities - **Glass**: Market sentiment has weakened again. Attention is paid to the support at the 1000 - point level for the FG2509 contract [2]. - **Rubber**: With a weak fundamental outlook, the RU contract has increased positions and declined. Short positions should be held, and attention is paid to the support around 13000 [2]. - **Industrial Silicon**: The industrial silicon futures are still falling under high - supply pressure, and the fundamentals remain bearish [2]. New Energy - **Polysilicon**: Polysilicon futures have stabilized and are in a震荡 pattern. If there are long positions, hold them cautiously [2]. - **Lithium Carbonate**: The market is in a weak震荡 adjustment, and the main contract is expected to trade between 58,000 - 62,000 [2].

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Views - For industrial silicon, in the context of expected supply increase, low demand, weakened cost support, high industry inventory, and a large number of warehouse receipts, the industry's fundamentals are weak, trapped in a dilemma of "cost collapse + lagging capacity clearance", and prices are continuously hitting new lows. In the short term, there is still no positive driving force, and the market is expected to continue to fluctuate weakly and explore the bottom. Attention should be paid to the volatility risk caused by short - covering and position reduction [2]. - For polysilicon, since May, many enterprises have carried out maintenance or postponed resumption of production, and the short - term supply pressure has been slightly relieved, but the downstream demand is generally low. The current polysilicon market is in a situation of weak supply and demand, and the price trend is highly uncertain. As the first delivery approaches, the long - short game in the market intensifies, and there is a lack of demand driving force in the short term. Prices are expected to fluctuate widely, and range operation is recommended [7]. 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On May 28, 2025, the industrial silicon futures price rebounded after a decline. The main contract 2507 opened at 7460 yuan/ton and closed at 7340 yuan/ton, a change of (- 190) yuan/ton or (- 2.52)% compared with the previous trading day's settlement price. As of the close, the main contract 2505 held 226,069 lots, and the total number of warehouse receipts on May 28, 2025, was 64,286 lots, a change of - 340 lots compared with the previous day [1]. - The spot price of industrial silicon remained stable. According to SMM data, the price of East China oxygen - passing 553 silicon was 8400 - 8600 (0) yuan/ton; 421 silicon was 9000 - 9400 (- 50) yuan/ton, the price of Xinjiang oxygen - passing 553 silicon was 7900 - 8000 (0) yuan/ton, and the price of 99 silicon was 7900 - 8000 (0) yuan/ton. Silicon prices in Kunming, Huangpu Port, Tianjin, Sichuan, Shanghai, and the northwest region also decreased individually. The silicon price in Xinjiang remained stable today, and the price of 97 silicon also decreased, with the purchasing intention improving [1]. - On the consumption side, according to SMM statistics, the quotation of silicone DMC was 11400 - 11600 (0) yuan/ton. A monomer enterprise in North China plans to start a full - line shutdown for maintenance on June 3, with a maintenance period of about 15 days [1]. Strategy - In the short term, the market is expected to continue to fluctuate weakly and explore the bottom. Attention should be paid to the volatility risk caused by short - covering and position reduction [2]. Polysilicon Market Analysis - On May 28, 2025, the main polysilicon futures contract 2507 mainly fluctuated. It opened at 35,360 yuan/ton and closed at 35,100 yuan/ton, with a closing price change of 0.23% compared with the previous trading day. The main contract held 79,868 lots (80,800 lots on the previous trading day), and the trading volume on the day was 153,272 lots [4]. - The spot price of polysilicon remained stable. According to SMM statistics, the quotation of polysilicon re - feeding material was 32.00 - 35.00 (0.00) yuan/kg; polysilicon dense material was 30.00 - 34.00 (0.00) yuan/kg; polysilicon cauliflower material was 29.00 - 31.00 (0.00) yuan/kg; granular silicon was 32.00 - 33.00 (0.00) yuan/kg, N - type material was 35.00 - 38.00 (0.00) yuan/kg, and n - type granular silicon was 33.00 - 35.00 (0.00) yuan/kg. The inventory of polysilicon manufacturers increased slightly, and the silicon wafer inventory increased. The latest statistics showed that the polysilicon inventory was 26.00, with a month - on - month change of 3.88%, the silicon wafer inventory was 18.95GW, with a month - on - month change of - 2.50%, the weekly polysilicon output was 21,500.00 tons, with a month - on - month change of 0.40%, and the silicon wafer output was 13.30GW, with a month - on - month change of 7.10% [4]. - In terms of silicon wafers, the price of domestic N - type 18Xmm silicon wafers was 0.94 (0.00) yuan/piece, the price of N - type 210mm was 1.28 (0.00) yuan/piece, and the price of N - type 210R silicon wafers was 1.08 (0.00) yuan/piece [4][6]. - In terms of battery cells, the price of high - efficiency PERC182 battery cells was 0.29 (0.00) yuan/W; the price of PERC210 battery cells was about 0.28 (0.00) yuan/W; the price of Topcon M10 battery cells was about 0.25 (- 0.01) yuan/W; the price of Topcon G12 battery cells was 0.27 (0.00) yuan/W; the price of Topcon210RN battery cells was 0.27 (0.01) yuan/W; and the price of HJT210 half - piece battery cells was 0.37 (0.00) yuan/W [6]. - For components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 (0.00) yuan/W, the mainstream transaction price of PERC210mm was 0.69 - 0.73 (0.00) yuan/W, the mainstream transaction price of N - type 182mm was 0.69 - 0.69 (0.00) yuan/W, and the mainstream transaction price of N - type 210mm was 0.69 - 0.69 (0.00) yuan/W [6]. Strategy - The price is expected to fluctuate widely, and range operation is recommended. For unilateral operations, it is advisable to be neutral; for inter - period, inter - variety, spot - futures, and options operations, there are no specific strategies [7].