1. Report Industry Investment Rating - Industrial silicon: Unilateral - Neutral; Inter - period: None; Inter - variety: None; Futures - spot: None; Options: None [2] - Polysilicon: Unilateral - Short - term range operation; Inter - period: None; Inter - variety: None; Futures - spot: None; Options: None [7] 2. Core Views - For industrial silicon, the spot price remains stable, the inventory decreases slightly, the supply - demand change is small, and the market is mainly influenced by overall commodity sentiment [1][2] - For polysilicon, the weekly output decreases slightly, the upstream inventory goes through slight destocking, and the market is affected by anti - involution policy expectations and fundamentals. Policy implementation and spot price transmission need to be continuously monitored, and polysilicon is suitable for long - term bottom - fishing [3][5][7] 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On September 4, 2025, the industrial silicon futures price fluctuated. The main contract 2511 opened at 8405 yuan/ton and closed at 8515 yuan/ton, a change of 0.12% from the previous settlement. The main contract held 277,305 lots, and the number of warehouse receipts was 50,072, a decrease of 276 from the previous day [1] - The industrial silicon spot price remained stable. The price of East China oxygen - passing 553 silicon was 9000 - 9200 yuan/ton, 421 silicon was 9300 - 9500 yuan/ton, Xinjiang oxygen - passing 553 silicon was 8400 - 8600 yuan/ton, and 99 silicon was 8400 - 8600 yuan/ton [1] - On September 4, the total social inventory of industrial silicon in major regions was 537,000 tons, a decrease of 4,000 tons from the previous week. The ordinary social warehouse had 117,000 tons, a decrease of 2,000 tons, and the social delivery warehouse had 420,000 tons, a decrease of 2,000 tons [1] Consumption End - The organic silicon DMC was quoted at 10,500 - 10,800 yuan/ton. Shandong monomer enterprises' DMC was quoted at 10,800 yuan/ton this week, a decrease of 500 yuan/ton from the previous week. Other domestic monomer enterprises' DMC was mainly quoted at 11,000 - 11,500 yuan/ton, a decrease of 500 - 1000 yuan/ton from the previous week [2] - The upstream and downstream are in a deep game. Monomer enterprises adopt a promotional strategy, but some downstream enterprises are cautious due to the lack of improvement in terminal orders [2] Strategy - The spot price remains stable, the inventory decreases slightly, the supply - demand change is small, and the market is mainly influenced by overall commodity sentiment [2] Polysilicon Market Analysis - On September 4, 2025, the polysilicon futures main contract 2511 fluctuated slightly, opening at 51,700 yuan/ton and closing at 52,195 yuan/ton, a 0.55% change from the previous trading day. The main contract held 145,950 lots, and the trading volume was 268,080 lots [3] - The polysilicon spot price remained stable. The N - type material was 49.00 - 54.00 yuan/kg, and n - type granular silicon was 48.00 - 49.00 yuan/kg [3] - The polysilicon manufacturers' inventory increased, the silicon wafer inventory increased. The latest polysilicon inventory was 21.10 (a - 0.90% change), the silicon wafer inventory was 16.85GW (a - 6.65% change), the weekly polysilicon output was 30,200.00 tons (a - 2.58% change), and the silicon wafer output was 13.78GW (a 3.53% change) [5] Strategy - The weekly output decreases slightly, the upstream inventory goes through slight destocking, and the market is affected by anti - involution policy expectations and fundamentals. Policy implementation and spot price transmission need to be continuously monitored, and polysilicon is suitable for long - term bottom - fishing [7] Policy - On September 4, the Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Stable Growth Action Plan for the Electronic Information Manufacturing Industry from 2025 - 2026", aiming to promote the high - quality development of the photovoltaic field, guide local layout, and strengthen product quality management [6]

Report Summary 1. Report Industry Investment Ratings The report does not provide overall industry investment ratings. Instead, it offers specific investment suggestions for different varieties within various sectors. 2. Core Viewpoints - The A-share market may enter a high-level oscillation pattern after significant gains, and the volatility has increased. The bond market is likely to remain range-bound, and the precious metals market has ended its continuous rise and slightly declined. The shipping index is weakly oscillating, and the steel and iron ore markets are affected by supply and demand factors. The energy and chemical sectors show different trends, and the agricultural products market is influenced by factors such as supply expectations and seasonal reports [2]. 3. Summary by Categories Financial - **Stock Index Futures**: The current basis rates of IF, IH, IC, and IM main contracts are -0.36%, -0.37%, -0.77%, and -0.54% respectively. The A-share market may enter a high-level oscillation pattern, and it is recommended to wait and see [2]. - **Treasury Bonds**: The 10-year treasury bond interest rate may oscillate between 1.74% - 1.8%, and the T2512 contract may fluctuate between 107.6 - 108.4. It is recommended to conduct range operations [2]. - **Precious Metals**: The safe-haven sentiment has subsided, and the precious metals market has ended its continuous rise and slightly declined. It is recommended to buy gold cautiously at low prices or use out-of-the-money call options for hedging. For silver, short-term high-sell and low-buy operations are recommended [2]. Black - **Steel**: The steel price is affected by production restrictions and off-season demand. It is recommended to pay attention to the long position of the steel-ore ratio. The iron ore price fluctuates with the steel price, and it is recommended to conduct range operations [2]. - **Coking Coal**: The spot price is oscillating weakly. It is recommended to reduce short positions appropriately and conduct arbitrage operations [2]. - **Coke**: The seventh round of price increases by mainstream coking plants has been implemented, and the coking profit continues to recover. It is recommended to reduce short positions appropriately and conduct arbitrage operations [2]. Non-Ferrous Metals - **Copper**: The copper price center has risen, and the spot trading is weak. The main contract reference range is 79,000 - 81,000 [2]. - **Aluminum and Its Alloys**: The supply of aluminum is highly certain, and it is necessary to focus on the fulfillment of peak-season demand and the inventory inflection point. The main contract reference ranges for aluminum, aluminum alloy, zinc, tin, nickel, and stainless steel are provided [2]. Energy and Chemicals - **Crude Oil**: The EIA inventory increase and supply increment expectations put pressure on the oil price. It is recommended to take a short position. The support levels for WTI, Brent, and SC are provided [2]. - **Other Chemicals**: Different chemicals such as urea, PX, PTA, short fiber, bottle chip, ethylene glycol, caustic soda, PVC, benzene, styrene, synthetic rubber, LLDPE, PP, methanol, and others have different trends and corresponding investment suggestions [2]. Agricultural Products - **Grains and Oils**: The abundant harvest expectation suppresses the US soybean price, while the domestic expectation remains positive. It is recommended to arrange long positions for the 01 contract. The palm oil is waiting for the MPOB report, and the short-term oscillation range is provided [2]. - **Livestock and Poultry**: The supply and demand contradiction in the pig market is limited, and the market shows a weakly oscillating pattern. The corn price is oscillating and adjusting, and it is recommended to short on rebounds [2]. - **Other Agricultural Products**: The overseas sugar supply is expected to be loose, and the raw sugar price has broken through the support level. It is recommended to gradually close short positions. The cotton inventory is low, and it is recommended to wait and see. The egg market has some demand support, but the long-term trend is still bearish. The apple price is running around 8,350, and the jujube price has dropped significantly. The soda ash and glass markets are in a bearish pattern, and it is recommended to hold short positions [2]. Special Commodities - **Rubber**: The rubber market has a strong fundamental situation, and the price is oscillating at a high level. It is recommended to short at high positions if the raw material price rises smoothly [2]. - **Industrial Silicon**: The spot price has risen slightly, and the main price fluctuation range is expected to be between 8,000 - 9,500 yuan/ton [2]. New Energy - **Polysilicon**: The self-discipline supports the polysilicon price to rise temporarily, and it is recommended to wait and see [2]. - **Lithium Carbonate**: The market sentiment has improved, and the fundamental situation remains in a tight balance. It is recommended to wait and see [2].

Core Viewpoint - The domestic futures market for non-ferrous metals has shown significant gains, particularly in polysilicon futures, which have risen over 5% [1] Supply Side - Weekly polysilicon production has reached a high level, with expectations that if the "production limit and sales limit" policy is implemented in September, monthly output may remain stable compared to the previous month [1] - Current production trends indicate that southwestern production bases are operating at full capacity, while northwest enterprises show a mixed pattern of operations, but overall production is on an upward trend [1] Demand Side - Downstream silicon wafer prices are stable to slightly strong, with good sales of mainstream size products and companies planning price increases [1] - Prices for battery cells remain stable, but market demand appears relatively weak, with some specifications experiencing inventory accumulation, leading to uncertainty regarding the acceptance of price increases for silicon wafers [1] Market Outlook - There are expectations of industry consolidation as leading polysilicon company GCL-Poly Energy has indicated that details of an "industry restructuring plan" will be announced soon, which has sparked market speculation about capacity integration [1] - The market is facing a scenario of strong expectations versus weak realities, with short-term forecasts suggesting high-level fluctuations in polysilicon, silicon wafer, and battery cell spot prices [1]

Core Viewpoint - The company plans to continue its production reduction strategy in the third quarter, with a polysilicon production guidance of 27,000 to 30,000 tons for Q3 and an annual guidance of 110,000 to 130,000 tons for 2025 [1] Group 1: Production Strategy - The company will maintain its previous production reduction strategy in Q3 [1] - Polysilicon production guidance for Q3 is set between 27,000 tons and 30,000 tons [1] - The annual production guidance for 2025 is projected to be between 110,000 tons and 130,000 tons [1] Group 2: Cost Management - The production cost of polysilicon is influenced by various factors including energy prices, raw material costs, capacity utilization, and various period expenses [1] - The company aims to achieve an optimal balance between product sales prices and precise control of production costs through prudent operational strategies and refined management [1] - The company is focused on ensuring stable operations and high-quality development [1]

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]

Report Industry Investment Ratings No relevant content provided. Core Views - The short - term index faces adjustment pressure, but the long - term trend is to go long on dips. The bond market is expected to be volatile in the short term, and interest rates may decline in the long term. For most commodities, the market is affected by factors such as supply and demand, policies, and macro - economic conditions, and different trading strategies are recommended for different commodities [3][5]. Summaries by Categories Macro - Financial Stock Index - **News**: The State Council aims to boost the sports industry, the central bank conducts a 10000 - billion - yuan reverse repurchase, US Treasury yields decline, and Goldman Sachs predicts a potential rise in gold prices [2]. - **Basis Ratio**: The basis ratios of IF, IC, IM, and IH in different periods are provided, showing negative values [3]. - **Trading Logic**: After the previous rise, high - level sectors like AI are adjusting, and trading volume is shrinking. However, policy support for the capital market remains, so the long - term strategy is to go long on dips [3]. Treasury Bonds - **Market**: On Thursday, the main contracts of TL, T, and TF rose, while TS declined. The central bank conducts a 10000 - billion - yuan reverse repurchase, and the State Council promotes sports consumption. The central bank conducts a 2126 - billion - yuan 7 - day reverse repurchase with a net withdrawal of 2035 billion yuan [4]. - **Strategy**: The manufacturing PMI improved in August but is still below the boom - bust line. The central bank maintains a loose monetary policy. Interest rates may decline in the long term, but the bond market may be volatile in the short term [5]. Precious Metals - **Market**: Shanghai gold and silver, and COMEX gold and silver all declined. The US 10 - year Treasury yield is 4.17%, and the US dollar index is 98.29 [6]. - **Outlook**: US employment data is weak, and Fed officials are dovish. The labor market has weakened. Gold and silver prices are supported at high levels. It is recommended to go long on dips, with reference price ranges provided [6][7]. Non - Ferrous Metals Copper - **Market**: Copper prices declined. LME copper inventory decreased, while domestic social inventory increased. The price is supported by tight supply and approaching peak season. Reference price ranges for Shanghai and LME copper are provided [9]. Aluminum - **Market**: Aluminum prices declined. Domestic electrolytic aluminum inventory is relatively low, and demand is improving. The price is expected to be volatile, with reference price ranges provided [10]. Zinc - **Market**: Zinc prices declined. Zinc ore is in the seasonal inventory - building stage, and the market is in an oversupply situation. The price is expected to be in a low - level volatile pattern [11][12]. Lead - **Market**: Lead prices declined slightly. The supply of lead is expected to decrease marginally, and the price is expected to strengthen [13]. Nickel - **Market**: Nickel prices oscillated. The short - term macro - environment is positive, and the price is supported by various factors. It is recommended to go long on dips, with reference price ranges provided [14]. Tin - **Market**: Tin prices oscillated narrowly. Supply is tight due to slow复产 and planned maintenance, while demand is in the off - season. The price is expected to be volatile [15]. Lithium Carbonate - **Market**: The price of lithium carbonate contracts adjusted weakly, but the A - share lithium battery sector strengthened. Supply and demand are improving. It is recommended to pay attention to overseas raw material supply, with a reference price range provided [16]. Alumina - **Market**: Alumina prices declined. Supply and demand are in an oversupply situation, but the price decline space is limited. It is recommended to wait and see, with a reference price range provided [17]. Stainless Steel - **Market**: Stainless steel prices declined. The market is in a consolidation pattern due to factors such as the decline in nickel prices and weak demand [18]. Cast Aluminum Alloy - **Market**: Cast aluminum alloy prices declined. The market is transitioning from the off - season to the peak season, and the price is expected to be high - level due to cost support and increased market activity [20][21]. Black Building Materials Steel - **Market**: Steel prices showed a volatile and slightly stronger trend but were under pressure. Demand is weak, and inventory is accumulating. If demand does not improve, prices may decline further [23][24]. Iron Ore - **Market**: Iron ore prices rose. Overseas shipments increased, and demand decreased. The price is expected to be volatile in the short term, and the focus is on the recovery of demand in the peak season [25][26]. Glass and Soda Ash - **Glass**: Prices are stable, and the market is generally stable. Supply is high, and inventory pressure is increasing. The price is expected to be weakly volatile in the short term and may follow the macro - environment in the long term [27]. - **Soda Ash**: Prices are stable, and inventory pressure is slightly increasing. The price is expected to be volatile in the short term and may gradually rise in the long term, but the upward space is limited [28]. Manganese Silicon and Ferrosilicon - **Market**: Manganese silicon and ferrosilicon prices declined. The "anti - involution" sentiment has faded, and prices are moving towards fundamentals. Manganese silicon may remain weak, and ferrosilicon depends on downstream demand. It is recommended to wait and see for speculative trading [29][30][31]. Industrial Silicon - **Market**: Industrial silicon prices rose slightly. Supply is increasing, and demand is insufficient. The price is expected to be weakly volatile, with a reference price range provided [32][33]. Polysilicon - **Market**: Polysilicon prices rose slightly. The market is in a "weak reality, strong expectation" pattern. The price is expected to be highly volatile, and it may rise further if positive news emerges [34][35]. Energy and Chemicals Rubber - **Market**: Rubber prices oscillated strongly. The price is affected by weather and supply - demand expectations. It is recommended to have a long - term bullish view and a short - term bullish strategy, with specific trading suggestions provided [37][40]. Crude Oil - **Market**: Crude oil and related product prices declined. Although the geopolitical premium has disappeared and the macro - environment is bearish, the price is undervalued, and it is a good time for left - hand side layout [41]. Methanol - **Market**: Methanol prices declined. Supply is in an oversupply situation, but the downward space is limited due to potential factors. It is recommended to wait and see [42]. Urea - **Market**: Urea prices were stable. Supply pressure has eased, but demand is weak. The price is expected to be in a range, and it is recommended to consider long positions on dips [43]. Styrene - **Market**: Styrene spot prices rose, and futures prices declined. The BZN spread is expected to repair, and the price may rebound after the inventory - reduction inflection point [44]. PVC - **Market**: PVC prices rose slightly. Supply is strong, demand is weak, and the export outlook is weak. It is recommended to consider short positions [46]. Ethylene Glycol - **Market**: Ethylene glycol prices rose. Supply is still in an oversupply situation, and the port inventory is expected to increase in the medium term. The price may decline in the medium term [47]. PTA - **Market**: PTA prices declined. Supply has changed from inventory - building to inventory - reduction, and demand is improving. It is recommended to consider long positions on dips following PX [48][49]. Para - Xylene - **Market**: Para - xylene prices declined. The load is high, and the price is supported by low inventory and improving downstream data. It is recommended to consider long positions on dips following crude oil [50]. Polyethylene - **Market**: Polyethylene prices declined. Supply is limited, and demand may increase in the peak season. The price is expected to oscillate upward [51]. Polypropylene - **Market**: Polypropylene prices declined. Supply pressure is high, and demand is in a seasonal rebound. The market has no prominent contradictions in the short term [52]. Agricultural Products Live Pigs - **Market**: Pig prices generally declined. Supply is expected to be weak in September, but demand and other factors may support the price. It is recommended to wait and see and consider far - month reverse spreads [56]. Eggs - **Market**: Egg prices were stable or rose. Supply is stable, and demand is increasing due to festival stocking. The price is expected to be easy to rise and difficult to fall in the short term, but there may be pressure in the medium term [57]. Soybean and Rapeseed Meal - **Market**: US soybeans rose slightly, and domestic soybean meal prices rebounded. The supply of global protein raw materials is in an oversupply situation, and the price is expected to be in a range. It is recommended to consider long positions on dips at the low - cost range [58][59]. Oils and Fats - **Market**: Oils and fats oscillated. Palm oil exports in Malaysia increased, and production decreased. The price is supported by various factors and is expected to be strongly volatile. It is recommended to be bullish on palm oil in the fourth quarter [60][61]. Sugar - **Market**: Sugar prices declined. Domestic sugar imports increased, and there is an expectation of increased production in Guangxi. The long - term view is bearish, and the price trend depends on the international market [62][64]. Cotton - **Market**: Cotton prices oscillated. Global cotton production and inventory are expected to decline. The price is expected to be volatile at a high level in the short term due to potential improvement in fundamentals [65][66].

Group 1: Report Investment Ratings - Industrial silicon: Unilateral - Neutral, no specific ratings for other strategies [2] - Polysilicon: Unilateral - Short - term range operation, no specific ratings for other strategies [5] Group 2: Core Views - Industrial silicon: With stable spot prices, significant supply increase, polysilicon self - disciplined production cuts in September on the consumer side, inventory may start to increase, and the industrial silicon market may experience weak and volatile operations influenced by overall commodity sentiment [2] - Polysilicon: Spot quotes have been raised, downstream product prices have also increased. After self - disciplined production cuts in September, there is a certain reduction in supply, and the supply - demand fundamentals have improved to some extent. The market is greatly affected by anti - involution policies, with large price fluctuations. In the medium - to - long - term, it is suitable to buy on dips [5] Group 3: Market Analysis of Industrial Silicon - Futures: On September 3, 2025, the industrial silicon futures price fluctuated. The main contract 2511 opened at 8520 yuan/ton and closed at 8490 yuan/ton, a change of (-25) yuan/ton or (-0.29)% from the previous settlement. The position of the main contract 2511 was 279742 lots, and the number of warehouse receipts was 50348 lots, a change of 319 lots from the previous day [1] - Supply: Industrial silicon spot prices remained stable. In August 2025, industrial silicon production was 386,000 tons, a 14% month - on - month increase and a 19% year - on - year decrease. From January to August 2025, cumulative production decreased by 20% year - on - year [1] - Consumption: The quoted price of silicone DMC was 10500 - 10800 (-50) yuan/ton. Downstream procurement was cautious due to poor terminal demand, and monomer plants still adopted a strategy of offering discounts to secure orders [1] Group 4: Market Analysis of Polysilicon - Futures: On September 3, 2025, the main polysilicon futures contract 2511 showed a strong and volatile trend, opening at 52000 yuan/ton and closing at 52160 yuan/ton, a 0.34% change from the previous trading day. The position of the main contract was 149210 lots, and the trading volume was 362759 lots [3] - Spot: Polysilicon spot prices remained stable. N - type material was priced at 49.00 - 54.00 (0.00) yuan/kg, and n - type granular silicon was priced at 48.00 - 49.00 (0.00) yuan/kg [3] - Inventory and Production: Polysilicon factory inventory decreased, while silicon wafer inventory increased. The latest polysilicon inventory was 213,000 tons, a - 14.29% month - on - month change; silicon wafer inventory was 18.05GW, a 3.68% month - on - month change. Weekly polysilicon production was 31,000 tons, a 6.53% week - on - week change; silicon wafer production was 13.31GW, an 8.30% week - on - week change [3] - Industry Forecast: In September, the expected polysilicon production in China is less than 130,000 tons, mainly due to expected production cuts in Inner Mongolia and Qinghai. Some second - and third - tier production lines have resumed production, offsetting part of the reduction [4] - Downstream Products: Silicon wafers, battery cells, and component prices remained stable [4]

Market Overview - The Hang Seng Index closed at 25,343, down 0.60% for the day and up 26.34% year-to-date[3] - The Hang Seng Tech Index fell 0.78% to 5,684, with a year-to-date increase of 27.21%[3] - The S&P 500 index rose 0.51% to 6,448, with a year-to-date gain of 9.63%[3] Sector Performance - Major technology stocks in Hong Kong experienced declines, impacting the overall market sentiment[9] - The banking, insurance, and brokerage sectors showed weak performance, contributing to the market downturn[9] - Real estate stocks weakened, with Shimao Group dropping over 6% and several others falling more than 3%[9] Economic Indicators - U.S. job openings fell to a 10-month low, indicating a gradual decrease in labor demand amid policy uncertainties[9] - Market expectations for a 25 basis point rate cut by the Federal Reserve this month have risen to nearly 100%[9] Notable Stock Movements - Morgan Stanley raised its year-end gold price target to $3,800 per ounce, which positively influenced gold and precious metal stocks, with Zhaojin Mining and Lingbao Gold both rising over 6%[9] - Salesforce reported Q2 revenue of $10.24 billion, a 9.8% year-on-year increase, but its stock fell 4% post-earnings due to a less optimistic Q3 outlook[10] International Market Trends - The Nikkei 225 index in Japan fell 0.88% amid political uncertainties and reduced expectations for short-term interest rate hikes[13] - Foreign investment in the Japanese stock market has reached its highest level in a decade, indicating strong interest from international investors[13]

Report Date - The report date is September 4, 2025 [2] Industry Investment Rating - Not provided Core View - The polysilicon market is expected to maintain a cautiously bullish and volatile trend. The spot price has risen significantly, leading the industry out of loss and involution. However, the policy side lacks the logic to stimulate further price increases, mainly relying on the implementation and matching of policy expectations. The improvement of the supply - demand relationship is slow, and breaking through the high - level resistance requires the implementation of more than expected policies [4] Summary by Directory 1. Market Review and Outlook - **Market Performance**: The price of the polysilicon main contract continued high - level volatility. The closing price of PS2511 was 52,160 yuan/ton, up 0.34%. The trading volume was 362,759 lots, and the open interest was 149,210 lots, with a net increase of 3,355 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, production will be restricted, which will support the upward movement of the spot price center. The monthly production is expected to be flat compared with the previous month at 145,000 tons, which can meet the downstream demand of 56.8GW, higher than the expected production of solar cells. The downward pressure on terminal demand will gradually be transmitted to the upstream of the industrial chain. The domestic new photovoltaic installed capacity in July was only 11GW [4] 2. Market News - On September 3, the number of polysilicon warehouse receipts was 6,870 lots, unchanged from the previous trading day [5] - From January to July 2025, the cumulative photovoltaic installed capacity reached 1,109.6GW, and the new installed capacity from January to July was 223.25GW. The new installed capacity in July was 11GW, a year - on - year decrease of 47.7%, hitting a new low in 2025 [5]

Core Viewpoint - The article provides an overview of the recent pricing trends in the domestic solar-grade polysilicon market, highlighting the price fluctuations of various types of polysilicon products as of September 3, 2025 [1]. Pricing Summary - The transaction price for n-type re-investment material is reported at a maximum of 5.20 million yuan per ton, a minimum of 4.70 million yuan per ton, and an average of 4.90 million yuan per ton, with a fluctuation of +0.11 million yuan and a percentage change of +2.30% [1]. - The transaction price for n-type dense material shows a maximum of 4.90 million yuan per ton, a minimum of 4.40 million yuan per ton, and an average of 4.57 million yuan per ton, with a fluctuation of +0.12 million yuan and a percentage change of +2.70% [1]. - The transaction price for n-type granular silicon is recorded at a maximum of 4.90 million yuan per ton, a minimum of 4.70 million yuan per ton, and an average of 4.80 million yuan per ton, with a fluctuation of +0.10 million yuan and a percentage change of +2.13% [1]. Participating Companies - The article lists several companies involved in the pricing statistics, including Sichuan Yongxiang Co., Ltd., GCL-Poly Energy Holdings Limited, Xinte Energy Co., Ltd., Dongfang Hope Group Co., Ltd., Asia Silicon Industry (Qinghai) Co., Ltd., Qinghai Lihua Qingneng Co., Ltd., Xinjiang Gones Energy Technology Co., Ltd., and Xinjiang Jinnuo New Energy Industry Development Co., Ltd. [2].