新华财经北京11月19日电 中国有色金属工业协会硅业分会19日发布的最新周报显示，据安泰科统计， 本周（截至11月19日当周）多晶硅n型复投料成交价格区间为4.9-5.5万元／吨，成交均价为5.32万元／ 吨，环比持平。n型颗粒硅成交价格区间为5.0-5.1万元／吨，成交均价为5.05万元／吨，环比持平。 安泰科在周报中具体表示，本周国内多晶硅市场继续呈现弱稳态势。尽管下游硅片、电池片价格均出现 不同程度下滑，且部分硅片企业已开始逐步减产以应对需求疲软，但多晶硅实际成交价仍维持稳定。主 流签单企业数量保持在5家左右，市场成交活跃度与前期基本相当。本周价格持稳主要有两方面原因： 一方面，供应端收缩有效对冲了需求走弱的影响。西南地区受枯水期等因素制约，部分企业已大幅减产 甚至停产，预期11月国内多晶硅产量将降至12万吨以内，环比降幅约14%，一定程度上缓解了供应压 力。另一方面，产业链上下游形成隐性共识。在当前相对脆弱的市场环境下，多晶硅价格下跌非但不能 有效刺激需求，反而会破坏7月以来逐步建立的企稳预期，甚至可能引发整个产业链价格体系崩盘。因 此，多晶硅企业的稳价意愿十分坚决。 编辑：吴郑思 根据企业排产计划， ...

Group 1 - The domestic futures market for non-ferrous metals showed a strong performance, with polysilicon futures rising significantly by 3.86% to 54,280.0 CNY/ton [1] - The transaction price range for n-type polysilicon was reported between 49,000 to 55,000 CNY/ton, with an average price of 53,200 CNY/ton, remaining stable week-on-week [1] - Production in October was 137,000 tons, with expectations of a reduction in the southwestern region in November, projecting a monthly output of around 120,000 tons [1] Group 2 - The market sentiment for polysilicon futures is influenced by marginal changes in photovoltaic capacity control expectations, leading to a rebound above 53,000 CNY/ton [2] - The supply and demand dynamics are characterized by weakness on both sides, with seasonal production cuts expected in the southwestern region and simultaneous reductions in silicon wafer and module production [2] - High inventory levels of polysilicon are limiting price declines, suggesting that prices will likely remain in a fluctuating pattern in the short term [2]

Core Viewpoint - The domestic polysilicon market is maintaining a weak and stable pattern, with prices remaining steady despite fluctuations caused by declining prices in downstream silicon wafers and battery cells [1][2] Group 1: Price Trends - The transaction price range for n-type polysilicon is between 49,000 to 55,000 CNY per ton, with an average transaction price of 53,200 CNY per ton, showing no change from the previous week [1] - The transaction price range for n-type granular silicon is between 50,000 to 51,000 CNY per ton, with an average transaction price of 50,500 CNY per ton, also remaining stable week-on-week [1] Group 2: Market Dynamics - The overall market condition remains characterized by an oversupply, with high inventory pressure persisting [2] - Although price reductions and production cuts in downstream sectors may weaken short-term demand for polysilicon, companies are not in a hurry to lower prices to clear inventory due to already high social inventory levels [2] - Despite the prevailing pessimistic sentiment in the market, actual operations are expected to remain stable, with low likelihood of significant price fluctuations due to ongoing production cuts and policy support from suppliers [2]

Core Viewpoint - The price of n-type polysilicon remains stable this week, with transaction prices ranging from 49,000 to 55,000 yuan per ton, and an average transaction price of 53,200 yuan per ton, showing no change compared to the previous week [1] Group 1: Price Trends - The transaction price range for n-type granular silicon is between 50,000 and 51,000 yuan per ton, with an average price of 50,500 yuan per ton, also remaining stable week-on-week [1] - The average price of n-type polysilicon is 53,200 yuan per ton, indicating a stable market condition [1] Group 2: Production Data - There are currently 11 domestic polysilicon manufacturers in operation [1] - The domestic polysilicon production in October is approximately 137,000 tons, which is a 6.2% increase month-on-month and 5.4% higher than expected [1] - The increase in production is attributed to some companies slightly raising their operating rates to dilute costs as they enter the fourth quarter [1]

Core Viewpoint - The polysilicon industry is undergoing a critical period of structural transformation, with market dynamics closely monitored due to its significance in the photovoltaic supply chain [1]. Market Performance - The average transaction price of polysilicon remained stable week-on-week, with n-type re-investment material priced between 49,000 to 55,000 CNY per ton, averaging 53,200 CNY per ton, and n-type granular silicon priced between 50,000 to 51,000 CNY per ton, averaging 50,500 CNY per ton [1]. - Despite an increase in the number of mainstream signing companies from 2-3 to 5-6, overall market transactions remain relatively sluggish, indicating weak terminal demand [1]. Demand and Supply Dynamics - The demand outlook for the fourth quarter is weak, with limited growth in battery component orders and stable operating rates for silicon wafer companies, leading to steady overall demand for upstream silicon materials [1]. - In the first three quarters of the year, the domestic polysilicon industry has reduced inventory by approximately 12,000 tons, but there was a slight inventory accumulation of about 12,000 tons in September [2]. - The polysilicon production is expected to peak in October, with a slight increase in output due to the resumption of production by three companies, followed by a gradual decline in November and December [2]. Production Forecast - The domestic polysilicon production for the fourth quarter is projected to be around 382,000 tons, a slight year-on-year increase of 3.0% [2]. - By 2025, the annual domestic polysilicon production is expected to be approximately 1.34 million tons, a significant year-on-year decrease of 27.3%, indicating a slight oversupply compared to demand [2]. Company Performance - Companies in the upstream sector are showing signs of performance recovery due to the ongoing "anti-involution" efforts and stabilization of industry prices [2]. - For instance, GCL-Poly Energy Holdings Limited reported an unaudited profit of approximately 960 million CNY in its photovoltaic materials business for the third quarter of 2025, recovering from a loss of about 1.81 billion CNY in the same period last year [2]. Pricing and Cost Analysis - In the third quarter of 2025, GCL-Poly's average external selling price for granular silicon (including tax) was 42.12 CNY per kilogram, a 30% increase from 32.93 CNY per kilogram in the second quarter [3]. - The average production cash cost for granular silicon (including R&D costs) decreased to 24.16 CNY per kilogram from 25.31 CNY per kilogram in the previous quarter, reflecting a reduction of approximately 5 percentage points [3].

Core Insights - The price range for n-type polysilicon raw materials is reported to be between 49,000 to 55,000 yuan per ton, with an average transaction price of 53,200 yuan per ton, remaining stable compared to the previous week [1] - The transaction price range for n-type granular silicon is between 50,000 to 51,000 yuan per ton, with an average price of 50,500 yuan per ton, also showing no change week-on-week [1] - The overall transaction volume in the domestic polysilicon market is reported to be light, with a decrease in order volume and a reduction in the number of main signing enterprises to 2-3 [1] Market Dynamics - The stability in prices is influenced by two main factors: firstly, the operating rate of silicon wafer enterprises remains stable, and they hold a considerable amount of polysilicon inventory, leading to steady procurement demand [1] - Secondly, some silicon material companies are undergoing maintenance or production cuts, resulting in their available sales volume nearing its limit, which has led to fewer new orders being signed recently, with only a small number of supply orders being completed [1] - The delivery period for these orders has been extended to November [1]

Core Viewpoint - The recent upward trend in polysilicon prices is supported by tightening supply and optimistic market expectations following the release of new energy consumption standards by the National Standardization Administration [2][3] Group 1: Polysilicon Market Dynamics - Recent transaction prices for polysilicon n-type recycled materials range from 51,000 to 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, reflecting a month-on-month increase of 8.57% [2] - N-type granular silicon has a transaction price range of 49,000 to 50,000 yuan/ton, with an average price of 49,500 yuan/ton, showing a month-on-month increase of 3.13% [2] - The price increase is attributed to first-tier companies reaching their sales limits, leading to a temporary tightening of market supply, while second-tier companies are beginning to secure orders [2] Group 2: New Energy Consumption Standards - On September 16, the National Standardization Administration released a draft for mandatory national standards, lowering the energy consumption limits for polysilicon production [3] - The new standards set the energy consumption for trichlorosilane polysilicon at 5/5.5/6.4 kgce/kg for different production levels, down from previous limits of 7.5/8.5/10.5 kgce/kg [3] - The effective polysilicon production capacity in China is expected to decrease to approximately 2.4 million tons per year, a reduction of 16.4% compared to the end of 2024 [3] Group 3: Investment Recommendations - In the photovoltaic sector, it is recommended to focus on leading companies such as Tongwei Co. and GCL-Poly Energy, while in the photovoltaic glass segment, attention should be given to Fuyao Glass [5] - For humanoid robotics, core companies with high supply chain certainty and significant value in the industrial chain, such as Top Group and Sanhua Intelligent Control, are recommended [5] Group 4: Overall Market Outlook - The overall outlook for the electric power equipment sector is maintained as "recommended" [6]

Core Viewpoint - The recent increase in multi-crystalline silicon prices indicates a tightening supply situation in the market, driven by limited sales capacity of leading companies and optimistic industry sentiment due to supportive national policies [1] Price Trends - The transaction price range for n-type re-investment material is between 51,000 to 55,000 yuan per ton, with an average transaction price of 53,200 yuan per ton, reflecting a week-on-week increase of 8.57% [1] - The transaction price range for n-type granular silicon is between 49,000 to 50,000 yuan per ton, with an average transaction price of 49,500 yuan per ton, showing a week-on-week increase of 3.13% [1] Market Dynamics - The signing volume in the domestic multi-crystalline silicon market remained stable compared to the previous week, but the number of mainstream signing companies increased to six [1] - The market is experiencing a phase of tight supply, as some leading companies have reached their sales limits, leading to increased transactions from second-tier companies [1] - The overall industry sentiment is optimistic regarding future market conditions, supported by recent national industrial policies [1]

Group 1 - The core viewpoint of the article indicates that the prices of polysilicon in China have shown an upward trend, with n-type raw material prices ranging from 51,000 to 55,000 yuan per ton, averaging 53,200 yuan per ton, reflecting an increase of 8.57% week-on-week [1] - The transaction price range for n-type granular silicon is reported to be between 49,000 and 50,000 yuan per ton, with an average price of 49,500 yuan per ton, which represents a week-on-week increase of 3.13% [1] - The domestic polysilicon market's order volume has remained stable compared to the previous week, but the number of mainstream signing companies has increased to six [1] Group 2 - The continuous rise in transaction prices is attributed to the fact that some leading companies have reached their sales limits, resulting in a tight supply situation in the short term, while second-tier companies are beginning to sign contracts [1] - Recent national industrial policies have influenced the industry, leading to a generally optimistic outlook for the market, which supports the price of silicon materials [1]

Core Viewpoint - The photovoltaic industry is transitioning from "price wars" to "value reconstruction," with a comprehensive recovery across the industry chain driven by both policy and market dynamics, benefiting leading companies first [1][2]. Group 1: Industry Recovery - The first half of 2025 marks a significant recovery for the Chinese photovoltaic industry, with nearly half of the 70 listed companies in the photovoltaic equipment sector reporting positive performance [3]. - The recovery is supported by policy-driven market order optimization, which has alleviated price competition issues across the industry chain [3][4]. - The price of polysilicon has been rising since July 2025, with N-type polysilicon prices exceeding 50,000 yuan/ton, indicating a gradual restoration of profitability in the main industry chain [3]. Group 2: Policy and Demand Drivers - A series of targeted policies have been introduced since 2025 to address the industry's pain points related to "low-price disorderly competition" [4]. - The implementation of the revised Anti-Unfair Competition Law on June 27, 2025, prohibits selling products below cash cost, establishing a price floor for the photovoltaic industry [4]. - Strong demand is evident, with domestic new photovoltaic installations reaching 223.25 GW from January to July 2025, a year-on-year increase of 81% [3][4]. Group 3: Investment Opportunities in the Industry Chain - In the polysilicon segment, profitability is recovering significantly, with prices continuing to rise and reaching a maximum increase of 3.37% [5]. - Tongwei Co., Ltd. holds a 30% global market share in high-purity crystalline silicon, with a cash cost of approximately 38,000 yuan/ton, indicating strong cost control [6]. - The silicon wafer segment is transitioning to N-type technology, with N-type silicon wafer penetration expected to exceed 90% by 2025 [7]. Group 4: Technological Advancements and Market Positioning - The battery segment is dominated by TOPCon technology, with a production capacity of 967 GW, accounting for 83% of the market [8]. - JinkoSolar is a leader in N-type TOPCon technology, with a production efficiency exceeding 25% and a significant share of overseas revenue [8]. - The module segment shows clear differentiation, with N-type modules accounting for over 70% of the market, and leading companies like LONGi Green Energy and Trina Solar achieving high power outputs and certifications [9]. Group 5: Storage and New Growth Drivers - The explosive growth in the energy storage sector is a core driver of the current recovery, with increasing demand for photovoltaic and storage system integration [12]. - Sungrow Power Supply Co., Ltd. is a leading player in the energy storage system market, with a global market share of 35% in storage inverters [12].