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 recent decline in silicon wafer prices is attributed to weakening market expectations for future terminal demand, shifting industry sentiment from positive to negative [2] Group 1: Silicon Wafer Prices - This week, the average transaction prices for various types of N-type monocrystalline silicon wafers have decreased slightly, with G10L wafers priced at 1.26 RMB per piece (down 1.56% week-on-week), G12R wafers at 1.52 RMB per piece (down 1.30%), and G12 wafers at 1.55 RMB per piece (down 2.52%) [1] - The market sentiment has noticeably weakened, leading to a halt in the price increase of silicon wafers, with small-volume low-price orders being executed and prices for all models showing a downward trend [1] Group 2: Market Dynamics - The decline in silicon wafer prices is driven by expectations of reduced terminal component demand, with downstream entities exhibiting increased caution as the "430" node approaches, leading to a decrease in battery consumption [2] - The end of the rush for installations has resulted in weakened demand for silicon wafers, transitioning the market from a tight supply to a more relaxed situation [2] - In early orders, a prevalent low-price procurement mentality among downstream buyers, combined with U.S. tariff policies, has contributed to the weakening market atmosphere [2] Group 3: Production and Pricing Trends - The overall industry operating rate this week is reported to be between 50%-58%, with leading companies maintaining rates of 58% and 60%, while integrated companies operate at 60%-80% and others at 55%-80% [2] - Prices in the terminal component and battery segments have also seen slight declines, with mainstream battery prices at 0.30-0.32 RMB/W (down 0.02-0.03 RMB/W) and distributed component prices at 0.72-0.74 RMB/W (down 0.04-0.06 RMB/W) [2] - Despite the expectation of declining demand following the end of the installation rush, recent local government policies, such as full-grid support for commercial distributed projects in Jiangsu, suggest that the market may stabilize and that the downward space for silicon wafer prices may be limited [2]