Industry Investment Rating - No information provided Core Viewpoints - The polysilicon futures price has broken through the support level and is still in a downward trend without reaching the bottom. The spot weekly price remains weak, and the market is expected to continue its weak oscillation and bottom - seeking after the breakdown [4]. Summary by Section 1. Market Review and Outlook - **Market Performance**: The closing price of PS2506 was 35,520 yuan/ton, a decline of 3.14%. The trading volume was 135,166 lots, and the open interest was 63,290 lots, with a net increase of 9,467 lots [4]. - **Future Outlook**: The weekly spot price is weak, with the average price of N - type dense polysilicon dropping to 35,600 yuan/ton. The "rush - installation" of the photovoltaic terminal is coming to an end, and the strong - stimulus policies are having a negative feedback. After May, the photovoltaic industry will enter a policy vacuum period from the bottom - up, and the expectation of export improvement is weak. The expectation of further production cuts by enterprises is low, and there may be an expectation of increased production during the wet season. Inventory accumulation suppresses price rebounds, and it is not advisable to buy at the bottom during the policy vacuum period [4]. 2. Market News - As of May 7, 2025, the number of polysilicon warehouse receipts was 30 lots, unchanged from the previous trading day [5]. - Longi Green Energy, JinkoSolar, JA Solar, and Trina Solar released their Q1 2025 earnings reports and held earnings briefings. During the reporting period, the four companies reported losses of 1.436 billion yuan, 1.39 billion yuan, 1.638 billion yuan, and 1.32 billion yuan respectively, totaling 5.784 billion yuan. Longi Green Energy reduced its losses year - on - year, while the other three companies' losses decreased by 218.2%, 239.35%, and 355.88% year - on - year [5].

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