Report Industry Investment Rating - Unilateral: Neutral [3] - Short - term interval operation for polysilicon [9][11] Report's Core View - On August 26, 2025, the industrial silicon futures market declined, mainly affected by the decline of commodities like coking coal. The short - term industrial silicon futures market is expected to fluctuate with the overall commodity sentiment. For polysilicon, the spot price rose and then stabilized, and the short - term futures market is expected to have wide - range fluctuations, affected by the anti - involution policy. In the medium - to - long - term, polysilicon is suitable for long - position layout at low prices [1][3][9] Summary by Related Catalogs Industrial Silicon Market Analysis - **Futures Market**: On August 26, 2025, the main contract 2511 of industrial silicon futures opened at 8680 yuan/ton and closed at 8515 yuan/ton, a change of - 250 yuan/ton (- 2.85%) from the previous settlement. The position of the main contract 2511 was 281,839 lots, and the number of warehouse receipts was 50,822 lots, a change of - 116 lots from the previous day [1] - **Supply Side**: The spot price of industrial silicon remained stable. The price of East China oxygen - passing 553 silicon was 9200 - 9500 yuan/ton, 421 silicon was 9500 - 9700 yuan/ton, Xinjiang oxygen - passing 553 silicon was 8600 - 8700 yuan/ton, and 99 silicon was 8600 - 8700 yuan/ton. The total social inventory of industrial silicon in major regions on August 21 was 543,000 tons, a decrease of 2,000 tons from the previous week [1] - **Consumption Side**: The quoted price of silicone DMC was 10,500 - 11,000 yuan/ton. The upstream and downstream were in a deep game stage, and some enterprises showed a mentality of bottom - fishing [2] Strategy - The short - term industrial silicon futures market is expected to fluctuate with the overall commodity sentiment. Unilateral: Neutral; No strategies for inter - period, cross - variety, spot - futures, and options [3][4] Polysilicon Market Analysis - **Futures Market**: On August 26, 2025, the main contract 2511 of polysilicon futures opened at 51,480 yuan/ton and closed at 50,985 yuan/ton, a change of - 2.06% from the previous trading day. The position of the main contract was 137,478 lots, and the trading volume was 265,820 lots [5] - **Spot Market**: The spot price of polysilicon remained stable. The price of N - type material was 46.00 - 52.00 yuan/kg, and N - type granular silicon was 45.00 - 47.00 yuan/kg. The inventory of polysilicon manufacturers increased, and the silicon wafer inventory decreased. The weekly polysilicon output decreased by 0.68% to 29,100 tons, and the silicon wafer output increased by 1.57% to 12.29GW [5] Strategy - The short - term polysilicon futures market is expected to have wide - range fluctuations. In the medium - to - long - term, it is suitable for long - position layout at low prices. Short - term interval operation for unilateral trading; No strategies for inter - period, cross - variety, spot - futures, and options [9][11] Others - On August 25, China Resources Power's 2nd batch of photovoltaic project component procurement in 2025 had a total procurement of 3GW of N - type TOPcon double - sided double - glass photovoltaic components. The bid prices of the first - ranked candidates were between 0.7215 - 0.731 yuan/W [8]

这已是工信部连续两月召开光伏座谈会，距离7月3日召开的座谈会仅相隔47天。而相较7月的会议，8月 召开的座谈会在规格、范围以及内容上均有所"升级"，也适配在7月座谈会后出台的系列反内卷政策工 具。 8月19日，工业和信息化部、中央社会工作部、国家发展改革委、国务院国资委、市场监管总局、国家 能源局联合召开光伏产业座谈会。 目前光伏行业部分环节出现价格反弹信号。硅料环节，7月之后在国家"反内卷"政策的引导下，期货市 场价格快速反弹，并带动现货市场价格走强。 最近央企集采项目的招标结果也同样出现报价上行。本周开标的两大央企集采项目报价均价都高于此前 水平。 连续两月重磅会议，反内卷全面升级 8月召开的这次会议要求，光伏产业各方要深刻认识规范竞争秩序对光伏产业高质量发展的重要意义， 共同推动产业健康可持续发展。一是加强产业调控。强化光伏产业项目投资管理，以市场化法治化方式 推动落后产能有序退出。二是遏制低价无序竞争。健全价格监测和产品定价机制，打击低于成本价销 售、虚假营销等违法违规行为。三是规范产品质量。打击降低质量管控、虚标产品功率、侵犯知识产权 等行为。四是支持行业自律。发挥行业协会作用，倡导公平竞争、有序发 ...