Core Viewpoint - The domestic polysilicon market has seen a decrease in order activity this week, with a reduction in the number of main signing companies to four, indicating a potential stabilization in the market [1]. Group 1: Market Activity - The signing volume of polysilicon has decreased week-on-week, reflecting a slowdown in market activity [1]. - The number of active polysilicon producers remains at ten, with an overall low operating rate, suggesting stable supply conditions [1]. Group 2: Pricing Trends - The transaction price range for n-type recycled material is between 49,000 to 55,000 yuan/ton, with an average price of 53,200 yuan/ton, remaining stable compared to the previous week [2]. - The transaction price for n-type granular silicon has increased by 2.02%, with an average price of 50,500 yuan/ton [2]. - The price of rod silicon has remained stable, while granular silicon prices have seen a slight increase of 1 yuan/kg, indicating a divergence in price trends between the two products [1]. Group 3: Supply and Demand Dynamics - Upstream supply continues to exceed downstream demand, leading to inventory pressure across various segments, and prices from batteries to components have not met expectations [1]. - Some downstream users of granular silicon are extending their delivery periods to ensure stable supply, reflecting a strategic move to lock in resources [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]

Report Industry Investment Rating - Unilateral: Neutral for industrial silicon; short-term range operation for polysilicon [3][9] Core Viewpoints - For industrial silicon, the current fundamentals have little change, and the futures market declined due to the closing of long positions last week. The market is influenced by overall commodity sentiment and policy news. If there are policies on capacity exit, the market may rise as the valuation is low [3] - For polysilicon, the market is affected by weak reality and strong policy expectations. Recently, it has returned to the fundamentals of warehouse receipt delivery logic, leading to a weak operation. It is still fluctuating within the shock range. If the market corrects significantly, polysilicon can be bought at low prices in the medium to long term [7] Summary by Related Catalogs Industrial Silicon Market Analysis - On September 22, 2025, the industrial silicon futures price opened high and closed low. The main contract 2511 opened at 9,285 yuan/ton and closed at 8,950 yuan/ton, down 0.83% from the previous settlement. The main contract held 285,490 lots, and the number of warehouse receipts was 49,802, a decrease of 72 from the previous day [1] - The spot price of industrial silicon rose slightly. In August 2025, the export volume was 76,600 tons, a month-on-month increase of 4% and a year-on-year increase of 18%. From January to August 2025, the cumulative export volume was 491,400 tons, a year-on-year increase of 2% [1] Consumption Analysis - The quoted price of silicone DMC was 10,900 - 11,200 yuan/ton. In August 2025, the import volume of primary polysiloxane was 48,100 tons, a month-on-month increase of 3.66% and a year-on-year decrease of 1.43%. From January to August 2025, the cumulative import volume was 373,100 tons, a year-on-year increase of 1.41%. The import volume was 7,300 tons, a month-on-month decrease of 8.75% and a year-on-year decrease of 23.16%. The cumulative import volume from January to August was 63,700 tons, a year-on-year decrease of 14.27% [2] Strategy - The spot price increased slightly, and the inventory increased slightly. The market is mainly affected by overall commodity sentiment and policy news. Attention should be paid to subsequent capacity exit policies. If there is policy support, the market may rise [3] Polysilicon Market Analysis - On September 22, 2025, the main polysilicon futures contract 2511 significantly corrected, opening at 52,925 yuan/ton and closing at 50,990 yuan/ton, a decrease of 3.63% from the previous day. The main contract held 123,917 lots, and the trading volume was 253,135 lots [4] - The spot price of polysilicon remained stable. The N-type material was 50.30 - 55.00 yuan/kg, and the n-type granular silicon was 49.00 - 50.00 yuan/kg [4] Inventory and Production - The polysilicon inventory was 204,000 tons, a month-on-month decrease of 6.80%. The silicon wafer inventory was 16.87 GW, a month-on-month increase of 1.93%. The weekly polysilicon production was 31,000 tons, a month-on-month decrease of 0.50%. The silicon wafer production was 13.92 GW, a month-on-month increase of 0.29% [6] Strategy - The polysilicon market is affected by weak reality and strong policy expectations. It is currently in a shock range. Attention should be paid to the support level of 50,000 yuan/ton and the spot price. If the market corrects significantly, it can be bought at low prices in the medium to long term [7]

Core Viewpoint - The domestic polysilicon market is experiencing a price increase due to tight supply and optimistic market sentiment influenced by national policies [1][2]. Price Trends - The transaction price range for n-type re-investment material is between 51,000 to 55,000 yuan/ton, with an average price of 53,200 yuan/ton, reflecting an increase of 8.57% week-on-week [1][3]. - The transaction price range for n-type granular silicon is between 49,000 to 50,000 yuan/ton, with an average price of 49,500 yuan/ton, showing a week-on-week increase of 3.13% [1][3]. Market Dynamics - The number of main signing enterprises in the domestic polysilicon market has increased to six, while the signing volume remains stable compared to the previous week [1]. - A supply tightness is observed as first-tier enterprises have reached their sales limits, leading to second-tier enterprises starting to sign contracts [1][2]. Production Capacity and Standards - The number of operating polysilicon enterprises in China remains at ten, with one enterprise expected to resume normal production in early October [2]. - New mandatory national standards on energy consumption for polysilicon production will lead to a reduction in effective domestic polysilicon capacity to approximately 2.4 million tons/year, a decrease of 16.4% compared to the end of 2024 [2].

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 news indicates that the domestic polysilicon market is experiencing a price increase, with n-type re-investment material prices rising by 8.57% week-on-week, and n-type granular silicon prices increasing by 3.13% [1][2]. - The transaction price range for n-type re-investment material is reported to be between 51,000 to 55,000 yuan per ton, with an average transaction price of 53,200 yuan per ton [1][3]. - The number of domestic polysilicon producers remains at 10, with one company expected to resume normal production in early October after maintenance [2]. Group 2 - A new mandatory national standard regarding energy consumption limits for polysilicon and germanium products has been released, which will enforce stricter energy consumption requirements for polysilicon producers [2]. - Following the implementation of the new energy consumption standards, the effective production capacity of domestic polysilicon is projected to decrease to approximately 2.4 million tons per year, a reduction of 16.4% compared to the end of 2024 [2]. - The market sentiment is optimistic due to the anticipated tightening of supply and the impact of national industrial policies, which is expected to support polysilicon prices [1][2].

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]

Group 1 - The core viewpoint of the article highlights the upward trend in the prices of polysilicon, particularly n-type materials, driven by supply constraints and optimistic market sentiment due to recent policy impacts [1][2]. - The transaction price range for n-type re-investment materials is between 51,000 to 55,000 yuan/ton, with an average price of 53,200 yuan/ton, reflecting an increase of 8.57% week-on-week [1]. - The transaction price for n-type granular silicon is between 49,000 to 50,000 yuan/ton, with an average price of 49,500 yuan/ton, showing a week-on-week increase of 3.13% [1]. Group 2 - The number of domestic polysilicon producers remains at 10, with one company expected to resume normal production in early October after maintenance [2]. - A new mandatory national standard regarding energy consumption for polysilicon production has been released, which, once implemented, will require companies to meet specific energy consumption benchmarks or face shutdowns [2]. - Following the implementation of the new energy consumption standards, the effective production capacity of domestic polysilicon is projected to decrease to approximately 2.4 million tons per year, a reduction of 16.4% compared to the end of 2024, and a 31.4% decrease compared to existing installed capacity [2]. Group 3 - The highest and lowest transaction prices for n-type re-investment materials are 55,000 and 51,000 yuan/ton respectively, with an average price of 53,200 yuan/ton, indicating a price fluctuation of 0.42 and an increase of 8.57% [3]. - The n-type dense material transaction price has a highest price of 52,000 yuan/ton and a lowest price of 48,000 yuan/ton, with an average price of 49,700 yuan/ton, reflecting a fluctuation of 0.40 and an increase of 8.75% [3]. - The transaction price for n-type granular silicon shows a fluctuation of 0.15 with a week-on-week increase of 3.13% [3]. Group 4 - The list of companies participating in the price statistics includes major players such as Sichuan Yongxiang Co., Ltd., GCL-Poly Energy Holdings Limited, and Xinjiang Goin's Energy Technology Co., Ltd. [4].

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]

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].