TYN(SZ:000591)2025-11-25 01:19Summary of the China Solar Industry Conference Call Industry Overview - Industry: China Solar Industry - Date: 21 November 2025 Key Points Polysilicon Market - The price of monograde polysilicon remained stable at Rmb52/kg as of the week starting 17 November, showing no week-over-week (WoW) change [2] - Inventory levels for polysilicon increased by 1% WoW to 27.1kt [2] - Monthly polysilicon production is forecasted to decline by 12% month-over-month (MoM) to below 120kt (52GW) in November due to weaker demand and production cuts in Sichuan and Yunnan during the low hydropower season [2] Wafer and Cell Prices - N-type wafer prices decreased by 1.5% for M10 and 1.8% for G12, now at Rmb1.28 and Rmb1.60 per piece respectively [3] - TOPcon cell prices fell by 1.7% for M10 and 3.3% for G12, now priced at Rmb0.30 and Rmb0.29 per watt respectively [3] - Module prices remained unchanged at Rmb0.69 for TOPcon and Rmb0.76 for back contact [3] - November module production is expected to drop by 4% MoM to 50.5GW [3] Solar Glass Market - Solar glass prices remained stable at Rmb12.75 for 2.0mm and Rmb19.75 for 3.2mm [4] - Inventory levels for solar glass increased by 9.7% WoW to 28.13 days [4] - The price of soda ash remained unchanged at Rmb1,330/t [4] Risks and Opportunities - Downside Risks: - Slower-than-expected growth in installed domestic renewable energy (RE) capacity [20] - Larger-than-expected tariff cuts for RE projects [20] - Increased competition from other power resources due to future power reforms [20] - Upside Risks: - Faster-than-expected growth in installed domestic RE capacity [21] - Smaller-than-expected tariff cuts for RE projects [21] - Market share gains for solar energy compared to other power resources under future reforms [21] Additional Insights - The report emphasizes the importance of monitoring inventory levels and price trends in the polysilicon, wafer, cell, and solar glass markets as they are critical indicators of industry health and future production capabilities [2][3][4] - The current market dynamics suggest a cautious outlook for the solar industry in the short term, with potential for recovery depending on demand and policy support [20][21]