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1、China(PRC)|Alternative EnergyEquity ResearchAugust 4,2025 JohnsonWan*|Equity Analyst852 3743 8083|AlanLau*|Equity Analyst852 3767 1113|Solar:Poly price stabilizing;Wafer/Cell pricespassing through cost increaseSIA reported N-type dense/reloading poly prices increased slightly toRMB43.9/47.1/kg.G10L/

2、G12R/G12 N-type wafer prices increased WoWto RMB1.2/1.35/1.55 per pc.Per SolarZoom,M10/G12R/G12 TOPCon cellprices hiked to RMB0.30/0.29/0.29 per W.M10 TOPCon module pricesedged up to RMB0.69 per W.Per SCI,3.2/2.0mm SG prices were flat WoWat RMB18-19/10-11 per m2;SG inventory days decreased by 10.06%

3、WoWto 29.31d.Polysilicon:SIA reported prices of N-type dense/reloading poly increased by 0.23/0.64%WoW to RMB43.9/47.1 per kg.SIA saw poly prices continued to go up slightly last week,aswafer players remained cautious in poly procurement and wafer prices were still below theall-in cost level,pressur

4、izing poly prices.4-5 poly players signed new orders last week,withtransactions concentrated on tier-1 players.On the supply side,the number of poly playersin production increased to 10 last week,and certain factories of 2 poly players resumedproduction.SIA reported Poly output in Jul25 to increase

5、by 5.7%MoM to 107.8kt andexpects poly output in Aug25 to be c.125kt.Despite continued price hikes in the last few weeks,the fundamentals of oversupply in the poly sector remain,and there is still c.400kt of invtyin poly+wafer sector that needs to be consumed.SIA believes total domestic poly capacity

6、might decrease to c.2.3mt,if the poly capacity phase-out goes as expected.Wafer:SIA reported the G10L N-type wafer(182*183.75mm,130m)price increased by9.09%WoW to RMB1.2 per pc;G12R N-type wafer(182*210mm,130m)price increased by8.0%WoW to RMB1.35 per pc;G12 N-type wafer(130m)price increased by 7.64%