[SMM Analysis: "Rat Race" Competition in Prices, Operating Rate of PV Frame and Extrusion Continues to Face Pressure] This week, sample enterprises reported a decline in orders and a further drop in processing fees, compressing their profitability and leading to a pullback in operating rates. According to an SMM survey, some extrusion enterprises are only involved in a small number of PV orders, with some having ceased accepting PV orders or gradually exiting the field, while others are choosing to transform, retaining only solar panel mounting bracket business and abandoning frame production. Some enterprises stated that the "volume discount" model is not a sustainable solution, and they still remain optimistic about the healthy and long-term development of the PV extrusion industry, expecting the industry to return to a track of healthy competition.

In recent years, with China's energy transition, the proportion of investment and installations in wind and solar power sector has remained high, while the proportion of new installations in traditional energy sector has been relatively small.

According to the latest news, on July 14 local time, the US Department of Commerce's Bureau of Industry and Security (BIS) published two important documents in the Federal Register, officially announcing the initiation of investigations to determine the effects on the national security of imports of polysilicon and its derivatives, as well as imported drones and related components.

[SMM Weekly Review: Wafer Quotations Surge Significantly, While Battery Demand Weakens and Prices Come Under Pressure] This week, the price of N-type 183mm wafers ranged from 1.05 to 1.45 yuan/piece, 210R wafers were quoted at 1.2 to 1.65 yuan/piece, and 210mm wafers were priced at 1.4 to 1.93 yuan/piece. Wafer quotations saw a significant increase this week. A self-discipline meeting related to the wafer industry was held this week, and wafer enterprises began to quote prices based on full costs. Some top-tier enterprises significantly raised their quotations, while others adopted a cautious wait-and-see approach, resulting in a fragmented market quotation landscape. Currently, there have been no actual transactions at the high voluntary prices, and the market is observing downstream acceptance and price adjustments.

[SMM Analysis: The sentiment of module hoarding has spurred a recovery in glass trading volume, laying the foundation for price increases] Current glass quotes for July are as follows: 2.0mm single-layer coating (10-10.5 yuan/m²); 2.0mm double-layer coating (11-11.5 yuan/m²); 3.2mm single-layer coating (17-18 yuan/m²); 3.2mm double-layer coating (18-19 yuan/m²); 2.0mm back glass (10.2-10.8 yuan/m²). As of now, glass quotes in the July market have fallen significantly compared to the same period in June. However, recently, due to module enterprises entering the market early to hoard and purchase, glass prices have stopped falling and have laid the foundation for subsequent price increases.

[SMM Silicon-Based PV Morning Meeting Summary: Distributed Module Quotations Rise, Glass Inventory Expected to Decline Due to Hoarding] Recently, influenced by fluctuations in upstream raw material prices, module prices have shown an upward trend, with leading manufacturers successively increasing their distributed quotations. Currently, the quotations for distributed Topcon 183, 210R, and 210N high-efficiency modules are 0.672 yuan/W, 0.693 yuan/W, and 0.672 yuan/W respectively, while the quotations for centralized Topcon 182/183 and 210N high-efficiency modules are 0.65 yuan/W and 0.665 yuan/W respectively.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: Yesterday, the quoted price for N-type recharging polysilicon was 42-49 yuan/kg, and for granular polysilicon, it was 41-45 yuan/kg. Currently, most mainstream polysilicon enterprises have provided their quotes, and the market is waiting to see real transactions. Starting this week, there have been several non-representative transactions, with the converted prices mostly concentrated around 42-43 yuan/kg. The market is still waiting for large-scale real transactions from major manufacturers. The market transactions during the window period are relatively chaotic, and further observation is needed. Silicon Metal: This week, the transaction price for spot silicon metal continued to hold up well. Yesterday, the SMM east China oxygen-blown #553 silicon was priced at 9,100-9,200 yuan/mt, with an intraday increase of 150 yuan/mt. The main futures contract continued to rise, reaching a peak of 8,880 yuan/mt. It closed at 8,785 yuan/mt yesterday, with a rapid increase in the futures market. However, downstream acceptance of the price was poor, and the spot-futures price spread made it difficult for futures and spot traders to sell their goods.

[SMM Silicon-Based PV Morning Meeting Summary: Strong Upward Momentum in Wafer Prices, Transaction Prices of Solar Cells Rise] Wafer: The market price for N-type 18X wafers is 1 yuan/piece; the price for 210R wafers is 1.15 yuan/piece. Wafer prices have stabilized at current quotes, with widespread market transactions. Solar cell plants are actively picking up goods, and some producers indicate that there is still some upward momentum for price increases in the future. Solar cell: The transaction price for Topcon 183N solar cells (with 25% efficiency or higher) ranges from 0.23 to 0.245 yuan/W; the transaction price for Topcon 210RN and 210N solar cells ranges from 0.24 to 0.26 yuan/W.