[SMM Silicon-based PV Morning Meeting Summary: Polysilicon Prices Experience Some Tug-of-War, Module Scheduled Production Further Reduced] Over the weekend, the price of N-type recharging polysilicon was 35-38 yuan/kg, and the N-type polysilicon price index was 35.2 yuan/kg. Last week, polysilicon prices were largely stable. During the non-peak order signing period, market transactions were relatively limited, with crystal pulling plants and major polysilicon producers engaging in some price negotiations for dense recharging polysilicon around the 34-36 yuan/kg range.

On May 19, Thailand’s BOI introduced four measures to support local firms facing U.S. tariffs.

Saudi Arabia’s Acwa Power signed non-binding agreements with Malaysian entities to explore developing around 13 gigawatts of power generation capacity, with total investments projected at $10 billion by 2040. The cooperation focuses on renewable energy, green hydrogen, and advanced water solutions.

China may reach its carbon emissions peak several years before its 2030 target, according to Zhu Guangyao, former Vice Minister of Finance.

A consortium led by Qatar’s UCC Holding has signed a USD 7-billion agreement with Syria’s Ministry of Energy to support infrastructure reconstruction and energy security.

①The adjustment window for distributed energy has entered a phase, and industry insiders predict that the adjustment will be completed in as quickly as one quarter. The fundamental logic from development to investment decision-making will undergo a complete transformation. ②The market space for the industrial and commercial sectors has further expanded. Domestic module producers have begun to focus on addressing the remaining challenges in developing rooftop resources and have launched targeted products. ③Competition in large-scale projects is fierce, and centralized products will also accelerate their development towards differentiation.

[SMM Silicon-Based PV Morning Meeting Summary: Wafer Prices Largely Stable, Solar Cell Producers Continue Production Cuts] The market price of N-type 18X wafers is 0.93-0.95 yuan/piece, and the price of N-type 210RN wafers is 1.05-1.1 yuan/piece. The mainstream quotation for Topcon 183 solar cells (with an efficiency of 25% and above) is around 0.245-0.25 yuan/W; the mainstream transaction price for Topcon 210RN is 0.265 yuan/W, with a quotation range of 0.265-0.27 yuan/W; the price for Topcon 210N solar cells is around 0.26-0.265 yuan/W.

Recently, SOLARBE PV learned from the National Enterprise Bankruptcy Reorganization Case Information Network that Dongying PV New Energy Development Co., Ltd. had been filed for bankruptcy by the administrator of Dongying PV Solar Co., Ltd. with the Intermediate People's Court of Dongying City, Shandong Province, with the case number being (2025) Lu 05 Bankr. No. 4.

Recently, Waaree Solar, the US subsidiary of Indian PV company Waaree Energies, announced that it had signed a 586MW solar PV module supply agreement worth $176 million (approximately INR 15 billion) with an independent power producer in the US. According to the agreement, these solar modules will be manufactured at Waaree Solar's facility in Brookshire, Texas, and are expected to be delivered to US customers in four phases across the 2026-2027 fiscal year. Notably, Waaree Solar will extensively use parts manufactured in the US during the module production process to ensure that the products meet the stringent domestic content requirements of the Investment Tax Credit (ITC).

From May 26, 2025, to June 5, 2025, SMM recorded a total of 27 domestic enterprise-won PV module projects during the week. The winning bid prices for PV modules were concentrated in the range of 0.41-3.69 yuan/W, with a weekly weighted average price of 0.06 yuan/W. The average winning bid price for the week was 1.37 yuan/W, representing an increase of 0.64 yuan/W compared to the previous week. The total procurement capacity of the winning bids was 737.97 MW, a decrease of 92.04 MW compared to the previous week.