Guotai Junan Futures: The anti-involution sentiment for polysilicon is resurging; focus on spot transaction conditions

In terms of news, it is reported that on April 17th, the Ministry of Industry and Information Technology, the National Development and Reform Commission, the State Administration for Market Regulation, the National Energy Administration, and other departments jointly held a photovoltaic industry symposium to deploy work related to regulating the competitive order of the photovoltaic industry. Industry associations and photovoltaic terminal companies participated in the meeting. However, from the supply and demand perspective at present, some upstream factories have reduced production, but there are also factories planning to resume production. Downstream demand has not shown obvious improvement, and the supply-demand pattern remains relatively weak. Spot prices are relatively stable, and there is currently no clear upward driving force. In the short term, market funds do not place much weight on supply and demand trading, but rather engage in transactions similar to last year’s anti-involution rally logic, which has amplified short-term market fluctuations. Investors are advised to hold positions cautiously. Going forward, it is recommended to pay attention to upstream factory quotes and actual spot transaction conditions. (Guotai Junan Futures)