CITIC Construction Investment Futures: The previous market expectation that polysilicon spot prices may have bottomed out, with some bullish sentiment emerging.

Recently, polysilicon futures prices have been trending strongly. With spot prices approaching cash costs, market expectations suggest that spot prices may have bottomed out, and some bullish sentiment is emerging; additionally, recent market expectations for anti-involution have strengthened, providing support for futures prices. However, from an industry perspective, the fundamentals remain poor, primarily due to sustained negative feedback pressure in the supply chain, leading to high inventory levels that are difficult to clear. When spot prices are relatively low and long-term contract prices are relatively high, profit margins for warehouse receipts become apparent, and the willingness of silicon material manufacturers to register warehouse receipts may increase, potentially alleviating the pressure on spot inventories. (CITIC Construction Investment Futures)