金吾财讯 | 国元国际发研报指，硅业分会最新报价显示：本周多晶硅价格持稳，n型复投料成交价格区间为3.90-4.60万元/吨，成交均价为4.17万元/吨，n型颗粒硅成交价格区间为3.80-4.10万元/吨，成交均价为3.90万元/吨，p型多晶硅成交价区间为3.20-3.60万元/吨，成交均价为3.40万元/吨。该行表示，供应端：月内多晶硅排产约9.2万吨，环比下滑约7%，大部分厂商延续减产挺价策略，头部大厂没有迫切提产意愿，使得国内所有在产多晶硅企业基本均处于降负荷运行状态，企业开工率无明显变动。3月份预计将有1-2家企业开工率上调，1-2家企业逐步转为检修或降负荷状态，多晶硅供应将有小幅恢复；需求端：下游拉晶厂月内提产，继续消化多晶硅低价库存。整体来看，月度供需能够达到基本平衡状态，整体来看2-3月多晶硅呈现缓慢去库状态。该行续指，新能源发电全面入市政策下，430节点与531节点两大政策窗口的落地，“新老划断”机制促使开发商加速抢装项目并网以锁定原有政策红利，需密切关注市场化驱动模式下光伏终端需求回暖进展。预期只有终端需求回暖，硅料排产和库存维持低位前提下，硅料价格才有望理性回归。
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