[Poor price transmission in the photovoltaic industry chain, downstream links are expected to remain weak] On November 13, data released by the Silicon Industry Branch of the China Nonferrous Metals Industry Association showed that this week, the transaction price of N-type compound material (rod silicon) was 43,000 yuan/ton, and the average transaction price of N-type granular silicon was 40,300 yuan/ton, which was the same as the previous month. It is reported that this week, there were about 1-2 companies actually transacting spot transactions in the domestic polysilicon market, and the overall market signings were relatively limited. The main reason is that the price of downstream silicon wafers has recently dropped, but polysilicon manufacturers insist on selling at no less than full cost, upstream and downstream price coordination is still in progress, and the price transmission in the industry chain is not smooth. The price of battery components is relatively stable, and the price relationship between various links is gradually adjusting. The Silicon Industry Branch believes that the core of the weakening of silicon wafers is still "loose supply + insufficient demand." Currently, the industry's silicon wafer inventory is about 34GW. Downstream battery manufacturers are mainly destocking, and new orders are strictly replenished. Silicon inventory is high, and cost-end support expectations are weakening. Some manufacturers are actively offering price concessions to ensure shipments near the end of the year. Silicon wafer output was stable in November, supply did not shrink significantly, demand was weak, and inventories were still in a state of accumulation.