Recently, the Power Industry Planning Research and Monitoring and Early Warning Center released the national new energy grid integration and consumption data for November 2025. According to the data table, the photovoltaic power generation utilization rate in November was 93.7%, while the cumulative utilization rate from January to November was 94.8%. The wind power utilization rate in November was 93.1%, with a cumulative rate of 94.3% from January to November.

PriceSeek analyzed polysilicon, assigning a long-short score of 1.5. The article indicates that the photovoltaic power generation utilization rate reached 93.7% in November 2025, with a cumulative rate of 94.8% from January to November. This suggests smooth grid integration and consumption of new energy, reflecting strong demand in the photovoltaic industry. This will directly increase the consumption of polysilicon as a key raw material, which is favorable for the upward movement of spot prices.

Considering the polysilicon futures market, although recent contracts such as 2605 (closing price: 53,610 yuan/ton, change: -3,080) show a short-term price decline, this demand-driven positive factor may boost market confidence and support a rebound in long-term futures prices. Particularly against the backdrop of high utilization rates, expectations for photovoltaic installation growth are strengthening, which has a neutral-to-bullish impact on polysilicon futures.