Data from TrendForce indicates that polysilicon inventory still exceeds 570,000 tons, with significant oversupply pressure. This month, domestic polysilicon enterprises continue to cut production, with total monthly silicon material output expected to drop to approximately 95,000 tons. However, this remains slightly in surplus relative to downstream wafer pulling demand, and the inventory accumulation trend is slowing. Wafer inventory is approximately 27GW, with ample supply. Downstream cell demand provides insufficient support, inventory pressure remains unresolved, some enterprises are shipping at low prices, and prices continue to show a weak and stable trend. Domestic centralized photovoltaic projects have entered the year-end installation wrap-up phase. Orders for 210-size modules are increasing in delivery, while demand for other sizes is weak. The terminal market is mainly driven by rigid demand and the delivery of previously won bids, with subdued trading sentiment.