多晶硅（硅料）

Polysilicon is refined from metallurgical-grade silicon via either the Siemens process (traditional, higher quality) or fluidized bed reactor (FBR, cheaper). Global polysilicon production is dominated by China (~80%), with major producers in Xinjiang (GCL-Poly, Daqo, East Hope, TBEA) and other regions. UFLPA affects Xinjiang polysilicon for US market. Price hit $5.5/kg low in late 2024, trading $7-9/kg in Q1 2026, expected to rise to $10-12/kg by end 2026. Polysilicon cost contributes ~8-15% of module price.