XINTE ENERGY (01799) fell nearly 4% during the trading session. As of the time of writing, the stock was down 3.11%, trading at HK$7.47, with a turnover of HK$6.0938 million. On the news front, on January 8th, the main polysilicon futures contract hit the daily limit down, falling 9% to 53,610 yuan per tonne. According to industry analysis, on the supply side, current polysilicon inventories have surpassed 480,000 tonnes, and the trend of inventory accumulation remains unchanged. Although leading manufacturers such as Tongwei have managed to achieve some shipments by bundling "low-priced old orders with high-priced new orders," overall supply pressure remains significant. It is anticipated that, constrained by industry self-discipline quotas, manufacturers will resort to substantial production cuts to control supply. Huatai Futures recently pointed out that polysilicon prices are expected to fluctuate within the range of 54,000 to 60,000 yuan per tonne. The risk control measures implemented by the Guangzhou Futures Exchange, which raised margin requirements, have increased the threshold for trading positions, thereby dampening market sentiment. The combination of inventory pile-up and supply-side pressure, resulting in fewer high-price transactions, is likely the reason for the day's price decline. In the short term, market focus should be on new wafer pricing and January production schedules; over the medium to long term, attention must be paid to the implementation of storage policies and the progress of inventory drawdown.