Group 1: Report Industry Investment Rating - Industrial silicon: Bearish; Polysilicon: Sideways [4] Group 2: Core Viewpoints of the Report - The production plan of large Xinjiang factories will have a significant impact on the industrial silicon fundamentals. The polysilicon market is facing issues such as high inventory and difficulty in spot transactions, and its price increase depends on production cuts and downstream price trends. The prices of organic silicon, silicon wafers, battery cells, and components are all under pressure, and their price rebounds may rely on administrative measures [11][12][15] Group 3: Summary by Relevant Catalogs 1. Industrial Silicon/Polysilicon Industry Chain Prices - The Si2509 contract of industrial silicon decreased by 50 yuan/ton to 7980 yuan/ton week-on-week. The spot price of East China oxygenated 553 increased by 450 yuan/ton to 8750 yuan/ton, and the price of Xinjiang 99 increased by 350 yuan/ton to 8050 yuan/ton. The PS2508 contract of polysilicon increased by 2195 yuan/ton to 35510 yuan/ton, and the transaction price of N-type re-feeding material increased by 300 yuan/ton to 34700 yuan/ton [9][10] 2. Polysilicon Policy Game, Pay Attention to Shorting Opportunities on Industrial Silicon Rebounds - **Industrial Silicon**: The industrial silicon futures fluctuated this week. Yunnan and Sichuan increased their furnace openings, while Xinjiang reduced production. The weekly output was 72,000 tons, a week-on-week decrease of 3.92%. The social inventory increased by 10,000 tons, and the sample factory inventory decreased by 23,000 tons. If the large factory maintains 48 furnaces in operation, the industrial silicon may see a monthly inventory reduction of 60,000 tons; if it resumes full production at the eastern base, it may see a monthly inventory increase of 30,000 tons [11] - **Organic Silicon**: The price of organic silicon remained stable this week. Some factories carried out maintenance or reduced production, and some resumed work. The overall enterprise operating rate was 70.44%, the weekly output was 46,600 tons, a week-on-week decrease of 0.21%, and the inventory was 49,500 tons, a week-on-week decrease of 1.39%. It is expected that the price will mainly operate stably [11][12] - **Polysilicon**: The main contract of polysilicon futures rose significantly this week. The N-type re-feeding material price increased to 36 yuan/kg on July 2. However, the downstream silicon wafers are in a cash loss state, and the spot is difficult to trade. In July, the polysilicon production schedule will increase to 107,000 tons, leading to a monthly surplus. As of July 3, the inventory of Chinese polysilicon factories was 272,000 tons, a week-on-week increase of 2,000 tons [12] - **Silicon Wafers**: The price of silicon wafers continued to decline this week. The inventory of silicon wafer factories was 19.22GW as of July 3, a week-on-week decrease of 0.89GW. It is expected that the production schedule in July will be adjusted down to about 52GW, and the price has a sign of stopping falling [13] - **Battery Cells**: The price of battery cells continued to decline this week. The inventory of Chinese photovoltaic battery export factories was 11.53GW as of June 30, a week-on-week decrease of 4.8GW. It is expected that the production schedule in July will be adjusted down to about 50GW, but the production reduction may be insufficient, and the inventory will still accumulate. The price may continue to decline [13] - **Components**: The price of components continued to decline this week. The initial production schedule of component factories in July is about 45GW, and the price is difficult to be supported fundamentally. The price rebound may rely on administrative measures [14] 3. Investment Recommendations - **Industrial Silicon**: It is recommended to pay attention to shorting opportunities on industrial silicon rebounds, and pay attention to position management when building positions on the left side [15] - **Polysilicon**: It is recommended to wait and see. Consider taking profit on the PS2508 - 2509 positive spread at an appropriate time [15] 4. Hot News Summary - In May 2025, the utilization rate of national photovoltaic power generation was 94.2%, and that of wind power was 93.2% [16] - The first - phase 25GW monocrystalline silicon wafer project of Trina Solar's Huai'an base was completed and put into operation, and the second - phase project is under construction. The total planned investment of the project is 30 billion yuan [16] - On July 3, Tongwei Co., Ltd.'s subsidiary completed a strategic capital increase of 4.916 billion yuan and introduced 11 strategic investors [17]

作者 | 独行侠 数据支持 | 勾股大数 据（www.gogudata.com） 7月2日以来，A股光伏板块迎来了久旱逢甘霖的行情。其中，亚玛顿、亿晶光电3个交易日分别大涨33%、26%。 市值大块头的大全能源、通威股份均大涨超10%。 7月1日，第六次中央财经委员会召开，里面有一段很关键的表述： 依法依规治理企业低价无序竞争，引导企业提 升产品品质，推动落后产能有序退出 。 这段话含金量十足，给接下来（新兴）过剩行业产能退出进行了明确定调。 | 序号 | 证券代码 | 证券简称 | 区间张跌幅 [起始交易日期] 2025-7-2 | 总市值1 | 校見日期 2025-7-4 | | --- | --- | --- | --- | --- | --- | | | | | [截止交易日期] 2025-7-4 [章位] %↓ | [单位] 亿元 | | | 1 | 002623.SZ | 亚玛顿 | | 33.1410 | 41.3453 | | N | 600537.SH | 亿晶米电 | | 25.9516 | 43.0872 | | 3 | 688303.SH | 大全能源 | 勾股大数据 | 18.606 ...

Core Insights - The article highlights the recent trends in financing events within various industries, indicating a total of 108 financing events this week, with a total amount of approximately 11.37 billion RMB, marking an increase from the previous week [4][12]. Financing Overview - This week, there were 108 financing events (excluding mergers and acquisitions), an increase of 4 from last week, with a total financing amount of approximately 11.37 billion RMB, up by 4.64 billion RMB [4]. - Among these, 28 events had financing amounts of 100 million RMB or more, an increase of 6 from last week [4]. - There were 32 public exit cases this week, a decrease of 4 from last week [4]. Financing Amount Distribution - The distribution of disclosed financing events shows 70 events, with amounts ranging as follows: - 5 events below 5 million RMB - 22 events between 5 million and 10 million RMB - 13 events between 10 million and 50 million RMB - 18 events between 50 million and 100 million RMB - 9 events between 100 million and 500 million RMB - 2 events between 500 million and 1 billion RMB - 1 event over 1 billion RMB [5]. Notable Investment Events 1. **Photovoltaic Materials**: Tongwei Co., Ltd. announced that its wholly-owned subsidiary, Yongxiang Co., completed a strategic financing round of approximately 4.916 billion RMB, with funds primarily used for repaying financial institution debts and supplementing working capital [7]. 2. **AI Large Models**: Zhizhu completed a strategic financing round of 1 billion RMB, aimed at building an open platform for model-as-a-service (MaaS) and enhancing AI infrastructure in Shanghai [8]. 3. **AI Chips**: Zhenliang Intelligent announced nearly 1 billion RMB in strategic financing, focusing on high-performance GPU development [9]. 4. **Autonomous Driving Software**: Tiantong Vision completed a D round financing of 500 million RMB, aimed at promoting Robotaxi deployment nationwide [9]. Industry Distribution - The financing events this week spanned 13 industries, with the top five being: - Information Technology: 26 events - Electronics: 25 events - Equipment Manufacturing: 14 events - Healthcare: 10 events - Materials: 9 events [12]. - In terms of financing amount, the top five industries were: - Materials: 49.16 billion RMB (due to Yongxiang's large financing) - Electronics - Information Technology - Equipment Manufacturing - Automotive [14]. Regional Distribution - The top five regions for financing events were: - Guangdong: 17 events - Jiangsu: 17 events - Zhejiang: 16 events - Shanghai: 13 events - Beijing: 13 events - These regions accounted for 70.37% of all financing events [19][20]. Financing Round Distribution - The distribution of financing rounds showed that seed and angel rounds accounted for 59 events, while strategic financing ranked third with 21 events. Early-stage financing (A round and earlier) accounted for 58.33% of the total events [23]. Investment Institutions - A total of 97 investment institutions participated this week, with notable activity from Beijing Guoguan and Jinpu Investment [26].

Core Viewpoint - The photovoltaic industry is experiencing severe challenges, with many companies facing bankruptcy and an oversupply of production capacity, leading to continuous price declines and financial losses across the sector [4][5][6][8]. Group 1: Industry Status - As of 2024, at least 70 photovoltaic companies have filed for bankruptcy, primarily affecting small and medium-sized enterprises, with 40% of these bankruptcies occurring in the battery and module segments [8]. - The "installation rush" in the first half of the year led to a record high of 198 GW of new installations from January to May, yet prices across the photovoltaic supply chain continue to decline [6][9]. - The industry is in a prolonged "hell" phase, with companies bleeding cash while waiting for a balance between supply and demand [6][12]. Group 2: Financial Performance - In 2024, 40% of the 138 listed photovoltaic companies reported losses, with the top 10 loss-making companies collectively losing over 53 billion yuan [19][21]. - Major companies like Longi Green Energy and JinkoSolar reported significant losses in the first quarter of 2025, with combined losses nearing 8.4 billion yuan [20][21]. Group 3: Capacity and Market Dynamics - As of the end of 2024, the production capacity for key segments in the photovoltaic supply chain is significantly higher than the projected global installation capacity, indicating a severe oversupply [15]. - The expansion of production capacity has not ceased, with numerous projects initiated in 2024, leading to further potential oversupply issues [15][16]. - The presence of state-owned enterprises acquiring struggling companies has hindered the necessary market corrections, allowing many non-competitive firms to remain operational [16][17]. Group 4: Future Outlook and Recommendations - Industry experts suggest that without strong regulatory measures, the current cycle of overcapacity and price wars will continue, potentially leading to the exit of major players [21][22]. - Proposed solutions include market-driven mergers and acquisitions, technological elimination mechanisms, and policy enforcement to manage capacity effectively [22].

Group 1 - The core viewpoint of the article highlights the increase in financing events in the domestic primary market, with a total of 93 events reported this week, up by 5 from the previous week, and a total financing scale of 10.248 billion RMB [2] - The average financing amount per event is 301 million RMB, with 34 events disclosing their financing amounts [2] - The most active sectors in terms of financing events are intelligent manufacturing, artificial intelligence, and healthcare, with 21, 19, and 9 events respectively [4] Group 2 - In terms of disclosed financing amounts, the energy and power sector leads with a total financing scale of approximately 4.434 billion RMB, highlighted by Yongxiang Co., which completed nearly 4.916 billion RMB in Series A financing [4] - The intelligent manufacturing sector follows with a disclosed financing total of 2.603 billion RMB, including nearly 1 billion RMB in angel round financing for high-performance GPU developer Sunrise [4] - The early-stage companies dominate the financing events with 68 out of 93 events, while 19 are in the growth stage and 6 in the later stage [12] Group 3 - The geographical distribution of financing events shows Jiangsu leading with 19 events, followed by Guangdong with 17 events, and Beijing and Shanghai each with 13 events [10] - The total disclosed financing in Jiangsu is 1.645 billion RMB, while Guangdong's total is 589 million RMB [10] - The report also notes a decrease in disclosed M&A events, with 10 reported this week, down by 6 from the previous week, primarily in intelligent manufacturing, enterprise services, and environmental protection sectors [28] Group 4 - Notable M&A activity includes Huaxing New Energy acquiring 100% of biomass power technology service provider Changqing Environmental Protection for 401 million RMB [28] - Other M&A transactions include Jiatuo Pharmaceutical being acquired for 15 million RMB and Jintong Customs being acquired for approximately 1.014 million RMB [29][30]

7月3日，工业和信息化部党组书记、部长李乐成主持召开第十五次制造业企业座谈会，聚焦光伏产业高 质量发展。李乐成强调，要依法依规、综合治理光伏行业低价无序竞争，引导企业提升产品品质，推动 落后产能有序退出，实现产业健康、可持续发展。 广州瑞锋企业管理有限公司董事长朱锐铿在接受《证券日报》记者采访时表示，这一举措为处于"内 卷"困境中的光伏企业进一步指明了方向。众多企业已经行动起来，积极投身"反内卷"行动。 政策面指明方向 产业链积极响应 在工信部以及行业协会的引导下，光伏产业链上市公司积极响应"反内卷"号召，从技术研发、海外拓展 等方面着手，共同推动行业高质量发展。 在硅料环节，龙头公司通威股份（600438）有限公司通过优化产能结构和提升技术水平，在行业内带头 推动硅料环节整合。此外，协鑫集团公开表示，公司正与通威股份有限公司联手，全力以赴加快行业供 给侧结构性改革，推动行业整合产能去化。 近年来，虽然我国光伏产业发展迅猛，在全球占据领先地位，但也面临着严重的"内卷"问题。据 Infolink数据，截至2024年末，中国厂商的硅料、硅片、电池、组件四大主产业链产能分别为1360GW、 1154GW、1056G ...

Index Performance - The CSI A500 Index increased by 1.32% this week, closing at 4662.51 points on July 4 [4] - The average daily trading volume for the week was 18341.42 billion yuan, with a week-on-week decrease of 9.22% [4] Top Performing Stocks - The top ten stocks with the highest gains this week included: 1. Tian Shou Pharmaceutical (600521.SH) with a gain of 23.34% 2. Daqian Energy (688303.SH) with a gain of 22.18% 3. Junshi Biosciences (688180.SH) with a gain of 18.93% 4. Lepu Medical (300003.SZ) with a gain of 17.99% 5. Giant Network (002558.SZ) with a gain of 17.42% 6. Tongwei Co., Ltd. (600438.SH) with a gain of 17.32% 7. Hualing Steel (000932.SZ) with a gain of 15.37% 8. Pengding Holdings (002938.SZ) with a gain of 14.57% 9. Shenzhou Taiyue (300002.SZ) with a gain of 13.70% 10. Dongshan Precision (002384.SZ) with a gain of 13.36% [3] Underperforming Stocks - The ten stocks with the largest declines this week included: 1. Hengxuan Technology (688608.SH) with a loss of 33.40% 2. Huazhi Shihua (688120.SH) with a loss of 32.34% 3. Northern Huachuang (002371.SZ) with a loss of 22.87% 4. Weining Health (300253.SZ) with a loss of 8.77% 5. China Eastern Airlines (600115.SH) with a loss of 7.07% 6. Xingyuan Material (300568.SZ) with a loss of 6.99% 7. Cambricon Technologies (688256.SH) with a loss of 6.50% 8. Beiyi Innovation (603986.SH) with a loss of 5.93% 9. Jixiang Airlines (603885.SH) with a loss of 5.84% 10. New Zhou Bang (300037.SZ) with a loss of 5.49% [3] Fund Performance - This week, 38 CSI A500 funds collectively rose, with Pu Yin An Sheng leading at a 1.72% increase [5] - The top three funds by size were Huatai-PB (200.88 billion yuan), Guotai (181.5 billion yuan), and GF Fund (174.22 billion yuan) [5] Market Trends - A new trend has emerged in the Hong Kong stock market where A-share listed technology companies are increasingly pursuing secondary listings in Hong Kong [7] - The secondary listings provide diversified financing channels and enhance international market recognition for the companies [7] - The median discount rate for five companies planning secondary listings in Hong Kong is approximately -17% [7] - The core factors driving asset performance are expected to shift from external to internal influences in the second half of the year [7]

Group 1 - The China Securities Photovoltaic Industry Index (931151) decreased by 0.70% as of July 4, 2025, with mixed performance among constituent stocks [1] - Leading stocks included Lin Yang Energy (601222) up 4.55%, Daqo New Energy (688303) up 3.58%, and Kehua Data (002335) up 2.35%, while Jinlang Technology (300763) led the decline at 3.67% [1] - The Photovoltaic Leaders ETF (159609) saw an active trading session with a turnover of 7.55% and a transaction volume of 20.52 million yuan, reflecting a vibrant market [1] Group 2 - The article emphasizes the need to break away from "involution" competition to achieve high-quality development, advocating for market-oriented reforms and the elimination of local protectionism [1] - The report highlights the importance of institutional guidance for healthy competition and acknowledges the role of industry associations and corporate self-discipline [1] - Current efforts by GCL-Poly Energy and Tongwei Co. to promote capacity consolidation in the polysilicon industry align with policy directions and are expected to receive support [1] Group 3 - The Photovoltaic Leaders ETF closely tracks the China Securities Photovoltaic Industry Index, which selects up to 50 representative listed companies in the photovoltaic industry chain [2] - The index's valuation is at a historical low, with a latest price-to-book ratio (PB) of 1.8, indicating significant value [2] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 55.39%, including companies like Sungrow Power Supply (300274) and LONGi Green Energy (601012) [2]

Group 1 - The current pace of industry clearing is significantly lagging, with chaotic competition and inefficient capacity difficult to exit, indicating that the complexity of the industry far exceeds market economic rules [1][2] - The Ministry of Industry and Information Technology (MIIT) has initiated measures to address low-price disorder in the photovoltaic industry, emphasizing legal compliance and guiding companies to enhance product quality [2] - Despite rising expectations for production cuts, prices across the photovoltaic industry chain continue to be under pressure due to weak demand following the end of the installation rush, with silicon wafer prices down approximately 20% and silicon material prices down 16% compared to late February [2][3] Group 2 - Global new installed capacity is expected to reach 520 GW in 2025, with a year-on-year growth rate declining to -5%, indicating a downward trend in growth [3] - In the domestic market, the implementation of the "136 Document" in 2025 is anticipated to further slow down the overall installed capacity growth, with projections of approximately 240-250 GW of new installations, reflecting a year-on-year decline of about 10% [3] - The price of silicon materials has stabilized recently, driven by unclear recovery expectations and policy implementation, although the market remains cautious due to inventory and weak demand [3][4] Group 3 - Silicon wafers are influenced by both upstream silicon material supply and downstream demand, with recent collective price support actions from silicon material manufacturers potentially providing support for silicon wafer prices [4] - N-type battery prices have declined, with average prices for various types falling below cash costs, indicating a pessimistic outlook for future price trends [4] - Component prices are currently stable, with future performance dependent on whether upstream segments can maintain price levels [4] Group 4 - Goldman Sachs predicts that the turning point for photovoltaic capacity may occur in the second half of 2026, with high-cost capacity expected to exit on a large scale starting in 2025 [5] - The average cash profit margin for the photovoltaic industry is projected to reach a turning point by the end of 2025, based on three main factors: the need for capacity exit to undergo 2-3 years of financial loss testing, the time lag between demand growth and capacity digestion, and slow adjustments in technology, policy, and trade environments [5]

Core Viewpoint - The "Gelonghui Golden Award" ESG Excellence Company selection recognizes companies that excel in environmental, social, and governance dimensions, contributing to China's dual carbon goals and setting benchmarks for long-term value in the capital market [1][2]. Group 1: Award Winners - Twelve companies were awarded the "ESG Sustainable Development Excellence Enterprise" title, including Fourth Paradigm (06682.HK), JinJing New Energy (01783.HK), Kangqiao Yuelife (02205.HK), Ping An Good Doctor (01833.HK), AAC Technologies (02018.HK), Shoucheng Holdings (00697.HK), Tongwei Co., Ltd. (600438.SH), Yaoshi Bang (09885.HK), Zhaojin Mining (01818.HK), China Chunlai (01969.HK), China Reinsurance (01508.HK), and China Nuclear International (02302.HK) [1]. - The ranking of the awarded companies is in alphabetical order and does not indicate any specific order of merit [1]. Group 2: Evaluation Criteria - The selection process involved quantitative data analysis and evaluation by an expert panel to determine the final results [1]. - The award aims to highlight companies that actively promote green transformation and social responsibility through transparent governance [1]. Group 3: Scope of the Selection - The ESG Excellence Company selection covers all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [2]. - The initiative is designed to create a reference value ranking of outstanding companies in the ESG field within the investment community [2].