Zheng Quan Shi Bao·2025-11-17 23:54Core Insights - The recent volatility in the prices of upstream raw materials like polysilicon has led listed companies in the new energy sector to increase their participation in the futures market for risk management [1][2] - In October alone, the number of listed companies announcing hedging activities reached 458, a 2.3-fold increase year-on-year, indicating a growing awareness of price risk management [1][5] Group 1: Company Actions - Camel Group announced a maximum trading margin and option premium of 90 million yuan for futures hedging to mitigate risks from raw material price fluctuations [2] - JinkoSolar plans to increase its maximum margin for futures hedging from 660 million yuan to 1.5 billion yuan, with a maximum contract value of 10.3 billion yuan, enhancing its financial stability [2] - EVE Energy adjusted its hedging limits, raising the maximum margin from 350 million yuan to 1 billion yuan, and the maximum contract value from 3.5 billion yuan to 8.5 billion yuan [2] Group 2: Market Trends - Polysilicon prices have experienced significant fluctuations, with a drop of 38.6% from 56,000 yuan/ton to 34,400 yuan/ton in the first half of 2025, leading to losses for many small and medium enterprises [3] - Following a rebound driven by "anti-involution" policies, polysilicon prices rose by 36.9% within a month, reaching 47,100 yuan/ton [3] - The futures market for polysilicon saw a record high of 57,945 yuan/ton on September 5, marking a 91% increase from late June [3] Group 3: Industry Outlook - The polysilicon market is expected to maintain a wide range of high-level fluctuations due to the interplay between policy expectations and market fundamentals [4] - The domestic polysilicon production is projected to be around 382,000 tons in Q4, a slight increase of 3% year-on-year, while the total production for 2025 is expected to decrease by 27.3% to approximately 1.34 million tons [4] - The industry is facing a need for nearly 100 billion yuan in funding to support potential storage initiatives aimed at stabilizing prices amid rapid capacity expansion [5] Group 4: Participation in Hedging - The number of listed companies engaging in hedging activities is expected to exceed 2,000 by the end of the year, reflecting a strong demand for new risk management tools [5] - In the first ten months of the year, 1,737 A-share listed companies issued hedging-related announcements, a year-on-year increase of 15.6% [5] - The electronics, basic chemicals, and power equipment sectors have the highest number of companies participating in hedging, with participation rates exceeding 40% in several industries [6]