TONGWEI CO.,LTD(SH:600438) Rui Da Qi Huo·2025-05-21 09:21Group 1: Report Industry Investment Rating - Not provided Group 2: Report's Core View - With the approaching of the wet season, power - cost advantages in Yunnan and Sichuan are emerging, accelerating the resumption of production of local industrial silicon enterprises. The overall demand for industrial silicon from its three major downstream industries is declining, and the large number of warrants exerts significant delivery pressure on the market, suppressing price increases. It is recommended to maintain a short - selling strategy for medium - to long - term operations [2] Group 3: Summary According to Relevant Catalogs Futures Market - The closing price of the main contract is 7865 yuan/ton, a decrease of 45 yuan; the position volume of the main contract is 192,802 lots, a decrease of 596 lots; the net position of the top 20 is - 29,280 lots, a decrease of 8,682 lots; the warrant volume on GZEE is 65,653 lots; the price difference between the July - August contracts is - 25 yuan, an increase of 5 yuan [2] 现货市场 - The average price of oxygen - passing 553 silicon is 8,700 yuan/ton, a decrease of 100 yuan; the average price of 421 silicon is 9,600 yuan/ton, a decrease of 100 yuan; the basis of the Si main contract is 835 yuan/ton, a decrease of 55 yuan; the DMC spot price is 11,680 yuan/ton, unchanged [2] Upstream Situation - The average price of silica is 410 yuan/ton, the average price of petroleum coke is 1,930 yuan/ton, the average price of clean coal is 1,850 yuan/ton, the average price of wood chips is 540 yuan/ton, and the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, all unchanged [2] Industry Situation - The monthly output of industrial silicon is 335,750 tons, an increase of 46,400 tons; the weekly social inventory of industrial silicon is 599,000 tons, an increase of 3,000 tons; the monthly import volume of industrial silicon is 2,211.36 tons, an increase of 71.51 tons; the monthly export volume of industrial silicon is 52,919.65 tons, a decrease of 12,197.89 tons [2] Downstream Situation - The weekly output of organic silicon DMC is 39,200 tons, a decrease of 300 tons; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, unchanged; the average price of aluminum alloy ADC12 in the Yangtze River spot market is 20,500 yuan/ton, unchanged; the weekly average spot price of photovoltaic - grade polysilicon is 4.3 US dollars/kg, a decrease of 0.04 US dollars/kg; the monthly export volume of unforged aluminum alloy is 18,176.9 tons; the weekly operating rate of organic silicon DMC is 59.57%, a decrease of 0.48 percentage points; the monthly output of aluminum alloy is 1.655 million tons, an increase of 103,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a decrease of 337.93 tons [2] Industry News - On May 20, Tongwei Co., Ltd. held its 2024 annual general meeting. The management team emphasized confidence in the long - term development of the photovoltaic industry despite the current downturn. As the wet season approaches, power - cost advantages in Yunnan and Sichuan are emerging, accelerating the resumption of production of local industrial silicon enterprises [2]