Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - This week (June 13 - June 20, 2025), the spot price of industrial silicon started to stop falling and rise slightly, with the benchmark spot price reaching 7,635 yuan/ton on June 20, 2025, up 1.3% from 7,537 yuan/ton on June 13. In the futures market, the main contract of industrial silicon continued to rebound but did not break through last week's high, with the highest transaction price at 7,565 yuan/ton and the latest transaction price at 7,390 yuan/ton, a weekly increase of 1.51%. The main contract's open interest was about 305,500 lots, and trading volume increased[8]. - The supply of industrial silicon has increased. In the southwest region, some enterprises do not plan to start furnaces due to low market prices and high inventory, while a few enterprises with electricity subsidies have increased furnace starts. In the northwest region, the number of silicon furnaces has increased, mainly due to increased production by large enterprises. Overall, the total number of furnace starts has increased this week, and the market supply is sufficient, mainly in the northwest region. There is still pressure on the supply side, even though most 99 - grade silicon producers have shut down for maintenance[8]. - The demand for industrial silicon is weak. The photovoltaic industry association has reported "self - disciplined" production cuts, which is a significant negative for the end - market. Most polysilicon producers are operating at reduced loads, with mixed production schedules. The silicon powder market has few tenders, and the purchasing enthusiasm is low, so the industrial silicon price has limited room for increase. The aluminum alloy industry's demand for industrial silicon is average, and exports have decreased. In May 2025, China's industrial silicon exports were 55,600 tons, a month - on - month decrease of 8.02% and a year - on - year decrease of 22.47%. From January to May 2025, China's total industrial silicon exports were 272,300 tons, a year - on - year decrease of 10.31%[8]. - The overall production cost of industrial silicon is stable, and it is expected that the electricity cost in various regions will further decline in July. The spot profit is stable, and the futures profit has increased due to the rising futures price[8]. - This week, the standard warehouse receipt inventory was mostly in a destocking state. Silicon powder enterprises made small - scale stockpiling, but due to the rising futures price, some silicon powder factories reduced their demand. Due to the adjustment of the current spot - futures basis, there was a small release of 421 - grade warehouse receipts[8]. - Looking ahead, the overall production in the southwest region has slightly increased, downstream demand remains weak, and there is a supply - demand mismatch for different grades. It is expected that the price will still be more likely to fall than rise[8]. - The report suggests that investors should short the 2509 contract on rallies or sell out - of - the - money call options when volatility is low. Traders or upstream enterprises are advised to sell call options to protect their inventory[8]. Summary by Relevant Catalogs 1. Week - on - Week Views and Hot News - **Hot News**: The China Photovoltaic Industry Association is discussing "production cuts to maintain prices," with expected production cuts of 10% - 15% in the third quarter. Strict policies against "below - cost sales" and "substandard product sales" will be implemented. The National Development and Reform Commission's governance ideas for "involution - style competition" are in line with the current difficulties in the industrial silicon industry. There are rumors that Tongwei is promoting measures such as capacity acquisition and storage, and the government may introduce policies to re - position photovoltaics as energy products. In 2025, the US - China tariff war continued, and the National Energy Administration released the "2025 Energy Work Guidance Opinion"[7]. - **Week - on - Week Views**: As mentioned above, covering price trends, supply, demand, cost - profit, inventory, outlook, and trading strategies[8]. 2. Industry Structure - The industrial silicon industry chain includes raw materials such as petroleum coke, charcoal, and silicon ore, and downstream products such as organic silicon, polysilicon, and aluminum alloy, which are widely used in electronics, construction, and other industries[11]. 3. Spot and Futures Markets - Multiple charts show the spot prices of different grades of industrial silicon (such as 553 and 421) in different regions (e.g., Tianjin Port, Kunming Port), as well as the closing and settlement prices of continuous and active futures contracts[13][24][33]. 4. Inventory - Charts display the inventory of industrial silicon in the industry, factories, the market, and futures, with data sources from Baichuan Yingfu and the research institute[48][50]. 5. Cost and Profit - Charts show the comprehensive profit and cost of industrial silicon, electricity prices in major and non - major production areas, the prices of raw materials such as silicon ore, petroleum coke, and electrodes, and the cost and profit of polysilicon[57][61][93]. 6. Supply - Charts present the weekly and monthly production of industrial silicon, the operating rate, and monthly production capacity. There are also plans for new production capacity in multiple enterprises in Xinjiang, Yunnan, and Inner Mongolia, with a total planned new capacity of 3 million tons[110][114][117]. 7. Demand - Charts show the consumption breakdown and structure of industrial silicon, the production, price, inventory, and cost - profit of polysilicon, the price, production, cost, and profit of organic silicon, the production, inventory, and operating rate of aluminum alloy, and the production and price of solar cells[120][124][133]. 8. Import and Export - Charts display the import and export volumes of industrial silicon and polysilicon, with data from the General Administration of Customs[174][179].

1. Report Industry Investment Rating - Industrial silicon: Oscillation - Polysilicon: Oscillation [4] 2. Core Viewpoints of the Report - The current supply - demand fundamentals of industrial silicon do not support a significant rebound in spot prices, and the futures market is expected to oscillate at a low level. For polysilicon, before the leading enterprises cut production, the fundamentals are bearish for the market, and a short - term short and long - term long strategy can be considered [1][2][3] 3. Summary by Relevant Catalogs 3.1 Industrial Silicon/Polysilicon Industry Chain Prices - The Si2509 contract of industrial silicon increased by 110 yuan/ton week - on - week to 7390 yuan/ton. The SMM spot price of East China oxygen - fed 553 remained flat at 8150 yuan/ton, and the price of Xinjiang 99 remained flat at 7600 yuan/ton. The PS2508 contract of polysilicon decreased by 1550 yuan/ton week - on - week to 31220 yuan/ton. The transaction price of N - type re - feeding material was 34400 yuan/ton, a week - on - week decrease of 2300 yuan/ton [9] 3.2 Supply - side Rumors of Resumption of Production, Excess Pattern Remains Unchanged 3.2.1 Industrial Silicon - This week, the industrial silicon futures oscillated. Xinjiang and Sichuan increased the number of furnaces by 8 and 1 respectively, while Qinghai, Liaoning, and Jilin decreased by 1, 2, and 1 respectively. The weekly output was 76,600 tons, a week - on - week increase of 4.9%. The SMM industrial silicon social inventory decreased by 13,000 tons week - on - week, and the sample factory inventory decreased by 10,000 tons week - on - week. The resumption of production is greater than the reduction, and the demand has no obvious improvement. The balance sheet may accumulate inventory from June to July, and the price is expected to oscillate at a low level [11] 3.2.2 Organic Silicon - This week, the price of organic silicon continued to fall. Some enterprises entered maintenance or reduced production. The overall enterprise start - up rate was 70.29%, the weekly output was 46,500 tons, a week - on - week decrease of 0.21%. The inventory was 50,900 tons, a week - on - week increase of 2.83%. The price is expected to continue to face downward pressure [11] 3.2.3 Polysilicon - This week, the main contract of polysilicon futures declined significantly. After the SNEC exhibition, the signing price of polysilicon declined again. The downstream pressured prices severely. The production schedule for June was raised to 100,000 tons, and it is tentatively expected to be 107,000 tons in July. As of June 19, the inventory of Chinese polysilicon factories was 262,000 tons, a week - on - week decrease of 13,000 tons. Before the leading enterprises cut production, the price is expected to continue to fall [2][12] 3.2.4 Silicon Wafers - This week, the price of silicon wafers continued to fall. As of June 19, the inventory of silicon wafer factories was 18.74GW, a week - on - week decrease of 0.6GW. The production schedule for June was 55GW, and it is expected to be about 54GW in July. The price is expected to continue to be under pressure [12] 3.2.5 Battery Cells - This week, the price of battery cells continued to fall. The production schedule for June was expected to be 53GW, and it was still in the stage of inventory accumulation. As of June 16, the inventory of Chinese photovoltaic battery export factories was 16.19GW, a week - on - week increase of 1.21GW. If there is no significant reduction in supply, the price is expected to continue to fall [13] 3.2.6 Components - This week, the price of components decreased. The production schedule for June was about 50GW, a month - on - month decrease of 10%. It is expected that the demand will weaken further from July to August. The overall production schedule decline is slow, and the price is expected to continue to fall [14] 3.3 Investment Recommendations 3.3.1 Industrial Silicon - The futures market is relatively strong this period, but the fundamentals do not support a significant rebound in spot prices. If the market rebounds, it gives silicon factories a new hedging opportunity. It is expected that the market will oscillate at a low level, and short - selling with a light position can be considered after the rebound [3][15] 3.3.2 Polysilicon - Before the leading enterprises cut production, the fundamentals are bearish for the market. A short - term short and long - term long strategy can be considered. The key lies in the production - cut actions of leading enterprises. There will be a game between long and short positions in the market [3][15] 3.4 Hot News Collation - Pakistan plans to impose an 18% VAT on imported solar panels and photovoltaic cells in the 2025 - 2026 fiscal year to support local manufacturers. Argentina's first photovoltaic component factory is about to open, with an initial production capacity of 450MW and a target of 1GW in the future. Sichuan Province supports Yibin City to build a photovoltaic industrial park, with a total investment of 135.3 billion yuan in the photovoltaic industry chain [16][17] 3.5 Industry Chain High - frequency Data Tracking - The report provides various high - frequency data charts for industrial silicon, organic silicon, polysilicon, silicon wafers, battery cells, and components, including price, profit, inventory, and production data [18][29][34]

Core Viewpoint - The company is preparing for its 2024 annual shareholder meeting, focusing on the approval of the 2024 financial report and dividend distribution plan, amidst a challenging economic environment that has impacted its profitability [1][35]. Meeting Details - The shareholder meeting is scheduled for June 26, 2025, at 14:00, with both on-site and online voting options available [1]. - The meeting will be hosted by the company's chairman, Mr. Luo Liguo [1]. Shareholder Rights and Responsibilities - Shareholders are entitled to various rights, including speaking, questioning, and voting, and must adhere to the meeting's order and regulations [2][3]. - Shareholders must register and provide valid identification to participate in the meeting [2]. Financial Performance - In 2024, the company reported a revenue of RMB 26.69 billion, a slight increase of 0.41% year-on-year, but net profit decreased by 33.64% to RMB 1.74 billion due to economic fluctuations and declining product prices [12][33]. - The company’s total assets reached RMB 90.77 billion, reflecting an 8.91% increase from the previous year [33]. Operational Highlights - The company maintained its leading position in the industrial silicon and organic silicon sectors through refined management and technological innovation, achieving stable gross margins despite market price fluctuations [8][12]. - Significant projects include the production line for high-purity polysilicon and the carbon silicon particle project, which have commenced operations [8]. Research and Development - The company is enhancing its R&D capabilities, focusing on high-value downstream products and breaking through technological barriers in key materials [9][10]. - Investments in R&D are aimed at developing new products for emerging sectors such as 5G and electric vehicles [24]. Sustainability Initiatives - The company is committed to green development, aligning with national carbon reduction strategies, and is implementing measures to enhance energy efficiency and reduce carbon emissions [12][25]. - A digital transformation strategy is being pursued to improve operational efficiency and sustainability across the supply chain [11][25]. Future Plans - The company plans to optimize production management, enhance resource allocation, and continue investing in core business areas to maintain competitive advantages [23][24]. - Key initiatives for 2025 include strengthening the innovation management system and advancing digital transformation efforts [24][25].

603260 合盛硅业 合盛硅业股份有限公司 2024 年年度股东大会 会议资料 二〇二五年六月二十六日 | | | | | | 会议议程 一、会议时间 现场会议：2025 年 6 月 26 日（星期四）14 点 00 分 网络投票：2025 年 6 月 26 日（星期四）采用上海证券交易所股东大会网 络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日的交易时 间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时 间为股东大会召开当日的 9:15-15:00。 二、现场会议地点 浙江省慈溪市北三环东路 1988 号恒元广场 A 座 4 楼会议室 三、会议主持人 合盛硅业股份有限公司董事长罗立国先生（暂定） 四、会议审议事项 1、审议《关于<公司 2024 年度董事会工作报告>的议案》； 2、审议《关于<公司 2024 年度监事会工作报告>的议案》； 3、审议《关于<公司 2024 年度财务决算报告>的议案》； 8、审议《关于公司 2025 年度向金融机构申请综合授信额度的议案》； 9、审议《关于公司 2025 年度担保额度预计的议案》； 10、审议《 ...

2025 年 6 月 20 日 工业硅、多晶硅：下行周期，需求为锚 张航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 报告导读： 安 期 货 研 究 所 2025 年至今，工业硅、多晶硅盘面价格相较年初已呈现出很大跌幅，但我们认为价格仍未到达底部。目前，双硅均 处于库存高企、成本塌陷以及需求崩塌的格局之下。从 2025 年 4 月份开始，盘面的交易逻辑已更多转向为需求定价， 即需求成色很大程度上决定了盘面的涨跌。此时，成本估值逻辑开始失效，虽上游工厂复产或不减产具备各种各样的原 因，但最直观的解读或许为价格并未跌至真正的成本线位置。站在 6 月中旬的时间点，无论是工业硅还是多晶硅工厂， 均有继续复产的预期，此会给到三季度供应端进一步的边际增量。而此时需求尚未见底，在此情形下出现因短期扰动带 来的反弹将会是很好的做空机会。也即，在需求并未见底的路径之下，价格难言底部，甚至极端行情之中很有可能会击 穿静态现金成本线位置。因此整体来看，在终端需求好转之前，我们对工业硅、多晶硅期货均维持空配的思路。 工业硅供需平衡角度，三季度供需过剩，四季度供需转紧平衡。三季度供需双增，但受限于终端 ...

美联储再度维持利率不变 ，陆家嘴金融论坛 预期落空 [T报ab告le_日R期an：k] 2025-06-19 宏观策略（外汇期货(美元指数)） 日度报告——综合晨报 报 市场预计 6 月 30 日 USDA 将把美豆种植面积上调 50 万英亩至 8400 万英亩。昨日国内进口巴西豆成本上升，沿海油厂豆粕现 货报价小幅上涨，下游成交意愿高涨。 有色金属（铜） 统计局：中国 5 月铜材产量同比增长 13.4% 美联储继续按兵不动，市场对鹰派声明有所担忧，美元阶段转 强抑制铜价，预计盘面继续高位震荡可能性更大。 能源化工（液化石油气） 美联储再度维持利率不变 点阵图预示年底前将降息两次 美联储最新利率会议维持利率水平不变，但是远期降息预期次 数减少，美元指数震荡走强。 宏观策略（国债期货） 央行行长潘功胜在 2025 陆家嘴论坛上宣布八项重磅举措 综 陆家嘴金融论坛并未公布宽货币政策，市场预期落空，但国债 期货跌幅极有限，这说明市场做多情绪已经升温。建议尽快布 局多头仓位。 合 农产品（豆粕） 晨 USDA 周度出口销售报告前瞻 美国 C3 库存累库 美国 C3 累库速率降低，镇海外放目前尚未冲击民用气市场。 | ...

Industry Overview - The defoamer industry is experiencing rapid growth due to economic development and industrial upgrades, becoming an essential component in various sectors such as oil and gas extraction, automotive manufacturing, environmental engineering, and new synthetic materials [1][14] - The market size of China's defoamer industry is projected to grow from 4.75 billion yuan in 2018 to 5.87 billion yuan by 2024, with a compound annual growth rate (CAGR) of 3.59% [1][14] - The demand for defoamers in traditional industries like coatings, papermaking, and construction materials remains stable amid ongoing urbanization and infrastructure improvements [1][14] Defoamer Characteristics - Defoamers are substances that reduce surface tension in liquids to prevent or eliminate foam, impacting product quality and production processes [3][5] - Key properties of defoamers include strong defoaming ability, low dosage requirements, chemical stability, and safety [5][11] Industry Development History - The defoamer industry has evolved through four generations, starting with mineral oil and fatty acid-based products, followed by polyether defoamers, and currently dominated by silicone-based defoamers [6] Industry Chain - The defoamer industry chain consists of upstream raw materials (active ingredients, emulsifiers, carriers), midstream production, and downstream applications across various sectors including food, papermaking, water treatment, and more [9] Market Demand and Production - By 2024, China's defoamer production is expected to reach approximately 961,800 tons, with a demand of about 927,000 tons [13] - The increasing scale of industrial production and technological advancements are driving the demand for defoamers [13] Key Companies - Notable companies in the defoamer industry include Jiangsu Sixin Technology, Shenzhen Dayang New Materials, and Guangdong Tianfeng Defoamer, among others [2][19] - Jiangsu Sixin Technology, established in 1992, is a leading domestic defoamer manufacturer with a wide range of products across various industries [20] - Jiangsu Saiou Xinyue Defoamer Co., Ltd. focuses on high-performance defoamers and has a comprehensive application system covering multiple sectors [22] Industry Trends - The defoamer industry is moving towards green and multifunctional products, with an emphasis on biodegradable materials and integrated functionalities [25][26] - Innovations such as high-temperature resistant defoamers and smart defoaming systems are being developed to meet specific industrial needs [27][28]

Core Viewpoint - The "2025 China (Leshan) Silicon Industry Chain Development Conference" is scheduled to be held from June 24-26 in Leshan, Sichuan Province, with over 200 companies registered and nearly 500 participants expected [1]. Group 1: Conference Details - The conference aims to discuss the development of the silicon industry chain in China, highlighting the importance of collaboration among various stakeholders [1]. - A list of participating companies includes major players such as Tongwei Co., Ltd., Sichuan Yongxiang Co., Ltd., and JinkoSolar Co., Ltd., indicating strong industry interest [1][2]. Group 2: Participating Companies - Notable companies registered for the conference include: - Tongwei Co., Ltd. - Sichuan Yongxiang Co., Ltd. - JinkoSolar Co., Ltd. - GCL-Poly Energy Holdings Limited - Corning (Shanghai) Management Co., Ltd. [1][2][3]. - The list also features various suppliers, research institutions, and financial firms, showcasing a diverse representation from the silicon industry [2][3][4]. Group 3: Industry Implications - The conference is expected to facilitate discussions on technological advancements and sustainable practices within the silicon industry, which is crucial for the growth of the photovoltaic sector [1]. - The participation of financial institutions and investment firms suggests a growing interest in funding and supporting innovations in the silicon industry [5][6].

Group 1 - The core viewpoint is that the chemical industry is expected to see a recovery in profitability driven by policy support, particularly in upstream sectors closely related to domestic demand [1][2] - The report highlights specific sectors such as polyurethane, coal chemical, petrochemical, and fluorochemical as key areas for potential profit recovery [1][2] - The focus on new materials as a primary development direction for China's chemical industry includes high-value products like robot materials, AI & semiconductor materials, bio-aviation fuel, OLED materials, and COC materials [1][3] Group 2 - The expectation of domestic demand recovery is supported by recent policy measures aimed at revitalizing the economy, with a focus on the chemical industry's upstream sectors [2] - Key companies to watch include Wanhua Chemical (600309), Baofeng Energy (600989), and others in the coal chemical and petrochemical sectors, which are expected to benefit from infrastructure projects in regions like Xinjiang and Tibet [2] - The emphasis on developing new materials is driven by emerging demands from humanoid robots and AI applications, as well as ongoing domestic substitution efforts in the semiconductor field [3] Group 3 - High-quality companies with strong shareholder returns are expected to undergo a revaluation, including major state-owned enterprises in the oil and gas sector and firms in the compound fertilizer and amino acid industries [4] - The report suggests that many sub-sectors within the chemical industry are at a point where they can enhance shareholder returns to reshape investment value [4]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint of the Report - The total demand for industrial silicon from its three major downstream industries shows a flat trend. The supply side in Yunnan, Sichuan and other places is entering the wet season with cost - advantage in electricity prices, and large enterprises are ramping up production. For the demand side, organic silicon may see a slight increase in production this week, which is partially positive for industrial silicon; the polysilicon sector has reduced production and lower demand for industrial silicon; the aluminum alloy sector has demand support but is in passive de - stocking and difficult to drive demand. The large number of industrial silicon warehouse receipts has brought great delivery pressure to the market, and a long - term high - selling strategy is recommended [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main contract is 7370 yuan/ton, the main contract position is 323363 lots, and the net position of the top 20 is - 42302 lots. The Guangzhou Futures Exchange warehouse receipts are 56823 lots, and the price difference between the 7 - 8 month contracts is 35 [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 8150 yuan/ton, and the average price of 421 silicon is 8700 yuan/ton. The Si main contract basis is 780 yuan/ton, and the DMC spot price is 11120 yuan/ton [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, the average price of petroleum coke is 1570 yuan/ton, the average price of clean coal is 1850 yuan/ton, the average price of wood chips is 540 yuan/ton, and the ex - factory price of graphite electrodes (400mm) is 12250 yuan/ton [2] 3.4 Industry Situation - Industrial silicon monthly output is 299700 tons, and the weekly social inventory is 58.7 tons, a decrease of 0.2 tons. The monthly import volume is 2211.36 tons, and the monthly export volume is 52919.65 tons, a decrease of 12197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 43600 tons, the average price of aluminum alloy ADC12 in the Yangtze River spot is 20200 yuan/ton, the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, the monthly export volume of unforged aluminum alloy is 16555.02 tons, the weekly operating rate of organic silicon DMC is 66.28%, an increase of 7.61%. The monthly output of aluminum alloy is 1.528 million tons, and the monthly export volume is 20187.85 tons, a decrease of 337.93 tons [2] 3.6 Industry News - On the evening of June 11, Hesheng Silicon Industry's application for publicly issuing corporate bonds to professional investors in 2025 was accepted by the Shanghai Stock Exchange. Macroscopically, the state is increasing investment in long - term data infrastructure construction. In the industrial silicon sector, the supply side in Yunnan and Sichuan is entering the wet season, with increased production last week and rising capacity utilization [2]