Report Industry Investment Rating - Not provided in the report Core Viewpoints - The industrial silicon futures and spot prices have resonated and rebounded, but considering the cooling of sentiment and the hedging pressure above the market, the market may adjust, yet the bullish sentiment may still fluctuate, so operations need to be cautious. The continuous production resumption dynamics of silicon enterprises should be followed up [1]. - The polysilicon market has shown continuous upward movement driven by supply - side reform expectations and spot price increases. Although the sentiment has weakened recently, it still fluctuates, and the market is volatile, so operations need to be cautious. The evolution of macro - sentiment and the registration of warehouse receipts should be continuously monitored [1]. Summary by Related Content Price Changes - The average price of industrial silicon non - oxygenated 553 (East China) decreased by 2.15% to 9,100 yuan/ton, and the average price of 421 (East China) decreased by 2.02% to 9,700 yuan/ton. The closing price of the futures main contract increased by 1.08% to 8,450 yuan/ton [1]. - The price of N - type dense material remained flat at 46 yuan/kg, N - type re - feeding material remained flat at 47 yuan/kg, N - type mixed material remained flat at 45 yuan/kg, and N - type granular silicon remained flat at 44.5 yuan/kg. The closing price of the polysilicon futures main contract increased by 3.30% to 50,330 yuan/ton [1]. - The prices of silicon wafers, battery cells, components, and organic silicon products remained unchanged [1]. Industry News - On July 22, 2025, the European Commission launched a second anti - dumping and counter -vailing sunset review investigation on solar glass originating from China [1]. - On July 29, Hebei Haopan Environmental Protection Technology Co., Ltd. won the bid for the photovoltaic module procurement project of several photovoltaic power stations in Hebei [1]. Supply and Demand Analysis - Industrial Silicon - Supply: As the silicon price rises, some previously shut - down silicon plants in Xinjiang have resumed production. The southwest production area has entered the wet season, with lower power costs and a steady increase in enterprise operation. It is expected that some silicon furnaces will restart in August, and the supply will increase steadily [1]. - Demand: Polysilicon enterprises maintain a production reduction trend, with some silicon material plants planning to resume production in July, bringing some demand increments. An organic silicon plant has stopped production for rectification due to an accident, and the price has continued to rise. Silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at low levels is insufficient [1]. Supply and Demand Analysis - Polysilicon - Supply: Polysilicon enterprises maintain a production reduction trend, but some may have new production capacity put into operation. After offsetting the increase and decrease, the output is expected to increase slightly, with the July output approaching 110,000 tons [1]. - Demand: The photovoltaic market is weak, with rising inventories of silicon wafers and polysilicon materials. Recently, due to the expected increase in polysilicon prices, the prices of downstream silicon wafers have followed suit, and the trading atmosphere has improved. However, the terminal market is still weak due to the large - scale pre - installation in the first half of the year [1].

1. Report Date - The report is dated August 1, 2025 [2] 2. Research Team - The Energy and Chemical Research Team includes researchers such as Li Jie, CFA (Crude Oil and Fuel Oil), Ren Junchi (PTA/MEG), Peng Haozhou (Industrial Silicon/Polysilicon), Peng Jinglin (Polyolefins), and Liu Youran (Pulp) [3] 3. Market Performance and Outlook Market Performance - Polysilicon contracts saw significant declines. The closing price of PS2509 was 49,130 yuan/ton, a drop of 7.81%. The trading volume was 565,838 lots, and the open interest was 126,989 lots, with a net decrease of 37,501 lots [4] Outlook - The exchange has issued frequent position - limit notices to cool down the overheated sentiment, leading to a decline in capital risk appetite. The market is expected to be mainly in wide - range fluctuations. In July, polysilicon supply will increase to 10 - 110,000 tons, and the downstream cell production schedule is around 50GW. Supply and demand maintain a loose balance without a de - stocking drive. The June photovoltaic installation volume (14GW) fulfilled the expectation of weak demand in the second half of the year, and the total terminal demand will drop to around 45GW. Overall, recent price movements share the same causes, with comprehensive costs and spot prices providing rigid support at the bottom, and wide - range fluctuations are the main trend [4] 4. Market News - On July 31, the number of polysilicon warehouse receipts was 3,200 lots, an increase of 130 lots from the previous trading day [5] - In June 2025, China's industrial silicon exports reached 68,300 tons, a month - on - month surge of 23% and a year - on - year increase of 12%, hitting a new high in 18 months. Exports to Southeast Asia accounted for 58%, with Thailand (21,000 tons) and Malaysia (18,000 tons) being the main incremental markets, mainly used for local photovoltaic module production [5] - As of the end of June, the cumulative installed power generation capacity nationwide was 3.65 billion kilowatts, a year - on - year increase of 18.7%. Among them, the installed capacity of solar power generation was 1.1 billion kilowatts, a year - on - year increase of 54.2%. From January to June, the cumulative photovoltaic installation volume was 212.21GW, a year - on - year increase of 107.07%, but the domestic installation volume in June was only 14GW, showing a significant decline [5]

Report Industry Investment Rating - No information provided Core Viewpoints - The silicon market is experiencing weak supply and demand, and the industry still faces high inventory pressure. Although the silicon price rebounded from a low level due to supply - side disturbances, the medium - and long - term supply - demand contradiction has not been substantially alleviated, and the rebound space is expected to be limited. For industrial silicon, if the production cut is less than expected, short positions can be considered. For polysilicon, due to strong uncertainty in terminal installation and over - capacity issues that are difficult to resolve in the short term, the price is unlikely to have an upward trend in the short term, and shorting on rebounds is recommended for the medium - and long - term [1]. Summaries by Related Content Industrial Silicon and Polysilicon Price Changes - The average price of industrial silicon non - oxygenated 553 (East China) remained unchanged at 8,100 yuan/ton, and the average price of 421 (East China) remained unchanged at 8,700 yuan/ton. The closing price of the futures main contract rose 2.18% to 7,720 yuan/ton. Among different regions, most prices remained stable, while the average price of oxygenated 553 in some regions had small increases. For polysilicon, the prices of N - type dense material, polycrystalline secondary material, dense material, and cauliflower material remained unchanged, and the closing price of the futures main contract rose 3.56% to 31,715 yuan/ton [1]. Inventory Information - On June 26, the total social inventory of industrial silicon in major regions was 542,000 tons, a decrease of 17,000 tons compared with last week. Among them, the inventory in ordinary social warehouses was 128,000 tons, a decrease of 3,000 tons compared with last week, and the inventory in social delivery warehouses (including non - registered warehouse receipts and spot parts) was 414,000 tons, a decrease of 14,000 tons compared with last week [1]. Industry News - SK plans to sell its silicon - based anode factory to its US partner Group 14, selling its 75% stake in the joint - venture SK Materials Group 14 to Group 14 Technologies through in - kind payment. The joint - venture factory in South Korea is in the trial - production stage [1]. - On the evening of June 24, 2025, Jingshan Light Machinery announced that its wholly - owned subsidiary Suzhou Shengcheng Photovoltaic Equipment Co., Ltd. would invest 150 million yuan in cash in Jiangsu Runyang New Energy Technology Co., Ltd. [1]. Supply and Demand Analysis - **Industrial Silicon**: On the supply side, the operation of silicon enterprises in the north has changed little, and the south - west production area is about to enter the wet season with lower power costs, so the enterprise operation is steadily increasing. On the demand side, polysilicon enterprises are continuing to cut production, and the resumption of production may be postponed; the organic silicon industry has a strong willingness to cut production to support prices, but the demand is weak, and the actual transaction price has declined. Domestic monomer enterprises' operation shows mixed changes, with the overall operation decreasing, and the demand for industrial silicon is further weakened. Silicon - aluminum alloy enterprises purchase as needed, and the downstream has insufficient willingness to stock up at low levels [1]. - **Polysilicon**: On the supply side, silicon material enterprises are maintaining production cuts, and some silicon material factories may have new capacity put into operation. After offsetting, the output is expected to increase slightly, with the overall output remaining within 100,000 tons. On the demand side, the photovoltaic market is generally weak, the inventories of silicon wafers and silicon materials are rising, the prices of silicon wafers, battery cells, and components are continuously falling, the market demand is slowing down, and the transactions are weak [1].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The silicon market is experiencing weak supply and demand, with high inventory pressure in the industry. Silicon prices are expected to remain under pressure in the short term, but the downward space may be limited [1]. - The fundamentals of polysilicon are weak, with lower transaction prices. Considering the high uncertainty of terminal installations and the short - term difficulty in resolving over - capacity issues, polysilicon prices are unlikely to have an upward trend in the short term, and the strategy is mainly to short on rebounds [1]. Summary by Related Catalogs Industrial Silicon - **Price Information**: On June 26, 2025, the average price of non - oxygenated 553 (East China) was 8,100 yuan/ton with 0.00% change; the futures main contract closing price was 7,555 yuan/ton, up 0.94%; the basis (East China 553 - futures main) was 545 yuan/ton, down 70 yuan [1]. - **Supply and Demand**: In the north, silicon enterprise operations changed little. In the southwest, as the wet season approaches, power costs are decreasing, and enterprise operations are steadily increasing. On the demand side, polysilicon enterprises continue to cut production, and the resumption of production may be postponed. Organic silicon enterprises have a strong willingness to cut production to support prices, but demand is weak. Domestic monomer enterprises' operations are mixed, and the overall operation has declined, further weakening the demand for industrial silicon. Silicon - aluminum alloy enterprises purchase as needed, and downstream inventory - building willingness is low [1]. - **Investment Strategy**: The silicon market has weak supply and demand, high inventory pressure, and no expected reversal of silicon prices. It is expected to operate under pressure in the short term. Given the current low silicon prices, the subsequent downward space may be limited. Continuously monitor the production dynamics of silicon enterprises [1]. Polysilicon - **Price Information**: On June 26, 2025, the price of N - type dense material remained unchanged at 33.5 yuan/kg; the futures main contract closing price was 30,625 yuan/ton, down 1.48% [1]. - **Supply and Demand**: Silicon material enterprises continue to cut production, and some may have new capacity put into operation. After offsetting increases and decreases, production is expected to increase slightly, with the overall output remaining within 100,000 tons. On the demand side, the photovoltaic market is weak, with rising inventories of silicon wafers and silicon materials, and continuous price drops of silicon wafers, cells, and components. Market demand has slowed down, and transactions are weak [1]. - **Investment Strategy**: The fundamentals are weak, and the transaction price of silicon materials has decreased. Considering the high uncertainty of terminal installations and the short - term difficulty in resolving over - capacity issues, polysilicon prices are unlikely to have an upward trend in the short term. The strategy is mainly to short on rebounds. Continuously monitor the actual operation of the supply side [1]. Other Related Products - **Silicon Wafer Prices**: N - type 210R was 1.03 yuan/piece, down 1.90%; N - type 183mm was 0.89 yuan/piece, down 1.11% [1]. - **Cell Prices**: Single - crystal PERC cell M10 - 182mm was 0.27 yuan/watt, unchanged [1]. - **Component Prices**: Single - crystal PERC component double - sided - 182mm was 0.73 yuan/watt, unchanged; single - crystal PERC component single - sided - 182mm was 0.70 yuan/watt, unchanged [1]. - **Organic Silicon Prices**: DMC was 10,450 yuan/ton, up 0.48%; 107 glue was 11,650 yuan/ton, down 0.43%; silicone oil was 13,400 yuan/ton, unchanged [1]. Industry News - On the evening of June 24, 2025, Jingshan Light Machinery announced that its wholly - owned subsidiary, Suzhou Shengcheng Photovoltaic Equipment Co., Ltd., would invest 150 million yuan in cash to increase the capital of Jiangsu Runyang New Energy Technology Co., Ltd [1]. - Indian solar manufacturer Waaree Energies has obtained board approval to change the location of its planned 6GW vertically integrated manufacturing plant in India due to project implementation delays in Odisha. The project will now be spread across multiple locations in Gujarat, Maharashtra, and possibly other Indian states [1].

Report Summary 1. Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The silicon market shows a situation of weak supply and demand, with high inventory pressure in the industry. Both the futures and spot prices are declining in tandem. It is expected to maintain a weak trend in the short - term, and the bottom of silicon prices is difficult to determine. For industrial silicon, it is recommended to gradually take profit on previous short positions and wait for opportunities to short on rebounds. For polysilicon, it is advisable to short on rebounds due to the weak fundamentals and the difficulty of an upward trend in the short - term [1]. 3. Summary by Relevant Catalogs Industrial Silicon - **Price Changes**: The average price of industrial silicon non - oxygenated 553 (East China) decreased by 0.61% to 8,100 yuan/ton, and the 421 (East China) remained flat at 8,850 yuan/ton. The futures main contract closing price increased by 2.97% to 7,280 yuan/ton [1]. - **Supply Side**: Some silicon enterprises in the north reduced production due to cost inversion. In the southwest production area, although the wet season is approaching, there is a lack of confidence in the future market, with strong wait - and - see sentiment and insufficient willingness to resume production. The overall start - up rate decreased [1]. - **Demand Side**: Polysilicon enterprises maintained a production - reduction state, and the resumption of production might be postponed. The organic silicon industry had a strong willingness to reduce production to support prices, but demand was weak. The silicon - aluminum alloy enterprises purchased as needed, and the downstream had insufficient willingness to stock up at low levels [1]. - **Investment Strategy**: It is recommended to gradually take profit on previous short positions and wait for opportunities to short on rebounds, and continuously monitor the production dynamics of silicon enterprises [1]. Polysilicon - **Price Changes**: The price of N - type polysilicon materials remained flat at 35.5 yuan/kg, and the futures main contract closing price increased by 2.02% to 35,055 yuan/ton [1]. - **Supply Side**: Polysilicon enterprises maintained a production - reduction state, and some plants might have new production capacity put into operation. The output was expected to be within 100,000 tons [1]. - **Demand Side**: The photovoltaic market was weak, with rising inventories of silicon wafers and polysilicon, continuous decline in the prices of silicon wafers, battery cells, and components, and weak market transactions [1]. - **Investment Strategy**: The strategy is to short on rebounds, and continuously monitor changes in the supply side [1]. Other Information - A monomer enterprise in North China started a 15 - day maintenance, which was expected to affect the DMC output by about 4,000 tons [1]. - Bangjie Co., Ltd. decided to continue the suspension of its battery cell production line to avoid expanding losses [1]. - In May, the non - manufacturing business activity index was 50.3%, with the construction industry at 51.0% and the service industry at 50.2%. Some industries were in a high - prosperity range, while others were below the critical point [1].

Report Industry Investment Rating - Not provided Core Viewpoints - The polysilicon market price is generally stable currently, but the supply - side has all manufacturers operating at reduced loads. The expectation of new capacity launch is increasing, and most enterprises are in the stage of losing cash cost, with production enthusiasm frustrated and some even suspending the delivery product production line [3]. - The demand side is relatively weak. The production schedule of downstream photovoltaic modules has been adjusted down, the price and production schedule of N - type silicon wafers have declined, and battery manufacturers also have production reduction plans. After the "rush - to - install" boom in the terminal market, the wait - and - see sentiment is strong and the procurement enthusiasm is low [3]. - Starting from June 1st, newly installed photovoltaics need to enter the electricity spot market, which reduces the rate of return and suppresses demand. The demand is expected to enter a vacuum period in the third quarter. The unstable macro - economic environment and international trade frictions also lead to uncertainty in overseas photovoltaic market demand, further inhibiting the growth of polysilicon demand [3]. - Polysilicon inventory is at a high level. The polysilicon purchased by silicon wafer enterprises previously has not been fully digested, which suppresses the market price. The short - term operation suggestion is to consider short - term long positions, while the medium - and long - term strategy is mainly short [3]. Summary by Related Catalogs Futures Market - The main contract closing price of polysilicon is 35,100 yuan/ton, a decrease of 190 yuan compared with the previous period; the main contract position is 79,868 lots, a decrease of 932 lots [3]. - The price difference between the 06 - 07 month contracts of polysilicon is 2,350 yuan/ton, an increase of 250 yuan; the price difference between polysilicon and industrial silicon is 27,760 yuan/ton, a decrease of 90 yuan [3]. Spot Market - The spot price of polysilicon is 36,500 yuan/ton, unchanged from the previous period; the average price of polysilicon (cauliflower material) is 29 yuan/kg, unchanged; the average price of polysilicon (dense material) is 31.5 yuan/kg, unchanged; the average price of polysilicon (re - feeding material) is 32.5 yuan/kg, unchanged [3]. - The basis of polysilicon is 1,210 yuan/ton, a decrease of 405 yuan; the weekly average price of photovoltaic - grade polysilicon is 4.29 US dollars/kg, a decrease of 0.01 US dollars [3]. Upstream Situation - The main contract closing price of industrial silicon is 7,340 yuan/ton, a decrease of 100 yuan; the spot price of industrial silicon is 8,500 yuan/ton, unchanged [3]. - The monthly export volume of industrial silicon is 52,919.65 tons, a decrease of 12,197.89 tons; the monthly import volume is 2,211.36 tons, an increase of 71.51 tons [3]. - The monthly output of industrial silicon is 299,700 tons, a decrease of 36,050 tons; the total social inventory of industrial silicon is 582,000 tons, a decrease of 17,000 tons [3]. Industry Situation - The monthly output of polysilicon is 96,000 tons, a decrease of 1,000 tons; the monthly import volume of polysilicon is 954 tons, a decrease of 1,952 tons [3]. - The weekly spot price of imported polysilicon materials in China is 5.01 US dollars/kg, a decrease of 0.13 US dollars; the monthly average import price of polysilicon is 2.19 US dollars/ton, a decrease of 0.14 US dollars [3]. Downstream Situation - The monthly output of solar cells is 71,928,000 kilowatts, a decrease of 6,516,000 kilowatts; the average price of solar cells is 0.82 RMB/W, an increase of 0.01 RMB/W [3]. - The monthly export volume of photovoltaic modules is 83,789,320 units, a decrease of 11,583,800 units; the monthly import volume is 20,120,440 units, an increase of 10,274,320 units; the monthly average import price is 0.29 US dollars/unit, an increase of 0.02 US dollars/unit [3]. - The comprehensive price index (SPI) of the photovoltaic industry for polysilicon is 22.29, a decrease of 0.62 [3]. Industry News - As of May 27th, the mainstream market price of P - type polysilicon cauliflower material is 31 yuan/kg, N - type dense material is 35 yuan/kg, N - type re - feeding material is 37.5 yuan/kg, N - type granular silicon is 35 yuan/kg, and N - type polysilicon is 35 yuan/kg, all of which are stable [3].

Report Summary 1. Investment Rating The report does not provide an investment rating for the polysilicon industry. 2. Core View The polysilicon market is facing significant pressure on the demand side, with high inventory levels and a weak outlook. The supply side is experiencing reduced production due to low prices and high costs, while demand from downstream industries is also weakening. The introduction of new policies and a slowdown in global photovoltaic installation growth are further dampening demand. The report recommends a short - selling strategy [3]. 3. Summary by Directory 3.1 Market Data - **Futures Market**: The main contract closing price of polysilicon was 35,290 yuan/ton, up 405 yuan; the main contract position was 80,800 lots, up 2,449 lots. The 06 - 07 month contract spread was 2,100 yuan/ton, up 995 yuan, and the polysilicon - industrial silicon spread was 27,850 yuan/ton, up 575 yuan [3]. - **Spot Market**: The spot price of polysilicon was 36,500 yuan/ton, unchanged. The average price of cauliflower - type polysilicon was 29 yuan/kg, unchanged; the average price of dense - type polysilicon was 31.5 yuan/kg, unchanged; the average price of re - feed polysilicon was 32.5 yuan/kg, unchanged. The weekly average price of photovoltaic - grade polysilicon was 4.29 US dollars/kg, down 0.01 US dollars. The basis of polysilicon was 410 yuan/ton, down 10 yuan [3]. - **Upstream Situation**: The main contract closing price of industrial silicon was 7,440 yuan/ton, down 170 yuan; the spot price was 8,500 yuan/ton, down 100 yuan. The monthly export volume of industrial silicon was 52,919.65 tons, down 12,197.89 tons; the monthly import volume was 2,211.36 tons, up 71.51 tons. The monthly output of industrial silicon was 335,750 tons, up 46,400 tons, and the total social inventory was 582,000 tons, down 17,000 tons [3]. - **Industry Situation**: The monthly output of polysilicon was 97,000 tons, up 7,000 tons; the monthly import volume was 2,906 tons, down 222 tons. The weekly spot price of imported polysilicon in China was 5.01 US dollars/kg, down 0.13 US dollars; the monthly average import price was 2.19 US dollars/ton, down 0.14 US dollars [3]. - **Downstream Situation**: The monthly output of solar cells was 78,444,000 kilowatts, up 11,443,000 kilowatts. The average price of solar cells was 0.82 RMB/W, up 0.01 RMB. The monthly export volume of photovoltaic modules was 95,373,120 units, up 24,038,530 units; the monthly import volume was 9,846,120 units, down 2,122,260 units, and the monthly average import price was 0.27 US dollars/unit, up 0.01 US dollars. The weekly comprehensive price index of the photovoltaic industry (SPI) for polysilicon was 22.29, down 0.62 [3]. 3.2 Market News As of May 26, the mainstream market prices of P - type cauliflower - type polysilicon, N - type dense - type polysilicon, N - type re - feed polysilicon, N - type granular silicon, and N - type polysilicon were all stable [3]. 3.3 Viewpoint Summary - **Supply Side**: All polysilicon manufacturers are operating at reduced loads. The anticipation of new production capacity is increasing, and most enterprises are in a stage of losing cash costs, with some even suspending the production line of delivery products [3]. - **Demand Side**: The downstream photovoltaic module production schedule has been reduced, and the demand has weakened. Silicon wafer enterprises have lowered their self - regulatory quotas, the price and production schedule of N - type silicon wafers have declined, and battery enterprises also have production reduction plans. After the "rush - to - install" boom in the terminal market, the wait - and - see sentiment is strong, and the purchasing enthusiasm is low [3]. - **Policy Aspect**: Newly installed photovoltaics need to enter the electricity spot market starting from June 1, which has led to a decline in yields and a "531 rush - to - install" wave, but the demand is expected to enter a vacuum period in the third quarter [3]. - **Global Market**: The photovoltaic installation growth rates in major markets such as China, Europe, and the United States have slowed down, with only sporadic bright spots in regions like India and the Middle East [3]. 3.4 Key Focus There is no news today [3].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - The overall market price of polysilicon is temporarily stable, but the demand side is under great pressure. The downstream photovoltaic component production schedule has been reduced, the demand has weakened marginally, and the terminal market is in a wait - and - see state. There is also uncertainty in the overseas photovoltaic market, and polysilicon inventory is at a high level. Short - term short - long operations can be considered, while medium - and long - term high - short operations are recommended [2] Summary by Relevant Catalogs Futures Market - The closing price of the polysilicon futures main contract is 34,885 yuan/ton, down 1,205 yuan; the main contract position is 78,351 lots, up 3,922 lots. The price difference between the 06 - 07 contracts is 1,105 yuan/ton, up 175 yuan; the price difference between polysilicon and industrial silicon is 27,275 yuan/ton, down 900 yuan [2] Spot Market - The spot price of polysilicon is 36,500 yuan/ton, unchanged. The average price of cauliflower - type polysilicon is 29 yuan/kg, unchanged; the average price of dense - type polysilicon is 31.5 yuan/kg, unchanged; the average price of re - feeding polysilicon is 32.5 yuan/kg, unchanged. The weekly average price of photovoltaic - grade polysilicon is 4.29 US dollars/kg, down 0.01 US dollars. The basis of polysilicon is 410 yuan/ton, down 10 yuan [2] Upstream Situation - The closing price of the industrial silicon futures main contract is 7,610 yuan/ton, down 305 yuan; the spot price of industrial silicon is 8,650 yuan/ton, unchanged. The monthly export volume of industrial silicon is 52,919.65 tons, down 12,197.89 tons; the monthly import volume is 2,211.36 tons, up 71.51 tons. The monthly output of industrial silicon is 335,750 tons, up 46,400 tons; the total social inventory is 582,000 tons, down 17,000 tons [2] Industry Situation - The monthly output of polysilicon is 97,000 tons, up 7,000 tons; the monthly import volume is 2,906 tons, down 222 tons. The weekly spot price of imported polysilicon in China is 5.01 US dollars/kg, down 0.13 US dollars; the monthly average import price is 2.19 US dollars/ton, down 0.14 US dollars [2] Downstream Situation - The monthly output of solar cells is 78,444,000 kilowatts, up 11,443,000 kilowatts. The average price of solar cells is 0.82 RMB/W, up 0.01 RMB. The monthly export volume of photovoltaic modules is 95,373,120 pieces, up 24,038,530 pieces; the monthly import volume is - 2,122,260 pieces, and the monthly average import price is 9,846.12 US dollars/piece, up 0.01 US dollars. The polysilicon sub - index of the photovoltaic industry comprehensive price index (SPI) is 22.29, down 0.62 [2] Industry News - The mainstream market prices of P - type cauliflower - type polysilicon, N - type dense - type polysilicon, N - type re - feeding polysilicon, N - type granular silicon, and N - type polysilicon are all temporarily stable. The Shanghai government has issued a consumption promotion plan. On the supply side, polysilicon manufacturers are operating at reduced loads, but the expectation of new capacity release is increasing. On the demand side, the downstream is in a weak state [2] Viewpoint Summary - The polysilicon industry is facing challenges. Most enterprises are in a stage of losing cash costs, production enthusiasm is frustrated, and some enterprises have suspended the production line of delivery products. The demand side is weak, and the inventory is at a high level, suppressing the market price [2]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The industrial silicon market remains weak with an imbalance between supply and demand, lacking positive price drivers in the short - term. It is expected to maintain a volatile and weak consolidation, with a trading range of 8,000 - 10,000 yuan/ton, and a strategy of shorting on rallies is recommended. The polysilicon market shows both supply and demand weakness, and it will take time to relieve inventory pressure. The price is expected to have wide - range fluctuations, and cautious operation is advised [2]. 3. Summary According to the Directory 3.1 Industrial Silicon 3.1.1 Cost and Profit - As the southwest production area enters the flat - rate period, the power cost will decline. After high - cost northern enterprises shut down, the overall in - production cost of the industry will decrease, but the cost side provides insufficient support for silicon prices [2]. - In April, the average profit of national industrial silicon 553 was - 2,001 yuan/ton, a month - on - month decrease of 290 yuan/ton; the average profit of 421 was - 2,085 yuan/ton, a month - on - month decrease of 83 yuan/ton [37]. 3.1.2 Supply - Northern supply continues to decline, while the southwest production area is gradually starting furnaces. In Sichuan, the power price in the flat - rate period has decreased, leading to an increase in operation. The power price in the wet season is expected to decline compared to last year, and there are plans to add more silicon furnaces. In Yunnan, the negotiation of preferential power prices for the wet season is ongoing. Some enterprises have low willingness to start production due to unprofitable power costs, and the mainstream start - up time is expected to be around the end of June [2]. - In the week of May 8th, the overall start - up of silicon enterprises decreased slightly, with the number of operating furnaces decreasing by 1. The overall start - up of industrial silicon was stable, showing a pattern of increase in the south and decrease in the north [38][39]. 3.1.3 Demand - Downstream demand is weak, market transactions are low, and most are low - price transactions. Polysilicon plants maintain large - scale production cuts; the organic silicon industry maintains reduced production; the demand for silicon - aluminum alloy has weakened, and it purchases industrial silicon based on rigid demand [2]. 3.1.4 Inventory - Social inventory remains at a high level, and there is significant short - term inventory reduction pressure. As of May 8th, the social inventory of industrial silicon (warehouse inventory + delivery warehouse) was 59.6 tons, a month - on - month decrease of 0.70 tons; the total factory inventory of Xinjiang, Yunnan, and Sichuan was 26.49 tons, a month - on - month increase of 0.38 tons [2][114]. 3.1.5 Price - The spot transaction price continues to decline. As of May 9th, compared with April 30th, the prices of various types of industrial silicon in different regions have decreased to varying degrees [8]. 3.2 Polysilicon 3.2.1 Supply - The industry's self - disciplined production cuts continue. In April, the polysilicon output was 9.54 tons, a month - on - month decrease of 0.07 tons and a year - on - year decrease of 8.58 tons. In May, some silicon material plants will have new production capacity, but many enterprises also have production cut arrangements. It is expected that the production in May will decline to around 9 tons [63][64]. 3.2.2 Demand - Downstream purchasing willingness is low, and the mentality of bargaining is obvious. The long - term component orders have significantly decreased, the price of photovoltaic components has continued to decline, and the demand for battery cells from the component side has decreased [2]. 3.2.3 Inventory - As of May 8th, the polysilicon inventory was 25.7 tons, a decrease of 0.4 tons [64]. 3.2.4 Price - As of May 9th, compared with April 30th, the prices of N - type materials, re - feeding materials, dense materials, and cauliflower materials remained unchanged [8]. 3.3 Organic Silicon 3.3.1 Supply - In April, the operating rate of China's DMC was 58.58%, a month - on - month decrease of 5.11 percentage points, and the output was 17.28 tons, a month - on - month decline. Although the operating rate rebounded slightly last week, it is expected to continue to decline in May, and the subsequent operating load may be further reduced to around 55% [85]. 3.3.2 Price - Organic silicon prices have continued to decline. As of May 9th, the average price of DMC was 11,550 yuan/ton, a month - on - month decrease of 0.43%; the average price of 107 glue was 12,400 yuan/ton, a month - on - month increase of 0.81%; the average price of silicone oil was 14,250 yuan/ton, a month - on - month decrease of 1.04% [91]. 3.4 Silicon - Aluminum Alloy 3.4.1 Supply - In the week of May 8th, the operating rate of primary aluminum alloy was 55.2%, a month - on - month increase of 0.2 percentage points; the operating rate of recycled aluminum alloy was 55%, a month - on - month increase of 2.5 percentage points [100]. 3.4.2 Price - Aluminum alloy prices have decreased. As of May 8th, the average price of ADC12 was 20,300 yuan/ton, a month - on - month decrease of 0.98%; the average price of A356 was 20,050 yuan/ton, a month - on - month decrease of 2.20% [103].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The industrial silicon market shows a pattern of strong supply and weak demand, with high inventory pressure. It is expected to maintain a weak trend in the short - term, trading between 8,000 - 10,000 yuan/ton [1]. - Due to factors such as delivery and supply - side reform news, the polysilicon price has rebounded from a low level. In the short - term, the weak fundamentals conflict with delivery issues, leading to increased price fluctuations and a stable - to - rising price trend [1]. Summary by Related Catalogs Price Changes - **Industrial Silicon**: The average price of industrial silicon grade 553 (East China) remained flat at 9,000 yuan/ton, and the average price of 421 (East China) remained flat at 10,000 yuan/ton. The closing price of the futures main contract decreased by 1.08% to 8,230 yuan/ton. The price of grade 553 in Sichuan decreased by 1.11% to 8,900 yuan/ton, while other regions remained unchanged [1]. - **Polysilicon**: The prices of N - type dense material, polysilicon re - feed material, polysilicon dense material, and polysilicon cauliflower material remained flat. The closing price of the futures main contract decreased by 0.47% to 38,270 yuan/ton [1]. - **Silicon Wafer**: The prices of various types of silicon wafers, including N - type 210mm, N - type 210R, N - type 183mm, P - type 210mm, and P - type 182mm, remained unchanged [1]. - **Battery Chip**: The prices of single - crystal PERC battery chips M10 - 182mm and G12 - 210mm remained flat [1]. - **Component**: The prices of single - sided and double - sided single - crystal PERC components of different sizes remained unchanged [1]. - **Organic Silicon**: The prices of DMC, 107 glue, and silicone oil remained flat [1]. Industry News - On April 29, 2025, SEG Solar's battery chip intelligent manufacturing plant in Indonesia held a ceremony for the first chip offline. The average conversion efficiency of the N - type battery chips reached 26.4%. The initial phase plans 4 production lines with an annual capacity of 2GW, and it is expected to expand to 5GW in the future [1]. - On May 9, Hainan Power Grid and other units announced that the total open - capacity of distributed photovoltaic power grids in Hainan Province in the first quarter of 2025 was 1GW, mainly concentrated in 7 cities and counties [1]. - On May 12, the Shanxi Energy Bureau announced the list of the first batch of wind and photovoltaic power generation projects to be abolished in 2025, with a total scale of 591,947 kilowatts, including 10 photovoltaic projects with a total capacity of 487.95MW and 4 wind power projects with a total capacity of 104MW [1]. Investment Strategies - **Industrial Silicon**: In April, the production of industrial silicon decreased to about 300,000 tons due to production cuts in Xinjiang. In May, production is expected to increase steadily but with limited growth. On the demand side, polysilicon enterprises continue to cut production, organic silicon enterprises have a strong willingness to cut production to support prices but face weak demand, and silicon - aluminum alloy enterprises purchase on - demand. It is expected that the operating range will be 8,000 - 10,000 yuan/ton [1]. - **Polysilicon**: Silicon material enterprises continue to cut production, and some new production capacities may be put into operation, with an expected output of less than 100,000 tons. The photovoltaic market is weak, with rising inventories and falling prices of silicon wafers, battery chips, and components. Due to delivery and supply - side reform news, the price has rebounded. In the short - term, price fluctuations will intensify, and long positions can be considered [1].