多晶硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 行业 日期 2025 年 12 月 05 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 期货从业资格号：F03134307 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

Core Viewpoint - JinkoSolar, the world's largest photovoltaic module company, reported on the progress of a fire incident at its wholly-owned subsidiary, Shanxi Jinko Energy No. 2 Manufacturing Co., which occurred on April 26, 2024, and has implications for its financial performance and insurance claims [1][5][6]. Financial Impact - The fire incident resulted in damage to certain equipment and assets, leading the company to recognize corresponding losses in its 2024 annual report [5]. - Shanxi Jinko has received a prepayment of 200 million yuan from its insurance company, with a total of 220 million yuan received as of the announcement date [5]. - The prepayment is expected to positively impact the company's performance in 2025, although the final accounting treatment and its effects on financial statements will require confirmation from the auditing firm [5]. Operational Status - The fire occurred in the roof of the first-phase wafer battery workshop, which was still under construction at the time of the incident, meaning the company did not have statutory management responsibilities under the Production Safety Law of the People's Republic of China [6]. - The first phase of the Shanxi base, including the crystal pulling and module workshops, has been completed and is operational, while the wafer battery workshop is currently under reconstruction [6]. Market Performance - In 2024, JinkoSolar reported revenues of 92.471 billion yuan, a year-on-year decrease of 22.08%, and a net profit attributable to shareholders of 9.89276 million yuan, down 98.67% [7]. - For the first three quarters of the year, the company recorded revenues of 47.986 billion yuan, a decline of 33.14%, and a net loss of 3.920 billion yuan, a drop of 422.67% [7]. - The losses are attributed to intensified competition in the photovoltaic market and a continuous decline in product prices [7]. Future Outlook - JinkoSolar aims to ship 6 GWh of energy storage systems in 2024, with over 80% expected to come from overseas markets, particularly high-margin markets in Europe and the U.S. [7]. - The company anticipates significant improvement in profitability in the fourth quarter and next year as overseas orders are delivered and revenue is recognized [7]. Stock Performance - As of November 28, JinkoSolar's stock price increased by 0.54% to 5.63 yuan per share, with a total market capitalization of 56.3 billion yuan [8].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - On November 27, 2025, equity index futures declined while CGB Futures traded sideways; precious metals performed strongly, and the energy and chemical sectors remained weak [2][9][11] - Gold and silver prices are likely to hit the upper limit of the range again if a December rate cut is confirmed and the expectation of Hassett as Fed chair is further consolidated, with silver showing higher elasticity. Short - term, maintain a range - bound bullish bias [16][17] - The resilience of tin's supply - demand fundamentals is pushing the central level of tin prices higher [23][24] 3. Summaries by Directory 3.1 China Futures 3.1.1 Overview - Financial futures: IH fell by 0.11%, IM fell by 0.11%, TL fell by 0.01% [9] - Commodity futures: The top three gainers are Platinum (up 6.2%), Silver (up 3.4% with open interest increasing by 11.1% MoM), and Tin (up 2.1% with open interest increasing by 22.6% MoM). The top three decliners are Lithium Carbonate (down 1.7% with open interest increasing by 6.2% MoM), Bitumen (down 1.4% with open interest increasing by 1.4% MoM), and Polyester Staple Fiber (down 1.2% with open interest decreasing by 3.4% MoM) [10][11][12] 3.1.2 Daily Raise - **Gold & Silver**: On November 27, Gold rose 0.1% to 947.16 yuan/g, Silver rose 3.4% to 12525 yuan/kg. Gold's rise was driven by a weaker USD, rising odds of a December 25bp rate cut, and forward pricing of the "Hassett Fed" framework. Year - to - date, gold/silver surged over 55%/nearly 80% [15][16][17] - **Tin**: On November 27, Tin rose 2.1% to 302200 yuan/ton. Supply remains tight due to slow resumption in Wa State, reduced exports from Indonesia, and unstable production in Africa. Demand is growing due to the rate - cut cycle in the US and Europe, growth in the semiconductor industry, and inventory restocking [22][23][24] 3.2 China News 3.2.1 Macro News - The US will extend the exemptions from tariffs imposed over issues related to technology transfer and intellectual property rights with China until November 10, 2026 [27] - The NDRC held a symposium on unordered price competition cost identification on Nov 24 to formulate cost identification standards and curb such practices [27] 3.2.2 Industry News - GFE launched Platinum and Palladium Futures/Options on Nov 27, with a combined turnover of 42.28 billion CNY (Platinum: 29.231 billion CNY; Palladium: 13.049 billion CNY) [28]

Report Industry Investment Rating - Not provided Core View of the Report - Today, the price of polysilicon started to rise again due to the resonance of the increase in industrial silicon price and power cost, but the increase was significantly lower than that of industrial silicon. It is expected that the upward momentum will be limited in the future, and attention should be paid to the resistance level above 56,000 yuan/ton [2][3] Summary by Relevant Catalogs Futures Market - The closing price of the main polysilicon contract was 54,625 yuan/ton, with a week-on-week increase of 2,415 yuan/ton; the open interest of the main contract was 134,317 lots, with a week-on-week decrease of 2,774 lots; the basis between the December and January contracts of polysilicon was 2,160 yuan/ton, with a week-on-week increase of 1,240 yuan/ton; the price difference between polysilicon and industrial silicon was 45,235 yuan/ton, with a week-on-week increase of 2,005 yuan/ton [3] Spot Market - The spot price of polysilicon was 52,300 yuan/ton, with no week-on-week change; the average price of N-type silicon wafers (210R) was 1.27 yuan/piece, with a week-on-week decrease of 0.01 yuan/piece; the weekly average price of photovoltaic-grade polysilicon was 6.5 US dollars/kg, with no week-on-week change; the basis of polysilicon was -355 yuan/ton, with a week-on-week increase of 1,390 yuan/ton [3] Upstream Situation - The closing price of the main industrial silicon contract was 9,390 yuan/ton, with a week-on-week increase of 410 yuan/ton; the spot price of industrial silicon was 9,450 yuan/ton, with no week-on-week change; the export volume of industrial silicon was 70,232.72 tons, with a month-on-month decrease of 6,409.29 tons; the import volume of industrial silicon was 1,939.85 tons, with a month-on-month increase of 602.27 tons; the output of industrial silicon was 402,800 tons, with a month-on-month increase of 36,000 tons; the total social inventory of industrial silicon was 552,000 tons, with a week-on-week increase of 10,000 tons [3] Industry Situation - The monthly output of polysilicon was 130,000 tons, with a month-on-month increase of 5,000 tons; the monthly import volume of polysilicon was 1,292 tons, with a month-on-month increase of 286 tons; the weekly spot price of imported polysilicon materials in China was 6.92 US dollars/kg, with no week-on-week change; the monthly average import price of polysilicon in China was 2,350 US dollars/ton, with a month-on-month decrease of 270 US dollars/ton [3] Downstream Situation - The monthly output of solar cells was 70,873,000 kilowatts, with a month-on-month increase of 1,016,000 kilowatts; the weekly average price of mainstream photovoltaic modules was 0.74 yuan/watt, with no week-on-week change; the weekly comprehensive price index of the photovoltaic industry (SPI) for polysilicon was 32.82, with no week-on-week change; the daily average price of solar cells was 0.82 yuan/watt, with a week-on-week increase of 0.01 yuan/watt; the monthly export volume of photovoltaic modules was 129,531,200 pieces, with a month-on-month decrease of 19,491,300 pieces; the monthly import volume of photovoltaic modules was 14,733,700 pieces, with a month-on-month decrease of 6,706,500 pieces; the monthly average import price of photovoltaic modules was 0.3 US dollars/piece, with a month-on-month increase of 0.06 US dollars/piece [3] Industry News - On November 12th, Luxi Chemical (000830.SZ) led an organic silicon industry meeting attended by the heads of many listed companies. The meeting reached a unified goal: to reduce the industry's operating rate by 30% starting in early December, and to raise the price target of organic silicon DMC to 13,500 yuan/ton and strive to achieve it within half a month. In terms of polysilicon, on the supply side, as the southwest region gradually enters the dry season, power supply is tight and costs have risen significantly. Polysilicon producers in Sichuan, Yunnan and other places are facing greater cost pressures, and some enterprises have planned to reduce their operating rates. In the northwest regions such as Xinjiang and Inner Mongolia, with abundant coal resources, the power cost is relatively stable, and the polysilicon production capacity is operating smoothly. On the demand side, the demand in the downstream cell and module markets is weak, and the inventory pressure of silicon wafer enterprises has increased. They have to reduce production to ease the supply-demand contradiction. The slowdown in terminal market demand and the continuous decline in photovoltaic product prices have compressed corporate profit margins and dampened production enthusiasm [3]

晶澳科技(002459)发布澄清公告。 当日晚间，晶澳科技发布澄清公告称，近日，网络上流传关于公司的不实言论，引发部分关注。对此， 公司澄清并郑重声明如下：公司董事会秘书未在任何内部或外部会议上发表过网传言论。相关内容系网 络谣传，严重误导公众认知，损害公司及行业声誉。针对不实言论的传播行为，公司保留通过法律途径 追究相关责任的权利。 公司提醒广大投资者、合作伙伴及社会公众，应通过证监会指定信息披露媒体、公司官方渠道了解真实 信息，不信谣、不传谣，共同维护健康的市场秩序与舆论环境。公司将严格按照有关法律法规的规定和 要求，履行信息披露义务。请广大投资者理性投资，注意投资风险。 12日下午，中国光伏行业协会亦发布声明称，当下，中国光伏行业协会和行业内各企业正一道努力，相 关工作正在稳步推进。网络流传的小道消息均为不实信息，请各位注意甄别，慎重决策。协会坚定维护 国家利益、行业利益，妄图通过造谣抹黑、恶意做空光伏行业牟取利益的恶劣行为，协会将与之斗争到 底。 11月12日，受市场传闻影响，光伏产业链股大幅跳水，截至收盘，阿特斯跌超14%，艾罗能源跌超 10%，隆基绿能、晶澳科技、通威股份等跌超6%。 ...

Core Viewpoint - Recent rumors about the company have led to significant market reactions, prompting the company to issue a clarification statement to address misinformation and protect its reputation [1][2]. Group 1: Company Response - The company issued a clarification stating that its board secretary did not make any statements related to the circulating rumors, which are deemed false and misleading [1]. - The company reserves the right to pursue legal action against those spreading false information [1]. - The company urges investors and the public to rely on official channels for accurate information and to avoid spreading rumors [4]. Group 2: Market Impact - On November 12, shares of companies in the photovoltaic industry experienced significant declines due to market rumors, with notable drops including over 14% for Canadian Solar and over 10% for Enphase Energy, while LONGi Green Energy, JA Solar, and Tongwei Co. fell by more than 6% [2]. - The China Photovoltaic Industry Association also released a statement supporting the industry and condemning the spread of false information, emphasizing the need for careful decision-making [4].

Core Viewpoint - The China Photovoltaic Industry Association has issued a statement refuting false information circulating online, emphasizing that the industry is making steady progress and urging stakeholders to discern misinformation carefully [1]. Group 1 - The association is committed to safeguarding national and industry interests against malicious rumors and actions aimed at undermining the photovoltaic sector for profit [1].

Report Industry Investment Rating - Not provided Core Viewpoints - The polysilicon market opened lower today but rallied in the late session due to news, erasing previous losses and turning positive. It is expected to continue rising, but excessive chasing is not recommended. The operation suggestion is to buy on dips [2] Summary by Relevant Catalogs Futures Market - The closing price of the main polysilicon contract was 53,460 yuan/ton, up 1,530 yuan; the open interest was 140,617 lots, up 1,772 lots; the basis between December and January was 100 yuan, up 80 yuan; the price difference between polysilicon and industrial silicon was 44,265 yuan/ton, up 1,515 yuan [3] 现货市场 - The spot price of polysilicon was 52,150 yuan/ton, down 50 yuan; the basis was -1,520 yuan/ton, down 505 yuan; the average price of N-type silicon wafers was 1.28 yuan/piece, down 0.01 yuan; the weekly average price of photovoltaic-grade polysilicon was 6.5 dollars/kg, unchanged [3] Upstream Situation - The closing price of the main industrial silicon contract was 9,195 yuan/ton, up 15 yuan; the spot price was 9,500 yuan/ton, unchanged; the monthly export volume was 70,232.72 tons, down 6,409.29 tons; the monthly import volume was 1,939.85 tons, up 602.27 tons [3] Industry Situation - The monthly output of industrial silicon was 402,800 tons, up 36,000 tons; the total social inventory was 552,000 tons, up 10,000 tons; the monthly output of polysilicon was 130,000 tons, up 5,000 tons; the monthly import volume was 1,292 tons, up 286 tons; the weekly spot price of imported polysilicon in China was 6.91 dollars/kg, unchanged; the monthly average import price was 2.35 dollars/ton, down 0.27 dollars [3] Downstream Situation - The monthly output of solar cells was 7,0873,000 kilowatts, up 1,016,000 kilowatts; the average price of mainstream photovoltaic modules was 0.74 yuan/watt, unchanged; the comprehensive price index of the photovoltaic industry was 32.82, unchanged; the average price of solar cells was 0.82 yuan/W, up 0.01 yuan; the monthly export volume of photovoltaic modules was 129,531,290 pieces, down 19,491,370 pieces; the monthly import volume was 14,733,770 pieces, down 6,706,520 pieces; the monthly average import price was 0.3 dollars/piece, up 0.06 dollars [3] Industry News - The China Photovoltaic Industry Association stated that relevant work is progressing steadily, and rumors are false information. In the polysilicon sector, the dry season in Southwest China has increased power costs, squeezing production profits and leading to production cuts. The downstream demand in the photovoltaic industry chain remains weak, with component tender prices falling and many projects postponed or shelved [3] Key Concerns - There is no news today [3]

Core Viewpoint - The China Photovoltaic Industry Association has issued a statement addressing false information circulating online, emphasizing that the association and industry enterprises are working together to advance their efforts steadily [1] Group 1 - The association warns that rumors and misinformation are unfounded and urges stakeholders to discern carefully and make informed decisions [1] - The association is committed to safeguarding national and industry interests, and it will combat malicious actions aimed at defaming the photovoltaic industry for profit [1]

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