Core Viewpoint - The China Writing Brush Association has initiated a self-discipline commitment to promote high-quality development in the writing brush industry, emphasizing integrity and industry norms [1][2]. Group 1: Industry Initiative - On July 11, the China Writing Brush Association called for enterprises to sign the "Self-Discipline Commitment of the Writing Brush Industry" to uphold the spirit of the Central Eight Regulations [1]. - As of July 31, 67 enterprises in the writing brush industry have signed the commitment, indicating a strong response to the initiative [1]. - The commitment aims to rectify market chaos, standardize business practices, and enhance industry self-discipline, marking a shift from "extensive development" to "standardized operation" [1][2]. Group 2: Commitment Content - The "Self-Discipline Commitment" includes ten specific guidelines, such as prohibiting false advertising, ensuring product quality, advocating for green packaging, and protecting intangible cultural heritage [3]. - Companies signing the commitment are expected to accept supervision from society and regulatory bodies, promoting industry norms and safeguarding the reputation of the writing brush industry [3]. Group 3: Industry Development - The commitment encourages a collective effort among diverse enterprises, from century-old brands to innovative newcomers, fostering a culture of integrity and responsibility [2]. - The industry is seen as a cultural symbol and a carrier of craftsmanship, with a focus on sustainable and reliable value creation for consumers [3]. - The association plans to implement supervision mechanisms and standards to facilitate positive changes in the industry ecosystem [4].

智通财经获悉，航空股早盘走高，截至发稿，东方航空(00670)涨4.73%，报3.1港元；南方航空(01055) 涨3.66%，报3.96港元；中国国航(00753)涨3.15%，报5.57港元；国泰航空(00293)涨0.65%，报10.79港 元。 国泰海通证券指出，暑运客流客座率维持高位，扣油票价继续持平，暑运大额盈利可期。该行指出，近 期中国民航局部署综合整治"内卷式"竞争，预计短期将减少过度低价；中期或政策引导收益管理改善； 长期将保障机队规划继续低增。提示短期需求波动不改长逻辑，关注公商务需求恢复与反内卷，建议逆 向布局。 本文源自智通财经网 消息面上，中国航空运输协会正式发布《中国航空运输协会航空客运自律公约》。公约重点提出，加强 行业自律，维护市场秩序，强化反垄断和反不正当竞争措施。倡导各企业严格遵守价格法、反不正当竞 争法等相关法律规定，杜绝以排挤竞争对手为目的的恶意竞争行为，包括低价倾销、虚假宣传等。自律 条款同时还提出，对航空销售网络平台以及销售代理人执行的航司票价、退改签规则等，中航协要加强 监督管理，严禁违规捆绑销售、价外加价。 ...

Group 1 - Trina Solar announced a downward adjustment of the conversion price for its "T23" convertible bonds from 25.00 CNY/share to 16.00 CNY/share, effective from August 18, 2025 [1] - The adjustment reflects the company's strategy to optimize its capital structure, which is expected to impact both the company's stock price and the bond market [1] Group 2 - The China Chemical and Physical Power Industry Association has initiated a proposal to maintain fair competition and promote healthy development in the energy storage industry, receiving support from 152 companies across various sectors, including lithium-ion and sodium-ion batteries [2] - The widespread response from industry players indicates a strong consensus on the need for self-regulation and standardization within the energy storage sector, which could lay a solid foundation for long-term industry growth [2] Group 3 - China Shenhua responded to investor inquiries regarding the recent capacity checks by the energy bureau, stating that it expects limited impact on its coal production due to compliance with production arrangements [3] - The company's emphasis on compliance and stable production capacity is likely to support its performance stability despite recent increases in commodity futures prices [3]

Core Viewpoint - The energy storage industry is actively promoting a "anti-involution" initiative, with 149 companies participating in a proposal aimed at maintaining fair competition and promoting healthy development within the sector [1][2] Group 1: Industry Participation - The initiative has garnered significant support, with participation from major players across various segments of the energy storage supply chain, including lithium-ion batteries, flow batteries, sodium-ion batteries, and more [1] - Notably, nine out of the top ten lithium-ion battery manufacturers and eight out of the top ten energy storage system integrators have actively engaged in this initiative, indicating strong industry consensus [1] Group 2: Proposal Structure - The proposal consists of six chapters, including general principles and appendices, with specific sections addressing cost pricing behavior, product and service fulfillment, technological innovation, green development, and industry coordination mechanisms [2] - The cost pricing behavior section encourages members to compete based on technology, service, reputation, and fulfillment capabilities, advising against irrational low pricing practices to prevent "bad money driving out good" [2] Group 3: Future Actions - The China Chemical and Physical Power Industry Association is currently in the process of soliciting feedback on the initiative and welcomes more companies to join in order to refine and implement the proposal [2] - The association plans to regularly publish the list of participating companies and the progress of the initiative's implementation, while also updating the content based on industry developments and feedback to ensure its long-term effectiveness [2]

Core Viewpoint - The "Self-Discipline Convention for Air Passenger Transport" published by the China Air Transport Association aims to enhance industry self-discipline, improve service quality, and maintain market order in the aviation sector [1][2]. Group 1: Self-Discipline and Market Order - The convention emphasizes adherence to market rules and the strengthening of anti-monopoly and anti-unfair competition measures [1]. - It encourages airlines to improve operational efficiency and optimize resource allocation to provide high-value services to passengers [1]. - The convention advocates for strict compliance with laws such as the Price Law and the Anti-Unfair Competition Law to eliminate malicious competition practices [1]. Group 2: Supervision and Compliance - The convention calls for increased supervision and management of airline sales network operators and agents to ensure adherence to published fare levels and service conditions [2]. - It prohibits unregistered sales agents from engaging in sales activities and mandates compliance with national invoicing regulations [2]. - The implementation of the convention is expected to curb market irregularities in the short term and drive industry transformation and upgrading in the long term [2].

Core Points - The China Air Transport Association (CATA) has officially released the "Self-Discipline Convention for Air Passenger Transport" aimed at enhancing industry self-regulation and maintaining market order [1][2] - The convention emphasizes adherence to market rules, strengthening anti-monopoly and anti-unfair competition measures, and promoting operational efficiency among airlines [1] - It encourages airlines to provide high-value services and to engage in multi-channel public education regarding industry rules and characteristics [1] Summary by Sections - **Self-Discipline and Market Order**: The convention outlines self-discipline clauses focusing on aviation safety, service quality, and market order, urging airlines to avoid malicious competition practices such as predatory pricing and false advertising [1] - **Supervision of Sales Platforms**: It mandates increased supervision of airline sales network operators and agents to ensure compliance with published fare levels, conditions of use, and rules for ticket changes and refunds [2] - **Long-term Industry Transformation**: The CATA states that the implementation of the convention will not only curb market irregularities in the short term but also drive industry transformation and upgrade through regulatory innovation, ultimately creating a virtuous cycle of high-quality service and high-trust experiences [2]

Core Viewpoint - The China Chemical and Physical Power Industry Association has released a draft initiative aimed at maintaining fair competition and promoting healthy development in the energy storage industry, with participation from 149 companies [1] Group 1: Participation and Industry Coverage - The initiative has seen participation from a wide range of companies across the energy storage supply chain, including lithium-ion batteries, flow batteries, sodium-ion batteries, compressed air storage, flywheel storage, supercapacitors, thermal storage, PCS, BMS, energy storage system integrators, smart equipment, temperature control systems, fire protection systems, design planning, and construction installation [1] - Among the top ten lithium-ion battery manufacturers, nine companies actively participated in the initiative, while eight out of the top ten energy storage system integrators also joined [1] - The strong response and support from industry players indicate a potential for forming industry consensus and self-regulation [1]

Report Industry Investment Rating - No information provided Core Viewpoints - Supply is increasing as some polysilicon enterprises that previously cut production or shut down due to losses or equipment maintenance are resuming production with improved market sentiment and "anti - involution" policies. Meanwhile, demand is weakening as downstream battery enterprises have different acceptance levels for silicon wafer price hikes, the overall operating rate of the silicon wafer industry has slightly decreased, and component enterprises are more cautious in purchasing polysilicon to control costs. It is expected that the polysilicon market will continue to adjust this week, with prices likely to show a volatile trend as the upside is limited by downstream acceptance, and there will be no significant short - term decline [2]. Summary by Related Catalogs Futures Market - The closing price of the main contract for polysilicon is 51,290 yuan/ton, down 510 yuan; the main contract position is 132,463 lots, down 3,592 lots; the 11 - 12 spread of polysilicon is - 2,355 yuan, up 550 yuan; the spread between polysilicon and industrial silicon is 42,690 yuan/ton, down 270 yuan [2]. Spot Market - The spot price of polysilicon is 47,000 yuan/ton, unchanged; the basis of polysilicon is - 4,290 yuan/ton, up 510 yuan; the weekly average price of photovoltaic - grade polysilicon is 4.94 US dollars/kg, unchanged; the average prices of cauliflower - type, dense - type, and re - feeding type polysilicon are 30 yuan/kg, 36 yuan/kg, and 34.8 yuan/kg respectively, all unchanged [2]. Upstream Situation - The closing price of the main contract for industrial silicon is 8,600 yuan/ton, down 240 yuan; the spot price is 9,400 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 is 305,200 tons, up 5,500 tons; the total social inventory is 552,000 tons, up 10,000 tons [2]. Industry Situation - The monthly output of polysilicon is 95,000 tons, down 1,000 tons; the monthly import volume is 1,113 tons, up 320 tons; the weekly spot price of imported polysilicon in China is 6.3 US dollars/kg, unchanged; the monthly average import price is 2.19 US dollars/ton, down 0.14 US dollars/ton [2]. Downstream Situation - The monthly output of solar cells is 67,386,000 kilowatts, down 3,183,000 kilowatts; the average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W; the monthly export volume of photovoltaic modules is 88,975,860 pieces, down 14,424,120 pieces; the monthly import volume is 11,095,900 pieces, down 1,002,590 pieces; the monthly average import price is 0.31 US dollars/piece, down 0.01 US dollars/piece; the photovoltaic industry comprehensive price index (SPI) for polysilicon is 27.86, unchanged [2]. Industry News - On August 12, the Lithium Industry Branch of the China Non - Ferrous Metals Industry Association issued an initiative to lithium industry chain enterprises to strengthen upstream - downstream cooperation, adhere to the principle of fair market competition, and resist disorderly competition, market monopoly, and false publicity. In the polysilicon sector, some enterprises that previously cut production or shut down are resuming production as market sentiment improves and "anti - involution" policies are advanced [2]. Key Views - Supply is increasing as some polysilicon enterprises resume production, while demand is weakening as downstream battery enterprises have different acceptance levels for silicon wafer price hikes, the silicon wafer industry's operating rate decreases, and component enterprises are more cautious in purchasing polysilicon. The polysilicon market is expected to continue to adjust this week, with prices likely to be volatile [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The short - term fundamentals of industrial silicon are expected to improve, but the long - term futures price is still not attractive enough. It is recommended to consider medium - to - long - term long positions on dips if the price later falls below 8,000 yuan [3][4]. - The total demand for industrial silicon from its three major downstream industries remains flat [3]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Futures Market**: The closing price of the main contract is 8,600 yuan/ton, down 240 yuan; the position of the main contract is 284,500 lots, an increase of 5,640 lots; the net position of the top 20 is - 94,567 lots, a decrease of 4,841 lots; the warehouse receipts of GZEE are 50,658 lots; the price difference between September and October industrial silicon is - 20 yuan, an increase of 10 yuan [3]. - **Spot Market**: The average price of oxygen - passing 553 silicon is 9,400 yuan/ton, unchanged; the average price of 421 silicon is 9,750 yuan/ton, unchanged; the basis of the Si main contract is 800 yuan/ton, an increase of 240 yuan; the DMC spot price is 12,000 yuan/ton, unchanged [3]. - **Upstream Situation**: The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,810 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 490 yuan/ton; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [3]. - **Industry Situation**: The monthly output of industrial silicon is 305,200 tons, an increase of 5,500 tons; the weekly social inventory of industrial silicon is 552,000 tons, an increase of 10,000 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 [3]. - **Downstream Situation**: The weekly output of organic silicon DMC is 44,900 tons, an increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,300 yuan/ton, an increase of 100 yuan; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, unchanged; the monthly export volume of unforged aluminum alloy is 25,770.18 tons, an increase of 1,590.89 tons; the weekly operating rate of organic silicon DMC is 74.84%, an increase of 4.76 percentage points; the monthly output of aluminum alloy is 1.669 million tons, an increase of 24,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a decrease of 337.93 tons [3]. 3.2 Industry News - On August 12, the Lithium Industry Branch of the China Non - Ferrous Metals Industry Association issued an initiative to relevant enterprises in the lithium industry chain to strengthen upstream - downstream cooperation and maintain industrial security, and resist disorderly competition, market monopoly, and false publicity [3]. - The China Photovoltaic Industry Association is soliciting opinions on the "Draft Amendment to the Price Law (Exposure Draft)" [3]. 3.3 Supply and Demand Analysis - **Supply Side**: In Southwest China, with the deepening of the wet season, the electricity price advantage is more prominent, stimulating the resumption of production in silicon plants. The number of newly opened furnaces in Sichuan and Yunnan continues to increase, and the output in Southwest China is expected to increase next week. In Xinjiang, although some large factories maintain a stable production rhythm, some small and medium - sized silicon plants have low enthusiasm for resuming production due to thin profits, and the overall output remains relatively stable [3]. - **Demand Side**: - **Organic Silicon**: The market demand for organic silicon has recovered and grown, and the operating rate has increased slightly, which drives the demand for industrial silicon to some extent [3]. - **Polysilicon**: The operating rate of the polysilicon industry remains at a high level. With the continuous favorable policies for the photovoltaic industry, the downstream installation demand is still expected, which strongly supports the rigid demand for industrial silicon. However, the polysilicon price has shown a slight downward trend recently, and enterprises under cost pressure have a demand to lower the purchase price of industrial silicon [3]. - **Aluminum Alloy**: Enterprises mainly replenish inventory as needed. The inventory continues to increase, the price drops, and it is in a passive inventory reduction stage, which is difficult to drive the demand for industrial silicon [3].

Group 1 - The lithium carbonate futures market showed strong performance, with the main contract reaching 88,800 yuan/ton, a rise of 9.77%, and closing with a 2% increase [1] - The immediate trigger for this price movement was the news of the shutdown of mining operations at the Jiangxiawo mining area by CATL, effective from August 10, with no immediate plans for resumption [1] - The LC2508 contract exhibited even more significant gains, closing up 10.89% [1] Group 2 - The China Nonferrous Metals Industry Association's lithium branch issued a call to resist "involutionary" competition and to strengthen upstream and downstream collaboration, which is interpreted as an enhancement of industry self-discipline [3] - This initiative is seen as providing policy support for the rising lithium prices [3] Group 3 - The shutdown at the Jiangxiawo mining area directly impacted the supply of lithium carbonate, reducing monthly supply by approximately 8,300 tons, which is about 8% of domestic monthly supply [4] - The average price of battery-grade lithium carbonate rose to 78,000 yuan/ton on August 11, an increase of 8,000 yuan, and continued to rise to 79,500 yuan/ton on August 12, reflecting strong market reactions to supply contraction expectations [4] - Other lithium mines in Yichun, Jiangxi, are also facing compliance review pressures, potentially affecting an additional 200,000 tons of lithium carbonate equivalent annual production [4] Group 4 - The initiative from the China Nonferrous Metals Industry Association emphasizes the importance of industry chain collaboration and fair competition, aiming to stabilize market supply and promote optimized layouts [5] - The timing of this initiative is critical, as it seeks to regulate market order amid rising lithium carbonate prices, reflecting a commitment to maintaining a healthy development environment for the industry [5] - Similar self-regulatory behavior is observed in the dry-process lithium battery separator sector, where eight leading manufacturers reached consensus on price discipline and capacity management [5]