Core Viewpoint - The meeting emphasized the importance of regulating competition in the photovoltaic industry for sustainable high-quality development, focusing on industry management, price monitoring, product quality, and self-regulation [1][2]. Group 1: Industry Regulation - The meeting called for strengthened management of photovoltaic project investments and an orderly exit of outdated production capacity through market-oriented legal methods [1]. - It highlighted the need to curb disorderly low-price competition by establishing price monitoring and product pricing mechanisms, and combating illegal practices such as selling below cost and false marketing [1][2]. Group 2: Product Quality and Industry Self-Regulation - The meeting stressed the importance of maintaining product quality by addressing issues like reduced quality control, false product power claims, and intellectual property infringements [1]. - It encouraged industry self-regulation, advocating for fair competition and orderly development, while reinforcing technological innovation and quality safety standards [1]. Group 3: Industry Trends and Future Outlook - The focus on "anti-involution" in the photovoltaic sector indicates a shift towards high-quality development, with measures aimed at addressing supply-demand imbalances and ensuring long-term industry health [2]. - Recent data shows that since early July 2025, prices for silicon materials and wafers have significantly increased, with battery and module prices also recovering, indicating early success in the "anti-involution" efforts [2].

Core Viewpoint - The A-share market is experiencing a collective rise, with over 3,500 stocks increasing in value, driven by recent government initiatives aimed at regulating the photovoltaic industry and improving market conditions [1] Industry Summary - A recent meeting involving six government departments emphasized the need for stronger regulation in the photovoltaic industry, focusing on managing investment processes and eliminating outdated production capacity through market-oriented and legal measures [1] - The meeting also highlighted the importance of curbing chaotic low-price competition and establishing a robust price monitoring system and product pricing mechanisms, while strictly prohibiting sales below cost and false marketing practices [1] - Huachuang Securities noted a growing call for self-discipline within the photovoltaic sector, suggesting that improvements in supply and demand dynamics, along with the implementation of supply-side policies, could lead to price recovery and enhanced profitability across the industry [1] Company Summary - The Huaxia New Energy ETF (159368) is the first ETF in the market to track the New Energy Index of the ChiNext board, which encompasses various sectors within the new energy and electric vehicle industries, including batteries and photovoltaics, indicating strong growth potential and alignment with self-discipline policies [1] - The management fee for the Huaxia New Energy ETF is set at 0.15%, with a custody fee of 0.05%, totaling a competitive rate of 0.2%, making it an attractive option for investors looking to capitalize on new energy opportunities [1]

1. Report Industry Investment Rating - Industry Silicon: Oscillation / Polysilicon: Oscillation [1] 2. Core Viewpoints of the Report - The resumption rhythm of large factories in Xinjiang still affects the fundamental changes of industrial silicon. Although the fundamentals of industrial silicon are weakening marginally, the short - term price may fluctuate between 8,200 - 9,500 yuan/ton, and investors should pay attention to range - trading opportunities. For polysilicon, the price may run between 49,000 - 57,000 yuan/ton in the short term and is expected to exceed 60,000 yuan/ton in the long term. The strategy is to be bullish on pullbacks, and consider 11 - 12 reverse - spread opportunities around - 2,000 yuan/ton [3][16] - The government's policy of regulating the photovoltaic industry competition order has an impact on the price of polysilicon and its upstream and downstream products. Although the component price has increased, the terminal demand is not optimistic, and it is necessary to pay attention to whether there will be incremental policies [2][12][14] 3. Summary According to the Directory 3.1 Industrial Silicon/Polysilicon Industry Chain Prices - Industrial silicon: The Si2511 contract decreased by 60 yuan/ton to 8,745 yuan/ton week - on - week. The SMM spot price of East China oxygen - blown 553 decreased by 150 yuan/ton to 9,250 yuan/ton, and the price of Xinjiang 99 decreased by 250 yuan/ton to 8,450 yuan/ton. - Polysilicon: The PS2511 contract decreased by 1,335 yuan/ton to 51,405 yuan/ton week - on - week. The transaction price of N - type re - feedstock increased by 500 yuan/ton to 47,900 yuan/ton [8][9] 3.2 Xinjiang Large Factories Gradually Resume Production, and Component Bidding Prices Increase - **Industrial Silicon**: The futures main contract oscillated this week. Xinjiang, Sichuan, and Yunnan added 8, 3, and 2 furnaces respectively, Inner Mongolia added 1, and Gansu reduced 1. The SMM industrial silicon social inventory decreased by 0.20 tons week - on - week, and the sample factory inventory increased by 0.40 tons. The eastern base of a large factory in Xinjiang resumed 8 furnaces this week with further plans, but the implementation needs to be observed. Southern production has reached its peak with no obvious increase in the future. Downstream maintains just - in - time procurement. It is estimated that the inventory of industrial silicon will decrease by about 10,000 tons in August. If the large factory's operation remains unchanged, it may accumulate about 30,000 tons from September to October and decrease by about 100,000 tons during the dry season from November to December. However, if the large factory fully resumes production, it may be difficult to reduce inventory during the dry season [10] - **Organic Silicon**: The price oscillated downward this week. The third - phase device of Tangshan Sanyou stopped, and the device in Hoshine's Sichuan area resumed production. The overall enterprise operating rate was 76.03%, with a weekly output of 50,300 tons, a decrease of 2.14% week - on - week. The inventory was 48,800 tons, an increase of 0.62% week - on - week. The price is expected to oscillate at a low level [11] - **Polysilicon**: The futures main contract oscillated this week. Six ministries jointly held a photovoltaic industry symposium, and on Friday, Huadian's 20GW component centralized procurement bid opened, with component prices rising significantly, driving up upstream prices. The bid price of second - tier enterprises' dense material increased to 48 yuan/kg, and that of first - tier enterprises increased to 50 - 53 yuan/kg. To maintain prices, production and sales control in the polysilicon segment are necessary. The production in August was between 125,000 - 130,000 tons. The production in September is highly uncertain, with a pessimistic estimate of up to 140,000 tons and an optimistic estimate of 120,000 tons, still in surplus [12] - **Silicon Wafers**: The quotation increased this week. After the symposium, the association gave a new guidance price for silicon wafers on the 20th afternoon. Silicon wafer enterprises adjusted their quotes to the guidance price, with M10/G12R/G12 models rising to 1.25/1.40/1.60 yuan/piece. As of August 21, the silicon wafer factory inventory was 17.41GW, a decrease of 2.39GW. The production schedule in August was 53GW, and it is expected to be flat in September [13] - **Battery Cells**: The price remained stable this week. The mainstream transaction prices of M10/G12R/G12 models were 0.29/0.285/0.285 yuan/watt. As of August 18, the inventory of Chinese photovoltaic battery export factories was 5.81GW, an increase of 0.83GW. The domestic production schedule of Chinese enterprises in August was about 58GW. Some battery enterprises showed an intention to raise prices, with an expected increase to over 0.3 yuan/watt [13] - **Components**: The price oscillated this week. New orders were few, mainly fulfilling previous orders. The delivery price of centralized projects was between 0.62 - 0.68 yuan/watt, and the distributed spot price was stagnant, with a small amount of transactions above 0.7 yuan/watt. After the symposium, component prices are expected to rise. Huadian's 20GW photovoltaic component centralized procurement bid opened, with an average price of 0.71 yuan/watt for the first - stage bid, which is lower than expected but can cover the cost. With policy support, the component bidding price is expected to exceed 0.7 yuan/watt, but the terminal demand is not optimistic [14] 3.3 Investment Suggestions - **Industrial Silicon**: Pay attention to the resumption progress of large factories in Xinjiang. Although the fundamentals are weakening, the price may fluctuate between 8,200 - 9,500 yuan/ton in the short term due to the expectation of US interest rate cuts and the "anti - involution" of the domestic photovoltaic industry chain. Look for range - trading opportunities [3][16] - **Polysilicon**: The futures price is strongly supported by the spot transaction price of leading enterprises. In the short term, the price may run between 49,000 - 57,000 yuan/ton and is expected to exceed 60,000 yuan/ton in the long term. Be bullish on pullbacks and consider 11 - 12 reverse - spread opportunities around - 2,000 yuan/ton [3][16] 3.4 Hot News - On August 22, Huadian Group's 20GW photovoltaic component centralized procurement bid opened, with an average price of 0.71 yuan/W for the first - stage bid and 0.746 yuan/W for the second - stage bid [17] - The photovoltaic industry issued an initiative to strengthen self - discipline and maintain a fair competition market order [17] - On August 19, six ministries jointly held a photovoltaic industry symposium to regulate the competition order, including strengthening industrial regulation, curbing low - price competition, standardizing product quality, and supporting industry self - discipline [18] 3.5 Industry Chain High - Frequency Data Tracking - **Industrial Silicon**: Includes data on prices, production, and inventory such as the price of oxygen - blown 553 and 99 silicon, weekly production in different regions, and social and factory inventories [8][9][10] - **Organic Silicon**: Covers data on the price, profit, inventory, and production of DMC [10][11] - **Polysilicon**: Involves data on spot prices, gross profit, factory inventory, and enterprise production [12] - **Silicon Wafers**: Includes data on spot prices, average net profit, factory inventory, and enterprise production [13] - **Battery Cells**: Covers data on spot prices, average net profit, export factory inventory, and enterprise production [13] - **Components**: Involves data on spot prices, average net profit, factory inventory, and enterprise production [14]

Core Viewpoint - The meeting held on August 19 by multiple government departments aims to regulate the photovoltaic industry and address issues of competition and production capacity [3][4]. Group 1: Meeting Details - The meeting was attended by representatives from photovoltaic manufacturing and power generation companies, as well as relevant government departments [3]. - Unlike a previous meeting on July 3, the details of the August 19 meeting were kept confidential, with participants signing non-disclosure agreements [3]. - The meeting is expected to discuss specific measures to combat "involution" in various segments of the photovoltaic industry over the following days [3]. Group 2: Industry Regulation Focus - The meeting emphasized four main areas: 1. Strengthening industry regulation and managing project investments to facilitate the orderly exit of outdated production capacity [4]. 2. Curbing low-price and disorderly competition by establishing price monitoring and product pricing mechanisms [4]. 3. Standardizing product quality and combating practices such as false marketing and infringement of intellectual property [4]. 4. Supporting industry self-discipline through the role of industry associations to promote fair competition and technological innovation [4]. Group 3: Production Capacity Agreements - Industry insiders reported that several silicon material companies reached an agreement on production cuts, controlling operations, and managing sales [3]. - A clear plan for production and sales in the multi-crystalline silicon segment has been established for the period from September to December [3].

Core Viewpoint - The meeting held on August 19 aimed to further regulate the competitive order of the photovoltaic industry, with a focus on addressing issues such as overcapacity and low-price competition [1][2] Group 1: Meeting Overview - The meeting was attended by representatives from various photovoltaic manufacturing and power generation companies, as well as relevant government departments [1] - Unlike the previous meeting on July 3, the details of the participants and discussions were kept confidential, with attendees signing non-disclosure agreements [1] - The meeting is expected to lead to discussions on specific measures to combat "involution" in different segments of the industry, including batteries, modules, silicon wafers, and polysilicon [1] Group 2: Key Discussion Points - The meeting focused on four main directions: 1. Strengthening industry regulation and managing project investments to facilitate the orderly exit of outdated production capacity [2] 2. Curbing low-price and disorderly competition by establishing price monitoring and product pricing mechanisms, and combating illegal practices such as selling below cost [2] 3. Standardizing product quality by addressing issues like poor quality control and intellectual property infringement [2] 4. Supporting industry self-regulation by leveraging industry associations to promote fair competition and technological innovation [2] Group 3: Industry Insights - Industry insiders reported that several polysilicon companies have reached an agreement on production cuts, operational control, and inventory management, with a clear plan for the next four months [1] - The effectiveness of the implementation of these agreements remains uncertain [1]

Core Viewpoint - The meeting held on August 19 aimed to further regulate the competitive order in the photovoltaic industry, with participation from various government departments and industry representatives [1][2]. Group 1: Meeting Details - The meeting was attended by representatives from photovoltaic manufacturing and power generation companies, the China Photovoltaic Industry Association, and local industrial and information authorities [1]. - Unlike the previous meeting on July 3, the details of the participants were not disclosed, and the meeting's content was kept confidential, with attendees signing non-disclosure agreements [1]. - The meeting is expected to lead to discussions on specific measures to combat "involution" in various segments of the industry, including batteries, modules, silicon wafers, and polysilicon [1]. Group 2: Industry Directions - The meeting focused on four main directions: 1. Strengthening industry regulation by managing project investments and promoting the orderly exit of outdated capacities through market-oriented legal methods [2]. 2. Curbing low-price disorderly competition by establishing price monitoring and product pricing mechanisms, and combating illegal practices such as selling below cost and false marketing [2]. 3. Standardizing product quality by addressing issues like reduced quality control, false product power ratings, and intellectual property infringements [2]. 4. Supporting industry self-discipline by leveraging industry associations to advocate for fair competition, orderly development, and maintaining quality safety standards [2]. Group 3: Polysilicon Sector Insights - In the polysilicon sector, several leading companies have reportedly reached an agreement on production cuts, operational control, and sales volume management, with a clear plan for the next four months from September to December [1]. - The effectiveness of the implementation of these agreements remains uncertain, as the industry awaits further developments [1].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) organized a meeting to regulate the competitive order in the photovoltaic industry, emphasizing the importance of maintaining a healthy and sustainable development environment for the sector [1][2] Group 1: Meeting Details - The meeting was attended by representatives from photovoltaic manufacturing and power generation companies, the China Photovoltaic Industry Association, and relevant local industrial and information authorities [1] - Unlike a previous meeting on July 3, the current meeting's details were kept confidential, with participants signing non-disclosure agreements [1] - The meeting is expected to lead to discussions on specific measures to combat "involution" in various segments, including batteries, modules, silicon wafers, and polysilicon [1] Group 2: Industry Regulation Directions - The meeting focused on four main directions: 1. Strengthening industry regulation by managing project investments and promoting the orderly exit of outdated production capacity [2] 2. Curbing low-price disorderly competition through improved price monitoring and product pricing mechanisms, targeting illegal practices such as selling below cost and false marketing [2] 3. Standardizing product quality by combating poor quality control, false product power claims, and intellectual property infringements [2] 4. Supporting industry self-discipline by leveraging industry associations to advocate for fair competition, orderly development, and a strong emphasis on technological innovation and quality safety [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - The industrial silicon market was positively affected by news disturbances. Factors such as the possible cancellation of preferential electricity prices and rumors of delayed resumption of production by large factories led to a significant rebound in the industrial silicon futures market. Short - term policy and capital sentiment have a large impact, and it is recommended to wait and see, with previous short positions needing protection [1][3]. - There have been many policy disturbances in the photovoltaic industry recently, including anti - involution, storage mergers and acquisitions, and self - disciplined production cuts. Policy implementation and the downward transmission of spot prices need to be continuously monitored. In the medium - to - long - term, it is suitable to build long positions in polysilicon at low prices [8]. 3. Summary by Related Catalogs Industrial Silicon - **Market Analysis** - On July 14, 2025, the industrial silicon futures price rose significantly. The main contract 2509 opened at 8460 yuan/ton and closed at 8695 yuan/ton, a change of 275 yuan/ton (3.27%) from the previous day's settlement. The position of the main contract 2509 was 402,890 lots, and the number of warehouse receipts on July 13 was 50,090 lots, a change of - 139 lots from the previous day [2]. - The spot price of industrial silicon increased. The price of East China oxygen - passing 553 silicon was 8900 - 9100 yuan/ton (up 150 yuan/ton); 421 silicon was 9200 - 9400 yuan/ton (up 100 yuan/ton); Xinjiang oxygen - passing 553 silicon was 8400 - 8500 yuan/ton (up 50 yuan/ton); 99 silicon was 8300 - 8400 yuan/ton (up 50 yuan/ton) [2]. - The price of organic silicon DMC was 10,600 - 11,000 yuan/ton (unchanged). Due to the continuous rise of the industrial silicon market, the cost of DMC was pushed up, and its price jumped by about 350 yuan/ton, which in turn drove up the price of 107 glue [2]. - **Strategy** - The short - term policy and capital sentiment have a large impact. It is recommended to wait and see, and previous short positions need to be protected [3]. Polysilicon - **Market Analysis** - On July 14, 2025, the main contract 2508 of polysilicon futures fluctuated widely, opening at 41,290 yuan/ton and closing at 41,765 yuan/ton, a change of 0.81% from the previous day's closing price. The position of the main contract was 78,328 lots (previous day: 85,925 lots), and the trading volume on the day was 470,329 lots [5]. - The spot price of polysilicon remained stable. The price of polysilicon re - feedstock was 32.00 - 33.00 yuan/kg; dense polysilicon was 30.00 - 32.00 yuan/kg; cauliflower - shaped polysilicon was 28.00 - 31.00 yuan/kg; granular silicon was 30.00 - 31.00 yuan/kg; N - type material was 42.00 - 49.00 yuan/kg (down 0.50 yuan/kg); N - type granular silicon was 41.00 - 46.00 yuan/kg [5]. - The inventory of polysilicon manufacturers increased slightly, and the silicon wafer inventory decreased. The latest statistics showed that the polysilicon inventory was 276,000 tons, a change of 1.40% from the previous period; the silicon wafer inventory was 18.13GW, a change of - 5.70% from the previous period. The weekly polysilicon output was 22,800 tons, a change of - 5.00% from the previous period; the silicon wafer output was 11.50GW, a change of - 3.37% from the previous period [5][6]. - The prices of silicon wafers, battery cells, and components remained mostly stable, with only minor changes in a few varieties [6]. - After domestic photovoltaic silicon wafer enterprises generally raised their quotes on the afternoon of July 9, the domestic silicon wafer market has fully carried out transactions at the new prices. Battery factories have started to purchase in large quantities. Currently, silicon material transactions have not fully started, with only a few P - type orders [7]. - **Strategy** - Short - term: pay attention to risks and be cautiously bullish. In the medium - to - long - term, it is suitable to build long positions at low prices [8].

Report Industry Investment Rating - Industrial silicon: Interval operation is the main strategy, and upstream companies should sell hedging at high prices. Unilateral is neutral. [2][8] - Polysilicon: Unilateral is neutral. There are no suggestions for inter - period, cross - variety, spot - futures, and options operations. [8] Core Viewpoints - Industrial silicon: On July 2, 2025, the industrial silicon futures price rose significantly. Short - term supply - demand margin improved due to large factories' production cuts and a slight increase in downstream production schedules, but the high total industry inventory led to hedging pressure after the rebound. The market was affected by policy expectations, and short - term observation was recommended. [1][2] - Polysilicon: On July 2, 2025, the polysilicon futures main contract hit the daily limit. Affected by policies and industry self - discipline, leading companies uniformly raised quotes, but the supply - demand fundamentals remained weak. Policy game had a large impact, and participants needed to manage risks and follow up on policy implementation. [2][6] Market Analysis Industrial Silicon - Futures: On July 2, 2025, the main contract 2509 opened at 7,805 yuan/ton and closed at 8,210 yuan/ton, up 4.79% from the previous settlement. The closing position was 386,361 lots, and the number of warehouse receipts was 51,916 lots, a decrease of 221 lots from the previous day. [1] - Supply: The spot price of industrial silicon rose slightly. The prices of some silicon in different regions increased, while the price of 97 - silicon remained stable. [1] - Consumption: The domestic monomer enterprise's operation rate continued to increase slightly, reaching about 70%. It was expected that the DMC production schedule in July would increase by about 10,000 tons, increasing the consumption of industrial silicon. [1] Polysilicon - Futures: On July 2, 2025, the main contract 2508 hit the daily limit, opening at 33,350 yuan/ton and closing at 35,050 yuan/ton, up 6.99%. The position was 95,005 lots, and the trading volume was 411,586 lots. [2] - Spot: The spot quotes of polysilicon were raised. The N - type polysilicon price index rose by 2 yuan/kg to 36 yuan/kg, with a daily increase of 5.88%, but there was no spot transaction. [2][6] - Inventory and Production: Polysilicon inventory was 27.00, a month - on - month increase of 3.05%; silicon wafer inventory was 20.11GW, a month - on - month increase of 7.30%. The weekly polysilicon production was 23,600.00 tons, a month - on - month decrease of 3.67%; the silicon wafer production was 13.44GW, a month - on - month increase of 4.10%. [4] Silicon Wafer, Battery Chip, and Component - Silicon Wafer: The prices of domestic N - type 18Xmm, N - type 210mm, and N - type 210R silicon wafers remained unchanged. [4] - Battery Chip: The prices of various types of battery chips remained unchanged. [4] - Component: The mainstream transaction prices of various types of components remained unchanged. [5] Strategy Industrial Silicon - Unilateral: Interval operation is the main strategy, and upstream companies should sell hedging at high prices. [2] - Others: There are no suggestions for inter - period, cross - variety, spot - futures, and options operations. [2][3] Polysilicon - Unilateral: Neutral. [8] - Others: There are no suggestions for inter - period, cross - variety, spot - futures, and options operations. [8] Risk Factors Industrial Silicon - Re - production and new capacity investment in the northwest and southwest regions. - Changes in polysilicon enterprise operation rates. - Policy disturbances. - Macroeconomic and capital sentiment. - Operation conditions of organic silicon enterprises. [3] Polysilicon - Impact of industry self - discipline on upstream and downstream operation rates. - Impact of futures listing on the spot market. - Impact of capital sentiment. - Impact of policy disturbances. [8]