Report Industry Investment Rating - No relevant content provided Core Viewpoints - On October 15, industrial silicon fluctuated weakly, with the main contract 2511 closing at 8,570 yuan/ton, a daily decline of 0.12%, and the position decreasing by 18,484 lots to 144,000 lots. The spot reference price of industrial silicon by Baichuan remained stable at 9,557 yuan/ton compared to the previous trading day. The price of the lowest deliverable 421 grade remained stable at 8,900 yuan/ton, and the spot premium narrowed to 240 yuan/ton. Polysilicon fluctuated strongly, with the main contract 2511 closing at 50,865 yuan/ton, a daily increase of 3.37%, and the position decreasing by 2,224 lots to 79,164 lots. The price of N-type recycled polysilicon material rose to 52,500 yuan/ton, and the price of the lowest deliverable silicon material also rose to 52,500 yuan/ton, with the spot premium narrowing to 1,745 yuan/ton [2]. - There are rumors of national regulation on photovoltaic production capacity, leading to a divergence in the trends of industrial silicon and polysilicon. Currently, the demand for polysilicon and aluminum alloys shows resilience, and the main variables are concentrated on the supply side. Large-scale production shutdowns are about to begin in the southwest. Attention should be paid to the resumption time and supplementary production scale in the north. Considering the resumption rhythm in Xinjiang, short-selling operations can be carried out at high levels for far-month contracts. There are also reports of the registration of a production capacity acquisition platform in October and the arrival of funds in November. Due to the failure to reach an agreement on production cuts in October, production has continued to rise. Coupled with lower-than-expected bidding and a decline in domestic component production schedules, the overall terminal market remains weak. After November, major manufacturers will carry out maintenance, and the supply-demand pattern may improve fundamentally. The market is waiting for the meeting results and the centralized cancellation of warehouse receipts in November. With cautious sentiment building up, the overall volatility of polysilicon may increase due to news guidance [2]. Summary by Directory Research Viewpoints - The prices of industrial silicon and polysilicon showed different trends on October 15. The market is affected by rumors of national regulation on photovoltaic production capacity, and the supply side is the main variable. Attention should be paid to production resumption in the north, and short-selling operations can be considered for far-month contracts. The supply-demand pattern may improve after November [2]. Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract increased from 8,520 yuan/ton on October 14 to 8,570 yuan/ton on October 15. The spot prices of various grades remained mostly stable, and the spot premium narrowed from 410 yuan/ton to 240 yuan/ton. The industrial silicon warehouse receipts remained unchanged at 51,197, and the Guangzhou Futures Exchange inventory decreased by 3,510 tons to 251,405 tons [3]. - **Polysilicon**: The futures settlement price of the main contract increased from 49,990 yuan/ton on October 14 to 50,865 yuan/ton on October 15. The spot prices of various grades remained stable, and the spot premium narrowed from 2,520 yuan/ton to 1,745 yuan/ton [3]. - **Organic Silicon**: The price of DMC in the East China market remained stable at 11,200 yuan/ton, while the price of dimethyl silicone oil increased by 1,700 yuan/ton to 13,500 yuan/ton [3]. Chart Analysis - **Industrial Silicon and Cost Side Prices**: Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [4][6][11]. - **Downstream Product Prices**: Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [13][15][16]. - **Inventory**: Charts present the industrial silicon futures inventory, factory warehouse inventory, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [18][19][21]. - **Cost and Profit**: Charts show the average cost and profit levels in major production areas, weekly cost and profit of industrial silicon, aluminum alloy processing industry profit, DMC cost and profit, and polysilicon cost and profit [24][26][31]. Team Introduction - The non - ferrous metals team includes Zhan Dapeng, a senior researcher with over a decade of commodity research experience; Wang Heng, who focuses on aluminum and silicon research; and Zhu Xi, who focuses on lithium and nickel research [33][34].

Industry News - The National Development and Reform Commission and other departments issued a notice for the "Three-Year Doubling Action Plan for Electric Vehicle Charging Facilities (2025-2027)", aiming to establish 28 million charging facilities nationwide by the end of 2027 [4] - The State Data Bureau announced that China will launch 158 reform measures in seven national digital economy innovation development pilot zones, focusing on market-oriented allocation of data elements, technological innovation, and deep integration of industrial innovation [5] - AI technology is penetrating all aspects of drug development, as reported in KPMG's "Third Bio-innovation Leading 50 Enterprises Report" [5] - The Chongqing Medical Security Bureau has initiated the preparation phase for centralized procurement of urological medical consumables, covering 26 provinces [5] - The State Post Bureau emphasized the importance of smooth circulation and promoting logistics in the modern logistics industry during a recent inspection of the postal and express delivery industry [5] Company News - Haiguang Information announced a net profit of 760 million yuan for the third quarter, representing a year-on-year increase of 13% [6] - Guanghua Technology reported a net profit growth of 1234% year-on-year for the first three quarters [8] - Hainan Huatie completed a shareholding increase plan, accumulating 6.448 million shares [9] - Guizhou Bailing's subsidiary received approval for clinical trials of a new traditional Chinese medicine for type 2 diabetes [10] - China Ruilin plans to establish a tungsten and rare earth mining fund with a total scale of 2 billion yuan [10] - Junpu Intelligent plans to raise no more than 1.161 billion yuan for smart robot research and industrialization projects [10]

Report Overview - The report is a daily report on the polysilicon industry dated October 15, 2025 [1] 1. Market Data Futures Market - The closing price of the main contract for polysilicon was 50,865 yuan/ton, up 875 yuan; the main contract's open interest was 79,164 lots, down 2,224 lots; the spread between November and December contracts was -2,400 yuan, down 40 yuan; the spread between polysilicon and industrial silicon was 42,295 yuan/ton, up 825 yuan [2] Spot Market - The spot price of polysilicon was 52,750 yuan/ton, unchanged; the basis was 2,760 yuan/ton, down 1,250 yuan; the weekly average price of photovoltaic - grade polysilicon was 6.54 US dollars/kg, unchanged; the average prices of cauliflower - grade, dense - grade, and re - feed polysilicon were 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 was 8,570 yuan/ton, up 50 yuan; the spot price was 9,400 yuan/ton, down 50 yuan; monthly export volume was 76,642.01 tons, up 2,635.83 tons; monthly import volume was 1,337.59 tons, up 1,220.14 tons; monthly output was 366,800 tons, up 33,600 tons; the total social inventory was 552,000 tons, up 10,000 tons [2] Industry Situation - The monthly output of polysilicon was 125,000 tons, up 20,000 tons; the monthly import volume was 1,006 tons, down 164 tons; the weekly spot price of imported polysilicon in China was 6.9 US dollars/kg, up 0.01 US dollars; the monthly average import price was 2.62 US dollars/ton, down 0.25 US dollars [2] Downstream Situation - The monthly output of solar cells was 69.857 million kilowatts, up 3.475 million kilowatts; the average price of solar cells was 0.82 RMB/W, up 0.01 RMB; the monthly export volume of photovoltaic modules was 149,022,600 units, up 38,589,900 units; the monthly import volume was 21,440,200 units, up 6,914,600 units; the monthly average import price was 0.25 US dollars/unit, down 0.05 US dollars; the weekly comprehensive price index of the photovoltaic industry (SPI) for polysilicon was 32.82, unchanged [2] 2. Industry News - South Korea's polysilicon leader OCI Holding plans to acquire a 65% stake in a Vietnamese wafer factory through its subsidiary OCI ONE to expand its photovoltaic wafer business. The factory is expected to be completed by the end of October [2] - Industry insiders suggest that a document to strengthen photovoltaic capacity regulation may be issued soon. The draft for soliciting opinions on the new national standard for energy consumption in polysilicon and germanium products has been released, which is beneficial for industry clearance in the long - term but causes short - term market concerns [2] 3. Core Viewpoints - On the supply side, the progress of eliminating some production capacity may be slower than expected, and the "anti - involution" policy details are not yet in place, increasing the difficulty of new capacity launch in the short term [2] - On the demand side, wafer prices are flat, some enterprises raise prices, downstream wafer enterprises have high inventories, and new order procurement slows down. Domestic photovoltaic installations have declined for two consecutive months, and terminal demand is weak [2] - The growth in demand for N - type materials will partially offset the surplus of P - type materials, which may support prices to some extent. The market is observing whether downstream prices can rise, but the situation is not optimistic. Polysilicon is still suppressed by fundamental sentiment, but it rebounded on news today. Photovoltaic module prices have started to rise, but overall demand for polysilicon is still limited. It is expected that polysilicon will continue to fluctuate at a high level, and the operation suggestion is to buy on dips [2] 4. Key Focus - There is no news today [2]

1. Report Industry Investment Rating - There is no information about the report industry investment rating provided in the content. 2. Core Viewpoints of the Report - On the 14th, industrial silicon fluctuated weakly, with the main 2511 contract closing at 8,520 yuan/ton, a daily decline of 2.18%, and the position decreasing by 3,048 lots to 163,000 lots. The reference price of Baichuan's industrial silicon spot was 9,557 yuan/ton, down 23 yuan/ton from the previous trading day. The price of the lowest deliverable 421 remained stable at 8,900 yuan/ton, and the spot premium expanded to 410 yuan/ton. Polysilicon fluctuated strongly, with the main 2511 contract closing at 49,990 yuan/ton, a daily increase of 2.55%, and the position decreasing by 6,277 lots to 81,388 lots. The price of N-type recycled polysilicon material rose to 52,500 yuan/ton, and the price of the lowest deliverable silicon material also rose to 52,500 yuan/ton, with the spot premium narrowing to 2,520 yuan/ton [2]. - There are rumors in the market that the state will regulate the photovoltaic production capacity, leading to a divergence in the trends of industrial silicon and polysilicon. Currently, the demand for polysilicon and aluminum alloy is resilient, and the main variable lies in the supply side. Large - scale production shutdowns are about to start in the southwest. Attention should be paid to the resumption time and supplementary production scale in the north. Considering the resumption rhythm in Xinjiang, short - selling operations at high levels for the far - month contracts are recommended. Additionally, there are news about the registration of a production capacity acquisition platform in October and the arrival of funds in November [2]. - Due to the failure to reach an agreement on production cuts in October, production continued to rise. Coupled with the under - performance of tenders, the domestic component production schedule declined, and the overall terminal market remained weak. After November, major manufacturers will conduct maintenance, and the supply - demand pattern may improve fundamentally. The market is waiting for the meeting results and the concentrated cancellation of warehouse receipts in November. With cautious sentiment, the overall volatility of polysilicon may increase under the influence of news [2]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract decreased from 8,805 yuan/ton on the 13th to 8,520 yuan/ton on the 14th, a decrease of 285 yuan/ton. Among the spot prices, most remained stable, except for some minor price adjustments. The current lowest deliverable price was 8,900 yuan/ton. The spot premium increased from 7 yuan/ton to 410 yuan/ton [3]. - **Polysilicon**: The futures settlement price of the main contract increased from 48,740 yuan/ton on the 13th to 49,990 yuan/ton on the 14th, an increase of 1,250 yuan/ton. The spot prices of various types of polysilicon remained stable. The current lowest deliverable price was 52,500 yuan/ton, and the spot premium decreased from 3,565 yuan/ton to 2,520 yuan/ton [3]. - **Organic Silicon**: The price of DMC in the East China market remained stable at 11,200 yuan/ton. The prices of raw rubber and 107 glue also remained unchanged, while the price of dimethyl silicone oil increased by 1,700 yuan/ton to 13,500 yuan/ton [3]. - **Inventory**: For industrial silicon, the warehouse receipts remained unchanged at 50,854. The total social inventory increased by 2,500 tons to 445,000 tons. For polysilicon, the warehouse receipts remained unchanged at 7,900, and the total social inventory increased by 13,000 tons to 254,000 tons [3]. 3.2 Chart Analysis - **Industrial Silicon and Cost - Side Prices**: Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [4][6][11]. - **Downstream Product Prices**: Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [14][16][18]. - **Inventory**: Charts present the inventory of industrial silicon futures, factory warehouses, weekly industry inventory, and changes in weekly inventory, as well as the weekly inventory of DMC and polysilicon [20][23]. - **Cost and Profit**: Charts show the average cost and profit levels in major production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, cost - profit of DMC, and cost - profit of polysilicon [26][28][33]. 3.3 Team Introduction - The non - ferrous metals team includes Zhan Dapeng, a science master, the current director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, a gold intermediate investment analyst, an excellent metals analyst of the Shanghai Futures Exchange, and the best industrial product futures analyst of Futures Daily and Securities Times. He has more than a decade of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles in public newspapers and magazines. The team has won the awards for the best non - ferrous metal industry futures research team of Futures Daily and Securities Times in the 15th and 16th sessions and the title of the excellent non - ferrous metal industry team of the Shanghai Futures Exchange in 2016 [35]. - Wang Heng, a master of finance from the University of Adelaide in Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon research [35]. - Zhu Xi, a master of science from the University of Warwick in the UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel research [36].

Core Viewpoint - GCL-Poly Energy (03800) shares rose over 5%, currently up 5.56% at HKD 1.33, with a trading volume of HKD 606 million [1] Industry Summary - Regulatory authorities are expected to release a document to strengthen the control of photovoltaic production capacity, which will include requirements to limit the operating rates of existing capacities across the entire industry chain and prohibit new capacity additions [1] - The main contract for polysilicon futures increased by over 3% during the day, currently reported at CNY 50,885 per ton [1] Company Summary - Huatai Securities previously indicated that the company has significant cost and energy consumption advantages in granular silicon, which may lead to a steady increase in market share [1] - The outlook for the company is positive due to expected effective industry self-discipline and the gradual implementation of supply-side policies, suggesting substantial potential for profit recovery [1]

Group 1 - The National Civil Service Examination has reduced recruitment for the first time in eight years, with a total of 38,100 positions available, down approximately 1,600 from last year. The age limit for applicants has been raised to 38 years, and for recent master's and doctoral graduates, it has been extended to 43 years [2] - Starting November 1, a new digital service will be implemented nationwide for the registration of new domestic passenger vehicles, eliminating the need for physical visits to vehicle management offices [3] - The U.S. Senate failed to advance a temporary funding bill proposed by Republicans, which would have provided government funding until November 21, highlighting ongoing budgetary challenges [4] Group 2 - The Ministry of Commerce responded to recent U.S. tariffs on China, emphasizing China's willingness to engage in dialogue while also preparing for continued trade tensions [5] - The State Taxation Administration reported a significant increase in tax revenue for September, attributed to economic recovery and a lower base from the previous year [6] - The Ministry of Finance successfully issued 400 billion yuan in ultra-long-term special bonds, completing a total issuance of 1.3 trillion yuan for the year [7] Group 3 - Industry insiders suggest that a document to strengthen photovoltaic capacity regulation may be released soon, aiming to limit existing production capacity and prevent new capacity additions [8] - A report from the Chinese Academy of Sciences highlighted that Beijing, Shanghai, and Guangdong lead in basic research competitiveness, accounting for 84.62% of national major scientific infrastructure and 87.50% of national laboratories [9] - A new policy in Hunan allows local labor unions to pay for the basic medical insurance of members' children, prompting calls for nationwide implementation [10] Group 4 - The real estate market in Qingdao has unexpectedly warmed, with a 10% increase in daily transaction area during the National Day holiday, driven by discounts from developers [11] - The International Monetary Fund has revised its global economic growth forecast for 2023 to 3.2%, an increase of 0.2 percentage points from previous estimates [12] - The U.S. government shutdown continues, affecting various public services and leading to staff reductions in federal agencies [13] Group 5 - The U.S. military has conducted operations against drug trafficking vessels near Venezuela, resulting in the sinking of a boat and the death of six individuals [14] - President Trump has not yet made a statement regarding the "two-state solution" for the Israeli-Palestinian conflict, indicating ongoing discussions about reconstruction in Gaza [15] - The U.S. may lose 14 to 16 million tons of soybean orders if China does not resume purchases by mid-November, significantly impacting the U.S. market [16] Group 6 - NATO Secretary-General has called for member countries to increase defense spending to match U.S. levels, aiming for 5% of GDP by 2035 [17] - Israel has announced a reduction in the number of aid trucks entering Gaza, cutting the daily amount by half starting October 15 [18] - The military in Madagascar has officially taken control of the government, citing constitutional violations and human rights abuses as reasons for the takeover [19] Group 7 - In Japan, opposition parties are planning a meeting to discuss the upcoming prime ministerial election, as no party currently holds a majority [20] - South Korea's Deputy Prime Minister announced that the U.S. will no longer insist on direct cash investments for a previously agreed $350 billion trade deal, marking a significant development [21] Group 8 - JD.com is set to launch a new vehicle in collaboration with GAC Aion, which will be exclusively sold on JD.com during the 11.11 shopping festival [22] - Wentech is actively seeking remedies after the Dutch government froze its semiconductor assets, which poses a significant challenge to its business transformation [23] Group 9 - U.S. stock markets showed mixed results, with the Dow Jones Industrial Average rising by 202.88 points, while the S&P 500 and Nasdaq Composite fell [24] - The balance of margin financing in A-shares has reached historical highs, prompting some brokerages to adjust their leverage strategies [25] - Institutions were net buyers of 20 stocks, with notable purchases in companies like Kaimeteqi and Shanghai Port, while they sold off shares in Tongfu Microelectronics [26][27][28] Group 10 - In September, 338 car models in China sold fewer than 1,000 units, indicating intensified competition in the automotive market [31] - Gold prices have surged by 100 yuan per gram in the past two weeks, with many consumers feeling they have made profitable purchases [32]

Market Overview - A total of 37 stocks hit the daily limit up, while 44 stocks faced limit down, resulting in a sealing rate of 46% [1] - The market experienced fluctuations, with the ChiNext Index and the STAR 50 Index both dropping over 4% during the day [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.58 trillion yuan, an increase of 221.5 billion yuan compared to the previous trading day [1] - The Shanghai Composite Index fell by 0.62%, the Shenzhen Component Index dropped by 2.54%, and the ChiNext Index decreased by 3.99% [1] Stock Performance Analysis - The advancement rate for consecutive limit-up stocks decreased to 33%, with only one stock, Baiyin Youse, experiencing a slight decline among the 12 stocks that had consecutive limit-ups yesterday [3] - High-priced stocks faced significant selling pressure, leading to a shift in funds towards lower-priced dividend stocks in sectors like banking and insurance, indicating a cautious market sentiment [3][5] - Stocks such as Antai Technology and Chengxing Co. achieved consecutive limit-ups, while stocks like KaiPu Cloud faced limit downs due to market adjustments [5] Sector Performance - The insurance, coal, banking, and port shipping sectors showed the most significant gains, while the semiconductor and CPO sectors experienced the largest declines [1] - The photovoltaic industry saw a surge in stock prices following news of potential capacity control measures, with companies like Longi Green Energy and JA Solar hitting limit-ups [6] - The shipping and shipbuilding sectors strengthened in the afternoon, with stocks like Nanjing Port and Huaguang Source Sea showing notable gains [7] Notable Stocks - Shanzi Gaoke achieved 10 consecutive limit-ups over 17 days, driven by low prices and sectors like automotive and chips [12] - Antai Technology and Chengxing Co. both recorded 4 consecutive limit-ups, supported by themes related to controllable nuclear fusion and yellow phosphorus, respectively [12][30] - The stock of Chujiang New Material hit a limit-up due to positive earnings forecasts, contributing to the overall market performance [31] Future Outlook - The market is expected to continue experiencing structural differentiation, with a notable increase in the number of stocks declining over 5% [9] - The cautious sentiment is likely to persist until the third-quarter earnings reports are released, which may further influence market risk appetite [9]

Core Viewpoint - The photovoltaic sector experienced a significant surge, with 9 out of 98 component stocks reaching new annual highs, indicating strong market performance and investor interest in the industry [1]. Industry Developments - There is increasing attention on whether the photovoltaic industry will undergo a new round of capacity regulation [2]. - The Ministry of Industry and Information Technology (MIIT) held two meetings in July and August, with expanded participation from various governmental bodies, indicating a higher level of scrutiny and potential regulatory changes in the photovoltaic sector [3]. - The meetings included representatives from major regulatory bodies such as the National Development and Reform Commission and the State-owned Assets Supervision and Administration Commission, suggesting that state-owned enterprises in the energy sector may influence market dynamics significantly [3]. Policy Changes - Several anti-"involution" policy tools were introduced between the two meetings, including a draft amendment to the Price Law aimed at addressing unfair pricing behaviors [4]. - The MIIT issued a notice on August 1 regarding energy-saving inspections for 41 silicon material companies, reflecting a push towards more sustainable practices in the industry [5]. Industry Consensus - The industry is shifting focus from "scale growth" to "quality growth," with a target average growth rate of around 7% for major electronic manufacturing sectors, including photovoltaic and related fields, aiming for an annual revenue growth of over 5% [6].

Core Viewpoint - The A-share market saw a collective rise in major indices, with the photovoltaic sector experiencing a strong rebound, indicating potential positive developments in the industry [1] Group 1: Market Performance - As of 11:30 AM, the photovoltaic industry index rose by 2.62%, with key stocks such as Trina Solar and JA Solar increasing by over 9%, Longi Green Energy by over 8%, and Tongwei Co. by over 7% [1] - The Photovoltaic 50 ETF (516880) increased by 2.57%, with a trading volume exceeding 100 million yuan [1] Group 2: Policy Developments - Industry insiders anticipate the release of significant policies aimed at regulating photovoltaic production capacity, with indications that a notification document will be issued by relevant authorities [1] - A reputable industry figure confirmed the existence of these anticipated regulatory policies [1] Group 3: Investment Recommendations - Guoxin Securities suggests that the photovoltaic sector has reached a bottom after previous corrections, recommending a focus on companies with high N-type product ratios and those leading in new technologies like perovskite [1] - The Photovoltaic 50 ETF (516880) tracks the CSI Photovoltaic Industry Index, with its top ten weighted stocks including Sungrow Power Supply, Longi Green Energy, and others [1] - Investors without stock accounts can consider the Photovoltaic 50 ETF (516880) linked funds (A: 012928; C: 012929) for exposure to investment opportunities in the sector [1]

Core Viewpoint - The photovoltaic sector in both Hong Kong and A-shares has shown strong performance, with significant price increases in various companies, driven by multiple favorable factors including price stabilization, policy expectations, and accelerated overseas expansion [1][6][7]. Group 1: Market Performance - The A-share photovoltaic equipment sector has seen substantial gains, with companies like Aiko Solar rising over 12% and LONGi Green Energy increasing by over 8% [1]. - In the Hong Kong market, solar stocks such as Flat Glass Group and Xinyi Solar have also risen by more than 5% [1]. - The photovoltaic sector has experienced a cumulative increase of over 8% since September 24, and a 45% increase from the year's low on April 9 [4]. Group 2: Supporting Factors - The recovery in the photovoltaic supply chain prices has been a key factor supporting market confidence, with prices for polysilicon, wafers, cells, and modules all rising [6]. - There are strong expectations for new policies aimed at regulating photovoltaic capacity, which have further boosted market sentiment [6]. - Recent reports indicate that the photovoltaic industry association held a meeting to discuss industry developments, reflecting high market attention towards policy changes [6]. Group 3: Overseas Expansion - Chinese photovoltaic companies are accelerating their overseas expansion, with significant orders from emerging markets like India, the Middle East, and Africa [7]. - Notable contracts include a 4GW solar project in Saudi Arabia worth approximately 17.65 billion yuan, and various agreements with countries like Pakistan and Iran for solar component supplies [7]. Group 4: Financial Performance and Outlook - Many photovoltaic companies faced pressure in the first half of 2025, with LONGi Green Energy reporting a revenue of 32.813 billion yuan, a year-on-year decline of about 14.83% [8]. - Despite losses, the reduction in loss margins indicates potential recovery, with market expectations shifting towards upcoming quarterly reports [8]. - Analysts believe the industry is entering a bottoming phase, with potential for a turnaround driven by improved fundamentals and policy support [9].