Group 1: Report Overview - Report date: December 08, 2025 [2] - Research team: Energy and Chemical Research Team [3] Group 2: Market Performance and Outlook - Market performance: The price of the main polysilicon contract dropped significantly. The closing price of the PS2601 contract was 55,510 yuan/ton, a decrease of 2.96%. The trading volume was 159,380 lots, and the open interest was 97,991 lots, with a net decrease of 18,662 lots [4] - Spot price: The transaction price range of n-type polysilicon re-feeding materials was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, unchanged from the previous period. The transaction price range of n-type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also unchanged from the previous period [4] - Future outlook: The fundamentals have not improved. The production in December is expected to remain flat compared to the previous month. Profits are concentrated in the silicon material segment, but downstream segments are continuously lowering prices due to terminal pressure. Downstream enterprises are reducing production and controlling output. Spot prices remain stable, meeting the policy requirements for stability. The adjustment of the supply - demand relationship is difficult to improve through the industry's own driving force. Under the requirements of the exchange, the 01 contract continues to reduce positions, the short squeeze narrative cools down, and the futures price may run weakly and return to fluctuate around the spot price [4] Group 3: Market News - On December 05, the number of polysilicon warehouse receipts was 1,560 lots, an increase of 10 lots from the previous trading day [5] - The China Photovoltaic Industry Association stated that it is working with industry enterprises, and relevant work is progressing steadily. Rumors on the Internet are false information. The association firmly safeguards national and industry interests and will fight against malicious short - selling of the photovoltaic industry [5] - The Silicon Industry Branch of the association estimated that the production in November was about 114,900 tons, a 14% decrease from 137,000 tons in October, and the production in December is expected to rebound to about 120,000 tons [5]

Report Industry Investment Rating - Not provided in the content Core Views of the Report - In December, terminal consumption weakens, export of downstream products declines month-on-month, and production schedules of components, batteries, and silicon wafers are reduced. It is expected that the silicon wafer production schedule in December will be around 52GW, equivalent to a polysilicon demand of 104,000 tons. On the supply side, the operating rate of polysilicon enterprises in December changes little, and the monthly output is expected to be 112,000 tons, with the polysilicon inventory continuing to accumulate [4][40]. - In November, the sharp decline in silicon wafer and battery prices restricts the possibility of polysilicon spot price increase. However, polysilicon manufacturers implement sales restrictions well and the inventory is concentrated, so it is also difficult for the spot price to decline in December. It is expected that the spot price will remain stable in December. The storage platform has not been launched yet, and its launch will be a major positive factor, but it is difficult to see a trend - upward movement under the current situation. The pattern of a small number of new warehouse receipts will continue in December, and the futures market is expected to maintain a BACK structure. The polysilicon futures price in December is expected to fluctuate, with the near - month contract reference range of (52,000, 60,000) and the far - month contract reference range of (50,000, 58,000) [5][41]. Summary by Relevant Catalogs 1. Preface Summary - The report is the polysilicon December report released on November 28, 2025, with the theme of "Range - bound, pay attention to the launch rhythm of the platform company" [3] 2. Fundamental Situation 2.1 Market Review - In November, polysilicon futures showed a volatile trend without breaking through the October price range. In the early part of November, the market mainly speculated on the launch of the storage platform, but the launch time of the platform company was later than expected, so the futures price was weak. At the end of November, due to the concentrated cancellation of warehouse receipts, the market started to trade on the logic of insufficient warehouse receipts for the 2512 contract, leading to a sharp rebound in the futures price and a deep BACK structure in the monthly spread [9] 2.2 Demand: Polysilicon demand decreases month - on - month in December - **Component production schedule reduction**: In October 2025, the newly - added photovoltaic installed capacity in China was 12.6GW, a year - on - year decrease of 38.3% and a month - on - month increase of 30.4%. From January to October, the newly - added photovoltaic installed capacity was 252.87GW, a year - on - year increase of 39.48%. In October, the export volume of photovoltaic components was 18.77GW, a month - on - month decrease of 23.6%. In December, the terminal demand for photovoltaic components decreases month - on - month compared with November, and the enterprise order volume is poor. The production schedule of domestic photovoltaic components in December is expected to be 42GW, a decrease of 4GW month - on - month [13] - **Battery and silicon wafer production schedules follow component reduction**: In the second half of the year, the export demand for photovoltaic batteries is strong, with a year - on - year increase of over 60%. The growth mainly comes from Turkey and Indonesia, but the growth in Turkey has limited sustainability due to the implementation of battery import tax on September 17, and the increase in Indonesia is mostly from re - export trade. In December, due to the reduction of component production schedule and low inventory in the battery link, the photovoltaic battery production schedule is expected to decrease to around 48GW. In November, silicon wafer prices declined. It is expected that the silicon wafer production schedule in December will decrease to 52GW. From January to October 2025, the cumulative export volume of Chinese silicon wafers was 48.1GW, a year - on - year increase of 35.1%, and the cumulative export amount was 210 million US dollars, a year - on - year decrease of 37.2% [21] 2.3 Supply: Polysilicon production schedule is reduced in December - As of the end of November, there were 11 polysilicon enterprises in production. Tongwei Co., Ltd. reduced production in its Yunnan base and shut down its Sichuan base in November. Xinjiang Daqo New Energy increased production in its Zhunbei base in October, and the supply may be reflected in November. GCL Technology reduced production by nearly 4,000 tons in October and may continue to slightly reduce production in December. It is expected that the monthly output of polysilicon in December will be 112,000 tons, a decrease of 2,000 tons compared with November [31] 2.4 Inventory: The high - inventory pattern of polysilicon remains unchanged - According to the production schedule data, the supply and demand of polysilicon were balanced in November. The spot market transaction of polysilicon in November improved compared with October, and large - order transactions occurred between upstream and downstream leading enterprises before the Chengdu Photovoltaic Conference, with the price remaining the same as in October. Currently, the factory inventory of polysilicon enterprises is 271,000 tons, an increase of 10,000 tons compared with October. The non - standard inventory of spot - futures traders is 15,000 - 20,000 tons, and the warehouse receipt volume is about 27,000 tons. The downstream inventory is about 160,000 tons. The factory inventory of polysilicon is concentrated in a few manufacturers, which have certain price - support ability in the spot market [32] 3. Future Outlook and Strategy Recommendation 3.1 Fundamental Outlook - In December, terminal consumption weakens, export of downstream products declines month - on - month, and production schedules of components, batteries, and silicon wafers are reduced. It is expected that the silicon wafer production schedule in December will be 52GW, equivalent to a polysilicon demand of 104,000 tons. On the supply side, the operating rate of polysilicon enterprises in December changes little, and the monthly output is expected to be 112,000 tons, with the polysilicon inventory continuing to accumulate [40] 3.2 Trading Logic Analysis - In November, the sharp decline in silicon wafer and battery prices restricts the possibility of polysilicon spot price increase. However, polysilicon manufacturers implement sales restrictions well and the inventory is concentrated, so it is also difficult for the spot price to decline in December. It is expected that the spot price will remain stable in December. The storage platform has not been launched yet, and its launch will be a major positive factor, but it is difficult to see a trend - upward movement under the current situation. The pattern of a small number of new warehouse receipts will continue in December, and the futures market is expected to maintain a BACK structure. The polysilicon futures price in December is expected to fluctuate, with the near - month contract reference range of (52,000, 60,000) and the far - month contract reference range of (50,000, 58,000) [5][41] 3.3 Strategy Recommendation - **Single - side trading**: Range - bound operation, high - selling and low - buying - **Arbitrage**: Positive arbitrage - **Options**: None recommended [7][42]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The spot price of polysilicon remains stable, with a consensus on price support from policies and enterprises. In the short - term, the industry lacks the internal driving force for supply - demand improvement. The supply - demand situation will remain loose, and the profit of the industrial chain has concentrated on the polysilicon end. The futures price will operate within the range of the spot price [4]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - **Market Performance**: The price of the polysilicon main contract showed a strong trend. The closing price of the PS2601 contract was 55,895 yuan/ton, with a 2.93% increase. The trading volume was 330,316 lots, and the open interest was 143,043 lots, with a net increase of 13,966 lots [4]. - **Spot Price**: The transaction price range of n - type polysilicon re - feeding materials was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, remaining flat compared to the previous period. The transaction price range of n - type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also remaining flat [4]. - **Future Outlook**: The spot price of polysilicon will continue to be stable. In the short - term, the industry lacks the internal driving force for supply - demand improvement. The production of silicon materials in November and December is expected to remain at 120,000 tons, and the production of silicon wafers and solar cells is stable. The supply - demand will remain loose. The weak terminal demand pressure is gradually transmitted to the upstream of the industrial chain. The prices of downstream silicon wafers and components continued to decline this week, which also hinders the price increase of silicon materials. There is no actual positive news from the policy side, but the official and enterprise consensus is to emphasize stability. The futures price will operate within the range of the spot price [4]. 3.2 Market News - On November 25, the number of polysilicon warehouse receipts was 7,270 lots, remaining stable compared to the previous trading day [5]. - The China Photovoltaic Industry Association stated that it is working with industry enterprises, and all relevant work is progressing steadily. The rumors on the Internet are false information. The association will fight against malicious short - selling and other bad behaviors [5]. - The Silicon Industry Branch of the association estimated that the production in November was about 118,000 tons, a 14% decrease from 137,000 tons in October. The production in December is expected to rebound to about 120,000 tons [5]. - The Silicon Industry Branch said that the industrial chain has reached an implicit consensus that if the polysilicon price continues to decline, it may lead to the collapse of the entire industrial chain price system, so enterprises are determined to stabilize the price [5].

Group 1 - The domestic futures market for non-ferrous metals showed a mixed performance, with polysilicon futures experiencing a downward trend, closing at 54,060.0 CNY/ton, down approximately 2.40% [1] - Market sentiment is influenced by ongoing speculation regarding storage and the establishment of platform companies, leading to rapid price fluctuations without sufficient driving forces from either bulls or bears [1] - The photovoltaic terminal demand remains weak, with both upstream and downstream polysilicon production reducing in November, resulting in limited marginal improvements in supply and demand [1][2] Group 2 - On the supply side, the southwestern regions are facing tight electricity supply and rising costs due to the dry season, prompting some polysilicon producers to consider reducing their operating rates [2] - In contrast, regions like Xinjiang and Inner Mongolia benefit from stable electricity costs due to abundant coal resources, allowing for steady polysilicon production [2] - The downstream market for battery cells and modules is experiencing weak demand, leading to increased inventory pressure for silicon wafer companies, which are compelled to cut production to alleviate supply-demand imbalances [2]

1. Report's Industry Investment Rating - No specific industry investment rating is provided in the report [1][2][4] 2. Core Viewpoints of the Report - The center of the industrial silicon market is expected to move upward, and the polysilicon market has entered a policy vacuum period, with the market trading based on supply - demand logic [1][2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: For the industrial silicon Si2601 contract, the closing price is 9,290 yuan/ton, the trading volume is 365,749 lots, and the open interest is 281,503 lots. For the polysilicon PS2601 contract, the closing price is 53,720 yuan/ton, the trading volume is 218,786 lots, and the open interest is 125,974 lots [2] - **Basis Data**: The industrial silicon spot premium (against East China Si5530) is +210 yuan/ton, and the polysilicon spot premium (against N - type re - investment) is - 1720 yuan/ton [2] - **Price Data**: The price of Xinjiang 99 - silicon is 8850 yuan/ton, the price of Yunnan Si4210 is 10000 yuan/ton, and the price of polysilicon N - type re - investment material is 52200 yuan/ton [2] - **Profit Data**: The profit of silicon plants in Xinjiang (new standard 553) is - 1979.5 yuan/ton, and the profit of polysilicon enterprises is 7.6 yuan/kg [2] - **Inventory Data**: The industrial silicon social inventory (including warehouse receipt inventory) is 55.2 million tons, the enterprise inventory (sample enterprises) is 17.2 million tons, and the polysilicon manufacturer inventory is 25.9 million tons [2] - **Raw Material Cost Data**: The price of silicon ore in Xinjiang is 320 yuan/ton, the price of washed coking coal in Xinjiang is 1475 yuan/ton, and the price of graphite electrodes is 12450 yuan/ton [2] 3.2 Macro and Industry News - The Shuoqi industrial silicon production project in Zhengxiangbai Banner Mingantu Industrial Park has officially started construction. With a total investment of 500 million yuan, it is designed to produce 2.86 million tons of industrial silicon annually and is planned to be fully completed and put into use in 2026 [2][4] 3.3 Trend Intensity - The trend intensity of industrial silicon is 1, and the trend intensity of polysilicon is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4]

Report Date - The report date is October 22, 2025 [2] Market Performance - The price of the main polycrystalline silicon contract showed a weak oscillation. The closing price of the PS2512 contract was 53,075 yuan/ton, a decrease of 1.26%. The trading volume was 56,591 lots, and the open interest was 79,358 lots, with a net reduction of 435 lots [4] Spot Price - The transaction price range of polycrystalline silicon N-type re-feeding material was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, remaining flat compared to the previous period. The basis of the PS2512 contract was 4,000 yuan/ton [4] Future Outlook - The expected production of polycrystalline silicon in October is not less than 130,000 tons, an increase of more than 30,000 tons compared to the monthly production before the anti-involution policy (June). The current production level can meet the terminal demand of about 63GW. The monthly expected production of silicon wafers and battery cells is 60.12GW and 47GW respectively, while the terminal demand has shrunk to about 10GW. With the export demand remaining at about 40GW, the pressure in the industrial chain will be transmitted from the bottom up. The weak fundamentals will drag down the continuous rise of prices, but the policy-driven factor takes precedence over the fundamentals. There is policy support for the bottom of the spot price, and the market also has positive expectations for storage or increased production cuts. Therefore, the spot price remains stagnant, and the futures price fluctuates widely within the current range. During the period when funds are sensitive to news, market rumors need to be treated with caution [4] Market News - On October 21, the number of polycrystalline silicon warehouse receipts was 9,290 lots, a decrease of 140 lots compared to the previous trading day [5] - From January to August, the cumulative new addition was 230.61GW, a year-on-year increase of 65%. However, the new addition in August was only 7.36GW, a year-on-year decrease of 55% and a month-on-month decrease of 33% [5] - In September, the value-added of industrial enterprises above designated size actually increased by 6.5% year-on-year. From a month-on-month perspective, in September, the value-added of industrial enterprises above designated size increased by 0.64% compared to the previous month. From January to September, the value-added of industrial enterprises above designated size increased by 6.2% year-on-year [5] - From January to September, the national fixed asset investment (excluding rural households) was 3,715.35 billion yuan, a year-on-year decrease of 0.5%. Among them, private fixed asset investment decreased by 3.1% year-on-year. From a month-on-month perspective, in September, fixed asset investment (excluding rural households) decreased by 0.07% [5] - On October 16, there were rumors that a polycrystalline silicon storage platform had been established, with the platform company's industrial and commercial registration completed (named "China Silicon Capacity Integration Co., Ltd.") and the co-managed account opened. However, a reporter from Securities Times learned from an authoritative industry source that the rumor was false [5]

Report Information - Date: October 21, 2025 [2] Market Performance and Outlook - Market Performance: The price of the main polycrystalline silicon contract declined. The closing price of the PS2512 contract was 52,830 yuan/ton, a decrease of 3.66%. The trading volume was 71,494 lots, and the open interest was 79,793 lots, with a net decrease of 10,118 lots. The spot price of n-type polycrystalline silicon re-feeding material had a transaction price range of 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, remaining flat month-on-month. The basis of the PS2512 contract was 4,000 yuan/ton [4]. - Future Outlook: The expected output of polycrystalline silicon in October is not less than 130,000 tons, an increase of more than 30,000 tons compared to the monthly output before the anti-involution policy (June). The current output level can meet the terminal demand of about 63GW. The expected monthly output of silicon wafers and solar cells is 60.12GW and 47GW respectively, while the terminal demand has shrunk to about 10GW. With the export demand remaining at about 40GW, the pressure in the industrial chain will be transmitted from the bottom up. The weak fundamentals will drag down the continuous price increase. However, the policy-driven factor takes precedence over the fundamentals. There is a policy to support the bottom of the spot price, and the market also has positive expectations for storage or increased production cuts. Therefore, the spot price remains stable, and the futures price fluctuates widely within the current range. During the period when funds are sensitive to news, market rumors should be treated with caution [4]. Market News - On October 21, the number of polycrystalline silicon warehouse receipts was 9,450 lots, an increase of 540 lots compared to the previous trading day [5]. - From January to August, the cumulative new installation was 230.61GW, a year-on-year increase of 65%. However, the new installation in August was only 7.36GW, a year-on-year decrease of 55% and a month-on-month decrease of 33% [5]. - In September, the added value of industrial enterprises above the designated size increased by 6.5% year-on-year (the growth rate of added value is the real growth rate after deducting price factors). On a month-on-month basis, the added value of industrial enterprises above the designated size increased by 0.64% in September. From January to September, the added value of industrial enterprises above the designated size increased by 6.2% year-on-year [5]. - From January to September, the national fixed asset investment (excluding rural households) was 3,715.35 billion yuan, a year-on-year decrease of 0.5%. Among them, private fixed asset investment decreased by 3.1% year-on-year. On a month-on-month basis, fixed asset investment (excluding rural households) decreased by 0.07% in September [5]. - On October 16, there were rumors that a polycrystalline silicon storage platform had been established, with the platform company's industrial and commercial registration completed (named "China Silicon Capacity Integration Co., Ltd.") and a co-managed account opened. However, a reporter from Securities Times learned from an authoritative industry source that the rumor was false [5].

Industry Investment Rating - Not provided Core Viewpoint - The polysilicon market continues to fluctuate widely within the current range. Although the supply-demand relationship has not improved significantly, policy-driven factors take precedence over fundamentals, and potential policy benefits boost market sentiment. The far-month contracts are already at a premium, and attention should be paid to the upper resistance levels while being cautious about market rumors [4] Summary by Directory 1. Market Review and Outlook - Market Performance: The price of the polysilicon main contract continued to fluctuate strongly. The closing price of the PS2511 contract was 52,575 yuan/ton, with a gain of 3.8%. The trading volume was 266,129 lots, and the open interest was 78,885 lots, a net decrease of 1,229 lots [4] - Future Outlook: The average spot price remained stable at 53,200 yuan/ton. The recent continuous rebound of the futures price is still at a discount to the average spot price. The basis convergence is mainly due to the recent meetings driving funds to continue to bet on policy improvements to support the stability of the spot price. The supply-demand relationship has not improved significantly, with insufficient production cuts on the supply side and weaker-than-expected end-user demand. The overall inventory in the spot market is still increasing, but policy-driven factors take precedence over fundamentals [4] 2. Market News - On October 16, the number of polysilicon warehouse receipts was 8,130 lots, an increase of 80 lots from the previous trading day [5] - On October 16, there was a rumor that a polysilicon storage platform had been established, but a reporter from Securities Times learned from an authoritative industry source that the rumor was false [5]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The polycrystalline silicon main contract price showed a weak and volatile trend. The PS2511 closed at 48,740 yuan/ton, a decline of 2.35%. The spot price remained stagnant, and there was a lack of potential policy benefits. The average price of N-type polycrystalline silicon re-feeding materials was 51,800 yuan/ton, and the futures price was approaching the dense material price. Under the impact of macro risks, the futures price dropped to the bottom of the range again. Since late September, policy implementation focused on production control and new energy consumption standards, with no more aggressive short - term policies. The improvement in supply - demand was slow, and market expectations shifted. It was expected to continue the weak operation within the range after the discount, but overall showed a stalemate. The monthly production on the supply side was expected to remain at around 130,000 tons, while domestic terminal installations had declined rapidly in recent months, foreign demand remained stable, and the long - term demand weakness pressure might be transmitted upstream [4]. 3. Summary by Relevant Catalog 3.1. Market Review and Outlook - **Market Performance**: The polycrystalline silicon main contract price was weakly volatile. The PS2511 closed at 48,740 yuan/ton with a 2.35% decline, the trading volume was 246,976 lots, the holding volume was 87,665 lots, and the net reduction was 3,344 lots [4]. - **Future Outlook**: The spot price was stagnant, and policy potential benefits were insufficient. The average price of N - type polycrystalline silicon re - feeding materials was 51,800 yuan/ton, and the futures price was approaching the dense material price. After late - September, policy implementation was on production control and new energy consumption standards, with no short - term aggressive policies. Supply - demand improvement was slow, market expectations shifted. It was expected to continue weak operation within the range after discount but remain stalemated. The monthly supply was expected to be around 130,000 tons, domestic terminal installations declined rapidly, foreign demand was stable, and long - term demand weakness pressure might transmit upstream [4]. 3.2. Market News - On October 13th, the number of polycrystalline silicon warehouse receipts was 7,900 lots, a decrease of 240 lots from the previous trading day [5]. - As of October 10th, the polycrystalline silicon inventory was 253,900 tons, a weekly increase of 4.83% and a year - on - year increase of 8.60% [5]. - Four departments planned to accelerate the establishment of recycling standards for retired photovoltaic and wind power equipment, improve battery disassembly and recycling technology, and explore the establishment of an energy - storage battery recycling system [5].

Group 1: Report's Investment Rating - No information provided on the report's industry investment rating Group 2: Core Viewpoints - Industrial silicon is expected to open high and then decline, and it is recommended to adopt a short - selling strategy on rallies; polysilicon is also expected to open high and then decline [1] - The trend intensity of industrial silicon is 0, and the trend intensity of polysilicon is 0, both indicating a neutral outlook [3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking Industrial Silicon and Polysilicon Futures Market - Si2511 closing price is 8,640 yuan/ton with a volume of 228,120 hands and a position of 174,398 hands; compared to previous periods, there are various changes in price, volume, and position [1] - PS2511 closing price is 51,360 yuan/ton, with a volume of 163,314 hands and a position of 87,359 hands, also showing different changes compared to previous periods [1] - There are differences in spreads and costs between near - month and continuous contracts for industrial silicon and polysilicon [1] Basis - Industrial silicon has different spot premiums and discounts when compared to different benchmarks (e.g., +810 yuan/ton when compared to East China Si5530), and polysilicon also has corresponding spot premiums and discounts [1] Price - The price of Xinjiang 99 - silicon is 8,950 yuan/ton, Yunnan Si4210 is 9,950 yuan/ton, and polysilicon - N - type re - feed material is 52,550 yuan/ton, with different price changes compared to previous periods [1] - In the polysilicon (photovoltaic) sector, prices of silicon wafers, battery chips, components, photovoltaic glass, and photovoltaic - grade EVA also have their own price levels and changes [1] - For organic silicon and aluminum alloy, DMC price is 11,050 yuan/ton, ADC12 is 20,900 yuan/ton, with corresponding price changes [1] Profit - Silicon factory profits in Xinjiang and Yunnan are - 2,629.5 yuan/ton and - 3,568 yuan/ton respectively; polysilicon enterprise profit is - 14.2 yuan/kg, and there are also profit data for DMC enterprises and recycled aluminum enterprises [1] Inventory - Industrial silicon has social, enterprise, industry, and futures warehouse - receipt inventories, with values of 54.3 million tons (social), 16.3 million tons (enterprise), 70.6 million tons (industry), and 25.5 million tons (futures warehouse - receipt), showing different changes compared to previous periods; polysilicon has a factory inventory of 22.6 million tons [1] Raw Material Cost - For industrial silicon raw materials, prices of silicon ore, washed coking coal, petroleum coke, electrodes, etc. in different regions have their own price levels and changes; for polysilicon, prices of N - type re - feed material, trichlorosilane, etc. also have corresponding data [1] 2. Macro and Industry News - On September 29, the Yunnan Energy Bureau and the Yunnan Energy Regulatory Office jointly issued the "Implementation Rules for the Development and Construction Management of Distributed Photovoltaic Power Generation in Yunnan Province (Trial)", which has a five - year validity period. It stipulates the proportion of self - used electricity for different types of distributed photovoltaic projects [1][3]