Report Summary - **Report Date**: May 15, 2025 [1] - **Report Type**: Industrial Silicon Industry Daily Report - **Researcher**: Wang Fuhui - **Futures Qualification Number**: F03123381 - **Investment Consulting Certificate Number**: Z0019878 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - Supply is at a low level, demand is decreasing, and inventory remains high. There was a slight rebound today with increased trading volume, showing obvious short - term bottom signs. It is recommended to appropriately buy short - term long positions on dips and adopt a high - selling strategy for medium - to long - term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 8,410 yuan/ton, down 80 yuan; the position of the main contract was 124,014 lots, down 22,511 lots; the net position of the top 20 was - 22,944 lots, down 5,205 lots; the warehouse receipts of GEX were 66,433 lots, down 98 lots; the spread between the June - July contracts was - 30, up 5 [2] 3.2现货市场 - The average price of oxygen - blown 553 silicon was 9,100 yuan/ton, unchanged; the average price of 421 silicon was 10,000 yuan/ton, unchanged; the basis of the Si main contract was 690 yuan/ton, up 80 yuan; the spot price of DMC was 11,680 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 1,930 yuan/ton, unchanged; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 540 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - Industrial silicon production was 335,750 tons per month, up 46,400 tons; industrial silicon social inventory was 596,000 tons per week, down 7,000 tons; industrial silicon imports were 2,211.36 tons per month, up 71.51 tons; industrial silicon exports were 52,919.65 tons per month, down 12,197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC was 39,500 tons, down 100 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot was 20,500 yuan/ton, unchanged; the weekly average spot price of photovoltaic - grade polysilicon was 4.34 US dollars/kg, down 0.05 US dollars/kg; the overseas market price of photovoltaic - grade polysilicon was 15.75 US dollars/kg, unchanged; the monthly export volume of unforged aluminum alloy was 18,176.9 tons; the weekly operating rate of organic silicon DMC was 60.05%, down 0.06 percentage points; the monthly output of aluminum alloy was 1.655 million tons, up 103,000 tons; the monthly export volume of aluminum alloy was 20,187.85 tons, down 337.93 tons [2] 3.6 Industry News - Tuori Xineng (002218.SZ) stated on May 8 that the company currently has self - owned power stations with a capacity of over 500MW and 300MW of centralized photovoltaic power stations and some industrial and commercial distributed projects under construction. The Lianzhou Hongrisheng 200MW comprehensive utilization photovoltaic power station project is in progress, and the Xi'an industrial park construction project is in the interior decoration stage [2] 3.7 View Summary - On the supply side, large factories have stable operations, small and medium - sized enterprises have low willingness to start, and the start - up in the southwest region remains low with delayed or cancelled restart plans. On the demand side, the photovoltaic industry's operating rate is low due to the industry self - regulatory agreement, the terminal rush - installation demand has cooled, the supply - demand imbalance in the silicon material link has intensified, and the procurement enthusiasm for industrial silicon has declined. The price of organic silicon has declined again, and related enterprises have further reduced production. The aluminum alloy industry has mediocre performance, with weak export demand, further restricting the growth of industrial silicon demand [2] 3.8 Key Focus - No news today [2]

Group 1 - The core viewpoint of the news highlights the rapid advancement of data infrastructure construction in China, aiming to establish a new high-quality development pattern through the implementation of a "credit report instead of proof of no violations" policy by 2025 [1][2] - The National Development and Reform Commission, along with the Ministry of Public Security and the National Data Bureau, has issued a notice to fully implement the "credit report instead of proof of no violations" initiative by September 2025, which will consolidate the data foundation for special credit reports [1][2] - The eighth Digital China Construction Summit showcased significant achievements in data infrastructure, including the release of 10 key data standardization results to guide pilot projects and data space construction [1][2] Group 2 - The establishment of the Trusted Data Space Development Alliance at the eighth Digital China Construction Summit aims to promote data sharing and collaboration across industries, with the alliance consisting of 19 state-owned enterprises and 20 research institutions [4] - The alliance has released draft guidelines for the Trusted Data Space Standard System and Capability Requirements, providing reference for practical implementation [4] - Qingdao has introduced a management method for data assets in administrative institutions, establishing a comprehensive lifecycle management system for data assets, including approval processes for paid usage and a dynamic revenue distribution mechanism [5]

Report Industry Investment Rating - No relevant information provided Core View of the Report - The polysilicon market price has declined overall. On the supply side, over half of the enterprises in the industry are carrying out equipment maintenance, especially in Xinjiang and Mongolia, leading to a significant decline in supply. On the demand side, the downstream demand for polysilicon is weak, with strong wait - and - see sentiment among crystal - pulling enterprises and low procurement eagerness. Downstream enterprises expect the future silicon material price to fall and plan to replenish inventory after the price stabilizes. The inventory pressure in the polysilicon industry remains high, mainly concentrated in manufacturers, and some manufacturers face difficulties in shipping. It is recommended to temporarily observe the polysilicon market [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract of polysilicon is 35,520 yuan/ton, down 890 yuan; the main contract position is 63,290 lots, up 9,467 lots. The price difference between the 06 - 07 contracts of polysilicon is 1,250 yuan/ton, down 400 yuan; the price difference between polysilicon and industrial silicon is 27,230 yuan/ton, down 855 yuan [2] Spot Market - The spot price of polysilicon is 40,500 yuan/ton, unchanged; the average price of polysilicon (cauliflower material) is 30.5 yuan/kg, unchanged; the average price of polysilicon (compact material) is 33.5 yuan/kg, unchanged; the average price of polysilicon (recycled material) is 35 yuan/kg, unchanged. The basis of polysilicon is 4,090 yuan/ton, up 835 yuan; the weekly average price of photovoltaic - grade polysilicon is 4.39 US dollars/kg, down 0.1 US dollars [2] Upstream Situation - The closing price of the main contract of industrial silicon is 8,290 yuan/ton, down 35 yuan; the spot price of industrial silicon is 9,300 yuan/ton, down 100 yuan. 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 of industrial silicon is 335,750 tons, up 46,400 tons; the total social inventory of industrial silicon is 603,000 tons, up 1,000 tons [2] Industry Situation - The monthly output of polysilicon is 97,000 tons, up 7,000 tons; the monthly import volume of polysilicon is 2,906 tons, down 222 tons. The weekly spot price of imported polysilicon materials in China is 5.28 US dollars/kg, unchanged; the monthly average import price of polysilicon in China is 2.19 US dollars/ton, down 0.14 US dollars [2] Downstream Situation - The monthly output of solar cells is 78,444,000 kilowatts, up 11,443,000 kilowatts; the weekly average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W. The monthly export volume of photovoltaic modules is 95,373,120 pieces, up 24,038,530 pieces; the monthly import volume is 9,846,120 pieces, down 2,122,260 pieces. The monthly average import price of photovoltaic modules is 0.27 US dollars/piece, up 0.01 US dollars [2] Industry News - As of May 6, the mainstream market price of P - type polysilicon cauliflower material was 32 yuan/kg, down 1 yuan/kg; the mainstream market price of N - type compact material was 35.5 yuan/kg, down 0.5 yuan/kg; the mainstream market price of N - type recycled material was 39 yuan/kg, down 1 yuan/kg; the mainstream market price of N - type granular silicon was 37 yuan/kg, down 1 yuan/kg [2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Supply is at a low level, demand is decreasing, and inventory remains high. It is recommended to lightly short the industrial silicon main contract 2506 around 8600 yuan/ton, with a stop - loss price of 8800 yuan/ton. Attention should be paid to the operation rhythm and risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 8290 yuan/ton, down 35 yuan; the main contract position is 179,536 lots, up 13,001 lots; the net position of the top 20 is - 5534 lots, up 1949 lots; the Guangzhou Futures Exchange warehouse receipt is 68,930 lots, down 306 lots; the spread between the June - July contracts is - 30 yuan, unchanged [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9200 yuan/ton, down 100 yuan; the average price of 421 silicon is 10,100 yuan/ton, down 100 yuan; the Si main contract basis is 910 yuan/ton, down 65 yuan; the DMC spot price is 11,800 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1930 yuan/ton, unchanged; the average price of clean coal is 1850 yuan/ton, unchanged; the average price of wood chips is 540 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon is 335,750 tons, an increase of 46,400 tons; the weekly social inventory of industrial silicon is 603,000 tons, an increase of 1000 tons; the monthly import volume of industrial silicon is 2211.36 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 [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 39,600 tons, a decrease of 600 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,500 yuan/ton, down 100 yuan; the weekly average price of photovoltaic - grade polysilicon is 4.39 US dollars/kilogram, down 0.1 US dollars/kilogram; the overseas market price of photovoltaic - grade polysilicon is 16.75 US dollars/kilogram, unchanged; the monthly export volume of unforged aluminum alloy is 18,176.9 tons; the weekly operating rate of organic silicon DMC is 60.11%, a decrease of 0.32 percentage points; the monthly output of aluminum alloy is 1.655 million tons, an increase of 103,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a decrease of 337.93 tons [2] 3.6 Industry News - Last year, the gross profit margins of JinkoSolar and JA Solar in China were negative, - 10.41% and - 7.98% respectively; Trina Solar had the best gross profit margin performance at 6.36%, followed by LONGi Green Energy at 4.39%. The state is increasing investment in long - term data infrastructure construction. Due to the low market conditions, some small and medium - sized enterprises can no longer operate at a loss, and most enterprises in the southwest are in a shutdown state except state - owned enterprises. The photovoltaic industry is affected by the industry self - discipline agreement, with low operating rates and reduced demand for industrial silicon. The price of organic silicon has declined again, and related enterprises have further reduced production, resulting in lower demand for industrial silicon. The aluminum alloy industry has shown mediocre performance in the first quarter, with no obvious improvement in demand, and export volume has declined year - on - year [2]

1. Report Industry Investment Rating No information provided in the document. 2. Report's Core View - Supply is at a low level as some small and medium - sized enterprises in the southwest (except state - owned enterprises) have stopped production due to the low market price, and there may be delays or cancellations of production resumption during the wet season. Demand has decreased as the photovoltaic industry's开工率 is low, the terminal demand for the photovoltaic industry has cooled, and the procurement enthusiasm for industrial silicon has declined. The organic silicon industry has further reduced production, and the downstream aluminum alloy industry has weak demand and declining exports. Inventory remains high. It is recommended to lightly short the industrial silicon main contract 2506 around 8600, with a stop - loss price of 8800, and pay attention to the operation rhythm and risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 8325 yuan/ton, a decrease of 215 yuan; the main contract position is 179,536 lots, an increase of 13,001 lots; the net position of the top 20 is - 7483 lots, a decrease of 3267 lots; the warehouse receipt of the Guangzhou Futures Exchange is 69,236 lots, a decrease of 131 lots; the price difference between the 6 - 7 month contracts is - 30 yuan, an increase of 10 yuan [2] 3.2 Spot Market - The average price of oxygen - permeable 553 silicon is 9300 yuan/ton, a decrease of 100 yuan; the average price of 421 silicon is 10,200 yuan/ton, a decrease of 100 yuan; the basis of the Si main contract is 975 yuan/ton, an increase of 115 yuan; the DMC spot price is 11,800 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1930 yuan/ton, unchanged; the average price of clean coal is 1850 yuan/ton, unchanged; the average price of wood chips is 540 yuan/ton; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon is 335,750 tons, an increase of 46,400 tons; the weekly social inventory of industrial silicon is 603,000 tons, an increase of 1000 tons; the monthly import volume of industrial silicon is 2211.36 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 [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 39,600 tons, a decrease of 600 tons; the overseas market price of photovoltaic - grade polysilicon is 16.75 US dollars/kg, unchanged; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,600 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon is 4.49 US dollars/kg, a decrease of 0.09 US dollars/kg; the monthly export volume of unforged aluminum alloy is 18,176.9 tons, an increase of 691.08 tons; the weekly operating rate of organic silicon DMC is 60.11%, a decrease of 0.32 percentage points; the monthly output of aluminum alloy is 1.655 million tons, an increase of 103,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a decrease of 337.93 tons [2] 3.6 Industry News - Wuxi Aotaiwei Technology Co., Ltd. (688516.SH) reported 2024 annual revenue of 9.198 billion yuan, a year - on - year increase of 45.94%, and a net profit attributable to the parent of 1.273 billion yuan, a year - on - year increase of 1.36%. The state is increasing investment in long - term data infrastructure construction. Some small and medium - sized enterprises in the industrial silicon industry have stopped production due to the low market price [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 重要新闻 1. 国家加大投入支持长远性数据基础设施建设 记者5日从国家数据局了解到，国家将继续加大中央财政资金投入，支持地方、行业建设一批基础性、 公益性、长远性数据基础设施项目；用好超长期特别国债资金，加快构建国家数据基础设施架构；面 向"十五五"，加快研制国家数据基础设施规划。（央视新闻） 2. "五一"假期全国重点零售和餐饮企业销售额同比增长6.3% 从商务部获悉，2025年"五一"假期，全国消费市场繁荣活跃。据商务部商务大数据监测，假期全国重点 零售和餐饮企业销售额同比增长6.3%。以旧换新备受欢迎。2025年初至5月5日0时，汽车以旧换新补贴 申请量突破300万份；消费者购买12大类家电以旧换新产品5516万台，购买手机等数码产品4167万件。 （新华社） 3. 美方近期多次主动向中方传递信息希望与中方谈起来，中方正在进行评估 中日韩三方同期举行了财长和央行行长会，就经济形势和区域内财金合作交流意见。会议一致通过了在 清迈倡议多边化下新设以人民币等可自由使用货币出资的快速融资工具相关安排，并明确了清迈倡议机 制化下一步讨论方向。潘功胜呼吁区域国家团结 ...

国内新闻： 1. 国家加大投入支持长远性数据基础设施建设。 2."五一"假期全国重点零售和餐饮企业销售额同比增长6.3%。 3. 央行行长潘功胜出席并主持东盟与中日韩财长和央行行长会。 4. 港元汇率再触强方兑换保证，香港金管局三度共注资1166.14亿港元。 昨日今晨重要新闻汇总（5月6日） ③白宫称尚未就电影关税做出最终决定 昨日今晨重要新闻汇总（5月6日） 国内新闻： 1. 国家加大投入支持长远性数据基础设施建设。 2."五一"假期全国重点零售和餐饮企业销售额同比增长6.3%。 3. 央行行长潘功胜出席并主持东盟与中日韩财长和央行行长会。 4. 港元汇率再触强方兑换保证，香港金管局三度共注资1166.14亿港元。 国际新闻： 1. 关税- ①据悉印度提议对一定数量的美国汽车零部件和钢铁实行对等零关税 ②知情人士：美国拒绝了日本提出的全面豁免10%的对等关税的要求 ④特朗普：将在未来两周内宣布对医药产品的关税措施。 2. OpenAI放弃转型为营利性公司。 3. 克宫：普京接受莫迪的访印邀请。 4. 刚果（金）政府与反政府武装开启新一轮对话。 5. 苹果准备分四部分发行公司美元债，规模未公布。 6. 美国 ...

男生普通话版 下载mp3 女声普通话版 下载mp3 西南方言版 下载mp3 东北话版 下载mp3 上海话版 下载mp3 今日优选 美国4月ISM非制造业PMI超预期 特朗普：将在未来两周内宣布对医药产品的关税措施 美国拒绝了日本提出的全面豁免10%的对等关税的要求 以色列总理：新的加沙行动将对加沙的人口进行迁移 市场盘点 潘功胜出席并主持东盟与中日韩财长和央行行长会 周一，美元指数在亚盘、欧盘震荡下跌，后因超预期的ISM非制造业数据提振，美元指数回升至100美元下方，最终收跌0.24%，报99.79。基准的10年期美 债收益率收报4.350%；对货币政策更敏感的两年期美债收益率收报3.8450%。 香港金管局今晨再注资605.43亿港元，三度注资共1166.14亿 国家加大投入支持长远性数据基础设施建设 "五一"假期全国重点零售和餐饮企业销售额同比增长6.3% 受美元走软和避险需求推动，现货黄金日内一度涨近100美元，最终收涨2.85%，报3332.85美元/盎司。现货白银最终大涨1.42%，报32.45美元/盎司。 | 05月05日收盘情况 | | | | --- | --- | --- | | 品种 | ...

1. 关税-①据悉印度提议对一定数量的美国汽车零部件和钢铁实行对等零关税 ②知情人士：美国拒绝了 日本提出的全面豁免10%的对等关税的要求 ③白宫称尚未就电影关税做出最终决定 ④特朗普：将在未 来两周内宣布对医药产品的关税措施。 14. 中东-①伊朗外长：如果目的是防止核武器，与美国的协议是可以达成的 ②以色列对也门进行空袭 ③以色列总理：新的加沙行动将会是一次密集的军事行动。将对加沙的人口进行迁移 ④伊朗否认指使 胡塞武装袭击以色列。 1. 国家加大投入支持长远性数据基础设施建设。 2. "五一"假期全国重点零售和餐饮企业销售额同比增长6.3%。 3. 央行行长潘功胜出席并主持东盟与中日韩财长和央行行长会。 4. 港元汇率再触强方兑换保证，香港金管局4日共注资1166.14亿港元。 2. OpenAI放弃转型为营利性公司。 3. 克宫：普京接受莫迪的访印邀请。 4. 刚果（金）政府与反政府武装开启新一轮对话。 5. 苹果准备分四部分发行公司美元债，规模未公布。 6. 美国提供1000美元津贴鼓励移民自愿离境 比强制驱逐"划算"。 7. 德国基民盟、基社盟和社民党签署联合协议，候任总理默茨誓言"改革德国"。 ...

Domestic News - The People's Bank of China Governor Pan Gongsheng attended and chaired the ASEAN plus China, Japan, and South Korea Finance Ministers and Central Bank Governors meeting [1] - The government is increasing investment to support long-term data infrastructure construction [1] - During the "May Day" holiday, sales of key retail and catering enterprises nationwide increased by 6.3% year-on-year [1] - The Hong Kong Monetary Authority sold 9.532 billion HKD in the market due to the Hong Kong dollar exchange rate reaching the strong-side convertibility guarantee [1] - A 5.7 magnitude earthquake occurred in the Hualien sea area of Taiwan, felt in Taiwan Island and Fujian, but no damage was reported [1] International News - The US ISM Non-Manufacturing PMI rose from 50.8 in March to 51.6 in April, with the service input prices index jumping to 65.1, the highest since January 2023 [2] - Apple (AAPL.O) has begun issuing dollar corporate bonds in four parts [2] - Israeli Prime Minister Netanyahu stated that the new Gaza operation will be an intensive military action, involving the relocation of the population in Gaza [2] - The Iranian Foreign Minister indicated that an agreement with the US could be reached if the goal is to prevent nuclear weapons [2] - Saudi Arabia set the official selling price of Arab Light crude oil to Asia at a premium of $1.40 per barrel over the Oman/Dubai average for June [2] - Pakistan announced the successful test launch of the "Fateh series" missile [2] - Goldman Sachs reiterated its structural bullish view on gold, with a basic expectation of gold prices reaching $3,700 per ounce by the end of the year and $4,000 by mid-2026 [2] - Berkshire Hathaway's board voted to appoint Greg Abel as CEO starting January 1, 2026, while Warren Buffett will continue as chairman [2] - The German CDU, CSU, and SPD signed a coalition agreement, with incoming Chancellor Merz vowing to "reform Germany" [2] - India proposed to implement reciprocal zero tariffs on a certain number of US auto parts and steel [2]