Report Industry Investment Rating - The investment rating for polysilicon is to continue underweighting [1] Core Viewpoints of the Report - The report provides a comprehensive analysis of the fundamentals of industrial silicon and polysilicon, including futures market data, basis, prices, profits, inventory, and raw material costs. It also mentions a US Senate proposal to cancel solar and wind energy tax credits by 2028 and extend incentives for other energy sources [1][2] Summary by Related Catalogs Fundamental Tracking - **Futures Market Data**: For industrial silicon, the Si2509 contract had a closing price of 7,390 yuan/ton, with a decrease of 80 yuan compared to T - 1. The PS2507 contract for polysilicon had a closing price of 31,700 yuan/ton, down 1,020 yuan from T - 1. Trading volumes and open interests also showed various changes [1] - **Basis**: Industrial silicon and polysilicon had different spot - to - futures spreads, with the industrial silicon spot showing different premiums or discounts against different benchmarks, and the polysilicon - N type re - feed material having a spot premium of +2800 yuan/ton against N - type re - feed [1] - **Prices**: The prices of industrial silicon and polysilicon products, as well as related downstream products in the photovoltaic industry, showed different degrees of decline over different time periods. For example, the price of polysilicon - N type re - feed material dropped from 37,500 yuan/ton a month ago to 34,500 yuan/ton [1] - **Profits**: Silicon factories and related enterprises in different industries such as polysilicon, organic silicon, and aluminum alloy showed losses, and the profit margins continued to decline or remained at a low level [1] - **Inventory**: Industrial silicon inventories, including social, enterprise, and futures warehouse inventories, decreased to some extent, while the polysilicon factory inventory decreased slightly compared to a week ago but increased compared to a month ago [1] - **Raw Material Costs**: The prices of raw materials for industrial silicon production, such as silicon ore, washed coal, petroleum coke, electrodes, etc., also showed different degrees of decline [1] Macro and Industry News - The US Senate panel proposed to completely cancel solar and wind energy tax credits by 2028 and extend incentives for hydropower, nuclear, and geothermal energy to 2036. The proposal aims to cancel thousands of billions of dollars in clean - energy subsidies, considering them "unnecessary" [2][3] Trend Intensity - The trend intensity of industrial silicon is 0, and that of polysilicon is - 1, indicating a relatively bearish outlook for polysilicon [3]

Investment Rating - The report maintains a "Recommendation" rating for the industry [2] Core Viewpoints - The environmental and public utility sectors experienced declines, with the environmental index down 2.51% and the public utility index down 1.13%. The power sector specifically saw a 1.31% drop, while the gas sector increased by 0.69% [6][31] - As of June 20, 2025, the price of Qinhuangdao 5500 kcal thermal coal has dropped to 620 CNY/ton, marking a relative low since 2022. The performance of thermal power companies varies significantly based on their geographic location and demand for electricity [6][10] - The report highlights a shift in electricity generation, with thermal power generation increasing to 4614.6 billion kWh in May, a year-on-year increase of 1.2%, while hydropower generation decreased by 14.3% [10][21] Summary by Sections Key Event Interpretations - In May, total electricity generation reached 7377.6 billion kWh, a year-on-year increase of 0.5%, with thermal power generation showing a recovery [10][21] - The overall electricity consumption in May was 8096 billion kWh, up 4.4% year-on-year, with a notable decline in the growth rate of electricity consumption in the secondary industry [21] Market Performance Review - The environmental sector has seen a cumulative increase of 3.34% since the beginning of 2025, outperforming the Shanghai and Shenzhen 300 indices [6][31] - The report details the performance of various sub-sectors, with thermal power down 1.31% and nuclear power showing a slight increase of 0.15% [31][37] Key Data Tracking - The report tracks coal prices, noting that the price of Qinhuangdao 5500 kcal thermal coal remains low, with significant declines from previous highs [46] - It also monitors water reservoir levels, with the Three Gorges Reservoir showing a water level of 149.13 meters as of June 20, 2025, a year-on-year increase of 0.3% [48] Industry Key Events - The report discusses recent government initiatives aimed at promoting renewable energy and improving energy efficiency, including financial support for renewable energy projects [78]

Group 1 - The core viewpoint of the article is that Morocco's electric vehicle market is expected to experience rapid growth, with a projected increase in sales and market penetration driven by new models, local industry development, and government incentives [1][2]. Group 2 - According to Fitch's report, Morocco's electric vehicle market is predicted to grow by 49.6% by 2025, reaching sales of 4,404 units, with penetration rates rising from 1.9% in 2024 to 2.6% [1]. - In 2024, total sales of electric and hybrid vehicles in Morocco are expected to reach 11,000 units, with traditional hybrids leading at 8,190 units, pure electric vehicles (BEVs) at 1,125 units (up 143%), and plug-in hybrids (PHEVs) at 1,819 units (up 224%) [1]. - Chinese brands are increasingly entering the Moroccan electric vehicle market, with BYD launching three models in 2023 and becoming the leading brand in the plug-in hybrid market with a 32% market share by 2024 [1]. - The Moroccan government has introduced various incentives, including VAT exemptions, reduced tariffs, and purchase subsidies of $5,000 for individuals and $10,000 for businesses [2]. - From 2025 to 2034, the annual growth rate of electric vehicle sales in Morocco is expected to average 33%, reaching 47,000 units by 2034, supported by local production capacity, supply chain improvements, and charging infrastructure expansion [2]. - Morocco aims to become a regional electric vehicle industry hub, leveraging its phosphate reserves, with local electric vehicle production currently at 40,000 to 50,000 units annually [2]. - By 2024, the expected number of electric vehicles in Morocco is around 5,700 (0.15% of total vehicles), increasing to 10,000 (0.26%) by 2025, and potentially reaching 196,000 (3.9%) by 2034 [2]. - As of 2024, there will be approximately 1,000 charging stations across Morocco [2]. Group 3 - The development of renewable energy is emphasized as a key factor in accelerating the energy transition in Morocco, with the government actively promoting large-scale clean energy projects to achieve a target of 80% renewable energy in the power structure by 2050 [3].

Core Insights - The proportion of renewable energy used for electricity generation in Israel has increased from less than 20% before the war to 40% currently [1] Group 1 - The significant rise in renewable energy usage indicates a shift in Israel's energy strategy [1]

Group 1 - Three vessels or oil tankers caught fire near the Strait of Hormuz, leading to a short-term increase in oil prices and boosting natural gas concept stocks in the A-share market, with companies like Tongyuan Petroleum, Shandong Molong, and Zhun Oil shares hitting the daily limit [1] - The ETFs related to oil and gas resources saw significant gains, with Huatai Fund's oil and gas resource ETF rising by 1.91%, and other ETFs also showing positive performance [1][2] - The fire incident is reported to have occurred near Khor Fakkan anchorage close to Fujairah, UAE, and is speculated to be caused by a collision between two oil tankers, raising concerns about a potential repeat of the 2019 tanker attack incidents [5] Group 2 - The oil and gas industry is expected to maintain a double-digit capital return rate, typically between 15% and 25%, while renewable energy returns are comparatively lower [6] - Demand for oil is projected to increase in the next 5-10 years, with natural gas demand expected to grow by 30% to 40% over the next decade [6] - The oil and gas sector faces natural production declines in shale oil, necessitating ongoing investment to replace or supplement this decline [7] Group 3 - The China Securities Oil and Gas Industry Index is constructed from listed companies involved in oil and gas, reflecting the overall performance of these securities across various sectors [11] - The National Securities Oil and Gas Index has over 60% of its components in the oil and petrochemical industry, indicating a high concentration in leading companies with stable growth prospects [11] - The overall oil industry is expected to experience a tightening supply-demand balance due to OPEC+ production cuts and geopolitical uncertainties, with oil prices likely to fluctuate within a high range [11]

公用事业ETF紧密跟踪中证全指公用事业指数，中证全指行业优选指数系列从中证全指行业中选取符合 一定流动性与市值筛选条件的上市公司作为指数样本，以反映各个行业内较具代表性与可投资性的上市 公司证券的整体表现。 数据显示，截至2025年5月30日，中证全指公用事业指数(000995)前十大权重股分别为长江电力 (600900)、中国核电(601985)、三峡能源(600905)、国电电力(600795)、国投电力(600886)、川投能源 (600674)、华能国际(600011)、中国广核(003816)、浙能电力(600023)、华电国际(600027)，前十大权重 股合计占比58.61%。 消息面方面，全国可再生能源电力开发建设月度调度视频会召开。会议强调2025年下半年要突出4个抓 紧：一是抓紧"十四五"规划收官，抓好大型风电光伏基地和102项重大工程有关建设，确保如期建成。 二是抓紧"十五五"可再生能源发展规划编制，树立科学理念，与其他规划做好衔接，广泛听取地方、企 业、专家及行业各界的意见建议，形成高质量的规划成果。三是抓紧做好已经颁布实施政策的落实，做 好新旧政策的衔接，确保平稳过渡。四是抓紧研究相 ...

Core Viewpoint - The four major urban gas companies in China have released their 2024 ESG reports, highlighting their greenhouse gas emissions and sustainability efforts, with a notable decrease in emissions across the board [1][3]. Emission Data Summary - Kunlun Energy has the highest total greenhouse gas emissions at 1.594 million tons of CO2 equivalent, a year-on-year decrease of 1.5%, with scope 1 emissions at 490,000 tons and scope 2 emissions at 1.104 million tons [3]. - New Hope Energy reported total emissions of 205,000 tons of CO2 equivalent, down 12.4% year-on-year, with scope 1 at 101,000 tons and scope 2 at 104,000 tons [3]. - China Resources Gas emitted 129,000 tons of CO2 equivalent, a decrease of 10.8% year-on-year, with scope 1 at 39,000 tons and scope 2 at 90,000 tons [3]. - Honghua Smart Energy had the lowest emissions at 77,000 tons of CO2 equivalent, with the largest reduction of 26% year-on-year, scope 1 at 48,000 tons and scope 2 at 29,000 tons [3]. Scope 3 Emissions - Kunlun Energy's scope 3 emissions exceeded 100 million tons, reaching 142 million tons of CO2 equivalent, with the highest contributions from "use of sold products" and "purchased goods and services" [7]. - New Hope Energy's scope 3 emissions were 60.2 million tons, primarily from the "use of sold products" category [8]. - Honghua Smart Energy reported scope 3 emissions of 11.7 million tons, with the majority from "use of sold products" [8]. Hazardous Waste and Environmental Investment - Honghua Smart Energy reported the highest hazardous waste at 25 tons, followed by New Hope Energy at 22.68 tons and China Resources Gas at 9.24 tons [11]. - Kunlun Energy disclosed hazardous solid waste of 756 tons and methane emissions of 6,863 tons, down 4% year-on-year [13]. Sustainability Initiatives - Urban gas companies are actively pursuing new growth avenues to align with carbon neutrality goals, focusing on "urban gas + new energy" strategies [14]. - Honghua Smart Energy has implemented 128 zero-carbon smart parks and has a total installed photovoltaic capacity of 2.3 GW [14]. - China Resources Gas is focusing on distributed photovoltaic energy, with a total signed installed capacity of 4 GW and operational capacity of 3.1 GW [14]. - Kunlun Energy is expanding its renewable energy projects, including distributed photovoltaic and wind energy [14][15]. - New Hope Energy aims to increase the share of renewable energy to 36% by 2030, with a current share of 23.5% [15][16].

Core Viewpoint - The Malaysian Prime Minister Anwar emphasized the need to resist protectionism and geopolitical tensions that disrupt global clean energy development and green transition processes [1] Group 1: Regional Cooperation and Investment - Anwar called for Southeast Asian countries to establish a clear and coordinated financial framework to enhance investor confidence and attract more capital into renewable energy projects in the region [1] - The Prime Minister highlighted the importance of upgrading grid systems and accelerating the adoption and application of green technologies [1]

Financial Data and Key Metrics Changes - The company reported a profit before tax of INR 10 billion, representing a 23% increase year-on-year [11] - Adjusted EBITDA for Q4 FY 2025 was INR 22.1 billion, a 32% increase compared to the previous year [21] - The profit after tax for Q4 was INR 3.1 billion, with a full-year profit after tax of INR 4.6 billion [22] Business Line Data and Key Metrics Changes - The total operating megawatts reached 11.2 gigawatts, a 17% increase year-on-year, and 21% when excluding asset sales [6] - The contracted portfolio now stands at 18.5 gigawatts, an 18% increase from the previous year [7] - The manufacturing business contributed approximately INR 4.2 billion to the consolidated EBITDA for FY 2025 [19] Market Data and Key Metrics Changes - The company secured a 14% market share in the bids participated in, winning 4.8 gigawatts plus 800 megawatt hours of BEST [9] - The macro environment in India remains robust, with over 50 gigawatts of auctions available annually [8] Company Strategy and Development Direction - The company aims to expand its renewable energy footprint in India, focusing on project development, EPC, and O&M in-house to reduce costs [12] - Plans to expand the cell facility by an additional 4 gigawatts to align with module manufacturing capacity [9] - The company is actively securing land parcels in high radiation and strong wind regions to support future projects [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the renewable energy sector's growth in India, despite geopolitical and economic challenges [11] - The company anticipates continued growth in energy demand and plans to leverage the supportive regulatory environment [13] Other Important Information - The company achieved a top ESG rating, scoring 84.35 in the LSEG ESG rating [30] - The company has raised $260 million in the past six months through capital recycling [23] Q&A Session Summary Question: What are the assumptions for PLF in fiscal 2026? - Management expects PLF levels to be similar to fiscal year 2025 at the lower end of the guidance range [40] Question: What are the expectations for module sales in fiscal 2026? - The company anticipates a mix of DCR and non-DCR sales, with a significant portion of the 1.4 gigawatt order book expected to be fulfilled throughout the fiscal year [41][50] Question: How will the $330 million CapEx for the Topcon facility be financed? - The financing will follow a 70% debt and 30% equity model, similar to previous expansions [43] Question: Are there plans to sell modules outside of India? - Currently, the contracted sales are primarily for the Indian market, but the company is building plans for international sales [49] Question: How will the company take advantage of declining interest rates? - The company plans to refinance existing debt opportunistically and will benefit from lower rates on new debt [52][53] Question: What are the refinancing plans for bonds due in July 2026? - The company is continuously monitoring the market for attractive refinancing opportunities [56]

Group 1 - The core viewpoint of the articles highlights Egypt's emerging role as a new destination for Chinese manufacturing and investment, driven by its large population and strategic location for trade [1][5][10] - Egypt's GDP is projected to reach $403 billion in 2024, with a low per capita GDP of $3,748, indicating a market with significant demand for affordable daily goods [3][4] - The Egyptian government is actively encouraging foreign investment through incentives such as tax refunds, land returns, and hiring subsidies to boost employment and industrial levels [4][5] Group 2 - The demographic profile of Egypt shows that 60% of its population is under 30 years old, with high smartphone and internet penetration, creating favorable conditions for e-commerce growth [3][4] - Egypt has established numerous free trade agreements over the past 30 years, making it an attractive hub for re-exporting goods to other regions [5][9] - The automotive industry is shifting towards local production, with the government favoring companies that can establish local manufacturing capabilities [8][10] Group 3 - The infrastructure sector has seen significant Chinese investment, with over 2,800 Chinese companies operating in Egypt, totaling more than $8 billion in investments [7][10] - The Egyptian government has launched initiatives to localize electric vehicle production as part of its 2030 Vision, aiming for electric vehicles to comprise 10% of total vehicles by 2030 [8][10] - Challenges for foreign companies include land scarcity, high land prices, and limited port capacity, which may affect logistics and operational efficiency [10]