Report Industry Investment Rating - Industrial silicon: Short on rallies [1] - Polysilicon: Pay attention to the impact of news [2] Report's Core View - The industry governance of the photovoltaic industry has entered a critical period. The Department of Electronic Information of the Ministry of Industry and Information Technology will further strengthen production - capacity regulation, promote the construction of a unified national market, manage photovoltaic manufacturing projects, and promote the orderly exit of backward production capacity. It will also improve the price monitoring mechanism, crack down on illegal price - related and marketing behaviors, and strengthen product quality supervision [4] Summary by Relevant Catalogs Fundamental Tracking - **Futures Market Data**: Si2605's closing price was 8,645 yuan/ton, with a trading volume of 348,477 lots, and an open interest of 207,780 lots. PS2605's closing price was 59,300 yuan/ton, with a trading volume of 398,819 lots, and an open interest of 139,860 lots [2] - **Price and Spread**: The spot premium of industrial silicon (against East China Si5530) was +555 yuan/ton. The near - month contract to the first continuous contract spread of polysilicon was 50.0 yuan/ton [2] - **Profit**: The profit of silicon plants (Xinjiang new standard 553) was - 2,681.5 yuan/ton, and the profit of polysilicon enterprises was 8.1 yuan/kg [2] - **Inventory**: Industrial silicon's social inventory (including warehouse - receipt inventory) was 55.3 million tons, and polysilicon's manufacturer inventory was 29.3 million tons [2] - **Raw Material Cost**: The price of silicon ore in Xinjiang was 320 yuan/ton, and the price of graphite electrodes was 12,450 yuan/ton [2] Macro and Industry News - At the 2025 Photovoltaic Industry Annual Conference on December 18, the Ministry of Industry and Information Technology will strengthen production - capacity regulation, improve price monitoring, and crack down on illegal behaviors in the photovoltaic industry [4] Trend Intensity - Industrial silicon trend intensity: - 1; Polysilicon trend intensity: - 1 [4]

今日关注 申购提示：今日3只新股申购。 商务部：已批准部分稀土出口通用许可申请。 10．当地时间18日，英国央行英格兰银行宣布，将基准利率由此前的4%下调至3.75%。这是2024年8月 以来的第6次降息，也是英国自2023年2月以来的最低基准利率。 4．商务部新闻发言人何亚东在12月18日举行的例行新闻发布会上说，中方注意到，欧委会近期密集对 中国企业发起《外国补贴条例》（FSR）调查，先后对中车集团、同方威视发起深入调查，甚至对中国 数字平台进行现场突袭检查，做法恶劣，指向性和歧视性明显。中方对此强烈反对。希望欧方立即停止 对包括中国在内的外国投资企业的无理打压，审慎使用FSR调查工具，为在欧投资经营企业创造公平、 公正、可预期的营商环境。中方密切关注欧方有关动向，将采取必要措施，坚决维护中国企业合法权 益。 5．香港交易所于12月18日刊发《优化香港证券市场每手买卖单位框架》的咨询文件，主要包含以下三 个部分：1.将每手价值的指引下限从2000港元降至1000港元。2.增设50000港元的每手价值指引上限。3. 将每手股数的种类减至八种标准化的选项：1股、50股、100股、500股、1000股、2000 ...

Group 1: Trade and Regulatory Developments - The Ministry of Commerce strongly opposes the European Commission's recent investigations into multiple Chinese companies under the Foreign Subsidies Regulation (FSR), highlighting the discriminatory nature of these actions and calling for a fair business environment for foreign investment in Europe [1][1][1] - Ongoing consultations between China and Europe regarding the electric vehicle case are aimed at resolving differences through dialogue, with an emphasis on mutual respect for each other's concerns [1][1][1] - The Ministry of Commerce has approved some general license applications for rare earth exports, indicating progress in compliance and regulatory understanding among Chinese exporters [1][1][1] Group 2: Industry-Specific Policies - The Ministry of Industry and Information Technology announced that the photovoltaic industry will enter a critical governance phase in 2026, focusing on capacity regulation and project management to ensure a balanced market [1][1][1] - The National Development and Reform Commission emphasizes the need to promote private investment, particularly in key sectors like railways and nuclear power, and to support private enterprises in public-private partnership projects [1][1][1] Group 3: Financial Market Updates - The European Central Bank has maintained its key interest rates unchanged for the third consecutive quarter, while the Bank of England has reduced its benchmark rate by 25 basis points, marking the fourth rate cut this year [4][4][4] - The U.S. Labor Department reported a 2.7% year-on-year increase in the Consumer Price Index (CPI) for November, indicating a decrease from the previous month [4][4][4] Group 4: Corporate Announcements - Shenzhen Dapu Microelectronics Co., Ltd. is set to have its IPO application reviewed by the Shenzhen Stock Exchange, marking it as the first unprofitable company to seek listing on the ChiNext board [2][2][2] - Several companies, including Haitai Flavor Industry and Bank of Communications, have announced dividend distributions and stock repurchase plans, reflecting ongoing corporate governance and shareholder engagement [6][6][6]

Industry News - The Ministry of Industry and Information Technology (MIIT) will strengthen capacity regulation in the photovoltaic industry, aiming for a dynamic balance of production capacity by promoting the orderly exit of outdated capacity through market-oriented and legal means [2] - The MIIT and the Ministry of Ecology and Environment have released the "Major Environmental Protection Technology and Equipment Catalog (2025 Edition)" to accelerate the research and application of advanced environmental protection technologies, covering key areas such as air and water pollution prevention, solid waste treatment, and soil pollution remediation [2] - The State Grid announced the completion and operation of the Jinshang-Hubei ±800 kV UHVDC transmission project, which is significant for promoting the cross-regional optimization of clean energy and enhancing national energy security [3] - Shanxi Province has built a total of 369 intelligent coal mines, accounting for over one-third of the national total, indicating a significant advancement in mining technology [3] - A new mineral named "Jinxiu" has been officially recognized, showcasing advancements in mineral discovery and classification by Chinese geological researchers [3] - A giant underwater gold mine has been discovered in Yantai, Shandong, with proven gold reserves of over 3900 tons, representing 26% of the national total, highlighting the region's mining potential [3] International News - Israel has approved a natural gas export agreement to Egypt, valued at 112 billion new shekels, marking the largest gas export deal in Israel's history [4] - The European Parliament has approved a plan to gradually stop importing Russian natural gas by the end of 2027, reflecting a significant shift in energy policy within the EU [4] - The International Energy Agency (IEA) forecasts a slight decline in global coal demand by 2030 due to increased competition from renewable energy, natural gas, and nuclear energy [5] Corporate News - A Chinese company has successfully commenced commercial operations of a 100 MW photovoltaic project in Tunisia, which is the largest solar power project in the country, aimed at diversifying the energy structure and reducing fossil fuel consumption [6]

12月18日，在中国光伏行业协会召开的"2025光伏行业年度大会"上，工业和信息化部电子信息司司长杨旭东表示，2026年，光伏行业治理进入 攻坚期，将进一步加强产能调控，强化光伏制造项目管理，以市场化、法治化的手段推动落后产能有序退出，加快实现产能的动态平衡。 21世纪经济报道记者冉黎黎 北京报道 去年，"综合整治'内卷式'竞争"首次出现在中央经济工作会议的表述中。根据中国光伏行业协会消息， 对于光伏行业而言，"内卷"意味着严重的供需失衡与价格踩踏。过去一年，光伏行业为破解困局展开了自救与革新，推动产品价格逐渐稳定， 综合整治"内卷式"竞争取得积极成效。今年，中央经济工作会议进一步提出，深入整治"内卷式"竞争。 对于《方案》，中国社会科学院经济研究所研究员黄群慧对21世纪经济报道记者表示，作为新质生产力的一个代表性行业，光伏行业在电子信 息制造业中"内卷式"竞争问题相对突出，加之其产业价格"内卷"、产业链的链条"内卷"程度比较严重，也存在地方"一哄而上"的无序竞争，这 些年光伏产业增速也比较快，对整个电子信息制造业乃至工业增长发挥了重要支撑作用。因此，整治光伏行业的"内卷式"竞争问题，不仅有利 于引导地方有序 ...

Core Viewpoint - The photovoltaic industry in China is currently at a critical adjustment period characterized by both opportunities and challenges, with issues such as "involution" competition, overcapacity, and consumption pressure being prominent [1][3]. Supply and Demand Challenges - The supply side is facing "involution" competition that erodes industry profits and squeezes technological innovation space, while key technological barriers need to be strengthened [3]. - On the demand side, the high proportion of photovoltaic integration is leading to significant challenges in efficient consumption, with the national photovoltaic power generation utilization rate at 94.9% for January to October 2025, down 2.2 percentage points year-on-year [3]. Government Regulatory Measures - The Ministry of Industry and Information Technology (MIIT) plans to implement capacity regulation and curb low-price competition by 2026, focusing on the orderly exit of backward production capacity and enhancing market monitoring mechanisms [3]. - The MIIT will also strengthen product quality supervision and promote self-discipline within the industry [3]. Development Suggestions - The Deputy Director of the National Energy Administration, Gui Xiaoyang, proposed three key suggestions: 1. Maintain confidence in development, leveraging national strategies that indicate a need for an additional 200 million kilowatts of wind and solar installations annually over the next decade [4]. 2. Deepen industry cooperation to eliminate irrational competition that sacrifices quality and long-term value, promoting a focus on technological innovation and service optimization [4]. 3. Shift the focus of photovoltaic development from merely generating electricity to optimizing the timing, location, and value of electricity generation through innovations like energy storage and intelligent control [4]. Industry Outlook and Positioning - Analysts predict that the "anti-involution" policies in 2026 may accelerate the exit of backward production capacity, potentially leading to improved profitability across the industry [6]. - The China Photovoltaic Industry Association indicates that while the industry is at a critical adjustment phase, the downward trend is nearing its bottom, with losses gradually narrowing, although uncertainties in domestic and international market demand remain [6]. - Leading companies like Longi Green Energy emphasize the importance of self-discipline and innovation, advocating for a robust supply chain and the integration of photovoltaic technology with energy storage and smart grids [7].

Core Viewpoint - The photovoltaic industry is recognized as a significant sector with global leading advantages, representing a key aspect of Chinese manufacturing, currently undergoing a new adjustment phase [1][2]. Group 1: Industry Overview - The photovoltaic industry has experienced four significant rises and falls, indicating its volatile nature [1]. - The year 2026 marks the beginning of the "14th Five-Year Plan," which is crucial for the industry [2]. Group 2: Regulatory Measures - The Ministry of Industry and Information Technology (MIIT) will enhance capacity regulation and promote the establishment of a unified national market [2]. - There will be a focus on managing photovoltaic manufacturing projects and ensuring the orderly exit of outdated production capacity through market-oriented and legal means [2]. - A price monitoring mechanism will be established to combat illegal pricing and false marketing practices, aiming to curb chaotic low-price competition [2]. Group 3: Quality Control - The MIIT will strengthen supervision and inspection of product quality, particularly targeting companies with substandard quality, power misrepresentation, and intellectual property infringements [2].

工业和信息化部电子信息司司长杨旭东18日表示，2026年，光伏行业治理进入攻坚期，将进一步加强产 能调控，强化光伏制造项目管理，以市场化、法治化的手段推动落后产能有序退出，加快实现产能的动 态平衡。 （文章来源：新华社） 与此同时，强化创新驱动；进一步完善标准体系，加快发布光伏组件质量安全、多晶硅能耗限额等强制 性国家标准的制修订和贯彻执行；敦促行业进一步加强自律；进一步推动深化国际合作等。 在当天召开的2025光伏行业年度大会上，杨旭东表示，2026年，工业和信息化部电子信息司将会同各有 关部门重点做好多项工作，包括健全价格监测机制，重点关注价格异常企业，加强产品质量监督和抽 查，对于存在质量不达标、功率虚标、侵犯知识产权等行为的企业，加强监测与跟踪处置。 ...

Core Viewpoint - The photovoltaic industry is entering a critical phase of governance in 2026, with a focus on capacity regulation and market standardization [1] Group 1: Capacity Regulation - The Ministry of Industry and Information Technology (MIIT) will strengthen capacity regulation and promote the orderly exit of outdated production capacity through market-oriented legal measures [1] - There will be an emphasis on achieving dynamic balance in production capacity [1] Group 2: Price Monitoring and Competition - A price monitoring mechanism will be established to enforce the Anti-Unfair Competition Law, targeting illegal pricing and false marketing practices [1] - The focus will be on curbing chaotic low-price competition and monitoring companies with abnormal pricing [1] Group 3: Quality Supervision - Enhanced supervision and random checks will be implemented for product quality, particularly for companies with substandard quality, power misrepresentation, and intellectual property infringements [1] Group 4: Innovation and Standards - The industry will be encouraged to strengthen innovation, improve the standard system, and promote self-discipline within the sector [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The swine industry is experiencing a weak price trend, with a gradual strengthening of capacity reduction logic. The average price of live pigs has fluctuated, reaching 11.54 CNY/kg, while the overall industry is facing losses. However, the market sentiment may improve as the capacity reduction logic strengthens [4][15] - The agricultural policy is shifting towards protecting farmers' rights and stimulating enterprise innovation, indicating a focus on high-quality development in the industry. The price of pigs is expected to stabilize and potentially rebound due to capacity control policies [5][16] - The poultry sector is facing a "high capacity, weak consumption" contradiction, leading to a reduction in production capacity among breeding farms. Integrated enterprises and contract farming are likely to increase their market share [6][16] - The feed sector is recommended to focus on Hai Da Group, which is expected to benefit from industry recovery and improved capacity utilization [7][17] - The pet industry is experiencing increased concentration, with leading brands gaining market share despite competitive pressures. The outlook remains positive for domestic sales growth [9][21] Summary by Sections Swine Industry - The SW swine breeding sector rose by 1.11%, with live pig prices showing a rebound from lows. The average weight of pigs at slaughter has increased to approximately 130 kg, with plans for increased output in December [4][15] - The government is actively implementing capacity control measures to stabilize pig prices, with a focus on protecting farmers and encouraging innovation [5][16] Poultry Industry - The price of chicken chicks is stable, while the price of broilers has seen a slight increase. The industry is facing challenges due to high production capacity and weak consumer demand [6][16] Feed Industry - The feed sector is experiencing mixed price trends for various aquatic products. Hai Da Group is highlighted as a key player due to its expected growth and improved management [7][17] Pet Industry - The pet food market is seeing a slowdown in sales growth due to earlier promotions. However, the overall outlook remains positive, with expectations for continued growth in domestic sales [9][21] Agricultural Products - Domestic soybean meal prices have weakened, while corn prices have also adjusted downwards. The market is expected to remain stable with a focus on supply and demand dynamics [11][22]