Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View of the Report - The industrial silicon market is expected to mainly experience range - bound fluctuations, and attention should be paid to the positions of the 2512 contract of polysilicon [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: - For industrial silicon Si2601, the closing price is 9,115 yuan/ton, with changes of - 95 yuan compared to T - 1, - 40 yuan compared to T - 5, and - 160 yuan compared to T - 22. The trading volume is 323,524 lots, down 45,701 lots from T - 1, down 250,821 lots from T - 5, and up 62,437 lots from T - 22. The open interest is 237,648 lots, down 22,881 lots from T - 1, down 36,330 lots from T - 5, and up 25,978 lots from T - 22 [2]. - For polysilicon PS2601, the closing price is 55,235 yuan/ton, down 660 yuan from T - 1 and up 2,785 yuan from T - 5. The trading volume is 324,070 lots, down 6,246 lots from T - 1 and up 19,235 lots from T - 5. The open interest is 141,586 lots, down 1,457 lots from T - 1 and up 7,294 lots from T - 5 [2]. - **Price and Basis**: - Industrial silicon spot prices vary by region. For example, Xinjiang 99 - silicon is 8,900 yuan/ton, and Yunnan Si4210 is 10,000 yuan/ton. Polysilicon - N - type re - feedstock is 52,300 yuan/ton [2]. - The basis of industrial silicon and polysilicon also shows different trends. For example, the industrial silicon spot premium (against East China Si5530) is + 435 yuan/ton [2]. - **Profit**: - Silicon factory profits in Xinjiang (new standard 553) are - 2,154.5 yuan/ton, and in Yunnan (new standard 553) are - 3,401 yuan/ton. Polysilicon enterprise profits are 7.7 yuan/kg [2]. - **Inventory**: - Industrial silicon social inventory (including warehouse receipt inventory) is 550,000 tons, with an increase of 2,000 tons compared to T - 5 and a decrease of 8,000 tons compared to T - 22. The enterprise inventory of industrial silicon (sample enterprises) is 180,000 tons, with an increase of 1,800 tons compared to T - 5 and an increase of 12,000 tons compared to T - 22. The industry inventory (social + enterprise inventory) is 730,000 tons, with an increase of 3,800 tons compared to T - 5 and an increase of 3,900 tons compared to T - 22. The industrial silicon futures warehouse receipt inventory is 198,000 tons, down 4,000 tons from T - 1, down 14,000 tons from T - 5, and down 42,000 tons from T - 22. The polysilicon factory inventory is 281,000 tons, with an increase of 10,000 tons compared to T - 5 and an increase of 20,000 tons compared to T - 22 [2]. - **Raw Material Cost**: - The prices of raw materials such as silicon ore, washed coking coal, petroleum coke, and electrodes in different regions are provided. For example, the price of silicon ore in Xinjiang is 320 yuan/ton, and in Yunnan is 290 yuan/ton [2]. 3.2 Macro and Industry News - On November 22, 2025, the list of winning bidders for the 2025 photovoltaic module centralized procurement project of China Energy Engineering Group Co., Ltd. was publicly announced. The total scale of the tender is estimated to be 17GW, divided into 8 bid packages, covering 182mm TOPCon modules, 210mm TOPCon modules, HJT modules, and BC modules [2]. 3.3 Trend Intensity - The trend intensity of industrial silicon is 0, indicating a neutral outlook. The trend intensity of polysilicon is - 1, indicating a slightly bearish outlook. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4].

在11月中旬突破22000元/吨整数关口后，铝价虽有回调，但幅度有限。当前铝市基本面偏多，预计价格 将维持偏强运行态势。 产能增量受限 此外，光伏产业对电解铝的需求持续旺盛，光伏电池边框和支架均以铝合金为核心原材料。2025年 1— 10月，全国光伏累计新增装机容量为252.87GW，同比上涨39.48%；10月单月新增装机为12.6GW，环比 上涨30.43%。 总体来看，新能源汽车、光伏产业的蓬勃发展，有效弥补了房地产低迷对电解铝消费的拖累。同时，电 解铝应用场景持续拓展，储能、机器人、低空经济、智能手机、冰雪运动装备等新兴领域均将电解铝作 为核心原材料。中长期来看，电解铝将呈现供应稳定、需求增长格局。 库存维持低位态势 社会库存方面，截至11月24日，上海有色网统计的5地电解铝社会库存为61.2万吨，较上周下降0.70万 吨，去年同期库存为55.5万吨。得益于铝锭占比偏低、工业型材消费向好，电解铝社会库存持续维持低 位，对铝价形成有效支撑。 综上所述，供应端，电解铝产能上限约束明确，叠加铝锭占比偏低，为价格提供坚实支撑；需求端虽然 房地产市场表现平淡，但新能源汽车、光伏等新兴产业快速发展有效带动消费增长 ...

Core Viewpoint - JinkoSolar has officially launched mass production of its new product, the TigerNeo3.0 solar module, which features a conversion efficiency exceeding 24.8% and a power output of up to 670W, marking a significant advancement in the company's product offerings [1] Group 1: Product Development - The TigerNeo3.0 module has a maximum bifacial rate of 90% and is designed for high power, excellent low-light performance, and efficiency [1] - JinkoSolar has secured a total of 15GW in orders during a global signing ceremony with distributors, although these agreements are non-binding and subject to formal contracts [1] Group 2: Financial Performance - JinkoSolar's net profit attributable to shareholders is projected to be less than 100 million yuan for 2024, reflecting a general decline in profitability across the solar industry [2] - In the first three quarters of 2025, JinkoSolar reported a revenue of 47.986 billion yuan, a year-on-year decrease of 33.14%, and a net loss of 3.92 billion yuan [2] Group 3: Research and Development - Despite financial losses, JinkoSolar continues to invest in R&D, particularly in N-type TOPCon technology, with R&D expenses of 1.199 billion yuan in 2022, 1.578 billion yuan in 2023, and 719 million yuan in the first three quarters of 2025 [2] - The company's N-type TOPCon modules achieved a maximum conversion efficiency of 25.58% and the full-area efficiency of 27.02% for 182N-type TOPCon cells [2] Group 4: Market Position - JinkoSolar has established a strategic presence in the integrated solar supply chain, serving approximately 4,000 customers across nearly 200 countries and regions [3] - As of the end of the third quarter of 2025, JinkoSolar's cumulative module shipments exceeded 370GW, maintaining its position as the global leader in module shipments for six consecutive years [3]

Core Viewpoint - Chint Electric has experienced a significant decline in stock price, dropping 5.01% on November 21, with a cumulative decrease of 9.62% over the past five days, indicating potential concerns regarding its market performance and investor sentiment [1]. Company Overview - Chint Electric, established on August 5, 1997, and listed on January 21, 2010, is located in Zhejiang Province, China. The company specializes in low-voltage electrical products, including distribution, terminal, control, and power electrical equipment, as well as solar energy products and EPC project contracting [1]. - The revenue composition of Chint Electric includes: - 32.76% from solar power station engineering contracting - 18.79% from power station operation - 13.01% from terminal electrical products - 11.23% from distribution electrical products - 6.85% from control electrical products - 3.60% from instruments - 3.10% from inverters and energy storage - 3.01% from building electrical products - 2.18% from metal products - 2.18% from other sources - 1.40% from supplementary items - 1.07% from power electrical products - 0.43% from electronic products - 0.38% from control systems [1]. Fund Holdings - According to data, one fund under Penghua Fund has a significant holding in Chint Electric, specifically the "Solar Industry" fund, which reduced its holdings by 77,700 shares in the third quarter, now holding 221,800 shares, representing 2.7% of the fund's net value [2]. - The "Solar Industry" fund, established on February 22, 2021, has a current size of 252 million. Year-to-date returns are 29.28%, ranking 1516 out of 4208 in its category, while the one-year return is 15.01%, ranking 2738 out of 3972 [2]. Fund Manager Performance - The fund manager for the "Solar Industry" fund is Yan Dong, who has been in the position for 6 years and 250 days. The total asset size under management is 22.118 billion. The best fund return during Yan's tenure is 456.3%, while the worst return is -37.7% [3].

Group 1 - The core viewpoint of the news is that Meichang Co., Ltd. has experienced a significant decline in stock price, dropping 5.02% on November 21, with a total market value of 9.916 billion yuan [1] - Meichang Co., Ltd. has seen its stock price fall for four consecutive days, with a cumulative decline of 5.24% during this period [1] - The company, established on July 7, 2015, specializes in the research, production, and sales of diamond wire for electroplating, with diamond wire accounting for 86.52% of its main business revenue [1] Group 2 - Among the top ten circulating shareholders of Meichang Co., Ltd., Huatai-PB Fund has increased its holdings in the photovoltaic ETF (515790) by 823,000 shares in the third quarter, now holding 3.0582 million shares, which is 0.72% of the circulating shares [2] - The photovoltaic ETF (515790) has a current scale of 13.976 billion yuan and has achieved a return of 29.61% this year, ranking 1485 out of 4208 in its category [2] - The fund managers, Li Qian and Li Mu Yang, have had varying performance records, with Li Qian achieving a best return of 84.41% and Li Mu Yang achieving a best return of 141.63% during their respective tenures [2]

近日，一张婚礼请柬在光伏圈流传，因主角备受关注：发出请柬的是高纪凡、吴春艳，新郎、新娘分别 是张俊杰、高海纯，婚宴定于12月15日举行。 张俊杰为"90后"，原名张军，霸王茶姬创始人、董事长兼CEO。在创立霸王茶姬前，他从云南大维饮品 的区域副经理做起，后担任特许经营合伙人，此后又加入了上海木爷机器人技术有限公司，曾担任合作 部副部长，负责亚太区业务。霸王茶姬官网显示，2017年11月，该品牌成立于云南。 目前，霸王茶姬业绩增幅较大。财报显示，该公司二季度总GMV达81.031亿元，同比增长15.5%；净收 入33.319亿元，同比增长10.2%。调整后净利润为6.298亿元，对应的调整后净利率为18.9%。报告期 内，霸王茶姬海外市场GMV达2.352亿元，同比增长77.4%，环比增长31.8%。截至6月30日，该公司全 球门店共7038家。 截至发稿，天合光能总市值约417亿元；霸王茶姬总市值约26.1亿美元，约合人民币185.7亿元。两者市 值总和超过600亿元。 11月20日，有知情人士确认，该请柬为真。 高海纯生于1993年，毕业于美国布朗大学，被誉为"最美光（伏）二代""光伏女神"。 公开资料显示 ...

Group 1 - The company, Junda Co., Ltd. (SZ 002865), announced that as of now, the total external guarantee balance is approximately RMB 9.138 billion, which accounts for 235.08% of the company's audited net assets for the past year [1] - The company and its subsidiaries do not have any overdue guarantees or guarantees involved in litigation [1] - For the first half of 2025, the revenue composition of Junda Co., Ltd. is as follows: photovoltaic cell products account for 99.79%, while other businesses account for 0.21% [1] Group 2 - As of the time of reporting, Junda Co., Ltd. has a market capitalization of RMB 13 billion [1]

Group 1: Company Overview - Trina Solar, founded by Gao Jifan, is a leading figure in the photovoltaic industry and has recently faced financial challenges, reporting a net loss of 4.201 billion yuan in the first three quarters of the year [5] - Gao Haichun, daughter of Gao Jifan, has held various significant positions within Trina Solar, including Co-Chairperson and Co-President of Trina Wealth, with an annual salary exceeding 3 million yuan [5] - The company reported a total revenue of 49.97 billion yuan for the first three quarters, with a third-quarter revenue of 18.914 billion yuan [5] Group 2: Market Performance - Trina Solar's stock price has decreased by 4.76%, currently at 19.21 yuan per share, with a market capitalization of 41.866 billion yuan [8] - Bawang Tea Ji, founded by Zhang Junjie, has shown significant growth, achieving a total GMV of 10.8 billion yuan in 2023 and a second-quarter GMV of 8.1031 billion yuan, reflecting a year-on-year increase of 15.5% [6] - Bawang Tea Ji's net income for the second quarter reached 3.3319 billion yuan, with an adjusted net profit margin of 18.9% [6]

Core Viewpoint - Trina Solar's stock fell by 5.06% on November 20, closing at 19.15 CNY per share, with a trading volume of 9.61 billion CNY and a turnover rate of 2.25%, resulting in a total market capitalization of 41.735 billion CNY [1] Company Overview - Trina Solar Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on December 26, 1997. The company went public on June 10, 2020. Its main business segments include photovoltaic products, photovoltaic systems, and smart energy [1] - The revenue composition of Trina Solar's main business is as follows: photovoltaic products account for 64.66%, system solutions for 21.23%, other (supplementary) for 5.54%, digital energy services for 4.42%, and energy storage for 4.14% [1] Shareholder Information - Among Trina Solar's top ten circulating shareholders, one fund from E Fund Management is notable. The E Fund SSE STAR 50 ETF (588080) reduced its holdings by 6.8877 million shares in the third quarter, now holding 47.2624 million shares, which represents 2.17% of the circulating shares. The estimated floating loss today is approximately 48.2076 million CNY [2] - The E Fund SSE STAR 50 ETF (588080) was established on September 28, 2020, with a current scale of 76.761 billion CNY. Year-to-date returns are 36.36%, ranking 1038 out of 4208 in its category; over the past year, returns are 35.23%, ranking 924 out of 3971; since inception, it has incurred a loss of 3.2% [2]

Group 1: Report Investment Rating - No information on the industry investment rating is provided in the report. Group 2: Core Viewpoints - On November 18, industrial silicon fluctuated weakly. The main contract 2601 closed at 8,980 yuan/ton, with an intraday decline of 0.88%. The position decreased by 3,530 lots to 248,000 lots. The spot reference price of industrial silicon by Baichuan was 9,675 yuan/ton, up 10 yuan/ton from the previous trading day. The price of the lowest deliverable 421 remained stable at 8,950 yuan/ton, and the spot discount narrowed to 50 yuan/ton. Polysilicon fluctuated strongly. The main contract 2601 closed at 52,210 yuan/ton, with an intraday decline of 1.67%. The position increased by 848 lots to 137,000 lots. The price of N-type recycled polysilicon was 52,300 yuan/ton, and the price of the lowest deliverable silicon material was 523,000 yuan/ton. The spot changed from a discount to a premium of 90 yuan/ton to the main contract. [2] - Silicon plants in the southwest continued to cut production and hold back sales. Transactions were mainly concentrated on Xinjiang point-price orders and Tianjin trading. The current supply tightening and cost increase provided bottom support for industrial silicon. However, the simultaneous production cuts in downstream industries restricted the upward space, so industrial silicon continued to fluctuate and adjust. A industry conference was held, and there were changes in the polysilicon production storage platform. Due to the significant effectiveness of the industry's anti-involution reported by CCTV and the continuous voice of the Photovoltaic Association, some negative emotions were diluted. [2] - Due to the contraction of downstream orders, silicon wafers took the lead in cutting production and prices, putting upward pressure on polysilicon. At the same time, on the basis of the spot price remaining firm, the bottom position was stable. The top and bottom of crystalline silicon were clear, and the volatility within the range was high. Investors needed to enter the market cautiously. [2] Group 3: Summary by Directory 1. Research Views - Industrial silicon fluctuated weakly and polysilicon fluctuated strongly on November 18. The supply and cost factors affected the price trends of both, and downstream production cuts restricted the upward space. The industry conference and media reports had an impact on market sentiment. [2] 2. Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract decreased by 100 yuan/ton to 8,980 yuan/ton. Most of the spot prices remained stable, with only a few varieties showing small changes. The spot discount narrowed to 50 yuan/ton. The industrial silicon warehouse receipts decreased by 620 to 43,402, and the Guangzhou Futures Exchange inventory decreased by 4,175 to 226,725 tons. The total social inventory increased by 400 to 452,400 tons. [2][3] - **Polysilicon**: The futures settlement price of the main contract decreased by 445 yuan/ton to 52,210 yuan/ton. The spot prices remained stable. The spot changed from a discount to a premium of 90 yuan/ton. The polysilicon warehouse receipts decreased by 230 to 7,960, and the Guangzhou Futures Exchange inventory decreased by 52,000 tons to 243,600 tons. The total social inventory increased by 2,000 tons to 279,000 tons. [2][3] - **Organic Silicon**: The price of DMC in the East China market remained stable at 13,000 yuan/ton. The price of dimethyl silicone oil increased by 700 yuan/ton to 14,000 yuan/ton. [3] 3. Chart Analysis - **Industrial Silicon and Cost - end Prices**: Charts showed the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices. [5][7][10] - **Downstream Product Prices**: Charts presented the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components. [12][14][17] - **Inventory**: Charts displayed 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. [18][21] - **Cost and Profit**: Charts showed the average cost and profit levels of main production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, cost - profit of DMC, and cost - profit of polysilicon. [24][26][28] 4. Team Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience and professional qualifications in the field of non - ferrous metals research. [32][33][34]