Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

Core Viewpoint - The photovoltaic industry is experiencing a strong signal for rectifying low-price disorderly competition, with silicon material prices beginning to rise [1][2] Group 1: Price Trends - The recent data from the China Nonferrous Metals Industry Association's Silicon Industry Branch indicates that the price of multi-crystalline silicon has continued to rise, with the N-type multi-crystalline silicon price range at 34,000-38,000 yuan/ton and an average price of 37,100 yuan/ton, reflecting a week-on-week increase of 6.92% [1] - The N-type granular silicon price range is reported at 34,000-37,000 yuan/ton, with an average price of 35,600 yuan/ton, also showing a week-on-week increase of 6.27% [1] - Although silicon wafer prices remained stable, several silicon wafer manufacturers raised their prices by 8% to 11.7% on July 9, with N-type G10L single crystal silicon wafer price increasing to 1 yuan/piece (up 11.1%), N-type G12R to 1.15 yuan/piece (up 11.7%), and N-type G12 to 1.35 yuan/piece (up 8.0%) [2] Group 2: Industry Dynamics - The silicon industry association noted that the price increase is primarily due to multi-crystalline silicon companies operating at a loss for over a year, leading to prices being significantly below comprehensive costs [2] - Despite the price increases in silicon materials, the downstream market has not stabilized, causing silicon wafer companies to remain cautious in the short term [2] - Industry experts suggest that the multi-crystalline silicon segment could lead the way out of the current "involution" situation, with potential price rebounds benefiting the entire supply chain [3] Group 3: Company Performance - Some photovoltaic companies have begun to turn losses into profits in the second quarter of this year, indicating positive signals in the industry [4] - Recent announcements from A-share companies show that Foster expects a net profit of 473 million yuan for the first half of the year, a decrease of 49.05% year-on-year, while TCL Zhonghuan anticipates a loss of 4 to 4.5 billion yuan [5] - Aiko Solar is expected to narrow its losses, projecting a net profit of 20 million to 130 million yuan for the second quarter, marking its first potential quarterly profit since Q4 2023 [5] Group 4: Market Sentiment - The industry is focusing on building a healthy business ecosystem, with companies expressing reluctance to accept orders that do not yield profits [6] - The ongoing discussions about "anti-involution" reflect a broader concern about establishing sustainable business practices within the N-type BC industry [6]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **Industrial Silicon**: In the second half of the year, the industrial silicon industry is in a cycle of accelerating the clearance of backward production capacity and will enter the de - stocking process. The supply pressure will be released with the implementation of production plans in the southwest during the wet season, while the downstream demand is expected to strengthen. The price will show a wide - range oscillation. Strategies include focusing on SI2509 - SI2511 positive spread opportunities and the chance of going long on near - month industrial silicon and shorting far - month polysilicon [4]. - **Polysilicon**: In the second half of the year, the polysilicon market is in a stage where fundamental logic and "anti - involution" logic alternate. Fundamentally, lower production costs may lead to increased production capacity, while demand growth is limited, and inventory pressure remains high. If industry integration is effective, it may drive up prices. The recommended strategy is to focus on PS2508 - PS2511 positive spread opportunities [8]. 3. Summary by Related Catalogs Industrial Silicon - **Futures Data** - The closing price of the industrial silicon main contract is 8470 yuan/ton, up 4.05% from the previous period; the trading volume is 1,468,586 lots, up 27.32%; the open interest is 381,237 lots, down 4.46% [11]. - The SI09 - 11 spread is 70 yuan/ton, up 27.27% from the previous period; the SI11 - 12 spread is - 265 yuan/ton, up 14.52% [15]. - **Spot Data** - The prices of 553 silicon in different regions range from 8200 - 8750 yuan/ton, with some showing price increases. The price of 421 silicon in different regions ranges from 8950 - 9900 yuan/ton, mostly stable. The spread between 421 and 553 silicon in East China is 300 yuan/ton, unchanged [17]. - **Basis and Warehouse Receipts** - The total warehouse receipts are 50,544 lots, down 248 lots from the previous period. The inventory in different delivery warehouses shows little change, except for Sichuan and Jiangsu which have slight increases [23][24]. Polysilicon - **Futures Data** - The closing price of the polysilicon main contract is 41,345 yuan/ton, up 5.28% from the previous period; the trading volume is 1,014,567 lots, up 27.70%; the open interest is 98,601 lots, up 1.45% [26]. - The PS08 - 09 spread is 300 yuan/ton, down 25.00% from the previous period; the PS08 - 11 spread is 800 yuan/ton, down 1.23%; the PS09 - 11 spread is 500 yuan/ton, up 21.95%; the PS11 - 12 spread is - 2325 yuan/ton, up 8.90% [28]. - **Spot Data** - The prices of different types of polysilicon show some changes, with N - type polysilicon price index rising 12.00% to 44.8 yuan/kg. The prices of silicon wafers and battery chips also have certain fluctuations [33][35]. - **Basis and Warehouse Receipt Data** - The basis of the polysilicon main contract is 3455 yuan/ton, up 373.29% from the previous period. The warehouse receipts in different regions remain unchanged [40][42]. 4. Risk Management Strategies - **Inventory Management**: For enterprises with high product inventory and risk of inventory impairment, strategies include shorting futures on the main contract, selling call options, and buying out - of - the - money put options [2]. - **Procurement Management**: For enterprises with future production plans and the risk of rising raw material prices, strategies include buying long - term futures contracts according to production plans, selling put options, and buying out - of - the - money call options [2].

Group 1 - The core viewpoint of the article emphasizes that the polysilicon industry is moving towards a new development stage, focusing on capacity integration and differentiation [1][3] - The need for capacity control in the polysilicon sector is highlighted, with industry leaders discussing the importance of capacity consolidation to improve market conditions [1][3] - GCL-Poly Energy has proposed a clear plan for capacity acquisition, aiming to maintain silicon material prices at reasonable levels and ensure profitability across the entire supply chain [1][2] Group 2 - The green development route is a long-term goal for the photovoltaic industry, with Tongwei joining major global renewable energy organizations to demonstrate its commitment to global green governance [2] - GCL-Poly has introduced a green pricing initiative, advocating for better policies for products with lower carbon footprints, which aligns with international standards [2] - The carbon footprint of GCL-Poly's granular silicon products has been certified at 14.441 kg CO₂e/kg, showcasing its leadership in carbon reduction efforts [2] Group 3 - By the end of 2024, China's polysilicon capacity is projected to reach 2.8683 million tons, with an average annual investment price of approximately 50,000 yuan per ton [3] - The overall average price of polysilicon is currently around 34,000 yuan per ton, with about 500,000 tons of capacity either delayed or still in progress, leading to significant losses for companies [3] - The industry is witnessing a shift from chaotic competition to deep cooperation, aiming for resource optimization and sustainable long-term development [1][3]

Industry Overview - China is the largest producer and consumer of liquid ammonia, with an estimated production of approximately 62.1 million tons in 2024, representing a year-on-year growth of 2.39% [1][13] - The stable agricultural demand is a key factor supporting the growth of liquid ammonia production, as it is a core raw material for nitrogen fertilizer [1][13] - China's total grain production is expected to reach a new high of over 1.4 trillion jin in 2024, which directly drives the demand for nitrogen fertilizers and subsequently boosts liquid ammonia production [1][13] - The recovery of industrial demand, particularly in the chemical and refrigeration sectors, is also contributing to the growth of liquid ammonia production [1][13] Industry Development History - The development of China's liquid ammonia industry has gone through four stages, starting from the establishment of the first synthetic ammonia production workshop in 1935 [4][5] - The industry expanded significantly from the 1950s to the 1970s, with applications extending to lawn maintenance and greenhouse planting [5] - From the 1970s to 2015, the industry faced strict environmental regulations, leading to technological innovations and the development of more environmentally friendly production methods [5][6] - Since 2015, the industry has been undergoing a transformation towards green ammonia production, utilizing renewable energy sources [6][7] Industry Chain - The upstream of the liquid ammonia industry includes raw materials such as coal, natural gas, and production equipment [9] - The midstream involves the manufacturing process of liquid ammonia, while the downstream applications span agriculture, industry, and new energy sectors [9] Market Size - The stable growth in grain production and the recovery of industrial demand are expected to drive liquid ammonia production in 2024 [1][13] - The price of liquid ammonia in April 2025 was reported at 2,650 yuan per ton, reflecting a month-on-month increase of 3.52% but a year-on-year decrease of 13.96% [15] Key Enterprises - The competitive landscape of the liquid ammonia industry is characterized by a concentration of leading companies such as Yuntianhua, Hubei Yihua, and Hualu Hengsheng, which dominate the market [17] - These leading enterprises are extending their operations upstream to raw material production and downstream to fertilizer and chemical markets, forming a closed loop from raw materials to production and application [17] Industry Development Trends - The industry is accelerating its transition to green and low-carbon production methods, with green ammonia technology becoming a key breakthrough [23][25] - There is a trend towards deeper capacity integration, with leading companies expanding their market share through mergers and acquisitions [24][25] - The demand for liquid ammonia in the new energy sector is rising, with its potential applications in energy storage and shipping becoming increasingly significant [26]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Industrial silicon: The fundamentals remain weak, but the trading volume has reached a record high. Be vigilant of market fluctuations caused by short - covering. There is a supply surplus, and the demand is weak. Consider shorting industrial silicon and longing polysilicon for arbitrage opportunities [3]. - Polysilicon: The fundamentals are still weak. The price difference between the 06 - 07 contracts is strengthening. Be cautious of the spread of the delivery logic of the PS06 contract to the PS07 contract. Look for positive arbitrage opportunities between the 07 - 08/07 - 09 contracts of polysilicon. The market is in a state of alternating fundamentals and delivery logic, with wide - range fluctuations [3]. 3. Summary by Related Catalogs 3.1 Price and Volatility - Industrial silicon: The price of the main contract faces strong resistance at 8000. The current 20 - day rolling volatility is 27.3%, and the historical percentile of volatility in the past 3 years is 83.7% [2]. - Polysilicon: The price of the main contract fluctuates widely between 34000 - 38000. The current 20 - day rolling volatility is 28.94%, and the historical percentile of volatility in the past 3 years is 85% [2]. 3.2 Risk Management Strategies 3.2.1 Inventory Management - To prevent inventory impairment, sell industrial silicon/polysilicon futures (SI2507/PS2507) with a hedging ratio of 60% and a strategy level of 3 [2]. - When product inventory is high and there is a risk of impairment, sell call options with a hedging ratio of 80% and a strategy level of 4, and buy out - of - the - money put options with a strategy level of 3 [2]. 3.2.2 Procurement Management - To prevent future raw material price increases, buy far - month industrial silicon/polysilicon contracts according to the production plan, with a strategy level of 1. Sell put options with a strategy level of 2, and buy out - of - the - money call options with a strategy level of 1 [2]. 3.3 Core Contradictions 3.3.1 Industrial Silicon - Supply: In the process of eliminating backward production capacity, with the approaching of the wet season, enterprises in the southwest are increasing furnace operation, and there is a risk of further inventory accumulation [3]. - Demand: Overall weak, downstream enterprises are bargaining for purchases, and there are still expectations of production cuts in the future [3]. 3.3.2 Polysilicon - Supply: Production is stable, but high - inventory pressure persists. If there are plans for capacity integration and elimination, it may improve the industry situation [3]. - Demand: The support from downstream demand has significantly weakened after the end of the photovoltaic installation rush [3]. - Futures: As the delivery month approaches, the contradiction between the number of positions and warehouse receipts will become prominent, and the price fluctuations will increase [3]. 3.4利多解读 3.4.1 Industrial Silicon - Macro - policy support may stimulate power demand growth, and the long - term industry is in an upward cycle. The cost has limited room for further decline, providing strong cost support [4]. 3.4.2 Polysilicon - There may be plans for capacity integration and elimination in the industry, which could improve the industry situation. Enterprises are not very willing to deliver, and the market follows the delivery logic [4]. 3.5利空解读 3.5.1 Industrial Silicon - With the approaching of the wet season, production capacity is being released, and downstream enterprises are rumored to jointly cut production, further weakening demand [7]. 3.5.2 Polysilicon - The capacity integration and elimination plan fails, and the inventory continues to accumulate with weak demand [16]. 3.6 Market Data 3.6.1 Futures Market - Industrial silicon: The latest price of the main contract is 7340 yuan/ton, with a weekly decline of 6.85%. The trading volume is 624841 lots, a weekly increase of 199.83%. The position is 226069 lots, a weekly increase of 23.07% [8]. - Polysilicon: The latest price of the main contract is 35100 yuan/ton, with a weekly decline of 2.72%. The trading volume is 153272 lots, a weekly increase of 21.39%. The position is 79868 lots, a weekly increase of 3.33% [8]. 3.6.2 Spot Market - Industrial silicon: The prices of different grades in various regions are provided, such as 8500 yuan/ton for East China 553 and 9200 yuan/ton for East China 421. The basis and price difference data are also given [15][17].

01 "消息属实，行业内部正在讨论相关方案。"5月13日，某头部光伏企业相关负责人向「预见能源」表 示。 据第一财经、智通财经等媒体报道称，有头部硅料厂商提出了减产挺价的方案，且该厂商与部分硅料厂 商进行了事先沟通，但方案能否成行尚是未知数。此前市场有传闻称，业内正计划由硅料行业排名前6 的厂商来收购剩余所有硅料产能，且某头部厂商提议减产挺价，并设置了挺价的目标区间。 据上述媒体报道，目前头部硅料企业已基本达成共识，共识的第一步是减产，最头部的企业要大幅减产 以实现硅料的库存的去化。第二步是产能的去化，目前的基本思路是以收买的方式实现尾部产能的去 化。 资金方面，前期需要金融企业来提供很大一部分的资金支持，或是通过主管部门引导下成立专项基金进 行操作，通过未来的利润来实现金资金的退出。 据业内人士透露，眼下的光伏硅料环节基本每月开一次"碰头会"，由企业中层干部参会并谈论减产的相 关议题。目前头部几家硅料企业有意向联合推动产能整合，不过目前还处于早期商议阶段，细节还未完 善，仍需要商议如何推动，但业内对该计划的预期较好，绝大多数亏损企业也愿意通过这种方式实现退 出。 光伏产业链较长，上游环节硅料主要指多晶硅基础 ...

2025.05. 13 "目前头部硅料企业已基本达成共识。"第一财经记者今日另从某头部硅料厂获悉，共识的第一步是减 产，最头部的企业要大幅减产以实现硅料库存的去化。第二步是产能的去化，目前的基本思路是以收 买的方式实现尾部产能的去化。"资金方面，前期需要金融企业来提供很大一部分的资金支持，通过 未来的利润来实现金融企业的退出。" 微信编辑 | 小羊 本文字数：674，阅读时长大约2分钟 推荐阅读 作者 | 第一财经 陆如意 "降低30%至80%"，特朗普突然宣布降价！ 据光伏产业内人士分析，当前的多晶硅（硅料）环节处在"6+N"的产业格局中。6是六家头部公司， 分别为通威股份产能82万吨、协鑫科技48万吨、新特能源30万吨、大全能源30万吨、东方希望25.5 万吨、亚洲硅业22万吨，合计236万吨的硅料产能；N则代表硅料产业环节剩余所有公司，数量众多 但占据总和市场份额较小，有一定代表性的为青海利豪、合盛硅业、新疆晶诺、新疆其亚、宝丰能 源、宁夏润阳、固阳东方日升、固阳弘元绿能、天弘瑞科、青海南玻等。 上述光伏产业内分析人士认为，硅料环节6家头部公司的产品有效交付量至少占据行业需求75%以 上，硅料产业环节剩 ...

5月13日早盘，A股光伏板块大幅走高，硅料环节企业领涨，截至第一财经记者发稿，大全能源涨近 18%，通威股份涨停。 据光伏产业内人士分析，当前的多晶硅（硅料）环节处在"6+N"的产业格局中。6是六家头部公司，分 别为通威股份产能82万吨、协鑫科技48万吨、新特能源30万吨、大全能源30万吨、东方希望25.5万吨、 亚洲硅业22万吨，合计236万吨的硅料产能；N则代表硅料产业环节剩余所有公司，数量众多但占据总 和市场份额较小，有一定代表性的为青海利豪、合盛硅业、新疆晶诺、新疆其亚、宝丰能源、宁夏润 阳、固阳东方日升、固阳弘元绿能、天弘瑞科、青海南玻等。 上述光伏产业内分析人士认为，硅料环节6家头部公司的产品有效交付量至少占据行业需求75%以上， 硅料产业环节剩余的所有公司主体数量较多，需要通过并购的方式减少竞争主体数量。 （文章来源：第一财经） 当日市场有传闻称，业内正计划由硅料行业排名前6的厂商来收购剩余所有硅料产能。第一财经记者从 业内人士了解到，眼下的光伏硅料环节基本每月开一次"碰头会"，由企业中层干部参会并谈论减产的相 关议题。目前头部几家硅料企业有意向联合推动产能整合，但仍需要商议如何推动。 "目前头 ...

2、受国际金价跳水影响，13日国内多家金店足金饰品价格下调至千元以下。其中，周大福、周六福足 金饰品下调至992元/克。 智通财经5月13日午间新闻精选 3、印度向世界贸易组织(WTO)表示，印度拟对美国生产并出口至印度的部分产品征收关税，以对抗美 国对印度钢铝制品征收关税的做法。 1、智通财经记者从某头部硅料厂获悉，业内确有厂商提出对存量硅料产能、存货进行类似于"收储"计 划，以这种方式来实现产能的整合。路径可能是通过主管部门引导下成立专项基金进行操作，待硅料价 格回暖后资金再退出。该人士表示，头部几家硅料厂有意联合推动，目前还处于早期商议阶段，细节还 未完善。 4、截至午间收盘，沪指涨0.08%，深证成指跌0.24%，创业板指跌0.23%。恒生指数跌1.67%，恒生科技 指数跌2.99%。 ...