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%。 ...

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，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。(智通财经) ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a potential stock price increase of over 15% within the next six months [11]. Core Insights - The company achieved a record high in mining service revenue, with total revenue for 2024 reaching 13.65 billion yuan, a year-on-year increase of 17.6%. The net profit attributable to shareholders was 900 million yuan, up 25.4% year-on-year [1][3]. - The mining service segment generated revenue of 10.81 billion yuan, reflecting a 21.0% year-on-year growth, driven by increased investments in rich mineral areas and accelerated international expansion [1][2]. - The company has a robust order backlog exceeding 30 billion yuan, providing a solid foundation for future growth [1]. - The company is actively integrating and optimizing its explosive production capacity, having acquired controlling stakes in two companies to increase explosive production capacity by 82,000 tons per year [2]. Financial Performance - The company reported a comprehensive gross margin of 21.3% for 2024, an increase of 0.6 percentage points year-on-year. The net profit margin was 8.6%, up 0.16 percentage points [2]. - Forecasted revenues for 2025-2027 are projected at 21.71 billion, 24.71 billion, and 28.22 billion yuan, representing year-on-year growth rates of 59.05%, 13.80%, and 14.21% respectively [3][4]. - The earnings per share (EPS) are expected to be 1.58, 1.90, and 2.12 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 19.42, 16.14, and 14.49 [3][4]. Market Position and Strategy - The company's overseas revenue reached 1.36 billion yuan in 2024, a year-on-year increase of 43.7%, accounting for 9.9% of total revenue, up 8.1 percentage points [2]. - The company is investing in a new explosives factory in Zambia and has acquired a 51% stake in EXSUR in Peru to meet local mining project demands [2]. - The company is optimizing its explosive production capacity by relocating excess capacity to regions like Xinjiang and Tibet [2].