Core Viewpoint - The recent development of flexible silicon-perovskite tandem solar cells by a team from Suzhou University addresses key challenges in efficiency and stability, providing power support for long-term operations of spacecraft and space data centers [1] Group 1: Technological Advancements - The new solar cell technology achieves an efficiency of 33.6% along with excellent bending and light stability, validating the suitability of perovskite tandem cells for space photovoltaic applications [1] - The research findings were published in the prestigious journal "Nature," highlighting the significance of this breakthrough in the solar energy sector [1] Group 2: Market Performance - The photovoltaic ETF Huaxia (515370) rose by 1.74%, with notable increases in holdings such as Jidian Co. (over 9%), GCL-Poly (over 5%), and Aters (over 4%) [1] - The Huaxia photovoltaic ETF and its connected funds (012885/012886) track the CSI Photovoltaic Industry Index, which encompasses upstream, midstream, and downstream companies in the photovoltaic industry, reflecting the overall performance of the sector [1] - The index has a photovoltaic content of 83.64%, ranking first in the entire market dimension [1]

Core Viewpoint - The recent announcement by China's Ministry of Finance and State Taxation Administration regarding the adjustment of export tax rebate policies for photovoltaic products is expected to impact the industry significantly, particularly in the battery sector, leading to short-term export surges and long-term structural changes in the market [1]. Group 1: Policy Changes - The export VAT rebate rate for battery products will be reduced from 9% to 6% starting April 1, 2026, and will be completely eliminated from January 1, 2027 [1]. - This policy change is anticipated to create a rush in battery exports in 2026, intensifying supply-demand tensions in lithium mining and lithium hexafluorophosphate sectors [1]. Group 2: Market Impact - The adjustment is expected to lead to the elimination of outdated domestic production capacities in the long run, optimizing the battery industry landscape [1]. - Companies with overseas production capabilities are likely to benefit from these changes, as the market dynamics shift [1]. Group 3: ETF Performance - The Huaxia Photovoltaic ETF (515370) experienced a decline of 1.83%, while its constituent stocks, such as Junda Co., saw gains exceeding 8% [1]. - The ETF tracks the CSI Photovoltaic Industry Index, which includes a comprehensive range of companies across the photovoltaic supply chain, reflecting an 83.64% photovoltaic content, ranking first in the market [1].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Industrial silicon prices are expected to maintain range - bound oscillations. With supply and demand both decreasing, along with the upward price transmission of coal and the photovoltaic industry chain, price support is evident. The upside potential depends on downstream demand recovery and inventory clearance, while the downside is limited by cost support and production - cut expectations [3]. - The short - term demand for polysilicon is expected to rise due to the cancellation of the photovoltaic VAT export tax - rebate policy. However, the polysilicon market is fundamentally weak, vulnerable to macro - sentiment and policy factors. In the short term, it is advisable to stay on the sidelines, and in the medium - to - long - term, short on rallies [7]. 3. Summary by Related Catalogs Industrial Silicon - **Market Analysis** - On January 12, 2026, the industrial silicon futures price fluctuated upwards. The main contract 2605 opened at 8860 yuan/ton and closed at 8755 yuan/ton, a change of 0.75% from the previous day's settlement. The position of the main contract 2605 was 238,877 lots at the close, and the total number of warehouse receipts on January 11, 2026, was 10,888 lots, a change of 96 lots from the previous day [1]. - The spot price of industrial silicon remained basically stable. According to SMM data, the price of East China oxygen - passing 553 silicon was 9200 - 9300 yuan/ton, 421 silicon was 9500 - 9800 yuan/ton, Xinjiang oxygen - passing 553 price was 8600 - 8800 yuan/ton, and 99 silicon price was 8600 - 8800 yuan/ton. Silicon prices in various regions were flat, and the price of 97 silicon remained stable. As of January 8, the total social inventory of industrial silicon in major regions was 552,000 tons, a decrease of 0.9% from the previous week [1]. - **Consumption End** - The quoted price of silicone DMC was 13,700 - 14,000 yuan/ton. The recent cancellation of the photovoltaic VAT export tax - rebate policy is expected to increase short - term polysilicon demand. The strong export of polysilicon is expected to boost the demand side of industrial silicon, and there is short - term upward space for consumption. The operating rate of aluminum - silicon alloy enterprises decreased slightly, and the silicone industry maintained a peak - shifting emission reduction policy. The downstream demand for aluminum alloys showed marginal weakening, and the subsequent operating rate is expected to be stable with a slight downward trend [2]. - **Strategy** - Industrial silicon prices are expected to maintain range - bound oscillations. - Single - side: Short - term range operation. - No strategies are recommended for inter - period, cross - variety, spot - futures, and options [3]. Polysilicon - **Market Analysis** - On January 12, 2026, the main polysilicon futures contract 2605 fluctuated downwards, opening at 52,350 yuan/ton and closing at 49,995 yuan/ton, a 2.89% change from the previous trading day's closing price. The position of the main contract reached 48,830 lots (50,943 lots the previous trading day), and the trading volume on the day was 42,510 lots. - The spot price of polysilicon remained stable. According to SMM statistics, the price of N - type material was 51.50 - 58.50 yuan/kg, and the price of n - type granular silicon was 50.00 - 58.50 yuan/kg. - Polysilicon factory inventory increased, and silicon wafer inventory increased. The latest statistics showed that polysilicon inventory was 30.20 (a change of - 1.30% month - on - month), silicon wafer inventory was 26.23GW (a 13.11% month - on - month increase), polysilicon weekly output was 23,800 tons (a change of - 0.80% month - on - month), and silicon wafer output was 10.52GW (a 3.34% month - on - month increase) [3]. - **Strategy** - The short - term strategy is to stay on the sidelines, and in the medium - to - long - term, short on rallies. - Single - side: Short - term range operation, and the main contract is expected to remain weakly oscillating. - No strategies are recommended for inter - period, cross - variety, spot - futures, and options [7].

Core Viewpoint - The company, as the largest supplier of photovoltaic (PV) backsheet globally, maintains a supply partnership with North American solar module customers [1] Group 1 - The company has been recognized as the largest supplier of photovoltaic backsheets [1] - The company has established a cooperative supply relationship with solar module customers in North America [1]

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1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The price of industrial silicon is fluctuating and adjusting. In the short - term, market sentiment is volatile, and the price is expected to be under pressure. The demand for industrial silicon from polysilicon may be weak, and the organic silicon demand is relatively stable in the short - term. The polysilicon market is affected by legal risk concerns and market sentiment, with futures prices dropping and spot - price fluctuations. The market is waiting for the implementation of policies and the actual situation of transactions [16][18]. 3. Summary According to the Directory 3.1 Week - on - Week Assessment and Strategy Recommendation - **Demand**: The weekly production of polysilicon decreased slightly to 2.54 tons. The DMC production was 44,000 tons, a decrease of 400 tons from the previous week. From January to November, the cumulative output of aluminum alloy was 17.456 million tons, a year - on - year increase of 2.895 million tons or 19.88%. From January to November, the cumulative net export of industrial silicon was 651,400 tons, a year - on - year increase of 12,400 tons or 1.95% [14]. - **Inventory**: As of January 9, 2026, the industrial silicon inventory was 5.123 million tons, an increase of 3,300 tons from the previous week. Factory inventory decreased by 1,000 tons, market inventory increased by 1,000 tons, and registered warrant inventory increased by 3,300 tons [14]. - **Price**: The spot price of 553 (non - oxygen - permeable) industrial silicon in East China was 9,200 yuan/ton, unchanged from before the holiday. The spot price of 421 industrial silicon was 9,650 yuan/ton, with a discounted futures price of 8,850 yuan/ton, also unchanged. The futures main contract (SI2605) closed at 8,715 yuan/ton, a decrease of 145 yuan/ton from before the holiday. The SMM - statistical average price of polysilicon N - type re - feeding material was 55 yuan/kg, an increase of 2 yuan/kg from before the holiday. The average price of N - type dense material was 54.25 yuan/kg, an increase of 2.75 yuan/kg. The futures main contract (PS2605) closed at 51,300 yuan/ton, a decrease of 6,620 yuan/ton from before the holiday [15][23][26]. - **Cost**: The average cost of industrial silicon in Xinjiang was 8,487.50 yuan/ton, 9,720.00 yuan/ton in Yunnan, 9,775.00 yuan/ton in Sichuan, and 8,966.67 yuan/ton in Inner Mongolia. The production cost of polysilicon was 42,795.37 yuan/ton, with a gross profit of 16,415.16 yuan/ton [15][17]. 3.2 Spot and Futures Market - **Industrial Silicon**: As of January 9, 2026, the spot price of 553 (non - oxygen - permeable) industrial silicon in East China was 9,200 yuan/ton, unchanged from before the holiday. The spot price of 421 industrial silicon was 9,650 yuan/ton, with a discounted futures price of 8,850 yuan/ton, also unchanged. The futures main contract (SI2605) closed at 8,715 yuan/ton, a decrease of 145 yuan/ton from before the holiday [23]. - **Polysilicon**: As of January 9, 2026, the SMM - statistical average price of polysilicon N - type re - feeding material was 55 yuan/kg, an increase of 2 yuan/kg from before the holiday. The average price of N - type dense material was 54.25 yuan/kg, an increase of 2.75 yuan/kg. The futures main contract (PS2605) closed at 51,300 yuan/ton, a decrease of 6,620 yuan/ton from before the holiday [26]. 3.3 Industrial Silicon - **Total Output**: As of January 9, 2026, the weekly output of industrial silicon was 80,300 tons, a decrease of 600 tons from the previous week. In December 2025, the output of industrial silicon was 355,900 tons, a decrease of 4,200 tons from the previous month. The cumulative output from January to December decreased by 652,300 tons or 13.86% year - on - year [31]. - **Output in Main Production Areas**: The electricity price and silica price in main production areas remained unchanged week - on - week. The average cost of industrial silicon in Xinjiang was 8,487.50 yuan/ton, 9,720.00 yuan/ton in Yunnan, 9,775.00 yuan/ton in Sichuan, and 8,966.67 yuan/ton in Inner Mongolia [43][46]. - **Inventory**: As of January 9, 2026, the industrial silicon inventory was 5.123 million tons, an increase of 3,300 tons from the previous week. Factory inventory decreased by 1,000 tons, market inventory increased by 1,000 tons, and registered warrant inventory increased by 3,300 tons [49]. 3.4 Polysilicon - **Output**: As of January 9, 2026, the weekly output of polysilicon was 25,400 tons, a slight decrease from the previous week. In December, the output was 115,500 tons, an increase of 900 tons from the previous month. The cumulative output from January to December was 1.3052 million tons, a year - on - year decrease of 254,600 tons [54]. - **Operating Rate and Scheduled Production**: The operating rate of polysilicon in December was 42.23%, a decrease of 1.95 percentage points from the previous month. The expected output in January was 107,800 tons, continuing to decline [57]. - **Inventory**: As of January 9, 2026, the factory inventory of polysilicon was 311,800 tons, and the SMM - statistical inventory was 302,000 tons [60]. - **Cost and Profit**: The production cost of polysilicon was 42,795.37 yuan/ton, with a gross profit of 16,415.16 yuan/ton [63]. - **Silicon Wafer**: The weekly output of silicon wafers was 10.52 GW, remaining stable. In December, the output was 43.9 GW, a decrease of 10.47 GW from the previous month. The cumulative output from January to December was 647.09 GW, a year - on - year decrease of 0.46%. The inventory was 26.23 GW, a slight increase. The predicted output in January was 45.2 GW, remaining basically unchanged [66][69]. - **Battery Cell**: In December, the output of battery cells was 46.76 GW, a decrease of 8.85 GW from the previous month. The operating rate was 47.11%, a decrease of 8.93 percentage points from the previous month. The cumulative output from January to December was 669.48 GW, a year - on - year increase of 1.95%. The inventory was 8.92 GW, remaining unchanged. The expected output in January was 39.36 GW, a significant decrease [75][78]. - **Module**: In December, the output of modules was 38.7 GW, a decrease of 8.2 GW from the previous month. The operating rate was 37.57%, a decrease of 8.14 percentage points from the previous month. The cumulative output from January to December was 563.2 GW, a year - on - year decrease of 1.21%. The inventory was 30 GW, a slight decrease. The expected output in January was 32.47 GW, a decrease from December [83][86]. 3.5 Organic Silicon - **Output**: As of January 9, 2026, the DMC output was 44,000 tons, a decrease of 400 tons from the previous week. In December, the output was 204,800 tons, a decrease of 4,700 tons from the previous month. The cumulative output from January to December was 2.477 million tons, a year - on - year increase of 9.93% [93]. - **Price and Profit**: The average price of organic silicon was 13,600 yuan/ton, remaining unchanged. The DMC gross profit was 1,609.38 yuan/ton [96]. - **Inventory**: As of January 9, 2026, the DMC inventory was 44,600 tons, a decrease of 400 tons from the previous week [99]. 3.6 Silicon - Aluminum Alloy and Exports - **Aluminum Alloy**: As of January 9, 2026, the price of primary aluminum alloy A356 was 24,240 yuan/ton, an increase of 1,420 yuan/ton from the previous week. The price of recycled aluminum alloy ADC12 was 23,720 yuan/ton, an increase of 1,210 yuan/ton. From January to November, the cumulative output of aluminum alloy was 17.456 million tons, a year - on - year increase of 2.895 million tons or 19.88%. The operating rate of primary aluminum alloy was 58.4%, and that of recycled aluminum alloy was 58% [105][108]. - **Exports**: From January to November, the cumulative net export of industrial silicon was 651,400 tons, a year - on - year increase of 12,400 tons or 1.95% [111].

Core Viewpoint - China Academy of Sciences Shenyang Instrument Co., Ltd. (referred to as "Zhongke Instrument") is set to go public on January 16, with a fundraising target of 825 million yuan for various projects, including dry vacuum pump industrialization and semiconductor equipment expansion [1]. Financial Performance - The company has shown significant fluctuations in net profit, with non-recurring net profits of 61.86 million yuan, 72.98 million yuan, 87.88 million yuan, and 63.22 million yuan during the reporting period [3]. - The total revenue for the reporting periods was 574.23 million yuan, 1.08 billion yuan, 851.79 million yuan, and 698.08 million yuan, with a gross margin of 28.15%, 29.44%, 33.02%, and 32.60% respectively [4][6]. Investment and Projects - The IPO proceeds will be allocated as follows: 231 million yuan for dry vacuum pump industrialization, 474 million yuan for high-end semiconductor equipment expansion and R&D center, and 121 million yuan for new generation dry vacuum pump R&D projects, totaling an investment of 1.29 billion yuan [1]. Inventory and Asset Management - The company has a high inventory write-down provision compared to industry peers, with provisions of 57.20 million yuan, 49.23 million yuan, 55.27 million yuan, and 58.11 million yuan during the reporting periods, indicating a write-down ratio of 16.83%, 10.14%, 8.61%, and 9.06% respectively [9][11]. - The inventory value at the end of each reporting period was 283 million yuan, 436 million yuan, 586 million yuan, and 583 million yuan, representing 18.54%, 21.09%, 25.23%, and 26.00% of current assets [9]. Market Conditions and Risks - The company’s products primarily serve the integrated circuit wafer manufacturing and photovoltaic industries, which are subject to macroeconomic fluctuations and international trade tensions [6][7]. - The photovoltaic industry faces structural challenges, including overcapacity, while the demand for high-efficiency new battery production remains insufficient [7]. Regulatory Compliance - Zhongke Instrument has received three oral warnings from the stock transfer system for various compliance issues, including financial data adjustments and improper use of raised funds [13][14].

Group 1: Silver Market Dynamics - Silver prices have experienced a significant rise, with a nearly 150% increase in 2025, surpassing gold's 65% increase during the same period [3] - The demand for physical silver in Shenzhen's Shui Bei market has seen unusual fluctuations, with some retailers adding silver products to their offerings due to increased consumer interest [3][4] - Retailers report a supply shortage of silver, with many unable to meet the high demand, leading to situations where customers are willing to pay a premium for available stock [3][10] Group 2: Investor Behavior and Market Sentiment - Investor sentiment towards silver has been volatile, with a surge in inquiries and purchases during price increases, but a sharp decline in interest when prices drop [6][10] - The market has seen a shift where individual investors, previously focused on gold, are now turning to silver as an investment option [3][10] - Emotional trading behavior is prevalent, with many purchases driven by market sentiment rather than rational strategies, leading to increased complaints during price corrections [10][11] Group 3: Future Outlook and Recommendations - Analysts predict that high volatility in silver prices will become the new norm, influenced by factors such as monetary policy changes and geopolitical tensions [12][14] - The long-term outlook for silver remains positive, supported by industrial demand and central bank purchasing trends, although investors should remain cautious of potential price corrections [13][14] - Recommendations for investors include maintaining discipline in trading, focusing on market signals, and utilizing hedging tools to manage price volatility risks [14]

COMEX近月合约再现多头交割拿货、黄金情绪高涨，白银大涨，长期来看市场押注降息持续、供需缺 口连续5年持续，全球大财政均对白银长期有利，另外资源交易也是2026年一大主题，长期做多逻辑不 变。关注海外市场调仓风险。 基本面来看，目前白银供应端增长显著乏力，而需求端有明显增量，工业需求已成为核心的增长引擎， 今年全球光伏产业用银量显著提升，同时，新能源汽车和AI数据中心的发展也将带来大量需求，据世 界白银协会发布的最新数据，2025年全球白银市场的供需缺口预计超1亿盎司，白银市场连续第五年处 于供应短缺状态。此外，全球白银ETF持仓不断增加，可流通库存偏紧的格局为银价提供了弹性支撑。 因此，在战略资源、金融属性和工业属性的三重驱动下，白银中长期走势预计保持强劲。操作上建议 AG2604剩余多单中期持有。 宁证期货：短期白银受黄金避险影响，再度反弹 美国经济下行压力增加，市场普遍预期1月美联储不会降息，白银利空因素增加。短期白银受黄金避险 影响，再度反弹，但短期上方空间有限。 中辉期货：白银长期做多逻辑不变 1月6日盘中，沪银期货主力合约遭遇一波急速上涨，最高上探至19714.00元。截止发稿，沪银主力合约 报 ...

Core Viewpoint - The photovoltaic ETF Huaxia (515370) has seen a rise of 2.15%, with significant gains in stocks such as Goodwe (over 12%), Sungrow (over 11%), and Junda (over 9%) as several photovoltaic and energy storage companies initiate their Hong Kong listing processes [1] Group 1: Company Developments - Zhejiang Chint Electric announced plans to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange to support its internationalization strategy and enhance its competitive edge [1] - The move is aimed at diversifying financing channels to meet business development needs [1] Group 2: Industry Insights - According to China International Capital Corporation (CICC), the photovoltaic main industry chain may experience a reversal by 2026, driven by anti-involution measures and component pricing recovery [1] - The energy storage sector is expected to benefit from a synchronized improvement in domestic and international markets, with Hong Kong listings providing additional funding for overseas expansion [1] Group 3: ETF Performance - The Huaxia photovoltaic ETF tracks the CSI Photovoltaic Industry Index, encompassing upstream, midstream, and downstream companies in the photovoltaic industry, including silicon wafers, polysilicon, solar cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and solar power plants [1]