Core Viewpoint - The photovoltaic industry is experiencing significant price declines across the supply chain, driven by weak downstream demand and inventory issues [1][2][4]. Group 1: Price Trends - The average transaction price of N-type polysilicon has decreased, with N-type re-investment material at 34,400 yuan/ton, down 6.27% week-on-week, and N-type granular silicon at 33,500 yuan/ton, down 2.90% [1]. - N-type G10L monocrystalline silicon wafer prices fell to 0.90 yuan/piece, down 3.23% week-on-week, while N-type G12R and G12 prices also saw slight declines [2]. - The average prices for N-type G10L and G12 solar cells have dropped to 0.24 yuan/W and 0.255 yuan/W, respectively, with G12R remaining stable at 0.265 yuan/W [3]. Group 2: Demand and Inventory Issues - Downstream demand for silicon wafers has weakened due to reduced production of batteries and modules, leading to lower prices and increased inventory levels across the supply chain [2][4]. - Current silicon material inventory exceeds 300,000 tons, with buyers holding at least 100,000 tons, while silicon wafer inventory has risen to 20-23 GW [4]. - The component inventory has increased to 1.5 to 1.8 months, indicating a potential accumulation risk as demand remains weak [4]. Group 3: Market Outlook - The industry anticipates continued pressure on silicon wafer prices due to weak demand and the inability of major manufacturers to reduce production significantly [3][4]. - Despite calls for capacity control from manufacturers, maintaining market share has led to a prisoner’s dilemma, complicating efforts to stabilize prices [4][5]. - The integration of leading companies in the industry is expected to take time and require significant resources, with market sentiment likely remaining cautious until at least the second half of next year [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The fundamentals of industrial silicon and polysilicon have not improved substantially, and prices continue to be under pressure at low levels. The supply of industrial silicon is expected to increase, while demand is weak, and short - term improvement is difficult. The polysilicon market remains in a state of weak supply and demand, and prices are expected to remain low [3]. 3. Summary by Relevant Catalogs 3.1 Industry Chain Price Review - **Industrial Silicon Futures and Spot Prices**: As of June 13, 2025, the closing price of the main industrial silicon futures contract was 7,280 yuan/ton, up 0.75% from June 6. Spot prices in most regions remained unchanged, with only a few showing minor fluctuations [8]. - **Polysilicon Futures and Spot Prices**: The closing price of the main polysilicon futures contract in East China was 33,695 yuan/ton on June 13, down 3.01% from June 6. Spot prices of various polysilicon grades decreased, such as N - type material down 2.82% [8]. - **Organic Silicon and Related Product Prices**: As of June 13, the average price of DMC was 10,950 yuan/ton, down 450 yuan/ton from the previous period; the average price of 107 glue was 12,100 yuan/ton, unchanged; the average price of silicone oil was 13,750 yuan/ton, down 100 yuan/ton [8][91]. - **Silicon Wafer Prices**: Prices of all sizes of silicon wafers decreased, with N - type 183mm silicon wafers down 3.19% [8]. - **Battery Cell Prices**: The price of single - crystal PERC M10 - 182mm battery cells was 0.27 yuan/watt on June 13, down 2.55% from the previous period [8]. - **Component Prices**: Component prices continued to decline, reflecting weak market sentiment [73]. - **Aluminum Alloy Prices**: As of June 13, the average price of ADC12 was 20,050 yuan/ton, up 0.25% from the previous period; the average price of A356 was 21,150 yuan/ton, up 2.42% [8][103]. 3.2 Cost and Production Factors - **Raw Material Costs**: The price of silica stone continued to be weak, and the price of silicon coal and petroleum coke was also weak. The average price of carbon electrodes was 6,850 yuan/ton on June 13, unchanged from the previous period; the average price of graphite electrodes was 11,050 yuan/ton, unchanged [13][28][30]. - **Electricity Costs**: The alternation of flat and dry water periods led to a decline in electricity prices in Southwest China, which reduced the production cost of industrial silicon [18]. - **Industrial Silicon Production**: In the week of June 13, the number of open furnaces of silicon enterprises increased by 10 compared with the previous week. The production in Xinjiang increased slightly, and the production in Sichuan and Yunnan increased due to the adjustment of electricity prices [35][36]. - **Polysilicon Production**: In May, polysilicon production was 9.61 million tons, up 0.07 million tons from the previous month but down 8.09 million tons year - on - year. As of June 12, the polysilicon inventory was 27.5 million tons, up 0.6 million tons. In June, the start - up of polysilicon enterprises increased and decreased, and production was expected to increase slightly [62]. - **Organic Silicon Production**: In May, the operating rate of Chinese DMC was 62.37%, up 3.79 percentage points from the previous month, and the output was 18.4 million tons. In June, the operating rate may decline due to maintenance in some regions [85]. - **Aluminum Alloy Production**: In the week of June 12, the operating rate of primary aluminum alloy was 54.8%, up 0.2 percentage points from the previous week; the operating rate of recycled aluminum alloy was 53.9%, unchanged from the previous week [100]. 3.3 Inventory and Market Outlook - **Industrial Silicon Inventory**: As of June 12, the social inventory of industrial silicon was 57.2 million tons, down 1.5 million tons from the previous period; the total factory inventory of Xinjiang, Yunnan, and Sichuan was 23.57 million tons, down 0.32 million tons. As of June 13, the registered warehouse receipts on the exchange were 57,920 lots, equivalent to 28.96 million tons of spot [114]. - **Market Outlook**: The supply of industrial silicon is expected to increase, while demand is weak, and the short - term price is expected to range from 7,000 - 9,000 yuan/ton. The polysilicon market remains in a state of weak supply and demand, and the short - term price is expected to range from 32,000 - 36,000 yuan/ton [3].

Core Viewpoint - The photovoltaic industry is experiencing a recovery in prices and profitability due to industry self-discipline, production limits, and the elimination of outdated capacity, leading to an improved supply-demand balance [1][2]. Group 1: Market Performance - As of June 11, 2025, the CSI Photovoltaic Industry Index (931151) rose by 1.28%, with notable increases in constituent stocks such as Aiko Solar (600732) up 9.44%, and LONGi Green Energy (601012) also seeing gains [1]. - The Photovoltaic ETF (159863) increased by 0.93%, with a recent price of 0.43 yuan, and has accumulated a 1.42% rise over the past week [1]. Group 2: Industry Dynamics - The recent stabilization and rebound in prices for silicon materials and wafers, along with strong demand for N-type solar cells, are contributing to the recovery of profitability for related companies [1]. - The National Energy Administration's new management measures for distributed photovoltaic power generation are expected to enhance industry order and promote high-quality development, instilling long-term confidence in the market [1]. Group 3: Investment Insights - According to a report from China International Capital Corporation (CICC), the photovoltaic sector's valuation remains at historical lows, indicating strong investment potential [1]. - With the traditional installation peak season approaching in the third quarter, the photovoltaic industry chain is likely to enter a new cycle of prosperity, suggesting further upside for related stocks [1]. Group 4: Index Composition - The CSI Photovoltaic Industry Index includes up to 50 representative listed companies involved in the photovoltaic industry chain, with the top ten weighted stocks accounting for 56.2% of the index [2]. - The top ten stocks include LONGi Green Energy (601012), TCL Technology (000100), and Sungrow Power Supply (300274) among others [2].

Investment Rating - The report maintains a "Recommended" rating for the power equipment sector [6][18]. Core Viewpoints - The overseas AI companies have frequently exceeded expectations, indicating the arrival of a resonant era between domestic and foreign AI sectors. This has catalyzed a rebound in the domestic AI sector [5][14]. - The report suggests that the valuation of overseas AI chains is likely to continue recovering, while the domestic chain logic is relatively straightforward, both showing strong upward potential [6][17]. - The report highlights the performance of key companies in the power equipment sector, recommending specific stocks based on their growth potential and market conditions [9][19]. Summary by Sections Investment Insights - The report emphasizes that the current AI market is witnessing a strong recovery in valuations, with specific recommendations for companies such as Weichai Heavy Machinery, Kehua Data, and others in the HVDC and server power supply segments [6][17]. Industry Dynamics - The report discusses the recent performance of the power equipment sector, noting a decline of 0.54% in the last week, ranking it 15th among 28 sub-industries [40]. - It also tracks the performance of various companies within the sector, highlighting significant gains for companies like Shun Sodium and Kehua Data [42]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, including: - Weichai Heavy Machinery (EPS: 0.56 in 2024, 0.98 in 2025E, 1.52 in 2026E) [19] - Kehua Data (EPS: 0.68 in 2024, 1.3 in 2025E, 1.7 in 2026E) [19] - Yingweike (EPS: 0.61 in 2024, 0.64 in 2025E, 0.83 in 2026E) with a "Buy" rating [19] - Maigemi Te (EPS: 1.08 in 2024, 1.51 in 2025E, 2.07 in 2026E) with a "Buy" rating [19] - Tonghe Technology (EPS: 0.13 in 2024, 0.38 in 2025E, 0.69 in 2026E) with an "Increase" rating [19] - Shunling Environment (EPS: 0.43 in 2024, 1.05 in 2025E, 1.33 in 2026E) with a "Buy" rating [19]. Market Performance - The report notes that the power equipment sector has shown resilience, with a 1.38% increase in the previous week, outperforming the Shanghai Composite Index by 0.25 percentage points [40].

近日，天合光能(688599)披露的投资者关系活动记录表显示，今年5月，公司参与了路演活动、现场调 研、线上电话会议，嘉实基金、泰康基金、景顺长城等机构参加调研，公司董事会秘书吴群及投资者关 系团队接待投资者并回答相关提问。 天合光能表示，公司2024年全年组件出货超过70GW，2025年目标为70—75GW，今年整体销售策略是 在各主要市场都保持头部位置，但不刻意追求市占率绝对领先，在量和盈亏之间做好平衡，并在利润相 对好的市场，如欧洲、澳洲等区域保持更大的市占率。 公司称，在当前光伏产业链供过于求、竞争激烈的环境下，更加看重发展质量和盈利能力，同时加速推 进解决方案转型升级的传略，从客户需求出发，打造公司的产品服务差异化竞争优势，为股东创造更多 价值。 值得注意的是，今年一季度，天合光能毛利率高于其他头部同行，谈及原因，公司称，光伏组件行业的 发展趋势是价值点从产业链上游的生产制造向下游品牌服务转移，企业的发展战略需要与行业的趋势相 匹配，需要前瞻性的思考和布局。 至于今年全球组件市场需求，天合光能判断，随着全球能源转型的持续深化，以及光伏技术进步和成本 下降对光伏组件竞争力的进一步推动，光伏组件市场仍具 ...

Core Viewpoint - The article discusses the recent trends in the photovoltaic (PV) industry, highlighting the price fluctuations of polysilicon, silicon wafers, solar cells, and modules, as well as the supply and demand dynamics affecting these segments [5][9][15]. Polysilicon Segment - The main transaction prices for N-type polysilicon are reported at 36.5 RMB/KG for recycled material, 34.0 RMB/KG for dense material, and 33.0 RMB/KG for granular silicon [5][6]. - There is an increase in transaction volume post-holiday, with some manufacturers selling below the mainstream price to stabilize cash flow, while crystal pulling factories are pushing for lower prices [6]. - Overall polysilicon inventory is above 370,000 tons, with a trend of increasing inventory due to slowed downstream purchasing [7]. - During the wet season, some manufacturers confirmed production increases, but cautious purchasing from crystal pulling factories is leading to price pressure [8][9]. Silicon Wafer Segment - The main transaction prices for N-type silicon wafers are 0.93 RMB/piece for M10, 1.27 RMB/piece for G12, and 1.07 RMB/piece for G12R [9][12]. - There is a divergence in supply and demand across different specifications, with excess inventory for 183N wafers, while demand for 210RN wafers is improving due to new production lines [10]. - Silicon wafer inventory remains stable at around 2 billion pieces, with no significant growth expected in the short term [12]. Solar Cell Segment - The main transaction prices for N-type solar cells are 0.250 RMB/W for M10, 0.270 RMB/W for G12, and 0.260 RMB/W for G12R [12][15]. - There is a significant pressure on the supply of 183-sized cells, while demand for 210RN cells is relatively strong, supporting current prices [13]. - Inventory levels for specialized solar cell manufacturers are around one week, but there is a risk of inventory rising due to oversupply [14]. Module Segment - The main transaction prices for modules are 0.67 RMB/W for 182mm double-sided TOPCon modules and 0.75 RMB/W for 210mm double-sided HJT modules [15]. - There is a vacuum in terminal module demand, with major manufacturers reducing production and mid-tier manufacturers also cutting back [16]. - Module prices are experiencing differentiation, with larger high-efficiency modules commanding a premium, while traditional components are seeing prices drop below 0.65 RMB/W [17]. Overseas Demand - In Europe, module prices remained stable in May, but future prices may be affected by the decline in imported products [18]. - In India, anti-dumping rulings on imported photovoltaic glass may increase local component costs [18]. - In the United States, FOB prices are stable, but concerns are rising regarding new investigations into Southeast Asian manufacturers [18].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - The supply pressure of soda ash remains high, and the demand may decline, leading to a slowdown in the de - stocking speed. The futures market has already reflected this. It is recommended to short the soda ash main contract after a rebound. - For glass, the supply may decrease in the future, and the demand is weak. After a short - term rebound, it is advisable to short the glass main contract. [2] 3. Summary by Relevant Catalogs Futures Market - Soda ash main contract closing price: 1225 yuan/ton, up 40 yuan; glass main contract closing price: 988 yuan/ton, up 34 yuan. - Soda ash and glass price difference: 237 yuan/ton, up 6 yuan. - Soda ash main contract position: 1377454 lots, down 61412 lots; glass main contract position: 1444272 lots, down 117140 lots. - Soda ash top 20 net position: - 196915 lots, up 47021 lots; glass top 20 net position: - 206160 lots, up 5691 lots. - Soda ash exchange warehouse receipts: 2062 tons, unchanged; glass exchange warehouse receipts: 0 tons, unchanged. - Soda ash September - January contract spread: 10 yuan/ton, up 3 yuan; glass September - January contract spread: - 60 yuan/ton, up 1 yuan. - Soda ash basis: 50 yuan/ton, up 14 yuan; glass basis: 114 yuan/ton, up 24 yuan. [2] Spot Market - North China heavy soda ash: 1235 yuan/ton, unchanged; Central China heavy soda ash: 1350 yuan/ton, down 50 yuan. - East China light soda ash: 1340 yuan/ton, down 25 yuan; Central China light soda ash: 1285 yuan/ton, down 40 yuan. - Shahe glass sheets: 1068 yuan/ton, down 4 yuan; Central China glass sheets: 1070 yuan/ton, down 30 yuan. [2] Industry Situation - Soda ash plant operating rate: 78.57%, down 0.06 percentage points; float glass enterprise operating rate: 75.68%, up 0.34 percentage points. - Glass in - production capacity: 15.63 million tons/year, unchanged; glass in - production line number: 225, up 2. - Soda ash enterprise inventory: 162.43 tons, up 2.2 tons; glass enterprise inventory: 6766.2 ten - thousand weight boxes, down 10.7 ten - thousand weight boxes. [2] Downstream Situation - Real estate new construction area cumulative value: 17835.84 ten - thousand square meters, up 4839.38 ten - thousand square meters; real estate completion area cumulative value: 15647.85 ten - thousand square meters, up 2587.58 ten - thousand square meters. [2] Industry News - Wang Yi met with new US Ambassador to China Nicholas Burns. - The Caixin China Manufacturing PMI in May was 48.3, down 2.1 percentage points from April, falling below the critical point for the first time since last October. - Premier Li Qiang signed a State Council order to promulgate the Regulations on the Sharing of Government Affairs Data, which will come into force on August 1, 2025. - The All - China Federation of Industry and Commerce Automobile Dealers Chamber of Commerce called on enterprises to resist "involution - style" competition mainly in the form of "price war". [2]

Report Information - Report Date: June 4, 2025 [2] - Report Type: Monthly Report - Report Focus: Industrial Silicon and Polysilicon in the Photovoltaic Industry Industry Investment Rating - Not provided in the report Core Views - Industrial silicon's fundamentals are difficult to improve, and the price will accelerate to fall and reach the bottom in June [4][7] - Polysilicon has entered a policy vacuum period, and the spot price will continue to be under pressure in June, with the futures price remaining weak [4][8] Summary by Directory Industrial Silicon 1. Market Review and Outlook - In May, industrial silicon futures and spot prices entered an accelerated downward trend. By May 30, the main - continuous contract closed at 7,160 yuan/ton, with a monthly decline of 9.54%. Spot prices also fell significantly [21] - In June, due to the macro - policy observation period, the decline of the commodity index, and the lack of supply - side reduction and demand growth, the price will accelerate to explore the bottom, and the improvement of fundamentals will lag behind the price [7][23][24] 2. Supply Side - In 2024, industrial silicon production increased rapidly, and there is still new production capacity expected to be put into operation in 2025. In April 2025, the effective production capacity was 748,200 tons, with a monthly increase of 1.34% and a year - on - year increase of 7.83% [27] - The current supply - side reduction is less than expected. To reach the supply - demand balance, the weekly output should drop to 63,200 tons, but in May, the monthly output remained above 308,500 tons. The southwest region faces the pressure of resuming production, and the output of the three northern regions continues to increase [29][30][32] 3. Demand - Organic silicon enterprises have reached a consensus on production reduction to support prices, and the demand for industrial silicon in June is expected to be about 100,000 tons [46][47] - The change in polysilicon production is relatively limited, and the monthly demand for industrial silicon will remain below 110,000 tons [49] - The export of industrial silicon has ended the "rush - export" situation, and the export volume and price are both declining [53] 4. Inventory - The total industrial silicon inventory is 737,165 tons, with the inventory/consumption ratio increasing to 2.38. The futures inventory has been continuously cancelled, while the现货 inventory is still increasing [54][55] Polysilicon 1. Market Review and Outlook - In May, the price of the polysilicon futures main contract was weak. The "rush - installation" in the photovoltaic industry has ended, and the supply - side needs to expand production reduction to achieve effective inventory reduction [60][61] - In June, after the "rush - installation" ends, the weak downstream demand will be transmitted upstream. The spot price will continue to test the cost support, and the futures price will remain weak [8][63] 2. Inventory - As of May 30, polysilicon, silicon wafers, and battery cells have all entered a rapid inventory accumulation stage, and the inventory reduction is still difficult [65] 3. Terminal Demand - The photovoltaic "rush - installation" has ended. The new photovoltaic installation volume is expected to decline in June, and the overseas demand is relatively stable. The supply - demand contradiction will gradually ease [67] 4. Supply Side - The new production capacity of polysilicon is difficult to be realized. The annual demand growth is limited, and the supply - side needs to further increase production reduction to achieve supply - demand balance [77][79][81]

Group 1 - The event "Wangzhe Xiaoer Club National Tour Investment Advisory Salon" was held in Hangzhou, focusing on investment opportunities in the technology wave [1][3] - The global investment environment is characterized by an "East Rising, West Declining" pattern, influenced by international policy changes and geopolitical dynamics, with AI technology accelerating global industrial restructuring [3] - The salon received support from various partners, including Bosera Fund, and participation from nearly 30 brokerage firms [3][5] Group 2 - The ETF market in China and globally has seen significant growth over the past decade, with Bosera Fund's non-cash ETF management scale surpassing 143.1 billion yuan in 2024 [6] - Bosera Fund has developed a diverse range of ETF products covering various asset classes, including A-shares, Hong Kong stocks, US stocks, bonds, gold, REITs, and Bitcoin ETFs [8] - The fund emphasizes deep research capabilities and a shift towards comprehensive asset allocation services for investors [8][9] Group 3 - The discussion on AI highlighted that the AI industry in 2025 is comparable to the PC internet era in 1995, with a closed-loop system formed by the AI industry chain [10][12] - The focus on the photovoltaic industry revealed structural growth opportunities, analyzing industry policies, supply and demand, and representative companies [14] - The market analysis presented by experts covered macroeconomic conditions, policies, and investment strategies for 2025 [16] Group 4 - The salon provided a platform for investment advisors and fund managers to engage in discussions about current market conditions and ETF asset allocation [26] - The event included interactive discussions among participants, fostering networking and sharing of insights on technology investment opportunities [18][31]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 80.282 billion yuan in 2024, a year-on-year decrease of 29%. The net profit attributable to the parent company was -3.443 billion yuan, a decline of 162% [2][4]. - In Q4 2024, the company achieved a revenue of 17.134 billion yuan, down 47% year-on-year, with a net profit of -2.597 billion yuan, a decrease of 672% [2][4]. - For Q1 2025, the revenue was 14.335 billion yuan, a 21% decline year-on-year, and the net profit was -1.32 billion yuan, down 356% [2][4]. - The company shipped over 70GW of modules in 2024, with a gross margin of 4.3%, impacted by price declines and reduced shipments to the U.S. [9]. - The cumulative energy storage shipment exceeded 10GWh, with revenue reaching 2.335 billion yuan, a year-on-year increase of 19.1% [9]. - The company is transitioning from a single product supplier to a full-value chain service provider, focusing on system solutions and digital energy services [9]. Financial Data Summary - In 2024, the operating cash flow was 8 billion yuan, with cash reserves exceeding 20 billion yuan at year-end, indicating strong preparedness for the current cycle [9]. - The company has made significant impairment provisions, totaling 1.66 billion yuan in Q4 2024 and 360 million yuan in Q1 2025, reflecting a cautious approach [9]. - The projected revenue for 2025 is 78.620 billion yuan, with a gross margin expected to be around 8% [13].