Core Viewpoint - PTA futures experienced a decline, with the main contract dropping to 4724.00 yuan, reflecting a decrease of 0.96% [1] Group 1: Market Analysis - Ningzheng Futures indicates that the upward price potential for PTA may be limited due to expected restarts of previously shut-down facilities, a slight increase in domestic supply, and high polyester inventory, leading to cautious downstream purchasing behavior [2] - Southwest Futures suggests a cautious approach to PTA in the short term, noting improvements in supply-demand structure but limited cost support due to fluctuating PX and crude oil prices [3] - New Lake Futures highlights strong support for PTA prices on the downside, with a stable trading atmosphere in the spot market and significant improvements in the balance sheet due to inventory reduction [4] Group 2: Supply and Demand Dynamics - Supply side improvements are noted with the recovery of several PTA production facilities, leading to an increase in PTA load to 76.9% and polyester load rising to 95.3%, indicating a slight recovery in demand [3] - The second quarter is expected to see concentrated maintenance plans for PTA facilities, with no significant production cuts anticipated in the near term, supporting price stability [4] Group 3: Price Trends - The current trading range for PTA spot prices is between 4855 and 4935 yuan, with a stable basis observed in the market [4] - The processing fee for PTA is reported at 355 yuan per ton, with PX prices at 836 USD per ton, indicating cost pressures that may affect pricing strategies [4]

Group 1 - The IPO application of Dongguan Langtaitong Technology Co., Ltd. has been terminated as of May 19, 2025, due to the withdrawal of the application by the company and its sponsor [2][6] - The company’s IPO application was accepted by the Shenzhen Stock Exchange on June 27, 2023, and it received a second round of inquiry on November 8, 2023, but has not responded to the inquiries [5][6] - The company updated its financial data on June 29, 2024, which was three months late, with the data cutoff date set at December 31, 2023 [5][6] Group 2 - Langtaitong was established in 2015 and focuses on the research, production, sales, and service of batteries, primarily for energy storage and power tools [7] - The company aimed to raise 702 million yuan through its IPO, with the funds intended for the construction of a lithium iron phosphate battery production base, a research and development center, and to supplement working capital [7] - The termination of Langtaitong's IPO is not an isolated incident, as several other companies in the new energy battery industry have also faced similar challenges in their IPO attempts since 2024 [7]

华夏时报（www.chinatimes.net.cn）记者 田野 于建平 北京报道 碳酸锂作为新能源电池的核心原材料，其价格走势一直备受关注。然而，今年以来，碳酸锂价格持续下行。最新 数据显示，截至5月21日，国产电池级碳酸锂的均价为63000元/吨，价格与上一交易日持平。 业界普遍认为，70000元/吨是碳酸锂加工企业的盈亏平衡线。按照如今的价格走势来看，国内大部分碳酸锂生产 企业的经营状况令人担忧。为此，不少企业正在最大限度地降低生产成本。 锂价持续下跌 目前，多家中小型企业同样面临生死考验。据悉，江西宜春某头部碳酸锂生产商2024年年底已全面停工，目前因 拖欠供应商货款、未履行客户订单等问题被诉至法院，企业已无法正常运转。芳源股份（688148.SH）近期决定 终止投资不超过30亿元的电池级碳酸锂生产及废旧磷酸铁锂电池综合利用项目，其净利润已经连续两年亏损， 2024年年末负债率已超80%并创下新高。 面对碳酸锂价格持续下跌和供需失衡的严峻形势，产业链企业纷纷采取行动积极应对。 大中矿业股份有限公司在近期的业绩说明会上表示，公司会通过创新降低生产成本。江西赣锋锂业集团股份有限 公司也表示，公司在资源端会 ...

Core Viewpoint - The PTA industry is facing significant challenges due to ongoing trade wars and uncertainty in trade policies, leading to a drop in prices to near four-year lows. The high cost of raw material PX is expected to erode profits, and the overcapacity in the industry, combined with weak downstream demand, suggests that PTA prices may remain low for the foreseeable future [1]. Group 1: Market Supply and Capacity - China's PTA industry has seen significant capacity expansion, becoming the world's largest PTA producer with a total capacity of 86.2 million tons as of March [2]. - The rapid rise of private enterprises in the PTA sector has intensified industry transformation, leading to a more integrated competitive landscape where major suppliers have established a "PX-PTA-Polyester" supply chain [2]. - Despite the gradual increase in domestic PTA demand due to downstream polyester projects, the growth rate of PTA capacity is outpacing that of polyester, resulting in a buyer-dominated market [2]. Group 2: Raw Material Prices - The PX market has experienced a slowdown in capacity expansion after a rapid release phase, with domestic PX capacity expected to remain at 43.48 million tons in 2024, with no new projects planned for that year [3]. - The supply of PX is expected to remain tight, making it difficult for prices to decrease, which will further squeeze the profit margins of downstream products like PTA [4]. Group 3: Demand Challenges - The polyester industry, a key downstream consumer of PTA, holds 70% of global capacity, but the growth rate of new polyester capacity is slowing, leading to an oversupply crisis [5]. - The uncertainty in the international trade environment has negatively impacted overseas orders, particularly affecting exports to the U.S. and Europe, which is significant for the home textile industry [5]. - Many weaving enterprises are currently facing a dilemma of "high costs and low demand," leading some smaller companies to implement production cuts to maintain prices [5][6].

2025 年 05 月 21 日 工业硅：基本面弱势格局，逢高布空 多晶硅：仓单环比增加，关注市场情绪变动 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2507收盘价（元/吨） Si2507成交量（手） | 7,910 128,058 | -220 -81,450 | -320 -202,542 | -1,260 -26,789 | | | | Si2507持仓量（手） | 64,706 | -90,332 | -97,593 | -81,716 | | | 工业硅、多晶硅期货市场 | PS2506收盘价（元/吨） | 35,625 | -1,525 | -2,645 | - | | | | PS2506成交量（手） | 165,519 | 92,533 | -156,463 | - | | | | PS2506持仓量（手） | 70,536 | 41, ...

期货研究 2025年05月21日 国泰君安期货商品研究晨报 观点与策略 | 黄金：夜盘大幅反弹 | 3 | | --- | --- | | 白银：跟随上涨 | 3 | | 铜：库存持续减少，支撑价格 | 5 | | 铝：震荡偏强 | 7 | | 氧化铝：区间整理 | 7 | | 锌：区间调整 | 9 | | 铅：区间震荡 | 10 | | 锡：窄幅震荡 | 11 | | 镍：镍矿矛盾托底，转产经济性或限制上方估值 | 13 | | 不锈钢：成本底部空间清晰，上行缺乏实质驱动 | 13 | | 碳酸锂：弱势震荡，关注矿端成交情况 | 15 | | 工业硅：基本面弱势格局，逢高布空 | 17 | | 多晶硅：仓单环比增加，关注市场情绪变动 | 17 | | 铁矿石：短期利多兑现，上涨驱动放缓 | 19 | | 螺纹钢：低位震荡 | 20 | | 热轧卷板：低位震荡 | 20 | | 硅铁：黑色板块共振，硅铁偏弱震荡 | 22 | | 锰硅：澳矿恢复发运，锰硅偏弱震荡 | 22 | | 焦炭：底部震荡 | 24 | | 焦煤：底部震荡 | 24 | | 动力煤：煤矿库存增加，震荡偏弱 | 26 | | 原木：弱势震 ...

Core Viewpoint - The G7 will discuss issues related to overcapacity, non-market behavior, and financial crimes, highlighting the need for coordinated international efforts to address these challenges [1] Group 1: Overcapacity - The G7 is expected to address the issue of overcapacity in various industries, which can lead to market distortions and economic inefficiencies [1] Group 2: Non-Market Behavior - The discussion will also focus on non-market behaviors that undermine fair competition, emphasizing the importance of maintaining a level playing field in global trade [1] Group 3: Financial Crimes - Financial crimes will be a key topic, with the G7 aiming to enhance cooperation among member countries to combat illicit financial activities [1]

Investment Rating - The report maintains a "Positive" rating for the photovoltaic industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% in the next six months [5]. Core Insights - The photovoltaic industry experienced a significant decline in profitability in 2024, with total revenue dropping to 841.08 billion yuan, a decrease of 24.4%, and a net profit of -34.798 billion yuan, down 140% year-on-year. However, Q1 2025 showed signs of recovery with a reduced loss of -6.838 billion yuan, a 72.2% improvement from the previous quarter [1][19]. - The main industry chain faced a complete shift from profit to loss in 2024, while the supporting materials sector, including brackets and inverters, saw growth. Revenue growth rates for these segments were 39.6%, 37.2%, 31.4%, 20.4%, and 6.3% respectively [2][31]. - In Q1 2025, driven by policy-induced demand, the industry saw a recovery in performance, with revenue growth in segments such as junction boxes and battery cells, with respective increases of 21.7% and 17.0% [3][36]. Summary by Sections Industry Overview - The global photovoltaic market is projected to add approximately 530 GW of new installations in 2024, a year-on-year increase of 35.9%. In China, new installations are expected to reach 277.57 GW, up 28.3% from the previous year [12][19]. Segment Analysis - The main industry chain, including silicon materials, wafers, cells, and modules, saw a complete transition to losses in 2024. In contrast, the supporting materials sector performed well, with brackets and inverters achieving net profit growth rates of 40.4% and 4.6% respectively [2][31]. - In Q1 2025, the main industry chain showed signs of recovery, with significant reductions in losses across all segments, particularly in silicon materials and wafers, which saw reductions of 32.7% and 65.5% in losses respectively [3][36]. Investment Strategy - The report suggests that the recent policy changes have led to a slight recovery in prices across the industry chain, which may improve profitability. However, the overall industry remains in a state of overcapacity, and the sustainability of profit recovery is uncertain [4][39]. - Key investment themes include focusing on leading companies in the supporting materials sector, such as Tongling Co. and Yubang New Materials, as well as monitoring the rapidly evolving battery cell and silicon material segments for potential opportunities [4][40].

Investment Rating - The report maintains an investment rating of "Synchronize with the Market" for the basic chemical industry [5][8]. Core Insights - The basic chemical industry index fell by 3.61% in April 2025, ranking 20th among 30 major industries, with a year-on-year decline of 0.37% [5][11]. - The report emphasizes the importance of focusing on potassium fertilizer and phosphorus chemical industries, which are expected to see price recovery due to tightening supply and strong demand [5][8]. Market Review - In April 2025, 12 out of 33 sub-industries in the basic chemical sector saw price increases, with daily chemical products, inorganic salts, and fluorine chemicals leading the gains at 8.56%, 4.37%, and 3.46% respectively [12]. - The overall performance of the basic chemical sector was characterized by a significant price drop in chemical products, influenced by falling international oil prices [5][8]. Industry and Company News - The report highlights that the chemical raw materials and products manufacturing industry achieved a total profit of 78.76 billion yuan in Q1 2025, a slight year-on-year decline of 0.4% [16]. - The report notes that the potassium fertilizer sector is characterized by strong resource attributes and a concentrated supply structure, which is expected to drive price recovery [5][8]. Product Price Tracking - In April 2025, the prices of chemical raw materials and products saw a year-on-year decline of 4.1%, with significant impacts from the drop in oil prices [20][21]. - The report tracks the price movements of various chemical products, indicating a general downward trend due to external market pressures [5][8]. Investment Strategy - The investment strategy for May 2025 suggests continued focus on potassium fertilizer and phosphorus chemical industries, which are expected to benefit from tightening supply and robust demand [5][8].

Group 1 - A significant rumor in the silicon material industry suggests that six companies, including GCL-Poly Energy (03800.HK) and Tongwei Co., Ltd. (600438.SH), are planning to establish a large fund of 70 billion yuan to acquire and integrate silicon material production capacity [2][4] - The authenticity of the rumor remains unverified, with industry insiders indicating that it is still in a discussion phase and lacks concrete details [2][4] - There are indications that the six companies have begun joint operations to formulate a plan within three months, aiming to raise silicon material prices to 60,000 yuan per ton [3][4] Group 2 - The silicon material market has experienced a continuous decline in prices for five weeks, attributed to high inventory levels and a rapid drop in downstream product prices [5][6] - Current market conditions show that the production capacity utilization rate has significantly decreased to a range of 30% to 40%, with some companies planning to reduce production further [6][7] - The overall supply of silicon material is currently exceeding demand, with an estimated production capacity of around 3 million tons against a demand of approximately 2 million tons [6][7] Group 3 - The silicon material industry is facing severe losses, with major companies collectively reporting losses exceeding 18.4 billion yuan last year due to supply-demand imbalances and intense competition [7] - Recommendations for addressing the industry's challenges include strict adherence to production limits, collaboration between upstream and downstream companies, and participation in capacity replacement plans to eliminate outdated production capacity [7]