Core Viewpoint - JinkoSolar's stock price increased to 5.61 yuan as of August 20, 2025, reflecting a rise of 0.04 yuan from the previous trading day, with a trading volume of 9.11 million hands and a transaction amount of 509 million yuan [1] Company Overview - JinkoSolar is a high-tech enterprise specializing in the research, production, and sales of solar photovoltaic modules, cells, and wafers, covering multiple segments of the photovoltaic industry chain [1] - The company's products are widely used in residential, commercial, and ground power station applications [1] Recent Developments - Recently, the company entered into a strategic partnership with Mauritania's mineral water brand TIJIRIT to deploy a total capacity of 2.15 MWh energy storage system and 1.3 MW photovoltaic modules at TIJIRIT's factory [1] - This project is expected to reduce carbon emissions by approximately 1,800 metric tons annually [1] Financial Flow - On August 20, the net inflow of main funds was 18.97 million yuan, while the cumulative net outflow of main funds over the past five days was 13.04 million yuan [1]

Core Viewpoint - The recent increase in polysilicon prices in China is driven by regulatory support for the photovoltaic industry and coordinated production cuts by polysilicon manufacturers [1] Price Summary - The transaction price range for n-type re-investment polysilicon is between 45,000 to 52,000 yuan per ton, with an average transaction price of 47,900 yuan per ton, reflecting a week-on-week increase of 1.05% [1][2] - The transaction price range for n-type granular silicon is between 45,000 to 47,000 yuan per ton, with an average transaction price of 46,000 yuan per ton, showing a week-on-week increase of 3.37% [1][2] - The price data is based on nine polysilicon production companies, which account for 87% of domestic total production in Q2 2025, with n-type materials making up 91.3% of the total [2][3] Market Dynamics - The increase in polysilicon prices is attributed to a joint meeting by six ministries aimed at regulating competition in the photovoltaic industry, signaling a commitment to reduce internal competition [1] - Polysilicon manufacturers are implementing production cuts and sales restrictions, alleviating market pressure on supply and demand [1] - The production cuts are most significant among leading companies, resulting in reduced operating rates and increased overall costs, which are expected to drive prices higher [1] - The restriction on shipments of silicon materials has further tightened supply, leading to increased purchasing demand from downstream buyers who are motivated by expectations of rising prices [1]

Report Summary - **Report Date**: August 20, 2025 [1] - **Report Type**: Industrial Silicon Industry Daily Report 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The total demand for industrial silicon from the three major downstream industries remains flat. Today, the price of industrial silicon continued to decline. During the wet season, the power cost is low, there are many production enterprises, and the supply is abundant. The price is expected to fall to around 8,000 yuan. It is recommended to consider mid - to long - term long positions if the price later falls below 8,000 yuan [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract was 8,390 yuan/ton, a decrease of 235 yuan; the main contract's open interest was 279,868 lots, a decrease of 6,737 lots; the net position of the top 20 was - 92,125 lots, an increase of 5,455 lots; the Guangzhou Futures Exchange's warehouse receipts were 50,625 lots, a decrease of 85 lots; the price difference between September and October industrial silicon was - 30 yuan, a decrease of 10 yuan [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon was 9,250 yuan/ton, a decrease of 150 yuan; the average price of 421 silicon was 9,600 yuan/ton, a decrease of 150 yuan; the basis of the Si main contract was 860 yuan/ton, an increase of 85 yuan; the DMC spot price was 11,300 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 1,810 yuan/ton, unchanged; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon was 324,700 tons, an increase of 19,500 tons; the weekly social inventory of industrial silicon was 552,000 tons, an increase of 10,000 tons; the monthly import volume of industrial silicon was 2,211.36 tons, an increase of 71.51 tons; the monthly export volume of industrial silicon was 52,919.65 tons, a decrease of 12,197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC was 44,900 tons, an increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 20,300 yuan/ton, unchanged; the overseas market price of photovoltaic - grade polysilicon was 15.75 US dollars/kg; the weekly average spot price of photovoltaic - grade polysilicon was 4.94 US dollars/kg; the monthly export volume of unforged aluminum alloy was 25,770.18 tons, an increase of 1,590.89 tons; the weekly operating rate of organic silicon DMC was 75.05%, an increase of 0.21 percentage points; the monthly output of aluminum alloy was 1.669 million tons, an increase of 24,000 tons; the monthly export volume of aluminum alloy was 20,187.85 tons, a decrease of 337.93 tons [2] 3.6 Industry News - On August 20, the Ministry of Industry and Information Technology organized a photovoltaic industry symposium to standardize the competition order in the photovoltaic industry. The meeting on August 19 did not discuss the implementation details of "anti - involution" in each link, and the anti - involution rules for battery, component, silicon wafer, and polysilicon links are expected to be discussed in the next two days. The central bank will implement a moderately loose monetary policy and promote a reasonable recovery of prices. In the industrial silicon sector, in the supply side, as the wet season deepens in the southwest region, the electricity price advantage becomes more prominent, stimulating the resumption of production in silicon plants. The number of newly opened furnaces in Sichuan and Yunnan is increasing, and the output in the southwest region is expected to increase next week. In Xinjiang, some large factories maintain a stable production rhythm, while some small and medium - sized silicon factories have low enthusiasm for resuming production due to thin profits, and the overall output remains relatively stable [2] 3.7 Viewpoint Summary - The three major downstream industries' total demand for industrial silicon remains flat. Today, the price of industrial silicon continued to decline. During the wet season, the power cost is low, there are many production enterprises, and the supply is abundant. The price is expected to fall to around 8,000 yuan. If the price later falls below 8,000 yuan, it is recommended to consider mid - to long - term long positions [2]

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Company - TCL Zhonghuan's latest stock price is 8.29 yuan, up 0.07 yuan from the previous trading day, with an intraday high of 8.41 yuan and a low of 8.23 yuan, and a trading volume of 646 million yuan [1] - The company specializes in the research and production of photovoltaic monocrystalline silicon materials and components, covering products such as solar silicon wafers, battery cells, and modules, playing a crucial role in the renewable energy generation sector [1] Industry - The Ministry of Industry and Information Technology will hold a symposium for photovoltaic companies on August 19, focusing on industry standardization [1] - Recent fluctuations in the photovoltaic industry chain have been notable, with a rebound in polysilicon futures prices [1] - China Huadian Group is about to open bidding for a large-scale project involving 20GW of component procurement, drawing market attention to component price trends [1] - On the same day, there was a net outflow of 37.54 million yuan in main funds, with a cumulative net outflow of 254 million yuan over the past five days [2]

Group 1 - The photovoltaic equipment industry is experiencing a positive growth cycle due to the "anti-involution" policy, with the Ministry of Industry and Information Technology adjusting the new single price of photovoltaic glass to 11 yuan per square meter in August [1] - Previous low-price orders are required to be voided and renegotiated, leading to a general increase in quotes from leading companies and a supply-demand imbalance in the market [1] - The photovoltaic 50 ETF (159864) tracks the photovoltaic industry index (931151), which includes key segments of the photovoltaic supply chain such as silicon materials, battery cells, modules, and inverters, reflecting the overall performance of related listed companies [1] Group 2 - The photovoltaic industry index is characterized by high growth and volatility, effectively showcasing the development trend of China's photovoltaic industry [1] - Investors without stock accounts can consider the Guotai Zhongzheng Photovoltaic Industry ETF Initiated Link A (013601) and Link C (013602) [1]

Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints - The report focuses on the industrial silicon and polysilicon markets, tracking their fundamentals, including futures market data, basis, prices, profits, inventory, and raw material costs [2]. - On August 11, a government - business symposium on the crystalline silicon photovoltaic industry was held in Baotou, with enterprises expressing confidence in the industry and their development in the area [2][4]. - The trend intensity for both industrial silicon and polysilicon is 0, indicating a neutral view [4]. Summary by Relevant Catalogs 1. Fundamentals Tracking - **Futures Market**: For industrial silicon, the Si2511 closing price was 8,840 yuan/ton, down 160 yuan from T - 1. Its trading volume was 520,504 lots, down 141,692 lots from T - 1, and the open interest was 278,860 lots, up 6,917 lots from T - 1. For polysilicon, the PS2511 closing price was 51,800 yuan/ton, down 1,185 yuan from T - 1, the trading volume was 481,809 lots, down 111,013 lots from T - 1, and the open interest was 136,055 lots, down 3,684 lots from T - 1 [2]. - **Basis**: The industrial silicon spot premium (against East China Si5530) was +600 yuan/ton, up from 95 yuan/ton at T - 1. The polysilicon spot premium (against N - type re - injection) was - 4,800 yuan/ton, down from 1,185 yuan/ton at T - 1 [2]. - **Prices**: The price of Xinjiang 99 - silicon was 8,800 yuan/ton, up 100 yuan from T - 1. The price of Yunnan Si4210 was 10,000 yuan/ton, unchanged from T - 1. The price of polysilicon N - type re - injection material was 47,000 yuan/ton, unchanged from T - 1 [2]. - **Profits**: The profit of silicon plants in Xinjiang (new standard 553) was - 2,461 yuan/ton, down 160 yuan from T - 1, and in Yunnan (new standard 553) was - 3,199 yuan/ton, down 160 yuan from T - 1. The profit of polysilicon enterprises was - 16.9 yuan/kg, up 0.4 yuan from T - 1 [2]. - **Inventory**: Industrial silicon's social inventory (including warehouse receipt inventory) was 54.7 tons, with an increase of 0.7 tons compared to T - 5. Polysilicon's factory inventory was 23.3 tons, with an increase of 0.4 tons compared to T - 5 [2]. - **Raw Material Costs**: The price of silicon ore in Xinjiang was 340 yuan/ton, unchanged. The price of washed coking coal in Xinjiang was 1,250 yuan/ton, unchanged [2]. 2. Macro and Industry News On August 11, the Baotou government held a symposium with 10 crystalline silicon photovoltaic enterprises. Enterprises expressed confidence in the industry and their development in Baotou and were willing to deepen cooperation [2][4]. 3. Trend Intensity The trend intensity of industrial silicon and polysilicon is 0, indicating a neutral market view [4]

Group 1: Price Trends - Electrolytic aluminum prices have shown a significant rebound, with spot prices reported at 19,423.33 yuan/ton as of September 4, marking a 3.81% increase over the past two weeks [1] - The futures market also reflects this trend, with the main contract for aluminum closing at 18,965 yuan/ton, up 2.57% in the same period [1] Group 2: Demand Factors - The recent increase in aluminum prices is primarily linked to newly introduced real estate policies, which have positively influenced market expectations and boosted confidence in upstream and downstream industries [2] - There are signs of recovery in the real estate market, which is expected to improve demand for aluminum in the coming months, particularly as the market enters the traditional consumption peak season [2] Group 3: Industry Outlook - Despite the recent price increases, actual demand from downstream sectors has not shown significant improvement, leading to cautious purchasing behavior among processing plants [2] - Companies in the aluminum sector, including major players, remain optimistic about the second half of the year, anticipating demand growth driven by the electric vehicle and photovoltaic industries [3] - The overall performance of the aluminum sector has been mixed, with only 8 out of 30 listed companies in the sector reporting profit growth in the first half of 2023 [3] Group 4: Company Performance - Major aluminum producer Shenhuo Co. reported a significant decline in net profit by 39.59% to 2.739 billion yuan in the first half of 2023, attributed to falling product prices and production limitations [3] - Other aluminum companies, including Zhongfu Industrial, have indicated a recovery in business operations, expecting better performance in the second half of the year compared to the same period in 2022 [4]

Group 1 - The latest stock price of Dongfang Risen is 10.39 yuan, an increase of 1.17% compared to the previous trading day, with a highest intraday price of 10.44 yuan and a lowest of 10.21 yuan, and a trading volume of 259 million yuan [1] - Dongfang Risen operates in the photovoltaic equipment industry, focusing on the research, production, and sales of solar cells, modules, and photovoltaic power stations, and is a significant player in China's photovoltaic sector [1] - The company participated in a silicon photovoltaic industry forum in Baotou, where representatives from Dongfang Risen and nine other photovoltaic companies discussed industry development and received support policy commitments from local leaders to promote high-quality growth in the silicon photovoltaic industry [1] Group 2 - Fund flow data indicates that Dongfang Risen experienced a net outflow of 12.45 million yuan from main funds on the day, with a cumulative net outflow of 22.57 million yuan over the past five days [1]

Group 1 - The photovoltaic industry is experiencing a positive trend, with the photovoltaic 50 ETF (159864) rising over 1% on August 11 [1] - The Central Economic Work Conference has emphasized the need to address "involution" competition and promote product quality while phasing out outdated production capacity [1] - The Ministry of Industry and Information Technology has issued a notice regarding the 2025 annual special energy conservation inspection tasks for the polysilicon industry, maintaining a focus on energy consumption [1] Group 2 - Recent price increases in the upstream photovoltaic industry chain are noted, with a focus on the supply-side catalysts in the silicon material segment and new technologies in BC and precious metals [1] - The photovoltaic 50 ETF tracks the photovoltaic industry index (931151), which includes companies across the entire solar photovoltaic power generation value chain [1] - Investors without stock accounts can consider the Guotai Zhongzheng Photovoltaic Industry ETF Initiated Link A (013601) and Link C (013602) [1]