Core Viewpoint - Longi Green Energy's stock has shown a positive trend with a year-to-date increase of 9.68%, reflecting strong market performance and investor interest [1][2]. Company Overview - Longi Green Energy Technology Co., Ltd. is based in Xi'an, Shaanxi Province, and was established on February 14, 2000. It was listed on April 11, 2012. The company specializes in the research, production, and sales of monocrystalline silicon rods, wafers, cells, and modules, providing products and system solutions for photovoltaic ground power plants and distributed rooftop applications, including BIPV [1]. - The company's main business revenue composition includes 93.51% from photovoltaic product sales, 3.54% from power station operations, and 2.95% from other businesses [1]. Financial Performance - As of July 31, the number of shareholders for Longi Green Energy was 714,200, a decrease of 3.75% from the previous period. The average number of circulating shares per person increased by 3.90% to 10,609 shares [2]. - For the first half of 2025, Longi Green Energy reported operating revenue of 32.813 billion yuan, a year-on-year decrease of 14.83%. The net profit attributable to shareholders was -2.569 billion yuan, an increase of 51.00% year-on-year [2]. Dividend Information - Since its A-share listing, Longi Green Energy has distributed a total of 9.271 billion yuan in dividends, with 4.32 billion yuan distributed over the past three years [3]. Shareholding Structure - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the second-largest shareholder with 426 million shares, a decrease of 5.9901 million shares from the previous period. Other notable shareholders include Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, which increased their holdings by 7.972 million and 8.8798 million shares, respectively [3].

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Viewpoints - The A-share market is expected to enter a high-level oscillation phase, waiting for a direction decision. It is recommended to buy put options to protect long positions or partially take profits on previous positions [2]. - The bond market sentiment is expected to continue to stabilize, and it is advisable to lightly test long positions on bond futures during pullbacks [2]. - Gold is oscillating strongly, and it is recommended to buy gold options and construct a bull spread strategy. Silver long positions should be held above $38 [2]. - The container shipping index is weakly oscillating, and short positions on the October contract should be continued [2]. - For steel products, it is possible to try long positions as the apparent demand has stopped falling and rebounded. For iron ore, coking coal, coke, etc., it is recommended to go long at low prices [2]. - For non-ferrous metals, copper is expected to see inventory depletion near the peak season, and it is recommended to refer to the price range. For other non-ferrous metals, different trading strategies are given according to their respective fundamentals [2]. - In the energy and chemical sector, different trading strategies are provided for each variety based on their supply and demand, cost, and other factors [2]. - In the agricultural products sector, different trading strategies are recommended for each variety according to their market conditions [2]. - For special commodities, trading strategies such as taking partial profits on previous short positions and going short at high prices are proposed [2]. - In the new energy sector, it is recommended to wait and see for polysilicon and lithium carbonate [2]. 3. Summary by Relevant Catalogs Financial Sector - **Stock Index Futures**: A-share market is expected to enter high-level oscillation. It is recommended to buy put options to protect long positions or partially take profits on previous positions [2]. - **Bond Futures**: Bond market sentiment is expected to continue to stabilize. It is advisable to lightly test long positions on bond futures during pullbacks [2]. - **Precious Metals**: Gold is oscillating strongly. It is recommended to buy gold options and construct a bull spread strategy. Silver long positions should be held above $38 [2]. Commodity Sector - **Shipping Index**: The container shipping index is weakly oscillating, and short positions on the October contract should be continued [2]. - **Steel and Iron Ore**: For steel products, it is possible to try long positions as the apparent demand has stopped falling and rebounded. For iron ore, it is recommended to go long at low prices in the range of 770 - 820 [2]. - **Coking Coal and Coke**: Due to a sudden mine accident and partial coal mine shutdowns, coking coal futures are expected to rebound. It is recommended to go long at low prices. Coke is also recommended to go long at low prices as the coking profit continues to repair [2]. - **Non-Ferrous Metals**: Copper is expected to see inventory depletion near the peak season. Different trading strategies are given for other non-ferrous metals according to their fundamentals [2]. - **Energy and Chemicals**: Different trading strategies are provided for each variety based on their supply and demand, cost, and other factors, such as going long, shorting, or waiting and seeing [2]. - **Agricultural Products**: Different trading strategies are recommended for each variety according to their market conditions, such as going long, shorting, or waiting and seeing [2]. - **Special Commodities**: Trading strategies such as taking partial profits on previous short positions and going short at high prices are proposed [2]. - **New Energy**: It is recommended to wait and see for polysilicon and lithium carbonate [2].

Company Overview - TBEA Co., Ltd. is located in Changji City, Xinjiang Uygur Autonomous Region, established on February 26, 1993, and listed on June 18, 1997. The company primarily engages in power transmission and transformation, renewable energy, and energy-related businesses [1][2]. Financial Performance - As of March 31, 2025, TBEA reported operating revenue of 23.383 billion yuan, a year-on-year decrease of 0.77%, and a net profit attributable to shareholders of 1.6 billion yuan, down 19.74% year-on-year [2]. - The company has cumulatively distributed 15.118 billion yuan in dividends since its A-share listing, with 6.591 billion yuan distributed over the past three years [3]. Stock Performance - On August 27, TBEA's stock price fell by 2.06%, trading at 14.24 yuan per share, with a total market capitalization of 71.952 billion yuan. The stock has increased by 14.01% year-to-date, with a 5-day increase of 5.72%, a 20-day increase of 2.89%, and a 60-day increase of 24.37% [1]. - The stock experienced a net outflow of 225 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Structure - As of March 31, 2025, TBEA had 334,000 shareholders, a decrease of 0.44% from the previous period, with an average of 15,127 circulating shares per shareholder, an increase of 0.45% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Huatai-PB CSI 300 ETF, with both reducing their holdings compared to the previous period [3]. Business Segments - TBEA's main business revenue composition includes: electrical equipment products (22.87%), coal products (19.70%), renewable energy products and engineering (18.95%), wire and cable products (16.05%), aluminum electronic materials and aluminum alloy products (5.73%), power generation (5.73%), transmission and transformation engineering (5.04%), and others [1]. Industry Classification - TBEA is classified under the power equipment sector, specifically in the transmission and transformation equipment category, with involvement in concepts such as polysilicon, western development, ultra-supercritical power generation, DC transmission, and transformers [2].

Company Overview - Daqo Energy, established on February 22, 2011, is located in the Xinjiang Shihezi Economic Development Zone and specializes in high-purity polysilicon production [1] - The company was listed on July 22, 2021, and operates within the power equipment sector, specifically in photovoltaic equipment, focusing on silicon materials and wafers [1] Stock Performance - As of August 22, Daqo Energy's stock price increased by 2.01%, reaching 26.34 CNY per share, with a total market capitalization of 56.505 billion CNY [1] - Year-to-date, the stock has risen by 9.11%, with a 35.98% increase over the past 60 days [1] Financial Metrics - For the first quarter of 2025, Daqo Energy reported a revenue of 907 million CNY, reflecting a year-on-year decrease of 69.57% [2] - The company has distributed a total of 9.743 billion CNY in dividends since its A-share listing, with 8.588 billion CNY distributed over the past three years [2] Shareholder Information - As of March 31, 2025, Daqo Energy had 36,000 shareholders, a decrease of 4.93% from the previous period, with an average of 15,348 circulating shares per shareholder, an increase of 5.19% [2] - The largest circulating shareholder is the Huaxia SSE Sci-Tech Innovation Board 50 ETF, holding 36.2902 million shares, down by 6.117 million shares from the previous period [2] Trading Activity - On August 22, the net outflow of main funds was 17.2511 million CNY, with large orders accounting for 19.97% of total purchases and 22% of total sales [1] - Daqo Energy has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 59.9638 million CNY on July 2 [1]

Company Overview - Longi Green Energy, established on February 14, 2000, is located in Xi'an Economic and Technological Development Zone, specializing in monocrystalline silicon rods, wafers, cells, and modules [2] - The company was listed on April 11, 2012, and operates within the photovoltaic equipment sector, specifically in the power equipment industry [2] Stock Performance - As of August 22, Longi Green Energy's stock price increased by 2.10%, reaching 16.54 CNY per share, with a trading volume of 9.23 billion CNY and a turnover rate of 0.74%, resulting in a total market capitalization of 125.34 billion CNY [1] - Year-to-date, the stock price has risen by 5.28%, with a 2.35% increase over the last five trading days, a 0.12% increase over the last 20 days, and a 13.83% increase over the last 60 days [2] Financial Highlights - For the period from January to March 2025, Longi Green Energy reported a revenue of 13.65 billion CNY, reflecting a year-on-year decrease of 22.75% [2] - The company has distributed a total of 9.27 billion CNY in dividends since its A-share listing, with 4.32 billion CNY distributed over the past three years [2] Shareholder Information - As of July 31, the number of shareholders for Longi Green Energy was 714,200, a decrease of 4.43% from the previous period, with an average of 10,609 circulating shares per shareholder, an increase of 4.63% [2] - As of March 31, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 432 million shares, an increase of 85.43 million shares from the previous period [2] Capital Flow - On August 22, the net inflow of main funds was 123 million CNY, with large orders accounting for 23.53% of purchases and 20.67% of sales [1]

Group 1 - The core viewpoint of the news is that Tongwei Co., Ltd. has experienced fluctuations in stock price and trading volume, with a recent increase in share price and notable trading activity [1] - As of August 22, Tongwei's stock price rose by 2.03% to 21.08 CNY per share, with a total market capitalization of 949.02 billion CNY [1] - The company has seen a net inflow of main funds amounting to 8.69 million CNY, with significant buying and selling activities from large orders [1] Group 2 - For the year to date, Tongwei's stock price has decreased by 4.66%, while it has increased by 1.30% over the last five trading days [1] - As of July 31, the number of shareholders for Tongwei reached 289,300, an increase of 0.99% from the previous period [2] - The company reported a revenue of 15.93 billion CNY for the first quarter of 2025, reflecting a year-on-year decrease of 18.58% [2] Group 3 - Tongwei Co., Ltd. was established on December 8, 1995, and was listed on March 2, 2004, with its main business involving aquaculture feed and livestock feed [1] - The company operates within the electric equipment industry, specifically in photovoltaic equipment, and is involved in sectors such as polysilicon, green power, aquaculture, and feed [1] - As of March 31, 2025, the second-largest shareholder is Hong Kong Central Clearing Limited, holding 194 million shares, a decrease of 8.14 million shares from the previous period [2]

Core Viewpoint - A-shares showed a strong performance today, with the Shanghai Composite Index approaching 3500 points, driven by significant gains in the photovoltaic sector and other related industries [1] Market Performance - The three major A-share indices opened mixed but continued to rise during the afternoon session, with the Shanghai Composite Index reaching a high of 3499.89 points [1] - The Shanghai Composite Index closed up by 0.70%, the Shenzhen Component Index rose by 1.47%, and the ChiNext Index increased by 2.39% [1] Sector Highlights - The photovoltaic sector experienced substantial gains, with stocks like Shihang New Energy hitting the daily limit [1] - The PCB sector also saw significant increases, with companies such as International Composite Materials and Yihau New Materials reaching a 20% daily limit [1] - The consumer electronics sector rebounded strongly, highlighted by Industrial Fulian hitting the daily limit [1] - Other sectors that saw gains included rare earth permanent magnets, semiconductors, polysilicon, and the East Data West Computing initiative [1] Financial Overview - The trading volume in the Shanghai and Shenzhen markets reached 1.45 trillion yuan, an increase of approximately 240 billion yuan compared to the previous day [1] - There was a net inflow of approximately 11.3 billion yuan from main funds [1] Weak Sectors - The banking and insurance sectors, part of the large financial sector, collectively showed weakness today [1] - The power sector experienced a pullback [1]

Report Summary 1. Report Industry Investment Rating There is no mention of the industry investment rating in the report. 2. Core Viewpoints - This week, industrial silicon prices rose by 1.51%, with market sentiment improving and prices oscillating upward in the range of 7,000 - 7,500. Polysilicon prices fell by 3.12%, continuing last week's downward trend due to reduced downstream demand [7]. - In the future, the supply of industrial silicon will remain abundant, while demand from its three major downstream industries is slowing. The polysilicon supply is in a state of reduced load operation, and demand is under significant pressure, with high inventory levels [7]. - It is recommended that the industrial silicon main contract oscillate in the range of 6,800 - 7,600, with a stop - loss range of 6,500 - 7,800. The polysilicon main contract should oscillate in the range of 30,000 - 34,000, with a stop - loss range of 29,000 - 35,000 [7]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Review**: Industrial silicon prices rose by 1.51% this week, with a shift in the main contract to 09. Polysilicon prices fell by 3.12% due to reduced downstream demand [7]. - **Market Outlook**: For industrial silicon, supply will remain loose, and demand from downstream industries is slowing. For polysilicon, supply is in a reduced - load state, demand is weak, and inventory is high [7]. - **Operation Suggestions**: The industrial silicon main contract should oscillate in the range of 6,800 - 7,600, with a stop - loss range of 6,500 - 7,800. The polysilicon main contract should oscillate in the range of 30,000 - 34,000, with a stop - loss range of 29,000 - 35,000 [7]. 3.2 Spot and Futures Markets - **Industrial Silicon**: This week, the futures price of industrial silicon fell. The spot price was slightly flat, and the basis weakened. It is expected to continue weakening next week. As of June 20, 2025, the spot price was 8,150 yuan/ton, and the basis was 760 yuan/ton [8][13][15]. - **Polysilicon**: This week, the futures price of polysilicon fell significantly, the basis weakened, and the spot price declined. As of June 20, 2025, the spot price was 31 yuan/kg, and the basis was - 1,895 yuan/g [17][20]. - **Futures Market**: This week, the operating rate and output of industrial silicon increased. As of June 19, 2025, the national output was about 73,100 tons, and the national capacity utilization rate was 50.34% [22][24]. 3.3 Industry Situation - **Raw Materials and Cost**: This week, the raw materials of industrial silicon decreased slightly, electricity prices dropped, and government subsidies reduced costs. The willingness of enterprises to start production during the wet season increased [26][29]. - **Inventory**: This week, the warehouse receipts and social inventory of industrial silicon decreased. As of June 19, 2025, the number of warehouse receipts was 55,179 lots, a decrease of 3,495 lots from the previous period, and the total social inventory was 559,000 tons, a decrease of 13,000 tons [31][33]. - **Downstream Situation** - **Organic Silicon**: The output and operating rate of organic silicon increased. As of June 20, 2025, the weekly output was 45,000 tons, an increase of 4,140 tons, and the weekly operating rate was 68.4%, an increase of 2.12%. The cost of organic silicon spot increased slightly, the price decreased, and the profit declined [36][40][46]. - **Aluminum Alloy**: The spot price of aluminum alloy was flat, and the inventory increased. It is expected that the demand for industrial silicon will remain weak [48][53]. - **Silicon Wafer and Battery Cell**: The prices of silicon wafers and battery cells continued to decline, which affected the demand for polysilicon and had a negative impact on upstream industrial silicon [55][57]. - **Industrial Chain Analysis**: This week, the cost of polysilicon remained flat, and it is expected that the output will gradually decline. In May 2025, the total output of polysilicon plants in China was 97,355 tons, a decrease of 1,447 tons from the previous month, a month - on - month decrease of 0.59% [61][63].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The sentiment in the industrial silicon commodity market has improved, and upward risks should be noted. The fundamental situation of polysilicon remains weak [1]. - The trend strength of industrial silicon and polysilicon is -1, indicating a bearish outlook [3]. 3. Content Summaries by Directory 3.1 Fundamental Tracking - **Futures Market**: Si2507's closing price was 7,135 yuan/ton, down 145 yuan from T - 1, 205 yuan from T - 5, and 1,405 yuan from T - 22. PS2507's closing price was 34,540 yuan/ton, down 515 yuan from T - 1 and 560 yuan from T - 5 [1]. - **Basis**: The spot premium of industrial silicon (against East China Si5530) was +1050 yuan/ton, and that of polysilicon (against N - type re - investment) was - 1490 yuan/ton [1]. - **Prices**: The price of East China oxygen - passing Si5530 was 8150 yuan/ton, and the price of polysilicon - N - type re - investment material was 36500 yuan/ton [1]. - **Profits**: The profit of silicon plants (Xinjiang new standard 553) was - 3988 yuan/ton, and the profit of polysilicon enterprises was - 4.7 yuan/kg [1]. - **Inventory**: The industrial silicon social inventory (including warehouse receipt inventory) was 58.7 tons, and the polysilicon manufacturer inventory was 26.9 tons [1]. - **Raw Material Costs**: The price of Xinjiang silicon ore was 400 yuan/ton, and the price of Xinjiang washed coking coal was 1350 yuan/ton [1]. 3.2 Macro and Industry News Canadian solar manufacturer Heliene has put into operation a 500MW component assembly plant in Minnesota, USA. The company's total annual production capacity in the US has reached 1.3GW [2]. 3.3 Trend Intensity The trend intensity of industrial silicon and polysilicon is -1, with -2 being the most bearish and 2 being the most bullish [3].

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core View of the Report The report focuses on the fundamentals of industrial silicon and polysilicon, including futures market data, price, profit, inventory, and raw material costs. It also mentions a significant industrial silicon project in Xinjiang and the trend strength of both industrial silicon and polysilicon [2][4]. 3) Summary by Relevant Catalogs Fundamentals Tracking - **Futures Market Data**: For industrial silicon, Si2506 had a closing price of 8,490 yuan/ton, with volume of 382,636 hands and open interest of 146,525 hands. For polysilicon, PS2506 closed at 38,420 yuan/ton, with volume of 236,082 hands and open interest of 44,692 hands [2]. - **Price and Profit**: Industrial silicon prices showed declines in some regions. Polysilicon - N type re - feed material was priced at 39,500 yuan/ton. Silicon factory profits were mostly negative. Polysilicon enterprise profit was - 3.2 yuan/kg [2]. - **Inventory**: Industrial silicon social inventory was 59.6 million tons, and polysilicon factory inventory was 25.7 million tons [2]. - **Raw Material Costs**: Prices of raw materials like silicon ore, washed coal, petroleum coke, etc., had different trends. For example, Xinjiang silicon ore was 440 yuan/ton, and Xinjiang washed coal decreased by 50 yuan/ton compared to T - 5 [2]. Macro and Industry News On May 9th, the 100,000 - ton industrial silicon technological transformation project of Xinjiang Yaoju Silicon - based New Materials Co., Ltd. in Heshuo County started. The project has a total investment of 1.268 billion yuan and is expected to bring significant economic benefits after production [4]. Trend Strength The trend strength of both industrial silicon and polysilicon is - 1, indicating a relatively bearish outlook [4].