Group 1 - The core viewpoint indicates that Yidazong expects a decline in net profit attributable to shareholders for the first half of 2025, projected between 120 million to 140 million HKD, which is a decrease compared to the same period in 2024 [2] - The group's revenue is anticipated to be between 11 billion to 13 billion HKD for the same period, reflecting a downturn [2] - The decline in performance is primarily attributed to a sluggish market in the first half of 2025, with a continuous drop in coking coal prices leading to reduced revenue and gross margins [2] Group 2 - The average price of coking coal for the first half of 2025 is expected to be 175 USD per ton, representing a nearly 40% decrease compared to the first half of 2024 [2] - The revenue from the group's supply chain trading segment is projected to decrease by approximately 40% year-on-year due to the price impact [2] - There is an increase in the proportion of trading volume from non-China sales [2]

Group 1 - The core viewpoint of the article indicates that the polysilicon market is experiencing a slight price decline due to high inventory levels and rapid price drops in downstream products [1][2] - The transaction price range for n-type re-investment materials is between 360,000 to 410,000 CNY per ton, with an average transaction price of 386,000 CNY per ton, reflecting a month-on-month decrease of 1.53% [1] - The transaction price range for n-type granular silicon is between 350,000 to 370,000 CNY per ton, with an average price remaining stable at 360,000 CNY per ton [1] - The transaction price range for p-type polysilicon is between 300,000 to 350,000 CNY per ton, with an average price of 313,000 CNY per ton, showing a month-on-month decrease of 3.10% [1] - The current monthly supply and demand balance is precarious, and if downstream operations continue to decline, there may be a risk of inventory accumulation in the polysilicon sector [1] - Downstream companies are cautious in signing large orders due to previous price declines, opting for high-frequency, small-batch purchases which may stabilize polysilicon prices [1] Group 2 - As of this week, two companies have entered maintenance shutdowns, reducing the number of operating companies to 11 [2] - The production of polysilicon in China is reported to be 99,100 tons as of April 2025, reflecting a month-on-month decrease of 6.08% [2] - The market is experiencing frequent shifts in expectations due to a surge in polysilicon news, with actual outcomes dependent on company announcements [2]

Group 1: Rebar Market - The main rebar contract has shown a downward trend, closing at 3022 CNY/ton, down 50 CNY, a decrease of 1.63% [1] - Weekly rebar production was 2.2353 million tons, a decrease of 98,500 tons from the previous week, down 4.22% [1] - Demand has weakened significantly, with rebar demand at 2.139 million tons, down 778,100 tons from the previous week, a decline of 26.67% [1] - Social inventory of rebar is approximately 6.5363 million tons, an increase of 96,300 tons from the previous week, indicating slower destocking than expected [1] Group 2: Hot Rolled Coil Market - The main hot rolled coil contract opened lower and fluctuated downwards, closing at 3157 CNY/ton, down 43 CNY, a decrease of 1.34% [1] - Domestic hot rolled coil production remained high at 3.2038 million tons, leading to ample supply [1] - Social inventory of hot rolled coil increased to 2.8032 million tons, up 39,900 tons from the previous week, indicating a slowdown in destocking [1] Group 3: Lithium Carbonate Market - Lithium carbonate prices hit a new low, closing at 63489.03 CNY/ton, down 1.84% [1] - Upstream lithium salt producers have reduced their willingness to sell, but high inventory levels among traders are keeping prices under pressure [1] - The lithium market is currently oversupplied with weak demand, leading to a continued decline in lithium prices [1]

Core Viewpoint - The industrial silicon market is experiencing a slight decline in prices due to a combination of increased supply and reduced demand, leading to a pessimistic market sentiment [1][2]. Price Trends - The main contract price fluctuated from 9945 CNY/ton to 9785 CNY/ton, with a decrease of 1.61% [1]. - The national average price is 10676 CNY/ton, down by 135 CNY/ton [1]. - Specific prices for different grades are as follows: 553 at 10002 CNY/ton, 441 at 10471 CNY/ton, and 421 at 10875 CNY/ton [1]. - Regional prices include Xinjiang at 10133 CNY/ton, Yunnan at 10883 CNY/ton, Fujian at 15640 CNY/ton, and Sichuan at 11000 CNY/ton [1]. - FOB prices remain stable [1]. Market Dynamics - The industrial silicon market is seeing weak transactions, with downstream purchases primarily driven by immediate needs [1]. - Supply remains stable with minimal changes in national production, except for major northern manufacturers resuming operations as planned [1]. - There is no significant willingness for other manufacturers to resume production, leading to an overall increase in supply [1]. - Demand is expected to decrease due to the implementation of production cuts by organic silicon monomer plants, which may further reduce demand for industrial silicon [1][2]. - The production of polysilicon remains stable, maintaining demand for industrial silicon, while aluminum alloy manufacturers are purchasing based on their needs [1]. Future Outlook - The supply of industrial silicon is expected to increase, while demand is anticipated to decrease, indicating no significant improvement in the supply-demand fundamentals [2]. - Inventory pressure remains high, and prices are expected to continue fluctuating within a bottom range [2].