Core Insights - Trina Solar's stock fell by 5.01% on November 21, closing at 18.19 CNY per share, with a trading volume of 889 million CNY and a turnover rate of 2.05%, resulting in a total market capitalization of 42.611 billion CNY [1] Company Overview - Trina Solar, established on December 26, 1997, and listed on June 10, 2020, is located in Changzhou, Jiangsu Province. The company operates in three main business segments: photovoltaic products, photovoltaic systems, and smart energy [1] - The revenue composition of Trina Solar's main business includes: photovoltaic products (64.66%), system solutions (21.23%), other (supplementary) (5.54%), digital energy services (4.42%), and energy storage (4.14%) [1] Shareholder Analysis - Among Trina Solar's top ten circulating shareholders, E Fund's ETF (588080) reduced its holdings by 6.8877 million shares in Q3, now holding 47.2624 million shares, which accounts for 2.17% of circulating shares. The estimated floating loss today is approximately 45.3719 million CNY [2] Fund Manager Performance - The fund manager of E Fund's ETF, Lin Weibin, has a tenure of 12 years and 264 days, with a total fund asset size of 122.692 billion CNY, achieving a best return of 84.68% and a worst return of -22.14% during his tenure [3] - Co-manager Cheng Xi has a tenure of 9 years and 201 days, managing assets totaling 250.121 billion CNY, with a best return of 131.04% and a worst return of -67.89% during his tenure [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The report presents the latest data on the fundamentals of industrial silicon and polysilicon, including prices, profits, inventories, and raw material costs, as well as macro and industry news and trend strength indicators [1][2][3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Market**: Si2511 closed at 8,925 yuan/ton, down 25 yuan from T - 1, up 10 yuan from T - 5, and up 180 yuan from T - 22; PS2511 closed at 50,260 yuan/ton, down 730 yuan from T - 1 and 3,410 yuan from T - 5 [1] - **Basis**: Industrial silicon's spot premium against different benchmarks showed various changes; polysilicon's spot premium against N - type re - investment was +1,890 yuan/ton, up 730 yuan from T - 1 [1] - **Prices**: The price of Xinjiang 99 silicon was 9,000 yuan/ton, unchanged from T - 1, up 250 yuan from T - 5, and up 550 yuan from T - 22; the price of polysilicon - N - type re - investment was 52,650 yuan/ton, unchanged from T - 1, up 150 yuan from T - 5, and up 3,650 yuan from T - 22 [1] - **Profits**: The profit of silicon plants in Xinjiang (new standard 553) was - 2,316 yuan/ton, down 25 yuan from T - 1, down 345 yuan from T - 5, and up 205 yuan from T - 22; the profit of polysilicon enterprises was - 14.2 yuan/kg, up 0.4 yuan from T - 1, up 0.3 yuan from T - 5, and up 2.0 yuan from T - 22 [1] - **Inventories**: Industrial silicon's social inventory (including warehouse receipt inventory) was 54.3 million tons, with the enterprise inventory at 17.5 million tons, and the industry inventory at 71.8 million tons; polysilicon's manufacturer inventory was 20.4 million tons [1] - **Raw Material Costs**: The price of silicon ore in Xinjiang was 320 yuan/ton, down 10 yuan from T - 5 and 20 yuan from T - 22; the price of washed coking coal in Xinjiang was 1,725 yuan/ton, up 25 yuan from T - 5 and 475 yuan from T - 22 [1] 2. Macro and Industry News - On September 19, the Anhui branch of Tower Energy announced a selection for the comprehensive reserved machine - room photovoltaic procurement project. It plans to purchase a photovoltaic system with a total capacity of 296.8kW, divided into two bid packages, with specific procurement contents and price limits set [2] 3. Trend Strength - The trend strength of industrial silicon was 0, and that of polysilicon was also 0, indicating a neutral view [3]