Group 1: Report's Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - For industrial silicon, with the continuous rise of silicon prices, some previously shut - down silicon plants in Xinjiang have resumed production, and the southwest production area has entered the wet season with lower power costs and increased enterprise operation. The supply side is increasing steadily. The demand side shows that polysilicon enterprises maintain a production - cut state, and some silicon material plants have复产 plans, bringing some demand increments. Organic silicon has supply pressure, and silicon - aluminum alloy enterprises purchase as needed. Overall, with the cooling of sentiment and hedging pressure, silicon prices may maintain high - level consolidation in the short term [1]. - For polysilicon, the supply side is expected to see a slight increase in production after offsetting increases and decreases. The demand side shows that silicon wafer prices lack upward momentum, battery cell prices are loosening, and component prices are weakening. Overall, the polysilicon fundamentals are supply - strong and demand - weak, and in the short term, price support is insufficient. In the long - term, industrial policy changes and macro - sentiment evolution need to be continuously monitored [1]. Group 3: Summary by Related Catalogs Industrial Silicon and Polysilicon Price Changes - Industrial silicon: The average price of industrial silicon non - oxygen - permeable 553 (East China) decreased by 1.65% to 8,950 yuan/ton, and the 421 (East China) decreased by 1.05% to 9,400 yuan/ton. The futures main contract closing price decreased by 2.10% to 8,390 yuan/ton [1]. - Polysilicon: N - type dense material, N - type re - feed material, N - type mixed material, and N - type granular silicon prices remained unchanged. The futures main contract closing price decreased by 0.22% to 49,555 yuan/ton [1]. Industry News - China Energy Construction's Zhongdian Engineering International Company and Zhongdian Engineering Northwest Institute jointly won the EPC contract for the 33 - megawatt Irute photovoltaic project in Zambia, marking the full implementation of the project [1]. - Malaysia's Gentari Renewables and Gamuda will build a 1.5GW solar photovoltaic project with a battery energy storage system in Malaysia to meet the energy needs of large - scale data center operators [1]. - Jakson Engineers Limited is investing over 80 billion Indian rupees (about $912.5 million, 6.52 billion yuan) to build a 6GW integrated solar component, battery, and silicon wafer factory in Madhya Pradesh [1].

Core Insights - The photovoltaic module bidding scale reached 4.62GW in July 2025, with a significant share of N-type modules [1][2] - The bidding price range for photovoltaic modules was between 0.608-0.74 yuan/W, with an average price of 0.701 yuan/W [2][4] - Delivery periods are primarily set for August to October, with some projects extending to 2026 [5] Bidding Results - The disclosed bidding results for July 2025 show a total scale of 4.62GW, including a confirmed scale of 1.39GW, with the first bidder's scale at 3.23GW [2] - The confirmed scale for N-type modules reached 3.35GW, mainly driven by a 3GW procurement project from China Railway Construction [2][4] - Ten companies, including LONGi, Jinko, Trina Solar, and others, successfully entered the bidding [2] Price Trends - The bidding price for N-type modules ranged from 0.701 to 0.74 yuan/W, with an average of 0.715 yuan/W [4] - TOPCon module prices remained stable at or above 0.70 yuan/W, showing a slight increase due to policy and cost pressures [4] - The lowest bid was from Hebei Haopan Environmental Technology at 0.608 yuan/W, while the highest was from Chint New Energy at 0.74 yuan/W [2][4] Delivery Schedule - Most projects have a concentrated delivery window from August to October 2025, with some extending delivery deadlines to 2026 [5] - Projects like those from Huadian Group and Guangdong Energy Group have set their delivery periods within this timeframe [5] - Some projects are adopting phased delivery methods to accommodate immediate needs and long-term cooperation [5]

据国家电投集团黄河上游水电开发有限责任公司消息，7月7日，由这家公司负责建设的青豫直流工程二 期300万千瓦光伏项目330千伏汇集站(曲明变)首台50兆乏分布式调相机，经过168小时试运行正式并网 投运。这台调相机的投产为青豫直流工程安全稳定运行装上了可靠的"稳定器"。 ...

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The silicon market is facing a situation of weak supply and demand, with high inventory pressure. Silicon prices are expected to remain under pressure in the short - term, but the downward space may be limited. For industrial silicon, it is recommended to wait and see, and for polysilicon, the strategy is to short on rebounds [1]. Summary by Relevant Catalogs Industrial Silicon - **Price Changes**: The average price of non - oxygenated 553 (East China) remained flat at 8,100 yuan/ton, and the 421 (East China) also remained flat at 8,700 yuan/ton. The closing price of the futures main contract dropped 1.39% to 7,455 yuan/ton [1]. - **Supply Side**: Some silicon enterprises in the north reduced production due to cost - price inversion. In the southwest production area, although the wet season is approaching, the confidence in the future market is lacking, the overall wait - and - see sentiment is strong, and the willingness to resume production is insufficient. The overall start - up rate decreased [1]. - **Demand Side**: Polysilicon enterprises maintained a production - reduction trend, and the resumption of production might be postponed. The organic silicon industry had a strong willingness to reduce production to support prices, but the demand was weak, and the actual transaction price declined. The domestic monomer enterprises still in production had mixed start - up rates, and the overall start - up rate decreased. Silicon - aluminum alloy enterprises purchased on demand, and the downstream's willingness to stock up at low prices was insufficient [1]. Polysilicon - **Price Changes**: N - type dense material dropped 1.41% to 35 yuan/kg, polysilicon re - feeding material dropped 1.49% to 33 yuan/kg, polysilicon dense material remained flat at 32 yuan/kg, and polysilicon cauliflower material remained flat at 30 yuan/kg. The closing price of the futures main contract dropped 1.96% to 33,585 yuan/ton [1]. - **Supply Side**: Silicon material enterprises maintained a production - reduction trend, and some silicon material factories might have new capacity put into production. The output was expected to be maintained within 100,000 tons [1]. - **Demand Side**: The photovoltaic market was weak overall, with the inventory of silicon wafers and silicon materials increasing, and the prices of silicon wafers, battery cells, and components continuing to decline. The market demand slowed down, and some component delivery prices were close to new lows, with weak market transactions [1]. Other Information - **Project Information**: Sichuan Huadong Electric Group Co., Ltd. won the bid for the EPC general contracting project of the transmission line project of photovoltaic projects in Xundian County, Kunming City, Yunnan Province, with a bid price of 10,906,997.47 yuan [1]. - **EVA and EPE Film**: The mainstream price range of EVA film was 12,300 - 12,500 yuan/ton, and the price range of EPE film was 13,900 - 14,000 yuan/ton. Due to the decline in component production and weak demand, and the weak and stable price of EVA photovoltaic material, the price of the film was expected to remain stable in the near future [1].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The industrial silicon market is in a weak pattern, and attention should be paid to changes in upstream supply; the demand for polysilicon has declined, and the futures market has also maintained a downward trend [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Industrial Silicon and Polysilicon Futures Market**: The closing price of Si2507 was 8,145 yuan/ton, down 265 yuan from T - 1; the closing price of PS2506 was 36,850 yuan/ton, down 1,070 yuan from T - 1. The trading volume and open interest of both showed different degrees of change [1]. - **Basis**: The spot premium of industrial silicon and polysilicon showed different degrees of change compared with different benchmarks [1]. - **Price**: The prices of industrial silicon, polysilicon and related products such as silicon wafers, battery cells, and components all showed downward trends to varying degrees compared with previous periods [1]. - **Profit**: The profits of silicon factories, polysilicon enterprises, DMC enterprises, and recycled aluminum enterprises all showed different degrees of change, and some were in a loss state [1]. - **Inventory**: The inventories of industrial silicon and polysilicon also showed different degrees of change, with some inventories decreasing [1]. - **Raw Material Cost**: The prices of raw materials for industrial silicon such as silicon ore, washed coal, petroleum coke, electrodes, etc. showed different degrees of change [1]. 3.2 Macro and Industry News - On May 15, China National Energy Group announced the termination of the public tender for the procurement of photovoltaic module equipment for a 500MW photovoltaic project in Xinjiang due to large price changes in the photovoltaic module market [1][3]. 3.3 Trend Intensity - The trend intensity of industrial silicon and polysilicon is -1, indicating a bearish view [3].