Group 1 - The stock price of Northern International (000065) closed at 12.31 yuan on December 26, 2025, down 1.6% from 12.51 yuan the previous week [1] - The highest intraday price for Northern International on December 26 was 12.63 yuan, while the lowest intraday price on December 24 was 12.19 yuan [1] - The current total market capitalization of Northern International is 13.349 billion yuan, ranking 8th out of 39 in the professional engineering sector and 1455th out of 5181 in the A-share market [1] Group 2 - Northern International announced on December 19, 2025, that it raised a total of 959,999,998.10 yuan through a private placement of shares, with 957,199,998.10 yuan actually received after expenses [2] - The raised funds will be used for the 125MWp photovoltaic project in Bosnia and Herzegovina and to supplement working capital [2] - A tripartite supervision agreement has been signed between the company, CITIC Bank Beijing Branch, and the sponsor CITIC Securities to regulate the storage, use, and management of the raised funds [2][3]

宏观层面，国内三大主要股指午后翻红，同时美元兑离岸人民币跌破6.9900元关口，最新报6.9899元， 日内跌幅0.07%；美元兑在岸人民币最新报6.9968元，日内跌0.12%，给金属市场带来些许提振，沪期铜 午后跌幅有所收窄。 来源：市场资讯 12月30日铜期货市场动态：今日沪期铜震荡下挫；午后跌势略有放缓。主力月2602合约开盘价报97020 元/吨，最高99240元/吨，最低96010元/吨，昨结100460元/吨，今日收盘价报98090元/吨，跌2370元，跌 幅2.36%。沪铜主力2602合约全天成交量408708手减少109069手，持仓量219723手减少15780手。亚盘 时段，伦铜偏强探涨，北京时间14：52最新报价12477美元/吨，涨289.5美元/吨，涨幅2.38%。 长江铜业网铜价格统计：今日国内现货铜价格暴跌，长江现货1#铜价报97810元/吨，跌3480元，贴水 50-贴水10，涨130元；长江综合1#铜价报97115元/吨，跌3510元，贴水180-贴水70，涨100元；广东现货 1#铜价报97660元/吨，跌3560元，贴水280-贴水80，涨50元；上海地区1#铜价报97 ...

Core Viewpoint - Jiangsu Ninghu Expressway Co., Ltd. plans to increase capital for its subsidiary Jiangsu Longtan Bridge Co., Ltd. to invest in the Nanjing Metropolitan Circle Ring Expressway project, with a total estimated investment of up to RMB 9.03272 billion [2][3][21]. Group 1: Investment Overview - The company will increase its capital contribution to Jiangsu Longtan Bridge Co., Ltd. by RMB 3.26964 billion, while another shareholder, Nanjing Public Road Development Group Co., Ltd., will contribute RMB 1.24672 billion [4][13]. - The total investment for the Nanjing Yangtze River Bridge South Connection Project is estimated at RMB 9.03272 billion, with the capital contribution accounting for 50% of the total investment [21][15]. Group 2: Financial Impact - After the capital increase, the company's shareholding in Jiangsu Longtan Bridge Co., Ltd. will rise from approximately 57.33% to about 63.80% [4][16]. - The project is expected to enhance the overall traffic capacity of existing projects and increase traffic flow and toll revenue, thereby improving the operational efficiency of Jiangsu Longtan Bridge Co., Ltd. [21][19]. Group 3: Project Details - The project will connect the existing Nanjing Yangtze River Bridge and its northern connection to the regional expressway network, with a total length of approximately 19.627 kilometers [21][20]. - The project will be constructed to a dual six-lane expressway technical standard, with a design speed of 100 km/h [21][20]. Group 4: Approval and Compliance - The investment decision was approved by the company's board of directors and does not require shareholder approval, as it falls within the board's decision-making authority [5][52]. - The project is not classified as a major asset restructuring or related party transaction under relevant regulations [5][5].

Core Viewpoint - The company, Suihengyun A, expects a significant increase in net profit for the first three quarters of 2025, projecting between 345 million to 515 million yuan, representing a year-on-year growth of 87.83% to 180.38% [1] Financial Performance - The basic earnings per share are estimated to be between 0.3337 yuan and 0.4981 yuan [1] - The increase in performance is primarily attributed to the commissioning of the Shantou photovoltaic project, rising on-grid electricity prices from gas power projects, and a year-on-year decrease in coal prices, which collectively improved the operational efficiency of the power generation business [1] - Investment income has also seen a year-on-year increase [1] Revenue Composition - For the first half of 2025, the revenue composition of Suihengyun A is as follows: electricity and heat business accounts for 96.82%, other industries for 2.66%, and energy storage business for 0.53% [1] Market Capitalization - As of the report date, the market capitalization of Suihengyun A is 6.5 billion yuan [1]

Core Viewpoint - The company expects a significant increase in net profit attributable to shareholders for the first three quarters of 2025, projecting a range of 345 million to 515 million yuan, representing a year-on-year growth of 87.83% to 180.38% [1] Group 1: Financial Performance - The company's operational performance has improved, primarily due to the commissioning of the Shantou photovoltaic project and an increase in the on-grid electricity price for gas power projects, alongside a year-on-year decrease in coal prices, which collectively enhanced the profitability of the power generation business [1] - Investment income has also increased compared to the previous year, contributing positively to the overall financial results [1]

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints - Industrial silicon has limited upside potential [1] - For polysilicon, there were intensive self - regulatory meetings this week, with a slight reduction in warehouse receipts, and market sentiment may improve [2] Section Summaries 1. Fundamental Tracking - **Futures Market Data**: - Industrial silicon (Si2511): The closing price was 8,805 yuan/ton, with a trading volume of 241,553 lots and an open interest of 165,722 lots. Compared with T - 1, T - 5, and T - 22, there were corresponding changes [2] - Polysilicon (PS2511): The closing price was 48,740 yuan/ton, with a trading volume of 246,976 lots and an open interest of 87,665 lots. There were also changes compared with T - 1 and T - 5 [2] - **Basis and Spread**: - Industrial silicon: The spread between the near - month contract and the first continuous contract was 25 yuan/ton, and the cost of the near - month long and first continuous short inter - period arbitrage was 44.5 yuan/ton [2] - Polysilicon: The spread between the near - month contract and the first continuous contract was 195.0 yuan/ton [2] - **Spot Premium and Discount**: Different spot premium and discount data for industrial silicon (against different grades) and polysilicon (against N - type re - investment material) were presented [2] - **Prices**: - Industrial silicon: The price of Xinjiang 99 silicon was 8,850 yuan/ton, and the price of Yunnan Si4210 was 9,950 yuan/ton [2] - Polysilicon: The price of N - type re - investment material was 52,750 yuan/ton [2] - **Profit**: - Industrial silicon: The profit of silicon plants in Xinjiang (new standard 553) was - 2,464.5 yuan/ton, and in Yunnan (new standard 553) was - 3,403 yuan/ton [2] - Polysilicon: The profit of polysilicon enterprises was - 14.0 yuan/kg [2] - **Inventory**: - Industrial silicon: Social inventory was 54.5 tons, enterprise inventory was 16.8 tons, industry inventory was 71.3 tons, and futures warehouse receipt inventory was 25.4 tons [2] - Polysilicon: The manufacturer's inventory was 24.0 tons [2] - **Raw Material Costs**: Different prices and their changes for silicon ore, washed coal, petroleum coke, electrodes, etc. were provided [2] - **Photovoltaic Industry**: - Prices: The price of silicon wafers (N - type - 210mm) was 1.7 yuan/piece, the price of battery cells (TOPCon - 210mm) was 0.315 yuan/watt, etc. [2] - Profit: The profit of DMC enterprises was - 777 yuan/ton, and the profit of recycled aluminum enterprises was 200 yuan/ton [2] 2. Macro and Industry News On the evening of October 10, PowerChina (601669) announced that a consortium composed of its subsidiaries and itself signed contracts for two photovoltaic IPP projects in Saudi Arabia, with a total contract value of approximately 11.719 billion yuan. The projects are located in the Afif town of Riyadh Province, Saudi Arabia, with a construction period of 26 months [4] 3. Trend Intensity The trend intensity of industrial silicon was - 1, indicating a bearish view; the trend intensity of polysilicon was 1, indicating a bullish view [4]

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]

Core Viewpoint - The successful commissioning of the first distributed phase-shifting device at the 330 kV gathering station of the Qingyu DC Project marks a significant advancement in ensuring the safe and stable operation of the project [1] Group 1 - The device has a capacity of 50 MVar and underwent 168 hours of trial operation before being officially connected to the grid [1] - The project is part of the Qingyu DC Project, which has a total capacity of 3 million kW [1] - The commissioning of this phase-shifting device acts as a reliable "stabilizer" for the safe and stable operation of the Qingyu DC Project [1]

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].