Report Summary Report Title Multi-silicon Monthly Report Report Date November 01, 2025 Industry Investment Rating Not provided Core Viewpoint The multi-silicon market is suppressed by fundamentals above and supported by policies below. Wait for a definite opportunity for range breakthrough [4]. Summary by Directory 1. Multi-silicon Market Review and Outlook - **Market Review**: In October, multi-silicon futures contracts continued to oscillate at high levels. The Ps2511 contract closed at 54,350 yuan/ton, up 5.82% monthly, with a trading volume of 2.321 million lots and an open interest of 2,748 lots. The Ps2601 contract closed at 56,410 yuan/ton, up 5.29% monthly, with a trading volume of 2.392 million lots and an open interest of 142,000 lots, a net increase of 109,000 lots. The spot price of multi-silicon remained stable, with the n-type re-feeding material trading in the range of 49,000 - 55,000 yuan/ton, and the average transaction price at 53,200 yuan/ton [9]. - **Market Outlook**: The spot price range of multi-silicon is 49,000 - 55,000 yuan/ton, and the average transaction price is 53,200 yuan/ton. The price range of the multi-silicon futures 2601 contract is 50,000 - 59,000 yuan/ton. The closing price at the end of October has a premium over the spot price, and the upward resistance is increasing. The endogenous driving force for the improvement of multi-silicon supply and demand is limited. The profit of multi-silicon has been significantly repaired, and the monthly output has continued to exceed expectations. In October, the output of multi-silicon was 137,000 tons, which can meet the terminal demand of 68.50GW. The terminal demand is still in the weak stage after the "rush installation", with the monthly demand expected to be about 10GW, the export demand between 20 - 30GW, and the total demand about 40GW. The policy-driven logic takes precedence over the fundamentals. The support policy is that the selling price of silicon materials should not be lower than the comprehensive production cost of enterprises. The effective support provided by the fundamentals is expected to be between 45,000 - 47,000 yuan/ton. The stimulus policy comes from the "state reserve" rumor in the past two months, which has not been realized and should not be priced. Overall, the unilateral driving force is not strong. It is advisable to bet on a rebound at the lower edge of the range or wait for the policy to be realized for a range breakthrough. Do not chase up or sell down within the range [10][11]. 2. Limited Endogenous Driving Force for the Improvement of the Photovoltaic Industry's Supply and Demand - **Price Stability**: The spot prices in the photovoltaic industry generally remained stable. The spot price of industrial silicon was stable, the multi-silicon spot price was stable with low market activity, the prices of silicon wafers showed no obvious changes, and the prices of downstream batteries and components were relatively stable [13]. - **High Profits and Production Will**: In October, the average production cost of multi-silicon was 41,443 yuan/ton, and the theoretical net profit per ton was as high as 9,157 yuan/ton. The high profits and industry self-discipline may weaken the actual effect of anti-involution production cuts. The production willingness of multi-silicon enterprises was high in October, and the actual production cut was less than expected, with the pressure of supply-demand mismatch remaining [14][15]. - **Production and Demand Situation**: The production of silicon wafers and batteries remained stable, and the pressure of terminal demand had not been significantly transmitted to the upstream. The anti-involution price increase in the industry chain stimulated the production of silicon wafers and batteries to continue to rise. From January to September, the silicon wafer production was 488.70GW, with a cumulative year-on-year decrease of 4.59%. In October, the expected production of silicon wafers was between 58 - 60GW, with little monthly change. From January to September, the battery production was 481.48GW, with a cumulative year-on-year increase of 0.51%. In October, the expected production of batteries was about 55GW, with little monthly change. The terminal demand was still in the weak stage after the "rush installation" in the first half of the year. From January to September 2025, the new photovoltaic installed capacity was 240.27GW, with a cumulative year-on-year increase of 49.35%. However, the installed capacities in June, July, August, and September were 14.36GW, 11.04GW, 7.36GW, and 9.65GW respectively, and the installed capacity in September decreased by 54% year-on-year. In terms of external demand, from January to September 2025, the total export volume of photovoltaic modules was 204.27GW, a year-on-year increase of 4.6%. In September, the export volume of Chinese photovoltaic modules was 25.63GW, a month-on-month decrease of 6.0% and a year-on-year increase of 46.8%. The supply-demand mismatch pressure remained, and the multi-silicon spot market continued to accumulate inventory. As of October 30, the multi-silicon spot inventory was 273,040 tons, a 13.33% increase from the same period last month, a 1.2% increase from the end of June, and a 7.50% increase from the same period last year. The futures inventory was 27,360 tons, a 14.72% increase from the same period last month [15][16][17]. 3. The Macro and Industrial Policies Were in a Vacuum Period in October - **Policy Frequent in September**: In September, the multi-silicon industry policies were frequently issued, fulfilling the policy expectations of anti-"involution" competition set by the high-level since the end of June. On September 4, the Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Stable Growth Action Plan for the Electronic Information Manufacturing Industry from 2025 - 2026". On September 16, the article "Deeply Promote the Construction of a Unified National Market" was published in the official media, emphasizing the governance of various chaotic phenomena. On the same day, the Standardization Administration of China solicited opinions on 3 mandatory national standards such as "Energy Consumption Quotas per Unit Product of Silicon Polysilicon and Germanium". After the adjustment of the existing production capacity structure, the effective production capacity of domestic multi-silicon will drop to about 2.4 million tons/year, a decrease of 16.4% compared with the end of 2024 and a 31.4% decrease compared with the installed production capacity [32]. - **Policy Evaluation**: Currently, the total production capacity of the multi-silicon industry is significantly excessive. It is expected that the policy logic is not to clear the photovoltaic production capacity but to promote the healthy and orderly development of the industry through policy guidance and market-based operations, with the overall goal of meeting the "dual carbon" target. The multi-silicon industry needs more policies from the policy side and the industry to get out of the bottom cycle of supply-demand imbalance [33].

Group 1: ABS Market Overview - In August 2025, the Asset-Backed Securities (ABS) market saw 99 new registrations with a total scale of 875.92 billion yuan [1] - The top three ABS underlying assets by registration scale were accounts receivable (250.89 billion yuan), micro-loan debts (213.01 billion yuan), and financing lease debts (189.73 billion yuan) [1] - As of the end of August 2025, there were 2,573 ABS in existence with a total scale of 21,891.65 billion yuan [1] Group 2: Securities Monitoring and Regulatory Actions - The Shenzhen Stock Exchange monitored "*ST Yushun" closely from September 22 to September 26, addressing 176 abnormal trading behaviors [2] - The exchange reported two major company events for verification and submitted two suspected illegal cases to the China Securities Regulatory Commission [2] Group 3: Silicon Material Production and Market Trends - In October, the production of polysilicon exceeded expectations, with two companies reporting a decrease while four reported an increase [3] - Inventory pressure in the polysilicon market is becoming evident, with expectations of continued accumulation unless downstream demand remains high [3] Group 4: Corporate Leadership Changes - Merck Group announced a leadership transition, with Kai Beckman set to take over as CEO from Belén Garijo on May 1, 2026 [3] - Xiamen International Bank approved the appointment of Wang Fenghui as Chief Information Officer [6] Group 5: Financial and Regulatory Developments - Baoli Tianheng's subsidiary was questioned by Yunnan's medical insurance bureau regarding the high price of a medication, which raised concerns about pricing practices [3] - Jingliang Holdings received an administrative regulatory decision from Hainan's Securities Regulatory Bureau for revenue recognition issues involving 2.99 billion yuan [8] Group 6: Corporate Transactions and Listings - Moller Thread's IPO application was approved by the Shanghai Stock Exchange, aiming to raise 8 billion yuan for various AI and chip development projects [7] - Wanxing Technology submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [9]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The polysilicon market price is temporarily stable, but the supply side has all manufacturers operating at reduced loads, and the expectation of new capacity launch is increasing. Most enterprises are in the stage of losing cash - cost, and production enthusiasm is frustrated. If prices remain low, more enterprises may cut production; if market expectations improve, some enterprises may resume production. The demand side shows a significant marginal weakening trend, with downstream photovoltaic component production schedules being synchronously adjusted down. The terminal market has strong wait - and - see sentiment, and polysilicon inventory remains high, making it difficult to destock and putting severe pressure on spot prices. Overseas photovoltaic market demand also has uncertainties. The operation suggestion is to short - term layout long positions and go short on highs in the medium - to - long - term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract for polysilicon is 37,150 yuan/ton, with a ring - to - ring increase of 300 yuan/ton; the main contract position is 28,688 lots, with a ring - to - ring decrease of 4,014 lots. The price difference between the 06 - 07 contracts is 875 yuan/ton, with a ring - to - ring increase of 155 yuan/ton; the price difference between polysilicon and industrial silicon is 29,020 yuan/ton, with a ring - to - ring increase of 315 yuan/ton [2] 3.2 Spot Market - The spot price of polysilicon is 38,750 yuan/ton, with a ring - to - ring decrease of 1,750 yuan/ton. The average price of polysilicon (cauliflower material) is 30.5 yuan/kg, with no change; the average price of polysilicon (compact material) is 33.5 yuan/kg, with no change; the average price of polysilicon (re - feeding material) is 34.5 yuan/kg, with no change. The weekly average price of photovoltaic - grade polysilicon is 4.3 US dollars/kg, with a ring - to - ring decrease of 0.04 US dollars/kg. The basis of polysilicon is 1,900 yuan/ton, with a ring - to - ring decrease of 680 yuan/ton [2] 3.3 Upstream Situation - The closing price of the main contract for industrial silicon is 8,130 yuan/ton, with a ring - to - ring decrease of 15 yuan/ton; the spot price of industrial silicon is 9,100 yuan/ton, with no change. The monthly export volume of industrial silicon is 52,919.65 tons, with a ring - to - ring decrease of 12,197.89 tons; the monthly import volume is 2,211.36 tons. The monthly output of industrial silicon is 335,750 tons, with a ring - to - ring increase of 46,400 tons; the total social inventory of industrial silicon is 599,000 tons, with a ring - to - ring increase of 3,000 tons [2] 3.4 Industry Situation - The monthly output of polysilicon is 97,000 tons, with a ring - to - ring increase of 7,000 tons; the monthly import volume is 2,906 tons, with a ring - to - ring decrease of 222 tons. The weekly spot price of imported polysilicon materials in China is 5.13 US dollars/kg, with a ring - to - ring decrease of 0.14 US dollars/kg; the monthly average import price of polysilicon is 2,190 US dollars/ton, with a ring - to - ring decrease of 140 US dollars/ton [2] 3.5 Downstream Situation - The monthly output of solar cells is 78,444,000 kilowatts, with a ring - to - ring increase of 11,443,000 kilowatts. The average price of solar cells is 0.82 RMB/W, with a ring - to - ring increase of 0.01 RMB/W. The monthly export volume of photovoltaic modules is 95,373,120 units, with a ring - to - ring increase of 24,038,530 units; the monthly import volume is 9,846,120 units, with a ring - to - ring decrease of 2,122,260 units. The monthly average import price of photovoltaic modules is 0.27 US dollars/unit, with a ring - to - ring increase of 0.01 US dollars/unit. The weekly comprehensive price index (SPI) of the photovoltaic industry for polysilicon is 22.91, with a ring - to - ring decrease of 0.62 [2] 3.6 Industry News - As of May 16th, the mainstream market price of P - type polysilicon cauliflower material is 32 yuan/kg, N - type compact material is 35.5 yuan/kg, N - type re - feeding material is 39 yuan/kg, and N - type granular silicon is 37 yuan/kg, all with stable market prices. From January to April, the social financing increment was 16.34 trillion yuan, and the new loans were 10.06 trillion yuan. In April, M2 increased by 8% year - on - year [2]