Report Summary 1. Report Industry Investment Rating No information provided 2. Core View of the Report The polysilicon market is expected to face certain adjustments due to an overbought signal in the short - term technical aspect. Prices are supported by cost and policies, but the upside is limited by downstream acceptance, likely showing a volatile trend. It's recommended to either wait and observe or arrange put options [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main polysilicon contract was 48,720 yuan/ton, down 480 yuan; the main position volume was 98,033 lots, down 12,729 lots. The 9 - 10 polysilicon contract spread was - 155, up 25; the polysilicon - industrial silicon spread was 40,360 yuan/ton, down 340 yuan [2] Spot Market - The spot price of polysilicon was 46,500 yuan/ton, unchanged; the basis was - 2,630 yuan/ton, up 5,575 yuan. The average weekly price of photovoltaic - grade polysilicon was 4.94 US dollars/kg, unchanged [2] Upstream Situation - The closing price of the main industrial silicon contract was 8,360 yuan/ton, down 140 yuan; the spot price was 9,800 yuan/ton, down 200 yuan. Industrial silicon production was 305,200 tons, up 5,500 tons; the total social inventory was 552,000 tons, up 10,000 tons [2] Industry Situation - Polysilicon production was 95,000 tons, down 1,000 tons; the import volume was 1,113 tons, up 320 tons. The spot price of imported polysilicon in China was 6.01 US dollars/kg, up 0.98 US dollars [2] Downstream Situation - Solar cell production was 67,386,000 kilowatts, down 3,183,000 kilowatts; the average price of solar cells was 0.82 RMB/W, up 0.01 RMB/W. The export volume of photovoltaic modules was 88,975,860 pieces, down 14,424,120 pieces; the import volume was 11,095,900 pieces, down 1,002,590 pieces [2] Industry News - The Ministry of Industry and Information Technology issued the Notice on the Special Energy - Saving Supervision Task List for the Polysilicon Industry in 2025. Some domestic polysilicon production bases or production lines are gradually resuming production, with potential supply increase emerging as the production resumes [2] Viewpoint Summary - On the supply side, there is a potential increase in supply as some enterprises resume production. On the demand side, the demand from the downstream photovoltaic industry is a key factor. The silicon wafer industry's开工率 has slightly decreased, but the new order transaction activity of silicon materials has increased. The price war of photovoltaic module manufacturers has ended, and the price has risen steadily, providing some support for the demand side [2]

Group 1 - The Hang Seng Index fell by 0.18%, down 45 points, closing at 24,727 points, while the Hang Seng Tech Index decreased by 0.12% [1] - In the semiconductor sector, InnoSilicon became the only Chinese chip manufacturer included in NVIDIA's latest 800V architecture supplier list, leading to a more than 30% increase in InnoSilicon's stock [1] - The Ministry of Industry and Information Technology issued a special energy-saving inspection task list for the polysilicon industry, boosting the solar panel sector, with notable stock increases for companies like Kaisheng New Energy (up over 5%) and Fuyao Glass (up over 4%) [1] Group 2 - Stone Pharmaceutical Group's stock rose over 6% after announcing a more than $2 billion overseas business development deal [2] - Ruihe Smart's stock surged over 10% following a profit warning, with expected net profits for the first half of the year reaching up to 44 million yuan, marking a turnaround from losses [3] - Inspur Digital Enterprises' stock increased nearly 6%, reaching a new high, with expected net profits for the first half of the year up to 190 million yuan, supported by its parent company Inspur Group [4] Group 3 - Xirui's stock rose over 4%, reaching a new high, as institutions predict rapid growth in the private aviation market [5] - Qiniu Intelligent's stock increased by over 8%, with its AI model user base surpassing 10,000, marking a significant milestone in its AI strategy [6] - Tsugami Machine Tool's stock rose over 5%, with its Japanese division reporting a 38.1% year-on-year increase in profits for the first quarter [7] Group 4 - New Macau International Development's stock fell over 4%, with its subsidiary New Macau Borya reporting a nearly 20% year-on-year decline in net income for the second quarter [7] - Kintor Pharmaceutical's stock plummeted over 16% after the company announced a discounted placement of shares at an 18.75% discount, raising approximately 40.34 million Hong Kong dollars [7]

Group 1 - The National Development and Reform Commission (NDRC) announced that the list of "two重" construction projects totaling 800 billion yuan has been fully allocated, with 735 billion yuan of central budget investment also largely disbursed [1] - The NDRC's Deputy Director of the Reform Department stated that the third batch of 690 million yuan for the consumption upgrade program has been fully allocated, with plans to distribute the fourth batch of 690 million yuan in October, completing the annual target of 300 billion yuan [2] - The Ministry of Industry and Information Technology issued a notice regarding the special energy-saving inspection tasks for the polysilicon industry, requiring local departments to submit inspection results by September 30, 2025 [3] Group 2 - The Shanghai Communications Administration launched the "Computing Power Pujiang" initiative aimed at high-quality development of computing power infrastructure, targeting the establishment of at least five large computing centers by the end of 2025, with a goal of achieving a computing power scale of 100 EFLOPS (FP16) [4] - As of the midday close, the Shanghai Composite Index fell by 0.19%, the Shenzhen Component Index decreased by 0.15%, and the ChiNext Index dropped by 0.16%. The Hang Seng Index declined by 0.18%, while the Hang Seng Tech Index rose by 0.13% [5]