Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The supply side of industrial silicon this week is complex. The resumption of production in the southwest production area during the wet - season is accelerating, with new capacity expected to be released next week. The reduction in Xinjiang is less than expected, and the superimposed supply effect of the northwest and southwest will gradually appear. There is a large potential for capacity release. On the demand side, the overall demand of the three major downstream industries for industrial silicon is still showing a slow - down trend. Operationally, it is recommended to wait and see in the short - term and maintain a short - selling strategy in the medium - to - long - term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 8,360 yuan/ton, down 140 yuan; the position of the main contract is 176,164 lots, down 1,8176 lots; the net position of the top 20 is - 55,736 lots, up 52 lots; the Guangzhou Futures Exchange warehouse receipt is 50,516 lots, down 128 lots; the spread between September and October industrial silicon is - 5 yuan, unchanged [2]. 3.2 Spot Market - The average price of oxygen - blown 553 silicon is 9,450 yuan/ton, down 250 yuan; the average price of 421 silicon is 9,900 yuan/ton, down 250 yuan; the basis of the Si main contract is 1,090 yuan/ton, down 110 yuan; the DMC spot price is 12,300 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,720 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2]. 3.4 Industry Situation - The monthly output of industrial silicon is 305,200 tons, an increase of 5,500 tons; the weekly social inventory of industrial silicon is 552,000 tons, an increase of 10,000 tons; the monthly import volume of industrial silicon is 2,211.36 tons, an increase of 71.51 tons; the monthly export volume of industrial silicon is 52,919.65 tons, a decrease of 12,197.89 tons [2]. 3.5 Downstream Situation - The weekly output of silicone DMC is 44,900 tons, an increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,200 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon is 4.94 dollars/kg, unchanged; the overseas market price of photovoltaic - grade polysilicon is 15.75 dollars/kg, unchanged; the monthly export volume of unwrought aluminum alloy is 25,770.18 tons; the weekly operating rate of silicone DMC is 70.08%, an increase of 4.97 percentage points; the monthly output of aluminum alloy is 1.669 million tons, an increase of 24,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a decrease of 337.93 tons [2]. 3.6 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", requiring local departments to complete the supervision and report the results by September 30, 2025. The central bank will continue to implement a moderately loose monetary policy and increase financing support for key areas [2]. 3.7 Key Points to Watch - No news is reported today [2].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has issued a notice regarding the implementation of special energy-saving inspections for the polysilicon industry in 2025, targeting 41 companies across various regions [1][2]. Group 1: Energy-Saving Inspection Notification - The MIIT has released a task list for energy-saving inspections in the polysilicon industry, which is part of a broader initiative to enhance industrial energy efficiency [2]. - The inspections are to be completed by September 30, 2025, with results to be reported back to the MIIT [2]. - The notification emphasizes the need to reduce the administrative burden on enterprises during the inspection process [2]. Group 2: List of Targeted Companies - The task list includes companies from various provinces, such as Inner Mongolia, Jiangsu, Shandong, Henan, Hubei, Sichuan, Yunnan, Qinghai, and Xinjiang [3][4][5]. - Notable companies listed for inspection include: - Sichuan Yongxiang New Energy Co., Ltd. (Inner Mongolia branch) - Jiangsu Zhongneng Silicon Industry Technology Development Co., Ltd. - Yunnan Tongwei High Purity Crystalline Silicon Co., Ltd. [3][4][5]. - The list comprises a total of 41 companies, indicating a significant focus on the polysilicon sector for energy efficiency improvements [3][4][5].

Group 1 - The organic silicon industry is experiencing an upward trend, benefiting from tightened upstream silicon supply, which is expected to further enhance industry prosperity. Companies such as Silane Technology and Huami New Materials are recommended for attention [3][10]. - The Ministry of Industry and Information Technology issued a notice on August 1, 2025, regarding energy conservation inspections in the polysilicon industry, which aims to eliminate backward production capacity and reduce the burden on enterprises [3][10]. - The organic silicon sector is a crucial part of the silicon industry chain, with applications in construction materials, electronics, aerospace, and automotive industries due to its unique properties [12][10]. Group 2 - The chemical new materials sector on the North Exchange experienced a decline of 1.80% in the week from July 28 to August 1, 2025, with all sub-sectors showing negative performance [4][26]. - The North Exchange 50 index closed at 1419.61 points, reflecting a weekly decline of 2.70%, while the Shanghai and Shenzhen 300 index fell by 1.75% [22][25]. - Notable individual stock performances in the chemical new materials sector included Gebijia (+12.44%), Huitong New Materials (+11.69%), and Patel (+7.95%) [28][31]. Group 3 - Silane Technology focuses on the research, production, and sales of hydrogen silicon materials, with applications in photovoltaic, LCD panels, semiconductors, and hydrogen energy vehicles. However, the company has faced a decline in performance due to domestic capacity expansion and reduced downstream demand [14][16]. - Huami New Materials specializes in the research, production, and sales of rubber and plastic materials, with its high-end organic silicon project currently in trial production, primarily for aerospace applications [17][20].

Group 1 - The Ministry of Industry and Information Technology (MIIT) issued a notice on August 1, 2023, regarding energy-saving inspections for 41 polysilicon companies [1][3] - The list of companies includes 9 from Inner Mongolia, 8 from Xinjiang, 6 from Sichuan, 5 from Yunnan, 3 from Qinghai, 3 from Ningxia, 2 from Hubei, and 1 each from Jiangsu, Henan, Shaanxi, and Gansu [1][2] - The MIIT requires local industrial and information departments to organize and implement the inspections according to the notice, with results to be reported by September 30, 2025 [3] Group 2 - Specific companies listed for inspection include Daqo New Energy Co., Ltd., Xinte Energy Co., Ltd., Jiangsu Zhongneng Silicon Industry Technology Co., Ltd., Sichuan Yongxiang Co., Ltd., and others [2] - The inspections aim to ensure compliance with energy-saving regulations and to alleviate the burden on enterprises during the process [3]

Core Viewpoint - The Ministry of Industry and Information Technology has issued a notice regarding the special energy-saving inspection tasks for the polysilicon industry for the year 2025, emphasizing the need for local authorities to implement these inspections by September 30, 2025 [1] Group 1 - The notice requires local industrial and information authorities to organize and implement energy-saving inspections in accordance with the specified guidelines [1] - The inspections aim to adhere to the State Council's directive on regulating administrative checks related to enterprises, thereby reducing the burden on companies [1] - The results of the inspections must be reported to the Ministry of Industry and Information Technology by the specified deadline [1]

Group 1 - The Ministry of Industry and Information Technology has issued the 2025 National Industrial Energy Conservation Supervision Task List, identifying 2,797 enterprises for energy conservation supervision in 2025 [1] - The focus includes key industries such as steel, refining, synthetic ammonia, cement, electrolytic aluminum, and data centers, with 2,590 enterprises targeted for special energy efficiency supervision [1] - Additionally, 207 enterprises will undergo special supervision regarding the implementation of rectifications for violations identified in 2024 [1]