1. Report Industry Investment Rating - No information provided in the report 2. Report's Core View - Macroscopically, the state is increasing investment in long - term data infrastructure construction. For industrial silicon, on the supply side, Yunnan and Sichuan are entering the wet season, with an advantage in electricity price cost. Last week, production increased slightly and capacity utilization began to rise, and large enterprises are ramping up production. On the demand side, the downstream of industrial silicon is mainly in the organic silicon, polysilicon, and aluminum alloy fields. Organic silicon may see a slight increase in production this week, which is partly positive for industrial silicon. Polysilicon mainstream enterprises are reducing production, and demand for industrial silicon is declining. The aluminum alloy sector has some demand support but is in passive inventory reduction and hard to drive demand. Overall, the total demand for industrial silicon from the three downstream industries shows a flat trend. There is a decline in the number of industrial silicon warehouse receipts, which brings great delivery pressure to the market. It is recommended to maintain a high - short strategy for the medium - to - long term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 7,470 yuan/ton, up 45 yuan; the main contract's open interest is 310,357 lots, down 7,406 lots; the net position of the top 20 is - 58,335 lots, down 12,874 lots; the Guangzhou Futures Exchange warehouse receipts are 55,620 lots; the spread between the July - August contracts is 35 yuan, down 5 yuan [2] 3.2现货市场 - The average price of oxygen - ventilated 553 silicon is 8,150 yuan/ton, unchanged; the average price of 421 silicon is 8,700 yuan/ton, unchanged; the basis of the Si main contract is 680 yuan/ton, down 45 yuan; the DMC spot price is 10,880 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 1,590 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 540 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - Industrial silicon production in the month is 299,700 tons, down 36,050 tons; industrial silicon social inventory in the week is 587,000 tons, down 2,000 tons; industrial silicon imports in the month are 52,919.65 tons, up 2,211.36 tons; industrial silicon exports in the month are 71.51 tons, down 12,197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 43,600 tons, up 4,900 tons; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, unchanged; 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 4.28 US dollars/kg, unchanged; the monthly export volume of unforged aluminum alloy is 16,555.02 tons, down 1,621.87 tons; the weekly operating rate of organic silicon DMC is 66.28%, up 7.61 percentage points; the monthly output of aluminum alloy is 20,187.85 tons, down 12.7 tons; the monthly export volume of aluminum alloy is down 337.93 tons [2] 3.6 Industry News - During the 18th (2025) International Solar Photovoltaic and Smart Energy & Energy Storage and Battery Technology and Equipment (Shanghai) Conference and Exhibition (SNEC), the chairman of Chint New Energy predicted this year's photovoltaic installation demand [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint of the Report - The total demand for industrial silicon from its three major downstream industries shows a flat trend. The supply side in Yunnan, Sichuan and other places is entering the wet season with cost - advantage in electricity prices, and large enterprises are ramping up production. For the demand side, organic silicon may see a slight increase in production this week, which is partially positive for industrial silicon; the polysilicon sector has reduced production and lower demand for industrial silicon; the aluminum alloy sector has demand support but is in passive de - stocking and difficult to drive demand. The large number of industrial silicon warehouse receipts has brought great delivery pressure to the market, and a long - term high - selling strategy is recommended [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main contract is 7370 yuan/ton, the main contract position is 323363 lots, and the net position of the top 20 is - 42302 lots. The Guangzhou Futures Exchange warehouse receipts are 56823 lots, and the price difference between the 7 - 8 month contracts is 35 [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 8150 yuan/ton, and the average price of 421 silicon is 8700 yuan/ton. The Si main contract basis is 780 yuan/ton, and the DMC spot price is 11120 yuan/ton [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, the average price of petroleum coke is 1570 yuan/ton, the average price of clean coal is 1850 yuan/ton, the average price of wood chips is 540 yuan/ton, and the ex - factory price of graphite electrodes (400mm) is 12250 yuan/ton [2] 3.4 Industry Situation - Industrial silicon monthly output is 299700 tons, and the weekly social inventory is 58.7 tons, a decrease of 0.2 tons. The monthly import volume is 2211.36 tons, and the monthly export volume is 52919.65 tons, a decrease of 12197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 43600 tons, the average price of aluminum alloy ADC12 in the Yangtze River spot is 20200 yuan/ton, the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, the monthly export volume of unforged aluminum alloy is 16555.02 tons, the weekly operating rate of organic silicon DMC is 66.28%, an increase of 7.61%. The monthly output of aluminum alloy is 1.528 million tons, and the monthly export volume is 20187.85 tons, a decrease of 337.93 tons [2] 3.6 Industry News - On the evening of June 11, Hesheng Silicon Industry's application for publicly issuing corporate bonds to professional investors in 2025 was accepted by the Shanghai Stock Exchange. Macroscopically, the state is increasing investment in long - term data infrastructure construction. In the industrial silicon sector, the supply side in Yunnan and Sichuan is entering the wet season, with increased production last week and rising capacity utilization [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The overall demand for industrial silicon from its three major downstream industries is on a downward trend. The large number of warehouse receipts has brought significant delivery pressure to the futures market. Although the futures price rose today and the number of call options continued to increase, considering the upcoming contract change of the short - term 07 contract and the subsequent rebound due to closing positions, a medium - to - long - term short - selling strategy is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 7,560 yuan/ton, the main contract position is 155,627 lots (a decrease of 21,965 lots), the net position of the top 20 is - 11,934 lots, and the Guangzhou Futures Exchange warehouse receipts are 59,252 lots (a decrease of 927 lots). The price difference between the July - August contracts is 5 [2]. 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 8,150 yuan/ton, the average price of 421 silicon is 8,700 yuan/ton, the basis of the Si main contract is - 145 yuan/ton, and the DMC spot price is 11,120 yuan/ton (a decrease of 120 yuan/ton) [2]. 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, the average price of petroleum coke is 1,760 yuan/ton, the average price of clean coal is 1,850 yuan/ton, the average price of wood chips is 540 yuan/ton, and the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton [2]. 3.4 Industry Situation - The monthly output of industrial silicon is 299,700 tons (a decrease of 36,050 tons), the weekly social inventory of industrial silicon is 587,000 tons (a decrease of 2,000 tons), the monthly import volume of industrial silicon is 2,211.36 tons, and the monthly export volume is 52,919.65 tons (a decrease of 12,197.89 tons) [2]. 3.5 Downstream Situation - The weekly output of organic silicon DMC is 38,700 tons (a decrease of 200 tons), the average price of aluminum alloy ADC12 in the Yangtze River spot market is 20,200 yuan/ton, the weekly average price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, the overseas market price of photovoltaic - grade polysilicon is 4.28 US dollars/kg, the monthly export volume of unforged aluminum alloy is 16,555.02 tons (a decrease of 1,621.87 tons), the weekly operating rate of organic silicon DMC is 58.67% (a decrease of 0.53%), the monthly output of aluminum alloy is 1.528 million tons (a decrease of 127,000 tons), and the monthly export volume of aluminum alloy is 20,187.85 tons (a decrease of 337.93 tons) [2]. 3.6 Industry News - In 2024, Hesheng Silicon Industry achieved an operating income of 26.692 billion yuan, a year - on - year increase of 0.41%, and a net profit attributable to the parent company's shareholders of 1.74 billion yuan, a year - on - year decrease of 33.6%. In the first quarter of this year, affected by the decline in the prices of core products, the overall performance of Hesheng Silicon Industry decreased compared with the same period, but it remained profitable [2]. 3.7 Supply - Side Analysis - As the wet season approaches, Yunnan, Sichuan and other places are gradually entering the wet season, showing an advantage in electricity price costs. However, judging from the operating rate and output data, the south - western region has no intention to resume work. Although the output has increased slightly, it is still at a low level [2]. 3.8 Downstream Industry Analysis - **Organic Silicon**: The spot price of the organic silicon market remained flat. Enterprises adopted a production - cut strategy to support prices, achieving some results, but production cuts will drag down the demand for industrial silicon [2]. - **Polysilicon**: Currently, mainstream enterprises are cutting production, and the industry as a whole is operating at a reduced load, leading to a decline in the demand for industrial silicon. The prices of downstream silicon wafers and solar cells have started to decline, and further polysilicon production cuts are expected, which will also drag down the demand for industrial silicon [2]. - **Aluminum Alloy**: There is some demand support from the terminal consumer electronics and automotive industries, but enterprises mostly replenish inventory as needed. Inventory has increased, prices have weakened, and the industry is in a state of passive de - stocking, with limited ability to drive the demand for industrial silicon [2].

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Viewpoint - Although the production of industrial silicon has increased slightly, it remains at a relatively low level. The downstream of industrial silicon is mainly concentrated in the fields of organic silicon, polysilicon, and aluminum alloy. In the organic silicon sector, the spot price of the organic silicon market has risen, and enterprises have adopted a production - reduction strategy to support prices, which has achieved initial results but has a negative impact on industrial silicon. In the polysilicon segment, mainstream enterprises are currently reducing production, and the overall industry is operating at a reduced load, leading to a decline in the demand for industrial silicon, which is expected to further decrease after the 530 - node. In the aluminum alloy field, there is some demand support from the terminal consumer electronics and automotive industries, but enterprises mainly replenish inventory as needed, with inventory increasing, prices remaining flat, and the industry in a passive de - stocking phase, providing little impetus. Overall, the total demand for industrial silicon from the three major downstream industries shows a downward trend. The large number of warehouse receipts exerts significant delivery pressure on the market. It is recommended to pay attention to short - term rebound opportunities in the market, and maintain a high - selling strategy for medium - and long - term operations [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract is 7,135 yuan/ton, a decrease of 145 yuan; the main contract position is 183,965 lots, an increase of 3,637 lots; the net position of the top 20 is - 25,752 lots, a decrease of 5,692 lots; the Guangzhou Futures Exchange warehouse receipts are 61,803 lots, a decrease of 887 lots; the price difference between the July - August contracts is - 10 yuan, an increase of 5 yuan [2]. 3.2 Spot Market - The average price of oxygen - permeable 553 silicon is 8,150 yuan/ton, unchanged; the average price of 421 silicon is 8,800 yuan/ton, a decrease of 50 yuan; the basis of the Si main contract is 1,015 yuan/ton, an increase of 145 yuan; the DMC spot price is 11,740 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 1,760 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 540 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2]. 3.4 Industry Situation - The monthly production of industrial silicon is 299,700 tons, a decrease of 36,050 tons; the weekly social inventory of industrial silicon is 582,000 tons, a decrease of 17,000 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 production of organic silicon DMC is 38,900 tons, a decrease of 100 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market is 20,400 yuan/ton, unchanged; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg; the weekly average spot price of photovoltaic - grade polysilicon is 4.28 US dollars/kg, a decrease of 0.01 US dollars/kg; the monthly export volume of unforged aluminum alloy is 16,555.02 tons, a decrease of 1,621.87 tons; the weekly operating rate of organic silicon DMC is 59.2%, a decrease of 0.11 percentage points; the monthly production of aluminum alloy is 1.528 million tons, a decrease of 127,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a decrease of 337.93 tons [2]. 3.6 Industry News - As of the end of May, the price of dense materials, which had been relatively stable, declined rapidly, with the average transaction price dropping by 10% in a single month to 36 yuan/kg, down 7.7% from the end of last year and the beginning of this year, 11.1% lower than the same period last year, and 44.6% lower than the beginning of last year. The state is increasing investment in long - term data infrastructure construction. From the supply side, as the wet season approaches, Yunnan, Sichuan and other places are gradually entering the wet season, showing an advantage in electricity price costs. However, based on the operating rate and production data, there is currently no intention to resume production in the southwest region [2].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - With the approaching of the wet season, Yunnan, Sichuan and other regions are gradually entering the wet season, showing the advantage of electricity price cost. However, the southwest region has no intention to resume work, and the production is still at a low level despite a slight increase [2]. - The downstream of industrial silicon is mainly concentrated in the fields of organic silicon, polysilicon and aluminum alloy. The overall demand of the three downstream industries for industrial silicon shows a downward trend, making it difficult to strongly boost the market [2]. - As of now, the number of industrial silicon warehouse receipts has declined, and the large number of warehouse receipts has brought huge delivery pressure to the market. It is recommended to maintain a short - selling mindset for medium - and long - term operations [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 7440 yuan/ton, down 170 yuan; the main contract position is 227,207 lots, up 20,995 lots; the net position of the top 20 is - 17,624 lots, up 3,319 lots; the Guangzhou Futures Exchange warehouse receipt is 64,626 lots, down 287 lots; the price difference between the July - August contracts is - 35 yuan, unchanged [2]. 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 8500 yuan/ton, down 100 yuan; the average price of 421 silicon is 9250 yuan/ton, down 150 yuan; the basis of the Si main contract is 1060 yuan/ton, up 70 yuan; the DMC spot price is 11,740 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, the average price of petroleum coke is 1930 yuan/ton, the average price of clean coal is 1850 yuan/ton, the average price of wood chips is 540 yuan/ton, and the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, all unchanged [2]. 3.4 Industry Situation - The monthly output of industrial silicon is 335,750 tons, up 46,400 tons; the weekly social inventory of industrial silicon is 582,000 tons, down 17,000 tons; the monthly import volume of industrial silicon is 2,211.36 tons, up 71.51 tons; the monthly export volume of industrial silicon is 52,919.65 tons, down 12,197.89 tons [2]. 3.5 Downstream Situation - The weekly output of organic silicon DMC is 39,000 tons, down 200 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,500 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon is 4.29 US dollars/kg, down 0.01 US dollars/kg; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, unchanged; the monthly export volume of unforged aluminum alloy is 18,176.9 tons, up 691.08 tons; the weekly operating rate of organic silicon DMC is 59.31%, down 0.26 percentage points; the monthly output of aluminum alloy is 1.655 million tons, up 103,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, down 337.93 tons [2]. 3.6 Industry News - On May 26, Longi Green Energy announced that Li Zhenguo applied to resign as the company's director, general manager and legal representative on May 23, 2025, and will focus on R & D and technology management. The company's board of directors agreed to appoint Zhong Baoshen as the general manager and legal representative [2]. - The state is increasing investment in long - term data infrastructure construction. In terms of industrial silicon, from the supply side, with the approaching of the wet season, Yunnan and Sichuan are gradually entering the wet season, showing the advantage of electricity price cost, but the southwest region has no intention to resume work [2].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The total demand for industrial silicon from the three major downstream industries is showing a downward trend, making it difficult to strongly drive the market. The large number of warehouse receipts has brought significant delivery pressure to the market, severely suppressing price increases. Overall, supply is at a low level, demand is decreasing, and inventory remains high. For medium - and long - term operations, a short - selling approach is recommended [2] Group 3: Summary by Directory Futures Market - The closing price of the main contract is 7910 yuan/ton, a decrease of 220 yuan; the main contract position is 155038 lots, an increase of 16616 lots; the net position of the top 20 is - 20598 lots, an increase of 1868 lots; the Guangzhou Futures Exchange warehouse receipts are 66249 lots, an increase of 152 lots; the price difference between the July - August contracts is - 30 yuan, an increase of 5 yuan [2] Spot Market - The average price of oxygen - passing 553 silicon is 8800 yuan/ton, a decrease of 150 yuan; the average price of 421 silicon is 9700 yuan/ton, a decrease of 150 yuan; the basis of the Si main contract is 890 yuan/ton, an increase of 70 yuan; the DMC spot price is 11680 yuan/ton, unchanged [2] Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1930 yuan/ton, unchanged; the average price of clean coal is 1850 yuan/ton, unchanged; the average price of wood chips is 540 yuan/ton; the ex - factory price of graphite electrodes (400mm) is 12250 yuan/ton, unchanged [2] Industry Situation - Industrial silicon monthly output is 335750 tons, an increase of 46400 tons; industrial silicon social inventory is 59.9 tons (weekly), an increase of 0.3 tons; industrial silicon monthly import volume is 2211.36 tons, an increase of 71.51 tons; industrial silicon monthly export volume is 52919.65 tons, a decrease of 12197.89 tons [2] Downstream Situation - The weekly output of organic silicon DMC is 3.92 tons, a decrease of 0.03 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20500 yuan/ton, unchanged; the overseas price of photovoltaic - grade polysilicon is 15.75 US dollars/kg; the weekly average price of photovoltaic - grade polysilicon is 4.3 US dollars/kg, a decrease of 0.04 US dollars/kg; the monthly export volume of unforged aluminum alloy is 18176.9 tons, an increase of 691.08 tons; the weekly operating rate of organic silicon DMC is 59.57%, a decrease of 0.48%; the monthly output of aluminum alloy is 165.5 tons, an increase of 10.3 tons; the monthly export volume of aluminum alloy is 20187.85 tons, a decrease of 337.93 tons [2] Industry News - On May 12, 2025, Red Sun New Energy officially signed an agreement with a Nigerian group for the construction of a 600MW photovoltaic module factory in Kano State. It is the first local photovoltaic module production line in Nigeria and an important practice of Chinese enterprises promoting African energy transformation through technology output. The state is increasing investment in long - term data infrastructure construction. As the wet season approaches in Yunnan and Sichuan, the electricity price cost advantage is emerging, stimulating the resumption of production of local industrial silicon enterprises [2]

Report Summary - **Report Date**: May 15, 2025 [1] - **Report Type**: Industrial Silicon Industry Daily Report - **Researcher**: Wang Fuhui - **Futures Qualification Number**: F03123381 - **Investment Consulting Certificate Number**: Z0019878 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - Supply is at a low level, demand is decreasing, and inventory remains high. There was a slight rebound today with increased trading volume, showing obvious short - term bottom signs. It is recommended to appropriately buy short - term long positions on dips and adopt a high - selling strategy for medium - to long - term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 8,410 yuan/ton, down 80 yuan; the position of the main contract was 124,014 lots, down 22,511 lots; the net position of the top 20 was - 22,944 lots, down 5,205 lots; the warehouse receipts of GEX were 66,433 lots, down 98 lots; the spread between the June - July contracts was - 30, up 5 [2] 3.2现货市场 - The average price of oxygen - blown 553 silicon was 9,100 yuan/ton, unchanged; the average price of 421 silicon was 10,000 yuan/ton, unchanged; the basis of the Si main contract was 690 yuan/ton, up 80 yuan; the spot price of DMC was 11,680 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 1,930 yuan/ton, unchanged; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 540 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - Industrial silicon production was 335,750 tons per month, up 46,400 tons; industrial silicon social inventory was 596,000 tons per week, down 7,000 tons; industrial silicon imports were 2,211.36 tons per month, up 71.51 tons; industrial silicon exports were 52,919.65 tons per month, down 12,197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC was 39,500 tons, down 100 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot was 20,500 yuan/ton, unchanged; the weekly average spot price of photovoltaic - grade polysilicon was 4.34 US dollars/kg, down 0.05 US dollars/kg; the overseas market price of photovoltaic - grade polysilicon was 15.75 US dollars/kg, unchanged; the monthly export volume of unforged aluminum alloy was 18,176.9 tons; the weekly operating rate of organic silicon DMC was 60.05%, down 0.06 percentage points; the monthly output of aluminum alloy was 1.655 million tons, up 103,000 tons; the monthly export volume of aluminum alloy was 20,187.85 tons, down 337.93 tons [2] 3.6 Industry News - Tuori Xineng (002218.SZ) stated on May 8 that the company currently has self - owned power stations with a capacity of over 500MW and 300MW of centralized photovoltaic power stations and some industrial and commercial distributed projects under construction. The Lianzhou Hongrisheng 200MW comprehensive utilization photovoltaic power station project is in progress, and the Xi'an industrial park construction project is in the interior decoration stage [2] 3.7 View Summary - On the supply side, large factories have stable operations, small and medium - sized enterprises have low willingness to start, and the start - up in the southwest region remains low with delayed or cancelled restart plans. On the demand side, the photovoltaic industry's operating rate is low due to the industry self - regulatory agreement, the terminal rush - installation demand has cooled, the supply - demand imbalance in the silicon material link has intensified, and the procurement enthusiasm for industrial silicon has declined. The price of organic silicon has declined again, and related enterprises have further reduced production. The aluminum alloy industry has mediocre performance, with weak export demand, further restricting the growth of industrial silicon demand [2] 3.8 Key Focus - No news today [2]

Group 1 - The core viewpoint of the news highlights the rapid advancement of data infrastructure construction in China, aiming to establish a new high-quality development pattern through the implementation of a "credit report instead of proof of no violations" policy by 2025 [1][2] - The National Development and Reform Commission, along with the Ministry of Public Security and the National Data Bureau, has issued a notice to fully implement the "credit report instead of proof of no violations" initiative by September 2025, which will consolidate the data foundation for special credit reports [1][2] - The eighth Digital China Construction Summit showcased significant achievements in data infrastructure, including the release of 10 key data standardization results to guide pilot projects and data space construction [1][2] Group 2 - The establishment of the Trusted Data Space Development Alliance at the eighth Digital China Construction Summit aims to promote data sharing and collaboration across industries, with the alliance consisting of 19 state-owned enterprises and 20 research institutions [4] - The alliance has released draft guidelines for the Trusted Data Space Standard System and Capability Requirements, providing reference for practical implementation [4] - Qingdao has introduced a management method for data assets in administrative institutions, establishing a comprehensive lifecycle management system for data assets, including approval processes for paid usage and a dynamic revenue distribution mechanism [5]

Report Industry Investment Rating - No relevant information provided Core View of the Report - The polysilicon market price has declined overall. On the supply side, over half of the enterprises in the industry are carrying out equipment maintenance, especially in Xinjiang and Mongolia, leading to a significant decline in supply. On the demand side, the downstream demand for polysilicon is weak, with strong wait - and - see sentiment among crystal - pulling enterprises and low procurement eagerness. Downstream enterprises expect the future silicon material price to fall and plan to replenish inventory after the price stabilizes. The inventory pressure in the polysilicon industry remains high, mainly concentrated in manufacturers, and some manufacturers face difficulties in shipping. It is recommended to temporarily observe the polysilicon market [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract of polysilicon is 35,520 yuan/ton, down 890 yuan; the main contract position is 63,290 lots, up 9,467 lots. The price difference between the 06 - 07 contracts of polysilicon is 1,250 yuan/ton, down 400 yuan; the price difference between polysilicon and industrial silicon is 27,230 yuan/ton, down 855 yuan [2] Spot Market - The spot price of polysilicon is 40,500 yuan/ton, unchanged; the average price of polysilicon (cauliflower material) is 30.5 yuan/kg, unchanged; the average price of polysilicon (compact material) is 33.5 yuan/kg, unchanged; the average price of polysilicon (recycled material) is 35 yuan/kg, unchanged. The basis of polysilicon is 4,090 yuan/ton, up 835 yuan; the weekly average price of photovoltaic - grade polysilicon is 4.39 US dollars/kg, down 0.1 US dollars [2] Upstream Situation - The closing price of the main contract of industrial silicon is 8,290 yuan/ton, down 35 yuan; the spot price of industrial silicon is 9,300 yuan/ton, down 100 yuan. The monthly export volume of industrial silicon is 52,919.65 tons, down 12,197.89 tons; the monthly import volume is 2,211.36 tons, up 71.51 tons. The monthly output of industrial silicon is 335,750 tons, up 46,400 tons; the total social inventory of industrial silicon is 603,000 tons, up 1,000 tons [2] Industry Situation - The monthly output of polysilicon is 97,000 tons, up 7,000 tons; the monthly import volume of polysilicon is 2,906 tons, down 222 tons. The weekly spot price of imported polysilicon materials in China is 5.28 US dollars/kg, unchanged; the monthly average import price of polysilicon in China is 2.19 US dollars/ton, down 0.14 US dollars [2] Downstream Situation - The monthly output of solar cells is 78,444,000 kilowatts, up 11,443,000 kilowatts; the weekly average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W. The monthly export volume of photovoltaic modules is 95,373,120 pieces, up 24,038,530 pieces; the monthly import volume is 9,846,120 pieces, down 2,122,260 pieces. The monthly average import price of photovoltaic modules is 0.27 US dollars/piece, up 0.01 US dollars [2] Industry News - As of May 6, the mainstream market price of P - type polysilicon cauliflower material was 32 yuan/kg, down 1 yuan/kg; the mainstream market price of N - type compact material was 35.5 yuan/kg, down 0.5 yuan/kg; the mainstream market price of N - type recycled material was 39 yuan/kg, down 1 yuan/kg; the mainstream market price of N - type granular silicon was 37 yuan/kg, down 1 yuan/kg [2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Supply is at a low level, demand is decreasing, and inventory remains high. It is recommended to lightly short the industrial silicon main contract 2506 around 8600 yuan/ton, with a stop - loss price of 8800 yuan/ton. Attention should be paid to the operation rhythm and risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 8290 yuan/ton, down 35 yuan; the main contract position is 179,536 lots, up 13,001 lots; the net position of the top 20 is - 5534 lots, up 1949 lots; the Guangzhou Futures Exchange warehouse receipt is 68,930 lots, down 306 lots; the spread between the June - July contracts is - 30 yuan, unchanged [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9200 yuan/ton, down 100 yuan; the average price of 421 silicon is 10,100 yuan/ton, down 100 yuan; the Si main contract basis is 910 yuan/ton, down 65 yuan; the DMC spot price is 11,800 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 1930 yuan/ton, unchanged; the average price of clean coal is 1850 yuan/ton, unchanged; the average price of wood chips is 540 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 335,750 tons, an increase of 46,400 tons; the weekly social inventory of industrial silicon is 603,000 tons, an increase of 1000 tons; the monthly import volume of industrial silicon is 2211.36 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 organic silicon DMC is 39,600 tons, a decrease of 600 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,500 yuan/ton, down 100 yuan; the weekly average price of photovoltaic - grade polysilicon is 4.39 US dollars/kilogram, down 0.1 US dollars/kilogram; the overseas market price of photovoltaic - grade polysilicon is 16.75 US dollars/kilogram, unchanged; the monthly export volume of unforged aluminum alloy is 18,176.9 tons; the weekly operating rate of organic silicon DMC is 60.11%, a decrease of 0.32 percentage points; the monthly output of aluminum alloy is 1.655 million tons, an increase of 103,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a decrease of 337.93 tons [2] 3.6 Industry News - Last year, the gross profit margins of JinkoSolar and JA Solar in China were negative, - 10.41% and - 7.98% respectively; Trina Solar had the best gross profit margin performance at 6.36%, followed by LONGi Green Energy at 4.39%. The state is increasing investment in long - term data infrastructure construction. Due to the low market conditions, some small and medium - sized enterprises can no longer operate at a loss, and most enterprises in the southwest are in a shutdown state except state - owned enterprises. The photovoltaic industry is affected by the industry self - discipline agreement, with low operating rates and reduced demand for industrial silicon. The price of organic silicon has declined again, and related enterprises have further reduced production, resulting in lower demand for industrial silicon. The aluminum alloy industry has shown mediocre performance in the first quarter, with no obvious improvement in demand, and export volume has declined year - on - year [2]