Core Viewpoint - The report from Changcheng Securities indicates that the performance of Hoshine Silicon Industry is under pressure in the first three quarters of 2025 due to a decline in sales volume and prices of main products, as well as losses from the photovoltaic sector [1] Group 1: Company Performance - Hoshine Silicon Industry's industrial silicon products saw a quarter-on-quarter increase in both volume and price in Q3 2025, while silicone rubber sales also grew quarter-on-quarter [1] - Despite the growth in certain segments, the overall price of main products remains on a downward trend, awaiting a bottoming out of industry conditions [1] Group 2: Industry Outlook - The advancement of the "anti-involution" initiative in the crystalline silicon photovoltaic industry is expected to support a rebound in prices for industrial silicon and organic silicon products, which would benefit the company's performance [1] - The company is implementing an employee stock ownership plan to strengthen team cohesion, which is favorable for long-term development [1] - The report maintains a "buy" rating, optimistic about the recovery of the silicon industry under the "anti-involution" backdrop [1]