Report Industry Investment Rating - No information provided Core View of the Report - The report focuses on the fundamentals of industrial silicon and polysilicon, including futures market data, price, profit, inventory, and raw material costs. It also mentions a cooperation between TCL and Three Gorges Energy and provides trend intensity for industrial silicon and polysilicon [2][4] Summary by Relevant Catalogs 1. Futures Market Data - Si2511: The closing price was 8,505 yuan/ton, with a decrease of 60 yuan compared to T - 1. The trading volume was 188,642 lots, a decrease of 1,690 lots from T - 1. The open interest was 107,518 lots, a decrease of 6,718 lots from T - 1 [2] - PS2511: The closing price was 50,715 yuan/ton, an increase of 375 yuan compared to T - 1. The trading volume was 121,870 lots, a decrease of 28,902 lots from T - 1. The open interest was 52,237 lots, a decrease of 4,569 lots from T - 1 [2] 2. Price and Basis - Industrial silicon: The spot premium for different grades (such as Si5530, Si4210, and Xinjiang 99 silicon) showed various changes compared to different time points. For example, the spot premium for Xinjiang 99 silicon was +245 yuan/ton, an increase of 60 yuan compared to T - 1 [2] - Polysilicon: The spot premium for N - type re - feed was +1785 yuan/ton, a decrease of 125 yuan compared to T - 1 [2] 3. Profit - Industrial silicon: The profit of silicon plants in Xinjiang (new standard 553) was - 2764.5 yuan/ton, a decrease of 60 yuan compared to T - 1. The profit of silicon plants in Yunnan (new standard 553) was - 3703 yuan/ton, a decrease of 60 yuan compared to T - 1 [2] - Polysilicon: The profit of polysilicon enterprises was - 13.9 yuan/kg, an increase of 0.5 yuan compared to T - 1 [2] 4. Inventory - Industrial silicon: The social inventory (including warehouse receipt inventory) was 56.2 million tons, with an increase of 1.7 million tons compared to T - 5. The enterprise inventory was 16.8 million tons, with an increase of 0.02 million tons compared to T - 5. The industry inventory was 73.0 million tons, with an increase of 1.72 million tons compared to T - 5. The futures warehouse receipt inventory was 24.4 million tons, a decrease of 0.2 million tons compared to T - 1 [2] - Polysilicon: The manufacturer's inventory was 25.3 million tons, with an increase of 1.3 million tons compared to T - 5 [2] 5. Raw Material Costs - Silicon ore: The price in Xinjiang was 320 yuan/ton, and in Yunnan was 290 yuan/ton, with no change compared to T - 1 [2] - Washed coking coal: The price in Xinjiang was 1475 yuan/ton, a decrease of 250 yuan compared to T - 22. The price in Ningxia was 1140 yuan/ton, with no change compared to T - 1 [2] 6. Macro and Industry News - On October 17, TCL founder and chairman Li Dongsheng had a discussion with Three Gorges Energy chairman and Party secretary Zhu Chengjun in Beijing. Representatives from both sides signed a cooperation framework agreement to promote cooperation in multiple fields [4] 7. Trend Intensity - Industrial silicon trend intensity was 1, and polysilicon trend intensity was 0, with the range of trend intensity being integers in the [- 2,2] interval [4]

Core Viewpoint - The article emphasizes the significant advancements in China's renewable energy sector during the "14th Five-Year Plan" period, highlighting the transition towards a clean, low-carbon, and efficient energy system that ensures energy security and supports economic growth [2][4]. Group 1: Renewable Energy Development - China has constructed the world's largest and fastest-growing renewable energy system, with new energy storage capacity reaching approximately 95 million kilowatts, a nearly 30-fold increase over five years, and the share of renewable energy generation capacity rising from 40% to around 60% [6]. - The "Shagao Desert" has emerged as a new frontier for renewable energy construction, adding over 130 million kilowatts of installed capacity, transforming previously barren land into an "energy oasis" [8]. Group 2: Energy Supply and Consumption - During the "14th Five-Year Plan," energy consumption in China increased by 1.5 times compared to the total consumption during the "13th Five-Year Plan," while maintaining a stable energy self-sufficiency rate of over 80% [10]. - The country has effectively addressed challenges in electricity transmission in weak grid areas and high-altitude regions, exemplified by the "Xinjiang Power to Chongqing" project, which can transmit electricity over 2,000 kilometers in just 0.007 seconds [10]. Group 3: Infrastructure and Electric Vehicles - China has built the world's largest electric vehicle charging network, with two charging stations for every five electric vehicles, enhancing the energy infrastructure [12]. Group 4: Global Leadership in Energy Transition - With over 1.4 billion people's energy security effectively guaranteed, China is recognized as a global leader in renewable technologies and low-carbon development, positioning itself as a key driver of the global energy transition [14].