Summary of the Conference Call for Jingao Technology Industry Overview - The global photovoltaic (PV) demand is expected to be between 580-600 GW this year, with a slight increase anticipated next year. The domestic market's installed capacity is projected to decrease from 300 GW to between 270-300 GW, while the European market remains stable and emerging markets show limited growth [2][4][9]. Company Performance and Outlook - The company anticipates a year-on-year decline of approximately 10% in total module shipments, amounting to over 700,000 units, aligning with the initial expectations of self-discipline production limits and anti-involution policies [2][4]. - The delivery prices of modules have gradually recovered in the second half of the year, but the increase in silicon material prices has outpaced that of modules, potentially leading to weaker profitability in the fourth quarter, although a slight growth is still expected [3][18][19]. Pricing and Market Dynamics - The transmission of price increases from upstream silicon wafers and materials to downstream modules is challenging due to the dispersed customer base and significant differences between domestic and international markets [2][5][6]. - Domestic module pricing is primarily based on cost, with no malicious competition allowed below cost price. Prices are gradually stabilizing under policy support, but further recovery will depend on demand release [8]. International Market Insights - The overseas market is gradually recovering, with European distributors showing increased willingness to purchase as prices stabilize. Emerging markets, particularly in the Middle East and Asia-Pacific, are performing well and have a higher acceptance of price increases [7][10]. - The company is expanding its production capacity in Oman, with plans for 6 GW of battery and 3 GW of module capacity, aimed at enhancing overseas supply chain flexibility in response to new tariff measures affecting Southeast Asian countries [10]. U.S. Market Considerations - The U.S. market, while profitable, is significantly influenced by political factors. The company is closely monitoring geopolitical changes and tariff policies, adjusting strategies accordingly to address potential challenges [11][12]. - The company has sold its U.S. component factory to comply with the Inflation Reduction Act and is considering reducing equity stakes in its Oman capacity to meet regulatory requirements [17]. Future Demand and Production Expectations - For 2026, global PV installed capacity is expected to slightly increase to around 600 GW, with China’s market potentially declining while Europe remains stable and emerging countries grow rapidly [9]. - The second quarter of next year is viewed as a critical period for demand clarity, with potential price increases if demand rises [15]. Technological and Cost Considerations - The industry is currently in a profit recovery phase, with limited motivation for new capacity expansion. New technologies like TOPCon are being improved, while others remain in the experimental stage [21]. - The decline in per-watt costs has been minimal this year, as costs are already low, and significant technological advancements are slow to materialize [22]. IPO Status - The company is in the process of an IPO on the Hong Kong Stock Exchange, currently in the queue and meeting market capitalization requirements [23].

Report Industry Investment Rating - Not provided Core Viewpoint - Polysilicon is currently in an emotion-driven market dominated by policy expectations. The main polysilicon contract price has broken through the previous resistance level of 55,000 yuan/ton. Short-term sentiment may continue to ferment with increased volatility. Investors should control their positions and wait for new policy details [9]. Summary by Related Content Price Movement - On September 5th, the polysilicon futures broke through the upper limit of the 55,000 yuan/ton range. The core logic revolves around "anti-involution", and the market's expectation of capacity clearance has fermented again. The main contract closed above 56,700 yuan/ton [2]. - In terms of spot prices, the price of polysilicon N-type re-feeding material rose from 35,000 yuan/ton to 47,000 yuan/ton in July, and then to 49,000 yuan/ton at the end of August. As of early September, it broke through 50,000 yuan/ton, ranging from 49,200 - 54,000 yuan/ton [2]. - From early July to early September, the price of polysilicon re-feeding material increased from 34,000 yuan/ton to 51,500 yuan/ton (+51%), and the price of N-type 210mm silicon wafers increased from 1.22 yuan/piece to 1.6 yuan/piece (+31%) [4]. Production and Supply - In July, the monthly polysilicon output exceeded the 90,000 - 100,000 tons range of the first half of the year. In August, the output reached 131,000 tons, a 23% month-on-month increase. The output in September is expected to be in the range of 125,000 - 130,000 tons [6]. - Although there are expectations of production restrictions in the market, the actual monthly production reduction by enterprises remains to be seen due to annual production plans and rising prices. Capacity clearance news has a greater impact on market sentiment as it can directly reverse the current supply - demand imbalance [6]. Policy Factor - On August 1st, the Ministry of Industry and Information Technology launched a special energy - saving inspection of polysilicon, requiring results to be reported by September 30th. This may provide guidance on energy consumption standards for subsequent capacity clearance, and the market is currently in a "policy vacuum period" [9].

Group 1 - The core point of the article highlights the mixed performance of domestic futures contracts, with polysilicon rising nearly 4% and lithium carbonate dropping over 4% [2] - Polysilicon prices are driven by a leading company's announcement of an upcoming industry restructuring plan, which is expected to impact market sentiment positively [2] - SMM data indicates that the mainstream quotation for polysilicon rods has increased to 55,000 yuan/ton, a rise of 6,000 yuan/ton from the previous trading day, primarily due to expectations of self-discipline production limits in September [2] Group 2 - The futures market shows varied performance, with low-sulfur fuel oil and silver rising over 2%, while ethylene glycol and pure benzene fell over 2% [2] - The article notes that the short-term impact of policies on the market still needs verification, with a focus on the previous policy resistance level of 53,000 yuan/ton [2] - The sentiment in the spot market is influencing the futures market, indicating a connection between current market conditions and future expectations [2]