有望加速行业落后产能出清 中化新网讯 8月1日，工信部印发《2025年度多晶硅行业专项节能监察任务清单的通知》（以下简称 《通知》），对全国41家多晶硅企业开展节能监察，并要求9月30日前完成结果报送。 此次多晶硅专项监察工作是工信部首次单独对多晶硅行业发文，旨在进一步规范工业节能监察程序措 施，切实减轻企业负担。经记者梳理，此次涉及的41家企业分布在内蒙古、新疆、四川、云南、宁夏、 青海、湖北、江苏、山东、河南、陕西、甘肃等地，甚至涉及大全能源、通威股份（600438）、新特能 源、协鑫科技等多晶硅龙头企业的子公司。 据悉，全国性的工业节能监察是工信部每年开展的例行工作，监察内容包括执行单位产品能耗限额，用 能产品、设备能源效率等强制性国家标准情况，执行落后的耗能过高的用能产品、设备和生产工艺淘汰 制度情况，建立能源消费统计和能源利用状况分析制度情况，工业节能监察意见落实情况等。今年6 月，工信部已下发《2025年度国家工业节能监察任务清单》，涉及包括炼化、合成氨、水泥等重点行业 领域能效专项监察2590家企业，以及2024年度违规企业整改落实情况专项监察207家企业。 记者了解到，此次针对多晶硅行业的单独 ...

Core Viewpoint - The leading photovoltaic glass company, Fuyao (601865.SH), is actively responding to the Ministry of Industry and Information Technology's call to reduce photovoltaic glass production capacity to alleviate industry pressure and losses [1][3][4]. Industry Summary - The total cold repair capacity in the photovoltaic glass industry, including Fuyao's reduction, accounts for 32.18% of the domestic total capacity, with operational capacity currently below 87,000 tons per day [2][7]. - The industry is experiencing significant pressure, leading to a reality where production cuts are being implemented to reduce losses, with several companies announcing kiln shutdowns and production reductions [3][4][6]. - The competitive landscape has intensified, resulting in substantial price declines for photovoltaic glass products, which has led to ongoing losses for companies like Hainan Development and Fuyao [6][11]. - The overall production capacity in the photovoltaic industry is expected to continue declining, as the Ministry of Industry and Information Technology encourages leading companies to further reduce output [7][15]. Company Summary - Fuyao holds approximately 30% of the global market share in the photovoltaic glass sector and has seen a significant decline in gross margins due to falling prices since the second half of last year [4][11]. - The company is projected to report a net profit of 230 million to 280 million yuan for the first half of 2025, representing a year-on-year decrease of 81.32% to 84.66% due to industry overcapacity and intensified competition [11]. - Despite the challenges, Fuyao's production capacity utilization for 2024 is still expected to be 91.47%, indicating a relatively stable operational performance compared to other segments [8].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) of China has issued a notice regarding the special energy-saving inspection tasks for the polysilicon industry for the year 2025, requiring local authorities to implement these tasks and report results by September 30, 2025 [1] Group 1: Energy-Saving Inspection Tasks - A total of 41 domestic polysilicon companies have been included in the energy-saving inspection list, categorized by region [1] - In June 2023, MIIT released a national industrial energy-saving inspection task list for 2025, which included 51 companies across various categories, with only 4 polysilicon companies located in Qinghai [1] - The energy-saving inspection tasks are a routine action by MIIT, but the number of key industries and companies varies each year [2] Group 2: Comparison with Previous Years - In 2023, MIIT identified 4,391 companies for national industrial energy-saving inspections across 33 key industries, while in 2024, this number decreased to 2,899 across 39 industries [2] - The 2023 inspection marked the first time in recent years that polysilicon was designated as a key inspection area, with MIIT separately announcing the special energy-saving inspection tasks for the polysilicon industry [2] Group 3: Inspection Procedures - The inspection process consists of four steps: self-inspection by companies, preliminary review by local authorities, compilation of inspection reports by energy-saving inspection agencies, and submission of comprehensive reports to MIIT [3] Group 4: Industry Context and Government Actions - Since July 2023, the domestic photovoltaic industry has initiated a new wave of regulation against disorderly competition, entering a "反内卷" (anti-involution) phase [4] - MIIT has emphasized the need to address low-price competition and promote the exit of outdated production capacity to ensure sustainable development in the photovoltaic sector [5] - The list of companies under inspection includes major polysilicon producers such as GCL-Poly, Tongwei Co., Daqo New Energy, and others, indicating a comprehensive coverage of the current domestic polysilicon production landscape [6] Group 5: Market Dynamics - The timing of the special energy-saving inspection coincides with ongoing discussions about capacity consolidation among major polysilicon companies [7] - The market recovery in the polysilicon sector requires both self-discipline among companies and support from national policies [7]

人民财讯8月1日电，工业和信息化部印发2025年度多晶硅行业专项节能监察任务清单，要求各地工业和 信息化主管部门按照《通知》要求抓紧组织实施，于2025年9月30日前将监察结果报送至工业和信息化 部(节能与综合利用司)。 ...

Core Insights - 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 [1] Group 1 - The notice outlines specific energy-saving inspection tasks aimed at enhancing efficiency within the polysilicon industry [1]

Group 1: Summary of the Report - The report focuses on the analysis of old chemical production facilities in various sectors, including polyester, rubber, urea, and polyolefin industries. It aims to evaluate the potential impact of the renovation or elimination of these old facilities on supply and demand [5][6]. - The report divides the old facilities as those with a production operation time of over 20 years. It analyzes the capacity, proportion, and characteristics of these facilities in different chemical products [5][6]. - The report provides specific conclusions for each chemical product, including the potential impact on supply and demand, the probability of renovation or elimination, and investment strategies [6][7][8]. Group 2: Polyester Industry Chain PX and PTA - PX: The total capacity of PX facilities put into operation 20 years ago (inclusive) is 306 million tons, accounting for 7.0%. The in - production capacity is 223 million tons, accounting for 5.1%, all belonging to the two major state - owned oil companies. The short - term possibility of these facilities shutting down is low [14]. - PTA: Facilities put into operation before 2005 have been shut down for years and eliminated. The impact of the policy on PTA supply can be ignored [14]. MEG - The total capacity of MEG facilities put into operation over 20 years ago is nearly 142 million tons, with the in - production capacity of 96 million tons, accounting for 3.3%. These facilities are mainly ethylene - based and mostly from the two major state - owned oil companies. The policy's impact on ethylene glycol supply is limited [17][18]. PR - The total capacity of PR facilities put into operation 20 years ago is 96 million tons, accounting for 4.4%, and the in - production capacity is 80 million tons, accounting for 3.7%. The expected impact on overall production is about 2% [21]. PF - The total capacity of PF facilities put into operation over 20 years ago is about 346 million tons, accounting for 33.4%. Small - scale factories may be eliminated first, while large - scale enterprises may continue to operate through transformation [23][24]. Group 3: Rubber Industry Chain Butadiene - The total capacity of butadiene facilities put into operation over 20 years ago is 130.5 million tons, accounting for 19%. The elimination of these facilities is difficult. The supply - demand pattern is expected to be loose in 2025, but the policy may change the situation [30][32]. Cis - Polybutadiene Rubber - The total capacity of cis - polybutadiene rubber facilities put into operation over 20 years ago is 34 million tons, accounting for 17%. The policy may lead to a decrease in supply [33][34]. Tires - The proportion of old tire facilities has decreased significantly. The recent policies have little impact on the tire industry, but rising raw material prices may pose risks to non - exporting tire manufacturers [35][36]. Group 4: Urea Industry - The capacity of urea facilities put into operation over 20 years ago is 1517 million tons/year, accounting for 20%. The policy is expected to have a significant impact on the urea industry, and the supply - demand pattern may shift from surplus to tight balance [38]. - The main production processes of old urea facilities are natural gas and coal - based fixed - bed gasification. The fixed - bed process is at a disadvantage in terms of cost and environmental protection [42]. Group 5: Polyolefin Industry PE - The capacity of PE facilities put into operation over 20 years ago is 547 million tons/year, accounting for 14%. These facilities have problems such as small scale, outdated technology, and high environmental and energy consumption pressure. The policy may help the industry move towards a balanced supply - demand pattern [48][50]. PP - The capacity of PP facilities put into operation over 20 years ago is 476 million tons/year, accounting for 10%. The policy is expected to relieve the over - capacity pressure in the polyolefin industry [55][65].