1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - The reduction in production of silicon plants has been implemented, and the downside space is not deep for industrial silicon. Attention should be paid to the spot trading situation of polysilicon [1] - The trend strength of industrial silicon is 1, and that of polysilicon is 0, with the trend strength ranging from -2 (most bearish) to 2 (most bullish) [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Industrial Silicon and Polysilicon Futures Market - Si2605 closing price is 8,795 yuan/ton, down 55 yuan from T - 1, 120 yuan from T - 5, and 120 yuan from T - 22 [1] - Si2605 trading volume is 466,725 lots, down 90,891 lots from T - 1, up 126,684 lots from T - 5, and up 100,524 lots from T - 22 [1] - Si2605 open interest is 236,313 lots, down 314 lots from T - 1, down 15,994 lots from T - 5, and up 20,093 lots from T - 22 [1] - PS2605 closing price is 47,050 yuan/ton, down 90 yuan from T - 1 and 4,230 yuan from T - 5 [1] - PS2605 trading volume is 17,789 lots, down 1,748 lots from T - 1 and up 4,084 lots from T - 5 [1] - PS2605 open interest is 40,278 lots, down 2,235 lots from T - 1 and 1,012 lots from T - 5 [1] 3.1.2 Basis - Industrial silicon spot premium (against East China Si5530) is +555 yuan/ton, up from 155 yuan at T - 1, 220 yuan at T - 5, and 220 yuan at T - 22 [1] - Industrial silicon spot premium (against East China Si4210) is +55 yuan/ton, the same as T - 1, down from 120 yuan at T - 5 and 1,160 yuan at T - 22 [1] - Industrial silicon spot premium (against Xinjiang 99 silicon) is -95 yuan/ton, down from 55 yuan at T - 1, 120 yuan at T - 5, and 65 yuan at T - 22 [1] - Polysilicon spot premium (against N - type recycled material) is +4,450 yuan/ton, up from 90 yuan at T - 1, 1,480 yuan at T - 5, and 10,095 yuan at T - 22 [1] 3.1.3 Price - Xinjiang 99 silicon price is 8,700 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [1] - Yunnan Si4210 price is 10,000 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [1] - Polysilicon - N - type recycled material price is 51,300 yuan/ton, unchanged from T - 1, down 2,700 yuan from T - 5, and down 1,200 yuan from T - 22 [1] 3.1.4 Profit - Silicon plant profit (Xinjiang new standard 553, yuan/ton) is -2,336.5, down 55 yuan from T - 1, 500 yuan from T - 5, and 205 yuan from T - 22 [1] - Silicon plant profit (Yunnan new standard 553, yuan/ton) is -5,529, down 55 yuan from T - 1, 485 yuan from T - 5, and 145 yuan from T - 22 [1] - Polysilicon enterprise profit (yuan/kg) is 6.8, up 0.3 yuan from T - 1, down 0.9 yuan from T - 5, and down 1.4 yuan from T - 22 [1] 3.1.5 Inventory - Industrial silicon - social inventory (including warehouse receipt inventory) is 55.4 tons, down 0.2 tons from T - 5 and 0.3 tons from T - 22 [1] - Industrial silicon - enterprise inventory (sample enterprises) is 20.9 tons, down 0.41 tons from T - 5 and up 1.3 tons from T - 22 [1] - Industrial silicon - industry inventory (social inventory + enterprise inventory) is 76.3 tons, down 0.61 tons from T - 5 and up 1.04 tons from T - 22 [1] - Industrial silicon - futures warehouse receipt inventory is 7.4 tons, up 0.5 tons from T - 1, 0.8 tons from T - 5, and 2.4 tons from T - 22 [1] - Polysilicon - manufacturer inventory is 33.3 tons, up 0.3 tons from T - 5 and 2.7 tons from T - 22 [1] 3.1.6 Raw Material Cost - Silicon ore price in Xinjiang is 320 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [1] - Silicon ore price in Yunnan is 230 yuan/ton, down 5 yuan from T - 5 and 20 yuan from T - 22 [1] - Washed coking coal price in Xinjiang is 1,475 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [1] - Washed coking coal price in Ningxia is 1,200 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [1] - Petroleum coke (Maoming coke) price is 1,400 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [1] - Petroleum coke (Yangzi coke) price is 2,340 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [1] - Graphite electrode price is 12,450 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [1] - Carbon electrode price is 7,200 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [1] 3.1.7 Polysilicon (Photovoltaic) - Silicon powder (99 silicon) price is 9,850 yuan/ton, unchanged from T - 1, up 50 yuan from T - 5 and T - 22 [1] - Silicon wafer (N - type - 210mm) price is 1.53 yuan/piece, unchanged from T - 1, down 0.12 yuan from T - 5, and down 0.02 yuan from T - 22 [1] - Battery cell (TOPCon - 210mm) price is 0.44 yuan/watt, unchanged from T - 1, up 0.01 yuan from T - 5, and down 0.81 yuan from T - 22 [1] - Component (N - type - 210mm, centralized) price is 0.736 yuan/watt, unchanged from T - 1, up 0.012 yuan from T - 5, and up 0.046 yuan from T - 22 [1] - Photovoltaic glass (3.2mm) price is 17.5 yuan/cubic meter, unchanged from T - 1 and T - 5, down 0.75 yuan from T - 22 [1] - Photovoltaic - grade EVA price is 9,000 yuan/ton, unchanged from T - 1 and T - 5, up 299 yuan from T - 22 [1] 3.1.8 Organic Silicon - DMC price is 13,900 yuan/ton, unchanged from T - 1, T - 5, and up 300 yuan from T - 22 [1] - DMC enterprise profit is 1,860 yuan/ton, unchanged from T - 1, up 4 yuan from T - 5, and up 196 yuan from T - 22 [1] 3.1.9 Aluminum Alloy - ADC12 price is 23,850 yuan/ton, down 500 yuan from T - 1, 150 yuan from T - 5, and up 1,550 yuan from T - 22 [1] - Recycled aluminum enterprise profit is 150 yuan/ton, up 460 yuan from T - 1, 180 yuan from T - 5, and 30 yuan from T - 22 [1] 3.2 Macro and Industry News - On January 29th, the National Energy Administration organized a summary meeting on the pilot work of wind and photovoltaic power generation resource census to summarize the results and experience of the pilot work, guide the national - scale census, and promote the application of census results in the industry [1] - Relevant leaders and departments participated in the meeting, and six pilot provinces (regions, municipalities) and three technical support units introduced the work progress. The New Energy Department of the National Energy Administration reviewed the work, and member units of the pilot work group sorted out the work and put forward suggestions for the next step [3]

Core Viewpoint - The meeting organized by the National Energy Administration aimed to summarize the achievements and experiences of pilot work on wind and solar resource surveys, enhancing guidance for nationwide surveys and promoting the application of survey results to better serve industry development [2][4]. Group 1: Pilot Work Achievements - Six pilot provinces (Hebei, Inner Mongolia, Shanghai, Zhejiang, Tibet, and Qinghai) presented their work progress, showcasing the collaborative efforts of energy and meteorological authorities, technical support units, and the National Energy Administration [4]. - The pilot work has established a scientific and efficient survey methodology, developed a set of core technologies, and built a capable professional team, accumulating valuable experience for future wind and solar resource surveys [4]. Group 2: Future Directions - The meeting emphasized the need to leverage survey results to enhance industry management, shifting from "experience-based estimation" to "scientific decision-making," from "fragmented management" to "systematic collaboration," and from "focusing on scale" to "valuing outcomes" [4]. - There is a call to further refine the technical methods and work mechanisms, expedite the formulation of a national wind and solar resource survey plan, and increase the promotion and application of survey results within the industry to contribute to the establishment of a new energy system and the realization of energy power strategy goals [4].