Group 1: Market Overview - On May 7, the domestic commodity futures market saw more gains than losses, with major contracts for paraxylene, low-sulfur fuel oil, asphalt, PTA, SC crude oil, and high-sulfur fuel oil rising over 2% [1] - The China Securities Commodity Futures Price Index closed at 1362.44 points, up 5.61 points or 0.41% from the previous trading day [1] Group 2: Oil Market Impact - The strong rebound in international oil prices led to a collective rise in related domestic products, with paraxylene (PX) and low-sulfur fuel oil (LU) seeing increases of nearly 3% [2] - Factors contributing to the oil price rebound include geopolitical tensions and a recovery in market sentiment regarding trade wars, which have attracted buying interest [2] Group 3: Polyester Chain Dynamics - The rebound in oil prices has positively impacted the polyester chain, with PX and PTA main contracts closing up 2.81% and 2.72% respectively [3] - Domestic PX and PTA prices are expected to remain tight due to ongoing maintenance and inventory depletion, with potential for further price testing [3] Group 4: Weakness in Silicon and Lithium Carbonate - Both polysilicon and lithium carbonate main contracts hit historical lows, with polysilicon down 3.63% and lithium carbonate down 1.99% [4] - Despite marginal improvements in the polysilicon market, the supply-demand balance remains loose, leading to continued downward pressure [4][5] Group 5: Aluminum Market Trends - The main contract for aluminum fell over 2%, driven by seasonal demand weakness and declining alumina prices [5][6] - The overall inventory levels for aluminum products remain low compared to previous years, but the market faces pressure from international trade dynamics [6]

Core Viewpoint - The market for rod silicon is currently stagnant, with no transactions taking place, and the price of n-type granular silicon has decreased by 2.70% compared to the previous period, averaging 36,000 yuan per ton [1] Market Conditions - The rod silicon market is characterized by a stalemate, with companies reporting minimal transactions. Downstream procurement has shifted from concentrated purchasing to sporadic small-scale restocking based on production schedules [1] - The prices of downstream products in the photovoltaic industry are declining again, leading downstream companies to tighten control over raw material costs. The expected procurement prices for polysilicon continue to drop, resulting in significant losses for most polysilicon companies, which are reluctant to lower prices for transactions [1] Production Adjustments - Due to the extreme market conditions, some polysilicon companies are considering advancing their scheduled maintenance from the third quarter to the second quarter or adjusting their operating loads based on actual order situations [1] - Currently, all polysilicon companies in operation in China are running at reduced capacity. Plans for new production from two companies have been canceled, and three companies that are about to undergo maintenance are gradually reducing raw material deliveries [1] - It is anticipated that domestic polysilicon production will decrease to approximately 96,000 tons in May, representing a month-on-month decline of about 3%, with the number of operating companies potentially reducing to around 10 in the second quarter [1]

Report Industry Investment Rating - No relevant information provided Core View of the Report - The polysilicon market price has declined overall. On the supply side, over half of the enterprises in the industry are carrying out equipment maintenance, especially in Xinjiang and Mongolia, leading to a significant decline in supply. On the demand side, the downstream demand for polysilicon is weak, with strong wait - and - see sentiment among crystal - pulling enterprises and low procurement eagerness. Downstream enterprises expect the future silicon material price to fall and plan to replenish inventory after the price stabilizes. The inventory pressure in the polysilicon industry remains high, mainly concentrated in manufacturers, and some manufacturers face difficulties in shipping. It is recommended to temporarily observe the polysilicon market [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract of polysilicon is 35,520 yuan/ton, down 890 yuan; the main contract position is 63,290 lots, up 9,467 lots. The price difference between the 06 - 07 contracts of polysilicon is 1,250 yuan/ton, down 400 yuan; the price difference between polysilicon and industrial silicon is 27,230 yuan/ton, down 855 yuan [2] Spot Market - The spot price of polysilicon is 40,500 yuan/ton, unchanged; the average price of polysilicon (cauliflower material) is 30.5 yuan/kg, unchanged; the average price of polysilicon (compact material) is 33.5 yuan/kg, unchanged; the average price of polysilicon (recycled material) is 35 yuan/kg, unchanged. The basis of polysilicon is 4,090 yuan/ton, up 835 yuan; the weekly average price of photovoltaic - grade polysilicon is 4.39 US dollars/kg, down 0.1 US dollars [2] Upstream Situation - The closing price of the main contract of industrial silicon is 8,290 yuan/ton, down 35 yuan; the spot price of industrial silicon is 9,300 yuan/ton, down 100 yuan. The monthly export volume of industrial silicon is 52,919.65 tons, down 12,197.89 tons; the monthly import volume is 2,211.36 tons, up 71.51 tons. The monthly output of industrial silicon is 335,750 tons, up 46,400 tons; the total social inventory of industrial silicon is 603,000 tons, up 1,000 tons [2] Industry Situation - The monthly output of polysilicon is 97,000 tons, up 7,000 tons; the monthly import volume of polysilicon is 2,906 tons, down 222 tons. The weekly spot price of imported polysilicon materials in China is 5.28 US dollars/kg, unchanged; the monthly average import price of polysilicon in China is 2.19 US dollars/ton, down 0.14 US dollars [2] Downstream Situation - The monthly output of solar cells is 78,444,000 kilowatts, up 11,443,000 kilowatts; the weekly average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W. The monthly export volume of photovoltaic modules is 95,373,120 pieces, up 24,038,530 pieces; the monthly import volume is 9,846,120 pieces, down 2,122,260 pieces. The monthly average import price of photovoltaic modules is 0.27 US dollars/piece, up 0.01 US dollars [2] Industry News - As of May 6, the mainstream market price of P - type polysilicon cauliflower material was 32 yuan/kg, down 1 yuan/kg; the mainstream market price of N - type compact material was 35.5 yuan/kg, down 0.5 yuan/kg; the mainstream market price of N - type recycled material was 39 yuan/kg, down 1 yuan/kg; the mainstream market price of N - type granular silicon was 37 yuan/kg, down 1 yuan/kg [2]

多晶硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 05 月 07 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） ...

周度报告—工业硅/多晶硅 基本面弱势，现货博弈加剧 [★Ta工bl业e_硅Summary] 西北某大厂表示后期有减产意愿，但具体减产时间不确定。随 丰水期到来，四川在五一节之后部分硅厂有复工计划。需求端 仍无起色，有机硅大厂检修、多晶硅大厂延迟复产，对工业硅 需求减少。多晶硅厂家近期对工业硅粉单的采购价格在 9400- 9700 元/吨。后续关注供给端边际变化。 ★多晶硅 有 色 金 属 硅料现货成交有限，预计大量成交将待五一之后。考虑龙头企 业西南基地复产推迟及部分企业有减产检修计划，我们下修 5 月多晶硅排产至 9.9 万吨左右，环比 4 月有所减少。根据 SMM，截至 4 月 30 日，中国多晶硅厂库存 26.1 万吨，环比 +0.2 万吨。下游原材料库存约 11 万吨，下降至 1 个月水平左 右，并在硅片厂中呈不均匀分布，部分企业无太多囤货有刚需 采购需求，部分企业硅料库存仍较为充足、策略仍以消化在手 库存为主。上下游博弈剧烈，买方基于需求转弱、下游价格下 跌，心理预期价格较低，而卖方考虑下游部分刚需采购、且从 上市公司披露的一季报情况看，即使是 Q1 价格也已致使头部 硅料企业亏损大量现金流，因此买 ...

| 然橡胶产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 寇帝斯 Z0021810 | 2025年4月30日 | | | | | | 现货价格及基差 | | | | | | | 品中 | 4月29日 | 4月28日 | 演讲 | 涨跌幅 | 单位 | | 云南国营全乳胶(SCRWF):上海 | 14550 | 14550 | 0 | 0.00% | | | 全乳基差(切换至2509合约) | -85 | -180 | વેર | 52.78% | 元/吨 | | 泰标混合胶报价 | 14200 | 14300 | -100 | -0.70% | | | 非标价差 | -435 | -430 | G5 | -1.16% | | | 杯胶:国际市场:FOB中间价 | 52.30 | 52.05 | 0.25 | 0.48% | 泰铢/公斤 | | 胶水:国际市场:FOB中间价 | 58.25 | 58.00 | 0.25 | 0.43% | | | 天然橡胶:胶块:西双版纳州 | 12800 | ...

Financial Performance - In 2024, the company reported operating revenue of 741,051.84 thousand yuan, a decrease of 54.62% year-on-year [1][2] - The net profit attributable to shareholders was -271,813.24 thousand yuan, compared to a profit of 576,269.62 thousand yuan in the previous year, marking a decline of 147.17% [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -263,175.52 thousand yuan, down 145.56% from 577,593.65 thousand yuan in 2023 [1][2] - The net cash flow from operating activities was -538,607.72 thousand yuan, a significant drop of 161.62% from 874,134.96 thousand yuan in the previous year [1][2] Impairment Losses - The total impairment losses for 2024 amounted to 307,073.54 thousand yuan, including credit impairment losses of 12,995.00 thousand yuan, inventory write-down losses of 167,791.93 thousand yuan, and long-term asset impairment losses of 126,286.61 thousand yuan [3][4] - The inventory write-down losses were primarily due to declines in the value of raw materials and inventory products [4] Dividend Policy - The company plans not to distribute cash dividends, issue bonus shares, or conduct capital reserve transfers to share capital for the 2024 fiscal year [2] Q1 2025 Performance - In the first quarter of 2025, the company achieved operating revenue of 90,724.64 thousand yuan, a decrease of 69.57% year-on-year [5] - The net profit attributable to shareholders was -55,801.54 thousand yuan, compared to a profit of 33,061.35 thousand yuan in the same period last year [5] Fundraising Activities - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 22, 2021, raising a total of 644,700.00 thousand yuan through its initial public offering [5] - In 2022, the company issued A-shares to specific investors, raising approximately 10,999,999,974.85 yuan, with net proceeds of 10,936,772,174.98 yuan after deducting issuance costs [6] - The total amount raised from both fundraising activities is approximately 174.47 billion yuan [6]

Core Viewpoint - Daqo Energy reported a significant decline in performance for 2024, with a revenue of 7.41 billion yuan and a net loss of 2.718 billion yuan, primarily due to a sharp drop in polysilicon prices influenced by supply-demand dynamics in the photovoltaic industry [1][2]. Group 1: Financial Performance - The company achieved a revenue of 7.41 billion yuan for the reporting period [1]. - The net profit attributable to shareholders was a loss of 2.718 billion yuan [1]. - The company had total cash reserves of approximately 13.52 billion yuan at the end of the reporting period [1][3]. Group 2: Market Position and Product Focus - Daqo Energy specializes in the research, production, and sales of high-purity polysilicon, which is primarily used in the photovoltaic industry [1]. - The company has a production capacity of 305,000 tons of high-quality, low-energy, and low-cost polysilicon, making it a key player in the domestic polysilicon market [1]. Group 3: Operational Efficiency and Innovation - The company implemented cost control measures that resulted in a 7% year-on-year decrease in unit production costs [3]. - Daqo Energy filed 177 new patent applications during the reporting period, bringing the total authorized patents to 429 [3]. - The company maintained a strong cash flow with 5.01 billion yuan in cash, 8.11 billion yuan in time deposits, and 400 million yuan in bank acceptance bills, totaling approximately 13.52 billion yuan in reserves [3]. Group 4: Future Outlook - The company plans to continue investing during the industry downturn, focusing on global customer expansion and technological iteration to build a differentiated advantage for future recovery [3].

Report Information - Report Date: April 30, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Market Performance and Outlook - Market Performance: The polysilicon futures price rebounded but faced resistance and returned to a weak trend. The closing price of PS2506 was 37,320 yuan/ton, a decline of 2.14%. The trading volume was 116,998 lots, and the open interest was 58,208 lots, with a net increase of 3,116 lots [4] - Future Outlook: The weekly spot price remained weak. The成交 price range of N-type dense materials was 35,000 - 37,000 yuan/ton, with an average成交 price of 35,900 yuan/ton, a month-on-month decrease of 1.10%. By the end of April, the "rush to install" in the photovoltaic terminal was gradually coming to an end, and the positive effect was diminishing. The strong - stimulus policy disrupted the short - and long - term market judgments of the photovoltaic market and formed a negative feedback. The expectation of further production cuts by enterprises was low, and the strong supply - demand expectation had recently reversed. There was also an expectation of increased production after the flood season, and the price would continue to fluctuate weakly after breaking through the support level [4] Market News - As of April 29, the number of polysilicon warehouse receipts was 10 lots, unchanged from the previous trading day [5] - On April 21, the international energy think - tank Ember released the "2025 Global Electricity Review", showing that in 2024, the proportion of global clean electricity reached 40.9%, the highest since the 1940s. The technological iteration of photovoltaic modules promoted the decline of photovoltaic power generation costs. It was expected that the benchmark levelized cost of electricity for global photovoltaic power generation in 2025 would decrease by 31% compared with 2024. The cumulative installed capacity of distributed photovoltaics in China was expected to exceed 300GW in 2025, and the market size was expected to exceed 150 billion yuan [5]

多晶硅期货现在还不可以交割。 多晶硅期货于2025年4月1日起在广州期货交易所正式办理交割业务，但其首次交割将于2025年6月进 行。 2025年3月19日，广州期货交易所公告了多晶硅期货首批指定交割仓库，包括中储发展股份有限公司、 中国物流股份有限公司等6家仓储企业，以及四川永祥股份有限公司、内蒙古大全新能源有限公司等6家 厂库，这些指定交割仓库的确定为多晶硅期货的交割提供了重要的基础设施保障。 目前，广期所正在持续推进多晶硅期货交割业务的准备工作，开展对会员、投资者、交割仓库、质检机 构的业务培训，积极跟踪多晶硅期货产业客户参与情况、仓单注册生成情况，保障多晶硅期货交割业务 平稳运行。 多晶硅期货交割相关规则明确： 1、限仓制度：自2025年5月6日收盘后，非期货公司会员、客户所持有的ps2506合约限仓标准为250手。 限仓制度的实施有助于防止市场过度集中，保障市场的公平性和稳定性。 3、包装和仓储要求：对多晶硅包装物的质量、标识、型号标注等进行了详细规定，要求使用洁净的聚 乙烯袋进行密封包装等。同时明确了交割品的贮存要求，如应储存在清洁、干燥的环境中等，并对仓单 有效期、入库生产日期限制等作出规定，以 ...