Core Insights - The report by Zhiyan Consulting highlights a significant decline in China's polysilicon imports in June 2025, with a volume of 0.11 million tons, representing a year-on-year decrease of 70.4% [1] - The import value for the same period was $0.31 billion, which reflects a year-on-year drop of 65.4% [1] Industry Overview - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services, including feasibility studies and customized reports [1] - The firm has over a decade of experience in the industry research field, emphasizing quality service and market insight to support investment decisions [1]

1. Report Industry Investment Ratings - There is no information about industry investment ratings in the provided reports. 2. Core Views Natural Rubber - Affected by the dovish stance of the Federal Reserve, market sentiment is positive, driving up rubber prices. However, the trading atmosphere in the spot market has cooled, and tire factories are cautious about purchasing high - priced raw materials, limiting the upside of rubber prices. It is expected that rubber prices will mainly fluctuate within a range, with the 01 contract's range referring to 15,000 - 16,500. Follow the raw material supply situation during the peak production season in the main producing areas, and consider short - selling at high levels if the raw material supply is smooth [1]. Polysilicon - In August, the supply and demand of polysilicon both increased, but the supply growth rate was larger, still facing inventory accumulation pressure. The price will mainly fluctuate at a high level, with the lower limit of the price fluctuation range rising to 47,000 yuan/ton and the upper limit likely to be between 58,000 - 60,000 yuan/ton. It is recommended to try long positions on dips. When the price is high, consider buying put options to short when the volatility is low [3]. Industrial Silicon - From the cost side, raw material prices are rising, and the electricity price in the southwest region will gradually increase during the dry season, raising the cost center of industrial silicon. Although the current output of industrial silicon has increased month - on - month, there are also news of capacity clearance, and small furnaces may be shut down. In August, supply and demand both increased, maintaining a tight balance. If some capacity is cleared in the long - term, the supply pressure will weaken. It is recommended to try long positions on dips, and the main price fluctuation range may be between 8,000 - 9,500 yuan/ton [4]. Logs - The current main contract has switched to the 2511 contract, and the disk valuation fluctuates around the delivery cost and the receiving value range. There is an expectation of marginal improvement in the follow - up fundamentals. The demand is currently firm, maintaining at the level of 60,000 cubic meters. The inventory continues to decline due to less unloading at ports and strong outbound volume. It is expected that the overall shipment in September will be the same as that in August. The new warehouse receipts being registered may suppress the disk. It is recommended to go long on dips [6]. Glass and Soda Ash - **Soda Ash**: The impact of the coking coal event is gradually weakening, and the futures market continues to weaken. The weekly output has rebounded significantly, and the inventory is in a continuous pattern. The current weekly output corresponds to an obvious excess of demand. In the medium - term, after the photovoltaic rush installation in the second quarter, the growth of photovoltaic glass capacity has slowed down, and the float glass capacity has remained flat. There is still pressure on supply and demand in the future, and there may be further cold - repair expectations. Therefore, there is no growth expectation for the overall demand of soda ash. It is recommended to hold short positions [7]. - **Glass**: The impact of the coking coal event is gradually weakening, and the futures market continues to weaken. The middle - stream continuous shipment suppresses the spot price, and manufacturers are forced to cut prices. The market negative feedback continues. The near - month 09 contract has a weak reality, and the far - month 01 contract has a weak expectation. The deep - processing orders are weak, and the low - e glass production rate is continuously low. There is a certain pressure on the rigid demand side of glass. In the long - run, at the bottom of the real estate cycle, the completion volume is shrinking, and the industry needs capacity clearance to solve the over - supply dilemma. High - level short positions established earlier can be closed for profit, waiting for new logical drivers [7]. 3. Summaries According to Relevant Catalogs Natural Rubber Spot Price and Basis - The price of Yunnan state - owned full - latex (SCRWF) in Shanghai decreased by 50 yuan to 14,900 yuan, a decline of 0.33% from August 26th. The full - latex basis (switched to the 2509 contract) increased by 75 yuan to - 860 yuan/ton, a rise of 8.02% [1]. Inter - month Spread - The 9 - 1 spread increased by 40 yuan, a rise of 4.02%; the 1 - 5 spread increased by 5 yuan, a rise of 5.56%; the 5 - 9 spread decreased by 45 yuan, a decline of 4.15% [1]. Production and Consumption Analysis - In June, Thailand's production was 392,600 tons, a 44.23% increase from the previous value; Indonesia's production was 176,200 tons, a 12.03% decrease; India's production was 62,400 tons, a 30.82% increase; China's production was 103,200 tons, a 7.05% increase. The weekly operating rate of semi - steel tires was 73.13%, a 1.06 - percentage - point increase; the weekly operating rate of full - steel tires was 64.76%, a 1.67 - percentage - point increase. In July, domestic tire production was 94.364 million units, an 8.16% decrease; tire exports were 66.65 million units, a 10.51% increase. The total import volume of natural rubber was 474,800 tons, a 2.47% increase [1]. Inventory Change - The bonded area inventory decreased by 3,121 tons to 616,731 tons, a 0.50% decrease; the factory - warehouse futures inventory of natural rubber on the SHFE decreased by 1,612 tons to 44,857 tons, a 3.47% decrease [1]. Polysilicon Spot Price and Basis - The average price of N - type re - feed material remained unchanged at 49,000 yuan; the N - type material basis (average price) increased by 2,295 yuan to 310 yuan, a 115.62% increase [3]. Futures Price and Inter - month Spread - The main contract price decreased by 2,295 yuan to 48,690 yuan, a 4.50% decrease. The spread between the current month and the next - month contract increased by 160 yuan, a 266.67% increase [3]. Fundamental Data - Weekly: The silicon wafer output was 12.29 GW, a 1.57% increase; the polysilicon output was 2.91 kilotons, a 0.68% decrease. Monthly: The polysilicon output was 101 kilotons, a 5.10% increase; the polysilicon import volume was 0.12 kilotons, a 47.48% increase; the polysilicon export volume was 0.21 kilotons, a 3.92% decrease [3]. Inventory Change - The polysilicon inventory increased by 0.7 kilotons to 24.9 kilotons, a 2.89% increase; the silicon wafer inventory decreased by 2.39 GW to 17.41 GW, a 12.07% decrease; the polysilicon warehouse receipts increased by 10 lots to 6,880 lots [3]. Industrial Silicon Spot Price and Main Contract Basis - The price of East China oxygen - passing S15530 industrial silicon decreased by 20 yuan to 9,300 yuan, a 0.53% decrease; the basis (based on oxygen - passing SI5530) decreased by 80 yuan to 775 yuan, a 7.19% decrease [4]. Inter - month Spread - The 2509 - 2510 spread increased by 5 yuan to - 25 yuan, a 16.67% increase; the 2510 - 2511 spread increased by 5 yuan to - 12 yuan, a 25.00% increase [4]. Fundamental Data (Monthly) - The national industrial silicon output was 338.3 kilotons, a 3.23% increase; the Xinjiang industrial silicon output was 150.3 kilotons, a 15.21% decrease; the Yunnan industrial silicon output was 41.2 kilotons, a 153.86% increase [4]. Inventory Change - The Xinjiang inventory increased by 0.31 kilotons to 12.01 kilotons, a 2.65% increase; the Yunnan factory - warehouse inventory increased by 0.05 kilotons to 3.19 kilotons, a 1.59% increase [4]. Logs Futures and Spot Prices - The price of log 2509 decreased by 9.5 yuan to 792 yuan, a 1.19% decrease; the 09 contract basis increased by 9.5 yuan to - 42 yuan [6]. Cost: Import Cost Calculation - The RMB - US dollar exchange rate was 7.156, an increase of 0.002; the import theoretical cost was 815.74 yuan, an increase of 0.20 yuan [6]. Supply (Monthly) - The port shipment volume was 1.733 million cubic meters, a 1.51% decrease; the number of ships from New Zealand to China, Japan, and South Korea was 47, an 11.32% decrease [6]. Inventory: Main Port Inventory (Weekly) - The national log inventory was 3.05 million cubic meters, a 0.33% decrease; the Shandong inventory was 1.86 million cubic meters, a 0.32% increase [6]. Demand: Daily Outbound Volume (Weekly) - The national daily outbound volume was 64,500 cubic meters, a 2% increase; the Shandong daily outbound volume was 34,900 cubic meters, a 3% decrease [6]. Glass and Soda Ash Glass - Related Prices and Spreads - The North China glass quotation remained unchanged at 1,140 yuan; the glass 2505 contract price increased by 1 yuan to 1,267 yuan, a 0.08% increase; the 05 contract basis decreased by 1 yuan to - 127 yuan, a 0.79% decrease [7]. Soda Ash - Related Prices and Spreads - The North China soda ash quotation remained unchanged at 1,350 yuan; the soda ash 2505 contract price decreased by 2 yuan to 1,375 yuan, a 0.15% decrease; the 05 contract basis increased by 2 yuan to - 25 yuan, a 7.41% increase [7]. Supply - The soda ash operating rate was 88.48%, a 1.33% increase; the weekly soda ash output was 771.4 kilotons, a 1.33% increase; the float glass daily melting volume remained unchanged at 159,600 tons [7]. Inventory - The glass market inventory increased by 18 kilotons to 6,360.6 kilotons, a 0.28% increase; the soda ash factory inventory increased by 17 kilotons to 1,910.6 kilotons, a 0.89% increase [7]. Real Estate Data (Year - on - Year Monthly) - The new construction area growth rate was - 0.09%, an increase of 0.09 percentage points; the construction area growth rate was 0.05%, a 2.43 - percentage - point decrease; the completion area growth rate was - 0.22%, a 0.03 - percentage - point decrease; the sales area growth rate was - 6.55%, a 6.50 - percentage - point decrease [7].

Core Viewpoint - Daqo Energy (688303) reported a significant decline in financial performance for the first half of 2025, with total revenue dropping by 67.93% year-on-year to 1.47 billion yuan and a net loss of 1.15 billion yuan, a 71.1% decrease compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 1.47 billion yuan, down from 4.58 billion yuan in 2024, reflecting a decrease of 67.93% [1] - The net profit attributable to shareholders was -1.15 billion yuan, compared to -670 million yuan in 2024, marking a decline of 71.1% [1] - Gross margin fell to -34.05%, a decrease of 1392.89% year-on-year, while net margin dropped to -78.0%, down 433.5% [1] - The total of selling, administrative, and financial expenses reached 159 million yuan, accounting for 10.82% of total revenue, an increase of 776.53% year-on-year [1] - Earnings per share were -0.53 yuan, a decrease of 70.97% from the previous year [1] Changes in Financial Items - Cash and cash equivalents decreased by 66.86% due to funds being allocated to time deposits and structured deposits [3] - Accounts receivable increased by 118.26% as the semiconductor business expanded [3] - Contract liabilities decreased by 44.64% due to falling prices and sales volumes of polysilicon [4] - Accounts payable rose by 267.9% as new bank acceptances were issued for operational expenses [3] Cost and Expense Analysis - Operating costs decreased by 55.84% due to lower sales volumes [4] - Selling expenses fell by 27.0% as overall spending decreased with reduced sales scale [4] - Administrative expenses decreased by 16.44% due to the expiration of employee stock incentives [5] - Financial expenses increased by 106.12% due to lower bank deposit balances and interest rates [6] - R&D expenses decreased by 61.12% as project scales were reduced [7] Cash Flow Analysis - Net cash flow from operating activities improved by 53.6% due to lower unit cash costs and reduced output [7] - Net cash flow from investing activities decreased by 83.15% as there were no new projects [7] - Net cash flow from financing activities decreased by 99.97% as there were no cash dividends due to last year's losses [7] Market Position and Future Outlook - Analysts expect Daqo Energy's performance for 2025 to be a net loss of 1.58 billion yuan, with an average earnings per share of -0.74 yuan [8] - The company's historical financial performance shows a median ROIC of 14.44%, but the worst year recorded a ROIC of -5.91%, indicating a fragile business model [7]

Core Viewpoint - The multi-crystalline silicon market in China remains stable with slight price fluctuations, driven by supply-demand dynamics and production adjustments by manufacturers [1][2]. Price Summary - The transaction price range for n-type re-investment material is between 46,000 to 51,000 yuan/ton, with an average price of 47,900 yuan/ton, remaining unchanged week-on-week [1]. - The average transaction price for n-type granular silicon is 47,000 yuan/ton, reflecting a week-on-week increase of 2.17% [1][2]. - The main order prices for rod silicon remain stable, while smaller orders and granular silicon prices have increased by 1 yuan/kg [1]. Market Dynamics - The number of main signing enterprises in the multi-crystalline silicon market has decreased to 3-4, indicating a reduction in market activity [1]. - One new silicon material enterprise has resumed production, bringing the total number of operating multi-crystalline silicon enterprises in China to 10 [1]. - Companies are independently reducing production and controlling sales, while downstream demand for inventory has increased, contributing to a bullish sentiment in the industry [1]. Production Outlook - The expected production volume for September is around 125,000 to 130,000 tons, down from the original planned production of 140,000 tons [1]. - Silicon wafer enterprises plan to reduce their operating rates to alleviate supply-demand pressure in the silicon wafer segment [1]. - The multi-crystalline silicon segment continues to face inventory accumulation risks, indicating that the supply-demand fundamentals have not significantly improved [1].

Group 1: Company Financial Performance - In the first half of 2025, the company reported a revenue of 9.775 billion yuan, a year-on-year decrease of 26.34% due to losses in the photovoltaic sector and inventory write-downs [1] - The company's net profit attributable to shareholders was -397 million yuan, a year-on-year decrease of 140.60%, marking a shift from profit to loss compared to the same period last year [1] - Despite the losses, the company's operating cash flow net amount reached 3.524 billion yuan, a significant year-on-year increase of 1,987.93% [1] Group 2: Industry Trends and Challenges - The overall demand for industrial silicon is weak, leading to low operating rates for polysilicon and a downward trend in prices, creating a negative feedback loop of "high inventory - low prices - weak demand" across the industry [2] - In the first half of 2025, domestic industrial silicon capacity was approximately 1.85 million tons, with new capacity in the northwest filling the gap during the southwest's dry season, but high inventory levels continued to push prices down [2] - The polysilicon production volume decreased by 44% year-on-year due to inventory accumulation and self-discipline in production limits within the photovoltaic industry [2] Group 3: Policy and Strategic Responses - A recent meeting by the Ministry of Industry and Information Technology aimed to regulate competition in the photovoltaic industry, with agreements among several silicon material companies on production cuts and sales volume control [3] - The company plans to focus on the progress of the photovoltaic industry's "anti-involution" measures and changes in polysilicon operating rates, as well as the demand from emerging industries for organic silicon [3] - The company has implemented several "anti-involution" strategies, including optimizing production processes and enhancing digital transformation to improve efficiency and reduce energy consumption [4] Group 4: Research and Development Initiatives - The company has made significant advancements in new downstream products, including amino silicone oil and silicone emulsions, which meet international standards and cater to the textile and cosmetics industries [5] - The company is actively developing new products in the organic silicon sector, with a focus on applications in electric vehicle battery sealing, 5G base station cooling, and medical-grade silicone [5] - The company has achieved a leading position in the domestic carbon silicon industry, with a 95% yield for 6-inch carbon silicon substrates and ongoing development of 8-inch and 12-inch substrates [6]

Core Insights - The price range for n-type polysilicon recycled materials is between 46,000 to 51,000 CNY per ton, with an average price of 47,900 CNY per ton, remaining stable week-on-week [1] - The average transaction price for n-type granular silicon has increased by 2.17% week-on-week to 47,000 CNY per ton [1] - The number of main signing enterprises in the polysilicon market has decreased to 3-4, indicating a reduction in market activity [1] Price Trends - The price of n-type recycled materials is stable, while n-type granular silicon prices have seen a slight increase [2] - The average price for n-type recycled materials is 47,900 CNY per ton, with no fluctuation [2] - The average price for n-type granular silicon is 47,000 CNY per ton, reflecting a 0.10 CNY increase [2] Market Dynamics - There has been a reduction in the signing volume of polysilicon, with some downstream companies extending their delivery periods to October to secure supply [1] - The market sentiment remains optimistic due to self-reduction in production by companies and increased stocking demand from downstream [1] - The total production of polysilicon in September is expected to be around 125,000 to 130,000 tons, down from the original plan of 140,000 tons [1] Industry Participants - The price statistics are based on data from nine polysilicon production companies, which account for 87% of domestic production [2][3] - The companies involved include Sichuan Yongxiang Co., Ltd., GCL-Poly Energy Holdings Limited, and Xinjiang Goin Technology Co., Ltd., among others [3]

Core Viewpoint - The multi-crystalline silicon market remains stable with slight price fluctuations, while supply and demand fundamentals have not significantly improved, leading to a reliance on market expectations for price increases [1]. Price Summary - The transaction price range for n-type re-investment materials is between 46,000 to 51,000 yuan/ton, with an average transaction price of 47,900 yuan/ton, remaining flat week-on-week [1][2]. - The average transaction price for n-type granular silicon is 47,000 yuan/ton, reflecting a week-on-week increase of 2.17% [1][2]. - The main order prices for rod silicon remain stable, while other small orders and granular silicon prices have increased by 1 yuan per kilogram [1]. Market Dynamics - The number of main signing enterprises in the multi-crystalline silicon market has decreased to 3-4, indicating a reduction in market activity [1]. - One new silicon material enterprise has resumed production, bringing the total number of operating multi-crystalline silicon enterprises in China to 10 [1]. - Companies are implementing self-reduction in production and controlling sales, while downstream demand for inventory has increased, contributing to a bullish sentiment in the industry [1]. Production and Supply Outlook - The expected production volume for September is around 125,000 to 130,000 tons, down from an original planned production of 140,000 tons [1]. - Silicon wafer companies are also planning to reduce their operating rates to alleviate supply-demand pressure in the silicon wafer segment [1]. - The multi-crystalline silicon sector continues to face inventory accumulation risks, indicating that the supply-demand fundamentals have not yet formed substantial improvement [1].

Financial Performance - In the first half of 2025, the company reported operating revenue of 1.47 billion, a year-on-year decrease of 67.93% [1] - The net profit attributable to shareholders was -1.15 billion, compared to -670 million in the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -1.15 billion, down from -694 million year-on-year [1] - The net cash flow from operating activities was -1.61 billion, an improvement from -3.47 billion in the previous year [1] - For 2024, the company achieved operating revenue of 7.41 billion, a year-on-year decrease of 54.62% [1] - The net profit attributable to shareholders for 2024 was -2.72 billion, compared to 5.76 billion in the previous year [1] - The net cash flow from operating activities for 2024 was -5.39 billion, down from 8.74 billion year-on-year [1] Fundraising Activities - The company raised a total of 6.45 billion through its initial public offering, with a net amount of 6.07 billion, exceeding the original plan by 1.07 billion [2] - The initial plan was to raise 5 billion for projects including the production of high-purity semiconductor materials and polycrystalline silicon [2] - The total issuance costs for the IPO were 379.81 million, with underwriting fees amounting to 344.32 million [2] Stock Issuance - In 2022, the company issued A-shares to specific investors, raising a total of approximately 10.99 billion, with a net amount of about 10.94 billion after deducting issuance costs [3] - The issuance price was set at 51.79 per share, with a total of 212,396,215 shares issued [3] - As of December 31, 2023, the company had utilized approximately 10.95 billion of the raised funds, with all funds from the 2022 issuance fully utilized [3] - The current stock price is below the issuance price [3] Total Fundraising - The total amount raised by the company from both fundraising activities is 17.447 billion [4]

1. Report Industry Investment Ratings No specific industry - wide investment ratings are provided in the given report. 2. Core Viewpoints of the Report - The short - term macro upward drive is marginally strengthening, with the market focusing on domestic incremental stimulus policies and easing expectations. Attention should be paid to the progress of Sino - US trade negotiations and the implementation of domestic incremental policies [2][3]. - Different asset classes are expected to show short - term range - bound trends, and specific investment strategies vary according to different sectors. 3. Summary by Relevant Catalogs Macro Finance - Overseas: The attempt to remove Fed Governor Cook has raised concerns about central bank independence, leading to a decline in the US dollar index and US Treasury yields, and an increase in global risk appetite. - Domestic: China's economic data in July slowed down and fell short of expectations. Policy stimulus has been strengthened, and the short - term external risk uncertainty has decreased while domestic easing expectations have increased, resulting in an overall increase in domestic risk appetite. - Asset Recommendations: Stocks are expected to oscillate strongly at a high level in the short term, and short - term cautious long positions are recommended; bonds are expected to oscillate at a high level, and cautious observation is advised; commodities in different sectors are generally expected to oscillate in the short term, and cautious observation is recommended [2]. Stock Index - Affected by sectors such as rare earth concepts, biomedicine, and small metals, the domestic stock market declined slightly. - With the strengthening of policy stimulus, the reduction of short - term external risk uncertainty, and the increase in domestic easing expectations, the short - term macro upward drive is marginally strengthening. Short - term cautious long positions are recommended [3]. Precious Metals - Gold prices are supported in the short term due to increased concerns about independence, rising risk of stagflation, and strengthened rate - cut expectations. However, attention should be paid to the Fed's attitude changes, and the market focus is on the upcoming US PCE data [4][5]. Black Metals - **Steel**: The spot and futures markets of steel continued to be weak. Demand was weak, inventory increased, and supply was expected to decline in the future. With strong cost support, a range - bound approach is recommended in the short term [6]. - **Iron Ore**: The spot and futures prices of iron ore declined. With strong northern production - restriction expectations, cautious procurement by steel mills, and increasing supply pressure, a range - bound approach is expected in the short term [6]. - **Silicon Manganese/Silicon Iron**: The spot prices were flat, and the futures prices declined slightly. Supply in some regions was increasing, but there were potential production - cut plans. A range - bound approach is recommended in the short term [7][8]. - **Soda Ash**: There is a situation of high supply, high inventory, and weak demand. The supply - side contradiction is the core factor suppressing prices. It is expected to oscillate in a range in the short term [9]. - **Glass**: Supply is stable, demand is difficult to increase significantly, and it is expected to oscillate in a range in the short term under the boost of real - estate news [9]. Non - ferrous Metals and New Energy - **Copper**: The impact of Trump's attempt to remove Cook on the copper market is expected to be small in the short term, and domestic demand is expected to weaken marginally [10][11]. - **Aluminum**: The price declined slightly. The fundamentals changed little, and it is expected to oscillate in the short term with limited upward space [11]. - **Aluminum Alloy**: The supply of scrap aluminum is tight, production costs are rising, and demand is weak. It is expected to oscillate slightly stronger in the short term with limited upward space [11]. - **Tin**: Supply is expected to be relatively loose in the long term, and demand is weak. It is expected to oscillate in the short term, with limited upward space [12]. - **Lithium Carbonate**: After the previous sentiment subsided, it is expected to oscillate in a wide range, with a short - term bearish and long - term bullish outlook [13]. - **Industrial Silicon**: It is expected to oscillate in a range, considering the high - level oscillation of black metals and polysilicon [13]. - **Polysilicon**: It is facing a game between strong expectations and weak reality, and is expected to oscillate at a high level in the short term [14]. Energy and Chemicals - **Crude Oil**: Concerns about the Fed's independence and the potential impact of US tariffs on India's oil imports have affected oil prices. There is still some support for oil prices in the near term [16]. - **Asphalt**: Supported by anti - involution in the petrochemical industry and rising crude oil prices, but with limited inventory reduction, it is expected to remain weakly oscillating in the near term [16]. - **PX**: It is in a tight situation in the short term and is expected to oscillate while waiting for changes in PTA device operations [16]. - **PTA**: Driven by capacity adjustments and increased downstream demand, it is expected to maintain a relatively strong oscillating pattern in the short term [17]. - **Ethylene Glycol**: Port inventory has decreased slightly. Supported by downstream demand recovery, but facing supply pressure, short - term buying on dips should pay attention to crude oil cost fluctuations [18][19]. - **Short - fiber**: Driven by sector resonance, its price increased slightly. It is expected to follow the polyester sector and may be shorted on rallies in the medium term [19]. - **Methanol**: The fundamentals are showing marginal improvement, but the oversupply situation remains. It is expected to oscillate in price [19]. - **PP**: Supply pressure is increasing, but there is policy support. The 09 contract is expected to oscillate weakly, and the 01 contract should focus on peak - season inventory - building [19]. - **LLDPE**: Supply pressure remains, and demand shows signs of turning. The 09 contract is expected to oscillate weakly, and the 01 contract should focus on demand and inventory - building [19]. Agricultural Products - **US Soybeans**: The selling pressure of US Treasuries has increased, and the weakening of the US dollar has provided some support to commodities. The expected Sino - US trade negotiations have boosted the export sales expectations of US soybeans [20]. - **Soybean and Rapeseed Meal**: The pressure of continuous inventory accumulation of domestic soybean and soybean meal in oil mills has eased. Rapeseed meal still has the basis for upward fluctuations. Attention should be paid to the development of Sino - Canadian trade relations [21]. - **Oils**: Rapeseed oil inventory is decreasing, and the supply is expected to shrink; soybean oil is expected to have a low - valuation price - increase market; palm oil is expected to enter an oscillating phase [21]. - **Corn**: The national corn price is running weakly. The futures price has entered a relatively low - valuation range, and there is a low possibility of breaking through the previous range [21]. - **Pigs**: The weight of pigs has declined, and the second - fattening market is cautious. The market's pessimistic sentiment about the fourth - quarter outlook has increased [22].

Core Viewpoint - Daqo New Energy (688303.SH) reported a significant decline in financial performance for the first half of 2025, primarily due to the imbalance in supply and demand in the silicon material market, leading to a sharp drop in polysilicon prices [1] Financial Performance - The company achieved a revenue of 1.47 billion yuan, representing a year-on-year decrease of 67.93% [1] - The net profit attributable to shareholders was a loss of 1.147 billion yuan [1] - The non-recurring net profit also showed a loss of 1.154 billion yuan [1] - Basic earnings per share were reported at -0.53 yuan [1]