Group 1: Report Investment Rating - No investment rating information provided Group 2: Core Views - For industrial silicon, the futures price showed a weak oscillation, and the spot price remained stable. The fundamentals changed little, and it was expected to oscillate at the bottom in the short - term [1][3] - For polysilicon, the futures price oscillated, and the spot price was stable. The fundamentals were weak, and the market might maintain a wide - range oscillation in the short - term due to improved commodity sentiment and more capital games [4][6] Group 3: Industrial Silicon Summary Market Analysis - On June 16, 2025, the industrial silicon futures price oscillated weakly. The 2507 main contract opened at 7305 yuan/ton and closed at 7370 yuan/ton, a change of 0.41% from the previous settlement price. The 2505 main contract held 323363 positions at the close, and on June 17, the total number of warehouse receipts was 56823, a decrease of 1097 from the previous day [1] - The industrial silicon spot price was stable. The price of East China oxygen - passing 553 silicon was 8000 - 8300 yuan/ton, 421 silicon was 8400 - 9000 yuan/ton, Xinjiang oxygen - passing 553 silicon was 7500 - 7700 yuan/ton, and 99 silicon was 7500 - 7700 yuan/ton [1] - As of June 12, the total social inventory of industrial silicon in major areas was 57.2 tons, a decrease of 1.5 tons from the previous week. Among them, the general social warehouse was 13.3 tons, a decrease of 0.2 tons, and the social delivery warehouse was 43.9 tons, a decrease of 1.3 tons [1] Consumption End - The organic silicon DMC quotation was 10400 - 11100 yuan/ton, a decrease of 200 yuan/ton. The domestic organic silicon DMC market's transaction center continued to decline, and the mainstream transaction price was about 10700 yuan/ton. The lowest transaction price in Shandong was below 10500 yuan/ton. The operating rate of organic silicon monomer enterprises was expected to approach 70%, and the DMC transaction center was expected to decline slightly [2] Strategy - The industrial silicon futures price oscillated, and the spot price was stable. The fundamentals changed little, and it was expected to oscillate at the bottom in the short - term. The strategy was to operate within a range, and upstream enterprises could sell hedging at high prices [3] Group 4: Polysilicon Summary Market Analysis - On June 16, 2025, the polysilicon futures 2507 main contract oscillated. It opened at 33765 yuan/ton and closed at 34320 yuan/ton, a 1.93% change from the previous trading day. The main contract held 51277 positions, and the trading volume was 62835 [4] - The polysilicon spot price was stable. The re - feeding material was priced at 31.00 - 34.00 yuan/kg, dense material at 29.00 - 34.00 yuan/kg, cauliflower material at 28.00 - 31.00 yuan/kg, granular silicon at 30.00 - 32.00 yuan/kg, N - type material at 34.00 - 37.00 yuan/kg, and N - type granular silicon at 32.00 - 34.00 yuan/kg [4] - Polysilicon factory inventory increased slightly, and silicon wafer inventory decreased. The latest polysilicon inventory was 27.50, a 2.23% change, silicon wafer inventory was 19.34GW, a - 3.40% change. The weekly polysilicon output was 23800.00 tons, an 8.00% change, and the silicon wafer output was 13.10GW, a 0.40% change [4][5] - In terms of silicon wafers, the domestic N - type 18Xmm silicon wafer was 0.91 yuan/piece, N - type 210mm was 1.27 yuan/piece, and N - type 210R silicon wafer was 1.06 yuan/piece [5] - In terms of battery cells, the high - efficiency PERC182 battery cell was 0.27 yuan/W, PERC210 was about 0.28 yuan/W, TopconM10 was about 0.24 yuan/W, Topcon G12 was 0.26 yuan/W, Topcon210RN was 0.27 yuan/W, and HJT210 half - piece battery was 0.37 yuan/W [5] - For components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.69 - 0.70 yuan/W, and N - type 210mm was 0.70 - 0.70 yuan/W [5] Strategy - The polysilicon futures price oscillated, and the spot price was stable. The fundamentals were weak, and the market might maintain a wide - range oscillation in the short - term. The strategy was neutral [6]

新安股份（600596）公告，公司与马来西亚国家石油公司(马石油)于2025年6月14日在马石油总部签署 《战略合作谅解备忘录》。该备忘录属于合作意向文件，不涉及具体金额，旨在提供战略合作框架，确 定具体工作安排，并建立沟通渠道。双方将探索在有机硅下游特种产品及解决方案领域的合作机会，以 及其他潜在合作领域。合作将优化公司全球产业链布局，提升有机硅终端产品的国际市场竞争力。 ...

Group 1: Report Industry Investment Rating - The investment rating for industrial silicon is "oscillating", and for polysilicon is also "oscillating" [5] Group 2: Core Views of the Report - For industrial silicon, the spot price lacks obvious rebound momentum. The futures market rebounded this week possibly due to factors such as following the coking coal rebound, increased spot holding willingness, and concerns about insufficient delivery products. It is expected to oscillate at a low level, and one can consider short - selling lightly after a rebound. Attention should be paid to supply - side changes and the cash - flow risks of large manufacturers [4][16] - For polysilicon, whether leading enterprises reduce production will significantly affect the fundamentals. Before the leading enterprises cut production, the fundamentals are bearish for the futures market. A strategy of short - term short and long - term long can be considered, with the key being the production - cut actions of leading enterprises [4][16] Group 3: Summary by Relevant Catalogs 1. Industrial Silicon/Polysilicon Industry Chain Prices - This week, the Si2507 contract of industrial silicon increased by 55 yuan/ton to 7345 yuan/ton, while the SMM spot prices of East China oxygen - blown 553 remained at 8150 yuan/ton and Xinjiang 99 at 7600 yuan/ton. The PS2507 contract of polysilicon decreased by 1045 yuan/ton to 33695 yuan/ton, and the N - type re -投料 transaction price decreased by 800 yuan/ton to 36700 yuan/ton [10] 2. Spot Lacks Rebound Momentum, Pessimistic Mood Prevails at SNEC Exhibition - **Industrial Silicon**: This week, the industrial silicon futures oscillated. The weekly production was 7.31 tons, with a monthly increase of 4.18%. Sichuan has entered the wet season, and some silicon plants have resumed production. Yunnan may start in July, but no clear electricity price discount has been given, and most plants do not plan to work. The SMM industrial silicon social inventory decreased by 1.5 tons, and the sample factory inventory decreased by 0.32 tons. The demand side has not improved significantly, and the current level of supply contraction does not support a significant rebound in spot prices for industrial silicon [2][12] - **Silicone**: This week, the silicon price continued to decline. The overall enterprise operating rate was about 70.44%, with a month - on - month decrease of 3.91pct. The weekly, with a month - on - month growth of 1.02%. Supply has picked up, demand is weak, and inventory has piled up, so prices are expected to face downward pressure [13] - **Polysilicon**: This week, the prices of the main futures contract of polysilicon oscillated downward. The production schedule for June is expected to remain at 96,000 tons, and it is expected to reduce inventory by about 10,000 tons. As of June 12, the inventory of Chinese polysilicon factories was 275,000 tons, with a month - on - month increase of 6,000 tons. Whether leading enterprises can jointly cut production to support prices will have a major impact on the fundamentals [3][13] - **Silicon Wafers**: This week, silicon wafer prices continued to fall. As of June 12, the silicon wafer factory inventory was 19.34GW, with a month - on - month decrease of 0.68GW. The production schedule for June is 55GW, which may lead to continued inventory accumulation. Leading enterprises are engaged in price wars, and prices are expected to face downward pressure [14] - **Battery Cells**: This week, battery cell prices continued to decline. The production schedule for June is expected to be 53GW, and the inventory is still accumulating. As of June 9, the inventory of Chinese photovoltaic battery export factories was 14.98GW, with a month - on - month increase of 1.14GW. Battery cell production cuts are slow, and leading enterprises are engaged in price wars, so prices are expected to face downward pressure [14] - **Components**: This week, component prices were basically stable. The production schedule for June is about 50GW, with a month - on - month decrease of 10%. Demand is expected to weaken significantly from July to August. Domestic component demand faces pressure, and overseas restocking willingness needs to be observed in the second half of the year. Component prices are expected to oscillate at a low level [15] 3. Investment Advice - **Industrial Silicon**: Consider short - selling lightly after a rebound. Pay attention to supply - side changes and the cash - flow risks of large manufacturers [4][16] - **Polysilicon**: Adopt a strategy of short - term short and long - term long, and pay attention to the production - cut actions of leading enterprises. Manage positions carefully when building positions on the left - hand side [4][16] 4. Hot News Compilation - Zhu Gongshan pointed out at the 2025 SNEC PV+ International Photovoltaic Conferences that the photovoltaic industry is undergoing three major changes: abnormal industrial evolution curve, rewritten market development logic, and extended industrial boundary attributes [17] - Longi Green Energy's 3GW BC photovoltaic component project was publicly announced. The project is located in Wuzhong, Ningxia, with a total investment of 300 million yuan [17] - Anhui Huasheng's 3.3GW silicon wafer technical renovation and expansion project's environmental assessment was accepted. After the project is completed, the silicon wafer production capacity will increase from 2.7GW to 6GW [18] 5. High - Frequency Data Tracking of the Industry Chain - **Industrial Silicon**: Includes data such as spot prices, weekly production in different regions, and social and factory inventories [20][22][26] - **Silicone**: Covers data on DMC spot prices, weekly profits, factory inventories, and weekly production [29][30] - **Polysilicon**: Involves data on spot prices, weekly gross profits, factory weekly inventories, and enterprise weekly production [33][34] - **Silicon Wafers**: Contains data on spot prices, average net profits, factory weekly inventories, and enterprise weekly production [35][38][39] - **Battery Cells**: Includes data on spot prices, average net profits, export factory weekly inventories, and enterprise monthly production [41][43][47] - **Components**: Covers data on spot prices, average net profits, factory inventories, and enterprise monthly production [49][52][54]

Group 1 - The article discusses the development outlook of the silicone industry during the "14th Five-Year Plan" period in China, highlighting the importance of sustainable growth and innovation in this sector [1] - The event is organized by the China Nonferrous Metals Industry Association, indicating a strong institutional support for the silicone industry [1] - The article features prominent guests with extensive backgrounds in silicone and new materials research, emphasizing the expertise available in the field [5][8] Group 2 - Bai Hongqiang, a key guest, has been involved in silicone and chemical new materials policy and market research since 2005, showcasing his significant contributions to over a hundred related consulting projects [5] - Wei Kuixian, another featured expert, has received multiple awards for his research in silicon metallurgy and materials, reflecting the high level of academic and practical expertise in the industry [8]

Group 1 - The article discusses the development outlook of the silicone industry during the "14th Five-Year Plan" period in China, highlighting the importance of sustainable growth and innovation in this sector [1] - The event is organized by the China Nonferrous Metals Industry Association, indicating a strong institutional support for the industry [1] - The article features prominent guests with extensive backgrounds in silicone and new materials, emphasizing the expertise and research focus within the industry [5][8] Group 2 - Bai Hongqiang, a key guest, has been involved in silicone and chemical new materials policy and market research since 2005, showcasing the depth of experience in the field [5] - Wei Kuixian, another guest, is recognized for his contributions to silicon metallurgy and materials research, reflecting the academic and practical advancements in the industry [8] - The presence of these experts suggests a collaborative effort towards enhancing the technological standards and innovation in the silicone sector [5][8]

中化新网讯 "2025年，晶硅光伏产业链启动行业自律措施，主动调整产能，铝合金和有机硅领域需求持 续增长，预计工业硅需求端增速将有所放缓。另外，根据行业周期规律，本轮有机硅行业扩产周期已近 尾声，市场已逐步消化新增产能，行业阶段性供需错配正趋向平衡，且受益于新能源、5G、特高压等 新兴产业高速发展，预计2025年有机硅行业需求有望保持较高增速。"5月6日，合盛硅业（603260）董 事长罗立国在2024年度暨2025年一季度业绩说明会上如是表示。 罗立国认为，2025年有机硅行业展现出广阔发展前景，新兴领域或成为核心增长驱动力，增长动能来自 逐步取代传统石油基材料及新兴应用场景拓展。具体来看，室温胶和高温胶受新能源市场需求驱动；液 体胶和硅树脂虽下游分散，但因新应用场景拓展而需求增长迅速。 在回答投资者有关工业硅2025年一季度期末库存和停产计划相关问题时，公司董事兼财务总监张雅聪表 示，公司工业硅2025年度一季度期末维持在一个月左右的库存水平。谈及公司2025年工业硅单位生产全 成本和现金成本，张雅聪对投资者表示，公司主要产品工业硅的生产成本受电价及原材料硅石、还原剂 等多方面影响，各地区存在一定的差异。 ...

周度报告—工业硅/多晶硅 估值低位易受扰动，基本面仍待改善 | [T走ab势le_评R级an：k] | 工业硅：震荡/多晶硅：震荡 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 报告日期： | 2025 | 年 | 6 | 月 | 8 | 日 | [★Ta工bl业e_硅Summary] 6 月四川进入丰水期，部分硅厂陆续复产。云南 7 月进入丰水 期，由于电价没有明确给予优惠，因此大部分硅厂仍处于观望 状态。需求端仍无明显起色。盘面快速下跌后，硅厂惜售，期 现手中的货源出货情况较好，但硅厂惜售也导致工厂库存不断 累积，不排除库存压力下部分硅厂仍将降价出货。目前盘面价 格几乎跌破全行业现金成本线，后续关注供给的进一步变化。 ★多晶硅 有 色 金 属 节后现货成交较少，采购方压价情绪强烈，而一线硅料厂仍在 挺价，导致双方处于僵持状态，二三线料厂前期价格有所下 移。6 月硅料排产上调至 9.6 万吨，单月仍有望去库 1 万吨左 右。前期下游备货使得原材料库存变动较大，但备货主力仍为 前期原材料库存较高的几家硅片厂，其余硅片厂无太多原材料 囤货。下 ...

Core Viewpoint - Foreign investment in China is accelerating, with a notable increase in newly established foreign-invested enterprises, reflecting confidence in the Chinese market and its evolving business environment [1][6]. Group 1: Investment Trends - Wacker's recent expansion project in Zhangjiagang marks its largest single investment in 15 years, emphasizing a strategic commitment to long-term growth in China [2]. - In the first four months of the year, the number of newly established foreign-invested enterprises in China increased by 12.1% year-on-year, indicating sustained foreign interest [6]. - The total sales from Asia account for 37% of Wacker's global revenue, with approximately half of that coming from China, showcasing the region's significance to the company [2]. Group 2: Market Environment - China's broad market and improving business environment provide a solid foundation for foreign enterprises, as highlighted by the National Development and Reform Commission's report on the business environment [2]. - The Chinese government is actively reducing restrictions on foreign investment and enhancing trade facilitation, which boosts investor confidence [2][6]. Group 3: Industry Development - Emerging industries in China, such as green energy, automation, and new energy vehicles, are attracting international cooperation and investment [3]. - The development of artificial intelligence and digital technologies presents new opportunities for collaboration between foreign companies and Chinese enterprises [4]. Group 4: Localization Strategies - A significant percentage of German companies in China are advancing localization strategies, with 75% of members from the China-Germany Chamber of Commerce focusing on local operations [5]. - The establishment of a robust supply chain in China is becoming crucial for foreign companies, as seen in the case of Westinghouse, which benefits from the Belt and Road Initiative [5]. Group 5: Policy and Future Directions - The Chinese government is prioritizing the landing of key foreign investment projects, particularly in telecommunications, healthcare, and education, to enhance the quality of foreign investments [6][7]. - The "2025 Action Plan for Stabilizing Foreign Investment" aims to expand pilot programs in various sectors, indicating a strategic approach to attract high-quality foreign investments [6].

General Overview - Ningbo Runhe High-Tech Materials Co., Ltd. is established as a joint-stock company under the Company Law of the People's Republic of China [1][3] - The company was formed by the overall restructuring of its predecessor, Ningbo Runhe High-Tech Materials Co., Ltd., and has inherited all rights and obligations [3][4] - The company is registered with a capital of RMB 179.867353 million [3][4] Company Structure - The company has issued a total of 179,867,353 shares, all of which are ordinary shares [4][5] - The company follows principles of openness, fairness, and justice in its share issuance [4][5] - The company’s shares are stored in a centralized manner at the Shenzhen branch of China Securities Depository and Clearing Co., Ltd. [4][5] Business Objectives and Scope - The company's business objective is to adopt advanced technology and scientific management methods to improve economic efficiency and provide acceptable returns to investors [3][4] - The approved business scope includes research, manufacturing, and sales of organic silicon new materials and textile printing and dyeing auxiliaries, as well as logistics and import-export activities [3][4] Shareholder Rights and Responsibilities - Shareholders have the right to request information, supervise the company's operations, and participate in decision-making processes [16][18] - The company ensures the protection of shareholders' rights, particularly for minority shareholders [16][17] - Shareholders are obligated to comply with laws and regulations, and they cannot abuse their rights to harm the company or other shareholders [16][17] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for convening and voting [42][43] - Shareholder meetings must be held within two months of certain significant events, such as losses reaching one-third of the registered capital [43][44] - The company provides a platform for online voting to facilitate shareholder participation [80][81] Decision-Making Processes - Ordinary resolutions require more than half of the voting rights present, while special resolutions require two-thirds [75][77] - The company must disclose the voting results for significant matters affecting minority investors [35][36] - Related party transactions must exclude the votes of related shareholders to ensure fairness [36][37]

Core Viewpoint - The company, Xinyaqiang Silicon Chemical Co., Ltd., has announced a cash dividend distribution of 0.40 CNY per share, totaling 126,314,720 CNY, which was approved at the annual shareholders' meeting on April 30, 2025 [1][6]. Dividend Distribution Details - The cash dividend of 0.40 CNY per share is based on a total share capital of 315,786,800 shares [1]. - The key dates for the dividend distribution are as follows: - Record date: June 5, 2025 - Last trading date: June 6, 2025 - Ex-dividend date: June 6, 2025 - Dividend payment date: June 6, 2025 [1]. Taxation Information - For individual shareholders holding shares for more than one year, the dividend income is exempt from personal income tax, resulting in a net cash dividend of 0.40 CNY per share [2]. - For shares held for one year or less, the tax will be calculated upon the transfer of shares, with the same net cash dividend of 0.40 CNY per share [2]. - The actual tax burden for shareholders holding shares for different durations is as follows: - Less than one month: 20% tax on the dividend - One month to one year: 10% tax on the dividend - Over one year: Exempt from tax [3]. - For Qualified Foreign Institutional Investors (QFII), a 10% withholding tax applies, resulting in a net cash dividend of 0.36 CNY per share [4]. - For Hong Kong investors through the Stock Connect, a 10% withholding tax also applies, leading to a net cash dividend of 0.36 CNY per share [5]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the board office at 0527-88262288 [5].