Core Viewpoint - Tianyi New Materials (688033.SH) has initiated a pre-restructuring process due to financial difficulties, primarily driven by industry-wide challenges in the photovoltaic sector and increased competition in the rail transit market [1][2][3][4] Company Overview - Tianyi New Materials is a leading supplier of powder metallurgy brake pads for high-speed trains, listed on the Sci-Tech Innovation Board since July 22, 2019 [1] - The company has expanded its product innovation and industrial application strategy in green energy materials, including carbon-carbon composites for photovoltaic applications and high-performance carbon-ceramic composites for new energy vehicles [1] Industry Challenges - The global photovoltaic industry has entered a deep cyclical adjustment period starting in 2024, characterized by supply-demand mismatches and significant price declines, with core component prices dropping to one-third of their peak [2] - The carbon-carbon composite and quartz crucible sectors, where Tianyi operates, are experiencing severe impacts from overcapacity and price declines, leading to reduced revenue and gross margin [2] - Increased competition in the rail transit brake pad market, with nearly ten certified suppliers, has pressured Tianyi's margins and revenue despite maintaining a strong market position [2] Financial Strain - Tianyi's financial performance has been under significant pressure, with multiple lawsuits leading to the freezing of most bank accounts, totaling 133.52 million yuan, which is 3.86% of the company's net assets and 74.52% of its cash [3] - As of the third quarter, the company reported total assets of 5.837 billion yuan, with fixed assets of 3.034 billion yuan and accounts receivable of 690 million yuan, while achieving a revenue of 564 million yuan [3] Business Segments and Future Outlook - The company maintains advantages in technology development, customer channels, and manufacturing across its four business segments: rail transit, photovoltaic new energy, automotive, and aerospace [4] - Despite the cyclical downturn in the photovoltaic sector, there is potential for recovery and performance improvement once the industry reaches an inflection point [4] - The restructuring process is viewed as a viable option for companies with recovery potential, allowing them to alleviate financial burdens and regain operational capabilities [4]

Core Viewpoint - Tianyi New Materials (688033.SH) has initiated a pre-restructuring process due to financial difficulties, primarily driven by industry-wide challenges in the photovoltaic sector and increased competition in the rail transit market [1][2][3] Company Overview - Tianyi New Materials is a leading supplier of powder metallurgy brake pads for high-speed trains in China, listed on the Sci-Tech Innovation Board since July 22, 2019 [1] - The company has expanded its product innovation and industrial application strategy in green energy materials, including carbon/carbon composites for photovoltaic new energy, high-performance carbon-ceramic composites for new energy vehicles, and carbon fiber composites for aerospace [1] Industry Challenges - The global photovoltaic industry has entered a deep cyclical adjustment period starting in 2024, characterized by supply-demand mismatches and significant price declines, with core component prices dropping to one-third of their peak [2] - Tianyi New Materials' core products, including photovoltaic carbon/carbon composites and quartz crucibles, are severely impacted due to upstream position in the photovoltaic supply chain [2] - The carbon/carbon composite industry faces overcapacity and price declines, while the quartz crucible sector is experiencing price retraction due to increased volume and reduced prices in photovoltaic products [2] Financial and Operational Impact - Tianyi New Materials has faced significant performance pressure, with multiple lawsuits leading to the freezing of most bank accounts, totaling 133.52 million yuan, which is 3.86% of the company's net assets as of mid-2025 [3] - The company reported total assets of 5.837 billion yuan and a revenue of 564 million yuan for the first three quarters of the year, with a continued reduction in net profit [3] Business Segments and Future Outlook - The company operates in four main business segments: rail transit, photovoltaic new energy, automotive, and aerospace, maintaining advantages in technology development, customer channels, and manufacturing capabilities [4] - The rail transit segment remains a stable foundation for the company, while the photovoltaic new energy segment, despite current challenges, has potential for growth when the industry recovers [4] - The restructuring process is seen as a potential opportunity for the company to alleviate financial burdens and regain operational capabilities, similar to other companies that have successfully navigated through restructuring [4]

Group 1 - The core viewpoint emphasizes the importance of addressing "involution" competition to facilitate the construction of a unified national market, which is crucial for high-quality economic development over the next five years [1] - Recent efforts in combating "involution" competition have shown some success, with policies and regulations leading to a shift from low-level price competition to value competition in various sectors, improving market order and adjusting competitive landscapes [1] - The photovoltaic industry has seen a recovery in price transmission mechanisms due to government actions against below-cost sales, prompting industry restructuring and the exit of outdated capacities [1] Group 2 - Despite progress, challenges remain, such as local protectionism and market segmentation, with local governments still using hidden methods like tax rebates and low land sales to interfere with the market [2] - The governance of platform economies faces new challenges, including data misuse and algorithm collusion, indicating a need for enhanced regulatory measures [2] - There is a call for stronger innovation capabilities among enterprises and a more activated innovation ecosystem to effectively combat "involution" [2] Group 3 - Recommendations include improving policy regulations, enhancing policy coordination, and advancing the establishment of a unified national market, with a focus on standardizing market rules and regulatory enforcement [2] - The establishment of a cross-regional collaborative regulatory mechanism is suggested, along with a unified market supervision platform to share enterprise credit information and recognize enforcement standards [2] - The optimization of local government performance assessment systems is necessary to eliminate local protectionism and market fragmentation [2] Group 4 - Increased regulatory efforts in the platform economy are proposed, including detailed compliance guidelines and the establishment of a monitoring system using big data and AI to detect abnormal trading behaviors [3] - Encouragement for enterprises to shift resources from homogeneous production to core technology research and development is emphasized to create differentiated competitive advantages [3] - A comprehensive approach to protect the rights of flexible employment groups is recommended, including the standardization of platform employment relationships and the establishment of a unified service platform for flexible employment [3]

1. Report Industry Investment Rating - There is no information provided in the report regarding the industry investment rating. 2. Core Views of the Report - Macroeconomically, China's economy maintains a long - term stable and positive trend. The sentiment in the domestic industrial products market is boosted by factors such as the Sino - US economic and trade talks reaching a phased consensus, the continued recovery of industrial enterprise profit growth, and the emphasis on high - quality development and green energy transformation [3][49]. - On the supply side, the supply shows a slight growth trend with Xinjiang's high - level production, a small decline in production in Sichuan and Yunnan during the flat - water period, and the inability of Gansu and Inner Mongolia to maintain production growth. Social inventory is rising at a high level [3][21][49]. - On the demand side, the photovoltaic industry is in a new balance cycle with both supply and demand contracting. Traditional industries like organic silicon and aluminum alloy maintain a certain degree of resilience, which is conducive to stabilizing the basic consumption of industrial silicon. In November, the demand side is expected to continue structural adjustments [3][39][49]. 3. Summary by Directory 3.1 2025 October Industrial Silicon Market Review 3.1.1 Industrial Silicon Futures Price - In October 2025, the industrial silicon futures price showed a stable and rising trend. The main 2512 contract traded between 8800 - 9310 yuan/ton, with the price center slightly higher than the previous month. The price at the end of the month was 9100 yuan/ton, with a monthly increase of 5.3% [8]. 3.1.2 Spot Market - The overall spot market was stable. The average production cost in October was 9095.95 yuan/ton, basically unchanged from the previous month. The overall furnace - opening rate rose slightly to 40.2%. The prices of mainstream grades were generally stable, with some expected to rise slightly in November [9][10][12]. 3.2 Macroeconomic Analysis - The "15th Five - Year Plan" emphasizes high - quality development, including strengthening the top - level design of artificial intelligence, building a new energy system, and promoting green energy transformation. It also aims to develop emerging pillar industries and future industries, which will bring new economic growth points [14][18][19]. 3.3 Fundamental Analysis 3.3.1 Production - In October, Xinjiang's silicon enterprise operating rate rose above 80%, while the production in Sichuan and Yunnan decreased during the flat - water period. Gansu and Inner Mongolia failed to maintain growth. The national industrial silicon production in October was 45.2 tons, a year - on - year decrease of 1.7%, and the cumulative production from January to October was 346.6 tons, a year - on - year decrease of 16.2% [21]. 3.3.2 Exports - From January to September, the cumulative export volume of industrial silicon was 56.2 tons, a year - on - year increase of 2%. In September, the export volume was 7.02 tons, a year - on - year increase of 8%. It is expected that the export volume in November will remain between 7 - 8 tons [26]. 3.3.3 Inventory - By the end of October, the social inventory of industrial silicon rose to 55.8 tons, a month - on - month increase of 1.3 tons. The warehouse receipt inventory decreased by 7.32% month - on - month. It is expected that the social inventory will decline at a high level in November [30]. 3.3.4 Downstream Demand - Polysilicon production increased in October, but the market is concerned about the follow - up of the new platform. Silicon wafer production is expected to decline due to reduced overseas demand. The battery and component markets are also facing challenges, but the component market demand is gradually improving. Organic silicon has limited price - support space, and the fundamentals have not significantly improved. The aluminum alloy market is in the peak season, with stable production and processing fees, and the production is expected to continue to increase in November [34][37][38]. 3.4 Market Outlook - Macroeconomically, the domestic industrial products market sentiment is boosted. The supply side shows a slight growth, and the demand side will continue structural adjustments. The photovoltaic industry may enter a new balance cycle, and traditional industries will maintain a certain degree of resilience [3][49].

Group 1: Market Performance - The housing prices in Dingbian County have increased significantly, with new residential property prices surpassing 5000 yuan per square meter by October 2025, up from less than 4000 yuan per square meter in 2022, marking a cumulative increase of over 25% in three years [1] - This price surge occurs amidst a nationwide real estate market adjustment, where most first and second-tier cities are experiencing price declines [1] Group 2: Demographic Trends - Dingbian County is one of the few counties in China with a continuously growing population, having added 30,000 residents since 2011, contrasting with the population decline in approximately 1480 counties across the country [5] - The county has a relatively young population, with 63.93% of residents aged between 15 and 59, which is higher than the national average, indicating a strong potential home-buying demographic [7] Group 3: Urbanization and Economic Factors - Dingbian County's urbanization rate is at 53%, significantly below the national average of 67%, suggesting ongoing housing demand as rural populations transition to urban areas [9] - The county is a leading oil and gas production area, contributing 3% of China's total oil and gas output, which has created substantial wealth and economic growth [10][11] Group 4: Industrial Development - The local government is actively diversifying the economy to reduce reliance on oil and gas, focusing on renewable energy development, particularly wind and solar power [14] - Dingbian County has successfully attracted major companies in the renewable energy sector, establishing a complete supply chain from power generation to equipment manufacturing [15][17] Group 5: Future Opportunities - The county is positioning itself to capitalize on the storage sector, particularly lithium-ion battery technology, which is crucial for the sustainable development of the renewable energy industry [21][22] - Dingbian County aims to develop a comprehensive energy storage ecosystem, focusing on system integration and specific application scenarios to enhance its competitive edge in the energy transition [25][27]

Group 1 - The Federal Reserve has lowered the policy interest rate to 3.75%–4.0% and will stop quantitative tightening from December 1, indicating a focus on maintaining market liquidity [1][2] - There is significant internal disagreement within the Federal Reserve regarding future interest rate policies, with some members opposing further rate cuts [2] - The U.S. economy is growing at approximately 3.9%, but inflation remains a concern, complicating the decision-making process for interest rate adjustments [2] Group 2 - Silver has decoupled from gold recently, with silver prices rising while gold continues to decline, driven by a strong dollar and reduced geopolitical risks [3][4] - Silver's dual financial and industrial attributes make it particularly valuable in the context of the green energy transition, with significant demand from the solar and electric vehicle industries [4][5] - The historical gold-to-silver ratio is currently at 82, which is still high compared to the typical range of 50–70, suggesting potential for silver to catch up, although the primary drivers for precious metal price increases are financial rather than industrial [5][6]

Group 1 - A recent survey indicates that over half of Americans believe the U.S. should cooperate and engage with China, a significant increase from 40% in 2024, marking the first time since 2019 that a majority favors a "friendly" policy towards China [1] - The survey results also show that most Americans oppose increasing tariffs on Chinese imports, reflecting a strategic dilemma in U.S. tariff policy, as the ongoing trade war has resulted in substantial costs for the U.S. despite the previous administration's firm stance on tariffs [1] - Since the return of the Trump administration in January, U.S.-China trade relations have experienced a cycle of collapse, partial recovery, and sharp deterioration across various sectors, leading to unprecedented economic backlash in the U.S. [1] Group 2 - In the solar industry, the U.S. imposed tariffs as high as 250% on Chinese solar panels to protect domestic companies, but this has not resulted in growth for local firms and has instead delayed installation progress by several years [2] - The impact of these tariff policies has contributed to rising inflation in the U.S. and weakened corporate competitiveness, as evidenced by a drop in the consumer confidence index to a six-month low in October [2] - As the survey results are released, a meeting between the U.S. and China is scheduled to take place during the APEC conference in South Korea, suggesting a potential shift towards cooperation amid ongoing inflation and employment market fluctuations in the U.S. [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For industrial silicon, the supply-side production schedule is increasing, and it is near the historical average level. The demand recovery is at a low level, and the cost support has increased. It is expected to fluctuate in the range of 8855 - 9075 [3][6]. - For polysilicon, the supply-side production schedule will increase in the short term and is expected to回调 in the medium term. The demand for silicon wafers, battery cells, and components will decrease in the short term and is expected to recover in the medium term. Overall, the demand shows a continuous recovery trend, and the cost support is stable. It is expected to fluctuate in the range of 53655 - 55345 [7][8]. 3. Summaries According to Relevant Catalogs 3.1 Daily Views 3.1.1 Industrial Silicon - **Fundamentals**: Last week, the supply of industrial silicon was 101,000 tons, a 2.02% increase from the previous week. The demand was 98,000 tons, with the polysilicon inventory at 254,000 tons, silicon wafers and battery cells in a loss state, and components profitable. The organic silicon inventory was 55,100 tons, with a production profit of -454 yuan/ton and a comprehensive operating rate of 70.05%, which was flat compared to the previous week and lower than the historical average. The aluminum alloy ingot inventory was 75,300 tons, and the import loss was 276 yuan/ton. The cost support in the dry season has increased [6]. - **Basis**: On October 27, the spot price of non-oxygenated silicon in East China was 9300 yuan/ton, and the basis of the 01 contract was 335 yuan/ton, with the spot at a premium to the futures [6]. - **Inventory**: The social inventory was 559,000 tons, a 0.53% decrease from the previous week. The sample enterprise inventory was 167,700 tons, a 0.17% decrease. The main port inventory was 123,000 tons, a 2.50% increase [6][15]. - **Disk**: The MA20 is downward, and the futures price of the 01 contract closed above the MA20 [6]. - **Main Position**: The main position is net short, and the short position is decreasing [6]. 3.1.2 Polysilicon - **Fundamentals**: Last week, the polysilicon production was 29,500 tons, a 4.83% decrease from the previous week. The expected production in October is 134,500 tons, a 3.46% increase from the previous month. The silicon wafer production was 14.73GW, a 2.64% increase from the previous week, but currently in a loss state. The battery cell production was in a loss state, and the component production was profitable. The average cost of N-type polysilicon was 36,050 yuan/ton, and the production profit was 15,450 yuan/ton [8]. - **Basis**: On October 27, the price of N-type dense material was 51,500 yuan/ton, and the basis of the 01 contract was -1520 yuan/ton, with the spot at a discount to the futures [8]. - **Inventory**: The weekly inventory was 258,000 tons, a 1.97% increase from the previous week, at a historical high [8]. - **Disk**: The MA20 is upward, and the futures price of the 01 contract closed above the MA20 [8]. - **Main Position**: The main position is net long, and the long position is decreasing [8]. 3.2 Market Overview 3.2.1 Industrial Silicon - Futures prices of various contracts showed an upward trend, with increases ranging from 0.34% to 0.84%. Spot prices of different types of silicon remained unchanged. The weekly social inventory decreased by 0.53%, and the sample enterprise inventory decreased by 0.18%. The main port inventory increased by 2.50%. The weekly sample enterprise production increased by 3.36%, and the production and operating rates in different regions showed different changes [15]. 3.2.2 Polysilicon - Futures prices of various contracts increased, with increases ranging from 3.09% to 5.54%. The prices of silicon wafers, battery cells, and components showed different trends. The monthly supply of polysilicon in China decreased by 1.29%, the export volume decreased by 30.00%, the consumption volume increased by 6.62%, and the import volume increased by 30.00%. The component production was profitable, and the domestic and European inventories decreased [17]. 3.3 Price - Basis and Delivery Product Spread Trends - The basis of industrial silicon and the spread between 421 and 553 silicon showed different trends over time [19][20]. - The price and basis of polysilicon also showed different trends over time [22][23]. 3.4 Inventory - The inventory of industrial silicon in different regions and at ports showed different trends over time [25][26]. - The polysilicon inventory also showed different trends over time [17]. 3.5 Production and Capacity Utilization Trends - The weekly production of industrial silicon sample enterprises in different regions and the overall production showed different trends over time [29][30]. - The monthly production of industrial silicon by specification also showed different trends over time [31]. 3.6 Cost - Sample Region Trends - The cost and profit of 421 silicon in Sichuan, Yunnan, and Xinjiang's oxygenated 553 silicon showed different trends over time [36][37]. 3.7 Supply - Demand Balance Sheets 3.7.1 Industrial Silicon - The weekly supply - demand balance of industrial silicon showed different trends over time [38][39]. - The monthly supply - demand balance also showed different trends over time, with different values for actual consumption, export, import, and other items [41][42]. 3.7.2 Polysilicon - The monthly supply - demand balance of polysilicon showed different trends over time, with different values for consumption, export, import, and supply [67][68]. 3.8 Downstream Market Trends 3.8.1 Organic Silicon - The production capacity utilization rate, profit, cost, and production of DMC in organic silicon showed different trends over time [44][45]. - The prices of downstream products such as 107 glue, silicone oil, raw rubber, and D4 also showed different trends over time [46][47]. - The import, export, and inventory of DMC also showed different trends over time [51][52]. 3.8.2 Aluminum Alloy - The waste aluminum recycling volume, social inventory, aluminum scrap import volume, and import - export situation of Chinese unforged aluminum alloy showed different trends over time [54][55]. - The production, inventory, and operating rates of primary and secondary aluminum alloy ingots also showed different trends over time [57][58]. - The production and sales of automobiles and the export of aluminum alloy wheels also showed different trends over time [59][60]. 3.8.3 Polysilicon - The cost, price, inventory, production, and demand of polysilicon showed different trends over time [64][65]. - The price, production, inventory, and demand of silicon wafers also showed different trends over time [70][71]. - The price, production, inventory, and export of battery cells showed different trends over time [73][74]. - The price, production, inventory, and export of photovoltaic components also showed different trends over time [76][77]. - The prices and import - export volumes of photovoltaic accessories such as photovoltaic coatings, photovoltaic glass, high - purity quartz sand, and soldering tapes showed different trends over time [79][80].

Core Insights - Juhe Materials (688503.SH) reported its Q3 2025 results, revealing that as of October 27, 2025, 16 institutional investors held a total of 33.6137 million A-shares, accounting for 13.89% of the total share capital [1] - The top ten institutional investors collectively held 13.78% of the shares, which represents a decrease of 4.78 percentage points compared to the previous quarter [1] Institutional Holdings - Among public funds, three funds increased their holdings, including Guotai Junan Value Advantage Flexible Allocation Mixed A, Penghua Sci-Tech Innovation Board New Energy ETF, and Penghua Sci-Tech Innovation Board 200 ETF, with an increase rate of 0.30% [2] - Conversely, three public funds reduced their holdings, including Guotai Junan Valuation Advantage Mixed (LOF) A, Solar ETF, and Guotai Ruijin Shanghai Stock Exchange Sci-Tech Innovation Board 200 Index Initiated A, with a decrease rate of 0.25% [2] - Seven new public funds disclosed their holdings this period, including Nuoan Pioneer Mixed A, Wanji Domestic Demand Growth One-Year Holding Period Mixed, and Wanji Ruilong A [2] - A total of 203 public funds were not disclosed this period, including Southern CSI 1000 ETF and HSBC Jin Trust Research Selected Mixed [2] Social Security Fund - One social security fund, the National Social Security Fund 118 Portfolio, was not disclosed this period compared to the previous quarter [2]

Group 1: Photon Industry - The "Chasing Light Plan" aims to illuminate new industrial tracks, with the first silicon photonics pilot line in Northwest China set to open in November, providing R&D and pilot services for various photonic innovations [3] - Since 2021, the photon industry has been recognized as a key industrial chain in Shaanxi, with the number of photon enterprises increasing from under 100 in early 2021 to 379 by 2024, and the industry scale growing from 15 billion to 36.5 billion [4] - The establishment of the Qin Chuang Yuan Photon Industry Innovation Cluster in 2024 aims to connect high-growth tech companies with resources and funding, enhancing the innovation ecosystem [4][5] - The application scenarios for the photon industry are expanding, including laser radar for vehicles, 3D sensing for smartphones, satellite communication, and precision manufacturing [4] Group 2: New Energy Vehicles - In the first three quarters of this year, Shaanxi's new energy vehicle exports reached 207,000 units, with an export value of 28.02 billion, marking year-on-year increases of 73.3% and 79.7% respectively [6] - The annual production of new energy vehicles in Shaanxi is projected to grow from 59,500 units in 2020 to 1.198 million units by 2024, representing a nearly 20-fold increase [6] - The automotive industry in Shaanxi has seen a rise in domestic supply rate from 32% in 2020 to 57% currently, with plans to exceed 1.5 million units in annual production by 2027 [9] Group 3: Solar Energy - Longi Green Energy ranked first in China's photovoltaic industry for R&D investment, reflecting the transformation of Shaanxi's photovoltaic sector from manufacturing to intelligent manufacturing [10] - The photovoltaic industry in Shaanxi has maintained the world's leading position in silicon wafer shipments for nine consecutive years, with a market share in photovoltaic modules also ranking first globally [11] - By 2025, the photovoltaic industry in Shaanxi is expected to achieve an annual output value exceeding 350 billion, contributing significantly to the energy revolution [11]