Report Information - Report Date: April 29, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Market Performance and Price - The main contract price of industrial silicon futures showed weak performance. The closing price of Si2506 was 8,800 yuan/ton, a decline of 0.73%. The trading volume was 177,294 lots, and the open interest was 188,093 lots, with a net decrease of 5,009 lots [4] - The spot price of industrial silicon was also weak. The price of 553 in Sichuan and Yunnan was 9,500 yuan/ton. The price of 421 was 10,850 yuan/ton in Sichuan, 10,350 yuan/ton in Yunnan, 10,400 yuan/ton in Inner Mongolia, and 10,500 yuan/ton in Xinjiang [4] Market Outlook - Macro - negative risks were mitigated, and the capital drive weakened due to the upcoming long holiday. The fundamental situation remained weak, limiting the rebound of the futures price. The market was expected to fluctuate weakly [5] - On the supply side, the weekly output in the fourth week of April was 72,000 tons, still above the equilibrium level. On the demand side, the demand for polysilicon was 108,000 tons, the monthly demand for silicone decreased to about 100,000 tons due to collective production cuts by silicone enterprises, and other demands remained stable. The oversupply situation showed no signs of improvement [5] - The combined inventory of futures and spot reached 752,800 tons. Based on the current monthly demand of 310,000 tons, the inventory - to - consumption ratio climbed to 2.51. The losses had not significantly affected the supply side, and the fundamental driving force was still weak. Attention should be paid to the potential pressure of increased production during the wet season. The weak spot price restricted the rebound space of industrial silicon, and it was expected to continue the weak fluctuation before the long holiday [5] Market News - On April 28, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 69,417 lots, a net decrease of 85 lots from the previous trading day [6] - On April 22, 2025, Hesheng Silicon Industry Co., Ltd. released its 2024 annual report. During the reporting period, the company's operating income was 26.692 billion yuan, a year - on - year increase of 0.41%. The net profit attributable to shareholders of the listed company was 1.74 billion yuan, a year - on - year decrease of 33.64% [6] - Shandong Dongyue Silicone Material Co., Ltd. recently released its Q1 2025 financial report. The operating income decreased by 15.68%. The company's operating income in this quarter was 1,202,001,050.99 yuan, compared with 1,425,465,566.20 yuan in the same period last year [6] - On April 28, the reference price of silicone DMC on Shengyi.com was 11,680 yuan/ton, a decrease of 18.89% compared with the beginning of the month (14,400 yuan/ton) [6]

Core Viewpoint - Company has achieved significant recognition for its environmentally friendly new materials, particularly in the organic silicon sector, following four years of high investment in R&D [2][3] Group 1: Financial Performance - The company reported a revenue growth of 7.93% and a net profit growth of 21.42% in its latest quarterly report, indicating strong performance within the organic silicon industry [2] Group 2: New Material Development - The company focuses on developing new organic silicon products that are both environmentally friendly and economically viable, addressing the growing restrictions on fluorinated compounds (PFAS) due to their environmental persistence [3] - The company has introduced ultra-low viscosity cooling liquids and three-proof paints made from non-toxic organic silicon, which can replicate the functions of fluorinated materials [3] Group 3: Market Opportunities - The company is positioned as a provider of comprehensive solutions for immersion cooling, with products already on the market that meet safety standards for electric vehicle batteries, which will be enforced starting July 2026 [4] - The market for organic silicon immersion cooling liquids is expected to grow significantly, driven by the rapid development of the new energy industry and increasing cooling demands from data centers [5] Group 4: Regulatory Environment - Upcoming regulations in the U.S. and China are set to restrict the use of PFAS in electronic products, creating a pressing demand for alternative materials such as the company's three-proof paints [6] - The company’s three-proof paint products are designed to meet the protective needs of various electronic applications, offering advantages in moisture resistance, insulation, and heat resistance [6] Group 5: Medical Applications - The company has also ventured into the medical and personal care sectors with its silicone gel products, which can aid in scar treatment and skin adhesion [7] - Recent regulatory actions against multinational companies in the medical silicone gel market present an opportunity for domestic companies to capture market share [7]

Group 1 - The core viewpoint of the news highlights the successful business delegation from Chengdu to Saudi Arabia, resulting in significant cooperation opportunities and agreements worth over 5 billion yuan [1][3]. - The delegation included 33 companies and aimed to explore the Saudi market, which is undergoing economic diversification under the "Vision 2030" initiative [2][3]. - The signing of contracts during the Chengdu-Saudi Industrial Cooperation Conference indicates strong interest in Chinese manufacturing, particularly in high-end customized vehicles and AI applications [3][5]. Group 2 - The Saudi market is perceived as full of opportunities, especially for companies in technology and manufacturing, as the country seeks to reduce its reliance on oil and enhance foreign investment [2][3]. - Chengdu's companies are adapting to market diversification strategies, with some expanding their reach beyond traditional markets like the U.S. to include countries such as Turkey and Argentina [2]. - The high internet penetration rate of 90% in the Gulf region and a youthful population under 30 years old (over 60%) are seen as favorable conditions for digital economy growth [2][3]. Group 3 - The delegation's activities included over 10 events such as business negotiations and site visits, demonstrating a well-planned approach to market entry [1][2]. - Companies like Chengdu Silicon Treasure Technology Co., Ltd. are leveraging their competitive products in the local market, showcasing their strengths in sectors like construction and automotive [6]. - The proactive networking efforts by company representatives, such as establishing contacts with local businesses and utilizing local communication tools, have proven effective in building relationships and potential partnerships [5][6].

中证报中证网讯（王珞）合盛硅业4月23日晚发布2024年年报。2024年，公司营业收入为266.92亿 元，创历史新高；归母净利润17.40亿元，扣非后归母净利润15.40亿元。特别值得关注的是，该公司 2024年经营活动产生的现金流量净额为45.17亿元，比2023年增加53.07亿元，净现比达到2.60。 根据年报，2024年公司主要产品产量均进一步提升，销售量保持良好增长。同时，公司年内研发投 入也增长到5.75亿元，占总营收的2.15%，有机硅下游深加工产品、碳化硅等新兴领域的研发投入不断 加强。 近年来，合盛硅业抓住新疆大力发展光伏产业的机遇，打造"煤－电－硅"产业链协同的业务模式， 又利用云南水电资源优势打造"绿－电－硅"循环模式，并进一步加速新型储能技术与新能源前沿领域的 深度融合，构建"源网荷储"一体化绿色生态体系。公司2024年工业硅生产量达187.14万吨，同比增长 38.11%，上下游产业链协同优势得到进一步巩固。 合盛硅业在年报中提出，根据市场行情，公司适当收缩对光伏业务板块的相关投入，通过优化资源 在公司内部的配置，保证公司了核心竞争力的稳定。 年报显示，合盛硅业2024年针对有机硅 ...

Group 1 - The Shanghai Composite Index opened lower but rose later, with the CSI 300 Chemical Index reported at 2022.67 points [1] - The CSI 300 Chemical Index has decreased by 11.64% over the past month, 9.12% over the past three months, and 8.64% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.47%), Salt Lake Industry (14.14%), Baofeng Energy (7.62%), Juhua Co. (7.3%), Hengli Petrochemical (7.28%), Hualu Hengsheng (6.99%), Longbai Group (6.23%), Zangge Mining (6.19%), Satellite Chemical (6.02%), and Rongsheng Petrochemical (5.53%) [1] - The market share of the CSI 300 Chemical Index is 57.05% from the Shanghai Stock Exchange and 42.95% from the Shenzhen Stock Exchange [1] Group 3 - In terms of industry composition, other chemical raw materials account for 38.28%, polyurethane for 23.47%, potassium fertilizer for 20.33%, fluorochemical for 7.30%, titanium dioxide for 6.23%, and organic silicon for 4.39% [2] - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2]

Core Viewpoint - The company emphasizes the importance of innovation as a key driver for development and future growth, focusing on technological advancements and talent cultivation to enhance efficiency and reduce costs [1][2]. Group 1: Innovation and R&D - The company is increasing its R&D investment to tackle key core technologies, particularly in the organic silicon industry chain, aiming to strengthen and optimize its operations [1]. - It is implementing policies to maximize R&D tax deductions, ensuring that all eligible expenses are accounted for, thereby enhancing innovation vitality [1]. Group 2: Innovation Platforms and Ecosystem - The company is building multi-level innovation platforms and a collaborative innovation system that integrates industry, academia, and research, fostering a conducive environment for technological advancements [1]. - It is revising and improving management systems to elevate the standard of technology innovation management [1]. Group 3: Smart Manufacturing and Automation - The company is committed to creating a "smart" factory by introducing advanced technology and equipment, enhancing production safety and efficiency through automation [2]. - Specific projects, such as the AGV project in the silicone workshop and the automated packaging system, have significantly improved operational safety, accuracy, and efficiency while reducing labor intensity [2]. Group 4: Commitment to Innovation - The company believes that only through innovation can it achieve strong and victorious growth, and it is dedicated to driving high-quality development through continuous innovation efforts [2].

1、 陕西年产 30 万吨有机硅项目环评公示 项目分两期建设，其中首期建设年产 10 万吨级工业硅生产装置以及配套 1 × 30MW 余热发 电汽轮发电机组，年产 20 万吨有机硅单体合成装置及后续 20 余套配套产品生产装置，年产 1000 吨中间相沥青生产装置，年产 60 万套碳陶刹车盘、 5000 吨太阳能改性热场、 2000t 颗 粒硅热场生产线，及配套的公共工程及辅助设施。个就业岗位，并带动周边物流、服务业协同发 展。 4 月 10 日，黄陵县政府政务服务中心发布了陕西有色碳硅新材料有限公司碳硅新材料产业一 体化项目环境影响评价第一次公示。 项目名称：碳硅新材料产业一体化项目 建设单位：陕西有色碳硅新材料有限公司 建设地点：陕西省延安市黄陵县双龙镇黄陵县工业经济产业园 建设内容：新建年产 10 万吨级工业硅生产装置及配套 1 × 30MW 余热回收汽轮发电机组； 年产 3000 吨中间相沥青生产装置，年产 1000 吨中间相沥青基碳纤维生产装置；年产 250 万套 碳陶刹车盘、 5000 吨太阳能改性热场、 2000 吨颗粒硅热场、 5 万盘民航碳刹车盘、 5 万盘高 铁刹车盘、 4 万盘其他轨道交 ...

Core Viewpoint - Dongyue Silicones has demonstrated resilience in a complex market environment, achieving significant financial improvements in its 2024 annual report, including a substantial increase in cash flow and a return to profitability [1][2]. Revenue Performance - The company reported a revenue of 5,150,649,541.32 CNY, a 7.27% increase from the previous year's 4,801,467,896.50 CNY [1]. - Revenue from the main product, 107 glue, reached 2,798,464,454.52 CNY, accounting for 54.33% of total revenue, with an 8.26% year-on-year growth [1]. - Revenue from silicone oil was 717,360,993.20 CNY, representing 13.93% of total revenue, with a 10.48% increase [1]. - However, revenue from intermediates decreased by 28.88% to 129,721,182.68 CNY, indicating a need for product structure optimization [1]. Profitability - The net profit attributable to shareholders was 56,761,572.66 CNY, a turnaround from a loss of 271,124,703.38 CNY the previous year, marking a 120.94% increase [1][2]. - The net profit after deducting non-recurring items was 74,357,022.17 CNY, up 127.29% from a loss of 272,512,997.15 CNY [1]. Earnings Per Share - Basic earnings per share were 0.05 CNY, compared to -0.23 CNY the previous year, reflecting a 121.74% increase [2]. - The diluted earnings per share, excluding non-recurring items, were 0.06 CNY, also showing significant growth from -0.23 CNY [2]. Expense Management - R&D expenses decreased by 29.71% to 164,155,244.71 CNY, which may impact future product innovation [2]. - Sales expenses remained stable at 19,484,385.84 CNY, showing a slight decrease of 1.26% [2]. - Management expenses decreased by 15.24% to 45,297,447.98 CNY, indicating improved internal management efficiency [2]. Cash Flow - The net cash flow from operating activities was 216,372,032.05 CNY, a significant increase of 260.73% from -134,615,492.20 CNY the previous year, reflecting enhanced cash generation capabilities [3]. - The net cash flow from investing activities improved to -14,279,505.91 CNY, a 94.02% reduction in outflow compared to -238,653,257.24 CNY [4]. - The net cash flow from financing activities was -120,000,000.00 CNY, indicating adjustments in profit distribution and financing strategies [5]. Management Compensation - The total compensation for directors and senior management was 3.4509 million CNY, with notable changes in individual compensation levels compared to previous periods [7].

1. Report Industry Investment Rating - Industrial silicon: Oscillation; Polysilicon: Oscillation [5] 2. Core Viewpoints of the Report - The fundamentals of industrial silicon are difficult to change, and the rush to install photovoltaic systems is receding. The supply reduction of industrial silicon has been implemented, but the demand remains sluggish. For polysilicon, the core issue is the high inventory, and the spot price may face pressure again with the resumption of production on the supply side and the weakening of demand [2][3] 3. Summary According to Relevant Catalogs 3.1 Industrial Silicon/Polysilicon Industry Chain Prices - This week, the Si2505 contract of industrial silicon decreased by 365 yuan/ton to 9455 yuan/ton. The SMM spot price of East China oxygenated 553 decreased by 100 yuan/ton to 10100 yuan/ton, and the price of Xinjiang 99 decreased by 100 yuan/ton to 9350 yuan/ton. The PS2506 contract of polysilicon decreased by 1815 yuan/ton to 41835 yuan/ton. The average transaction price of N-type re-feeding material remained unchanged at 41700 yuan/ton [10] 3.2 Industrial Silicon Fundamentals Remain Unchanged, Photovoltaic Rush to Install Recedes - **Industrial Silicon**: The futures price of industrial silicon fluctuated downward this week. Xinjiang reduced production by 2 industrial silicon furnaces, with a weekly output of 72400 tons, a decrease of 0.34%. The social inventory of SMM industrial silicon increased by 0.4 million tons, and the sample factory inventory increased by 0.65 million tons. After the production reduction of large factories in Xinjiang, other large factories did not continue to reduce production. The industrial silicon in the southwest region is slowly resuming work, and some new production capacities are planned to be put into operation this month. The powder list price of polysilicon factories this week is between 10400 - 10500 yuan/ton. Organic silicon continued to reduce production, and the price of aluminum alloy decreased due to US tariffs, maintaining only rigid demand for industrial silicon. Exports may decline in the short term due to relevant policies [12] - **Organic Silicon**: The price of organic silicon dropped significantly this week. Many enterprises maintained reduced production, with an overall operating rate of about 63.3%, a decrease of 3.28 percentage points. The weekly output was 41900 tons, a decrease of 3.23%, and the inventory was 53700 tons, an increase of 6.97%. After the price increase, the downstream's acceptance of high prices was limited, and the procurement intensity weakened. Although monomer factories continued to operate at reduced capacity, there was no shortage of supply, and the factory inventory increased instead of decreasing [12][13] - **Polysilicon**: The futures price of polysilicon fluctuated downward this week. The price of silicon materials remained stable temporarily due to fewer signed orders, but the manufacturers' recent quotations have started to decline. The planned production of polysilicon in April is expected to be about 1 million tons, and it is expected to increase to about 1.1 million tons in May. It is estimated that polysilicon can continue to reduce inventory by 10000 tons in May. However, the core problem of polysilicon is still the high inventory, with the industry - wide inventory possibly around 4.5 million tons. From April to May, silicon wafer manufacturers mainly aim to digest their existing inventory, with low procurement enthusiasm. With the resumption of production on the supply side and the weakening of demand, the spot price may face pressure again. As of April 11, the number of registered warehouse receipts was only 10 lots [3][13] - **Silicon Wafers**: The price of silicon wafers started to decline this week. Affected by the earthquake, the price of silicon wafers was raised, but the terminal demand declined earlier than expected, resulting in low acceptance of the new price. The mainstream transaction prices of M10, G12R, and G12 models may gradually fall to 1.25, 1.50, and 1.55 yuan/watt. The planned production of silicon wafers in April was adjusted down to 60 - 62GW, and the silicon wafer sector continued to reduce inventory. As of April 60 (presumably a typo, might be April 6), the inventory of silicon wafer factories was 20.9GW, an increase of 1.4GW. In May, considering that the silicon wafer sector has been reducing inventory for 8 consecutive months and the current inventory has dropped to a half - month level, the planned production of silicon wafers in May is also expected to be above 60GW. After the rush - to - install period, the market demand may weaken rapidly, and the price of silicon wafers may continue to decline [14] - **Battery Cells**: The price of battery cells remained basically stable this week. The price of M10 and G12 model battery cells remained at 0.31 yuan/watt, and the price of G12R model battery cells dropped slightly to 0.33 yuan/watt. The decline in component prices led to low acceptance of high - priced battery cells. The planned production of domestic battery cells in April was 61 - 63GW, continuing the inventory reduction trend. As of April 7, the inventory of Chinese photovoltaic battery export factories was 2.58GW, an increase of 1.3GW. Looking forward, after the end of the rush - to - install period, the price of battery cells may decline with the weakening of demand from late April [14] - **Components**: The price of components dropped slightly this week. As the rush - to - install tide gradually receded, the price of distributed components started to decline, falling to the level of 0.75 - 0.76 yuan/watt, and high - price transactions shrank rapidly. The price of centralized components was basically stable. On April 9, China Power Construction terminated the 5.1GW photovoltaic component centralized procurement project for 2025. It is expected that the project will be re - tendered, but the procurement price and price level may be lower than before. The planned production of components in April was 66 - 68GW. Considering the delivery of the remaining orders of distributed components and the placement of centralized component orders, the planned production of components in May is expected to be 60 - 62GW. After the rush - to - install period, the price of components is expected to continue to decline [15] 3.3 Investment Recommendations - **Industrial Silicon**: The production reduction of large factories in Xinjiang may lead to inventory reduction, but without policy support, the upward driving force of industrial silicon is weak. The upper limit of the disk price depends on the hedging point. The lower limit mainly considers two points: 1) cost and production reduction; 2) selling the new standard 421 as 99 - grade silicon. Considering that the spot price may continue to fall towards the cost line of large factories and the premium of 800 yuan/ton for the new contract, in a worse - case scenario, the disk price may fall to about 9000 yuan/ton. Therefore, the disk price may fluctuate between 9000 - 10500 yuan/ton. For unilateral trading, it is recommended to pay attention to short - selling opportunities after the disk price rebounds. For arbitrage, it is recommended to pay attention to the reverse arbitrage opportunity of Si2511 - Si2512 [4][17] - **Polysilicon**: After the rush - to - install period, with the resumption of production on the supply side and the weakening of demand, the spot price may face pressure again. However, in April, polysilicon started warehouse receipt registration, and the disk will also trade the contradiction of warehouse receipts. Considering that only five enterprises meet the delivery brand requirements and the production of deliverable products from March to May is limited, silicon material factories will be more cautious about hedging, and a too - low disk price may lead to a shortage of warehouse receipts. Therefore, for unilateral trading, it is recommended to pay attention to both the opportunity to go long on PS2506 at low prices and the opportunity to go short on PS2511 at high prices. For arbitrage, the long - short position of PS2506 - PS2511 can continue to be held [4][17] 3.4 Hot News - China Power Construction terminated the 5.1GW photovoltaic component centralized procurement project for 2025 due to factors such as the adjustment of new energy electricity price policies [15][18] - On April 9, the 100000 - ton hydropower silicon energy - saving and environmental - protection project of Yunnan Energy Investment Group Yongchang Silicon Industry was put into operation, with an expected annual industrial output value of over 1.5 billion yuan, tax payments of over 120 million yuan, and the creation of more than 300 jobs [18] - The 1.6 million - ton organic silicon project of Qiya Group started construction on April 1, 2025, and is expected to be completed and put into operation by the end of 2026. It is an important plan for Qiya Group to improve the full silicon - based industrial chain [18]

据介绍，电子级MM是润禾材料继高品质六甲基二硅氧烷成功生产后，在原有基础上不断创新，优化生 产工艺，推出的新产品，其主含量高达99.999%，由于其环境友好且不破坏臭氧层，可以用作电子、国 防和航空工业精密设备的清洗剂替代品。 4月7日，据润禾材料官微的消息，通过持续技术攻关，公司生产制造水平稳步提高，现已具备超高纯 MM材料制造能力，成为国内超高纯MM制造商之一。 据业内人士，电子级MM的主要应用场景是半导体清洗方向，比如在半导体制造中的表面疏水涂层(光 刻预处理)、湿法清洗中的污染物去除、超临界流体干燥或IPA(异丙醇)蒸汽干燥等清洗步骤中扮演了重 要角色。目前，电子级MM竞品较少，具有较高的附加值，国内电子级MM的价格大概10万/吨，海外的 价格更高一些。 据悉，六甲基二硅氧烷，俗称MM，作为线状挥发性甲基硅氧烷(VMSs)的代表，在美国属于VOC法规 的免检产品，对环境友好，可用作溶剂，在电子、国防和航空工业等领域发挥重要作用。 润禾材料（300727）高性能材料再下一城，其用作电子、国防和航空工业精密设备的清洗剂替代品的电 子级MM(六甲基二硅氧烷)迎来突破。 MM是润禾材料子公司九江润禾产销量最大 ...