Group 1 - The company Jin Jing Technology announced it will provide guarantees for two subsidiaries, totaling approximately 8.32 billion RMB, which represents 14.68% of its latest audited net assets [1] - The breakdown of Jin Jing Technology's revenue for the year 2024 is as follows: Glass industry accounts for 70.39%, Chemicals for 43.53%, Other businesses for 0.98%, and Offsetting for -14.9% [1] - As of the announcement date, the company's market capitalization is 7.2 billion RMB [2]

Group 1 - The core point of the article is that Jinjing Technology (SH 600586) held its second board meeting on August 22, 2025, to discuss amendments to its articles of association [1] - For the year 2024, Jinjing Technology's revenue composition is as follows: glass industry accounts for 70.39%, chemicals for 43.53%, other businesses for 0.98%, and offsets for -14.9% [1] - As of the report, Jinjing Technology has a market capitalization of 7.2 billion yuan [1] Group 2 - The A-share market has seen trading volumes exceed 2 trillion yuan for eight consecutive days, indicating strong market activity [1] - Major industry players are actively recruiting for autumn positions, with 25 job roles highlighted [1]

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: August 22, 2024 [2] - Research Team: Energy and Chemical Research Team [4] - Industry: Soda Ash and Glass Report Key Points Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints - Soda ash supply exceeds demand, with high inventory and weak demand. The market pattern of oversupply is difficult to improve, and the futures price is expected to fluctuate weakly [8]. - The glass industry is in a weak supply - demand balance. Although the downstream demand has improved marginally, the inventory increase restricts price rebound. The futures price is expected to have a short - term weak - oscillating trend [9][10]. Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions - **Market Data**: On August 21, for soda ash futures, SA509 closed at 1208 yuan/ton, down 0.98%; SA601 closed at 1306 yuan/ton, down 1.06%. For glass futures, FG509 closed at 983 yuan/ton, down 2.09%; FG601 closed at 1156 yuan/ton, down 0.85% [7]. - **Soda Ash Market**: The production increased to 77.14 tons, up 1.32% week - on - week. Factory inventory reached 191.08 tons, up 0.71%. Terminal demand in photovoltaic glass decreased to 8.7 tons, and the overall demand was average. The supply - strong and demand - weak pattern remained unchanged, and the price was expected to fluctuate weakly [8]. - **Glass Market**: Since late July, downstream orders increased marginally. As of August 15, 2025, the daily melting volume was 15.96 tons, and the capacity utilization rate was 79.78%. The order days of deep - processing enterprises were 9.65 days, up 0.1 days. The inventory increased by 157.9 million heavy cases to 6342.6 million heavy cases. The price was expected to have a short - term weak - oscillating trend [9]. 2. Data Overview - The report provides figures on the price trends of active contracts for soda ash and glass, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [12][17][20]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - For soda ash, short - term fundamentals have returned. It's recommended to buy the main contract on dips. Pay attention to the production cut intensity. The market supply is currently loose, and the destocking process will be repeated. The price drop today is mainly due to the decline of coking coal, and it's uncertain whether the anti - involution meeting will lead to price speculation [2]. - For glass, the supply is at a low level with no change in cold - repair of production lines. The demand from the real estate is weak, but downstream deep - processing orders have a slight increase. It's recommended to buy the main contract on dips when the price drops to around 1100 yuan. The market may trade the positive impact of potential interest rate cuts [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - Soda ash main contract closing price: 1309 yuan/ton, down 49 yuan; glass main contract closing price: 1162 yuan/ton, down 34 yuan [2]. - Soda ash and glass price difference: 147 yuan/ton, down 15 yuan; soda ash main contract position: 1365953 lots, down 62895 lots; glass main contract position: 1198103 lots, up 1641 lots [2]. - Soda ash front 20 net position: 34639 lots, down 345354 lots; glass front 20 net position: 30267 lots [2]. - Soda ash exchange warehouse receipts: 11020 tons, down 100 tons; glass exchange warehouse receipts: 2388 tons, down 50 tons [2]. - Soda ash September - January contract spread: 828 yuan, up 13 yuan; glass September - January contract spread: - 165 yuan, up 11 yuan [2]. - Soda ash basis: - 98 yuan, up 8 yuan; glass basis: - 82 yuan, up 30 yuan [2]. 3.2 Spot Market - North China heavy soda ash: 1260 yuan/ton, down 20 yuan; Central China heavy soda ash: 1325 yuan/ton, unchanged [2]. - East China light soda ash: 1265 yuan/ton, unchanged; Central China light soda ash: 1220 yuan/ton, unchanged [2]. - Shahe glass large board: 1084 yuan/ton, unchanged; Central China glass large board: 1090 yuan/ton, down 20 yuan [2]. 3.3 Industry Situation - Soda ash plant operating rate: 87.32%, up 1.91%; float glass enterprise operating rate: 75.34%, up 2.34% [2]. - Glass in - production capacity: 15.96 million tons/year, unchanged; glass in - production production lines: 223, unchanged [2]. - Soda ash enterprise inventory: 189.73 million tons, up 0.35 million tons; glass enterprise inventory: 6342.6 million heavy boxes, up 157.9 million heavy boxes [2]. 3.4 Downstream Situation - Real estate new construction area cumulative value: 35206 million square meters, up 4841.68 million square meters; real estate completion area cumulative value: 25034 million square meters, up 2467.39 million square meters [2]. 3.5 Industry News - One - year and five - year LPR remain unchanged; the new generation of military equipment will be unveiled; the US and China had a "very good dialogue" on economic and trade issues [2]. 3.6 Macro Situation In July, the prices of commercial residential buildings in 70 cities decreased month - on - month, and the year - on - year decline narrowed overall [2]. 3.7 View Summary - Soda ash: The supply is abundant in the short - term, and the production may decline in the future. The demand from glass is at a low level, and the photovoltaic glass drives a small increase in demand. The inventory is rising due to insufficient demand [2]. - Glass: The supply is at a low level, and the demand from the real estate is weak. The downstream deep - processing orders have a slight increase, and the market may start the restocking expectation [2].

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The soda ash industry is facing a combination of high inventory and weak demand, with the supply - demand contradiction intensifying. The fundamental situation remains one of strong supply and weak demand, but there are short - term expectations of production cuts, so the futures price is expected to fluctuate [8]. - The glass market has high mid - stream inventory in the short term, which restricts price rebound. However, in the long - term, policies are expected to be favorable for glass demand, and the futures price is expected to decline first and then rebound with fluctuations [9][10]. 3. Summary by Directory 3.1 Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Market on August 13**: The main futures contract SA601 of soda ash fluctuated downward, closing at 1383 yuan/ton, down 5 yuan/ton or 0.36%, with an increase of 64,009 lots in positions. The industry has high inventory (1.8851 million tons in factory inventory) and weak demand (photovoltaic glass daily melting volume dropped to 87,000 tons), and the supply side has high production due to low maintenance volume [7][8]. - **Glass Market on August 13**: As of August 8, 2025, the national float glass daily melting volume was 159,600 tons, with a capacity utilization rate of 79.78%, a new high this year. The cold - repair production line daily melting volume was 21,400 tons. The order days of deep - processing enterprises were 9.55 days, a year - on - year decrease of 1.55%. The total glass inventory was about 59.499 million heavy boxes, a month - on - month decrease of 3.87%, and the inventory days were 25.5 days, with a slowdown in inventory reduction [9]. 3.2 Data Overview - The report provides multiple data charts, including the price trends of active contracts for soda ash and glass, weekly soda ash production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production, with data sources from Wind and iFind [12][17][21]

Core Viewpoint - Guangdong's financial sector is innovating to support green transformation in traditional industries through tailored financial products linked to environmental performance metrics [1][3][9]. Group 1: Financial Innovations - Dongguan Agricultural Commercial Bank has launched a "scattered industrial wastewater index-linked loan" that ties financing costs and credit limits to the company's wastewater treatment performance [1]. - As of now, Guangdong financial institutions have issued 39 loans meeting transformation finance standards, totaling 3.36 billion yuan [2]. - The shift in banking perspective has moved from "whether to do" to "how to do" regarding transformation finance, indicating a growing acceptance of financing high-carbon industries [3][9]. Group 2: Industry Standards and Implementation - The establishment of transformation finance standards is crucial for supporting projects in high-carbon industries like steel and cement, which have traditionally struggled to secure financing [3][4]. - Local transformation finance standards can take months to over a year to develop and implement, as seen with the ceramic industry standard initiated in August 2023 [4]. - The People's Bank of China is leading the development of transformation finance standards for several industries, while local governments are encouraged to create their own standards based on regional characteristics [3][7]. Group 3: Challenges and Solutions - The complexity of implementing transformation finance projects remains a challenge compared to traditional green projects, requiring detailed documentation and assessments [5][6]. - Financial institutions are exploring ways to streamline the process for small and medium-sized enterprises by adjusting information disclosure requirements [8]. - The Guangdong government has introduced loan interest subsidies for manufacturing and high-tech enterprises, which could enhance the attractiveness of transformation finance [9][10]. Group 4: Future Directions - Financial institutions are focusing on identifying viable transformation projects and enhancing collaboration with government departments to create project databases [9]. - There is a call for clearer regulatory guidance to help banks navigate financing for high-carbon industries while managing risks [10]. - The ongoing development of transformation finance is seen as a critical step in supporting Guangdong's transition to a greener economy [1][8].

Summary of the Conference Call for Fulete (福莱特) Company and Industry Overview - **Company**: Fulete (福莱特) - **Industry**: Photovoltaic Glass Industry Key Points and Arguments Financial Performance - In Q1 2025, Fulete reported revenue of 4.08 billion yuan, a year-on-year decline of 28.7%, primarily due to exceptionally high installation levels in Q1 2024 [2][3] - The company faced price pressure, with domestic market prices dropping to 10.5 yuan/unit, leading to losses of 1-1.5 yuan/unit for most companies [2][6] - Despite challenges, Fulete maintained strong profitability and cash flow control, with no new investment plans currently [2][7] Market Dynamics - The photovoltaic glass industry is experiencing a second round of capacity clearance, with significant demand pressure in 2025 [3][18] - Fulete's daily photovoltaic glass production capacity reached 20,600 tons by the end of 2023, accounting for approximately 25% of the global market share [3][12] - The company has adjusted its customer structure, increasing orders from India and the US to counteract domestic price declines [2][3] Challenges and Strategies - Fulete is actively seeking to stabilize prices and is looking for support from the Ministry of Industry and Information Technology to avoid deeper losses [6][7] - The glass industry is facing cash flow declines, particularly among second-tier companies, which are experiencing extended payment terms and increased financial costs [8][14] - The company has proactively shut down 1,800 tons of production capacity to adapt to market adjustments, maintaining a two-month collection cycle for receivables [8][13] Future Outlook - The overall supply in the glass industry is expected to decline until the end of 2026, with a more thorough capacity clearance anticipated [3][21] - Fulete's long-term effective capacity is projected to recover to over 20% as the industry consolidates [3][13] - The company is not planning new projects, focusing instead on maintaining operational efficiency and profitability [7][17] Price and Profitability Trends - The current price of photovoltaic glass is around 10.5 yuan, with potential further declines threatening profitability across the industry [22][25] - Fulete's net profit for the year is projected to be between 550 million to 558 million yuan, factoring in some impairment elements [25] - The glass industry is expected to see price stabilization and recovery post-capacity clearance, with long-term profitability anticipated [22][26] Investment Considerations - The photovoltaic glass sector is currently undervalued, with a target price of 18.51 yuan for A-shares and 13.3 HKD for Hong Kong shares [27] - The sector's resilience and long-term investment value make Fulete a stock to watch [27][28] Additional Important Insights - The glass industry has seen a significant drop in stock prices since 2021 due to increased capacity and lower-than-expected photovoltaic installation growth [2][9] - The company benefits from a strategic production capacity layout concentrated in regions with high component manufacturer density, enhancing transportation efficiency [15][16] - The industry is characterized by a high barrier to entry due to substantial capital requirements for new projects, making it difficult for new entrants to compete effectively [14][17]

Group 1 - The company, Jinjing Technology, announced that as of July 31, 2025, it has repurchased a total of 20.35 million shares, accounting for 1.42% of its total share capital, with a total expenditure of approximately 98.26 million yuan [1] - The highest purchase price for the repurchased shares was 5 yuan per share, while the lowest was 4.58 yuan per share [1] - For the year 2024, the revenue composition of Jinjing Technology is as follows: the glass industry accounts for 70.39%, chemicals for 43.53%, and other businesses for 0.98%, with a negative offset of 14.9% [1] Group 2 - A warning was issued by a German executive regarding the dangers of free autonomous driving services, stating that it could lead to a disaster for the entire industry [1]

Report Industry Investment Rating - Not provided Core Viewpoints - For soda ash, supply is expected to remain ample, demand will likely hover at the bottom, and prices will continue to face pressure. With the upcoming Politburo meeting at the end of the month, market sentiment will be the main driver. It is recommended to go long on the soda ash main contract on dips [2]. - For glass, the supply has increased with two glass production lines resuming production, but it remains at a low level. The industry's profit has improved, and the subsequent resumption of production may increase. The current real - estate situation is not optimistic, and downstream demand is mainly for rigid needs. After the glass price drops, there will be policy rumors to support the bottom. It is recommended to buy put options on rallies and go long on futures on dips [2]. Summary by Relevant Catalogs Futures Market - Soda ash main contract closing price is 1,225 yuan/ton, up 17 yuan; glass main contract closing price is 1,092 yuan/ton, up 22 yuan. Soda ash main contract position is 1,559,642 hands, down 39,415 hands; glass main contract position is 1,522,202 hands, down 4,105 hands. Soda ash top 20 net position is - 473,312, down 22,482; glass top 20 net position is - 392,954, up 24,900. Soda ash exchange warehouse receipts are 2,815 tons, down 379 tons; glass exchange warehouse receipts are 797 tons, unchanged. Soda ash September - January contract spread is - 46, up 6; glass September - January contract spread is - 92, up 5. Soda ash basis is - 8 yuan/ton, down 4 yuan; glass basis is 18 yuan/ton, down 3 yuan [2]. Spot Market - North China heavy soda ash is 1,200 yuan/ton, down 10 yuan; Central China heavy soda ash is 1,250 yuan/ton, unchanged. East China light soda ash is 1,125 yuan/ton, unchanged; Central China light soda ash is 1,175 yuan/ton, unchanged. Shahe glass sheets are 1,088 yuan/ton, down 4 yuan; Central China glass sheets are 1,100 yuan/ton, unchanged [2]. Industry Situation - Soda ash plant operating rate is 81.32% (weekly), unchanged; float glass enterprise operating rate is 75.68% (weekly), unchanged. Glass in - production capacity is 15.84 million tons/year (weekly), up 0.06 million tons; glass in - production production lines are 224 (weekly), up 2. Soda ash enterprise inventory is 188.4 million tons (weekly), up 2.06 million tons; glass enterprise inventory is 67.102 million weight boxes (weekly), down 1.983 million weight boxes [2]. Downstream Situation - Cumulative real - estate new construction area is 231.8361 million square meters, up 53.4777 million square meters; cumulative real - estate completion area is 183.8514 million square meters, up 27.3729 million square meters [2]. Industry News - On July 16, the national power load hit a new high, exceeding 1.5 billion kilowatts for the first time. The State Council Executive Meeting plans to implement a special action to boost consumption and optimize the policy of trading in old consumer goods for new ones. It also aims to standardize the competition order in the new - energy vehicle industry and urge key car - makers to fulfill payment - term commitments. NVIDIA has restarted the sales of H20 in China, and inquiries have surged. He Lifeng stated that China will promote mutual - benefit and win - win results in the global industrial and supply chains [2]. Macro - aspect - The market is mainly observing whether an important meeting will be held at the end of July and if there will be new statements. There are still short - term policy expectations. Some false rumors are spreading in the short - term market, and commodity sentiment is the dominant factor [2]. Soda Ash Analysis - Supply: Domestic soda ash operating rate has increased, production is flat, supply is still ample, and profits continue to decline. Future production is expected to decrease, and natural - soda production will gradually become the mainstream. Demand: Two glass production lines have resumed production, overall output has increased but remains at a low level, with obvious signs of rigid - demand production, and both operating rate and profit have improved. Photovoltaic glass is generally flat. Inventory: Domestic soda ash enterprise inventory has increased due to insufficient demand and is expected to continue to accumulate [2]. Glass Analysis - Supply: Two glass production lines have resumed production, overall output has increased but remains at a low level, with obvious signs of rigid - demand production, and the industry profit has improved. Demand: The current real - estate situation is not optimistic, downstream deep - processing orders have decreased, and procurement is mainly for rigid needs. The increase in inventory of automotive glass factories cannot offset the weak demand related to real - estate, and photovoltaic glass also faces inventory pressure [2].

1. Natural Rubber Industry 1.1 Investment Rating No investment rating is provided in the report. 1.2 Core View Short - term macro - warming and state reserve purchase news boost rubber prices, but under the expectation of increasing supply and weakening demand, rubber prices are expected to remain weak. Hold short positions above 14,000 and pay attention to raw material supply in each producing area and macro events [2]. 1.3 Summary by Directory - **Spot Price and Basis**: On July 4th, the price of Yunnan state - owned whole - miscible rubber (SCRWF) in Shanghai was 14,050 yuan/ton, up 100 yuan or 0.72% from the previous day. The basis of whole - milk rubber (switched to the 2509 contract) increased by 110, with a growth rate of 169.23%. The price of Thai standard mixed rubber decreased by 50 yuan/ton, a decline of 0.36% [2]. - **Monthly Spread**: The 9 - 1 spread remained unchanged at - 865 yuan/ton; the 1 - 5 spread decreased by 10 yuan/ton, a decline of 14.29%; the 5 - 9 spread increased by 10 yuan/ton, a growth rate of 1.07% [2]. - **Fundamental Data**: In May, Thailand's production increased by 166,500 tons to 272,200 tons, a growth rate of 157.52%; Indonesia's production increased by 6,200 tons to 200,300 tons, a growth rate of 3.19%; India's production increased by 2,300 tons to 47,700 tons, a growth rate of 5.07%; China's production increased by 38,900 tons to 97,000 tons. The weekly开工 rate of semi - steel tires decreased by 7.64 percentage points to 70.41%, and that of all - steel tires decreased by 1.89 percentage points to 63.75%. In May, domestic tire production decreased slightly, while tire exports increased by 7.72%. The total import volume of natural rubber decreased by 13.35% [2]. 2. Log Industry 2.1 Investment Rating No investment rating is provided in the report. 2.2 Core View From a fundamental perspective, the demand for logs enters the off - season during the high - temperature and rainy season from June to August. The arrival volume remains low, and the shipment volume from New Zealand is expected to decrease seasonally. The market is gradually entering a pattern of weak supply and demand. The 09 contract is expected to fluctuate weakly in the short term, but recent positive news has boosted market sentiment [5]. 2.3 Summary by Directory - **Futures and Spot Prices**: On July 4th, the 2509 log contract closed at 795 yuan/cubic meter, up 2.5 yuan/cubic meter from the previous day. The prices of major deliverable spot products remained unchanged. The price of medium - sized A - grade radiata pine in Shandong was 750 yuan/cubic meter, and that in Jiangsu was 760 yuan/cubic meter [5]. - **Supply**: In May, the port shipment volume increased by 228,000 cubic meters to 1.955 million cubic meters, a growth rate of 13.20%. The number of ships from New Zealand to China, Japan, and South Korea decreased by 5 to 58, a decline of 7.94% [5]. - **Inventory**: As of June 27th, the national total inventory of coniferous logs was 3.36 million cubic meters, a slight increase from the previous week. The daily average log shipment volume was 65,700 cubic meters, an increase of 21,000 cubic meters from the previous week [5]. 3. Glass and Soda Ash Industry 3.1 Investment Rating No investment rating is provided in the report. 3.2 Core View For soda ash, although the recent policy has boosted the market sentiment, the supply - demand pattern is still in excess. In the long - term, there will be a further profit - reduction process. For glass, the market sentiment has improved recently, but the industry still needs capacity clearance to reverse the situation. In the short term, both are affected by market sentiment, with large price fluctuations [6]. 3.3 Summary by Directory - **Glass - related Prices and Spreads**: The prices of glass in North China, East China, Central China, and South China remained unchanged. The glass 2505 contract increased by 4 yuan/ton, a growth rate of 0.34%, while the 2509 contract decreased by 13 yuan/ton, a decline of 1.25% [6]. - **Soda Ash - related Prices and Spreads**: The prices of soda ash in North China, East China, Central China, and Northwest China remained unchanged. The soda ash 2505 contract increased by 1 yuan/ton, a growth rate of 0.08%, and the 2509 contract decreased by 9 yuan/ton, a decline of 0.73% [6]. - **Supply and Demand**: The soda ash production rate decreased by 1.08 percentage points to 82.21%, and the weekly production decreased by 0.8 tons to 709,000 tons. The daily melting volume of float glass increased by 0.1 tons to 15,780 tons, and the daily melting volume of photovoltaic glass decreased by 4,020 tons to 94,390 tons [6]. - **Inventory**: The glass factory inventory increased slightly, while the soda ash factory inventory increased by 5 tons to 278,000 tons, and the soda ash delivery warehouse inventory decreased by 5 tons to 228,000 tons [6]. 4. Industrial Silicon Industry 4.1 Investment Rating No investment rating is provided in the report. 4.2 Core View In the short term, the price of industrial silicon is expected to fluctuate strongly due to production cuts. In the long term, the increase in production after resumption will intensify the pressure of oversupply. Attention should be paid to the production - cut plans of polysilicon and the impact of coking coal prices. In the context of anti - involution policies, the arbitrage strategy of buying polysilicon and short - selling industrial silicon is favorable [8]. 4.3 Summary by Directory - **Spot Price and Main Contract Basis**: On July 4th, the price of East China oxygen - passing S15530 industrial silicon was 8,750 yuan/ton, up 50 yuan or 0.57% from the previous day. The basis of oxygen - passing SI5530 increased by 80 yuan, a growth rate of 11.59% [8]. - **Monthly Spread**: The 2507 - 2508 spread increased by 15 yuan/ton, a growth rate of 18.75%; the 2508 - 2509 spread increased by 5 yuan/ton; the 2509 - 2510 spread decreased by 10 yuan/ton, a decline of 25% [8]. - **Fundamental Data**: In June, the national industrial silicon production increased by 20,000 tons to 327,700 tons, a growth rate of 6.5%. The production of polysilicon increased by 4,900 tons to 101,000 tons, a growth rate of 5.1%. The production of organic silicon DMC increased by 25,300 tons to 209,300 tons, a growth rate of 13.75% [8]. - **Inventory Change**: The factory inventory in Xinjiang decreased by 22,800 tons to 150,100 tons, a decline of 13.19%. The social inventory increased by 10,000 tons to 552,000 tons, a growth rate of 1.85% [8]. 5. Polysilicon Industry 5.1 Investment Rating No investment rating is provided in the report. 5.2 Core View In the short term, the polysilicon futures market fluctuates greatly under the background of weak reality and strong expectation. The current supply increases while the demand decreases, and the price is still under pressure. However, policy expectations have a great impact on the market, and prices are expected to rise in the long term. Attention should be paid to risk management [9]. 5.3 Summary by Directory - **Spot Price and Basis**: The average prices of N - type re -投料, P - type cauliflower - like material, and N - type granular silicon remained unchanged. The basis of N - type material decreased by 460 yuan/ton, a decline of 48.42%; the basis of cauliflower - like material decreased by 460 yuan/ton, a decline of 7.13% [9]. - **Futures Price and Monthly Spread**: The PS2506 contract increased by 460 yuan/ton, a growth rate of 1.31%. The spreads between different contracts showed different degrees of change [9]. - **Fundamental Data**: The weekly production of silicon wafers decreased by 15,400 GW to 11,900 GW, a decline of 11.46%. The weekly production of polysilicon increased by 400 tons to 24,000 tons, a growth rate of 1.69%. In June, the production of polysilicon increased by 4,900 tons to 101,000 tons, a growth rate of 5.1% [9]. - **Inventory Change**: The polysilicon inventory increased by 200 tons to 27,200 tons, a growth rate of 0.74%. The silicon wafer inventory decreased by 890 GW to 19,220 GW, a decline of 4.43% [9].