Group 1 - The "Red Rhythm Crystal Bay" initiative aims to enhance the coverage and effectiveness of party organizations in non-public enterprises, addressing challenges such as low coverage and weak impact [1] - Since the launch of the initiative, the coverage rate of party organizations in non-public enterprises has improved significantly, with a comprehensive survey identifying 47 enterprises and 925 employees, including 254 party members [1] - The initiative involves a collaborative approach among various departments, conducting thorough investigations to gather essential data on enterprise operations and employee demographics [1] Group 2 - Zhangwan Township categorizes enterprises based on size and industry characteristics to establish party organizations effectively, covering sectors like silicon industry, hoisting, rice processing, and commerce [2] - Experienced party members are appointed as organizational guides to provide one-on-one support for party work in enterprises, facilitating the establishment of joint party branches where necessary [2] - The township emphasizes dynamic tracking of non-public enterprises to adapt to changing conditions, ensuring that party work evolves from merely establishing organizations to enhancing their functional impact [2] Group 3 - The township actively assists enterprises in overcoming challenges, such as difficulties in high-tech enterprise applications and low patent value, by providing expert guidance and support [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Industrial silicon: Adopt a strategy of shorting at high prices and pay attention to supply disturbances. The market is expected to be in a situation of weak supply and demand, with short - term emotional speculation potentially driving up the price, but the upside space is limited [1][7]. - Polysilicon: The futures market is expected to experience wide - range oscillations. The supply - demand pattern is also weak, and although the establishment of a platform company boosts market confidence, the upside is restricted due to weak demand [2][7]. Summary by Directory 1. Market Data - Industrial silicon: From December 1 to December 19, 2025, the reference prices of mainstream consumption areas and the transaction prices of three major ports/warehouses for different grades of industrial silicon remained relatively stable, with only minor price adjustments on a few days [11]. 2. Industrial Silicon Supply Side - Smelting and Raw Material Ends - Supply: This week, the weekly production of industrial silicon decreased slightly. In December, the reduction in production in the southwest region increased, and although some factories in Xinjiang resumed production, the overall production from November to December decreased. The social inventory decreased by 0.8 million tons, the factory inventory increased by 0.55 million tons, and the overall industry inventory decreased by 0.25 million tons [3]. - Demand: The downstream demand for industrial silicon is weak. In the polysilicon sector, the weekly production schedule has decreased; in the organic silicon sector, although the weekly production has increased and some monomer plants have resumed production after maintenance, the price - support logic is difficult to sustain due to the off - season and high inventory; in the aluminum alloy sector, the procurement behavior is rational; the export volume in the fourth quarter has shrunk significantly [3]. 3. Industrial Silicon Consumption Side - Downstream Polysilicon - Supply: The weekly production of polysilicon decreased slightly in the short term. In December, some manufacturers reduced production, while others resumed production, so the monthly production did not show a significant decrease. The inventory of silicon material manufacturers has reached 300,000 tons, and the cost may continue to rise [4]. - Demand: The weekly production schedule of silicon wafers decreased. In December, the production schedule decreased due to the decline in terminal demand, but the silicon wafer price is expected to stabilize and rise [4]. 4. Industrial Silicon Consumption Side - Downstream Organic Silicon - The average price of DMC has shown a certain trend of change, and the monthly operating rate of the DMC industry has also fluctuated over time. The monthly production of DMC and its year - on - year change, as well as the factory inventory, all have their own seasonal characteristics. The export volume of primary - form polysiloxane and its year - on - year change, and the profit calculation of the DMC industry also reflect the industry's operating conditions [27][31]. 5. Industrial Silicon Consumption Side - Downstream Aluminum Alloy - The price of recycled aluminum ADC12 has seasonal characteristics, and the monthly operating rate of the recycled aluminum industry has also changed over time. The profit calculation of the recycled aluminum industry and the monthly sales volume of domestic automobiles also show certain trends [31][33].

Core Insights - The story of the chairman of Hoshine Silicon Industry, Luo Liguo, exemplifies the corporate spirit of "accumulating small steps to reach great heights" through over thirty years of dedication to the mission of "focusing on silicon-based new materials to create a better life" [1][2] - Luo Liguo's journey began in 1989 with a humble start in a craft factory producing straw hats, where he developed a deep understanding of quality and market dynamics, laying a solid foundation for future endeavors [1] - At the turn of the century, he made a strategic pivot to the silicon materials industry, driven by profound insights into industrial development rather than merely chasing trends [1] - The strategic boldness of Luo Liguo is evident in his establishment of the first integrated "coal, electricity, silicon" industrial park in Xinjiang in 2009, which created unparalleled cost and scale advantages through a forward-looking full industry chain layout [1] - After the company's IPO in 2017, Luo Liguo made a decisive choice to focus entirely on the silicon-based main business, positioning the company at the forefront of the global new energy wave [1] - Hoshine Silicon Industry has transformed from an industry follower to a leading player in industrial silicon and organic silicon production capacity, ranking among the world's top [1] Industry Focus - The mission of "focusing on silicon-based new materials" has been a consistent theme throughout the company's journey, from initial developments in silicone rubber to the current advancements in third-generation semiconductor materials used in photovoltaics and new energy vehicles [2] - Each capacity expansion and technological extension led by Luo Liguo aims to contribute to the "dual carbon" strategy of the country, significantly promoting energy transition and enhancing quality of life through green silicon-based products [2] - The narrative of Luo Liguo serves as a practical guide on how the greatest achievements begin with solid foundations and how enduring success stems from decades of unwavering focus on a mission [2]

Core Viewpoint - The company has completed the transfer of its 27.0737% stake in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. for a consideration of 1.245 billion yuan, receiving the full payment and completing all necessary registration procedures [1] Group 1 - The fourth meeting of the fourth board of directors is scheduled for May 6, 2025, to review the proposal for the equity transfer [1] - The company no longer holds any equity in Inner Mongolia Xinyuan following the completion of the transfer [1] - The transfer price of the stake was set at 1.245 billion yuan [1]

Report Industry Investment Rating - Not provided in the given content Core Views - Industrial silicon continues to accumulate inventory, with short - term supply subject to disturbing events. The fundamentals show a situation of weak supply and demand, and the inventory keeps increasing. It is expected that the supply will decrease from December. The market may be boosted by sentiment, but the upside space of the futures prices prices are limited due to weak demand is limited, and it is expected to be limited, and it is recommended to maintain a short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - 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term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - 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term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short - term short

交易咨询业务资格：证监许可【2012】1091号 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 供给端来看，上周工业硅供应量为8.8万吨，环比有所减少3.29%。 需求端来看，上周工业硅需求为7.2万吨，环比减少12.19%.需求持续低迷. 多晶硅库存为29.1万吨，处于高位，硅片亏损，电池片亏损，组件盈利； 有机硅库存为43900吨，处于低位，有机硅生产利润为1215元/吨，处于盈 利状态，其综合开工率为74.84%，环比持平，高于历史同期平均水平；铝 合金锭库存为7.38万吨，处于高位，进口亏损为423元/吨，A356铝送至无 锡运费和利润为638.38元/吨，再生铝开工率为61.5%，环比持平，处于高 位。 成本端来看，新疆地区样本通氧553生产亏损为2874元/吨，枯水期成本支 撑有所上升。 2、基差: 12月08日，华东不通氧现货价9300元/吨，01合约基差为625元/吨，现货升 水期货。 ...

二 〇 二 五 年 度 2025 年 12 月 07 日 工业硅：新疆环保消息发酵，关注实际减产 多晶硅：预计下周盘面波动放大 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 报告导读： 本周价格走势：工业硅盘面价格整体下行，现货价格下跌；多晶硅盘面重心回落，现货报价稳定 工业硅运行情况：本周工业硅盘面重心下移，更多跟随多晶硅期货走势，周五收于 8805 元/吨。现货 市场价格下跌，SMM 统计新疆 99 硅报价 8900 元/吨（环比不变），内蒙 99 硅报价 9050 元/吨(环比-50)。 多晶硅运行情况：本周多晶硅盘面重心回落，受交易所连续开会因素影响，市场炒作情绪消退，盘面重 心持续回落，周五盘面收于 55510 元/吨。多晶硅现货市场来看，上游报价坚挺，但下游价格已开始下跌。 供需基本面：工业硅本周行业库存累库；多晶硅上游库存继续累库 工业硅供给端，周度行业库存继续累库。据咨询商统计，本周西南地区及新疆地区开工减少，整体周产 环减。具体而言，西南地区 11 月起逐步减产，按照枯水期电价折算西南枯水期成本在 10000-10500 元/吨， 枯水期当地开工持续性 ...

二 〇 二 五 年 度 2025 年 12 月 07 日 工业硅：新疆环保消息发酵，关注实际减产 多晶硅：重磅利空发酵，远月合约或跌停 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 报告导读： 本周价格走势：工业硅盘面价格整体下行，现货价格下跌；多晶硅盘面重心回落，现货报价稳定 工业硅运行情况：本周工业硅盘面重心下移，更多跟随多晶硅期货走势，周五收于 8805 元/吨。现货 市场价格下跌，SMM 统计新疆 99 硅报价 8900 元/吨（环比不变），内蒙 99 硅报价 9050 元/吨(环比-50)。 多晶硅运行情况：本周多晶硅盘面重心回落，受交易所连续开会因素影响，市场炒作情绪消退，盘面重 心持续回落，周五盘面收于 55510 元/吨。多晶硅现货市场来看，上游报价坚挺，但下游价格已开始下跌。 供需基本面：工业硅本周行业库存累库；多晶硅上游库存继续累库 工业硅供给端，周度行业库存继续累库。据咨询商统计，本周西南地区及新疆地区开工减少，整体周产 环减。具体而言，西南地区 11 月起逐步减产，按照枯水期电价折算西南枯水期成本在 10000-10500 元/吨， 枯水期当地开 ...

Core Viewpoint - Jin Sanjiang (Zhaoqing) Silicon Materials Co., Ltd. has completed its response to the Shenzhen Stock Exchange regarding the application for issuing convertible bonds to unspecified objects, and has updated the relevant application documents [1] Group 1: Company Actions - The company received the review inquiry letter from the Shenzhen Stock Exchange on November 14, 2025 [1] - After receiving the inquiry letter, the company, along with relevant intermediaries, conducted thorough research on the inquiry issues and completed the response [1] - The updated response report and related documents were disclosed on the same day on the Giant Tide Information Network [1] Group 2: Regulatory Process - The issuance of convertible bonds is subject to approval by the Shenzhen Stock Exchange and requires a registration decision from the China Securities Regulatory Commission [1] - There is uncertainty regarding whether the application will pass the review and registration, as well as the timing of obtaining the approval [1] - The company will fulfill its information disclosure obligations in accordance with legal regulations based on the progress of this matter [1]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Industrial silicon is expected to trade in a range, with its price likely to be influenced by the sentiment of funds in other new - energy products. The supply - demand imbalance is not prominent, with both supply and demand being weak. [14] - Polysilicon prices are predicted to fluctuate widely in December, with near - term contracts being relatively strong. The pressure of inventory accumulation before the year is difficult to ease, and there is a high risk of instability in the near - term contracts due to delivery games. [17] 3. Summary According to Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - **Industrial Silicon**: As of November 28, 2025, the spot price of 553 (non - oxygenated) industrial silicon in East China was 9350 yuan/ton, a monthly increase of 50 yuan/ton; the spot price of 421 industrial silicon was 9800 yuan/ton, with a discounted futures price of 9000 yuan/ton, a monthly increase of 100 yuan/ton. In November 2025, the production was 36.01 tons, a month - on - month decrease of 44,700 tons. The cumulative production from January to November was 3.6993 million tons, a year - on - year decrease of 672,900 tons or 15.39%. The inventory at the end of November was 481,400 tons. [13] - **Polysilicon**: As of November 28, 2025, the average price of N - type re - fed polysilicon was 52.3 yuan/kg, a monthly increase of 0.05 yuan/kg; the average price of N - type dense polysilicon was 51 yuan/kg, unchanged from the previous month. In November, the production was 114,600 tons, a month - on - month decrease of 19,400 tons. The cumulative production from January to November was 1.1897 million tons, a year - on - year decrease of 28.07%. The inventory at the end of November was about 281,000 - 282,100 tons. [15][16] - **Organosilicon**: In November, the DMC production was 209,500 tons, a month - on - month increase of 86,000 tons. The cumulative production from January to November was 2.2722 million tons, a year - on - year increase of 12.58%. [13] - **Silicon - aluminum Alloy**: From January to October, the cumulative production of aluminum alloy was 15.76 million tons, a year - on - year increase of 2.542 million tons or 19.23%. [13] - **Export**: From January to October, the cumulative net export of industrial silicon in China was 598,000 tons, a year - on - year increase of 97,000 tons or 1.66%. [13] 3.2 Futures and Spot Markets - **Industrial Silicon**: As of November 28, 2025, the spot price of 553 (non - oxygenated) industrial silicon in East China was 9350 yuan/ton, a monthly increase of 50 yuan/ton; the spot price of 421 industrial silicon was 9800 yuan/ton, with a discounted futures price of 9000 yuan/ton, a monthly increase of 100 yuan/ton. [22] - **Polysilicon**: As of November 28, 2025, the average price of N - type re - fed polysilicon was 52.3 yuan/kg, a monthly increase of 0.05 yuan/kg; the average price of N - type dense polysilicon was 51 yuan/kg, unchanged from the previous month. [25] 3.3 Industrial Silicon - **Total Production**: In November 2025, the production of industrial silicon was 360,100 tons, a month - on - month decrease of 44,700 tons. The cumulative production from January to November was 3.6993 million tons, a year - on - year decrease of 672,900 tons or 15.39%. [30] - **Production in Main Producing Areas**: The report shows the production trends of industrial silicon in Sichuan, Yunnan, Xinjiang, Inner Mongolia, and Gansu. [32][34] - **Production Cost**: As of November 28, 2025, the average electricity price in Yunnan increased by 0.13 yuan/kWh month - on - month, and in Sichuan by 0.09 yuan/kWh month - on - month; the silicon stone price remained stable month - on - month. The average production cost in Xinjiang was 8504.17 yuan/ton, in Yunnan 9766.67 yuan/ton, and in Sichuan 9720.00 yuan/ton. [43][46] - **Visible Inventory**: At the end of November, the industrial silicon inventory was 481,400 tons, including 263,400 tons in factory inventory, 185,000 tons in market inventory, and 33,000 tons in registered warehouse receipts (with concentrated cancellation of warehouse receipts). [49] 3.4 Polysilicon - **Production**: In November, the production of polysilicon was 114,600 tons, a month - on - month decrease of 19,400 tons. The cumulative production from January to November was 1.1897 million tons, a year - on - year decrease of 28.07%. [54] - **Capacity Utilization and Scheduled Production**: In November, the capacity utilization rate of polysilicon was 44.18%, a month - on - month decrease of 5.91 percentage points. The expected production in December was 113,500 tons, a month - on - month decrease. [57] - **Inventory**: At the end of November, the polysilicon inventory was about 281,000 - 282,100 tons, with factory inventory accumulating. [60] - **Cost and Profit**: At the end of November, the production cost of polysilicon was 41,640.63 yuan/ton, and the gross profit was 8464.63 yuan/ton, with relatively good profits. [63] - **Silicon Wafer**: In November, the production of silicon wafers was 54.37GW, a month - on - month decrease of 6.28GW. The cumulative production from January to November was 603.19GW, a year - on - year decrease of 0.35%. The inventory at the end of November was 19.5GW, a month - on - month increase. The predicted production in December was 45.7GW, a significant month - on - month decrease. [66][69] - **Cell**: In November, the production of cells was 55.61GW, a month - on - month decrease of 3.66GW. The cumulative production from January to November was 622.72GW, a year - on - year increase of 3.59%. The inventory at the end of November was 7.63GW. The expected production in December was 48.72GW, a significant month - on - month decrease. [74][77] - **Module**: In November, the production of modules was 46.9GW, a month - on - month decrease of 1.2GW. The cumulative production from January to November was 524.5GW, a year - on - year decrease of 0.13%. The inventory at the end of November was 30.5GW, a month - on - month decrease. The expected production in December was 39.99GW, a decrease compared to November. [82][85] 3.5 Organosilicon - **Production**: In November, the DMC production was 209,500 tons, a month - on - month increase of 86,000 tons. The cumulative production from January to November was 2.2722 million tons, a year - on - year increase of 12.58%. [92] - **Price and Profit**: As of November 28, 2025, the average price of organosilicon was 13,200 yuan/ton, a monthly increase of 2200 yuan/ton. The DMC gross profit was 1128.13 yuan/ton. [95] - **Inventory**: At the end of November, the DMC inventory was 44,700 tons, a month - on - month increase of 600 tons. [98] 3.6 Silicon - aluminum Alloy and Export - **Aluminum Alloy**: As of November 28, 2025, the price of primary aluminum alloy A356 was 21,910 yuan/ton, a monthly increase of 190 yuan/ton; the price of recycled aluminum alloy ADC12 was 21,330 yuan/ton, a monthly decrease of 10 yuan/ton. From January to October, the cumulative production of aluminum alloy was 15.76 million tons, a year - on - year increase of 2.542 million tons or 19.23%. At the end of November, the capacity utilization rate of primary aluminum alloy was 60.2%, and that of recycled aluminum alloy was 61.5%. [103][106] - **Export**: From January to October, the cumulative net export of industrial silicon in China was 598,000 tons, a year - on - year increase of 97,000 tons or 1.66%. [109]