Group 1 - Brother Technology expects a net profit of 60 million to 75 million yuan for the first half of 2025, representing a year-on-year increase of 325% to 431.25% [1] - Zhonggang Luonai's shareholder plans to reduce its stake by 0.5%, amounting to no more than 562,500 shares [1] - Hesheng Silicon Industry's controlling shareholder intends to exchange up to 1% of its shares for ETF units, totaling no more than 11,822,100 shares [1][2] Group 2 - Suotong Development's actual controller plans to reduce its stake by up to 2.21%, equating to no more than 1,098,720 shares [2] - Funeng Technology's shareholder plans to reduce its stake by no more than 1%, totaling up to 12,221,000 shares [2][3] - Yuhua Development expects a net profit of 175 million to 225 million yuan for the first half of 2025, a year-on-year increase of 632% to 784% [4][5] Group 3 - Dingsheng Co. plans to reduce its stake by no more than 1.71%, equating to up to 726,430 shares [5] - Renle's stock has been terminated from listing, officially delisted on July 4, 2025 [6] - Weitang Industrial's controlling shareholder plans to reduce its stake by no more than 1.95%, totaling up to 340,000 shares [7] Group 4 - Yingfeng Environment's convertible bond may trigger a downward adjustment of the conversion price due to stock prices falling below 85% of the conversion price [8] - Jingye Da's actual controller plans to reduce its stake by no more than 3%, equating to up to 694,150 shares [10] - Yongtai Technology and its subsidiary are suing for 57.5193 million yuan in damages [11] Group 5 - *ST Meigu's subsidiary has been applied for bankruptcy liquidation [12] - Daoshi Technology plans to invest up to 165 million USD in a copper wet smelting project in the Democratic Republic of Congo [13] - Xinbo Co.'s actual controller plans to reduce its stake by no more than 1.54%, totaling up to 372,440 shares [14] Group 6 - Yunnan Energy Investment has obtained the development rights for a photovoltaic power generation project with a capacity of 20 MW [15] - Qinglong Pipe Industry's controlling shareholder plans to reduce its stake by no more than 3%, equating to up to 990,970 shares [15] - Yangjie Technology has terminated the share issuance and cash acquisition of Beite Electronics, opting for cash acquisition instead [16] Group 7 - Taijia Co.'s controlling shareholder plans to reduce its stake by no more than 3%, totaling up to 755,210 shares [17] - Songyang Resources has terminated the planning of a control change and will resume trading on July 4, 2025 [19]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The prices of industrial silicon and polysilicon showed a strong upward trend on July 3, 2025, driven by the "anti - involution" sentiment. In the short - term, both may continue the strong trend, but the price fluctuations may intensify. It is recommended to focus on short - term operations. [1] - For industrial silicon, the supply may decrease after offsetting increases and decreases, and the demand from polysilicon enterprises may increase, while the demand from the organic silicon sector is weak. [1] - For polysilicon, the supply is expected to increase slightly, but the market demand is slowing down. The price increase is mainly driven by supply - side reform expectations and market sentiment. [1] Summaries by Related Catalogs Industrial Silicon Price Changes - The average price of non - oxygenated 553 (East China) increased by 1.83% to 8,350 yuan/ton, and the average price of 421 (East China) increased by 1.70% to 8,950 yuan/ton. The closing price of the futures main contract increased by 5.73% to 8,210 yuan/ton. [1] Supply and Demand - Supply: Northern large factories have production reduction plans, and the southwest production area is about to enter the wet season with lower power costs and a steady increase in enterprise operations. After offsetting, the supply may decrease. [1] - Demand: Polysilicon enterprises maintain production reduction, and some silicon material factories plan to resume production in July, bringing some demand increments. The organic silicon sector has a strong willingness to reduce production and support prices, but the demand is weak, and the actual transaction price has declined. [1] Investment Strategy - In the short - term, the price may continue the strong trend, but the upward pressure will increase after the rebound. It is recommended to focus on short - term operations and continuously monitor the actual production dynamics of silicon enterprises. [1] Polysilicon Price Changes - N - type dense material increased by 2.99% to 34.5 yuan/kg, polysilicon re - feeding material increased by 3.17% to 32.5 yuan/kg, polysilicon dense material increased by 3.33% to 31.0 yuan/kg, polysilicon cauliflower material increased by 3.51% to 29.5 yuan/kg, and the closing price of the futures main contract increased by 7.19% to 35,050 yuan/ton. [1] Supply and Demand - Supply: Silicon material enterprises maintain production reduction, and some may have new production capacity put into operation. After offsetting, the output is expected to increase slightly, remaining below 100,000 tons. [1] - Demand: The photovoltaic market is weak, with rising inventories of silicon wafers and silicon materials, and continuous decline in the prices of silicon wafers, battery cells, and components. The market demand is slowing down, and the transactions are weak. [1] Investment Strategy - In the short - term, driven by the long - position sentiment, the price may continue the strong trend, but the price fluctuations may intensify due to limited fundamental improvement. It is recommended to focus on short - term operations and continuously monitor the actual operations of the upstream and downstream of the industrial chain and the implementation of supply - side reform. [1] Other Information - On July 1, 2025, the Suzhou Ecological Environment Bureau planned to make a decision on the environmental impact assessment of Suzhou Qizhu New Materials Co., Ltd.'s project. Suzhou Qitian New Materials Co., Ltd. has four holding subsidiaries and three production bases, with a lithium - battery electrolyte additive production capacity of 36,900 tons/year and a functional organic silicon material production capacity of 26,700 tons/year. [1] - The Sixth Meeting of the Central Financial and Economic Commission emphasized promoting the construction of a unified national market, governing low - price and disorderly competition, and guiding enterprises to improve product quality and eliminate backward production capacity. [1]

Market Overview - The Shanghai Composite Index decreased by 0.09% to 3454.79 points, while the Shenzhen Component Index fell by 0.61% and the ChiNext Index dropped by 1.13% [1][2] - Trading volume shrank to 1.38 trillion yuan, a decrease of 89.1 billion yuan compared to the previous day, indicating a lack of activity from domestic investors [1] Sector Performance - Steel sector surged due to rumors of production cuts in Tangshan, with a 30% reduction in sintering machine operations from July 4 to July 15, leading to a rally in coal and cement stocks as well [3] - The photovoltaic sector saw significant gains, with companies like Dongliang Energy and Tongwei Co. hitting the daily limit, driven by rising upstream silicon material prices and surging overseas demand [4] - Conversely, the semiconductor and military electronics sectors faced declines, with AI hardware temporarily losing favor among investors as they await mid-year performance reports [4] Policy Impact - The concept of "anti-involution" is gaining traction, with calls to avoid price wars and instead focus on production cuts and price increases to ensure profitability [5] - The organic silicon sector is highlighted as a potential wealth generator, with leading manufacturers raising prices by 500-600 yuan per ton, while smaller firms struggle to survive [5] - Demand for organic silicon is driven by the explosive growth in new energy vehicles and photovoltaic applications, with exports increasing by 34.3% [5] Notable Stocks - Dongyue Silicon Material experienced a 20% limit-up, benefiting from price increases and a dual growth attribute in the cyclical market [6] Future Outlook - Investors are advised to monitor the spread of "anti-involution" in sectors like glass and chemicals, as well as mid-year performance forecasts to avoid potential pitfalls [7] - In the Hong Kong market, the upcoming tariff deadline on July 9 is critical, with technology stocks potentially rebounding, making the Hang Seng Technology Index ETF a candidate for bottom-fishing [7]

Group 1 - The third Organic Silicon Technology and Application Innovation Forum was held in Shanghai, focusing on the theme of "Silicon-based New Energy + Silicon-based New Materials" and discussing innovative development paths for the organic silicon industry [1] - Experts emphasized the need for enhanced communication within the industry chain due to significant differences in end-use application scenarios, advocating for the development of customized products through deep collaboration between upstream and downstream partners [1] - The importance of promoting a circular economy was highlighted, as organic silicon has significant resource value despite its difficulty in degradation, with a call for the industry to explore recycling paths and expand regenerative application scenarios [1] Group 2 - Despite being a major global producer and consumer of organic silicon, China faces notable shortcomings in high-performance and specialty organic silicon materials, necessitating international cooperation and industry upgrades [2] - There is a call for increased collaboration between universities and enterprises to cultivate more talent in the organic silicon field, providing intellectual support for industry innovation [2] - The industry is urged to increase R&D investment to overcome key technological challenges and establish unique advantages in response to the evolving market landscape [2]

Report Industry Investment Rating - No information provided Core Viewpoints - The silicon market is experiencing weak supply and demand, and the industry still faces high inventory pressure. Although the silicon price rebounded from a low level due to supply - side disturbances, the medium - and long - term supply - demand contradiction has not been substantially alleviated, and the rebound space is expected to be limited. For industrial silicon, if the production cut is less than expected, short positions can be considered. For polysilicon, due to strong uncertainty in terminal installation and over - capacity issues that are difficult to resolve in the short term, the price is unlikely to have an upward trend in the short term, and shorting on rebounds is recommended for the medium - and long - term [1]. Summaries by Related Content Industrial Silicon and Polysilicon Price Changes - The average price of industrial silicon non - oxygenated 553 (East China) remained unchanged at 8,100 yuan/ton, and the average price of 421 (East China) remained unchanged at 8,700 yuan/ton. The closing price of the futures main contract rose 2.18% to 7,720 yuan/ton. Among different regions, most prices remained stable, while the average price of oxygenated 553 in some regions had small increases. For polysilicon, the prices of N - type dense material, polycrystalline secondary material, dense material, and cauliflower material remained unchanged, and the closing price of the futures main contract rose 3.56% to 31,715 yuan/ton [1]. Inventory Information - On June 26, the total social inventory of industrial silicon in major regions was 542,000 tons, a decrease of 17,000 tons compared with last week. Among them, the inventory in ordinary social warehouses was 128,000 tons, a decrease of 3,000 tons compared with last week, and the inventory in social delivery warehouses (including non - registered warehouse receipts and spot parts) was 414,000 tons, a decrease of 14,000 tons compared with last week [1]. Industry News - SK plans to sell its silicon - based anode factory to its US partner Group 14, selling its 75% stake in the joint - venture SK Materials Group 14 to Group 14 Technologies through in - kind payment. The joint - venture factory in South Korea is in the trial - production stage [1]. - On the evening of June 24, 2025, Jingshan Light Machinery announced that its wholly - owned subsidiary Suzhou Shengcheng Photovoltaic Equipment Co., Ltd. would invest 150 million yuan in cash in Jiangsu Runyang New Energy Technology Co., Ltd. [1]. Supply and Demand Analysis - **Industrial Silicon**: On the supply side, the operation of silicon enterprises in the north has changed little, and the south - west production area is about to enter the wet season with lower power costs, so the enterprise operation is steadily increasing. On the demand side, polysilicon enterprises are continuing to cut production, and the resumption of production may be postponed; the organic silicon industry has a strong willingness to cut production to support prices, but the demand is weak, and the actual transaction price has declined. Domestic monomer enterprises' operation shows mixed changes, with the overall operation decreasing, and the demand for industrial silicon is further weakened. Silicon - aluminum alloy enterprises purchase as needed, and the downstream has insufficient willingness to stock up at low levels [1]. - **Polysilicon**: On the supply side, silicon material enterprises are maintaining production cuts, and some silicon material factories may have new capacity put into operation. After offsetting, the output is expected to increase slightly, with the overall output remaining within 100,000 tons. On the demand side, the photovoltaic market is generally weak, the inventories of silicon wafers and silicon materials are rising, the prices of silicon wafers, battery cells, and components are continuously falling, the market demand is slowing down, and the transactions are weak [1].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The industrial silicon futures price rebounded on June 25, 2025, while the spot price remained stable. The fundamentals are still weak, with an increase in supply and limited growth in terminal consumption. The recent strong performance of the futures market is mainly due to the expected increase in polysilicon production and market sentiment. Attention should be paid to potential industry policies [1]. - The polysilicon futures market maintained a volatile pattern on June 25, 2025, and the spot price remained stable. The inventory of polysilicon manufacturers decreased slightly, and the production increased weekly. However, the consumption side weakened, leading to a weak fundamental situation [3][6]. 3. Summary by Related Catalogs Industrial Silicon - **Market Analysis** - On June 25, 2025, the industrial silicon futures price rebounded. The main contract 2509 opened at 7,450 yuan/ton and closed at 7,555 yuan/ton, up 1.55% from the previous settlement price. The position of the main contract was 306,644 lots, and the number of warehouse receipts on June 26 was 53,263 lots, a decrease of 307 lots from the previous day [1]. - The spot price of industrial silicon remained stable. The price of East China oxygen - containing 553 silicon was 8,000 - 8,300 yuan/ton, and 421 silicon was 8,400 - 9,000 yuan/ton. The price of Xinjiang oxygen - containing 553 silicon was 7,500 - 7,700 yuan/ton, and 99 silicon was 7,500 - 7,700 yuan/ton [1]. - The price of organic silicon DMC rebounded slightly, with a quotation of 10,300 - 10,600 yuan/ton. The organic silicon industry has high production capacity pressure, and downstream demand is mainly for rigid procurement [1]. - **Strategy** - For unilateral trading, use range - bound operations, and upstream producers can sell hedging at high prices when appropriate. There are no strategies for cross - period, cross - variety, spot - futures, and options trading [2]. Polysilicon - **Market Analysis** - On June 25, 2025, the polysilicon futures main contract 2508 maintained a volatile pattern, opening at 31,000 yuan/ton and closing at 30,625 yuan/ton, a decrease of 1.59% from the previous trading day. The position of the main contract was 80,107 lots (72,286 lots the previous day), and the trading volume was 146,141 lots [3]. - The spot price of polysilicon remained stable. The price of polysilicon re - feedstock was 30.00 - 33.00 yuan/kg, dense material was 28.00 - 32.00 yuan/kg, cauliflower material was 27.00 - 30.00 yuan/kg, granular silicon was 30.00 - 31.00 yuan/kg, N - type material was 33.00 - 36.00 yuan/kg, and N - type granular silicon was 31.00 - 32.00 yuan/kg [3]. - The inventory of polysilicon manufacturers decreased slightly, with the latest polysilicon inventory at 26.20 (a week - on - week decrease of 4.70%), and the silicon wafer inventory at 18.74GW (a week - on - week decrease of 3.10%). The weekly polysilicon production was 24,500.00 tons (a week - on - week increase of 2.94%), and the silicon wafer production was 12.90GW (a week - on - week decrease of 1.53%) [3]. - **Strategy** - The futures market continued to be weak, and the spot trading was average. The fundamentals are weak due to the resumption of production in the southwest during the wet season and the planned start - up in some northwest bases. For unilateral trading, use range - bound operations and sell hedging at high prices. There are no strategies for cross - period, cross - variety, spot - futures, and options trading [6]. Silicon Wafers, Battery Cells, and Components - The price of domestic N - type 18Xmm silicon wafers was 0.89 yuan/piece (- 0.01 yuan/piece), N - type 210mm was 1.23 yuan/piece (- 0.03 yuan/piece), and N - type 210R silicon wafers was 1.03 yuan/piece (- 0.02 yuan/piece) [5]. - The price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 battery cells was 0.28 yuan/W, TopconM10 battery cells was 0.24 yuan/W, Topcon G12 battery cells was 0.25 yuan/W, Topcon210RN battery cells was 0.26 yuan/W, and HJT210 half - piece battery cells was 0.37 yuan/W [5]. - The mainstream transaction price of PERC182mm components was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.67 - 0.69 yuan/W, and N - type 210mm was 0.70 - 0.70 yuan/W [5].

Group 1 - Chemical stocks experienced a rebound, with significant gains in sectors such as chemical fibers and organic silicon [1] - Youfu Co., Ltd. reached the daily limit increase, indicating strong market interest [1] - Other companies such as Jianghan New Materials, Suzhou Longjie, Hesheng Silicon Industry, and Jiuri New Materials saw increases exceeding 5% [1]

Core Viewpoint - The organic silicon market is experiencing a significant decline, with core product prices dropping sharply due to oversupply and weak demand, leading to widespread losses in the industry [1][2]. Group 1: Market Conditions - The price of DMC, a core organic silicon product, fell below 10,500 yuan per ton, representing an approximately 83% decrease from the peak in September 2021, and a cumulative decline of over 23% this year [1]. - The average transaction price has dropped below the cost line, resulting in the industry facing widespread losses [1]. - Supply growth is outpacing demand, with production expected to reach 2.533 million tons in 2024, a year-on-year increase of 20.4%, while demand is projected at 2.191 million tons, a growth of 18.4% [1]. Group 2: Trade and Economic Impact - Trade tensions, particularly the U.S. tariffs on organic silicon products, have increased export costs for Chinese ordinary silicone rubber products by 15% to 20%, impacting the $2.28 billion trade market between China and the U.S. [1]. - The overall performance of listed organic silicon companies has declined in the first quarter, with significant drops in revenue and net profit across multiple firms [2]. Group 3: Industry Challenges and Future Outlook - The primary challenge for the organic silicon sector is the excessive new production capacity, with a projected 24.2% year-on-year increase in production capacity for 2024, marking the peak of the current expansion cycle [2]. - Despite short-term challenges, there are long-term opportunities as policies indicate continued development in real estate, which may boost demand for construction sealants [2]. - The industry is encouraged to focus on high-end and emerging fields, such as medical personal care, photovoltaic films, and automotive sealing components, which are expected to grow at an annual rate exceeding 15% [3].

Group 1 - The core viewpoint of the article emphasizes the diversity and wide application of silicone products, particularly polysiloxane, which includes silicone rubber, silicone oil, and silicone resin. In 2022, silicone rubber accounted for approximately 70% of polysiloxane consumption in China, with room temperature and high-temperature adhesives being the main varieties [1][10][12]. - The main application areas for polysiloxane in China in 2022 were electronics (21.2%), power/new energy (17.3%), construction (16.3%), textiles (9.5%), and medical/personal care (8.7%) [1][16][18]. Group 2 - The supply-demand structure of the silicone industry is expected to improve, with limited new production capacity anticipated in the future. The overall supply is currently exceeding demand, leading to price pressure. However, the demand for silicone products has been robust, with a projected apparent consumption of 1.82 million tons in 2024, representing a year-on-year growth of 20.9% [2][3][64]. - The export scale of silicone products from China has shown an overall growth trend, with an expected export of 550,000 tons of primary polysiloxane in 2024, and a compound annual growth rate of approximately 14.3% from 2017 to 2024 [3][64]. Group 3 - The article suggests that the silicone industry is likely to see a recovery in its overall prosperity due to the anticipated growth in both domestic and international demand, while supply expansion is expected to approach its limits. This is expected to lead to a gradual increase in the industry's operating rate [3][64]. - The current profitability of silicone intermediates is at a historical low, but there is an expectation for gradual recovery in the industry's prosperity in the future [3][64]. Group 4 - Investment recommendations highlight the diverse range of silicone products and their wide applications, with the supply side expected to see limited new capacity while the demand side is anticipated to maintain rapid growth, leading to a potential recovery in industry prosperity [4].

1. Report Industry Investment Rating - Industrial silicon: Oscillation - Polysilicon: Oscillation [4] 2. Core Viewpoints of the Report - The current supply - demand fundamentals of industrial silicon do not support a significant rebound in spot prices, and the futures market is expected to oscillate at a low level. For polysilicon, before the leading enterprises cut production, the fundamentals are bearish for the market, and a short - term short and long - term long strategy can be considered [1][2][3] 3. Summary by Relevant Catalogs 3.1 Industrial Silicon/Polysilicon Industry Chain Prices - The Si2509 contract of industrial silicon increased by 110 yuan/ton week - on - week to 7390 yuan/ton. The SMM spot price of East China oxygen - fed 553 remained flat at 8150 yuan/ton, and the price of Xinjiang 99 remained flat at 7600 yuan/ton. The PS2508 contract of polysilicon decreased by 1550 yuan/ton week - on - week to 31220 yuan/ton. The transaction price of N - type re - feeding material was 34400 yuan/ton, a week - on - week decrease of 2300 yuan/ton [9] 3.2 Supply - side Rumors of Resumption of Production, Excess Pattern Remains Unchanged 3.2.1 Industrial Silicon - This week, the industrial silicon futures oscillated. Xinjiang and Sichuan increased the number of furnaces by 8 and 1 respectively, while Qinghai, Liaoning, and Jilin decreased by 1, 2, and 1 respectively. The weekly output was 76,600 tons, a week - on - week increase of 4.9%. The SMM industrial silicon social inventory decreased by 13,000 tons week - on - week, and the sample factory inventory decreased by 10,000 tons week - on - week. The resumption of production is greater than the reduction, and the demand has no obvious improvement. The balance sheet may accumulate inventory from June to July, and the price is expected to oscillate at a low level [11] 3.2.2 Organic Silicon - This week, the price of organic silicon continued to fall. Some enterprises entered maintenance or reduced production. The overall enterprise start - up rate was 70.29%, the weekly output was 46,500 tons, a week - on - week decrease of 0.21%. The inventory was 50,900 tons, a week - on - week increase of 2.83%. The price is expected to continue to face downward pressure [11] 3.2.3 Polysilicon - This week, the main contract of polysilicon futures declined significantly. After the SNEC exhibition, the signing price of polysilicon declined again. The downstream pressured prices severely. The production schedule for June was raised to 100,000 tons, and it is tentatively expected to be 107,000 tons in July. As of June 19, the inventory of Chinese polysilicon factories was 262,000 tons, a week - on - week decrease of 13,000 tons. Before the leading enterprises cut production, the price is expected to continue to fall [2][12] 3.2.4 Silicon Wafers - This week, the price of silicon wafers continued to fall. As of June 19, the inventory of silicon wafer factories was 18.74GW, a week - on - week decrease of 0.6GW. The production schedule for June was 55GW, and it is expected to be about 54GW in July. The price is expected to continue to be under pressure [12] 3.2.5 Battery Cells - This week, the price of battery cells continued to fall. The production schedule for June was expected to be 53GW, and it was still in the stage of inventory accumulation. As of June 16, the inventory of Chinese photovoltaic battery export factories was 16.19GW, a week - on - week increase of 1.21GW. If there is no significant reduction in supply, the price is expected to continue to fall [13] 3.2.6 Components - This week, the price of components decreased. The production schedule for June was about 50GW, a month - on - month decrease of 10%. It is expected that the demand will weaken further from July to August. The overall production schedule decline is slow, and the price is expected to continue to fall [14] 3.3 Investment Recommendations 3.3.1 Industrial Silicon - The futures market is relatively strong this period, but the fundamentals do not support a significant rebound in spot prices. If the market rebounds, it gives silicon factories a new hedging opportunity. It is expected that the market will oscillate at a low level, and short - selling with a light position can be considered after the rebound [3][15] 3.3.2 Polysilicon - Before the leading enterprises cut production, the fundamentals are bearish for the market. A short - term short and long - term long strategy can be considered. The key lies in the production - cut actions of leading enterprises. There will be a game between long and short positions in the market [3][15] 3.4 Hot News Collation - Pakistan plans to impose an 18% VAT on imported solar panels and photovoltaic cells in the 2025 - 2026 fiscal year to support local manufacturers. Argentina's first photovoltaic component factory is about to open, with an initial production capacity of 450MW and a target of 1GW in the future. Sichuan Province supports Yibin City to build a photovoltaic industrial park, with a total investment of 135.3 billion yuan in the photovoltaic industry chain [16][17] 3.5 Industry Chain High - frequency Data Tracking - The report provides various high - frequency data charts for industrial silicon, organic silicon, polysilicon, silicon wafers, battery cells, and components, including price, profit, inventory, and production data [18][29][34]