Core Viewpoint - GCL-Poly Energy (03800) issued a clarification regarding a media article discussing its potential profitability in August and September 2025, emphasizing that the statements made by Executive Director Yang Wenzhong were based on market observations and should not be interpreted as profit forecasts [1] Group 1 - The company clarified that Yang Wenzhong's comments during the investor call on August 31, 2025, regarding potential profitability were based on the observed upward trend in polysilicon prices [1] - The statement regarding profitability was not based on any revenue or profit forecasts for the fiscal year 2025 [1] - The company reminded shareholders and potential investors not to interpret the comments as profit predictions [1]

Core Viewpoint - Tongwei Co., Ltd. reported a net profit attributable to shareholders of -4.955 billion yuan for the first half of 2025, a year-on-year decline of 58.35% [1] - The company achieved a net profit of -2.363 billion yuan in the second quarter of 2025, a slight year-on-year decrease of 0.85% [1] - The report indicates a positive gross margin in Q2 2025, with cash flow showing marginal improvement despite ongoing losses due to impairment provisions [1] Group 1: Financial Performance - In H1 2025, the company's net profit was -4.955 billion yuan, reflecting a significant decline compared to the previous year [1] - The Q2 2025 net profit was -2.363 billion yuan, indicating a minor decrease year-on-year [1] - The gross margin turned positive in Q2 2025, suggesting improved cost control capabilities [1] Group 2: Production and Quality Metrics - In H1 2025, the N-type product shipment ratio exceeded 90%, with silicon consumption reduced to below 1.04 kg/kg.si [1] - The company achieved near-zero steam consumption and improved product quality, with metal content in N-type materials reduced to below 0.1 ppbw and surface metal to below 0.2 ppbw [1] Group 3: Market Performance - The company sold 5.08 GW in the overseas market during the first half of 2025, continuing its growth trajectory [1] - Tongwei has established a leading position in markets such as Poland, Romania, and Hungary, achieving significant milestones like the delivery of the first EEC 148 MW traceability project order and the first TNC 2.0 G12R66 double-glass order [1] - The report anticipates a potential reversal in performance due to a significant rebound in polysilicon prices since June 2025 [1]

Core Viewpoint - GCL-Poly Energy has announced a strategic financing agreement with InfiniCapital, raising approximately HKD 54.46 billion (around USD 7 billion) through a private placement of about 4.736 billion shares, aimed at strengthening its equity structure and funding growth initiatives [2][3]. Group 1: Financing Details - The financing will be primarily allocated to three areas: enhancing cash reserves for structural adjustments in polysilicon production, strengthening the second growth curve through increased production of silane gas, and optimizing the company's capital structure [2][3]. - The strategic partnership with InfiniCapital, which has a diversified investment portfolio, is expected to provide GCL-Poly with significant support for its growth in high-tech sectors [3]. Group 2: Market Context and Implications - The polysilicon industry is currently undergoing market adjustments, with a rapid increase in demand for silane gas, positioning GCL-Poly to capitalize on this trend [2][3]. - Analysts believe that this financing will enhance GCL-Poly's competitive advantage and allow it to effectively penetrate both domestic and international high-end markets, converting carbon emission advantages into pricing power [3]. Group 3: Future Plans and Financial Performance - GCL-Poly plans to establish a specialized industry fund with InfiniCapital to consolidate inefficient excess capacity in the industry, aiming to promote high-quality production and mitigate chaotic price competition [4]. - Financial projections indicate that GCL-Poly's EBITDA for the first half of 2025 is expected to reach approximately CNY 3.8 billion, a year-on-year increase of 325.8%, while maintaining a competitive cash production cost of CNY 25.31 per kilogram [4].

Core Viewpoint - GCL-Poly Energy Holdings Limited (协鑫科技) has entered into a subscription agreement with Wujin Capital Management Limited, agreeing to issue a total of 4.736 billion shares at a subscription price of HKD 1.15 per share, raising approximately HKD 54.46 billion in total proceeds [1] Group 1: Financial Details - The net proceeds from the subscription are estimated to be around HKD 53.92 billion after deducting related fees and expenses [1] - 65% of the net proceeds (approximately HKD 35.05 billion) will be allocated for supply-side reform funding and structural adjustments in polysilicon production capacity [1] - 35% of the net proceeds (approximately HKD 18.87 billion) will be used for general operational purposes and repayment of existing loans [1] Group 2: Strategic Focus - The company aims to strengthen its position in the market by enhancing its silane gas production capacity, targeting a leading global position [1] - The strategic focus includes meeting the increasing demand for silane gas driven by the semiconductor industry, the transition of TOPCon solar cells to Bifacial solar cells, and the requirements of solid-state and semi-solid batteries in the lithium battery sector [1] - The company is also addressing the high-quality demands for silane gas in display panels, positioning itself for new growth opportunities [1]

Report Industry Investment Rating - Unilateral: Neutral for polysilicon; short - term range operation for polysilicon [5][7] - Inter - period: None for both industrial silicon and polysilicon [2][5][7] - Inter - commodity: None for both industrial silicon and polysilicon [2][5][7] - Spot - futures: None for both industrial silicon and polysilicon [2][5][7] - Options: None for both industrial silicon and polysilicon [2][5][7] Core View - Industrial silicon's short - term supply - demand fundamentals are average. The intraday sharp rise and then fall of the industrial silicon futures are mainly affected by the rise of coking coal. The short - term industrial silicon futures are affected by the overall commodity sentiment and policy - related news. If there are policies to promote, the futures may have room to rise as the current valuation is low [2] - The supply - demand fundamentals of polysilicon are average. The current futures are affected by the anti - involution policy and weak reality. The policy is still in progress, and the futures fluctuate greatly. In the medium - to - long - term, it is suitable to go long on polysilicon at low prices [7] Market Analysis Industrial Silicon - On September 15, 2025, the industrial silicon futures price was strong. The main contract 2511 opened at 8,725 yuan/ton and closed at 8,800 yuan/ton, up 0.86% from the previous settlement. The position of the main contract 2511 was 290,948 lots, and the number of warehouse receipts was 49,905 lots, down 93 lots from the previous day [1] - The spot price of industrial silicon rose slightly. The price of East China oxygen - passing 553 silicon was 9,100 - 9,300 yuan/ton, and 421 silicon was 9,400 - 9,600 yuan/ton. The price of Xinjiang oxygen - passing 553 silicon was 8,600 - 8,700 yuan/ton, up 50 yuan/ton, and 99 silicon was also 8,600 - 8,700 yuan/ton, up 50 yuan/ton. The silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai regions rose slightly, and the price of 97 silicon was slightly adjusted up [1] - The quotation of silicone DMC was 10,700 - 10,900 yuan/ton, up 100 yuan/ton. The monomer factory's pre - sales orders were sufficient, and the inventory pressure was not large. Downstream enterprises' procurement rhythm remained unchanged, mainly replenishing stocks at low prices, with limited support for the market. Silicone is expected to stabilize in the short term [1] Polysilicon - On September 15, 2025, the main contract 2511 of polysilicon futures fluctuated. It opened at 53,630 yuan/ton and closed at 53,545 yuan/ton, down 0.34% from the previous trading day. The position of the main contract was 132,212 lots (134,898 lots the previous day), and the trading volume was 237,981 lots [4] - The spot price of polysilicon remained stable. The price of N - type material was 49.10 - 54.00 yuan/kg, and n - type granular silicon was 48.00 - 49.00 yuan/kg. The inventory of polysilicon manufacturers increased, and the inventory of silicon wafers decreased. The latest polysilicon inventory was 21.90 (a month - on - month change of 3.79%), the silicon wafer inventory was 16.55GW (a month - on - month change of - 1.78%), the weekly polysilicon output was 31,200 tons (a month - on - month change of 3.31%), and the silicon wafer output was 13.88GW (a month - on - month change of 0.73%) [4] - The price of domestic N - type 18Xmm silicon wafers was 1.33 yuan/piece (up 0.05 yuan/piece), N - type 210mm was 1.68 yuan/piece (up 0.05 yuan/piece), and N - type 210R silicon wafers were 1.43 yuan/piece (up 0.05 yuan/piece) [4] - Silicon wafer enterprises may raise prices. N - type silicon wafers - 183mm may rise to 1.35 yuan/piece, N - type silicon wafers - 210R to 1.45 yuan/piece, and N - type silicon wafers - 210mm to 1.7 yuan/piece. The price increase of 183mm is likely to be accepted by downstream, while the other two sizes need to pay attention to the transaction situation [6] - The price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 battery cells were about 0.28 yuan/W, TopconM10 battery cells were about 0.32 yuan/W (up 0.01 yuan/W), Topcon G12 battery cells were 0.31 yuan/W (up 0.01 yuan/W), Topcon210RN battery cells were 0.29 yuan/W, and HJT210 half - cell battery was 0.37 yuan/W [6] - 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 0.67 - 0.69 yuan/W [6] Strategy Industrial Silicon - The spot price rose slightly following the futures. The short - term supply - demand fundamentals are average. The short - term industrial silicon futures are affected by the overall commodity sentiment and policy - related news. Attention should be paid to whether there are policies for capacity withdrawal. If there are policies to promote, the futures may have room to rise [2] Polysilicon - The supply - demand fundamentals are average. The current futures are affected by the anti - involution policy and weak reality. Participants should pay attention to risk management. They need to continuously follow up on the implementation of policies and the downward transmission of spot prices. In the medium - to - long - term, it is suitable to go long on polysilicon at low prices. Short - term range operation is recommended [7]

Group 1: Natural Rubber Industry Report Industry Investment Rating Not provided Core Viewpoints The fundamentals of natural rubber have changed little. The upstream cost side still provides support, while downstream players are resistant to high - priced raw materials. The reference range for the 01 contract is 15,000 - 16,500. Follow - up attention should be paid to the raw material output in the peak production season of the main producing areas and the possible impact of the La Nina phenomenon on supply. If the raw material supply is smooth, consider short - selling; if not, the rubber price is expected to remain high [1]. Summary by Relevant Catalogs - **Spot Prices and Basis**: On September 15, the price of Yunnan state - owned standard rubber (SCRWF) was 15,000 yuan/ton, up 0.33% from September 12. The full - latex basis decreased by 14.37%. The price of Thai standard mixed rubber increased by 1.34%. The price of cup rubber in the international market decreased by 0.67%, while the price of glue increased by 0.36%. Some domestic raw material prices remained unchanged [1]. - **Inter - month Spreads**: The 9 - 1 spread decreased by 4.46%, the 1 - 5 spread increased by 75.00%, and the 5 - 9 spread increased by 2.91% [1]. - **Fundamental Data**: In July, Thailand's production increased by 1.61%, Indonesia's by 12.09%, India's decreased by 2.17%, and China's decreased by 1.27%. The weekly开工率 of semi - steel and all - steel tires increased. Domestic tire production decreased by 8.16%, while tire exports increased by 10.51%. The total import of natural rubber increased by 2.47%, and the import of natural and synthetic rubber (including latex) increased by 5.40%. The production cost of some dry rubbers in Thailand decreased, and the production margin of STR20 dry rubber increased by 16.72% [1]. - **Inventory Changes**: The bonded area inventory decreased by 0.64%, and the factory - warehouse futures inventory of natural rubber on the SHFE decreased by 1.30%. The inbound and outbound rates of dry rubber in Qingdao's bonded and general - trade warehouses changed to varying degrees [1]. Group 2: Glass and Soda Ash Industry Report Industry Investment Rating Not provided Core Viewpoints - **Soda Ash**: The overall sentiment of the commodity market has improved, and soda ash has rebounded due to macro - sentiment. However, the fundamental oversupply problem still exists. In the medium - term, downstream demand will remain at the previous rigid - demand level. After the traditional summer maintenance season, with high supply, if there is no actual production capacity exit or load reduction, inventory will face further pressure. It is advisable to short on rebounds [3]. - **Glass**: The glass market has rebounded due to the improvement of the macro - atmosphere. Last week, the spot market had good transactions and inventory decreased. However, the inventory in the middle reaches has not been significantly reduced. In the long - term, the real - estate cycle is at the bottom, and the industry needs to clear excess capacity. Short - term: stay on the sidelines; medium - term: pay attention to the actual demand in the peak season [3]. Summary by Relevant Catalogs - **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 0.16%, and the glass 2509 contract decreased by 2.12% [3]. - **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 0.66%, and the soda ash 2509 contract decreased by 0.37% [3]. - **Supply**: The soda ash开工率 increased by 1.24%, and the weekly production increased by 1.25%. The float - glass daily melting volume increased by 0.38%, and the photovoltaic daily melting volume remained unchanged [3]. - **Inventory**: The glass factory - warehouse inventory decreased by 2.33%, the soda ash factory - warehouse inventory decreased by 1.35%, and the soda ash delivery - warehouse inventory increased by 2.70%. The glass factory's soda ash inventory days remained unchanged [3]. - **Real - estate Data**: The year - on - year growth rate of new construction area increased by 0.09%, the construction area decreased by 2.43%, the completion area decreased by 0.03%, and the sales area decreased by 6.50% [3]. Group 3: Log Industry Report Industry Investment Rating Not provided Core Viewpoints The log market shows a pattern of "weak supply and demand, stable prices, and slightly decreasing inventory". The core contradiction lies in the game between weak demand and fluctuating supply. Prices are temporarily stable with cost support. Follow - up attention should be paid to the improvement of shipment volume in the seasonal peak season. Currently, the 09 contract has new registered warehouse receipts, and the spot market pressure has increased. It is recommended to go long on dips [4]. Summary by Relevant Catalogs - **Futures and Spot Prices**: On September 15, the log 2509 contract decreased by 0.39%, the log 2511 contract increased by 0.81%, and the log 2601 contract decreased by 1.15%. The prices of some spot logs remained unchanged [4]. - **Supply**: In August, the port shipping volume decreased by 3.87%. The number of departing ships from New Zealand to China, Japan, and South Korea decreased by 6.38%. As of September 12, the total inventory of coniferous logs in China was 302 million cubic meters, an increase of 8 million cubic meters from the previous week. The expected number of New Zealand log ships arriving at 13 Chinese ports this week decreased by 50% compared with last week, and the arrival volume also decreased by 50% [4]. - **Demand**: As of September 12, the daily log outbound volume was 6.29 million cubic meters, an increase of 0.17 million cubic meters from the previous week [4]. Group 4: Industrial Silicon Industry Report Industry Investment Rating Not provided Core Viewpoints The cost of industrial silicon is expected to rise as raw material prices increase and the electricity price in the southwest region will go up during the dry season. Although the current output of industrial silicon has increased month - on - month, there are also news of capacity clearance. Considering the possible impact of the polysilicon enterprise self - discipline meeting next week and the increasing demand for downstream replenishment before the National Day, the price of industrial silicon may rise slightly. It is recommended to go long on dips, but also be aware of the inventory and warehouse - receipt pressure. The main price fluctuation range is expected to be 8,000 - 9,500 yuan/ton [5]. Summary by Relevant Catalogs - **Spot Prices and Main - contract Basis**: On September 15, the price of East China oxygen - passing SI5530 industrial silicon remained unchanged, and the basis decreased by 12.09%. The price of East China SI4210 industrial silicon remained unchanged, and the basis decreased by 122.22%. The price of Xinjiang 99 silicon increased by 0.58%, and the basis decreased by 0.76% [5]. - **Inter - month Spreads**: The 2510 - 2511 spread increased by 99.77%, the 2511 - 2512 spread decreased by 1750.00%, the 2512 - 2601 spread increased by 98.63%, the 2601 - 2602 spread decreased by 100.00%, and the 2602 - 2603 spread remained unchanged [5]. - **Fundamental Data (Monthly)**: The national industrial silicon output increased by 14.01%, Xinjiang's by 12.91%, Yunnan's by 41.19%, and Sichuan's by 10.72%. The national开工率 increased by 6.20%, Xinjiang's by 15.25%, Yunnan's by 44.09%, and Sichuan's by 19.83%. The output of organic silicon DMC increased by 11.66%, the output of polysilicon increased by 23.31%, the output of recycled aluminum alloy decreased by 1.60%, and the export volume of industrial silicon increased by 8.32% [5]. - **Inventory Changes**: The Xinjiang factory - warehouse inventory increased by 1.93%, the Yunnan factory - warehouse inventory increased by 2.62%, the Sichuan factory - warehouse inventory remained unchanged, the social inventory increased by 0.37%, the contract inventory decreased by 0.19%, and the non - warehouse - receipt inventory increased by 0.86% [5]. Group 5: Polysilicon Industry Report Industry Investment Rating Not provided Core Viewpoints In the short term, the market is more focused on the expectation of policy implementation in September, and the market is prone to rise and difficult to fall. Fundamentally, the overall supply reduction in September is not obvious as some factories resume production to make up for the supply reduction. The silicon wafer production schedule has increased slightly month - on - month, and there may be a slight inventory build - up in September. The downstream has accepted the price increase of polysilicon, and the spot transmission mechanism is smooth. In the future, the market pays less attention to fundamentals and more to policy expectations, so the price fluctuation risk is high. It is advisable to be cautious and follow the situation of the polysilicon enterprise self - discipline meeting next week [6]. Summary by Relevant Catalogs - **Spot Prices and Basis**: On September 15, the average price of N - type re - feedstock and N - type granular silicon remained unchanged. The N - type silicon wafer prices increased, with the 210mm silicon wafer increasing by 3.07% and the 210R silicon wafer increasing by 3.62%. Some battery and component prices remained unchanged [6]. - **Futures Prices and Inter - month Spreads**: The main contract decreased by 0.12%. The spreads between different contracts changed significantly, such as the month - on - first - continuous spread increasing by 100.22% [6]. - **Fundamental Data (Weekly and Monthly)**: The weekly silicon wafer output increased by 0.73%, and the weekly polysilicon output increased by 3.31%. The monthly polysilicon output increased by 23.31%, the import volume increased by 40.30%, the export volume increased by 5.96%, and the net export volume decreased by 14.92%. The monthly silicon wafer output increased by 6.24%, the import volume decreased by 15.41%, the export volume increased by 11.37%, and the net export volume increased by 15.56%. The silicon wafer demand increased by 0.14% [6]. - **Inventory Changes**: The polysilicon inventory increased by 3.79%, the silicon wafer inventory decreased by 1.78%, and the polysilicon contract increased by 0.38% [6].

Report Summary 1. Investment Ratings - No investment ratings for the industry are provided in the report. 2. Core Views - The industrial silicon price is in high - level consolidation. The supply side has potential disturbances, and the short - term price may maintain high - level consolidation, but there is a risk of a price drop if polysilicon enterprises implement production cuts. The supply of polysilicon is expected to increase slightly, and the price is also in high - level consolidation. The high inventory of downstream raw materials makes it difficult to have concentrated restocking in the short term, which may suppress the price [1]. 3. Summary by Content Industrial Silicon - **Price Information**: The average price of non - oxygenated 553 (East China) industrial silicon remained flat at 9,000 yuan/ton, and the average price of 421 (East China) was stable at 9,500 yuan/ton. The closing price of the futures main contract rose 0.63% to 8,800 yuan/ton. The prices of various types of industrial silicon in different regions (such as Huangpu Port, Tianjin Port, Kunming, and Sichuan) remained unchanged [1]. - **Supply and Demand**: As the silicon price rises, some previously shut - down silicon plants in Xinjiang have resumed production. The southwest production area has entered the wet season, with lower power costs and a steady increase in enterprise start - up rates. On the demand side, polysilicon enterprises continue to cut production, but some silicon material plants have复产 plans; the organic silicon market has supply fluctuations, and silicon alloy enterprises purchase as needed with low inventory - building willingness [1]. - **Investment Strategy**: Adopt range - bound operations, buy out - of - the - money put options, and consider participating in the reverse spread of contracts 2511 and 2512 [1]. Polysilicon - **Price Information**: The prices of N - type dense material, N - type re - feeding material, N - type mixed material, and N - type granular silicon remained unchanged. The closing price of the futures main contract fell 0.12% to 53,545 yuan/ton. The prices of N - type silicon wafers (210mm, 210R, 183mm) increased, while the prices of some battery cells and components remained flat [1]. - **Supply and Demand**: Silicon material enterprises continue to cut production, but some may have new capacity put into operation, with a slight increase in expected output. The trading volume in the polysilicon market has increased significantly, and inventory has decreased. However, the terminal demand pressure is large, and the component price increase faces resistance [1]. - **Investment Strategy**: Before the implementation of supply - side reform policies, consider lightly buying on dips [1]. Industry News - On September 11, the IPO application of China Power Construction New Energy Group Co., Ltd. was accepted. The company plans to raise 9 billion yuan and drive a total investment of 48.481 billion yuan in wind and solar power projects, with an expected new installed capacity of 8.46 million kilowatts [1]. - On September 12, the Ningxia Development and Reform Commission solicited opinions on establishing a generation - side capacity price mechanism. The capacity price standards for coal - fired power units and grid - side new energy storage will be 100 yuan/kilowatt - year from October to December 2025 and 165 yuan/kilowatt - year from January 2026 [1].

Group 1 - Company GCL-Poly Energy Holdings Limited (协鑫科技) experienced a stock price increase of over 5%, currently trading at HKD 1.31 with a transaction volume of HKD 2.35 billion [1] - The company announced a subscription agreement to issue a total of 4.736 billion shares at a subscription price of HKD 1.15 per share, which represents an approximate discount of 8.73% compared to the last closing price of HKD 1.26 [1] - The total proceeds from the subscription are expected to be around HKD 5.446 billion, with a net amount of approximately HKD 5.392 billion after deducting related fees and expenses [1] Group 2 - The company plans to allocate 65% of the net proceeds from the subscription for three main purposes: firstly, to reserve funds for supply-side reform and structural adjustments in polysilicon production capacity; secondly, to strengthen its second growth curve by enhancing silane gas production capacity and meeting the increasing demand in semiconductor and solar industries; and thirdly, to optimize the company's capital structure [2] - The remaining 35% of the net proceeds will be used for general working capital and to repay existing loans [2]

Group 1 - Company GCL-Poly Energy (03800) experienced a stock price increase of over 5%, currently trading at HKD 1.31 with a transaction volume of HKD 235 million [1] - The company announced a subscription agreement to issue a total of 4.736 billion shares at a subscription price of HKD 1.15 per share, which represents an approximate discount of 8.73% compared to the last closing price of HKD 1.26 [1] - The total proceeds from the subscription are expected to be around HKD 5.446 billion, with a net amount of approximately HKD 5.392 billion after deducting related fees and expenses [1] Group 2 - The company plans to allocate 65% of the net proceeds from the subscription for three main purposes: firstly, to support supply-side reforms and structural adjustments in polysilicon production capacity; secondly, to enhance its second growth curve by leveraging its leading capacity and output of silane gas to meet the increasing demand in semiconductor integrated circuits and the transition of TOPCon batteries to solar BC batteries; thirdly, to optimize the company's capital structure [2] - The remaining 35% of the net proceeds will be used for general working capital and to repay existing loans [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Policy-driven logic takes precedence over fundamentals. The high premium of futures prices reflects an optimistic outlook, but policy-driven factors are volatile. Spot prices are dragged down by fundamentals, and the reaction of futures prices is limited. The policy sets a long - term bullish trend, and spot prices provide rigid support for the futures market. However, weak reality and negative basis restrict short - term upward space. Currently, the market is in a cautiously bullish and volatile state, with support observed around 49,000 yuan [4] 3. Summary by Relevant Catalogs 3.1 Market Performance - The price of the main polycrystalline silicon contract fluctuated. The closing price of PS2511 was 53,545 yuan/ton, a decline of 0.34%, with a trading volume of 237,981 lots and an open interest of 132,212 lots, a net decrease of 2,686 lots. The closing price of PS2601 was 55,965 yuan/ton, a decline of 0.28%, with a trading volume of 29,847 lots and an open interest of 41,271 lots, a net increase of 887 lots [4] 3.2 Market News - On September 15, the number of polycrystalline silicon warehouse receipts was 7,850 lots (23,550 tons), an increase of 30 lots from the previous trading day. The "Notice on Improving the Price Mechanism to Promote the Proximity Consumption of New Energy Power Generation" stipulates that the power source of proximity consumption projects should be connected to the user side at the demarcation point between the user and the public power grid. The proportion of annual self - generated power consumption of new energy to the total available power generation should be no less than 60%, and the proportion to the total power consumption should be no less than 30% (no less than 35% for new projects starting from 2030). The project should have the condition of sub - meter metering. From January to July 2025, the cumulative installed capacity of photovoltaic reached 1109.6GW, and the newly added installed capacity was 223.25GW. The newly added installed capacity in July was 11GW, a year - on - year decrease of 47.7%, hitting a new low in 2025 [5]