Report Summary 1. Investment Ratings No investment ratings for the entire industry are provided in the report. 2. Core Views - The equity market may enter a high - level oscillation pattern after significant gains, and the direction of monetary policy in the second half of September is crucial. The bond market sentiment is weak, and the 10 - year Treasury bond rate may oscillate in the 1.74% - 1.8% range [3]. - Geopolitical risks in the Middle East have reignited, causing precious metals to rise and then fall. The steel market is weak, while the iron ore market is strong. The copper market is trading on interest - rate cut expectations [3]. - The energy and chemical markets show various trends. For example, oil prices are supported by geopolitical risks but limited by a loose supply - demand situation. The agricultural product market is influenced by factors such as supply expectations and reports [3]. 3. Summary by Categories Financial - **Equity Index Futures**: The basis rates of IF, IH, IC, and IM's main contracts are 0.23%, - 0.11%, - 0.81%, and - 0.83% respectively. The market is supported by pro - cyclical factors and continues to oscillate [3]. - **Treasury Bond Futures**: Due to tight funds and concerns about increased fund redemption fees, the sentiment in the bond futures market is weak. The 10 - year Treasury bond rate may oscillate between 1.74% - 1.8% [3]. - **Precious Metals**: Geopolitical risks in the Middle East have reignited. Gold should be bought cautiously at low prices, and silver should be traded in the $40 - 42 range [3]. - **Shipping Index (European Line)**: The main contract of the container shipping index (European Line) is weakly oscillating, and 12 - 10 spread arbitrage can be considered [3]. Black Metals - **Steel**: Steel prices have weakened. Long positions should be closed and wait for further observation. The support levels for rebar and hot - rolled coil are around 3100 and 3300 respectively [3]. - **Iron Ore**: Shipments have dropped significantly from the high level, arrivals have decreased, and the price is strong. Long positions can be taken at low prices in the 780 - 830 range [3]. - **Coking Coal**: The spot market is weakly oscillating. Short positions can be taken at high prices, and an arbitrage strategy of long iron ore and short coking coal can be used [3]. - **Coke**: The first round of price cuts for coke has been implemented. Short positions can be taken at high prices, and an arbitrage strategy of long iron ore and short coke can be used [3]. Non - ferrous Metals - **Copper**: The market is trading on interest - rate cut expectations, and attention should be paid to inflation data on Thursday. The main contract is expected to trade between 78500 - 80500 [3]. - **Aluminum and Its Alloys**: The processing industry's weekly operating rate is recovering. The main contracts of aluminum, aluminum alloy, etc. have their respective expected trading ranges [3]. - **Other Non - ferrous Metals**: Zinc, tin, nickel, and stainless steel also have their expected price ranges and corresponding market trends [3]. Energy and Chemicals - **Crude Oil**: Geopolitical risks support the rebound of oil prices, but the loose supply - demand situation limits the upside. It is recommended to wait and see on the long - short side, and look for opportunities to expand the spread on the options side [3]. - **Urea**: The consumption in industry and agriculture is not obvious, and the market is expected to continue to be weak in the short term. A short - selling strategy can be considered, and the implied volatility can be reduced at high levels on the options side [3]. - **PX, PTA, and Related Products**: PX and PTA have different supply - demand expectations in September. They should be traded within their respective price ranges, and some spread arbitrage strategies can be used [3]. - **Other Chemical Products**: Ethanol, caustic soda, PVC, etc. also have their own market trends and corresponding trading suggestions [3]. Agricultural Products - **Soybeans and Related Products**: The expected high yield of US soybeans suppresses the market, but the domestic market has a bullish expectation. Long positions can be taken for the 01 contract in the long term [3]. - **Livestock and Grains**: The supply pressure of pigs is realized, and the corn market has limited rebound. Palm oil may be strong, and sugar is expected to be weak [3]. - **Other Agricultural Products**: Cotton, eggs, apples, etc. also have their own market characteristics and trading suggestions [3]. Special Commodities - **Glass**: News about production lines in Shahe has driven up the market. Wait and see the actual progress [3]. - **Rubber**: The macro - sentiment has faded, and the rubber price is oscillating downward. Wait and see [3]. - **Industrial Silicon**: Affected by polysilicon, the price has weakened at the end of the session. The price may fluctuate between 8000 - 9500 yuan/ton [3]. New Energy - **Polysilicon**: Affected by news, the market has declined. Wait and see [3]. - **Lithium Carbonate**: Due to increased news interference, the market is expected to be weak. A short - selling strategy can be considered [3].

Report Industry Investment Rating - Not mentioned in the provided report Core Viewpoints - The industrial silicon price is expected to maintain high-level consolidation in the short term, but there is a risk of a price decline if polysilicon enterprises implement production restrictions. The polysilicon price is likely to be volatile and prone to rising, with supply-side disturbances remaining unstable [1]. Summary According to Relevant Catalogs Industrial Silicon - **Price Changes**: The average price of non-oxygenated 553 (East China) remained unchanged at 8,950 yuan/ton, and the average price of 421 (East China) also remained flat at 9,400 yuan/ton. The closing price of the futures main contract rose 3.58% to 8,820 yuan/ton [1]. - **Supply and Demand Analysis**: Supply is increasing steadily as some silicon plants in Xinjiang have resumed production, and businesses in the southwest are operating more due to lower electricity costs. On the demand side, polysilicon enterprises are reducing production, with some having复产 plans, which will bring some demand. However, the organic silicon market is facing supply pressure, and silicon-aluminum alloy enterprises are purchasing as needed [1]. - **Investment Strategy**: The industrial silicon market has strengthened recently due to polysilicon sentiment. It is expected that the short-term silicon price will maintain high-level consolidation, but if polysilicon enterprises implement production restrictions, it will be negative for the industrial silicon market [1]. Polysilicon - **Price Changes**: The prices of N-type dense material, N-type re-feeding material, and N-type mixed material increased by 0.20%, 0.19%, and 0.20% respectively, while the price of N-type granular silicon remained unchanged. The closing price of the futures main contract rose 8.70% to 56,735 yuan/ton [1]. - **Supply and Demand Analysis**: Supply is expected to increase slightly as some silicon material factories may have new production capacity, but demand has also increased as many upstream and downstream enterprises completed procurement and shipments by the end of August, reducing inventory [1]. - **Investment Strategy**: The polysilicon market has been rising recently due to rumors of state purchases. In the short term, supply-side disturbances may cause price fluctuations, and the price is likely to rise [1]. Other Information - **Industry News**: Southern Co's subsidiary, Georgia Power, has been approved to sign five new solar power purchase agreements with a total capacity of 1,068 megawatts. It has also launched a tender for up to 2,000 megawatts of utility-scale solar or "solar + energy storage" projects [1]. - **Company Announcement**: Daquan Energy's General Manager, Zhu Wengang, stated that the company will continue its production reduction strategy in the third quarter, with a production guidance of 27,000 to 30,000 tons, and an annual production guidance of 110,000 to 130,000 tons in 2025 [1].

1. Report Industry Investment Rating - Industrial silicon: Bearish / Polysilicon: Bearish [5] 2. Core Viewpoints - The resumption rhythm of large factories in Xinjiang still affects the fundamental changes of industrial silicon. Short - term industrial silicon may operate between 8200 - 9200 yuan/ton, and attention should be paid to range - trading opportunities. For polysilicon, although the spot dense material quotation has risen to 55 yuan/kg, the actual transaction price is likely to be concentrated between 50 - 52 yuan/kg. After the sharp rise in the futures market stimulated by the "anti - involution" news, the futures have a large premium over the spot, which may stimulate the hedging willingness of silicon material enterprises again. The upward space of polysilicon is limited, while the downward space is opened. Short - term attention should be paid to the callback opportunity, and the 11 - 12 reverse arbitrage opportunity can be considered at around - 2000 yuan/ton [4][18] 3. Summary by Relevant Catalogs 3.1 Industrial silicon/polysilicon industry chain prices - This week, the Si2511 contract of industrial silicon increased by 430 yuan/ton to 8820 yuan/ton. The SMM spot price of East China oxygen - passing 553 increased by 50 yuan/ton to 9100 yuan/ton, and the price of Xinjiang 99 increased by 50 yuan/ton to 8500 yuan/ton. The PS2511 contract of polysilicon increased by 7180 yuan/ton to 56735 yuan/ton. The transaction price of N - type re -投料 increased by 1100 yuan/ton to 49000 yuan/ton [9] 3.2 "Anti - involution" news stimulates significant premium in the futures market - **Industrial silicon**: The main futures contract of industrial silicon fluctuated downward this week. The number of open furnaces in Xinjiang, Ningxia, and Northeast decreased by 3, 1, and 1 respectively. The resumption volume of large factories in Xinjiang was less than expected, and the southern start - up was basically stable. Some silicon factories may start to reduce production during the dry season in late October. The SMM industrial silicon social inventory decreased by 0.40 million tons, and the sample factory inventory decreased by 0.27 million tons. Downstream maintained rigid demand procurement without stockpiling. If the start - up of large factories in Xinjiang remains unchanged, industrial silicon may accumulate about 30,000 tons of inventory from September to October and may reduce inventory by about 100,000 tons during the dry season from November to December. If large factories in Xinjiang resume full production, it may be difficult to reduce inventory during the dry season [11] - **Organic silicon**: The price of organic silicon decreased slightly this week. Some devices were shut down or under maintenance, and the weekly start - up rate changed little. The overall start - up rate of enterprises was 73.47%, the weekly output was 48,600 tons, an increase of 1.04%, and the inventory was 48,400 tons, a decrease of 1.83%. New orders increased slightly, and the market activity increased slightly. It is expected that the price of organic silicon will fluctuate at a low level [11][12] - **Polysilicon**: The main futures contract of polysilicon rose significantly this week. Polysilicon production and sales restrictions officially started in September, and the production schedule in September is still around 128,000 tons. Attention should be paid to whether the production will further decline to the quota level. As of September 4, the factory inventory of polysilicon enterprises was 211,000 tons, mainly concentrated in two first - tier enterprises. Silicon wafer enterprises' polysilicon raw material inventory reached 200,000 tons. Silicon material enterprises continued to raise prices, but downstream enterprises were resistant to high - priced silicon materials. It is expected that the transaction price of dense material in September will be concentrated between 50 - 52 yuan/kg [13] - **Silicon wafers**: The quotation of silicon wafers was further raised this week. The mainstream transaction prices of M10/G12R/G12 silicon wafers remained at 1.25/1.40/1.60 yuan/piece, but the quotations of M10/G12 were further raised to 1.30/1.65 yuan/piece. As of September 4, the silicon wafer factory inventory was 16.85GW, and the production schedule in September was 57.5GW. It is expected that silicon wafers will stabilize at the new quotation in the short term [14] - **Battery cells**: The price of battery cells further increased this week. The mainstream transaction prices of M10/G12 battery cells rose to 0.3/0.295 yuan/watt, while that of G12R remained at 0.285 yuan/watt. As of September 1, the inventory of Chinese photovoltaic battery export factories was 7.81GW, and the production schedule in September was 60GW. The price increase of silicon wafers put pressure on battery cells. It is expected that the price of battery cells will remain stable in the short term [15] - **Components**: The price of components remained basically stable this week. Centralized components mainly executed previous orders, and distributed projects executed more new orders. The upstream price increase was not smoothly transmitted to the terminal. It is expected that the component price will fluctuate in the short term, and attention should be paid to whether there are demand - side policy introductions [16][17] 3.3 Investment advice - **Industrial silicon**: Pay attention to the follow - up progress of large factories' resumption in Xinjiang. Short - term industrial silicon may operate between 8200 - 9200 yuan/ton, and pay attention to range - trading opportunities [18] - **Polysilicon**: The actual transaction price of dense material is likely to be concentrated between 50 - 52 yuan/kg. After the sharp rise in the futures market, the futures have a large premium over the spot, which may stimulate the hedging willingness of silicon material enterprises. The upward space of polysilicon is limited, and the downward space is opened. Short - term attention should be paid to the callback opportunity, and the 11 - 12 reverse arbitrage opportunity can be considered at around - 2000 yuan/ton [4][18] 3.4 Hot news sorting - **China Anneng's component purchase project change**: The original 0.66 yuan/W component price limit was invalid. The tender scale was changed from 2GW to 200MW, and the tender model was changed. The new tender does not set a price limit [19] - **Two - department policy**: The Ministry of Industry and Information Technology and the State Administration for Market Regulation jointly issued a plan to govern the low - price competition of photovoltaic products according to law, strengthen the monitoring and early warning of key industries, and guide the orderly layout of the photovoltaic and lithium - battery industries [19] 3.5 Industrial chain high - frequency data tracking - **Industrial silicon**: It includes data such as the spot price of oxygen - passing 553 and 99 silicon, weekly output in different regions, and social and factory inventories [21][24][28] - **Organic silicon**: It includes data such as the spot price of DMC, weekly profit, factory inventory, and weekly output [31][32] - **Polysilicon**: It includes data such as the spot price, weekly gross profit, factory inventory, and enterprise weekly output [36][37] - **Silicon wafers**: It includes data such as the spot price, average net profit, factory inventory, and enterprise weekly output [38][40][43] - **Battery cells**: It includes data such as the spot price, average net profit, export factory inventory, and enterprise monthly output [44][46][50] - **Components**: It includes data such as the spot price, average net profit, factory inventory, and enterprise monthly output [53][58][60]

Core Viewpoint - The recent surge in polysilicon futures prices is driven by favorable policy expectations and rising downstream product prices, with the main contract reaching a record high of 56,735 yuan/ton, marking a weekly increase of 14.49% [2][3] Group 1: Market Dynamics - Polysilicon futures prices have shown strong upward momentum, breaking out of the fluctuation range seen in August, influenced by market rumors and rising prices of downstream products [2][3] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation released a plan aimed at promoting high-quality development in the photovoltaic sector, which is expected to positively impact polysilicon prices [3] - In August, polysilicon production was close to 130,000 tons, with September's production expected to remain around this level despite slight adjustments in some companies' operating plans [4] Group 2: Supply and Demand - The demand for polysilicon is projected to increase due to higher production rates of photovoltaic components and batteries, with an estimated 58 GW of silicon wafer production in September, translating to a demand of approximately 120,000 tons of polysilicon [4] - The current operating rate of polysilicon companies has risen to 40%, a 6 percentage point increase from the previous month, indicating a recovery in production capacity [6] - Social inventory of polysilicon reached 440,000 tons in August, remaining at historically high levels, with a need for ongoing monitoring of inventory reduction processes [7] Group 3: Price Trends and Future Outlook - The recent price increase in polysilicon is expected to continue, with market analysts suggesting that the actual transaction prices for polysilicon have risen, indicating a potential for further price hikes [5][9] - Factors influencing future polysilicon futures prices include the concentration of warehouse receipts in November, the extent of price increases in the spot market, and the actual progress of capacity integration [8] - The market sentiment remains neutral, with traders showing limited purchasing activity despite some replenishment actions, indicating that upstream companies still hold pricing power [7]

Core Viewpoint - The recent increase in polysilicon prices is driven by favorable policies and a shift in market sentiment towards reducing "involution" competition in the photovoltaic industry [2][4]. Group 1: Market Dynamics - Polysilicon prices have seen significant increases, with various contracts showing rises between 7.22% to 9.00% [1]. - The current average price for N-type dense polysilicon is reported at 50,100 yuan per ton, reflecting a strong market support from major manufacturers [3]. - Analysts indicate that the recent rise in polysilicon prices is also supported by price increases in downstream products such as silicon wafers and battery cells, which are responding to the rising costs of polysilicon [3]. Group 2: Policy Impact - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have released a plan aimed at stabilizing growth in the electronic information manufacturing industry, emphasizing the need to eliminate low-price competition and regulate capacity layout [2]. - There is an expectation for the restructuring of the polysilicon industry to proceed as planned, although the timeline for implementation remains uncertain [2]. - The market is currently in a "policy fulfillment" phase, where price movements are highly dependent on the strength and timing of policy signals [4]. Group 3: Supply and Demand Outlook - Despite a recent increase in polysilicon production to 132,000 tons in August, a 23.9% month-on-month increase, the market remains concerned about the balance between supply and demand [3]. - Analysts suggest that while demand may weaken in the second half of the year, production in July and August has shown resilience, with a slight increase in silicon wafer production expected in September [3]. - The market is closely monitoring the potential implementation of production reduction and sales control policies, which could provide stronger support for polysilicon prices if successfully executed [4].

Group 1 - The core viewpoint of the article highlights the strong performance of polysilicon futures, which reached a record high of 56,735 yuan/ton, driven by favorable policies and price recovery in the photovoltaic industry [1][2] - The A-share market for silicon materials and wafers saw collective gains, with notable increases in stocks such as Daqo Energy (up 8.86%) and Tongwei Co. (up 6.18%) [1] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a plan to promote high-quality development in the photovoltaic sector, aiming to eliminate low-price competition [1][2] Group 2 - Analysts indicate that the price control measures, including the Price Law, have led to polysilicon prices being maintained above production costs, providing a supportive floor for futures prices [2] - Recent price increases in downstream products like silicon wafers and battery cells are attributed to rising polysilicon costs and recovering overseas demand [2] - The current spot market for polysilicon has also seen price increases, with quotes rising from 35,000 yuan/ton to 47,000 yuan/ton in July, and further increases noted in August [2] Group 3 - The operating rate of polysilicon enterprises has improved, currently at 40%, reflecting a 6 percentage point increase from the previous month [3] - Despite the positive trends, there are concerns about supply-demand imbalances as production is expected to increase by approximately 7,000 tons in September [3] - The market is sensitive to policy developments, with potential for futures prices to continue rising if the "anti-involution" policies are effectively implemented [3]

Core Viewpoint - The futures market is experiencing a bullish sentiment with significant trading activity concentrated on rising commodities, particularly polysilicon and coking coal, driven by supply-demand dynamics and macroeconomic policies [2][12][21][23]. Market Dynamics - Today's main contracts show 56 contracts rising and 20 contracts falling, indicating a clear bullish sentiment in the market [2]. - The most significant gainers include polysilicon (+8.99%), coking coal (+6.33%), and glass (+4.94%), influenced by supply-demand factors [6]. - The largest outflows were seen in the CSI 300 (-47.04 billion), indicating a notable withdrawal of funds from these contracts [8]. Fund Flows - The top inflow commodities were polysilicon (1.901 billion), rubber (901 million), and palm oil (556 million), attracting substantial main funds [8]. - The largest outflows were from the CSI 300, indicating a shift in investor sentiment [8]. Position Changes - Significant increases in positions were noted in polysilicon (+26.78%) and rubber (+25.85%), suggesting new funds entering the market [10]. - Conversely, notable decreases were observed in crude oil (-8.68%) and CSI 1000 (-9.46%), indicating potential fund withdrawals [10]. Key Events - The "anti-involution" theme is gaining traction, with coking coal contracts experiencing a surge due to market enthusiasm surrounding potential policy announcements [12][23]. - The upcoming policies aimed at expanding service consumption are expected to enhance high-quality service supply, which may impact related sectors positively [14]. Industry Insights - In August, China's polysilicon production reached 128,900 tons, a 22.6% increase from July, while silicon wafer production was 53.4 GW, reflecting a robust supply chain [14]. - Coking coal prices are expected to stabilize due to limited supply and increased demand as the market anticipates policy implementations [23]. - The glass market is showing signs of bottoming out, with a slight increase in production and a focus on inventory reduction, although demand remains weak [25].

Core Viewpoint - The article discusses the "silicon material storage plan" in the polysilicon industry, which aims to adjust production capacity and combat market "involution" through a market-driven approach led by major companies [2][4][7]. Group 1: Market Dynamics - Several leading polysilicon companies mentioned the "silicon material storage plan" during their mid-year earnings calls, leading to a surge in their stock prices [2]. - The storage plan involves the acquisition of "backward" production capacity by major companies using their own and financial institution funds, aiming to gradually exit this capacity to adjust the industry structure [2][4]. - The polysilicon industry is currently facing low capacity utilization and declining product prices, prompting the need for such a storage plan [2][4]. Group 2: Regulatory Challenges - The storage plan must operate within a market-oriented and legal framework to avoid significant antitrust risks, as outlined in the Anti-Monopoly Law of the People's Republic of China [3][6]. - The potential for monopolistic behavior exists if major companies coordinate production capacity, which could violate antitrust regulations [3][6]. Group 3: Long-term Implications - While the storage plan may provide immediate relief, it is essential to evaluate its long-term impacts on the industry, particularly regarding market competition and efficiency [4][5]. - The plan could lead to increased market share and profits for major companies, but it may also hinder competition by creating a cooperative mechanism among these companies [5][6]. - Historical examples, such as the "trusts" in late 19th century America, illustrate the potential negative effects of such cooperative arrangements on industry innovation [5][6]. Group 4: Broader Industry Context - The "involution" in the polysilicon industry has complex causes, including local government influences and inadequate intellectual property protections [7]. - The storage plan is seen as just a starting point, with a need for ongoing government regulation and corporate innovation to address the root causes of industry challenges [7].

Core Viewpoint - The "polysilicon storage plan" proposed by leading polysilicon companies aims to acquire existing production capacities to adjust the industry structure and combat overcapacity, which has led to low utilization rates and declining prices in the polysilicon market [2]. Group 1: Market Dynamics - The polysilicon storage plan has been a significant topic since May, stimulating market interest and leading to stock price increases for several leading polysilicon companies [2]. - Polysilicon, as an upstream industry of photovoltaics, is facing challenges such as low production utilization and continuous price declines, prompting the need for the storage plan [2]. - The storage plan is characterized by a market-driven approach, contrasting with traditional administrative methods of capacity adjustment, potentially offering a new path for the industry [2]. Group 2: Legal and Regulatory Considerations - There are substantial antitrust risks associated with the capacity coordination mechanism led by industry associations or major companies, as it may violate the Anti-Monopoly Law of the People's Republic of China [3]. - The storage plan must navigate legal frameworks to avoid antitrust violations, which could hinder its implementation and pose risks for the future of China's photovoltaic industry [3][4]. Group 3: Long-term Implications - While the storage plan may provide short-term relief, it is essential to assess its potential long-term negative impacts on the industry [4]. - The plan could lead to increased market share and profits for leading companies, but it may also raise concerns about the efficiency of the industry and the selection of production capacities [6]. - The risk of forming a cooperative mechanism among leading companies post-storage could lead to price or capacity alliances, which would violate competitive principles and harm industry development [6]. Group 4: Recommendations for Implementation - The design of the storage plan should protect the interests of small and medium-sized enterprises, ensuring that not all parties benefit equally [7]. - A reasonable mechanism should be established to hold certain companies accountable for their past capacity expansion decisions [7]. - Strengthening antitrust oversight after the implementation of the storage plan is crucial to prevent the formation of alliances among leading companies [7]. Group 5: Broader Industry Context - The issue of "involution" in the polysilicon industry is complex, stemming from various factors including local government influences and inadequate intellectual property protections [7]. - Adjusting production capacity is only a starting point; addressing the root causes of industry challenges requires ongoing technological innovation and industrial upgrades [7].

Group 1 - The core viewpoint of the news is the emergence of a "polysilicon storage plan" led by major polysilicon companies to acquire and phase out outdated production capacity, aiming to adjust the industry structure and combat internal competition [1] - The polysilicon industry is facing low capacity utilization and declining product prices, leading to losses for major companies, which has prompted the consideration of the "storage plan" [1] - The proposed storage plan is characterized by a market-oriented approach, contrasting with traditional administrative methods of capacity adjustment, and may represent a new path for the industry [1] Group 2 - There are significant antitrust risks associated with the capacity coordination mechanism led by industry associations or major companies, as it may violate the Anti-Monopoly Law by fixing prices or limiting production [2] - The legal compliance of the storage plan is a critical challenge, as failure to navigate antitrust risks could hinder its implementation and pose future risks for the solar industry [2] Group 3 - While the storage plan may provide short-term relief for the industry, it is essential to evaluate its potential long-term negative impacts, such as increased market concentration benefiting major companies and potential price increases for polysilicon [3] - The stock prices of leading polysilicon companies have begun to recover, and the storage plan could allow these companies to gain market share and profits while facilitating a mild exit for smaller firms [4] Group 4 - The "pain-free" exit strategy of the storage plan raises concerns about its impact on industry efficiency, as competition is a vital mechanism in market economies [4] - The risk exists that the cooperative mechanisms formed during the storage plan could evolve into a price or capacity alliance, which would violate antitrust principles and harm industry development [4] Group 5 - It is crucial to establish clear boundaries and enhance antitrust supervision during and after the implementation of the storage plan to ensure it remains market-oriented and lawful [5] - The design of the storage plan should protect the interests of smaller companies, and a reasonable mechanism should be established to hold some companies accountable for past capacity expansion decisions [5] - The internal competition issues in the polysilicon industry are complex and require more than just capacity adjustments; they involve government actions, misjudgments by major companies, and institutional factors like inadequate intellectual property protection [5]