1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Report's Core View - The report presents the market trends and investment outlooks for various commodities on June 10, 2025, covering precious metals, base metals, energy, agricultural products, and chemical products. It analyzes the fundamentals, news, and trend intensities of each commodity to guide investors [2]. 3. Summary by Commodity Precious Metals - **Gold**: Non - farm payrolls slightly exceeded expectations. The trend intensity is 0. The price of Shanghai Gold 2508 closed at 774.72 yuan, down 1.09% [2][7]. - **Silver**: There was a technical breakthrough. The trend intensity is 2. The price of Shanghai Silver 2508 closed at 8909 yuan, up 0.70% [2][7]. Base Metals - **Copper**: The spot price of LME copper strengthened, supporting the price. The trend intensity is 1. The price of Shanghai Copper's main contract closed at 78,910 yuan, down 0.03% [2][12]. - **Aluminum**: It was in a sideways consolidation. The trend intensity is 0. The price of Shanghai Aluminum's main contract closed at 20025 yuan, down 45 yuan [2][15]. - **Alumina**: It continued to decline. The trend intensity is 0. The price of Shanghai Alumina's main contract closed at 2892 yuan, down 9 yuan [2][15]. - **Zinc**: Social inventories increased, and the price was under downward pressure. The trend intensity is - 1. The price of Shanghai Zinc's main contract closed at 21910 yuan, down 2.12% [2][18]. - **Lead**: In the short - term, both supply and demand were weak, but it was bullish in the medium - term. The trend intensity is 1. The price of Shanghai Lead's main contract closed at 16765 yuan, down 0.09% [2][21]. - **Tin**: It stopped falling and rebounded. The trend intensity is 1. The price of Shanghai Tin's main contract closed at 263,740 yuan, up 0.05% [2][25]. - **Nickel**: There was a game between real - world support and weak expectations, and the nickel price fluctuated. The trend intensity is 0. The price of Shanghai Nickel's main contract closed at 122,710 yuan [2][28]. - **Stainless Steel**: The negative feedback led to increased production cuts, and the steel price fluctuated in a range. The trend intensity is 0. The price of the stainless - steel main contract closed at 12,640 yuan [2][28]. Energy - **Crude Oil - related (not directly mentioned)** - **Fuel Oil**: The daytime session was weak, and it would enter an adjustment phase in the short - term. The trend intensity is 0. The price of FU2507 closed at 2,927 yuan, down 0.54% [2][141]. - **Low - Sulfur Fuel Oil**: It mainly showed a fluctuating trend, and the spot price difference between high - sulfur and low - sulfur in the international market continued to rise. The trend intensity is 0. The price of LU2507 closed at 3,583 yuan, down 0.31% [2][141]. - **Coal - related** - **Coking Coal**: It fluctuated widely. The trend intensity is 0. The price of JM2509 closed at 780 yuan, up 1.5 yuan [2][50]. - **Coke**: It fluctuated widely. The trend intensity is - 1. The price of J2509 closed at 1339 yuan, down 11.5 yuan [2][50]. - **Steam Coal**: Demand awaited release, and it fluctuated widely. The trend intensity is 0. The previous opening price of ZC2507 was 931.6 yuan [2][54][55]. Agricultural Products - **Palm Oil**: There were large differences in the pressure from the producing areas, and it was bottom - grinding with fluctuations. The trend intensity is 0. The price of the palm - oil main contract closed at 8,182 yuan, up 0.89% [2][169]. - **Soybean Oil**: The driving force was temporarily weak, and it oscillated in a range. The trend intensity is 0. The price of the soybean - oil main contract closed at 7,766 yuan, up 0.36% [2][169]. - **Soybean Meal**: The weather was normal, and US soybeans closed down. Dalian soybean meal might follow the decline. The trend intensity is - 1. The price of DCE Soybean Meal 2509 closed at 3019 yuan, up 28 yuan [2][174]. - **Soybean**: The spot price was stable, and the futures price oscillated. The trend intensity is 0. The price of DCE Soybean 2507 closed at 4138 yuan, down 4 yuan [2][174]. - **Corn**: It trended strongly with fluctuations. The trend intensity is 1. The price of C2507 closed at 2,357 yuan, up 0.90% [2][177][178]. - **Sugar**: It was in a low - level consolidation. The trend intensity is 0. The price of the futures main contract closed at 5734 yuan, down 1 yuan [2][183]. - **Cotton**: It continued to be affected by market sentiment. The trend intensity is 0. The price of CF2509 closed at 13,495 yuan, up 1.01% [2][187]. - **Eggs**: The industry still had a resistance sentiment. The trend intensity is 0. The price of Eggs 2507 closed at 2,837 yuan, down 1.18% [2][191]. - **Hogs**: Weight reduction had just started, waiting for confirmation from the spot market. The trend intensity is 0. The price of Henan's spot hogs was 13900 yuan/ton [2][193]. - **Peanuts**: Attention should be paid to the spot market. The trend intensity is 0. The price of PK510 closed at 8,310 yuan, down 1.17% [2][196]. Chemical Products - **Carbonate Lithium**: The ore price stabilized, and the weak oscillation continued. The trend intensity is 0. The price of the 2507 contract closed at 60,700 yuan, up 260 yuan [2][33]. - **Industrial Silicon**: The upward space was limited, and short - selling on rallies was recommended. The trend intensity is - 1. The price of Si2507 closed at 7,475 yuan, up 185 yuan [2][36]. - **Polysilicon**: Short - selling on the futures was recommended. The trend intensity is - 1. The price of PS2507 closed at 34,105 yuan, down 635 yuan [2][36]. - **PTA**: Demand weakened, and the medium - term trend was weak. The trend intensity is 0. The price of the PTA main contract closed at 4602 yuan, down 1.1% [2][63][64]. - **MEG**: Long PTA and short MEG. The trend intensity is 0. The price of the MEG main contract closed at 4256 yuan, down 0.1% [2][63][64]. - **Rubber**: It oscillated. The trend intensity is 0. The daytime closing price of the rubber main contract was 13,725 yuan, up 75 yuan [2][70][72]. - **Synthetic Rubber**: It oscillated. The trend intensity is 0. The daytime closing price of the butadiene - rubber main contract was 11,270 yuan, down 30 yuan [2][75]. - **Asphalt**: It followed crude oil and trended strongly with fluctuations. The trend intensity is 1. The price of BU2507 closed at 3,519 yuan, up 0.28% [2][78]. - **LLDPE**: It oscillated in the short - term and still faced pressure later. The trend intensity is 0. The price of L2509 closed at 7078 yuan, up 0.08% [2][89]. - **PP**: The spot price was stable, and there was just - in - time demand. The trend intensity is 0. The price of PP2509 closed at 6932 yuan, up 0.09% [2][94]. - **Caustic Soda**: The valuation was under pressure due to high profits. The trend intensity is - 1. The price of the 09 - contract futures was 2308 yuan [2][97]. - **Pulp**: It oscillated. The trend intensity is 0. The daytime closing price of the pulp main contract was 5,394 yuan, up 114 yuan [2][101][102]. - **Glass**: The price of the original sheet was stable. The trend intensity is 0. The price of FG509 closed at 1006 yuan, up 1.31% [2][106][107]. - **Methanol**: It rebounded in the short - term, but the medium - term pressure was still large. The trend intensity is 0. The price of the methanol main contract closed at 2,277 yuan, up 4 yuan [2][109][110]. - **Urea**: It was in a weak operation. The trend intensity is - 1. The price of the urea main contract closed at 1,697 yuan, down 23 yuan [2][114][115]. - **Styrene**: It oscillated in the short - term. The trend intensity is 0. The price of Styrene 2506 closed at 7,360 yuan, up 127 yuan [2][118]. - **Soda Ash**: The spot market changed little. The trend intensity is 0. The price of SA2509 closed at 1,202 yuan, down 0.91% [2][121][122]. - **LPG**: It oscillated in the short - term. The trend intensity is 0. The price of PG2507 closed at 4,116 yuan, up 0.44% [2][124][126]. - **PVC**: The trend still faced pressure. The trend intensity is 0. The price of the 09 - contract futures was 4816 yuan [2][136]. Others - **Log**: It oscillated repeatedly. The trend intensity is 0. The price of the 2507 contract closed at 772 yuan, up 0.5% [2][58][60]. - **Container Freight Index (European Line)**: It oscillated at a high level; hold the 10 - 12 reverse spread. The trend intensity is 0. The price of EC2506 closed at 1,948.6 points, down 0.31% [2][143]. - **Short - Fiber**: It oscillated in the short - term and was weak in the medium - term. The trend intensity is 0. The price of Short - Fiber 2507 closed at 6388 yuan, down 6 yuan [2][162]. - **Bottle - Chip**: It oscillated in the short - term and was weak in the medium - term. The trend intensity is 0. The price of Bottle - Chip 2507 closed at 5868 yuan, down 32 yuan [2][162]. - **Offset Printing Paper**: It trended weakly with fluctuations. The trend intensity is - 1. The price of 70g Tianyang in the Shandong market was 4950 yuan/ton [2][166][167].

多晶硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 06 月 10 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The silicon market is experiencing a situation of weak supply and demand, with high inventory pressure in the industry. The silicon price rebounded due to a false rumor of a major company's equity sale, and it is expected to decline again, but the subsequent downward space may be limited [1]. - The fundamentals of the polysilicon market are weak, with the transaction price moving down. Considering the high uncertainty of terminal installation and the short - term difficulty in solving the over - capacity problem, it is expected that the polysilicon price will not show an upward trend in the short term, and the strategy is to short on rebounds [1]. Summary by Related Catalogs Industrial Silicon - **Price Changes**: The average price of industrial silicon's不通氧553 (East China) remained flat at 8,100 yuan/ton, and the 421 (East China) also remained flat at 8,700 yuan/ton. The futures main contract closing price rose 2.54% to 7,475 yuan/ton [1]. - **Supply Side**: Some silicon enterprises in the north reduced production due to cost - price inversion. In the southwest, although the flood season is approaching, enterprises lack confidence in the future, with overall high hesitation, low willingness to resume production, and overall production decline [1]. - **Demand Side**: Polysilicon enterprises maintained a production - reduction trend, and the resumption of production may be postponed. The organic silicon industry has a strong willingness to reduce production and support prices, but demand is weak, and the actual transaction price has declined. Silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at low levels is insufficient [1]. - **Investment Strategy**: The silicon market has weak supply and demand, and high inventory pressure. After the false rumor is confirmed, the silicon price is expected to decline again, but the downward space is limited. It is recommended to take a wait - and - see approach and continuously monitor the production dynamics of silicon enterprises [1]. Polysilicon - **Price Changes**: The price of N - type dense material remained flat at 35.5 yuan/kg, the polysilicon re - feeding material price remained flat at 33.5 yuan/kg, and the futures main contract closing price fell 1.83% to 34,105 yuan/ton [1]. - **Supply Side**: Polysilicon enterprises maintained a production - reduction trend, and some factories may have new capacity put into production, with the expected output within 100,000 tons [1]. - **Demand Side**: The photovoltaic market is weak, with rising inventories of silicon wafers and polysilicon, continuously falling prices of silicon wafers, battery cells, and components, slow market demand, and weak market transactions [1]. - **Investment Strategy**: The fundamentals are weak, and the polysilicon price is expected to have no upward trend in the short term. The strategy is to short on rebounds, and continuously monitor the changes on the supply side [1]. Other Information - The Inner Mongolia Xingfa industrial silicon project entered the main - structure construction stage, with a planned annual production capacity of 100,000 tons [1]. - Hesheng Silicon Industry denied rumors of a planned equity transfer [1].

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views - **Natural Rubber**: Short - term macro warming drives rubber price rebound, but under the expectation of increasing supply and weak demand, the rubber price is expected to remain weak. It is recommended to short on rebounds above 14,000. Attention should be paid to the raw material volume in each production area and macro events [1]. - **Industrial Silicon**: The demand for industrial silicon is expected to pick up, but the supply increase is larger. The inventory is expected to accumulate, and the price is under pressure. However, the rebound of coal prices provides some support, and the price may fluctuate at a low level [3]. - **Polysilicon**: In June, there is no obvious improvement in fundamentals. There is a risk of inventory accumulation, and the cost support may decline. It is recommended to close long positions and even try shorting on high prices [5]. - **Glass and Soda Ash**: For soda ash, in the long - term, there is still pressure to accumulate inventory after maintenance. It is advisable to consider 7 - 9 calendar spreads and short on rebounds in the far - month contracts. For glass, it still faces over - supply pressure after the short - term market sentiment boost. The price may be strong in the short - term but will be under pressure later [6]. 3. Summary by Catalog Natural Rubber - **Spot Price and Basis**: On June 6, the price of Yunnan state - owned full - latex (SCRWF) in Shanghai was 13,750 yuan/ton, up 200 yuan or 1.48% from June 5. The full - milk basis (switched to the 2509 contract) was 100 yuan/ton, up 1900% [1]. - **Monthly Spread**: The 9 - 1 spread was - 890 yuan/ton on June 6, down 10 yuan or 1.14% from June 5 [1]. - **Fundamental Data**: In April, Thailand's production was 105,700 dry tons, down 29.16% from the previous period; Indonesia's production was 194,100 dry tons, down 7.26%. The weekly start - up rate of semi - steel tires was 73.86%, down 4.39 percentage points [1]. - **Inventory Change**: The bonded area inventory was 614,584 tons on June 6, up 0.06% from the previous day. The factory - warehouse futures inventory of natural rubber on the SHFE was 21,873 tons, up 23.99% [1]. Industrial Silicon - **Spot Price and Basis**: On June 6, the price of East China oxygen - passing SI5530 industrial silicon was 8,150 yuan/ton, unchanged from June 5. The basis (based on oxygen - passing SI5530) was 1,015 yuan/ton, up 16.67% [3]. - **Monthly Spread**: The 2506 - 2507 spread was 0 yuan/ton on June 6, up 100% from June 5 [3]. - **Fundamental Data**: In April, the national industrial silicon production was 300,800 tons, down 12.10% from the previous month. The production of organic silicon DMC was 184,000 tons, up 6.48% [3]. - **Inventory Change**: The Xinjiang inventory was 190,800 tons on June 6, up 0.37% from the previous day. The social inventory was 587,000 tons, down 0.34% [3]. Polysilicon - **Spot Price and Basis**: On June 6, the average price of N - type re -投料 was 36,500 yuan/ton, unchanged from June 5. The N - type material basis (average price) was 1,760 yuan/ton, down 10.20% [5]. - **Futures Price and Monthly Spread**: The bs2506 contract price was 34,740 yuan/ton on June 6, up 0.58% from June 5. The PS2506 - PS2507 spread was 2,260 yuan/ton, up 43.49% [5]. - **Fundamental Data**: In May, the polysilicon production was 96,100 tons, up 0.73% from the previous month. The weekly silicon wafer production was 130,400 GM, down 2.69% [5]. - **Inventory Change**: The polysilicon inventory was 269,000 tons on June 6, down 0.37% from the previous day. The silicon wafer inventory was 20,020 GM, up 7.81% [5]. Glass and Soda Ash - **Glass**: On June 6, the North China glass quotation was 1,160 yuan/ton, unchanged from the previous day. The glass 2509 contract price was 997 yuan/ton, up 3.53% [6]. - **Soda Ash**: On June 6, the North China soda ash quotation was 1,450 yuan/ton, unchanged from the previous day. The soda ash 2509 contract price was 1,212 yuan/ton, up 0.73% [6]. - **Supply**: In late May, the soda ash operation rate was 78.57%, down 0.08% from the previous period. The weekly soda ash production was 685,000 tons, up 1.08% [6]. - **Inventory**: In late May, the glass inventory was 67,762,000 square meters, down 0.01% from the previous period. The soda ash factory inventory was 1.6243 million tons, up 1.37% [6]. - **Real Estate Data**: The year - on - year growth rate of new construction area in real estate was - 18.73%, an increase of 2.99 percentage points from the previous period; the completion area growth rate was - 11.68%, an increase of 15.67 percentage points [6].

2025年06月09日 国泰君安期货商品研究晨报 观点与策略 | 黄金：非农小幅超预期 | 3 | | --- | --- | | 白银：技术突破 | 3 | | 铜：美元回升，限制价格上涨 | 5 | | 铝：区间震荡 | 7 | | 氧化铝：继续下行 | 7 | | 锌：上方偏承压 | 9 | | 铅：低位运行 | 10 | | 锡：止跌回升 | 11 | | 镍：现实支撑与弱势预期博弈，镍价震荡运行 | 13 | | 不锈钢：负反馈传导减产增加，钢价区间震荡 | 13 | | 碳酸锂：短期进口减量，长期供需过剩，震荡 | 15 | | 工业硅：情绪见顶，盘面具备下行动能 | 17 | | 多晶硅：现货具备下跌驱动，盘面空配为主 | 17 | | 铁矿石：预期反复，宽幅震荡 | 19 | | 螺纹钢：低位震荡 | 20 | | 热轧卷板：低位震荡 | 20 | | 硅铁：宽幅震荡 | 22 | | 锰硅：宽幅震荡 | 22 | | 焦炭：三轮提降落地，宽幅震荡 | 24 | | 焦煤：事故扰动，宽幅震荡 | 24 | | 动力煤：需求仍待释放，宽幅震荡 | 26 | | 原木：震荡反复 | 27 | | ...

周度报告—工业硅/多晶硅 估值低位易受扰动，基本面仍待改善 | [T走ab势le_评R级an：k] | 工业硅：震荡/多晶硅：震荡 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 报告日期： | 2025 | 年 | 6 | 月 | 8 | 日 | [★Ta工bl业e_硅Summary] 6 月四川进入丰水期，部分硅厂陆续复产。云南 7 月进入丰水 期，由于电价没有明确给予优惠，因此大部分硅厂仍处于观望 状态。需求端仍无明显起色。盘面快速下跌后，硅厂惜售，期 现手中的货源出货情况较好，但硅厂惜售也导致工厂库存不断 累积，不排除库存压力下部分硅厂仍将降价出货。目前盘面价 格几乎跌破全行业现金成本线，后续关注供给的进一步变化。 ★多晶硅 有 色 金 属 节后现货成交较少，采购方压价情绪强烈，而一线硅料厂仍在 挺价，导致双方处于僵持状态，二三线料厂前期价格有所下 移。6 月硅料排产上调至 9.6 万吨，单月仍有望去库 1 万吨左 右。前期下游备货使得原材料库存变动较大，但备货主力仍为 前期原材料库存较高的几家硅片厂，其余硅片厂无太多原材料 囤货。下 ...

Report Industry Investment Rating No information provided. Core Viewpoints - For industrial silicon, after the China-US call, the commodity sentiment has improved, and the profit - taking of short positions in most under - performing commodities may lead to a market rebound. Industrial silicon will be affected to some extent, and there may be abnormal fluctuations in the disk due to short - term position reduction. The fundamentals change little, with the futures price oscillating and the spot price stabilizing [1][3]. - For polysilicon, the fundamentals are weak. With the short - term improvement in commodity sentiment and more capital games, the disk may maintain a wide - range oscillation [4][6]. Summary by Directory Industrial Silicon Market Analysis - On June 5, 2025, the industrial silicon futures price oscillated weakly. The main contract 2507 opened at 7200 yuan/ton and closed at 7135 yuan/ton, down 40 yuan/ton (-0.56%) from the previous settlement. The position of the main contract 2505 was 183,965 lots at the close, and the number of warehouse receipts on June 6, 2025 was 61,309 lots, a decrease of 494 lots from the previous day [1]. - The industrial silicon spot price remained stable. The price of East China oxygen - passing 553 silicon was 8000 - 8300 yuan/ton, 421 silicon was 8400 - 9200 yuan/ton (down 50 yuan/ton), Xinjiang oxygen - passing 553 silicon was 7500 - 7700 yuan/ton, and 99 - silicon was 7500 - 7700 yuan/ton [1]. - On June 5, the total social inventory of industrial silicon in major regions was 587,000 tons, a decrease of 2000 tons from last week. The inventory in social ordinary warehouses was 135,000 tons, an increase of 1000 tons from last week, and the inventory in social delivery warehouses (including unregistered warehouse receipts and spot parts) was 452,000 tons, a decrease of 3000 tons from last week [1]. - The organic silicon DMC quotation was 11300 - 11600 yuan/ton. The average price this week decreased slightly by 50 yuan/ton compared with last week. The opening quotation of DMC on the online mall of Shandong monomer enterprises was 11400 yuan/ton, remaining stable compared with last week. The DMC quotations of other domestic monomer enterprises were 11500 - 11600 yuan/ton. The local transaction price in the domestic DMC market declined, terminal demand weakened, and some enterprises with relatively high inventory levels slightly lowered prices to attract orders [2]. Strategy - The one - side strategy is mainly range operation, and upstream enterprises can sell hedging at high prices. There are no strategies for inter - period, cross - variety, spot - futures, and options [3]. Polysilicon Market Analysis - On June 5, 2025, the main contract 2507 of polysilicon futures maintained an oscillating pattern, opening at 34,810 yuan/ton and closing at 34,540 yuan/ton, with a closing price change of - 0.27% from the previous trading day. The position of the main contract was 65,802 lots (67,873 lots the previous trading day), and the trading volume on the day was 127,429 lots [4]. - The polysilicon spot price remained stable. The quotations of polysilicon re - feedstock were 32.00 - 35.00 yuan/kg, dense material was 30.00 - 34.00 yuan/kg, cauliflower material was 29.00 - 31.00 yuan/kg, granular silicon was 32.00 - 33.00 yuan/kg, N - type material was 35.00 - 38.00 yuan/kg, and N - type granular silicon was 33.00 - 35.00 yuan/kg [4]. - The polysilicon manufacturer's inventory increased slightly, and the silicon wafer inventory increased. The latest statistics showed that the polysilicon inventory was 269,000 tons, a month - on - month increase of 0.37%, the silicon wafer inventory was 20.02GW, a month - on - month increase of 7.80%, the weekly polysilicon output was 22,000 tons, a month - on - month increase of 1.85%, and the silicon wafer output was 13.04GW, a month - on - month decrease of 2.67% [4][5]. - In terms of silicon wafers, the price of domestic N - type 18Xmm silicon wafers was 0.94 yuan/piece, N - type 210mm was 1.28 yuan/piece, and N - type 210R silicon wafers was 1.08 yuan/piece [5]. - In terms of battery cells, the price of high - efficiency PERC182 battery cells was 0.28 yuan/W, PERC210 battery cells were about 0.28 yuan/W, TopconM10 battery cells were about 0.25 yuan/W (down 0.01 yuan/W), Topcon G12 battery cells were 0.26 yuan/W, Topcon210RN battery cells were 0.27 yuan/W, and HJT210 half - piece battery cells were 0.37 yuan/W [5]. - In terms of components, the mainstream transaction prices of PERC182mm were 0.67 - 0.74 yuan/W, PERC210mm were 0.69 - 0.73 yuan/W, N - type 182mm were 0.69 - 0.69 yuan/W, and N - type 210mm were 0.69 - 0.69 yuan/W [5]. Strategy - The one - side strategy is neutral. There are no strategies for inter - period, cross - variety, spot - futures, and options [6].

Group 1 - In Q1 2025, the company reported a net loss of RMB 263.01 million, with total revenue of RMB 3,198.89 million and operating costs of RMB 3,006.23 million, indicating multiple negative factors have been released [1] - The multi-crystalline silicon supply-demand situation is slowly improving, with the industry expected to remain under pressure in 2025 due to high inventory levels and weak demand [1] - The company’s revenue composition for 2024 shows that multi-crystalline silicon accounts for 37.4%, while wind and solar power station construction and operation account for 35.9% and 11.3% respectively, suggesting that the company's value is severely underestimated when considering its renewable energy assets [1] Group 2 - The company has been given a "Buy" rating with a target price of HKD 5.66 per share, representing a potential upside of 32% based on a projected 8x PE for 2026 [2]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The sentiment in the industrial silicon commodity market has improved, and upward risks should be noted. The fundamental situation of polysilicon remains weak [1]. - The trend strength of industrial silicon and polysilicon is -1, indicating a bearish outlook [3]. 3. Content Summaries by Directory 3.1 Fundamental Tracking - **Futures Market**: Si2507's closing price was 7,135 yuan/ton, down 145 yuan from T - 1, 205 yuan from T - 5, and 1,405 yuan from T - 22. PS2507's closing price was 34,540 yuan/ton, down 515 yuan from T - 1 and 560 yuan from T - 5 [1]. - **Basis**: The spot premium of industrial silicon (against East China Si5530) was +1050 yuan/ton, and that of polysilicon (against N - type re - investment) was - 1490 yuan/ton [1]. - **Prices**: The price of East China oxygen - passing Si5530 was 8150 yuan/ton, and the price of polysilicon - N - type re - investment material was 36500 yuan/ton [1]. - **Profits**: The profit of silicon plants (Xinjiang new standard 553) was - 3988 yuan/ton, and the profit of polysilicon enterprises was - 4.7 yuan/kg [1]. - **Inventory**: The industrial silicon social inventory (including warehouse receipt inventory) was 58.7 tons, and the polysilicon manufacturer inventory was 26.9 tons [1]. - **Raw Material Costs**: The price of Xinjiang silicon ore was 400 yuan/ton, and the price of Xinjiang washed coking coal was 1350 yuan/ton [1]. 3.2 Macro and Industry News Canadian solar manufacturer Heliene has put into operation a 500MW component assembly plant in Minnesota, USA. The company's total annual production capacity in the US has reached 1.3GW [2]. 3.3 Trend Intensity The trend intensity of industrial silicon and polysilicon is -1, with -2 being the most bearish and 2 being the most bullish [3].

Core Viewpoint - Daqo Energy is actively engaging in industry discussions and exploring solutions to challenges in the photovoltaic sector, emphasizing a commitment to shareholder interests and industry health [1] Financial Stability - The company maintains a robust financial position with a total cash reserve of approximately 12.9 billion and a low debt-to-asset ratio of 8.3% as of Q1 2025, enhancing its risk resilience [1] Cost Management - Daqo Energy is focused on deepening cost reduction and efficiency improvements through a multi-faceted approach, including technological advancements and digital management systems to strengthen cost advantages [2] Long-term Competitiveness - The company aims to build long-term competitive advantages by emphasizing technology leadership, digital empowerment, and global expansion, while also investing in research and development [2] Supply Chain Strategy - Daqo Energy is pursuing an integrated strategy that extends upstream to raw materials for polysilicon and horizontally into the semiconductor polysilicon sector, ensuring quality and cost control [3] Industrial Silicon Operations - The company has planned a production capacity of 150,000 tons per year for high-purity industrial silicon in Inner Mongolia, with current operations under maintenance due to market price fluctuations [3] Futures Business - Daqo Energy views polysilicon futures as a beneficial complement to its spot production and sales, primarily focusing on meeting customer demand through spot sales [4] Overseas Market Considerations - The company is closely monitoring the overseas silicon material market, evaluating potential investments based on various geopolitical and economic factors, but currently has no specific plans for overseas expansion [4]