Industry Overview - The silicon semiconductor industry has gradually completed inventory destocking [2] - Downstream chip manufacturers such as Huahong, SMIC, Changxin, and Longsys are actively laying out new production capacity, which will gradually release material demand as construction cycles are completed [2] - The photovoltaic industry is currently undergoing a period of adjustment to counter internal competition [2] - The silicon carbide industry is seeing new applications emerging, and breakthroughs in 12-inch silicon carbide technology are expected to gradually drive up demand [2]