Group 1: Military Industry New Materials - The price of electrolytic cobalt has increased to 436,000 CNY/ton, with a week-on-week change of +3.1%. The price ratio of electrolytic cobalt to cobalt powder is 0.76, also up by +3.1% [4] - Carbon fiber price remains stable at 83.8 CNY/kg, with a gross profit of -9.19 CNY/kg [4] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 171,900 CNY/ton and 162,600 CNY/ton, reflecting week-on-week increases of +19.6% and +12.4% respectively [5] - Sulfuric cobalt price is stable at 95,300 CNY/ton [5] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 193,800 CNY/ton, with week-on-week changes of +0% and +3.4% respectively [5] - The price of praseodymium-neodymium oxide is 890.57 CNY/kg, up by +4.8% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.16 USD/kg, showing a week-on-week decrease of -0.5% [6] - EVA price remains unchanged at 9,650 CNY/ton, at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is stable at 24.0 CNY/sqm [6] Group 4: Nuclear Power New Materials - Prices for zirconium-related materials such as oxychloride zirconium and sponge zirconium remain stable, while uranium price is 69.71 USD/lb, reflecting a week-on-week increase of +9.8% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is stable at 363,000 CNY/ton, while lithium cobalt oxide is priced at 402.0 CNY/kg [8] - Silicon carbide price remains unchanged at 5,600.00 CNY/ton [8] - The prices for high-purity gallium, crude indium, and refined indium are 1,950.00 CNY/kg, 4,650.00 CNY/kg, and 4,750.00 CNY/kg, with week-on-week increases of +1.6%, +9.4%, and +9.2% respectively [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 609.00 CNY/g, 2,900.00 CNY/g, and 1,855.00 CNY/g, with week-on-week changes of +17.1%, +4.5%, and +0% respectively [10]

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 423,000 CNY/ton, with a week-on-week increase of 0.7%. The price ratio of electrolytic cobalt to cobalt powder is 0.74, also up by 0.7% [4] - Carbon fiber price remains at 83.8 CNY/kg, with a gross profit of -9.19 CNY/kg [4] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 143,800 CNY/ton and 137,600 CNY/ton, reflecting week-on-week increases of 6.9% and 3.9% respectively [5] - The price of sulfuric cobalt is stable at 95,300 CNY/ton [5] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 187,300 CNY/ton, with week-on-week changes of 0% and 4.1% respectively [5] - The price of praseodymium-neodymium oxide is 849.82 CNY/kg, up by 12.2% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.19 USD/kg, remaining unchanged week-on-week [6] - The price of EVA is 9,650 CNY/ton, stable and at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, unchanged [6] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand at 13,750 CNY/ton, 145 CNY/kg, 9,000 CNY/kg, 14,875 CNY/ton, and 14,012.5 CNY/ton respectively [7] - The uranium price for January 2026 is 69.71 USD/pound, reflecting a week-on-week increase of 9.8% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 363,000 CNY/ton, stable week-on-week [8] - The price of lithium cobalt oxide is 402.0 CNY/kg, unchanged [8] - The price of silicon carbide is 5,600.00 CNY/ton, stable [8] - The prices of high-purity gallium, crude indium, and refined indium are 1,920.00 CNY/kg, 4,250.00 CNY/kg, and 4,350.00 CNY/kg, with week-on-week changes of 0%, -4.5%, and -4.4% respectively [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 520.00 CNY/g, 2,775.00 CNY/g, and 1,855.00 CNY/g, with week-on-week increases of 1.4% and 6.9% for platinum and rhodium respectively [10]

Investment Rating - The report maintains a rating of "Buy" for the non-ferrous metals sector [5] Core Insights - The prices of key materials in the non-ferrous metals sector have shown significant fluctuations, with praseodymium and neodymium oxide reaching 850,000 CNY/ton, marking a 26% increase over the past month and a 56% increase over the past three months [1] - The report highlights the rising prices of lithium hydroxide and cobalt, which are critical for the new energy vehicle sector, indicating strong demand and potential investment opportunities [1][4] - The report suggests focusing on companies with cost advantages and resource expansion potential in the lithium mining sector, as well as those involved in cobalt and tungsten production [4] Summary by Sections New Materials in Military Industry - Electrolytic cobalt price is 423,000 CNY/ton, with a week-on-week increase of 0.7% [9] - The price ratio of electrolytic cobalt to cobalt powder is 0.74, indicating stable demand in the military sector [10] New Materials in New Energy Vehicles - Lithium carbonate and lithium hydroxide prices are 143,800 CNY/ton and 137,600 CNY/ton, respectively, with increases of 6.9% and 3.9% [34] - The report notes that the production of new energy vehicles in January 2026 was 1.041 million units, a decrease of 39.4% month-on-month but an increase of 2.6% year-on-year [32] New Materials in Photovoltaics - The price of photovoltaic-grade polysilicon remains stable at 6.19 USD/kg, while EVA prices are at 9,650 CNY/ton, also stable [2] New Materials in Nuclear Power - Uranium price increased to 69.71 USD/pound, reflecting a 9.8% rise [2] New Materials in Consumer Electronics - The price of crude indium has decreased by 4.5%, while the price of high-purity gallium remains stable [3] Investment Recommendations - The report recommends focusing on companies in the non-ferrous metals sector, particularly those involved in lithium, cobalt, and tungsten production, as well as those with strong market positions in praseodymium and neodymium [4]

Group 1 - The report indicates that in January, the A-share market experienced a strong upward trend, with both cyclical and technology sectors performing well, leading to a significant increase in major indices [8][9] - The report highlights that 26 out of 31 sectors in the Shenwan index saw gains, with non-ferrous metals, oil and petrochemicals, and basic chemicals benefiting the most from rising commodity prices, showing increases between 12% and 23% [8][12] - The report notes that the semiconductor sector, particularly storage, is leading the price increase cycle, driven by sustained demand for AI hardware and software [3][12] Group 2 - The upstream cycle is characterized by significant price increases in non-ferrous metals, with many commodities reaching over 90% of their two-year high percentile range, while oil and chemical products are also seeing price increases, albeit remaining below historical averages [2][16] - The midstream manufacturing sector is experiencing price hikes in materials related to the new energy industry, with exports supporting the demand in certain sectors, although domestic demand remains weak [2][3] - The consumer sector shows signs of marginal improvement, with prices for live pigs and liquor stabilizing, while the real estate market continues to face challenges with negative sales area and price growth [3][4] Group 3 - The valuation comparison indicates that the non-ferrous and TMT sectors have seen significant valuation expansion, currently positioned at historically high percentiles, while valuations in banking and certain consumer sectors have contracted [5][6] - The report suggests that the spring market trend is likely to continue, with structural opportunities emerging, particularly in sectors with price increases and technology [5][6] - The report emphasizes the importance of monitoring the cyclical and semiconductor sectors for potential investment opportunities, as well as focusing on competitive midstream manufacturing companies [5][6]

Group 1: Military Industry New Materials - The price of electrolytic cobalt this week is 435,000 CNY/ton, a decrease of 3.5% compared to the previous week. The price ratio of electrolytic cobalt to cobalt powder is 0.76, down 4.5% [3] - The price of carbon fiber this week is 83.8 CNY/kg, remaining unchanged, with a gross profit of -9.19 CNY/kg [3] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 171,100 CNY/ton and 161,100 CNY/ton, respectively, with increases of 8.4% and 8.2% [4] - The price of cobalt sulfate this week is 95,300 CNY/ton, up by 0.21% [4] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 200,200 CNY/ton, with changes of 0% and +4.6%, respectively [4] - The price of praseodymium-neodymium oxide is 672.66 CNY/kg, down by 0.3% [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 7.88 USD/kg, unchanged from the previous week [5] - The price of EVA is 9,650 CNY/ton, an increase of 3.8%, remaining at a low level since 2013 [5] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/sqm, unchanged [5] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand remaining unchanged [6] - The uranium price for December 2025 is projected to be 63.51 USD/lb, reflecting a 2.0% increase [6] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 363,000 CNY/ton, unchanged, while lithium cobalt oxide is priced at 402.0 CNY/kg, up by 0.5% [7] - The price of silicon carbide is 5,600.00 CNY/ton, with a significant increase of 9.8% [7] - The prices of high-purity gallium, crude indium, and refined indium are 1,840.00 CNY/kg, 3,450.00 CNY/kg, and 3,550.00 CNY/kg, with changes of +1.4%, -4.2%, and -4.1%, respectively [7] - The price of germanium dioxide is 8,950 CNY/kg, unchanged [7] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 672.50 CNY/g, 2,715.00 CNY/g, and 1,675.00 CNY/g, with increases of 11.5%, 5.0%, and 1.8%, respectively [8]

Core Viewpoint - Fitch Evergreen has assigned a "2" issuer rating to GCL-Poly Energy Holdings Limited (GCL-Poly), reflecting the company's environmental benefits in the solar materials sector, while noting an increase in absolute environmental metrics due to capacity expansion [2][8]. Group 1: Company Overview - GCL-Poly is a photovoltaic materials manufacturer operating 13 production bases in China and is listed on the Hong Kong Stock Exchange. The company primarily produces photovoltaic-grade polysilicon and wafers for downstream solar cell manufacturers. GCL-Poly's market share is projected to be 24% in the first half of 2025 [2][8]. Group 2: Environmental Impact - Fitch Evergreen believes that GCL-Poly's core business supports the expansion of solar power generation capacity, contributing to climate change mitigation. The company uses Fluidized Bed Reactor (FBR) technology to produce granular polysilicon, which has a lower "cradle-to-gate" carbon footprint compared to polysilicon produced by the Siemens process, thereby reducing the implicit carbon emissions of downstream solar components [2][8]. - GCL-Poly has established an environmental policy covering climate change and natural resource management at the group level, with all subsidiaries certified under ISO 14001:2015. The company discloses Scope 1 and Scope 2 greenhouse gas emissions and reports carbon intensity metrics for its main business lines. Despite an increase in absolute energy use and waste generation due to capacity expansion, carbon intensity has decreased year-on-year. The company aims to achieve Scope 1 and Scope 2 carbon neutrality by 2040 and value chain carbon neutrality by 2050 [2][8]. Group 3: Social and Governance Aspects - The social status of GCL-Poly is viewed neutrally. The company has established human rights and labor rights policies, along with an externally certified occupational safety management system, and has not reported any serious incidents in recent years. Customer satisfaction remains high. However, the gender ratio among employees and senior management is imbalanced, and the company has not disclosed gender pay gap metrics [3][9]. - The governance status of GCL-Poly is viewed positively. The company's financial statements have received unqualified audit opinions for the past three years. Risk management and internal audit functions are institutionalized. The overall independence and diversity of the board align with local listing company practices, though there remains a gap compared to international best practices [3][9].

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 400,000 CNY/ton, with a week-on-week increase of 1.8%. The price ratio of electrolytic cobalt to cobalt powder is 0.77, up by 1.1% week-on-week, while the price ratio of electrolytic cobalt to sulfuric cobalt is 4.39, up by 1.4% [4] - Carbon fiber price remains at 83.8 CNY/kg, with no change week-on-week, resulting in a gross profit of -9.53 CNY/kg [4] Group 2: New Energy Vehicle New Materials - The prices of electric carbon, industrial carbon, and battery-grade lithium hydroxide are 92,100 CNY/ton, 89,300 CNY/ton, and 81,500 CNY/ton respectively, with week-on-week increases of 4.3%, 4.07%, and 2.9%. The price gap between electric carbon and industrial carbon is at its lowest since November 2024, indicating a potential weakening in lithium battery market conditions compared to the industrial sector [5] - The price of sulfuric cobalt is 88,400 CNY/ton, with no change week-on-week [5] - The prices of lithium iron phosphate and 523-type cathode materials are 39,100 CNY/ton and 156,800 CNY/ton respectively, with week-on-week changes of +2.62% and -1.5% [5] - The price of praseodymium-neodymium oxide is 566.92 CNY/kg, with a week-on-week increase of 3.4% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.50 USD/kg, with no change week-on-week [6] - The price of EVA is 10,100 CNY/ton, remaining unchanged and at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, with no change week-on-week [6] Group 4: Nuclear Power New Materials - The prices of zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand are 13,750 CNY/ton, 145 CNY/kg, 9,000 CNY/kg, 13,450 CNY/ton, and 14,012.5 CNY/ton respectively, all remaining unchanged week-on-week. The uranium price for October 2025 is 63.96 USD/pound, with a week-on-week increase of 1.7% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 344,800 CNY/ton, with no change week-on-week. The price of lithium cobalt oxide is 3,810 CNY/kg, also unchanged [8] - The price of silicon carbide is 5,800 CNY/ton, with no change week-on-week. The prices of high-purity gallium, crude indium, and refined indium are 1,805 CNY/kg, 2,405 CNY/kg, and 2,505 CNY/kg respectively, all remaining unchanged [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 412.00 CNY/g, 2,065.00 CNY/g, and 1,100.00 CNY/g respectively, with week-on-week changes of +4.6%, -3.3%, and 0% [10]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Industrial silicon supply will contract next week as Sichuan, Yunnan and other regions enter the dry season, with increased production cuts and some enterprises halting production due to rising electricity prices, despite expected restarts in the Northwest [2] - On the demand side, organic silicon maintains a rigid demand for industrial silicon but consumption growth is limited; polysilicon currently supports industrial silicon procurement but may reduce demand due to rising costs and potential production cuts; aluminum alloy has stable demand for industrial silicon but limited price - pulling ability [2] - Although industrial silicon showed little movement today, the volume and price of downstream organic silicon are rising, which is expected to drive industrial silicon up, and it is recommended to go long at low prices [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 9,145 yuan/ton, down 50 yuan; the position of the main contract is 267,758 lots, up 5,622 lots; the net position of the top 20 is - 64,574 lots, down 473 lots; the warehouse receipts of GZEE are 45,387 lots, down 549 lots; the basis between the December and January industrial silicon contracts is 10 yuan, up 10 yuan [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9,500 yuan/ton, unchanged; the average price of 421 silicon is 9,750 yuan/ton, unchanged; the basis of the Si main contract is 355 yuan/ton, up 50 yuan; the DMC spot price is 11,800 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 2,410 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon is 402,800 tons, an increase of 36,000 tons; the weekly social inventory of industrial silicon is 552,000 tons, an increase of 10,000 tons; the monthly import volume of industrial silicon is 1,939.85 tons, an increase of 602.27 tons; the monthly export volume of industrial silicon is 70,232.72 tons, a decrease of 6,409.29 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, an increase of 700 tons; the overseas market price of photovoltaic - grade polysilicon is 15.95 US dollars/kg; the average price of aluminum alloy ADC12 in the Yangtze River spot is 21,500 yuan/ton, an increase of 100 yuan; the weekly average price of photovoltaic - grade polysilicon is 6.5 US dollars/kg; the monthly export volume of unforged aluminum alloy is 23,495.34 tons, a decrease of 5,568.37 tons; the weekly operating rate of organic silicon DMC is 69.26%, an increase of 0.7%; the monthly output of aluminum alloy is 1.776 million tons, an increase of 141,000 tons; the monthly export volume of aluminum alloy is 23,495.34 tons, a decrease of 5,568.37 tons [2] 3.6 Industry News - China's cumulative installed capacity of operational power energy storage projects is 137.9 GW, accounting for 37.1% of the global market, with a year - on - year increase of 59.9%; the cumulative installed capacity of new - type energy storage is 78.3 GW, accounting for 47% of the global market, and lithium - ion batteries dominate, accounting for 97.1% of the cumulative installed capacity of new - type energy storage [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The supply of industrial silicon will shrink next week as the dry - season production cuts in Southwest China are more significant, despite the复产 expectations in Northwest China [2] - The downstream demand for industrial silicon is diverse. Organic silicon maintains a rigid - demand state but has limited consumption upside due to the sluggish terminal market. The short - term weekly production of polysilicon is still high, but there are expectations of production cuts, which may reduce the demand for industrial silicon. The demand from the aluminum alloy industry is stable but has limited marginal impact on prices [2] - Industrial silicon follows the polysilicon trend and remains stable. It is expected to have a higher probability of oscillating upward in the future. It is recommended to go long on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 9,195 yuan/ton, up 15 yuan; the main contract position is 262,136 hands, down 8,823 hands; the net position of the top 20 is - 64,101 hands, up 1,755 hands; the GZEE warehouse receipts are 45,936 hands, down 143 hands; the basis between the December and January industrial silicon contracts is 0, unchanged [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9,500 yuan/ton, unchanged; the average price of 421 silicon is 9,750 yuan/ton, unchanged; the basis of the Si main contract is 305 yuan/ton, down 15 yuan; the DMC spot price is 11,800 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average prices of silica, petroleum coke, clean coal, wood chips, and graphite electrodes (400mm) are 410 yuan/ton, 2,410 yuan/ton, 1,850 yuan/ton, 490 yuan/ton, and 12,250 yuan/ton respectively, all unchanged [2] 3.4 Industry Situation - The monthly industrial silicon output is 402,800 tons, an increase of 36,000 tons; the weekly social inventory of industrial silicon is 552,000 tons, an increase of 10,000 tons; the monthly import volume is 70,232.72 tons, an increase of 1,939.85 tons; the monthly export volume is 602.27 tons, a decrease of 6,409.29 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, an increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market is 21,400 yuan/ton, unchanged; the overseas market price of photovoltaic - grade polysilicon is 15.95 US dollars/kg, unchanged; the weekly average spot price of photovoltaic - grade polysilicon is 6.5 US dollars/kg, unchanged; the monthly export volume of unforged aluminum alloy is 23,495.34 tons, a decrease of 5,568.37 tons; the weekly operating rate of organic silicon DMC is 69.26%, an increase of 0.7%; the monthly aluminum alloy output is 1,776,000 tons, an increase of 141,000 tons; the monthly aluminum alloy export volume is 23,495.34 tons, a decrease of 5,568.37 tons [2] 3.6 Industry News - On November 11, 2025, Hesheng Silicon Industry announced that Fuda Industrial plans to reduce its shareholding by no more than 27.0705 million shares (2.29% of the total share capital) in the next three months for its own capital needs [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - This week, with the arrival of the dry season, the industrial silicon market further reduced production. The demand for polysilicon was highly uncertain, while the demand for silicone and aluminum alloy was relatively stable. Cost provided support for the price floor, but high inventory restricted the upward price movement. Today, industrial silicon bottomed out and rebounded but still closed lower. Overall, the bottom support strengthened, and it is expected to continue oscillating. The operation suggestion is to buy on dips and pay attention to operational risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 9,140 yuan/ton, up 40 yuan; the position of the main contract was 228,268 lots, down 297 lots; the net position of the top 20 was -56,668 lots, up 770 lots; the Guangzhou Futures Exchange warehouse receipts were 46,161 lots, down 1,092 lots; the closing price of the December contract for industrial silicon was -430 yuan/ton, down 35 yuan; the spread between the November - December contracts for industrial silicon was -430 yuan/ton, down 35 yuan [2] 3.2 Spot Market - The average price of oxygen - blown 553 silicon was 9,450 yuan/ton, unchanged; the average price of 421 silicon was 9,700 yuan/ton, unchanged; the basis of the Si main contract was 310 yuan/ton, down 40 yuan; the DMC spot price was 11,800 yuan/ton, up 525 yuan [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 2,110 yuan/ton, unchanged; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon was 402,800 tons, up 36,000 tons; the weekly social inventory of industrial silicon was 552,000 tons, up 10,000 tons; the monthly import volume of industrial silicon was 1,939.85 tons, up 602.27 tons; the monthly export volume of industrial silicon was 70,232.72 tons, down 6,409.29 tons; the weekly output of silicone DMC was 44,900 tons, up 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 21,400 yuan/ton, up 100 yuan [2] 3.5 Downstream Situation - The overseas market price of photovoltaic - grade polysilicon was 15.85 US dollars/kg; the weekly average spot price of photovoltaic - grade polysilicon was 6.5 US dollars/kg, down 0.01 US dollars/kg; the monthly export volume of unforged aluminum alloy was 23,495.34 tons, down 5,568.37 tons; the weekly operating rate of silicone DMC was 68.56%, down 1.49 percentage points; the monthly output of aluminum alloy was 1.776 million tons, up 141,000 tons; the monthly export volume of aluminum alloy was 23,495.34 tons, down 5,568.37 tons [2] 3.6 Industry News - Hesheng Silicon Industry (603260.SH) released its Q3 2025 report, with operating income of 5.43 billion yuan, a year - on - year decrease of 23.51%, and net profit attributable to shareholders of the listed company of 75.6675 million yuan, a year - on - year decrease of 84.12%. Although still showing negative year - on - year growth, the single - quarter profit index turned positive compared to the loss in the first half of the year. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year. China will adjust its counter - measures accordingly, and both sides agreed to extend some tariff exclusion measures [2] 3.7 Supply and Demand Analysis - On the supply side, as Sichuan and Yunnan transition from the wet season to the dry season in October, production costs for manufacturers increased, and some enterprises with exhausted raw materials stopped production. As November approached, the scale of production cuts in the dry season expanded further. In Xinjiang, with stable and low - cost power supply, some manufacturers actively increased production, with an increase in the number of open furnaces and continuous release of production capacity. On the demand side, the downstream of industrial silicon is mainly concentrated in silicone, polysilicon, and aluminum alloy. For silicone, inventory was lower than the historical average, production profit was flat, and it provided certain rigid - demand procurement support for industrial silicon. For polysilicon, inventory reached 282,600 tons, higher than the historical average. Rising silicon wafer prices were beneficial for polysilicon demand, but production cuts in the dry season were expected to have a negative impact on industrial silicon demand. For aluminum alloy, the operating rate of enterprises remained stable, the demand for industrial silicon remained high, and the demand performance was relatively stable, but its marginal impact on the price of industrial silicon was limited [2]