Core Insights - Brunei's Guangxi Huahang Aluminum Industry (Brunei) has received the first import license for recycled aluminum, with the Brunei National Investment Fund committing to invest 30% of the total project cost, which amounts to 30% equity in the company [1] - The project aims to establish a stable import channel for recycled aluminum through the Brunei-Guangxi Economic Corridor, previously reliant on Malaysia and Indonesia [1] - The project will be developed in three phases, with an initial investment of 10 million Brunei dollars (approximately 56 million RMB) to achieve an annual production of 200,000 tons of recycled aluminum [1] Company Developments - The Huahang Aluminum project in Brunei plans to expand its production capacity through three phases, with total investments of 10 million, 20 million, and 200 million Brunei dollars, respectively, leading to a total annual production of 80 tons of aluminum products [1] - The company has achieved a 20% increase in the strength of recycled aluminum alloys and a 35% reduction in weight, with 30% of its annual capacity of 100,000 tons being exported [2] - The unique technology developed by the company allows for 95% recycling of aluminum, significantly reducing carbon emissions compared to electrolytic aluminum production [2] Industry Trends - The push for recycled non-ferrous metals is gaining momentum in China, with ports accelerating the expansion of overseas sourcing channels [3] - The establishment of innovative customs clearance models for recycled metals, such as the one implemented by Ningbo Customs for recycled copper, is being suggested for Guangxi to enhance its position in the global aluminum processing market [3]

Core Viewpoint - The industrial silicon market is experiencing a short-term high-level fluctuation due to increased production in Xinjiang and strong coal prices providing cost support, despite overall inventory levels being high [3]. Supply - In Xinjiang, the weekly industrial silicon production increased by 0.15 million tons to 33.6 thousand tons, with the operating rate rising by 3.1% to 69.36% [2]. - In Yunnan, production slightly increased by 50 tons to 7,565 tons, while Sichuan's production remained stable at 2,135 tons [2]. Demand - The operating rates for recycled and primary aluminum alloys remained stable week-on-week, with a slight decrease in aluminum alloy spot prices [2]. - The weekly production of organic silicon DMC saw a minor increase, while spot prices remained stable; however, the production of polysilicon decreased by 200 tons to 31,000 tons, still at a high level [2]. Inventory - Social inventory of industrial silicon increased by 0.4 million tons to 543 thousand tons, remaining at a high level compared to the same period last year [2]. - Downstream industrial silicon inventory was stable at 221.5 thousand tons, and registered warehouse receipts totaled 49,874 hands, also stable week-on-week [2]. Price and Profit - As of September 19, the price in East China was 9,600 yuan/ton, up 100 yuan/ton week-on-week, with a basis of -1,705 yuan/ton, down 460 yuan/ton [2]. - The price of silicon coal in Xinjiang increased by 200 yuan/ton to 1,500 yuan/ton, leading to a decrease in industrial silicon production profits week-on-week [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For polysilicon, the long - term price upward trend is certain, recommended to buy on dips in the medium - long term; short - term is volatile, and there may be a deep correction in futures prices. For industrial silicon, the short - term price may correct, but the decline is limited, and it is recommended to participate in long positions after a sufficient correction [4][6] Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Polysilicon**: In September, silicon wafer production is expected to increase by 6GW to 58GW, corresponding to a polysilicon demand of about 116,000 tons. The polysilicon production is expected to remain around 130,000 tons. The total inventory in the polysilicon industry is close to 400,000 tons, and the downstream inventory is about 180,000 - 200,000 tons. Long - term price is likely to rise, short - term is volatile. Operation strategies include buying on dips for far - month contracts, and conducting reverse arbitrage for 2511 and 2512 contracts [4][5] - **Industrial silicon**: This week, DMC weekly production increased by 0.62% to 48,900 tons, polysilicon weekly production decreased by 0.60% to 31,200 tons, primary aluminum alloy operating rate increased by 1 percentage point to 57.6%, and recycled aluminum alloy operating rate remained flat at 55.5%. Industrial silicon weekly production increased by 2.75% to 95,500 tons. Social inventory increased by 20,000 tons to 539,000 tons, sample enterprise inventory increased by 3,100 tons to 176,700 tons, and downstream raw material inventory decreased by 2,700 tons to 221,600 tons. The short - term price may correct, and it is recommended to avoid short - term long positions, sell out - of - the - money put options or participate in long positions after a sufficient correction, and conduct reverse arbitrage for 11 and 12 contracts [6][7] Chapter 2: Industrial Silicon Fundamental Data Tracking - **Market Performance**: This week, industrial silicon futures fluctuated strongly, with the main contract closing at 8,745 yuan/ton. Spot prices generally rose by 100 yuan/ton [10] - **Downstream Demand**: DMC production increased, polysilicon production slightly decreased, and aluminum alloy operating rate increased. DMC weekly production was 48,900 tons, polysilicon weekly production was 31,200 tons, primary aluminum alloy operating rate was 57.6%, and recycled aluminum alloy operating rate was 55.5% [13] - **Production**: This week, industrial silicon weekly production was 95,500 tons, a 2.75% increase. The number of furnaces in Xinjiang increased by 7, and it is expected that industrial silicon production will increase slightly in the future [25] - **Inventory**: Social inventory increased by 20,000 tons to 539,000 tons, sample enterprise inventory increased by 3,100 tons to 176,700 tons, and downstream raw material inventory decreased by 2,700 tons to 221,600 tons [26] - **Product Prices**: Industrial silicon spot prices strengthened, organic silicon - related product prices were stable, organic silicon intermediate operating rate increased slightly, and aluminum alloy operating rate increased slightly. Xinjiang refined coal prices and charcoal prices rose [31][35][41][45][48] Chapter 3: Polysilicon Fundamental Data Tracking - **Price**: This week, polysilicon spot prices decreased. N - type re - feedstock price was 49.1 - 54 yuan/kg, N - type dense material price was 48.1 - 52 yuan/kg, and N - type granular silicon price was 48 - 49 yuan/kg. The lower limit of rod - shaped silicon price decreased by 1,000 yuan/ton compared with last week, and granular silicon price remained stable [54][61] - **Silicon Wafer and Battery**: Silicon wafer and battery prices strengthened. Leading enterprises raised silicon wafer quotes, and battery prices increased accordingly. It is expected that battery quotes may continue to rise [62][68] - **Component**: Some component prices increased. Domestic photovoltaic component prices increased, and the cost - side supported the price increase. Some projects have accepted higher prices [69] - **Fundamental Data**: Component domestic orders are average, inventory is moderately high, and the production schedule in September is slightly increased to 45GW. Battery export demand is good, inventory is moderately high, and the production schedule is increased to 57GW. Silicon wafer enterprise operating rate increased, weekly production reached 13.88GW, inventory is 16.55GW, and the production in September is expected to be 58GW. Polysilicon production decreased slightly this week, and factory inventory increased to 234,200 tons. The production in September is expected to be flat compared with August, around 130,000 tons [77][83][88][93]

Group 1 - The core idea of the article is the emergence of a circular economy in the town of Laohekou, Hubei, which has attracted over 13,000 people to return for employment and entrepreneurship through the integration of employment and industry [1][2]. - Laohekou, as an old industrial base, has focused on cultivating and expanding the circular economy sector, establishing a resource recycling hub and creating over 420 returnee projects and 15 employment and entrepreneurship platforms [2]. - The local industry is accelerating the energy-saving and carbon-reduction transformation of recycled aluminum alloy casting production lines to enhance production capacity, particularly in the context of the booming new energy vehicle sector [2][4]. Group 2 - The local human resources department has organized specialized job fairs to connect job seekers with companies, resulting in significant employment opportunities and allowing workers to stay close to home [4]. - The integration of employment and industry, along with skills training and policy support, is driving a positive interaction between employment growth and industrial upgrading, contributing to high-quality development in the region [4].

Group 1 - The core viewpoint of the article highlights the positive performance of the industrial silicon futures market, with the main contract reaching 8615.0 yuan/ton, a significant increase of 3.42% [1] - The central bank is implementing a moderately loose monetary policy, focusing on promoting a reasonable recovery in prices as a key consideration for monetary policy [1] - Supply-side analysis indicates that industrial silicon production is expected to rise due to favorable hedging opportunities for producers and reduced electricity prices in the southwest production areas during the abundant water period [1] Group 2 - Demand-side insights reveal that leading silicon material manufacturers in Yunnan are increasing production, alongside rising operating rates in Sichuan and Qinghai, resulting in a week-on-week increase in polysilicon output [1] - The operating rates of organic silicon enterprises continue to rise, while the operating rates of recycled aluminum alloy companies are on a downward trend due to raw material supply shortages and weak market demand [1] - The outlook for the industrial silicon market suggests no significant supply-demand contradictions, with a focus on range-bound trading influenced by the trends of coking coal and polysilicon [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Report Core Views Industrial Silicon - The industrial silicon market is in a situation of both supply and demand booming, with short - term oscillations showing a strong tendency. The core contradiction lies in the sentiment and the expected changes in fundamentals. Before the large - scale factory's actual resumption of production, the market is expected to be strong with oscillations, and it is advisable to participate by taking long positions on dips. After the actual resumption of production, short - term operations can be considered based on valuation [4]. Polysilicon - The polysilicon fundamentals are bearish, but the consensus of non - selling below cost provides strong support for the futures price. The downward decline of polysilicon futures is limited, and there will be continuous positive news disturbances. It is recommended to buy on dips, with the price range referring to (48000, 55000) [52]. 3. Summary by Directory Industrial Silicon Weekly Report Chapter 1: Comprehensive Analysis and Trading Strategies - **Supply and Demand**: This week, the weekly output of DMC was 51,400 tons, a 0.39% increase; the weekly output of polysilicon was 29,200 tons, a 2.85% increase; the operating rate of primary aluminum alloy was 56.6%, a 1 - percentage - point increase, and that of recycled aluminum alloy was 53.9%, remaining flat. The weekly output of industrial silicon was 84,700 tons, a 1.50% increase. The number of open furnaces increased by 10. The social inventory of industrial silicon was 545,000 tons, a 0.37% decrease. It is expected that the demand for industrial silicon in August will increase to 385,000 tons, and the production will be about 370,000 tons, with inventory reduction in August [4]. - **Trading Logic**: The production of silicone and polysilicon has increased significantly recently, leading to a significant increase in the demand for industrial silicon. The cost of industrial silicon has increased due to the rise in the price of Ningxia refined coal and thermal coal. The core contradiction in the current industrial silicon market lies in the sentiment and the expected changes in fundamentals [4]. - **Strategies**: Before the large - scale factory's confirmed resumption of production, take long positions on dips. For options, there is no recommendation. For arbitrage, look for opportunities to conduct reverse arbitrage on the 11th and 12th contracts [5]. Chapter 2: Core Logic Analysis - **Market Review**: This week, the industrial silicon futures oscillated weakly, with the main contract closing at 8805 yuan/ton on Friday. The spot prices of industrial silicon showed mixed trends, with prices in Yunnan generally decreasing by 50 - 150 yuan/ton and prices in other industrial areas slightly increasing [8]. - **Downstream Demand**: The output of DMC and polysilicon increased slightly, and the operating rate of aluminum alloy increased slightly. The short - term operating rate of silicone is gradually increasing, and the output of polysilicon is also slightly increasing [11][14]. - **Industrial Silicon Production**: This week, the weekly output of industrial silicon was 84,700 tons, a 1.50% increase. The number of open furnaces increased by 10. If the large - scale factory in Xinjiang increases the number of open furnaces as expected at the end of the month, the production of industrial silicon in September will increase to 380,000 - 390,000 tons [20]. - **Industrial Silicon Inventory**: The social inventory of industrial silicon decreased slightly, while the factory inventory increased slightly. The social inventory was 545,000 tons, a 0.37% decrease [21]. - **Related Product Prices**: The spot prices of industrial silicon showed mixed trends, and the price of silicon powder weakened. The prices of DMC and its terminal products also weakened [29][33]. - **Raw Material Prices**: The price of Ningxia refined coal increased slightly [45]. Polysilicon Weekly Report Chapter 1: Comprehensive Analysis and Trading Strategies - **Supply and Demand**: In August, polysilicon enterprises plan to increase production significantly, with an expected output of 125,000 tons. The silicon wafer production schedule in August is basically the same as that in July, resulting in an oversupply of 15,000 - 20,000 tons. The factory inventory of polysilicon is 267,000 tons, and it is expected to continue the inventory - building trend in August [52]. - **Price Analysis**: The spot price of polysilicon has upward pressure in the short term, but it is difficult to decline significantly before the consensus of non - selling below cost is broken. The downward decline of polysilicon futures is limited, and there will be continuous positive news disturbances. The short - term price range is expected to be (48000, 55000) [52]. - **Strategies**: It is recommended to buy on dips, with the price range referring to (48000, 55000). For arbitrage, conduct positive arbitrage on the 2511 and 2512 contracts, with the target range referring to (- 1500, - 1000) [53]. Chapter 2: Fundamental Situation - **Polysilicon Price**: This week, the spot quotes of polysilicon manufacturers remained stable. The transaction prices of N - type re - feedstock and N - type granular silicon increased slightly [69]. - **Silicon Wafer, Battery, and Component Prices**: The prices of silicon wafers and batteries showed mixed trends, and the prices of components showed both increases and decreases. The prices of some silicon wafers remained stable, while some decreased slightly. The battery prices showed a downward trend in some cases but may increase in the future. The component prices in distributed projects increased slightly in some cases, while those in centralized projects decreased slightly [73][74]. - **Component Fundamentals**: Overseas demand has decreased, and domestic component demand is weak in the short term. The domestic component inventory is 34.5GW, showing a slight increase. The production schedule of component enterprises has increased slightly to about 45GW [82]. - **Battery Fundamentals**: The overseas demand for small - sized batteries has improved, but manufacturers are cautious about production scheduling. The expected production schedule of photovoltaic batteries in August is about 50GW [88]. - **Silicon Wafer Fundamentals**: The operating rate of silicon wafer enterprises has changed little, and the weekly output has increased to 12.01GW. The silicon wafer inventory remains stable at around 20GW, and the expected output in August is 52GW, basically the same as that in July [92]. - **Polysilicon Fundamentals**: The weekly output of polysilicon has increased slightly, and the factory inventory has decreased to 267,800 tons. It is expected that the output in August will increase to 125,000 - 130,000 tons, and may further increase to 135,000 - 140,000 tons in September [97].

Core Viewpoint - The company plans to issue A-shares to specific investors to raise up to 600 million yuan, which will dilute immediate returns but aims to enhance long-term profitability and shareholder value [2][6][15] Financial Impact - The issuance will increase the total share capital by 14.94%, with a maximum fundraising amount of 600 million yuan, not considering issuance costs [2] - The projected net profit attributable to shareholders for 2025 is estimated to be 11,662.67 million yuan, with a significant increase expected in subsequent years [3] - The basic earnings per share (EPS) before the issuance is projected at 0.38, which may decrease to 0.28 post-issuance under various profit scenarios [4][5] Company Strategy - The company focuses on the production and sales of recycled aluminum alloys, specifically targeting the production of recycled wrought aluminum alloys through the new fundraising project [6][7] - The strategic goal is to balance the production of various recycled aluminum alloy products and increase the proportion of recycled wrought aluminum alloys in the product mix [7][8] Project Feasibility - The fundraising project aligns with the company's existing business, utilizing waste aluminum as the primary raw material, thus enhancing resource recycling [6][8] - The company has established a strong foundation in terms of personnel, technology, and market resources to support the new project [11][12] Risk Mitigation Measures - To address the dilution of immediate returns, the company plans to enhance its operational capabilities and market presence, thereby improving profitability [15] - The company has implemented a robust fundraising management system to ensure the proper use of raised funds, adhering to regulatory requirements [15][16] Commitment to Shareholders - The controlling shareholders and management have made commitments to ensure the fulfillment of measures to compensate for the dilution of immediate returns, emphasizing the protection of shareholder interests [16][17]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current tight supply of scrap aluminum provides strong support for the market. Despite the serious over - capacity and low operating rate in the recycled aluminum industry, the scrap aluminum supply shortage and the delayed arrival of the scrap peak in 2 - 3 years give a solid foundation to the market. There is a potential for a soft squeeze - out situation in the ADC12 market if the peak - season demand is fulfilled and the spot price is at a premium to the futures price [3][14][19]. - In terms of investment strategies, an arbitrage strategy of going long on AD and short on AL can be considered currently, with profit expected to be realized in October. For unilateral trading, there are opportunities to go long at low prices [3][28]. 3. Summary by Relevant Catalogs 3.1. Research Objects and Purposes - The research objects are 5 recycled aluminum plants and 2 scrap aluminum recyclers in Nantong, Baoying, Kunshan, and Shanghai. The purpose is to discuss aspects such as production capacity, output, scrap aluminum supply and demand, costs, prices, inventory strategies, and hedging intentions after the listing of aluminum alloy futures, and to think about subsequent trading logic [10]. 3.2. Key Research Findings and Analyses 3.2.1. Scrap Aluminum Procurement - Scrap aluminum procurement is tight due to limited imports (US tariff policies, port congestion in Malaysia, and environmental regulations in Thailand), limited domestic scrap aluminum increment but increasing demand, and some large factories only purchasing from large - scale ticket - issuing recyclers to avoid information asymmetry risks [14][17]. 3.2.2. Production and Operation - The surveyed recycled aluminum plants have an operating rate higher than the industry average, with an aluminum liquid direct - supply ratio of over 50 - 60% and a maximum transportation distance of 300km. The ADC12 production ratio is around 40 - 50%, and orders are mainly long - term contracts. There is a potential soft squeeze - out risk in the ADC12 market [18][19]. - The use ratio of raw and cooked aluminum in scrap aluminum is flexibly adjusted according to prices. The natural gas consumption per ton is 80 cubic meters, and the total processing fee is 800 - 1200 yuan/ton. The comprehensive tax burden in Jiangsu and Shanghai is about 2 percentage points higher than that in Anhui, but some enterprises can make up for this cost through local procurement and sales, and product quality premiums [23][24]. - The raw material inventory of surveyed enterprises is generally 7 - 10 days' usage, and the finished product inventory is about 1000 - 1500 tons, with some enterprises having no finished product inventory but a high aluminum liquid direct - supply ratio [25]. 3.2.3. Warehouse Receipts - Currently, surveyed enterprises are open to delivering warehouse receipts but are mostly in a wait - and - see mode, mainly referring to the futures price and basis in September - October. The storage time of ADC12 alloy ingots is limited, and the high standards of futures delivery products may reduce the willingness of downstream enterprises to take delivery from the futures market [27]. 3.3. Investment Recommendations 3.3.1. Arbitrage - Consider the strategy of going long on AD and short on AL. The current price difference between ADC12 and A00 fluctuates between - 1500 yuan and + 500 yuan/ton, and the profit is expected to be realized in October. In the long - term, the price difference between ADC12 and A00 may gradually decrease [28]. 3.3.2. Unilateral Trading - Look for opportunities to go long at low prices. The tight scrap aluminum supply and the potential for a soft squeeze - out situation provide support for long - side trading [3][29]. 3.4. Research Minutes 3.4.1. Aluminum Alloy Plant A - Raw materials are mainly domestic scrap aluminum, with less than 20% imported. The annual production capacity is 24.99 tons, and the annual output is 22 tons. The ADC12 production ratio is over 40%. The enterprise does not stock finished products and sells based on orders [30]. 3.4.2. Aluminum Alloy Plant B - The import ratio of scrap aluminum is 30%, and the domestic ratio is 70%. The designed annual production capacity is 20 tons, and the current annual output is 7 - 8 tons. The enterprise plans to use a new production line for futures delivery products [33]. 3.4.3. Aluminum Alloy Plant C - Raw materials are mainly domestic. The Baoying base has a production capacity of 11.85 tons. The aluminum liquid ratio is over 60%, and the ADC12 ratio in aluminum ingots is less than 35%. The enterprise participates in hedging and has views on industry development [35][36]. 3.4.4. Aluminum Alloy Plant D - The Kunshan production line has a total approved production capacity of 12 tons, and the Anhui production line will focus on delivery. The ADC12 production ratio is 20 - 30%. The enterprise is positive about futures trading [37][38]. 3.4.5. Aluminum Alloy Plant E - The monthly scrap aluminum procurement is 4000 - 5000 tons. The current production capacity is 7 tons, and the monthly output is about 6000 tons. The enterprise is cautious about the increase in ADC12 social inventory [39][41]. 3.4.6. Scrap Aluminum Recycling Enterprise A - It has recycling centers in Shanghai and Fujian, with a large trading volume. It mainly recycles new scrap aluminum from aluminum processing enterprises and conducts business through long - term contracts [42]. 3.4.7. Scrap Aluminum Recycling and Aluminum Alloy Trading Enterprise B - It is a benchmark enterprise in scrap aluminum supply. The monthly ADC12 trading volume is about 1000 tons, and it may participate in delivery in November. It mainly conducts long - term contract business and hedges when purchasing scrap aluminum [44][45].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Natural Rubber - In the context of expected supply increase and weak demand, the subsequent rubber price is expected to remain weak. Hold the short position at 14,000 and monitor the raw material supply in each production area and macro - event disturbances [2]. Industrial Silicon - In June, industrial silicon still faces a weak fundamental situation of oversupply, and the price remains under pressure. Recently, the rebound in coal prices brings an expectation of rising raw material prices, which supports the price, and the price may fluctuate at a low level [4]. Polysilicon - The fundamentals have not significantly improved, and the atmosphere at the Shanghai PV exhibition is bearish. However, due to the low price, hold short positions cautiously and pay attention to the pressure level around 35,000 yuan/ton. If the polysilicon production increases, it is beneficial for the arbitrage of buying industrial silicon and shorting polysilicon [5]. Glass and Soda Ash - For soda ash, the excess pattern is obvious, and there will be further profit - reduction. After the photovoltaic rush - installation, the growth of photovoltaic capacity has slowed down, and the overall demand has not increased significantly. After the maintenance, inventory accumulation may accelerate. - For glass, it still faces over - supply pressure in the future, and the industry needs capacity clearance. The 09 contract fluctuates around 1000 points, and a short - term bearish strategy can be considered [6]. 3. Summaries According to Relevant Catalogs Natural Rubber Price and Spread - The price of Yunnan Guofu all - latex rubber (SCRWF) in Shanghai remained unchanged at 13,900 yuan/ton. The all - latex basis (switched to the 2509 contract) decreased by 35 yuan/ton to - 10 yuan/ton, a decline of 140%. The Thai standard mixed rubber quote remained at 13,750 yuan/ton. The non - standard price difference decreased by 35 yuan/ton to - 160 yuan/ton, a decline of 28%. The FOB mid - price of cup rubber in the international market increased by 0.40 Thai baht/kg to 47.45 Thai baht/kg, an increase of 0.85%. The FOB mid - price of glue in the international market remained at 56.75 yuan/ton. The price of natural rubber lumps in Xishuangbanna increased by 400 yuan/ton to 12,600 yuan/ton, an increase of 3.28%. The price of natural rubber glue in Xishuangbanna increased by 400 yuan/ton to 13,100 yuan/ton, an increase of 3.15%. The mainstream market price of raw materials in Hainan remained at 12,400 yuan/ton, and the mainstream market price of imported rubber raw materials in Hainan remained at 9,000 yuan/ton [2]. - In terms of monthly spreads, the 9 - 1 spread decreased by 15 yuan/ton to - 850 yuan/ton, a decline of 1.8%. The 1 - 5 spread decreased by 10 yuan/ton to - 72 yuan/ton, a decline of 18.18%. The 5 - 9 spread increased by 25 yuan/ton to 915 yuan/ton, an increase of 2.81% [2]. Fundamental Data - In April, Thailand's production decreased by 435,000 tons to 1.057 million tons, a decline of 29.16%. Indonesia's production decreased by 15,200 tons to 194,100 tons, a decline of 7.26%. India's production decreased by 7,600 tons to 45,400 tons, a decline of 14.34%. China's production increased by 42,300 tons to 58,100 tons. The weekly operating rate of semi - steel tires for automobile tires increased by 4.12 percentage points to 77.98%, and the weekly operating rate of all - steel tires decreased by 2.23 percentage points to 61.24%. In April, the domestic tire production decreased by 5.444 million pieces to 102.002 million pieces, a decline of 5.07%. The export volume of new pneumatic rubber tires in April decreased by 490,000 pieces to 5.739 million pieces, a decline of 7.87%. The total import volume of natural rubber in April decreased by 70,900 tons to 523,200 tons, a decline of 11.93%. The import volume of natural and synthetic rubber (including latex) in May decreased by 83,000 tons to 607,000 tons, a decline of 12.03% [2]. Inventory Changes - The bonded area inventory (bonded + general trade inventory) decreased by 4,100 tons to 1,011,111 tons, a decline of 0.67%. The factory - warehouse futures inventory of natural rubber on the SHFE increased by 13,003 tons to 34,876 tons, an increase of 59.45%. The inbound rate of dry rubber in the bonded warehouse in Qingdao increased by 1.14 percentage points to 3.34%, and the outbound rate increased by 1.44 percentage points to 4.83%. The inbound rate of dry rubber in general trade in Qingdao increased by 0.82 percentage points to 7.76%, and the outbound rate decreased by 0.29 percentage points to 7.18% [2]. Industrial Silicon Price and Spread - The price of East China oxygen - passing SI5530 industrial silicon remained at 8,150 yuan/ton, and the basis (based on oxygen - passing SI5530) increased by 110 yuan/ton to 805 yuan/ton, an increase of 15.83%. The price of East China SI4210 industrial silicon remained at 8,700 yuan/ton, and the basis (based on SI4210) increased by 110 yuan/ton to 555 yuan/ton, an increase of 24.72%. The price of Xinjiang 99 silicon remained at 7,600 yuan/ton, and the basis (in Xinjiang) increased by 110 yuan/ton to 1,055 yuan/ton, an increase of 11.64% [4]. - In terms of monthly spreads, the 2507 - 2508 spread increased by 7,260 yuan/ton to - 85 yuan/ton, an increase of 98.84%. The 2508 - 2509 spread increased by 5 yuan/ton to 40 yuan/ton, an increase of 14.29%. The 2509 - 2510 spread increased by 15 yuan/ton to 45 yuan/ton, an increase of 50%. The 2510 - 2511 spread increased by 35 yuan/ton to 55 yuan/ton, an increase of 175%. The 2511 - 2512 spread decreased by 5 yuan/ton to 50 yuan/ton, a decline of 9.09% [4]. Fundamental Data - In May, the national industrial silicon production increased by 6,900 tons to 307,700 tons, an increase of 2.29%. Xinjiang's production decreased by 4,400 tons to 163,100 tons, a decline of 2.6%. Yunnan's production decreased by 3,400 tons to 10,000 tons, a decline of 25.43%. Sichuan's production increased by 12,400 tons to 23,700 tons, an increase of 109.47%. Inner Mongolia's production increased by 2,100 tons to 46,100 tons, an increase of 4.78%. Ningxia's production increased by 3,500 tons to 23,500 tons, an increase of 17.5%. The production of 97 - grade silicon decreased by 7,200 tons to 4,800 tons, a decline of 60%. The production of recycled silicon increased by 500 tons to 16,500 tons, an increase of 3.12%. The production of silicone DMC in May increased by 11,200 tons to 184,000 tons, an increase of 6.48%. The production of polysilicon in May increased by 700 tons to 96,100 tons, an increase of 0.73%. The production of recycled aluminum alloy in May decreased by 400 tons to 60,600 tons, a decline of 0.66%. The export volume of industrial silicon in April increased by 100 tons to 6,050 tons, an increase of 1.64% [4]. Inventory Changes - The factory - warehouse inventory in Xinjiang decreased by 410 tons to 18,670 tons, a decline of 2.15%. The factory - warehouse inventory in Yunnan increased by 70 tons to 2,580 tons, an increase of 2.79%. The inventory in Sichuan increased by 10 tons to 2,310 tons, an increase of 0.44%. The social inventory decreased by 1,500 tons to 57,200 tons, a decline of 2.56%. The warehouse - receipt inventory decreased by 550 tons to 28,410 tons, a decline of 1.89%. The non - warehouse - receipt inventory decreased by 950 tons to 28,790 tons, a decline of 3.2% [4]. Polysilicon Price and Spread - The average price of N - type re -投料 remained at 35,500 yuan/ton, the average price of P - type cauliflower material remained at 29,500 yuan/ton, and the average price of N - type granular silicon remained at 33,000 yuan/ton. The N - type material basis (average price) decreased by 625 yuan/ton to 1,180 yuan/ton, a decline of 34.63%. The cauliflower material basis (average price) decreased by 625 yuan/ton to 7,180 yuan/ton, a decline of 8.01%. The average price of N - type silicon wafers of 210mm remained at 1.27 yuan/piece, the average price of N - type silicon wafers of 210R remained at 1.06 yuan/piece, the average price of single - crystal Topcon battery wafers of 210R remained at 0.268 yuan/piece, the average price of single - crystal PERC battery wafers of 182mm remained at 0.268 yuan/piece, the average price of Topcon components of 210mm (distributed) remained at 0.699 yuan/watt, and the average price of N - type 210mm components for centralized projects remained at 0.686 yuan/watt [5]. - The PS2506 contract price increased by 625 yuan/ton to 34,320 yuan/ton. The PS2506 - PS2507 spread decreased by 720 yuan/ton to 1,690 yuan/ton, a decline of 29.88%. The PS2507 - PS2508 spread increased by 290 yuan/ton to 1,215 yuan/ton, an increase of 31.35%. The PS2508 - PS2509 spread decreased by 15 yuan/ton to 595 yuan/ton, a decline of 2.46%. The PS2509 - PS2510 spread decreased by 60 yuan/ton to 265 yuan/ton, a decline of 18.46%. The PS2510 - PS2511 spread decreased by 15 yuan/ton to 370 yuan/ton, a decline of 2.46%. The PS2511 - PS2512 spread decreased by 60 yuan/ton to - 1,605 yuan/ton, a decline of 18.46% [5]. Fundamental Data - The weekly silicon wafer production increased by 0.06 GW to 13.1 GW, an increase of 0.46%. The weekly polysilicon production increased by 0.18 tons to 2.38 tons, an increase of 8.18%. The monthly polysilicon production in May increased by 0.07 tons to 9.61 tons, an increase of 0.73%. The polysilicon import volume in April decreased by 0.02 tons to 0.29 tons, a decline of 7.1%. The polysilicon export volume in April decreased by 0.02 tons to 0.2 tons, a decline of 10.4%. The net export volume of polysilicon in April remained at - 0.09 tons [5]. Inventory Changes - The polysilicon inventory increased by 0.6 tons to 27.5 tons, an increase of 2.23%. The silicon wafer inventory decreased by 0.68 GW to 19.34 GW, a decline of 3.4%. The polysilicon warehouse receipts remained at 2,600 tons [5]. Glass and Soda Ash Price and Spread - The glass price in North China decreased by 10 yuan/ton to 1,130 yuan/ton, a decline of 0.88%. The price in East China decreased by 30 yuan/ton to 1,230 yuan/ton, a decline of 2.38%. The price in Central China remained at 1,070 yuan/ton. The price in South China decreased by 20 yuan/ton to 1,290 yuan/ton, a decline of 1.53%. The glass 2505 contract price decreased by 4 yuan/ton to 1,077 yuan/ton, a decline of 0.37%. The glass 2509 contract price decreased by 2 yuan/ton to 976 yuan/ton, a decline of 0.51%. The 05 basis decreased by 6 yuan/ton to 53 yuan/ton, a decline of 10.17% [6]. - The soda ash price in North China remained at 1,400 yuan/ton, the price in East China remained at 1,350 yuan/ton, the price in Central China remained at 1,350 yuan/ton, and the price in Northwest China decreased by 20 yuan/ton to 1,030 yuan/ton, a decline of 1.9%. The soda ash 2505 contract price decreased by 8 yuan/ton to 1,204 yuan/ton, a decline of 0.66%. The soda ash 2509 contract price decreased by 19 yuan/ton to 1,156 yuan/ton, a decline of 1.57%. The 05 basis increased by 8 yuan/ton to 196 yuan/ton, an increase of 4.26% [6]. Supply and Demand Data - The soda ash operating rate increased by 6.33 percentage points to 84.9%, and the weekly production increased by 5,510 tons to 74,010 tons, an increase of 8.04%. The daily melting volume of float glass decreased by 100 tons to 15,570 tons, a decline of 0.7%. The daily melting volume of photovoltaic glass decreased by 1,000 tons to 98,990 tons, a decline of 1%. The mainstream price of 3.2mm coated glass decreased by 1 yuan to 20 yuan, a decline of 4.76% [6]. Inventory Changes - The glass factory - warehouse inventory increased by 192,300 weight - boxes to 6,968,500 weight - boxes, an increase of 2.84%. The soda ash factory - warehouse inventory increased by 62,000 tons to 168,630 tons, an increase of 3.82%. The soda ash delivery warehouse inventory decreased by 20,000 tons to 32,710 tons, a decline of 5.87%. The glass factory's soda ash inventory days increased by 2.9 days to 21 days, an increase of 15.91% [6]. Real Estate Data - The year - on - year growth rate of new construction area increased by 2.99 percentage points to - 18.73%, the year - on - year growth rate of construction area decreased by 7.56 percentage points to - 33.33%, the year - on - year growth rate of completion area increased by 15.67 percentage points to - 11.68%, and the year

Core Viewpoint - The strategic cooperation between Ming Tai Aluminum and Penghui Energy focuses on the development and application of solid-state batteries and sodium-ion batteries, aiming to enhance the recycling and application of recycled aluminum alloys in the new energy battery sector [1][2]. Group 1: Strategic Cooperation - Ming Tai Aluminum and Penghui Energy have signed a strategic cooperation framework agreement to collaborate on research and development, product supply, technology development, and capacity layout in the field of solid-state and sodium-ion batteries [1][2]. - Penghui Energy will prioritize using Ming Tai Aluminum's products for the development of solid-state batteries and other battery projects [2]. Group 2: Company Overview - Ming Tai Aluminum is the first private aluminum processing enterprise in China, specializing in aluminum plates, strips, foils, and comprehensive applications of recycled resources, with a 10% share of the domestic aluminum plate and strip production [3]. - The company has been optimizing its product structure, increasing the proportion of high-value-added products such as aluminum for new energy, new materials, transportation, and automotive lightweighting [3]. Group 3: Product Development and Market Position - Ming Tai Aluminum's products are well-positioned in the solid-state battery sector, with aluminum-plastic film being a key packaging material that affects battery safety and lifespan [4]. - The company has developed a complete product matrix for power batteries, including various aluminum components essential for battery construction [4]. Group 4: Recycling and Sustainability - Ming Tai Aluminum entered the recycled aluminum application field in 2017, currently holding over 1 million tons of recycled aluminum application capacity, with multiple products certified for carbon footprint by SGS [4]. - The company has established an international procurement department for recycled aluminum to expand its sourcing channels following the relaxation of import restrictions on deformed waste aluminum by Chinese customs [4]. Group 5: Financial Performance - In Q1 of this year, Ming Tai Aluminum achieved revenue of 8.1 billion yuan, a 13% year-on-year increase, and a net profit of 440 million yuan, up 21% year-on-year, with record production and sales volumes [5].