1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The industrial silicon price is expected to maintain a range - bound oscillation, with a supply - demand dual - weak pattern. The upside potential depends on downstream demand recovery and inventory reduction, while the downside is limited by cost support and production cut expectations. [3] - The polysilicon price is expected to continue a weak oscillation. The weak industrial silicon price makes the cost support for polysilicon weak, and the demand expectation from the "rush to export" before April has not been realized, with high inventory and difficult demand transmission in the industry chain. [6] 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On March 31, 2026, the industrial silicon futures price oscillated and declined. The main contract 2605 opened at 8480 yuan/ton and closed at 8355 yuan/ton, a change of (- 145) yuan/ton or (- 1.71)%. The position of the main contract 2605 was 201,800 lots, and the number of warehouse receipts on March 30, 2026 was 22,313 lots, a change of 24 lots from the previous day. [1] - The spot price of industrial silicon declined. The price of East China oxygen - permeable 553 silicon was 9,100 - 9,200 (- 50) yuan/ton; 421 silicon was 9,500 - 9,700 (0) yuan/ton, Xinjiang oxygen - permeable 553 price was 8,500 - 8,600 (0) yuan/ton, and 99 silicon price was 8,500 - 8,600 (0) yuan/ton. The silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained flat, and the price of 97 silicon was stable. [1] - As of March 26, the total social inventory of industrial silicon in major regions was 560,000 tons, an increase of 1.26% from the previous week. [1] - The organic silicon DMC was quoted at 13,800 - 14,300 (0) yuan/ton. After the festival, the demand for downstream polysilicon, organic silicon, and aluminum alloy all decreased to varying degrees, and most of the post - festival inquiries were exploratory. [1] Supply - demand and Cost - The supply side remained in a loose state, and the pattern of oversupply continued. The demand side was continuously sluggish, and the war between the US and Iran restricted the export logistics of industrial silicon. Recently, the prices of petroleum coke and Xinjiang electricity have increased, and the cost support for industrial silicon is stable. [1][2] Strategy - The industrial silicon price is expected to maintain a range - bound oscillation. In the short - term, conduct range operations. There are no strategies for inter - period, cross - variety, spot - futures, or options. [3] Polysilicon Market Analysis - On March 31, 2026, the main contract 2605 of polysilicon futures oscillated and declined, opening at 36,760 yuan/ton and closing at 35,200 yuan/ton, a change of - 3.1% from the previous trading day. The position of the main contract was 34,456 (34,584 in the previous trading day) lots, and the trading volume was 165,316 lots. [3] - The spot price of polysilicon declined. The N - type material was 35.50 - 41.50 (- 0.75) yuan/kg, and the n - type granular silicon was 40.00 - 43.00 (0.00) yuan/kg. The polysilicon manufacturer's inventory decreased, while the silicon wafer inventory increased. The latest polysilicon inventory was 33.20, a change of - 3.49% month - on - month, the silicon wafer inventory was 26.98GW, a change of - 2.42% month - on - month, the weekly polysilicon output was 19,400.00 tons, a change of 1.00% week - on - week, and the silicon wafer output was 11.38GW, a change of - 3.40% week - on - week. [4] - In terms of silicon wafers, the domestic N - type 18Xmm silicon wafer was 0.99 (0.00) yuan/piece, the N - type 210mm was 1.28 (- 0.02) yuan/piece, and the N - type 210R silicon wafer was 1.04 (- 0.05) yuan/piece. [4] - In terms of battery cells, the high - efficiency PERC182 battery cell was 0.27 (0.00) yuan/W; the PERC210 battery cell was about 0.28 (0.00) yuan/W; the TopconM10 battery cell was about 0.38 (- 0.01) yuan/W; the Topcon G12 battery cell was 0.38 (- 0.01) yuan/W; the Topcon210RN battery cell was 0.39 (- 0.01) yuan/W. The HJT210 half - cell battery was 0.37 (0.00) yuan/W. [5] - For components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 (0.00) yuan/W, the mainstream transaction price of PERC210mm was 0.69 - 0.73 (0.00) yuan/W, the mainstream transaction price of N - type 182mm was 0.74 - 0.76 (0.00) yuan/W, and the mainstream transaction price of N - type 210mm was 0.75 - 0.78 (0.00) yuan/W. [5] - Since the polysilicon price fell below the cost level of 40,000 yuan/ton, the market sentiment was pessimistic. The fundamental weakness and the impact of the US - Iran conflict on bulk commodities still existed. The spot market trading almost stagnated, the inventory reached a high level, the supply - demand game continued, the supply - side production cut pressure increased, and the downstream battery factories only maintained rigid - demand purchases and had a low acceptance of high - price goods. [5] Strategy - The polysilicon price is expected to continue a weak oscillation. In the short - term, conduct range operations, and the main contract is expected to maintain an oscillation in the short - term. There are no strategies for inter - period, cross - variety, spot - futures, or options. [6]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Industrial silicon prices are expected to maintain a range-bound oscillation, with a supply-demand imbalance in the short term and significant price support in the long term [3]. - Polysilicon prices are expected to continue a weak oscillation, facing cost support challenges and difficulties in demand transmission in the industrial chain [7]. Summary by Related Catalogs Industrial Silicon Market Analysis - On March 30, 2026, the industrial silicon futures price oscillated downward. The main contract 2605 opened at 8,615 yuan/ton and closed at 8,480 yuan/ton, a change of -185 yuan/ton (-2.14%) from the previous day's settlement. The position of the main contract 2605 at the close was 230,888 lots, and the total number of warehouse receipts on March 29, 2026, was 22,289 lots, a change of 12 lots from the previous day [1]. - The spot price of industrial silicon remained stable. According to SMM data, the price of East China oxygenated 553 silicon was 9,100 - 9,300 yuan/ton; 421 silicon was 9,500 - 9,700 yuan/ton. The price of Xinjiang oxygenated 553 silicon was 8,500 - 8,600 yuan/ton, and the price of 99 silicon was 8,500 - 8,600 yuan/ton. The silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained flat, and the price of 97 silicon was stable [1]. - SMM statistics show that the total social inventory of industrial silicon in major regions on March 19 was 560,000 tons, an increase of 1.26% from the previous week [1]. - The downstream demand for polysilicon, organic silicon, and aluminum alloy decreased to varying degrees after the holiday, and most of the post - holiday inquiries were exploratory [1]. - The operating rate in Xinjiang exceeded 50%, and the supply side gradually recovered after the holiday. However, due to the dry season in the southwest region, the operating rate remained low [1]. Cost - Recently, the prices of petroleum coke and Xinjiang electricity have increased, providing strong cost support for industrial silicon [2]. Strategy - The price of industrial silicon is expected to maintain a range - bound oscillation. The supply side is expected to gradually release after a significant contraction since the Spring Festival. The demand for polysilicon remains weak. In the long term, there is obvious price support. The overall pattern is a weak supply - demand balance. Attention should be paid to the restart plans of large manufacturers and changes in capital sentiment. The upside potential depends on the recovery of downstream demand and inventory reduction progress, while the downside is limited by cost support and production cut expectations [3]. - Short - term range operation for single - side trading; no strategies for inter - period, cross - variety, spot - futures, or options trading [3]. Polysilicon Market Analysis - On March 30, 2026, the main contract 2605 of polysilicon futures oscillated upward, opening at 35,160 yuan/ton and closing at 36,550 yuan/ton, a change of 3.45% from the previous trading day. The position of the main contract was 34,180 lots (34,584 lots the previous day), and the trading volume on that day was 165,316 lots [3]. - The spot price of polysilicon decreased. According to SMM statistics, the price of N - type material was 35.50 - 43.00 yuan/kg (-0.50 yuan/kg), and the price of n - type granular silicon was 40.00 - 43.00 yuan/kg (unchanged) [4]. - The inventory of polysilicon manufacturers decreased, while the inventory of silicon wafers increased. The latest statistics show that the polysilicon inventory was 33.20 (a month - on - month change of - 3.49%), the silicon wafer inventory was 26.98GW (a month - on - month change of - 2.42%), the weekly polysilicon output was 19,400.00 tons (a month - on - month change of 1.00%), and the silicon wafer output was 11.38GW (a month - on - month change of - 3.40%) [4]. - The prices of domestic N - type 18Xmm silicon wafers were 0.99 yuan/piece, N - type 210mm were 1.29 yuan/piece, and N - type 210R silicon wafers were 1.09 yuan/piece, all unchanged [4]. - The prices of battery cells and components remained stable. For example, the price of high - efficiency PERC182 battery cells was 0.27 yuan/W; PERC210 battery cells were about 0.28 yuan/W; TopconM10 battery cells were about 0.39 yuan/W; Topcon G12 battery cells were 0.39 yuan/W; Topcon210RN battery cells were 0.40 yuan/W; HJT210 half - piece battery cells were 0.37 yuan/W. The mainstream transaction prices of components also remained unchanged [6]. - After the polysilicon price fell below the cost level of 40,000 yuan/ton, the market sentiment was pessimistic. The current price rebound is a super - oversold repair. The supply - demand game continues, the supply side faces increasing production cut pressure, and the downstream battery factories only maintain just - in - time purchases and have a low acceptance of high - price goods [6]. Strategy - Polysilicon prices are expected to continue a weak oscillation. The continuous weakness of industrial silicon prices weakens the cost support for polysilicon. The expected demand from the "rush to export" phenomenon before April has not materialized. Coupled with high inventory, the demand transmission in the industrial chain is difficult. After the holiday, silicon wafer enterprises resumed production but still faced inventory pressure. The recent conflict in the Middle East has cooled the global risk - preference sentiment, which may increase the selling pressure on the market. In the short term, attention should be paid to the post - holiday supply - demand recovery; in the long term, attention should be paid to the silver price trend and inventory reduction progress [7]. - Short - term range operation for single - side trading; the main contract is expected to maintain an oscillation in the short term; no strategies for inter - period, cross - variety, spot - futures, or options trading [7].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report Industrial Silicon - Supply: Last week, the industrial silicon supply was 78,000 tons, with no change from the previous week [6]. - Demand: Last week, the industrial silicon demand was 68,000 tons, a 1.44% decrease from the previous week. Demand remained low. The polysilicon inventory was 332,000 tons, at a high level. The silicon wafer production was at a loss, while the battery cell production was profitable, and the component production was also profitable. The silicone inventory was 58,500 tons, at a low level, with a production profit of 2,430 yuan/ton, an overall operating rate of 68.6%, unchanged from the previous week and higher than the historical average. The aluminum alloy ingot inventory was 44,900 tons, at a high level, with an import loss of 2,487 yuan/ton. The A356 aluminum delivered to Wuxi had a freight and profit of 623.12 yuan/ton, and the recycled aluminum operating rate was 59.5%, unchanged from the previous week and at a high level [6]. - Cost: The production cost of sample oxygen - passing 553 in Xinjiang was 9,769.7 yuan/ton, unchanged from the previous week. The cost support increased during the dry season [6]. - Basis: On March 30, the spot price of non - oxygen - passing silicon in East China was 9,150 yuan/ton, and the basis of the 05 contract was 670 yuan/ton, with the spot price higher than the futures price [6]. - Inventory: The social inventory was 560,000 tons, a 1.27% increase from the previous week. The sample enterprise inventory was 191,100 tons, a 3.38% decrease from the previous week. The main port inventory was 134,000 tons, a 1.47% decrease from the previous week [6]. - Disk: The MA20 was upward, and the 05 contract price closed below the MA20 [6]. - Main Position: The main position was net short, and the short position decreased [6]. - Expectation: The supply schedule increased, the demand recovery was at a low level, and the cost support increased. The industrial silicon 2605 was expected to fluctuate in the range of 8,390 - 8,570 [6]. Polysilicon - Supply: Last week, the polysilicon production was 19,400 tons, a 2.10% increase from the previous week. The production schedule for March was predicted to be 84,900 tons, a 10.25% increase from the previous month [8]. - Demand: Last week, the silicon wafer production was 11.38GW, a 3.39% decrease from the previous week, and the inventory was 269,800 tons, a 2.42% decrease from the previous week. The silicon wafer production was at a loss. The production schedule for March was 49.01GW, a 10.70% increase from the previous month. In February, the battery cell production was 37.09GW, a 10.49% decrease from the previous month. Last week, the external sales factory inventory of battery cells was 6.79GW, a 16.66% increase from the previous week, and the production was profitable. The production schedule for March was 46.36GW, a 24.99% increase from the previous month. In February, the component production was 29.3GW, a 16.76% decrease from the previous month. The expected component production for March was 41.39GW, a 41.26% increase from the previous month. The domestic monthly inventory was 24.76GW, a 51.73% decrease from the previous month, and the European monthly inventory was 38.41GW, a 12.30% increase from the previous month. The component production was profitable [8]. - Cost: The average cost of N - type polysilicon in the industry was 40,060 yuan/ton, and the production income was - 810 yuan/ton [8]. - Basis: On March 30, the price of N - type dense material was 38,000 yuan/ton, and the basis of the 05 contract was 2,700 yuan/ton, with the spot price higher than the futures price [8]. - Inventory: The weekly inventory was 332,000 tons, a 3.48% decrease from the previous week, at a high level compared to the same period in history [8]. - Disk: The MA20 was downward, and the 05 contract price closed below the MA20 [8]. - Main Position: The main position was net long, and the long position increased [8]. - Expectation: The supply schedule continued to increase, while the demand for silicon wafers, battery cells, and components was expected to increase in the short - term and decline in the medium - term. Overall demand showed a continuous decline. Cost support remained stable. The polysilicon 2605 was expected to fluctuate in the range of 35,475 - 37,625 [8]. Overall Logic - Bullish factors: Rising cost support and manufacturers' plans to stop or reduce production [11]. - Bearish factors: Slow recovery of post - holiday demand and strong supply but weak demand in the downstream polysilicon market [12]. - Main logic: Capacity clearance, cost support, and demand increment [12]. 3. Summary by Relevant Catalogs 1. Daily Viewpoint [3][5][7] - Industrial silicon: Analyzed from supply, demand, cost, basis, inventory, disk, main position, and expectation, with a view on its future price range [6]. - Polysilicon: Analyzed from supply, demand, cost, basis, inventory, disk, main position, and expectation, with a view on its future price range [8]. 2. Industrial Silicon Market Overview [14] - Futures closing prices of different contracts showed various degrees of decline compared to the previous values. Spot prices of different grades of industrial silicon remained unchanged. Inventory data showed different trends, with some increasing and some decreasing. Production and operating rate data also showed different changes [15]. 3. Polysilicon Market Overview [16] - Futures closing prices of different contracts showed various degrees of increase or remained unchanged compared to the previous values. Prices and production data of silicon wafers, battery cells, components, etc. showed different trends, and inventory data also changed [16]. 4. Industrial Silicon Price - Basis and Delivery Product Spread Trends [18] - Showed the historical trends of the main contract basis and the price spread between 421 and 553 grades of industrial silicon [19]. 5. Industrial Silicon Inventory [21] - Presented the historical trends of industrial silicon inventory in delivery warehouses, ports, and sample enterprises, as well as the registered warrant volume [22][23]. 6. Industrial Silicon Production and Capacity Utilization Trends [25] - Showed the historical trends of weekly production, monthly production by specification, and operating rate of sample enterprises [26][27][28]. 7. Industrial Silicon Component Cost Trends [30] - Presented the historical trends of electricity prices in main production areas, silicon stone prices in main production areas, graphite electrode prices, and some reducing agent prices [31]. 8. Industrial Silicon Cost - Sample Region Trends [33] - Showed the historical cost trends of 421 and 553 grades of industrial silicon in Sichuan, Xinjiang, and Yunnan, as well as the cost differences between them [34][35]. 9. Industrial Silicon Weekly Supply - Demand Balance Sheet [37] - Analyzed the weekly supply - demand balance of industrial silicon, including production, import, export, and actual consumption [38]. 10. Industrial Silicon Monthly Supply - Demand Balance Sheet [40] - Analyzed the monthly supply - demand balance of industrial silicon from February 2025 to February 2026, including production, import, export, actual consumption, and supply - demand balance [41]. 11. Industrial Silicon Downstream - Silicone - DMC Price and Production Trends [43] - Showed the historical trends of DMC daily capacity utilization, profit - cost, weekly production, and price [44]. 12. Industrial Silicon Downstream - Silicone - Downstream Price Trends [45] - Presented the historical price trends of 107 rubber, raw rubber, silicone oil, and D4 [46][47][48]. 13. Industrial Silicon Downstream - Silicone - Import - Export and Inventory Trends [49] - Showed the historical trends of DMC monthly import, export, and inventory [50][52]. 14. Industrial Silicon Downstream - Aluminum Alloy - Price and Supply Situation [54] - Presented the historical trends of scrap aluminum recycling, scrap aluminum social inventory, aluminum scrap import volume, Chinese unforged aluminum alloy import - export situation, SMM aluminum alloy ADC12 price, and import ADC12 cost - profit [55]. 15. Industrial Silicon Downstream - Aluminum Alloy - Inventory and Production Trends [57] - Showed the historical trends of monthly production of primary and recycled aluminum alloy ingots, weekly operating rates of primary and recycled aluminum alloys, and aluminum alloy ingot social inventory [58]. 16. Industrial Silicon Downstream - Aluminum Alloy - Demand (Automobiles and Wheels) [60] - Presented the historical trends of monthly automobile production, sales, and aluminum alloy wheel export [61]. 17. Industrial Silicon Downstream - Polysilicon Fundamental Trends [64] - Showed the historical trends of polysilicon industry cost, price, total inventory, monthly production, monthly operating rate, and monthly demand [65]. 18. Industrial Silicon Downstream - Polysilicon Supply - Demand Balance Sheet [67] - Analyzed the monthly supply - demand balance of polysilicon from February 2025 to February 2026, including supply, import, export, consumption, and balance [68]. 19. Industrial Silicon Downstream - Polysilicon - Silicon Wafer Trends [70] - Presented the historical trends of silicon wafer price, weekly production, weekly inventory, monthly demand, and net export of single - crystal and poly - silicon wafers [71]. 20. Industrial Silicon Downstream - Polysilicon - Battery Cell Trends [73] - Showed the historical trends of single - crystal P/N type battery cell price, battery cell production scheduling and actual production, photovoltaic battery external sales factory weekly inventory, photovoltaic battery operating rate, and battery cell export [74]. 21. Industrial Silicon Downstream - Polysilicon - Photovoltaic Component Trends [76] - Presented the historical trends of component price, domestic and European photovoltaic component inventory, monthly component production, and component export [77]. 22. Industrial Silicon Downstream - Polysilicon - Photovoltaic Accessory Trends [79] - Showed the historical trends of photovoltaic coating price, photovoltaic film import - export, photovoltaic glass monthly production, export, high - purity quartz sand price, and solder strip import - export [80]. 23. Industrial Silicon Downstream - Polysilicon - Component Composition Cost - Profit Trends (210mm) [82] - Showed the historical trends of silicon material cost, silicon wafer profit - cost, battery cell profit - cost, and component profit - cost of 210mm double - sided double - glass components [82]. 24. Industrial Silicon Downstream - Polysilicon - Photovoltaic Grid - Connected Power Generation Trends [83] - Presented the historical trends of national new power generation capacity, power generation composition and total amount, photovoltaic power station new grid - connected capacity, distributed photovoltaic power station new grid - connected capacity, and solar monthly power generation [84]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The market sentiment is pessimistic, with polysilicon showing a weak and volatile trend. For industrial silicon, the supply remains relatively stable, demand is stable within a certain range, and high inventories are difficult to reduce, so the market is expected to remain volatile in the short term. For polysilicon, the supply - demand structure is weak, inventories are accumulating slightly and remaining at a high level, and it is expected to maintain a weak and volatile trend in the short term [2][3][4] Summary by Relevant Catalogs Industrial Silicon - **Price**: As of March 27, 2026, the spot price of Xinjiang industrial silicon 553 oxygen - passed was 8700 yuan/ton, unchanged from last week; the futures main contract rebounded from a low - level oscillation, closing at 8625 yuan/ton on March 27 [2][8] - **Supply**: Northwest China has stable production, the expectation of electricity price increase for large factories in Xinjiang has completely subsided. Yunnan and Sichuan are restricted by high electricity prices during the dry season, with low start - up rates and weak willingness to resume production. The overall start - up rate remains stable. Due to the self - discipline of silicon enterprises, the market has rebounded to some extent [2] - **Demand**: The weekly start - up rate of polysilicon enterprises is basically stable, with a limited increase in production in April and limited incremental demand for industrial silicon. The weekly start - up rate of organic silicon has declined slightly, and some monomer plants are under maintenance, with cautious procurement of industrial silicon. The start - up rate of aluminum alloy enterprises is basically stable, and terminal consumption has limited improvement. In February, industrial silicon exports were 47,500 tons, a 27% decrease from the previous month and a 7% increase year - on - year [2] - **Cost**: The cost of industrial silicon has increased slightly this week [2] - **Inventory**: As of March 26, the national social inventory of industrial silicon was 560,000 tons, an increase of 7,000 tons from last week [2] - **Price Difference**: As of March 27, 2026, the price difference between Yunnan industrial silicon 553 oxygen - passed and 421 oxygen - passed was 400 yuan/ton, unchanged from last week; the price difference between Xinjiang industrial silicon 553 oxygen - passed and 421 oxygen - passed was 250 yuan/ton, also unchanged from last week [12] - **Output**: As of March 27, 2026, the number of open furnaces for national industrial silicon was 209, unchanged from last week; the start - up rate was 25.93%, unchanged from the previous week; the weekly output was 78,300 tons, a decrease of 100 tons from the previous week [19] Polysilicon - **Price**: As of March 27, 2026, the spot price of N - type dense material was 41,500 yuan/ton, a decrease of 2000 yuan/ton from last week; the futures main contract continued to decline, closing at 35,680 yuan/ton on March 27 [3][15] - **Supply**: The market trading atmosphere is light, and both upstream and downstream enterprises are relatively pessimistic about the future market. Polysilicon production may increase to some extent in April, but the overall increase is limited [3] - **Demand**: The recovery of terminal installation demand is slow. Downstream enterprises mainly replenish stocks for刚需. Some silicon material enterprises are forced to accept low - price orders due to inventory and capital pressure. Silicon wafer prices continue to decline, and procurement demand is poor, with a wait - and - see attitude. In February, the import volume of polysilicon was 1,622.13 tons, a 55% increase from the previous month; the export volume was 2,214.66 tons, a 21% increase from the previous month [5] - **Cost**: The cost of polysilicon has remained stable this week [5] - **Inventory**: As of March 27, 2026, the polysilicon factory inventory was 333,200 tons, an increase of 2,500 tons from last week [4][23] Downstream Products - **Silicon Wafers**: As of March 27, 2026, the average prices of N - type M10 - 182(130µm), N - type G10L - 183.75(130µm), N - type G12R - 210R(130µm) and N - type G12 - 210(130µm) were 1.015, 1.015, 1.115 and 1.315 yuan/piece respectively, a decrease of 0.01 yuan/piece from last week. The silicon wafer market continued to operate weakly, with the actual transaction center moving down slightly and lacking effective support [27] - **Battery Cells**: As of March 27, 2026, M10 single - crystal TOPCon, G10L single - crystal TOPCon, G12R single - crystal TOPCon and G12 single - crystal TOPCon were quoted at 0.39, 0.39, 0.39 and 0.39 yuan/watt respectively, a decrease of 0.02, 0.02, 0.02 and 0.015 yuan/watt from last week. The transaction price of the battery cell market continued to decline. Although leading enterprises still maintained prices, second - and third - tier enterprises sold at reduced prices, and low - price supplies affected the overall price [31] - **Components**: As of March 27, 2026, 182 single - sided TOPCon, 210 single - sided TOPCon, 182 double - sided TOPCon and 210 double - sided TOPCon were quoted at 0.79, 0.805, 0.79 and 0.805 yuan/watt respectively, unchanged from last week. The component market was generally stable, with few transactions, and there was an expectation of price reduction in the future [34] - **Organic Silicon**: As of March 27, 2026, the price of organic silicon DMC in East China was 14,300 yuan/ton, unchanged from last week. The start - up rate of organic silicon enterprises decreased slightly, and procurement became more cautious [37] - **Aluminum Alloys**: As of March 27, 2026, the price of Shanghai aluminum alloy ingot ADC12 was 23,800 yuan/ton, a decrease of 300 yuan/ton from last week. The start - up of aluminum alloy enterprises was supported, but the incremental pull was limited [41]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - For industrial silicon, the supply last week was 78,000 tons, remaining flat week - on - week. The demand was 68,000 tons, a 1.44% decrease week - on - week, and the demand remained sluggish. The cost support increased during the dry season. The industry is expected to be bearish, and the industrial silicon 2605 is expected to fluctuate in the range of 8535 - 8715 [6]. - For polysilicon, the supply last week was 19,400 tons, a 2.10% increase week - on - week, and the March production schedule is predicted to be 84,900 tons, a 10.25% increase month - on - month. The overall demand shows a continuous decline. The cost support remains stable. The polysilicon 2605 is expected to fluctuate in the range of 34,630 - 36,730 [9]. - The main bullish factors are cost increase support and manufacturers' plans for production cuts. The main bearish factors are the slow recovery of post - holiday demand and the strong supply but weak demand of downstream polysilicon. The main logic is capacity clearance, cost support, and demand increment [12][13]. 3. Summary According to the Directory 3.1 Daily Views 3.1.1 Industrial Silicon - Supply: Last week's supply was 78,000 tons, remaining flat week - on - week [6]. - Demand: Last week's demand was 68,000 tons, a 1.44% decrease week - on - week. The demand for polysilicon, organic silicon, and aluminum alloy is in different states [6]. - Cost: The production cost of sample oxygen - passing 553 in Xinjiang was 9,769.7 yuan/ton, remaining flat week - on - week. The cost support increased during the dry season [6]. - Basis: On March 27, the spot price of non - oxygen - passing silicon in East China was 9,150 yuan/ton, and the basis of the 05 contract was 525 yuan/ton, with the spot at a premium to the futures, which is bullish [6]. - Inventory: The social inventory was 560,000 tons, a 1.27% increase week - on - week; the sample enterprise inventory was 191,100 tons, a 3.38% decrease week - on - week; the main port inventory was 134,000 tons, a 1.47% decrease week - on - week, which is bearish [6]. - Disk: The MA20 is upward, and the price of the 05 contract closed above the MA20, which is bullish [6]. - Main Position: The main position is net short, and the short position increased, which is bearish [6]. - Expectation: The supply production schedule increased, remaining at a low level. The demand recovery is at a low level, and the cost support increased. The industrial silicon 2605 is expected to fluctuate in the range of 8535 - 8715 [6]. 3.1.2 Polysilicon - Supply: Last week's supply was 19,400 tons, a 2.10% increase week - on - week. The March production schedule is predicted to be 84,900 tons, a 10.25% increase month - on - month [9]. - Demand: The production of silicon wafers, battery cells, and components shows different trends in the short and medium - term, and the overall demand shows a continuous decline [9]. - Cost: The average cost of N - type polysilicon in the industry is 40,060 yuan/ton, and the production income is - 310 yuan/ton [9]. - Basis: On March 27, the price of N - type dense material was 39,000 yuan/ton, and the basis of the 05 contract was 4,070 yuan/ton, with the spot at a premium to the futures, which is bullish [9]. - Inventory: The weekly inventory was 332,000 tons, a 3.48% decrease week - on - week, at a high level in the same period of history, which is bearish [9]. - Disk: The MA20 is downward, and the price of the 05 contract closed below the MA20, which is bearish [9]. - Main Position: The main position is net long, and the long position increased, which is bullish [9]. - Expectation: The supply production schedule continues to increase. The demand shows a short - term increase and a medium - term callback. The cost support remains stable. The polysilicon 2605 is expected to fluctuate in the range of 34,630 - 36,730 [9]. 3.2 Market Overview 3.2.1 Industrial Silicon - Futures closing prices of different contracts showed different degrees of decline or increase compared with the previous values. The spot prices of different types of silicon remained mostly unchanged. The inventory showed different trends, with some increasing and some decreasing [15]. 3.2.2 Polysilicon - Futures closing prices of different contracts showed different degrees of change. The prices of silicon wafers, battery cells, and components remained mostly stable. The inventory decreased, and the export volume increased [16]. 3.3 Other Aspects - Industrial silicon price - basis and delivery product price difference trends: The report presents the trends of the basis and the price difference between 421 and 553 silicon over a long - term period [18]. - Industrial silicon inventory: It shows the inventory trends of different regions and types of industrial silicon over a long - term period, including delivery warehouses and ports, and sample enterprises [21]. - Industrial silicon production and capacity utilization trends: It shows the trends of weekly production, monthly production by specification, and the opening rate of sample enterprises in different regions over a long - term period [25]. - Industrial silicon component cost trends: It shows the trends of electricity prices, silicon stone prices, graphite electrode prices, and some reducing agent prices in the main production areas over a long - term period [30]. - Industrial silicon cost - sample region trends: It shows the cost trends of 421 and 553 silicon in Sichuan, Xinjiang, and Yunnan over a long - term period [33]. - Industrial silicon weekly and monthly supply - demand balance tables: It shows the weekly and monthly supply - demand balance situations of industrial silicon, including production, consumption, import, and export [37][40]. - Industrial silicon downstream - organic silicon: It shows the price, production, import - export, and inventory trends of DMC and other downstream products of organic silicon over a long - term period [43]. - Industrial silicon downstream - aluminum alloy: It shows the price, supply, inventory, production, and demand (automobile and wheel hub) trends of aluminum alloy over a long - term period [55]. - Industrial silicon downstream - polysilicon: It shows the cost, price, inventory, production, and supply - demand balance trends of polysilicon and its downstream products such as silicon wafers, battery cells, and components over a long - term period [65]. - Industrial silicon downstream - polysilicon - photovoltaic accessories: It shows the price, import - export, and production trends of photovoltaic accessories such as photovoltaic coating, photovoltaic film, photovoltaic glass, and high - purity quartz sand over a long - term period [80]. - Industrial silicon downstream - polysilicon - component cost - profit trends: It shows the cost and profit trends of components such as silicon material, silicon wafer, battery cell, and component in 210mm double - sided double - glass components [83]. - Industrial silicon downstream - polysilicon - photovoltaic grid - connected power generation: It shows the trends of new power generation installed capacity, power generation composition, and new grid - connected capacity of photovoltaic power stations over a long - term period [84].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - For industrial silicon, the market is currently dominated by weak reality and weak expectations. Without supply - side policy drivers or demand - side positive news, the upside space is limited. In the short - term, it is expected to be in a weakly oscillating trend. The recommended strategy is to gradually short on rebounds when the price is between 8800 - 9000 [7][8]. - For polysilicon, the market is in a supply - demand loose pattern, with the overall market continuing to be weak. In the short - term, spot transactions may decline and reach a new low. It is recommended to wait and see for new driving factors [15][16]. 3. Summary According to the Directory 3.1 Industrial Silicon Data Review 3.1.1 Market Conditions - The spot price of industrial silicon oscillated strongly this week. The ex - factory tax - included reference price of Chinese standard deliverable 553 was 8857 yuan/ton, a rise of 368 yuan/ton or 4.34% compared with March 19, 2026. The futures market rebounded and oscillated strongly, driving the spot price to be firm [7]. - The industrial silicon futures market showed a pattern of rising first and then falling, with overall weak oscillation this week. The main contract price briefly soared at the beginning of the week and then declined. As of Friday's close, it was 8625 yuan/ton, down 0.58% from the beginning of the week. Market participation cooled down, with the trading volume of the main contract about 165,800 lots and the open interest around 223,200 lots [37]. 3.1.2 Influencing Factors - **Macro**: The performance of Dongyue Silicon Materials in 2025 was not good, with a year - on - year decline in revenue and a net loss. The downstream demand was weak this week, providing insufficient support for the industrial silicon price. The market procurement was mainly for rigid needs and small orders, and manufacturers' willingness to stock up was low [11]. - **Demand**: The demand from downstream industries was generally weak. The polysilicon price continued to fall, and the acceptance of raw materials was limited. The organic silicon maintained rigid - need procurement, and there were rumors that the organic silicon monomer plants might further cut production next month. The aluminum rod enterprises continued to resume production, but the overall procurement of industrial silicon increased limitedly. The export volume in February 2026 decreased compared with the previous month [11]. - **Supply**: The overall production this week changed little. A Yunnan enterprise stopped production, but the production reduction was not obvious due to the weekend. Currently, only 2 enterprises in Yunnan and 1 in Sichuan are in production. A northern enterprise plans to resume production in mid - April. Large manufacturers have no plans to increase or decrease production, and the industry's production capacity release is restrained [13]. - **Inventory**: The social inventory decreased slightly to 499,100 tons, a decrease of 0.6% compared with the previous week. The overall industry inventory remained at a high level, mainly concentrated in the northern social warehouses. The futures inventory as of March 27 was 111,385 tons, an increase of 25 tons compared with the previous week [13]. - **Cost and Profit**: The production cost of industrial silicon remained stable this week, with electricity and raw material costs forming the bottom support for the price. The industry profit was generally low this week, with obvious regional differentiation [13]. 3.2 Polysilicon Data Review 3.2.1 Market Conditions - The polysilicon futures fell rapidly this week, with more cases of selling at lower prices to increase sales volume. The market transaction center continued to move down. The spot price of Chinese P - type polysilicon was 33,000 yuan/ton, a decrease of 3,000 yuan/ton compared with last week, and the N - type was 39,500 yuan/ton, a decrease of 2,000 yuan/ton [15]. - The prices of silicon wafers, battery cells, and components also declined to varying degrees this week [137]. 3.2.2 Influencing Factors - **Macro**: A large - scale photovoltaic project in the Czech Republic was awarded to Aiko Solar, which is expected to promote the development of the local clean energy industry [17]. - **Demand**: Downstream demand was generally weak. Silicon wafer enterprises were cautious in raw material procurement, mainly for rigid - need replenishment. The demand for silicon wafers, battery cells, and components was weak, and the market was in a wait - and - see state [17]. - **Supply**: This week, a factory had local equipment problems, but it had no substantial impact on production and shipment. Two manufacturers did not reach their production increase plans this month. An Inner Mongolia factory is expected to start production in May, and a Xinjiang factory has a maintenance plan in June. The overall polysilicon industry's operating rate is maintained at 30%. The production in March is expected to recover to 86,000 tons, and the production in April is expected to be around 85,000 - 88,000 tons, basically the same as in March [18]. - **Inventory**: The polysilicon inventory this week was 381,600 tons, an increase of 0.39% compared with the previous week. The market was in a situation of oversupply, and the inventory was accumulating day by day [142]. - **Cost and Profit**: The average production cost of polysilicon this week was 44,189.79 yuan/ton, a month - on - month increase of 0.7%. The gross profit and gross profit margin rebounded month - on - month to - 5,663.47 yuan/ton, a month - on - month decrease of 5.03% [152].

Investment Rating - The industry maintains a rating of "Outperform" compared to the market [1][30]. Core Insights - The report highlights a rebound in lithium carbonate prices and a continued decline in silicon material prices. The global sales of new energy vehicles are expected to grow rapidly in 2026, driving demand for batteries and materials. The arrival of the peak season for lithium batteries is anticipated to boost order signing and profit recovery for companies [1]. - In terms of new technologies, solid-state batteries are entering a critical phase of engineering validation, with a focus on related materials and equipment companies. The photovoltaic sector is expected to see investment driven by "anti-involution" and "space photovoltaics," benefiting from increased satellite launches [1]. - The main industry chain is experiencing a decline in silicon material and silicon wafer prices, while component prices are rising, which is favorable for leading manufacturers in the component segment. The demand for high-power components has emerged domestically, and the high-power trend is expected to drive up component prices [1]. - In the wind power sector, upgrades in the Middle East are pushing up natural gas prices, and the urgency for energy independence in Europe is expected to increase demand for offshore wind [1]. - The energy storage sector remains in high demand, with a recommendation to focus on energy storage cells and large-scale integration plants. The hydrogen energy sector is expected to see growth in green hydrogen demand, with a focus on downstream hydrogen-based energy applications [1]. - The report also emphasizes the long-term potential of nuclear fusion as a future energy development direction, suggesting attention to core suppliers in the nuclear fusion power sector [1]. Summary by Sections Industry Dynamics - The report notes that from March 1 to 22, 2026, the retail sales of new energy vehicles in China reached 495,000 units, a year-on-year decrease of 17% but a month-on-month increase of 66%. The cumulative installed power generation capacity in China reached 3.95 billion kilowatts by the end of February, a year-on-year increase of 15.9% [21]. - The National Energy Administration has included hydrogen energy, green fuels, and new energy storage in the key support directions for the 2026 energy industry standard plan [21]. Company Dynamics - TCL Zhonghuan reported a projected net loss of 9.264 billion yuan for 2025. In contrast, companies like New Zobang and Rongjie Co. are expected to see net profit increases of 16.48% and 29.52%, respectively [22]. - The report highlights significant contracts and projects, including a 6 billion yuan order for Robotech and a 20 billion yuan investment in a solid-state battery industrial park in Guangdong [22].

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - Industrial silicon prices are expected to maintain a volatile trend. The supply - side production rhythm is stable, while the demand side is weak, with insufficient price - driving power from demand improvement, and the price weakness restrains the enthusiasm for enterprise复产. The cost support has not collapsed significantly, and the industrial self - discipline expectations have been limitedly fulfilled, so the price range is not fully opened [16]. - Polysilicon continues to be in a negative feedback adjustment state. Factory inventories remain high, downstream restocking willingness is low, and actual transaction prices are falling, intensifying the weak atmosphere. The negative feedback from downstream silicon wafers and battery cells is transmitted upstream. The futures price is in a smooth downward trend and is expected to continue to oscillate and seek a bottom. It is recommended to wait and see, and be cautious about left - side layout [18]. 3. Summary According to the Directory 3.1. Weekly Assessment and Strategy Recommendation 3.1.1. Demand - Polysilicon weekly output is 19,400 tons, showing a slight decline [14]. - DMC output is 42,900 tons, with a week - on - week increase of 1,400 tons. In February, DMC output was 163,700 tons, a month - on - month decrease of 25,600 tons [14]. - From January to February 2025, the cumulative output of aluminum alloy was 2.765 million tons, a cumulative year - on - year increase of 274,000 tons or 11.0% [14]. - From January to February 2025, China's cumulative net export of industrial silicon was 113,000 tons, a cumulative year - on - year increase of 19,400 tons or 20.77% [14]. 3.1.2. Inventory As of March 27, 2026, the industrial silicon inventory was 544,400 tons. Among them, the factory inventory was 249,600 tons, a week - on - week decrease of 1,500 tons; the market inventory was 183,500 tons, a week - on - week decrease of 1,000 tons; the registered warehouse receipt inventory was 111,400 tons, a week - on - week increase of 3,000 tons [14]. 3.1.3. Price and Cost - As of March 27, 2026, the spot price of 553 (non - oxygen - passing) industrial silicon in the East China region was 9,150 yuan/ton, a week - on - week increase of 50 yuan/ton; the spot price of 421 industrial silicon was 9,600 yuan/ton, with a converted futures price of 8,800 yuan/ton, remaining unchanged week - on - week. The futures main contract (SI2605) closed at 8,625 yuan/ton, a week - on - week increase of 170 yuan/ton. The 553 (non - oxygen - passing) had a premium of 525 yuan/ton over the futures main contract, with a basis rate of 5.74%; the 421 had a premium of 175 yuan/ton over the main contract, with a basis rate of 1.99% [15]. - According to Baichuan Yingfu data, the average cost of industrial silicon in Xinjiang was 8,545 yuan/ton, 9,712 yuan/ton in Yunnan, 8,800 yuan/ton in Sichuan, and 8,994 yuan/ton in Inner Mongolia [15]. 3.1.4. Supply The weekly output of industrial silicon was 67,400 tons, a week - on - week increase of 100 tons. In February, the output of industrial silicon was 237,900 tons, a month - on - month decrease of 82,200 tons. The cumulative output from January to February was 558,000 tons, a year - on - year decrease of 27,800 tons or 4.74% [15]. 3.2. Spot and Futures Market 3.2.1. Industrial Silicon As of March 27, 2026, the spot price of 553 (non - oxygen - passing) industrial silicon in the East China region was 9,150 yuan/ton, a week - on - week increase of 50 yuan/ton; the spot price of 421 industrial silicon was 9,600 yuan/ton, with a converted futures price of 8,800 yuan/ton, remaining unchanged week - on - week. The futures main contract (SI2605) closed at 8,625 yuan/ton, a week - on - week increase of 170 yuan/ton. The 553 (non - oxygen - passing) had a premium of 525 yuan/ton over the futures main contract, with a basis rate of 5.74%; the 421 had a premium of 175 yuan/ton over the main contract, with a basis rate of 1.99% [23]. 3.2.2. Polysilicon As of March 27, 2026, the average price of N - type re -投料 of polysilicon was 39.75 yuan/kg, a week - on - week decrease of 3.75 yuan/kg; the average price of N - type dense material was 39 yuan/kg, a week - on - week decrease of 3 yuan/kg. The futures main contract (PS2605) closed at 35,680 yuan/ton, a week - on - week decrease of 2,085 yuan/ton. The basis of the main contract was 4,070 yuan/ton, with a basis rate of 10.24% [26]. 3.3. Industrial Silicon 3.3.1. Total Output As of March 27, 2026, the weekly output of industrial silicon was 67,400 tons, a week - on - week increase of 100 tons. In February, the output of industrial silicon was 237,900 tons, a month - on - month decrease of 82,200 tons. The cumulative output from January to February was 558,000 tons, a year - on - year decrease of 27,800 tons or 4.74% [31]. 3.3.2. Output in Main Producing Areas The report provides historical output data of industrial silicon in Sichuan, Yunnan, Xinjiang, Inner Mongolia, and Gansu, but does not mention the latest output data of these regions other than the overall output [33][35][38]. 3.3.3. Production Cost - As of March 27, 2026, the electricity price in the main producing areas remained unchanged week - on - week, and the silicon stone price remained stable week - on - week [44]. - The price of silicon coal remained stable compared with before the holiday. The average cost of industrial silicon in Xinjiang was 8,545 yuan/ton, 9,712 yuan/ton in Yunnan, 8,800 yuan/ton in Sichuan, and 8,994 yuan/ton in Inner Mongolia [47]. 3.3.4. Visible Inventory As of March 27, 2026, the industrial silicon inventory was 544,400 tons. Among them, the factory inventory was 249,600 tons, a week - on - week decrease of 1,500 tons; the market inventory was 183,500 tons, a week - on - week decrease of 1,000 tons; the registered warehouse receipt inventory was 111,400 tons, a week - on - week increase of 3,000 tons [50]. 3.4. Polysilicon 3.4.1. Output As of March 27, 2026, the weekly output of polysilicon was 19,400 tons, showing a slight decline. In February, the output of polysilicon was 77,000 tons, a month - on - month decrease of 23,800 tons; the cumulative output from January to February was 177,800 tons, a year - on - year decrease of 3.63% [55]. 3.4.2. Operating Rate and Scheduled Production In February, the operating rate of polysilicon was 29.11%, a month - on - month decrease of 4.95 percentage points. It is expected that the output in March will be 84,900 tons, a slight month - on - month increase [58]. 3.4.3. Inventory As of March 27, 2026, the factory inventory of polysilicon was 381,600 tons according to Baichuan Yingfu's statistics, and 332,000 tons according to SMM's statistics [61]. 3.4.4. Cost and Profit As of March 27, 2026, the production cost of polysilicon was 44,189.79 yuan/ton, and the gross profit was - 5,663.47 yuan/ton [64]. 3.4.5. Downstream Industries - **Silicon Wafers**: As of March 27, 2026, the weekly output of silicon wafers was 11.38 GW, showing a slight decline. In February, the output of silicon wafers was 44.27 GW, a month - on - month decrease of 1.66 GW; the cumulative output from January to February was 90.20 GW, a year - on - year decrease of 4.37%. The inventory was 26.98 GW, showing a week - on - week decrease. It is predicted that the output in March will be 49.01 GW, a month - on - month increase [67][70]. - **Battery Cells**: In February, the output of battery cells was 37.09 GW, a month - on - month decrease of 4.35 GW; the cumulative output from January to February was 78.53 GW, a year - on - year decrease of 11.98%. The operating rate in February was 38.06%, a month - on - month decrease of 4.46 percentage points. As of March 27, 2026, the inventory of photovoltaic battery export factories was 6.79 GW, showing a week - on - week increase. It is expected that the output in March will be 46.36 GW, a significant month - on - month increase [76][79]. - **Components**: In February, the output of components was 29.3 GW, a month - on - month decrease of 5.9 GW; the cumulative output from January to February was 64.5 GW, a year - on - year decrease of 13.77%. The operating rate in February was 28.44%, a month - on - month decrease of 5.73 percentage points. As of March 27, 2026, the finished product inventory of photovoltaic components was 28.9 GW, showing a slight week - on - week increase. It is expected that the output in March will be 41.39 GW, a significant month - on - month increase [84][87]. 3.5. Organic Silicon 3.5.1. Output As of March 27, 2026, the output of DMC was 42,900 tons, a week - on - week increase of 1,400 tons. In February, the output of DMC was 163,700 tons, a month - on - month decrease of 25,600 tons [94]. 3.5.2. Price and Profit As of March 27, 2026, the average price of organic silicon was 14,050 yuan/ton, remaining unchanged week - on - week. The gross profit of DMC was 428.75 yuan/ton [97]. 3.5.3. Inventory As of March 27, 2026, the DMC inventory was 47,800 tons, a week - on - week decrease of 1,300 tons [100]. 3.6. Silicon - Aluminum Alloy and Exports 3.6.1. Aluminum Alloy - As of March 27, 2026, the price of primary aluminum alloy A356 was 24,020 yuan/ton, a week - on - week decrease of 360 yuan/ton; the price of recycled aluminum alloy ADC12 was 24,420 yuan/ton, a week - on - week decrease of 240 yuan/ton. From January to February 2025, the cumulative output of aluminum alloy was 2.765 million tons, a cumulative year - on - year increase of 274,000 tons or 11.0% [105]. - As of March 27, 2026, the operating rate of primary aluminum alloy was 55%, and the operating rate of recycled aluminum alloy was 59.5% [108]. 3.6.2. Exports From January to February 2025, China's cumulative net export of industrial silicon was 113,000 tons, a cumulative year - on - year increase of 19,400 tons or 20.77% [111].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints - Industrial silicon prices are expected to maintain a range - bound oscillation. The supply side is expected to gradually release after a significant contraction since the Spring Festival, while the demand for polysilicon remains weak. In the long - term, price support is evident, and the overall situation is one of weak supply and demand. [3] - Polysilicon prices are expected to continue a weak oscillation. The continuous weakness of industrial silicon prices weakens the cost support for polysilicon. The expected demand from the "rush to export" before April has not materialized, and high inventories make it difficult for the industrial chain to transmit demand. [7] 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On March 26, 2026, the industrial silicon futures price fluctuated and rose. The main contract 2605 opened at 8,785 yuan/ton and closed at 8,735 yuan/ton, a change of 50 yuan/ton (0.58%) from the previous day's settlement. The position of the 2605 main contract at the close was 230,888 lots, and the total number of warehouse receipts on March 25, 2026 was 22,272 lots, a change of 60 lots from the previous day. [1] - The spot price of industrial silicon remained stable. According to SMM data, the price of East China oxygen - passing 553 silicon was 9,100 - 9,300 yuan/ton; 421 silicon was 9,500 - 9,700 yuan/ton, Xinjiang oxygen - passing 553 price was 8,500 - 8,600 yuan/ton, and 99 silicon price was 8,500 - 8,600 yuan/ton. Silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained flat, and the price of 97 silicon was stable. [1] - SMM statistics show that the total social inventory of industrial silicon in major regions on March 19 was 553,000 tons, a decrease of 0.18% from the previous week. [1] - The downstream demand for polysilicon, organic silicon, and aluminum alloy all decreased to varying degrees after the festival, and most of the post - festival inquiries were exploratory. [1] - The operating rate in Xinjiang exceeded 50%. After the festival, the supply side gradually recovered, but the operating rate in the southwest region remained low during the dry season. [1] Cost - Recently, the prices of petroleum coke and Xinjiang electricity have increased, providing solid cost support for industrial silicon. [2] Strategy - Industrial silicon prices are expected to maintain a range - bound oscillation. Short - term interval operation is recommended. There are no strategies for inter - period, cross - variety, spot - futures, or options. [3] Polysilicon Market Analysis - On March 26, 2026, the main contract 2605 of polysilicon futures fluctuated and declined, opening at 36,750 yuan/ton and closing at 35,540 yuan/ton, a change of - 2.78% from the previous trading day. The position of the main contract reached 33,451 lots (32,820 lots the previous day), and the trading volume on that day was 8,529 lots. [3] - The spot price of polysilicon decreased. According to SMM statistics, the price of N - type material was 36.00 - 43.50 yuan/kg (- 0.75 yuan/kg), and the price of n - type granular silicon was 40.00 - 43.00 yuan/kg (no change). [4] - The inventory of polysilicon manufacturers decreased, while the inventory of silicon wafers increased. The latest statistics show that the polysilicon inventory was 332,000 tons, a change of - 3.49% month - on - month, the silicon wafer inventory was 27.65GW, a change of - 2.47% month - on - month, the weekly polysilicon output was 19,000 tons, with no change month - on - month, and the silicon wafer output was 11.78GW, a change of - 1.67% month - on - month. [4] - After the polysilicon price fell below the cost level of 40,000 yuan/ton last week, the market sentiment was pessimistic. Coupled with the continuous weakness of the fundamentals and the impact of the US - Iran conflict on commodities as a whole, the polysilicon price fluctuated and declined, reaching around 35,000 yuan/ton. Most enterprises in the market were in a loss, and only a few enterprises maintained profitability. Affected by cost pressure, the expected production capacity of enterprises will significantly shrink, and attention should also be paid to the possibility of a price rebound after over - decline. [6] Strategy - Polysilicon prices are expected to continue a weak oscillation. Short - term interval operation is recommended, and the main contract is expected to maintain an oscillation in the short term. There are no strategies for inter - period, cross - variety, spot - futures, or options. [7]

Core Insights - The report highlights the significant growth in revenue and profit for the company, with a 65.13% year-on-year increase in revenue to 12.236 billion yuan and a 68.32% increase in net profit to 1.164 billion yuan for the year 2025 [16] - The company’s intelligent computing products and services have become the main driver of its performance, with a remarkable 1727.17% increase in revenue from this segment [16][17] - The report emphasizes the potential of the PD-1/VEGF/CTLA-4 tri-antibody CS2009, which has shown excellent efficacy in treating lung cancer and is expected to enter global Phase III trials within the year [18][20] Industry Overview - The report discusses the electricity equipment and new energy sector, noting that the "14th Five-Year Plan" emphasizes the construction of new energy infrastructure, although the industry chain prices are under short-term pressure [5][6] - In the coal industry, the report indicates a slight contraction in coal supply, with a 0.3% year-on-year decrease in raw coal production for the first two months of 2026, while demand is showing marginal recovery [13] - The report also mentions the increase in electricity consumption, with a 6.1% year-on-year growth in total electricity consumption for January and February 2026 [8] Company Analysis - The company reported a significant increase in its intelligent computing business, which is expected to continue its explosive growth due to strong demand from major internet companies [17] - The company has made substantial investments in computing equipment, with plans to procure servers worth 21.2 billion yuan, indicating a strong commitment to expanding its capabilities [17] - The report suggests that the company is well-positioned to benefit from the AI computing infrastructure wave, with a projected EPS growth of 8.19, 12.22, and 16.80 for 2026-2028 [17] Price Tracking - The report provides insights into the pricing trends of various components in the renewable energy sector, including polysilicon, silicon wafers, and battery cells, indicating a stable price environment despite low demand and high inventory levels [8][12] - The average price of polysilicon is reported at 45 yuan/kg, with a 3.2% decrease from the previous week, while silicon wafer prices remain stable [8] - The report notes that the prices of solar modules are expected to remain flat in the short term due to slow project initiation and potential export growth challenges [12]