Report Summary 1. Industry Investment Ratings - Industrial silicon: Weak pattern [1] - Polysilicon: Mainly in a downward trend [2] 2. Core Views - The industrial silicon market shows a weak situation, and the polysilicon market is mainly experiencing a downward trend [1][2] - Turkey's photovoltaic industry has significant growth momentum, with its cumulative photovoltaic installed capacity reaching 25827MW by the end of January 2026, and the proportion of photovoltaic installed capacity in the total installed capacity rising to 20.9% [3][4] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: Si2605 closing price is 8,605 yuan/ton, with changes of -30 (T - 1), -45 (T - 5), and -270 (T - 22); PS2605 closing price is 35,730 yuan/ton, with a T - 1 change of 295 and a T - 5 change of -5,940. There are also corresponding changes in trading volumes and open interests [2] - **Basis and Price**: Industrial silicon has different spot premiums and discounts for different standards, and polysilicon - N - type re - feedstock price is 42,500 yuan/ton, with a T - 1 change of -750, a T - 5 change of -3000, and a T - 22 change of -10750 [2] - **Profit**: Silicon factory profits for different standards in Xinjiang and Yunnan are negative, and polysilicon enterprise profits are -1.8 yuan/kg, with a T - 1 change of -0.4, a T - 5 change of -2.6, and a T - 22 change of -10.3 [2] - **Inventory**: Industrial silicon social inventory is 55.3 million tons, enterprise inventory is 19.8 million tons, and industry inventory is 75.1 million tons; polysilicon factory inventory is 34.4 million tons [2] - **Raw Material Costs**: Prices of raw materials such as silicon ore, washed coking coal, petroleum coke, and electrodes in different regions have little change [2] - **Prices and Profits in Related Industries**: In the polysilicon (photovoltaic), organic silicon, and aluminum alloy industries, there are corresponding changes in prices and profits [2] 3.2 Macro and Industry News - Turkey's photovoltaic cumulative installed capacity reached 25827MW by the end of January 2026, and multiple photovoltaic projects were connected to the grid in January, including the first large - scale photovoltaic energy storage integration project [3][4] 3.3 Trend Intensity - Industrial silicon trend intensity: 0; polysilicon trend intensity: -1 [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The industrial silicon market is mainly in a weak pattern, and the demand for polysilicon is declining [1][2] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Market**: Si2605's closing price was 8,625 yuan/ton, with a decrease of 45 yuan compared to T - 1; PS2605's closing price was 42,450 yuan/ton, down 250 yuan from T - 1. The trading volume and open interest of both contracts also showed certain changes [2] - **Basis**: The spot premium or discount of industrial silicon and polysilicon showed different trends compared to different benchmarks [2] - **Prices**: The prices of industrial silicon, polysilicon, and related products such as silicon powder, silicon wafers, and battery cells all had certain fluctuations [2] - **Profits**: The profits of silicon factories, polysilicon enterprises, DMC enterprises, and regenerative aluminum enterprises also changed to varying degrees [2] - **Inventory**: The industrial silicon's social inventory, enterprise inventory, and industry inventory decreased to some extent, while the polysilicon's factory inventory increased [2] - **Raw Material Costs**: The prices of raw materials such as silicon ore, washed coal, petroleum coke, and electrodes remained relatively stable, with only a few showing slight changes [2] 2. Macro and Industry News - The Shanghai Development and Reform Commission issued a notice on the application for the development and construction plan of on - shore wind power and photovoltaic power stations in 2026, specifying new application projects [3] 3. Trend Intensity - The trend intensity of industrial silicon and polysilicon is both 0, indicating a neutral view [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The report focuses on industrial silicon and polysilicon, highlighting the need to pay attention to the impact of rising cost - end on industrial silicon and the weak supply - demand situation of polysilicon [1] 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Market**: For industrial silicon, the Si2605 closing price was 8,690 yuan/ton, with a change of - 170 yuan/ton compared to T - 22. The PS2605 closing price of polysilicon was 41,115 yuan/ton, down 1,165 yuan/ton from T - 1. There were also changes in trading volume and open interest for both [1] - **Basis**: Industrial silicon had different spot premiums or discounts against different benchmarks. For example, the spot premium against East China Si5530 was + 410 yuan/ton. Polysilicon's spot premium against N - type re - investment was + 6885 yuan/ton [1] - **Prices**: The price of Xinjiang 99 silicon was 8500 yuan/ton, and the price of polysilicon - N - type re - investment material was 49000 yuan/ton. There were also price data for other related products such as silicon wafers, battery cells, and components [1] - **Profits**: Silicon factory profits for Xinjiang new - standard 553 were - 2441.5 yuan/ton, and for Yunnan new - standard 553 were - 5321 yuan/ton. Polysilicon enterprise profits were 4.8 yuan/kg [1] - **Inventory**: Industrial silicon's social inventory (including warehouse receipt inventory) was 55.3 tons, and polysilicon's factory inventory was 34.8 tons. There were also data on enterprise inventory and industry inventory for industrial silicon [1] - **Raw Material Costs**: The prices of raw materials such as silicon ore, washed coal, petroleum coke, and electrodes were provided. For example, the price of Xinjiang silicon ore was 320 yuan/ton [1] 3.2 Macro and Industry News - On March 5, 2026, the Dali Prefecture Development and Reform Commission and the Dali Prefecture Energy Bureau in Yunnan Province issued an announcement on the first - round competitive allocation of new energy projects. There were 13 projects in total, with a total installed capacity of 705,070 kilowatts, including 9 photovoltaic projects with a total scale of 537,420 kilowatts and 4 wind power projects with a total scale of 167,650 kilowatts [1] 3.3 Trend Intensity - Industrial silicon trend intensity was 0, and polysilicon trend intensity was 0. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [3]

Report Summary 1. Report's Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The report focuses on industrial silicon and polysilicon, suggesting to pay attention to the impact of market sentiment on industrial silicon. For polysilicon, the supply - demand relationship is weakening, and the spot price may loosen [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Data Tracking - **Industrial Silicon Futures**: The Si2605 closing price is 8,205 yuan/ton, with a decrease of 120 yuan compared to T - 1, 205 yuan compared to T - 5, and 620 yuan compared to T - 22. The trading volume is 285,487 lots, and the open interest is 348,330 lots [2]. - **Polysilicon Futures**: The PS2605 closing price is 43,700 yuan/ton, down 1,230 yuan from T - 1 and 3,300 yuan from T - 5. The trading volume is 9,256 lots, and the open interest is 39,340 lots [2]. - **Basis**: Industrial silicon's basis shows different values when benchmarked against different grades. For example, the basis against East China Si5530 is +895 yuan/ton. Polysilicon's basis against N - type re - investment material is +8300 yuan/ton [2]. - **Prices**: The price of Xinjiang 99 - grade silicon is 8,550 yuan/ton, down 50 yuan from T - 1, and the price of Yunnan Si4210 remains at 10,000 yuan/ton. The price of polysilicon N - type re - investment material is 51,900 yuan/ton, with no change from T - 1 but a decrease of 1,100 yuan from T - 5 [2]. - **Profits**: Silicon factory profits for Xinjiang new - standard 553 are - 2,926.5 yuan/ton, and for Yunnan new - standard 553 are - 5,806 yuan/ton, both showing declines compared to previous periods. Polysilicon enterprise profits are 7.6 yuan/kg, up 0.4 yuan from T - 1 but down compared to T - 5 [2]. - **Inventory**: Industrial silicon's social inventory (including warehouse - receipt inventory) is 56.203 million tons, and the industry inventory is 76.3 million tons. Polysilicon's factory inventory is 34.4 million tons [2]. - **Raw Material Costs**: The prices of raw materials such as silicon ore, washed coal, petroleum coke, and electrodes in different regions show different trends. For instance, the price of Xinjiang silicon ore is 320 yuan/ton, remaining unchanged [2]. 3.2 Macro and Industry News - Six departments including the Ministry of Industry and Information Technology issued a guidance on promoting the comprehensive utilization of photovoltaic modules. By 2027, the green production level of photovoltaic modules will be further improved, and the comprehensive utilization volume will reach 250,000 tons. By 2030, the comprehensive utilization technology and equipment level will be further enhanced [2][4]. 3.3 Trend Intensity - The trend intensity of industrial silicon is 0, and that of polysilicon is also 0, indicating a neutral stance [4].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - For industrial silicon, focus on the resumption of production in the upstream [2] - For polysilicon, focus on spot transactions after the holiday [2] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Market Data**: Si2605 closing price is 8,335 yuan/ton, with a change of -95 yuan compared to T - 1; PS2605 closing price is 46,315 yuan/ton, with a change of -1,315 yuan compared to T - 1 [1] - **Basis Data**: Industrial silicon spot premium (against East China Si5530) is +915 yuan/ton, with a change of 95 yuan compared to T - 1 [1] - **Price Data**: Xinjiang 99 - silicon is 8700 yuan/ton, remaining unchanged compared to T - 1; polysilicon - N - type re - feedstock is 52000 yuan/ton, with a change of -1000 yuan compared to T - 1 [1] - **Profit Data**: Silicon plant profit (Xinjiang new standard 553) is -2796.5 yuan/ton, with a change of -95 yuan compared to T - 1; polysilicon enterprise profit is 7.7 yuan/kg, with a change of -0.6 yuan compared to T - 1 [1] - **Inventory Data**: Industrial silicon - social inventory (including warehouse receipt inventory) is 560,000 tons, with an increase of 3,000 tons compared to T - 5; polysilicon - manufacturer inventory is 344,000 tons, with a decrease of 5,000 tons compared to T - 5 [1] - **Raw Material Cost Data**: Xinjiang silicon ore is 320 yuan/ton, remaining unchanged compared to T - 1; Yunnan silicon ore is 230 yuan/ton, remaining unchanged compared to T - 1 [1] 2. Macro and Industry News - The US Department of Commerce will impose counter - subsidy duties on crystalline silicon solar cell components imported from India, Indonesia, and Laos. The general subsidy rates for Indian producers/exports are set at 125.87%, 104.38% for Indonesia, and 80.67% for Laos [3] 3. Trend Intensity - Industrial silicon trend intensity is 0; polysilicon trend intensity is 0. The trend intensity ranges from -2 to 2, where -2 means most bearish and 2 means most bullish [3]

Report Information - Report Date: January 30, 2026 [1] - Report Title: Industrial Silicon: Upstream Production Cuts, Focus on Inventory Changes; Polysilicon: Positive Conference Sentiment, Building Bottom Support for the Futures Market [1][2] - Analyst: Zhang Hang [2] - Investment Consulting Qualification Number: Z0018008 [2] - Email: zhanghang2@gtht.com [2] Investment Rating - No investment rating provided in the report Core Views - The upstream of the industrial silicon industry has cut production, and attention should be paid to inventory changes [1] - The positive sentiment from the photovoltaic industry entrepreneur symposium provides bottom support for the polysilicon futures market [2][4] Summary by Directory Fundamental Tracking - **Futures Market Data**: - Industrial silicon (Si2605): The closing price is 8,925 yuan/ton, with a volume of 300,232 lots and an open interest of 236,653 lots [2] - Polysilicon (PS2605): The closing price is 49,335 yuan/ton, with a volume of 15,626 lots and an open interest of 42,745 lots [2] - **Basis and Spread**: The industrial silicon and polysilicon futures contracts show different spreads and basis values, such as the industrial silicon near - month contract to the continuous - first spread being - 45 yuan/ton [2] - **Prices and Profits**: - Industrial silicon: The price of Xinjiang 99 silicon is 8700 yuan/ton, and the silicon factory profits in Xinjiang and Yunnan are - 2206.5 yuan/ton and - 5414 yuan/ton respectively [2] - Polysilicon: The price of N - type re - feedstock is 52500 yuan/ton, and the polysilicon enterprise profit is 8.1 yuan/kg [2] - Organic silicon (DMC): The price is 13900 yuan/ton, and the enterprise profit is 1830 yuan/ton [2] - Aluminum alloy (ADC12): The price is 24550 yuan/ton, and the regenerative aluminum enterprise profit is - 310 yuan/ton [2] - **Inventory**: - Industrial silicon: The social inventory is 55.4 million tons, the enterprise inventory is 20.9 million tons, and the industry inventory (social + enterprise) is 76.3 million tons [2] - Polysilicon: The manufacturer inventory is 33.3 million tons [2] - **Raw Material Costs**: The costs of silicon ore, washed coal, petroleum coke, electrodes and other raw materials in different regions are provided, with most remaining stable [2] Macro and Industry News - On January 28, the Ministry of Industry and Information Technology held a photovoltaic industry entrepreneur symposium, emphasizing "anti - involution" as the main contradiction in the photovoltaic industry's standard governance, and promoting the industry to return to a benign and rational development track [4] Trend Intensity - The trend intensity of industrial silicon is 0, and that of polysilicon is also 0, indicating a neutral view [4]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the investment opportunities in the Chinese capital market, particularly focusing on the recovery and growth potential in various sectors, including technology, chemicals, and energy metals [1][2][3]. Core Insights and Arguments - **Market Recovery**: The Chinese capital market is expected to rise significantly, with predictions of reaching 4,200 points before the Spring Festival and a target of 5,200 points for the year 2026. This recovery is attributed to reduced internal and external concerns, leading to increased investor confidence [1][2][10]. - **Sector Focus**: Key sectors identified for investment include: - **Technology**: Emphasis on leading companies in the internet, electronic semiconductors, telecommunications, and military industries. Notable mentions include storage chip suppliers and platform companies [1][9][14]. - **Chemicals**: Growth stocks in the chemical industry are expected to benefit from increased downstream demand, with specific recommendations for companies like 雅克科技 (Yake Technology) and 国瓷材料 (Guoci Materials) [1][14]. - **Energy Metals**: Positive outlook on industrial metals like copper and aluminum, with expectations of price stability and growth due to demand from AI and infrastructure investments [3][20][21]. - **Aviation Sector**: The aviation sector is projected to see continued improvement in supply and demand, with recommendations for companies like 中国航 (China Airlines) and 吉祥航空 (Lucky Air) [12]. - **Oil Shipping**: The oil shipping sector has shown significant price recovery, with daily rates increasing from $20,000 to $116,000, indicating strong demand and limited supply growth [13]. Additional Important Insights - **Regulatory Environment**: The importance of a stable regulatory environment is emphasized, as it fosters long-term market growth and investor confidence. Strict regulations against stock price manipulation are seen as beneficial for the majority of investors [6][7]. - **Economic Indicators**: The overall economic stability and liquidity expansion are expected to support market growth, with specific attention to the A500 index representing leading companies in various sectors [1][8]. - **Coal Demand**: Coal demand is projected to grow significantly due to increased electricity consumption, particularly in the service sector, which is expected to contribute over 50% to the total electricity demand growth [29]. - **Geopolitical Factors**: Geopolitical events are influencing oil prices, with expectations of a return to fundamental supply-demand dynamics in the medium to long term [26]. Conclusion - The conference call highlights a positive outlook for the Chinese capital market in 2026, driven by sector-specific growth opportunities and a stable regulatory environment. Key sectors such as technology, chemicals, and energy metals are poised for significant investment, while the aviation and oil shipping sectors are also expected to perform well.

Report Summary 1. Report Industry Investment Rating - Industrial silicon: Short at high prices due to downstream production cuts [1] - Polysilicon: Sideways trend [2] 2. Core Viewpoints - The report provides a comprehensive analysis of the fundamentals of industrial silicon and polysilicon, including price, profit, inventory, and macro - industry news. It also gives the trend strength of industrial silicon and polysilicon, guiding investment decisions [1][2][4] 3. Summary by Directory 3.1 Fundamentals Tracking - **Futures Market**: For industrial silicon, Si2605's closing price was 8,730 yuan/ton, down 25 yuan from T - 1; its trading volume was 235,842 lots, down 10,094 lots from T - 1. For polysilicon, PS2605's closing price was 48,670 yuan/ton, down 275 yuan from T - 1; its trading volume was 12,703 lots, down 8,239 lots from T - 1 [2] - **Basis**: Industrial silicon's spot premium (against East China Si5530) was +520 yuan/ton, up 25 yuan from T - 1. Polysilicon's spot premium (against N - type re - feed) was +6580 yuan/ton, up 275 yuan from T - 1 [2] - **Price**: Xinjiang 99 - silicon was 8700 yuan/ton, unchanged from T - 1; polysilicon - N - type re - feed was 54750 yuan/ton, unchanged from T - 1 [2] - **Profit**: Silicon plant profit (Xinjiang new standard 553, yuan/ton) was - 2596.5, down 25 yuan from T - 1; polysilicon enterprise profit (yuan/kg) was 10.3, up 0.4 from T - 1 [2] - **Inventory**: Industrial silicon's social inventory (including warehouse receipt inventory) was 55.5 tons, with an increase of 0.3 tons compared to T - 5; polysilicon's manufacturer inventory was 32.1 tons, with an increase of 1.9 tons compared to T - 5 [2] 3.2 Macro and Industry News - China Meteorological Administration and National Energy Administration issued a guidance on promoting the construction of an energy meteorological service system. By 2027, an integrated energy meteorological service system will be basically established, and by 2030, key meteorological service technologies for water, wind, solar, and storage will reach international advanced levels [4] 3.3 Trend Intensity - Industrial silicon trend intensity: - 1 (indicating a bearish view); Polysilicon trend intensity: 0 (indicating a neutral view) [4]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report [1][2][3] 2. Core Viewpoints - The industrial silicon market shows strong performance on the futures market due to news - related disturbances, and attention should be paid to the impact of today's market news on the polysilicon market [1] 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Market**: The closing price of Si2605 is 8,900 yuan/ton, with a trading volume of 460,467 lots and an open interest of 234,611 lots. The closing price of PS2605 is 59,365 yuan/ton, with a trading volume of 19,919 lots and an open interest of 72,353 lots [1] - **Basis**: The spot premium of industrial silicon (against East China Si5530) is +350 yuan/ton, and the spot premium of polysilicon (against N - type re - investment) is - 5,865 yuan/ton [1] - **Price**: The price of Xinjiang 99 - silicon is 8,700 yuan/ton, and the price of polysilicon - N - type re - investment material is 53,500 yuan/ton [1] - **Profit**: The profit of silicon plants in Xinjiang (new standard 553) is - 2,426.5 yuan/ton, and the profit of polysilicon enterprises is 9.2 yuan/kg [1] - **Inventory**: The social inventory of industrial silicon (including warehouse receipt inventory) is 55.7 million tons, and the factory inventory of polysilicon is 30.6 million tons [1] - **Raw Material Cost**: The price of silicon ore in Xinjiang is 320 yuan/ton, and the price of graphite electrodes is 12,450 yuan/ton [1] 3.2 Macro and Industry News - Shaanxi Province plans to implement a differential electricity price policy from July 1, 2026. Restricted - category enterprises will have an additional 0.1 yuan/kWh, and eliminated - category enterprises will have an additional 0.3 yuan/kWh. This policy involves 3 industrial silicon enterprises in Shaanxi [2] 3.3 Trend Intensity - The trend intensity of industrial silicon is 0, and the trend intensity of polysilicon is 0, indicating a neutral view [3]

Report Summary 1. Report's Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - For industrial silicon, attention should be paid to the production - cut rhythm of upstream factories [1]. - For polysilicon, it will fluctuate within a range, and attention should be paid to market fluctuations [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: - Industrial silicon (Si2605): The closing price was 8,915 yuan/ton, with a change of 200 yuan compared to T - 1, 135 yuan compared to T - 5, and - 215 yuan compared to T - 22. The trading volume was 366,201 lots, and the open interest was 216,220 lots [2]. - Polysilicon (PS2605): The closing price was 57,890 yuan/ton, with a change of 1,390 yuan compared to T - 1 and - 1,335 yuan compared to T - 5 [2]. - **Basis Data**: - Industrial silicon: The spot premium/discount varied when对标 different grades. For example, when对标ing East China Si5530, it was + 335 yuan/ton [2]. - Polysilicon: When对标ing N - type re - investment material, the spot premium/discount was - 5,890 yuan/ton [2]. - **Price Data**: - Industrial silicon: The price of Xinjiang 99 - silicon was 8,700 yuan/ton, and the price of Yunnan Si4210 was 10,000 yuan/ton [2]. - Polysilicon: The price of N - type re - investment material was 52,500 yuan/ton [2]. - **Profit Data**: - Industrial silicon: The profit of silicon plants in Xinjiang (new standard 553) was - 2,411.5 yuan/ton, and in Yunnan (new standard 553) it was - 4,719 yuan/ton [2]. - Polysilicon: The profit of polysilicon enterprises was 8.2 yuan/kg [2]. - **Inventory Data**: - Industrial silicon: The social inventory (including warehouse - receipt inventory) was 55.5 million tons, the enterprise inventory was 19.6 million tons, and the industry inventory was 75.1 million tons [2]. - Polysilicon: The manufacturer's inventory was 30.3 million tons [2]. - **Raw Material Cost Data**: - Industrial silicon: The price of silicon ore in Xinjiang was 320 yuan/ton, and in Yunnan it was 250 yuan/ton [2]. - Other raw materials: The prices of washed coking coal, petroleum coke, electrodes, etc. were also provided [2]. 3.2 Macro and Industry News On December 19, the completion ceremony of the deep - treatment project of the ore - heating furnace flue gas of Sichuan Fuxing New Materials Co., Ltd. was held, aiming at green transformation and high - quality regional development [2]. 3.3 Trend Intensity The trend intensity of industrial silicon was 0, and that of polysilicon was also 0, indicating a neutral outlook. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4].