万林新（联系人） 0755-23375162 wanlx@wkqh.cn 交易咨询号：Z0020771 工业硅震荡延续，多晶硅现实压力 仍存 工业硅&多晶硅周报 从业资格号：F03133967 2025/09/27 陈张滢（黑色建材组） 从业资格号：F03098415 CONTENTS 目录 01 周度评估及策略推荐 06 硅铝合金及出口 产业链示意图 01 周度评估及策略推荐 周度要点小结 04 多晶硅 02 期现市场 05 有机硅 03 工业硅 ◆ 需求： 基本面评估 | 工业硅基本面评估 | 估值 驱动 | | | | | | --- | --- | --- | --- | --- | --- | | | 基差 | 成本&利润 | 产量 | 需求 | 库存 | | 数据 | 553#（不通氧）升 水期货主力合约340 | 新疆平均成本报8404.17 元/吨（在产企业综合成 本，下同）；云南地区报 | 周度产量为9.56万吨 | 多晶硅产量环比微增； | 百川盈孚统计口径工业硅 库存69.57万吨，环比 | | | 元/吨；421#贴水主 力合约60元/吨 | 9387.50元/吨；四川地区 报9095 ...

联合研究丨行业深度 [Table_Title] 工业硅深度：消费久进击，蓄力乘风起 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 工业硅是硅产业链的起点，是典型的高耗能行业，其下游主要为多晶硅、有机硅和硅铝合金， 上一轮景气高点后，新产能投放过多导致行业供给过剩，行业景气已触底。展望未来，需求端， 光伏装机平稳，多晶硅增速平缓，有机硅需求韧性十足，在新领域持续提高渗透率，硅铝合金 需求整体持稳；供给端，海外产能增长停滞，国内中小产能有望出清，行业供给侧压力或将减 轻，库存虽仍在高位但增速放缓，"反内卷"背景下，工业硅作为硅产业链的上游，或将复刻多 晶硅反内卷的成功经验，建议关注工业硅相关标的合盛硅业、新安股份和兴发集团。 分析师及联系人 [Table_Author] 马太 邬博华 曹海花 SAC：S0490516100002 SAC：S0490514040001 SAC：S0490522030001 SFC：BUT911 SFC：BQK482 李禹默 徐静 SAC：S0490525060002 请阅读最后评级说明和重要声明 2 / ...

Core Viewpoint - The company has successfully developed and mass-produced new materials such as silicon-aluminum alloys and aluminum carbide silicon for semiconductor equipment components, indicating a strong focus on innovation and market application [1] Group 1: Product Development - The company has achieved mass production of silicon-aluminum alloys and aluminum carbide silicon for manufacturing semiconductor equipment components like bases, support frames, and electrostatic chucks [1] - The high thermal conductivity solderable die-casting aluminum alloy developed by the company is being actively expanded for applications in energy storage and liquid cooling systems for computing centers [1] Group 2: Material Advantages - The new aluminum alloy material is suitable for high-pressure die-casting and high-temperature soldering processes, offering significant advantages over some existing solderable die-casting materials by not including precious metals like nickel and vanadium [1] - The material demonstrates excellent casting performance and high cost-effectiveness, representing a breakthrough for the company's aluminum alloy materials in replacing forging with casting [1] Group 3: Industry Impact - The advancements in materials are expected to facilitate low-cost, short-process, low-carbon, and green development of thermal management components in energy storage, computing centers, and communications sectors [1]

Core Viewpoint - The company, Lichung Group, has developed new materials such as silicon-aluminum alloy and aluminum carbide silicon for manufacturing semiconductor equipment components, indicating a focus on high-precision and high-performance applications in the semiconductor industry [1] Group 1 - The silicon-aluminum alloy is primarily used for manufacturing ultra-high precision components in semiconductor equipment, particularly for high-speed moving parts [1] - The aluminum carbide silicon is mainly utilized for components that require high stiffness and wear resistance [1] - Detailed information regarding these materials is currently undisclosed due to company confidentiality requirements [1]

| 工业硅&多晶硅日评20250915：高位整理 | | | | --- | --- | --- | | 指标 单位 今值 | 变动 近期趋势 | 2025/9/15 | | 元/吨 9,000.00 不通氧553#（华东）平均价格 | 0.00% | | | 期货主力合约收盘价 元/吨 8,745.00 | 0.06% | 工业硅期现价格 | | 基差（华东553#-期货主力） 元/吨 255.00 | -5.00 | | | 元/千克 50.05 N型多晶硅料 | 0.00% | | | 期货主力合约收盘价 元/吨 53,610.00 | -0.19% | 多晶硅期现价格 | | 基差 元/吨 -3,560.00 | 100.00 | | | 元/吨 9,000.00 不通氧553#（华东）平均价格 | 0.00% | | | 元/吨 不通氧553#（黄埔港）平均价格 9,050.00 | 0.00% | | | 不通氧553#（天津港）平均价格 元/吨 8,900.00 | 0.00% | | | 不通氧553#（昆明）平均价格 元/吨 9,000.00 | 0.00% | | | 元/吨 不通氧553 ...

Report Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - The industrial silicon market's supply is increasing steadily, with some previously shut - down silicon plants in Xinjiang resuming production and the southwest region's enterprises increasing their operations due to lower power costs. The demand side is mixed, with polysilicon enterprises reducing production but some having复产 plans, organic silicon facing supply and demand changes, and silicon - aluminum alloy enterprises buying on - demand. The industrial silicon price is expected to remain high in the short - term but may fall if polysilicon enterprises cut production [1]. - The polysilicon market has a slightly increasing supply with some new capacity and reduced production offsetting each other. The demand has increased with more transactions and lower inventory, but the terminal demand pressure and component price resistance may lead to a reverse price transmission. The polysilicon price is in high - level consolidation, and the upward pressure on the spot price is large [1]. Summary by Related Content Industrial Silicon Price Changes - The average price of non - oxygenated 553 (East China) increased by 0.56% to 9,000 yuan/ton, and the 421 (East China) increased by 1.06% to 9,500 yuan/ton. The futures main contract's closing price rose by 0.87% to 8,740 yuan/ton [1]. Supply and Demand - Supply: With the rising silicon price, some silicon plants in Xinjiang resumed production, and the southwest region's enterprises increased operations due to lower power costs during the wet season [1]. - Demand: Polysilicon enterprises are reducing production, but some have复产 plans; an organic silicon plant had an accident and stopped production, but monomer plants are recovering; silicon - aluminum alloy enterprises buy on - demand [1]. Investment Strategy - The industrial silicon price is expected to remain high in the short - term but may fall if polysilicon enterprises cut production. The trading strategy is to operate in a range, try to go long on dips, and consider the 2511 and 2512 reverse arbitrage [1]. Polysilicon Price Changes - N - type dense material, N - type re - feeding material, N - type mixed material, and N - type granular silicon prices remained unchanged. The futures main contract's closing price rose by 1.56% to 53,710 yuan/ton [1]. Supply and Demand - Supply: Silicon material enterprises are reducing production, but some new capacity may be put into use, with an expected slight increase in production [1]. - Demand: The trading volume increased, inventory decreased, but the terminal demand pressure and component price resistance may lead to reverse price transmission [1]. Investment Strategy - The polysilicon price is in high - level consolidation, and the upward pressure on the spot price is large. The trading strategy is to take profit on previous long positions and try to go long on dips before the supply - side reform policy is implemented [1]. Industry News - In August, the production and sales of automobiles increased both month - on - month and year - on - year. The production was 2.815 million vehicles, a month - on - month increase of 8.7% and a year - on - year increase of 13%. The sales were 2.857 million vehicles, a month - on - month increase of 10.1% and a year - on - year increase of 16.4% [1]. - On September 10, the State Grid Shanghai Electric Power Company issued a notice on the market - oriented reform of new energy on - grid electricity prices. From January 2026, the on - grid electricity of new energy projects will enter the power market [1].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The fundamentals of industrial silicon show both supply and demand increases, but the inventory pressure remains high. In the short - term, affected by macro - sentiment fluctuations and the driving force of polysilicon, the silicon price is expected to remain at a high level, with an operating range of 8,000 - 10,000 yuan/ton [3]. - The fundamentals of polysilicon present a situation of strong supply and weak demand. However, due to anti - involution and supply reform, the quotes of holders are firm, and the bullish sentiment is still strong. In the short - term, the price is expected to maintain a high - level consolidation, with an operating range of 44,000 - 55,000 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Industry Chain Price Review - **Industrial Silicon**: From August 22 to August 29, 2025, most industrial silicon prices showed a downward trend. For example, the industrial silicon futures main - contract closing price decreased by 355 yuan/ton, a decline of 4.06%. The prices of different types of industrial silicon in various regions also decreased to varying degrees [10]. - **Polysilicon**: The prices of N - type dense materials, N - type re - feeding materials, etc. remained unchanged during this period, while the prices of some silicon wafers, battery cells, and components showed small fluctuations [10]. - **Organic Silicon**: The average price of DMC remained unchanged, while the average price of 107 glue decreased by 0.86% and the average price of silicone oil decreased by 0.38% [10]. - **Silicon Aluminum Alloy**: The average price of ADC12 increased by 300 yuan/ton, an increase of 1.47%, while the average price of A356 remained unchanged [10]. 3.2 North - South Increase, Continuous Increment in Supply - **Industrial Silicon Supply**: In the week of August 28, the number of silicon - enterprise furnaces in operation increased by 12 compared with the previous week. The production in Xinjiang, Yunnan, and other regions also increased to varying degrees. For example, Xinjiang's production increased by 1,980 tons, and its operating rate increased from 58.48% to 62.57% [39]. - **Polysilicon Supply**: In July, some polysilicon enterprises increased production, with the monthly output reaching about 110,000 tons. In August, it is expected to increase to about 130,000 tons. Last week, the polysilicon output was 31,000 tons, a week - on - week increase of 1,900 tons [3][68]. 3.3 Improved Transactions, Reduction in Polysilicon Inventory - As of August 28, the total polysilicon inventory decreased to 213,000 tons, a decrease of 36,000 tons. Multiple upstream and downstream enterprises completed procurement and shipments before the end of August, resulting in a significant increase in the trading volume of the polysilicon market and a relatively obvious decline in inventory [3][68]. 3.4 Peak - Season Demand Not Yet Apparent, Weak Organic Silicon Prices - **Supply**: In August, the DMC operating rate was 75.63%, a month - on - month increase of 7.9 percentage points, and the output was 223,100 tons, a month - on - month increase of 23,300 tons. Last week, due to anti - involution in the industry, some local devices reduced their loads for maintenance, resulting in a slight decline in weekly production [97]. - **Demand and Price**: The organic silicon prices weakened. As of August 29, the average DMC price remained unchanged, the average 107 glue price decreased by 0.86%, and the average silicone oil price decreased by 0.38%. Downstream demand was mainly for rigid procurement, and new orders were weak [103]. 3.5 Aluminum Alloy Operating Rate with Minor Fluctuations - **Operating Rate**: In the week of August 28, the operating rate of primary aluminum alloy was 56.4%, a week - on - week decrease of 0.2 percentage points, while the operating rate of recycled aluminum alloy was 53.5%, a week - on - week increase of 0.5 percentage points [111]. - **Price**: The aluminum alloy prices rebounded. As of August 29, the average ADC12 price increased by 1.47%, and the average A356 price remained unchanged [114]. 3.6 High Inventory Pressure - **Industrial Silicon Inventory**: As of August 28, the industrial silicon social inventory (social inventory + delivery warehouse) was 541,000 tons, a week - on - week decrease of 2,000 tons. The total factory inventory in Xinjiang, Yunnan, and Sichuan was 173,500 tons, a week - on - week decrease of 1,600 tons. As of August 29, the exchange - registered warehouse receipts were 50,453 lots, equivalent to 252,300 tons of spot [124]. - **Monthly Supply - Demand Balance**: The industrial silicon supply - demand balance showed different situations in different months. From January 2024 to July 2025, the supply - demand balance fluctuated, with some months having a surplus and some having a deficit [125].

Report Industry Investment Rating No information about the report industry investment rating is provided in the content. Core Viewpoints - The fundamentals of industrial silicon show both increasing supply and demand, but the inventory pressure remains significant. Recently, driven by macro - sentiment, the silicon price has been relatively strong and is expected to maintain a high - level consolidation in the short term, with an operating range of 8,000 - 10,000 yuan/ton [2]. - For polysilicon, the supply side has a strong incremental expectation, the demand side has no significant change, the number of warehouse receipts is gradually increasing, but the bullish sentiment is still strong. It is expected that the price will maintain a high - level consolidation in the short term, with an operating range of 44,000 - 55,000 yuan/ton [2]. Summary by Related Catalogs 1. Industrial Silicon Cost & Profit - The prices of silicon coal, petroleum coke, and electrodes have rebounded due to anti - involution sentiment and increased demand. However, as the southwestern production areas enter the wet season, the electricity cost has significantly decreased, weakening the cost support for silicon prices [2]. - In July, the average profit of national industrial silicon 553 was - 1,329 yuan/ton, a month - on - month increase of 1,032 yuan/ton; the average profit of 421 was - 988 yuan/ton, a month - on - month increase of 1,061 yuan/ton [32]. Supply - The number of open furnaces of silicon enterprises has increased overall this week. Northern large factories have gradually resumed supply, and after the cost in the southwestern production areas has decreased, the resumption of production has continued, with the number of open furnaces increasing. The overall supply shows an incremental trend [2]. - On the week of August 14, the number of open furnaces of silicon enterprises increased by 10 compared with the previous week [33]. Demand - The incremental demand mainly comes from the polysilicon sector. As the polysilicon price has reached a high level and the southwestern production areas have entered the wet season, the enthusiasm of enterprises to start work has greatly increased. The polysilicon production in July increased to around 110,000 tons and is expected to increase to about 130,000 tons in August. The organic silicon industry has gradually recovered after some enterprises resumed work after accident - related rectification, with rigid demand for industrial silicon. The demand for silicon - aluminum alloy is weak, with no incremental demand for industrial silicon for the time being [2]. Inventory - The futures price has remained at a high level, and the number of warehouse receipts has been increasing. As silicon enterprises in the southwestern production areas have gradually resumed production, the factory inventories of silicon factories have gradually accumulated [2]. - As of August 14, the social inventory of industrial silicon (social inventory + delivery warehouse) was 545,000 tons, a month - on - month decrease of 2,000 tons; the total factory inventories of Xinjiang, Yunnan, and Sichuan were 171,200 tons, a month - on - month increase of 1,100 tons. As of August 15, the registered warehouse receipts on the exchange were 50,599 lots, equivalent to 253,000 tons of spot [120]. Market Outlook The fundamentals of industrial silicon show both increasing supply and demand, and the inventory pressure remains significant. Recently, driven by macro - sentiment, the silicon price has been relatively strong and is expected to maintain a high - level consolidation in the short term, with an operating range of 8,000 - 10,000 yuan/ton [2]. 2. Polysilicon Supply - In July, some polysilicon enterprises increased production, mainly concentrated in the southwestern region and Qinghai region, and some enterprises carried out maintenance. After offsetting the increase and decrease, the monthly output is expected to increase to about 110,000 tons. In August, the wet season and high prices will further stimulate the start - up of polysilicon bases, and the monthly output is expected to increase to about 130,000 tons [2]. - The polysilicon production last week was 29,300 tons, a month - on - month decrease of 100 tons. As of August 14, the polysilicon inventory was 242,000 tons, an increase of 9,000 tons [63]. Demand Based on the current latest silicon material price, the silicon wafer quotation still cannot cover the full cost. Considering the weak demand and the gradual stabilization of upstream raw material prices, the silicon wafer price lacks upward momentum. Some battery cell enterprises have accumulated inventory due to reduced orders, and the price has loosened. The end - market has a low acceptance of high prices, and the overseas component export tax - refund stockpiling is basically completed, with components continuing to weaken [2]. Inventory As of August 14, the total polysilicon inventory was 242,000 tons, and the silicon wafer inventory was 19.8 GW. As of August 15, the total number of polysilicon futures warehouse receipts was 5,600 lots, and the number of warehouse receipts increased significantly [2]. Market Outlook The supply side of silicon materials has a strong incremental expectation, the demand side has no significant change, the number of warehouse receipts is gradually increasing, but the bullish sentiment is still strong. It is expected that the price will maintain a high - level consolidation in the short term, with an operating range of 44,000 - 55,000 yuan/ton. Attention should be paid to the macro - sentiment and the implementation of policies [2]. 3. Organic Silicon Supply In July, the operating rate of China's DMC was 67.73%, a month - on - month decrease of 3.22 percentage points, and the DMC output was 199,800 tons, a month - on - month decline [89]. Demand The demand for organic silicon is weak, and the price is declining. As of August 8, the average price of DMC was 11,400 yuan/ton, a month - on - month decrease of 6.17%; the average price of 107 glue was 12,250 yuan/ton, a month - on - month decrease of 3.92%; the average price of silicone oil was 13,900 yuan/ton, a month - on - month decrease of 1.42%. New orders are weak, and monomer factories are selling at reduced prices [95]. 4. Silicon - Aluminum Alloy Supply On the week of August 14, the operating rate of primary aluminum alloy was 56.6%, a month - on - month increase of 1 percentage point; the operating rate of recycled aluminum alloy was 53%, a month - on - month decrease of 0.1 percentage point [104]. Price The price of silicon - aluminum alloy has rebounded. As of August 15, the average price of ADC12 was 20,350 yuan/ton, a month - on - month increase of 0.49%; the average price of A356 was 21,150 yuan/ton, a month - on - month increase of 0.24% [107].

Report Industry Investment Rating No relevant content provided. Core View of the Report The industrial silicon price has declined, while the polysilicon price has remained high and stable. The supply of industrial silicon is expected to increase significantly in August due to the increase in furnace openings by silicon enterprises. The polysilicon production is also expected to rise, but the demand for silicon wafers may decline. The organic silicon industry has a certain price increase and strong price - holding intention, while the aluminum - silicon alloy industry has weak demand and declining prices. [3] Summary by Directory 1. Industrial Silicon - **Cost and Profit**: In the southwest production area, the power cost has decreased during the wet season, while the prices of silicon coal, petroleum coke, and electrodes have rebounded. Overall, the cost side has weak support for the silicon price. The average profit of industrial silicon 553 and 421 in June was - 2,361 yuan/ton and - 2,049 yuan/ton respectively, showing a month - on - month recovery [3][37]. - **Supply**: The number of furnace openings of silicon enterprises has increased. In Xinjiang, the previously reduced - production enterprises have recovered; in Yunnan and Sichuan, the operation has increased steadily. It is expected that more silicon enterprises will increase furnace openings in August, with a significant overall increase in supply [3]. - **Demand**: The incremental demand mainly comes from the polysilicon sector. In July, the output of polysilicon is expected to increase to around 110,000 tons, and there will still be some growth in August. The organic silicon industry has a weak purchase of industrial silicon due to an accident in an individual enterprise, and the demand for silicon - aluminum alloy is weak [3]. - **Inventory**: The futures price has remained high, and the warehouse receipts have stopped decreasing and started to increase. As the price rises, part of the factory inventory has transferred to the intermediate link and futures - cash traders, and the social inventory has decreased [3]. - **Market Outlook**: Recently, with the weakening of macro - sentiment and the increase in enterprise operation, the silicon price support has weakened, and it is expected to maintain a weak consolidation in the short term, with the operating range referring to 8,000 - 10,000 yuan/ton [3]. 2. Polysilicon - **Supply**: In July, some enterprises increased production, mainly in the southwest and Qinghai regions, and some enterprises carried out maintenance. After offsetting the increase and decrease, the monthly output is expected to increase to about 110,000 tons. In August, the wet season and high prices will further stimulate the start - up of polysilicon bases, and the monthly output is expected to increase to about 130,000 tons [3]. - **Demand**: The price of downstream silicon wafers has continued to rise, but the silicon wafer quotation cannot cover the full cost. It is expected that the production schedule in July will drop to about 52GW. The battery orders are short - term positive, and the component end has shown a situation of rising first and then falling [3]. - **Inventory**: As of July 31, the total polysilicon inventory was 229,000 tons, and the silicon wafer inventory was 18.15GW. As of August 1, the total polysilicon futures warehouse receipts were 3,200 lots [3]. - **Market Outlook**: Last week, with the weakening of macro - sentiment, the polysilicon price has declined after reaching a high. Fundamentally, the supply side of silicon materials has a strong expectation of incremental supply, and the demand side has no major changes. It is expected that the price will maintain a high - level consolidation in the short term, with the operating range referring to 40,000 - 55,000 yuan/ton [3]. 3. Organic Silicon - **Supply**: In July, the DMC start - up rate was 67.73%, a month - on - month decrease of 3.22 percentage points, and the output was 199,800 tons, showing a month - on - month decline [92]. - **Price**: The organic silicon price has rebounded. As of August 1, the average price of DMC was 12,400 yuan/ton, a month - on - month decrease of 0.40%; the average price of 107 glue was 12,750 yuan/ton, remaining flat month - on - month; the average price of silicone oil was 14,400 yuan/ton, remaining flat month - on - month [97]. - **Market Situation**: The monomer factories have received orders smoothly, and due to the low factory inventory pressure, they have a strong intention to hold prices. However, because the downstream inventory is sufficient, the purchase intention has declined after restocking [97]. 4. Silicon - Aluminum Alloy - **Supply**: On the week of July 31, the start - up rate of primary aluminum - silicon alloy was 54.6%, a month - on - month increase of 0.6 percentage points; the start - up rate of recycled aluminum - silicon alloy was 53.1%, remaining flat month - on - month [106]. - **Price**: The aluminum - silicon alloy price has declined. As of August 1, the average price of ADC12 was 20,000 yuan/ton, a month - on - month decrease of 0.99%; the average price of A356 was 20,950 yuan/ton, a month - on - month decrease of 1.18% [109].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View - The industrial silicon market has seen a recent rebound in both futures and spot prices, but considering the cooling of sentiment and hedging pressure on the upper side of the market, the market is expected to adjust. However, bullish sentiment may still fluctuate, so caution is needed in operations. Attention should be paid to the resumption of production by silicon enterprises [1]. - The polysilicon market has also seen a continuous upward trend in the futures market since the end of June. Although the recent sentiment has faded, it still fluctuates. The market is volatile, and caution is required in operations. Continuous attention should be paid to the evolution of macro - sentiment and the registration of warehouse receipts [1]. 3. Summary by Relevant Contents Industrial Silicon - **Price Changes**: The average price of industrial silicon non - oxygenated 553 (East China) remained flat at 9,550 yuan/ton, and the average price of 421 (East China) remained flat at 10,150 yuan/ton. The closing price of the futures main contract dropped 2.97% to 8,500 yuan/ton [1]. - **Supply and Demand**: On the supply side, as silicon prices continue to rise, some previously shut - down silicon plants in Xinjiang have resumed production. In the southwest production area, with the arrival of the wet season, power costs have decreased, and enterprise operations have steadily increased. It is expected that some silicon furnaces will restart in August, so supply is expected to increase steadily. On the demand side, polysilicon enterprises maintain a production - cut state, but some silicon material plants plan to resume production in July, which will bring some demand increments. For the silicone industry, a major factory has stopped production for rectification due to an accident, resulting in a temporary tightening of supply. With the support of silicon prices on the cost side, silicone prices have continued to rise. Silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at low levels is insufficient [1]. Polysilicon - **Price Changes**: N - type dense material increased 1.10% to 46 yuan/kg, N - type re - feed material rose 1.08% to 47 yuan/kg, N - type mixed material increased 1.12% to 45 yuan/kg, N - type granular silicon remained flat at 44.5 yuan/kg, and the closing price of the futures main contract rose 0.14% to 49,200 yuan/ton [1]. - **Supply and Demand**: On the supply side, polysilicon enterprises maintain a production - cut state, but some may have new production capacity put into operation. After offsetting the increase and decrease, production is expected to increase slightly, with July's production approaching 110,000 tons. On the demand side, the photovoltaic market is generally weak, with inventories of silicon wafers and silicon materials rising. Recently, due to the expected increase in polysilicon prices, downstream silicon wafer prices have followed suit. Enterprises say they will actively respond to policies, and the trading atmosphere has improved, but the terminal market is still weak due to the large over - consumption of demand in the first half of the year [1]. Other Information - The component procurement of the 1350MW solar photovoltaic power station project of Dongying Huiyang Clean Energy Co., Ltd.'s fourth - phase fishery - photovoltaic complementary project has been terminated due to policy adjustments. Another project in Dongying City, Lijin County, with an installed capacity of 975MWp, is planned to be invested about 741 million yuan [1]. - The Ministry of Industry and Information Technology has issued the 2025 special energy - saving supervision task list for the polysilicon industry, requiring local industrial and information technology departments to complete the supervision and submit results by September 30, 2025 [1].