Core Viewpoint - The article highlights significant advancements in the perovskite solar cell technology, particularly a new prototype achieving a conversion efficiency of 27.2%, which marks a critical step towards commercialization in the solar energy sector [3][5][6]. Technological Breakthroughs - Researchers from the Chinese Academy of Sciences have developed a perovskite solar cell prototype with a light conversion efficiency of 27.2% and improved operational stability [3][5]. - The study published in the journal "Science" addresses issues of uneven chlorine distribution in the perovskite layer, which previously affected performance and stability [5][6]. - The new method introduced by researchers enhances the quality of perovskite films, extending carrier lifetimes to 20 microseconds and significantly reducing interface defect density [6]. Market Dynamics - The photovoltaic industry has seen a stabilization and recovery in prices since the third quarter, driven by "anti-involution" policies [3][9]. - Major photovoltaic companies reported improved profitability in Q3, attributed to stabilized supply chain prices and reduced inventory impairment losses [9]. - The "anti-involution" policies focus on controlling prices and production volumes, which have begun to yield positive results in the industry [9][10]. Industry Developments - The perovskite sector is experiencing a robust trend of technological breakthroughs, industrial implementation, and supply chain localization [7]. - A significant milestone was achieved with the first large-sized commercial perovskite module produced by a Zhejiang company, marking a transition from laboratory to large-scale commercial application [6][7]. - The National Energy Administration's new guidelines aim to promote the integration of coal and renewable energy, potentially creating new growth opportunities for the photovoltaic sector [10].

Investment Rating - Maintain "Buy" rating for the industry [5] Core Views - The perovskite photovoltaic technology is advancing towards large-scale commercialization, with significant milestones achieved in the supply chain and technology breakthroughs [1][14] - The offshore wind power sector is expected to accelerate, particularly benefiting companies in Jiangsu's offshore wind industry chain [2][16] - The hydrogen energy sector is encouraged to utilize green hydrogen in coal chemical projects, with a focus on developing large-scale photovoltaic bases in coal-producing areas [3][20] - The energy storage market is seeing competitive bidding with a range of prices, indicating a growing demand for energy storage solutions [3][21][26] - The electric vehicle sector is witnessing a surge in long-term supply agreements for electrolyte products, reflecting a shift in supply-demand dynamics [4][30] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The world's largest commercial perovskite photovoltaic module has been released, marking a significant step towards commercialization [1][14] - Key developments include the successful production of large-sized perovskite modules and the domestic production of TCO conductive film glass [1][15] - Focus areas include supply-side reform opportunities, long-term growth potential from new technologies, and industrialization opportunities in perovskite technology [1][15] 1.2 Wind Power & Grid - A significant green electricity direct connection plan has been issued in Jiangsu, expected to boost offshore wind development [2][16] - The approval of the Panshi ultra-high voltage AC project is anticipated to enhance the wind power sector's infrastructure [2][17] - Key companies to watch include Goldwind Technology, Yunda Co., and Mingyang Smart Energy [2][19] 1.3 Hydrogen & Energy Storage - The National Energy Administration encourages the integration of coal and new energy, promoting large-scale photovoltaic projects in coal areas [3][20] - Energy storage bidding shows a range of prices, indicating a competitive market with significant project scales [3][21][26] - Companies to focus on include Sungrow Power Supply, Aters, and other leading energy storage firms [3][29] 2. New Energy Vehicles - Tianci Materials has signed long-term supply agreements for nearly 1.6 million tons of electrolyte, indicating a robust demand forecast [4][30] - The total locked-in electrolyte supply has exceeded 3 million tons, reflecting a strategic reserve against future capacity expansions [4][30] - Key companies to monitor include Tianci Materials, Hunan Youneng, and Enjie Co. [4][30][31]

Group 1 - The core viewpoint of the news highlights a significant breakthrough in the global photovoltaic sector with the launch of the world's largest perovskite photovoltaic commercial module by Zhejiang-based company "Xianan Optoelectronics," which has a power output of 509.21W and an efficiency of 18.60% [1] - The traditional silicon battery efficiency is nearing its theoretical limit of approximately 27%, leading to a price war within the industry. In contrast, perovskite single-junction batteries have a theoretical efficiency of 33%, and tandem batteries can exceed 40%, indicating substantial potential for cost reduction and commercial application [1] - The commercialization of perovskite technology is expected to inject new growth momentum into the photovoltaic industry, shifting the focus from "scale expansion" to "technological innovation," which may reshape market competition rules in the long term [1] Group 2 - The ChiNext New Energy ETF (159368) is the largest ETF fund tracking the ChiNext New Energy Index, covering various sectors including batteries and photovoltaics, with a total scale of 829 million yuan as of October 31, 2025 [2] - The ETF has the highest elasticity with a potential increase of up to 20%, and the lowest fee rate, with a combined management and custody fee of only 0.2% [2] - The ETF's composition includes 51% energy storage and 30% solid-state batteries, aligning with current market trends [2]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Nickel: Suppressed by inventory accumulation at the smelting end and supported by uncertainties at the ore end [2][4] - Stainless Steel: Steel prices fluctuate narrowly at a low level [2][4] - Lithium Carbonate: Weakly fluctuating due to the expectation of复产 and the off - season [2][7] - Industrial Silicon: With continuous reduction of warehouse receipts, it has strong bottom support [2][10] - Polysilicon: Attention should be paid to this week's information [2][10] Summaries by Relevant Catalogs Nickel and Stainless Steel Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Nickel main contract was 119,700 yuan, down 1,250 yuan from T - 1; the closing price of the stainless steel main contract was 12,545 yuan, down 85 yuan from T - 1. The trading volume of the Shanghai Nickel main contract was 122,871 lots, an increase of 25,519 lots from T - 1; the trading volume of the stainless steel main contract was 192,167 lots, an increase of 26,276 lots from T - 1 [4] - **Industrial Chain Data**: The price of 1 imported nickel was 120,950 yuan, down 200 yuan from T - 1; the price of 8 - 12% high - nickel pig iron (ex - factory price) was 922 yuan, down 1 yuan from T - 1 [4] Macro and Industry News - The Indonesian forestry working group took over more than 148 hectares of the PT WedaBav Nickel mining area, which is expected to affect the nickel ore production by about 600 metal tons per month [4] - China suspended an unofficial subsidy for imported copper and nickel from Russia [4] - The Indonesian Ministry of Energy and Mineral Resources imposed sanctions on 190 mining companies [5] - The Indonesian Ministry of Energy and Mineral Resources issued a ministerial order regarding the RKAB approval process [6] - Trump claimed to impose an additional 100% tariff on China and implement export controls on "all key software" [6] Trend Intensity - Nickel trend intensity: 0; Stainless steel trend intensity: 0 [6] Lithium Carbonate Fundamental Tracking - **Futures Data**: The closing price of the 2511 contract was 77,160 yuan, down 3,460 yuan from T - 1; the trading volume was 428 lots, a decrease of 550 lots from T - 1; the open interest was 5,505 lots, a decrease of 275 lots from T - 1 [7] - **Industrial Chain Data**: The price of battery - grade lithium carbonate was 80,900 yuan, down 100 yuan from T - 1; the price of industrial - grade lithium carbonate was 78,700 yuan, down 100 yuan from T - 1 [7] Macro and Industry News - The SMM battery - grade lithium carbonate index price was 80,903 yuan/ton, down 136 yuan/ton from the previous trading day [8] - Samsung SDI will reach a large - scale energy - storage battery supply agreement with Tesla, supplying about 10 GWh per year for 3 years [9] Trend Intensity - Lithium carbonate trend intensity: 0 [9] Industrial Silicon and Polysilicon Fundamental Tracking - **Futures Data**: The closing price of the Si2601 contract was 8,885 yuan/ton, down 255 yuan from T - 1; the trading volume was 379,786 lots, an increase of 152,978 lots from T - 1; the open interest was 242,153 lots, an increase of 13,885 lots from T - 1 [10] - **Industrial Chain Data**: The price of industrial silicon - social inventory (including warehouse receipt inventory) was 55.8 million tons, a decrease of 0.1 million tons from T - 5; the price of polysilicon - N - type re - feedstock was 52,200 yuan/ton, down 50 yuan from T - 1 [10] Macro and Industry News - On November 3, Xinnuo Photoelectric officially released the world's largest - sized perovskite photovoltaic commercial module [10] Trend Intensity - Industrial silicon trend intensity: 1; Polysilicon trend intensity: 0 [12]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Report's Core View - The report tracks the fundamentals of industrial silicon and polysilicon, including futures market data, basis, prices, profits, and inventory. It also mentions industry news such as the release of a large - scale perovskite photovoltaic commercial component by Xianna Optoelectronics [1][3] - The trend intensity of industrial silicon is 1, and that of polysilicon is 0, with the range of trend intensity being in the [-2, 2] interval [3] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking 3.1.1 Industrial Silicon and Polysilicon Futures Market - Si2601: The closing price is 8,885 yuan/ton, down 255 yuan from T - 1, 70 yuan from T - 5, and 170 yuan from T - 22. The trading volume is 379,786 lots, and the open interest is 242,153 lots [1] - PS2601: The closing price is 53,715 yuan/ton, down 2,350 yuan from T - 1 and 640 yuan from T - 5. The trading volume is 274,348 lots, and the open interest is 128,876 lots [1] 3.1.2 Basis - Industrial silicon: The spot premium against East China Si5530 is +565 yuan/ton, against East China Si4210 is +15 yuan/ton, and against Xinjiang 99 silicon is - 85 yuan/ton [1] - Polysilicon: The spot premium against N - type re - investment is - 1715 yuan/ton [1] 3.1.3 Prices - Industrial silicon: Xinjiang 99 silicon is 8800 yuan/ton, Yunnan Si4210 is 9950 yuan/ton [1] - Polysilicon: N - type re - investment material is 52200 yuan/ton [1] 3.1.4 Profits - Silicon plant profit: For Xinjiang new standard 553, it is - 2384.5 yuan/ton; for Yunnan new standard 553, it is - 3323 yuan/ton [1] - Polysilicon enterprise profit: 7.6 yuan/kg [1] 3.1.5 Inventory - Industrial silicon: Social inventory (including warehouse receipt inventory) is 55.8 million tons, enterprise inventory is 16.8 million tons, and industry inventory is 72.6 million tons. The futures warehouse receipt inventory is 22.9 million tons [1] - Polysilicon: Manufacturer inventory is 26.1 million tons [1] 3.1.6 Raw Material Costs - Silicon ore: 320 yuan/ton in Xinjiang and 290 yuan/ton in Yunnan [1] - Washed coking coal: 1475 yuan/ton in Xinjiang and 1140 yuan/ton in Ningxia [1] - Petroleum coke: Maoming coke is 1400 yuan/ton, and Yangtze coke is 2040 yuan/ton [1] - Electrodes: Graphite electrode is 12450 yuan/ton, and carbon electrode is 7200 yuan/ton [1] 3.1.7 Polysilicon (Photovoltaic) - Prices: Trichlorosilane is 3375 yuan/ton, silicon powder (99 silicon) is 9950 yuan/ton, N - type 210mm silicon wafer is 1.69 yuan/piece, TOPCon - 210mm cell is 0.305 yuan/watt, N - type 210mm centralized component is 0.682 yuan/watt, 3.2mm photovoltaic glass is 20 yuan/cubic meter, and photovoltaic - grade EVA price is 10156 yuan/ton [1] 3.1.8 Organic Silicon - Price: DMC is 11150 yuan/ton [1] - Profit: DMC enterprise profit is - 694 yuan/ton [1] 3.1.9 Aluminum Alloy - Price: ADC12 is 21400 yuan/ton [1] - Profit: Recycled aluminum enterprise profit is - 40 yuan/ton [1] 3.2 Macro and Industry News - On November 3, Xianna Optoelectronics released the world's largest perovskite photovoltaic commercial component. The 2.88m² component has a power of 509.21W and an efficiency of 18.60%, reaching the industry - leading level. The reliability of the large - size component has reached the mass - shipment standard [1][3] 3.3 Trend Intensity - Industrial silicon trend intensity is 1, and polysilicon trend intensity is 0, with the range of trend intensity being in the [-2, 2] interval [3]

Core Insights - The global photovoltaic sector has achieved a significant breakthrough with the launch of the world's largest perovskite photovoltaic commercial module by Zhejiang-based company "Xiana Photovoltaics" [1] - The newly certified 2.88m² module has a power output of 509.21W and an efficiency of 18.60%, marking a leading position in the industry [1] - The rapid development of perovskite technology, from the first mass-produced 90W module in 2022 to surpassing 500W in just three years, indicates faster-than-expected progress [1] Company Highlights - Xiana Photovoltaics is recognized for its innovative perovskite technology, which is simpler to manufacture and more cost-effective than traditional silicon solar cells [4] - The company has achieved notable milestones, including being the first Chinese enterprise to publish a research paper as the independent first author in the prestigious journal Science [1][4] - The CEO of Xiana Photovoltaics expressed excitement over the rapid advancements and the company's ability to exceed initial expectations [1] Industry Context - The photovoltaic industry is entering a third-generation development phase, with a clear recognition of the oversupply of crystalline silicon capacity [4] - National policies are actively guiding industry upgrades and encouraging innovation in new technologies like perovskite [4] - Currently, there are few companies in China mastering perovskite photovoltaic technology, with Xiana Photovoltaics being a leading player in this emerging field [4]