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 - Not provided in the given content. 2. Core Views of the Report Industrial Silicon - Supply: Last week, the industrial silicon supply was 78,000 tons, remaining flat week-on-week. The supply schedule is increasing, but it remains at a low level [6]. - Demand: Last week, the demand was 69,000 tons, a 1.47% week-on-week increase. The demand recovery is at a low level. Different downstream sectors have varying inventory and profit situations [6]. - Cost: The production cost of sample oxygenated 553 in Xinjiang is 9,769.7 yuan/ton, remaining flat week-on-week. The cost support has increased during the dry season [6]. - Expectation: Industrial Silicon 2605 is expected to fluctuate in the range of 8,515 - 8,695 yuan/ton [6]. Polysilicon - Supply: Last week, the polysilicon output was 19,000 tons, remaining flat week-on-week. The scheduled output for March is 84,900 tons, a 10.25% increase compared to the previous month [8]. - Demand: The overall demand shows a continuous decline. Different downstream sectors such as silicon wafers, battery cells, and components have different production and inventory trends [9][10]. - Cost: The average production cost of N-type polysilicon is 40,260 yuan/ton, with a profit of 240 yuan/ton [9]. - Expectation: Polysilicon 2605 is expected to fluctuate in the range of 34,705 - 36,755 yuan/ton [10]. Overall Market - Bullish factors include rising cost support and manufacturers' plans to halt or reduce production [12]. - Bearish factors include slow post - holiday demand recovery and strong supply but weak demand in the downstream polysilicon market [13]. - The main logic lies in capacity clearance, cost support, and demand growth [13]. 3. Summary According to the Directory Daily Views Industrial Silicon - Supply: 78,000 tons last week, flat week-on-week [6]. - Demand: 69,000 tons last week, up 1.47% week-on-week. Different downstream sectors have different inventory levels and profit conditions. For example, polysilicon inventory is high, while organic silicon inventory is low [6]. - Cost: Xinjiang sample oxygenated 553 production cost is 9,769.7 yuan/ton, flat week-on-week. Dry season cost support increases [6]. - Basis: On March 24, the spot price of non - oxygenated silicon in East China was 9,150 yuan/ton, and the basis of the 05 contract was 545 yuan/ton, with the spot price at a premium to the futures price, indicating a bullish trend [6]. - Inventory: Social inventory is 553,000 tons, up 0.18% week-on-week; sample enterprise inventory is 197,800 tons, up 0.36% week-on-week; major port inventory is 136,000 tons, up 1.49% week-on-week, indicating a bearish trend [6]. - Market: MA20 is upward, and the price of the 05 contract closes above MA20, indicating a bullish trend [6]. - Main Position: The main position is net short, with an increase in short positions, indicating a bearish trend [6]. - Expectation: Supply schedule increases, but remains at a low level; demand recovery is at a low level; cost support increases. Industrial Silicon 2605 is expected to fluctuate between 8,515 - 8,695 yuan/ton [6]. Polysilicon - Supply: Output was 19,000 tons last week, flat week-on-week. The scheduled output for March is 84,900 tons, a 10.25% increase compared to the previous month [8]. - Demand: Different downstream sectors have different trends. For example, silicon wafer production is currently in a loss state, but the scheduled output for March is increasing. Battery cell and component production are currently profitable, and the scheduled output for March is also increasing [9]. - Cost: The average production cost of N-type polysilicon is 40,260 yuan/ton, with a profit of 240 yuan/ton [9]. - Basis: On March 24, the price of N-type dense material was 40,500 yuan/ton, and the basis of the 05 contract was 6,770 yuan/ton, with the spot price at a premium to the futures price, indicating a bullish trend [9]. - Inventory: Weekly inventory is 344,000 tons, down 3.64% week-on-week, but still at a historically high level, indicating a bearish trend [9]. - Market: MA20 is downward, and the price of the 05 contract closes below MA20, indicating a bearish trend [10]. - Main Position: The main position is net long, with a decrease in long positions, indicating a bullish trend [10]. - Expectation: Supply schedule continues to increase; overall demand shows a continuous decline; cost support remains stable. Polysilicon 2605 is expected to fluctuate between 34,705 - 36,755 yuan/ton [10]. Market Overview - Industrial Silicon: Different contracts show different price changes. For example, the 01 contract price increased by 1.27% to 9,150 yuan/ton. Social inventory increased, and some sample enterprise production decreased [15]. - Polysilicon: Different contracts also show different price changes. For example, the 05 contract price increased by 0.83% to 35,730 yuan/ton. Weekly total inventory decreased by 3.64% to 344,000 tons [16]. Downstream Market Organic Silicon - DMC: The daily capacity utilization rate remained stable at 68.6%. The weekly output was 45,100 tons, a 5.87% increase compared to the previous week. The monthly inventory was 58,500 tons, a 23.94% increase compared to the previous month [15]. - Downstream Products: The prices of products such as 107 glue, raw rubber, silicone oil, and D4 remained stable [15]. Aluminum Alloy - Price and Supply: The price of SMM aluminum alloy ADC12 remained stable at 24,400 yuan/ton. The import profit improved, with the actual immediate profit increasing from - 2,400 yuan/ton to - 2,117 yuan/ton [15]. - Inventory and Output: The monthly output of primary aluminum - based aluminum alloy ingots decreased by 30.99% to 209,300 tons, and the monthly output of recycled aluminum alloy ingots decreased by 41.31% to 358,000 tons. The weekly social inventory of aluminum alloy ingots decreased by 7.24% to 53,800 tons [15]. Polysilicon Downstream - Silicon Wafers: The weekly output was 11.78 GW, a 1.66% decrease compared to the previous week. The inventory was 276,500 tons, a 2.46% decrease compared to the previous week. The scheduled output for March is 49.01 GW, a 10.70% increase compared to the previous month [9]. - Battery Cells: The February output was 37.09 GW, a 10.49% decrease compared to the previous month. The weekly inventory of the external sales factory was 6.79 GW, a 16.66% increase compared to the previous week. The scheduled output for March is 46.36 GW, a 24.99% increase compared to the previous month [9]. - Components: The February output was 29.3 GW, a 16.76% decrease compared to the previous month. The expected output for March is 41.39 GW, a 41.26% increase compared to the previous month. The domestic monthly inventory decreased by 51.73% to 24.76 GW, and the European monthly inventory increased by 12.30% to 38.41 GW [9].

1. Report's Investment Rating for the Industry - No investment rating information is provided in the report. 2. Core Views of the Report Industrial Silicon - Supply: Last week, the industrial silicon supply was 78,000 tons, remaining unchanged from the previous week. The production schedule is expected to increase but remain at a low level [6]. - Demand: Last week, the demand was 69,000 tons, a 1.47% increase from the previous week. The demand is showing an upward trend. The polysilicon inventory is at a high level of 344,000 tons, silicon wafers are in a loss - making state, while battery cells and components are profitable. The silicone inventory is at a low level of 58,500 tons, with a production profit of 2503 yuan/ton and a comprehensive operating rate of 68.6%, remaining unchanged from the previous week and lower than the historical average. The aluminum alloy ingot inventory is at a high level of 53,800 tons. The import is in a loss - making state of 2400 yuan/ton, and the freight and profit of A356 aluminum delivered to Wuxi is 633.46 yuan/ton. The recycled aluminum operating rate is 59.5%, a 1.19% increase from the previous week and at a high level [7]. - Cost: The production cost of sample oxygen - passing 553 in Xinjiang is 9769.7 yuan/ton, remaining unchanged from the previous week. The cost support has increased during the dry season [7]. - Expectation: The supply production schedule is expected to increase and remain at a low level, the demand recovery is at a low level, and the cost support has increased. The industrial silicon 2605 is expected to fluctuate in the range of 8485 - 8665 [8]. Polysilicon - Supply: Last week, the polysilicon production was 19,000 tons, remaining unchanged from the previous week. The production schedule in March is predicted to be 84,900 tons, a 10.25% increase from the previous month [12]. - Demand: Last week, the silicon wafer production was 11.78GW, a 1.66% decrease from the previous week, and the inventory was 276,500 tons, a 2.46% decrease from the previous week. Currently, silicon wafer production is in a loss - making state. The production schedule in March is 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 inventory of battery cell external sales factories was 5.82GW, a 16.61% decrease from the previous week. Currently, battery cell production is profitable. The production schedule in March is 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 in March is 41.39GW, a 41.26% increase from the previous month. The domestic monthly inventory is 24.76GW, a 51.73% decrease from the previous month, and the European monthly inventory is 38.41GW, a 12.30% increase from the previous month. Currently, component production is profitable [12]. - Cost: The average cost of the polysilicon N - type material industry is 40,670 yuan/ton, and the production profit is 830 yuan/ton [12]. - Expectation: The supply production schedule continues to increase. In the demand side, the silicon wafer production will increase in the short - term and is expected to decline in the medium - term. The battery cell production will increase in the short - term and is expected to decline in the medium - term. The component production will increase in the short - term and is expected to decline in the medium - term. The overall demand shows a continuous decline. The cost support has weakened. The polysilicon 2605 is expected to fluctuate in the range of 34,420 - 36,450 [12]. Overall Logic - Positive factors: Cost increase support and manufacturers' plans to stop or reduce production [14]. - Negative factors: Slow recovery of post - holiday demand and strong supply but weak demand in downstream polysilicon [15]. - Main logic: Capacity clearance, cost support, and demand increment [15]. 3. Summary According to the Directory 1. Daily Views - Industrial silicon has a positive fundamental situation, positive basis, negative inventory, positive disk, and negative main position. It is expected to fluctuate in the range of 8485 - 8665 [7][8][10]. - Polysilicon has a negative fundamental situation, positive basis, negative inventory, negative disk, and positive main position. It is expected to fluctuate in the range of 34,420 - 36,450 [12]. 2. Fundamental/Position Data - Industrial silicon: The supply last week was 78,000 tons, the demand was 69,000 tons, and the social inventory was 553,000 tons, a 0.18% increase from the previous week. The sample enterprise inventory was 197,800 tons, a 0.36% increase from the previous week, and the main port inventory was 136,000 tons, a 1.49% increase from the previous week [6][7][10]. - Polysilicon: The production last week was 19,000 tons, the silicon wafer production was 11.78GW, and the weekly inventory was 344,000 tons, a 3.64% decrease from the previous week [12].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - For industrial silicon, the supply is stable, demand is increasing slightly, and the cost support is rising. The 2605 contract is expected to oscillate between 8365 - 8545. The main logic is capacity clearance, cost support, and demand increment. The main risks are the impact of production cut/overhaul plans, and the trends of polysilicon inventory reduction and resumption of production [6][7][8] - For polysilicon, the supply production plan is increasing, the demand shows a continuous decline, and the cost support is weakening. The 2605 contract is expected to oscillate between 36815 - 38715 [12][15] 3. Summary According to the Directory 3.1 Daily Viewpoints 3.1.1 Industrial Silicon - Supply: Last week, the supply of industrial silicon was 78,000 tons, remaining flat compared to the previous week [6] - Demand: Last week, the demand for industrial silicon was 69,000 tons, a 1.47% increase compared to the previous week. The demand has increased. The polysilicon inventory is at a high level, the silicon wafer is in a loss state, the battery cell is profitable, and the component is profitable. The silicone inventory is at a low level, with a production profit of 2,503 yuan/ton, and the comprehensive operating rate is 68.6%, remaining flat compared to the previous week and lower than the historical average. The aluminum alloy ingot inventory is at a high level, the import loss is 2,421 yuan/ton, the freight and profit of A356 aluminum delivered to Wuxi is 750.88 yuan/ton, and the regenerative aluminum operating rate is 59.5%, a 1.19% increase compared to the previous week, at a high level [7] - Cost: The production cost of sample oxygen - passed 553 in Xinjiang is 9,769.7 yuan/ton, remaining flat compared to the previous week. The cost support has increased during the dry season [7] - Basis: On March 20th, the spot price of non - oxygen - passed silicon in East China was 9,100 yuan/ton, and the basis of the 05 contract was 645 yuan/ton, with the spot price at a premium to the futures price [10] - Inventory: The social inventory is 553,000 tons, a 0.18% increase compared to the previous week; the sample enterprise inventory is 197,800 tons, a 0.36% increase; the main port inventory is 136,000 tons, a 1.49% increase [10] - Disk: The MA20 line is upward, and the price of the 05 contract is below the MA20 line [10] - Main Position: The main position is net short, and the short position has increased [8] - Expectation: The supply production plan has increased but remains at a low level, the demand recovery is at a low level, and the cost support has increased. The industrial silicon 2605 contract is expected to oscillate between 8365 - 8545 [8] 3.1.2 Polysilicon - Supply: Last week, the polysilicon production was 19,000 tons, remaining flat compared to the previous week. The production plan for March is 84,900 tons, a 10.25% increase compared to the previous month [12] - Demand: Last week, the silicon wafer production was 11.78GW, a 1.66% decrease compared to the previous week, and the inventory was 276,500 tons, a 2.46% decrease. Currently, the silicon wafer production is in a loss state. The production plan for March is 49.01GW, a 10.70% increase compared to the previous month. In February, the battery cell production was 37.09GW, a 10.49% decrease. Last week, the inventory of the battery cell external sales factory was 5.82GW, a 16.61% decrease. Currently, the production is profitable. The production plan for March is 46.36GW, a 24.99% increase. In February, the component production was 29.3GW, a 16.76% decrease. The expected component production for March is 41.39GW, a 41.26% increase. The domestic monthly inventory is 24.76GW, a 51.73% decrease, and the European monthly inventory is 38.41GW, a 12.30% increase. Currently, the component production is profitable [12] - Cost: The average cost of polysilicon N - type material in the industry is 40,670 yuan/ton, and the production profit is 1,330 yuan/ton [13] - Basis: On March 20th, the price of N - type dense material was 42,000 yuan/ton, and the basis of the 05 contract was 5,735 yuan/ton, with the spot price at a premium to the futures price [14] - Inventory: The weekly inventory is 344,000 tons, a 3.64% decrease compared to the previous week, at a high level compared to the same period in history [18] - Disk: The MA20 line is downward, and the price of the 05 contract is below the MA20 line [18] - Main Position: The main position is net long, and the long position has decreased [18] - Expectation: The supply production plan continues to increase. The silicon wafer production in the demand side increases in the short - term and is expected to decline in the medium - term. The battery cell production increases in the short - term and is expected to decline in the medium - term. The component production increases in the short - term and is expected to decline in the medium - term. The overall demand shows a continuous decline, and the cost support has weakened. The polysilicon 2605 contract is expected to oscillate between 36815 - 38715 [15] 3.2 Market Overview 3.2.1 Industrial Silicon - Futures closing prices of various contracts have different degrees of increase, with the 05 contract increasing by 2.05% [24] - Spot prices of different types of industrial silicon remain unchanged [24] - Inventory: The weekly social inventory is 553,000 tons, a 0.18% increase; the sample enterprise inventory is 197,800 tons, a 0.36% increase; the main port inventory is 136,000 tons, a 1.49% increase [24] - Production: The weekly sample enterprise production is 40,290 tons, a 1.59% decrease [24] - Cost and profit: The cost of organic silicon DMC remains unchanged, and the profit is 2,503 yuan/ton [24] 3.2.2 Polysilicon - Futures closing prices of various contracts have different degrees of increase and decrease [25] - Spot prices of silicon wafers, battery cells, and components remain mostly unchanged [25] - Inventory: The weekly silicon wafer inventory is 26.5GW, a 22.06% decrease; the photovoltaic battery external sales factory weekly inventory is 5.82GW, a 16.62% decrease; the total weekly inventory is 344,000 tons, a 3.64% decrease [25] - Production: The weekly silicon wafer production is 12.9GW, a 5.74% increase; the photovoltaic battery monthly production is 37.09GW, a 10.50% decrease; the component monthly production is 29.3GW, a 16.76% decrease [25] 3.3 Industrial Silicon Downstream 3.3.1 Organic Silicon - Price and production: The DMC daily capacity utilization rate remains unchanged, the weekly production has increased, and the price remains unchanged. The prices of downstream products such as 107 glue, raw rubber, silicone oil, and D4 remain unchanged [53][55][56][57] - Import and export and inventory: The DMC monthly export and import volumes show different trends, and the inventory has increased [60][62] 3.3.2 Aluminum Alloy - Price and supply: The SMM aluminum alloy ADC12 price has decreased, the import ADC12 cost has decreased, and the profit has decreased [65] - Inventory and production: The monthly production of primary aluminum - based aluminum alloy ingots and regenerative aluminum alloy ingots has decreased, the social inventory of aluminum alloy ingots has decreased, and the operating rates of primary and regenerative aluminum alloys have different trends [68] - Demand: The monthly production and sales of automobiles show different trends, and the export of aluminum alloy wheels is also in a changing state [71] 3.3.3 Polysilicon - Cost and price: The polysilicon industry cost shows a certain trend, and the prices of N - type dense material and N - type re -投料 have changed [75] - Inventory and production: The total inventory of polysilicon has decreased, the monthly production has increased, the monthly operating rate has changed, and the monthly demand has also changed [75] - Supply and demand balance: The monthly supply and demand balance of polysilicon shows different situations in different months [78] - Silicon wafer: The price, weekly production, weekly inventory, and monthly demand of silicon wafers have different trends, and the net exports of single - crystal and poly - crystal silicon wafers have also changed [81] - Battery cell: The prices of different types of battery cells have changed, the production and inventory of battery cells have different trends, the operating rate has changed, and the export has increased [84] - Photovoltaic component: The prices of different types of components have remained unchanged, the domestic and European inventories, monthly production, and export of components have different trends [87] - Photovoltaic accessories: The prices of photovoltaic coating, high - purity quartz sand, etc. have changed, and the import and export volumes of photovoltaic film, photovoltaic glass, and welding tape have also changed [90] - Component cost and profit: The silicon material cost, silicon wafer cost and profit, battery cell cost and profit, and component cost and profit of 210mm double - sided double - glass components have different trends [92] - Photovoltaic grid - connected power generation: The new power generation installed capacity, power generation composition and total amount, new grid - connected capacity of photovoltaic power stations, and solar power generation of the whole country have different trends [94]

Core Viewpoint - China Hongqiao Group reported strong performance for the fiscal year 2025, with revenue increasing by 4% to 162.35 billion RMB and net profit attributable to shareholders rising by 1.2% to 22.64 billion RMB [1][10]. Financial Performance - Revenue for 2025 reached 162.35 billion RMB, up from 156.17 billion RMB in 2024, marking a 4% increase [9]. - Net profit attributable to shareholders was 22.64 billion RMB, compared to 22.37 billion RMB in 2024, reflecting a 1.2% growth [10]. - The asset-liability ratio improved from 48.2% to 42.2%, a decrease of 6 percentage points [12]. - Net debt significantly decreased by 21.7% to 19.92 billion RMB from 25.43 billion RMB in 2024 [11]. - Cash and cash equivalents increased by 14.3% to 51.19 billion RMB, up from 44.77 billion RMB in 2024 [10]. Business Operations - Electrolytic aluminum sales remained stable at over 5.8 million tons, with a gross margin increase of 3.9 percentage points to 28.5% [18]. - Alumina sales grew by 22.7% to 13.397 million tons, contributing to a revenue increase of 4.0% in this segment to 38.83 billion RMB [20]. Industry Overview - In 2025, China's electrolytic aluminum production was 44.23 million tons, while consumption reached 46.34 million tons, reflecting increases of 2.6% and 1.8% respectively [23]. - Global electrolytic aluminum production and consumption were 74.23 million tons and 74.24 million tons, with growth rates of 1.7% and 2.3% respectively [24][26]. Strategic Initiatives - The company is focused on an integrated upstream and downstream industrial chain to enhance cost advantages and scale effects [6]. - China Hongqiao is advancing its global integration strategy to maintain its leading position in the aluminum industry [6]. - The company is implementing a "three-step" strategy for carbon reduction, aiming for peak carbon emissions by 2025 and carbon neutrality by 2055 [62][64].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report Industrial Silicon - Supply: Last week, the industrial silicon supply was 78,000 tons, a 8.33% week-on-week increase. The supply schedule is increasing but is still at a low level [6]. - Demand: Last week, the demand was 68,000 tons, a 4.62% week-on-week increase. The recovery of demand is emerging [6]. - Cost: The production cost of sample oxygenated 553 in Xinjiang is 9,769.7 yuan/ton, remaining flat week-on-week. The cost support has increased during the dry season [6]. - Outlook: Industrial Silicon 2605 is expected to fluctuate between 8,200 - 8,370 yuan/ton [6]. Polysilicon - Supply: Last week, the polysilicon production was 19,000 tons, a 1.06% week-on-week increase. The production schedule for March is predicted to be 84,900 tons, a 10.25% increase compared to the previous month [8]. - Demand: The overall demand shows recovery, but may lack strength later. The production of silicon wafers continues to increase, the production of solar cells increases in the short term and is expected to correct in the medium term, and the production of components increases in the short term and is expected to correct in the medium term [9][10]. - Cost: The average industry cost of N-type polysilicon is 40,720 yuan/ton, with a production profit of 1,280 yuan/ton [9]. - Outlook: Polysilicon 2605 is expected to fluctuate between 37,615 - 39,485 yuan/ton [10]. Summary by Relevant Catalogs Daily Viewpoints Industrial Silicon - Fundamental: Neutral [6] - Basis: On March 19th, the spot price of non-oxygenated silicon in East China was 9,100 yuan/ton, and the basis of the 05 contract was 815 yuan/ton. The spot price is higher than the futures price, which is bullish [6]. - Inventory: The social inventory is 552,000 tons, a 0.18% week-on-week decrease; the sample enterprise inventory is 197,100 tons, a 0.61% week-on-week increase; the main port inventory is 134,000 tons, a 0.74% week-on-week decrease. This is bearish [6]. - Chart: MA20 is downward, and the futures price of the 05 contract closed below MA20. This is bearish [6]. - Main Position: The main position is net short, and the short position is decreasing. This is bearish [6]. Polysilicon - Fundamental: Bullish [9] - Basis: On March 19th, the price of N-type dense material was 42,000 yuan/ton, and the basis of the 05 contract was 5,200 yuan/ton. The spot price is higher than the futures price, which is bullish [11]. - Inventory: The weekly inventory is 357,000 tons, a 2.58% week-on-week increase, and it is at a historically high level. This is bearish [11]. - Chart: MA20 is downward, and the futures price of the 05 contract closed below MA20. This is bearish [11]. - Main Position: The main position is net long, and the long position is increasing. This is bullish [11]. Market Overview Industrial Silicon - Futures closing prices of multiple contracts showed different degrees of decline, and some spot prices also decreased [16]. - The weekly social inventory decreased by 0.18%, the sample enterprise inventory increased by 0.61%, and the main port inventory decreased by 0.74% [16]. Polysilicon - Futures closing prices of multiple contracts showed different degrees of decline, and the prices of some silicon wafers and solar cells also changed [17]. - The weekly silicon wafer inventory decreased by 22.06%, and the photovoltaic cell export volume increased by 24.25% [17]. Downstream Industry Analysis Organic Silicon - The DMC daily capacity utilization rate remained flat at 65.4%, and the monthly DMC inventory increased by 23.94% [15][45]. - The prices of products such as 107 rubber, raw rubber, silicone oil, and D4 remained stable [47][48][49]. Aluminum Alloy - The monthly production of primary and secondary aluminum alloy ingots decreased, and the weekly aluminum alloy ingot social inventory decreased by 7.20% [16][58]. - The price of SMM aluminum alloy ADC12 remained stable, and the import profit decreased [16][55]. Polysilicon - The polysilicon industry cost remained stable, and the price of N-type polysilicon decreased by 3.85% [17][64]. - The total polysilicon inventory increased by 2.59% week-on-week, and the monthly production and demand showed different trends [17][64].

1. Report Industry Investment Rating - Not provided in the report 2. Core Views of the Report - For industrial silicon, the supply is increasing, demand is recovering, cost support is rising, and it is expected to oscillate in the range of 8585 - 8765 [6]. - For polysilicon, the supply production schedule is continuously increasing, demand shows some recovery but may be weak later, cost support is stable, and it is expected to oscillate in the range of 41100 - 42980 [11]. 3. Summary According to the Directory 3.1 Daily Views 3.1.1 Industrial Silicon - Supply: Last week's supply was 78,000 tons, a 8.33% increase from the previous week [6]. - Demand: Last week's demand was 68,000 tons, a 4.62% increase from the previous week. Polysilicon inventory is at a high level, silicon wafers are in a loss state, while battery cells and components are profitable. Organic silicon inventory is at a low level, with a production profit of 2940 yuan/ton and a comprehensive operating rate of 65.4%, which is flat compared to the previous week and lower than the historical average. The inventory of aluminum alloy ingots is at a high level, with an import loss of 1986 yuan/ton [6]. - Cost: The production cost of sample oxygen - passed 553 in Xinjiang is 9769.7 yuan/ton, with no change from the previous week. The cost support has increased during the dry season [6]. - Basis: On March 13th, the spot price of non - oxygen - passed silicon in East China was 9200 yuan/ton, and the basis of the 05 contract was 525 yuan/ton, with the spot price higher than the futures price [6]. - Inventory: The social inventory is 552,000 tons, a 0.18% decrease from the previous week; the sample enterprise inventory is 197,100 tons, a 0.61% increase from the previous week; the main port inventory is 134,000 tons, a 0.74% decrease from the previous week [6]. - Disk: MA20 is upward, and the futures price of the 05 contract is above MA20 [6]. - Main position: The main position is net short, and the short position is increasing [6]. - Expectation: The supply production schedule is increasing but remains at a low level, demand recovery is emerging, cost support is rising. Industrial silicon 2605 is expected to oscillate in the range of 8585 - 8765 [6]. 3.1.2 Polysilicon - Supply: Last week's production was 19,000 tons, a 1.06% increase from the previous week. The predicted production schedule for March is 84,900 tons, a 10.25% increase from the previous month [9]. - Demand: Last week's silicon wafer production was 11.98GW, an 8.12% increase from the previous week, and the inventory was 283,500 tons, a 2.27% decrease from the previous week. Currently, silicon wafer production is in a loss state. The production schedule for March is 49.01GW, a 10.70% increase from the previous month. In February, the production of battery cells was 37.09GW, a 10.49% decrease from the previous month. Last week, the inventory of battery cell external sales factories was 6.98GW, a 19.95% decrease from the previous week. Currently, production is profitable. The production schedule for March is 46.36GW, a 24.99% increase from the previous month. In February, the production of components was 29.3GW, a 16.76% decrease from the previous month. The expected production of components in March is 41.39GW, a 41.26% increase from the previous month. The domestic monthly inventory is 24.76GW, a 51.73% decrease from the previous month, and the European monthly inventory is 38.41GW, a 12.30% increase from the previous month. Currently, component production is profitable [10]. - Cost: The average cost of polysilicon N - type material in the industry is 40,720 yuan/ton, and the production profit is 2780 yuan/ton [10]. - Basis: On March 13th, the price of N - type dense material was 43,500 yuan/ton, and the basis of the 05 contract was 3960 yuan/ton, with the spot price higher than the futures price [12]. - Inventory: The weekly inventory is 357,000 tons, a 2.58% increase from the previous week, at a high level compared to the same period in history [12]. - Disk: MA20 is downward, and the futures price of the 05 contract is below MA20 [12]. - Main position: The main position is net long, and the short position has turned to long [11]. - Expectation: The supply production schedule is continuously increasing. The production of silicon wafers is continuously increasing, the production of battery cells will increase in the short - term and may adjust in the medium - term, and the production of components will increase in the short - term and may adjust in the medium - term. Overall, demand shows some recovery but may be weak later. Cost support is stable. Polysilicon 2605 is expected to oscillate in the range of 41100 - 42980 [11]. 3.2 Market Overview 3.2.1 Industrial Silicon - The prices of some contracts have changed. For example, the 01 contract increased by 0.82%, and the 03 contract decreased by 2.98%. The prices of different grades of silicon in East China remained mostly unchanged [17]. - The weekly social inventory decreased by 0.18%, the sample enterprise inventory increased by 0.61%, and the main port inventory decreased by 0.74% [17]. - The weekly production of sample enterprises increased by 19.12%, and the production of different regions such as Xinjiang, Yunnan, and Sichuan also changed to varying degrees [17]. 3.2.2 Polysilicon - The prices of some contracts have changed. For example, the 01 contract increased by 0.62%, and the 02 contract decreased by 10.20% [19]. - The prices of silicon wafers, battery cells, and components remained mostly unchanged, and the production and inventory of silicon wafers, battery cells, and components also changed to varying degrees [19]. 3.3 Other Aspects - The report also includes various trend charts and data on industrial silicon, such as price - basis and delivery product price difference trends, inventory, production and capacity utilization trends, cost trends, and downstream industry trends (including organic silicon, aluminum alloy, polysilicon, etc.) [21][24][28]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report Industrial Silicon - Supply increased last week, with a weekly supply of 72,000 tons, a 4.35% increase from the previous week. Demand also increased, with a weekly demand of 65,000 tons, a 6.56% increase from the previous week. Polysilicon inventory is at a high level, while organic silicon inventory is at a low level. The comprehensive operating rate of organic silicon is 65.4%, flat compared to the previous week and lower than the historical average. The inventory of aluminum alloy ingots is at a high level, and the import is at a loss. The cost in Xinjiang has decreased slightly, and the cost support has increased during the dry season. The spot price is at a premium to the futures price. Social inventory has decreased, and the main ports' inventory has also decreased. The MA20 is downward, and the 05 contract futures price is above the MA20. The main positions are net short, and the short positions have decreased. It is expected that the supply schedule will increase, the demand will recover, the cost support will increase, and the industrial silicon 2605 will fluctuate in the range of 8,535 - 8,705 [3][6]. Polysilicon - Last week's production decreased by 5.05% week - on - week, but the March production schedule is expected to increase by 10.25% compared to the previous month. The production of silicon wafers, battery cells, and components in March is expected to increase compared to the previous month. Currently, silicon wafer and battery cell production are in a loss state, while component production is profitable. The cost is stable, and the production profit is 5,280 yuan/ton. The spot price is at a premium to the futures price. The weekly inventory is at a high level and has increased by 1.16% week - on - week. The MA20 is downward, and the 05 contract futures price is below the MA20. The main positions are net short, and the short positions have increased. It is expected that the supply schedule will increase in the short - term and回调 in the medium - term, the demand will show a continuous decline, the cost support will remain stable, and the polysilicon 2605 will fluctuate in the range of 41,595 - 43,590 [7][8]. Group 3: Summary by Directory Daily Views - **Industrial Silicon**: In terms of fundamentals, supply and demand both increased last week. The cost support in Xinjiang decreased slightly, and the cost support during the dry season increased. The spot price is at a premium to the futures price. Social and main ports' inventories decreased. The MA20 is downward, and the 05 contract futures price is above the MA20. The main positions are net short, and the short positions decreased. It is expected that the supply schedule will increase, the demand will recover, and the cost support will increase [3][6]. - **Polysilicon**: Supply decreased last week, but the March production schedule is expected to increase. The production of downstream products in March is expected to increase. Currently, silicon wafer and battery cell production are in a loss state, while component production is profitable. The cost is stable, and the spot price is at a premium to the futures price. The inventory is at a high level and has increased. The MA20 is downward, and the 05 contract futures price is below the MA20. The main positions are net short, and the short positions increased. It is expected that the supply schedule will increase in the short - term and回调 in the medium - term, and the demand will decline [7][8]. Market Overview - **Industrial Silicon**: The prices of most contracts increased slightly, and the spot prices remained stable. The social inventory decreased by 1.25% week - on - week, and the sample enterprise inventory decreased by 3.31%. The main ports' inventory decreased by 2.17%. The production of sample enterprises increased by 9.63% week - on - week [13]. - **Polysilicon**: The prices of some contracts increased. The production of silicon wafers increased by 5.74% week - on - week, and the inventory decreased by 22.06%. The export of photovoltaic cells increased by 24.25%, and the monthly production decreased by 10.50%. The total inventory increased by 1.16% week - on - week [14]. Price - Basis and Delivery Product Spread Trends - For industrial silicon, the SI main contract basis and the 421 - 553 spread trends are presented, showing the price relationships between different products and time points [16][17]. Polysilicon Disk Price Trends - The PS main contract price, trading volume, and basis trends are shown, including the opening price, highest price, lowest price, and closing price, as well as the moving averages of different periods [19][20]. Industrial Silicon Inventory - The inventory of industrial silicon in different regions and ports is presented, including the inventory of sample enterprises, which shows a downward trend in some regions [22][23][24]. Industrial Silicon Production and Capacity Utilization Trends - The weekly production of sample enterprises in different regions and the monthly production by specifications are shown. The production in some regions has increased, and the overall capacity utilization rate has changed [26][27][28]. Industrial Silicon Component Cost Trends - The price trends of main production areas' electricity, silicon stone, graphite electrodes, and some reducing agents are presented, which affect the cost of industrial silicon production [32][33]. Industrial Silicon Cost - Sample Region Trends - The cost trends of 421/553 in Sichuan, Yunnan, and Xinjiang are shown, including the cost differences between different specifications [34][35][36][37]. Industrial Silicon Weekly and Monthly Supply - Demand Balance Sheets - The weekly and monthly supply - demand balance sheets of industrial silicon are presented, showing the production, import, export, consumption, and balance in different periods [39][40][42][43]. Industrial Silicon Downstream - Organic Silicon - **DMC Price and Production Trends**: The DMC daily capacity utilization rate, profit - cost trends, weekly production trends, and price trends are presented [45][46]. - **Downstream Price Trends**: The price trends of 107 glue, silicone oil, raw rubber, and D4 are shown [47][48]. - **Import - Export and Inventory Trends**: The monthly import and export volumes and inventory trends of DMC are presented [50][51][52]. Industrial Silicon Downstream - Aluminum Alloy - **Price and Supply Situation**: The waste aluminum recycling volume, social inventory, aluminum scrap import volume, China's unforged aluminum alloy import - export situation, SMM aluminum alloy ADC12 price trend, and import ADC12 cost - profit trend are presented [53][54]. - **Inventory and Production Trends**: The monthly production trends of primary aluminum - based aluminum alloy ingots and recycled aluminum alloy ingots, the weekly operating rates of primary and recycled aluminum alloys, and the social inventory of aluminum alloy ingots are shown [56][57]. - **Demand (Automobile and Wheel Hub)**: The monthly production and sales volumes of automobiles and the export trend of aluminum alloy wheel hubs are presented [58][59][60][61]. Industrial Silicon Downstream - Polysilicon - **Fundamental Trends**: The cost, price, total inventory, monthly production, monthly operating rate, and monthly demand trends of polysilicon are presented [63][64]. - **Supply - Demand Balance Sheet**: The monthly supply - demand balance sheet of polysilicon is presented, showing the supply, import, export, consumption, and balance in different periods [66][67]. - **Silicon Wafer Trends**: The price, weekly production, weekly inventory, monthly demand, and net export trends of silicon wafers are presented [69][70]. - **Silicon Wafer Supply - Demand Balance Trends**: The supply - demand balance of silicon wafers is presented, showing the supply, demand, and balance in different periods [72][73]. - **Battery Cell Trends**: The price, production, inventory, operating rate, and export trends of battery cells are presented [75][76]. - **Photovoltaic Component Trends**: The price, domestic and European inventories, monthly production, and export trends of photovoltaic components are presented [78][79]. - **Photovoltaic Accessory Trends**: The price trends of photovoltaic coatings, the import - export trends of photovoltaic films, the monthly production and export trends of photovoltaic glass, the price trends of high - purity quartz sand, and the import - export trends of welding strips are presented [81][82]. - **Component Composition Cost - Profit Trends (210mm)**: The cost and profit trends of silicon materials, silicon wafers, battery cells, and components in 210mm double - sided double - glass components are presented [84][85]. - **Photovoltaic Grid - Connected Power Generation Trends**: The trends of the country's new power generation installed capacity, power generation composition and total amount, photovoltaic power station new grid - connected capacity, and solar monthly power generation are presented [86][87].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided report. 2. Core Views of the Report - For industrial silicon, the supply increased last week, with a supply of 72,000 tons and a 4.35% week - on - week increase. Demand also rose, reaching 65,000 tons with a 6.56% week - on - week growth. The cost support in the Xinjiang region increased during the dry season. The 2605 contract is expected to oscillate between 8,535 and 8,715 [6]. - For polysilicon, the supply decreased last week, with a production of 18,800 tons and a 5.05% week - on - week decrease, but the March production plan is expected to increase. The demand shows a complex situation with different trends in silicon wafers, battery cells, and components. The cost support is strengthening. The 2605 contract is expected to oscillate between 41,425 and 43,475 [9]. - The main logic of the market is capacity clearance, cost support, and demand increment. The main bullish factors are cost increase support and manufacturers' production cut plans, while the main bearish factors are the slow recovery of post - holiday demand and the oversupply of downstream polysilicon [12][13]. 3. Summary According to the Directory 3.1 Daily Views 3.1.1 Industrial Silicon - **Supply**: Last week, the supply was 72,000 tons, a 4.35% week - on - week increase [6]. - **Demand**: Demand was 65,000 tons, a 6.56% week - on - week increase. Polysilicon inventory is at a high level, silicon wafers are in a loss state, battery cells and components are profitable. Organic silicon inventory is at a low level, with a production profit of 3,134 yuan/ton and a comprehensive utilization rate of 65.4%. Aluminum alloy ingot inventory is at a high level [6]. - **Cost**: The production cost of sample oxygen - permeable 553 in Xinjiang is 9,769.7 yuan/ton, with no week - on - week change. The cost support during the dry season has increased [6]. - **Basis**: On March 10, the spot price of non - oxygen - permeable silicon in East China was 9,200 yuan/ton, and the basis of the 05 contract was 575 yuan/ton, with the spot price higher than the futures price [6]. - **Inventory**: Social inventory is 553,000 tons, a 1.25% week - on - week decrease; sample enterprise inventory is 195,900 tons, a 3.30% week - on - week decrease; main port inventory is 135,000 tons, a 2.17% week - on - week decrease [6]. - **Disk**: The MA20 is downward, and the price of the 05 contract is above the MA20 [6]. - **Main Position**: The main position is net short, and the short position is increasing [6]. - **Expectation**: The supply production plan is increasing but remains at a low level, demand recovery is emerging, and cost support is increasing. The 2605 contract is expected to oscillate between 8,535 and 8,715 [6]. 3.1.2 Polysilicon - **Supply**: Last week, the production was 18,800 tons, a 5.05% week - on - week decrease. The March production plan is 84,900 tons, a 10.25% month - on - month increase [9]. - **Demand**: Silicon wafer production last week was 11.08GW, a 2.37% week - on - week decrease, and inventory was 290,100 tons, a 6.60% week - on - week decrease. Currently, silicon wafer production is in a loss state. Battery cell production in February was 37.09GW, a 10.49% month - on - month decrease, and the inventory of external sales factories last week was 6.98GW, a 19.95% week - on - week decrease. Currently, battery cell production is profitable. Component production in February was 29.3GW, a 16.76% month - on - month decrease, and the expected production in March is 41.39GW, a 41.26% month - on - month increase. The domestic monthly inventory decreased by 51.73%, and the European monthly inventory increased by 12.30%. Currently, component production is profitable [9]. - **Cost**: The average cost of polysilicon N - type material in the industry is 40,720 yuan/ton, and the production profit is 6,280 yuan/ton [9]. - **Basis**: On March 10, the price of N - type dense material was 47,000 yuan/ton, and the basis of the 05 contract was 6,400 yuan/ton, with the spot price higher than the futures price [9]. - **Inventory**: The weekly inventory is 348,000 tons, a 1.16% week - on - week increase, at a high level in the same period [9]. - **Disk**: The MA20 is downward, and the price of the 05 contract is below the MA20 [9]. - **Main Position**: The main position is net short, and the short position is decreasing [9]. - **Expectation**: The supply production plan will increase in the short term and is expected to adjust in the medium term. The production of silicon wafers, battery cells, and components will increase in the short term and is expected to adjust in the medium term. Overall demand shows a continuous decline. Cost support is strengthening. The 2605 contract is expected to oscillate between 41,425 and 43,475 [9]. 3.2 Market Overview 3.2.1 Industrial Silicon - The prices of most contracts decreased, with the 03 contract having the largest decline of 2.17%. The prices of some spot products remained stable, and the social inventory decreased by 1.25% week - on - week [15]. 3.2.2 Polysilicon - The prices of some contracts decreased, and the weekly total inventory increased by 1.16% week - on - week. The export volume of Chinese polysilicon decreased by 50.00% month - on - month, and the consumption decreased by 18.39% month - on - month [16]. 3.3 Price and Cost Trends - **Industrial Silicon**: The price - basis and delivery product price difference trends are presented through charts, showing the historical price changes of industrial silicon [18]. - **Polysilicon**: The disk price trend and the basis trend of the main contract are presented through charts, showing the price changes of polysilicon [21]. 3.4 Inventory, Production, and Capacity Utilization - **Industrial Silicon**: The inventory situation of industrial silicon includes the inventory of delivery warehouses, ports, and sample enterprises. The production and capacity utilization trends show the production changes of sample enterprises and the monthly production by specifications [24][28]. - **Polysilicon**: The total inventory of polysilicon shows an upward trend, and the monthly production and demand trends are presented [66]. 3.5 Downstream Market 3.5.1 Organic Silicon - The DMC price, production, and inventory trends are presented, including the daily capacity utilization rate, profit - cost trend, and weekly production trend of DMC. The prices of downstream products such as 107 glue, silicone oil, raw rubber, and D4 are also presented [47][49]. 3.5.2 Aluminum Alloy - The price, supply, inventory, and production trends of aluminum alloy are presented, including the price trend of SMM aluminum alloy ADC12, the import cost - profit trend, the monthly production trend of primary and recycled aluminum alloy ingots, and the inventory trend of aluminum alloy ingots [55][58]. 3.5.3 Polysilicon Downstream - **Silicon Wafers**: The price, production, inventory, and demand trends of silicon wafers are presented, including the price trend of N - type silicon wafers, the weekly production and inventory trends, and the monthly demand trend [71]. - **Battery Cells**: The price, production, inventory, and export trends of battery cells are presented, including the price trend of single - crystal P/N type battery cells, the production and inventory trends of photovoltaic battery cells, and the export trend [77]. - **Photovoltaic Components**: The price, inventory, production, and export trends of photovoltaic components are presented, including the price trend of components, the inventory trends in China and Europe, the monthly production trend, and the export trend [80]. - **Photovoltaic Accessories**: The price, production, and import - export trends of photovoltaic accessories are presented, including the price trend of photovoltaic coating, the import - export trends of photovoltaic film and glass, and the price trend of high - purity quartz sand [83]. - **Component Composition Cost and Profit**: The cost and profit trends of 210mm double - sided double - glass components are presented, including the cost trends of silicon materials, silicon wafers, battery cells, and components, as well as the profit trends [86]. - **Photovoltaic Grid - Connected Power Generation**: The trends of national new power generation installed capacity, power generation composition, and photovoltaic power station new grid - connected capacity are presented [88].

1. Report Industry Investment Rating - Not provided in the report 2. Core Views of the Report - For industrial silicon, the supply last week was 69,000 tons, a 1.47% increase week-on-week. The demand was 61,000 tons, a 8.95% decrease week-on-week. The cost support in Xinjiang has increased. The expected price range for industrial silicon 2605 is between 8,310 - 8,480 [6][7][8]. - For polysilicon, the production last week was 19,800 tons, a 1.49% decrease week-on-week. The forecasted production for March is 84,900 tons, a 10.25% increase month-on-month. The overall demand shows signs of recovery but may be weak in the future. The expected price range for polysilicon 2605 is between 45,495 - 47,495 [13][14][15]. - The main bullish factors are cost increase support and manufacturers' plans to stop or reduce production. The main bearish factors are the slow recovery of post - holiday demand and the strong supply and weak demand of downstream polysilicon. The main logic is capacity clearance, cost support, and demand increment [18][19]. 3. Summary According to Relevant Catalogs 3.1 Daily Views 3.1.1 Industrial Silicon - **Supply**: Last week, the supply was 69,000 tons, a 1.47% increase week-on-week [6]. - **Demand**: Last week, the demand was 61,000 tons, a 8.95% decrease week-on-week. The demand remains sluggish. The inventory of polysilicon is 344,000 tons, at a high level; the inventory of silicone is 47,200 tons, at a low level; the inventory of aluminum alloy ingots is 67,000 tons, at a high level [7]. - **Cost**: The production cost of sample oxygen - passing 553 in Xinjiang is 9,769.7 yuan/ton, with no change week-on-week. The cost support during the dry season has increased [7]. - **Other Indicators**: The basis on February 27th shows that the spot price of non - oxygen - passing silicon in East China is 9,150 yuan/ton, and the basis of the 05 contract is 755 yuan/ton, with the spot at a premium to the futures. The social inventory is 560,000 tons, a 0.54% increase week-on-week; the sample enterprise inventory is 202,600 tons, a 0.90% increase week-on-week; the main port inventory is 138,000 tons, a 0.71% decrease week-on-week. The MA20 is downward, and the price of the 05 contract closes below the MA20. The net position of the main force is short, and the short position is decreasing [7][11]. - **Expectation**: The supply schedule is increasing and remains at a low level. The demand recovery is emerging, and the cost support is rising. The price of industrial silicon 2605 is expected to fluctuate between 8,310 - 8,480 [8]. 3.1.2 Polysilicon - **Supply**: Last week, the production was 19,800 tons, a 1.49% decrease week-on-week. The forecasted production for March is 84,900 tons, a 10.25% increase month-on-month [13]. - **Demand**: Last week, the silicon wafer production was 11.35 GW, a 12.93% increase week-on-week, and the inventory was 310,600 tons, a 3.32% increase week-on-week. Currently, silicon wafer production is in a loss state. The production schedule for March is 49.01 GW, a 10.70% increase month-on-month. The production of battery cells in February was 37.09 GW, a 10.49% decrease month-on-month. The inventory of external sales factories of battery cells last week was 9.31 GW, a 1.52% increase week-on-week. Currently, battery cell production is profitable. The production schedule for March is 46.36 GW, a 24.99% increase month-on-month. The production of components in February was 29.3 GW, a 16.76% decrease month-on-month. The expected production of components in March is 41.39 GW, a 41.26% increase month-on-month. The domestic monthly inventory is 24.76 GW, a 51.73% decrease month-on-month, and the European monthly inventory is 38.41 GW, a 12.30% increase month-on-month. Currently, component production is profitable [14]. - **Cost**: The average cost of N - type polysilicon in the industry is 40,720 yuan/ton, and the production profit is 10,280 yuan/ton [14]. - **Other Indicators**: The basis on February 27th shows that the price of N - type dense material is 51,000 yuan/ton, and the basis of the 05 contract is 5,505 yuan/ton, with the spot at a premium to the futures. The weekly inventory is 344,000 tons, a 1.43% decrease week-on-week, at a high level compared to the same period in history. The MA20 is downward, and the price of the 05 contract closes below the MA20. The net position of the main force is long, and the long position is decreasing [16]. - **Expectation**: The short - term supply schedule is increasing, and it is expected to回调 in the medium term. The silicon wafer production in the demand side continues to increase, the battery cell production increases in the short term and is expected to回调 in the medium term, and the component production increases in the short term and is expected to回调 in the medium term. The overall demand shows signs of recovery but may be weak in the future. The cost support is weakening. The price of polysilicon 2605 is expected to fluctuate between 45,495 - 47,495 [15]. 3.2 Market Overview 3.2.1 Industrial Silicon - The prices of different contracts of industrial silicon futures show different changes. For example, the 01 contract increased by 0.56% to 8,900 yuan/ton, and the 05 contract increased by 0.72% to 8,395 yuan/ton. The prices of different grades of industrial silicon in the spot market also have certain fluctuations. The social inventory is 560,000 tons, a 0.54% increase week-on-week [22]. 3.2.2 Polysilicon - The prices of different contracts of polysilicon futures also show different trends. For example, the 03 contract increased by 0.68% to 45,800 yuan/ton. The prices of silicon wafers, battery cells, and components in the downstream also have corresponding changes [24]. 3.3 Downstream Market 3.3.1 Organic Silicon - **DMC**: The daily capacity utilization rate is 63.28%, with no change week-on-week. The weekly production is 41,600 tons, a 1.19% decrease week-on-week. The monthly inventory is 47,200 tons, a 11.28% decrease month-on-month. The profit is 3,310 yuan/ton [22]. - **Other Products**: The prices of 107 glue, silicone oil, raw rubber, and D4 remain stable [22]. 3.3.2 Aluminum Alloy - **Price and Supply**: The price of SMM aluminum alloy ADC12 is 23,800 yuan/ton, with no change. The import profit is - 88 yuan/ton. The monthly production of primary aluminum alloy ingots is 303,300 tons, a 0.26% decrease month-on-month, and the monthly production of recycled aluminum alloy ingots is 610,000 tons, a 4.69% decrease month-on-month [22]. - **Inventory and Production**: The social inventory of aluminum alloy ingots is 67,000 tons, a 1.03% decrease week-on-week. The weekly production of recycled aluminum alloy ingots is 31,350 tons, a 2.96% increase week-on-week [22][23]. 3.3.3 Polysilicon - **Cost and Price**: The average cost of the polysilicon industry is 40,720 yuan/ton, and the price of N - type polysilicon is 52,000 yuan/ton, with no change [24]. - **Inventory and Production**: The total weekly inventory is 344,000 tons, a 1.43% decrease week-on-week. The monthly production in February is 293,000 tons, a 16.76% decrease month-on-month [24]. - **Downstream Products**: The production and inventory of silicon wafers, battery cells, and components also have corresponding changes [24].