[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: The quotation for N-type recharging polysilicon is 32-34.2 yuan/kg. Polysilicon prices remain generally weak. A few large-volume orders are currently under negotiation, with the market watching for subsequent outcomes and policy developments. Wafers: Market prices for 183mm wafers stand at 0.88-0.9 yuan/piece, 210RN wafers at 0.98-1.00 yuan/piece, and 210N wafers at 1.16-1.20 yuan/piece. The low-end prices of 183mm and 210N wafers also show a downward trend, widening the price range across all wafer sizes. Top-tier players are holding prices, while smaller enterprises have concluded deals at lower prices.

[SMM Silicon-based PV Morning Meeting Summary: Module Price-holding Sentiment Increases Somewhat, Polysilicon Prices Remain Stable Temporarily] Last week, distributed module prices in China were mostly stable, and enterprises' willingness to hold prices firm increased somewhat, especially among some second-tier companies that had previously seen larger price declines. On the centralized side, projects have increased recently, but prices have started to decline. The lowest ex-factory price for some orders under delivery has fallen to 0.68 Yuan/W, and new order prices have also dipped below 0.7 Yuan/W. Currently, quotes for distributed high-efficiency Topcon modules are: 183 (0.734 Yuan/W), 210R (0.740 Yuan/W), and 210N (0.7425 Yuan/W); for centralized, Topcon 182/183 (0.721 Yuan/W) and 210N (0.741 Yuan/W).

[Bullish Sentiment Prevailed in the Market This Week, with Solid Support for the Silicon Metal Bottom]: On the supply side, operating rates at northern silicon enterprises were basically stable, while those in Sichuan and Yunnan slowly improved. However, the pace of overall supply release was limited, with insufficient incremental elasticity. Combined with demand side keeping pace, supply and demand in the industry were broadly balanced recently. Recently, bullish sentiment dominated the market, providing strong support for the silicon metal bottom. Silicon metal prices were constrained in both upside and downside room and may continue to move sideways within a narrow range. Watch for fluctuations in macro expectations and changes in the PV industry, which may cause marginal disturbance to silicon metal.

[SMM Cast Aluminum Alloy Morning Comment: May Auto Market Domestic Demand Under Pressure, Exports Strong; Narrowing Price Difference Between A00 Aluminum and Scrap Tightens Raw Material Supply] The ADC12 market traded steadily on Wednesday, with the SMM ADC12 price remaining flat at 23,900 yuan/mt. This week, cast aluminum alloy futures diverged from SHFE aluminum, with cast aluminum futures steady to firm while SHFE aluminum fell below the 24,000 yuan/mt mark. In the spot market, A00 aluminum prices declined for consecutive sessions, but ADC12 prices remained firm. The spread between the two has returned to positive territory, ending the inversion since April, underscoring the resilience of alloy prices.

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: Quoted prices for N-type recharging polysilicon are 32.7-35 yuan/kg. Polysilicon prices are overall relatively weak, market transactions are weak, the earlier order signing has concluded, and the current focus is mainly on shipments while awaiting further policy developments. Wafers: Market prices for 18X wafers are 0.88-0.9 yuan/piece, 210RN wafers are 0.98-1.00 yuan/piece, and 210N wafers are 1.18-1.2 yuan/piece. Currently, the three top-tier players are all holding prices, with overall transactions more optimistic than expectations, but recently facing pressure from both the cell and polysilicon ends.

[SMM Cast Aluminum Alloy Morning Comment: Overnight cast aluminum bottomed out, traded narrowly, with declining volume and insufficient upward momentum] Overnight, the cast aluminum alloy 2608 contract opened at 23,065 yuan/mt, dipped to a low of 22,915 yuan/mt during the session, and closed at 229,995 yuan/mt, edging up 10 yuan/mt or 0.04%.