MIIT and Five Other Departments: Support Cooperation Between Producers of PV Module Parts Such as PV Glass and Crystalline Silicon Materials and Enterprises Engaged in the Comprehensive Utilization of Recyclable ResourcesThe Ministry of Industry and Information Technology and five other departments issued the Guiding Opinions on Promoting the Comprehensive Utilization of PV Modules, which proposed increasing the proportion of recycled materials used.

[Progress of the 1,000 mt CVD Silicon Carbon Anode Material Project] Project Name: Annual Production of 1,000 mt New-Type Silicon Carbon Anode Material Project Construction Unit: Shaanxi Woke Jinsili New Material Technology Co., Ltd. Construction Nature: New Construction (Relocation) Total Investment (10,000 yuan): 200 million yuan Environmental Protection Investment (10,000 yuan): 2.569 million yuan Construction Period: 8 months Project Overview: Shaanxi Woke Jinsili New Material Technology Co., Ltd. plans to invest 200 million yuan. Leveraging the abundant, low-cost, and high-quality silane gas from Shaanxi Nonferrous Tianhong Rec Silicon Materials Co., Ltd., the company will adopt the silane CVD gas-phase deposition method to produce silicon carbon anode materials. Upon completion, the project will have an annual production capacity of 1,000 mt of silicon carbon anode materials, which will be used in the manufacturing of lithium battery materials.

In the upcoming year of 2025, we foresee that the global economy will face a series of complex and volatile challenges. With the US election settled, the uncertainty of global trade policies will further increase, bringing new topics to international trade cooperation. In the geopolitical arena, ongoing conflicts and tensions have not shown significant alleviation, which not only poses a threat to global security but also has a significant impact on resource allocation and industrial layout. Against this macro backdrop, industrial transfer and supply chain restructuring have become key topics that we must pay close attention to. At the industrial level, the trend of protectionism in mineral resources is on the rise, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "dual carbon" goals have significantly increased market attention to secondary copper. However, the "reverse invoicing" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other incentive measures, the space for copper cathode trade will further narrow. We expect that the procurement ratio of copper processed materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. The Jin-Tong Industry of Shanghang County will attend this conference in full force. We will keep pace with the times, aim at our goals, strive diligently, and move forward with courage! Click the registration form to sign up for the conference immediately. We look forward to meeting you at the conference. Shanghang County Jin-Tong Industry Development Center. As a characteristic and dominant industry of Shanghang County, the Jin-Tong industry is one of the 100-billion-yuan industrial clusters in Fujian Province and one of the two major industrial leading industries in Longyan City. There are currently 61 Jin-Tong industry enterprises, including 27 above-scale enterprises and 12 enterprises with an output value of over 100 million yuan, among which there are 2 enterprises with an output value of over 10 billion yuan and 3 enterprises with an output value of 1-10 billion yuan. It has attracted 7 Fortune 500 companies such as Geely Group and GAC Group, and 4 China 500 companies such as Transfar Group and Guizhou Phosphate Chemical to join the Shanghang Jin-Tong industry, extending the development of high-value-added new material production projects, forming a diversified, rich, and technologically complex Jin-Tong smelting industry chain, copper deep processing industry chain, and rare and precious metals industry chain, gradually building a Jin-Tong industrial cluster. In 2024, the output value of above-scale enterprises in the Jin-Tong industry reached 121.5 billion yuan, up 5.8% YoY, achieving counter-trend growth under complex and severe international and domestic situations. 1. Jin-Tong Smelting Industry Chain. There are currently 5 enterprises including Zijinshan Gold-Copper Mine and Zijin Copper Industry. Led by Zijin Copper Industry, following the principle of "thorough utilization and green development," with copper cathode, phosphate, hydrofluoric acid, fertilizer, gypsum building materials, and fluorosilicon materials as the main products, the focus is on developing sulfur-phosphorus chemical, sulfur-fluorine chemical, and building materials industries for comprehensive utilization of resources, achieving green and circular development in smelting. 2. Copper Deep Processing Industry Chain. There are currently 45 enterprises including Min Tong Copper Industry, Rui Long Copper Industry, and Yintong Superconductor. With copper rod, copper strip, copper pipe & tube, copper foil, medium and low voltage cables, communication cables, and power equipment as the main products, the focus is on extending and expanding in the fields of power transmission and distribution, electronic information, home appliances, and sanitary ware, vigorously developing special wires and cables, high-end copper alloy strips, copper alloy pipes, high-precision copper foil, new conductive materials, enamelled wire, ultra-fine copper wire, and 5G communication accessories as end-use products. 3. Rare and Precious Metals Industry Chain. There are currently 3 enterprises including Gold Smelting and Jiujiu Gold. Led by Gold Smelting, with gold, silver, jewelry, gold wire, gold salt, silver salt, and electronic silver paste as the main products, the focus is on developing downstream rare and precious metal material processing, gold and jewelry processing, and extending the development of high-value-added products such as high-purity gold photosensitive materials, catalytic functional materials, electrical contact materials, precious metal coatings, bonding gold wire, precious metal targets, nano silver wire, and gold strip. SMM Conference Contact: Jie Ren, 18655033505, renjie@smm.cn.

【SMM Silicon-Based PV Morning Meeting Summary】Polysilicon: Yesterday, the mainstream transaction prices for N-type recharging polysilicon were 39-45 yuan/kg. This week, the price center of polysilicon continued to show a slight downward shift, with some transactions influenced by subsequent sentiment moving closer to the lower end of the quotation range. Wafer: The market price for N-type 18X wafers was 1.2-1.25 yuan/piece, and for N-type 210RN wafers, it was 1.45-1.55 yuan/piece. The market prices for wafers continued to pull back, with some low-priced resources significantly below the previous mainstream transaction prices.

【17.2% Surge in April Module Production Triggers Price Collapse? – SMM Analysis】According to SMM statistics, China's photovoltaic module production in March 2025 increased by 3.9% compared to February, with an industry operating rate of approximately 35.91%. P-type module production rose by 7.25%, accounting for 2.7% of total output, while N-type module production increased by 40.2% month-on-month, making up 97.3% of total output. The operating rate for domestic photovoltaic module production in March was about 49.94%.

With the official commissioning of the new factory of Zhongrong Intelligent Equipment (Jiangsu) Co., Ltd., a wholly-owned subsidiary of Zhongzhu New Materials Industry (Jiangsu) Co., Ltd., the company has added 17,500 m² of workshop space, significantly boosting its production capacity. The company now boasts a robust manufacturing capability of 6,000 mt of precast components and 200 sets of high-end equipment. Additionally, the annual total capacity of its unshaped refractory materials will reach a new height of 100,000 mt. In 2024, in addition to the launch of the new Zhongrong Intelligent Equipment factory, as a leading professional high-temperature material manufacturer, Zhongzhu New Materials Industry, with its profound technical foundation, always places product R&D and technological innovation at the core of its development. The company has further increased investment in the field of technology R&D, not only mobilizing substantial human and material resources but also fully leveraging the platform advantages of its Jiangsu High-Efficiency Refractory Material Research and Development Center and provincial-level enterprise technology center, continuously promoting the development of new products and the innovation of production processes. On this basis, Zhongzhu New Materials Industry actively expands cooperation channels, establishing close R&D partnerships with multiple domestic research institutes and universities, and crossing borders to collaborate with several renowned European enterprises and top experts, jointly exploring the infinite possibilities of materials science. These efforts have yielded abundant results, with multiple innovative products being developed and gradually introduced to the market. In 2024, Zhongzhu New Materials Industry once again achieved a historic breakthrough in production and sales, with the sales growth of precast components and equipment exceeding 60%. This remarkable achievement is undoubtedly the best proof of the company's long-term commitment to R&D and innovation. Looking back at the solid steps and brilliant achievements of Zhongzhu New Materials Industry on the path of innovation and development in 2024: Zhongzhu New Materials 2024 Review Key Words - Government Support, Scientific Research Projects, Invention Patents 1. The Zhenjiang Municipal Government awarded Zhongzhu New Materials Industry special funds for the "Jinshan Talent Project," recognizing and strongly supporting the company's outstanding innovation capabilities and high-level talent team. 2. The company successfully completed and passed the acceptance of a municipal R&D project, actively participating in the "Zhenjiang Intellectual Property Strategy Promotion Plan." We were also honored to be selected for the "2024 Innovation and Entrepreneurship Talent of Zhenjiang" award. Zhongzhu New Materials Industry was recognized as a provincial-level enterprise technology center in Jiangsu Province. The company has taken various measures to strengthen its leading position in the technology field, including organizing technical training, hosting specialized lectures, and conducting in-depth R&D collaborations with domestic and overseas refractory material experts. 3. With relentless effort and an innovative spirit, the company's R&D and technical engineers have achieved significant accomplishments in the field of intellectual property, successfully applying for and obtaining multiple invention patents, utility model patents, and design patents, demonstrating the company's strong technological innovation capabilities and deep R&D strength. Key Words - New Products, New Technologies In 2024, Zhongzhu Company made significant achievements in the R&D field, initiating 45 new product development projects and successfully launching over 20 new products to the market, widely applied in casting, aluminum processing, special steel manufacturing, die-casting, copper semis processing, and power petrochemical industries. Some of these new products are specially designed to meet specific market demands, aiming to fulfill unique customer requirements; others are optimized upgrades of existing products, aimed at enhancing product life and performance. Some products, through technological innovation, have successfully overcome technical bottlenecks, with their technical parameters reaching international leading levels, showcasing Zhongzhu's technical strength and superior quality. New Product 1 Chromic Corundum Castable for Copper Troughs To meet the specific needs of a foreign copper smelting company, Zhongzhu's R&D personnel innovatively improved the material for the copper water trough, designing a high-chromium-content corundum-based composite material—ULTRA-FLO 809CR. This material exhibits a compressive strength of over 180 MPa at 1,100°C, demonstrating extremely high thermal stability and mechanical strength. ULTRA-FLO 809CR also has a very low porosity, which greatly enhances its resistance to penetration and extends its service life. Furthermore, ULTRA-FLO 809CR, through special formulation and process treatment, possesses excellent resistance to copper liquid erosion and slag erosion. This means that in the harsh environment of copper smelting, the material can effectively resist the high-temperature chemical erosion of copper liquid and slag, ensuring the long-term stable operation of the copper water trough, reducing maintenance costs and downtime. ULTRA-FLO 809CR not only meets the high standards of the foreign copper smelting company for material abrasion and chemical erosion resistance but also, with its excellent performance and reliability, significantly improves the production efficiency and economic benefits of the copper smelting industry. New Product 2 High-Wear-Resistant Silicon Carbide Material The development of this high-end material focuses on meeting the stringent requirements of specific areas, especially those with extremely high wear resistance demands, such as burner nozzles, cyclone separators, and flue pipes in the power industry, gas burners, cyclone separators, baffles, and conveying pipes in the cement industry, and furnace thresholds, aluminum outlets, vortex wells, throttling grooves in the initial transfer section, and impact plates in the central melting furnace tower in the aluminum processing industry. Through more than two years of meticulous research and tireless exploration, Zhongzhu Company, in collaboration with Spanish technical experts, successfully developed a silicon carbide material with a wear index of around 2, requiring only simple low-temperature baking. This breakthrough achievement, with its technical indicators reaching world-leading levels, provides a new solution for related industries to address wear issues. New Product 3 Cement-Free Series Castables Compared to traditional cement-based or low-cement castables, cement-free castables have significant advantages, specifically: 1. Improved Refractoriness and Chemical Erosion Resistance: Cement-free castables, without cement, reduce the formation of low-melting phases, thereby improving refractoriness, high-temperature strength, and slag resistance. 2. Reduced Hydration Heat and Cracking Risk: Cement-free castables, containing no or minimal cement, reduce the risk of cracking due to hydration stress and lower the amount of low-melting substances at high temperatures, thus enhancing the material's thermal shock resistance. 3. Excellent Workability: Cement-free castables have better fluidity, allowing them to fill smaller gaps and voids, resulting in a denser and more uniform structure. Due to their unique setting and hardening mechanism, they can be vibration-formed during construction and set with a setting accelerator, making construction more convenient. 4. Enhanced Chemical Stability: Cement-free castables can resist various chemical erosions and wear, thereby extending the service life of the furnace lining. The company's R&D personnel have developed two series of cement-free bonding castables, including sol-bonded products and direct water-added products, which have been used in vacuum induction furnace troughs, coreless furnace mouths, and high-temperature calcination kilns for aluminum dross, achieving excellent results! New Product 4 Single-Component Rapid Repair Material Single-component rapid repair materials only require on-site water addition for construction, offering advantages such as easy transportation, storage, and construction compared to two-component materials. However, currently, single-component materials from well-known domestic and overseas manufacturers suffer from low strength at low temperatures and poor fluidity, preventing widespread market adoption. Zhongzhu's R&D teams, both domestically and internationally, drew inspiration from the binding mechanisms of industrial ceramic materials and found solutions from the design of high-temperature coating materials, perfectly addressing the shortcomings of single-component rapid repair materials. The material shows a drying strength of over 90 MPa at 110°C and a sintering strength of over 130 MPa at 815°C. It also exhibits excellent resistance to aluminum liquid infiltration and alkali erosion. The product has already been used by several well-known industrial furnace companies and customers. For specific product parameters, please contact the relevant sales department. New Product 4 Complete Set of Aluminum Liquid Degassing and Filtration Casting Equipment With the professional guidance and strong support of NOVELIS PAE technical experts and the solid technical support provided by Shanghai Qianlei Machinery, Zhongzhu's engineering team successfully developed multiple sets of equipment with performance indicators reaching international advanced levels in 2024. These equipment have been applied on-site by many well-known aluminum enterprises both domestically and internationally, and feedback indicates that their performance is excellent. This achievement not only highlights Zhongzhu's deep strength and outstanding innovation capabilities in the R&D of aluminum processing equipment but also further consolidates its competitive position in the international market. Through cooperation with NOVELIS PAE and Shanghai Qianlei Machinery, Zhongzhu has absorbed and integrated advanced international technical concepts and practical experience, continuously enhancing its technical level and product competitiveness. Looking ahead, Zhongzhu will continue to adhere to the development philosophy of innovation, pragmatism, and efficiency, strengthening cooperation and exchanges with well-known domestic and overseas enterprises and research institutions, continuously promoting the upgrade and innovation of aluminum processing equipment technology, and contributing more wisdom and strength to the development of the aluminum processing industry. Of course, the company's new products are not limited to those listed above, covering all application fields in several major categories, such as dry vibratable materials for cast iron, cast copper, and cast steel, zirconia-containing pig iron ladle castables, silica-based repair materials, alumina-based anti-sticking aluminum materials for the aluminum industry, lightweight insulating materials for trowel application, and refractory putty for casting table repairs. Key Words - Exhibition Promotion, Customer Visits In 2024, Zhongzhu actively participated in numerous well-known exhibitions globally, including the German Aluminum Industry Exhibition, China International Foundry Exhibition, and Shanghai China International Aluminum Industry Exhibition, among other domestic and overseas events, using these platforms to widely promote the company's brand and innovative products. At the same time, Zhongzhu deeply engaged in a series of high-level industry conferences, such as the Foundry Professional Conference, Aluminum Processing Technology Seminar, Recycled Aluminum Industry Forum, and Silicon Material Development Summit, discussing the future with industry elites. During this period, Zhongzhu was honored to welcome dozens of overseas clients from Europe, America, the Middle East, Africa, and Southeast Asia for visits or factory inspections, and warmly received hundreds of domestic clients. Through these diverse communication platforms, Zhongzhu not only narrowed the gap with its clients but also gradually gained their trust, ultimately becoming their loyal partners. These initiatives have undoubtedly laid a solid foundation for Zhongzhu's in-depth global market layout and continuous enhancement of brand influence. Zhongzhu New Materials 2025 Outlook In its 2025 outlook, Zhongzhu New Materials stated: In the new year, the company will face more opportunities and challenges. As a young and dynamic Zhongzhu, we are confident in facing future challenges. To maintain the company's steady development, we will further strengthen team building, improve employee quality, optimize management processes, and enhance work efficiency.At the same time, we must actively expand the market, increase the intensity of product R&D, and continuously innovate to meet the growing needs of customers. In 2025, Zhongzhu New Materials Industry will continue to increase personnel and financial investment in R&D and laboratory construction. We will also seek in-depth cooperation with renowned research institutes and universities across the country and around the world, continuously focusing on new product development and performance improvement of existing products. Looking back at 2024, Zhongzhu New Materials Industry, with innovation as its wing, demonstrated extraordinary strength in the vast blue ocean of new materials. Looking ahead to 2025, we are full of dreams, working together, and committed to writing a new chapter of glory led by technology. In this new year, the people of Zhongzhu will, as always, remain true to our original aspirations, work together, be brave in striving, and forge ahead, moving resolutely towards the goal of becoming a specialized company known for its technology and a respected national brand. Zhongzhu New Materials Industry (Jiangsu) Co., Ltd. Company Profile Zhongzhu New Materials Industry (Jiangsu) Co., Ltd. is located at No. 99 Yiqing Road, Dantu Economic and Technological Development Zone, Zhenjiang City, Jiangsu Province. The company was established in April 2011 with a registered capital of 80 million yuan. It is a professional R&D and producer of refractory materials, a national high-tech enterprise, and a national specialized, refined, unique, and innovative enterprise. Product Applications, Leading the Industry: As a professional company integrating R&D, production, sales, and on-site technical services for high-end unshaped refractory materials, Zhongzhu New Materials Industry currently has seven major categories and over 300 types of products, covering all application areas of high-end refractory materials in the casting and aluminum processing industries. High-precision aluminum alloy processing industry: such as aerospace aluminum semis, mobile phone and computer back panels, electronic aluminum foil, food aluminum foil, etc.; High-performance special steel and alloy smelting industry, such as those used in aircraft carriers, nuclear power, and special vehicles; Special components for automobiles and high-speed trains, such as turbocharger housings, engines, pistons, high-speed train wires, and other high-speed train components; Large-scale special transformer and collider non-crystalline material producers; NEV battery casings, battery foils, and large-scale integrated die-casting producers; Other high-demand and high-standard smelting industries, such as vacuum furnace refractory materials, etc. Precision Production, Quality First: The company has world-class modern production equipment and strict quality management based on the ISO9001:2015 quality assurance system. With global raw material procurement, over 30% of the raw materials are directly imported from Europe and America, ensuring that the quality and stability of the products are at the forefront of the industry, effectively guaranteeing the safety and efficiency of customers' use of refractory materials. Currently, the company has nearly 30,000 m² of modern and intelligent production workshops, equipped with nine world-class fully automatic unshaped refractory material production lines and a modern prefabricated parts production workshop, forming an annual production capacity of 60,000 mt of high-performance unshaped refractory materials and 3,000 mt of prefabricated parts. Seven major categories and over 300 types of products meet the different needs of customers, mainly serving the casting and aluminum processing industries. The company currently has more than 1,500 customers, spread across 29 provinces and cities in China, as well as 30 countries and regions in Europe, Southeast Asia, the Middle East, and Africa, providing safe, reliable, and high-performance refractory material solutions for the casting and metallurgical industries in China and around the world. Technology-Driven, Strong Partnerships: For many years, the company has continuously increased personnel and financial investment in R&D and laboratory construction, establishing a strong R&D and technical team. Annual R&D investment has been in the tens of millions, and the company currently has over 22% of scientific and technical personnel. It has set up an enterprise technology R&D center and engineering design center, equipped with professional and high-precision detection and analysis equipment, ensuring that the quality of purchased raw materials and the indicators of finished products fully meet design requirements, guaranteeing stable and safe use of products at customer sites. At the same time, the company has established long-term cooperative relationships with institutions such as the Shanghai Institute of Ceramics, Chinese Academy of Sciences, University of Science and Technology Beijing, Nanjing Tech University, and Xi'an University of Architecture and Technology. Many experts and professors from research institutions and professional colleges provide long-term technical support. Continuous R&D investment has kept Zhongzhu New Materials Industry's technological level at the forefront domestically, launching high-performance and highly competitive new products into the market every year, staying ahead of competitors, and maintaining leading technology and R&D reserves. The company currently holds over 50 patents. National Brand, Pursuit of Excellence: As a Chinese national enterprise, the company has experienced milestone-like rapid development over the past decade, creating one Zhongzhu speed after another. The "Zhongzhu" brand has gained widespread recognition in the market, becoming a strong competitor and leader among the top refractory material producers internationally and domestically. These achievements are inseparable from the high investment in R&D funds and the high importance placed on talent introduction and cultivation by Zhongzhu New Materials Industry. Zhongzhu New Materials Industry will continue to uphold the spirit of dedication, focus, and lean innovation, being down-to-earth, deeply engaged in business, and thoroughly addressing issues. Driven by innovation, it will continuously promote the transformation and upgrading of the casting and aluminum processing industries, striving to achieve a transition from high-speed growth to high-quality development. The people of Zhongzhu will adhere to their original aspirations, unite in hard work, and forge ahead, moving resolutely towards the goal of becoming a specialized company known for its technology and a respected national brand. Zhongzhu New Materials Industry sincerely welcomes customers and friends to visit the company in person, to experience the innovation, R&D, safety, and environmental protection of our smart factory. For more information on copper industry chain enterprises, please contact: SMM Contact: Mingkang Liu Phone: 15653090867 Email: liumingkang@smm.cn

[Silicon Metal Update] A Leading Silicone Company's 100,000 mt Silicon Metal Project Is Expected to Commence Production by Late April. Located in Yanjin County, the project broke ground in March 2022 with a total investment of 1.667 billion yuan, covering an area of 350.5 mu and featuring a total construction area of 95,312.09 m². The earthwork volume reached 2.39 million m³. The construction includes six 33,000 kVA silicon metal electric furnaces and related supporting facilities. According to the plan, the project is expected to officially commence operations in April 2025. Upon completion, it will serve as a key upstream production site for the group's silicon-based new materials, providing strong support for the development of Zhaotong City's integrated green silicon material industry.

[SMM Weekly Review: Polysilicon Transaction Prices Rise Slightly, Probability of Subsequent Module Production Schedule Increase Is High] Polysilicon: This week, the mainstream transaction prices for N-type recharging polysilicon were 39-45 yuan/kg, while the mainstream transaction prices for N-type dense polysilicon were 38-42 yuan/kg. The transaction price range for polysilicon remained unchanged, but some manufacturers saw a slight increase in actual transaction prices with crystal pulling factories—from the previous 41-42 yuan/kg to 42-43 yuan/kg. The slight upward movement in market prices was mainly due to top-tier enterprises standing firm on quotes and optimism regarding H1 installation demand. For the subsequent period, the market is temporarily stable and observing, with attention on the commencement of new capacity and the self-regulation of silicon wafer production.

On January 16th, LONGi Green Energy Technology Co., Ltd. released its full-year performance forecast for 2024.

[Five PV Companies Added to US Sanctions List, Ministry of Foreign Affairs Responds!] On January 14 local time in the US, the Department of Homeland Security announced the addition of 37 Chinese companies to the so-called "Uyghur Forced Labor Prevention Act Entity List." According to the announcement, the newly added list will officially take effect on January 15, 2025, local time in the US. Based on the announcement from the US Department of the Treasury, the total number of entities on the UFLPA sanctions list has now reached 144, marking the largest single addition of entities since the list's inception. (Polaris Solar PV Network)