[SMM Cast Aluminum Alloy Morning Comment: Alloy Enterprises Yet to Resume Work, Market Mainly Sluggish] On Tuesday, the SMM ADC12 price was raised by 100 yuan/mt to 23,750 yuan/mt. Post-holiday, futures showed strong performance on the first day, boosting market sentiment, but secondary aluminum enterprises' quotations displayed some divergence. Some enterprises, considering downstream operations have not fully resumed, maintained pre-holiday quotation ranges, holding steady and adopting a wait-and-see approach; others raised prices by 100 yuan/mt accordingly. Inquiry activity in the market gradually recovered, but actual transactions remained relatively light, with the market still dominated by a wait-and-see stance. As the shutdown period for secondary aluminum plants this year was slightly longer YoY, most enterprises are scheduled to resume work between the eighth and fifteenth days of the first lunar month. Supply release pace is expected to be relatively slow in the first week after the holiday, providing phased support to prices. However, demand-side recovery is more likely to be gradual; before end-user orders show significant volume, downstream procurement will remain cautious and need-based. Cost side, continued attention is needed on price fluctuations of aluminum scrap and auxiliary materials such as copper and silicon. Primary aluminum trends remain a key variable affecting market sentiment and the price center. Overall, ADC12 prices are likely to continue the pre-holiday sideways movement pattern in the initial post-holiday period. Subsequent direction will depend on supply-demand matching after full production resumptions and primary aluminum price performance. If phased restocking coincides with primary aluminum holding up well, there is room for price recovery; otherwise, prices may face slight pressure, but the overall trend is expected to remain sideways.

[PV Express] Tongwei Co., Ltd. (600438) announced on February 24 that the company is planning to acquire a 100% equity stake in Lihao Qingneng through the issuance of shares and payment in cash, and to raise supporting funds. This transaction is not expected to result in a change of the company's controlling shareholder or actual controller, does not constitute a connected transaction, and is anticipated not to constitute a major asset restructuring. As the transaction is still in the planning stage and relevant matters remain uncertain, upon the company's application, trading of the company's shares, convertible bonds, and convertible bond conversion will be suspended starting from the market opening on February 25, 2026, with the suspension period expected not to exceed 10 trading days. Lihao was established in April 2021 and is primarily engaged in the R&D, production, and sales of semiconductor materials such as PV-grade high-purity polysilicon and electronic-grade polysilicon. Data shows that Qinghai Lihao currently has a polysilicon capacity of approximately 150,000 mt/year.

[Macro factors support futures prices generally stable with slight rise; Northern silicon enterprises' shipments increase]: This week, spot silicon metal prices overall held steady, with individual grades slightly rising. Futures prices, supported by the macro front and capital sentiment, fluctuated upward. As of January 29, SMM East China 553# silicon was quoted at 9,200-9,300 yuan/mt, flat WoW; 441# silicon was quoted at 9,400-9,600 yuan/mt, up 100 yuan/mt WoW; 3303# silicon was quoted at 10,200-10,500 yuan/mt, flat WoW. In the futures market, the center of the most-traded contract's trading range moved higher WoW, with the highest point touching 9,000 yuan/mt. On Thursday, January 29, the most-traded SI2605 contract settled at 8,925 yuan/mt. On the transaction side, some northern silicon enterprises saw increased shipments via futures market order placement, with the center of order pricing concentrated at 8,950-9,000 yuan/mt. Downstream users engaged in pre-Chinese New Year stockpiling purchases or tenders, with market purchasing primarily as needed.

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: The quoted price for polysilicon N-type recharging polysilicon was 51.5-59 yuan/kg, granular polysilicon was quoted at 51.5-59 yuan/kg, and the polysilicon price index stood at 54.93 yuan/kg. Due to the impact of export tax rebates and production cuts of polysilicon itself, the overall procurement and sales sentiment for polysilicon saw a slight rise, with some downstream players considering the feasibility of certain prices. However, overall market quotations have not changed significantly, and attention is being paid to the recent new concentrated order signing for polysilicon. Wafer: The market price for 18X wafers was 1.38-1.4 yuan/piece, for 210RN wafers was 1.48-1.5 yuan/piece, and for 210N wafers was 1.68-1.7 yuan/piece. Wafer prices remained stable this week, while overseas export prices saw a slight increase. Currently, back-and-forth negotiations between upstream and downstream in the wafer segment are evident, and the demand stimulus from export tax rebates has not yet been transmitted to the wafer segment.

[SMM Magnesium Morning Meeting Minutes: Strong Reluctance to Sell in Magnesium Market, Downstream Restocking Drives Prices Higher] Overall review of the magnesium market this week: This week, the entry of magnesium powder and foreign trade orders for procurement depleted the inventory of small primary magnesium smelters. The primary magnesium inventory in the main production areas showed a pattern of inventory buildup at large plants and zero inventory at small plants, which effectively reduced the resistance to the rise in magnesium prices.

[SMM Magnesium Morning Conference Summary: Domestic Magnesium Market Strengthens While Overseas Market Remains Stable, Prices Diverge Amid Raw Material Cost Support] On December 19, the price of Wutai dolomite held steady, supported by stable demand; ferrosilicon supply decreased as some manufacturers in Gansu switched production, but stockpiling by steel mills on the demand side has largely concluded, with prices expected to fluctuate rangebound. The magnesium ingot market was driven by domestic reluctance to sell and firm price sentiment, with Fugu transaction prices edging up to 15,550-15,600 yuan/mt. The supply side showed structural divergence, with large enterprises experiencing inventory buildup and small plants holding zero inventory, reducing resistance to price increases. The overseas market heat pulled back, with FOB transaction prices holding in the range of $2,170-2,200/mt. Traders' procurement saw a slight increase, leading to a mild raise in offers. Magnesium alloy prices remained firm on cost support, with tight supply and demand bolstering processing fees. The magnesium powder market continued its weakness, with prices stabilizing along with raw materials. Enterprises adopted a produce-based-on-sales approach, maintaining operating rates around 50%, with overall performance remaining sluggish.

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: The quotation for polysilicon N-type recharging polysilicon is 49.7-55 yuan/kg, granular polysilicon is 50-51 yuan/kg, and the polysilicon price index is 52 yuan/kg. Overall, market prices are largely stable, with individual enterprises still maintaining a mindset to hold quotes firm. Top-tier enterprises continue to slow down futures delivery operations, while multiple price reductions downstream have exerted some pressure on spot polysilicon.

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: The quotation for polysilicon N-type recharging polysilicon is 49.6-44.9 yuan/kg, granular polysilicon is 50-51 yuan/kg, and the polysilicon price index is 51.9 yuan/kg. Overall, market prices are largely stable, with individual enterprises currently maintaining a mindset to hold quotes firm. Top-tier enterprises have slowed down their delivery actions on futures, and recent news includes the confirmation of relevant company names. However, downstream sentiment remains generally weak, with issues of production cuts and price reductions persisting. Under the offset of long and short positions, spot prices are temporarily stable.

[Night Session SHFE Tin Early Report] Futures: The most-traded SHFE tin contract (SN2512) rose slightly during the night session before pulling back amid fluctuations, closing at 28,310 yuan/mt, up 0.11% from the previous trading day.

On September 16, the Standardization Administration of China (SAC) solicited public opinions on three mandatory national standards, including "Energy Consumption Limits per Unit Product for Polysilicon and Germanium" and others.