[SMM Silicon-Based PV Morning Briefing] Silicon metal: The silicon metal market remained in a weak stalemate. Yesterday, SMM east China oxygen-blown #553 silicon was at 9,100-9,200 yuan/mt, down 50 yuan/mt from the previous day. Weaker expectations for production cuts on the supply side weighed on market sentiment. At the start of the week, futures prices trended weaker, and the center of spot transactions for some cargoes in the market edged lower. Cost support from the raw material side remained firm, and prices may fall back into stalemate. Polysilicon: N-type recharging polysilicon was quoted at 35.5-41.5 yuan/kg. Polysilicon prices have continued to decline recently, mainly affected by market sentiment and inventory exit the market among some leading enterprises. At present, low-priced polysilicon has already fallen below the cost line of some producers, and the sentiment to hold quotes firm has strengthened somewhat. Relevant meetings still need to be monitored going forward.

[SMM Silicon-Based PV Morning Meeting Summary: Polysilicon Prices Remained Slightly Weak, While Module Prices Were Stable on the Surface but Fell in Practice] Over the weekend, N-type recharging polysilicon was quoted at 36-43.5 yuan/kg. Polysilicon prices still appeared slightly weak over the weekend, and the market reported that some crystal pulling facilities had extremely low target prices, which upstream suppliers had not yet accepted.

Recently, Shenzhen Hoypower Technology Co., Ltd. announced the completion of a Series A+ financing round worth hundreds of millions of yuan. Since the mass production of its solid-state batteries, Hoypower's revenue scale has achieved a compound annual growth rate exceeding 100%, with cumulative shipments surpassing 100 million units. Its large-scale delivery capabilities have been highly recognized by leading customers. Hoypower has successfully achieved key technological breakthroughs in solid-state batteries, including silicon-based anode systems with an energy density ≥400Wh/kg and lithium metal anode systems with an energy density ≥500Wh/kg. These advancements can meet the demands of low-altitude economy unmanned aerial vehicles for high safety and long endurance.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon Metal: Spot silicon metal prices remained in a stalemate consolidation. Yesterday, SMM east China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt, and #441 silicon at 9,300-9,500 yuan/mt, unchanged from the previous day. The quote center of some silicon enterprises was slightly lower than that of trading firms engaging in both spot and futures market, while downstream users mainly transacted at lower prices, and overall market trading activity was subdued. Polysilicon: N-type recharging polysilicon was quoted at 38-47 yuan/kg. Polysilicon prices continued to decline somewhat recently, mainly affected by market sentiment and inventory clearance by some leading enterprises. At present, low-priced polysilicon has already fallen below the cost line of some manufacturers, and the sentiment to hold quotes firm has strengthened somewhat. The upstream market was also still watching wafer price movements.

[SMM Silicon-Based PV Morning Meeting Summary: Polysilicon Prices Remained Slightly Weak, While Module Prices Were Overtly Stable but Softened in Practice] Over the weekend, N-type recharging polysilicon was quoted at 39.5-47.5 yuan/kg, the N-type polysilicon price index stood at 43.64 yuan/kg, and granular polysilicon was quoted at 40-43 yuan/kg. Polysilicon prices still appeared slightly weak over the weekend, with reports of some transactions concluded at low prices. Bearish sentiment among upstream and downstream enterprises persisted, and prices were expected to remain weak.

[SMM Silicon-Based PV Morning Briefing] Polysilicon: The quoted price for N-type recharging polysilicon was 42-49 yuan/kg. Polysilicon prices continued to decline recently, mainly affected by wafer price cuts and market sentiment. At present, low-priced polysilicon has already fallen below the cost line of some manufacturers, and the willingness to hold quotes firm has strengthened somewhat. The upstream market was also still watching wafer price moves. Wafer: In the market, 18X wafer prices were 1.00-1.05 yuan/piece, 210RN wafer prices were 1.1-1.15 yuan/piece, and 210N wafer prices were 1.3-1.35 yuan/piece. Wafer prices remained stable. Current selling prices have already fallen below cash cost, so the likelihood of another sharp price cut was relatively small.

[SMM Silicon-Based PV Morning Meeting Summary: Module Prices Have Softened Somewhat, While Polysilicon Prices Remain Temporarily Stable] Recently, transaction prices for modules in China have softened somewhat. As demand outside China declines and domestic projects are at the point of being about to start, module enterprises have shown differing attitudes in their quotations. Some enterprises have begun offering concessions in advance to take orders, and distributors have also recently started shipments at low prices, thereby leading to a decline in the market transaction price center. At present, quoted prices for distributed Topcon183, 210R, and 210N high-efficiency modules are 0.752 Yuan/W, 0.767 Yuan/W, and 0.77 Yuan/W, respectively, while quoted prices for centralized Topcon182/183 and 210N high-efficiency modules are 0.727 Yuan/W and 0747 Yuan/W, respectively.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: Yesterday, SMM east China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt, and #441 silicon was at 9,300-9,600 yuan/mt, down 50 yuan/mt from the previous day. Yesterday, the futures market fluctuated rangebound near 8,600 yuan/mt and closed at 8,625 yuan/mt late in the session, down 45 yuan/mt from the previous close. Market and macro sentiment caused large fluctuations in futures prices, while downstream inquiries were subdued and transactions were mainly concluded for rigid demand orders. Silicon metal prices faced resistance on the upside and were supported by costs on the downside. Polysilicon: N-type recharging polysilicon was quoted at 44.7-53 yuan/kg. Polysilicon prices have fallen sharply recently, mainly affected by wafer price cuts and market sentiment. At present, some manufacturers continued to lower polysilicon prices, and some small-volume orders were concluded at relatively low market prices. Market sentiment remained bearish.

[SMM Silicon-Based PV Morning Meeting Minutes: Silicon Metal Prices Recovered Slightly; Module Prices Temporarily Stable] Over the weekend, N-type recharging polysilicon was quoted at 45-53 yuan/kg, the N-type polysilicon price index stood at 48.21 yuan/kg, and granular polysilicon was quoted at 43-45 yuan/kg. Polysilicon prices remained temporarily stable over the weekend. Bearish market sentiment was strong, with limited transactions this weekend. The market focused on subsequent order signings and operating dynamics of top-tier enterprises.

Recently, this aluminum alloy product was officially launched by Shri Anil Kumar Singh, Commercial Director of National Aluminium Company Limited (NALCO), in the presence of senior officials at the Kolkata stockyard. IA91 is a high-performance silicon-based cast alloy designed to provide the optimal balance among castability, mechanical strength, and corrosion resistance. The product was officially launched by Singh in the presence of senior officials at the NALCO warehouse in Kolkata, India. The product is specifically designed for advanced casting applications and is ideally suited for gravity die casting and low-pressure die casting, with primary applications in the automotive, electrical and power equipment, industrial sectors, and foundries.