[Bulls Cut Open Interest, Silicon Metal Prices Weakened; Polysilicon Prices Remained Stable Overall]: Spot prices were mostly stable this week, with prices of certain silicon grades edging down slightly. As of May 14, SMM east China oxygen-blown #553 silicon was at 9,200-9,400 yuan/mt, down 50 yuan/mt WoW; #441 silicon was at 9,400-9,600 yuan/mt, flat WoW; #3303 silicon was at 10,100-10,300 yuan/mt, flat WoW. Futures market sentiment cooled. In terms of total open interest, it began to decline sharply from Tuesday as funds took profits and exited, causing futures prices to pull back. On Thursday (May 14), total open interest in silicon metal stood at 450,000 lots, down 85,000 lots or 16% from Monday. The most-traded SI2609 contract closed at 8,655 yuan/mt on Thursday, down 455 yuan/mt or 5% from Monday, as the silicon market returned to fundamentals-driven logic. Transaction side, downstream users showed strong wait-and-see sentiment amid the price fluctuations, with transactions mainly driven by rigid restocking demand.

The Alliance for American Solar Manufacturing and Trade has asked the US Department of Commerce to launch a nationwide anti-circumvention probe into solar imports from Ethiopia. AASMT alleges that Chinese-origin wafers are being processed into cells in Ethiopia and then assembled into modules in Ethiopia or Vietnam for export to the US, bypassing existing AD/CVD duties. The petition comes after US imports of Ethiopian solar products surged from zero in June 2025 to over USD 300 million by year-end, raising concerns that Ethiopia may become a new circumvention route amid tighter US scrutiny of solar supply chains.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: N-type recharging polysilicon was quoted at 34-36.1 yuan/kg. Polysilicon prices were relatively stable overall, with extremely limited order signing in the market. Some crystal pulling plants showed low-price purchase willingness, but top-tier manufacturers still held the floor above 35 yuan. With cost setting imminent, manufacturers had a strong wait-and-see sentiment. Wafer: Market 18X wafer prices were 0.9-0.93 yuan/piece, 210RN wafer prices were 1.00-1.03 yuan/piece, and 210N wafer prices were 1.2-1.23 yuan/piece. Recently, a top-tier enterprise completed bulk transactions of 210R wafers at 1.02 yuan/piece. Currently, except for 210N, the other two sizes had already accepted the previous round of price increases, and subsequent trends would depend on downstream cell price movements.

SEG Solar is accelerating its vertical integration with a 5 GW ingot and wafer facility in Indonesia, with Phase II construction set for Q2 2026. Once operational, the site will complete an end-to-end manufacturing chain encompassing ingots, wafers, cells, and modules. Founded in 2021, the company has seen rapid growth, reporting cumulative global shipments of over 7.5 GW by the end of 2025. This integrated strategy is designed to provide a fully traceable, non-FEOC supply chain for the evolving global solar market.

As major global technology companies rush to buy memory chips, SK Hynix is being actively courted by these companies, which have proposed plans to invest in its new production lines and finance the purchase of expensive manufacturing equipment. According to six people familiar with the matter, the company's clients have presented multiple partnership proposals to the South Korean chipmaker, including investing in the construction of dedicated memory production lines. Three other people familiar with the matter said another proposal involves clients providing financing for equipment purchases, such as ASML's extreme ultraviolet lithography machines. These machines are used to etch circuits on wafers and are worth hundreds of millions of dollars. The chipmaker is reportedly cautious about accepting financial commitments from clients, as such deals could make it beholden to specific buyers and force it to supply chips at lower prices in exchange for longer-term, more stable revenue guarantees.

[Capital-Driven Silicon Metal Prices Trend Stronger After Holiday, Spot Price Center Shifts Upward]: The silicon metal market trended stronger after the Labour Day holiday, with the most-traded futures contract breaking through resistance levels to rise above 9,000 yuan/mt. As of the morning of May 7, SMM east China oxygen-blown #553 silicon was at 9,200-9,300 yuan/mt, up 150 yuan/mt WoW. Futures prices continued to trend stronger after the holiday, and silicon suppliers raised spot offer prices multiple times in small incremental probes, with east China #553 silicon offers rising above 9,300 yuan/mt. In the futures market, the SI2609 contract closed at 9,080 yuan/mt on Thursday, up 285 yuan/mt WoW, with an intraday high touching 9,180 yuan/mt. Low-priced sources in the silicon metal market decreased or disappeared, and the transaction center shifted notably higher compared to pre-holiday levels as just-in-time procurement provided support. This round of strengthening was mainly driven by macro and capital momentum, with no substantive bullish support from the industry fundamentals for the time being. From late April to early May, silicon enterprises increasingly hedged in batches on price rallies and sold against the basis, with cargo ownership gradually shifting to futures-spot traders. After futures were pushed higher, spot liquidity issues tended to emerge easily. While futures remained elevated and fundamentals were weak, rigid demand provided support, and spot prices passively followed the upward trend.

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: N-type recharging polysilicon was quoted at 34-36 yuan/kg. Polysilicon prices remained relatively stable during the holiday, with extremely limited order signing in the market. Crystal pulling plants had no significant procurement demand for the time being. Post-holiday surveys and conferences were scheduled, and the market was watching subsequent developments. Wafer: Market prices for 18X wafers were 0.9-0.93 yuan/piece, 210RN wafers were 1.00-1.03 yuan/piece, and 210N wafers were 1.2-1.23 yuan/piece. During the holiday, wafer prices remained stable, and cell prices were expected to rise after the holiday.

[Silicon Metal Futures Center Shifted Higher with Increased Enterprise Shipments; Heavy Wait-and-See Sentiment in Polysilicon Market]: In the futures market, the most-traded contract trended stronger during the week, with the SI2609 contract center at 8700-8800 yuan/mt and the highest point touching above 8,900 yuan/mt. Driven by macro factors and news, futures rose, boosting silicon producers' shipment sentiment, and silicon enterprises' shipments to trading firms engaging in both spot and futures market increased. On the fundamentals side, silicon metal supply and demand were in tight balance in April, and the supply-demand structure is not expected to see major adjustments in May. Facing the pressure of increased supply during the rainy season in Sichuan and Yunnan from June to July, the market outlook leaned toward caution. On the cost side, raw material prices remained firm. With upside in silicon metal prices capped and downside supported by costs, the price fluctuation range was narrow.

2026 Year June 3–5 China · National Exhibition and Convention Center (Shanghai) No. 333 Songze Avenue, Qingpu District, Shanghai Multi-Energy Complementarity and Integrated Development of PV, Energy Storage, and Hydrogen www.snec.org.cn Approving Authority Shanghai Municipal Commission of Commerce Supporter Shanghai Municipal Development and Reform Commission Shanghai Municipal Commission of Economy and Informatization Shanghai Municipal Science and Technology Commission Lead Organizers Asia Photovoltaic Industry Association (APVIA) Chinese Renewable Energy Society (CRES) Renewable Energy Professional Committee of China Association of Circular Economy (CREIA) Shanghai Federation of Economic Organizations (SFEO) Shanghai Science and Technology Exchange Center (SSTEC) Shanghai New Energy Industry Association (SNEIA) Co-Organizers Solar PV Products Sub-Council of China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) PV Professional Committee of Chinese Renewable Energy Society (CPVS) Renewable Energy Professional Committee of China Energy Research Society Exhibition Organizers Shanghai Follow Me Technology Co., Ltd. Shanghai Follow Me New Energy Development Co., Ltd. Shanghai Solar Cloud Exhibition Services Co., Ltd. Follow Me Int'l Exhibition USA Inc. Follow me International Exhibition Co., Ltd. Conference Organizer Shanghai Follow Me Convention and Exhibition Services Co., Ltd. Preface: The “SNEC 19th (2026) International Solar PV and Smart Energy (Shanghai) Conference and Exhibition” (the “SNEC PV Conference and (Shanghai) Exhibition” for short), jointly organized by 25 international institutions and organizations including the Asia Photovoltaic Industry Association (APVIA), the Chinese Renewable Energy Society (CRES), the Renewable Energy Professional Committee of the China Association of Circular Economy (CREIA), the Shanghai Federation of Economic Organizations (SFEO), the Shanghai Science and Technology Exchange Center (SSTEC), and the Shanghai New Energy Industry Association (SNEIA), will be grandly held in Shanghai, China, from June 3 to 5, 2026. The “SNEC PV Conference and (Shanghai) Exhibition” grew from 15,000 m² at its first edition in 2007 to 360,000+ m² in 2025, with more than 3,000 enterprises from 95 countries and regions worldwide participating, of which international exhibitors accounted for 30%, and it has become the most influential international, professional, and large-scale PV event in China, Asia, and the world. The SNEC PV Exhibition is the world's most professional PV exhibition, featuring: PV production equipment, materials, solar cells, PV application products and components, as well as PV engineering and systems, energy storage, mobile energy, etc., covering all segments of the PV industry chain. The SNEC PV Forum is also remarkably diverse, involving analysis of future PV market trends, cooperative development strategies, national policy directions, cutting-edge industry technologies, PV financing, etc., providing the best opportunity to showcase achievements to the industry. We look forward to global industry professionals gathering in Shanghai, China, to take a problem-oriented approach from an industrial perspective, jointly assessing the solar PV power generation markets in China, Asia, and the world, and collectively leading the path of industry innovation and development. We hope to see you in Shanghai in June 2026! Schedule: Setup: May 31, 2026 13:30-18:00 June 1-2 09:00-20:00 Exhibition: June 3-4, 2026 09:00-17:00 June 5 09:00-14:00 Dismantling: June 5, 2026 14:00-22:00 Exhibit Content (Product Categories): Solar PV PV Production Equipment: Silicon rod/silicon lumps/casting ingot production equipment: complete production lines, casting ingot furnaces, crucibles, growth furnaces, other related equipment Silicon wafer production equipment: complete production lines, cutting equipment, cleaning equipment, detection equipment, other related equipment Battery production equipment: complete production lines, etching equipment, cleaning equipment, diffusion furnaces, coating equipment/deposition furnaces, screen printing machines, other furnace equipment, testers and sorters, other related equipment Cell panel/module production equipment: complete production lines, testing equipment, glass cleaning equipment, wiring/welding equipment, laminating equipment, etc. Thin-film cell panel production equipment: amorphous silicon cells, copper indium gallium selenium dioxide cells CIS/CIGS, cadmium telluride thin-film cells CdTe, dye-sensitized cell DSSC production technology and research equipment Solar Cells: Solar cell producers, cell module producers, cell module installers, agents, dealers and distributors, concentrator cells, etc. PV Related Parts: Batteries, chargers, controllers, converters, recorders, inverters, monitors, mounting systems, tracking systems, solar cables, etc. PV Raw Materials: Polysilicon, silicon ingots/silicon lumps, silicon wafers, encapsulation glass, encapsulation films, other raw materials PV Application Products: Lighting products, power supply systems, mobile chargers, water pumps, solar household products and other solar products PV Engineering and Systems: PV system integration, solar air conditioning systems, rural PV power generation systems, solar detection and control systems, solar heating system engineering, solar PV engineering process control and project management and software programming systems System Engineering Construction Equipment and Safety Protection: Electrical construction equipment, construction vehicles, engineering machinery, maintenance tools, aerial work vehicles/platforms, scaffolding, electrical safety tools, personal safety protective equipment Others Solar Energy and Green Buildings: Solar Thermal Utilization: Solar central hot water systems, household solar water heaters, solar heat pump water heaters, solar collector systems, solar heating systems, integrated solar thermal-PV products, solar water heater manufacturing equipment, solar water heater raw materials and accessories Solar PV and Concentrated Solar Power: Grid-connected solar PV power generation systems, off-grid PV power generation systems, PV-wind complementary power generation systems, PV power transmission and distribution equipment, PV modules and components and equipment, trough linear focus systems, tower systems, dish systems, collector tubes, heat storage equipment and corresponding materials, heat exchange technology and products, high-temperature heat transfer technology and products, system control Solar Cooling Systems and Equipment: Solar cooling products and systems, air energy products, solar central air conditioning, ground source heat pump air conditioning Solar Lighting and Building Materials: Solar lawn lights, garden lights, solar street lights and other optoelectronic products, solar PV glass, solar rooftop modules, solar PV building integration overall solutions, etc. LED Technology and Products: LED lighting, LED application products, display products/digital signage, parts, modules, kits, etc. Solar Accessories: Solar complementary automatic control devices and instruments, solar pipes and fittings, solar control systems, solar heat pipes, vacuum tube collectors, flat plate collectors, engineering manifolds, insulation materials, hot and cold water pumps, brackets, PV equipment accessories, batteries and other related production equipment and accessory materials International Energy Storage Technology and Smart Grid Energy Storage Technology, Equipment and Materials: Compressed air energy storage, pumped hydro energy storage, superconducting magnetic energy storage, flywheel energy storage, thermal/cold storage, hydrogen storage and other energy storage technologies applicable to plug-in EVs, equipment and materials; various batteries (nickel–metal hydride batteries, lithium-ion batteries, lithium polymer batteries, lead-acid batteries, smart batteries, sodium-sulfur batteries), energy storage power supplies, supercapacitors, renewable fuel cells, flow batteries and other technologies, equipment and materials ESS Power Stations and EPC Projects: BMS battery management systems, PCS energy storage inverters, microgrids, EV charging and battery swapping stations and related supporting facilities C. New Energy Power Generation Grid Connection and Smart Power Transmission and Distribution: Grid-tie inverters, light DC equipment, operation monitoring devices, grid connection control systems, flexible transmission equipment, ultra-high voltage transmission equipment, high-temperature superconducting equipment, high-temperature superconducting cables, distribution automation systems and protection devices, smart switchgear, transformers, instrument transformers, smart components, digital substations, substation integrated automation, distribution network automation devices, transmission and distribution online monitoring, fault diagnosis and self-healing devices, power quality monitoring, harmonic control and reactive power compensation, superconducting electrical technology, various new types of wires and cables, composite materials, safety protection D. Power Grid Dispatching and Automation Control: Smart grid dispatching systems, dispatching integrated data platform systems, grid security and control, smart inspection systems, integrated measurement and control protection and arc suppression line selection systems, security and stability control system solutions, power monitoring systems and microcomputer-based relay protection, wide-area dynamic monitoring systems, grid stability online monitoring systems, distribution network intelligent reactive power compensation devices, control software, remote control and telemetry devices, large-screen display systems, power system simulation E. Smart Metering and Power Consumption Management: Smart meters and chips, remote/centralized meter reading systems, power consumption information collection systems, power consumption management information systems, load management terminals, monitoring systems, verification devices, metering cabinets and components, measuring instruments, sensors, semiconductors F. Smart Grid Information and Communication: IoT technology, cloud computing technology, multi-network convergence technology, transmission technology and equipment, access equipment, optical fiber and cables, industrial Ethernet, data communication and network technology and related products, in-plant communication equipment, power line carrier equipment, supporting equipment and instruments, digital microwave communication equipment, testing equipment and instruments, network online monitoring equipment G. Others International NEV and Charging Piles NEVs (Passenger Vehicles / Commercial Vehicles): Electric buses and trucks, electric sedans, electric sightseeing vehicles, electric golf carts, electric cleaning vehicles, hybrid buses and sedans, solar EVs, light EVs, hybrid vehicles (micro hybrid, mild hybrid, medium hybrid, full hybrid and plug-in hybrid), pure EVs, fuel cell vehicles, hydrogen and natural gas and other new energy clean fuels, hybrid vehicles and various low-emission environmental protection energy-saving vehicles; Power Drive Systems: Power batteries, battery management systems, fuel cells, hybrid systems, drive motors, electric control systems, engines, detection and repair equipment, related testing, monitoring, protection instruments, related technologies; C. Key NEV Parts: Power capacitors, supercapacitors, flywheels, inverters, electric heat pumps, electric power steering, electric air conditioning, tires, wire connections, electromagnetic technology, related materials; coatings, transmissions, filters, carburetors, exhaust systems; axles, steering, braking, suspension systems; auto body accessories; motors and electrical appliances, electronic components, electrical systems, circuits, wheel hubs, tires, etc.; D. Vehicle Design: Complete vehicle design, system control design, etc. E. Charging Facilities: Charging stations, charging piles; charging station smart network project planning and achievement display, gas station expansion to charging (battery swapping) stations, integrated gas and charging service station display, solar and wind complementary NEV charging station technology products, charging station power distribution equipment, chargers, power monitoring systems, active filter devices, transformers, distribution cabinets, cables, direct charging equipment, management auxiliary equipment, charging/swapping batteries and battery management systems, parking lot charging facilities, smart monitoring, charging station power supply solutions F. Others Participation Fees: Standard Booth (Deluxe, 3m x 3m ): Domestic enterprises: RMB 23,800/booth Foreign-funded enterprises: US$4,900/booth Basic configuration: one consultation desk, two folding chairs, one waste basket, one 220V/500W power supply socket, two spotlights, Chinese-English header board, carpet inside the booth. Indoor Bare Space (minimum 36 m² rental): Domestic enterprises: RMB 2,380/m ² Foreign-funded enterprises: US$490/m ² Exhibitor Notes: 1. Enterprises confirming participation shall complete the exhibition application form, affix the company seal, and fax or mail it to the Organizing Committee; 2. Upon receipt of booth reservation fees, the Organizing Committee will arrange booths according to the principle of "first application, first payment, first arrangement"; 3. Payment details for participation fees: (1) The above participation fees do not include "construction deposit", "construction management fee", "facility rental fee" and other fees; (2) Exhibitors who sign contracts shall remit the deposit to the Organizing Committee's account within ten working days from the date of signing the contract, and fax the remittance receipt to the Organizing Committee for verification; (3) The remaining participation fees shall be remitted to the Organizing Committee's designated account before December 31, 2025; 4. The order of conference booklet advertisements is based on the order of advertisement fee receipt, with the submission deadline being March 31, 2026; 5. The Organizing Committee will send the "Exhibitor Manual" to participating enterprises in April 2026. Inquiries Welcome: Shanghai Fulemi Exhibition Service Co., Ltd. SNEC 19th (2026) International Photovoltaic Power Generation and Smart Energy (Shanghai) Conference & Exhibition Contact: Manager Wei Room 905, Guangqi City, No. 425 Yishan Road, Xuhui District, Shanghai Postal Code: 200235 Room 905-907, Guangqi City Office Building, No. 425 Yishan Road, Xuhui District, Shanghai Tel: +86-13817218765 E-mail: weiwei@snec.org.cn Conference Website:

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: Yesterday, SMM east China oxygen-blown #553 silicon was at 9,000-9,200 yuan/mt, and #441 silicon was at 9,200-9,400 yuan/mt. Pre-holiday downstream procurement saw strong sentiment to push for lower prices. Some suppliers made minor concessions on transactions, while most maintained stable quotes. Supply and demand remained weak, and the market was in a stagnant consolidation. Polysilicon: N-type recharging polysilicon was quoted at 34-36.3 yuan/kg. Polysilicon prices were relatively stable this week overall, with extremely limited order signing in the market. Crystal pulling plants had no significant procurement demand for the time being. Related meetings concluded, with some results falling short of expectations, and wait-and-see sentiment in the market increased.