[SMM Analysis: Surging Demand for Energy Density Presses the "Fast-Forward Button" on Silicon Carbon Anode Capacity Expansion] As the demand for high energy density from high-end batteries continued to surge, silicon carbon anode products based on the CVD route from top-tier enterprises successively passed downstream client verification and achieved large-scale shipments.

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 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.

[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)

[Ministry of Commerce: Final Review Investigation on Anti-Dumping Measures for Solar-Grade Polysilicon Imported from the US and South Korea] On January 20, 2014, the Ministry of Commerce issued Announcement No. 5 of 2014, deciding to impose anti-dumping duties on solar-grade polysilicon imported from the US and South Korea, with rates ranging from 53.3% to 57% for US companies and 2.4% to 48.7% for South Korean companies. The implementation period was set for five years. (Ministry of Commerce)

[Youyan Silicon: This Year, 8-Inch Silicon Wafer Capacity Will Reach 250,000 Pieces/Month, Aiming for New 12-Inch Silicon Wafer Capacity Construction in the Future] ① A representative from the company's board secretary office stated that the rigid demand for 8-inch silicon wafers remains, and in the short term, there is no situation where 12-inch silicon wafers will replace 8-inch silicon wafers; ② Regarding the progress of the 8-inch silicon wafer fundraising project, the company expects that by 2025, the annual 8-inch silicon wafer capacity will achieve a breakthrough of approximately 250,000 pieces/month. (Sci-Tech Innovation Board Daily)

【SMM Morning Meeting Summary of Silicon-based Photovoltaic Industry】Polysilicon: The mainstream price of N-type polysilicon materials was 40-44 yuan/kg yesterday, and the mainstream price of dense polysilicon materials was 35-38 yuan/kg. The concentrated signing of silicon material contracts in the early stage has ended, and the overall market remained relatively stable this week. Silicon wafers: The market price of N-type 18X silicon wafers was 1.08-1.15 yuan/piece, and the price of N-type 210 silicon wafers was 1.45-1.5 yuan/piece. The trading focus of 210RN silicon wafers shifted to 1.3 yuan/piece.

【SMM Silicon-based Photovoltaic Morning Meeting Summary】Polysilicon: Yesterday, the mainstream price of N-type polysilicon material was 39-43 yuan/kg, and the mainstream price of polysilicon dense material was 35-38 yuan/kg. The transaction price of polysilicon materials this week remained relatively stable, with the market in a state of bargaining. Some leading enterprises intended to raise the silicon price by 1-2 yuan/kg, but the downstream acceptance was still unclear. Wafer: The market price of N-type 18X wafers was 1.08-1.15 yuan/piece, and the price of N-type 210 wafers was 1.45-1.5 yuan/piece. Most wafer enterprises began to quote 1.15 yuan/piece externally, but battery enterprises had not made bulk purchases recently, so the actual contract price still needs to be observed. However, at present, 2-3 enterprises are still shipping at 1.08 yuan/piece, becoming a new low transaction price.