Market Overview: Today, the domestic DMC market showed an upward trend, with an average price of 13400 yuan/ton in the Chinese market, up 506 yuan/ton from the previous trading day. From the quotations of various enterprises, the overall situation is relatively stable, with some regions experiencing price increases. The willingness of enterprises to insist on selling at high prices is very obvious. Due to the significant increase in prices this time, coupled with the sufficient reserves of raw materials previously held by downstream enterprises, the overall trading activity of downstream companies today is relatively low. On the raw material side, the price of silicon metal continues to fluctuate at the bottom. Supply side: Individual factories have a clear willingness to maintain high prices. Demand side: Low market activity.

▶ Hongbai New Materials: Thai Hongbai, the controlling subsidiary, plans to increase its capital by 335 million Thai baht. On the evening of February 11th, Hongbai New Materials announced that Hongbai New Materials Co., Ltd. (registered in Thailand, referred to as "Thai Hongbai") is a holding subsidiary established by the company, Thai investors Polapat and Vararat in Thailand. The registered capital of Thai Hongbai is 5000000.00 Thai baht, of which the company contributes 4500000.00 Thai baht, accounting for 90% of the joint venture's shares; Thai investor Polapat contributes 250000.00 Thai baht, accounting for 5% of the shares in the joint venture company; Thai investor Vararat contributed 250000.00 Thai baht, accounting for 5% of the joint venture company's shares.
In order to accelerate the expansion of markets in Thailand and Southeast Asia, improve the supply system of overseas functional silane industry, and in combination with the current construction situation of Thai Hongbai and local legal and regulatory requirements, Thai Hongbai plans to increase its registered capital by 335 million Thai baht (approximately 72.025 million RMB based on the exchange rate between RMB and Thai baht on February 7, 2025). The new registered capital will be subscribed by its existing shareholders according to their respective shareholding ratios, with the company subscribing to the new registered capital of 301.5 million Thai baht (64.8225 million RMB based on the exchange rate between RMB and Thai baht on February 7, 2025), shareholder Polapat subscribing to the new registered capital of 16.75 million Thai baht, and shareholder Vararat subscribing to the new registered capital of 16.75 million Thai baht. After the capital increase is completed, the registered capital of Thai Hongbai is 340 million Thai baht. The funds from this capital increase are mainly used to accelerate the production and construction of functional silane projects in Thailand. From January to December 2023, the revenue composition of Hongbai New Materials is as follows: the chemical industry accounts for 96.98%.
On January 23rd, A-share listed company Silane Technology (838402) released its annual performance forecast, expecting a significant decline in performance from January to December 2024. The net profit attributable to shareholders of the listed company is between 70 million and 80 million, a year-on-year decrease of 77.29% to 74.05% in net profit.
On the evening of February 11th, Hesheng Silicon Industry announced that in order to broaden the company's financing channels, accelerate capital turnover, and support high-quality business development, the sixth meeting of the fourth board of directors held on February 11th, 2025, approved the "Proposal on the Company's Proposed Issuance of Asset Securitization Projects". The company plans to apply for the issuance of asset securitization projects (hereinafter referred to as "ABS projects") with a total issuance amount not exceeding 4 billion yuan. The issuance of ABS projects still needs to be submitted to the company's shareholders' meeting for review.
Hesheng Silicon Industry is a dual leader in industrial silicon and organic silicon, with production capacity ranking first in the world. In recent years, Hesheng has embarked on a large-scale transformation and expansion to build the world's most complete silicon-based full industry chain company. In October 2023, Hesheng Silicon Industry announced the official completion of the integrated industrial park of "polycrystalline silicon polycrystalline silicon wafer battery module&photovoltaic glass photovoltaic power generation". The full range of photovoltaic products, including high-purity crystalline silicon, monocrystalline silicon wafers, monocrystalline silicon solar cells, and photovoltaic modules, will also be available for external sales on March 1, 2024. The latest financial report data shows that the operating revenue of Hesheng Silicon Industry in the first three quarters of 2024 was 20.371 billion yuan, a year-on-year increase of 2.44%; The net profit attributable to the parent company was 1.454 billion yuan, a year-on-year decrease of 33.42%.
Pengpai News: Recently, several banks including Jiangsu Bank and Beijing Bank have lowered their US dollar deposit interest rates. Previously, the US dollar deposit interest rates of these banks were at a relatively high level in the industry, generally reaching over 4%. After this adjustment, the interest rates have dropped to 3% or below. President of the European Commission von der Leyen: It aims to raise 200 billion euros for AI investment, including 20 billion euros for the new European fund for AI super factories. The investment fund will provide funds for four future AI super factories.
Beijing: On February 11th, a group of heavyweight combination land parcels were auctioned off. The land parcel is located in Sanjianfang, Chaoyang District, and is composed of three pieces of land. The total land area is 68996.22 square meters, with a starting price of 7.9 billion yuan. In the end, the combined land parcel was won by the Poly Jinmao consortium, with a transaction price of 8.7295 billion yuan.
Xinhua News Agency: Tesla's Shanghai Energy Storage Super Factory held a production ceremony on February 11th and officially started construction in the Lingang New Area of Shanghai in May 2024. In just 9 months, the entire process from factory construction to product production was completed, which is 3 months shorter than the time required for Tesla's automotive super factory. The factory's initial plan is to produce 10000 commercial energy storage batteries annually, with an energy storage capacity of nearly 40GWh.