证券代码：603260 证券简称：合盛硅业 公告编号：2026-035 合盛硅业股份有限公司 关于 2026 年度日常关联交易预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 是否需要提交股东会审议：本事项尚需提交公司2026年第一次临时股 东会审议。 日常关联交易预计对上市公司的影响：本次预计日常关联交易事项是 基于公司正常的生产经营需要，具有合理性与必要性，并且遵循了公平、公正的 定价原则，不会对公司未来财务状况、经营成果产生不利影响，不会对关联方形 成重大依赖，也不会影响上市公司独立性。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 合盛硅业股份有限公司（以下简称"公司"）于 2026 年 3 月 25 日召开的 第四届董事会第十六次会议审议通过了《关于公司 2026 年度日常关联交易预计 的议案》，公司关联董事罗立国、罗燚、罗烨栋、浩瀚进行了回避表决，经出 席会议的非关联董事一致同意，最终以 5 票同意、0 票反对、0 票弃权、4 票回 避的表决结果审议通过该议案。 公司召开第四 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2026-033 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 合盛硅业股份有限公司 关于召开2026年第一次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2026年第一次临时股东会 召开的日期时间：2026 年 4 月 10 日 14 点 00 分 召开地点：浙江省慈溪市北三环东路 1988 号恒元广场 A 座 4 楼公司会议室 股东会召开日期：2026年4月10日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票起止时间：自2026 年 4 月 10 日 至2026 年 4 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2026-034 合盛硅业股份有限公司 表决结果：5 票赞成、0 票反对、0 票弃权、4 票回避。 关联董事罗立国、罗燚、罗烨栋、浩瀚回避表决。 本议案尚需提交公司股东会审议。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 合盛硅业股份有限公司（以下简称"公司"或"合盛硅业"）第四届董事会 第十六次会议于 2026 年 3 月 25 日下午 13:30 时在公司慈溪办公室二十四楼黑河 会议室以现场和通讯相结合方式召开。本次会议经全体董事一致同意召开，并豁 免本次会议的提前通知时限要求。出席会议的董事应到 9 人，实到 9 人。会议由 公司董事长罗立国先生主持，公司高级管理人员列席了本次会议。本次董事会会 议的召集、召开符合国家有关法律、法规和《公司章程》的规定，会议决议合法 有效。 二、董事会会议审议情况 1、审议通过了《关于公司 2026 年度日常关联交易预计的议案》 具体内容详见公司于 2026 年 3 月 26 日披露于上海证券交易所网站 （ ...

Group 1 - Wanhua Chemical (600309) is a global leader in the polyurethane industry, with core businesses covering MDI, TDI, and polyether polyols, while also extending into petrochemicals, new materials, and fine chemicals. The company has established a comprehensive industrial chain from raw materials to end products, maintaining a leading market share in MDI due to its scale and technological barriers. It is expanding into high-performance materials and new energy materials, aligning with the trends in new energy and high-end manufacturing, which opens up long-term growth opportunities [1][25] - Juhua Co., Ltd. (600160) is a leading enterprise in the domestic fluorochemical sector, with core businesses including fluorochemicals, chlor-alkali chemicals, and petrochemical materials. The company has a significant capacity in fluorinated refrigerants and is expanding into electronic chemicals and photovoltaic fluorinated materials, gradually breaking through overseas technological monopolies. Its comprehensive layout in the fluorochemical industry chain and strong compliance and cost advantages position it well for growth [2][26] - Satellite Chemical (002648) is a leader in the domestic acrylic acid and ester industry, focusing on acrylic acid, high polymer emulsions, and functional polymer materials. The company is accelerating its layout in photovoltaic-grade EVA and POE new energy materials, leveraging its propane dehydrogenation process to build an integrated industrial chain. Its strong cost control and alignment with the growth of the photovoltaic and lithium battery industries provide sustainable development momentum [3][27] Group 2 - Hoshine Silicon Industry (603260) is a global leader in industrial silicon and organic silicon, with core businesses covering industrial silicon, organic silicon, and graphite electrodes. The company has a leading production capacity in industrial silicon and a comprehensive product range in organic silicon, benefiting from energy-rich production bases. Its complete industrial chain layout and focus on high-purity silicon for photovoltaics align with trends in new energy and high-end manufacturing, offering significant long-term growth potential [4][28] - Adisseo (600299) is a global leader in animal nutrition additives, with core products including methionine and vitamins widely used in livestock farming. The company has established a stable supply system and significant technological and cost advantages, while also expanding into biotechnology and functional food sectors. Its stable performance and low sensitivity to macroeconomic fluctuations enhance its competitive position in the global feed additive industry [5][29] - Zhejiang Longsheng (600352) is a global leader in the dye industry, with core businesses covering dyes, intermediates, and water-reducing agents. The company has a leading market share in disperse and reactive dyes, supported by an integrated industrial chain and strong cost control. Its diversified business structure enhances risk resilience, while its expansion into hydrogen energy and environmental protection projects strengthens its competitive position in the global dye and fine chemical industry [6][30] Group 3 - Haohua Technology (600378) is a domestic leader in high-end fluorinated materials and electronic chemicals, with core businesses including fluororesins, fluororubbers, and electronic-grade chemicals. The company benefits from deep technological reserves and has achieved some degree of import substitution. Its focus on high-end chemical materials aligns with national strategic emerging industries, providing long-term growth support [7][31] - Sanmei Co., Ltd. (603379) is a key player in the domestic fluorochemical sector, focusing on refrigerants, foaming agents, and fluorinated salts. The company has established an integrated fluorochemical industrial chain and is expanding into environmentally friendly refrigerants. Its stable cash flow and strong downstream demand support its competitive position in the domestic fluorochemical market [8][32] - Meihua Biological (600873) is a global leader in the amino acid industry, with core products including monosodium glutamate and amino acids widely used in food, feed, and pharmaceuticals. The company has a leading market share in MSG and lysine, supported by its advanced fermentation technology and cost advantages. Its expansion into pharmaceutical-grade amino acids and biodegradable materials enhances its competitive position in the global amino acid and fermentation industry [9][33]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 截至本公告日，合盛硅业股份有限公司（以下简称"公司"）控股股东宁波 合盛集团有限公司（以下简称"合盛集团"）持有公司股份464,840,177股，占公 司总股本的39.32%；合盛集团一致行动人罗立国直接持有公司股份10,558,753股， 占公司总股本的0.89%；合盛集团一致行动人罗烨栋直接持有公司股份 179,406,101股，占公司总股本的15.18%；合盛集团一致行动人罗燚直接持有公司 股份192,493,302股，占公司总股本的16.28%。本次质押及解质押后，合盛集团累 计质押股份为230,405,100股，占其所持股份比例的49.57%，占公司总股本比例的 19.49%；罗立国累计质押股份为0股；罗烨栋累计质押股份为94,100,000股，占其 所持股份比例的52.45%，占公司总股本比例的7.96%；罗燚累计质押股份为 55,500,000股，占其所持股份比例的28.83%，占公司总股本比例的4.69%。 截至本公告日，合盛集团及其一致行动人罗立 ...

2026 年 3 月 10 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】国内物价缘何超预期上行？——2026 年 2 月价格数据点评 2 月受春节错月、服务需求扩大以及国际油价和金价上涨影响，CPI 同比加快上行， 创近年新高。PPI 方面，在资源民族主义和美伊冲突的背景下，国际有色金属和原油 价格上涨，带动 PPI 同比降幅加快收窄。从国内外形势来看，物价回升的基本面在不 断加强。尤其是近期美伊局势大幅推升油价，加速物价回升趋势，预计在油价持续高 位运行的情况下，3 月份 PPI 同比或有望提前转正。 【策略】把握成长机遇——2026 年 3 月五维行业比较观点 3 月行业配置观点：关注成长及均衡风格。结合我们对于 3 月主观因素的判断，五维 行业比较框架视角下，预计市场风格或主要偏向成长及均衡，高估值板块相对更值得 关注。从打分的情况来看，电力设备、国防军工、电子、机械设备等行业得分较高， 未来或值得投资者重点关注。 行业研究 【房地产】【光大地产】核心城市楼市成交高频跟踪 20260309(增持) 截至 2026 年 3 月 8 日，20 城新房：累计成交 8.3 万套(-32.7%)；北京 ...

Core Viewpoint - The company plans to raise up to 5.8 billion yuan through a private placement of A-shares to fund the construction of a new power generation project and to supplement working capital and repay bank loans [4]. Group 1: Fundraising and Project Details - The company intends to issue shares to no more than 35 specific investors, with the total amount not exceeding 5.8 billion yuan [4]. - The funds will be used for the "Shanshan Silicon-based New Material Industry Base 8×75MW Back Pressure Unit Project (Phase I)," which has a total investment of 5.73 billion yuan, with 4.1 billion yuan planned to be raised from this issuance [4]. - The number of shares to be issued will not exceed 30% of the company's total share capital prior to the issuance, amounting to a maximum of 355 million shares [4]. Group 2: Project Significance and Construction - The project aims to support the integrated construction of the Shanshan base, which currently has an industrial silicon capacity of 800,000 tons/year and an organic silicon monomer capacity of 1 million tons/year, along with a 200,000 tons/year polysilicon capacity under construction [5]. - The project will consist of four 75MW back pressure units in both Phase I and Phase II, with a construction period of 24 months [5]. - This project will utilize low-quality coal through a clean and comprehensive utilization technology, providing stable and low-cost electricity and heat for the company [5]. Group 3: Financial Performance and Market Conditions - The company anticipates a significant decline in net profit for 2025, projecting a loss of 2.8 billion to 3.3 billion yuan, a year-on-year decrease of 261% to 290% [6]. - The decline is attributed to falling prices of industrial silicon and organic silicon products, with average market prices for metal silicon 553 and organic silicon DMC expected to drop by 27% and 12% respectively [6]. - Additionally, the company faces challenges in the polysilicon market, including high inventory levels and production line shutdowns, leading to substantial operational losses [6]. Group 4: Industry Outlook and Recovery - The organic silicon industry is expected to benefit from strengthened collaborative mechanisms, which aim to stabilize prices and reduce excessive competition [7]. - As of March 6, 2026, the domestic spot price for organic silicon DMC has increased by approximately 32.6% compared to the end of June 2025, indicating a recovery in prices [7]. - With a production capacity of 1.73 million tons/year for organic silicon monomers, the company is well-positioned to benefit from the anticipated improvement in the supply-demand dynamics of the organic silicon market [7].

增持（维持） 当前价：48.76 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 2026 年 3 月 9 日 公司研究 拟定增募集 58 亿元建设热电联产项目，有机硅盈利修复公司有望受益 ——合盛硅业（603260.SH）公告点评 | 总股本(亿股) | 11.82 | | --- | --- | | 总市值(亿元)： | 576.45 | | 一年最低/最高(元)： | 44.35/67.46 | | 近 3 月换手率： | 53.96% | 股价相对走势 -17% -7% 2% 12% 21% 03/25 06/25 09/25 12/25 合盛硅业 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -1.04 | -12.24 | -29.21 | | 绝对 | -2.28 | -10.89 | -10.58 | | 资料来源：Wind | | | | 要点 事件： 公司发布《2026 年度向特定对象发行 A 股股票预案》 ...

Summary of Organic Silicon Industry Conference Call Industry Overview - The organic silicon industry is facing an oversupply situation in 2025, with DMC average prices dropping to a historical low of 11,900 CNY/ton, leading to widespread losses and increased safety and environmental incidents due to extreme cost-cutting measures [1][2] - Major companies like Hoshine Silicon Industry have initiated a "reverse involution" strategy, reducing production by approximately 30% starting November 2025, which has helped DMC prices recover to around 14,300 CNY/ton, with net profits per ton improving to about 2,000 CNY [1][9] Supply and Demand Dynamics - China's production capacity accounts for 70%-80% of the global total, while overseas production is shrinking due to higher costs (3,000-4,000 CNY/ton more than domestic) [1][8] - The demand side shows structural differentiation: while the real estate sector is declining, emerging sectors like photovoltaics (20%+ growth), new energy vehicles (8kg+ per vehicle), and organic silicon leather are becoming key growth drivers [1][17] - By 2026-2027, there is no clear new capacity expected domestically, and if the collaborative production cuts continue, supply and demand may reach a temporary balance by the second half of 2027 [1][2] Price and Profitability - The average price of DMC in 2025 is projected to be around 11,900 CNY/ton, a decrease of 1,900 CNY/ton (13.8%) from 2024, marking a historical low [2] - Despite the recovery in prices, there are constraints on price increases, with a consensus cap around 15,000 CNY/ton to avoid triggering new entrants or regulatory scrutiny [1][10] Safety and Environmental Concerns - The industry has seen a rise in safety and environmental incidents due to reduced investment in safety measures during the cost-cutting phase [3][4] - The high-risk nature of the organic silicon production process has exacerbated these issues, leading to increased operational pressures on companies [4] Export Performance - The export performance in 2024 was strong, with a growth rate of over 30%, but is expected to slow to around 2% in 2025 due to high export volumes in 2024 leading to demand pull-forward [6][7] - The low-cost raw materials from China have provided competitive advantages for overseas companies, but also pressured their domestic production capacities [7][8] Global Supply Chain Changes - The ongoing geopolitical tensions, such as the Russia-Ukraine conflict, have led to increased energy and raw material costs in Europe, causing significant production challenges for overseas companies like Dow and Wacker [8][15] - Dow plans to close some overseas factories by 2026, further concentrating supply in China [1][8] Industry Collaboration and Future Outlook - The "reverse involution" strategy has gained traction, with significant participation from state-owned enterprises, leading to improved compliance and production cuts [9][18] - The industry is expected to remain in an oversupply situation until at least 2027, with potential for price stabilization if collaborative efforts continue [18][19] Key Risks and Uncertainties - The sustainability of industry collaboration remains uncertain, especially as profitability improves, which may lead to internal conflicts among companies [18][19] - The overall market sentiment is cautious, with concerns about potential price volatility due to safety incidents or other disruptions [18][26] Conclusion - The organic silicon industry is navigating a complex landscape of oversupply, price recovery, and emerging demand from new sectors, while facing significant operational and environmental challenges. The collaborative efforts among major players may provide a pathway to stabilize the market, but uncertainties remain regarding the sustainability of these initiatives and the overall health of the industry moving forward.

Group 1 - The People's Bank of China will implement a moderately loose monetary policy this year, utilizing various tools such as reserve requirement ratio cuts and interest rate reductions to ensure ample market liquidity and align social financing scale with economic growth and price level expectations [3] - The China Securities Regulatory Commission (CSRC) will introduce two new measures: deepening the reform of the ChiNext board with more inclusive listing standards and optimizing the refinancing mechanism to enhance efficiency for high-quality listed companies [4][11] - The global energy market has been severely impacted by the near "standstill" of commercial transportation in the Strait of Hormuz, with significant price increases in oil and natural gas [5][7] Group 2 - The National Development and Reform Commission (NDRC) expects this year's GDP increment to exceed 6 trillion yuan, supporting employment stability and risk prevention [8] - The Ministry of Finance announced a more proactive fiscal policy, with total expenditures exceeding 30 trillion yuan and new government bond issuance reaching a record high of 11.89 trillion yuan [9] - The CSRC has released new regulations on short-term trading, effective from April 7, 2026, to enhance market stability [12] Group 3 - The A-share market showed a mixed performance, with major indices experiencing fluctuations, while the Hong Kong stock market rebounded strongly [13][14] - The development of REITs in China is seen as a golden opportunity, with strong interest from various enterprises [14] - The CSRC is focusing on enhancing the stability and vitality of the capital market through various reforms and support measures [11][12]