人民财讯12月17日电，企查查APP显示，近日，新疆卓能煤业有限公司成立，法定代表人为贺长江，注 册资本为1500万元，经营范围包含：煤炭及制品销售；煤炭洗选；煤制活性炭及其他煤炭加工；矿物洗 选加工；选矿；煤炭开采等。企查查股权穿透显示，该公司由合盛硅业（603260）间接全资持股。 ...

Investment Strategy Overview - The report emphasizes two main investment themes for the chemical industry: anti-involution policies and domestic substitution, which are expected to drive recovery and growth in the sector [4][5][6] Anti-Involution and Cycle Recovery - The report suggests that the chemical industry is at a turning point, with anti-involution measures leading to a recovery in the cycle. Key areas include the peak of new capacity in organic silicon, the end of PTA capacity expansion, and a rebound in prices for certain chemicals due to supply chain disruptions [4][5] - The China Chemical Product Price Index (CCPI) has decreased significantly, dropping to 3865 points by November 30, 2025, down 16.37% from early 2024 and 10.71% from the beginning of 2025 [4][20] Domestic Substitution as a Growth Driver - Domestic substitution is highlighted as a key growth driver, with significant support from national policies for bio-based materials and advancements in technology leading to a more robust domestic supply chain [4][6] - The report identifies several companies positioned to benefit from these trends, including KaiSai Bio and RuiFeng New Materials, which are making strides in bio-based materials and lubricant additives, respectively [5][6] Market Dynamics and Price Recovery - The report notes that while the chemical market is experiencing a downturn, certain segments are expected to see price recovery due to improved supply-demand dynamics and reduced capacity expansion [4][22] - Specific chemical products have shown varied price movements, with some experiencing significant declines while others are stabilizing or recovering [22] Manufacturing Sector Recovery - The manufacturing sector is showing signs of recovery, which is anticipated to support the chemical industry. The report mentions that the real estate market is stabilizing, and automotive production has increased, indicating a potential uptick in demand for chemical products [25][33] Capital Expenditure Trends - Capital expenditure growth in the chemical industry is slowing, with a notable decline in new projects. The report indicates that the total construction in progress for the chemical sector was 327.57 billion yuan in Q3 2025, down 17.64% year-on-year [34][39] Inventory and Consumption Trends - High inventory levels in the chemical sector are being addressed as consumer demand begins to recover. The report suggests that the inventory-to-revenue ratio for the basic chemical industry was 0.62 in Q3 2025, indicating a slight increase from the previous year [41][42] Profitability and Financial Performance - The report highlights a recovery in profitability for the chemical industry, with gross margins and return on equity (ROE) showing improvement in Q3 2025 compared to previous periods [56][60] - Specific sub-sectors, such as agrochemicals and fluorochemicals, have demonstrated significant profit growth, with some exceeding 100% year-on-year increases [55][56]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [5] Core Views - The political bureau meeting emphasized the implementation of more proactive macro policies and the importance of expanding domestic demand and optimizing supply, which is expected to provide a clearer reversal signal for the chemical industry at the bottom of the cycle [2][3] - The chemical industry is currently at a historical low valuation, with a price-to-book (PB) ratio of 2.2, indicating significant upside potential [2][18] - The report highlights the importance of supply-side optimization and the potential for price recovery in industries with high concentration and low profitability [3][20] Summary by Sections 1. Core Insights of the Week - The report discusses the impact of the geopolitical situation on oil prices, with Brent oil closing at $61.28 per barrel, down $2.47 (-3.9%) from the previous week [17] - The Producer Price Index (PPI) has shown unexpected recovery, which has increased attention on the chemical sector [18] 2. Overall Performance of the Chemical Sector - The chemical sector index decreased by 2.2% in the week, ranking 26th among 31 industry sectors [24] - Year-to-date, the chemical sector index has increased by 25.0%, outperforming the Shanghai Composite Index by 9.0% [24][27] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the chemical sector, 97 stocks rose while 325 fell during the week [32] - The top gainers included companies like Bluestar Technology (+18.1%) and Qiaoyuan Co. (+15.2%) [34] 4. Key Investment Themes - **Theme One**: Focus on upstream resource assets with strong profit certainty, such as phosphorus and sulfur [19] - **Theme Two**: Emphasis on supply-side optimization and price elasticity in sectors like organic silicon and PTA [20] - **Theme Three**: Attention to low-valued leading companies in the sector, such as Wanhua Chemical and Hengli Petrochemical [22] - **Theme Four**: Investment in new productive forces aligned with green energy and semiconductor materials [23]

12月10日，合盛硅业方面告诉记者，"该平台的设立，旨在为行业内主要企业探索行业潜在战略合作机 会，如技术升级、市场拓展、产能与成本优化。它有利于多晶硅行业和光伏行业的健康发展，此次战略 规划的核心出发点并非单一企业的市场扩张，而是立足全行业的可持续发展"。 聚集主要多晶硅供应商 既有主流硅料厂商参与，也有光伏行业协会参与，光和谦成因此被业界视为传闻中的"硅料收储平台"。 对此，光伏行业协会目前尚未表态，称未来将统一回复。 就光和谦成具体股东来看，通威股份控股孙公司通威光伏科技（峨眉山）有限公司持股30.35%，认缴 注册资本为91050万元，协鑫科技旗下协鑫科技咨询服务（苏州）有限公司持股16.79%，上海东方希望 新能源科技有限公司、大全能源、新特能源、亚洲硅业（青海）股份有限公司和青海丽豪新能源科技有 限公司持股比例分别为11.3%、11.13%、10.12%、7.79%和5.13%。此外，北京中光同合能源科技有限公 司、新疆戈恩斯能源科技有限公司和青海南玻新能源科技有限公司的持股比例均低于5%。 每经记者｜朱成祥 每经编辑｜黄博文 12月9日，北京光和谦成科技有限责任公司（以下简称光和谦成）设立。 股 ...

逆周期布局产业链核心环节 总部位于浙江的合盛硅业是全球硅基新材料领域的"领头羊"，凭借独步全球的"煤—电—硅"一体化 产业链，其工业硅、有机硅单体产能多年蝉联全球榜首。 宏伟蓝图凝聚奋进力量，科技自强承载时代重任。"十五五"规划建议明确提出，"加快高水平科技 自立自强，引领发展新质生产力"，将科技创新摆在国家发展全局的重要位置。 中国中信金融资产坚决贯彻落实党中央决策部署，坚持将服务科技金融的着力点放在支持产业链供 应链关键环节和龙头企业发展上，通过"股权+债权""重组+纾困"等综合金融手段，精准对接科技企业融 资需求，以"金融向实、资本向科"的实际行动，诠释服务国家战略的责任担当。 聚焦"硬科技" 践行金融使命 《金融时报》记者在采访中了解到，当企业面临挑战时，中国中信金融资产浙江分公司和资产经营 一部火速组建精锐团队，千里奔赴新疆戈壁生产基地，深入企业一线，精准研判企业核心价值。聚焦企 业看家本领——工业硅主业，通过增资其核心子公司，并实施一揽子纾困方案，成功为企业"瘦身减 负"、降低杠杆。深度参与公司治理，助力企业练好"内功"，进一步筑牢全球成本竞争力的"护城河"。 激活科技、产业、金融循环 中国中信金 ...

12月9日，北京光和谦成科技有限责任公司（以下简称"光和谦成"）成立。 股东信息显示，光和谦成由通威股份旗下通威光伏科技（峨眉山）有限公司、协鑫科技旗下协鑫科技咨 询服务（苏州）有限公司、大全能源、新特能源等共同持股。值得一提的是，股东名单中还包含北京中 光同合能源科技有限公司，该公司为中国光伏行业协会的全资子公司。 光和谦成被业界视为光伏行业的"硅料收储平台"。值得注意的是，其亚硅业、弘元绿能和合盛硅业等硅 料厂商并未参股。 对此，弘元绿能证券部工作人员告诉《每日经济新闻》记者："公司硅料并不对外出售，主要供应公司 硅片业务。" 12月10日，合盛硅业告诉记者："该平台的成立旨在为行业内主要企业探索行业内潜在战略合作机会， 如技术升级、市场拓展、产能与成本优化。它有利于多晶硅行业和光伏行业的健康发展，此次战略规划 的核心出发点并非单一企业的市场扩张，而是立足全行业的可持续发展。" "硅料收储平台"来了？ 既有主流硅料厂商参与，也有光伏行业协会参与，光和谦成因此被业界视为传闻中的"硅料收储平台"。 对此，光伏行业协会目前尚未表态，称未来将统一回复。 具体来看，通威股份控股孙公司通威光伏科技（峨眉山）有限公司持 ...

12月9日，北京光和谦成科技有限责任公司（以下简称"光和谦成"）成立。 股东信息显示，光和谦成由通威股份旗下通威光伏科技（峨眉山）有限公司、协鑫科技旗下协鑫科技咨询服务（苏州）有限公司、大全能源、新特能源等 共同持股。值得一提的是，股东名单中还包含北京中光同合能源科技有限公司，该公司为中国光伏行业协会的全资子公司。 光和谦成被业界视为光伏行业的"硅料收储平台"。值得注意的是，其亚硅业、弘元绿能和合盛硅业等硅料厂商并未参股。 对此，弘元绿能证券部工作人员告诉《每日经济新闻》记者："公司硅料并不对外出售，主要供应公司硅片业务。" 12月10日，合盛硅业告诉记者："该平台的成立旨在为行业内主要企业探索行业内潜在战略合作机会，如技术升级、市场拓展、产能与成本优化。它有利 于多晶硅行业和光伏行业的健康发展，此次战略规划的核心出发点并非单一企业的市场扩张，而是立足全行业的可持续发展。" "硅料收储平台"来了？ 既有主流硅料厂商参与，也有光伏行业协会参与，光和谦成因此被业界视为传闻中的"硅料收储平台"。对此，光伏行业协会目前尚未表态，称未来将统一 回复。 具体来看，通威股份控股孙公司通威光伏科技（峨眉山）有限公司持股30. ...

截至12月10日收盘，有机硅概念下跌0.98%，位居概念板块跌幅榜前列，板块内，东岳硅材、晨光新 材、金银河等跌幅居前，股价上涨的有15只，涨幅居前的有华盛锂电、富祥药业、皇马科技等，分别上 涨7.72%、4.16%、1.27%。 今日涨跌幅居前的概念板块 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 688303 | 大全能源 | -4.08 | 0.96 | -7987.61 | | 603260 | 合盛硅业 | -3.13 | 1.33 | -3021.96 | | 600552 | 凯盛科技 | -0.70 | 1.25 | -1951.44 | | 600458 | 时代新材 | 0.46 | 0.89 | -1826.70 | | 300328 | 宜安科技 | -0.68 | 2.40 | -1659.37 | | 002091 | 江苏国泰 | -0.90 | 1.28 | -1637.27 | | 301300 | 远翔新材 | -3.64 | 9.47 | -1520.04 ...

2025 年 12 月 10 日 国泰海通证券股份有限公司 研究所 国泰海通晨报 [Table_Summary] 1、【非银行金融研究】投资银行业与经纪业：2025 年 11 月存量基金净流入。个人投资者风险偏 好略有好转，机构资金持续寻求收益增厚。绩效考核新规下发，行业更重投资者体验。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 刘欣琦(分析师) 021-38676647 liuxinqi@gtht.com S0880515050001 王思玥(分析师) 021-38031024 wangsiyue@gtht.com S0880525070022 推荐机构服务能力与投顾业务能力更强的券商，个股推荐中信证券、广发证券、华泰证券。 风险提示：权益市场大幅波动。 请务必阅读文章最后一页相关法律声明 1 of 11 行业跟踪报告：投资银行业与经纪业《绩效考核迎新规，行业 更重投资者体验》2025-12-09 2025 年 11 月 ...

（原标题：合盛硅业现3笔大宗交易 合计成交168.30万股） 合盛硅业12月9日大宗交易平台共发生3笔成交，合计成交量168.30万股，成交金额8086.82万元。成交价 格均为48.05元，相对今日收盘价折价12.19%。 进一步统计，近3个月内该股累计发生10笔大宗交易，合计成交金额为5.55亿元。 证券时报•数据宝统计显示，合盛硅业今日收盘价为54.72元，上涨2.51%，日换手率为1.01%，成交额为 6.37亿元，全天主力资金净流入1735.91万元，近5日该股累计下跌1.51%，近5日资金合计净流出1.35亿 元。 两融数据显示，该股最新融资余额为10.73亿元，近5日减少4264.19万元，降幅为3.82%。（数据宝） 12月9日合盛硅业大宗交易一览 | 成交 | 成交金 | 成交价 | 相对当 日 | | | | --- | --- | --- | --- | --- | --- | | 量 | 额 | 格 | 收盘折 | 买方营业部 | 卖方营业部 | | （万 股） | （万 元） | （元） | 溢价 | | | | | | | （%） | | | | 87.30 | 4194.77 | ...