Group 1 - The core point of the announcement is that the controlling shareholder's action person, Luo Yi, has partially released the pledge on his shares, which affects the overall shareholding structure of the company [2][3]. - As of the announcement date, Luo Yi directly holds 192,493,302 shares, accounting for 16.28% of the total share capital. After the release of the pledge, the total pledged shares by Luo Yi amount to 62,920,600 shares, which is 32.69% of his holdings and 5.32% of the company's total share capital [2]. - The combined shareholding of Hoshine Group and its action persons (Luo Liguan, Luo Yi, Luo Yedong) totals 929,105,229 shares, representing 78.59% of the total share capital. After the release of the pledge, the total number of pledged shares among them is 420,193,200, which is 45.23% of their total holdings and 35.54% of the company's total share capital [2]. Group 2 - The financial and credit status of Hoshine Group and its action persons is reported to be good, with future repayment sources primarily from operating income, investment returns, and dividends from held shares. The pledge risk is considered manageable, and there are no substantial factors that could lead to a change in control of the company [2]. - The company will continue to monitor the share pledge situation of Hoshine Group and its action persons, ensuring compliance with relevant regulations and timely information disclosure [3].

关于控股股东一致行动人部分股份解质押的公告 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： 截至本公告日，合盛硅业股份有限公司（以下简称"公司"）控股股东一致 行动人罗燚直接持有公司192,493,302股股份，占公司总股本16.28%。本次解质押 后，罗燚累计质押股份为62,920,600股，占其所持股份比例的32.69%，占公司总 股本比例5.32%。 截至本公告日，合盛集团及其一致行动人罗立国、罗燚、罗烨栋合计直接持 有公司股份929,105,229股，占公司总股本的78.59%。本次解质押后，合盛集团及 其一致行动人罗立国、罗燚、罗烨栋直接持有的公司股份中处于质押状态的股份 累计数为420,193,200股，占其合计所持公司股份总数的45.23%，占公司总股本的 35.54%。 证券代码：603260 证券简称：合盛硅业 公告编号：2025-047 合盛硅业股份有限公司 一、本次股份解质押的基本情况 二、股东累计质押股份情况 截至本公告披露日，上述股东及其一致行动人累计质押股份情况如下： 注：合计数与分 ...

Core Viewpoint - The company, Hesheng Silicon Industry, is facing significant financial challenges, including its first-ever loss, high inventory levels, and substantial debt, primarily due to a downturn in the photovoltaic industry and aggressive expansion strategies [10][11][38]. Group 1: Financial Performance - Hesheng Silicon Industry announced a projected net loss of 300 to 400 million yuan for the first half of the year, marking its first loss since going public in 2012 [10][11]. - The company's revenue has shown a stark contrast to its declining net profit, which fell from 8.22 billion yuan in 2021 to an estimated 1.74 billion yuan in 2024, representing a nearly 80% drop [13][21]. - The company reported a significant cash outflow, with a total of 31.56 billion yuan lost over two years, leading to a total debt of 29.8 billion yuan, which has increased over fivefold since 2020 [38][39]. Group 2: Inventory and Expansion - Hesheng Silicon Industry has accumulated over 9.5 billion yuan in inventory, a 33.02% increase year-on-year, with significant portions of this inventory being unsold products [32][34]. - The company invested over 80.5 billion yuan in 11 expansion projects from 2021 to 2023, which is nearly equivalent to its total asset size at the end of 2023 [26][28]. - The rapid expansion has resulted in fixed assets and construction in progress reaching 68.5 billion yuan, a nearly fivefold increase from 2019 [28]. Group 3: Market Conditions - The photovoltaic industry has experienced a downturn, with industrial silicon prices dropping by 16.36% from 2023 to 2024, significantly impacting the company's profitability [21][22]. - The company has faced challenges in selling its products, with a reported 5,000 tons of polysilicon produced being retained for self-use rather than sold due to unfavorable market conditions [30]. - The overall market for photovoltaic installations has seen a drastic decline, with new installations dropping by nearly 90% year-on-year in June 2025 [36]. Group 4: Shareholder Actions - Major shareholders, including Hesheng Group and Fuda Industrial, have significantly reduced their stakes, with total divestments amounting to 11.4 billion yuan [7][6]. - The company has relied heavily on its controlling shareholder for financial support, with 9.5 billion yuan injected through two rounds of private placements between 2021 and 2022 [44].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002037 | 保利联合 | 13.75 | -10.01% | 96.83万 | 13.58亿 | | 300821 | 东岳硅材 | 9.76 | -5.88% | 54.03万 | 5.41亿 | | 603260 | 台盛硅业 | 52.65 | -5.22% | 12.91万 | 6.88亿 | | 002497 | 雅化集团 | 13.93 | -4.85% | 151.50万 | 21.44亿 | | 002827 | 高争民爆 | 50.32 | -4.35% | 34.89万 | 17.78亿 | | 002549 | 凯美特气 | 11.79 | -4.30% | 68.38万 | 8.19亿 | | 920016 | 中草香料 | 25.26 | -4.25% | 2.46万 | 6322.38万 | | 300637 | 扬帆新材 | 11.87 | -4.20% | 17.61万 | 2.13亿 | | 000565 | ...

A股午后光伏概念持续走弱，大全能源、通威股份、亿晶光电均跌超5%，晶澳科技、合盛硅业、爱旭 股份、福莱特等跌幅靠前。 ...

光伏概念持续下挫 大全能源等多股跌超5% 智通财经7月31日电，午后光伏概念持续走弱，大全能源、通威股份、亿晶光电均跌超5%，晶澳科技、 合盛硅业、爱旭股份、福莱特等跌幅靠前。 ...

Core Viewpoint - The article discusses the recent rumors regarding a restructuring plan in the photovoltaic industry, specifically in the polysilicon sector, which were later debunked by the China Photovoltaic Industry Association. The article emphasizes the ongoing challenges in the polysilicon market and the need for industry consolidation to address overcapacity and financial losses [3][6]. Group 1: Industry Restructuring Rumors - Rumors circulated about a closed-door meeting on July 29, where a "white paper" for industry restructuring was supposedly created, involving 11 polysilicon companies forming a joint venture to consolidate 70,000 tons of capacity [4]. - The proposed acquiring companies included six traditional giants and five emerging firms, indicating a significant shift in industry dynamics [4]. - The exit of six notable companies from the market signals a major reshuffling within the industry [5]. Group 2: Market Conditions and Responses - The polysilicon industry has faced a severe downturn, with prices plummeting from nearly 300,000 yuan per ton in 2022 to around 40,000 yuan currently, leading to widespread losses [5]. - The urgency for consolidation stems from the industry's prolonged struggles, with many companies on the brink of failure, necessitating a market-driven solution to avoid chaotic exits [5][10]. - The article highlights the government's proactive stance in addressing the issue of excessive competition and guiding the industry towards healthier development [5][10]. Group 3: Historical Context and Policy Implications - The article references past discussions on supply-side reforms in the photovoltaic sector, including targets for capacity reduction and efficiency improvements [8][9]. - It notes that the government's recognition of the detrimental effects of "involution" in manufacturing has led to a renewed focus on restructuring and efficiency [10][11]. - The divergence in market outlooks between domestic and foreign analysts is attributed to differing interpretations of government policy impacts on the industry [10].

另有业内人士坦言，当前市场传闻信息太多，真真假假难以辨别，市场对相关信息也十分敏感。7月29 日国内商品期货收盘，多晶硅等涨逾3%。 值得注意的是，光伏行业协会并未明确提及澄清事项的具体细节。记者从业内多方获悉，光伏行业协会 本次澄清内容或与市场传闻的多晶硅行业以大收小的收储事项有关，据了解，被收购的多晶硅产能涉及 信义、南玻、宝丰、润阳、合盛硅业（603260）等多家企业。谈及该事项时，业内人士认为，多晶硅收 储的进展还是取决于谈判情况，"此外，关键还是要去库存，有库存的公司应该停产去库存，不然，即 使完成多晶硅环节的以大收小，也没法分配接下来的开工负荷。" 人民财讯7月29日电，7月29日晚间，中国光伏行业协会在官方微信公众号上发布一则澄清信息，称近日 有部分自媒体发布了关于光伏行业反内卷，特别是多晶硅方面工作的新闻。该协会称"相关内容与实际 情况严重不符，请大家不信谣，不传谣"。协会表示，将秉着法制化、市场化原则推进反内卷工作，力 求尽快走出内卷式恶性竞争，请大家一切以官方发布信息为准，并感谢大家对光伏行业的支持，坦言任 重道远。 ...

Summary of Key Points from the Conference Call Industry Overview - The chemical industry has experienced fluctuations in operating rates, currently recovering to 72%, but there is a severe oversupply in products related to new energy, such as industrial silicon [1][2] - Major companies like Wanhua Chemical and Hualu Hengsheng have healthy cash flows and profitability, outperforming overseas competitors, which may lead to an optimization of the domestic chemical industry landscape as foreign companies exit [1][3] - Fixed asset investment in the chemical industry has turned negative at -1.1%, indicating a potential end to natural attrition [1][4] Organic Silicon Industry Insights - The organic silicon industry is expected to see no new capacity additions from 2025 to 2026, suggesting a potential recovery from the bottom [1][4][9] - The organic silicon supply chain shows that polysilicon is the largest downstream segment, accounting for 55%, while organic silicon represents 27.6% [1][6] - The DMC (Dimethylcyclosiloxane) price is currently around 12,500 RMB/ton, with a profit margin of approximately 1,300 RMB/ton, which is at a decade low [2][13] - The total capacity of the organic silicon industry is projected to reach 3.44 million tons by 2025, having doubled since 2019 [1][8] Demand and Market Dynamics - The apparent demand growth for organic silicon is forecasted at 21% for 2024, with export growth at 34%, driven by the exit of overseas capacity and increased domestic demand from the photovoltaic and new energy sectors [1][10] - In the first half of 2025, the apparent demand growth reached 23.9%, although export growth saw a decline due to trade relations [11] - The organic silicon industry is currently in a favorable improvement trend, with a CR3 of 45.9% and CR5 of 61.9%, indicating a high concentration in the market [12] Industrial Silicon Sector - The industrial silicon sector is characterized as high energy consumption and low value, with a total capacity of 7.48 million tons, primarily concentrated in the Yunnan, Guizhou, and Sichuan regions [2][16][17] - Current industrial silicon prices are around 9,600 RMB/ton, with mid-tier companies struggling to remain profitable [2][18] - The market outlook for industrial silicon is optimistic due to the potential for effective regulation and the implementation of anti-involution measures [19] Key Companies and Investment Opportunities - Key companies in the organic silicon sector include Hoshine Silicon Industry, which has a DMC capacity of 880,000 tons, holding a market share of 25.6% [2][14] - Other notable companies include Dongyue Group, Xian Chemical, and Luxi Chemical, which also have significant capacities and potential for profit growth [14][15][21] - The potential for profit improvement in the organic silicon sector is significant, driven by demand growth and the exit of less competitive players [7][12] Conclusion - The chemical industry, particularly the organic silicon segment, is poised for recovery with no new capacity additions expected in the near term, while the industrial silicon sector faces challenges but shows signs of potential improvement through regulatory measures and market dynamics [1][4][19]

Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook due to the anticipated benefits from anti-involution policies [2]. Core Insights - The chemical industry is expected to benefit from the implementation of anti-involution policies, which aim to reduce unhealthy competition and improve pricing structures [13][14]. - The report highlights that certain chemical products are currently at historical low prices, suggesting potential for price recovery as market conditions improve [15]. - The focus is on eight specific products with significant price recovery potential: spandex, organic silicon, PVC, titanium dioxide, soda ash, propylene oxide, glyphosate, and TDI [15]. Summary by Sections Anti-Involution Policies - The government is committed to addressing "involution-style" competition, with plans for new policies to stabilize key industries including chemicals [13][14]. - The aim is to eliminate low-cost sales practices that have led to unsustainable pricing and profitability issues within the industry [14]. Spandex Market - Spandex prices have reached historical lows, with a steady increase in production and inventory pressures [19][22]. - The spandex market is dominated by major players such as Huafeng Chemical and Xinxiang Chemical Fiber, which hold significant market shares [29][40]. Organic Silicon Market - Organic silicon prices are at a five-year low, with a diverse range of applications across various industries [44][49]. - The industry is characterized by limited new capacity additions, with major producers like Hoshine Silicon and Dongyue Group leading the market [55]. PVC Market - PVC is a widely used plastic, primarily in the real estate sector, and is expected to benefit from the consolidation of production capacity [6][19]. - Key companies in the PVC market include Zhongtai Chemical and Xinjiang Tianye, which are positioned to capitalize on market recovery [6]. Titanium Dioxide Market - Titanium dioxide prices have hit five-year lows, with high inventory levels impacting profitability [6][19]. - Major players in this sector include China Nuclear Titanium Dioxide and Longbai Group, which are expected to navigate the challenging market conditions [6]. Soda Ash Market - The soda ash market is facing high inventory levels, with significant applications in real estate and photovoltaic industries [6][19]. - Key companies include Boyuan Chemical and Shandong Haihua, which are well-positioned to benefit from future demand recovery [6]. Propylene Oxide Market - Propylene oxide has a low concentration of production capacity, with broad applications across various sectors [6][19]. - Key players include Binhai Chemical and Weiyuan Chemical, which are expected to benefit from market dynamics [6]. Glyphosate Market - Glyphosate is the most widely used herbicide globally, with increasing demand driven by rising agricultural output [6][19]. - Major companies in this space include Xingfa Group and Jiangshan Chemical, which are positioned to benefit from a favorable market environment [6]. TDI Market - TDI supply-demand dynamics remain tight due to production disruptions, with significant barriers to entry for new players [6][19]. - Key companies include Cangzhou Dahua and Wanhua Chemical, which are expected to maintain strong market positions [6].