Core Viewpoint - The Ministry of Commerce of China has initiated an anti-dumping investigation into imports of dichlorosilane from Japan, which is expected to impact the domestic market and local manufacturers significantly [6][3]. Group 1: Investigation Details - The anti-dumping investigation period is set from July 1, 2024, to June 30, 2025, with the damage investigation period from January 1, 2022, to June 30, 2025 [6][3]. - The investigation officially commenced on January 7, 2026, and is expected to conclude by January 7, 2027, with a possible extension of six months under special circumstances [6][3]. Group 2: Market Impact - The quantity of dichlorosilane imported from Japan has been increasing, while prices have dropped by 31% from 2022 to 2024, leading to a decline in domestic manufacturers' capacity utilization from 82% to 61% [3][7]. - If dumping is confirmed, it may lead to anti-dumping duties, increasing import costs and narrowing the price gap with domestic products, which would benefit local companies [9][4]. Group 3: Domestic Production Capacity - China's total production capacity for dichlorosilane is approximately 190,000 tons per year, with 150,000 tons for industrial grade and 40,000 tons for electronic grade [8][4]. - Major players in the market include: - Hoshine Silicon Industry: 125,000 tons total capacity [9] - Xin'an Chemical: 20,000 tons electronic grade capacity [9] - Yake Technology: 5,200 tons electronic grade capacity [9] - Sanfu Technology: 5,000 tons electronic grade capacity [9] - Dongyue Group: 15,000 tons combined capacity [9]. Group 4: Market Growth Projections - The market size for dichlorosilane in China is projected to reach 2.58 billion yuan in 2024, with an expected compound annual growth rate of 12.3% from 2025 to 2030, potentially exceeding 5 billion yuan by 2030 [9][4]. - The anti-dumping investigation is anticipated to accelerate the domestic production of electronic grade dichlorosilane, with the localization rate expected to rise from 32% in 2027 to over 45% [9][4].

Core Viewpoint - The stock of Hesheng Silicon Industry has experienced fluctuations, with a recent decline of 2.02%, and the company is facing challenges reflected in its financial performance, including a significant drop in revenue and net profit [1][2]. Group 1: Stock Performance - As of January 8, Hesheng Silicon Industry's stock price was 55.89 yuan per share, with a market capitalization of 66.074 billion yuan [1]. - The stock has increased by 6.05% year-to-date, with a 4.12% rise over the last five trading days and a 13.44% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Hesheng Silicon Industry reported a revenue of 15.206 billion yuan, a year-on-year decrease of 25.35%, and a net profit attributable to shareholders of -321 million yuan, reflecting a 122.10% decline [2]. - Cumulatively, the company has distributed dividends totaling 5.321 billion yuan since its A-share listing, with 2.366 billion yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 14.42% to 50,900, while the average number of circulating shares per person decreased by 12.60% to 23,235 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 9.8906 million shares, a decrease of 4.7133 million shares from the previous period [3].

（文章来源：证券日报） 证券日报网讯 1月7日，合盛硅业发布公告称，控股股东合盛集团新增质押200万股，占其持股0.41%； 一致行动人罗燚解除质押3653.31万股，占其持股18.98%。质押后合盛集团累计质押约2.36亿股，占其 持股48.44%；罗燚剩余质押5906.75万股，占其持股30.69%。 ...

每经头条（nbdtoutiao）——十年首现，沪指连续站稳关键位置！高盛：建议高配中国股票！券商分析 师：人民币升值等因素加速跨境资本回流 每经AI快讯，合盛硅业1月7日晚间发布公告称，本次质押及解质押后，合盛集团累计质押股份约为2.36 亿股，占其所持股份比例的48.44%，占公司总股本比例的19.94%；罗燚累计质押股份约为5907万股， 占其所持股份比例的30.69%，占公司总股本比例的5%。 （记者 曾健辉） ...

证券代码：603260 证券简称：合盛硅业 公告编号：2026-001 合盛硅业股份有限公司 二、本次股份解质押的基本情况 | 股东名称 | 罗燚 | | --- | --- | | 本次解质股份数量 | 36,533,100 股 | | 占其所持股份比例 | 18.98% | | 占公司总股本比例 | 3.09% | | 解质时间 | 2026/1/5 | | 持股数量 | 192,493,302 股 | | 持股比例 | 16.28% | | 本次质押及解质押后剩余被质押股份数量 | 股 59,067,500 | | 本次质押及解质押后剩余被质押股份数量占 | 30.69% | | 其所持股份比例 | | | 本次质押及解质押后剩余被质押股份数量占 | 5.00% | | 公司总股本比例 | | 三、股东累计质押股份情况 关于控股股东及其一致行动人部分股份质押及解质押的公告 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"）控股股东宁波 合盛集团有限公司（ ...

Group 1 - The core viewpoint of the news is that 合盛硅业 (Hesheng Silicon Industry) has shown a positive stock performance recently, with a 9.22% increase in stock price since the beginning of the year and a significant rise in the last 60 days [1] - As of January 7, the stock price reached 57.56 yuan per share, with a total market capitalization of 680.48 billion yuan [1] - The company specializes in the research, production, and sales of silicon-based new materials, including industrial silicon and organic silicon, with the main revenue sources being organic silicon (47.69%) and industrial silicon (41.01%) [1] Group 2 - As of September 30, the number of shareholders increased by 14.42% to 50,900, while the average circulating shares per person decreased by 12.60% to 23,235 shares [2] - For the period from January to September 2025, the company reported a revenue of 15.206 billion yuan, a year-on-year decrease of 25.35%, and a net profit attributable to shareholders of -321 million yuan, a decrease of 122.10% [2] - The company has distributed a total of 5.321 billion yuan in dividends since its A-share listing, with 2.366 billion yuan distributed in the last three years [3]

中信建投证券研报指出，2025年以来，受到低迷的产品价格影响，合盛硅业盈利有所下滑。但一方面目 前公司主要产品价格都在底部，可以说价格继续下行的空间已经不大。另一方面，25年下半年以来，在 有机硅、多晶硅行业均已经看到了"反内卷"相关政策或举措的落地。综合而言，认为行业景气度将逐步 回暖，带动公司盈利的逐步回升。公司作为硅行业龙头，仍然有充分投资价值。目前产业链景气度仍然 低迷，但反内卷之下，行业反转的曙光已现，后续可预期公司聚焦在优势的工业硅、有机硅业务，且盈 利随着行业转暖不断改善，债务问题也有望在进一步的盈利回升、股权融资之下得到有效缓解。维持对 公司的"买入"评级。 ...

Core Viewpoint - The report from CITIC Securities indicates that since 2025, the profitability of Hoshine Silicon Industry has declined due to sluggish product prices, but the current prices are at a low point with limited room for further decline [1] Industry Summary - The organic silicon and polysilicon industries have seen the implementation of "anti-involution" policies or measures since the second half of 2025, suggesting a gradual recovery in industry prosperity [1] - The overall industry environment remains weak, but signs of a turnaround are emerging under the anti-involution context [1] Company Summary - As a leading company in the silicon industry, Hoshine Silicon Industry still holds significant investment value [1] - The company is expected to focus on its strengths in industrial silicon and organic silicon businesses, with profitability improving as the industry warms up [1] - Debt issues are anticipated to be effectively alleviated through further profit recovery and equity financing [1] - The company maintains a "buy" rating [1]

Group 1 - The organic silicon concept declined by 0.99%, ranking among the top declines in the concept sector, with notable declines in stocks such as Jitai Co., Sanyou Chemical, and Huasheng Lithium [1] - The top gainers in the organic silicon sector included Shengbang Co., Tianci Materials, and ST Xinya, with increases of 3.00%, 2.14%, and 1.11% respectively [1] - The organic silicon concept saw a net inflow of 230 million yuan, with 37 stocks experiencing net outflows, and the largest outflow was from Dongyue Silicon Material, which saw a net outflow of 55.09 million yuan [1][2] Group 2 - The top stocks with net inflows included Tianci Materials, Delian Group, and Hengxing Technology, with net inflows of 705 million yuan, 3.75 million yuan, and 2.18 million yuan respectively [3] - The stocks with the largest net outflows also included Fuxiang Pharmaceutical, Xiangyuan New Materials, and Hesheng Silicon Industry, with net outflows of 45.62 million yuan, 37.89 million yuan, and 30.40 million yuan respectively [1][2]

Core Viewpoint - The silicon-based new materials industry in China is transitioning from low-price competition to value competition, driven by policy guidance, innovation, and industry collaboration [1][3][4]. Group 1: Industry Challenges - The silicon-based new materials sector has faced structural contradictions due to rapid capacity expansion, particularly in the organic silicon field, where annual capacity growth exceeded 15% while market demand grew only 8%-10% [2]. - Companies are engaged in price wars, with some selling below cost, leading to significant profit margin compression and reduced investment in R&D and innovation [2][3]. - Product homogeneity is prevalent, with many small enterprises lacking core technology and focusing on low-value products, while high-end products remain heavily reliant on imports [2]. Group 2: Policy and Industry Response - In response to the low-price competition, leading companies like Hoshine Silicon Industry have taken the initiative to promote self-discipline and industry consensus to combat price wars [3][4]. - The Chinese government has introduced policies to regulate market competition, including a notice from the National Development and Reform Commission aimed at curbing disorderly pricing practices [3][4]. Group 3: Value Creation and Innovation - Hoshine Silicon Industry emphasizes internal transformation through refined management, technological innovation, and industry chain collaboration to enhance resilience and break free from price competition [5][6]. - The company has maintained a research and development expenditure growth rate of over 20% annually, significantly above the industry average, and has established partnerships with academic institutions to foster innovation [6]. Group 4: Market Recovery and Future Outlook - Since 2025, the organic silicon industry has seen improvements in supply-demand dynamics, with core product prices rebounding and profitability recovering among leading companies [7]. - The demand is shifting towards high-value sectors such as new energy vehicles, photovoltaics, and 5G communications, while the capacity expansion cycle has ended, indicating a transition towards green transformation and technological upgrades in the silicon-based new materials sector [7].