Core Viewpoint - Fuda Industrial plans to fully divest its 2.29% stake in Hosheng Silicon Industry, citing personal funding needs, which may lead to significant market reactions and impact the company's stock price [2][3]. Shareholder Actions - Fuda Industrial intends to reduce its holdings by up to 27.07 million shares within three months, with a potential cash-out of approximately 1.584 billion yuan based on the closing price of 58.51 yuan per share [2]. - This divestment will be executed through a combination of centralized bidding and block trading, with specific limits on the number of shares sold through each method [2]. Historical Context - Fuda Industrial has been gradually reducing its stake in Hosheng Silicon since 2018, having previously held 24.62% at the time of the company's IPO in 2017 [4]. - Over the past seven years, Fuda has conducted seven rounds of share reductions, totaling 171 million shares and approximately 13.402 billion yuan in cash [6]. Financial Performance - Hosheng Silicon has faced significant financial challenges, reporting its first loss since going public in the first half of 2025, with a revenue drop of 26.34% year-on-year [7]. - The company reported a cumulative revenue of 15.206 billion yuan for the first three quarters of 2025, down 25.35% year-on-year, with a net loss of 321 million yuan [7]. Industry Outlook - The silicon-based materials sector is under pressure due to supply-demand imbalances in the industrial silicon and polysilicon markets, leading to price declines [7]. - Hosheng Silicon's management acknowledges the industry's current challenges but sees signs of recovery driven by national policies and market adjustments [8][9].

Core Viewpoint - The announcement from Hoshine Silicon Industry indicates that shareholder Fuda Industrial plans to reduce its holdings due to financial needs, which may impact the company's stock performance and investor sentiment [1][3]. Shareholder Reduction Plan - Fuda Industrial intends to reduce up to 27.07 million shares, representing 2.29% of the total share capital and 100% of its holdings [1][3]. - The reduction will occur between November 14, 2025, and February 13, 2026, with a maximum of 11.82 million shares sold through centralized bidding (1% of total share capital) and 15.25 million shares through block trading (1.29% of total share capital) [3]. Financial Implications - The estimated cash amount from this reduction, based on the closing price of 58.51 yuan per share, is approximately 1.584 billion yuan [3]. - Fuda Industrial acquired these shares before the IPO, indicating a long-term investment strategy prior to this planned reduction [3]. Company Overview - Hoshine Silicon Industry specializes in the research, production, and sales of silicon-based new materials, including industrial silicon, organic silicon, and polysilicon [3]. - The company's latest market capitalization is approximately 69.17 billion yuan [3]. Performance Metrics - For the first three quarters of 2025, Hoshine Silicon reported revenue of 15.206 billion yuan, a year-on-year decrease of 25.35% [3]. - The net profit attributable to shareholders was -321 million yuan, reflecting a year-on-year decline of 122.1% [3]. - The net profit excluding non-recurring items was -271 million yuan, down 120.61% year-on-year [3].

Group 1 - The controlling shareholder of Hoshine Silicon Industry, Ningbo Hoshine Group, holds approximately 487 million shares, accounting for 41.16% of the total share capital [1] - After the recent pledge and release of shares, Hoshine Group has pledged a total of approximately 242 million shares, which is 49.78% of its holdings and 20.49% of the company's total share capital [1] - Hoshine Group and its concerted actors, including Luo Liguan, Luo Yi, and Luo Yedong, collectively hold about 869 million shares, representing 73.52% of the total share capital [1] Group 2 - The total number of pledged shares by Hoshine Group and its concerted actors amounts to approximately 433 million shares, which is 49.83% of their total holdings and 36.64% of the company's total share capital [1] - For the fiscal year 2024, Hoshine Silicon Industry's revenue composition is as follows: non-metal smelting accounts for 51.56%, the chemical industry accounts for 45.71%, and other businesses account for 2.73% [1] - As of the announcement date, Hoshine Silicon Industry has a market capitalization of 68.8 billion yuan [1]

Group 1 - Xinpeng Co., Ltd. provided a guarantee of 50 million yuan for its wholly-owned subsidiary, increasing the total guarantee amount to 1.258 billion yuan, which is 115.47% of the latest audited net assets [1] - Yonggui Electric's subsidiary signed a contract worth 15.8652 million yuan with CRRC Zhuzhou for supplying components for the Wuhan rail transit project [1] - Huada Technology secured project designations from multiple domestic automakers and battery companies, with a total expected sales amount of 2.9 billion yuan, over 80% of which is related to new energy projects [2] Group 2 - China National Machinery International signed a contract for a 5.71 billion yuan hospital construction project in Iraq, which represents 4.68% of the company's expected revenue for 2024 [3] - Fangzhi Technology plans to acquire 100% of Zhixiang Technology for 116 million yuan, focusing on AI-driven smart learning and sports solutions [4] - Demingli is in the early stages of planning a refinancing initiative, with no specific details on the amount or method yet [5] Group 3 - Hesheng Silicon Industry announced a shareholder's plan to reduce holdings by up to 2.29%, equating to 27.0706 million shares [7] - ST Lanhua's subsidiary plans to invest up to 65 million yuan in a juice beverage project in Chongqing [8] - Ruizhi Pharmaceutical developed an automated synthesis system for antibody-drug conjugates and nucleoside monomers in collaboration with East China Normal University [9] Group 4 - Lianying Laser's controlling shareholder intends to reduce holdings by up to 3 million shares, representing 0.88% of the total share capital [10] - Songyuan Safety's controlling shareholder plans to reduce holdings by up to 1% of the total share capital [12] - ST Kaixin's actual controller and major shareholders plan to transfer 5% of the company's shares at a price of 27.85 yuan per share [13] Group 5 - Bojun Technology plans to invest approximately 1 billion yuan in a new automotive parts production base, aiming for an annual capacity of 24 million sets [13] - Litong Electronics' controlling shareholder committed to not reducing holdings for 24 months, while other shareholders plan to reduce a total of 3.03% of shares [14] - Yaoyigou's actual controller intends to transfer 5.23% of shares to a company director at a price of 24 yuan per share [15] Group 6 - Baiwei Storage submitted H-share listing application materials to the China Securities Regulatory Commission [18] - Jinshi Yaya obtained a drug registration certificate for glucosamine sulfate capsules, which are suitable for osteoarthritis treatment [19] - Shangtai Technology plans to invest approximately 4.07 billion yuan in a lithium-ion battery anode material project [19] Group 7 - Xinlitai's shareholder plans to reduce holdings by up to 800,000 shares, representing 0.07% of the total share capital [20] - Yunnan Baiyao elected Zhang Wenxue as the chairman of the board for a three-year term [21] - Huading Co., Ltd. announced that two shareholders plan to reduce their holdings by up to 3% of the total share capital [23] Group 8 - Jiahua Technology's shareholder plans to reduce holdings by up to 0.65% of the total share capital [25]

证券代码：603260 证券简称：合盛硅业 公告编号：2025-076 一、本次股份质押的基本情况 二、本次股份解质押的基本情况 合盛硅业股份有限公司 关于控股股东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（以下简称"合盛集团"）直接持有公司股份486,647,073股， 占公司总股本的41.16%。本次质押及解质押后，合盛集团累计质押股份为 242,259,100股，占其所持股份比例的49.78%，占公司总股本比例的20.49%。 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869,105,229股，占公司总股本的73.52%。本次质押及解质押后，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433,103,200股，占其合计所持公司股份总数的49.83%，占公司总 股本的36.64%。 公司于近日接到控股股东合盛 ...

Core Viewpoint - The major shareholder, Fuda Industrial, plans to reduce its stake in Hesheng Silicon Industry due to funding needs, which reflects the company's ongoing operational pressures and declining profitability [1][3]. Shareholder Actions - Fuda Industrial intends to reduce its holdings by up to 11.82 million shares through centralized bidding and up to 15.25 million shares through block trading, totaling a maximum of 27.07 million shares, representing 2.29% of the company's total equity [1][2]. - Prior to this reduction, Fuda Industrial held 27.07 million unrestricted shares, making it the fifth-largest shareholder. If the reduction is fully executed, Fuda will exit its position entirely [2]. - Fuda Industrial initially held 165 million shares at the time of Hesheng's IPO, representing 24.62% of the company, but has been gradually reducing its stake since 2018, having already cashed out over 10 billion yuan through multiple reductions [2]. Company Performance - Hesheng Silicon Industry, a leader in the silicon-based materials sector, has faced significant operational challenges, particularly in the competitive crystalline silicon photovoltaic industry, leading to a sharp decline in profitability [3]. - The company's net profit dropped from 8.22 billion yuan in 2021 to 1.54 billion yuan in 2024, with a further decline expected in 2025 [3]. - For the first three quarters of 2025, Hesheng reported a revenue of 15.206 billion yuan, a year-on-year decrease of 25.35%, and a net loss of 321 million yuan, a decline of 122.1% [3]. - However, in Q3 of this year, the company saw a turnaround with a net profit of 76 million yuan and a 14.92% increase in revenue to 5.430 billion yuan, driven by rising prices and volumes in industrial silicon [3].

Core Viewpoint - Fuda Industrial plans to reduce its holdings in Hoshine Silicon Industry Co., Ltd. due to funding needs, with a maximum reduction of 27,070,548 shares, representing approximately 2.29% of the company's total share capital [1][2]. Summary by Relevant Sections Shareholding Reduction Plan - Fuda Industrial intends to sell up to 27,070,548 shares within three months from the announcement date, with a breakdown of 11,822,069 shares through centralized bidding and 15,248,479 shares via block trading [1]. - The estimated cash amount from this reduction, based on the closing price of 58.51 yuan on November 10, is approximately 1.584 billion yuan [1]. Historical Shareholding and Reductions - Fuda Industrial initially held 165 million shares, accounting for 24.62% of the total share capital, and has cumulatively reduced its holdings by 171 million shares since December 2018, realizing approximately 13.402 billion yuan in cash [2]. - The historical reduction data shows various periods of share sales, with significant reductions occurring in 2022 and 2023, impacting the ownership percentage over time [3]. Financial Performance of Hoshine Silicon - For the third quarter of 2025, Hoshine Silicon reported revenues of 15.206 billion yuan, a year-on-year decrease of 25.35%, and a net profit attributable to shareholders of -321 million yuan [4]. - The company's revenue figures from 2021 to 2024 indicate a declining trend, with revenues of 21.385 billion yuan in 2021, 23.657 billion yuan in 2022, and 26.692 billion yuan in 2024, alongside decreasing net profits [4][8].

Core Viewpoint - Multiple shareholders and actual controllers of various companies are planning to reduce their stakes, indicating potential shifts in ownership and market sentiment [1] Shareholder Reductions - Daily Interaction's actual controller's concerted actor plans to reduce holdings by no more than 1% [1] - MaiPu Medical's shareholder Guoshou Chengda intends to reduce holdings by no more than 1% [1] - New Open Source's director Hua Mengyang plans to reduce holdings by no more than 2 million shares [1] - Colorful Chemistry's shareholder Beijing Fengyan aims to reduce holdings by no more than 0.9829% [1] - Mingchen Health's actual controller Chen Qinfang plans to reduce holdings by no more than 3% [1] - Huayang Intelligent's shareholder Fosun Weiying intends to reduce holdings by no more than 5% [1] - Hesheng Silicon Industry's shareholder Fuda Industrial plans to reduce holdings by no more than 27.0705 million shares [1] - Lianying Laser's actual controller Niu Zengqiang plans to reduce holdings by no more than 3 million shares [1] - Sanmei Co., Ltd.'s controlling shareholder and actual controller Hu Rongda intends to reduce holdings by no more than 3% [1] - Zhongzhou Special Materials' actual controller Feng Mingming plans to reduce holdings by no more than 1.22% [1] - Shoulu Hotel's Ctrip Shanghai has reduced holdings by 2.26% [1] Other Notable Events - *ST Gao Hong's stock is set to be delisted and removed from trading [1] - *ST Yuancheng has received a notice regarding the proposed termination of its stock listing [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold prices are expected to be strongly volatile in the short - term, but whether they can continue to rise and start the next wave of the market remains to be observed [12]. - The US dollar is expected to weaken in the short - term [16]. - For stock indices, a balanced long - position allocation is recommended [20]. - US stock index futures should be treated with a bullish mindset [26]. - The bond market is expected to be in a state of oscillation, and short - term trading is not recommended to chase long positions [29]. - For various commodities, different investment suggestions are given according to their respective fundamentals, such as short - term bullish or bearish outlooks, and strategies like long or short positions at appropriate times [32][35][39] etc. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Fed Governor Milan believes a 50 - basis - point rate cut in December is appropriate, and at least a 25 - basis - point cut is needed. Gold prices rose nearly 3% due to expectations of the Fed's potential balance - sheet expansion and Trump's proposed fiscal expansion. Buying funds entered the market around $4000. Gold is expected to be strongly volatile in the short - term, but the sustainability of the upward trend needs further observation [12]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Switzerland is close to reaching a deal with the US to reduce its export tariff to 15%. Trump supports the Senate's agreement to end the government shutdown. The US dollar index is expected to weaken in the short - term due to the relief of market tightness and the recovery of risk appetite [13][14][16]. 3.1.3 Macro Strategy (Stock Index Futures) - The A - share market was strong driven by consumer stocks. New policies on consumption have been introduced this year, but the sustainability of the traditional consumer stocks' rally remains to be seen. A balanced long - position allocation for stock indices is recommended [17][19][20]. 3.1.4 Macro Strategy (US Stock Index Futures) - Some Fed officials have different views on interest - rate cuts. Trump is trying to reduce tariffs on Switzerland and India. The Senate passed a temporary appropriation bill. The US stock index futures should be treated with a bullish mindset [21][23][25][26]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted a 7 - day reverse repurchase operation, resulting in a net injection of funds. Inflation data has a limited negative impact on the bond market. The bond market is in a state of oscillation, and short - term trading is not recommended to chase long positions [27][28][29]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - Last week, domestic soybean oil mills' soybean inventory increased, while soybean meal inventory decreased. Brazilian soybean sowing progress is slower than last year. Soybean meal prices are expected to oscillate in the short - term. Attention should be paid to the USDA's monthly supply - demand report and China's soybean procurement and South American weather [30][32]. 3.2.2 Black Metals (Rebar/Hot - Rolled Coil) - The Simandou Iron Ore project is about to be put into production. Steel prices are oscillating slightly upward, but there is no obvious trend. The valuation of steel prices is not high, but there is still fundamental pressure. Steel prices are expected to remain weakly oscillating in the short - term [33][34][35]. 3.2.3 Agricultural Products (Sugar) - Pakistan's sugar mills will start crushing on November 15. The 25/26 sugar - crushing season in Guangxi is expected to start on November 15, postponed by 7 days. India allows 150,000 tons of sugar exports in the 25/26 season. Zhengzhou sugar futures are expected to oscillate in the short - term, and a long - short spread strategy for the 1 - 5 contracts can be considered [36][38][39]. 3.2.4 Black Metals (Steam Coal) - On November 10, the import market of steam coal had a dull trading performance. Coal prices have risen sharply since November, supported by seasonal demand. However, there is also regulatory pressure above 800 yuan. Attention should be paid to the risk of price corrections [40][41]. 3.2.5 Black Metals (Iron Ore) - Grange's iron ore production and sales increased in the third quarter. Iron ore prices are in a weak oscillation. The supply pressure is moderately high, and the inventory is expected to accumulate seasonally in November - December. The valuation space is difficult to open in the short - term [42]. 3.2.6 Black Metals (Coking Coal/Coke) - The coking coal price in the East China market is running strongly. The supply is in a tight - balance state, and the fourth round of coke price increases is underway. The coking coal market is expected to be difficult to fall in the short - term, but the decline in hot - metal production and high downstream inventory may put pressure on the market [43][44]. 3.2.7 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - MPOB data shows that Malaysia's palm oil inventory increased in October. The oil market rebounded slightly due to the release of the data. Palm oil prices are expected to oscillate after a small - scale rebound in November. Attention should be paid to the weather from December to early next year. Opportunities for long positions in the 05 contract and 1 - 5 spread short - positions can be considered [45][46][47]. 3.2.8 Agricultural Products (Corn Starch) - Corn starch enterprises in different regions have different levels of theoretical profits. Corn prices are rising, and starch prices are stable. Enterprises are expected to maintain profitability, and the开机 rate is expected to increase. A band - trading strategy is recommended [48]. 3.2.9 Agricultural Products (Corn) - Corn prices are strong. Farmers' willingness to sell is weak, and the supply - demand situation is slightly tight. The 01 contract is expected to oscillate in the short - term and rebound in the long - term. Caution is needed for far - month contracts [49]. 3.2.10 Agricultural Products (Red Dates) - The purchase price of red dates in the production area has been slightly reduced. The futures price of the main contract has fallen. It is recommended to wait and see until the harvesting is completed and pay attention to the price negotiation and purchase progress in the production area [50][51]. 3.2.11 Non - Ferrous Metals (Polysilicon) - The government issued a guidance on promoting new - energy consumption and regulation. The polysilicon market is entering a critical point of policy - and fundamental - based games. If the progress of platform companies fails to meet expectations, the spot price may fall. A short - position strategy at high prices can be considered [52][53][54]. 3.2.12 Non - Ferrous Metals (Industrial Silicon) - A shareholder of Hesheng Silicon Industry plans to reduce its shareholding. With the arrival of the dry season, the production in Yunnan and Sichuan has decreased. A long - position strategy at low prices can be considered, but profit - taking at high prices is necessary [55][56]. 3.2.13 Non - Ferrous Metals (Lead) - The LME lead is at a discount, and the inventory of lead ingots is increasing. The supply and demand of lead are expected to remain strong in the short - term. The industry can consider short - position hedging at high prices [57][58]. 3.2.14 Non - Ferrous Metals (Zinc) - Domestic zinc concentrate production decreased in November. The LME zinc is at a premium, and the domestic inventory has slightly increased. The industry can consider short - position hedging at medium - term highs, and a long - short spread strategy can be considered [59][60][61]. 3.2.15 Non - Ferrous Metals (Nickel) - Sumitomo's nickel - bean production increased. The raw - material price is expected to remain stable and strong. The inventory accumulation of refined nickel is slowing down. Attention can be paid to long - position opportunities after the inventory accumulation inflection point [62][63]. 3.2.16 Non - Ferrous Metals (Lithium Carbonate) - Ganfeng Lithium's PPGS lithium - salt lake project obtained an environmental assessment report. The lithium - carbonate market is in a game between strong current reality and weak future expectations. It is expected to be strongly oscillating in the short - term, and a short - position strategy at high prices can be considered in the medium - term [64][65][66]. 3.2.17 Non - Ferrous Metals (Copper) - A Congolese mine suspended operations due to a leakage incident. A company applied for a US seabed - mining license. The valuation of an Ecuadorian copper mine is $4.6 billion. Copper prices are expected to rise in the short - term, and a long - position strategy can be considered, but large - scale increases are limited [67][68][70]. 3.2.18 Energy and Chemicals (Crude Oil) - Two Indian state - owned enterprises bought 5 million barrels of oil from the US and the Middle East. Oil prices are oscillating, and the recovery of market risk appetite provides some support [70][71]. 3.2.19 Energy and Chemicals (Pulp) - The pulp market is relatively strong recently, but the risk of further upward movement has increased as European pulp can now be registered as warehouse receipts [73]. 3.2.20 Energy and Chemicals (Caustic Soda) - The caustic - soda market in Shandong is stable. The supply is sufficient, and the demand is moderate. The market is expected to oscillate in the short - term [74][75][76]. 3.2.21 Energy and Chemicals (PVC) - The PVC powder market price is weakly sorted. The supply is expected to increase, and the demand is limited. A short - position strategy at rebounds for near - month contracts and a long - position strategy for far - month contracts after price over - decline can be considered [77][78]. 3.2.22 Energy and Chemicals (Urea) - The capacity - utilization rate of compound fertilizers is stable. Urea prices rebounded due to new export - quota policies and replenishment demand. Urea prices are expected to oscillate within a certain range [79][80][81]. 3.2.23 Energy and Chemicals (Styrene) - A new styrene device of Guoen was put into operation. The fundamental upward drive of pure benzene and styrene is limited. A wait - and - see attitude is recommended [82][83][84]. 3.2.24 Energy and Chemicals (Asphalt) - Asphalt refinery inventory increased, while social inventory decreased. The asphalt market is weakly oscillating, and it is waiting for the winter - storage policy [85][86][87]. 3.2.25 Energy and Chemicals (Soda Ash) - Soda - ash manufacturers' inventory decreased slightly. Soda - ash prices rose due to cost support and production suspension of some enterprises. In the short - term, the downward space of soda - ash prices depends on coal - price fluctuations and new - capacity commissioning. A bearish view is recommended in the medium - term [88]. 3.2.26 Energy and Chemicals (Float Glass) - The price of float glass in the Shahe market decreased. The glass market is bearish due to weak production and sales after price increases last week. It is recommended to wait and see [89][90]. 3.2.27 Shipping Index (Container Freight Rate) - Maersk has no intention to return to the Red Sea in the short - term. The SCFIS (Europe route) index increased. The container - freight - rate market is expected to oscillate in the short - term. Attention should be paid to the spot price and booking situation [91][92].

Market News - The three major US stock indices closed higher, with the Dow Jones up 0.81%, S&P 500 up 1.54%, and Nasdaq up 2.27% [1] - Major tech stocks saw significant gains, with Nvidia rising 5.8%, adding approximately $26.487 billion (about 188.57 billion RMB) to its market value [1] - International gold prices surged, with spot gold up 2.81% at $4,113.26 per ounce, and WTI crude oil futures rising 0.67% to $60.15 per barrel [1] - European stock indices also closed higher, with the Euro Stoxx 50 up 1.72% and the FTSE 100 up 1.09% [1] Industry Insights - The State Council issued measures to promote private investment, encouraging private capital participation in key sectors like railways and nuclear power, and supporting private enterprises in major technological tasks [2] - The global space economy is projected to exceed $1 trillion by 2030, with increasing participation from private capital in areas like satellite communication and space tourism [2] - The National Development and Reform Commission and the National Energy Administration released guidelines to enhance renewable energy consumption, emphasizing the integration of AI, big data, and cloud computing in energy management [3] - The storage industry is experiencing a price surge, with SanDisk raising NAND flash contract prices by 50%, driven by AI data center demand and limited wafer supply [4][5] - The demand for storage solutions is expected to rise significantly, benefiting companies in the NAND flash supply chain as major cloud providers increase orders [5]