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].

Core Viewpoint - The company is a leading player in the domestic silicon-based new materials industry, with continuous sales growth, although profitability is at a five-year low. The industry supply-demand dynamics are expected to gradually improve in the future [1]. Investment Highlights - The rating is maintained at "Buy." Projected EPS for 2025-2027 is 0.12, 2.1, and 2.98 yuan, with growth rates of -92.1%, 1701.5%, and 42.1% respectively. Considering the industry average valuation and the company's leading position, a target price of 63 yuan is set based on a 30x PE for 2026 [2]. - The company is the leader in the domestic silicon-based new materials industry, covering industrial silicon, organic silicon, and polysilicon, forming a complete silicon-based industrial chain. Current industrial silicon capacity is 1.22 million tons/year, accounting for 19% of the industry, while organic silicon monomer capacity is 1.73 million tons/year, accounting for 30%, both ranking first in the industry. The main production capacity is located in resource-rich Xinjiang, with self-owned thermal power plants, establishing a cost competitive advantage [2]. - Sales continue to grow, but profitability is at a five-year low. In 2021, benefiting from significant growth in downstream photovoltaic and new energy demand, industrial silicon and organic silicon entered a boom cycle, with the company achieving record high performance. In recent years, net profit has been under pressure due to declining prices influenced by industry supply and demand, as well as increased capital expenditures and financial costs [2]. Industry Supply-Demand Dynamics - The supply-demand dynamics in the organic silicon industry are expected to gradually improve. Industrial silicon capacity is mainly distributed in the western regions, with relatively dispersed capacity, indicating a need to eliminate outdated capacity. The expansion cycle for organic silicon is nearing its end. From 2019 to 2024, China's organic silicon intermediate capacity is expected to grow rapidly from 1.51 million tons to 3.45 million tons, with an average annual compound growth rate of 17.8%. An additional 630,000 tons of capacity is expected to be added in 2024, creating significant pressure on the supply side. In the coming years, new capacity will be limited, and as demand grows, existing capacity will be gradually consumed, leading to an improvement in the industry supply-demand dynamics [3]. - The company is expanding into new fields such as photovoltaics and silicon carbide, achieving technological breakthroughs. The company covers the entire photovoltaic industrial chain, including silicon materials, components, glass, and power stations. Additionally, the company has mastered core technologies in silicon carbide, including raw material synthesis, crystal growth, substrate processing, and epitaxy. Six-inch silicon carbide substrates are in full production, with crystal yield exceeding 95% and epitaxial yield stable at over 98%. Eight-inch substrates are in small batch production, while twelve-inch substrate research and development is ongoing [3].

重要内容提示： 证券代码：603260 证券简称：合盛硅业 公告编号：2025-085 合盛硅业股份有限公司 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。 注：合计数与分项数累加和不同是因四舍五入所致 四、其他情况说明 合盛集团及其一致行动人资信和财务状况良好，未来资金还款来源主要包括 营业收入、投资收益、持有公司股份分红等。质押风险均在可控范围之内，不存 在可能导致公司控制权发生变更的实质性因素。若已质押的股份出现预警风险时， 合盛集团及其一致行动人将采取包括但不限于追加保证金、提前还款等措施应对 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 | 股东名称 | 合盛集团 | 罗立国 | | --- | --- | --- | | 本次解质股份数量 | 股 9,600,000 | 股 6,400,000 | | 占其所持股份比例 | 1.97% | 60.61% | | 占公司总股本比例 | 0.81% | 0.54% | | 解质时间 | 2025/12/2 ...

合盛硅业公告称，近日接到控股股东合盛集团及其一致行动人罗立国部分股份质押及解质押通知。合盛 集团于12月22日质押90万股，占其所持股份0.18%，融资用于生产经营；12月26日，合盛集团、罗立国 分别解质960万股、640万股，占其所持股份1.97%、60.61%。截至公告日，合盛集团及其一致行动人合 计持股占总股本73.52%，累计质押股份4.18亿股，占其持股48.11%、总股本35.37%。质押风险可控，若 预警将采取措施应对。 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the organic silicon industry [3] Core Insights - The organic silicon industry is experiencing a transformation characterized by supply-side optimization and unexpected demand growth in emerging sectors. The report highlights the industry's response to traditional market slowdowns and the potential for structural changes in supply dynamics [1][2][7] - The demand structure for organic silicon is shifting, with traditional sectors like construction declining in share, while emerging sectors such as photovoltaics and electric vehicles are expected to drive significant demand growth [24][27][30] Summary by Sections 1. Overview of Organic Silicon - Organic silicon, primarily polysiloxane, is a versatile chemical compound used across various industries due to its unique properties such as thermal stability and electrical insulation [10][11] 2. Supply Expansion Cycle and Industry Dynamics - China's organic silicon production capacity increased from 1.515 million tons in 2019 to 3.44 million tons in 2024, with a CAGR of 17.8%. The report notes that the supply expansion cycle is nearing its end, with limited new capacity expected to come online [15][16] - The industry is consolidating, with the top four companies projected to control 54.7% of the market by 2025, fostering a more orderly competitive environment [16][17] 3. Demand Structure Optimization - The apparent consumption of organic silicon in China grew at a CAGR of 11.3% from 2019 to 2024. The share of traditional construction applications is expected to decline from 33.1% in 2021 to 25.2% in 2024, while sectors like manufacturing and transportation are gaining share [24][27] 4. Emerging Demand Drivers - Significant demand increases are anticipated from three key emerging sectors: photovoltaics, electric vehicles, and composite insulators. For instance, the photovoltaic sector is expected to contribute an additional 140,000 tons of organic silicon demand in 2025 due to a 30% increase in solar cell production [30][35] - The report estimates that the electric vehicle sector will add approximately 66,000 tons of organic silicon demand in 2025, driven by the rising production of electric vehicles [30][35] 5. Investment Recommendations - The report suggests focusing on companies with upstream self-sufficiency in industrial silicon and energy advantages, as well as those with strong positions in high-value downstream products. Specific companies highlighted include: - Hoshine Silicon Industry (合盛硅业) with significant production capacity and market presence [38] - Xin'an Chemical (新安股份) known for its comprehensive product range and strong market position [38] - Dongyue Silicon Materials (东岳硅材) with integrated production capabilities across the silicon value chain [38]