董伯骏 国海证券化工分析师: 好的，各位投资者大家晚上好。那首先也祝各位投资者新年快乐，那么在咱们这一个这个 还是过年期间，这么一个开工开工日，来参加我们本次这个国海化工主持的会议。我是国 海化工董博俊。那么我们今天，因为整个，这个化工板块，这个最近，包括其实往后面看 我们是非常看好。那么碳排放约束之下，整个化工企业，其实上有一个这个进一步的一个 价格中枢的提振，以及价值的重估。那么在这个时间点，我们也把我们在 1 月 30 号发布 的有机硅行业系列深度报告。 反内卷协同共振，供需平衡逐步修复，那么再给各位投资者，做一个汇报。首先我们先那 个讲一下整体我们有机硅行业的观点。其实我们认为，现在有机硅行业，现在一个是非常 明确的，是迎来这个供需格局的持续的改善。那么在需求端，其实我们也在报告里边做了 一个详细的拆分，包括在电子电器、建筑、纺织等这些传统的领域，现在其实还是在，稳 健的一个增长。那么同时，像光伏用胶和新能源锂电池用胶这两个领域，包括，再一个就 是特特高压和航空航天用胶。 这些新型领域领域，实际上那个需求的增速是比较快的，所以其实它的整个的需求增量， 在这个传统需求稳健的同时。有比较大幅的一个新需求的 ...

Regulatory Situation - The Shenzhen Stock Exchange issued a regulatory letter to the company on December 5, 2025, due to violations in corporate governance, insider information management, and financial accounting, requiring the company and responsible individuals to rectify the issues. The subsequent rectification may impact market confidence [2] Industry Policy Status - On January 16, 2026, the company responded to inquiries on its investor platform, indicating that the exit of Dow Chemical from production capacity may improve the global supply-demand balance of organic silicon. Additionally, domestic "anti-involution" policies could have a positive impact on the business. The Longshan Gold Mine project is still in the detailed exploration phase [3] Fund Movements - The company plans to use no more than 300 million yuan of idle self-owned funds to purchase financial products (including bank wealth management and trusts), with the authorization period extending until the end of 2026. This matter has been approved by the board of directors and is pending approval from the shareholders' meeting [4] Performance and Operating Conditions - The company stated that details regarding the operation of organic silicon products for 2025 will be disclosed in the annual report, which is expected to be published in the first half of 2026 [5]

Core Viewpoint - The development of Xingxing Technology appears to align with the current enthusiasm in the new energy sector, but underlying structural challenges are accumulating, adding uncertainty to its future trajectory [1][4]. Group 1: Industry Risks - The company's core business is closely tied to the cyclical nature of its downstream application areas, which are influenced by macro policies, international environments, and infrastructure development, leading to significant volatility [1][4]. - As the industry enters a phase of adjustment or slows down in investment, the company may face declining order visibility and price pressures, testing its operational resilience [1][4]. Group 2: Financial Stability - Balancing the pace of expansion with financial stability is a core challenge for the company, as rapid capital expenditure, especially when reliant on debt financing, can strain its balance sheet [1][4]. - The mismatch between project investment return cycles and fixed cost expenditures continuously tests the company's cash flow management and financial discipline [1][4]. Group 3: Technological Uncertainty - The active technological evolution within the industry presents uncertainties, with potential competition and substitution among different technological routes [2][5]. - Current technological advantages do not guarantee immunity from disruptive innovations, making ongoing and forward-looking R&D investments crucial for maintaining long-term competitiveness [2][5]. Group 4: Internal Operational Challenges - As the company scales, the complexity of management increases significantly, impacting production management, quality control, and accounts receivable efficiency [6]. - The rising compliance costs related to environmental and safety responsibilities highlight the importance of internal operational quality, which fundamentally affects the company's health and risk resilience [6]. Conclusion - The challenges faced by Xingxing Technology reflect broader issues encountered by many manufacturing companies in China during their transformation and expansion phases. The ability to navigate these challenges will determine the company's long-term market confidence and operational success [6].

Core Viewpoint - The company has made progress in obtaining mining rights and is preparing for geological exploration, although current weather conditions are hindering immediate activities [2]. Group 1: Company Developments - The company's wholly-owned subsidiary, Chifeng Yongjin Mining Co., Ltd., has received the "Real Estate Certificate (Mining Rights)" issued by the Chifeng Natural Resources Bureau, valid from October 1, 2025, to September 30, 2028 [2]. - In 2025, the company plans to commission a third party to conduct preliminary remote sensing structural interpretation, surface verification, geological mapping, geophysical exploration, and partial drilling for the gold mine [2]. - The exploration work is currently delayed due to adverse weather conditions, but the company intends to continue geological investigations once conditions improve [2].

Core Viewpoint - The company announced that its wholly-owned subsidiary, Chifeng Yongjin Mining Co., Ltd., has obtained a mining rights certificate from the Chifeng Natural Resources Bureau, which is a significant development for its operations [2]. Group 1 - The mining rights certificate was issued under the certificate number DC1500002013094220131685 [2]. - The company disclosed this information on the interactive platform in response to investor inquiries [2]. - Further details can be found in the announcement published on the Giant Tide Information Network [2].

Group 1 - The core point of the article is that Hengstar Technology reported a total of 60,100 shareholders as of January 20, 2026 [2]

Summary of the Conference Call for 恒星科技 Company Overview - **Company**: 恒星科技 - **Industry**: Chemical and Metal Products Key Points Chemical Segment - From 2022 to mid-2025, the decline in organic silicon prices has led to losses in the chemical segment, but profitability is expected to resume from October 2024 due to technological upgrades [2][3] - The chemical segment incurred losses of over 70 million yuan in 2023 and 30 million yuan in 2024, with expectations for improved performance in 2025 if prices stabilize [3] - The company has a production capacity of 150,000 tons per month for organic silicon, but actual output is around 10,000 tons per month due to industry production restrictions [4][5] - The high-performance silicon polymer project is progressing well, with expected monthly output of over 10,000 tons upon full capacity [4] Metal Products Segment - The metal products segment includes galvanized steel wire, steel strands, and prestressed steel strands, which are stable, but the diamond wire saws have seen price declines due to the photovoltaic industry's downturn [2][5] - The company is transitioning from carbon steel diamond wire to tungsten wire to enhance capacity and reduce costs [5][9] - In 2025, the overall performance of the metal products segment is expected to be stable, benefiting from ultra-high voltage construction, although slightly lower than in 2024 [2][9] Market Dynamics - The domestic organic silicon industry controls production capacity to alleviate competition, with Dow's exit from the market expected to boost domestic companies' performance [6][7] - Domestic organic silicon production accounts for over 50% of global capacity, and a demand rebound could provide significant growth opportunities [8] Future Outlook - The company plans to focus on the chemical segment while stabilizing the metal products segment and expanding overseas operations [4][17] - In 2026, all segments are expected to see revenue growth, with improvements driven by technological advancements and cost reductions [19] - The company is also exploring gold mining opportunities, with ongoing exploration expected to resume in spring 2026 [13][14] Financial Health - Accounts receivable have remained stable, with low risk due to a cash-on-delivery model in the chemical segment and a manageable credit policy in the metal products segment [16] - The company aims to improve profitability through strategic order management, prioritizing high-margin orders [9] Strategic Initiatives - The company is expanding its overseas business, including a steel strand production line in Vietnam, and will adjust its gold mining strategy based on exploration results [17][18] - The organic silicon market is expected to grow, with the company monitoring DMC price trends and maintaining a direct sales model to downstream enterprises [18][20]

Investment Rating - The report maintains a "Recommended" rating for the organic silicon industry [1][100]. Core Insights - The demand for organic silicon is steadily increasing, driven by applications in electronics, construction, manufacturing, and textiles, with significant growth expected in photovoltaic adhesives and new energy lithium battery adhesives [7][22]. - Supply expansion in the organic silicon sector is slowing down, with the industry entering the tail end of a capacity expansion cycle, leading to limited new capacity in the coming years [7][68]. - The "anti-involution" trend is positively impacting the industry's recovery from the bottom, with recent meetings among industry leaders resulting in price increases for organic silicon intermediates [7][84]. Summary by Sections Demand and Supply - Organic silicon demand is projected to grow at rates of 8.0%, 7.0%, and 8.8% from 2025 to 2027 in China [7]. - The supply of organic silicon is expected to see limited new capacity additions, with only 45,000 tons projected from Xinjiang Qiya Group by 2027 [7][68]. Price Trends and Market Dynamics - The price of organic silicon intermediates has increased by approximately 27% from November 2025 to January 2026, reflecting strong industry support for price stabilization [7][84]. - The industry is experiencing a gradual decrease in inventory levels and maintaining a reasonable operating rate of 70%-75% [88]. Key Companies and Investment Focus - The report highlights key companies in the organic silicon sector, including Hoshine Silicon Industry, Xingfa Group, Luxi Chemical, Xin'an Chemical, Dongyue Silicon Material, Sanyou Chemical, and Hengxing Technology, as potential investment targets [7][100].

Core Viewpoint - The A-share market saw significant gains in the steel sector on January 23, with several stocks reaching their daily limit up, indicating strong investor interest and potential bullish sentiment in the industry [1]. Group 1: Stock Performance - Jiugang Hongxing (600307) experienced a rise of 10.11%, with a total market value of 13 billion and a year-to-date increase of 25.45% [1]. - Wujin Stainless Steel (603878) increased by 10.05%, with a market capitalization of 5.04 billion, but has seen a year-to-date decline of 3.02% [1]. - Dazhong Mining (001203) rose by 7.80%, with a market value of 49.8 billion and a year-to-date increase of 6.00% [1]. - Fushun Special Steel (600399) saw a gain of 6.16%, with a market capitalization of 13.9 billion and a year-to-date increase of 21.06% [1]. - Yongxing Materials (002756) increased by 6.11%, with a market value of 30 billion and a year-to-date rise of 2.69% [1]. - Sansteel Minguang (002110) rose by 4.73%, with a market capitalization of 11.3 billion and a year-to-date increase of 5.92% [1]. - Shagang Co. (002075) increased by 4.19%, with a market value of 13.6 billion and a year-to-date rise of 8.17% [1]. - Shengde Xintai (300881) saw a gain of 4.18%, with a market capitalization of 4.583 billion and a year-to-date increase of 23.04% [1]. Group 2: Additional Stock Movements - Yizhou Guoshi (601969) increased by 3.70%, with a market value of 23.5 billion but a year-to-date decline of 1.01% [1]. - Linggang Co. (600231) rose by 3.52%, with a market capitalization of 6.697 billion and a year-to-date increase of 9.81% [1]. - Nanjing Steel (600282) increased by 3.37%, with a market value of 35.9 billion and a year-to-date rise of 10.65% [1]. - Hebei Steel Resources (000923) saw a gain of 3.36%, with a market capitalization of 16 billion and a year-to-date increase of 16.11% [1]. - Hengxing Technology (002132) rose by 3.57%, with a market value of 5.69 billion and a year-to-date increase of 14.37% [1]. - Baogang Co. (600010) increased by 3.21%, with a market capitalization of 116.4 billion and a year-to-date rise of 7.98% [1].

Core Viewpoint - The company, Hengstar Technology, emphasizes its strong position in the market for galvanized steel stranded wire products, which are essential for the State Grid's ultra-high voltage projects and overhead power lines [1] Group 1: Company Overview - Hengstar Technology has over 30 years of experience in producing power grid supporting products, showcasing significant research and development capabilities [1] - The company focuses on the production of steel core aluminum stranded wire used in electric power cables and ultra-high voltage projects [1] Group 2: Future Strategy - The company plans to continue monitoring policy directions and actively seize market opportunities arising from increased investments in the power grid [1] - Hengstar Technology aims to maintain its focus on its core business while continuously investing in research and development, optimizing product structure, and enhancing internal management to reduce costs and improve efficiency [1] - The goal is to achieve high-quality and sustainable development for the enterprise [1]