Core Viewpoint - Dongyue Silicon Materials announced the approval of the proposal regarding the expected daily related party transactions for the year 2026 during the 17th meeting of its third board of directors [2] Group 1 - The company held its third board meeting to discuss and approve future related party transactions [2] - The proposal specifically outlines the expected daily related party transactions for the year 2026 [2]

证券代码：300821 证券简称：东岳硅材 公告编号：2025-095 山东东岳有机硅材料股份有限公司 第三届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 该议案经公司第三届董事会第二次独立董事专门会议审议通过，尚需提交公 司股东会审议，股东会召开时间另行通知。 三、备查文件 1、山东东岳有机硅材料股份有限公司第三届董事会第十七次会议决议； 一、董事会召开情况 山东东岳有机硅材料股份有限公司（以下简称"公司"）第三届董事会第十 七次会议（以下简称"董事会"），于 2025 年 12 月 24 日以书面方式通知全体 董事，并于 2025 年 12 月 30 日以现场结合通讯方式在公司会议室召开。本次会 议应出席董事 9 人，实际出席董事 9 人，董事邱化玉、潘素娇、张羽君以通讯方 式出席会议。本次会议由董事长王维东先生召集并主持，会议的召开符合《中华 人民共和国公司法》《中华人民共和国证券法》《公司章程》《董事会议事规则》 等有关法律、法规、规范性文件的规定，程序合法。 二、董事会审议情况 全体董事经过认真审议和表决，形成如下决议： ...

证券代码：300821 证券简称：东岳硅材 公告编号：2025-096 山东东岳有机硅材料股份有限公司 本次关联交易预计事项已经公司第三届董事会第十七次会议审议通过，关联 董事王维东、张哲峰回避表决。本次关联交易预计事项已经公司第三届董事会第 二次独立董事专门会议审议通过。根据《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》 《公司章程》等相关规定，本次关联交易事项尚需获得公司股东会的批准，股东 会召开时间另行通知，与该关联交易有利害关系的股东将回避表决。 （二）预计日常关联交易类别和金额 预计2026年度日常关联交易具体情况如下： 关联交 易类别 关联人 关联交易 内容 关联交易 定价原则 2026 年预计金 额（注） 2025年1-11月 已发生金额 采购燃 料和动 力 山东东岳氟硅材料有限 公司 蒸汽 参照市场 价格 11,250.00 7,709.19 淄博东岳新能源有限公 司 蒸汽 33,750.00 0.00 采购原 材料，接 受劳务 山东东岳氟硅材料有限 公司 原材料 49,014.00 21,681.05 山东东岳高分子材料有 限公司 ...

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]

Group 1 - The core point of the article is that Dongyue Silicon Materials has reported a total of 75,232 shareholders as of December 19, 2025, which includes both regular accounts and margin trading accounts [2] Group 2 - The information was disclosed in response to investor inquiries on the company's interactive platform [2] - The date mentioned for the shareholder count is specifically December 19, 2025, indicating a future projection [2]

Core Viewpoint - The silicon-based new materials industry is a crucial component of strategic emerging industries such as electronic information, new energy, and environmental protection, with significant government support driving its development [1][8]. Industry Overview - Silicon-based new materials are essential for various strategic emerging industries, including semiconductors, new energy, and aerospace, and include types such as organic silicon, silicon carbide, and microcrystalline silicon [4][10]. - The industry has seen substantial advancements in technology and capacity expansion, breaking foreign monopolies and enhancing overall competitiveness [1][8]. Market Size and Growth - The market size of China's silicon-based new materials industry is projected to reach 58.901 billion yuan in 2024, reflecting a year-on-year increase of 10.9% [1][9]. - The production volume of silicon-based new materials is expected to grow from 1.5265 million tons in 2019 to 5.4563 million tons by 2024, with a compound annual growth rate of 29.0% [9][10]. Industry Chain - The industry chain consists of upstream raw materials (metal silicon, silicon wafers), midstream manufacturers (producers of various silicon-based materials), and downstream applications (semiconductors, photovoltaic cells, and new energy vehicles) [5][6]. Competitive Landscape - The competitive landscape is characterized by a mix of leading enterprises and emerging market participants, with major players like Hoshine Silicon Industry, Jianghan New Materials, and Dongyue Silicon Materials dominating the market [11][12]. Future Trends - Market demand for silicon-based new materials is expected to expand further, driven by growth in sectors such as photovoltaics, semiconductors, and new energy vehicles [15]. - Technological innovation and industry upgrades will provide new momentum for the sector, with increasing requirements for material purity and performance in semiconductor applications [16]. - Continuous government support and policies aimed at promoting new material research and industrialization will create a favorable environment for the industry's growth [17].

证券代码：300821 证券简称：东岳硅材 公告编号：2025-094 | 股东名称 | 股份性质 | 本次权益变动前持有 | | 本次权益变动后持有 | | | --- | --- | --- | --- | --- | --- | | | | 股份 | | 股份 | | | | | 股数（股） | 持股比 | 股数（股） | 持股 | | | | | 例 | | 比例 | | 新华联控股有限公司破产 | 无限售条件 | 77,276,643 | 6.44% | 47,423,201 | 3.95% | | 企业财产处置专用账户 | 流通股 | | | | | 山东东岳有机硅材料股份有限公司 关于公司股东所持股份被司法执行的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 公司于近日收到股东新华联控股有限公司（以下简称"新华联控股"）《关 于重整计划执行进展的通知函》，获悉新华联控股有限公司破产企业财产处置专 用账户 29,853,442 股股份被划转至指定债权人名下，占公司总股本 2.49%。 一、本次权益变动的背景 2024 年 2 月，北京市第 ...

Core Viewpoint - Dongyue Silicon Materials (300821) reported that as of December 10, 2025, the total number of shareholders (including both ordinary accounts and margin trading accounts) is 81,282 [1] Summary by Categories - **Company Information** - Dongyue Silicon Materials has a total of 81,282 shareholders as of December 10, 2025, which includes both ordinary and margin trading accounts [1]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [5] Core Views - The political bureau meeting emphasized the implementation of more proactive macro policies and the importance of expanding domestic demand and optimizing supply, which is expected to provide a clearer reversal signal for the chemical industry at the bottom of the cycle [2][3] - The chemical industry is currently at a historical low valuation, with a price-to-book (PB) ratio of 2.2, indicating significant upside potential [2][18] - The report highlights the importance of supply-side optimization and the potential for price recovery in industries with high concentration and low profitability [3][20] Summary by Sections 1. Core Insights of the Week - The report discusses the impact of the geopolitical situation on oil prices, with Brent oil closing at $61.28 per barrel, down $2.47 (-3.9%) from the previous week [17] - The Producer Price Index (PPI) has shown unexpected recovery, which has increased attention on the chemical sector [18] 2. Overall Performance of the Chemical Sector - The chemical sector index decreased by 2.2% in the week, ranking 26th among 31 industry sectors [24] - Year-to-date, the chemical sector index has increased by 25.0%, outperforming the Shanghai Composite Index by 9.0% [24][27] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the chemical sector, 97 stocks rose while 325 fell during the week [32] - The top gainers included companies like Bluestar Technology (+18.1%) and Qiaoyuan Co. (+15.2%) [34] 4. Key Investment Themes - **Theme One**: Focus on upstream resource assets with strong profit certainty, such as phosphorus and sulfur [19] - **Theme Two**: Emphasis on supply-side optimization and price elasticity in sectors like organic silicon and PTA [20] - **Theme Three**: Attention to low-valued leading companies in the sector, such as Wanhua Chemical and Hengli Petrochemical [22] - **Theme Four**: Investment in new productive forces aligned with green energy and semiconductor materials [23]

Investment Direction 1: Dividend Strategy - Recommended companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) with an expected Brent oil price range of $60-70 per barrel in 2026 [2][3] - CNOOC is committed to maintaining a dividend payout ratio of no less than 45% from 2025 to 2027, while PetroChina benefits from domestic natural gas market reforms [2][3] Investment Direction 2: Capital Allocation to Undervalued Chemical Leaders - Recommended companies include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng, which are expected to benefit from industry barriers related to cost, technology, and market [2][3] - The report suggests prioritizing capital allocation to chemical ETFs and leading companies as their performance is expected to stabilize [2][3] Investment Direction 3: Price Increases Driven by Downstream Demand - Traditional demand sectors such as food additives, pesticides, and fertilizers are highlighted, with companies like New Hope Liuhe and Jiangshan Chemical expected to benefit from stable growth in demand [2][3] - Emerging demand in phosphorous and fluorine chemicals is driven by the needs of new energy battery and AI cooling applications, with companies like Chuanheng Chemical and Juhua Co. being key players [2][3] Investment Direction 4: Domestic Anti-Competition Driving Price Increases - The report emphasizes the focus on large refining and chemical companies such as Hengli Petrochemical and Rongsheng Petrochemical, which are expected to benefit from anti-competitive measures in the domestic market [2][3] - The organic silicon sector is entering the end of its expansion cycle, with major companies like Sinan Silicon Material adjusting industry operating rates [2][3] - The soda ash industry is facing capacity controls and the need to phase out outdated production, with companies like Boyuan Chemical under observation [2][3] Oil Price Analysis - The report anticipates a Brent oil price range of $60-70 per barrel in 2026, with a slight oversupply expected [11][12] - OPEC+ has postponed production increases for Q1 2026, indicating a cautious approach to market conditions [11][12] - The report highlights geopolitical factors, including the ongoing Russia-Ukraine conflict and U.S.-Venezuela relations, which may impact oil supply dynamics [12][13] Three Major Oil Companies Insights - CNOOC is focused on increasing reserves and production while reducing costs, while PetroChina is benefiting from natural gas market reforms [34][36] - Sinopec is concentrating on domestic refining and chemical anti-competition developments [34][36] - The overall profitability of the three major oil companies is expected to be supported by the anticipated oil price stabilization [34][36]