中信建投：维持合盛硅业“买入”评级，认为行业景气度将逐步回暖

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 of the company's main products are at a low point, suggesting 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, indicating a potential recovery in industry prosperity [1] - The overall industry is currently experiencing low prosperity, 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 anticipated to improve as the industry warms up [1] - Debt issues are likely to be effectively alleviated through further profitability recovery and equity financing [1] - The company maintains a "buy" rating [1]