进一步统计，近3个月内该股累计发生14笔大宗交易，合计成交金额为7.35亿元。 合盛硅业12月24日大宗交易平台共发生2笔成交，合计成交量166.65万股，成交金额7874.12万元。成交 价格均为47.25元，相对今日收盘价折价10.12%。 | 成交量 | 成交金 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | | | | | 107.50 | 5079.38 | 47.25 | -10.12 | 财通证券股份有限公司慈溪文 华南路证券营业部 | 财通证券股份有限公司 慈溪文华南路证券营业 | | | | | | | 部 | | 59.15 | 2794.74 | 47.25 | -10.12 | 广发证券股份有限公司广州马 场路广发证券大厦证券营业部 | 财通证券股份有限公司 慈溪文华南路证券营业 | | | | | | | 部 | 证券时报·数据宝统计显示，合盛硅业今日收盘价为52.57元，上涨0.13%，日换手率 ...

Report Summary 1. Investment Rating The report does not provide an industry investment rating. 2. Core Views - **Industrial Silicon**: In 2026, the industrial silicon market is expected to continue the pattern of "overall surplus and structural differentiation." Supply will be concentrated in the northwest, with slow clearance of backward capacity. Demand growth will slow down, mainly driven by polysilicon but limited by the slowdown in photovoltaic installation growth. Electricity cost is the core variable, with the northwest having a stable cost advantage and the southwest showing significant seasonal fluctuations. Prices are expected to fluctuate around the cost range, constrained by supply elasticity [5][7][10]. - **Polysilicon**: The polysilicon industry is transitioning from an "excess logic" to a complex stage of "policy intervention and high - quality capacity reshaping." Supply will experience structural changes, with backward capacity facing rigid exit and high - quality N - type material in short supply. Demand will enter a platform period due to the slowdown in global photovoltaic installation growth, and the industrial chain profit needs to be redistributed downstream. The market will be in a game between the "policy bottom" and the "demand top," and price trends and basis structures will be significantly affected by policy implementation and technological iteration [5][13][17]. 3. Summary by Directory 3.1 2025 Market Review - **Industrial Silicon**: In 2025, the price of industrial silicon showed a significant downward trend in the first half of the year due to supply pressure, and then fluctuated widely in the second half. The price was affected by factors such as production reduction in the southwest, weak downstream demand, and policy expectations [25]. - **Polysilicon**: The polysilicon market in 2025 went through four stages: shock, decline, sharp rise, and high - level consolidation. Policy factors, supply - demand imbalances, and market sentiment were the main drivers of price changes [28][29][30]. 3.2 Cost and Profit - **Power Cost**: Power cost is the most important variable in the cost of industrial silicon. The southwest has obvious seasonal power cost changes, while the northwest has a relatively stable power cost structure. In the future, the power cost advantage in Xinjiang will be more obvious through the source - network - load - storage integration model, and Yunnan and Sichuan have their own green power utilization models, but there are still challenges in power supply stability [34][35][36]. - **Silicon Coal**: In 2025, the price of silicon coal dropped by 30% - 45%, but in 2026, the downward space is limited. If the coal price stabilizes and rebounds, it will support the cost of industrial silicon. The price of silicon coal is expected to rebound to 1600 - 1800 yuan/ton if the "anti - involution" policy promotes industry self - discipline [43][44]. - **Overall Cost and Profit**: The cost of industrial silicon is relatively stable in 2026. The northwest has a lower cost, while the southwest has higher costs in the dry season. The profit level in 2025 was differentiated, and the industry profit rebounded slightly in the second half of the year [49]. 3.3 Supply - **Excess Pattern and Slow Clearance**: The industrial silicon supply in 2026 will maintain the pattern of overall surplus and structural differentiation. There is a large amount of backward capacity, and the market has difficulty in quickly clearing it due to policy - market differences and regional interest differentiation [57][58][62]. - **New Capacity**: New capacity will still be concentrated in the northwest in 2026. However, due to the impact of industrial silicon profits, the construction and commissioning of some new capacity may be postponed [67]. 3.4 Demand - **Polysilicon**: The demand for polysilicon in 2026 will be affected by the slowdown in photovoltaic installation growth. The supply of polysilicon will experience structural changes, with backward capacity being eliminated and high - quality N - type material in short supply. The price and basis structure will be affected by policy implementation and technological iteration [69][74][131]. - **Organic Silicon**: The demand for organic silicon is expected to remain stable in 2026. The supply - demand balance is expected to be repaired, and exports will drive the growth of organic silicon demand [104][107]. - **Aluminum Alloy**: The demand for silicon in the aluminum alloy industry will remain stable in 2026. Although the production of the aluminum alloy industry is growing, the consumption of primary industrial silicon is limited, and new energy vehicle consumption has limited impact on the demand for industrial silicon [112]. - **Export**: The export of industrial silicon is expected to remain stable in 2026. Overseas markets mainly purchase on - demand, and some overseas orders have been transferred to China due to cost and quality advantages [122]. 3.5 Supply - Demand Balance Sheet - **Industrial Silicon**: In 2026, the supply of industrial silicon will increase slightly, and the demand growth rate will be about 5%. The supply - demand gap will widen slightly, and the surplus pattern will be slightly improved [125][126]. - **Polysilicon**: In 2026, the supply - demand situation of polysilicon will be affected by policies. If the capacity is tightened as expected, the market will be in a tight - balance state; otherwise, it will remain in an oversupply state [127][129]. 3.6 Market Outlook - **Industrial Silicon**: In 2026, the industrial silicon market will continue to be in a slightly surplus state. Prices will fluctuate around the cost range, and attention should be paid to the marginal changes brought about by short - term supply - demand mismatches and policy implementation [10][130]. - **Polysilicon**: The polysilicon market will be in a game between policy implementation, capacity clearance, and global installation demand. The price will seek a balance among the "policy bottom," "demand top," and "quality difference," and the market may be in a tight - balance state [17][131].

12月24日，合盛硅业收涨0.13%，收盘价为52.57元，发生2笔大宗交易，合计成交量166.65万股，成交 金额7874.12万元。 第1笔成交价格为47.25元，成交107.50万股，成交金额5,079.38万元，溢价率为-10.12%，买方营业部为 财通证券股份有限公司慈溪文华南路证券营业部，卖方营业部为财通证券股份有限公司慈溪文华南路证 券营业部。 第2笔成交价格为47.25元，成交59.15万股，成交金额2,794.74万元，溢价率为-10.12%，买方营业部为广 发证券股份有限公司广州马场路广发证券大厦证券营业部，卖方营业部为财通证券股份有限公司慈溪文 华南路证券营业部。 进一步统计，近3个月内该股累计发生14笔大宗交易，合计成交金额为7.35亿元。该股近5个交易日累计 上涨1.78%，主力资金合计净流出3844.35万元。 责任编辑：小浪快报 ...

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].

1. 合盛硅业：工业硅-有机硅一体化龙头企业 1.1. 公司发展历史 合盛硅业股份有限公司由宁波合盛集团于 2005 年投资成立，并于 2017 年在上交所主板成功上市，是全球最完整 硅基全产业链公司。合盛硅业在新 疆、浙江、四川、云南、黑龙江等地设有数字化智造基地，在上海和海南拥 有 高新技术研发中心，旗下主要涵盖能源、工业硅、有机硅、碳素、新材料、 第三代半导体碳化硅、光伏全产业 链、储能等多元业务，其中工业硅、有机 硅单体产能持续多年位列全球第一，碳化硅、光伏等新兴业务科研实力 稳 居行业第一方阵，相关产品广泛用于航天军工、电子通讯、医疗健康、汽车 制造等各个领域。 公司股权结构稳定。创始人罗立国为公司实控人，现任公司董事长，与 其子女罗燚、罗烨栋合计持有公司 73.51%股权。 实施员工持股计划进行激励。2025 年员工持股计划拟筹集资金金额上 限为 1.55 亿元，购买回购股份的价格 47.05 元/股，资金来源为公司提取的 激励基金，为员工合法薪酬的浮动部分。初始设立时持有人总数不超过 120 人， 参与对象均为公司中级管理人员、核心技术（业务）骨干成员，精准覆 盖公司价值创造者，优化考核方式，有 ...

硅年报 2025 年 12 月 投资咨询业务资格： 证监许可【2011】 1448 号 研究员： 周贵升 从业资格证号： F3036194 投资咨询资格证号： Z0015986 硅年报 2025-12 基本面上看，在当前弱势行情下，工业硅整体开工率处于低位运行，西北 大厂因成本优势开工保持较高水平，同时关注环保天气以及行业自律对开工的 影响，西南地区开工呈现季节性波动，此外一体化龙头企业也保持较高开工， 整体供应压力仍存。需求端，增量较为有限，多晶硅保持高位水平，今年以来 多晶硅企业按行业自律生产，开工率维持 35%左右低位水平，下半年因行业反 内卷价格大幅反弹，叠加西南丰水期开工有所提升，近期多晶硅平台公司落地， 摘要： 整体来看，工业硅方面，目前工业硅仍处于缓慢去化阶段，供应端维持低 位小幅增加，需求端增量有限，因此上方空间有所压制，但下方受成本支撑， 预计工业硅价格维持低位震荡。多晶硅方面，收储平台持续推进，供应水平逐 步贴合需求，光伏装机维持高位震荡，预计盘面维持高位区间震荡，关注光伏 行业反内卷推进情况。 关注：硅企行业自律、光伏收储反内卷政策 未来产能规划将控制在合理区间，而新增光伏装机则受限于新 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Industrial silicon is in a slow destocking phase, with supply increasing slightly at a low level and limited demand growth. Its price is expected to remain in a low - level oscillation, supported by cost at the bottom [2][44][47]. - For polysilicon, the storage platform is advancing, supply is gradually matching demand, and photovoltaic installations are maintaining high - level oscillations. The futures price is expected to stay in a high - level range, and attention should be paid to the progress of the anti - involution policy in the photovoltaic industry [2][47]. Summary by Relevant Catalogs 1. Market Review - In 2025, the silicon energy market had two phases. In the first half, due to deteriorating supply - demand and intensified competition, industrial silicon and polysilicon prices dropped below the cost line. In the second half, with the anti - involution policy, prices rebounded. The industrial silicon weighted index dropped by 36.3% from January 1st to June 4th, then rebounded but faced high - inventory pressure [8]. - Polysilicon's 06 contract rose in the first three months due to pre - Spring Festival restocking and strong terminal demand. After April, it declined because of US tariffs and reduced terminal demand. In the second half, it rebounded strongly and then maintained high - level oscillations [9]. 2. Cost - side Rigid Support and Seasonal Fluctuation of Hydropower - In the first half of 2025, industrial silicon costs collapsed due to weak demand. In the second half, with the anti - involution policy and the arrival of the wet season, raw material prices recovered. Electricity cost is crucial. Xinjiang has low thermal power costs, while Yunnan and Sichuan have seasonal cost fluctuations due to hydropower [11]. 3. Significant Decline in Production and Xinjiang's Largest Production Share - In 2025, the national industrial silicon开工率 decreased significantly. From January to November, the output was 356.98 million tons, a 19.1% year - on - year decrease. Xinjiang is the largest producer, accounting for 52.7% of the national capacity. Inner Mongolia and Gansu had increased output, while Yunnan and Sichuan decreased [11][14]. - In the future, as the dry season raises electricity prices in Sichuan and Yunnan, production will decrease in the south and increase in the north. In 2026, industrial silicon supply will rely on industry self - discipline, and overall supply pressure remains [15]. 4. Polysilicon Industry Chain - From January to November 2025, polysilicon output was 119.48 million tons, a 30% year - on - year decrease. In December, a platform company was established, planning to limit the capacity to 150 million tons [18]. - Polysilicon prices fluctuated greatly in 2025. They rose in the first quarter, declined from April to June, and rebounded in the second half due to the anti - involution policy [19]. - In 2025, from January to October, China imported 1.61 million tons of polysilicon (a 52.4% year - on - year decrease) and exported 2.02 million tons (a 33.3% year - on - year decrease). The export market is under pressure due to US sanctions [24]. - In the photovoltaic industry, although the anti - involution policy improved the situation in the second half, downstream over - capacity still exists. In 2025, domestic new photovoltaic installations are expected to reach 275GW, similar to last year, with a significant slowdown in growth. Overseas, different countries have different demand situations, and future global new installations may grow weakly [29][34]. 5. Silicone Industry Chain - In 2025, silicone prices first rebounded and then declined. After the industry's joint production - cut meeting in November, prices rose to 13,700 yuan/ton. The production profit also fluctuated accordingly [34]. - As of November 2025, the silicone DMC capacity was 344 million tons with no new capacity. Downstream demand is diversified, with traditional construction demand decreasing and emerging fields increasing. In the future, terminal demand growth is limited, and the industry plans to cut production by 30% [35]. 6. Aluminum Alloy Industry Chain - In 2025, aluminum alloy prices were relatively stable, oscillating around a high level. From January to May, the output was 15.76 billion tons, a 15.7% year - on - year increase. New energy vehicles are the main growth point for silicon - aluminum alloy demand, but future growth is limited [39]. 7. Slight Year - on - Year Decline in Exports - From January to October 2025, industrial silicon exports were 607,000 tons, a 1.2% year - on - year decrease. Overseas procurement is demand - based, and exports are expected to remain high - level oscillating next year [43].

Group 1 - The core viewpoint of the article is that Hesheng Silicon Industry has established production bases in Zhejiang, Sichuan, and Xinjiang, with a significant focus on organic silicon production in Jiaxing, Zhejiang, which has an annual capacity of 200,000 tons [1]

Group 1 - The core point of the article is that Hoshine Silicon Industry (SH 603260) announced significant shareholding and financial data, indicating a strong market position and revenue composition [1] - As of the announcement date, the controlling shareholder, Ningbo Hoshine Group, has a significant stake of approximately 179 million shares, representing 15.18% of the total share capital [1] - The total pledged shares by Luo Yedong amount to about 8.884 million shares, which is 49.52% of his holdings and 7.52% of the company's total share capital [1] Group 2 - For the fiscal year 2024, the revenue composition of Hoshine Silicon Industry is as follows: non-metal smelting accounts for 51.56%, the chemical industry for 45.71%, and other businesses for 2.73% [1] - The current market capitalization of Hoshine Silicon Industry is 60.8 billion yuan [1]

关于控股股东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（以下简称"合盛集团"）一致行动人罗烨栋直接持有公司股 份179,406,101股，占公司总股本的15.18%。本次质押及解质押后，罗烨栋累计质 押股份为88,843,500股，占其所持股份比例的49.52%，占公司总股本比例的 7.52%。 证券代码：603260 证券简称：合盛硅业 公告编号：2025-084 合盛硅业股份有限公司 三、股东累计质押股份情况 截至本公告披露日，上述股东及其一致行动人累计质押股份情况如下： 注：合计数与分项数累加和不同是因四舍五入所致 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433,253,200股 ...