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 ...

（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司在浙江有生产基地吗？浙江基地产能是多 少？ 合盛硅业（603260.SH）12月19日在投资者互动平台表示，公司在浙江、四川、新疆等地设有生产基 地，其中浙江嘉兴为有机硅生产基地，产能为20万吨/年。 ...

Report Industry Investment Rating No relevant content provided. Core Views of the Report - In 2026, the Fed will gradually slow down the pace of interest rate cuts, and the US government's vision to revitalize traditional manufacturing will restrict the growth rate of the global photovoltaic industry. China is expected to implement an expansionary fiscal policy and a moderately loose monetary policy, aiming for a good start in the 15th Five - Year Plan [3][57]. - In terms of supply, Xinjiang's production share has increased this year, while Sichuan and Yunnan's operations are generally low. New production in Inner Mongolia and Gansu has been released steadily. The number of operating furnaces has decreased, and social inventory is high. Silicon enterprises' production profits turned positive in the second half of this year. The planned new production capacity in 2026 is only 700,000 tons. Domestic cumulative production is expected to drop to 4.15 million tons this year and further to 4 million tons in 2026, a year - on - year decrease of 3.6% [3][57]. - In terms of demand, with the establishment of a new polysilicon platform company, a new sustainable industry ecosystem will be built. The production capacity of downstream battery and component markets will be further compressed, and photovoltaic terminal installations will enter a self - adaptive deceleration period. The silicone industry will enter a new balance cycle through production cuts. The aluminum alloy industry's production growth is limited due to the decline in construction and building materials demand. The overall demand growth rate of industrial silicon will continue to slow down in 2026, with a projected 3% decline in consumption growth [3][58]. - In 2026, the supply - demand structure of industrial silicon is expected to improve. The anti - involution policy will be further implemented. The photovoltaic industry will shift from high - growth to high - quality development, and the futures price center may stabilize and recover. The main operating range of industrial silicon in 2026 is expected to be between 8,000 - 11,000 yuan/ton [3][58]. Summary by Directory 2025 Market Review - In 2025, the industrial silicon market showed a trend of bottoming out and rebounding. The futures price dropped from a maximum of 11,130 yuan/ton at the beginning of the year to a minimum of 6,990 yuan/ton in early June, a decline of 37.2%. In the second half of the year, due to supply contraction and improved market sentiment, the price gradually recovered. By December 12, the main contract SI2605 closed at 8,390 yuan/ton, a significant drop of 2595 yuan/ton compared to the end of last year, a decline of 23.6%. The annual price fluctuated between 6,990 - 11,130 yuan/ton [8]. Macroeconomic Analysis Fourth Plenary Session Focuses on High - Quality Development and Domestic Demand - China's traditional manufacturing faces internal and external pressures. The "15th Five - Year Plan" proposes requirements for economic development, including promoting high - quality development, technological innovation, and the development of strategic emerging industries such as new energy and new materials. The development of artificial intelligence is also emphasized in multiple aspects [11][12]. Dual Loose Monetary and Fiscal Policies for Stable Economic Growth - China's Q3 GDP grew by 4.8% year - on - year, and the cumulative GDP in the first three quarters increased by 5.2% year - on - year. The official manufacturing PMI in November was 50.2. The economy has maintained a stable and progressive development trend, with rapid industrial growth, stable employment, and increasing resident income. In 2026, China is expected to implement an expansionary fiscal policy and a moderately loose monetary policy [14]. Fundamental Analysis Increasing Northern Production Share and Profit Turnaround in Southwest - In November 2025, China's industrial silicon production was 401,700 tons, a year - on - year decrease of 11.2%. From January to November, the cumulative production was 3.868 million tons, a year - on - year decrease of 14.7%. Xinjiang's production showed a trend of low - to - high, while Sichuan and Yunnan increased production from the dry season to the wet season. The new production capacity in Inner Mongolia and Gansu was limited. In the context of anti - involution policies, the supply side has contracted [16]. Only 700,000 Tons of New Production Capacity Planned in 2026 - As of now, China's total industrial silicon production capacity is 7.879 million tons, with an effective capacity of 7.846 million tons. The new and expanded production capacity projects from the second half of 2025 to 2026 have significantly slowed down. The planned new production capacity in 2026 is only 700,000 tons, a significant drop compared to 2025. It is expected that the total production capacity in 2026 will reach about 8.3 million tons, with a decreasing growth rate [27][30]. High Social Inventory and Stable Export Growth - As of December 12, the social inventory of industrial silicon reached 561,000 tons, a 4.6% increase from the end of last year. The exchange's average warehouse receipt inventory was between 150,000 - 180,000 tons. From January to October, the export volume was 607,000 tons, a 1% year - on - year decrease. In 2026, the domestic social inventory is expected to be high in the first half and low in the second half, and the export growth rate is expected to be 5 - 8% [36][37]. Industrial Silicon Demand Analysis New Polysilicon Platform Company and Anti - Involution in Photovoltaic Industry - From January to November 2024, China's polysilicon production was 1.206 million tons, a 27.3% year - on - year decrease. In December 2025, the "polysilicon capacity integration and acquisition platform" was officially established. In 2026, the photovoltaic industry will focus on capacity regulation, price monitoring, and eliminating backward production capacity. The industry is expected to enter a new balance cycle [40][43]. Silicone Industry Enters a New Ecosystem - From January to November 2025, China's silicone DMC production was 2.272 million tons, a 4.6% year - on - year increase. After the industry's anti - involution meeting in November, enterprises reached a consensus on a 30% production cut and joint price support. The DMC price has rebounded from 11,050 yuan/ton to 13,600 yuan/ton. In 2026, the silicone production is expected to grow limitedly and enter a sustainable development model [44]. Limited Growth in Aluminum Alloy Production - From January to October, China's aluminum alloy production was 15.76 million tons, a 15.7% year - on - year increase. Affected by the real estate industry, the demand for aluminum processing products was weak. In the fourth quarter, there were both production increases and decreases in different regions. It is expected that the aluminum alloy production will maintain a low growth rate in 2026 [46]. Slowing Demand Growth but More Balanced Supply - Demand in 2026 - In 2026, the demand growth rate of industrial silicon will continue to slow down, but the supply - demand structure will be more balanced. The consumption growth rate is expected to decline by about 3% [47][48]. 2026 Market Outlook - In 2026, the Fed will slow down the interest rate cut, and the US government's policy will restrict the global photovoltaic industry. China will implement expansionary fiscal and monetary policies. The supply of industrial silicon will contract, and the demand growth will slow down. The supply - demand structure is expected to improve, and the futures price may stabilize and recover, with a main operating range of 8,000 - 11,000 yuan/ton [57][58].

Core Insights - The story of the chairman of Hoshine Silicon Industry, Luo Liguo, exemplifies the corporate spirit of "accumulating small steps to reach great heights" through over thirty years of dedication to the mission of "focusing on silicon-based new materials to create a better life" [1][2] - Luo Liguo's journey began in 1989 with a humble start in a craft factory producing straw hats, where he developed a deep understanding of quality and market dynamics, laying a solid foundation for future endeavors [1] - At the turn of the century, he made a strategic pivot to the silicon materials industry, driven by profound insights into industrial development rather than merely chasing trends [1] - The strategic boldness of Luo Liguo is evident in his establishment of the first integrated "coal, electricity, silicon" industrial park in Xinjiang in 2009, which created unparalleled cost and scale advantages through a forward-looking full industry chain layout [1] - After the company's IPO in 2017, Luo Liguo made a decisive choice to focus entirely on the silicon-based main business, positioning the company at the forefront of the global new energy wave [1] - Hoshine Silicon Industry has transformed from an industry follower to a leading player in industrial silicon and organic silicon production capacity, ranking among the world's top [1] Industry Focus - The mission of "focusing on silicon-based new materials" has been a consistent theme throughout the company's journey, from initial developments in silicone rubber to the current advancements in third-generation semiconductor materials used in photovoltaics and new energy vehicles [2] - Each capacity expansion and technological extension led by Luo Liguo aims to contribute to the "dual carbon" strategy of the country, significantly promoting energy transition and enhancing quality of life through green silicon-based products [2] - The narrative of Luo Liguo serves as a practical guide on how the greatest achievements begin with solid foundations and how enduring success stems from decades of unwavering focus on a mission [2]