报告周期:日报 成文日期: 2026年2月10日 研究员：顾小春（从业资格号：F0269198;投资咨询从业证书号:Z0000164) 工业硅期货目报 一、行情回顾 研究咨询：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 今日（2026年2月10日）工业硅期货主力合约 SI2605 呈现震 荡下行走势。当日开盘 8430元/吨,最高价为 8470元/吨,最低 8350 元/吨．收盘价为 8375 元/吨，较前一交易日下跌 130 元/吨。 持仓量 303387 手,品种总持仓量今日达到 418432 手,较前一交易 日增加 12176 手，显示市场参与度有所提升。 二、现货市场 2026 年 2 月 10 日中国工业硅现货领先价格为 9106 元/吨，期 货价格贴水现货价格,反映市场对远期价格的谨慎预期。 三、主要影响因素 二三】 二十 行业库存压力：市场消息显示当前工业硅库存处于累库阶段, 市场对仓单情况保持密切关注，库存压力对期货价格形成压制。 下游需求预期：2 月 5 日中国光伏行业协会发布的《中国光伏 产 ...

合盛硅业股份有限公司 关于控股股东及其一致行动人部分股份质押及解质押的公告 证券代码：603260 证券简称：合盛硅业 公告编号：2026-019 一、本次股份质押的基本情况 | 二、本次股份解质押的基本情况 | | --- | | 股东名称 | 合盛集团 | 罗燚 | | | | 罗烨栋 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 本次解质股份数 | 7,624,000 股 | 2,350,500 股 | 3,003,000 股 | 12,014,000 股 | 4,390,000 股 | 3,003,000 股 | 2,350,500 股 | | 量 | | | | | | | | | 占其所持股份比 | 1.57% | 1.22% | 1.56% | 6.24% | 2.45% | 1.67% | 1.31% | | 例 | | | | | | | | | 占公司总股本比 | 0.64% | 0.20% | 0.25% | 1.02% | 0.37% | 0.25% | 0.20% | | 例 | | | | | | | | | 解质时 ...

南华期货工业硅产业周报 ——供需双减，技术面有进一步下探态势 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务：证监许可【2011】1290号 2026年02月08日 第一章 核心矛盾及策略建议 1.1 核心矛盾 本周工业硅市场呈现震荡下跌格局。展望未来，工业硅期货价格走势的核心驱动逻辑将集中于以下因素：成 本端原材料价格变动情况、供给端停复产情况、需求端情况。 成本端，电力成本在工业硅生产成本结构中占比高达30%，而煤价波动对电力成本具备直接传导效应，进而 成为影响工业硅价格走势的关键因素。煤价的边际变动将直接作用于工业硅生产企业的成本线，近期煤价有 下跌迹象，后续需持续跟踪煤价波动节奏，以此研判工业硅成本端支撑力度的变化。 供给层面，金属硅产量继续下降，主要减量为新疆地区，后续新疆大厂减产计划预期逐步下行，2月工业硅产 量环比大幅下降约27.1%，同比亦转为负增长。需求层面，下游多晶硅企业有减产预期；当前多晶硅库存处 于高位，市场整体以去库存为主基调；同时需要注意的是，未来有可能炒作太空光伏的迹象，需关注钙钛矿 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" [3] Core Insights - The fertilizer market is entering a traditional demand peak with structural price increases expected due to the spring farming season, which accounts for approximately 45%-50% of annual fertilizer usage [1][7] - The chemical fiber industry is approaching its peak demand season, with low inventory varieties likely to show price elasticity [9][11] Summary by Sections Fertilizer Sector - Urea prices are expected to stabilize and potentially rise due to increased demand from delayed planting and government policies aimed at boosting grain yields [7] - Phosphate fertilizer prices are supported by strong cost factors, with a forecast of continued high prices due to supply constraints and stable demand [8] - Potash fertilizer prices are anticipated to rise as supply remains tight, with a contract price of $348 per ton for 2026, reflecting a slight increase from the previous year [8] Chemical Fiber Sector - The "golden March and silver April" period is a traditional peak for the chemical fiber industry, with downstream textile companies expected to increase procurement to meet seasonal demand [9] - Polyester filament production is being managed through coordinated reductions to improve profitability, with current inventory levels at historical lows [11] - Viscose staple fiber is experiencing high operating rates and low inventory, suggesting strong upward price potential [11] Overall Chemical Industry Performance - The chemical sector has seen a significant increase in attention due to a rebound in PPI and capital expenditure trends, with the industry valuation at a historical low [18][19] - The report suggests focusing on four main investment themes, including upstream resource assets, supply-side optimization, low valuation leading companies, and new productivity investments [19][20][21][22]

Group 1 - The company will hold its first extraordinary general meeting of 2026 on February 27, 2026, at 14:00 [2][5] - The meeting will be conducted using a combination of on-site and online voting methods [2][3] - The online voting will be available on the Shanghai Stock Exchange voting system from 9:15 to 15:00 on the day of the meeting [3] Group 2 - The company plans to change its registered address from "No. 530, Yashan West Road, Zhapu Town, Jiaxing City, Zhejiang Province" to "No. 1999-9, Zhouxi Highway, Zhouxiang Town, Cixi City, Zhejiang Province" [24] - The change in registered address requires amendments to the company's articles of association, which will be submitted for approval at the upcoming general meeting [25][49] Group 3 - The company’s controlling shareholder, Ningbo Hoshine Group Co., Ltd., holds 41.16% of the total shares, while its concerted action person, Luo Yi, holds 16.28% [29] - After the recent pledge and unpledge of shares, the total pledged shares by Hoshine Group amount to 240,209,100 shares, representing 20.32% of the total shares [29] - The company will continue to monitor the share pledge situation and fulfill its disclosure obligations [30] Group 4 - The company’s wholly-owned subsidiary, Hoshine Electric (Shanshan) Co., Ltd., will undergo a continuation split to optimize resource allocation and improve operational efficiency [32] - The split will result in the establishment of a new wholly-owned subsidiary named Xinjiang Eastern Hoshine Thermal Power Co., Ltd. [36]

（记者 胡玲） 每经头条（nbdtoutiao）——目标是囤700吨黄金！连续两年增持黄金最多的央行宣布：再买150吨 每经AI快讯，合盛硅业2月6日晚间发布公告称，公司第四届第十三次董事会会议于2026年2月6日在公 司慈溪办公室二十四楼黑河会议室以现场和通讯相结合方式召开。会议审议了《关于公司全资子公司合 盛电业（鄯善）有限公司进行存续分立的议案》等文件。 ...

证券日报网讯2月6日，合盛硅业（603260）在互动平台回答投资者提问时表示，公司加速研发中心升级 进程，以创新制造技术与智能生产模式为双轮驱动，培育硅基新材料领域的前沿技术生产力。有机硅技 术领域，公司根据研发计划平稳有序推进，2025年上半年，公司实现产业化的全新中下游产品包括氨基 硅油和有机硅乳液，产品品质已达到国际领先水平，能够满足纺织、化妆品行业的应用需求。同时，公 司其他在研项目包括但不限于0度人体硅胶、医疗用途混炼胶及液体硅橡胶、电子级有机硅凝胶等系列 产品。碳化硅技术领域，公司已完整掌握了碳化硅材料的原料合成、晶体生长、衬底加工以及晶片外延 等全产业链核心工艺技术，突破了关键材料(多孔石墨、涂层材料)和装备的技术壁垒，公司碳化硅产品 良率处于国内企业领先水平，在关键技术指标方面已追赶上国际龙头企业水平。6英寸碳化硅衬底已全 面量产，晶体良率达95%以上，外延良率稳定在98%以上，处于行业领先位置；在碳化硅衬底研发方 面，公司凭借自研体系和高效研发，8英寸碳化硅衬底已开始小批量生产，12英寸碳化硅衬底研发顺 利，目前正常推进中；公司在高端碳化硅粉料领域持续深耕，成功开发出可满足半导体、热喷涂、高 ...

Core Viewpoint - The company anticipates a phase of supply-demand structural adjustment in the industry by 2025, leading to downward pressure on product prices [1] Industry Summary - The industrial silicon market is experiencing a significant year-on-year contraction in demand, resulting in declining sales prices due to changes in the photovoltaic industry chain supply-demand relationship [1] - The organic silicon market is also under pressure, with product prices fluctuating at low levels for most of the year [1] - The photovoltaic business segment is seeing gradual recovery in the polysilicon market due to policy and market collaboration, but still faces short-term challenges such as insufficient demand and high inventory levels [1] Company Strategy - The company adheres to a core strategy of "focusing on the main business, strengthening fundamentals, and optimizing allocation" [1] - It aims to leverage full industry chain collaboration and refined management to continuously solidify cost advantages and operational efficiency in core businesses like industrial silicon and organic silicon [1] - The company is committed to optimizing the asset and business structure of the photovoltaic segment in response to policy guidance and market demand changes [1] Future Outlook - The company will actively respond to industry self-discipline initiatives to promote the industry’s transition from low-price disorderly competition to high-quality development [1] - It will closely monitor market changes, dynamically optimize production and operational arrangements, and continue to advance the research and industrialization of high value-added products [1] - The focus is on enhancing overall profitability and risk resistance, maintaining positive operating cash flow, and laying a solid foundation for the company's long-term healthy development [1]

Core Viewpoint - The company aims to enhance overall profitability and risk resistance by focusing on core strategies such as "focusing on the main business, strengthening the foundation, and optimizing allocation" while responding to market changes in 2026 [1] Group 1: Business Strategy - The company will rely on a collaborative full industry chain and refined management model to solidify cost advantages and operational efficiency in core businesses like industrial silicon and organic silicon [1] - There will be a continuous optimization of the photovoltaic sector's asset and business structure [1] Group 2: Industry Response - The company actively supports industry self-discipline initiatives to move away from low-price and disorderly competition [1] - The focus is on promoting high-quality development to lay a solid foundation for long-term health and value return [1]

每经头条（nbdtoutiao）——基金经理个人炒股合法吗？我们调查了多家头部公募，答案出人意料 （记者 曾健辉） 每经AI快讯，合盛硅业2月6日晚间发布公告称，截至本公告日，合盛硅业股份有限公司控股股东宁波 合盛集团有限公司直接持有公司股份约4.87亿股，占公司总股本的41.16%；合盛集团一致行动人罗燚直 接持有公司股份约1.92亿股，占公司总股本的16.28%。本次质押及解质押后，合盛集团累计质押股份约 为2.4亿股，占其所持股份比例的49.36%，占公司总股本比例的20.32%；罗燚累计质押股份约为6622万 股，占其所持股份比例的34.4%，占公司总股本比例的5.6%。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约8.69亿股，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 约为3.95亿股，占其合计所持公司股份总数的45.48%，占公司总股本的33.43%。 ...