摆脱内卷，必须将竞争从"价格战"转向"价值战"。 为推动平台经济健康发展、规范价格竞争秩序，互联网平台"反内卷"迈出重要一步。 国家发改委、市场监管总局、国家网信办近日联合发布《互联网平台价格行为规则》（下称《行为规 则》），规范平台价格行为，保护消费者和经营者合法权益。 第一财经记者注意到，除了平台企业，近期光伏、汽车、动力电池等多个领域"反内卷"都取得了积极进 展，且在持续"深入"。比如，光伏行业酝酿已久的"多晶硅产能整合收购平台"正式落地；磷酸铁锂正极 材料生产厂家集体提价；《汽车行业价格行为合规指南（征求意见稿）》正向社会公开征求意见。 日前闭幕的中央经济工作会议在部署"坚持改革攻坚，增强高质量发展动力活力"任务时明确，制定全国 统一大市场建设条例，深入整治"内卷式"竞争。 对于互联网平台的经营者，《行为规则》中提出，要规范平台经营者收费行为，保护经营者自主定价 权。同时要求公开差别定价、动态定价、竞价排名等规则，规范补贴促销行为，细化了平台经营者、平 台内经营者明码标价的规定，明确平台经营者不得对平台内经营者的价格行为进行不合理限制或者附加 不合理条件。 中国社会科学院大学法学院副教授韩伟分析，《行 ...

据透露，这次会议参与方包括了通威集团董事长刘汉元、协鑫集团董事长朱共山等创始人们，中国光伏行业协会也派主要领导与会到场。 本次会议，是光和谦成这家多晶硅整合收购平台正式成立后的首次会议。 此前能源一号透露过，公司注册资本30亿元，成立日期为2025年12月9日，住所在北京市朝阳区。该公司经营范围包括技术服务、技术开发、技术咨询、 技术交流、技术转让、技术推广；企业管理咨询。 多位信源人士对能源一号透露，本轮会议上，与会方的探讨议题主要集中于几个方面： 加群注明姓名、公司、职务、部门，通过概率更大。 多位知情人士透露，上周日，最新成立的多晶硅整合平台公司---北京光和谦成科技有限责任公司（下称"光和谦成"）的多位股东方代表，再度聚首上海， 就有关议题做了深入讨论。 首先，强调国家有关部门对于维护市场价格的相关文件规定。光伏多晶硅厂商，不得以低于自身的含税完全成本价格进行销售。 并且，各方指导下，2025年12月预计多晶硅的含税价，要比现市场价格略高。来自集邦咨询的信息显示，目前多晶硅的价格再4.5万元至5.5万元每吨之 间。 | TrendForce ■ # # 资 词 | | | | 更新日期: 2025/1 ...

多晶硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 12 月 16 日 一、行情回顾与展望 市场表现：多晶硅主力合约价格冲高回落，PS2605 合约收盘价 58030 元/吨，涨 幅 3.61%，成交量 314139 手，持仓量 142844 手，净增 16408 手，前二十净多增 1 ...

12月9日，注册资本30亿元的北京光和谦成科技有限责任公司完成注册，这标志着光伏行业酝酿已久 的"多晶硅产能整合收购平台"正式落地。这一由国家六部委联合指导、多家龙头骨干企业共同发起的产 业治理创新，被业内视为破解光伏"内卷式"恶性竞争的关键一役。 股东阵容亮相头部企业集结 中国经济信息社行业洞察产业数据服务平台显示，该平台十大股东涵盖光伏领域核心力量：通威光伏科 技（峨眉山）有限公司、协鑫科技咨询服务（苏州）有限公司、上海东方希望新能源科技有限公司、新 疆大全能源股份有限公司、新特能源股份有限公司、亚洲硅业（青海）股份有限公司、青海丽豪新能源 科技有限公司、北京中光同和能源科技有限公司、新疆戈恩能源科技有限公司、青海南玻能源科技有限 公司。 其中，通威光伏科技（峨眉山）有限公司持股30.35%，协鑫科技咨询服务（苏州）有限公司持股 16.79%，上海东方希望新能源科技有限公司、新特能源股份有限公司分别持股11.3%和11.13%，新疆大 全能源股份有限公司等其余6家企业合计持股30.43%。 值得注意的是，通威集团董事局主席刘汉元在11月17日举行的第八届中国国际光伏与储能产业大会上已 明确表态："业内同仁 ...

日前，中国光伏行业协会深入学习贯彻中央经济工作会议精神，深刻分析当前行业发展形势，系统部署 下一阶段工作，凝心聚气助力行业持续回升向好。 据国家能源局数据显示，今年前10个月，全国光伏新增装机达到252.87GW，同比增长超过39.48%；中 国光伏行业协会监测发现，硅料现货价格从3.54万元/吨升至5.36万元/吨，组件招标均价稳步回升；今 年11月份，"光伏设备及元器件制造"价格同比降幅正在收窄。 通过近一年来的行业调整，中国光伏行业协会通过建立产业链信息透明化机制，让企业的自主决策对市 场的反馈更迅速、更科学。 在获得中国光伏行业协会持续提供的市场和产业端真实的信息后，行业龙头企业率先行动，自发、理性 地调降开工率。这种基于信息透明的自发自主行为，迅速传导至市场终端。随着产品价格的逐步回升， 光伏行业内企业自觉自律的努力开始取得实质性成效。根据中国光伏行业协会统计，2025年1月至2025 年11月期间，跟踪的招标项目140个（总容量116.69GW）中标项目109个（136.49GW），投标、中标的 组件均价整体呈现稳中略有提升的趋势。 以硅料环节为例，N型复投料成交均价从7月初的3.54万元/吨一路 ...

Group 1 - The central financial committee emphasizes the need to effectively manage financial risks in local small and medium financial institutions, real estate companies, and local government financing platforms, with a focus on controlling new risks and addressing existing ones [2] - The China Securities Regulatory Commission (CSRC) is set to introduce strict regulations on public fund sales, targeting long-standing issues in the industry such as prioritizing sales over service [2] - China's financial data for November shows a significant increase in RMB loans and social financing, with RMB loans increasing by 15.36 trillion yuan and social financing growing by 33.39 trillion yuan, surpassing last year's total [3] Group 2 - The People's Bank of China emphasizes maintaining stable financial markets and managing moral hazards, particularly in real estate finance [5] - The CSRC has issued a record fine to Yuce Investment for misappropriating fund assets and providing false information, highlighting the regulatory crackdown in the private equity sector [5] - The A-share market sees significant gains, particularly in nuclear power and commercial aerospace sectors, with the Shanghai Composite Index closing up 0.41% [5] Group 3 - The Hong Kong Hang Seng Index rises by 1.75%, driven by gains in technology and non-bank financial sectors, despite net selling by southbound funds [6] - The Shanghai Stock Exchange is monitoring stocks with significant volatility, indicating increased scrutiny on market activities [7] - Several companies are planning IPOs or stock issuances, including Galaxy General, which aims for a valuation of 3 to 4 billion USD [7] Group 4 - The Financial Regulatory Bureau has released a new management method for commercial bank custody businesses, emphasizing the need for banks to meet specific capabilities and prohibiting certain financial practices [9] - The market regulator is seeking opinions on compliance guidelines for the automotive industry, aiming to address pricing and promotional issues [9] - The State Administration for Market Regulation is pushing for improvements in online product sales, particularly in live commerce, to combat false advertising [9] Group 5 - The State Council has initiated measures to stabilize the real estate market, with Shandong province launching a housing "old-for-new" program to encourage home purchases [11] - The global gold ETF inflows reached 5.2 billion USD in November, marking a six-month streak of inflows and setting a record for total assets under management [20] - The domestic bond market shows signs of cooling, with yields on major bonds rising and the central bank conducting reverse repos to manage liquidity [19]

花旗发表研究报告指，中国多晶硅行业推动反内卷，北京光和谦成科技有限责任公司(光和谦成)日前正 式登记成立，被外界视为多晶硅产能整合收购平台，而协鑫科技在该合资企业中持股约16.79%，为第 二大股东。花旗相信，若产能成功整合，憧憬多晶硅价格将上升，而协鑫科技亦可受惠于利润率扩张， 在50%产能利用率下盈利仍可录得增长。花旗给予协鑫科技"买入/高风险"评级，目标价为1.72港元。 ...

SHMET 网讯：12月9日，工业硅、多晶硅期货价格走势出现明显分化，其中，工业硅期货价格震荡走 弱，主力SI2601合约报收8340元/吨，下跌3.47%，跌破前期支撑位，而多晶硅期货价格则大幅走强，主 力PS2601合约报收55610元/吨，上涨3.45%，多个远月合约涨幅更是超过5%。 反观多晶硅的价格上行，多位业内人士认为，更多是受消息面影响。12月9日，有消息称"多晶硅产能整 合收购平台"正式成立，公司名称为北京光和谦成科技有限责任公司，注册资本30亿元。尽管当前尚无 法最终证实该公司是否为"多晶硅产能整合收购平台"主体，但已引发业内较大关注。 "一直以来，市场都高度关心收储、平台公司等后续进程，昨日传来新的进展，再度影响市场。"郑非凡 认为，涉及多晶硅产能整合的新消息，让市场对多晶硅"反内卷"进程的信心再度得到回升，从而带动了 多晶硅价格的上行。 展望后市，李祥英认为，当前多晶硅期货价格仍然升水现货价格，在供需双弱的情况下，"收储"消息可 能也难以推动多晶硅价格突破震荡区间上限，未来期货价格大概率逐步向现货价格靠拢。工业硅方面， 国信期货分析师李祥英认为，工业硅期货价格大幅下跌的原因主要是供需走弱 ...

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Viewpoints - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd., a national-level operation platform for polysilicon capacity integration and strategic storage, is expected to fundamentally change the competitive landscape of the polysilicon industry [6] - The main mission of this platform is to adjust and stabilize industry capacity and products through market-oriented methods, with mainstream polysilicon prices expected to stabilize above 60,000 RMB per ton [6] - Major photovoltaic companies are optimistic about profitability in 2026, as indicated by Longi Green Energy's employee stock ownership plan [6] Summary by Sections Industry Performance - In the past 12 months, the industry has shown a relative return of -9.36% over one month, 6.86% over three months, and 0.92% over twelve months, with absolute returns of -11.56%, 10.16%, and 15.84% respectively [3] Market Dynamics - The polysilicon market is entering a new phase characterized by "market-oriented operations + industry collaborative regulation" [6] - In November, domestic polysilicon production was approximately 114,900 tons, a significant decrease of 15.9% month-on-month, with expectations for December production to remain below 120,000 tons [6] Investment Recommendations - Suggested stocks to focus on include Tongwei Co., Daqo New Energy, TCL Zhonghuan, and Shuangliang Eco-Energy for supply-demand improvement [6] - For new technology routes in BC batteries, recommended stocks include Longi Green Energy, Aiko Solar, Dier Laser, Juhua Materials, and Boqian New Materials [6]

Core Viewpoint - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd. marks a significant development in the photovoltaic industry, potentially serving as a platform for the integration and acquisition of polysilicon production capacity, although details remain unclear [1][10]. Company Overview - Guanghe Qiancheng is a limited liability company with a registered capital of 3 billion yuan, focusing on technology services, consulting, and management [2][10]. - The company is located in a relatively quiet area of Beijing, with limited visibility and presence in its office building [2][4]. Shareholder Structure - Guanghe Qiancheng has ten shareholders, predominantly from the polysilicon sector, with the largest shareholder being Tongwei Group's Tongwei Photovoltaic Technology, holding 30.35% [10][11]. - Other significant shareholders include GCL-Poly Energy and Shanghai Dongfang Hope New Energy, indicating strong backing from leading companies in the polysilicon market [10][11]. Industry Context - The formation of Guanghe Qiancheng is seen as part of a broader strategy among leading polysilicon companies to consolidate production capacity and optimize costs amid a challenging market environment [1][17]. - The current market for polysilicon remains under pressure, with prices stabilizing at low levels due to weak supply and demand dynamics [17].