高争民爆认为，本次高争民爆收购海外民爆67%股权的交易，契合《"十四五"民用爆炸物品行业安全发 展规划》的相关政策导向。交易完成后，公司可将黑龙江地区过剩的炸药产能，有序转移至需求增量显 著的西藏地区，精准落实规划中"化解过剩产能、优化产业布局"的核心要求。同时，将为高争民爆新增 炸药产能3.1万吨/年(不含因拆线、撤点、减证等政策获得的奖励产能)，产能增幅高达140.91%。此举不 仅能大幅提升高争民爆在西藏民爆市场的核心竞争力，更能显著增强对西藏重大项目民爆产品供应保障 能力。 "通过本次资源整合，高争民爆炸药产能规模将大幅增长，有效拓宽参与西藏地区未来发展的深度与广 度，助力公司收入规模与盈利水平的双重提升，进一步巩固并提高在西藏地区民爆行业的市场影响 力。"高争民爆在公告中表示。 12月24日晚，高争民爆（002827）公告，为深化产业结构布局，顺应民爆行业未来发展趋势及满足区域 市场需求，有效破解公司当前面临的产能瓶颈，公司与控股股东控制的西藏藏建投资有限公司将共同以 现金方式购买黑龙江海外房地产开发集团有限公司持有的黑龙江海外民爆器材有限公司(下称"海外民 爆")100%股权。 公告显示，以四川天 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For the stock index, although there is uncertainty at the end of the year, the policy - supported attitude towards the capital market remains unchanged, and the medium - to - long - term strategy is to go long on dips [4]. - For national debt, in the short term, the bond market is expected to fluctuate under the background of weak domestic demand and institutional behavior disturbances. Attention should be paid to the repair of the supply - demand relationship at the end of the year and the rebound after over - decline [6]. - For precious metals, the weak US non - farm payroll data boosts the expectation of interest rate cuts. It is recommended to hold long positions in gold and maintain a wait - and - see attitude towards silver [8]. - For non - ferrous metals, the prices of copper, aluminum, etc. are expected to be relatively stable or have upward potential due to factors such as supply - demand structure and macro - policies, while zinc, lead, etc. may face some downward pressure [11][13][16]. - For black building materials, steel prices are expected to maintain a bottom - range oscillation, and the price of iron ore is estimated to run within an oscillation range [33][35]. - For energy and chemicals, different products have different trends. For example, rubber can be short - term operated with a neutral - to - long idea, and oil prices are recommended to be traded with a low - buy and high - sell strategy [53][57]. - For agricultural products, the prices of different products such as pigs, eggs, and beans are affected by factors such as supply - demand relationship and seasonal factors, presenting different trends and investment suggestions [81][84][86]. Summaries According to Relevant Catalogs Macro - financial Category Stock Index - **Market Information**: The A500ETF had a huge trading volume of nearly 53 billion yuan, three times that of the CSI 300ETF. The national general public budget revenue from January to November was 20.0516 trillion yuan, a year - on - year increase of 0.8%. SpaceX entered the pre - IPO regulatory quiet period [2]. - **Strategy Viewpoint**: At the end of the year, some funds cash in on profits, and the market faces certain uncertainties. But in the long - term, the policy - supported attitude towards the capital market remains unchanged, and the strategy is to go long on dips [4]. National Debt - **Market Information**: On Wednesday, the main contracts of TL, T, TF, and TS had different changes. The national general public budget revenue from January to November was 20.0516 trillion yuan, a year - on - year increase of 0.8%. The central bank conducted 46.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 143 billion yuan [5]. - **Strategy Viewpoint**: In November, the production side was stable, but the service industry was weak, and the demand side needed to be strengthened. The expectation of interest rate cuts is expected to boost the bond market sentiment. The bond market is expected to fluctuate in the short term [6]. Precious Metals - **Market Information**: Shanghai gold rose 0.53% to 982.48 yuan/gram, and Shanghai silver rose 3.93% to 15,594 yuan/kilogram. The US non - farm payroll data was weak, and the Fed governor's speech was dovish [7]. - **Strategy Viewpoint**: The weak non - farm payroll data boosts the expectation of interest rate cuts. It is recommended to hold long positions in gold and maintain a wait - and - see attitude towards silver [8]. Non - ferrous Metals Category Copper - **Market Information**: The silver price hit a new high, and the copper price rose. The LME copper inventory increased, and the domestic futures warehouse receipts decreased. The domestic copper spot import was at a loss, and the refined - scrap price difference widened [10]. - **Strategy Viewpoint**: The liquidity expectation is marginally relaxed, and the supply of copper ore is tight. The short - term copper price is expected to oscillate at a high level [11]. Aluminum - **Market Information**: The LME aluminum cancelled warehouse receipts continued to increase, and the aluminum price rose. The domestic aluminum inventory decreased, and the spot was at a discount [12]. - **Strategy Viewpoint**: The global aluminum inventory is decreasing, and the aluminum price is strongly supported. It is expected to rise after oscillation [13]. Zinc - **Market Information**: The zinc price fell, the zinc ore inventory decreased, and the LME zinc inventory slowly increased. The domestic zinc ingot social inventory decreased, and the import was at a loss [14][15]. - **Strategy Viewpoint**: The zinc ore inventory decreased, and the domestic spot tightened. After the Fed's meeting, the zinc price may give back some gains [16]. Lead - **Market Information**: The lead price fell, the lead ore inventory was basically flat, and the domestic social inventory increased slightly [17]. - **Strategy Viewpoint**: The lead price is expected to run weakly in a wide range in the short term [17]. Nickel - **Market Information**: The nickel price rebounded after hitting the bottom. The nickel ore price was stable, and the nickel iron price weakened [18]. - **Strategy Viewpoint**: The nickel surplus pressure is still large. It is recommended to wait and see in the short term [19]. Tin - **Market Information**: The tin price rose. The supply side had problems such as insufficient raw materials, and the demand side was affected by high prices. The inventory increased [20]. - **Strategy Viewpoint**: The tin price is expected to fluctuate with market sentiment. It is recommended to wait and see [21]. Lithium Carbonate - **Market Information**: The lithium carbonate price rose. The MMLC battery - grade and industrial - grade lithium carbonate prices increased [22]. - **Strategy Viewpoint**: The supply - demand pattern repair expectation cannot be falsified. It is recommended to wait and see and pay attention to fundamental dynamics [23]. Alumina - **Market Information**: The alumina price rose. The domestic spot was at a premium, and the overseas price fell. The futures inventory decreased [24]. - **Strategy Viewpoint**: The ore price is expected to oscillate downward, and the alumina production capacity is surplus. It is recommended to wait and see in the short term [26]. Stainless Steel - **Market Information**: The stainless steel price rose. The raw material price was stable, and the social inventory decreased [27]. - **Strategy Viewpoint**: The stainless steel market is in a traditional off - season, and the price is expected to oscillate widely. It is recommended to wait and see [28]. Cast Aluminum Alloy - **Market Information**: The cast aluminum alloy price rose. The trading volume and open interest decreased, and the inventory decreased [29]. - **Strategy Viewpoint**: The cost is firm, and the supply is disturbed. The price is expected to fluctuate within a range [30]. Black Building Materials Category Steel - **Market Information**: The rebar price rose slightly, and the hot - rolled coil price fell slightly. The inventory of rebar decreased, and the inventory of hot - rolled coil increased [32]. - **Strategy Viewpoint**: The terminal demand is weak, and the steel price is expected to oscillate at the bottom. The export license policy may suppress the price in the short term [33]. Iron Ore - **Market Information**: The iron ore price rose, and the inventory increased [34]. - **Strategy Viewpoint**: The supply of iron ore increased, and the demand decreased. The price is expected to oscillate within a range [35]. Glass and Soda Ash - **Market Information**: The glass price was flat, and the inventory decreased. The soda ash price was flat, and the inventory decreased [36][38]. - **Strategy Viewpoint**: The glass market is in a weak supply - demand balance and is expected to oscillate narrowly. The soda ash price is expected to decline under pressure [37][39]. Manganese Silicon and Ferrosilicon - **Market Information**: The manganese silicon price rose slightly, and the ferrosilicon price rose. The manganese silicon was at a premium, and the ferrosilicon was at a premium [40]. - **Strategy Viewpoint**: The future market trend is mainly led by the black sector and cost factors. It is recommended to pay attention to the manganese ore and electricity price [44]. Industrial Silicon and Polysilicon - **Market Information**: The industrial silicon price rose, and the polysilicon price rose. The inventory of industrial silicon decreased, and the inventory of polysilicon increased [45][47]. - **Strategy Viewpoint**: The industrial silicon supply and demand weakened marginally, and the polysilicon supply decreased and the demand was weak. Both are expected to fluctuate with the market [46][48]. Energy and Chemicals Category Rubber - **Market Information**: The rubber price oscillated and rose. The inventory was low, and the demand for winter storage was positive. The tire enterprise's operating rate was different [51]. - **Strategy Viewpoint**: It is recommended to operate short - term with a neutral - to - long idea and hold the hedging position of buying RU2601 and selling RU2609 [53]. Crude Oil - **Market Information**: The crude oil price fell, and the refined oil prices had different changes. The gasoline and diesel inventories decreased, and the fuel oil inventory increased [54][56]. - **Strategy Viewpoint**: The oil price is not recommended to be overly shorted in the short term. It is recommended to wait and see and test OPEC's export support willingness [57]. Methanol - **Market Information**: The regional spot prices of methanol had different changes, and the futures price rose. The MTO profit was negative [58]. - **Strategy Viewpoint**: After the bullish factors are realized, the methanol price is expected to be sorted out at a low level. It is recommended to wait and see [59]. Urea - **Market Information**: The regional spot prices of urea were stable, and the futures price rose. The inventory decreased [60]. - **Strategy Viewpoint**: The urea supply decreased and the demand increased. It is recommended to go long at low prices [61]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene decreased. The inventory of pure benzene and styrene increased, and the demand had different changes [62][63]. - **Strategy Viewpoint**: The non - integrated profit of styrene can be long at present [64]. PVC - **Market Information**: The PVC price rose. The cost was stable, and the operating rate decreased. The inventory increased [65]. - **Strategy Viewpoint**: The PVC supply is strong and the demand is weak. It is recommended to go short on rallies [66]. Ethylene Glycol - **Market Information**: The ethylene glycol price fell. The supply decreased, and the demand decreased. The inventory increased [67]. - **Strategy Viewpoint**: The ethylene glycol supply and demand need to be improved by reducing production. Pay attention to the risk of price rebound [69]. PTA - **Market Information**: The PTA price rose. The supply was stable, and the demand decreased. The inventory decreased slightly [70]. - **Strategy Viewpoint**: The PTA supply is expected to increase, and the demand will decrease. Pay attention to the opportunity of going long on dips [71]. p - Xylene - **Market Information**: The p - xylene price rose. The supply decreased slightly, and the demand decreased. The inventory increased [72]. - **Strategy Viewpoint**: The p - xylene inventory is expected to increase slightly. Pay attention to the opportunity of going long on dips [73]. Polyethylene (PE) - **Market Information**: The PE price fell. The supply decreased slightly, and the demand decreased. The inventory increased [74]. - **Strategy Viewpoint**: The PE price is under pressure, and it is recommended to go short on rallies for the LL1 - 5 spread [76]. Polypropylene (PP) - **Market Information**: The PP price fell. The supply increased slightly, and the demand increased slightly. The inventory decreased [77]. - **Strategy Viewpoint**: The PP supply and demand are weak, and the price may be supported in the first quarter of next year [78]. Agricultural Products Category Pigs - **Market Information**: The domestic pig price rose. Some farmers held back sales, and the demand for large pigs increased [80]. - **Strategy Viewpoint**: The pig price may rebound in the short term, but the long - term supply is high. It is recommended to short after the rebound and long the far - month contract [81]. Eggs - **Market Information**: The egg price was mostly stable. The supply was stable, and the demand was different in different regions [82]. - **Strategy Viewpoint**: The egg price is expected to squeeze the premium in the near - month and pay attention to the pressure in the far - month [84]. Soybean and Rapeseed Meal - **Market Information**: The CBOT soybean price fell. The domestic soybean meal price fell slightly, and the inventory decreased [85]. - **Strategy Viewpoint**: The soybean import cost has a bottom, and the soybean meal price is expected to oscillate [86]. Oils and Fats - **Market Information**: The palm oil production and export data were different. The domestic oil price stopped falling [87]. - **Strategy Viewpoint**: The palm oil supply may reverse in the future. It is recommended to operate based on high - frequency data [88]. Sugar - **Market Information**: The sugar price oscillated weakly. The production data of major sugar - producing countries were different [89][90]. - **Strategy Viewpoint**: The global sugar supply is expected to be in surplus, and it is recommended to wait and see in the short term [91]. Cotton - **Market Information**: The cotton price oscillated narrowly. The spot price rose, and the inventory increased [92]. - **Strategy Viewpoint**: The cotton price is unlikely to have a unilateral trend due to uncertain policies and hedging pressure [93].

Core Viewpoint - The recent surge in polysilicon futures prices is attributed to multiple factors, including supply contraction, rising costs, and policy expectations, rather than an increase in downstream demand [2][4][8] Group 1: Price Movements - Polysilicon futures reached a high of 61,235 CNY/ton on December 17, with a cumulative increase of 68% this year [1] - The current price of polysilicon N-type dense material is around 50 CNY/kg, while N-type re-investment material is approximately 51.5 CNY/kg [4] - The market is experiencing a disconnect between futures and spot prices, with spot prices remaining stable despite the rise in futures [4][8] Group 2: Supply and Demand Dynamics - Domestic polysilicon production dropped to about 115,000 tons in November, a decrease of approximately 14% month-on-month, primarily due to proactive production cuts by leading companies during the dry season [2] - The average operating rate in the polysilicon industry has fallen to 40%, with many second and third-tier companies halting production [6] - High inventory levels exceeding 300,000 tons are putting pressure on the market, with weak demand from downstream sectors [6] Group 3: Market Expectations and Policies - A recent meeting among 11 leading manufacturers emphasized production control and price stabilization, reinforcing market expectations for industry self-discipline and the establishment of a storage platform [2][3] - The establishment of a capacity integration acquisition platform is seen as a second wave of market sentiment boost, although details remain unclear [3][7] - The market is closely monitoring the potential announcement of a "debt-for-equity" acquisition and flexible capacity plans, which could further influence sentiment [7][9] Group 4: Trading Strategies - Current high premiums suggest strategies such as "selling futures and buying spot" or "registered warehouse delivery" to lock in basis profits [9] - Investors are advised to reduce leverage and implement strict stop-loss measures due to increased volatility in polysilicon futures [9]

华安证券认为，能源金属领域正迎来产能深度整合阶段，海外供给端减产信息频现，整个行业或将持续 出现减产或停产信号，碳酸锂行业已开启产能整合进程，锂价有望触底回升。 有色金属ETF(512400)紧密跟踪中证申万有色金属指数，中证申万有色金属指数从沪深市场申万有色金 属及非金属材料行业中选取50只上市公司证券作为指数样本，以反映沪深市场有色金属行业上市公司证 券的整体表现。指数前十大权重股分别为紫金矿业、洛阳钼业、北方稀土、华友钴业、中国铝业、赣锋 锂业、山东黄金、中金黄金、天齐锂业、赤峰黄金。 截至2025年12月17日 10:30，有色金属ETF(512400)上涨1.75%，成交2.47亿元。跟踪指数中证申万有色 金属指数强势上涨1.85%，成分股国城矿业上涨8.98%，盛新锂能上涨7.49%，中矿资源上涨6.07%，天 齐锂业，永兴材料等个股跟涨。 有色商品接力上涨，铂价年内近乎翻倍。2025年年底，有色金属市场延续强势表现，多品种价格接力上 涨，其中铂价成为领涨明星，截至12月中旬年内涨幅已达98.67%，近乎翻倍，创下近年价格新高。这 轮行情背后，是供给端持续收缩与需求端多元增长形成的紧平衡格局，叠加 ...

来源：中国能源网 能源金属：海外供给端减产信息频现，整个行业减产或停产的信号还会继续出现。从碳酸锂行业的整体 发展节奏看，产能深度整合已经开始，锂价触底回升。建议关注赣锋锂业、天齐锂业、华友钴业。 华安证券近日发布有色金属研究报告：贵金属：全球地缘政治冲突不断推动避险情绪升级，人民银行持 续购入黄金，美联储仍在降息通道，金价具备支撑。能源金属:海外供给端减产信息频现，整个行业减 产或停产的信号还会继续出现。从碳酸锂行业的整体发展节奏看，产能深度整合已经开始，锂价触底回 升。 钨：中国收紧钨供应，市场延续缩量上行。相关公司中钨高新、厦门钨业。 以下为研究报告摘要： 风险提示：宏观经济变动；下游需求不及预期；海外经营风险；矿山安全及环保风险等。(华安证券 许 勇其) 核心观点 贵金属：全球地缘政治冲突不断推动避险情绪升级，人民银行持续购入黄金，美联储仍在降息通道，金 价具备支撑。建议关注紫金矿业、山东黄金。 铜：原料端紧缺，铜价易涨难跌，建议关注紫金矿业、铜陵有色。 铝：电解铝供给限制，新能源需求贡献增量，供弱需强持续演绎；利润端，2025年氧化铝产能陆续释 放，氧化铝价格持续下行，利润有望修复。建议关注神火股份 ...

新能源及有色金属日报 | 2025-12-17 产能整合预期驱动，多晶硅表现强势 工业硅： 市场分析 2025-12-16，工业硅期货价格偏震荡运行，主力合约2605开于8325元/吨，最后收于8365元/吨，较前一日结算变化 （-50）元/吨，变化（-0.59）%。截止收盘，2601主力合约持仓202263手，2025-12-15仓单总数为8815手，较前一 日变化72手。 供应端：工业硅现货价格基本持稳。据SMM数据，昨日华东通氧553#硅在9100-9300（0）元/吨；421#硅在9500-9800 （0）元/吨，新疆通氧553价格8600-8900（0）元/吨，99硅价格在8600-8900（0）元/吨。昆明、黄埔港、西北、天 津、新疆、四川、上海地区硅价持平，97硅价格持稳。 SMM统计，12月5日至12月11日，新疆地区样本硅厂周度产量在42560吨，周度开工率在88％，较前周环比增加。 周内新疆样本硅企产量增加主因上周新增硅炉产量释放。 消费端：据SMM统计，有机硅DMC报价13500-13700（0）元/吨。SMM报道，本周国内有机硅DMC市场价格成交 重心企稳运行，目前市场主流价格区间为1 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Global geopolitical conflicts drive up the risk - aversion sentiment, the People's Bank of China continuously buys gold, and the Fed is still in the interest - rate cut channel, so the gold price is supported. Suggestions are to focus on Zijin Mining and Shandong Gold [5]. - The raw material for copper is in short supply, and the copper price is more likely to rise than fall. Suggestions are to focus on Zijin Mining and Tongling Nonferrous Metals [5]. - For electrolytic aluminum, supply is restricted, new - energy demand contributes to the increase, and the situation of weak supply and strong demand continues. In terms of profit, the alumina production capacity will be gradually released in 2025, the alumina price will continue to decline, and the profit is expected to recover. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [5]. - For energy metals, there are frequent reports of production cuts from overseas supply - side, and signals of production cuts or shutdowns in the whole industry will continue to appear. The lithium price has bottomed out and rebounded as the in - depth integration of production capacity has begun. Suggestions are to focus on Ganfeng Lithium Co., Ltd., Tianqi Lithium Corporation, and Huayou Cobalt Co., Ltd. [5]. - China tightens the tungsten supply, and the market continues to rise with reduced volume. Relevant companies are China Tungsten High - tech Co., Ltd. and Xiamen Tungsten Co., Ltd. [5]. 3. Summary by Related Catalogs Gold - **Price Trend**: Since 2024, the gold price has repeatedly hit new highs. In different quarters from 24Q3 to 25Q3, various factors such as Fed's interest - rate cuts, geopolitical conflicts, inflation, and tariff policies have affected the gold price. In the future, geopolitical, tariff policy changes, market risk preferences, and interest - rate cuts will still impact the gold price [8][13]. - **Supply and Demand**: Gold supply is stable, while global central banks are increasing their gold purchases. In 25Q3, central bank gold - buying demand was 219.85 tons, a 10.2% increase year - on - year. The People's Bank of China restarted the gold - buying channel in November 2024 and has continuously increased its gold holdings [14][21]. - **Stock Recommendations**: Suggestions are to focus on Chifeng Gold, Shandong Gold, Shanjin International, and Zijin Mining. These companies have certain scales and performance flexibility. For example, in the first half of 2025, Shandong Gold's net profit attributable to shareholders was 28.08 billion yuan, a 102.98% year - on - year increase; Chifeng Gold planned to produce 16.0 tons of gold in 2025; Shanjin International's revenue and profit increased significantly; Zijin Mining's net profit attributable to shareholders was 233 billion yuan, a 54% year - on - year increase [22][23]. Copper - **Supply - Demand Situation**: The supply of copper ore is tight, which leads to the increase of copper price and compresses the profit of the smelting end. The copper concentrate treatment and refining charges (TC) have been declining since 2024, reaching - 43.08 US dollars/ton as of December 12, 2025. The difference between LME and COMEX copper inventories has widened, resulting in a short - term regional mismatch in copper supply [26][30]. Electrolytic Aluminum - **Supply**: The domestic electrolytic aluminum production capacity is approaching the ceiling, and the output growth is restricted by power - rationing policies. Overseas, power supply is tight, and there are frequent shutdown events, leading to supply shortages [41]. - **Demand**: From January to October 2025, the domestic electrolytic aluminum demand was 38.7697 million tons, a 5.72% year - on - year increase. The demand for aluminum in the automotive and photovoltaic industries is increasing. Aluminum - bodied new - energy vehicles can increase cruising range and reduce battery costs, and the photovoltaic industry is booming under policy support [42][48]. - **Cost and Profit**: The domestic electrolytic aluminum production capacity restricts the demand for alumina, and with the release of new production capacity, alumina is in oversupply. The decline in alumina price is beneficial to the profit of the electrolytic aluminum sector. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [51][52]. Lithium - **Price and Market**: The price of lithium carbonate has bottomed out and rebounded. The market is generally optimistic about the demand for lithium carbonate next year. With the gradual increase in supply, both supply and demand are booming, and the industry profit is gradually improving [56]. - **Stock Recommendations**: Suggestions are to focus on Tianqi Lithium Corporation, Ganfeng Lithium Co., Ltd., Zhongkuang Resources Co., Ltd., Yongxing Special Materials Co., Ltd., and other companies. The performance and profit expectations of these companies vary [60]. Tungsten - **Supply**: China tightens the tungsten supply, and the global supply is restricted. Regulatory strengthening and declining ore grades affect production capacity release, and supply is generally tight. In April 2025, the Ministry of Natural Resources of China issued the first - batch tungsten ore mining total - volume indicator of 58,000 tons [62][66]. - **Stock Recommendations**: Suggestions are to focus on Xiamen Tungsten Co., Ltd., Zhangyuan Tungsten Co., Ltd., China Tungsten High - tech Co., Ltd., Xianglu Tungsten Co., Ltd., and Jiangxi Tungsten Equipment Co., Ltd. [67].

下周在西安，又是一年一度的中国光伏行业年会。光伏，已经苦了三年，回望来时路，内心有些五味杂 陈。忽然想起三年前那个刚刚入行、无知且无畏的自己，在2022年滁州中国光伏行业年会前曾大声疾 呼，《行业即将迎来全面产能过剩》。 每一个人都在以自己的方式为这个行业尽一分力，虽然结果各不相同。人情事故，逢场作戏，不是不 懂，但千人之诺诺，总不如一士之谔谔。这毕竟才是媒体的意义所在，哪怕会得罪人。况且，处江湖之 远的文科生不懂庙堂之高，有时难免情绪上头，难免言辞偏激，在此要承蒙所有读者对于赶碳号的理解 和包容。 之所以啰嗦这么一大堆，都是为了小心翼翼地表达一些关于多晶硅收储的个人看法。 12月12日，中国光伏行业协会（下称"光伏协会"）官微文章表示：近日，北京光和谦成科技有限责任公 司（下称"光和谦成"）完成注册，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。 赶碳号如果没有记错的话，这是光伏协会第一次官方正式承认了多晶硅产能收储这件事，也是第一次官 宣了光和谦成这家公司的目的和作用。 硅料是源头，行业破卷，产能出清，多晶硅产能整合殊为必要。但光伏行业协会亲自下场参股收储平 台，多少还是超出了很多人的预期。 ...

现货方面，12月12日多晶硅价格持稳，N型致密料47-53元/千克，N型混包料46-50元/千克，N型颗粒硅46-51元/千克。 12月7日，阿曼阿拉伯银行与联合太阳能多晶硅公司(United Solar Polysilicon)敲定2.2亿美元融资协议，用于支持其建设年产10万吨高纯多晶硅工 厂。据悉联合太阳能多晶硅公司10万吨多晶硅工厂即将投产。 截至2025年12月12日当周，多晶硅期货主力合约收于57190元/吨，周K线收阳，持仓量环比上周增持28445手。 本周(12月8日-12月12日)市场上看，多晶硅期货周内开盘报52780元/吨，最高触及57625元/吨，最低下探至52780元/吨，周度涨跌幅达2.07%。 消息面回顾： 截至12月4日，多晶硅总库存29.1万吨，硅片库存21.3GW。截至12月8日，多晶硅注册仓单2,810手。 机构观点汇总： 广州期货：近日产能整合收购平台的成立为盘面提供了核心支撑，推动价格出现阶段性上行，但当前品种市场关注度高、干预因素较多，此次价 格反弹更多是前期利好预期的阶段性兑现，相关细则等关键信息尚未落地，价格向上拓展的空间或较为有限，叠加基本面"强预期弱现实"的 ...

消息面上，由多家硅料龙头企业联合投资设立的北京光和谦成科技有限责任公司近日正式登记成立，这 被视为光伏行业"反内卷"的重要一步。未来，相关企业规划保留的硅料产能不会超过150万吨;另外，光 和谦成公司目前注册资本为30亿元，持股比例靠前的股东包括通威、协鑫、东方希望、大全能源、新特 能源等。该知情人士介绍，光和谦成公司未来会进行增资，届时各股东持股份额仍会有变动，而且，光 和谦成公司股权份额将可以在股东内部自由流动。 科创新能源ETF（588830），创业板新能源ETF（159261），光伏ETF基金（159863） 江海证券指出，多晶硅行业有望进入"市场化运作+行业协同调控"的新发展阶段。与市场上现有的多晶 硅生产企业或贸易商截然不同，光和谦成科技明确了一个核心定位："不负责卖多晶硅"。公司核心使命 在于搭建一个行业级的产能整合与战略收储平台，通过市场化手段，对行业产能与产品进行调节与托 底。综合行业成本测算，引入新机制后，多晶硅市场主流价格预计将稳定在每吨6万元以上。光伏头部 企业2026年有望盈利，关注2025光伏行业大会。 科创新能源ETF紧密跟踪上证科创板新能源指数，上证科创板新能源指数从科创板市场 ...