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 ...

Group 1 - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd. by leading silicon material companies is seen as a significant step towards "de-involution" in the photovoltaic industry [1] - The planned silicon material capacity retention by related companies will not exceed 1.5 million tons, with Guanghe Qiancheng's registered capital at 3 billion yuan [1] - Guanghe Qiancheng aims to create an industry-level capacity integration and strategic storage platform, with a core mission of not selling polysilicon [1] Group 2 - The polysilicon industry is expected to enter a new development phase characterized by "market-oriented operations + industry collaborative regulation" [1] - The introduction of a new mechanism is projected to stabilize the mainstream price of polysilicon at over 60,000 yuan per ton [1] - Major photovoltaic companies are anticipated to become profitable by 2026, with attention on the 2025 photovoltaic industry conference [1] Group 3 - The Science and Technology Innovation Energy ETF closely tracks the Shanghai Stock Exchange's Science and Technology Innovation Board New Energy Index, which includes 50 large-cap stocks in the photovoltaic, wind power, and new energy vehicle sectors [2] - As of November 28, 2025, the top ten weighted stocks in the index account for 47.84% of the total index, including companies like LONGi Green Energy and Trina Solar [2]

Group 1 - The core point of the article is the establishment of Beijing Guanghe Qiancheng Technology Co., Ltd., referred to as "Guanghe Qiancheng," which is recognized as a "polysilicon platform company" in the industry [1] - Guanghe Qiancheng's shareholders include several listed companies, with Tongwei Co., Ltd. holding 30.35%, Daqo New Energy Corp. holding 11.13%, and Xinte Energy Co., Ltd. holding 10.12% [1] - The establishment of Guanghe Qiancheng aims to explore potential strategic cooperation opportunities among major industry players, focusing on market expansion, capacity optimization, and cost reduction for long-term collaborative development [1]

Core Viewpoint - Beijing Guanghe Qiancheng Technology Co., Ltd. has been established with a registered capital of 3 billion yuan, focusing on technology services and consulting in the photovoltaic industry [1][5]. Group 1: Company Overview - Guanghe Qiancheng is recognized as a "polysilicon platform company" and has a registered capital of 30 billion yuan [1]. - The company is backed by several major shareholders, including Tongwei Co., Ltd. (30.35%), GCL-Poly Energy Holdings Limited (11.13%), and Xinte Energy Co., Ltd. (10.12%) [4][6]. Group 2: Industry Context - The establishment of Guanghe Qiancheng is seen as a strategic move to explore collaboration opportunities within the photovoltaic industry, focusing on market expansion, capacity optimization, and cost reduction [5]. - Tongwei Co., Ltd. reported a polysilicon sales volume of 161,300 tons in the first half of 2025, holding a global market share of approximately 30% [5]. - GCL-Poly has an annual production capacity of 305,000 tons of high-purity polysilicon, contributing to 8.52% of China's total polysilicon production in the first half of 2025 [6].

作者 | 第一财 经 陆如意 日前注册成立、被业内称为"多晶硅平台公司"的北京光和谦成科技有限责任公司（下称"光和谦 成"），今日在企业信息查询平台更新了股东信息。 2025.12. 10 本文字数：1034，阅读时长大约2分钟 实际上，大半年以来，通威股份、协鑫科技等硅料头部厂商及行业协会已开始牵头推进业内简称 为"收储"的产能整合计划，拟通过筹集资金、承债式收购等方式，整合并淘汰行业过剩及落后产能， 进而稳定多晶硅市场供需结构。 而近两日，光和谦成公司的注册成立或意味着光伏产能整合和"反内卷"的持续深入和取得阶段性成 果。此外，随着"反内卷"的持续推进，多晶硅价格已从今年7月的低点回调约50%。 微信编辑 | 夏木 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 第一财经记者日前从知情人士处了解到："该注册企业主要为探索行业内潜在战略合作机会，如技术 升级、市场拓展、产能与成本优化。" 12月10日，第一财经记者查阅企查查 ...

据企查查信息，该公司注册资本30亿元，经营范围包含技术服务、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。 据企业信息查询平台披露信息，光和谦成的法定代表人侯一聪现为春泉资本创始人，其创立的春泉资本 主要服务于股权投资机构，为机构搭建投后管理体系、制定管理策略、处置风险项目等一系列的投后外 包服务。 他的职业经历贯穿投资尽调、风险管理、投后管理及处置退出等金融机构全链条核心业务。曾在信永中 和会计师事务所担任项目经理工作7年，并在IDG资本、九鼎投资多年负责投后管理工作，负责项目超 50家，基金投资规模超百亿，在项目并购、协议执行等项目处置实操中积累了丰富的投后退出经验。 日前注册成立、被业内称为"多晶硅平台公司"的北京光和谦成科技有限责任公司（下称"光和谦成"）， 今日在企业信息查询平台更新了股东信息。 第一财经记者日前从知情人士处了解到："该注册企业主要为探索行业内潜在战略合作机会，如技术升 级、市场拓展、产能与成本优化。" 12月10日，第一财经记者查阅企查查信息发现，光和谦成由9家硅料企业共同出资成立。其中，两大硅 料巨头通威集团（600438.SH）和协鑫集团（协鑫科技主营硅料业 ...

北京光和谦成科技有限责任公司由9家硅料企业共同出资成立。 日前注册成立、被业内称为"多晶硅平台公司"的北京光和谦成科技有限责任公司（下称"光和谦成"），今日在企业信息查询平台更新了 股东信息。 第一财经记者日前从知情人士处了解到："该注册企业主要为探索行业内潜在战略合作机会，如技术升级、市场拓展、产能与成本优 化。" 光和谦成的股东还包括南玻新能源、青海丽豪、新疆戈恩斯、北京中光同合能源科技有限公司（中国光伏行业协会全资控股），共计10 家企业，其中9家为硅料生产企业。 据企查查信息，该公司注册资本30亿元，经营范围包含技术服务、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。 据企业信息查询平台披露信息，光和谦成的法定代表人侯一聪现为春泉资本创始人，其创立的春泉资本主要服务于股权投资机构，为机 构搭建投后管理体系、制定管理策略、处置风险项目等一系列的投后外包服务。 他的职业经历贯穿投资尽调、风险管理、投后管理及处置退出等金融机构全链条核心业务。曾在信永中和会计师事务所担任项目经理工 作7年，并在IDG资本、九鼎投资多年负责投后管理工作，负责项目超50家，基金投资规模超百亿，在项目并购、协议 ...