特殊商品： 玻璃、纯碱、工业硅、天然橡胶、多晶硅 证监许可【2011】1292 号 联系信息： 2025 年 7 月 1 日星期二 广发早知道-特殊商品版 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 蒋诗语（投资咨询资格编号：Z0017002） 电话：020- 88818019 邮箱：jiangshiyu@gf.com.cn 纪元菲（投资咨询资格编号：Z0013180） 电话：020- 88818012 邮箱：jiyuanfei@gf.com.cn 寇帝斯（投资咨询资格编号：Z0021810） 电话：020- 88818037 邮箱：koudisi@gf.com.cn 本报告中所有观点仅供参考，请务必阅读正文之后的免责声明。 2025 年 7 月 1 日星期二 广发期货早评 | | | 分品种简评图 | | | --- | --- | --- | --- | | 品种 | 主力合约 | 点评 | 操作建议 | | 橡胶 | RU2509 | 基本面走弱预期，空单继续持有 | 14000 以上空单继续持有 | | 工业硅 | ...

| 工业硅&多晶硅日评20250701：供给端扰动，价格低位反弹 | 单位 | 今值 | 变动 | 近期趋势 | 2025/7/1 | 指标 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 元/吨 | 不通氧553#（华东）平均价格 | 8,200.00 | 1.23% | 工业硅期现价格 | 元/吨 | 8,060.00 | 0.37% | 期货主力合约收盘价 | | 元/吨 | 基差（华东553#-期货主力） | 140.00 | 70.00 | 元/千克 | 33.50 | 0.00% | N型多晶硅料 | | | 多晶硅期现价格 | 元/吨 | 33,535.00 | 0.66% | 期货主力合约收盘价 | -35.00 | -220.00 | 基差 | 元/吨 | | 元/吨 | 不通氧553#（华东）平均价格 | 8,200.00 | 1.23% | 元/吨 | 不通氧553#（黄埔港）平均价格 | 8,200.00 | 0.61% | | | 元/吨 | 不通氧553#（天津港）平均价格 | 8,100.00 | 1 ...

Core Insights - The 18th SNEC Photovoltaic Exhibition highlights the ongoing deep restructuring of the photovoltaic industry, with a consensus among participants on the need for innovation and collaboration to drive development [1][2] - The Chinese photovoltaic industry has evolved from a follower to a global leader over the past 20 years, now accounting for over 80% of global capacity and output across all segments of the industry chain by 2025 [1] - Despite challenges such as overcapacity and international trade barriers, industry professionals remain optimistic about future growth, with many companies reporting plans for diversification and technological advancements [2][3] Industry Overview - The exhibition covered nearly 400,000 square meters and attracted over 50,000 visitors from more than 90 countries, with 3,500 companies participating, including 30% international exhibitors [2] - Many companies are focusing on retaining talent and investing in new product development to prepare for future market opportunities, with some expecting revenue growth of 50% to 60% this year [2] - The industry is experiencing structural differentiation, with companies exploring new niche markets and forming alliances to enhance competitiveness [3] Future Outlook - The event featured over 20 parallel forums aimed at promoting healthy competition and development within the industry, emphasizing the importance of international collaboration in building a clean, low-carbon, and efficient modern energy system [3]

Core Viewpoint - Wuxi Xinhongye Cable Technology Co., Ltd. plans to raise up to 300 million yuan through a private placement to fund three major technology projects, emphasizing that this issuance will not lead to a change in control [1][2][5]. Summary by Sections Fundraising Plan - The company intends to issue shares to no more than 35 specific investors, with the issuance price set at no less than 80% of the average trading price over the previous 20 trading days [2]. - The total amount to be raised is capped at 300 million yuan, which will be allocated to three key projects [2][3]. Investment Projects - The three projects include: 1. Super Fusion Conductor Cable R&D and Industrialization Project: approximately 202.6 million yuan [2][3]. 2. High-Power Charging Connection and Cooling System R&D and Industrialization Project: approximately 51.8 million yuan [2][3]. 3. New Generation Special Cables and Electrical Penetration Components for Nuclear Power Plants: approximately 45.6 million yuan [2][3]. - The total investment for these projects is 319 million yuan, with the fundraising covering 300 million yuan [3]. Financial Performance - In 2024, the company reported revenue of 2.648 billion yuan, a year-on-year increase of 32.33%, but net profit fell to 116 million yuan, a decline of 29.61%, indicating a "revenue growth without profit growth" situation [4]. - The gross margin for various product segments has decreased, with notable declines in the gross margin for electric vehicle cables (down 2.38 percentage points), photovoltaic cables (down 3.02 percentage points), and industrial cables (down 5.94 percentage points) [4]. Market Context - The company views this fundraising as a critical move to address the dual pressures of rising costs and competition [5]. - The global copper price has been fluctuating at high levels since 2021, significantly impacting cable manufacturers' cost structures [6]. - The Super Fusion Conductor project aims to reduce copper usage while maintaining conductivity, potentially alleviating raw material cost pressures if successfully industrialized [7]. Stock Market Reaction - Following the announcement of the private placement plan on June 27, the company's stock price dropped by 6.49%, resulting in a market capitalization below 5 billion yuan [8].

Core Viewpoint - Leshan Electric Power has made significant advancements in its business operations, particularly in virtual power plants, energy storage, and solar energy projects, indicating a strong commitment to transforming its energy services and enhancing market competitiveness [1][2][3]. Group 1: Virtual Power Plant Developments - Leshan Electric Power has officially connected its virtual power plant to the new load management system of the Sichuan Provincial Power Load Management Center, marking a key milestone in its operational capabilities [1]. - The virtual power plant project has integrated various entities, including industrial and commercial users, energy storage stations, and charging piles, achieving a total capacity of 216.61 MW with a load adjustment capability of 20 MW [1]. Group 2: Energy Storage Projects - Leshan Electric Power's subsidiary, LeDian New Energy, has successfully won a bid for a 100 MW/200 MWh independent energy storage project, marking a breakthrough in external grid-side energy storage operations [2]. - The total operational capacity of LeDian New Energy's grid-side energy storage now stands at 200 MW, making it the largest in Sichuan Province [2]. Group 3: Solar Energy Initiatives - The company has completed the construction of its first "solar-charging integrated" demonstration project at a parking lot for Sichuan Electric Vehicle Co., which is designed to maximize green energy output [2]. - This solar project is expected to generate enough electricity to meet the charging needs of approximately 800 electric vehicles annually, reducing carbon dioxide emissions by nearly 130 tons each year [2]. Group 4: Strategic Development Plans - Leshan Electric Power has outlined a "33221" development strategy for 2024, focusing on new energy, new industries, and new platforms to strengthen and expand its operations [3]. - The company is actively pursuing transformation by expanding into new energy storage, virtual power plants, and innovative service sectors, with early investments beginning to yield positive results [3]. Group 5: Market Recognition and Financial Performance - The company's transformation strategy has gained recognition in the capital market, successfully raising nearly 200 million yuan through a private placement earlier this year [4]. - Since April, Leshan Electric Power's stock price has increased by 109.64%, with a maximum cumulative increase of 183.91% during this period [5]. Group 6: Future Outlook - In 2025, Leshan Electric Power plans to deepen its transformation efforts by enhancing energy storage collaboration across various sectors and accelerating project development throughout Sichuan Province [6]. - The company aims to strengthen its design, construction, and operation and maintenance supply chain in the energy sector [6].

Core Viewpoint - Wuxi Jiangsong Technology Co., Ltd. plans to go public on the ChiNext board, focusing on photovoltaic cell production equipment, amidst a competitive environment in the solar industry that may hinder revenue growth [1] Company Overview - Jiangsong Technology specializes in the research, production, and sales of automation equipment for photovoltaic cells, with key revenue sources being PECVD automation equipment (5.93 billion yuan, 29.77%), diffusion annealing automation equipment (7.83 billion yuan, 39.31%), and wet process automation equipment (5.02 billion yuan, 25.21%) [2] Industry Context - The photovoltaic industry is experiencing "involution" competition, with the operating rate of cell manufacturers remaining low at around 60%, which may lead to a slowdown in capacity expansion [2][3] - As of April 2025, the operating rate for Chinese photovoltaic cell manufacturers was 63.96%, with a total output of 65.55 GW, reflecting a month-on-month increase of 14.37% [2] Financial Concerns - Jiangsong Technology has reported a decline in orders due to a temporary supply-demand imbalance in the photovoltaic industry, which may affect future revenue and market expansion [3] - The company has a high proportion of accounts receivable, with balances of 297 million yuan, 407 million yuan, and 601 million yuan for the years 2022, 2023, and 2024, respectively, representing 36.86%, 32.91%, and 29.75% of revenue [4] - Compared to peers, Jiangsong's accounts receivable ratio is lower than that of leading competitor Xian Dao Intelligent but higher than others like Jiejia Weichuang and Laplace [4] Legal Issues - Jiangsong Technology is involved in multiple lawsuits with clients, including disputes over sales contracts with companies such as Yangzhou Bangjie and Xuzhou Heou [4][5]

Core Viewpoint - Wuxi Jiangsong Technology Co., Ltd. is seeking to go public on the ChiNext board, with its IPO application accepted on June 14, 2025, and entering the inquiry stage on June 29, 2025. The company has a high debt-to-asset ratio and a significant reduction in employee numbers in 2024 [1][3][4]. Financial Performance - Jiangsong Technology's revenue and net profit have shown continuous growth from 2022 to 2024, with revenues of approximately 807 million, 1.237 billion, and 2.019 billion respectively, and corresponding net profits of about 88.35 million, 131 million, and 187 million [3]. - The company plans to raise approximately 1.053 billion for various projects, including the construction of a photovoltaic intelligent equipment production base and a research and development center [3]. Debt Situation - The company's debt-to-asset ratio has consistently exceeded 80% during the reporting period, with specific figures of 81.95%, 91.59%, and 82.33% at the end of 2022, 2023, and 2024 respectively [3][4]. Employee Reduction - The number of employees at Jiangsong Technology decreased significantly by approximately 55.11% in 2024, dropping from 1,976 to 887 [5]. - The company attributes this reduction to a temporary imbalance in supply and demand in the photovoltaic industry, leading to a slowdown in customer demand [5]. R&D Expenditure - Jiangsong Technology's R&D expense ratio has decreased over the reporting period, with rates of 5.83%, 5.26%, and 2.86%, which are consistently lower than the industry average [4]. Control and Ownership - As of December 31, 2024, the controlling shareholder and actual controller, Zuo Guisong, holds 71.28% of the company's shares, with his son holding an additional 0.91%, giving them a combined voting power of 72.19% [6].

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《全球海上风电报告 2025》发布，储能招标价格继续下探 强于大市（维持） 行情走势图 -20% -10% 0% 10% 20% 30% 40% 2024/06/26 2024/11/26 2025/04/26 沪深300指数 电力设备及新能源 证券分析师 皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 张之尧 投资咨询资格编号 S1060524070005 zhangzhiy ao757@pingan.com.cn 电力设备及新能源 2025 年 6 月 30 日 行业周报 平安观点： 本周（6 月 23 日-6 月 27 日）新能源细分板块行情回顾。本周风电指数 上涨 3.55%，跑赢沪深 300 指数 1.6 个百分点。截至本周，Wind 风电指 数整体市盈率（PE TTM） 为 19.3 倍。本周申万光伏设备指数 （801735.SI）上涨 3.31%，其中，申万光伏电池组件指数上涨 2.49%， 申万光伏加工设备指数上涨 3.39%，申万光伏辅材指数上涨 4.01%，当 前光伏板块市盈率约 30.01 倍。本周 储 能指 数（884790.WI）上 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:多晶硅(日,元/吨) | 33535 | 220 8-9月多晶硅价差 | 550 | 20 | | | 主力持仓量:多晶硅(日,手) | 66333 | -2729 多晶硅-工业硅价差(日,元/吨) | 25475 | 190 | | 现货市场 | 品种现货价:多晶硅(日,元/吨) | 34500 | 0 多晶硅(菜花料)平均价(日,元/千克) | 28 | 0 | | | 基差:多晶硅(日,元/吨) | 1185 | -1600 多晶硅(致密料)平均价(日,元/千克) | 29.5 | 0 | | | 光伏级多晶硅周平均价(周,美元/千克) | 4.22 | -0.03 多晶硅(复投料)平均价(日,元/千克) | 31 | 0 | | 上游情况 | 主力合约收盘价:工业硅(日,元/吨) | 8060 | 30 出口数量工业硅(月,吨) | 52919.65 | -12197.89 | | | 品种现货价:工业硅(日,元/吨 ...