公司对未来光伏产业的整体发展及产品价格走势依然保持乐观。 光伏"反内卷"推进至此，产业链上游多晶硅（硅料）企业的减产进展备受关注。 多晶硅巨头大全能源（688303.SH）8月27日披露的半年报数据显示，今年上半年公司营业收入为14.7亿 元，同比减少67.93%；归属于母公司所有者的净亏损为11.47亿元，上年同期亏损6.70亿元，同比大幅 增亏。 大全能源主要产品为高纯多晶硅，目前已形成年产30.5万吨多晶硅产能。 据中国光伏行业协会数据，2025年上半年，我国国内多晶硅生产总量约59.6万吨，期间大全能源的多晶 硅产量为5.08万吨，占国内多晶硅产量的8.52%，规模在业内居第一梯队。 大全能源营收骤减、亏损加剧的"成绩单"是行业供需严重失衡的结果，也是所有同行多晶硅企业面临的 系统性困境。比如同样因光伏产业链价格下降，另一多晶硅龙头通威股份（600438.SH）上半年净亏损 49.55亿元，领亏其他光伏企业。 受政策利好影响，6月至8月期间，国内多晶硅价格经历了一轮明显的"触底反弹"过程。 根据中国有色金属工业协会硅业分会数据显示，7月底N型复投料均价为4.71万元/吨，较6月底的3.44万 元/吨拉 ...

六部门召开光伏产业座谈会 中化新网讯 8月19日，工业和信息化部、中央社会工作部、国家发展改革委、国务院国资委、市场监管 总局、国家能源局联合召开光伏产业座谈会，相关光伏制造企业及发电企业、中国光伏行业协会、有关 地方工业和信息化主管部门负责人参加会议。 会议要求，光伏产业各方要深刻认识规范竞争秩序对光伏产业高质量发展的重要意义，共同推动产业健 康可持续发展。一是加强产业调控。强化光伏产业项目投资管理，以市场化法治化方式推动落后产能有 序退出。二是遏制低价无序竞争。健全价格监测和产品定价机制，打击低于成本价销售、虚假营销等违 法违规行为。三是规范产品质量。打击降低质量管控、虚标产品功率、侵犯知识产权等行为。四是支持 行业自律。发挥行业协会作用，倡导公平竞争、有序发展，强化技术创新引领，严守质量安全底线，切 实维护行业良好发展环境。 今年7月3日，工信部就曾组织召开光伏座谈会，与前次相比，此次座谈会新增多个事关行业治理成效的 部门参加。中国国际经济交流中心能源与绿色低碳发展研究部部长景春梅接受《中国化工报》记者采访 时指出，这表明有关政府部门对于光伏行业"内卷"治理的重视不断加强。"破解光伏制造业'内卷式'竞 ...

每日经济新闻 创业板新能源ETF华夏（159368）是全市场首只上市跟踪创业板新能源指数的ETF基金，该指数主要涵 盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域，弹性大、成长性强，行业结构与反内卷 政策高度契合。此外，创业板新能源ETF华夏（159368）管理费率为0.15%，托管费率为0.05%，合计仅 为0.2%，同类产品费率最低档，助力大家"一键上车"快速把握投资机遇。如果看好未来新能源发展投资 机遇，建议持续关注。 2025年8月25日，A股三大指数集体高开，全市场超3500只个股上涨。创业板新能源 ETF 华夏 （159368）上涨2.43%，近5个交易流入655万元。 消息面上，近日六部门联合召开光伏产业座谈会，明确要求加强产业调控力度，强化光伏产业项目投资 全流程管理，通过市场化、法治化手段推动落后产能有序退出；同时强调要遏制低价无序竞争乱象，健 全价格监测体系与产品定价机制，严厉打击低于成本价销售、虚假营销等违法违规行为。 华创证券表示，近期光伏板块反内卷呼声日益高涨，未来随着行业自律的推进以及供给侧政策落地，行 业供需有望改善，带动产业链价格及盈利修复。 ...

周度报告—工业硅/多晶硅 新疆大厂逐步复产，组件开标价格提升 | [T走ab势le_评R级an：k] | 工业硅：震荡/多晶硅：震荡 | | 孙伟东 | 有色金属首席分析师 | | --- | --- | --- | --- | --- | | 报告日期： | 2025 年 8 月 24 日 | | 从业资格号: | F3035243 | | [★Ta工bl业e_硅Summary] | | 投资咨询号: | | Z0014605 | | | | | Tel: | 8621-63325888 | | 新疆大厂东部基地本周复产 8 | 台，后续有进一步复产计划，但 | | | | | 也需观察其实际落地进展。南方开工基本已经到达高位，后期 | | | Email: | weidong.sun@orientfutures.com | 联系人 肖嘉颖 分析师 （有色金属） 从业资格号: F03130556 Email： jiaying.xiao@orientfutures.com [★Ta工bl业e_硅Summary] 新疆大厂东部基地本周复产 8 台，后续有进一步复产计划，但 也需观察其实际落地进展。南方开工基本已 ...

Core Viewpoint - The meeting held on August 19 by multiple government departments aims to regulate the photovoltaic industry and address issues of competition and production capacity [3][4]. Group 1: Meeting Details - The meeting was attended by representatives from photovoltaic manufacturing and power generation companies, as well as relevant government departments [3]. - Unlike a previous meeting on July 3, the details of the August 19 meeting were kept confidential, with participants signing non-disclosure agreements [3]. - The meeting is expected to discuss specific measures to combat "involution" in various segments of the photovoltaic industry over the following days [3]. Group 2: Industry Regulation Focus - The meeting emphasized four main areas: 1. Strengthening industry regulation and managing project investments to facilitate the orderly exit of outdated production capacity [4]. 2. Curbing low-price and disorderly competition by establishing price monitoring and product pricing mechanisms [4]. 3. Standardizing product quality and combating practices such as false marketing and infringement of intellectual property [4]. 4. Supporting industry self-discipline through the role of industry associations to promote fair competition and technological innovation [4]. Group 3: Production Capacity Agreements - Industry insiders reported that several silicon material companies reached an agreement on production cuts, controlling operations, and managing sales [3]. - A clear plan for production and sales in the multi-crystalline silicon segment has been established for the period from September to December [3].

区别于7月3日"工信微报"座谈会的口径，此次座谈会的官方发布内容更为隐晦，隐去了参与会议的光伏 企业的数量，也并未像上次一样配图与会的光伏企业家。 第一财经记者从多位业内人士处独家获悉，8月19日召开的会议属于大会，并未商讨各个环节"反内 卷"的细节实施细节，预计今明两天将分别探讨电池、组件环节、硅片环节以及多晶硅环节的反内卷细 则。由于此次工信部举办的反内卷会议保密程度极高，与会企业已签署保密协议，因此会议具体探讨内 容和会议结果须待官方发布。 8月19日晚间，"工信微报"官微突发消息称，工业和信息化部、中央社会工作部、国家发展改革委、国 务院国资委、市场监管总局、国家能源局当日联合召开光伏产业座谈会，进一步规范光伏产业竞争秩 序。 据"工信微报"官微19日晚间的官方表述，相关光伏制造企业及发电企业、中国光伏行业协会、有关地方 工业和信息化主管部门负责人参加会议。 另一业内知情人士也对第一财经记者表示，多晶硅环节的产量和销量已达成一致，后续9月至12月的四 个月，都有比较清晰的规划。"但具体能有多强的执行力，现在还不得而知。" "工信微报"官微表示，会议要求，光伏产业各方要深刻认识规范竞争秩序对光伏产业高质 ...

据"工信微报"官微19日晚间的官方表述，相关光伏制造企业及发电企业、中国光伏行业协会、有关地方 工业和信息化主管部门负责人参加会议。 区别于7月3日"工信微报"座谈会的口径，此次座谈会的官方发布内容更为隐晦，隐去了参与会议的光伏 企业的数量，也并未像上次一样配图与会的光伏企业家。 第一财经记者从多位业内人士处独家获悉，8月19日召开的会议属于大会，并未商讨各个环节"反内 卷"的细节实施细节，预计今明两天将分别探讨电池、组件环节、硅片环节以及多晶硅环节的反内卷细 则。由于此次工信部举办的反内卷会议保密程度极高，与会企业已签署保密协议，因此会议具体探讨内 容和会议结果须待官方发布。 工信部再次组织召开光伏产业座谈会，规范光伏产业竞争秩序。 "工信微报"官微表示，会议要求，光伏产业各方要深刻认识规范竞争秩序对光伏产业高质量发展的重要 意义，共同推动产业健康可持续发展。 8月19日晚间，"工信微报"官微突发消息称，工业和信息化部、中央社会工作部、国家发展改革委、国 务院国资委、市场监管总局、国家能源局当日联合召开光伏产业座谈会，进一步规范光伏产业竞争秩 序。 另据"工信微报"官微表述，8月19日的会议主要讨论了四大方 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - The industrial silicon market was positively affected by news disturbances. Factors such as the possible cancellation of preferential electricity prices and rumors of delayed resumption of production by large factories led to a significant rebound in the industrial silicon futures market. Short - term policy and capital sentiment have a large impact, and it is recommended to wait and see, with previous short positions needing protection [1][3]. - There have been many policy disturbances in the photovoltaic industry recently, including anti - involution, storage mergers and acquisitions, and self - disciplined production cuts. Policy implementation and the downward transmission of spot prices need to be continuously monitored. In the medium - to - long - term, it is suitable to build long positions in polysilicon at low prices [8]. 3. Summary by Related Catalogs Industrial Silicon - **Market Analysis** - On July 14, 2025, the industrial silicon futures price rose significantly. The main contract 2509 opened at 8460 yuan/ton and closed at 8695 yuan/ton, a change of 275 yuan/ton (3.27%) from the previous day's settlement. The position of the main contract 2509 was 402,890 lots, and the number of warehouse receipts on July 13 was 50,090 lots, a change of - 139 lots from the previous day [2]. - The spot price of industrial silicon increased. The price of East China oxygen - passing 553 silicon was 8900 - 9100 yuan/ton (up 150 yuan/ton); 421 silicon was 9200 - 9400 yuan/ton (up 100 yuan/ton); Xinjiang oxygen - passing 553 silicon was 8400 - 8500 yuan/ton (up 50 yuan/ton); 99 silicon was 8300 - 8400 yuan/ton (up 50 yuan/ton) [2]. - The price of organic silicon DMC was 10,600 - 11,000 yuan/ton (unchanged). Due to the continuous rise of the industrial silicon market, the cost of DMC was pushed up, and its price jumped by about 350 yuan/ton, which in turn drove up the price of 107 glue [2]. - **Strategy** - The short - term policy and capital sentiment have a large impact. It is recommended to wait and see, and previous short positions need to be protected [3]. Polysilicon - **Market Analysis** - On July 14, 2025, the main contract 2508 of polysilicon futures fluctuated widely, opening at 41,290 yuan/ton and closing at 41,765 yuan/ton, a change of 0.81% from the previous day's closing price. The position of the main contract was 78,328 lots (previous day: 85,925 lots), and the trading volume on the day was 470,329 lots [5]. - The spot price of polysilicon remained stable. The price of polysilicon re - feedstock was 32.00 - 33.00 yuan/kg; dense polysilicon was 30.00 - 32.00 yuan/kg; cauliflower - shaped polysilicon was 28.00 - 31.00 yuan/kg; granular silicon was 30.00 - 31.00 yuan/kg; N - type material was 42.00 - 49.00 yuan/kg (down 0.50 yuan/kg); N - type granular silicon was 41.00 - 46.00 yuan/kg [5]. - The inventory of polysilicon manufacturers increased slightly, and the silicon wafer inventory decreased. The latest statistics showed that the polysilicon inventory was 276,000 tons, a change of 1.40% from the previous period; the silicon wafer inventory was 18.13GW, a change of - 5.70% from the previous period. The weekly polysilicon output was 22,800 tons, a change of - 5.00% from the previous period; the silicon wafer output was 11.50GW, a change of - 3.37% from the previous period [5][6]. - The prices of silicon wafers, battery cells, and components remained mostly stable, with only minor changes in a few varieties [6]. - After domestic photovoltaic silicon wafer enterprises generally raised their quotes on the afternoon of July 9, the domestic silicon wafer market has fully carried out transactions at the new prices. Battery factories have started to purchase in large quantities. Currently, silicon material transactions have not fully started, with only a few P - type orders [7]. - **Strategy** - Short - term: pay attention to risks and be cautiously bullish. In the medium - to - long - term, it is suitable to build long positions at low prices [8].

新能源及有色金属日报 | 2025-07-03 政策及情绪扰动较大，多晶硅盘面触及涨停 工业硅： 市场分析 2025-07-02，工业硅期货价格大幅上涨，主力合约2509开于7805元/吨，最后收于8210元/吨，较前一日结算变化（375） 元/吨，变化（4.79）%。截止收盘，2509主力合约持仓386361手，2025-07-02仓单总数为51916手，较前一日变化 -221手。 供应端：工业硅现货价格小幅上涨。据SMM数据，昨日华东通氧553#硅在8600-8700（150）元/吨；421#硅在8800-9100 （150）元/吨，新疆通氧553价格8000-8100（50）元/吨，99硅价格在8000-8100（50）元/吨。昆明、黄埔港、天津、 西北、新疆、四川、上海地区部分硅价也上涨。97硅价格暂稳元/吨。 消费端：据SMM统计，有机硅DMC报价10300-10600（0）元/吨。据SMM报道，当前国内单体企业开工仍在继续 小幅提高，截至当前，国内开工达到70％左右，预计7月国内DMC排产仍将小幅提高1万吨左右，对工业硅消耗量 增多。 策略 当天工业硅期货盘面大幅上涨，短期由于大厂减产，下游排产小 ...