工业硅日报 工业硅&多晶硅日报（2026 年 1 月 8 日） 一、研究观点 点评 7 日工业硅震荡偏强，主力 2605 收于 8980 元/吨，日内涨幅 1.07%，持 仓增仓 10123 手至 24.5 万手。百川工业硅现货参考价 9603 元/吨，较上 一交易日持稳。最低交割品价格持稳在 8850 元/吨，现货贴水扩至 130 元/吨。多晶硅震荡偏弱，主力 2605 收于 58300 元/吨，日内跌幅 2.13%，持仓减仓 4553 手至 6.78 万手；百川多晶硅 N 型复投硅料价格持 稳在 53500 元/吨，最低交割品硅料价格 53500 元/吨，现货对主力贴水 收至 4800 元/吨。工业硅主产重心延续向北转移，虽有环保控产减量但 难抵需求降幅空间，多晶硅限额减产，有机硅抱团减产，铝合金环保减 产，工业硅有成本支撑无向上驱动，可适当考虑反弹布空。虽然近期电 池片带动光伏产业链提价，但因组件环节传导受阻，进一步提涨效果有 限，下游进一步扩大减产规模。1 月行业自律叠加硅料联合减产，多晶 硅有望出现超预期供给减量，给予较强支撑。同时由于交易所执行风控 限仓，上方溢价空间收紧。重点关注硅料厂减产落实情 ...

证券研究报告 | 行业点评 gszqdatemark 2026 01 05 年 月 日 7、固态电池验证、量产加速；聚阴离子钠电份额持续提升； 风险提示：行业需求不及预期，产业价格不及预期，行业供给 侧改革不及预期。 增持（维持） 电力设备 国盛电新 2026 年十大预测 需求： 1、全球储能需求加速放量，大储、户储、AI 配储多点开花； 2、全球 AIDC 景气维持，北美需求持续高增，国内需求放量 元年； 3、国内陆风走出周期，稳中有升，国内外海风需求加速； 格局/盈利： 4、锂电中游材料供需格局持续改善，六氟磷酸锂/铁锂正极/ 隔膜盈利提升； 新技术： 相关研究 1、《电力设备：光伏：反内卷带来行业拐点，新技术引 领突围》 2026-01-04 2、《电力设备：硅片电池价格持续走高，两部委发布 2026 年消费品以旧换新通知》 2026-01-04 3、《电力设备：储能 2026 年行业策略：拐点已至，全 行业走势 -10% 6% 22% 38% 54% 70% 2025-01 2025-05 2025-09 2025-12 电力设备 沪深300 作者 分析师 杨润思 执业证书编号：S0680520030 ...

30日，A股三大指数早盘低开，盘中均震荡上行多次翻红。Wind数据显示，截至收盘，上证指数微跌， 报3965.12点；深证成指涨0.49%，创业板指涨0.63%。 板块方面，人形机器人概念股午后爆发，数字货币、AI手机、短剧游戏题材表现活跃。光伏产业链回 撤，海南自贸区、离境退税、商业航天概念股出现调整。 全市交易额2.16万亿，逾3400只个股下跌。 | 14 | | w A股 | | | Q | | --- | --- | --- | --- | --- | --- | | A股 | 港股 美股 | 全球 | 商品 | 汁 三 外汇 | | | 已为您生成昨日市场智评 | | | | 查看 | | | 内地股票 它 | | | | | | | 行情 | | 资金净流入 | | 涨跌分布 | | | 上证指数 | | 深证成指 | | 科创综指 | | | 3965.12 | | 13604.07 | | 1642.58 | | | -0.16 0.00% | | +66.97 +0.49% | | +4.50 +0.27% | | | 万得全A | | 创业板指 | | 北证50 | | | 6421.0 ...

Core Viewpoint - The article discusses the performance of the A-share market, highlighting fluctuations in major indices and sector performances, with a focus on the impact of specific themes such as digital currency and commercial aerospace on stock movements [3][4][5]. Market Performance - As of the midday session, the Shanghai Composite Index fell by 0.1% to 3961.21, while the Shenzhen Component Index rose by 0.23% to 13568.09, and the ChiNext Index decreased by 0.06% to 3220.56 [3][4]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.29 trillion yuan, a decrease of 101.9 billion yuan compared to the previous trading day, with over 2700 stocks declining [5]. Sector Highlights - The film and television sector saw a rebound, with notable stocks like Baidu and Huayi Brothers experiencing significant gains, driven by a total box office of 5.245 billion yuan for the 2025 New Year’s season [7]. - The commercial aerospace sector showed resilience, with stocks like China Satellite and China Satcom rising over 5%, continuing to set historical highs [9]. - Digital currency and cross-border payment sectors were active, with stocks like Cuiwei Co. and Feitian Chengxin hitting the daily limit, reflecting positive sentiment around the upcoming implementation of the new digital RMB design [10]. Commodity Market - Nickel futures on the Shanghai exchange rose by 4% to 132,580 yuan per ton, while London nickel also increased by 4% to 16,384.20 USD per ton [6]. - Lithium carbonate futures saw a significant drop of 8% to 115,780 yuan per ton, indicating volatility in the energy metals market [17]. Currency and Economic Indicators - The central bank conducted a reverse repurchase operation of 312.5 billion yuan with a rate of 1.40%, with 59.3 billion yuan maturing today [13]. - The RMB to USD exchange rate was reported at 7.0348, depreciating by 17 basis points from the previous trading day [15].

周度报告——光伏玻璃 需求持续缩减，光伏玻璃新月价格预计继续下滑 [T报ab告le_日R期an：k] 2025 年 12 月 29 日 ★光伏玻璃基本面周度表现（截至 2025/12/26 当周）： 截至 12 月 26 日，国内光伏玻璃 2.0mm 镀膜（面板）主流价格 为 11.5 元/平方米，环比上周持平；3.2mm 镀膜主流价格为 18.5 元/平方米，亦环比上周持平。 上周光伏玻璃厂家堵窑量有所增加，暂无产线新投产或冷修停 产。目前国内光伏玻璃在产产能 88480 吨/天，产能利用率 67.03%，均环比下滑。随着厂家毛利率持续下挫，后续预计堵窑 量仍有可能持续增加。 能 源 化 工 临近年末，需求缩水幅度较大，终端陆续停工，对组件采购减少， 从而光伏玻璃消费量相应减少。此外，随着光伏产业链多个产品 价格拉涨，而终端买单能力较弱，倒逼组件厂家降低开工负荷或 直接放假停产，短期需求预计将持续走弱。 、smingfTable_Title] [Table_Summary] 上周光伏玻璃厂家库存继续上行，随着需求进一步走弱，而供给 端降幅较小，供需矛盾不断加剧。当前行业困在高库存压力下， 未来减产冷修变多将 ...

新能源及有色金属日报 | 2025-12-26 单边：短期区间操作 情绪有所提振，多晶硅大幅上涨 工业硅： 市场分析 2025-12-25，工业硅期货价格震荡上行，主力合约2605开于8820元/吨，最后收于8835元/吨，较前一日结算变化（25） 元/吨，变化（0.28）%。截止收盘，2605主力合约持仓216554手，2025-12-24仓单总数为9259手，较前一日变化0 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9200-9300（0）元/吨；421#硅在9500-9800 （0）元/吨，新疆通氧553价格8600-8800（0）元/吨，99硅价格在8600-8800（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18日工业硅主要地区社会库存共计55.3万吨，较上周变化-1.43%。其中社会普通仓库13.8万吨，较上 周增加0.2万吨，社会交割仓库41.5万吨(含未注册成仓单及现货库部分)较上周减少1万吨。 消费端：据SMM统计，有机硅DMC报价13500-13700（0）元/吨。SMM报道，多晶硅周度产量基本 ...

Core Insights - The report highlights a price increase announced by a leading carbon fiber company, indicating a potential recovery in the industry's bottom line and overall market conditions [4][5] - The report emphasizes the growth potential in the label printing sector, particularly for Jiangtian Technology, which specializes in high-quality label printing services [6][7] Industry Summary Chemical Raw Materials - The new materials sector experienced a slight decline, with the new materials index down by 0.23%, although it outperformed the ChiNext index by 2.03% [4] - Key price movements in the amino acids and biodegradable materials were noted, with valine increasing by 4.98% to 13,700 CNY/ton, while other prices remained stable [4] Carbon Fiber Industry - The carbon fiber market is showing signs of recovery, with a significant increase in demand expected, particularly in wind power and aerospace applications. The actual consumption of carbon fiber in China is projected to reach 96,446 tons in 2025, a year-on-year increase of 71.89% [5] - Major companies like Toray and Jilin Chemical Fiber have announced price hikes for their carbon fiber products, indicating a strengthening market position for high-performance carbon fiber suppliers [5] Label Printing Sector - Jiangtian Technology is positioned as a leading service provider in the label printing industry, with a focus on non-dry adhesive labels used in various consumer sectors. The company has established stable partnerships with major brands like Unilever and Procter & Gamble [6] - The label printing market in China is expected to grow significantly, with a projected compound annual growth rate of 10.44% from 2023 to 2031, driven by rising disposable incomes and consumption upgrades [6][7] Solar Industry - The report notes stable pricing for polysilicon and an increase in silicon wafer prices, with the average price for 130um N-type silicon wafers rising by 5.9% to 1.25 CNY/piece [8] - Battery cell prices have also increased, with N-type battery cells seeing a 13.3% rise to 0.34 CNY/W, reflecting a tightening supply and increased production costs [9]

Market Overview - A-shares experienced a rise with the Shanghai Composite Index gaining 0.53% to close at 3940.95 points, marking a six-day winning streak [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.8973 trillion yuan, a decrease of approximately 24 billion yuan from the previous day [1] Commercial Aerospace Sector - The commercial aerospace concept saw a significant surge, with stocks like Chaojie Co., Xin Jingang, and Xin Le Energy hitting the 20% limit up [3][4] - The sector is driven by supportive policies and technological advancements, including the successful vertical recovery test of the Zhuque-3 rocket and plans for IPOs by leading companies like SpaceX and Blue Arrow Aerospace [5] PCB Sector - The PCB sector also showed strong performance, with stocks such as Youyan Powder Materials and Ruihua Tai reaching the 20% limit up, and Jiayuan Technology rising over 10% [7][8] - The market for PCBs is expected to grow significantly, driven by the AI computing revolution, with a projected compound annual growth rate of 32.5% in the AI/HPC server PCB segment from 2023 to 2028 [9][10] Specific Stock Performances - Victory Energy (001331) achieved a nine-day consecutive limit up, closing at 34.79 yuan per share, with a trading volume of nearly 130,000 hands on the limit up board [12] - The company has warned investors about the significant deviation of its stock price from market fundamentals, indicating potential risks [14]

Market Overview - A-shares experienced a rise with the Shanghai Composite Index achieving six consecutive days of gains, closing up 0.53% at 3940.95 points, while the Shenzhen Component Index rose 0.88% and the ChiNext Index increased by 0.77% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.8973 trillion yuan, a decrease of approximately 24 billion yuan compared to the previous day [1] Commercial Aerospace Sector - The commercial aerospace concept saw a significant surge, with stocks like Chaojie Co. (301005) hitting the daily limit and achieving new highs, while Shenjian Co. (002361) recorded five consecutive limit-ups [2][4] - Institutions noted that policies and industry collaboration are propelling China's commercial aerospace into a new development phase, with the National Space Administration's action plan for high-quality development set for 2025-2027 [4] - The market is expected to see a massive growth opportunity, with a focus on space computing power and reusable rockets, as well as low-orbit communication satellite chains supported by fundamental logic and orders [4] PCB Sector - The PCB sector experienced strong gains, with companies like Youyan Powder Materials and Ruihua Tai both hitting the daily limit of 20%, and Jiayuan Technology rising over 10% [6] - The global PCB market is projected to grow, with a compound annual growth rate of 32.5% in the AI/HPC server PCB segment from 2023 to 2028, driven by demand from new energy vehicles and AI servers [9] Victory Energy - Victory Energy achieved a nine-day consecutive limit-up, closing at 34.79 yuan per share, with nearly 130,000 hands of buy orders at the limit [10] - The company issued a warning regarding significant deviations in stock price from market indices, indicating potential risks of rapid declines and advising investors to make rational decisions [12]

| 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,900.50 | -0.23 | | 深证成指 | | 13,316.42 | 0.29 | | 沪深 | 300 | 4,591.83 | -0.14 | | 中小板指 | | 8,030.80 | 0.31 | | 创业板指 | | 3,209.00 | -0.02 | | 科创 | 50 | 1,346.70 | -0.03 | 资料来源：常闻 研究早观点 2025 年 12 月 11 日 星期四 市场走势 【今日要点】 资料来源：常闻 国内市场主要指数 【今日要点】 分析师： 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【行业评论】化学原料：新材料周报（251201-1205）-特斯拉人形机器 人实现稳定奔跑，产品量产在即推动产业发展加速 【行业评论】【山证电新】20251210 光伏产业链价格跟踪-中游价格下 降 研究早观点 【行业评论】化学原料： ...