报告周期:日报 成文日期: 2026年2月10日 研究员：顾小春（从业资格号：F0269198;投资咨询从业证书号:Z0000164) 工业硅期货目报 一、行情回顾 研究咨询：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 今日（2026年2月10日）工业硅期货主力合约 SI2605 呈现震 荡下行走势。当日开盘 8430元/吨,最高价为 8470元/吨,最低 8350 元/吨．收盘价为 8375 元/吨，较前一交易日下跌 130 元/吨。 持仓量 303387 手,品种总持仓量今日达到 418432 手,较前一交易 日增加 12176 手，显示市场参与度有所提升。 二、现货市场 2026 年 2 月 10 日中国工业硅现货领先价格为 9106 元/吨，期 货价格贴水现货价格,反映市场对远期价格的谨慎预期。 三、主要影响因素 二三】 二十 行业库存压力：市场消息显示当前工业硅库存处于累库阶段, 市场对仓单情况保持密切关注，库存压力对期货价格形成压制。 下游需求预期：2 月 5 日中国光伏行业协会发布的《中国光伏 产 ...

Core Insights - The company reported a net profit attributable to shareholders of 158 million yuan in the first half of the year, with a significant decline in Q2 net profit by 38.41% year-on-year and 56.77% quarter-on-quarter [1][2] Financial Performance - The company's revenue for the first half of 2025 was 4.037 billion yuan, representing a year-on-year growth of 19.55% [2] - Q2 revenue reached 2.478 billion yuan, showing a year-on-year increase of 58.63% and a quarter-on-quarter increase of 58.99% [2] - The net profit for Q2 was 48 million yuan, down 38.41% year-on-year and 56.77% quarter-on-quarter [2] Credit Impairment and Profitability - The significant quarter-on-quarter decline in Q2 net profit was primarily due to a credit impairment provision of 66 million yuan, compared to a reversal of 35 million yuan in Q1 [3] - Excluding the impact of credit impairment, Q2 net profit would have increased by 52% quarter-on-quarter, aligning with revenue growth [3] Order Growth and Market Position - The company experienced a substantial increase in new orders, with a year-on-year growth of 58.5% in the first half, totaling 8.4 billion yuan [3] - As of the end of H1, the company had an order backlog of 7.29 billion yuan, providing strong support for future revenue and profit growth [3] Innovation and Product Development - The company is focusing on innovation and product technology iteration, launching new products such as flexible supports, tower solar thermal support systems, ground power station cleaning robots, and SCARA tracking operation and maintenance platforms [3]