Group 1 - The core view of the report highlights that Zhenstone Co., Ltd. is a leading manufacturer of wind power fiberglass fabrics, with a global market share of 35% and plans to expand its production capacity significantly in response to increasing demand in the clean energy sector [7][8][9] - The company has achieved a production capacity of 540,000 tons for clean energy functional materials by 2024, with a focus on both domestic and European markets [7][8] - Zhenstone's revenue from photovoltaic and new energy vehicle materials has seen substantial growth, with year-on-year increases of 150.65% and 68.64% respectively in the first half of 2025 [9][10] Group 2 - The financial performance of Zhenstone Co., Ltd. has been under pressure due to a downturn in the wind power industry, with a projected revenue CAGR of -8.20% from 2022 to 2024 [19][20] - Despite a decline in sales prices, the company's gross margin has remained stable, benefiting from lower raw material costs and improved operational efficiency [20][24] - Zhenstone's asset-liability ratio is relatively high at around 69.27% in the first half of 2025, primarily due to significant fixed asset investments [24][25] Group 3 - The company plans to use the proceeds from its IPO to fund projects that will enhance its production capabilities, including a new fiberglass product base and a composite materials production base, with a total investment of approximately 39.81 billion yuan [35][36] - The new projects aim to increase wind power fiberglass fabric capacity by 215,000 tons and expand into photovoltaic frame production and new energy vehicle components [35][36] - Zhenstone's strategic focus on diversifying its product offerings and entering new markets is expected to create a second growth curve for the company [8][9]

投资咨询业务资格：证监许可【2012】669号 中信期货研究（新能源⾦属每⽇报告） 2026-01-09 政策预期反复，多晶硅领跌新能源金属 新能源观点：政策预期反复，多晶硅领跌新能源⾦属 交易逻辑：碳酸锂供需供需延续偏紧格局，江西某云母矿复产预期延 后且尼日利亚锂矿政策有望调整，委内瑞拉局势动荡，供应扰动担忧 持续；工业硅和多晶硅供需趋松，多晶硅收储平台成立，但反垄断担 忧让供应收缩预期淡化。中短期来看，政策预期反复，新能源金属走 势有所分化，硅料大幅杀跌，关注现货端支撑。长期来看，硅供应端 收缩预期较强，尤其多晶硅，价格重心可能抬升；锂矿产能还处于上 升阶段，但需求预期也在不断拔高，供需过剩量预期在收窄，碳酸锂 长期供需走向需要重新审视，年度供需拐点可能提前出现。 ⼯业硅观点：市场情绪有所降温，硅价⼤幅回落。 多晶硅观点：政策预期反复，多晶硅价格延续⾼波动。 碳酸锂观点：市场情绪转弱，锂价⾼位震荡。 ⻛险提⽰：供应扰动；国内政策刺激超预期；美联储鸽派不及预期； 国内需求复苏不及预期；经济衰退。 有⾊与新材料团队 研究员： 郑非凡 从业资格号F03088415 投资咨询号Z0016667 杨飞 从业资格号F ...

今日午盘后沪锡走势：今日沪锡合约2602大涨，开盘价报348300元/吨，盘中最高报364240元/吨，最低 报347050元/吨，结算价报356150元/吨，收盘报359050元/吨，上涨18180元，涨幅5.33%；沪锡主力月 2602合约成交量459909手，持仓量43969手，较前一日增加2774手。 今日现货锡价走势：据长江有色金属网获悉，1月7日ccmn长江综合市场1#锡价报355800元/吨-358800 元/吨，均价报357300元/吨,较前一日价格上涨15200元；今日长江现货市场1#锡价报356500元/吨-358500 元/吨，均价357500元/吨，较上一交易日价格上涨15250元/吨。 现货交投 当前现货市场已呈现"有价无市"特征，高价显著抑制下游采购意愿，成交集中于刚性需求。 短期价格走势预测 短期锡价大概率维持35-35.9万元/吨高位震荡，若缅甸复产超预期或宏观政策出现调整，可能引发获利 了结式回调。对于产业客户而言，需审慎管理风险，避免盲目追高；对于投资者而言，应聚焦供需核心 变量，密切关注缅甸出口数据及云南锡精矿加工费变化，把握回调后的布局机会。 （注：本文为原创分析，核心 ...

消息面，国内锡价强势高开，据长江有色金属网获悉，锡早盘均价触及333750元/吨，单日涨幅显著，较前一个交易日上涨7750元，与期货同步刷新近期高 点，成为有色金属板块中备受关注的品种。 图：锡价大幅上行 一方面，美元走弱，为有色板块提供了良好的上行环境。 虽然布雷顿森林体系已瓦解，但贵金属的走势还是呈现与美元相背离走势，东方财富数据显示，近一年美元指数跌幅将近10%。 图：近一年美元累计跌幅将近10% 1月5日，黄金、铜、铝价格携手冲高，有色矿业ETF招商（159690）持续拉升，盘中创上市新高。走势上，延续着均线多头排列态势，延续慢牛行情。 | 分时 5日 ▼ 5分钟 15分钟 30分钟 60分钟 日线 周线 月线 更多周期 ▼ | | --- | | 美元指数 (日维 前包叔) 2) 62 ML MA5:08 30 A M111:08 18 / M130:08 34 / M130:08 66 / M160:08 02 / M120:08 56 / M120:08 56 / M120:08 56 / M120:08 56 / M120:08 56 / M1250:08 | 另外，全球央行的持续买入也为金价 ...

三、宏观与资金面形成正向催化 2026年开年首个交易日，国内锡价强势高开，据长江有色金属网获悉，今日长江现货市场1#锡早盘均价 触及333750元/吨，单日涨幅显著，较前一个交易日上涨7750元，与期货同步刷新近期高点，成为有色 金属板块中备受关注的品种。在地缘冲突、供应约束与新兴需求等多重因素共振下，锡市场延续"有色 牛"行情，板块ETF同步创下新高，反映出资金对2026年有色金属结构性牛市的持续乐观。 一、供应紧张是锡价走强的核心支撑 当前锡市场供应端持续偏紧。虽然缅甸佤邦近期宣布复产，但受前期雨季和设备问题影响，12月国内锡 精矿到货量仍环比下降，实际供应恢复尚需时间。与此同时，印尼持续加强资源出口管控，导致流向中 国市场的锡资源有限。冶炼端方面，锡精矿加工费长期处于低位，部分中小矿企因成本压力暂缓出货， 行业供应进一步向头部集中。全球锡库存目前处于历史偏低水平，也为价格提供了坚实底部支撑。 二、需求呈现"传统弱、新兴强"的分化格局 需求端呈现明显结构性特征。传统消费电子领域仍处淡季，手机、耳机等出货疲软，焊料需求相应走 弱。然而，AI算力建设与光伏装机增长正成为新的需求引擎。AI服务器带动高阶锡膏需求 ...

宏观层面，地缘政治局势紧张进一步激发了市场的避险情绪。美国周二向联合国表态，将采取"最大限 度"制裁措施，意图切断委内瑞拉总统马杜罗的资源渠道；与此同时，俄罗斯发出警告，称其他拉美国 家可能成为美国后续施压的目标。尽管美国第三季度GDP数据表现强劲，环比年率达4.3%，超出经济 学家预期的3.3%，但市场对美元的悲观预期并未因此改变。此外，美国12月消费者信心指数下降3.8点 至89.1，低于预期的91.0，进一步加剧了美元的下行压力。周二，美元指数下跌0.36%，连续第二个交 易日走低，盘中最低触及97.85，创10月3日以来新低。美元的疲软态势，使得以美元计价的金属对海外 买家而言更具吸引力。 基本面方面，供应端，国内电解铝运行产能保持稳定，未出现显著变化，供应压力整体可控。需求端， 12月虽已步入行业消费淡季，下游整体消费表现偏弱，但尚未跌至冰点，需求仍展现出一定韧性。库存 方面，周末铝锭社会库存有所累积，市场数据显示，截至周一，库存累积增加2.7万吨至58.8万吨，这一 变化对铝价上涨空间形成一定限制。而近期铝价持续收高对下游消费有所抑制市场"恐高"情绪蔓延。同 时，新疆发运情况好转、在途库存上升，预 ...

12月18日消息，在2025光伏行业年度大会光伏供应链配套发展研讨会上，国金证券股份有限公司新能源 与电力设备首席分析师姚遥预计，在目前的框架下，就是136号文的市场化交易不做任何修改的情况 下，2026年国内光伏装机可能出现低价上网以来的第一次负增长。 对于海外市场，姚遥认为，美国受政策波动影响比较大，整体应该是平稳或者略增的状态，欧洲市场随 着数据中心建设对电力需求的增长，可能还会有一定增长，中东、东南亚、南美等区域，增速预计还是 比较高，因此相对来说海外市场整体保持增长的概率比较高。 他预计，在最乐观的情况下，明年全球光伏市场仍然有可能实现一定的小幅增长。（刘丽丽） 12月18日消息，在2025光伏行业年度大会光伏供应链配套发展研讨会上，国金证券股份有限公司新能源 与电力设备首席分析师姚遥预计，在目前的框架下，就是136号文的市场化交易不做任何修改的情况 下，2026年国内光伏装机可能出现低价上网以来的第一次负增长。 对于海外市场，姚遥认为，美国受政策波动影响比较大，整体应该是平稳或者略增的状态，欧洲市场随 着数据中心建设对电力需求的增长，可能还会有一定增长，中东、东南亚、南美等区域，增速预计还是 比较 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Globally, major photovoltaic - installing countries face a decline in growth. In 2026, the expected global new - installed capacity is about 493GW, a 13% year - on - year decrease from 2025, entering a negative growth channel [2][62]. - In the domestic market, the marginal negative impact of the "Document No. 136" policy will gradually emerge and continue into 2026. Centralized installation may not see a significant decline in growth, while distributed installation may experience a continuous slowdown. It is expected that the new domestic photovoltaic installed capacity in 2026 will be 200GW, with a year - on - year growth rate of - 33% [2][62]. - In the overseas market, the photovoltaic installation growth in Europe may decline due to economic weakness and subsidy reduction, and the US market may also see a weakening in installation. However, markets like India and the Middle East will still have high installation growth rates with policy support. The overseas new photovoltaic installed capacity in 2026 is expected to be 293GW, with a year - on - year growth rate of + 11% [2][62]. 3. Summaries Based on the Table of Contents 3.1 2025 Photovoltaic Market Review - **Global Market**: The global new installed capacity in 2025 was 566GW, and the year - on - year growth rate declined to 4% [4][5]. - **Domestic Market**: It is a policy - sensitive market with a front - high and back - low installation rhythm. Affected by the "Document No. 136", the installation enthusiasm in the second half of 2025 decreased significantly. The new installed capacity from January to October was 252.9GW, a 39% year - on - year increase. It is expected that the full - year new installed capacity will be 298GW, with a 7% year - on - year growth [5]. - **US Market**: Under the policy negative of the "Big and Beautiful Act", the photovoltaic installation growth rate continued to decline. From January to September, the cumulative installed capacity was 23.2GW, a 6% year - on - year increase, and the cumulative growth rate continued to fall. It is expected that the full - year new installed capacity will be 40GW, an 8% year - on - year increase. The import of components and cells also decreased, and the import sources changed [7]. - **European Market**: With the subsidy decline, the overall growth rate slowed down. Germany, Spain, Poland, and the UK all showed different degrees of decline or growth rate decline. It is expected that the full - year new installed capacity in Europe will be 71.3GW, a 5% year - on - year decrease. China's exports to Europe also decreased, and the European component inventory decreased [10][16]. - **Indian Market**: Policy subsidies stimulated the local installation demand. From January to October, the new installed capacity was 32.1GW, a 71% year - on - year increase. It is expected that the full - year installed capacity will reach 40GW [18]. 3.2 2026 Photovoltaic Market Outlook - **Global Market**: The expected global new installed capacity in 2026 is 493GW, a 13% year - on - year decrease [4][62]. - **Domestic Market**: The negative impact of policies will lead to a significant reduction in new installed capacity. The economic and profitability of photovoltaic grid - connected will decrease, and although energy storage may increase the installation enthusiasm in the long - term, it is difficult to support the installation in 1 - 2 years. It is expected that the new installed capacity in 2026 will be 200GW, a 33% year - on - year decrease [20][35]. - **US Market**: Under the influence of trade barriers, subsidy cancellation, and other factors, the photovoltaic installation will continue to weaken. The "Big and Beautiful Act" restricts future installations, and the double - anti - investigation on India, Indonesia, and Laos will increase the cost of imports. It is expected that the new installed capacity in 2026 will be 35GW, a 13% year - on - year decrease [38][46]. - **European Market**: In the context of economic weakness, the government's subsidy reduction will lead to a slowdown in demand. Considering the grid's carrying capacity limit, the photovoltaic installation growth rate will remain weak. It is expected that the new installed capacity in 2026 will be 69GW, a 3% year - on - year decrease [54]. - **Indian Market**: Government subsidies will continue to stimulate the photovoltaic installation demand. Although there are policies to promote local industries, it is expected that the new installed capacity in 2026 will be 50GW, a 25% year - on - year increase [56][61].

2025 年 12 月 15 日 品 研 究 工业硅：关注新疆环保进度 多晶硅：盘面高位震荡 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 根据 Wood Mackenzie 与美国太阳能行业协会联合发布的《US Solar Market Insight Q4》报告显 示，2025 年第三季度美国新增光伏装机 11.7GW，同比增 20%、环比激增 49%。截至 2025 年第三季度，太 阳能占美国电网新增发电容量的 58%，累计装机量已超 30GW。同期，太阳能与储能项目合计占新增发电容 量的 85%。报告将这一波装机增长归因于积压项目的集中释放。报告指出，第二季度这些项目因《和解法案》 请务必阅读正文之后的免责条款部分 1 国 泰 君 安 期 货 研 究 所 期货研究 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2601收盘价（元/吨） | 8,435 | 150 | -370 | -760 | ...

2025年12月11日早盘，光伏设备盘中震荡拉升，截至10:23，中证光伏产业指数上涨0.85%，成分股迈为 股份上涨13.93%，捷佳伟创上涨5.55%，德业股份上涨4.64%，奥特维上涨4.18%，特变电工上涨 4.14%。 光伏ETF嘉实(159123)跟踪中证光伏产业指数，是布局光伏全产业链的便捷工具。 据SMM，2025年下半年以来，光伏组件排产较为稳定。11月国内组件企业排产增减不一，头部企业排 产稍有上升，其他大多数企业减产清库，整体排产较10月下降。SMM预计11月国内光伏组件排产不足 44.5GW，存在价格反弹之后企业利润水平恢复提产的可能。 中泰证券认为，2025年光伏装机呈"前高后低再修复"态势。1~10月新增装机252.9GW，同比增长 39.5%，受"136号文"影响二季度抢装明显，三季度回落，9~10月逐步回暖，全年新增装机有望达270- 300GW，同比基本持稳。而2026年因电力市场化导致上网电价降低，新增项目或进入观察期，预计新 增装机维持200GW以上；全球层面看，2026年全球新增装机仍将保持500GW以上，新兴超GW级市场数 量还会增多。 数据显示，截至2025年11月 ...