表[Table_Main] 证券研究报告 行业研究|深耕安徽 2025 年 8 月 25 日 [Table_Title] 科创名城再蓄力，先进产业塑星海 ——"深耕安徽"系列专题报告之合肥篇 [Table_Summary] 报告要点： 聚焦安徽十年跨越式发展，我们推出《"深耕安徽"系列专题报告》， 为企业家解读安徽省产业政策规划、为投资人挖掘产业投资机遇、为 政府机构梳理产业链上下游关键节点。作为深耕安徽区域篇中聚焦省 会合肥的重要篇章，本文从政策与产业视角复盘合肥产业变迁以及背 后的发展规律，并详细拆解"6+5+X"核心产业在合肥的发展和布局， 在分析区域发展规律的同时呈现出可以按图索骥投资合肥，布局合肥 的产业链地图。 二十年中部崛起最强黑马，科创引领接续发力 合肥市位于安徽省中部，1952 年被确立为安徽省会，下辖四区（蜀山、 庐阳、瑶海、包河）、四县（长丰、肥东、肥西、庐江）、一县级市（巢 湖）。2024 年，合肥市实现 GDP 总值 13,508 亿元，同比增长 6.1%。 GDP 总量在全国各省会、直辖市及计划单列市中位列第 17 位，较 2000 年上升 10 个位次。2000 年-2024 年 ...

Core Viewpoint - Daqo Energy is actively engaging in industry discussions and exploring solutions to challenges in the photovoltaic sector, emphasizing a commitment to shareholder interests and industry health [1] Financial Stability - The company maintains a robust financial position with a total cash reserve of approximately 12.9 billion and a low debt-to-asset ratio of 8.3% as of Q1 2025, enhancing its risk resilience [1] Cost Management - Daqo Energy is focused on deepening cost reduction and efficiency improvements through a multi-faceted approach, including technological advancements and digital management systems to strengthen cost advantages [2] Long-term Competitiveness - The company aims to build long-term competitive advantages by emphasizing technology leadership, digital empowerment, and global expansion, while also investing in research and development [2] Supply Chain Strategy - Daqo Energy is pursuing an integrated strategy that extends upstream to raw materials for polysilicon and horizontally into the semiconductor polysilicon sector, ensuring quality and cost control [3] Industrial Silicon Operations - The company has planned a production capacity of 150,000 tons per year for high-purity industrial silicon in Inner Mongolia, with current operations under maintenance due to market price fluctuations [3] Futures Business - Daqo Energy views polysilicon futures as a beneficial complement to its spot production and sales, primarily focusing on meeting customer demand through spot sales [4] Overseas Market Considerations - The company is closely monitoring the overseas silicon material market, evaluating potential investments based on various geopolitical and economic factors, but currently has no specific plans for overseas expansion [4]

Group 1 - The core viewpoint of the news is the milestone significance of the first joint meeting of the Shantou, Chaozhou, and Jieyang cities, which aims to promote high-quality development in the Shantou-Chaozhou-Jieyang urban agglomeration through a comprehensive action plan for 2025-2026 [1][2] - The action plan establishes a top-level design for the urban agglomeration, including a rotating chair system for joint meetings and a leadership group composed of city leaders to enhance collaboration across various sectors [1][2] - The meeting marks a transition from "coordinated development" to "integrated construction," emphasizing the need for a more cohesive economic and infrastructural framework among the three cities [1][2] Group 2 - The action plan outlines four key areas of cooperation, with a total of 22 specific tasks and 29 priority projects for the current year, focusing on enhancing regional economic vitality [2][3] - A comprehensive transportation system is prioritized, aiming to establish a "one horizontal, four vertical, three ring" transportation framework to facilitate connectivity and economic integration [3] - The plan addresses the high degree of industrial homogeneity among the three cities by promoting the upgrading of traditional industries and the clustering of digital industries, thereby creating a modern industrial system that is collaborative and complementary [3]