四川鲁丽绿色数智家居产业园的生产线。高志农 摄 ●力争"十五五"末全市经济总量迈上2000亿元台阶 ●以建设"中国绿色铝都"为引领，继续做大做强"1+3+3"工业优势主导产业 ●基本建成全国绿色铝材加工基地、川陕甘渝原铝交易集散基地和川渝地区铝产业创新基地 ●实施原铝规模提能、产业链条提级、绿色创新提速等"五大工程" ●促进创新链、产业链、资金链、人才链"四链融合" 2025年12月，铝基新材料计量检定广元市重点实验室获批设立，标志着广元在强化铝基新材料首位产 业计量技术支撑方面迈出关键一步。 自2018年中孚、林丰等龙头企业相继落户，广元铝基新材料产业实现从无到有、从小到大的跃 升。"我们已发展出'绿色水电铝—铝精深加工—铝资源综合利用'全产业链闭环。"广元经开区相关负责人 介绍，"广元造"铝产品已覆盖汽摩零部件、铝板带箔等30余种终端品类。 数据显示，截至2025年底，广元已集聚相关企业超百家，预计2025年铝基新材料产业产值突破500亿 元，"首位产业"名副其实。 首位产业强势跃升，离不开项目招引的"广元速度"和"广元温度"。 "从签约到开工，仅用36天。"四川鲁丽木业有限公司总经理杨刚亲历的"广元速度 ...

Core Viewpoint - The silicon-based new materials industry in China is transitioning from low-price competition to value competition, driven by policy guidance, innovation, and industry collaboration [1][3][4]. Group 1: Industry Challenges - The silicon-based new materials sector has faced structural contradictions due to rapid capacity expansion, particularly in the organic silicon field, where annual capacity growth exceeded 15% while market demand grew only 8%-10% [2]. - Companies are engaged in price wars, with some selling below cost, leading to significant profit margin compression and reduced investment in R&D and innovation [2][3]. - Product homogeneity is prevalent, with many small enterprises lacking core technology and focusing on low-value products, while high-end products remain heavily reliant on imports [2]. Group 2: Policy and Industry Response - In response to the low-price competition, leading companies like Hoshine Silicon Industry have taken the initiative to promote self-discipline and industry consensus to combat price wars [3][4]. - The Chinese government has introduced policies to regulate market competition, including a notice from the National Development and Reform Commission aimed at curbing disorderly pricing practices [3][4]. Group 3: Value Creation and Innovation - Hoshine Silicon Industry emphasizes internal transformation through refined management, technological innovation, and industry chain collaboration to enhance resilience and break free from price competition [5][6]. - The company has maintained a research and development expenditure growth rate of over 20% annually, significantly above the industry average, and has established partnerships with academic institutions to foster innovation [6]. Group 4: Market Recovery and Future Outlook - Since 2025, the organic silicon industry has seen improvements in supply-demand dynamics, with core product prices rebounding and profitability recovering among leading companies [7]. - The demand is shifting towards high-value sectors such as new energy vehicles, photovoltaics, and 5G communications, while the capacity expansion cycle has ended, indicating a transition towards green transformation and technological upgrades in the silicon-based new materials sector [7].

维持"增持"评级。预测2025-2027 年的 EPS为 0.12、2.1、2.98元，增速为-92.1%、1701.5%、42.1%。考 虑行业平均估值和公司较为领先的地位，给予2026 年30x PE，目标价63 元。 本报告导读： 公司是国内硅基新材料行业龙头，销量持续增长，盈利处于近5 年底部，未来行业供需格局有望逐步好 转。 投资要点： 有机硅行业供需格局有望逐步好转。工业硅产能主要分布于西部地区，产能相对分散，行业有待淘汰落 后产能。而有机硅扩产周期临近尾声。供应方面，2019-2024 年我国有机硅中间体产能从151 万吨快速 扩张至345 万吨，年均复合增速为17.8%，其中2024 年新增产能63 万吨，在供给端形成了较大压力。未 来几年新增产能有限，随着需求端增长对存量产能的逐步消化，行业供需格局将逐步好转。 布局光伏、碳化硅等新领域，实现技术突破。公司布局光伏全产业链，涵盖硅料、组件、玻璃及电站。 此外，公司掌握碳化硅核心技术，包括原料合成、晶体生长、衬底加工及外延工艺。6 英寸碳化硅衬底 已全面量产，晶体良率达95%以上，外延良率稳定在98%以上；8 英寸衬底进入小批量生产阶段，12 ...

内容概要：硅基新材料是电子信息、新能源、节能环保等战略性新兴产业不可或缺的关键核心材料，是 国家着力培育发展的新材料产业的重要组成部分。近年来，中央及地方政府纷纷出台多项政策，积极推 动硅基新材料发展，如《产业结构调整指导目录(2024年本)》《重点新材料首批次应用示范指导目录 （2024年版）》等。在政策的推动下，我国硅基新材料行业在技术研发、产能扩张等方面取得了显著进 展，逐步打破了国外企业的技术垄断，提升了整体竞争力。此外，随着下游电子信息、新能源、节能环 保等市场的快速发展，我国硅基新材料产业也在不断发展。到目前我国硅基新材料产业聚集地正在逐步 形成，并不断向规模化、集约化方向发展。数据显示，2024年中国硅基新材料行业市场规模达到589.01 亿元，同比上涨10.9%。未来，随着科技的不断进步和市场的持续拓展，中国硅基新材料行业将迎来更 加广阔的发展前景。 相关上市企业：合盛硅业（603260）、通威股份（600438）、新安股份（600596）、宏柏新材 （605366）、楚江新材（002171）、回天新材（300041）、晨光新材（605399）、硅宝科技 （300019）、东岳硅材（30082 ...

Core Insights - Newan Co., Ltd. experienced a decline of 5.03% in stock price, trading at 11.14 CNY per share with a total market capitalization of 15.035 billion CNY [1] Company Overview - Newan Co., Ltd. is located in JianDe City, Zhejiang Province, and was established on May 12, 1993, with its listing date on September 6, 2001 [1] - The company's main business includes agricultural chemicals and silicon-based new materials, with revenue composition as follows: - Agricultural self-produced products: 40.89% - Silicon-based basic products: 15.27% - Silicon-based terminal and special silane products: 13.96% - Chemical new materials: 10.37% - Others: 8.67% - Agricultural trade products: 7.95% - Other (supplement): 2.90% [1] Fund Holdings - According to data, one fund under Huatai-PineBridge holds a significant position in Newan Co., Ltd. The fund is Huatai-PineBridge Stable Xin Tian Yi Six-Month Holding Mixed A (010870), which held 35,000 shares, accounting for 0.45% of the fund's net value, ranking as the seventh largest holding [2] - The fund has a total scale of 81.014 million CNY and has achieved a return of 5.15% year-to-date, ranking 6604 out of 8136 in its category [2] Fund Manager Performance - The fund manager, Wu Jianghong, has a tenure of 10 years and 131 days, managing assets totaling 37.795 billion CNY, with the best fund return during his tenure being 84.2% and the worst being -7.06% [3] - Co-manager Lin Lu has a tenure of 6 years and 156 days, managing assets of 8.25066 million CNY, with the best return of 44.88% and the worst of -6.13% during his tenure [3]

据中国东方披露，其已累计投资近180亿元，切实助力新质生产力发展。中信金融资产等机构也围绕重 点领域，以市场化、专业化手段为企业注入金融活水，推动产业链提质增效。 从"救火队"到"治未病"，前瞻平滑周期低谷 AMC的核心能力在于逆周期运营和对企业资产负债表的深刻理解。如今，这一能力正被用于前瞻性地 识别和平滑优质企业的波动，积极"治未病"，助力其渡过阶段性危机. 近年来，光伏行业在经历高速增长与技术迭代的同时，也面临着结构性产能过剩、价格竞争加剧、融资 渠道收窄等挑战。晶澳科技便是经过多轮行业周期洗礼后，在经营、技术、品牌、销售等方面全方位领 先的光伏行业龙头企业。 "十五五"规划建议明确提出，要"加快高水平科技自立自强，引领发展新质生产力"，将科技创新摆在国 家发展全局的重要位置。 随着经济结构转型不断深化，战略性新兴产业在迎来发展机遇的同时，也必然要经历成长阵痛与周期波 动。当前，以逆周期运营和风险化解为核心能力的资产管理公司（AMC）正以纾困为核心抓手，通过 多元金融工具盘活存量资产、化解行业风险，成为稳定经济大盘、支持产业升级的重要力量。 不仅限于对单家公司、单个项目的纾困盘活，当前，AMC还通过组建 ...

Core Insights - The new materials industry in Bengbu, Anhui, is positioned as a strategic and foundational sector, crucial for building a modern industrial system, with a focus on innovation and integration [1] - The industry has attracted 411 new materials companies, achieving a scale exceeding 66 billion yuan, with a focus on silicon-based and bio-based materials [1] Group 1: Silicon-based New Materials - Bengbu is developing a unique competitive advantage in silicon-based new materials, supported by national innovation centers and laboratories [2] - The city aims to establish itself as "China's Glass Valley," being the only city capable of producing all glass varieties needed for the display industry [2] - Local silicon-based materials are widely used in electronics and renewable energy, contributing significantly to high-end glass material independence [2] Group 2: Bio-based New Materials - Bio-based new materials represent a distinctive industry with innovative advantages in Bengbu, featuring a complete industrial chain from lactic acid bacteria to polylactic acid products [3] - The industry is led by Fengyuan Group, which produces biodegradable tableware and has been recognized as a key supplier for major events like the Beijing Winter Olympics [5] - Bengbu has implemented a plastic ban and promotes the use of bio-based products, enhancing the application scenarios for these materials [5] Group 3: Chemical New Materials - The chemical new materials sector in Bengbu is supported by two provincial chemical parks, focusing on fine chemicals, biomedicine, and chemical new materials [6] - The region has significant market shares in vitamin products and specialized chemicals, with companies like Yishitong leading in lithium battery separator materials [6][8] - Yishitong has a global market share of 43% in its field and has developed numerous patents, pushing forward green and low-carbon projects [6] Group 4: Industry Development Ecosystem - Bengbu's new materials industry benefits from a robust support system, with 46 provincial-level innovation platforms established [8] - The city has nurtured a range of high-quality enterprises, including national champions and specialized "little giant" companies, fostering a gradient development of the industrial cluster [8] - In the first nine months of 2024, the new materials industry in Bengbu achieved a production value of 56.595 billion yuan, reflecting a year-on-year growth of 12.6% [8]

Core Viewpoint - Fidelity Industrial, a significant shareholder of Hoshine Silicon Industry, plans to fully divest its shares due to personal funding needs, marking a notable exit after over a decade of investment [2][5]. Shareholder Reduction Plan - Fidelity Industrial intends to reduce its holdings by up to 27,070,500 shares, representing 2.29% of Hoshine's total equity, within three months [2][3]. - The reduction will be executed through a combination of centralized bidding (up to 11,822,100 shares, or 1%) and block trading (up to 15,248,500 shares, or 1.29%) [2]. - Based on the closing price of 58.51 CNY per share on November 10, the total expected cash from this divestment is approximately 1.584 billion CNY [2]. Historical Context of Shareholding - Fidelity Industrial has been gradually reducing its stake in Hoshine Silicon since 2018, having initially acquired 32.89% of shares in 2011 [5]. - By the time of Hoshine's IPO in 2017, Fidelity held 24.62% of shares, which it began to sell shortly after the lock-up period ended, resulting in a significant reduction to 12.31% within six months [5]. - Over approximately seven years, Fidelity has executed seven rounds of share reductions, totaling 171 million shares and generating around 13.402 billion CNY in cash [5]. Company Performance and Financial Health - Hoshine Silicon reported its first loss since public disclosure in the first half of 2025, with revenues of 9.775 billion CNY, down 26.34% year-on-year, and a net loss of 397 million CNY, a 140.60% decline [7]. - In the third quarter of 2025, the company achieved revenues of 5.43 billion CNY, a 23.51% decrease year-on-year, and a net profit of 75.67 million CNY, reflecting an 84.12% decline compared to the previous year [7]. - Cumulatively, for the first three quarters of 2025, Hoshine's revenue was 15.206 billion CNY, down 25.35%, with a net loss of 321 million CNY, a 122.10% decline [7]. Industry Context and Future Outlook - The silicon-based materials sector, particularly in the photovoltaic industry, is under pressure due to supply-demand imbalances and declining prices [7][8]. - Hoshine's management indicated that recent government policies and industry self-regulation are fostering a healthier market environment, which may lead to improved conditions for the upstream industrial silicon sector [8][9]. - Analysts suggest that the photovoltaic industry is undergoing a critical adjustment phase, with signs of gradual market improvement [10].

Core Viewpoint - The major shareholder, Fuda Industrial, plans to reduce its stake in Hesheng Silicon Industry due to funding needs, which reflects the company's ongoing operational pressures and declining profitability [1][3]. Shareholder Actions - Fuda Industrial intends to reduce its holdings by up to 11.82 million shares through centralized bidding and up to 15.25 million shares through block trading, totaling a maximum of 27.07 million shares, representing 2.29% of the company's total equity [1][2]. - Prior to this reduction, Fuda Industrial held 27.07 million unrestricted shares, making it the fifth-largest shareholder. If the reduction is fully executed, Fuda will exit its position entirely [2]. - Fuda Industrial initially held 165 million shares at the time of Hesheng's IPO, representing 24.62% of the company, but has been gradually reducing its stake since 2018, having already cashed out over 10 billion yuan through multiple reductions [2]. Company Performance - Hesheng Silicon Industry, a leader in the silicon-based materials sector, has faced significant operational challenges, particularly in the competitive crystalline silicon photovoltaic industry, leading to a sharp decline in profitability [3]. - The company's net profit dropped from 8.22 billion yuan in 2021 to 1.54 billion yuan in 2024, with a further decline expected in 2025 [3]. - For the first three quarters of 2025, Hesheng reported a revenue of 15.206 billion yuan, a year-on-year decrease of 25.35%, and a net loss of 321 million yuan, a decline of 122.1% [3]. - However, in Q3 of this year, the company saw a turnaround with a net profit of 76 million yuan and a 14.92% increase in revenue to 5.430 billion yuan, driven by rising prices and volumes in industrial silicon [3].

每经编辑｜许绍航 11月10日，合盛硅业发布公告，股东富达实业因自身资金需求，计划在2025年11月14日至2026年2月13日期间，减持不超过2707万股，约占公司总股本的 2.29%，占其所持比例的100%。 值得一提的是，富达实业本次减持的股份均为IPO前取得。据悉，富达实业于2011年2月1日在香港开业，为黄达文独资私人企业。 资料显示，合盛硅业的主营业务为工业硅、有机硅及多晶硅等硅基新材料产品的研发、生产及销售，最新市值约为 691.7 亿元。 业绩方面，2025 年前三季度，公司实现营业收入152.06亿元，同比下降25.35%；归母净利润为-3.21亿元，同比下降122.1%；扣非归母净利润-2.71亿元， 同比下降120.61%。 编辑|||许绍航 杜恒峰 校对|金冥羽 其中通过集中竞价方式减持不超过1182.21万股（不超过总股本的1%），通过大宗交易方式减持不超过1524.85万股（不超过总股本的1.29%）。若以公告 当日收盘价58.51元/股计算，本次套现金额约为15.84亿元。 每日经济新闻综合自证券时报公开信息 ...