Report Industry Investment Rating - Not provided Core View of the Report - Today, the price of polysilicon started to rise again due to the resonance of the increase in industrial silicon price and power cost, but the increase was significantly lower than that of industrial silicon. It is expected that the upward momentum will be limited in the future, and attention should be paid to the resistance level above 56,000 yuan/ton [2][3] Summary by Relevant Catalogs Futures Market - The closing price of the main polysilicon contract was 54,625 yuan/ton, with a week-on-week increase of 2,415 yuan/ton; the open interest of the main contract was 134,317 lots, with a week-on-week decrease of 2,774 lots; the basis between the December and January contracts of polysilicon was 2,160 yuan/ton, with a week-on-week increase of 1,240 yuan/ton; the price difference between polysilicon and industrial silicon was 45,235 yuan/ton, with a week-on-week increase of 2,005 yuan/ton [3] Spot Market - The spot price of polysilicon was 52,300 yuan/ton, with no week-on-week change; the average price of N-type silicon wafers (210R) was 1.27 yuan/piece, with a week-on-week decrease of 0.01 yuan/piece; the weekly average price of photovoltaic-grade polysilicon was 6.5 US dollars/kg, with no week-on-week change; the basis of polysilicon was -355 yuan/ton, with a week-on-week increase of 1,390 yuan/ton [3] Upstream Situation - The closing price of the main industrial silicon contract was 9,390 yuan/ton, with a week-on-week increase of 410 yuan/ton; the spot price of industrial silicon was 9,450 yuan/ton, with no week-on-week change; the export volume of industrial silicon was 70,232.72 tons, with a month-on-month decrease of 6,409.29 tons; the import volume of industrial silicon was 1,939.85 tons, with a month-on-month increase of 602.27 tons; the output of industrial silicon was 402,800 tons, with a month-on-month increase of 36,000 tons; the total social inventory of industrial silicon was 552,000 tons, with a week-on-week increase of 10,000 tons [3] Industry Situation - The monthly output of polysilicon was 130,000 tons, with a month-on-month increase of 5,000 tons; the monthly import volume of polysilicon was 1,292 tons, with a month-on-month increase of 286 tons; the weekly spot price of imported polysilicon materials in China was 6.92 US dollars/kg, with no week-on-week change; the monthly average import price of polysilicon in China was 2,350 US dollars/ton, with a month-on-month decrease of 270 US dollars/ton [3] Downstream Situation - The monthly output of solar cells was 70,873,000 kilowatts, with a month-on-month increase of 1,016,000 kilowatts; the weekly average price of mainstream photovoltaic modules was 0.74 yuan/watt, with no week-on-week change; the weekly comprehensive price index of the photovoltaic industry (SPI) for polysilicon was 32.82, with no week-on-week change; the daily average price of solar cells was 0.82 yuan/watt, with a week-on-week increase of 0.01 yuan/watt; the monthly export volume of photovoltaic modules was 129,531,200 pieces, with a month-on-month decrease of 19,491,300 pieces; the monthly import volume of photovoltaic modules was 14,733,700 pieces, with a month-on-month decrease of 6,706,500 pieces; the monthly average import price of photovoltaic modules was 0.3 US dollars/piece, with a month-on-month increase of 0.06 US dollars/piece [3] Industry News - On November 12th, Luxi Chemical (000830.SZ) led an organic silicon industry meeting attended by the heads of many listed companies. The meeting reached a unified goal: to reduce the industry's operating rate by 30% starting in early December, and to raise the price target of organic silicon DMC to 13,500 yuan/ton and strive to achieve it within half a month. In terms of polysilicon, on the supply side, as the southwest region gradually enters the dry season, power supply is tight and costs have risen significantly. Polysilicon producers in Sichuan, Yunnan and other places are facing greater cost pressures, and some enterprises have planned to reduce their operating rates. In the northwest regions such as Xinjiang and Inner Mongolia, with abundant coal resources, the power cost is relatively stable, and the polysilicon production capacity is operating smoothly. On the demand side, the demand in the downstream cell and module markets is weak, and the inventory pressure of silicon wafer enterprises has increased. They have to reduce production to ease the supply-demand contradiction. The slowdown in terminal market demand and the continuous decline in photovoltaic product prices have compressed corporate profit margins and dampened production enthusiasm [3]

Group 1: Investment Rating - No investment rating information provided Group 2: Core Viewpoints - The supply pressure of industrial silicon remains high, and the demand from polysilicon and organic silicon has significantly contracted. The anti - involution policy has little impact on industrial silicon, and its price may be under pressure. For polysilicon, the anti - involution policy has a clear impact, and its price has strong bottom support [4][5][7] Group 3: Summary by Directory Latest Dynamics and Reasons - On November 10, the prices of industrial silicon and polysilicon rebounded significantly. The industrial silicon main contract price exceeded 9,500 yuan/ton, and the polysilicon main contract price approached 55,000 yuan/ton. The smooth convening of the organic silicon industry production - reduction meeting and concerns about supply - side disturbances due to winter heating season contributed to the price rebound [4] Fundamental Situation Industrial Silicon - Supply: The supply of industrial silicon has a marginal contraction as the southwest dry season approaches, but the national monthly output is still expected to be above 350,000 tons, and supply pressure remains. - Demand: In November, the demand for industrial silicon from polysilicon and organic silicon is expected to decline, and the demand from aluminum alloy has limited growth. - Inventory: The social inventory of industrial silicon is at a high level, and the warehouse receipts are gradually being cleared in November [5] Polysilicon - Supply: The production of polysilicon will contract in November and December, with an estimated output of less than 120,000 tons in November and 110,000 tons in December. - Demand: The demand for polysilicon may weaken from November due to the decline in domestic photovoltaic installation and the weakening of the demand for battery and component exports in the fourth quarter [6] Summary and Strategy - Industrial silicon: It is recommended that investors use short - selling hedging. In terms of arbitrage, investors can gradually engage in the inter - period positive spread of industrial silicon. - Polysilicon: Investors can focus on selling put options of polysilicon [7]

一、行情回顾 沪指全天窄幅震荡，创业板指冲高回落。水产股集体大涨，獐子岛、大湖股份等多股涨停。黄金股午后拉升，深中华A涨停，中金黄金触及涨停。军工板块 表现活跃，江龙船艇、中船防务等涨停。下跌方面，福建、海南等近期热门板块下挫，海马汽车、三木集团等跌停。指数黄白二线分化，个股跌多涨少，沪 深京三市超4200股飘绿，今日成交1.74万亿。 二、当日热点 1.水产养殖 | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 = | | | --- | --- | --- | --- | --- | --- | --- | --- | | 中水渔业 | 4天4板 | 12.47 | +9.96% | 09:25:00 | 2.31% | 45.62亿 | 中国农业发展集团扩 | | 000798.SZ | | | | | | | 圈等预制食品 | | 开创国际 600097.SS | 3天2板 | 14.29 | +10.01% | 09:59:13 | 15.51% | 34.43亿 | 上海水产集团旗下, | | 东方海洋 | | 2.98 | +9.96% | 09: ...

Core Viewpoint - The recent surge in industrial silicon prices is attributed to a significant meeting among major organic silicon manufacturers, focusing on coordinated production cuts and price stabilization efforts in response to market challenges [4][5]. Market Dynamics - On November 19, industrial silicon futures rose by over 6%, reaching a peak price of 9545 yuan/ton, closing at 9390 yuan/ton, marking a 4.68% increase [2]. - The meeting held in Shanghai involved key players representing over 80% of the industry's total capacity, emphasizing the importance of collective action to address ongoing market difficulties [4]. Production and Supply - A production reduction plan was established during the meeting, set to take effect on December 1, with an estimated decrease in DMC (Dimethylcyclosiloxane) production by approximately 0.8 million tons, which will impact industrial silicon consumption by about 0.44 million tons [4]. - The overall supply of industrial silicon is expected to drop below 400,000 tons in November, reflecting a 12% decrease compared to previous periods, primarily due to reduced output in the Sichuan and Yunnan regions [6][17]. Pricing Trends - The DMC guidance price was set between 13,000 and 13,200 yuan/ton, representing an increase of approximately 1,700 to 2,000 yuan/ton since November 12 [5]. - Other downstream product prices have also risen significantly, with 107 glue priced at 13,700 to 14,000 yuan/ton and silicone oil at 14,700 yuan/ton, indicating a broader price recovery across the sector [5]. Demand and Inventory - Demand for polysilicon is expected to decline, while the organic silicon sector anticipates a consistent reduction in production, leading to manageable inventory levels for manufacturers [7][16]. - As of November 13, the total social inventory of industrial silicon across major regions was reported at 546,000 tons, showing a slight decrease of 0.6 million tons from the previous week [7]. Market Sentiment - Analysts suggest that the coordinated production cuts by organic silicon companies are a self-rescue measure in light of prolonged industry losses and supply-demand imbalances [5][14]. - The overall market sentiment remains cautious, with expectations of continued price fluctuations influenced by the implementation of the production reduction plan and the current demand landscape [14][15].

Group 1 - The organic silicon sector experienced a strong rally on November 19, with companies like Hoshine Silicon Industry (合盛硅业) hitting the daily limit up, while Dongyue Silicon Material (东岳硅材) and Yuanxiang New Materials (远翔新材) saw increases of over 14% [2][3] - Hoshine Silicon Industry's stock price reached 66.19, marking a 10% increase, with a trading volume of 409,000 shares and a total transaction value of 2.518 billion [4] - The overall organic silicon index rose by 2.06%, indicating a positive trend in the sector [3]

广发聚丰混合A（270005）基金经理为苏文杰。 截至发稿，苏文杰累计任职时间7年30天，现任基金资产总规模97.34亿元，任职期间最佳基金回报 167.69%， 任职期间最差基金回报5.18%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月19日，东岳硅材涨5.16%，截至发稿，报15.29元/股，成交19.18亿元，换手率11.48%，总市值 183.48亿元。 资料显示，山东东岳有机硅材料股份有限公司位于山东省淄博市桓台县唐山镇工业路3799号，成立日期 2006年12月28日，上市日期2020年3月12日，公司主营业务涉及从事有机硅材料的研发、生产和销售。 主营业务收入构成为：107胶49.40%，硅油13.49%，110生胶12.11%，混炼胶5.46%，其他5.37%，气相 白炭黑4.32%，硅酮胶4.29%，其他(补充)2.18%，液体胶2.01%，中间体1.36%。 从东岳硅材十大流通股东角度 数据显示，广发基金旗下1只基金位居东岳硅材十大流通股 ...

Group 1 - The core viewpoint of the article highlights a surge in the organic silicon sector, with several companies experiencing significant stock price increases [1] Group 2 - Chenguang New Materials (605399) reached the daily limit increase [1] - Hoshine Silicon Industry (603260) touched the daily limit during intraday trading [1] - Yuanxiang New Materials (301300) saw a rise of over 16% [1] - Dongyue Silicon Materials (300821) and Silbond Technology (300019) also experienced upward movement in their stock prices [1]

记者丨刘雪莹 编辑丨江佩霞 11月19日，A股三大指数涨跌不一，截至中午收盘，沪指冲高回落跌0.04%，创业板指一度涨超1%。中 小盘股普跌，微盘股指数跌超2%。沪深两市半日成交额1.12万亿，较上个交易日缩量2099亿。市场共 4582股下跌，820股上涨。 | 军工板块表现活跃，亚星锚链、亚光科技双双涨停。 | | --- | 银行股震荡走高。中国银行涨超2.7%，股价再创新高。 21君荐读 有机硅概念异动拉升，晨光新材触及涨停，东岳硅材、合盛硅业、硅宝科技、宏柏新材跟涨。消息面 上，昨日有机硅实控人会议结束，厂商今日恢复有机硅DMC报价，将价格上调至13200元/吨，较会议 开始前增加约200元/吨。 个股方面，次新股C南网数字盘中涨超23%，触发临停，换手率超50%。濒临退市的"家装第一股"*ST 东易复牌涨停，该股已在30个交易日内狂揽24板，自9月26日以来，股价累计涨幅已高达255.85%。 （） 下跌方面，高位股出现分歧，此前强势的三木集团、胜利股份、海南海药跌停。 港股方面，恒生指数半日跌0.45%，恒生科技指数跌0.98%。自动驾驶概念股一度走强，小马智行涨超 3%。小米集团跌超4%，股价 ...

记者丨刘雪莹 编辑丨江佩霞 11月19日，A股三大指数涨跌不一，截至中午收盘，沪指冲高回落跌0.04%，创业板指一度涨超1%。中小盘股普跌，微盘股指数跌超2%。沪深 两市半日成交额1.12万亿，较上个交易日缩量2099亿。市场共4582股下跌，820股上涨。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3938.29 | 13038.33 | 1459.23 | | -1.52 -0.04% -42.15 -0.32% -22.59 -1.52% | | | | 科创50 | 创业板指 | 万得全A | | 1343.15 | 3072.79 | 6250.20 | | -14.78 -1.09% +3.57 +0.12% -37.91 -0.60% | | | | 沪深300 | 中证500 | 中证A500 | | 4577.77 | 7096.06 | 5495.82 | | +9.57 +0.21% -54.96 -0.77% -0.72 -0.01% | | | | 中证1000 | 深证100 | 中证红利 ...

我们不是资讯的搬运工 而是有态度的发现者 万和财富早班车 2025年11月19日 | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 上证指数 | 3939.81 | -0.81% | 上证当月连续 | 3003.6 | -0.07% | | 深证成指 | 13080.49 | -0.92% | 沪深当月连续 | 4569.6 | -0.44% | | 创业板指 | 3069.22 | -1.16% | 恒生期货指数 | 33452.43 | -1.72% | 宏观消息汇总 1。外交部介绍中日外交官会晤情况：中方再次向日方提出严正 交涉，下一步走向：日方必须立即收回错误言论 2.发改委：渝黔、湘粤、湘黔等5项电力互济工程近日正式获得 核准批复,我国跨区域电力互济能力将得到进一步提升 3. 中国人民银行北京市分行等12部门印发《金融支持北京市提 振和扩大消费的实施方案》 二、行业最新动态 hillities 2。上海电气(601727)：在可控核聚变产品方面已参与国内外多个 首台、重大类工程项目 3.英唐智控(300 ...