人民财讯12月9日电，12月9日，有消息称，业内酝酿已久的多晶硅产能整合收购平台正式成立，公司名 称为北京光和谦成科技有限责任公司，注册资本30亿，成立日期为2025年12月9日，住所在北京市朝阳 区。对此，业内知情人士向证券时报记者表示，北京光和谦成科技有限责任公司为行业内主要企业探索 行业内潜在战略合作机会，如技术升级、市场拓展、产能与成本优化。但对于该公司是否就是酝酿已久 的多晶硅收储平台，该知情人士并未作明确回应。 ...

供应端：工业硅现货价格小幅下跌。据SMM数据，昨日华东通氧553#硅在9200-9400（-150）元/吨；421#硅在9600-9800 （-100）元/吨，新疆通氧553价格8600-8900（-150）元/吨，99硅价格在8600-8900（-150）元/吨。昆明、黄埔港、 西北、天津、新疆、四川、上海地区硅价回落，97硅价格回落。 消费端：据SMM统计，有机硅DMC报价13500-13700（0）元/吨。SMM报道，有机硅DMC市场持稳，当前DMC报 价在13500-14000元/吨，有机硅各主要产品上调后，下游情绪偏观望，但在预售单持续兑现下，企业库存压力不大， 预计短期内市场平稳运行运行。 策略 现货价格小幅下跌，西南开工大幅降低，新疆地区出现一定环保扰动，工业硅回落主要受焦煤等商品下跌影响。 目前工业硅盘面主要受整体商品情绪以及政策端消息震荡运行。需关注近期环保影响以及后续是否有相关产能退 出政策，目前工业硅估值偏低，若有政策推动，盘面或有上涨空间。 工业硅： 市场分析 2025-12-08，工业硅期货价格偏弱震荡运行，主力合约2601开于8745元/吨，最后收于8675元/吨，较前一日结算变 ...

Group 1: Coking Coal Market - Coking coal continues to show weakness, reaching a new low in the current phase, with domestic coal production slightly contracting week-on-week [1] - High-frequency data indicates a decrease in mining activity, while import levels remain high, leading to sufficient supply [1] - Demand from coking enterprises is declining, with reduced purchasing enthusiasm and a drop in steel production, resulting in weakened real demand for coking coal [1] Group 2: Polysilicon Market - The photovoltaic market is experiencing an overall decline in demand, leading to increased sales pressure across various segments and early shutdowns for some companies [2] - The polysilicon inventory continues to rise, with a slight increase in warehouse receipts, indicating a supply-demand imbalance [2] - Despite a reduction in production across the supply chain, the weak demand is expected to lead to further inventory accumulation [2] Group 3: Rebar Market - The rebar market is under pressure due to weak demand and reduced production from steel mills, with a slight decline in apparent consumption [3] - Inventory levels are decreasing, but the overall supply-demand situation remains weak, with cost support for steel products lacking [3] - Recent declines in raw material prices have improved profitability for some steel mills, leading to expectations of increased rebar production in the future [3]

基本面疲软的利空冲击下，焦煤焦炭12月8日大幅下挫。截至收盘时，焦煤下跌6.14%，焦炭收跌5.79%，分居当日跌幅排行前两位。近期双焦供强需弱的基 本面格局明显：一方面，从需求端看，Mysteel的最新数据显示，上周国内247家钢厂日均铁水产量环比续降2.38万吨至232.3万吨，刷新8个月来新低，这对 双焦需求构成明显利空。另一方面，在供应端，蒙煤通关持续偏高，监管区库存累积至接近300万吨的水平，焦煤供应压力趋增。此外，焦煤主力合约换月 至2605合约后，年末煤矿因安全生产而受限的影响弱化，弱势特征更加明显，盘中期价触及该合约自今年7月下旬以来的新低。不过，分析机构也提示，目 前焦煤2605合约估值偏低，需警惕宏观情绪变化带来的预期差。 新华财经北京12月8日电（吴郑思、张瑶） 国内商品期货市场周一（12月8日）整体温和波动，品种分化明显，活跃商品收盘跌多涨少。截至收盘时，中证 商品期货价格指数收报1510.25点，较前一交易日上涨0.78点，涨幅0.05%；中证商品期货指数收报2088.09点，较前一交易日上涨1.09点，涨幅0.05%。 能源金属8日多数震荡走弱，尤其是多晶硅在交易所公告新增注册品牌 ...

投资咨询业务资格：证监许可【2012】31号 【新能源周报】 12月排产更新，商品价格承压 国贸期货贵金属与新能源研究中心 2025-12-8 分析师：白素娜 从业资格证号：F3023916 投资咨询证号：Z0013700 助理分析师：陈宇森 从业资格证号： F03123927 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 目录 01 02 工业硅（SI） 多晶硅（PS ） 碳酸锂（LC ） 01 PART ONE 工业硅（SI） 多晶硅（PS） 工业硅 ：供给重心向西北转移 ，硅价上方压力较大 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议，期市有风险，投资需谨慎 影响因素 驱动 主要逻辑 供给端 偏多 （1）全国周产8.13 万吨，环比-8.69%；全国开炉238台，环比-19台。 （2）主产区：新疆地区周产4.92 万吨，环比-2.19%，开炉数环比一致。云南地区周产0.55 万吨，环比-19.77%，开炉数环比-11台。四川地区 周产0.25 万吨，环比-60.48%，开炉数环比-7台。 （3）11月产量40.1 ...

交银国际发布研报称，看好协鑫科技(03800)在颗粒硅盈利优势明显，低电耗符合政策导向，行业"反内 卷"推动多晶硅价格大涨，产能收储若能落地将推动价格进一步上涨，目标价1.54港元。该行予内地新 能源与公用事业行业领先评级，2025年在上半年政策推动一轮抢装后，该行预期全年内地风/光的装机 旺季将较往年温和，但维持全年装机总量创历史新高的预测。 展望2026年，该行预期内地光伏装机或将继续保持280GW的高位;风电装电方面，在过去招标量饱满的 支撑下，仍有望同比增长约11%至110GW。该行对覆盖的子行业偏好顺序为：多晶硅>逆变器/储能>运 营商>光伏玻璃>电池片。 ...

Core Viewpoint - The report from CMB International expresses optimism about GCL-Poly Energy (03800) due to its significant profitability in granular silicon, low energy consumption aligning with policy directions, and the industry's "anti-involution" leading to a surge in polysilicon prices, with a target price set at HKD 1.54 [1] Industry Summary - The report maintains a leading rating for the domestic new energy and public utility sector, predicting a historical high in total installed capacity for the year despite a moderate peak season for wind and solar installations in the first half of 2025 driven by policy incentives [1] - For 2026, the expectation is that domestic photovoltaic installations will continue to remain at a high level of 280 GW, while wind power installations are projected to grow by approximately 11% year-on-year to reach 110 GW, supported by robust bidding volumes in the past [1] - The preferred order of sub-industries covered by the report is: polysilicon > inverters/storage > operators > photovoltaic glass > battery cells [1]

2025 年 12 月 08 日 工业硅：关注新疆环保事件发酵 多晶硅：反内卷核心标的，低买思路为主 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 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） | 8,805 | -105 | -325 | -215 | | | | Si2601成交量（手） | 170,669 | 18,497 | -27,222 | -105,527 | | | | Si2601持仓量（手） | 196,943 | 3,924 | -14,856 | -35,906 | | 工业硅、多晶硅期货市场 | | PS2601收盘价（元/吨） | 55,510 | -1,405 | -915 | - | | | | PS2601成交量（手） | 159,380 | -16,196 | -21,883 | - | | | | PS2601持仓量（手） | 97,99 ...

Group 1: Report Overview - Report date: December 08, 2025 [2] - Research team: Energy and Chemical Research Team [3] Group 2: Market Performance and Outlook - Market performance: The price of the main polysilicon contract dropped significantly. The closing price of the PS2601 contract was 55,510 yuan/ton, a decrease of 2.96%. The trading volume was 159,380 lots, and the open interest was 97,991 lots, with a net decrease of 18,662 lots [4] - Spot price: The transaction price range of n-type polysilicon re-feeding materials was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, unchanged from the previous period. The transaction price range of n-type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also unchanged from the previous period [4] - Future outlook: The fundamentals have not improved. The production in December is expected to remain flat compared to the previous month. Profits are concentrated in the silicon material segment, but downstream segments are continuously lowering prices due to terminal pressure. Downstream enterprises are reducing production and controlling output. Spot prices remain stable, meeting the policy requirements for stability. The adjustment of the supply - demand relationship is difficult to improve through the industry's own driving force. Under the requirements of the exchange, the 01 contract continues to reduce positions, the short squeeze narrative cools down, and the futures price may run weakly and return to fluctuate around the spot price [4] Group 3: Market News - On December 05, the number of polysilicon warehouse receipts was 1,560 lots, an increase of 10 lots from the previous trading day [5] - The China Photovoltaic Industry Association stated that it is working with industry enterprises, and relevant work is progressing steadily. Rumors on the Internet are false information. The association firmly safeguards national and industry interests and will fight against malicious short - selling of the photovoltaic industry [5] - The Silicon Industry Branch of the association estimated that the production in November was about 114,900 tons, a 14% decrease from 137,000 tons in October, and the production in December is expected to rebound to about 120,000 tons [5]

| 观点与策略 | | --- | 2025年12月08日 国泰君安期货商品研究晨报-绿色金融与新能源 | 镍：结构性过剩转变，博弈矛盾并未改变 | 2 | | --- | --- | | 不锈钢：供需延续双弱运行，成本支撑逻辑增强 | 2 | | 碳酸锂：偏弱震荡，关注尼日利亚停矿事件发酵 | 4 | | 工业硅：关注新疆环保事件发酵 | 6 | | 多晶硅：反内卷核心标的，低买思路为主 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 117,790 | 30 | 710 | 3,740 | -2,240 | -3,060 | | 期 | | 不锈钢主力（收盘价） | 12,500 | 75 | 135 | 210 | -35 | -355 | | 货 | | 沪镍主力（成交量） | 107,217 | 3,895 | 21, ...