Core Viewpoint - Shanghai Super Silicon Semiconductor Co., Ltd. has received approval for its IPO application, marking it as the third unprofitable company accepted since the release of the "Science and Technology Innovation Board Eight Articles" [1][5] Company Overview - Shanghai Super Silicon specializes in the R&D, production, and sales of 300mm and 200mm semiconductor silicon wafers, with a designed production capacity of 700,000 pieces per month for 300mm wafers and 400,000 pieces per month for 200mm wafers [1] - The company has completed eight rounds of financing since 2014, with a valuation of approximately 20 billion yuan after the latest round [1] - The company aims to raise 4.965 billion yuan through the IPO to fund projects related to silicon wafer expansion and R&D [1] Market Position - The silicon wafer market is dominated by five major companies, which hold about 80% of the global market share, leaving significant room for growth for domestic companies like Shanghai Super Silicon [2] - Shanghai Super Silicon holds approximately 1.6% of the domestic market share, positioning it as a leading player, although its overall scale remains relatively small compared to competitors [2] Financial Performance - The company reported revenues of 921 million yuan, 928 million yuan, and 1.327 billion yuan for the years 2022, 2023, and 2024, respectively, indicating a growth trend [3] - R&D expenditures have increased significantly, reaching 250 million yuan in 2024, accounting for 18.55% of revenue [3] Investment Interest - The company has attracted attention from several investment institutions, including Shanghai Integrated Circuit Fund and Hefei Chip Silicon, which are among its top shareholders [4] - Despite strong backing, the capital-intensive nature of the semiconductor industry poses challenges for the company's financial strength and future development [4] Unique IPO Characteristics - Shanghai Super Silicon employs a dual-class share structure, allowing its actual controller to maintain significant voting power despite external financing [5][6] - The company remains unprofitable, with net losses of approximately 803 million yuan, 1.044 billion yuan, and 1.299 billion yuan for the years 2022, 2023, and 2024, respectively [6][8] Industry Context - The semiconductor silicon wafer industry is characterized by high technical and capital intensity, with significant investments in equipment and production lines [6][7] - The company anticipates that as production scales up and product structures are optimized, operating losses will narrow in the future [7] - The trend of unprofitable companies entering the capital market is expected to continue, with regulatory bodies focusing on the technological capabilities and competitive landscape of these firms [8]

工业硅产业日报 2025-06-16 呈现持平趋势。工业硅仓单数量有所下滑，庞大的仓单数量给盘面带来了巨大的交割压力。操作上建议,中 免责声明 | 项目类别 | 数据指标 环比 数据指标 | 最新 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价(日,元/吨) 25 主力合约持仓量(日,手) | 7370 | 323363 | 219674 | | | 前20名净持仓(日,手) 2564 广期所仓单(日,手) | -42302 | 56823 | -1097 | | | 7-8月合约价差 10 | 35 | | | | 现货市场 | 通氧553#硅平均价(日,元/吨) 0 421#硅平均价(日,元/吨) | 8150 | 8700 | 0 | | | Si主力合约基差(日,元/吨) -25 DMC现货价(日,元/吨) | 780 | 11120 | 0 | | 上游情况 | 硅石平均价(日,元/吨) 0 石油焦平均价(日,元/吨) | 410 | 1570 | 0 | | | 精煤平均价(日,元/吨) 0 木片平均价(日,元/吨) | 1 ...

策略早餐 主要品种策略早餐 （2025.06.16） 金融期货和期权 股指期货 品种：IF、IH、IC、IM 日内观点：延续调整 中期观点：区间震荡，沪深 300 指数运行区间[3800,3950] 参考策略：持有卖出 MO2506-P-5800 虚值看跌期权，IM2506 逢高短空 核心逻辑： 1、海外方面，中美初步达成贸易协议，贸易框架朝着逐渐明朗的方向推进，不 过中东冲突爆发，全球金融市场风险偏好明显下降，海外股市集体下跌，预计情绪 上对 A 股市场带来一定负面影响。 2、国内方面，基本面数据偏弱，5 月物价水平表现不佳，CPI 同比降 0.1%、环 比由涨转降，PPI 同比降幅扩大，反映内需依然疲弱。5 月金融数据喜忧参半，居 民部门贷款意愿不高，企业部门贷款总量同比减少；M1 虽明显反弹，但基数效应特 征明显。 3、市场继续处于风格高低频繁切换格局，大盘与小盘轮番占优，缺乏持续上涨 的主线机会，建议关注"板块大涨后兑现离场、板块调整后布局进场"的逆向操作 思路。 国债期货 品种：TS、TF、T、TL 日内观点：短债窄幅波动，长债偏强 中期观点：偏强 参考策略：T2509 或 TL2509 多单持有 ...

| 钢材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年6月16日 | | | 周敏波 | 20010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 基差 | 单位 | | 螺纹钢现货(华东) | 3080 | 3090 | -10 | 112 | | | 螺纹钢现货(华北) | 3200 | 3200 | 0 | 232 | | | 螺纹钢现货(华南) | 3180 | 3200 | -20 | 212 | | | 螺纹钢05合约 | 2976 | 2967 | 9 | 104 | | | 螺纹钢10合约 | 2969 | 2968 | 1 | 111 | | | 螺纹钢01合约 | 2968 | 2962 | 6 | 112 | | | 热卷现货(华东) | 3180 | 3180 | 0 | 100 | 元/吨 | | 热卷现货(华北) | 3100 | 3110 | -10 | 20 | | | 热卷现货(华南) | ...

【大河财立方 记者 王磊彬 文 李博 摄影】6月16日，"河南省加快数字化转型 推动制造业高质量发展"新闻发布会举 行，发布会主要介绍河南省推进新型工业化、建设现代化产业体系的相关情况。 发布会现场，河南省工业和信息化厅党组书记、厅长李建涛表示，近年来，全省上下以数字化转型为引领，有力推动 制造业高端化、智能化、绿色化发展，为新质生产力发展注入新动能。今后一个时期，河南省将聚焦"两高四着力"， 深入实施"五大行动"，加快建设制造业强省，全面提升现代化产业体系对高质量发展的支撑能力。 河南省数字化转型成效明显 促进产业机构进一步优化 河南作为全国重要的制造业大省，拥有门类齐全的现代工业体系，截至今年5月，已拥有41个工业大类、197个中类， 工业经济总量稳居中西部省份第一位，是众多产业循环的发起点、支撑点和结合点。 近年来，在河南省委、省政府的领导下，全省上下以数字化转型为引领，有力推动制造业高端化、智能化、绿色化发 展，为新质生产力发展注入新动能。 河南省数字化转型取得丰硕成果。全面推动规模以上工业企业数字化转型诊断全覆盖和智能应用场景全覆盖，累计诊 断服务企业1.8万家，智能应用场景覆盖率达到87%，建设省 ...

2025 年 06 月 16 日 工业硅：空配思路为主 多晶硅：现货弱势，盘面具下行驱动 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 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2507收盘价（元/吨） | 7,345 | -110 | 55 | -885 | | | | Si2507成交量（手） | 370,370 | 60,742 | -296,013 | 39,770 | | | | Si2507持仓量（手） | 103,689 | -17,815 | -57,503 | -58,610 | | 工业硅、多晶硅期货市场 | | PS2507收盘价（元/吨） | 33,695 | 110 | -1,045 | - | | | | PS2507成交量（手） | 82,151 | 16,560 | -52,292 | - | | | | PS2507持仓量（手） | 56,863 | -4,835 ...

Group 1: Natural Rubber Report Industry Investment Rating Not provided Core View Under the expectation of increasing supply and weak demand, the subsequent rubber price is expected to remain weak. Hold the short position at 14,000 and pay attention to the raw material supply in each producing area and macro - event disturbances [1][2] Summary by Directory - **Spot Price and Basis**: On June 13, the price of Yunnan state - owned full - latex (SCRWF) in Shanghai was 13,900 yuan/ton, up 0.36% from the previous day. The full - milk basis (switched to the 2509 contract) decreased by 90.57% [1] - **Inter - month Spread**: The 9 - 1 spread increased by 2.91% to - 835 yuan/ton; the 1 - 5 spread decreased by 10.00% to - 50 yuan/ton; the 5 - 9 spread decreased by 2.20% to 890 yuan/ton [1] - **Fundamental Data**: In April, Thailand's production decreased by 29.16% to 105,700 tons; Indonesia's production decreased by 7.26% to 194,100 tons; India's production decreased by 14.34% to 45,400 tons; China's production increased by 42,300 tons to 58,100 tons. The weekly开工率 of semi - steel tires was 77.98%, up 4.12 percentage points; the weekly开工率 of full - steel tires was 61.24%, down 2.23 percentage points. In April, domestic tire production decreased by 5.07% to 102.002 million pieces; tire export volume decreased by 7.87% to 57.39 million pieces; natural rubber import volume decreased by 11.93% to 523,200 tons [1] - **Inventory Change**: The bonded area inventory decreased by 0.80% to 614,584 tons; the natural rubber factory - warehouse futures inventory on the SHFE increased by 59.45% to 34,876 tons [1] Group 2: Glass and Soda Ash Report Industry Investment Rating Not provided Core View - **Soda Ash**: The supply is gradually recovering, the surplus pattern is obvious. Although there is still some profit for soda ash plants, the overall demand has not increased significantly. After the maintenance, inventory accumulation may accelerate. Hold the previous short positions [3] - **Glass**: After entering the summer rainy season in June, the demand will slow down again. The glass industry still faces over - supply pressure. Wait for more cold - repair to be realized for a real turnaround in the market. Adopt a short - term bearish strategy [3] Summary by Directory - **Glass - related Prices and Spreads**: On June 13, the North China quotation was 1,140 yuan/ton, down 0.87%; the 05 basis decreased by 8.70% [3] - **Soda Ash - related Prices and Spreads**: The North China quotation remained unchanged at 1,400 yuan/ton; the 05 basis increased by 4.26% [3] - **Supply Volume**: The soda ash production rate increased by 8.06% to 84.90%; the weekly soda ash output increased by 8.04% to 740,100 tons; the float glass daily melting volume decreased by 0.70% to 155,700 tons; the photovoltaic daily melting volume decreased by 1.00% to 98,990 tons [3] - **Inventory**: The glass factory warehouse increased by 2.84% to 69.685 million weight boxes; the soda ash factory warehouse increased by 3.82% to 1.6863 million tons; the soda ash delivery warehouse decreased by 5.87% to 327,100 tons; the glass factory's soda ash inventory days increased by 15.91% to 21 days [3] - **Real Estate Data**: The year - on - year growth rate of new construction area was - 18.13%, an increase of 2.99 percentage points; the construction area decreased by 7.56% to - 33.33%; the completion area increased by 15.67% to - 11.68%; the sales area increased by 12.13% to - 1.55% [3] Group 3: Industrial Silicon Report Industry Investment Rating Not provided Core View Although the demand has recovered to some extent, the supply is still increasing. In June, industrial silicon still faces a weak fundamental situation of oversupply, and the price is under pressure. However, the recent rebound in coal prices provides some support, and the price may fluctuate at a low level [4] Summary by Directory - **Spot Price and Main Contract Basis**: On June 13, the price of East China oxygen - passing S15530 industrial silicon remained unchanged at 8,150 yuan/ton; the basis increased by 17.80% [4] - **Inter - month Spread**: The 2506 - 2507 spread decreased by 29480.00% to - 7345 yuan/ton; the 2507 - 2508 spread increased by 40.00% [4] - **Fundamental Data (Monthly)**: In May, the national industrial silicon output increased by 2.29% to 307,700 tons; the Xinjiang output decreased by 2.60% to 163,100 tons; the Yunnan output decreased by 25.43% to 10,000 tons; the Sichuan output increased by 109.47% to 23,700 tons; the Inner Mongolia output increased by 4.78% to 46,100 tons; the Ningxia output increased by 17.50% to 23,500 tons; the 97 - silicon output decreased by 60.00% to 4,800 tons; the recycled silicon output increased by 3.12% to 16,500 tons; the organic silicon DMC output increased by 6.48% to 184,000 tons; the polysilicon output increased by 0.73% to 96,100 tons; the recycled aluminum alloy output decreased by 0.66% to 606,000 tons; the industrial silicon export volume in April increased by 1.64% to 60,500 tons [4] - **Inventory Change**: The Xinjiang factory warehouse inventory decreased by 2.15% to 186,700 tons; the Yunnan factory warehouse inventory increased by 2.79% to 25,800 tons; the social inventory decreased by 2.56% to 572,000 tons; the warehouse inventory decreased by 0.77% to 289,600 tons; the non - warehouse inventory decreased by 4.32% to 282,400 tons [4] Group 4: Polysilicon Report Industry Investment Rating Not provided Core View Last week, the polysilicon price was under pressure due to increased supply and falling spot prices. Although the production of polysilicon and silicon wafers has increased this week, the growth rate of polysilicon production is greater, leading to inventory accumulation and price - falling pressure. Hold short positions cautiously and pay attention to the spread structure and polysilicon production. If the polysilicon production increases, it is beneficial for the arbitrage of buying industrial silicon and shorting polysilicon [5] Summary by Directory - **Spot Price and Basis**: On June 13, the average price of N - type re -投料 decreased by 1.39% to 35,500 yuan/ton; the N - type material basis (average price) decreased by 25.26% [5] - **Futures Prices and Inter - month Spreads**: The PS2506 contract price increased by 0.33% to 33,695; the PS2506 - PS2507 spread decreased by 22.38% [5] - **Fundamental Data (Weekly)**: The silicon wafer production increased by 0.46% to 13.1 GW; the polysilicon production increased by 8.18% to 23,800 tons [5] - **Fundamental Data (Monthly)**: In May, the polysilicon production increased by 0.73% to 96,100 tons; the polysilicon import volume in April decreased by 7.10% to 2,900 tons; the polysilicon export volume in April decreased by 10.40% to 2,000 tons; the polysilicon net export volume remained unchanged at - 900 tons; the silicon wafer production in May decreased by 0.50% to 58.06 GW; the silicon wafer import volume in April decreased by 32.03% to 600 tons; the silicon wafer export volume in April increased by 28.29% to 5,900 tons; the silicon wafer net export volume in April increased by 42.57% to 5,300 tons; the silicon wafer demand in May decreased by 8.10% to 60.61 GW [5] - **Inventory Change**: The polysilicon inventory increased by 2.23% to 275,000 tons; the silicon wafer inventory decreased by 3.40% to 19.34 GW [5]

目前，上海超硅已跻身世界一流的集成电路用大尺寸硅片制造商之列，其硅片产品已经成功进入全球排 名前20的集成电路制造商中的19家，所制造的芯片广泛应用到了逻辑运算、数据存储、人工智能等各个 终端领域。 本次上海超硅IPO拟募集资金49.65亿元，投向集成电路用300mm薄层硅外延片扩产项目、高端半导体硅 材料研发项目，以及补充流动资金，投资金额分别为298,081.96万元、58,077.00万元、141,923.00万元。 值得提及的是，上海超硅是一家未盈利企业，因此选择科创板同股不同权的第二套上市标准，即"预计 市值不低于人民币50亿元，且最近一年营业收入不低于人民币5亿元"。 据披露，报告期各期（2022-2024年），上海超硅营业收入分别为 92,109.05 万元、92,780.15 万元和 132,730.21 万元，净利润分别为-80,285.74万元、-104,357.92万元、-129,921.94万元。 拟募资49.65亿元扩产300mm薄层硅外延片 又一家未盈利的半导体企业——上海超硅半导体股份有限公司（简称"上海超硅"）科创板IPO获受理。 行业周知，全球半导体硅片行业市场集中度比较高， ...

2025年06月15日 国泰君安期货研究周报-绿色金融与新能源 观点与策略 | 镍：矿端担忧有所降温，冶炼供应弹性饱满 | 2 | | --- | --- | | 不锈钢：负反馈传导减产增加，供需双弱低位震荡 | 2 | | 工业硅：上游继续复产，空配思路为主 | 11 | | 多晶硅：关注下周仓单注册信息，反弹后空配 | 11 | | 碳酸锂：矿价企稳，产量回升，偏弱震荡，建议反套 | 20 | | 全国碳市场：CEA大幅反弹，CCER活跃度攀升 | 29 | 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 所 二 〇 二 五 年 度 2025 年 6 月 15 日 镍：矿端担忧有所降温，冶炼供应弹性饱满 不锈钢：负反馈传导减产增加，供需双弱低位震荡 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 报告导读： 沪镍基本面：镍矿端短线坚挺但远端担忧预期降温，冶炼端现实去库但远端供应预期饱满。根据菲律 宾镍业协会，矿业财政制度法案最终版本中或可能删除原矿出口禁令条款，缓和投机资金对矿端的炒作情 绪，虽然矿端托底逻辑短线未改，印 ...

2025年06月15日 国泰君安期货研究周报 观点与策略 | 镍：矿端担忧有所降温，冶炼供应弹性饱满 | 2 | | --- | --- | | 不锈钢：负反馈传导减产增加，供需双弱低位震荡 | 2 | | 工业硅：上游继续复产，空配思路为主 | 11 | | 多晶硅：关注下周仓单注册信息，反弹后空配 | 11 | | 碳酸锂：矿价企稳，产量回升，偏弱震荡，建议反套 | 20 | | 全国碳市场：CEA大幅反弹，CCER活跃度攀升 | 29 | | 棕榈油：美国生柴政策利好，带动油脂上行 | 33 | | 豆油：压榨恢复较好，国内油脂弱于国际 | 33 | | 豆粕：生柴政策利多美豆，偏强震荡 | 38 | | 豆一：豆类市场氛围偏多，偏强震荡 | 38 | | 玉米：高位震荡 | 44 | | 白糖：低位整理 | 50 | | 棉花：商业库存下降快支撑棉价 | 57 | | 生猪：降重路径改变，等待现货印证 | 64 | | 花生：震荡行情 | 70 | 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 国 泰 君 安 期 货 研 究 所 二 〇 二 五 年 度 1）中国精炼社会库存减少 92 ...