Group 1 - The organic silicon concept index rose by 2.09%, ranking 10th among concept sectors, with 33 stocks increasing in value, including Zhongqi New Materials and Sanfu Co., which hit the daily limit [1] - Notable gainers in the organic silicon sector included Huami New Materials, Xiangyuan New Materials, and Silicon Treasure Technology, which rose by 7.92%, 6.97%, and 6.92% respectively [1] - The stocks with the largest declines included ST Hongda, Hesheng Silicon Industry, and Fuxiang Pharmaceutical, which fell by 5.13%, 2.62%, and 2.09% respectively [1] Group 2 - The organic silicon sector saw a net inflow of 142 million yuan, with 14 stocks receiving net inflows, and 5 stocks attracting over 10 million yuan [2] - Sanfu Co. led the net inflow with 56.01 million yuan, followed by Yian Technology and Silicon Treasure Technology with net inflows of 55.80 million yuan and 51.88 million yuan respectively [2] - The top net inflow ratios were recorded by Sanfu Co. at 27.30%, followed by Huanxing Technology at 13.89% and Yian Technology at 12.13% [3] Group 3 - The trading volume and turnover rates for the top stocks in the organic silicon sector were significant, with Sanfu Co. showing a turnover rate of 3.78% and a price increase of 9.98% [3] - Other notable stocks included Yian Technology with a 5.92% increase and a turnover rate of 6.91%, and Silicon Treasure Technology with a 6.92% increase and a turnover rate of 8.53% [3][4] - Decliners in the sector included ST Hongda, which dropped by 5.13% with a turnover rate of 0.05%, and Hesheng Silicon Industry, which fell by 2.62% with a turnover rate of 0.28% [5]

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Chemical Index reported 2064.08 points, with a decline of 7.57% in the last month, 6.98% in the last three months, and 6.77% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.08%), Salt Lake Industry (13.6%), Baofeng Energy (7.79%), Juhua Co. (7.6%), Hengli Petrochemical (7.22%), Satellite Chemical (6.88%), Hualu Hengsheng (6.64%), Zangge Mining (6.38%), Longbai Group (6.1%), and Rongsheng Petrochemical (5.49%) [1] Group 2 - In terms of industry composition within the CSI 300 Chemical Index, other chemical raw materials account for 39.09%, polyurethane for 23.08%, potassium fertilizer for 19.98%, fluorochemical for 7.60%, titanium dioxide for 6.10%, and organic silicon for 4.15% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples or significant events affecting sample companies [2]

Report Investment Rating No investment rating information is provided in the report. Core Viewpoints - The industrial silicon market shows "weak reality and weak expectation" with weak consumption, high inventory pressure, and the spot market may continue weak shock in the short term [2][3] - The polysilicon market has weakening demand, high inventory, slow de - stocking, and the 2506 contract is cautiously bullish in the short term, with upstream enterprises considering selling hedging on rallies [7][8] Summary by Related Content Industrial Silicon Market Analysis - **Futures Market**: On April 28, 2025, the industrial silicon futures price was weakly volatile. The main contract 2506 opened at 8780 yuan/ton and closed at 8800 yuan/ton, down 0.73% from the previous settlement. The position of the 2505 main contract was 188,093 lots, and the number of warehouse receipts was 69,417 lots, a decrease of 85 lots from the previous day [1] - **Supply Side**: The spot price of industrial silicon continued to decline. For example, the price of East China oxygen - passed 553 silicon was 9400 - 9700 (- 50) yuan/ton. Although some silicon plants reduced production or had maintenance due to losses, the expected production capacity in the southwest region during the wet season would gradually be released, and the supply pressure was not significantly relieved [1][2] - **Demand Side**: The demand was weak. The downstream polysilicon and organic silicon maintained low operating rates, and downstream enterprises were cautious in purchasing. The organic silicon DMC quotation was 11000 - 11800 (- 200) yuan/ton, and the overall operating rate of monomer enterprises was expected to decline [1][2] Strategy The industry's consumption is weak, and the inventory pressure is large. The spot market lacks positive drivers in the short term and may continue to oscillate weakly [3] Polysilicon Market Analysis - **Futures Market**: On April 28, 2025, the main contract 2506 of polysilicon futures fell sharply, opening at 38,390 yuan/ton and closing at 37,780 yuan/ton, a decrease of 3.05% from the previous trading day. The position of the main contract was 55,092 lots, and the trading volume was 80,862 lots [5] - **Spot Market**: The spot price of polysilicon remained stable. The polysilicon manufacturers' inventory and silicon wafer inventory increased. The polysilicon inventory was 25.90 (a month - on - month change of 3.19%), and the silicon wafer inventory was 19.53GW (a month - on - month change of 7.19%). The weekly polysilicon output was 22,800 tons (a month - on - month change of 2.24%), and the silicon wafer output was 13.38GW (a month - on - month change of - 1.40%) [5][6] Strategy - In the short term, the 2506 contract is cautiously bullish. Upstream enterprises should consider selling hedging on rallies if there is a significant rebound. - For options, consider buying a small amount of out - of - the - money call options [8]

Report Information - Report Date: April 29, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Market Performance and Price - The main contract price of industrial silicon futures showed weak performance. The closing price of Si2506 was 8,800 yuan/ton, a decline of 0.73%. The trading volume was 177,294 lots, and the open interest was 188,093 lots, with a net decrease of 5,009 lots [4] - The spot price of industrial silicon was also weak. The price of 553 in Sichuan and Yunnan was 9,500 yuan/ton. The price of 421 was 10,850 yuan/ton in Sichuan, 10,350 yuan/ton in Yunnan, 10,400 yuan/ton in Inner Mongolia, and 10,500 yuan/ton in Xinjiang [4] Market Outlook - Macro - negative risks were mitigated, and the capital drive weakened due to the upcoming long holiday. The fundamental situation remained weak, limiting the rebound of the futures price. The market was expected to fluctuate weakly [5] - On the supply side, the weekly output in the fourth week of April was 72,000 tons, still above the equilibrium level. On the demand side, the demand for polysilicon was 108,000 tons, the monthly demand for silicone decreased to about 100,000 tons due to collective production cuts by silicone enterprises, and other demands remained stable. The oversupply situation showed no signs of improvement [5] - The combined inventory of futures and spot reached 752,800 tons. Based on the current monthly demand of 310,000 tons, the inventory - to - consumption ratio climbed to 2.51. The losses had not significantly affected the supply side, and the fundamental driving force was still weak. Attention should be paid to the potential pressure of increased production during the wet season. The weak spot price restricted the rebound space of industrial silicon, and it was expected to continue the weak fluctuation before the long holiday [5] Market News - On April 28, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 69,417 lots, a net decrease of 85 lots from the previous trading day [6] - On April 22, 2025, Hesheng Silicon Industry Co., Ltd. released its 2024 annual report. During the reporting period, the company's operating income was 26.692 billion yuan, a year - on - year increase of 0.41%. The net profit attributable to shareholders of the listed company was 1.74 billion yuan, a year - on - year decrease of 33.64% [6] - Shandong Dongyue Silicone Material Co., Ltd. recently released its Q1 2025 financial report. The operating income decreased by 15.68%. The company's operating income in this quarter was 1,202,001,050.99 yuan, compared with 1,425,465,566.20 yuan in the same period last year [6] - On April 28, the reference price of silicone DMC on Shengyi.com was 11,680 yuan/ton, a decrease of 18.89% compared with the beginning of the month (14,400 yuan/ton) [6]

Core Viewpoint - Company has achieved significant recognition for its environmentally friendly new materials, particularly in the organic silicon sector, following four years of high investment in R&D [2][3] Group 1: Financial Performance - The company reported a revenue growth of 7.93% and a net profit growth of 21.42% in its latest quarterly report, indicating strong performance within the organic silicon industry [2] Group 2: New Material Development - The company focuses on developing new organic silicon products that are both environmentally friendly and economically viable, addressing the growing restrictions on fluorinated compounds (PFAS) due to their environmental persistence [3] - The company has introduced ultra-low viscosity cooling liquids and three-proof paints made from non-toxic organic silicon, which can replicate the functions of fluorinated materials [3] Group 3: Market Opportunities - The company is positioned as a provider of comprehensive solutions for immersion cooling, with products already on the market that meet safety standards for electric vehicle batteries, which will be enforced starting July 2026 [4] - The market for organic silicon immersion cooling liquids is expected to grow significantly, driven by the rapid development of the new energy industry and increasing cooling demands from data centers [5] Group 4: Regulatory Environment - Upcoming regulations in the U.S. and China are set to restrict the use of PFAS in electronic products, creating a pressing demand for alternative materials such as the company's three-proof paints [6] - The company’s three-proof paint products are designed to meet the protective needs of various electronic applications, offering advantages in moisture resistance, insulation, and heat resistance [6] Group 5: Medical Applications - The company has also ventured into the medical and personal care sectors with its silicone gel products, which can aid in scar treatment and skin adhesion [7] - Recent regulatory actions against multinational companies in the medical silicone gel market present an opportunity for domestic companies to capture market share [7]

Group 1 - The core viewpoint of the news highlights the successful business delegation from Chengdu to Saudi Arabia, resulting in significant cooperation opportunities and agreements worth over 5 billion yuan [1][3]. - The delegation included 33 companies and aimed to explore the Saudi market, which is undergoing economic diversification under the "Vision 2030" initiative [2][3]. - The signing of contracts during the Chengdu-Saudi Industrial Cooperation Conference indicates strong interest in Chinese manufacturing, particularly in high-end customized vehicles and AI applications [3][5]. Group 2 - The Saudi market is perceived as full of opportunities, especially for companies in technology and manufacturing, as the country seeks to reduce its reliance on oil and enhance foreign investment [2][3]. - Chengdu's companies are adapting to market diversification strategies, with some expanding their reach beyond traditional markets like the U.S. to include countries such as Turkey and Argentina [2]. - The high internet penetration rate of 90% in the Gulf region and a youthful population under 30 years old (over 60%) are seen as favorable conditions for digital economy growth [2][3]. Group 3 - The delegation's activities included over 10 events such as business negotiations and site visits, demonstrating a well-planned approach to market entry [1][2]. - Companies like Chengdu Silicon Treasure Technology Co., Ltd. are leveraging their competitive products in the local market, showcasing their strengths in sectors like construction and automotive [6]. - The proactive networking efforts by company representatives, such as establishing contacts with local businesses and utilizing local communication tools, have proven effective in building relationships and potential partnerships [5][6].

中证报中证网讯（王珞）合盛硅业4月23日晚发布2024年年报。2024年，公司营业收入为266.92亿 元，创历史新高；归母净利润17.40亿元，扣非后归母净利润15.40亿元。特别值得关注的是，该公司 2024年经营活动产生的现金流量净额为45.17亿元，比2023年增加53.07亿元，净现比达到2.60。 根据年报，2024年公司主要产品产量均进一步提升，销售量保持良好增长。同时，公司年内研发投 入也增长到5.75亿元，占总营收的2.15%，有机硅下游深加工产品、碳化硅等新兴领域的研发投入不断 加强。 近年来，合盛硅业抓住新疆大力发展光伏产业的机遇，打造"煤－电－硅"产业链协同的业务模式， 又利用云南水电资源优势打造"绿－电－硅"循环模式，并进一步加速新型储能技术与新能源前沿领域的 深度融合，构建"源网荷储"一体化绿色生态体系。公司2024年工业硅生产量达187.14万吨，同比增长 38.11%，上下游产业链协同优势得到进一步巩固。 合盛硅业在年报中提出，根据市场行情，公司适当收缩对光伏业务板块的相关投入，通过优化资源 在公司内部的配置，保证公司了核心竞争力的稳定。 年报显示，合盛硅业2024年针对有机硅 ...

Group 1 - The Shanghai Composite Index opened lower but rose later, with the CSI 300 Chemical Index reported at 2022.67 points [1] - The CSI 300 Chemical Index has decreased by 11.64% over the past month, 9.12% over the past three months, and 8.64% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.47%), Salt Lake Industry (14.14%), Baofeng Energy (7.62%), Juhua Co. (7.3%), Hengli Petrochemical (7.28%), Hualu Hengsheng (6.99%), Longbai Group (6.23%), Zangge Mining (6.19%), Satellite Chemical (6.02%), and Rongsheng Petrochemical (5.53%) [1] - The market share of the CSI 300 Chemical Index is 57.05% from the Shanghai Stock Exchange and 42.95% from the Shenzhen Stock Exchange [1] Group 3 - In terms of industry composition, other chemical raw materials account for 38.28%, polyurethane for 23.47%, potassium fertilizer for 20.33%, fluorochemical for 7.30%, titanium dioxide for 6.23%, and organic silicon for 4.39% [2] - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2]

Core Viewpoint - The company emphasizes the importance of innovation as a key driver for development and future growth, focusing on technological advancements and talent cultivation to enhance efficiency and reduce costs [1][2]. Group 1: Innovation and R&D - The company is increasing its R&D investment to tackle key core technologies, particularly in the organic silicon industry chain, aiming to strengthen and optimize its operations [1]. - It is implementing policies to maximize R&D tax deductions, ensuring that all eligible expenses are accounted for, thereby enhancing innovation vitality [1]. Group 2: Innovation Platforms and Ecosystem - The company is building multi-level innovation platforms and a collaborative innovation system that integrates industry, academia, and research, fostering a conducive environment for technological advancements [1]. - It is revising and improving management systems to elevate the standard of technology innovation management [1]. Group 3: Smart Manufacturing and Automation - The company is committed to creating a "smart" factory by introducing advanced technology and equipment, enhancing production safety and efficiency through automation [2]. - Specific projects, such as the AGV project in the silicone workshop and the automated packaging system, have significantly improved operational safety, accuracy, and efficiency while reducing labor intensity [2]. Group 4: Commitment to Innovation - The company believes that only through innovation can it achieve strong and victorious growth, and it is dedicated to driving high-quality development through continuous innovation efforts [2].

1、 陕西年产 30 万吨有机硅项目环评公示 项目分两期建设，其中首期建设年产 10 万吨级工业硅生产装置以及配套 1 × 30MW 余热发 电汽轮发电机组，年产 20 万吨有机硅单体合成装置及后续 20 余套配套产品生产装置，年产 1000 吨中间相沥青生产装置，年产 60 万套碳陶刹车盘、 5000 吨太阳能改性热场、 2000t 颗 粒硅热场生产线，及配套的公共工程及辅助设施。个就业岗位，并带动周边物流、服务业协同发 展。 4 月 10 日，黄陵县政府政务服务中心发布了陕西有色碳硅新材料有限公司碳硅新材料产业一 体化项目环境影响评价第一次公示。 项目名称：碳硅新材料产业一体化项目 建设单位：陕西有色碳硅新材料有限公司 建设地点：陕西省延安市黄陵县双龙镇黄陵县工业经济产业园 建设内容：新建年产 10 万吨级工业硅生产装置及配套 1 × 30MW 余热回收汽轮发电机组； 年产 3000 吨中间相沥青生产装置，年产 1000 吨中间相沥青基碳纤维生产装置；年产 250 万套 碳陶刹车盘、 5000 吨太阳能改性热场、 2000 吨颗粒硅热场、 5 万盘民航碳刹车盘、 5 万盘高 铁刹车盘、 4 万盘其他轨道交 ...