逆周期布局产业链核心环节 总部位于浙江的合盛硅业是全球硅基新材料领域的"领头羊"，凭借独步全球的"煤—电—硅"一体化 产业链，其工业硅、有机硅单体产能多年蝉联全球榜首。 宏伟蓝图凝聚奋进力量，科技自强承载时代重任。"十五五"规划建议明确提出，"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。 中国中信金融资产坚决贯彻落实党中央决策部署，坚持将服务科技金融的着力点放在支持产业链供 应链关键环节和龙头企业发展上，通过"股权+债权""重组+纾困"等综合金融手段，精准对接科技企业融 资需求，以"金融向实、资本向科"的实际行动，诠释服务国家战略的责任担当。 聚焦"硬科技" 践行金融使命 《金融时报》记者在采访中了解到，当企业面临挑战时，中国中信金融资产浙江分公司和资产经营 一部火速组建精锐团队，千里奔赴新疆戈壁生产基地，深入企业一线，精准研判企业核心价值。聚焦企 业看家本领——工业硅主业，通过增资其核心子公司，并实施一揽子纾困方案，成功为企业"瘦身减 负"、降低杠杆。深度参与公司治理，助力企业练好"内功"，进一步筑牢全球成本竞争力的"护城河"。 激活科技、产业、金融循环 中国中信金 ...

Core Viewpoint - The article highlights the strategic advantages of the Urat Front Banner in Inner Mongolia, focusing on its rich silicon resources, abundant green energy, and supportive infrastructure for industrial development [2][3][4][5][6][7]. Group 1: Silicon Resource Advantages - The region has proven silicon stone reserves of approximately 23 million tons, with specific mines like the Mazongshan and Dali mines having high-grade silicon content, ensuring a stable supply of quality raw materials [2]. Group 2: Green Energy Potential - The theoretical area for renewable energy development is 15,000 square kilometers, with wind energy potential of 70 million kilowatts and solar energy potential of 20 million kilowatts. The current installed capacity of renewable energy is 5.83 million kilowatts, accounting for 67.2% of the total renewable energy capacity in the city [3]. Group 3: Resource and Cost Efficiency - Water resources total 363 million cubic meters, with an industrial water price of 5.2 yuan per ton. The current water supply capacity is 40 million tons per year, projected to reach 200 million tons per year in the long term. Electricity prices for industrial use range from 0.38 to 0.45 yuan per kilowatt-hour [4]. Group 4: Strategic Location - The region features the Ganqimaodu Port with an annual customs clearance capacity exceeding 50 million tons, facilitating efficient import and export of raw materials. The transportation network is well-connected, enhancing logistical capabilities [5]. Group 5: Industrial Development Platform - The Ganqimaodu Port Processing Park implements a "one area, two parks" layout, focusing on chemical, metallurgy, and new materials industries. Significant investments are being made, with 15 key industrial projects planned for 2025, totaling 12.4 billion yuan [6]. Group 6: Investment Support Services - The local government has established a three-year action plan for investment attraction, providing comprehensive services including site selection and environmental assessments. Policies are in place to encourage the development of new energy and silicon-based materials industries [7].

Core Insights - The fifth International New Materials Industry Conference will be held from November 20 to 23 in Bengbu, focusing on key areas such as silicon-based new materials, bio-based new materials, and high-performance composite materials [1][2] - The conference aims to invite leaders from national ministries, industry associations, Fortune 500 companies, and top experts to foster collaboration and innovation in the new materials sector [1][3] Group 1 - The conference has successfully held four previous editions, signing 408 projects with a total investment of 383.909 billion yuan, establishing itself as a significant platform for linking global innovation resources and promoting high-quality development in the new materials industry [1] - Bengbu, the host city, is recognized as an innovation hub for the glass industry, housing 411 new materials companies with an annual output value exceeding 66 billion yuan, forming a collaborative industrial system centered on silicon-based and bio-based new materials [1][2] Group 2 - The conference will feature three main components: opening ceremony activities, thematic activities, and "dual recruitment and dual introduction" industry cooperation activities, aimed at matching industry needs with talent resources [2] - Key highlights of this year's conference include promoting technological self-reliance, supporting national strategies, enhancing international cooperation, and addressing talent shortages in the new materials industry [3]

Group 1 - The core point of the article is the resignation of Mr. Song Jun from the board of directors and the audit committee of Xin'an Co., Ltd. due to job relocation, and he will no longer hold any position in the company after his resignation [1] - As of the latest report, Xin'an Co., Ltd. has a market capitalization of 13.3 billion yuan [2] Group 2 - For the first half of 2025, the revenue composition of Xin'an Co., Ltd. is as follows: agricultural chemical self-produced products account for 40.89%, silicon-based material basic products account for 15.27%, silicon-based terminal and special silane products account for 13.96%, new chemical materials account for 10.37%, others account for 8.67%, and agricultural chemical trading products account for 7.95% [1]

Core Insights - The silicon-based materials industry is currently at the bottom of the cycle and undergoing consolidation [1] - The supply side has significantly slowed down, but the industry has not experienced deep losses [1] - There is difficulty in self-clearing within the industry, with expectations for future "anti-involution" policies to break the deadlock [1] - Companies extending their reach into downstream high-demand sectors are recommended for attention [1]

Core Viewpoint - The article discusses the recent share transfer of 5.08% of Hoshine Silicon Industry's shares from its controlling shareholder, Ningbo Hoshine Group, to Xiao Xiugan, highlighting the financial pressures faced by the group and the company's declining performance in the silicon industry [1][5][16]. Group 1: Share Transfer Details - Hoshine Group plans to transfer 5.08% of Hoshine Silicon's shares to Xiao Xiugan for a total price of 2.634 billion yuan, at a price of 43.90 yuan per share, which is nearly 10% lower than the closing price of 48.71 yuan on July 16 [1]. - After the transfer, Hoshine Group's shareholding will decrease from 46.24% to 41.16%, while Xiao Xiugan will become the fourth largest shareholder with 5.08% [2]. - Prior to the transaction, Hoshine Group and its concerted actions held a total of 78.59% of Hoshine Silicon's shares, which will drop to 73.51% post-transaction [2]. Group 2: Financial Pressures and Performance - Hoshine Group has indicated a need for funds, citing both personal financial requirements and the developmental needs of the listed company [5][6]. - The group has previously pledged shares to raise funds for debt repayment, with a total of 4.51 billion shares pledged, accounting for 48.52% of their holdings and 38.13% of Hoshine Silicon's total shares [8]. - Hoshine Silicon's performance has been declining, with an expected net loss of 300 million to 400 million yuan for the first half of 2025, a significant drop from previous profits due to weak downstream demand for industrial silicon [16]. Group 3: Company Background and Market Position - Hoshine Silicon, established in 2005 and listed in 2017, is a leading player in the silicon industry, being the only high-tech enterprise with capabilities across the entire silicon-based industrial chain [3][4]. - The company reached a peak stock price of 259.80 yuan per share in September 2021, with a market capitalization of 279 billion yuan, making the founding family extremely wealthy [4]. - Recent market conditions have led to a significant decline in silicon prices, impacting the company's profitability, which has seen a continuous drop in net profit over the past three years [16].

Core Viewpoint - The report by Shenwan Hongyuan highlights the significant cost advantages of the industrial silicon industry in Xinjiang, driven by abundant coal resources and low electricity costs, suggesting a focus on leading companies like Hoshine Silicon Industry [1][2] Group 1: Industrial Silicon - Xinjiang's coal-electric-silicon integrated industry layout enhances the cost advantages for industrial silicon production, with companies like Hoshine Silicon Industry leading the market [2] - Hoshine Silicon Industry is one of the largest and most complete companies in the silicon-based new materials sector, producing industrial silicon, organic silicon, and polysilicon, thus creating synergistic effects [2] - The company has a designed production capacity of 1.22 million tons per year for industrial silicon, with a projected production volume of 1.8714 million tons in 2024, reflecting a year-on-year increase of 38.11% [2] Group 2: Cost Advantages - The company maintains a cost advantage in industrial silicon production due to its self-sufficient power plants and integrated energy layout, which helps reduce production costs [3][5] - The average daily output of some electric arc furnaces has exceeded 70 tons, with the electricity consumption per ton of industrial silicon smelting dropping below 10,000 kWh [5] Group 3: Organic Silicon - The company has an annual production capacity of 1.73 million tons for organic silicon, leading the market with significant growth in its three main products: silicone rubber, silicone oil, and siloxane, with respective year-on-year growth rates of 16.31%, 56.66%, and 5.35% in 2024 [6] - Despite a slight decline in organic silicon product prices, the company benefits from its cost advantages in self-produced industrial silicon, ensuring that the net realizable value of its main organic silicon products remains above production costs [8] Group 4: Carbon Silicon - The company has successfully developed 12-inch conductive silicon carbide (SiC) crystals and is advancing processing technologies, positioning itself to capitalize on the growing demand in the power semiconductor industry [9] - The company plans to issue bonds to support its operations and maintain a strong financial structure, ensuring sufficient liquidity for future growth in industrial silicon, organic silicon, and silicon carbide businesses [10]

Core Viewpoint - The company reported 2024 performance in line with market expectations, while 1Q25 results were slightly below expectations due to industry downturn and price drops in industrial silicon and organic silicon [1] Group 1: 2024 Performance - The company achieved revenue of 26.69 billion yuan in 2024, a year-on-year increase of 0.4% [1] - The net profit attributable to shareholders was 1.74 billion yuan, a year-on-year decrease of 33.6%, with earnings per share of 1.47 yuan, meeting market expectations [1] - In 4Q24, revenue was 6.32 billion yuan, with a net profit of 286 million yuan [1] Group 2: 1Q25 Performance - For 1Q25, the company reported revenue of 5.23 billion yuan, a year-on-year decline of 3.5% [1] - The net profit attributable to shareholders was 260 million yuan, a year-on-year decrease of 50.8%, with earnings per share of 0.22 yuan, slightly below market expectations [1] Group 3: Industry Trends - The industrial silicon industry is expected to see supply growth slow down in 2025, with total production capacity increasing by 11% to 6.65 million tons in 2024 [2] - The average price of industrial silicon in 2024 was 13,000 yuan per ton, down 15.4% year-on-year, and the average price in 2025 to date is 11,000 yuan per ton, down 15.3% year-on-year [2] - The organic silicon industry is projected to see a recovery in supply-demand balance in 2025-26, with demand growth expected to be in the range of 5-10% [3] Group 4: Profit Forecast and Valuation - The company has lowered its 2025 profit forecast by 31% to 1.94 billion yuan and introduced a 2026 forecast of 3.50 billion yuan [4] - The target price has been reduced by 10% to 65 yuan, corresponding to 40/22 times the price-to-earnings ratio for 2025/26, indicating a 22% upside potential from the current stock price [4]

Group 1: High Purity Quartz Sand Market - The domestic high purity quartz sand market price remained stable this week, unchanged from last week, with average prices of 65,000 CNY/ton for inner layer, 35,000 CNY/ton for middle layer, and 25,000 CNY/ton for outer layer quartz sand, while imported quartz sand averaged 105,000 CNY/ton [1] - Supply side: The market is relatively stable with domestic enterprises gradually resuming operations, leading to a slight increase in production capacity utilization and supply. Overseas operations are normal with no significant fluctuations [1] - Demand side: Downstream demand remains weak, with quartz crucible enterprises purchasing less and maintaining a wait-and-see attitude, resulting in general market transactions primarily driven by essential small-batch purchases [1] Group 2: Quartz Crucible Market - The domestic quartz crucible prices showed no fluctuations this week, remaining the same as last week, with average prices of 6,250 CNY for 28-inch, 7,500 CNY for 32-inch, and 8,750 CNY for 36-inch crucibles [1] - Supply side: There has been an increase in the operating rate of quartz crucible enterprises, with small factories resuming operations after maintenance, leading to a slight increase in overall market supply [1] - Demand side: Downstream demand is average, with weak production increase intentions in the silicon wafer and crystal pulling segments, resulting in minimal purchases as enterprises focus on consuming existing inventory [1] Group 3: Photovoltaic Glass Market - The main prices of domestic photovoltaic glass remained stable this week, unchanged from last week, with average prices of 12.50 CNY/square meter for 2.0mm glass and 20.50 CNY/square meter for 3.2mm glass [2] - Supply side: Domestic photovoltaic glass enterprises are optimistic about future market conditions, leading to a slight increase in production as terminal component production expectations rise [2] - Demand side: Terminal component procurement demand is steadily increasing, with market demand exceeding supply in the short term, resulting in a focus on inventory reduction for photovoltaic glass [2] Group 4: Market Outlook - High purity quartz sand market is expected to continue weak and stable operations with limited price drop potential as prices approach production costs for some enterprises [2] - The quartz crucible market may see downward price adjustments if imported sand prices decrease, as current market sentiment is bearish due to weak production schedules in the silicon wafer sector [2] - The photovoltaic glass market shows signs of improvement with significant increases in terminal component production, leading to a supply-demand imbalance and potential price increases if demand continues to rise [3]