Report Industry Investment Rating - Industrial silicon: Oscillating / Polysilicon: Oscillating [4] Core Viewpoints of the Report - For industrial silicon, the current production cut scale is insufficient to reverse the inventory accumulation pattern, and it is expected to continue accumulating inventory in Q1 26 during the dry - season. It is advisable to focus on short - selling opportunities after rebounds. For polysilicon, although there may be a situation of "high prices but low trading volume" from January to February, the peak - season expectation cannot be falsified, so it is more advisable to focus on long - buying opportunities at low prices [3][17][18] Summary According to Relevant Catalogs 1. Industrial Silicon/Polysilicon Industry Chain Prices - The Si2605 contract of industrial silicon increased by 190 yuan/ton week - on - week to 8880 yuan/ton. The SMM spot East China oxygen - blown 553 increased by 50 yuan/ton to 9250 yuan/ton, while Xinjiang 99 decreased by 50 yuan/ton to 8700 yuan/ton. The PS2605 contract of polysilicon decreased by 1290 yuan/ton to 58955 yuan/ton. The average transaction price of polysilicon N - type re - feedstock increased by 700 yuan/ton week - on - week to 53900 yuan/ton [10] 2. Intensified Production Cuts in Organic Silicon, Rising Prices of Silicon Wafers and Batteries Industrial Silicon - The main contract of industrial silicon futures fluctuated upward this week. Some large factories in Xinjiang increased production by 2 furnaces and some had 2 furnaces under maintenance, with the total unchanged. Inner Mongolia had 4 furnaces under maintenance, and Gansu increased production by 4 furnaces after previous maintenance. SMM industrial silicon social inventory increased by 0.2 million tons week - on - week, and sample factory inventory increased by 0.31 million tons. The industrial silicon market is in tight balance in December, but may accumulate inventory in Q1 next year if production cuts are not sustained. After the price increase, some large factories started hedging sales, and downstream purchasing enthusiasm was low. Attention should be paid to whether the polysilicon sector will cut production [12] Organic Silicon - The price of organic silicon remained stable this week. Some companies reduced production loads. The overall enterprise start - up rate was 68.33%, with a weekly output of 45200 tons, a week - on - week decrease of 3.42%. The inventory was 44000 tons, a week - on - week decrease of 2%. With the supply contraction and inventory decline, the price may rise steadily after the pre - festival restocking demand is released [12][13] Polysilicon - The main contract of polysilicon futures fluctuated downward this week. After the establishment of the platform company, the spot price of polysilicon rose again. As of December 25, the factory inventory of polysilicon enterprises was 303,000 tons, a week - on - week increase of 10,000 tons. The production schedule in January is not clear, but the shipment volume will be significantly reduced to 60,000 - 80,000 tons. There may be a situation of "high prices but low trading volume" from January to February, but the polysilicon spot is still considered bullish [14] Silicon Wafers - The price of silicon wafers strengthened significantly this week. The expected production volume in December is 45GW and may decline further in January. As of December 25, the inventory of silicon wafer factories was 21.7GW, a week - on - week increase of 0.19GW. Four leading enterprises raised their quotes on the 25th. Attention should be paid to whether batteries and components can pass on the price [15] Battery Cells - The price of battery cells rose rapidly this week due to the rising silver paste price. As of December 22, the inventory of Chinese photovoltaic battery export factories was 10.06GW, a week - on - week increase of 0.62GW. Leading battery cell manufacturers raised their prices again, but the price increase of components was less than expected. If the price cannot be passed on, the start - up rate in January is expected to decline [15] Components - The price of components remained basically stable this week. Affected by the rising battery cell price, component enterprises raised their quotes. The domestic end - of - year installation demand ended, and overseas orders had no significant increase. Professional component factories will start reducing production in January, and the domestic production volume in January may fall below 30GW. As of December 15, the finished - product inventory of Chinese photovoltaic components was 31.7GW, a week - on - week increase of 0.5GW [16] 3. Investment Recommendations - For industrial silicon, although the market rumors and positive sentiment in the commodity market drove the price up, from the fundamental perspective, it is recommended to focus on short - selling opportunities after rebounds. For polysilicon, it is recommended to focus on long - buying opportunities at low prices, but investors should hold positions carefully due to large price fluctuations and risk - control measures from the exchange [3][17][18] 4. Hot News Compilation - The Guangzhou Futures Exchange adjusted the minimum opening order quantity, trading fee standard, and trading limit of polysilicon futures contracts. The Zhihui Photovoltaic adjusted the price limit range and trading margin standard of industrial silicon and polysilicon futures contracts during the New Year holiday in 2026 [19][20] 5. High - Frequency Data Tracking of the Industry Chain - This part mainly includes various data charts of industrial silicon, organic silicon, polysilicon, silicon wafers, battery cells, and components, such as the price, output, inventory, and profit data of each link, with specific data sources provided [21][30][34]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report. 2. Core Viewpoints - The upstream prices are showing a differentiated trend, with nickel prices rising, egg prices falling, and oil and liquefied natural gas prices dropping. The mid - stream has a low - season for chemical product production, increased coal consumption in power plants, and low asphalt construction rates. The downstream real - estate market is warming up, while domestic flight frequencies are decreasing [1][2][3]. 3. Summary by Related Catalogs Upstream - **Non - ferrous Metals**: Nickel prices have rebounded significantly, with the price on December 25th at 127,383.3 yuan/ton, a year - on - year increase of 5.79% [2][37]. - **Agriculture**: Egg prices declined on the previous day, with the spot price on December 25th at 6.3 yuan/kg, a year - on - year decrease of 5.02% [2][37]. - **Energy**: Crude oil prices have corrected, and liquefied natural gas prices have continued to decline. The spot price of WTI crude oil on December 25th was 58.4 dollars/barrel, a year - on - year increase of 4.55%, and the spot price of liquefied natural gas was 3,356 yuan/ton, a year - on - year increase of 7.34% [2][37]. Mid - stream - **Chemical Industry**: It is the off - season for chemical product production [3]. - **Energy**: Coal consumption in power plants has increased [3]. - **Infrastructure**: Asphalt construction rates are at a low level [3]. Downstream - **Real Estate**: The sales of commercial housing in first, second, and third - tier cities have continued to pick up [3]. - **Services**: The number of domestic flights has decreased [3]. Industry Events - **Production Industry**: On the afternoon of December 25th, four leading silicon wafer companies jointly raised their prices significantly, with an average increase of 12%. The average price increase of various silicon wafer models this week is between 3.3% - 9.8%, mainly due to the large increase in upstream silicon material prices. The National Tobacco Monopoly Administration is soliciting opinions on promoting the supply - demand balance of the e - cigarette market [1]. - **Service Industry**: The People's Bank of China and seven other departments have issued a document to support the construction of the New Western Land - Sea Corridor, including exploring digital financial international cooperation and promoting cross - border payments using central bank digital currencies [1].

| 代码 | 名称 | ● | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 002129 | TCL中环 | t | 4.56 | 361亿 | 0.79 | | 603398 | *ST沐邦 | 演 | 3.46 | 36.34亿 | -63.58 | | 600438 | 通威股份 | 1 | 2.76 | 989亿 | -0.63 | | 688303 | 大全能源 | 1 | 2.74 | 612亿 | 18.23 | | 300345 | 英国股份 | 资 | 2.69 | 37.71亿 | 15.25 | | 603185 | 弘元绿能 | | 2.04 | 218亿 | 96.55 | | 600481 | 双良节能 | 1 | 1.73 | 110亿 | 6.91 | 股票频道更多独家策划、专家专栏，免费查阅>> 此外，据中国有色金属工业协会硅业分会消息，本周硅片价格涨幅明显。其中，N型G10L单晶硅片 (182*183.75mm/130μm)成交均价在1.2元/片，环比上周上涨2.56%；N型G12R单晶硅 ...

12月26日消息，三大指数涨跌不一，白酒板块跌幅居前。截至今日开盘，沪指报3957.83，跌0.05%；深成指报13539.05 点，涨0.06%；创指报3232.41点，跌0.21%。 消息面： 1、商务部新闻发言人何咏前12月25日在商务部例行新闻发布会上回答有关稀土磁体出口的有关提问时说，中方积极促 进、便利合规贸易。 12、10连板胜通能源公告，部分募投项目重新论证并再次延期，预计可使用状态日期延至2027年底。 2、商务部新闻发言人何咏前25日在回答关于美宣布对部分中国半导体产品加征301关税的有关提问时说，中方注意到有关 情况，已通过中美经贸磋商机制向美方提出严正交涉。 3、商务部新闻发言人何咏前12月25日在回答关于TikTok将在美成立合资公司的有关提问时说，中国政府希望企业达成符 合中国法律法规、利益平衡的解决方案。 4、国家烟草专卖局公开征求《国家烟草专卖局关于落实电子烟产业政策进一步推动供需动态平衡的通知（征求意见 稿）》意见，其中提出，推动电子烟市场供需平衡，切实防范化解市场无序竞争风险；允许合法合规经营的电子烟相关生产企 业通过生产点合并等方式进行产能整合重组。 5、《广州市扶持游戏 ...

Group 1 - The Ministry of Commerce of China has expressed strong opposition to the U.S. decision to impose 301 tariffs on certain Chinese semiconductor products, emphasizing that it does not recognize the conclusions of the U.S. 301 investigation [2] - The Ministry of Commerce reiterated its commitment to maintaining the stability of global supply chains and facilitating compliant trade regarding rare earth magnet exports to the U.S. [2] - The Shanghai Stock Exchange has announced the scheduled disclosure dates for 2025 annual reports, with Chipway Technology set to disclose on February 3, 2026, followed by *ST Huawang and Shangwei Co. on February 13 and 14, 2026, respectively [2] Group 2 - The State Administration for Market Regulation has identified issues in the "Antarctic Krill Oil" incident, highlighting non-compliance in the production and processing behaviors of companies, and plans to implement new regulations to enhance supervision of food production [3] - The National Development and Reform Commission will hold a press conference to discuss the work related to the National Venture Capital Guidance Fund on December 26 [4] Group 3 - The National Press and Publication Administration has approved 144 domestic online games for December 2025 [5] - The Shanghai Municipal Government has issued a plan to strengthen the open-source system, aiming to build a competitive open-source innovation hub by 2027, with goals including the establishment of 1-2 internationally influential open-source communities and the cultivation of 100 commercial open-source enterprises [5] Group 4 - The Guangzhou Municipal Government has introduced 18 measures to support the development of the gaming and e-sports industry, including funding for significant breakthroughs in gaming technology [6] - A team from the National University of Defense Technology has set a new global record for superconducting magnetic levitation speed, accelerating a test vehicle to 700 km/h in just two seconds [6] - Major silicon wafer manufacturers have significantly raised their prices, with average increases reaching 12%, attributed to rising upstream silicon material costs [6] Group 5 - Shanghai Port Bay's commercial space business and perovskite solar business are projected to account for less than 1% of the company's revenue in 2024 [8] - Huadian Technology has signed a contract worth 265 million yuan for six major pipelines for a supercritical power plant [9] - Yichang Technology will resume trading on December 26 after the Chuzhou State-owned Assets Supervision and Administration Commission becomes the actual controller [10] - Unisoc's subsidiary plans to establish a new company with a subsidiary of CATL to engage in automotive domain control chip business [11] - Banachian intends to acquire 100% of Zhonglian Century's shares and will resume trading on December 26 [12] - Zhongding Co. plans to set up a joint venture to manufacture humanoid robots [13] - Guangju Energy will collaborate with China General Nuclear Power Group in areas such as electricity sales and virtual power plants [14] - Zhongwei Co. has signed a strategic cooperation framework agreement with Xinwangda for solid-state battery development [15]

盘前要闻 1、头部硅片企业大幅上调报价？硅片厂商：确有上调，受上游涨价影响 类型：行业 情绪影响：正面 据市场消息，12月25日头部硅片企业联合大幅上调报价，平均涨幅达到12%。隆基绿能相关负责人表 示，当日确有上调报价，与网传幅度一致。原因方面，硅业分会称本周硅片企业挺价推涨意愿较为强 烈，导致硅片价格大幅上涨，由于近期硅片厂商持积极乐观心态，12月硅片市场有望进一步走强。 2、现货白银突破73美元/盎司再创新高，国投白银LOF连发风险提示 类型：行业 情绪影响：正面 周五早间，现货白银再度上涨，突破73美元/盎司，创历史新高。另外，国投白银LOF发布公告称，将 于26日开盘起至10:30停牌后复牌，并警示二级市场交易价格存在明显溢价风险。专业人士分析，限购 不是为了制造稀缺，而是这只白银LOF已经达到可承载规模的物理极限。 3、商务部：做好岁末年初消费促进和市场保供工作，深入实施消费专项行动 类型：行业 情绪影响：正面 商务部举行例行新闻发布会，何咏前表示，商务部将推动"政策+活动"双轮驱动，创新打造多元化消费 场景，扩大优质商品和服务供给，更好满足城乡居民节日消费需求。鼓励重点商超，购物中心等适当延 长 ...

Group 1 - The Ministry of Commerce of China has expressed strong opposition to the U.S. decision to impose 301 tariffs on certain Chinese semiconductor products, stating that it does not recognize the conclusions of the U.S. investigation and has lodged formal protests through the China-U.S. economic and trade consultation mechanism [1] - The Ministry of Commerce also emphasized its commitment to maintaining global supply chain security and facilitating compliant trade regarding rare earth magnet exports, despite existing restrictions [1] - The Shanghai Stock Exchange has announced the scheduled disclosure dates for 2025 annual reports, with Chipway Technology set to disclose on February 3, 2026, followed by *ST Huawang on February 13, 2026, and Shangwei Co. on February 14, 2026 [1] Group 2 - The State Administration for Market Regulation has identified issues related to the "Antarctic Krill Oil" incident, highlighting non-compliance in the contract manufacturing practices of some companies, and plans to implement new regulations to enhance supervision of food safety responsibilities [2] - The National Development and Reform Commission is set to hold a press conference on December 26 to discuss the work related to the National Venture Capital Guidance Fund [3] Group 3 - The National Press and Publication Administration has approved 144 domestic online games for December 2025 [4] - The Shanghai Municipal Government has issued a plan to strengthen the open-source system, aiming to establish a competitive open-source innovation hub by 2027, with goals including the cultivation of 100 commercial open-source enterprises and the incubation of over 200 quality open-source projects [4] Group 4 - The Guangzhou Municipal Government has released 18 measures to support the development of the gaming and esports industry, including incentives for technological innovation and support for projects achieving significant breakthroughs in gaming technology [5] - A team from the National University of Defense Technology has set a new global record for superconducting magnetic levitation speed, accelerating a test vehicle weighing tons to 700 km/h in just two seconds [5] - Major silicon wafer manufacturers have significantly raised their prices, with average increases reaching 12%, attributed to substantial price hikes in upstream silicon materials [5] Group 5 - Shanghai Port Bay (605598) reported that its commercial space business and perovskite solar business will account for less than 1% of its revenue in 2024 [6] - Huadian Technology (601226) has signed a contract worth 265 million yuan for six major pipelines for a supercritical power plant [6] - Yichang Technology (002420) will resume trading on December 26 after the Chuzhou State-owned Assets Supervision and Administration Commission becomes its actual controller [6] Group 6 - Unisoc (002049) plans to establish a new company with a subsidiary of CATL to engage in automotive domain control chip business [7] - Baina Chancheng (300291) intends to acquire 100% of Zhonglian Century's shares and will resume trading on December 26 [7] - Zhongding Co. (000887) plans to set up a joint venture to manufacture humanoid robots [7] - Guangju Energy (000096) is set to collaborate with China General Nuclear Power Group in areas such as electricity sales and virtual power plants [7] - Zhongwei Co. (300919) has signed a strategic cooperation framework agreement with Xinwangda (300207) for solid-state battery development [7]

要闻速递 1、全国人大外事委员会发言人就美国"2026财年国防授权法案"涉华消极条款发表谈话 针对美方将"2026财年国防授权法案"签署成法，全国人大外事委员会发言人许东发表谈话：近日，美国国会通过的"2026财 年国防授权法案"签署成法，其中包含涉华消极内容。该法案延续一贯遏华基调，渲染"中国威胁"，粗暴干涉中国内政，损 害中方核心利益，我们对此表示强烈不满和坚决反对。我们希望美方客观理性看待中国发展和中美关系，与中方相向而 行，共同落实好中美元首釜山会晤达成的重要共识。我们强烈敦促美方摒弃零和思维与意识形态偏见，不得实施上述法案 中的涉华消极条款。如美方一意孤行，中方将依法采取有力措施，坚决捍卫国家主权安全发展利益。 2、商务部回应是否会放松对美稀土磁体出口的限制：积极促进、便利合规贸易 商务部新闻发言人何咏前12月25日在商务部例行新闻发布会上回答有关稀土磁体出口的有关提问时说，中方积极促进、便 利合规贸易。发布会上，有记者问：在中美已达成贸易协定的前提下，请问商务部是否会放松对美稀土磁体出口的限制？ 何咏前作出上述回应。"正如我此前一再强调的，中方始终致力于维护全球产供链安全稳定，积极促进、便利合规贸 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 •商务部回应TikTok将在美成立合资公司：希望企业达成符合中国法律法规、利益平衡的解决方案 •头部硅片企业大幅上调报价 硅片厂商人士：受上游硅料涨价影响所致 •离岸人民币冲破7.0关键水平 预计人民币汇率将围绕7.0关口双向波动、稳中偏强运行 •在商务部25日举行的例行新闻发布会上，有记者问：据报道，TikTok已与三家投资者签署协议，并将成立新的TikTok美国合资公司，确保其继续在美运 营。请问发言人对此有何评论？商务部新闻发言人何咏前表示，中国政府希望企业达成符合中国法律法规、利益平衡的解决方案。（新华社） •国家烟草专卖局公开征求《国家烟草专卖局关于落实电子烟产业政策 进一步推动供需动态平衡的通知（征求意见稿）》意见。其中提出，严格实施生产规 模总量调控，坚持分类施策，从严从紧开展生产规模调整审核。（新华财经） •《广州市扶持游戏电竞产业发展的十八条措施》发布，这是广州市首个扶持游戏电竞产业发展的专项政策。其中提到，设立广州市游戏电竞产业专项扶持 经费。实行项目公开征集、专家评审、结果公示、绩效评价、跟踪监督等。单个企业每年获得本政策所涉及的财政扶持 ...

Group 1 - The Ministry of Commerce of China has expressed strong opposition to the U.S. decision to impose 301 tariffs on certain Chinese semiconductor products, stating that it does not recognize the conclusions of the U.S. 301 investigation and has lodged formal representations through the China-U.S. economic and trade consultation mechanism [2] - The Ministry of Commerce emphasized its commitment to maintaining the security and stability of global supply chains and facilitating compliant trade, particularly regarding rare earth magnet exports to the U.S. [2] - The Shanghai Stock Exchange has announced the scheduled disclosure dates for 2025 annual reports, with Chipway Technology set to disclose on February 3, 2026, followed by *ST Huawang and Shangwei Co. on February 13 and 14, 2026, respectively [2] Group 2 - The State Administration for Market Regulation has identified issues related to the "Antarctic Krill Oil" incident, highlighting non-compliance in the production and processing behaviors of some enterprises, and plans to implement new regulations to enhance supervision over food entrusted production [3] - The National Development and Reform Commission will hold a press conference on December 26 to discuss the work related to the National Venture Capital Guidance Fund [4] - The National Press and Publication Administration has approved 144 domestic online games for December 2025 [5] Group 3 - The Shanghai Municipal Government has issued an implementation plan to strengthen the open-source system, aiming to build a competitive open-source innovation hub by 2027, with goals including the establishment of 1-2 internationally influential open-source communities and the cultivation of 100 commercial open-source enterprises [5] - The Guangzhou Municipal Government has introduced 18 measures to support the development of the gaming and e-sports industry, encouraging technological innovation and collaboration with national-level projects [6] - A team from the National University of Defense Technology has set a new global record in magnetic levitation experiments, accelerating a test vehicle weighing tons to 700 km/h in just two seconds [6] Group 4 - Major silicon wafer companies have significantly raised their prices, with 183N silicon wafers priced at 1.4 yuan per piece, 210RN at 1.5 yuan, and 210N at 1.7 yuan, reflecting an average increase of 12%, attributed to rising upstream silicon material costs [6] Group 5 - Shanghai Port Bay reported that its commercial aerospace and perovskite solar business will account for less than 1% of the company's revenue in 2024 [8] - Huadian Technology has signed a contract worth 265 million yuan for six major pipelines for a supercritical power plant [8] - Yichang Technology will see the Chuzhou State-owned Assets Supervision and Administration Commission become its actual controller, with shares resuming trading on the 26th [8] Group 6 - Unisoc Microelectronics plans to establish a new company with a subsidiary of CATL to engage in automotive domain control chip business [9] - Baina Qiancheng intends to acquire 100% of Zhonglian Century's shares, with trading resuming on the 26th [9] - Zhongding Holdings plans to set up a joint venture to manufacture humanoid robots [9] Group 7 - Guangju Energy intends to collaborate with China General Nuclear Power Corporation in areas such as electricity sales and virtual power plants [10] - Zhongwei Co. has signed a strategic cooperation framework agreement with Xinwanda for solid-state batteries [10]