2026 年 02 月 27 日 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Si2605收盘价（元/吨） | 8,335 | -95 | -35 | -510 | | | | | Si2605成交量（手） | 177,274 | 22,967 | 16,804 | -213,840 | | | | | Si2605持仓量（手） | 325,323 | 11,364 | 17,559 | 90,156 | | | | 工业硅、多晶硅期货市场 | PS2605收盘价（元/吨） | 46,315 | -1,315 | -2,865 | - | | | | | PS2605成交量（手） | 8,466 | 3,330 | 3,673 | - | | | | | PS2605持仓量（手） | 39,925 | 1,633 | 1,612 | - ...

1. Report's Investment Rating for the Industry - No information provided regarding the report's investment rating for the industry. 2. Core Views of the Report - The downside space for industrial silicon is not deep [1]. - The sentiment at the polysilicon industry conference is positive, which may boost the market [1]. 3. Summary Based on Relevant Catalogs 3.1 Fundamental Tracking - **Industrial Silicon and Polysilicon Futures Market**: Si2605's closing price is 8,850 yuan/ton, with a trading volume of 208,226 lots and an open interest of 241,016 lots; PS2605's closing price is 51,195 yuan/ton, with a trading volume of 13,013 lots and an open interest of 39,092 lots [1]. - **Basis**: Industrial silicon's spot premium (against East China Si5530) is +500 yuan/ton; polysilicon's spot premium (against N - type re - feed) is +2555 yuan/ton [1]. - **Prices**: The price of Xinjiang 99 - silicon is 8700 yuan/ton, Yunnan Si4210 is 10000 yuan/ton, and polysilicon - N - type re - feed is 53500 yuan/ton [1]. - **Profits**: The profit of silicon plants in Xinjiang (new standard 553) is - 2281.5 yuan/ton, and in Yunnan (new standard 553) is - 5474 yuan/ton; the profit of polysilicon enterprises is 9.0 yuan/kg [1]. - **Inventory**: Industrial silicon's social inventory (including warehouse receipt inventory) is 55.4 million tons, enterprise inventory is 20.9 million tons, and industry inventory is 76.3 million tons; polysilicon's manufacturer inventory is 33.3 million tons [1]. - **Raw Material Costs**: The price of Xinjiang silicon ore is 320 yuan/ton, Yunnan silicon ore is 230 yuan/ton; Xinjiang washed coking coal is 1475 yuan/ton, Ningxia washed coking coal is 1200 yuan/ton; Maoming petroleum coke is 1400 yuan/ton, Yangzi petroleum coke is 2340 yuan/ton; graphite electrode is 12450 yuan/ton, carbon electrode is 7200 yuan/ton [1]. - **Polysilicon (Photovoltaic)**: The price of silicon wafers (N - type - 210mm) is 1.53 yuan/piece, battery cells (TOPCon - 210mm) is 0.435 yuan/watt, components (N - type - 210mm, centralized) is 0.738 yuan/watt, photovoltaic glass (3.2mm) is 17.5 yuan/cubic meter, and photovoltaic - grade EVA price is 9000 yuan/ton [1]. - **Organic Silicon**: The price of DMC is 13900 yuan/ton, and the profit of DMC enterprises is 1906 yuan/ton [1]. - **Aluminum Alloy**: The price of ADC12 is 23800 yuan/ton, and the profit of recycled aluminum enterprises is 40 yuan/ton [1]. 3.2 Macro and Industry News - Yunnan Province issued the "Implementation Rules of the <Eco - protection Compensation Regulations> of Yunnan Province", aiming to establish a power - generating enterprise feedback mechanism, extracting ecological protection compensation funds from hydropower and photovoltaic enterprises based on power generation, operating income, or carbon sink losses for ecological restoration and efficient water resource utilization [1][3]. 3.3 Trend Intensity - The trend intensity of industrial silicon is 0, and that of polysilicon is 2. The range of trend intensity is an integer within [- 2,2], where - 2 means the most bearish and 2 means the most bullish [3].

Core Viewpoint - Jianghan New Materials has released 122 million restricted shares for trading, with multiple executives committing to not sell their shares for one year, indicating confidence in the company's future development and aiming to alleviate short-term market pressure from the share unlock [1][4]. Group 1: Share Unlocking Details - The restricted shares, totaling approximately 122 million, represent 32.58% of the company's total share capital and involve nine shareholders [1]. - The shares are originally from the company's initial public offering, with a lock-up period of 36 months starting from January 31, 2023, and the trading date for the unlocked shares is set for February 2, 2026 [4]. Group 2: Management Commitment - Eight directors, senior management, and key personnel have collectively pledged not to transfer or reduce their holdings from February 2, 2026, to February 1, 2027, which is intended to convey management's confidence in the company's future [4]. Group 3: Company Background and Expansion - Jianghan New Materials specializes in the research, production, sales, and import-export trade of functional organosilicon and other silicon-based new materials, recognized as a national champion in manufacturing and a "little giant" enterprise [4]. - The company is accelerating capacity expansion with a new 60,000 tons/year trichlorosilane project planned in its newly established green circular industry park, aiming to increase total trichlorosilane capacity to 120,000 tons/year [4][5]. - The second facility addresses the mismatch between current and future silane production capacity, utilizing HCL, a byproduct of silane production, as a raw material for trichlorosilane, achieving a full cycle of chlorine element utilization [5]. - Jianghan New Materials is deepening its global layout with over ten overseas warehouses in Southeast Asia, Europe, and the United States, and plans to initiate overseas manufacturing to address challenges in local service and expansion [5].

Core Viewpoint - Jianghan New Materials has released 122 million restricted shares for circulation, with several executives committing not to reduce their holdings within a year, indicating confidence in the company's future development and aiming to alleviate short-term market pressure from the share unlock [1][3]. Group 1: Share Unlocking Details - Jianghan New Materials announced that 122 million shares, accounting for 32.58% of the total share capital, will be released for circulation starting February 2, 2026, due to the end of a 36-month lock-up period [1][3]. - The company’s eight directors and senior management have pledged not to transfer or reduce their holdings from February 2, 2026, to February 1, 2027, which is intended to convey management's confidence in the company's future [3]. Group 2: Company Background and Operations - Jianghan New Materials specializes in the research, production, sales, and import-export trade of functional organosilicon and other silicon-based new materials, recognized as a national manufacturing champion and a "little giant" enterprise [3]. - The company is accelerating capacity expansion with a new 60,000 tons/year trichlorosilane project planned in its green circular industry park, which will increase its total trichlorosilane capacity to 120,000 tons/year [3][4]. Group 3: Production and Global Expansion - The new facility addresses the mismatch between trichlorosilane production capacity and the current and future growth of silane production, utilizing HCL, a byproduct of silane production, as a raw material for trichlorosilane [4]. - Jianghan New Materials is deepening its global layout with over ten overseas warehouses established in Southeast Asia, Europe, and the United States, and plans to initiate overseas manufacturing to solve local service challenges [4].

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Upstream production cuts in the industrial silicon sector have been implemented, providing support for prices. Attention should be paid to the actual spot transactions in the polysilicon market [1]. - In 2025, national energy investment maintained rapid growth, with the completed investment in key projects exceeding 3.5 trillion yuan for the first time, a year-on-year increase of nearly 11%. The growth rate was 12.9 and 10.1 percentage points higher than that of infrastructure and manufacturing respectively. Energy investment had three main characteristics: accelerated release of new investment in the energy green - transformation, significant growth in new on - shore wind power installations and investment, and a doubling of investment in new energy storage and hydrogen energy industries [3]. Summary by Directory 1. Fundamental Tracking 1.1 Industrial Silicon and Polysilicon Futures Market - Si2605: The closing price was 8,850 yuan/ton, a decrease of 75 yuan compared to T - 1, an increase of 30 yuan compared to T - 5, and an increase of 135 yuan compared to T - 22. The trading volume was 557,616 lots, with an increase of 257,384 lots compared to T - 1, an increase of 327,652 lots compared to T - 5, and an increase of 175,201 lots compared to T - 22. The open interest was 236,627 lots, a decrease of 26 lots compared to T - 1, an increase of 5,193 lots compared to T - 5, and an increase of 15,562 lots compared to T - 22 [1]. - PS2605: The closing price was 47,140 yuan/ton, a decrease of 2,195 yuan compared to T - 1 and a decrease of 3,580 yuan compared to T - 5. The trading volume was 19,537 lots, an increase of 3,911 lots compared to T - 1 and an increase of 6,094 lots compared to T - 5. The open interest was 42,513 lots, a decrease of 232 lots compared to T - 1 and an increase of 1,222 lots compared to T - 5 [1]. 1.2 Basis - Industrial silicon: The spot premium or discount varied depending on different benchmarks. For example, the spot premium against East China Si5530 was +400 yuan/ton, with changes compared to T - 1, T - 5, and T - 22 [1]. - Polysilicon: The spot premium against N - type re - investment material was +3165 yuan/ton, with changes compared to T - 1, T - 5, and T - 22 [1]. 1.3 Prices - Industrial silicon: The price of Xinjiang 99 silicon was 8700 yuan/ton, and the price of Yunnan Si4210 was 10000 yuan/ton, with no changes compared to T - 1, T - 5, and T - 22. The price of polysilicon - N - type re - investment material was 51300 yuan/ton, a decrease of 1200 yuan compared to T - 1, a decrease of 2700 yuan compared to T - 5, and a decrease of 1100 yuan compared to T - 22 [1]. - Polysilicon (photovoltaic): The prices of relevant products such as silicon wafers, battery cells, components, photovoltaic glass, and photovoltaic - grade EVA had different changes compared to T - 1, T - 5, and T - 22 [1]. - Organic silicon: The price of DMC was 13900 yuan/ton, with no changes compared to T - 1, T - 5, and an increase of 300 yuan compared to T - 22 [1]. - Aluminum alloy: The price of ADC12 was 24350 yuan/ton, a decrease of 200 yuan compared to T - 1, an increase of 350 yuan compared to T - 5, and an increase of 1950 yuan compared to T - 22 [1]. 1.4 Profits - Industrial silicon: The profit of silicon plants in Xinjiang (new standard 553) was - 2206.5 yuan/ton, with changes compared to T - 1, T - 5, and T - 22. The profit of silicon plants in Yunnan (new standard 553) was - 5414 yuan/ton, with changes compared to T - 1, T - 5, and T - 22 [1]. - Polysilicon: The profit of polysilicon enterprises was 8.1 yuan/kg, an increase of 0.4 yuan compared to T - 1, a decrease of 1.1 yuan compared to T - 5, and an increase of 0.4 yuan compared to T - 22 [1]. - Organic silicon: The profit of DMC enterprises was 1830 yuan/ton, with no changes compared to T - 1, a decrease of 46 yuan compared to T - 5, and an increase of 101 yuan compared to T - 22 [1]. - Aluminum alloy: The profit of recycled aluminum enterprises was - 310 yuan/ton, a decrease of 200 yuan compared to T - 1, a decrease of 420 yuan compared to T - 5, and a decrease of 290 yuan compared to T - 22 [1]. 1.5 Inventory - Industrial silicon: The social inventory (including warehouse receipt inventory) was 55.4 tons, a decrease of 0.2 tons compared to T - 5 and a decrease of 0.3 tons compared to T - 22. The enterprise inventory (sample enterprises) was 20.9 tons, a decrease of 0.41 tons compared to T - 5 and an increase of 1.3 tons compared to T - 22. The industry inventory (social inventory + enterprise inventory) was 76.3 tons, a decrease of 0.61 tons compared to T - 5 and an increase of 1.04 tons compared to T - 22. The futures warehouse receipt inventory was 7.0 tons, an increase of 0.1 tons compared to T - 1, an increase of 0.4 tons compared to T - 5, and an increase of 2.0 tons compared to T - 22 [1]. - Polysilicon: The manufacturer's inventory was 33.3 tons, an increase of 0.3 tons compared to T - 5 and an increase of 2.7 tons compared to T - 22 [1]. 1.6 Raw Material Costs - Silicon ore: The price in Xinjiang was 320 yuan/ton, with no changes compared to T - 1, T - 5, and T - 22. The price in Yunnan was 230 yuan/ton, a decrease of 5 yuan compared to T - 5 and a decrease of 20 yuan compared to T - 22 [1]. - Washed coking coal: The price in Xinjiang was 1475 yuan/ton, and the price in Ningxia was 1200 yuan/ton, with no changes compared to T - 1, T - 5, and T - 22 [1]. - Petroleum coke: The price of Maoming coke was 1400 yuan/ton, and the price of Yangtze coke was 2340 yuan/ton, with no changes compared to T - 1, T - 5, and T - 22 [1]. - Electrodes: The price of graphite electrodes was 12450 yuan/ton, and the price of carbon electrodes was 7200 yuan/ton, with no changes compared to T - 1, T - 5, and T - 22 [1]. 2. Macro and Industry News - On January 30, 2026, the National Energy Administration held a press conference. In 2025, national energy investment maintained rapid growth, with the completed investment in key projects exceeding 3.5 trillion yuan for the first time, a year - on - year increase of nearly 11%. Five provinces (autonomous regions) including Inner Mongolia, Xinjiang, Shandong, Guangdong, and Jiangsu completed investments of over 200 billion yuan. Energy investment had three main characteristics: accelerated release of new investment in the energy green - transformation, significant growth in new on - shore wind power installations and investment, and a doubling of investment in new energy storage and hydrogen energy industries [3]. 3. Trend Intensity - The trend intensity of industrial silicon was 1, and the trend intensity of polysilicon was 0. The trend intensity ranges from - 2 to 2, with - 2 indicating the most bearish and 2 indicating the most bullish [3].

Report Information - Report Date: January 30, 2026 [1] - Report Title: Industrial Silicon: Upstream Production Cuts, Focus on Inventory Changes; Polysilicon: Positive Conference Sentiment, Building Bottom Support for the Futures Market [1][2] - Analyst: Zhang Hang [2] - Investment Consulting Qualification Number: Z0018008 [2] - Email: zhanghang2@gtht.com [2] Investment Rating - No investment rating provided in the report Core Views - The upstream of the industrial silicon industry has cut production, and attention should be paid to inventory changes [1] - The positive sentiment from the photovoltaic industry entrepreneur symposium provides bottom support for the polysilicon futures market [2][4] Summary by Directory Fundamental Tracking - **Futures Market Data**: - Industrial silicon (Si2605): The closing price is 8,925 yuan/ton, with a volume of 300,232 lots and an open interest of 236,653 lots [2] - Polysilicon (PS2605): The closing price is 49,335 yuan/ton, with a volume of 15,626 lots and an open interest of 42,745 lots [2] - **Basis and Spread**: The industrial silicon and polysilicon futures contracts show different spreads and basis values, such as the industrial silicon near - month contract to the continuous - first spread being - 45 yuan/ton [2] - **Prices and Profits**: - Industrial silicon: The price of Xinjiang 99 silicon is 8700 yuan/ton, and the silicon factory profits in Xinjiang and Yunnan are - 2206.5 yuan/ton and - 5414 yuan/ton respectively [2] - Polysilicon: The price of N - type re - feedstock is 52500 yuan/ton, and the polysilicon enterprise profit is 8.1 yuan/kg [2] - Organic silicon (DMC): The price is 13900 yuan/ton, and the enterprise profit is 1830 yuan/ton [2] - Aluminum alloy (ADC12): The price is 24550 yuan/ton, and the regenerative aluminum enterprise profit is - 310 yuan/ton [2] - **Inventory**: - Industrial silicon: The social inventory is 55.4 million tons, the enterprise inventory is 20.9 million tons, and the industry inventory (social + enterprise) is 76.3 million tons [2] - Polysilicon: The manufacturer inventory is 33.3 million tons [2] - **Raw Material Costs**: The costs of silicon ore, washed coal, petroleum coke, electrodes and other raw materials in different regions are provided, with most remaining stable [2] Macro and Industry News - On January 28, the Ministry of Industry and Information Technology held a photovoltaic industry entrepreneur symposium, emphasizing "anti - involution" as the main contradiction in the photovoltaic industry's standard governance, and promoting the industry to return to a benign and rational development track [4] Trend Intensity - The trend intensity of industrial silicon is 0, and that of polysilicon is also 0, indicating a neutral view [4]

截至2026年1月23日收盘，中泰化学(002092)报收于6.41元，上涨3.05%，换手率4.89%，成交量125.93万 手，成交额7.99亿元。 董秘最新回复 投资者： 董秘你好！请问一下截止到2026.01.10的股东数是多少？谢谢！！！ 董秘： 根据中国证券登记结算有限公司出具的定期持有人名册，截至2026年1月9日，公司股东户数为 92,833。谢谢关注。 投资者： 网上传的取消PVC出口退税是真的吗？如果是真的会对贵公司的生产经营产生怎样的影响？ 投资者： 董秘你好，公司三氯氢硅一期5万吨目前是否已经投产外销？ 董秘： 目前该项目正在开展竣工验收工作，后续将根据市场情况等因素生产投运。谢谢关注。 投资者： 董秘您好！请问贵公司啥时候出业绩预告？ 董秘： 根据《深圳证券交易所股票上市规则》相关规定，2025年度业绩预告应当在会计年度结束之日 起一个月内进行披露。谢谢关注。 当日关注点 来自交易信息汇总：1月23日主力资金净流入601.35万元，呈现资金主动介入迹象。 交易信息汇总 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投 ...

Group 1 - Jianghan New Materials announced that eight executives, including the chairman and general manager, have voluntarily committed not to reduce their shareholdings for 12 months after the lock-up period ends on January 30, 2026, collectively holding 30.70% of the company's total shares [1] - The company plans to repurchase shares with a total investment of 200 million to 400 million RMB, with a maximum repurchase price of 30 RMB per share, and has already repurchased 8.0346 million shares, accounting for 2.15% of the total share capital by the end of December 2025 [1] - The repurchase is aimed at maintaining investor interests and achieving value sharing among the company, shareholders, and employees [1] Group 2 - Jianghan New Materials specializes in the research, production, and sales of functional organic silanes and other silicon-based new materials, recognized as a national manufacturing champion and a leading enterprise in the fluorosilicon industry [2] - The company is accelerating capacity expansion with a new 60,000 tons/year trichlorosilane project planned in its green circular industry park, which will increase total trichlorosilane capacity to 120,000 tons/year [2] - The company has initiated construction on a functional new materials silicon-based precursor project, which will produce 10,000 tons of optical fiber-grade silicon tetrachloride and 5,000 tons of 9N-grade ethyl silicate annually, with total silane capacity expected to reach 182,000 tons/year by 2026 [2] - Jianghan New Materials is deepening its global layout with over ten overseas warehouses in Southeast Asia, Europe, and the United States, and plans to establish overseas factories to address local service challenges [2] Group 3 - The core strategy of Jianghan New Materials is to deepen the development of silicon-based new materials, focusing on semiconductor and high-end new energy materials, which are essential for the company's high-quality growth and alignment with national strategic needs [3]

Group 1 - The company, Huashu Co., Ltd. (600935), has announced a project to produce 60,000 tons of trichlorosilane annually [1] - The company plans to release production capacity in 2026 based on market demand in the industry [1] - Revenue and profit from this project will depend on market conditions and capacity utilization rates [1]

1月16日，三孚股份涨4.90%，成交额13.78亿元。两融数据显示，当日三孚股份获融资买入额1.10亿 元，融资偿还1.22亿元，融资净买入-1270.95万元。截至1月16日，三孚股份融资融券余额合计1.81亿 元。 截至9月30日，三孚股份股东户数2.23万，较上期减少10.00%；人均流通股17162股，较上期增加 11.11%。2025年1月-9月，三孚股份实现营业收入15.48亿元，同比增长15.20%；归母净利润6413.56万 元，同比增长26.92%。 分红方面，三孚股份A股上市后累计派现2.24亿元。近三年，累计派现1.02亿元。 机构持仓方面，截止2025年9月30日，三孚股份十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股188.07万股，相比上期增加65.41万股。 责任编辑：小浪快报 融资方面，三孚股份当日融资买入1.10亿元。当前融资余额1.81亿元，占流通市值的1.75%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，三孚股份1月16日融券偿还0.00股，融券卖出300.00股，按当日收盘价计算，卖出金额 8097.00元；融券余量1.89万股，融券余 ...