10月9日，TCL中环涨5.75%，截至发稿，报9.57元/股，成交13.16亿元，换手率3.51%，总市值386.93亿 元。 责任编辑：小浪快报 资料显示，TCL中环新能源科技股份有限公司位于天津新技术产业园区华苑产业区(环外)海泰南道10 号，成立日期1988年12月21日，上市日期2007年4月20日，公司主营业务涉及半导体电子信息产业、半 导体节能产业和新能源产业。主营业务收入构成为：光伏硅片43.12%，光伏组件28.70%，其他硅材料 20.46%，其他6.95%，光伏电站0.76%。 从基金十大重仓股角度 数据显示，南方基金旗下1只基金重仓TCL中环。南方中证光伏产业指数发起A（019531）二季度增持 7000股，持有股数11万股，占基金净值比例为2.77%，位居第六大重仓股。根据测算，今日浮盈赚取约 5.72万元。 南方中证光伏产业指数发起A（019531）成立日期2024年3月19日，最新规模1238.33万。今年以来收益 24.84%，同类排名2379/4221；近一年收益13.5%，同类排名2912/3848；成立以来收益11.21%。 南方中证光伏产业指数发起A（019531）基金 ...

TCL中环所属申万行业为：电力设备-光伏设备-硅料硅片。所属概念板块包括：单晶硅、BC电池、HJT 电池、碳中和、TOPCon电池等。 10月9日，TCL中环盘中上涨2.10%，截至09:47，报9.24元/股，成交3.94亿元，换手率1.07%，总市值 373.58亿元。 资金流向方面，主力资金净流出2461.90万元，特大单买入3193.49万元，占比8.11%，卖出4184.07万 元，占比10.63%；大单买入4759.32万元，占比12.09%，卖出6230.63万元，占比15.83%。 TCL中环今年以来股价涨4.17%，近5个交易日涨8.07%，近20日涨12.82%，近60日涨13.10%。 今年以来TCL中环已经1次登上龙虎榜，最近一次登上龙虎榜为9月25日，当日龙虎榜净买入2.29亿元； 买入总计4.86亿元 ，占总成交额比15.03%；卖出总计2.57亿元 ，占总成交额比7.96%。 资料显示，TCL中环新能源科技股份有限公司位于天津新技术产业园区华苑产业区(环外)海泰南道10 号，成立日期1988年12月21日，上市日期2007年4月20日，公司主营业务涉及半导体电子信息产业、半 导体 ...

Core Viewpoint - TCL Zhonghuan's stock has shown significant upward movement recently, with a notable increase in trading volume and market capitalization, indicating strong investor interest and potential growth in the photovoltaic sector [1][2]. Company Overview - TCL Zhonghuan is located in Tianjin and was established on December 21, 1988, with its stock listed on April 20, 2007. The company operates in the semiconductor electronic information, semiconductor energy-saving, and new energy industries [1]. - The main revenue sources for TCL Zhonghuan are photovoltaic silicon wafers (43.12%), photovoltaic modules (28.70%), other silicon materials (20.46%), and other sources (6.95%), with a minor contribution from photovoltaic power stations (0.76%) [1]. Financial Performance - For the first half of 2025, TCL Zhonghuan reported a revenue of 13.398 billion yuan, a year-on-year decrease of 17.36%, and a net profit attributable to shareholders of -4.242 billion yuan, down 38.48% year-on-year [2]. - The company has distributed a total of 2.338 billion yuan in dividends since its A-share listing, with 1.373 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, TCL Zhonghuan had 242,400 shareholders, a decrease of 5.25% from the previous period, with an average of 16,666 shares held per shareholder, an increase of 5.54% [2]. - The top shareholders include Hong Kong Central Clearing Limited, holding 113 million shares, and various ETFs such as Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with notable changes in their holdings [3].

| 第一部分 | 前言概要 2 | | --- | --- | | | 2 | | | 2 | | | 2 | | 第二部分 | 基本面情况 3 | | | 3 | | | 4 | | | 7 | | | 8 | | 第三部分 | 后市展望及策略推荐 9 | 有色板块研发报告 多晶硅 10 月报 2025 年 9 月 29 日 恐有回调风险，但远期向上方向不变 第一部分 前言概要 银河期货 第 2 页 共 10 页 多晶硅 10 月报 2025 年 9 月 29 日 第二部分 基本面情况 图 1：多晶硅期货 2511 合约价格走势 表 1：多晶硅产业链现货价格变动情况 | | 日期 | | | | 9月26日 9月25日 9月24日 9月23日 9月22日 较7月末 较8月末 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 多晶硅现货价格（元/kg） | N型致密料- 平均价 | 51.05 | 51.05 | 5 1 | 51.15 | 51.15 | 12.20% | 6.35% | | | N型颗粒硅 - 平均价 | 5 ...

TCL中环所属申万行业为：电力设备-光伏设备-硅料硅片。所属概念板块包括：单晶硅、BC电池、HJT 电池、碳中和、TOPCon电池等。 今年以来TCL中环已经1次登上龙虎榜，最近一次登上龙虎榜为9月25日，当日龙虎榜净买入2.29亿元； 买入总计4.86亿元 ，占总成交额比15.03%；卖出总计2.57亿元 ，占总成交额比7.96%。 资料显示，TCL中环新能源科技股份有限公司位于天津新技术产业园区华苑产业区(环外)海泰南道10 号，成立日期1988年12月21日，上市日期2007年4月20日，公司主营业务涉及半导体电子信息产业、半 导体节能产业和新能源产业。主营业务收入构成为：光伏硅片43.12%，光伏组件28.70%，其他硅材料 20.46%，其他6.95%，光伏电站0.76%。 截至6月30日，TCL中环股东户数24.24万，较上期减少5.25%；人均流通股16666股，较上期增加 5.54%。2025年1月-6月，TCL中环实现营业收入133.98亿元，同比减少17.36%；归母净利润-42.42亿 元，同比减少38.48%。 9月29日，TCL中环盘中下跌2.09%，截至13:28，报8.92元/股 ...

晨会纪要 证券研究报告 2025 年 09 月 26 日 核心结论 分析师 【基金】行业主题基金专题研究（五）-下篇：周期主题基金研究框架及产 品优选 复盘周期历史行情，细分板块分化，有色金属、公用事业、交运估值处于低 位。深度详解七大板块/44 只周期指数的编制规则、行业分布、成分股、风 险收益及相关系数，建议关注跟踪稀土、有色金属、细分化工等指数的基金， 如嘉实中证稀土产业 ETF、国泰中证有色金属 ETF、南方中证申万有色金 属 ETF、鹏华中证细分化工产业主题 ETF、华宝化工 ETF。 【电力设备】TCL 中环（002129.SZ）跟踪报告：硅片价格压制业绩，半导 体业务发展迅速 投资建议：考虑到硅片价格仍在较低水平，我们预计公司 25-27 年归母净利 润-53.09/5.14/24.59 亿元，同比 45.9%/109.7%/378.9%，对应 EPS 分别为 -1.31/0.13/0.61 元，维持"增持"评级。 【北交所】北交所市场点评——20250924：北证 50 指数放量上涨 2.03%， 科技主线引领市场普涨 短期建议关注以下几点：（1）短期关注成交量能否持续放大；（2）半导体板 块 ...

来源：中诚信国际 政府公共评级部 作者：张丽华、杨 怡 ----------- 一揽子化债以来， CCXI 要点 ● "一揽子化债方案"实施以来，在清隐债、退平台、融资受限等背景下，为了突破融资限制，"城投转型"再度冲上"热点"， 2024年城投公司并购上市公司 事件有所上升。但受融资渠道的收紧、资金压力的增大等影响，相较2019~2023年6月30日城投公司并购上市公司特征来看，2023年7月以来城投公司并购 上市公司股权单笔交易金额及溢价空间进一步收缩，同时被并购上市公司总资产及盈利均呈下滑的趋势；另或因区县级城投公司融资渠道收紧更为严重、 资金压力更大，区县级城投公司并购上市公司积极性下降明显。 ● 2023年7月1日至2025年7月31日，城投公司并购上市公司事件共发生28笔，收购方城投公司主要分布于广东、湖北、山东等区域，行政级别以省级及地 市级层级为主，区县级城投公司尽管占比较小也主要布局于广东、山东等经济发达区域，评级基本布局AA+及以上，优质城投公司成为并购上市公司的 主力军。从被并购上市公司特征来看，被并购的上市公司多为小市值、低资产、盈利状况不佳的企业，其中近半数市值集中于50亿元以下，半 ...

Core Viewpoint - TCL Technology has been awarded the China Quality Award for its quality management model of "Extremity, Leadership, and Collaboration," highlighting its commitment to high-quality development in the semiconductor field [3][5][22]. Group 1: Quality Management Model - The "Extremity, Leadership, and Collaboration" quality management model was developed by TCL Technology under the national quality strategy, aiming to become synonymous with high-quality development in the semiconductor sector [9][11]. - "Extremity" encompasses extreme operations, innovation, and management, focusing on strategic-driven operations, comprehensive quality management, and collaborative improvements across the supply chain [11][12]. - "Leadership" is the goal of high-quality development, with TCL achieving industry-leading performance in 19 key quality indicators and optimizing operational efficiency [11][12]. - "Collaboration" involves customer, supply chain, and environmental cooperation, enhancing responsiveness and promoting green development through ESG strategies [12][22]. Group 2: AI Integration and Manufacturing Efficiency - AI is increasingly integrated into TCL's manufacturing processes, significantly improving production efficiency and product quality, with examples including a 70% increase in production efficiency and an 11% improvement in process capability index [12][14]. - The company has achieved a high level of smart manufacturing maturity in the semiconductor display industry, with production capacity exceeding original designs by 60% [14]. - TCL's AI strategy includes partnerships with industry leaders like Alibaba Cloud to build an intelligent hub for the semiconductor display industry [15]. Group 3: Innovation and Competitive Advantage - Under the quality management model, TCL is expanding into semiconductor displays, renewable energy, and semiconductor materials, positioning itself as a leading semiconductor manufacturing group [17]. - The company has achieved global leadership in several product categories, including gaming displays and photovoltaic silicon wafers, with significant improvements in production metrics post-implementation of the quality model [17][18]. - TCL has filed nearly 80,000 patents, with a strong focus on quantum dot electroluminescence technology, leading the global patent landscape in this field [18][20]. Group 4: Investment in Quality Infrastructure - TCL has invested over 8 billion in quality infrastructure, establishing 80 laboratories, with several receiving national accreditation [22]. - The quality management model has been extended to over 2,000 enterprises within the ecosystem, facilitating cross-industry upgrades and enhancing overall manufacturing quality [22].

Core Viewpoint - The recent surge in polysilicon futures prices is driven by favorable policy expectations and rising downstream product prices, with the main contract reaching a record high of 56,735 yuan/ton, marking a weekly increase of 14.49% [2][3] Group 1: Market Dynamics - Polysilicon futures prices have shown strong upward momentum, breaking out of the fluctuation range seen in August, influenced by market rumors and rising prices of downstream products [2][3] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation released a plan aimed at promoting high-quality development in the photovoltaic sector, which is expected to positively impact polysilicon prices [3] - In August, polysilicon production was close to 130,000 tons, with September's production expected to remain around this level despite slight adjustments in some companies' operating plans [4] Group 2: Supply and Demand - The demand for polysilicon is projected to increase due to higher production rates of photovoltaic components and batteries, with an estimated 58 GW of silicon wafer production in September, translating to a demand of approximately 120,000 tons of polysilicon [4] - The current operating rate of polysilicon companies has risen to 40%, a 6 percentage point increase from the previous month, indicating a recovery in production capacity [6] - Social inventory of polysilicon reached 440,000 tons in August, remaining at historically high levels, with a need for ongoing monitoring of inventory reduction processes [7] Group 3: Price Trends and Future Outlook - The recent price increase in polysilicon is expected to continue, with market analysts suggesting that the actual transaction prices for polysilicon have risen, indicating a potential for further price hikes [5][9] - Factors influencing future polysilicon futures prices include the concentration of warehouse receipts in November, the extent of price increases in the spot market, and the actual progress of capacity integration [8] - The market sentiment remains neutral, with traders showing limited purchasing activity despite some replenishment actions, indicating that upstream companies still hold pricing power [7]

Core Viewpoint - The company reported a significant decline in revenue for the first half of 2025, but managed to narrow its losses compared to the previous year, indicating some operational improvements despite challenging market conditions [1][6]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 4.39 billion, a year-on-year decrease of 37.1%, and a net profit attributable to shareholders of -600 million, an improvement from -1.26 billion in the same period last year [1]. - The gross profit margin improved to 1.5%, up 7.5 percentage points year-on-year, and the net cash flow from operating activities turned positive at 690 million [1]. - In Q2 2025, the company reported operating revenue of 2.31 billion, a year-on-year decrease of 15.5%, but a quarter-on-quarter increase of 11.1%, with a net profit of -440 million, compared to -960 million in the same period last year [1]. Group 2: Business Segments - The energy-saving and water-saving equipment business generated revenue of 920 million in H1 2025, down 46.5% year-on-year, but with a gross margin of 32.9%, up 8.3 percentage points [2]. - The company’s air cooling business saw a significant increase in orders, with a year-on-year growth rate close to 140%, driven by the ongoing demand for energy-saving and carbon reduction initiatives in coal and electricity sectors [2]. - The photovoltaic silicon wafer sales contracted significantly, with market prices for N-type silicon wafers dropping by approximately 33%-43% year-on-year, leading to compressed profit margins [4]. Group 3: Strategic Initiatives - The company is focusing on expanding its green hydrogen production business and has initiated international strategies, including establishing a direct sales network in key domestic markets and developing sales channels in Europe, the Middle East, and South Asia [3]. - A collaboration with ACME for a green ammonia project in Oman, aiming for an annual production of 100,000 tons, has been launched with plans for delivery within 2025 [3]. - The company continues to pursue a major client strategy, maintaining long-term stable partnerships with leading enterprises across both supply and sales channels [5]. Group 4: Future Outlook - The company anticipates significant challenges in its photovoltaic product and new energy equipment businesses due to intensified competition, projecting revenues of 9.85 billion, 11.93 billion, and 14.12 billion for 2025-2027, with year-on-year growth rates of -24.5%, 21.2%, and 18.3% respectively [6]. - The net profit forecast for the same period is expected to be -860 million, 220 million, and 780 million, indicating a trend of narrowing losses and eventual profitability [6]. - The demand in the air cooling and green hydrogen sectors is expected to support stable growth in the company’s equipment business [6].