工业硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2026 年 01 月 08 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 后市展望（仅供参考）:近期，商品指数强势上行反弹， ...

1. Report's Investment Rating for the Industry - There is no information about the industry investment rating in the provided content. 2. Core View of the Report - The fundamental drivers of the industrial silicon market are not obvious. The futures price is under pressure after failing to break through 9000 yuan/ton, and the market is in a contango oscillation. In January, the spot market is dull, with supply at a seasonal low, facing increasing production pressure in the wet season after the second quarter. The monthly production in the first quarter remains around 350,000 tons. On the demand side, the monthly operating rate of silicone monomers is 72.85%, and the concentrated production cut has not been significantly realized. The polysilicon production in December decreased slightly month - on - month, and the demand is hard to increase [4]. 3. Summary by Relevant Catalogs 3.1 Market Performance and Price - The industrial silicon futures price is under pressure and declined. The SI2605 contract price is 8730 yuan/ton, with a decline of 1.24%. The trading volume is 271,132 lots, and the open interest is 216,220 lots, with a net increase of 13,298 lots. The top twenty long positions increased by 2,597 lots, and the short positions increased by 11,095 lots [4]. - The spot prices are stable. The Sichuan 553 grade is 9300 yuan/ton, the Yunnan 553 grade is 8950 yuan/ton, the Sichuan 421 grade is 9900 yuan/ton, the Xinjiang 421 grade is 9550 yuan/ton, and the Inner Mongolia 421 grade is 9550 yuan/ton [4]. 3.2 Market News - On January 5th, the industrial silicon warehouse receipt volume of the Guangzhou Futures Exchange was 10,231 lots, unchanged from the previous trading day [5]. - In the fourth week of December, the industrial silicon inventory was 456,100 tons, a week - on - week decrease of 1.30% and a year - on - year increase of 24.08% [5]. - In the fourth week of December, the industrial silicon weekly production was 81,500 tons, a week - on - week increase of 1.68% and a year - on - year increase of 9.35% [5]. - The polysilicon quotation shows a divergence between the rising trend and actual transactions. The industry inventory is high, and downstream enterprises lack the motivation to replenish stocks. However, with industry self - discipline and policy support, enterprises are determined to hold prices, and the spot transaction price of polysilicon is expected to remain stable in the short term [5].

工业硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 12 月 31 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

工业硅日报 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 12 月 10 日 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

期货从业资格号：F03134307 行业 工业硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 日期 2025 年 12 月 09 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

有机硅行业交流及展望 20251126 摘要 2025 年 11 月，鲁西化工牵头行业协调会议，旨在通过限产缓解有机硅 单体产能过剩问题，初步决定 12 月 1 日起限产 30%，并可能根据市场 情况调整至 20%，同时设定价格上限为 15,000 元，通过流量计监控生 产，核查小组定期检查。 有机硅行业内公司成本差异显著，多数公司含税成本约 11,000 元/吨， 恒盛硅业因能源优势成本低于 10,000 元/吨，部分国企成本高达 13,000 元/吨，12,000 元/吨售价对部分企业仍可能亏损。 有机硅技术成熟，但为避免新资本涌入导致供需失衡，会议强调控制价 格上涨幅度以维持市场稳定，且行业内企业达成共识，未来三至五年内 不进行大规模扩建。 全球有机硅行业开工率普遍在 75%-85%之间，欧洲因能源成本高企开 工率下降，美国陶瓷计划 2026 年关闭英国工厂，该工厂占全球约 5.2%的市场份额，国外整体开工率不到 80%。 国内 DMC（甲基氯化物）2025 年实际增速为 4.2%，远低于去年的 16.7%，主要受出口影响，并非市场普遍认为的 15%高速增长。 Q&A 近期有机硅行业会议的背景和主要内容 ...

上述两个项目是淄博化工企业大力发展氟硅材料的缩影。目前，淄博的氟硅产业链条体系完备，已打造 出从氟矿石开采到无水氟化氢、从甲烷氧化物到绿色环保制冷剂、从氟硅烷到有机硅，再到含氟高分子 材料及其深加工的完整产业链，产品涵盖无机氟化物、含氟制冷剂、含氟功能膜材料等四大类。全产业 链产能丰富，全市氟硅材料产业总产能超过200万吨/年，聚四氟乙烯、聚偏氟乙烯、聚全氟乙丙烯等产 品产能居国内第一。 为全面推动氟材料产业向新向强向高发展，2022年，淄博市创新实施产业链链长制，由市级领导担任氟 硅材料产业链的"链长"。目前，链上企业延链成群，形成了以东岳氟硅材料产业园、高青化工产业园为 主的氟材料产业园区，该产业集群被列入山东省"十强"产业"雁阵形"集群。 山东化工转型发展"专精特新"系列报道之一 编者按 作为连续32年的全国化工产业第一大省，山东省在石油化工、煤化工、盐化工等传统领域拥有 重要影响力。为更好地实现新旧动能转换，近年来，该省化工企业借力绿色低碳高质量发展示范区建 设，锚定"专精特新"深耕细作，向新能源新材料领域延展转型，电子化学品、氢能、氟硅材料、生物制 造等领域发展迅速，涌现出不少拳头产品和优势集群。本 ...

Group 1 - The company has an annual production capacity of 400,000 tons of organic silicon monomer [2] - Price increases in organic silicon products are beneficial for enhancing the company's profitability [2]

Group 1: General Information - Report date: November 20, 2025 [2] - Research team: Energy and Chemical Research Team [3] Group 2: Market Performance and Outlook Market Performance - Industrial silicon futures prices rose rapidly in the afternoon. The closing price of Si2601 was 9,390 yuan/ton, with a gain of 4.68%. The trading volume was 755,732 lots, and the open interest was 30,669 lots, with a net increase of 58,650 lots [4] - Spot prices increased slightly. The price range of 553 was 9,200 - 9,500 yuan/ton, and the price range of 421 was 9,750 - 9,950 yuan/ton [4] Market Outlook - Supply and demand of industrial silicon both decreased. Production cuts in the southwest production area were ongoing, and weekly output still had room to decline [4] - The planned production cuts of silicone enterprises were significantly lower than the previous market consensus. The actual production cuts and time under the conditions of profitability and industrial self - discipline needed to be observed. In the first half of 2025, the silicone industry also cut production to support prices, but the effect was limited. Polysilicon production was also cut simultaneously, and the monthly output was expected to remain at 120,000 tons [4] - Due to production cuts in the southwest and rising costs, after the price of 2601 strongly rose and then fell, the basis was basically at par. The upside space was limited, and it was expected to fluctuate cautiously and strongly. Be vigilant against the ebb of bullish sentiment in the same - sector commodities [4] Group 3: Market News - On November 19, the number of industrial silicon warehouse receipts on the Guangzhou Futures Exchange was 43,412 lots, a net decrease of 10 lots from the previous trading day [4] - A meeting of actual controllers of silicone monomer plants was held in Shanghai as scheduled. The organizer was the China Fluorosilicone and Organic Materials Industry Association, and leading enterprises participated. The total production capacity of participating enterprises accounted for more than 80% of the industry's production capacity. The meeting was about joint emission reduction and price support [4] - The emission reduction plan was to be implemented starting from December 1. If it was implemented throughout December, the DMC output in December was expected to be about 210,400 tons, a reduction of about 8,000 tons compared with before the reduction. It was expected to affect the monthly consumption of industrial silicon by about 4,400 tons [4]

Core Viewpoint - Huasheng Silicon Industry reported a net profit attributable to shareholders of -321 million yuan for the first three quarters, a year-on-year decline of 122.1% [1] - In Q3, the company achieved a net profit of 76 million yuan, with a year-on-year decline of 84.12% and a quarter-on-quarter increase of 111.52% [1] Group 1: Industrial Silicon - In Q3 2025, the industrial silicon market saw both volume and price increases, leading to a turnaround in quarterly profitability [1] - The photovoltaic industry is implementing "anti-involution" policies to address issues of low-price disorderly competition, prompting silicon material companies to raise product prices above cost levels [1] - Multi-crystalline silicon companies are collaborating to limit shipments, which, combined with a market sentiment of "buying on the rise, not on the fall," has increased downstream stockpiling demand, further driving up multi-crystalline silicon prices [1] Group 2: Metal Silicon Market - The improved market sentiment in the metal silicon market is attributed to the rebound in silicon prices, indicating a gradual improvement in supply and demand [1] Group 3: Organic Silicon - In Q3 2025, the organic silicon monomer market faced weak orders, resulting in continuous price declines and a decrease in industry operating rates [1] - With the arrival of the traditional peak season in Q4 and expected industry maintenance, prices are anticipated to undergo a phase of recovery [1] Group 4: Investment Rating - The company maintains a "buy" rating based on the current market dynamics and anticipated recovery in prices [1]