证券代码：600078 证券简称：澄星股份 公告编号：临 2025-077 江苏澄星磷化工股份有限公司 2025 年前三季度主要经营数据公告 三、主要原材料的价格变动情况（不含税） | 主要原料 | 2025 年 1 至 9 月 | | 2024 年 1 | 至 9 月 | 变动幅度 | | --- | --- | --- | --- | --- | --- | | | 平均进价（元/吨） | | 平均进价（元/吨） | | （%） | | 磷矿 | | 713.74 | | 668.00 | 6.85 | | 焦丁 | | 1,517.06 | | 1,901.77 | -20.23 | | 电极 | | 12,543.67 | | 13,205.65 | -5.01 | | 电煤 | | 624.77 | | 657.38 | -4.96 | | 电力（元/千瓦时） | | 0.4027 | | 0.4025 | 0.05 | 本公告之经营数据未经审计，公司董事会提醒投资者审慎使用上述数据。 特此公告。 江苏澄星磷化工股份有限公司董事会 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The industrial silicon market maintains a pattern of strong supply and weak demand, with the short - term expected to trade in the range of 8,300 - 9,000 yuan/ton. Continued attention should be paid to macro - sentiment fluctuations and supply - side start - up conditions [3]. - The polysilicon market is in a state of high - level range - bound trading due to the game between policy - favorable expectations and weak fundamentals. Continued attention should be paid to the implementation of industrial policies and macro - sentiment [3]. 3. Summary According to the Directory 3.1产业链价格回顾 - **Industrial Silicon Futures and Spot Prices**: On October 10, 2025, the closing price of the industrial silicon futures main contract was 8,685 yuan/ton, up 0.52% from September 30. Most spot prices remained unchanged, with only the price of the oxygen - free 553 at Tianjin Port down 0.53% [12]. - **Polysilicon Futures and Spot Prices**: The closing price of the polysilicon futures main contract on October 10, 2025, was 48,965 yuan/ton, down 4.66% from September 30. Spot prices of various polysilicon types remained unchanged [12]. - **Silicon Wafer, Battery Cell, and Component Prices**: Prices of silicon wafers, battery cells, and components were generally stable, with only minor price changes in some products [12]. - **Organic Silicon and Aluminum Alloy Prices**: As of October 10, the average DMC price was 11,050 yuan/ton, unchanged from the previous period; the 107 - rubber average price was 11,500 yuan/ton, up 3.14% from the previous period; the silicone oil average price was 12,850 yuan/ton, unchanged from the previous period. The ADC12 average price was 21,100 yuan/ton, up 0.96% from the previous period; the A356 average price was 21,450 yuan/ton, up 1.42% from the previous period [12]. 3.2开炉增加，供给持续增量 - **Cost and Profit of Industrial Silicon**: Driven by anti - involution sentiment and increased demand, the prices of silicon coal, petroleum coke, and electrodes have rebounded. The power cost in the southwest production area will gradually increase as it transitions from the wet season to the dry season [3]. - **Supply of Industrial Silicon**: In October, Sichuan and Yunnan are transitioning to the dry season, leading to increased costs and production cuts by some enterprises. In contrast, small factories in Gansu and Ningxia have completed raw material stockpiling, and the start - up rate in Xinjiang has increased. Overall, the start - up rate has increased [3]. - **Demand for Industrial Silicon**: The production of polysilicon in October may still have a slight increase, increasing the demand for industrial silicon. However, some organic silicon enterprises have maintenance plans, and the start - up rate has declined. Overall, the demand for industrial silicon remains weak [3]. - **Inventory of Industrial Silicon**: The futures warehouse receipts have fluctuated slightly. After the holiday, downstream enterprises have successively inquired, but some manufacturers' orders have not been delivered, and factory inventories have accumulated [3]. 3.3光伏产业运行平稳，关注终端需求 - **Polysilicon**: In September, the polysilicon output was 130,000 tons, basically the same as in August. The cumulative output from January to September was 941,600 tons, a cumulative year - on - year decrease of 33%. It is expected that the output in October will maintain an incremental trend, with a month - on - month increase of about 3,000 - 5,000 tons. As of October 9, the total polysilicon inventory was 240,000 tons, and the silicon wafer inventory was 16.78 GW. As of October 10, the registered polysilicon warehouse receipts were 8,140 lots [3]. - **Silicon Wafer**: The market was sluggish during the holiday, with little market trading [80]. - **Battery Cell**: The price was stable [87]. - **Component**: The component installation did not meet expectations, and the price was under pressure. The lifting of the component export tax - refund policy is still undetermined. If the policy is implemented, it may stimulate component export demand in the next few months. The pre - implementation inventory rush of India's "double - anti" policy will also support exports to some extent. Domestically, the front - loaded installation in the first half of the year has overdrawn some demand in the second half, resulting in a decrease in domestic tender and bidding projects, lower - than - expected centralized installation, and a decline in distributed trading volume. The component segment is under great pressure, and there is no obvious restocking action for upstream demand [3]. 3.4支撑有限，有机硅价格大稳小动 - **Start - up Rate**: In September, the start - up rate of China's DMC was 71.25%, a month - on - month decrease of 4.38 percentage points. The DMC output was 210,200 tons, a month - on - month decrease of 12,900 tons. Recently, a monomer factory has a maintenance plan, and the start - up rate may decline slightly [108]. - **Price**: As of October 10, the average DMC price was 11,050 yuan/ton, unchanged from the previous period; the 107 - rubber average price was 11,500 yuan/ton, up 3.14% from the previous period; the silicone oil average price was 12,850 yuan/ton, unchanged from the previous period. Due to factory maintenance, the supply has tightened periodically, and the price has increased [114]. 3.5铝合金开工回升 - **Start - up Rate**: In the week of October 9, the start - up rate of primary aluminum alloy was 58%, a month - on - month decrease of 0.4 percentage points; the start - up rate of recycled aluminum alloy was 58.9%, a month - on - month increase of 2.3 percentage points [122]. - **Price**: As of October 10, the average ADC12 price was 21,100 yuan/ton, up 0.96% from the previous period; the average A356 price was 21,450 yuan/ton, up 1.42% from the previous period [125]. 3.6库存维持高位 - **Industrial Silicon Inventory**: As of October 9, the social inventory of industrial silicon (social inventory + delivery warehouse) was 545,000 tons, a month - on - month increase of 2,000 tons; the total factory inventory in Xinjiang, Yunnan, and Sichuan was 167,900 tons, a month - on - month increase of 54,000 tons. As of October 10, the exchange - registered warehouse receipts were 50,281 lots, equivalent to 251,400 tons of spot [139]. - **Polysilicon Inventory**: As of October 9, the total polysilicon inventory was 240,000 tons, an increase of 14,000 tons [74].

Core Insights - The total output value of industrial parks in Azerbaijan has increased by 62.5 times over the past decade [1] - In 2015, the total output value was 270 million manats (approximately 160 million USD) [1] - By the first half of 2025, the total output value reached 17.2 billion manats (approximately 1.012 billion USD) [1] Export Products - Major export products include construction chemicals, steel, lubricants, polymers, urea, cables, glass panels, tiles, tobacco products, yarn, electrodes, fish feed, wallpaper, and footwear [1] - The export market spans over 70 countries and regions, including Asia, Eastern Europe, Western Europe, North America, South America, and the CIS [1]

Core Viewpoint - The article emphasizes the importance of high reliability in electrolyzers for hydrogen production, highlighting the critical roles of the power supply, membrane, and electrodes in ensuring stable and efficient operation [3][12]. Group 1: Electrolyzer Components - The electrolyzer is the core device for water electrolysis to produce hydrogen, where its reliability directly impacts the stability, economy, and safety of the hydrogen production system [3]. - The power supply acts as the "heart" of the electrolyzer, providing stable direct current and ensuring the electrolyzer operates efficiently under varying power conditions [4][12]. - The membrane serves as a "precise barrier," balancing the isolation of gases and the conduction of ions, which is crucial for preventing safety hazards and maintaining efficiency [5][9]. - The electrodes are the "catalytic core" of the electrolysis reaction, where their activity and stability are vital for the efficiency and lifespan of the electrolyzer [8][10]. Group 2: Technical Challenges - Renewable energy hydrogen production faces unique challenges, such as high power requirements and the periodic fluctuations of wind and solar energy, necessitating a stable power supply for the electrolyzer [4]. - The membrane must meet three core requirements: excellent chemical stability, precise selective permeability, and sufficient mechanical strength to ensure long-term reliability [9][10]. Group 3: Collaborative Reliability - The reliability of the electrolyzer is a result of the collaborative performance of its core components, where any weakness in one part can compromise the overall system [12]. - The upcoming 2025 TrendBank Green Hydrogen Industry Conference will focus on discussions related to electrolyzer materials and hydrogen power supply, featuring various industry leaders [12][13].

作为未来产业的热门赛道之一，脑机接口迎来发展路线图。工业和信息化部等7部门日前联合发布《关 于推动脑机接口产业创新发展的实施意见》，提出两步走目标：到2027年电极、芯片和整机产品性能达 到国际先进水平，到2030年产业综合实力迈入世界前列。 脑机接口是未来产业的典型代表。通俗点说，脑机接口是在大脑与机器之间建立一条信息通道，收集大 脑信号，并让机器读懂，从而让两者之间实现协同交流与互动。一方面，脑机接口是生命科学与信息科 学融合发展的前沿技术，可带动多领域技术突破，助力我国抢占科技竞争制高点。另一方面，脑机接口 在医疗健康领域可辅助治疗脑部疾病，助力康复，契合民生需求；在工业制造、生活消费等领域能开拓 新应用，培育新增长点，加快形成新质生产力。 我国发展脑机接口产业具有多重优势。从技术看，在非侵入式脑机接口等领域，我国居于领先地位。从 产业基础看，我国已形成从核心部件到终端应用的初步链条，一批专精特新企业快速成长。从市场需求 看，我国老龄化带来的医疗康复需求以及工业智能化升级等场景，为技术落地提供了广阔空间。当前， 我国脑机接口创新成果持续涌现，产业加速壮大，正孕育颠覆性突破，已成为科技创新和产业创新深度 ...

Core Viewpoint - The implementation opinions jointly issued by seven departments, including the Ministry of Industry and Information Technology, aim to promote the innovation and development of the brain-computer interface (BCI) industry, targeting breakthroughs in key technologies by 2027 and establishing a robust industrial ecosystem by 2030 [1] Group 1: Development Goals - By 2027, key technologies in the BCI sector are expected to achieve breakthroughs, with performance of electrodes, chips, and complete products reaching international advanced levels [1] - The application of BCI products is set to accelerate in industrial manufacturing, healthcare, and consumer life, contributing to the expansion of the industry scale [1] - The plan aims to create 2 to 3 industrial development clusters and explore new scenarios, models, and business formats [1] Group 2: Key Tasks and Projects - The implementation opinions outline five key tasks: strengthening basic software and hardware research, developing high-performance products, promoting the application of technological achievements, expanding innovative entities, and enhancing industrial support capabilities [1] - Three major engineering projects are highlighted: core software and hardware foundation projects, high-quality complete machine projects, and application expansion projects, which are further detailed into 17 specific measures [1] Group 3: Future Vision - By 2030, the innovation capability of the BCI industry is expected to significantly improve, forming a safe and reliable industrial system [1] - The goal includes nurturing 2 to 3 globally influential leading enterprises and a number of specialized and innovative small and medium-sized enterprises, thereby constructing an internationally competitive industrial ecosystem [1]

Core Insights - The Ministry of Industry and Information Technology, along with six other departments, has released implementation opinions to promote the innovation and development of the brain-computer interface (BCI) industry, setting two development goals for 2027 and 2030, and outlining five key tasks and 17 specific measures to foster high-quality growth in the BCI sector [1][2] Group 1: Development Goals and Key Tasks - By 2027, breakthroughs in key BCI technologies are expected, establishing an advanced technical, industrial, and standard system, with products achieving international standards in performance across various fields [2] - By 2030, the BCI industry aims to significantly enhance innovation capabilities, develop a reliable industrial system, and nurture 2 to 3 globally influential leading enterprises along with a number of specialized small and medium-sized enterprises [2][3] Group 2: Market Potential and Growth Projections - The BCI market in China is projected to exceed 60 billion yuan by 2028, with a compound annual growth rate of 17.7% from 2024 to 2028 [1][3] - In 2024, the market size is expected to reach 32 billion yuan, reflecting an 18.8% growth rate [3] Group 3: Investment Trends and Opportunities - The BCI sector has garnered significant attention from the capital market, with over 1,000 disclosed investment transactions globally and more than 300 BCI companies receiving funding as of March 2025 [4] - In China, from 2022 to 2024, there were 30 investment events in the BCI field, totaling 1.34 billion yuan, with non-implantable BCI receiving the highest investment [4] - The investment trend in the BCI sector is positive, driven by supportive policies and increasing investor confidence, indicating substantial potential in areas such as neuropharmaceutical alternatives and various consumer markets [4]

Core Viewpoint - The document outlines the implementation opinions from seven departments, including the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Education, aimed at promoting innovation and development in the brain-computer interface (BCI) industry by 2027 [1] Group 1: Industry Development Goals - By 2027, breakthroughs in key technologies for brain-computer interfaces are expected to be achieved [1] - An advanced technical system, industrial system, and standard system for brain-computer interfaces will be initially established [1] - The performance of electrodes, chips, and complete machine products is anticipated to reach international advanced levels [1] Group 2: Application Areas - Brain-computer interface products are expected to accelerate their application in industrial manufacturing, medical health, and consumer life [1]

央广网北京8月11日消息(记者冯仪)日前，工业和信息化部、国家发展改革委、教育部、国家卫生 健康委、国务院国资委、中国科学院、国家药监局发布《关于推动脑机接口产业创新发展的实施意见》 (以下简称《意见》)。 此外，还要优化人才培养。加强相关学科专业人才培养，布局建设未来技术学院、现代化产业学院 等特色学院。鼓励企业与高校、科研院所、医疗机构等合作，共同培养跨学科的复合型工程型人才，增 强高水平人才供给。建设卓越工程师实践基地，加强职业教育和技术培训，大力培育产业应用型技能型 人才。加强海外人才交流引进，健全人才服务体系，确保人才引得来、留得住。 《意见》提出，到2027年，脑机接口关键技术取得突破，初步建立先进的技术体系、产业体系和标 准体系。电极、芯片和整机产品性能达到国际先进水平，脑机接口产品在工业制造、医疗健康、生活消 费等加快应用。产业规模不断壮大，打造2至3个产业发展集聚区，开拓一批新场景、新模式、新业态。 到2030年，脑机接口产业创新能力显著提升，形成安全可靠的产业体系，培育2至3家有全球影响力 的领军企业和一批专精特新中小企业，构建具有国际竞争力的产业生态，综合实力迈入世界前列。 ...

经济观察网 《意见》提出，到2027年，脑机接口关键技术取得突破，初步建立先进的技术体系、产业体系和标准体 系。电极、芯片和整机产品性能达到国际先进水平，打造2至3个产业发展集聚区，开拓一批新场景、新 模式、新业态。 到2030年，脑机接口产业创新能力显著提升，培育2至3家有全球影响力的领军企业和一批专精特新中小 企业，构建具有国际竞争力的产业生态，综合实力迈入世界前列。 近日，工业和信息化部、国家发展改革委等七部门联合印发《关于推动脑机接口产业创新发展的实施意 见》，首次在国家层面系统部署脑机接口产业发展战略，旨在把握科技革命和产业变革新机遇，"加快 形成新质生产力，高水平赋能新型工业化"。 ...