资料显示，方大炭素主营业务为石墨电极、块状炭砖等炭素制品的生产销售，与杉杉股份业务存在一定 协同效应。控股股东方面，方大炭素隶属"方大系"，实控人为方威。 据了解，杉杉集团的重整之路可谓波折不断。2023年2月，其创始人郑永刚突然离世，其子郑驹与遗孀 周婷随即陷入控制权之争，二人接连出任董事长，管理层持续动荡。 11月24日，方大炭素发布公告，经董事会审议通过，同意公司作为产业协同方参与杉杉集团及其全资子 公司宁波朋泽的实质合并重整投资人招募。 或受此影响，11月25日，方大炭素股价涨停，报收6.51元/股，市值达到262.1亿元。 对于参与重整的原因，方大炭素表示：作为产业协同方参与杉杉集团及其全资子公司朋泽贸易的实质合 并重整，有利于公司加快负极产业布局，实现产业链一体化和供应链长期稳定安全，充分发挥公司固态 电池等新能源产业协同效应，增强公司盈利能力，提升公司核心竞争力。 6月6日，杉杉集团发布意向投资人招募公告，明确其主要资产包括持有的杉杉股份23.32%股权、徽商 银行股权、锦州永杉锂业股权以及各类不动产和应收款项等。 此后不久，杉杉集团便出现债务逾期问题，被多家金融机构起诉，所持杉杉股份部分股权也 ...

2025 年 11月 25 日 投资咨询从业资格号: Z0018008 张 瓶 zhanghang2@gtht.com 工业砖、多品砖基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2601收盘价(元/吨) | 8.940 | -20 | -140 | 235 | | | | Si2601成交量(手) | 214, 012 | -115, 664 | -57, 799 | 41, 666 | | | | Si2601持仓量(手) | 262.676 | 1.672 | 11. 127 | 186, 481 | | | 工业硅、多晶硅期货市场 | PS2601收盘价（元/吨） | 53, 315 | -45 | ୧୧୦ | ー | | | | PS2601成交量(手) | 187.876 | -155, 522 | -61,890 | - | | | | PS2601持仓量(手)U | 128, 427 | 2. 161 | -7.816 | - | | | | 工业硅:近 ...

高朋 摄 一线走访摸实情，打通银企信息壁垒 "原材料价格波动大，环保设备升级需要千万级投入，资金链一直绷得很紧。"山西恒通新材料科技有限 公司负责人曾道出行业共性难题。 该企业作为省重点企业，历经多次环评改造验收，每一次设备改进升级都需要一定的资金投入，且随着 碳素材料价格的持续上涨，石墨电极供不应求，流动资金多次受到影响。 太谷农商行通过一周的走访调查，为企业量身打造"一户一策"专属金融服务方案。这种"沉浸式"走访调 查模式，打破了银企信息壁垒，让金融服务更接地气。 中新网山西新闻11月19日电 碳素，被誉为支撑冶金、新能源产业的"黑色黄金"，更是太谷区工业经济 的硬核支柱。在环保政策趋严与产业高端化转型的双重考验下，太谷农商银行以本土金融主力军的担 当，通过常态对接、优化服务与资源倾斜，累计投放2.3亿元精准滴灌碳素企业转型升级，为碳素企业 注入发展动能，让"黑金"产业在转型赛道上强势崛起。 自"双碳"目标提出后，太谷农商行精准对接材料绿色采购、低碳技术研发、环保设备更新等核心需求， 提供覆盖信贷支持、资源整合、合作对接的全方位金融服务。针对企业转型中资金缺口、技术瓶颈、资 源分散等痛点，协商具体措施为企 ...

Core Viewpoint - The company confirmed that its current core business does not include the production or sales of "graphite electrodes" through its interaction with investors [1] Group 1 - An investor inquired about the establishment progress of Hunan Sanqi New Materials Co., Ltd. and whether its core business includes "graphite electrodes" [1] - The company, Sanhe Pile (003037.SZ), responded on November 19 that, after verifying with the Hunan Sanqi team, their current core business does not involve the production or sales of "graphite electrodes" [1]

Liquidity - The BCI small and medium enterprise financing environment index for October 2025 is 52.41, with a month-on-month increase of 10.15% [4] - The M1 and M2 growth rate difference in October 2025 is -2.0 percentage points, a month-on-month decrease of 0.80 percentage points [4] - The current price of London gold is $4082 per ounce [4] Infrastructure and Real Estate Chain - From January to October, the cumulative year-on-year new construction area of national real estate is -19.80% [5] - Weekly price changes include rebar at -0.94% and cement price index at -0.76%, while rubber increased by 3.14% [5] - The national blast furnace capacity utilization rate increased by 0.99 percentage points, while cement and asphalt decreased by 11.30 percentage points and increased by 1.0 percentage points, respectively [5] Real Estate Completion Chain - From January to October, the cumulative year-on-year completion area of commercial housing is -16.90% [6] - The weekly operating rate for flat glass is 75%, with glass and titanium dioxide prices remaining unchanged [6] Industrial Products Chain - The operating rate of semi-steel tires is at a five-year high [7] - Weekly price changes for major bulk commodities include cold-rolled steel at -1.00%, copper at +1.11%, and aluminum at +1.44% [7] - The national semi-steel tire operating rate is 73.68%, with a month-on-month increase of 0.01 percentage points [7] Subcategories - The spot price of oriented silicon steel has decreased by 23% year-to-date [8] - The price of graphite electrodes is 18,500 yuan/ton, unchanged, with a comprehensive gross profit of 1,357.4 yuan/ton, down 25.47% [8] - The price of electrolytic aluminum is 21,890 yuan/ton, with a month-on-month increase of 1.44% and a calculated profit of 4,622 yuan/ton (excluding tax) [8] Price Comparison - The price ratio of rebar to iron ore is 4.01 this week [10] - The price difference between hot-rolled and rebar steel is 110 yuan/ton [10] - The price difference between cold-rolled and hot-rolled steel in Shanghai is 470 yuan/ton, unchanged from the previous week [10] Export Chain - The new export orders PMI for China in October 2025 is 45.90%, a month-on-month decrease of 1.9 percentage points [11] - The CCFI comprehensive index for container shipping rates is 1,094.03 points, with a month-on-month increase of 3.39% [11] - The capacity utilization rate for crude steel in the U.S. is 76.00%, a month-on-month decrease of 0.30 percentage points [11] Valuation Percentiles - The CSI 300 index decreased by 1.08%, with the best-performing cyclical sector being real estate at +2.70% [12] - The PB ratio of ordinary steel and industrial metals relative to the PB of the Shanghai and Shenzhen markets is 44.37% and 91.89%, respectively [12] - The current PB ratio of the ordinary steel sector relative to the Shanghai and Shenzhen markets is 0.56, with the highest value since 2013 being 0.82 [12]

Core Insights - The graphite electrode sector experienced a decline of 3.51% as of the market close on November 18, with major stocks like Putailai and Baotailong hitting the daily limit down [1][2] - The sector saw a net outflow of 1.26 billion yuan from main funds, with 15 stocks experiencing outflows, and 5 stocks seeing outflows exceeding 100 million yuan [1] Market Performance - The top gainers in the graphite electrode sector included Guomin Technology and Fangda Carbon, which rose by 3.61% and 2.04% respectively [1] - Other concept sectors that performed well included Xiaohongshu and Pinduoduo, with increases of 3.16% and 3.14% respectively, while sodium-ion batteries and fluorochemical concepts saw declines of 3.76% [1] Fund Flow Analysis - The stock with the highest net outflow was Putailai, with a net outflow of 321.46 million yuan, followed by Zhongke Electric and Baotailong with outflows of 195.29 million yuan and 159.50 million yuan respectively [1][2] - Stocks with the highest net inflows included Fangda Carbon and Guomin Technology, with inflows of 156.57 million yuan and 69.36 million yuan respectively [2]

Market Performance - The graphite electrode sector increased by 1.51%, ranking 8th among concept sectors, with 17 stocks rising, including Fangda Carbon which hit the daily limit, and others like Baotailong and Dongfang Carbon with increases of 7.19%, 5.81%, and 4.32% respectively [1] - The top gainers in the market today included the cultivated diamond sector at 6.08% and perovskite battery sector at 2.98%, while the Chinese AI 50 sector saw a decline of 1.76% [1] Capital Flow - The graphite electrode sector experienced a net inflow of 510 million yuan, with 10 stocks receiving net inflows, and 7 stocks seeing inflows exceeding 10 million yuan, led by Fangda Carbon with a net inflow of 591 million yuan [1] - The leading stocks in terms of net inflow ratios were Fangda Carbon at 36.84%, followed by Zhongke Electric at 5.22% and Baotailong at 5.06% [2] Stock Performance - Fangda Carbon had a daily increase of 9.98% with a turnover rate of 6.06% and a main capital flow of 590.57 million yuan [2] - Zhongke Electric and Baotailong also showed positive performance with increases of 4.26% and 7.19% respectively, alongside notable turnover rates of 12.94% and 19.10% [2]

Group 1 - The company Tianyuan Co., Ltd. (002386.SZ) clarified that it does not produce graphite electrode products [2] - The company is currently conducting pilot tests for graphitized anodes, with small samples sent for customer inspection [2]

Group 1: Photovoltaic Industry - In September, China's newly installed photovoltaic capacity reached 9.7 GW, a month-on-month increase of 31.79% [2] - Tongrun Equipment announced the acquisition of Zhengtai Power, which specializes in photovoltaic inverters and energy storage converters [2] - JinkoSolar is recognized as the world's largest manufacturer of monocrystalline silicon wafers and modules [2] - JA Solar is a leading integrated photovoltaic company with a global market share of 10%, ranking among the top three in module shipments [2] - Shanghai Electric is a major comprehensive energy supplier in Shanghai, focusing on renewable energy development [2] - Tongwei Co. is a global leader in silicon materials and has been the top supplier of battery cells for several years [2] Group 2: Financial Performance - National Grid's subsidiary, Yingda Securities, reported a net profit increase of 53.73% year-on-year for the first three quarters [3] - Kangsheng Co. saw a remarkable net profit growth of 240.21% year-on-year, driven by its immersion liquid cooling products for data centers [3] - The real estate company, Shiroyama, reported a staggering net profit increase of 3168.80% year-on-year in its third-quarter report [3] - Huadong Cable's marine exploration cables contributed to a 44.13% year-on-year net profit increase in the third quarter [3] - Keli Ke's net profit grew by 52.51% year-on-year, attributed to its power control products for robot charging stations [3] Group 3: Technological Advancements - The company Keli Yuan completed small-scale trials of its solid-state battery dry electrode and is advancing to pilot testing [5] - The company Huaming Equipment is developing dual-robot plasma cutting equipment, integrating robotics and CNC technology [4] - The company Time Space Technology plans to acquire Jiahe Jinwei to enter the storage sector [6] Group 4: Market Trends - The "14th Five-Year Plan" emphasizes accelerating the construction of a financial powerhouse [4] - The focus on brain-computer interfaces and embodied intelligence is highlighted as a new economic growth point [4] - The domestic market for solid-state batteries is evolving, with companies like Keli Yuan and Zhenhua Co. making significant advancements [5]

Group 1: Company Performance - The company 康盛股份 reported a net profit increase of 240.21% year-on-year for the first three quarters, driven by its immersion liquid cooling products used in data center cooling [6] - 吉比特, a well-known game developer, achieved a net profit growth of 84.66% year-on-year in the first three quarters and plans to distribute a dividend of 60 yuan per 10 shares [5] - 科力远 completed small-scale trials for its solid-state battery dry electrode and is advancing to pilot testing, with a net profit increase of 539.97% year-on-year for the first three quarters [4] Group 2: Industry Trends - The "十四五" plan emphasizes accelerating the construction of a financial powerhouse, indicating a focus on financial and advanced manufacturing sectors [2] - The company 海兴电力, a major exporter of smart electric meter products, reported a net profit decline of 7.48% year-on-year in its third-quarter report, although the decline was less severe than in the mid-year report [3] - The company 通润装备 is developing a 110kW photovoltaic grid-connected inverter, primarily for commercial rooftop solar projects, and has announced the acquisition of 正泰电源, which specializes in photovoltaic inverters and energy storage systems [3]