本报讯 近日，一起以养殖场建设为幌子，实则非法开采矿产资源的案件经法院审理后宣判。被告 贵州省都匀某公司及其股东陈某、蔡某等人因犯非法采矿罪，被依法判处刑罚。 经法院审理查明，该公司在建设肉牛养殖场基础设施期间，股东陈某、蔡某等人在明知场地地表下 存在硅矿石且未取得采矿许可证的情况下，动起了歪心思，授意引入多个施工班组，以"平整场地"为名 肆意非法开采，完成从"养殖企业"到"非法采矿团伙"的角色转变，并将盗采的硅矿石对外销售，违法所 得达146万余元。 法院经审理认为，被告单位及个人的行为均已构成非法采矿罪，且情节严重。结合各被告人认罪认 罚、退缴违法所得等情节，法院依法作出判决：对被告单位判处罚金人民币30万元；判处陈某有期徒刑 3年4个月，并处罚金3万元；蔡某、龙某有期徒刑各2年，并处罚金2万元；鲜某、赖某有期徒刑各11个 月，各并处罚金1万元；杨某有期徒刑10个月，并处罚金1万元。同时对被告单位及个人的违法所得予以 追缴。 参与本案审理的法官表示，矿产资源属于国家所有，任何单位和个人从事采矿活动，必须依法取得 采矿许可证。无论以何种形式、何种名义，未取得采矿许可证擅自采矿，情节严重的，都将被依法追究 刑 ...

Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints The report presents the fundamental data of industrial silicon and polysilicon, including futures market, basis, price, profit, inventory, and raw material cost, as well as macro and industry news and trend strength [1][2][3]. Detailed Summaries 1. Industrial Silicon and Polysilicon Futures Market - Si2601: The closing price is 8,940 yuan/ton, with a change of -20 compared to T - 1, -140 compared to T - 5, and 235 compared to T - 22. The trading volume is 214,012 lots, and the open interest is 262,676 lots [1]. - PS2601: The closing price is 53,315 yuan/ton, with a change of -45 compared to T - 1. The trading volume is 187,876 lots, and the open interest is 128,427 lots [1]. 2. Basis - Industrial silicon: The spot premium or discount varies depending on the benchmark, such as +560 yuan/ton (against East China Si5530), +10 yuan/ton (against East China Si4210), and -40 yuan/ton (against Xinjiang 99 silicon) [1]. - Polysilicon: The spot premium or discount against N - type re - feed is -1,315 yuan/ton [1]. 3. Price - Industrial silicon: Xinjiang 99 silicon is 8,900 yuan/ton, and Yunnan Si4210 is 10,000 yuan/ton. Polysilicon - N - type re - feed is 52,250 yuan/ton [1]. - Organic silicon: DMC price is 13,200 yuan/ton [1]. - Aluminum alloy: ADC12 price is 21,350 yuan/ton [1]. 4. Profit - Silicon plant: The profit of Xinjiang new - standard 553 is -2,329.5 yuan/ton, and that of Yunnan new - standard 553 is -3,576 yuan/ton [1]. - Polysilicon enterprise: The profit is 7.7 yuan/kg [1]. - DMC enterprise: The profit is 1,322 yuan/ton [1]. - Regenerated aluminum enterprise: The profit is -10 yuan/ton [1]. 5. Inventory - Industrial silicon: Social inventory is 54.8 million tons, enterprise inventory is 17.8 million tons, industry inventory is 72.6 million tons, and futures warehouse receipt inventory is 20.8 million tons [1]. - Polysilicon: The manufacturer's inventory is 27.1 million tons [1]. 6. Raw Material Cost - Silicon ore: Xinjiang is 320 yuan/ton, and Yunnan is 290 yuan/ton [1]. - Washed coking coal: Ningxia is 1,200 yuan/ton [1]. - Petroleum coke: Maoming coke is 1,400 yuan/ton, and Yangzi coke is 2,340 yuan/ton [1]. - Electrode: Graphite electrode is 12,450 yuan/ton, and carbon electrode is 7,200 yuan/ton [1]. 7. Macro and Industry News - As of the end of October 2025, the total installed power generation capacity in China is 3.75 billion kilowatts, a year - on - year increase of 17.3%. Among them, the installed capacity of solar power is 1.14 billion kilowatts, a year - on - year increase of 43.8%, and the installed capacity of wind power is 0.59 billion kilowatts, a year - on - year increase of 21.4%. From January to October, the average utilization hours of power generation equipment is 2,619 hours, 260 hours lower than the same period last year. In October, the new installed capacity of solar power is 12.6 million kilowatts, a month - on - month increase of 30.43% [2]. 8. Trend Strength - Industrial silicon: The trend strength is 0. - Polysilicon: The trend strength is 1. The trend strength ranges from -2 (most bearish) to 2 (most bullish) [3].

Group 1 - The core point of the article is that Xingfa Group plans to acquire a 50% stake in Qiaogou Mining for 855 million RMB, which will enhance its phosphate resource security and accelerate the development of the Qiaogou phosphate mine [2][4] - The acquisition comes with a significant valuation premium of 5103%, with the intangible assets' value increasing from 0 to 1.86 billion RMB, raising concerns about the underlying risks due to the lack of operational progress over the past 20 years [4][6] - The company has previously made two high-premium acquisitions from its major shareholder, totaling nearly 600 million RMB, which resulted in goodwill impairments of 120 million RMB and 230 million RMB in subsequent years [2][8] Group 2 - Xingfa Group's core business includes the mining, production, and sales of phosphate rock, silicon ore, and related chemical products, indicating its involvement in the chemical and new energy lithium battery materials sectors [4] - The company has faced delays in key projects, with the completion dates for core fundraising projects pushed back from September 2024 to September 2026, contributing to declining net profits and rising debt levels [3][10] - The lack of performance commitments or compensation agreements in the current acquisition raises further concerns about potential risks following the transaction [7]