Q&A 中泰证券在建材和新材料领域的研究报告有哪些主要主题？ 中泰证券的研究报告涵盖了六大核心主题，具体如下： PCB 材料：AI 材料产业升级方兴未艾浩浩荡荡 20250825 摘要 覆铜板(CCL)是 PCB 的关键材料，成本占比 15%-30%，其原材料包括 铜箔（占比近 40%）、树脂（25%-30%）和电子布（20%-25%）， 下游应用升级驱动高性能覆铜板需求，如马 7 至马 9 服务器版，其介电 常数和介电损耗更低，信号传输速率更快。 PCB 产业链正经历升级，多层式架构从 12-16 层提升至 30-40 层，高 端覆铜板价值量增加，预计 2026 年需求翻倍。技术革新要求更高加工 性能，下游算力终端需求推动上游各环节向更高级别发展，自 2025 年 5 月以来股价已有所反应。 电子布升级体现在材料类型和介电性能上，从传统的 7,628 型到二代、 三代产品，价格大幅提升。三代石英纤维布（Q 布）用于马 9 覆铜板， 价格高达 250-400 元/米。预计 2026 年一代电子布需求量将达 1.4-1.5 亿米，二代 2,600 万米，三代 1,000 万米。 高端云厂商升级带来突发性需求增长 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints The report focuses on the fundamentals of industrial silicon and polysilicon, including futures market data, price, profit, inventory, and raw material costs. It also mentions relevant macro and industry news, and provides trend intensity indicators for industrial silicon and polysilicon [2][3][4]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: For industrial silicon, Si2509's closing price was 9,525 yuan/ton, with a decrease of 130 yuan compared to T - 1. Its trading volume was 1,681,997 lots, and the open interest was 334,776 lots. For polysilicon, PS2509's closing price was 50,080 yuan/ton, an increase of 975 yuan from T - 1, with a trading volume of 1,246,241 lots and an open interest of 165,641 lots [2]. - **Price**: The price of East China oxygen - passed Si5530 was 10,000 yuan/ton, up 300 yuan from T - 1. The price of Yunnan Si4210 was 10,300 yuan/ton, also up 300 yuan. The price of polysilicon - N - type re - feedstock was 46,000 yuan/ton, unchanged from T - 1 [2]. - **Profit**: The profit of silicon plants in Xinjiang (new standard 553) was - 1,676 yuan/ton, a decrease of 225 yuan from T - 1. The profit of silicon plants in Yunnan (new standard 553) was - 3,549 yuan/ton, a decrease of 186 yuan from T - 1. The profit of polysilicon enterprises was - 18.1 yuan/kg, unchanged from T - 1 [2]. - **Inventory**: The social inventory of industrial silicon (including warehouse receipt inventory) was 54.7 million tons, with a decrease of 0.4 million tons compared to T - 5. The enterprise inventory of industrial silicon (sample enterprises) was 17.3 million tons, a decrease of 0.11 million tons compared to T - 5. The industry inventory (social + enterprise inventory) was 72.0 million tons, a decrease of 0.50 million tons compared to T - 5. The futures warehouse receipt inventory of industrial silicon was 25.1 million tons, unchanged from T - 1. The manufacturer inventory of polysilicon was 24.9 million tons, a decrease of 2.7 million tons compared to T - 5 [2]. - **Raw Material Costs**: The price of silicon ore in Xinjiang was 340 yuan/ton, unchanged compared to T - 5. The price of silicon ore in Yunnan was 320 yuan/ton, also unchanged compared to T - 5. The price of washed coking coal in Xinjiang was 1,250 yuan/ton, unchanged compared to T - 5 [2]. 3.2 Macro and Industry News On July 21st, the Guizhou Energy Bureau issued the "Guizhou Province Power Demand Response Trading Scheme", which clarifies market participants, trading varieties, and price mechanisms. Market participants include industrial and commercial adjustable loads, energy storage, virtual power plants, and electric vehicle charging facilities, etc. [3][4] 3.3 Trend Intensity The trend intensity of industrial silicon is 0, and that of polysilicon is 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4]

Report Investment Rating - The investment approach for industrial silicon is mainly short - position allocation, and the spot price of polysilicon is weak with a downward driving force in the futures market [1] Core View - The report analyzes the fundamentals of industrial silicon and polysilicon, including futures market data, basis, price, profit, inventory, and raw material costs. It also mentions an Iraqi solar power project and the trend strength of both products [1][3] Summary by Relevant Catalogs Fundamental Tracking - **Futures Market Data**: For industrial silicon, Si2507's closing price is 7,455 yuan/ton, with a decrease of 105 yuan compared to T - 1. Its trading volume is 309,628 lots, a decrease of 190,329 lots compared to T - 1. The open interest is 121,504 lots, a decrease of 25,532 lots compared to T - 1. For polysilicon, PS2507's closing price is 33,585 yuan/ton, a decrease of 670 yuan compared to T - 1. Its trading volume is 65,591 lots, a decrease of 14,270 lots compared to T - 1, and the open interest is 61,698 lots, an increase of 1,499 lots compared to T - 1 [1] - **Basis**: The spot premium of industrial silicon (against East China Si5530) is +670 yuan/ton, compared to 65 yuan/ton in T - 1. The spot premium of polysilicon (against N - type re - feeding) is - 690 yuan/ton, compared to - 390 yuan/ton in T - 1 [1] - **Price**: The price of East China oxygen - passing Si5530 is 8,150 yuan/ton, unchanged from T - 1. The price of Yunnan Si4210 is 9,900 yuan/ton, unchanged from T - 1. The price of polysilicon - N - type re - feeding material is 36,000 yuan/ton, a decrease of 500 yuan compared to T - 1 [1] - **Profit**: The profit of silicon plants (Xinjiang new standard 553) is - 3,771 yuan/ton, a decrease of 105 yuan compared to T - 1. The profit of polysilicon enterprises is - 5.0 yuan/kg, an increase of 0.1 yuan compared to T - 1 [1] - **Inventory**: The social inventory of industrial silicon (including warehouse receipt inventory) is 57.2 million tons, a decrease of 1.5 million tons compared to T - 5. The factory inventory of polysilicon is 27.5 million tons, an increase of 0.6 million tons compared to T - 5 [1] - **Raw Material Cost**: The price of Xinjiang silicon ore is 390 yuan/ton, a decrease of 10 yuan compared to T - 5. The price of Xinjiang washed coking coal is 1,350 yuan/ton, unchanged from T - 5 [1] Macro and Industry News - Iraq's Ministry of Electricity is negotiating with Saudi ACWA Power and UAE Masdar to build solar power plants in Iraq, with a total planned project capacity of 2GW. This cooperation will help Iraq achieve its renewable energy target in the "2030 Energy Strategy" and reduce its dependence on imported fossil fuels [1][3] Trend Strength - The trend strength of industrial silicon is - 1, and that of polysilicon is also - 1, indicating a bearish outlook [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The industrial silicon market is experiencing a continuous decline, with cost support weakening, supply increasing, demand remaining weak, high social inventory, and expected short - term price decline. The recommended strategy is to short on rebounds. - The polysilicon market shows a situation of weak supply and demand, with prices falling in both the futures and spot markets. The downstream purchasing willingness is low, and the recommended strategy is to short on rallies. [2] 3. Summary by Related Catalogs 3.1 Industrial Silicon 3.1.1 Cost and Profit - The power cost in the southwest production area is gradually decreasing as it enters the flat - water period, and the overall in - production cost of the industry will decline after the shutdown of high - cost enterprises in the north. Cost support for silicon prices is insufficient. - In May, the average profit of national industrial silicon 553 was - 2,417 yuan/ton, a month - on - month decrease of 416 yuan/ton; the average profit of 421 was - 2,188 yuan/ton, a month - on - month decrease of 103 yuan/ton. [2][36] 3.1.2 Supply - Last week, the number of open furnaces increased significantly, mainly from restarted enterprises in Xinjiang. As of now, the restart in Xinjiang has temporarily ended, and there are no expected new restarts in the short term. In Sichuan, enterprises are gradually increasing furnace openings with the decline of electricity prices in the wet season. Yunnan still has restart plans after maintenance, expected to restart around mid - to - late June. - In the week of May 29, the silicon enterprise's furnace - opening rate increased slightly, with a net increase of 20 furnaces. [2][37] 3.1.3 Demand - Downstream demand is weak, market transactions are low, and most transactions are at low prices. Polysilicon plants maintain a large - scale production reduction, the organic silicon industry reduces production, and the demand for silicon - aluminum alloy has weakened, with rigid procurement of industrial silicon. [2] 3.1.4 Inventory - Social inventory remains at a high level, and there is significant short - term inventory reduction pressure. As of May 29, the industrial silicon social inventory (warehouse inventory + delivery warehouse) was 58.9 million tons, a month - on - month increase of 0.7 million tons; the factory inventories in Xinjiang, Yunnan, and Sichuan totaled 23.77 million tons, a month - on - month increase of 0.35 million tons. [2][119] 3.1.5 Market Outlook - With strong restart expectations in the southwest production area and an increase in furnace openings of some silicon enterprises in the north, the supply shows an obvious increasing trend, while the demand maintains rigid procurement. Futures and spot prices are falling in tandem, and it is expected that there will be no significant improvement in the short term. The futures price is expected to range from 7,000 - 9,000 yuan/ton, and the strategy is to short on rebounds. [2] 3.2 Polysilicon 3.2.1 Supply - In May, the polysilicon output was 96,100 tons, a month - on - month increase of 700 tons and a year - on - year decrease of 80,900 tons. As of May 29, the polysilicon inventory was 270,000 tons, an increase of 10,000 tons. In June, the start - up of polysilicon enterprises will increase and decrease simultaneously, and production scheduling is expected to increase slightly. [67] 3.2.2 Demand - Demand is weak. Domestically, orders have shrunk significantly, while overseas orders are relatively stable. Long - term component orders have decreased significantly, and the price of photovoltaic components has continued to decline. The demand for battery chips from the component side has decreased, and it is expected that the production scheduling of battery chips will be tight in June. Silicon wafer prices have declined across all sizes, and there is a strong expectation of production reduction. [2] 3.2.3 Market Outlook - The supply and demand of polysilicon are both weak, and the futures and spot prices are falling in tandem. The downstream purchasing willingness remains low, and there is no expectation of bottom - fishing for inventory. Although the number of warehouse receipts has not increased significantly, the weak fundamentals have not led to the trading of squeeze - out risks in the futures price. In the short term, warehouse receipts have alleviated the price factor, and the strategy is to short on rallies. [2] 3.3 Organic Silicon 3.3.1 Production - In May, the operating rate of China's DMC was 62.37%, a month - on - month increase of 3.79 percentage points; the DMC output was 184,000 tons, a month - on - month increase. The industry mainly maintains production with reduced loads, and the overall operating rate has slightly increased. [87] 3.3.2 Price - As of May 30, the average price of DMC was 11,450 yuan/ton, unchanged from the previous month; the average price of 107 rubber was 12,100 yuan/ton, a month - on - month decrease of 150 yuan/ton; the average price of silicone oil was 13,900 yuan/ton, a month - on - month decrease of 50 yuan/ton. As the price of organic silicon has fallen to a low level, downstream purchasing willingness has increased, and market confidence has been somewhat restored. [94] 3.4 Silicon - Aluminum Alloy 3.4.1 Production - In the week of May 29, the operating rate of primary aluminum alloy was 54.6%, unchanged from the previous week; the operating rate of recycled aluminum alloy was 53%, a week - on - week decrease of 1.6 percentage points. [104] 3.4.2 Price - As of May 30, the average price of ADC12 was 20,200 yuan/ton, a month - on - month decrease of 0.98%; the average price of A356 was 20,750 yuan/ton, a month - on - month decrease of 0.24%. [107]

2025 年 05 月 19 日 工业硅：弱势格局，关注上游供应变化 多晶硅：需求回落，盘面亦维持跌势 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2507收盘价（元/吨） | 8,145 | -265 | -60 | -1,310 | | | | Si2507成交量（手） | 254,754 | 44,976 | -90,972 | 144,056 | | | | Si2507持仓量（手） | 138,422 | 14,408 | -31,756 | -3,093 | | | 工业硅、多晶硅期货市场 | PS2506收盘价（元/吨） | 36,850 | -1,070 | -980 | - | | | | PS2506成交量（手） | 145,842 | 9,089 | -297,977 | - | | | | PS2506持仓量（手） | 32,70 ...

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core View of the Report The report focuses on the fundamentals of industrial silicon and polysilicon, including futures market data, price, profit, inventory, and raw material costs. It also mentions a significant industrial silicon project in Xinjiang and the trend strength of both industrial silicon and polysilicon [2][4]. 3) Summary by Relevant Catalogs Fundamentals Tracking - **Futures Market Data**: For industrial silicon, Si2506 had a closing price of 8,490 yuan/ton, with volume of 382,636 hands and open interest of 146,525 hands. For polysilicon, PS2506 closed at 38,420 yuan/ton, with volume of 236,082 hands and open interest of 44,692 hands [2]. - **Price and Profit**: Industrial silicon prices showed declines in some regions. Polysilicon - N type re - feed material was priced at 39,500 yuan/ton. Silicon factory profits were mostly negative. Polysilicon enterprise profit was - 3.2 yuan/kg [2]. - **Inventory**: Industrial silicon social inventory was 59.6 million tons, and polysilicon factory inventory was 25.7 million tons [2]. - **Raw Material Costs**: Prices of raw materials like silicon ore, washed coal, petroleum coke, etc., had different trends. For example, Xinjiang silicon ore was 440 yuan/ton, and Xinjiang washed coal decreased by 50 yuan/ton compared to T - 5 [2]. Macro and Industry News On May 9th, the 100,000 - ton industrial silicon technological transformation project of Xinjiang Yaoju Silicon - based New Materials Co., Ltd. in Heshuo County started. The project has a total investment of 1.268 billion yuan and is expected to bring significant economic benefits after production [4]. Trend Strength The trend strength of both industrial silicon and polysilicon is - 1, indicating a relatively bearish outlook [4].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the given content. 2. Core View of the Report The report indicates that the industrial silicon market is experiencing weak demand, with the futures market showing a weak and volatile trend, while the polysilicon market is also weak due to the fermentation of news. The trend strength of both industrial silicon and polysilicon is -1, indicating a bearish outlook [1][2][4]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Market**: The closing prices of Si2506 and PS2506 decreased compared to previous periods. Si2506's closing price dropped by 980 yuan/ton compared to a month ago, and PS2506's by 640 yuan/ton compared to a week ago. Trading volumes and open interest also showed varying degrees of decline [2]. - **Basis**: Industrial silicon's spot premiums or discounts showed different trends compared to different benchmarks, and polysilicon's spot premium (against N - type recycled feedstock) increased by 610 yuan/ton compared to the previous day [2]. - **Prices**: The prices of industrial silicon (such as East - China oxygen - passing Si5530 and Yunnan Si4210) and polysilicon (N - type recycled feedstock) decreased to varying degrees. The prices of related products in the photovoltaic industry chain also generally declined, like silicon wafers, battery cells, and components [2]. - **Profits**: The profits of silicon factories (both in Xinjiang and Yunnan) and polysilicon enterprises were mostly negative, and the profit margins of DMC and recycled aluminum enterprises also changed [2]. - **Inventory**: Industrial silicon's social, enterprise, and industry inventories decreased to varying degrees, while polysilicon's factory inventory increased [2]. - **Raw Material Costs**: The prices of raw materials for industrial silicon, such as silicon ore, washed coking coal, petroleum coke, and electrodes, showed different trends, with some remaining stable and some changing slightly [2]. 3.2 Macro and Industry News As of the end of March, the national cumulative power generation installed capacity was 3.43 billion kilowatts, with solar power and wind power showing significant year - on - year growth. The national power generation equipment's average utilization hours decreased, power source project investment declined, and grid project investment increased [2][4].

证券代码：605399 证券简称：晨光新材 公告编号：2025-013 江西晨光新材料股份有限公司 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江西晨光新材料股份有限公司（以下简称"公司"）根据上海证券交易所《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》《上市公司行业 信息披露指引第十三号——化工》有关规定，将公司 2025 年第一季度主要经营 数据披露如下： 注 1：功能性硅烷原料及中间体主要用于合成制备功能性硅烷产品，仅少量 对外销售。 注 2：上述产品的产量、销量为合并报表层面的统计数据。以上销售金额为 不含税金额。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 注：以上价格为不含税价格。 （二）主要原材料价格变动情况 －1－ 一、主要产品的产量、销售及收入实现情况 主要产品 2025 年 1-3 月份 产量（吨） 2025 年 1-3 月份销 量（吨） 2025 年 1-3 月份销 售金额（万元） 功能性硅烷 15,774.09 13,6 ...