几何时，"青岛制造"是国际订单簿上闪亮的名字，依托港口优势与勤劳智慧，无数青岛企业乘风破浪， 将产品送往全球。然而近来，国际贸易环境复杂多变，曾经的"安全感"正被"不确定性"所取代。转型不 再是锦上添花的远景规划，而是迫在眉睫的生存之战与涅槃之机。从贴牌到创牌，从单打独斗到抱团出 海，从受制于人到自主研发……青岛外贸企业走出了一条多元化的突围路径。近日，青岛早报记者走访 多家企业，解码岛城外贸企业转型背后的故事。 逆势增长：代工企业的品牌化突围 "我们也曾走过代工的老路。"青岛绿清新国际贸易有限公司创始人张斌回忆道。2014年，在一个破旧的 小民房里，1990年出生的张斌开始了自己的创业之旅。从给欧美客户做代工开始，经过10余年的发展， 如今，他已经将公司打造成一家集研发、生产、销售于一体的跨境企业，为国外的竞技运动、户外休闲 等用户提供一站式全方位产品与服务。 "我大学是学国际贸易专业的，在创业之初，我们做的是传统外贸业务，主要从事食品的进出口。"张斌 说，经历过几次失败之后，他将目光转向工艺品、珠宝等的海外销售。"我有个亲戚在城阳区开了一家 小工艺品工厂，他们负责生产，我们负责拿货销售。"张斌说，一次偶然 ...

2025 年 06 月 13 日 工业硅：以空配思路为主 多晶硅：现货弱势，盘面具下行驱动 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） Si2507成交量（手） | 7,455 309,628 | -105 -190,329 | 320 -108,217 | -865 60,563 | | | | Si2507持仓量（手） | 121,504 | -25,532 | -62,461 | -50,121 | | 工业硅、多晶硅期货市场 | | PS2507收盘价（元/吨） | 33,585 | -670 | -955 | - | | | | PS2507成交量（手） | 65,591 | -14,270 | -61,838 | - | | | | PS2507持仓量（手） | 61,698 | 1,499 | -4,104 | - ...

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]

玉米芯被加工生产成主产品糠醛，应用于树脂制造、食品添加剂等领域，副产品糠醛渣被用作生物质燃 料或有机肥原料；锅炉排放的草木灰富含钾元素，可作为钾肥原料……在位于内蒙古自治区鄂尔多斯市 达拉特旗的内蒙古心连心生物科技有限公司，玉米芯通过各项技术手段被"吃干榨尽"，实现"取之于 田，还之于田"。 "我们每年玉米芯的需求量约为25万吨，收购半径达200公里，生产过程基本实现了废弃物零排放，二氧 化碳年减排量达18万吨。"该公司总经理李典袁告诉记者，目前公司还在不断优化生产流程，提升产品 质量。除主产品之外，公司已与多家企业签订战略合作协议，供应生物质燃料和有机肥原料，"我们拟 与嘎查村合作，集中收集玉米芯，还利于民。同时扶持当地发展下游产业，建设生物质颗粒厂等，带动 农民就业增收"。 走进位于巴彦淖尔市乌拉特后旗的巴彦淖尔工业固危废资源化循环产业项目（一期工程）建设现场，一 台台航天热解相关设备被精准吊装到位，工作人员正在对就位的航天热解预处理车间的加药装置设备进 行安装，项目建设如火如荼。 该项目负责人张文平介绍，项目总投资3.7亿元，分两期建设。项目采用北京航天动力研究所的航天热 解处理工艺技术和设备，与传统焚 ...

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 ...

商 品 研 究 2025 年 05 月 15 日 工业硅：市场情绪扰动 多晶硅：关注现货报价情况 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 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2506收盘价（元/吨） | 8,490 | 260 | 200 | -1,020 | | | | Si2506成交量（手） | 382,636 | 52,036 | 139,626 | 224,044 | | | | Si2506持仓量（手） | 146,525 | -15,774 | -36,257 | -1,968 | | 工业硅、多晶硅期货市场 | | PS2506收盘价（元/吨） | 38,420 | 150 | 2,900 | - | | | | PS2506成交量（手） | 236,082 | -85,900 | 100,916 | - | | | | PS2506持仓量（手） | 44,692 | ...

风险提示：在建项目进度低于预期，产品和原料价格波动。 本报告导读： 我们看好平台型企业多元产品矩阵接力，国产替代与海外拓展双轮驱动。 投资要点： 维持"增持"评 级。考虑到外部环境影响陶瓷墨水需求，以及费用端偏刚性，我们下调25-26 年EPS 至 0.77/0.93 元（原为0.88/1.04 元）,新增27 年EPS 为1.11 元。参考可比公司估值及考虑公司成长性，给予 25 年25 倍PE 估值，对应目标价为19.25 元。 公司业绩稳健增长。2024 年，公司实现营收40.47 亿元，同比+4.86%；扣非后归母净利5.81 亿元，同比 +7.05%；其中，24Q4 营收10.80 亿元，同比+0.78%，环比+6.67%。扣非后净利1.27 亿元，同 比-8.69%，环比-12.73%。25Q1 营收9.75 亿元，同比+17.94%，环比-9.76%。扣非后净利1.27 亿元，同 比+4.88%，环比-0.17%。 平台型企业多元产品矩阵接力。2024 年，电子材料、催化材料、生物医疗、新能源材料、精密陶瓷、 数码打印及其他材料营收分别同比+4.22%、+10.01%、+6.53%、+48.34 ...

| | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | | | Si2506收盘价（元/吨） Si2506成交量（手） | 8,800 177,294 | 20 -11,148 | -60 -6,781 | -980 24,117 | | | Si2506持仓量（手） | 188,093 | -5,009 | 107,964 | -54,588 | | 工业硅、多晶硅期货市场 | PS2506收盘价（元/吨） | 37,780 | -610 | -640 | - | | | PS2506成交量（手） | 80,862 | -14,668 | -78,401 | - | | | PS2506持仓量（手） | 55,092 | -948 | -11,338 | - | | | 工业硅：近月合约对连一价差（元/吨） | -30 | 0 | 0 | -30 | | | 工业硅：买近月抛连一跨期成本（元/吨） | 50.7 | 0.0 | 0.1 | -5.1 | | | 多晶硅：近月合约对连一价差（元/吨） | 1290.0 | ...

证券代码：603938 证券简称：三孚股份 公告编号：2025-026 唐山三孚硅业股份有限公司 2025年第一季度主要经营数据公告 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 | 主要产品 | 2025年1-3月 平均售价（元/吨） | 2024年1-3月 平均售价（元/吨） | 变动幅度（%） | | --- | --- | --- | --- | | 硅系列产品 | 4,999.46 | 6,176.69 | -19.06 | | 钾系列产品 | 5,059.23 | 4,708.02 | 7.46 | | 硅烷偶联剂产品 | 13,835.76 | 14,715.38 | -5.98 | 一、主要产品的产量、销量及收入实现情况 主要产品 2025年1-3月 产量（吨） 2025年1-3月 销量（吨） 2025年1-3月 销售金额（万元） 硅系列产品 15,884.58 16,146.18 8,072.23 钾系列产品 53,008.62 55,703.28 28,181.55 硅烷偶联剂产品 8,017.09 8,422.12 11,652.65 注：以上价格为不含税价格。 本公司 ...

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 ...