万林新（联系人） 0755-23375162 wanlx@wkqh.cn 交易咨询号：Z0020771 工业硅震荡调整；多晶硅风险担忧 下市场情绪宣泄，短期盘整运行 工业硅&多晶硅周报 从业资格号：F03133967 2026/01/10 陈张滢（黑色建材组） 从业资格号：F03098415 CONTENTS 目录 01 周度评估及策略推荐 04 多晶硅 02 期现市场 05 有机硅 03 工业硅 06 硅铝合金及出口 产业链示意图 01 周度评估及策略推荐 周度要点小结 ◆ 需求： 百川盈孚口径下多晶硅周度产量为2.54万吨，环比小幅下行。 百川盈孚口径DMC产量4.4万吨，环比-0.04万吨。 1-11月，铝合金累计产量1745.60万吨，累计同比+289.50万吨或+19.88%。 1-11月，我国工业硅累计净出口65.14万吨，累计同比+1.24万吨或+1.95%。 ◆ 库存：截至2026/1/9，百川盈孚统计口径工业硅库存51.23万吨，环比+0.33万吨。其中，工厂库存26.69万吨，环比-0.10万吨；市场库存 19.10万吨，环比+0.10万吨；已注册仓单库存5.44万吨，环比+0.33万吨。 ...

万林新（联系人） 0755-23375162 wanlx@wkqh.cn 交易咨询号：Z0020771 工业硅供需难改善，震荡偏弱； 多晶硅风控措施降温，观察为主 工业硅&多晶硅月报 从业资格号：F03133967 2026/01/04 陈张滢（黑色建材组） 从业资格号：F03098415 CONTENTS 目录 01 月度评估及策略推荐 04 多晶硅 02 期现市场 05 有机硅 03 工业硅 06 硅铝合金及出口 产业链示意图 01 月度评估及策略推荐 月度要点小结：工业硅 ◆ 截至2025/12/31，华东地区553#（不通氧）工业硅现货报价9200元/吨，月环比-150元/吨；421#工业硅现货报价9650元/吨，折盘面价8850 元/吨，月环比-150元/吨。 ◆ 成本：据百川盈孚数据，12月末调研工业硅主产区成本中，新疆平均成本报8487.50元/吨（在产企业综合成本，下同）；云南地区报 9720.00元/吨；四川地区报9775.00元/吨。 ◆ 供给：2025年12月，百川盈孚口径下工业硅产量35.59万吨，环比-0.42万吨，1-12月累计产量405.52万吨，同比-65.23万吨或-13.8 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司跟篮箭航天有合作吗？ 立中集团（300428.SZ）12月25日在投资者互动平台表示，公司持续拓展商业航天领域的产品应用，积 极对接国内外航空航天产业链中的材料和零部件供应商。目前，公司研发和生产的铝基稀土中间合金和 高端铝基中间合金已应用于民用飞机、商用飞机、飞行器、火箭等部件的铝合金制造；生产的航空航天 级特种中间合金主要应用于航空航天的钛合金和高温合金领域，已成功间接用于制造飞机发动机排气 塞、发动机扇叶、喷嘴构件、起落架、制动盘和紧固件等关键部位，也可间接用于生产火箭结构件；此 外，公司研发的硅铝合金、铝基复合材料、微晶铝合金材料和3D打印铝合金材料等硅铝弥散复合新材 料可用于航空航天电子封装、飞机部件、火箭部件、光学设备等。 ...

每经AI快讯，有投资者在投资者互动平台提问：公司在商业航空航天方面是只跟国内企业有合作，还 是跟国外的企业也有相关合作？ （文章来源：每日经济新闻） 立中集团（300428.SZ）12月25日在投资者互动平台表示，公司持续拓展商业航天领域的产品应用，积 极对接国内外航空航天产业链中的材料和零部件供应商。目前，公司研发和生产的铝基稀土中间合金和 高端铝基中间合金已应用于民用飞机、商用飞机、飞行器、火箭等部件的铝合金制造；生产的航空航天 级特种中间合金主要应用于航空航天的钛合金和高温合金领域，已成功间接用于制造飞机发动机排气 塞、发动机扇叶、喷嘴构件、起落架、制动盘和紧固件等关键部位，也可间接用于生产火箭结构件；此 外，公司研发的硅铝合金、铝基复合材料、微晶铝合金材料和3D打印铝合金材料等硅铝弥散复合新材 料可用于航空航天电子封装、飞机部件、火箭部件、光学设备等。 ...

（文章来源：证券日报） 证券日报网讯 12月24日，立中集团在互动平台回答投资者提问时表示，在航空航天领域，公司研发和 生产的铝基稀土中间合金和高端铝基中间合金已应用于民用飞机、商用飞机、飞行器、火箭等部件的铝 合金制造；生产的航空航天级特种中间合金主要应用于航空航天的钛合金和高温合金领域，已成功间接 用于制造飞机发动机排气塞、发动机扇叶、喷嘴构件、起落架、制动盘、紧固件等关键部位和火箭的结 构部件；此外，公司研发的硅铝合金、铝基复合材料、微晶铝合金材料和3D打印铝合金材料等硅铝弥 散复合新材料可用于航空航天电子封装、飞机部件、火箭部件、光学设备等。 ...

格隆汇12月24日丨立中集团(300428.SZ)在互动平台表示，在航空航天领域，公司研发和生产的铝基稀 土中间合金和高端铝基中间合金已应用于民用飞机、商用飞机、飞行器、火箭等部件的铝合金制造；生 产的航空航天级特种中间合金主要应用于航空航天的钛合金和高温合金领域，已成功间接用于制造飞机 发动机排气塞、发动机扇叶、喷嘴构件、起落架、制动盘、紧固件等关键部位和火箭的结构部件；此 外，公司研发的硅铝合金、铝基复合材料、微晶铝合金材料和3D打印铝合金材料等硅铝弥散复合新材 料可用于航空航天电子封装、飞机部件、火箭部件、光学设备等。 ...

Core Viewpoint - The company has developed new materials such as silicon-aluminum alloy and aluminum carbide silicon, which are currently used in aerospace, optics, and integrated electronic packaging, as well as chip packaging. These materials are also applicable for the casing packaging of optical modules in CPO [1] Group 1 - The new materials are utilized in aerospace and optical fields [1] - The materials are suitable for integrated electronic packaging and chip packaging [1] - The company’s products can be applied in the casing packaging of optical modules in CPO [1]

万林新（联系人） 0755-23375162 wanlx@wkqh.cn 交易咨询号：Z0020771 工业硅震荡跟随，多晶硅仓单与平 台公司博弈并存，宽幅波动 工业硅&多晶硅月报 从业资格号：F03133967 2025/12/05 陈张滢（黑色建材组） 从业资格号：F03098415 CONTENTS 目录 01 月度评估及策略推荐 04 多晶硅 02 期现市场 05 有机硅 03 工业硅 06 硅铝合金及出口 产业链示意图 01 月度评估及策略推荐 月度要点小结：工业硅 ◆ 截至2025/11/28，华东地区553#（不通氧）工业硅现货报价9350元/吨，月环比+50元/吨；421#工业硅现货报价9800元/吨，折盘面价9000元 /吨，月环比+100元/吨。 ◆ 成本：据百川盈孚数据，11月末调研工业硅主产区成本中，新疆平均成本报8504.17元/吨（在产企业综合成本，下同）；云南地区报 9766.67元/吨；四川地区报9720.00元/吨。 ◆ 供给：2025年11月，百川盈孚口径下工业硅产量36.01万吨，环比-4.47万吨，1-11月累计产量369.93万吨，同比-67.29万吨或-15.39% ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For industrial silicon, the supply is shrinking with the southwest region in the dry - season, and the demand from downstream industries like polysilicon and organic silicon is complex. The price is expected to range between 8,500 - 9,500 yuan/ton in the short - term, with supply - side factors being closely watched [3]. - For polysilicon, the supply is fluctuating, and the demand is weak due to factors such as reduced domestic tenders and overseas demand decline. The market is under pressure, and attention should be paid to the re - registration of warehouse receipts [3]. 3. Summary According to the Directory 3.1 Price Review - Industrial silicon futures' main contract closing price increased by 1.90% from 8,960 yuan/ton on 2025/11/21 to 9,130 yuan/ton on 2025/11/28. Polysilicon futures' main contract closing price rose by 5.74% from 53,360 yuan/ton to 56,425 yuan/ton. Most spot prices of industrial silicon remained stable, with only a few showing minor changes [9]. 3.2 Raw Material Prices - **Silica**: Downstream rigid - demand procurement continued, and the price of silica remained stable [14]. - **Electricity Price**: In the dry - season, the electricity price in the southwest region gradually increased, while in other regions, it showed different trends over time [20]. - **Electrode**: The electrode price remained stable. As of November 28, the average price of carbon electrodes was 7,200 yuan/ton, and that of graphite electrodes was 12,450 yuan/ton, both unchanged from the previous period [30]. - **Silicon Coal and Petroleum Coke**: The prices of silicon coal and petroleum coke were generally stable with minor fluctuations [32]. 3.3 Industrial Silicon Production and Price - **Profit**: In October, the average profit of industrial silicon 553 was - 917 yuan/ton, a month - on - month increase of 112 yuan/ton, and that of 421 was - 564 yuan/ton, a month - on - month increase of 101 yuan/ton [37]. - **Production**: In the week of November 28, the number of open furnaces of silicon enterprises decreased by 5, mainly in Sichuan, Chongqing, and Xinjiang. The total production showed a decreasing trend, and it was expected to be around 400,000 tons in December [38]. - **Price**: The spot price of industrial silicon was generally stable with minor fluctuations [49]. 3.4 Polysilicon Production and Price - **Production**: Last week, the polysilicon production was 24,000 tons, a week - on - week decrease of 3,100 tons. As of November 27, the inventory was 281,000 tons, an increase of 10,000 tons. In December, the production was expected to be around 110,000 tons [69]. - **Price**: The futures price was volatile and strong, and the spot price was firm [70]. 3.5 Silicon Wafer, Battery Cell, and Component - **Silicon Wafer**: The inventory continued to accumulate, and the price dropped again. Some enterprises sold silicon wafers at low prices to recover funds, but it couldn't stimulate more demand. It was expected that silicon wafer factories would significantly reduce production in December [75]. - **Battery Cell**: The inventory pressure was not relieved, and the price was continuously under pressure. Battery factories tightened demand and carried out price - limited procurement [80]. - **Component**: Terminal procurement decreased, and the component inventory fluctuated slightly [83]. 3.6 Organic Silicon - **Production**: In November, the DMC production in China was 217,600 tons, a month - on - month increase of 8,000 tons, and the operating rate was 74.79%, a month - on - month increase of 5.08 percentage points. The supply increased due to the resumption of previously shut - down and overhauled devices [94]. - **Price**: The price of organic silicon increased. As of November 28, the average price of DMC was 13,200 yuan/ton, a week - on - week increase of 0.76%; that of 107 glue was 13,850 yuan/ton, unchanged; and that of silicone oil was 14,700 yuan/ton, a week - on - week increase of 0.68%. Downstream rigid - demand procurement enthusiasm increased, but there was no large - scale inventory replenishment [101]. 3.7 Silicon Aluminum Alloy - **Production**: In the week of November 27, the operating rate of primary aluminum alloy was 60.2%, a week - on - week increase of 0.4 percentage points, and that of recycled aluminum alloy was 61.5%, a week - on - week increase of 0.9 percentage points [110]. - **Price**: The price of the silicon aluminum alloy fluctuated slightly. As of November 28, the average price of ADC12 was 21,350 yuan/ton, unchanged, and that of A356 was 21,900 yuan/ton, a week - on - week increase of 0.46% [113]. 3.8 Inventory and Supply - Demand Balance - **Inventory**: As of November 27, the social inventory of industrial silicon (social inventory + delivery warehouse) was 550,000 tons, a week - on - week increase of 2,000 tons; the total factory inventory of Xinjiang, Yunnan, and Sichuan was 179,600 tons, a week - on - week increase of 1,800 tons. As of November 28, the registered warehouse receipts on the exchange were 6,596 lots, equivalent to 33,000 tons of spot [125]. - **Supply - Demand Balance**: The report provided the monthly supply - demand balance sheet of industrial silicon from January 2024 to October 2025, showing different supply - demand situations in different months [126].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In the situation where neither supply nor demand can provide strong drivers, the price trend of industrial silicon shows a pattern of "stable spot prices and fluctuating futures prices." The futures price fluctuations mainly come from cost change expectations, capital sentiment, and event disturbances. Limited supply reduction, insufficient demand, and high inventory are important constraints on price breakthroughs, while cost is an important support at the lower end. The futures price may experience short - term pulse - type increases but lacks a sustainable trend. In the short term, the industrial silicon price is likely to remain range - bound. To achieve a trending market, new drivers are needed [1][30]. 3. Summary by Related Contents Supply - side Situation - In the southwest region, after entering the dry season, due to rising electricity prices and increased costs, the operating rates of some factories in Yunnan and Sichuan have significantly decreased. The weekly output has dropped by about 50% from the annual high, which is in line with seasonal characteristics. In the northwest region, production remains strong. Due to the advantage of coal - power costs and the ability to use hedging tools, enterprises can maintain a relatively high operating rate. As a result, the weekly national total output has decreased by less than 10% from the annual high. It is estimated that there is still some room for production decline in the southwest region. According to statistics, the production cost in Xinjiang is about 8,500 yuan/ton, significantly lower than that in the southwest region. If the northwest region maintains its operation, the overall production contraction is expected to be limited, and the impact of weather on production in the northwest needs to be monitored [6]. Demand - side Situation - **Polysilicon**: The polysilicon futures market focuses on warehouse receipts and the establishment of platform companies, with the near - month prices showing strength. However, from the perspective of the industrial chain supply - demand, the marginal change is not optimistic. In December, the production schedule of the downstream silicon wafer segment is 45.7GW, a decrease of about 16% compared to November's 54.37GW. The production schedule of the silicon material segment is 11.35 tons, with a limited month - on - month decline. The polysilicon inventory of silicon enterprises has reached 28 tons, and the pressure of inventory accumulation before the Spring Festival is increasing. Although the silicon material price is temporarily stable, with N - type material quoted at 50,000 - 52,000 yuan/ton, it is mainly a strategic price - holding behavior. If the platform company is established, the industry operating rate is expected to remain controlled, and the actual demand for industrial silicon will be insufficient [17]. - **Organic silicon**: The organic silicon industry has a greater impact on the industrial silicon market in terms of sentiment and expectations. After facing profit pressure and weak prices, the industry held a meeting, established a coordination mechanism, and planned to implement a production - reduction plan in early December, while also raising the spot price. Before December, the production of organic silicon DMC showed a slight increase, and the subsequent production - reduction plan is expected to have a relatively limited impact on the demand for industrial silicon. After the downstream profit is restored, the willingness to suppress the price of upstream raw materials may decrease, which will improve the price expectation of industrial silicon to some extent. However, if the production - reduction plan is fully implemented, the procurement of industrial silicon will be difficult to increase in a certain period [22]. - **Silicon - aluminum alloy and exports**: Driven by the industrial manufacturing and automotive industries, the operating rate of aluminum alloy has recently increased. After the end of the export rush, the export of industrial silicon decreased significantly in October, which cannot change the overall weak demand pattern [29].