每经AI快讯，夜盘期货收盘，国际铜夜盘收跌0.05%，沪铜收平，沪铝收涨0.12%，沪锌收跌0.13%，沪 铅收跌0.58%，沪镍收涨0.69%，沪锡收涨0.05%。氧化铝夜盘收涨0.07%，铝合金收跌0.02%。不锈钢夜 盘收涨0.16%。 ...

市场情绪扰动，盘面波动加剧 工业硅/多晶硅 20251124 博士后工作站 | 宏观研究 | 大宗商品 周贵升 从业资格证：F3036194 投资咨询证：Z0015986 工业硅 价格：现货方面，本周工业硅现货价格波动幅度加大。截至2025年11月21日，新疆工业硅553#通氧价格为8900元/吨， 环比上周持平。期货方面，本周主力合约偏弱震荡后大幅冲高回落，截至11月21日主力合约收8960元/吨。 供应：新疆地区开工率保持稳定，供应以稳为主；西北青海、宁夏、甘肃地区开工变化不大；云南地区个别硅企有减 停，产量小幅回落；四川地区平水期，月底将进入枯水期，开工率将进一步下调。整体而言，工业硅产量环比下降。 需求：多晶硅企业周度开工环比持稳，对工业硅需求较为稳定；有机硅开工环比基本稳定，近期有少量单体产能增开， 有机硅反内卷会议后价格出现调涨，引发硅能源大幅反弹，但随后市场逐步消化情绪，价格也有所回落；铝合金企业 开工率小幅增加，下游订单需求尚可。出口方面，10月工业硅出口4.51万吨，环比减少36%，同比减少31%。 成本：本周工业硅成本暂稳。 库存：SMM统计11月20日工业硅全国社会库存共计54.8万吨， ...

》查看更多金属库存信息 | 金屋 | 阵存 | 增减 变动 | | --- | --- | --- | | 铜 | 155750 | 1 +725 ↑ +0.47% | | 铝 | 545950 | ﺑﺴ -2.050 J -0.37% | | 锌 | 47425 | 1 +100 ↑ +0.21% | | 煌 | 253482 | ﺒــ -468 J -0.18% | | 铝 | 265275 | 1 +2,425 1 +0.92% | | 锡 | 3085 | 0 - 0.00% | | 铝合金 | 1500 | 0 - 0.00% | LME铅库存 | 地点 | | 前日库存 入库 出库 | | 今日库存 | 变动 | 注册仓单 | 注销仓单 | 注销占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 铝 | 262850 | 4350 1925 265275 | | | +2425 | 119525 | 145750 | 54.94% | | 新加坡 | 218850 | 4350 1900 | | 221300 | +245 ...

投资咨询业务资格：证监许可【2012】31号 【新能源周报】 高位出现分歧，锂价面临回调压力 国贸期货贵金属与新能源研究中心 2025-11-24 分析师：白素娜 从业资格证号：F3023916 投资咨询证号：Z0013700 助理分析师：陈宇森 从业资格证号： F03123927 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 目录 01 02 工业硅（SI） 多晶硅（PS ） 碳酸锂（LC ） 01 PART ONE 工业硅（SI） 多晶硅（PS） 工业硅 ：去库加大、成本上移 ，工业 硅震荡偏强 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | | | （1）全国周产8.92 万吨，环比-1.42%；全国开炉262 台，环比-5台。 | | 供给端 | 偏多 | （2）主产区：新疆地区周产4.97 吨，环比-2.84%，开炉数环比-2台。内蒙古地区周产1.11 万吨，环比-1.60%，开炉数环比一致。云南地区周 | | | | 产0.69 万吨，环比一致，开炉数环比-2台。四川地区周产0.68 万吨，环比-1.4 ...

Core Viewpoint - The stock of Jiaozuo Wanfang has shown a significant increase in price this year, with a year-to-date rise of 52.94%, despite recent fluctuations in the short term [1][2]. Group 1: Stock Performance - As of November 24, Jiaozuo Wanfang's stock price reached 9.62 CNY per share, with a trading volume of 2.49 billion CNY and a market capitalization of 11.469 billion CNY [1]. - The stock has experienced a decline of 8.56% over the last five trading days and a slight decrease of 0.93% over the last 20 days, while it has increased by 4.57% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on March 18 [1]. Group 2: Financial Performance - For the period from January to September 2025, Jiaozuo Wanfang reported a revenue of 4.982 billion CNY, reflecting a year-on-year growth of 4.03%, and a net profit attributable to shareholders of 906 million CNY, which is a significant increase of 71.58% year-on-year [2]. - The company has distributed a total of 1.759 billion CNY in dividends since its A-share listing, with 405 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of November 20, the number of shareholders for Jiaozuo Wanfang increased to 67,700, marking a rise of 1.53%, while the average number of circulating shares per shareholder decreased by 1.50% to 17,611 shares [2]. - Notable institutional shareholders include Shenwan Hongyuan Securities Co., Ltd., which holds 24.1652 million shares, and Hong Kong Central Clearing Limited, which is a new shareholder with 18.2101 million shares [3].

11月24日，宜安科技盘中上涨2.03%，截至13:39，报15.11元/股，成交2.15亿元，换手率2.11%，总市值 104.32亿元。 资金流向方面，主力资金净流出1183.33万元，特大单买入419.40万元，占比1.95%，卖出1217.91万元， 占比5.67%；大单买入4701.41万元，占比21.89%，卖出5086.22万元，占比23.68%。 宜安科技今年以来股价涨105.30%，近5个交易日跌2.45%，近20日跌9.90%，近60日跌14.58%。 今年以来宜安科技已经4次登上龙虎榜，最近一次登上龙虎榜为8月20日。 宜安科技所属申万行业为：有色金属-工业金属-铝。所属概念板块包括：具身智能、液态金属、柔性电 子、毫米波雷达、消费电子等。 截至9月30日，宜安科技股东户数5.72万，较上期增加33.81%；人均流通股12016股，较上期减少 25.19%。2025年1月-9月，宜安科技实现营业收入11.64亿元，同比减少1.75%；归母净利润34.30万元， 同比减少86.02%。 分红方面，宜安科技A股上市后累计派现1.58亿元。近三年，累计派现207.13万元。 机构持仓方面，截止 ...

2025 年 11月 24 日 中注销 航 投资咨询从业资格号:Z0018008 zhanghang2@gtht.com 张 工业硅、多品硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2601收盘价(元/吨) | 8.960 | -115 | -60 | 475 | | | | Si2601成交量(手) | 329,676 | -244.669 | 36, 466 | 224, 154 | | | | Si2601持仓量(手) | 261, 004 | -12, 974 | 9.702 | 164, 450 | | | 工业硅、多晶硅期货市场 | PS2601收盘价(元/吨) | 53.360 | 910 | -685 | l | | | | PS2601成交量(手) | 343, 398 | 38, 563 | 72, 791 | | | | | PS2601持仓量(手) | 126, 266 | -8, 026 | -18, 925 | = | | | | 工业硅 ...

万林新（联系人） 0755-23375162 wanlx@wkqh.cn 交易咨询号：Z0020771 工业硅情绪波动，多晶硅震荡博弈 工业硅&多晶硅周报 从业资格号：F03133967 2025/11/22 陈张滢（黑色建材组） 从业资格号：F03098415 CONTENTS 目录 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 04 多晶硅 02 期现市场 05 有机硅 ◆ 需求： 01 周度评估及策略推荐 周度要点小结 百川盈孚口径下多晶硅周度产量为2.75万吨，环比继续下降。 百川盈孚口径DMC库存4.38万吨，环比+0.17万吨。 1-10月，铝合金累计产量1576.00万吨，累计同比+254.20万吨或+19.23%。 1-10月，我国工业硅累计净出口59.80万吨，累计同比+0.97万吨或+1.66%。 ◆ 库存：百川盈孚统计口径工业硅库存66.01万吨，环比-1.86万吨。其中，工厂库存26.32万吨，环比-0.48万吨；市场库存18.50万吨，环比 +0.10万吨；已注册仓单库存21.19万吨，环比-1.48万吨。 ◆ 截至2025/11/21，华东地区553# ...

（文章来源：每日经济新闻） 每经AI快讯，11月22日，国际铜夜盘收涨0.13%，沪铜收涨0.21%，沪铝收跌0.35%，沪锌收跌0.60%， 沪铅收跌0.38%，沪镍收涨0.20%，沪锡收跌0.18%。氧化铝夜盘收跌0.07%，铝合金收跌0.27%。不锈钢 夜盘收跌0.49%。 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Industrial silicon's main contract will mainly fluctuate within the range of 8800 - 9400, and polysilicon's main contract will mainly fluctuate in the short - term, with the range of 51000 - 56000 [6]. - Next week, the demand side of industrial silicon remains weak, although some sub - sectors have stable demand, it's difficult to change the overall pattern and restrains price increase. The supply contraction of polysilicon will continue next week, providing some bottom support for prices, but the demand side is also weak and hard to drive price increase [6]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Key Points Summary - **Market Performance**: As of November 20, industrial silicon rose 0.61% this week, and polysilicon fell 2.95%. The industrial silicon futures market first rose and then fell. Polysilicon first rose slightly and then declined [6]. - **Market Outlook for Industrial Silicon**: Supply may further decrease due to the dry season. Organic silicon's actual procurement demand for industrial silicon has decreased, and polysilicon enterprises mainly purchase industrial silicon for rigid needs. The demand for industrial silicon from the aluminum alloy industry is growing steadily but cannot make up for the weakness in other fields [6]. - **Market Outlook for Polysilicon**: The supply contraction will continue. The demand from the photovoltaic industry shows a differentiated pattern of "weak terminal, stable middle". The overall demand is weak [6]. 3.2 Futures and Spot Market - **Futures Price**: As of November 20, 2025, the industrial silicon futures price was 9075 yuan/ton, and the polysilicon futures price was 52450 yuan/ton [12]. - **Spot Price and Basis**: Industrial silicon's spot price increased, and the basis increased. As of November 20, 2025, the spot price was 9550 yuan/ton, and the basis was 475 yuan/ton. Polysilicon's spot and futures prices increased, and the basis weakened. As of November 20, 2025, the spot price was 52.3 yuan/kg, and the basis was - 150 yuan/kg [19][26]. - **Production and Capacity Utilization**: As of November 20, 2025, the national industrial silicon production was about 78,500 tons, and the capacity utilization rate was 54.06% [30]. 3.3 Industry Situation - **Cost**: During November 13 - 20, 2025, the electricity price in the southwest region increased, while that in the northwest remained stable. The cost of industrial silicon increased [35]. - **Warehouse Receipts**: As of November 20, 2025, the number of industrial silicon warehouse receipts was 43,297 lots, a decrease of 2369 lots from the previous period [39]. - **Organic Silicon**: As of November 20, 2025, the weekly production of organic silicon was 47,500 tons (0% increase), and the weekly operating rate was 72.18% (0% increase). The cost, spot price, and profit of organic silicon increased, and the production is expected to remain unchanged [46][52]. - **Aluminum Alloy**: As of November 20, 2025, the aluminum alloy price was 21,400 yuan/ton, a decrease of 100 yuan/ton from the previous week, and the inventory was 75,200 tons, an increase of 3100 tons from the previous week. The demand for industrial silicon is expected to weaken [60]. - **Silicon Wafer and Battery Cell**: As of November 20, 2025, the silicon wafer price was 1.44 yuan/piece, a decrease of 0.03 yuan/piece from the previous week, and the battery cell price was 0.29 yuan/watt, a decrease of 0.00 yuan/watt from the previous week. The demand for polysilicon is expected to be negative [64]. - **Polysilicon Cost, Profit, and Inventory**: As of November 20, the polysilicon profit was 11,880 yuan/ton, the average cost was 40,888 yuan/ton, and the inventory was 265,700 tons [71].