截至9月30日，永茂泰股东户数1.76万，较上期减少26.58%；人均流通股18746股，较上期增加36.21%。 2025年1月-9月，永茂泰实现营业收入42.75亿元，同比增长54.66%；归母净利润5017.52万元，同比增长 39.58%。 分红方面，永茂泰A股上市后累计派现9130.00万元。近三年，累计派现2926.00万元。 责任编辑：小浪快报 融券方面，永茂泰11月21日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，上海永茂泰汽车科技股份有限公司位于上海市青浦区练塘镇章练塘路577号，成立日期2002 年8月12日，上市日期2021年3月8日，公司主营业务涉及从事汽车用铝合金和汽车用铝合金零部件的研 发、生产和销售。主营业务收入构成为：铝合金液41.92%，铝合金锭33.42%，汽车零部件22.98%，铝 合金加工0.97%，其他0.71%。 11月21日，永茂泰跌4.94%，成交额8562.47万元。两融数据显示，当日永茂泰获融资买入额1131.13万 元，融资偿还988 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - **Industrial Silicon**: The supply side has a slight reduction in production scheduling, around the historical average. Demand recovery is at a low level, and cost support has increased. It is expected to fluctuate in the range of 8970 - 9180 for the 2601 contract [3][6]. - **Polysilicon**: The short - term production scheduling on the supply side is reduced, with a mid - term recovery expected. The demand side shows a continuous decline in silicon wafer, battery cell, and component production, indicating a continuous decline in overall demand. Cost support remains stable. It is expected to fluctuate in the range of 51620 - 53280 for the 2601 contract [8]. 3. Summary by Relevant Catalogs 3.1 Daily Views 3.1.1 Industrial Silicon - **Supply**: Last week's supply was 91,000 tons, unchanged from the previous week [5]. - **Demand**: Last week's demand was 84,000 tons, a 2.44% increase from the previous week. Polysilicon inventory is at a low level, organic silicon is in a loss state with a 72.18% comprehensive utilization rate, and the aluminum alloy ingot inventory is at a high level [5]. - **Cost**: The production loss of sample oxygen - passing 553 in Xinjiang is 2,874 yuan/ton, and cost support has increased during the dry season [5]. - **Basis**: On November 20, the spot price of non - oxygen - passing silicon in East China was 9,350 yuan/ton, and the basis of the 01 contract was 275 yuan/ton, with the spot price higher than the futures price [5]. - **Inventory**: The social inventory is 546,000 tons, a 1.08% decrease from the previous week; the sample enterprise inventory is 177,800 tons, a 3.01% increase; the main port inventory is 127,000 tons, unchanged [6]. - **Market**: The MA20 is upward, and the price of the 01 contract closes below the MA20 [6]. - **Main Position**: The main position is net short, with an increase in short positions [6]. 3.1.2 Polysilicon - **Supply**: Last week's production was 27,100 tons, a 1.11% increase from the previous week. The predicted production scheduling for November is 120,100 tons, a 10.37% decrease from the previous month [8]. - **Demand**: Last week's silicon wafer production was 13.12GW, a 2.45% decrease from the previous week, and the inventory increased by 5.13%. Currently, silicon wafer production is in a loss state. The production scheduling for November is 57.66GW, a 4.92% decrease from the previous month [8]. - **Cost**: The average cost of N - type polysilicon in the industry is 38,920 yuan/ton, and the production profit is 12,080 yuan/ton [8]. - **Basis**: On November 20, the price of N - type dense material was 51,000 yuan/ton, and the basis of the 01 contract was - 150 yuan/ton, with the spot price lower than the futures price [8]. - **Inventory**: The weekly inventory is 271,000 tons, a 1.49% increase from the previous week, at a low level compared to the same period in history [8]. - **Market**: The MA20 is upward, and the price of the 01 contract closes below the MA20 [8]. - **Main Position**: The main position is net short, changing from long to short [8]. 3.2 Market Overview 3.2.1 Industrial Silicon - The prices of most contracts decreased, with the 01 contract dropping 3.35% to 9,075 yuan/ton [15]. - The price of East China non - oxygen - passing 553 silicon remained unchanged at 9,350 yuan/ton [15]. - The social inventory decreased by 1.09% to 546,000 tons, and the sample enterprise inventory increased by 3.01% to 177,800 tons [15]. 3.2.2 Polysilicon - The prices of most contracts decreased, with the 01 contract dropping 3.98% to 52,450 yuan/ton [17]. - The weekly total inventory increased by 1.50% to 271,000 tons [17]. 3.3 Price and Inventory Trends - **Industrial Silicon**: The price - basis and delivery product price difference trends, inventory trends, production and capacity utilization trends, cost trends, and supply - demand balance sheets are presented [19][25][26][33][35]. - **Polysilicon**: The disk price trends, fundamental trends, supply - demand balance sheets, and trends of downstream products such as silicon wafers, battery cells, and components are presented [22][59][62][65]. 3.4 Downstream Industry Trends - **Organic Silicon**: The price, production, import - export, and inventory trends of DMC and its downstream products are presented [41][43][46]. - **Aluminum Alloy**: The price, supply, inventory, production, and demand (automobile and wheel hub) trends are presented [49][52][54]. - **Polysilicon**: The cost, price, inventory, production, and demand trends, as well as the trends of downstream products such as silicon wafers, battery cells, components, and photovoltaic accessories, are presented [59][65][68][71][74].

大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月20日 1 重要提示：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作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 供给端来看，上周工业硅供应量为9.1万吨，环比持平。 需求端来看，上周工业硅需求为8.4万吨，环比增长2.44%.需求有所抬升. 多晶硅库存为26.7万吨，处于低位，硅片亏损，电池片亏损，组件盈利； 有机硅库存为56300吨，处于低位，有机硅生产利润为-156元/吨，处于亏 损状态，其综合开工率为72.18%，环比持平，低于历史同期平均水平；铝 合金锭库存为7.21万吨，处于高位，进口亏损为410元/吨，A356铝送至无 锡运费和利润为669.5元/吨，再生铝开工率为60.6%，环比增加2.54%,处 于高位。 成本端来看，新疆地区样本通氧5 ...

Investment Project Overview - The company plans to invest in a new project through its wholly-owned subsidiary, Guangyuan Linfeng Aluminum Material Co., Ltd., to construct a green intelligent manufacturing project for aluminum-based new materials, producing 3 million aluminum alloy wheels in two phases [2][3] - The total investment for the project is 25.93 million yuan, with 14.2 million yuan allocated for construction and 11.73 million yuan for working capital, all funded by the company’s own resources [2][3] Financial Projections - Upon completion, the project is expected to generate an additional annual sales revenue of 118.218 million yuan, equivalent to 104.618 million yuan in net sales, with a total profit of 3.046 million yuan [6] - The project has a total investment return rate of 11.7%, a net profit margin of 8.8%, and an internal rate of return of 10.8%, with a payback period of 10 years [6] Company Background - Guangyuan Linfeng Aluminum Material Co., Ltd. was established on November 14, 2018, with a registered capital of 50 million yuan and is located in Guangyuan Economic and Technological Development Zone [4][5] - As of September 30, 2025, the company reported total assets of 134.756 million yuan and a net loss of 304.73 thousand yuan for the first nine months of 2025 [5] Market Context - The project aims to enhance the company's competitiveness in the aluminum alloy wheel market, which is experiencing increasing market concentration and intense price competition [3][8] - The demand for aluminum alloy wheels is expected to rise due to the growing electric vehicle market, where lightweight materials contribute to extended driving ranges [6] Strategic Importance - This investment is seen as a strategic move to leverage the company's industrial synergies, reduce production costs, and improve overall competitiveness [7]

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月19日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：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作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 供给端来看，上周工业硅供应量为9.1万吨，环比持平。 需求端来看，上周工业硅需求为8.4万吨，环比增长2.44%.需求有所抬升. 多晶硅库存为26.7万吨，处于低位，硅片亏损，电池片亏损，组件盈利； 有机硅库存为56300吨，处于低位，有机硅生产利润为-156元/吨，处于亏 损状态，其综合开工率为72.18%，环比持平，低于历史同期平均水平；铝 合金锭库存为7.21万吨，处于高位，进口亏损为410元/吨，A356铝送至无 锡运费和利润为652.84元/吨，再生铝开工率为60.6%，环比增加2.54%, 处于高位。 成本端来看，新疆地区样本通氧 ...

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月18日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：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作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 供给端来看，上周工业硅供应量为9.1万吨，环比持平。 需求端来看，上周工业硅需求为8.4万吨，环比增长2.44%.需求有所抬升. 多晶硅库存为26.7万吨，处于低位，硅片亏损，电池片亏损，组件盈利； 有机硅库存为56300吨，处于低位，有机硅生产利润为-156元/吨，处于亏 损状态，其综合开工率为72.18%，环比持平，低于历史同期平均水平；铝 合金锭库存为7.21万吨，处于高位，进口亏损为331元/吨，A356铝送至无 锡运费和利润为695.42元/吨，再生铝开工率为60.6%，环比增加2.54%, 处于高位。 1、基本面: 偏多。 成本端 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For industrial silicon, the supply was 91,000 tons last week with no change from the previous week, while demand was 84,000 tons, a 2.44% increase. The cost support in Xinjiang has risen during the dry season. The 2601 contract is expected to fluctuate between 8930 - 9110 [7]. - For polysilicon, last week's production decreased by 0.74% to 26,800 tons, and the November production plan is expected to decrease by 10.37% compared to the previous month. The overall demand shows a continuous decline. The 2601 contract is expected to fluctuate between 53285 - 54805 [10]. Summary by Directory 1. Daily Viewpoints Industrial Silicon - Supply: Last week's supply was 91,000 tons, unchanged from the previous week [7]. - Demand: Last week's demand was 84,000 tons, a 2.44% increase. The demand for polysilicon, organic silicon, and aluminum alloy shows different trends [7]. - Cost: In Xinjiang, the production of sample oxygen - passing 553 silicon is at a loss of 2874 yuan/ton, and the cost support has increased during the dry season [7]. - Basis: On November 14th, the spot price of non - oxygen - passing silicon in East China was 9350 yuan/ton, and the basis of the 01 contract was 330 yuan/ton, with the spot price higher than the futures price [7]. - Inventory: The social inventory was 546,000 tons, a 1.08% decrease; the sample enterprise inventory was 172,600 tons, a 0.35% increase; and the main port inventory was 127,000 tons, unchanged [7]. - Disk: The MA20 is upward, and the 01 contract price closed above the MA20 [7]. - Main Position: The main position is net short, and the short position has decreased [8]. - Expectation: The supply production plan has decreased, and the demand recovery is at a low level. The cost support has increased. The 2601 contract is expected to fluctuate between 8930 - 9110 [8]. Polysilicon - Supply: Last week's production was 26,800 tons, a 0.74% decrease, and the November production plan is expected to be 120,100 tons, a 10.37% decrease compared to the previous month [10]. - Demand: The production and demand of silicon wafers, battery cells, and components are all in a downward trend, and the silicon wafer production is currently in a loss state [10]. - Cost: The average production cost of N - type polysilicon is 38,920 yuan/ton, and the production profit is 12,080 yuan/ton [10]. - Basis: On November 14th, the N - type dense material was 51,000 yuan/ton, and the basis of the 01 contract was - 1745 yuan/ton, with the spot price lower than the futures price [10]. - Inventory: The weekly inventory was 267,000 tons, a 3.08% increase, and it is at a low level compared to historical data [10]. - Disk: The MA20 is upward, and the 01 contract price closed above the MA20 [10]. - Main Position: The main position is net short, and the short position has increased [10]. - Expectation: The supply production plan continues to decrease, the demand shows a continuous decline, and the cost support remains stable. The 2601 contract is expected to fluctuate between 53285 - 54805 [10]. 2. Fundamental/Position Data - Industrial silicon market data includes prices, inventories, production, and opening rates of different contracts and regions. For example, the 01 contract price decreased by 1.37% to 9020 yuan/ton, and the weekly social inventory was 546,000 tons, a 1.09% decrease [16]. - Polysilicon market data includes prices, inventories, production, and export/import data of different contracts and downstream products. For example, the 01 contract price decreased by 0.28% to 54,045 yuan/ton, and the weekly silicon wafer inventory decreased by 22.06% to 26.5 GW [18].

Core Viewpoint - The company, Yiqiu Resources, is set to implement hedging activities to mitigate risks associated with price fluctuations in aluminum alloy ingots and non-ferrous metals, as approved by its board of directors [2][4]. Trading Information Summary - As of November 14, 2025, Yiqiu Resources' stock closed at 3.34 yuan, down 1.47%, with a turnover rate of 3.2%, trading volume of 705,400 shares, and a transaction value of 239 million yuan [1]. - On the same day, the net outflow of main funds was 37.03 million yuan, accounting for 15.51% of the total transaction value; retail investors had a net inflow of 33.26 million yuan, representing 13.93% of the total transaction value [1][5]. Company Announcement Summary - The sixth board of directors of Yiqiu Resources held its fifth meeting on November 14, 2025, where the proposal to conduct hedging activities was unanimously approved by all nine attending directors [2]. - The hedging activities will involve trading in futures related to aluminum alloy ingots and non-ferrous metals, utilizing derivatives such as options, futures, and forwards, with a maximum margin and premium limit of 9 million yuan and a maximum contract value of 2.1 billion yuan per trading day [3][4]. Risk Management Measures - The company has established a "Hedging Management Method" to define approval authority, business processes, and risk control measures, with regular reviews by the risk management department [3].

Core Viewpoint - The company Yiqiu Resources (601388) is planning to engage in hedging activities to mitigate market price volatility risks associated with its production and operations, particularly in aluminum alloy ingots and non-ferrous metals [1][2]. Company Announcement Summary - As of November 14, 2025, Yiqiu Resources' stock closed at 3.34 yuan, a 0.3% increase from the previous week, with a market capitalization of 7.352 billion yuan, ranking 44th in the industrial metals sector [1]. - The company held its sixth board meeting on November 14, 2025, where the proposal for hedging business was unanimously approved by all nine attending directors [1][3]. - The hedging activities will involve trading in futures and options, with a maximum margin and premium not exceeding 9 million yuan, and the highest contract value held on any trading day capped at 2.1 billion yuan [2][3]. - The funding for these activities will come from the company's own resources, and the authorization for this hedging business is valid for twelve months from the board's approval [2].

Core Viewpoint - The company plans to engage in hedging activities to mitigate price volatility risks associated with its aluminum alloy ingot business, which is influenced by market price fluctuations due to the time lag between procurement and sales [3][8]. Summary by Sections Transaction Overview - The company's aluminum alloy ingot business involves the entire process from sorting and smelting waste aluminum resources to producing recycled aluminum alloy ingots, while also recovering by-products such as ferrous and non-ferrous metals [3]. - The primary raw materials are sourced from the Americas and Europe, leading to exposure to market price fluctuations [3]. Transaction Amount - The maximum margin and premium for hedging activities will not exceed RMB 9 million or its equivalent in other currencies [2][4]. - The maximum contract value held on any trading day will not exceed RMB 2.1 billion or its equivalent in other currencies [2][4]. Funding Source - The funding for these hedging activities will primarily come from the company's own funds [4]. Transaction Method - The hedging will involve futures related to aluminum alloy ingots and non-ferrous metals [5][8]. - Various derivatives such as options, futures, and forwards will be utilized [6][8]. - Transactions will occur on compliant public trading venues, both domestic and international [7][8]. Approval Process - The board of directors approved the hedging proposal during the fifth meeting of the sixth board on November 14, 2025, without the need for shareholder approval [10][17]. Impact on the Company - The hedging activities are expected to align with the company's operational needs, effectively controlling risks associated with product price volatility and supporting stable operational performance [15]. - The company will adhere to relevant accounting standards for the proposed hedging activities, ensuring proper reflection in financial statements [15].