大全能源工作人员表示，成立光和谦成或是光伏反内卷的路径之一，该公司的成立目的是探索潜在的战 略合作机会，包括技术升级、市场拓展、成本优化等。受反内卷工作开展的影响，公司第三季度已实现 扭亏为盈。 | 北京光和谦成科技有限责任公司 | | 当前企业 | | --- | --- | --- | | 通威光伏科技(峨眉山)有限公司 大股东 | | 30.35% | | | | 91050万元 | | 协鑫科技咨询服务(苏州)有限公司 | | 16.79% | | | | 50370万元 | | + | 上海东方希望新能源科技有限公司 | 11.3% | | | | 33900万元 | | 新疆大全新能源股份有限公司 | | 11.13% | | 大全能源(688303.SH) > 赴美上市(DQ) | | 33390万元 | | 新特能源股份有限公司 | | 10.12% | | 新特能源(01799.HK) 周 | | 30360万元 | | | | 7.79% | | 亚洲硅业(青海) 股份有限公司 | | 23370万元 | | | | 5.13% | | 青海 | | 15390万元 | | 北京中光同合能 ...

公开资料显示，光和谦成的控股上市企业在业内具有举足轻重的地位。 作为光和谦成第一大股东的母公司，2025年中报显示，通威股份今年上半年实现多晶硅销售16.13万吨，全球市占率约30%，位 居行业第一；电池销量49.89GW，继续保持全球第一，并实现累计出货量突破300GW，持续刷新全球电池片销售纪录。 作为光和谦成持股股东，大全能源2025年中报显示，公司目前已形成年产30.5万吨高质量、低能耗、低成本的高纯多晶硅产能， 是多晶硅行业主要的市场参与者之一。根据中国光伏行业协会数据，2025年上半年我国国内多晶硅生产总量约59.6万吨，对应期 间该公司的多晶硅产量为5.08万吨，占国内多晶硅产量的8.52%，规模在业内稳居第一梯队。 控股股东新特能源主要从事高纯多晶硅的研发、生产和销售，以及风能、光伏电站的开发、建设和运营。2025年中报显示，公 司2025年上半年实现多晶硅产量3.36万吨，并积极采取参数精细管理、工艺优化、设备性能提升、数智赋能等提质降本措施，实 现多晶硅在产产能单位生产成本较上年同期下降约18%。此外，今年上半年，公司完成并确认收入的光伏及风电建设项目装机 约1.35GW。 企查查股权穿透 ...

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Last week, industrial silicon prices fluctuated downward. The main reasons were that the polysilicon production in November fell short of expectations, and the slowdown in photovoltaic installation at the end of the year led to a significant decline in silicon wafer production scheduling, dragging down the demand for upstream silicon materials. The overall sentiment in the industrial products market cooled. From the supply side, the operating rate in Xinjiang remained around 85%, the output in the southwest region decreased significantly during the dry season, and there was little expectation of increased production in Gansu and Inner Mongolia, resulting in a slight contraction in supply. From the demand side, the market - supporting effect of leading polysilicon enterprises was poor, the futures price dropped significantly last week, and the production scheduling in December was expected to continue to decline. The price of silicon wafers fell continuously last week, and battery enterprises effectively managed their safety inventory, forcing silicon enterprises to cut prices and dump products. The production scheduling of silicon wafers in December decreased by more than 15%. The decline of battery cells slowed down last week, and leading integrated enterprises increased production cuts in December, with market decisions being divided and the demand side tightening faster. The finished - product inventory of component enterprises was relatively stable, but the actual demand for concentrated installation decreased at the end of the year, and the number of provincial and municipal photovoltaic projects won by domestic enterprises decreased. The total procurement capacity won last week was 1232.8MW, a week - on - week decrease of 345.7MW. The social inventory of industrial silicon rose to 558,000 tons last week, and the spot market of industrial silicon shifted downward due to the decline in futures prices [2][5][9]. - Overall, the official manufacturing PMI in November was still in the contraction range, the polysilicon production fell short of expectations, and the production scheduling of the photovoltaic mid - and downstream in December decreased significantly. The overall sentiment in the industrial products market cooled. Technically, the main contract fell below the 9000 level and continued to decline weakly. It is expected that the futures price of industrial silicon will enter a weak and volatile state [2][9]. Summary by Directory Market Data - The price of the industrial silicon main contract on December 5 was 8805 yuan/ton, a decrease of 325 yuan/ton or 3.56% from November 28. The price of oxygen - passing 553 spot was 9450 yuan/ton, a decrease of 100 yuan/ton or 1.05%. The price of non - oxygen - passing 553 spot remained unchanged at 9350 yuan/ton. The price of 421 spot remained unchanged at 9800 yuan/ton. The price of 3303 spot remained unchanged at 10450 yuan/ton. The price of organic silicon DMC spot was 13600 yuan/ton, an increase of 400 yuan/ton or 3.03%. The price of polysilicon dense material spot remained unchanged at 52 yuan/ton. The social inventory of industrial silicon rose to 558,000 tons, an increase of 0.8 tons or 1.45% [3]. Market Analysis and Outlook - **Macro - aspect**: China's official manufacturing PMI in November rose to 49.2, a month - on - month increase of 0.2%. The production index was 50, indicating that manufacturing production was generally stable. The new order index was 49.2, a month - on - month increase of 0.4%, indicating that the market demand in the manufacturing industry was generally stable. The raw material inventory index was 47.3, remaining unchanged month - on - month, indicating a continuous decrease in the inventory of major raw materials. The employment index was 48.4, a month - on - month increase of 0.1%, indicating a slight improvement in the employment sentiment of manufacturing enterprises. The supplier delivery index was 50.1, a month - on - month increase of 0.1%, indicating a slight acceleration in the supplier delivery time [6]. - **Supply - demand aspect**: As of December 28, the weekly output of industrial silicon decreased to 81,000 tons, a week - on - week decrease of 8.7% and a year - on - year increase of 5.1%. The number of open furnaces in the three major industrial silicon production areas dropped significantly to 238, and the overall furnace - opening rate dropped to 29.9%. Among them, the number of open furnaces in Xinjiang decreased to 140, remaining unchanged week - on - week; in Yunnan, it decreased by 5 to 14; in Sichuan and Chongqing, it decreased by 13 to 8; in Inner Mongolia, it decreased by 1 to 32. The demand side showed that the market - supporting effect of leading polysilicon enterprises was poor, the futures price dropped significantly last week, and the production scheduling in December was expected to continue to decline. The price of silicon wafers fell continuously last week, and the production scheduling of silicon wafers in December decreased by more than 15%. The decline of battery cells slowed down last week, and leading integrated enterprises increased production cuts in December. The finished - product inventory of component enterprises was relatively stable, but the actual demand for concentrated installation decreased at the end of the year, and the number of provincial and municipal photovoltaic projects won by domestic enterprises decreased [5][7][9]. - **Inventory aspect**: As of December 5, the national social inventory of industrial silicon rose to 558,000 tons, a month - on - month increase of 8000 tons. The terminal consumption slowed down, and the registered warehouse receipt volume of the exchange continued to increase. As of December 5, the warehouse receipt inventory of the Guangzhou Futures Exchange rose to 7288 lots, totaling 36,400 tons. It is expected that the warehouse receipt inventory will continue to increase under the background of weakening marginal demand at the end of the year [8]. Industry News - On December 5, Daquan Energy held a performance briefing for the third quarter. The company's directors, board secretary Sun Yicheng, and CFO and deputy general manager Shi Wei attended the meeting and responded to core issues such as the trend of silicon material prices, the impact of industry policies, the company's operating performance, and technological layout. The company's N - type dense material in polysilicon products accounted for more than 70%, and there was no specific construction plan for granular silicon technology at present [10]. - The EU is considering setting a "Made in Europe" target of up to 70% for specific goods including automobiles. The policy may force EU enterprises to purchase more expensive European components, bringing them an additional cost of more than 10 billion euros per year. The proposal is expected to be submitted on December 10. Germany and other countries have indicated that they will support the "Buy European" rule, which may affect the automotive industry and clean - technology fields such as solar panels [11]. Related Charts - The report provides multiple charts including industrial silicon production, export volume, social inventory, Guangzhou Futures Exchange warehouse receipt inventory, main production area weekly output, organic silicon DMC production, polysilicon production, and various spot prices [13][14][16][17][18].

Core Viewpoint - Daqo Energy's stock price declined by 3.76% on November 21, with a trading volume of 353 million yuan, indicating a significant market reaction to recent financial data and trading activities [1] Financing Summary - On November 21, Daqo Energy had a financing buy-in amount of 24.66 million yuan and a financing repayment of 44.35 million yuan, resulting in a net financing outflow of 19.70 million yuan [1] - As of November 21, the total financing and securities lending balance for Daqo Energy was 719 million yuan, with the financing balance at 716 million yuan, accounting for 1.22% of the circulating market value, which is above the 70th percentile of the past year [1] - The securities lending activity on November 21 included a repayment of 14,300 shares and a sale of 30,600 shares, with a selling amount of 836,000 yuan, while the securities lending balance was 2.53 million yuan, exceeding the 80th percentile of the past year [1] Company Performance - As of September 30, Daqo Energy had 40,000 shareholders, an increase of 14.07% from the previous period, with an average of 53,635 circulating shares per person, up by 240.25% [2] - For the period from January to September 2025, Daqo Energy reported a revenue of 3.24 billion yuan, a year-on-year decrease of 46%, and a net profit attributable to shareholders of -1.07 billion yuan, a year-on-year increase of 2.36% [2] - Since its A-share listing, Daqo Energy has distributed a total of 9.74 billion yuan in dividends, with 8.59 billion yuan distributed over the past three years [2] Institutional Holdings - As of September 30, 2025, Daqo Energy's top ten circulating shareholders included notable ETFs, with E Fund's SSE STAR 50 ETF holding 23.26 million shares, a decrease of 3.38 million shares from the previous period [2] - Other significant shareholders included Huaxia's SSE STAR 50 ETF with 22.73 million shares (down 12.83 million shares) and Hong Kong Central Clearing Limited with 21.88 million shares (down 990,970 shares) [2]

Core Viewpoint - Daqo Energy's stock price has shown significant growth this year, with a year-to-date increase of 29.37%, reflecting strong market interest despite recent fluctuations in trading volume and net capital outflow [1][2]. Company Overview - Daqo Energy, established on February 22, 2011, and listed on July 22, 2021, is located in Shihezi City, Xinjiang, and specializes in the research, manufacturing, and sales of high-purity polysilicon [1]. - The company's main business revenue composition is 97.95% from high-purity polysilicon and 2.05% from by-products and others [1]. Financial Performance - For the period from January to September 2025, Daqo Energy reported an operating income of 3.243 billion yuan, a year-on-year decrease of 46.00%, and a net profit attributable to shareholders of -1.073 billion yuan, an increase of 2.36% year-on-year [2]. - Cumulatively, Daqo Energy has distributed 9.743 billion yuan in dividends since its A-share listing, with 8.588 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, Daqo Energy had 40,000 shareholders, an increase of 14.07% from the previous period, with an average of 53,635 circulating shares per shareholder, up 240.25% [2]. - The top ten circulating shareholders include major ETFs, with notable reductions in holdings for several funds, indicating potential shifts in institutional investment [3].

Group 1 - Leading photovoltaic companies are negotiating mergers and acquisitions with small and medium-sized enterprises to eliminate some companies and their production capacity [1] - A consortium of no more than 10 leading silicon material companies and financial institutions is being formed to establish a silicon material platform company, which will acquire the production capacity of other silicon material companies [1] - The industry aims to quickly reduce the production capacity of the silicon material sector, with the platform company expected to coordinate the production and sales across the entire silicon material industry [1] Group 2 - According to the latest reports, Tongwei Co., Ltd. achieved a sales volume of 161,300 tons of polysilicon in the first half of 2025, holding a global market share of approximately 30%, ranking first globally [2] - Daqo New Energy focuses on the research and sales of high-purity polysilicon, with an annual production capacity of 305,000 tons of high-quality, low-energy, and low-cost high-purity polysilicon, making it a major market participant in the polysilicon industry [2] - In the first three quarters of 2025, Daqo New Energy achieved a polysilicon product sales rate of 138% [2]

Core Viewpoint - Daqo Energy's stock price has shown a year-to-date increase of 24.69%, despite a recent decline of 1.15% over the last five trading days, indicating volatility in the market [1][2]. Group 1: Stock Performance - As of November 5, Daqo Energy's stock price reached 30.10 CNY per share, with a market capitalization of 64.571 billion CNY [1]. - The company experienced a net outflow of 4.1129 million CNY in principal funds, with significant buying and selling activity from large orders [1]. - Daqo Energy has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 59.9638 million CNY on July 2 [1]. Group 2: Financial Performance - For the period from January to September 2025, Daqo Energy reported a revenue of 3.243 billion CNY, a year-on-year decrease of 46.00%, while the net profit attributable to shareholders was -1.073 billion CNY, an increase of 2.36% [2]. - The company has distributed a total of 9.743 billion CNY in dividends since its A-share listing, with 8.588 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Daqo Energy had 40,000 shareholders, an increase of 14.07% from the previous period, with an average of 53,635 shares held per shareholder, up 240.25% [2]. - Major institutional shareholders include E Fund's CSI Star Market 50 ETF and Huaxia's CSI Star Market 50 ETF, both of which have reduced their holdings [3].

Core Viewpoint - Daqo Energy's stock price has experienced fluctuations, with a current price of 30.22 CNY per share, reflecting a year-to-date increase of 25.19% and a recent 5-day increase of 6.26% [1] Financial Performance - For the period from January to September 2025, Daqo Energy reported a revenue of 3.243 billion CNY, a year-on-year decrease of 46.00%, and a net profit attributable to shareholders of -1.073 billion CNY, an increase of 2.36% compared to the previous year [2] - Cumulative cash dividends since the company's A-share listing amount to 9.743 billion CNY, with 8.588 billion CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Daqo Energy had 40,000 shareholders, an increase of 14.07% from the previous period, with an average of 53,635 circulating shares per shareholder, up 240.25% [2] - The top ten circulating shareholders include major ETFs, with notable reductions in holdings for several funds, including E Fund and Huaxia ETFs [3] Market Activity - Daqo Energy's stock has seen a net outflow of 5.052 million CNY in principal funds recently, with significant selling activity compared to buying [1] - The company has appeared on the "Dragon and Tiger List" once this year, with a net buying amount of 599.638 million CNY on July 2 [1]

Core Points - Daqo Energy's stock increased by 5.2%, reaching 29.92 CNY per share, with a trading volume of 466 million CNY and a market capitalization of 64.185 billion CNY [1] - Daqo Energy, established on February 22, 2011, specializes in the research, manufacturing, and sales of high-purity polysilicon, with 97.95% of its revenue coming from this main business [1] Shareholder Analysis - Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) reduced its holdings by 570,700 shares in Q3, now holding 11.0963 million shares, representing 0.52% of the circulating shares, with an estimated floating profit of approximately 16.4226 million CNY [2] - The Huatai-PB CSI 300 ETF was established on May 4, 2012, with a current size of 425.581 billion CNY, yielding 22.11% this year, ranking 2622 out of 4216 in its category [2] Fund Performance - The Huatai-PB CSI 300 ETF's manager, Liu Jun, has a tenure of 16 years and 152 days, managing assets totaling 542.504 billion CNY, with the best fund return during his tenure being 151.3% and the worst being -45.64% [3] Top Holdings - Huatai-PB Fund's Huatai-PB Prosperity Select Mixed A (009636) holds 258,000 shares of Daqo Energy, accounting for 1.59% of the fund's net value, with an estimated floating profit of about 381,800 CNY [4] - The Huatai-PB Prosperity Select Mixed A was established on June 17, 2020, with a current size of 466 million CNY, yielding 23.71% this year, ranking 4022 out of 8155 in its category [4] Fund Manager Information - Zhao Jie, the manager of Huatai-PB Prosperity Select Mixed A, has a tenure of 3 years and 54 days, managing assets totaling 55.5 million CNY, with the best fund return during his tenure being 4.25% and the worst being -9.26% [5]

Core Viewpoint - Daqo Energy's stock price has shown a significant increase this year, with a 20.34% rise, and the company is actively engaged in the production of high-purity polysilicon, a key material in the photovoltaic industry [1][2]. Financial Performance - For the period from January to September 2025, Daqo Energy reported a revenue of 3.243 billion yuan, representing a 46.00% year-on-year decrease, while the net profit attributable to shareholders was -1.073 billion yuan, showing a 2.36% increase compared to the previous year [2]. - The company has distributed a total of 9.743 billion yuan in dividends since its A-share listing, with 8.588 billion yuan distributed over the last three years [3]. Stock Market Activity - As of October 29, Daqo Energy's stock was trading at 29.05 yuan per share, with a market capitalization of 62.318 billion yuan. The stock experienced a trading volume of 2.12 billion yuan and a turnover rate of 0.35% [1]. - The stock has seen a net outflow of 4.5054 million yuan from major funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of September 30, 2025, Daqo Energy had 40,000 shareholders, an increase of 14.07% from the previous period, with an average of 53,635 circulating shares per shareholder, up 240.25% [2]. - The top ten circulating shareholders include major ETFs, with notable reductions in holdings for several funds [3].