双欣环保（001369.SZ）1月9日在投资者互动平台表示，公司产品DMC、DEC、EMC是锂电池电解液的 重要原材料之一。 （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：贵公司的锂电池业务是属于哪个环节？ ...

2026 年 01 月 07 日 工业硅：消息面扰动，盘面表现偏强 多晶硅：关注今日市场消息影响 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 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2605收盘价（元/吨） Si2605成交量（手） | 8,900 | 170 | 20 | -20 | | | | | 460,467 | 189,335 | -74,103 | 314,468 | | | | Si2605持仓量（手） | 234,611 | 17,319 | 9,869 | 40,685 | | | 工业硅、多晶硅期货市场 | PS2605收盘价（元/吨） | 59,365 | 720 | 410 | - | | | | PS2605成交量（手） | 19,919 | 2,764 | -111,171 | - | | | | PS2605持仓量（手） | 72,353 | -2,218 | - ...

Group 1 - The core viewpoint of the article highlights that Shuangxin Environmental Protection's products, including DMC, DEC, and EMC, are essential raw materials for power battery electrolytes [2] - These products are widely used in various sectors such as new energy vehicles, energy storage, consumer electronics, and power tools [2]

（文章来源：证券日报） 证券日报网讯 1月5日，双欣环保在互动平台回答投资者提问时表示，格林达为公司DMC相关产品的重 要目标客户；格林达采购DMC用于生产半导体和面板使用的显影液。 ...

每经AI快讯，有投资者在投资者互动平台提问：双欣环保产品NMp已通过宁德时代认证并进入其供应 链了吗？ 双欣环保（001369.SZ）1月5日在投资者互动平台表示，尊敬的投资者您好，公司不生产NMP，公司生 产的DMC及相关产品已经过锂电池上游电解液生产企业认证并进入其供应链，感谢您的关注。 （文章来源：每日经济新闻） ...

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - In January, the main production center of industrial silicon will continue to shift northward. Although there is a reduction in production due to environmental protection control, it is difficult to offset the decline in demand. Polysilicon will have limited - production reduction, silicone will have group - reduction, and aluminum alloy will have environmental - protection reduction. Industrial silicon has cost support but no upward driving force, and it is advisable to consider short - selling on rebounds. [4] - Although the photovoltaic industry chain has seen price increases driven by battery cells recently, due to the transmission blockage in the component segment, the effect of further price increases is limited, and downstream industries will further expand the scale of production reduction. [4] - In January, with industry self - discipline and the joint production reduction of silicon materials, polysilicon is expected to have an unexpected reduction in supply, which will provide strong support. At the same time, due to the exchange's implementation of risk - control position limits, the upward premium space is tightened. Attention should be paid to the implementation of production reduction by silicon material factories, downstream receiving sentiment, and the inventory dynamics of the industrial chain. [4] 3. Summary by Directory 3.1 Futures Price - In December, the industrial silicon futures fluctuated weakly. As of the 31st, the main contract closed at 8,860 yuan/ton, with a monthly decline of 2.96%. The polysilicon futures fluctuated strongly, and the main contract closed at 57,920 yuan/ton within the month, with a monthly increase of 2.65%. [5] 3.2 Spot Price - All industrial silicon spot prices decreased. The price of non - oxygenated 553 decreased by 250 yuan/ton to 8,950 yuan/ton, oxygenated 553 decreased by 100 yuan/ton to 9,400 yuan/ton, and 421 decreased by 200 yuan/ton to 9,900 yuan/ton. Polysilicon P - type remained stable at 44,000 yuan/ton, and N - type increased by 800 yuan/ton to 51,800 yuan/ton. [5] 3.3 Spread - In December, the spread between 553 widened, the spread between high - and low - grade products narrowed, the regional spread of 553 widened, and the regional spread of 421 narrowed. The industrial silicon spot discount narrowed to 10 yuan/ton, and the polysilicon spot discount narrowed to 4,670 yuan/ton. [5][17] 3.4 Supply - According to Baichuan, it is estimated that the domestic industrial silicon production in December will be 348,700 tons, a year - on - year increase of 4% and a month - on - month decrease of 3.2%. The number of monthly open furnaces decreased by 14 to 243, and the furnace - opening rate decreased by 1.76% to 0.5%. [4][5] 3.5 Demand - In December, the polysilicon production decreased by 0.4 tons to 110,000 tons, a year - on - year increase of 13% and a month - on - month decrease of 3.5%. The DMC production decreased by 13,200 tons to 196,000 tons, a year - on - year decrease of 16.5% and a month - on - month decrease of 6.3%. [4][5] 3.6 Inventory - In terms of the exchange, the overall inventory of industrial silicon in December increased by 17,200 tons to 50,000 tons, and the polysilicon inventory increased by 81,000 tons to 121,000 tons. In terms of social inventory, the overall inventory of industrial silicon in December increased by 7,750 tons to 456,000 tons, including a 2,750 - ton increase in factory inventory to 266,000 tons; Huangpu Port's inventory increased by 2,000 tons to 58,000 tons, Tianjin Port's inventory increased by 1,000 tons to 80,000 tons, and Kunming Port's inventory increased by 2,000 tons to 52,000 tons. The monthly inventory of polysilicon increased by 2.62 tons to 30.8 tons. [4][5]

| | | | 第一部分 | 前言概要 2 | | | --- | --- | --- | | 【供需展望】 | | 2 | | 【交易逻辑】 | | 2 | | 【策略推荐】 | | 2 | | 第二部分 | 基本面情况 3 | | | 一、行情回顾 | | 3 | | 二、需求：多晶硅"反内卷"将导致 | 2026 年工业硅需求同比下滑 5.61% | 5 | | 三、供应：2026 | 年工业硅供应同比缩减 8 | | | 四、成本：煤炭价格为最大变数，硅石价格或难有明显起色 | 11 | | | 五、库存：库存结构对 | 2026 年工业硅行情主导力量更强 12 | | | 第三部分 | 后市展望及策略推荐 13 | | | 免责声明 | | 15 | 有色板块研发报告 工业硅年度报告 2025 年 12 月 31 日 需求承压，关注结构性行情 电 话： 邮 箱： 第一部分 前言概要 【供需展望】 若多晶硅行业自律完美执行，2026 年工业硅三大下游和出口需求同比 下滑 5.61%至 405 万吨。在无供给侧政策出台的背景下，工业硅产能过剩 格局不变，2026 年供应宽松格局不改，产量预计 410 万 ...

工业硅：关注上游工厂减产节奏 2025 年 12 月 31 日 请务必阅读正文之后的免责条款部分 1 【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 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2605收盘价（元/吨） | 8,915 | 200 | 135 | -215 | | | | Si2605成交量（手） Si2605持仓量（手） | 366,201 | -16,214 | 14,776 | 168,310 | | | | | 216,220 | -4,845 | 2,444 | 4,421 | | | 工业硅、多晶硅期货市场 | PS2605收盘价（元/吨） PS2605成交量（手） | 57,890 | 1,390 | -1,335 | - | | | | PS2605持仓量（手） | 42,713 83,335 | -26,715 -12,296 | -110,600 -48,268 | - - | | | | 工业硅：近月合约对连一价差（元/吨） | -35 | 0 | ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：招商证券策略研究 当前重要机构投资者持续增持A500ETF等宽基品种为市场带来稳定增量资金，市场赚钱效应改善后融资 资金也出现加速净流入态势，随着离岸人民币汇率持续升值，圣诞后外资也有望逐渐回流，资金面有望 进一步改善，一轮 "跨年+春季"行情有望持续演绎。风格方面，行情主线很可能聚焦以沪深300、上证 50为代表的蓝筹指数；行业层面，应重点关注顺周期相关品种。 核心观点 【观策·论市】近期增量资金变化对A股的影响及涨价品种梳理：当前已有重要机构投资者持续增持 A500ETF等宽基品种，为市场带来稳定增量资金。尽管A500ETF的大幅净申购可能受季末冲量影响，但 我们认为这部分因素对资金面影响相对有限，且在A500放量申购后融资资金也出现加速净流入态势。 随着市场学习效应增强和市场赚钱效应的不断积累，资金或提前布局"春季躁动"行情，增量资金仍然有 望继续净流入。此外，随着离岸人民币汇率持续升值，外资也有望逐渐回流，布局中国市场，资金面有 望进一步改善。综合来看，一轮 "跨年+春季"行情有望持续演绎。风格方面，行情主线很可能聚焦以沪 ...

多晶硅：价格波动较大，注意风险控制 工业硅：短期偏强，中期逢高沽空 研究员：陈寒松 期货从业证号：F03129697 投资咨询证号：Z0020351 目录 | 第一章 | 综合分析与交易策略 | 3 | | --- | --- | --- | | 第二章 | 工业硅基本面数据跟踪 | 6 | | 第三章 | 多晶硅基本面数据跟踪 | 17 | 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 多晶硅综合分析与交易策略 【综合分析】 从供需来看，12月硅片排产环比11月降低9GW至45GW，折算多晶硅需求约9万吨。12月多晶硅产量11.2万吨，多 晶硅延续累库趋势。当前多晶硅上游库存29万吨左右，下游原料库存约15万吨，仓单及贸易商库存约4万吨。 上周部分多晶硅企业上调现货报价至6.5万元/吨以上，西安光伏大会上下游各环节均发出自律倡议，产业链各环节 严控开工率和价格。从中长 ...