对此，中国有色金属工业协会硅业分会分析，此轮提价主因是多晶硅企业超一年以上亏损运营，为清库存导致价格已 远低于综合成本，为符合"不低于成本销售"的价格法规要求，硅料企业一次性提价至综合成本线之上。 上游硅料的集中涨价也迅速传导至中游。7月9日，各尺寸N型硅片报价迎来临时调涨，涨幅普遍在8%-12%。 中信证 券电力设备与新能源分析师林劼认为，后续电池、组件以及部分辅材环节或将进行顺价和涨价，渠道商和电站终端在 供应链涨价预期下也可能加快采购或适当增加库存。 "推动产业链价格回升是实现光伏行业'反内卷'的有效措施和重要的第一步，随着行业回归规范化有序竞争，以及潜 在供给侧改革政策逐步完善和落地，光伏基本面底有望得以夯实，落后产能出清长效机制逐步规范和形成。"林劼表 示。 新华财经上海7月11日电（谈瑞、周子涵）7月以来，A股光伏板块迎来久违的强势反弹行情。截至7月11日收盘，中 证光伏产业指数（931151）月内涨幅达到7.66%。龙头成份股表现尤为亮眼，弘元绿能同期大涨25.93%，通威股份上 涨21.73%，大全能源、双良节能、晶澳科技、晶科科技等涨幅也均超过16%。 此轮大涨的核心驱动力，源于近期政府层面 ...

| 业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | 纪工菲 | 0813180 | | 现货价格与基差 | | | | | | | 品种 | 7月9日 | 7月8日 | 涨跌 | 涨跌幅 | 单位 | | N型复投料 - 平均价 | 40000.00 | 39000.00 | 1000.00 | 2.56% | | | P型菜花料 - 平均价 | 29500.00 | 29500.00 | 0.00 | 0.00% | | | N型颗粒硅 - 平均价 | 38000.00 | 36500.00 | 1500.00 | 4.11% | 元/吨 | | N型料基差(平均价) | 730.00 | 615.00 | 115.00 | 18.70% | | | 菜花料基差(平均价) | 2230.00 | 3115.00 | -885.00 | -28.41% | | | N型硅片-210mm - 平均价 | 1.1900 | 1.1900 | 0.00 | 0.00% | 元/片 | | N型硅片-210R - 平均价 | 1.00 ...

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 工业硅&多晶硅日评20250710："反内卷"情绪推动，硅系价格走势坚挺 | | | | | | | --- | --- | --- | --- | --- | --- | | 2025/7/10 | 指标 | 单位 | 今值 | 变动 | 近期趋势 | | 元/吨 | 不通氧553#（华东）平均价格 | | 8,500.00 | 0.00% | | | 工业硅期现价格 | 期货主力合约收盘价 | 元/吨 | 8,140.00 | -0.91% | | | 元/吨 | 基差（华东553#-期货主力） | | 360.00 | 75.00 | | | 元/千克 | N型多晶硅料 | | 39.00 | 2.63% | | | 多晶硅期现价格 | 期货主力合约收盘价 | 元/吨 | 39,270.00 | 2.31% | | | -270.00 | 基差 | 元/吨 | | 115.00 | | | 元/吨 | 不通氧553#（华东）平均价格 | | 8,500.00 | 0.00% | | | 元/吨 | 不通氧553# ...

7月 1日，习近平主席主持召开中央财经委员会第六次会议，研究纵深推进全 国统一大市场建设、海洋经济高质量发展等问题。会议指出依法依规治理企业 低价无序竞争，引导企业提升产品品质，推动落后产能有序退出；规范政府采 购和招标投标，加强对中标结果的公平性审查；规范地方招商引资，加强招商 引资信息披露等。 7月 3日，工业和信息化部于召开光伏企业座谈会。会上，14家光伏行业企业 及光伏行业协会负责人作交流发言，围绕企业生产经营、科技创新、市场竞争、 行业生态建设等方面进行交流，介绍企业基本情况、面临的困难和问题，提出 政策建议。工业和信息化部党组书记、部长李乐成表示，坚决落实中央财经委 第六次会议关于纵深推进全国统一大市场建设的决策部署，聚焦重点难点，依 法依规、综合治理光伏行业低价无序竞争，引导企业提升产品品质，推动落后 产能有序退出，实现健康、可持续发展。 近期，光伏板块反内卷呼声日益高涨，硅料收储、光伏玻璃减产、高层反内卷 会议等事件使得光伏供给侧改革预期增强。未来随着行业自律的推进以及供给 侧政策落地，行业供需有望改善，带动产业链价格及盈利修复。目前，光伏行 业价格及盈利均处于底部位置，板块估值水平同样较低， ...

以下文章来源于华夏能源网 ，作者www.hxny.com 华夏能源网 . 能源产业与财经信息服务平台 将投中网设为"星标⭐"，第一时间收获最新推送 等待机会重新起来。 作者丨 田思 作者丨 蒋波 王东 来源丨 华夏能源网 "所有企业都在承受着不可承受之痛，大家都在苦熬。"6月10日，中国机电产品进出口商会副会长 石永红在上海SNEC2025光伏展上说道。 这说出了广大光伏企业的真实状态和心声。 经过 7个季度的持续洗牌，一大批光伏企业倒下了，但产能依旧严重过剩。主要的龙头企业安然无 恙，按照业界调侃的每次寒冬"必死老大"的标准看，调整并没有到位。而那些暂时停产的"死而不 僵"的产能，随时在等待机会重开起来。 与此同时，今年上半年 "抢装潮"带动光伏装机再创新高，仅5月份光伏新增装机就高达92.92GW， 1-5月光伏新增装机198GW，相当于2024年光伏装机的七成。但是，如此强劲的装机还是没能拉起 来价格，光伏各产业链价格还在滑落，寒冬深不见底。 一边是艰难的产能出清，一边是见不到企稳希望的价格，整个光伏行业处在痛苦不堪的 "炼狱"之 中。没有谁会好过，也没有谁知道"炼狱"往下还有几层。大家只能在一点点失血 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Natural Rubber - In the context of expected supply increase and weak demand, the subsequent rubber price is expected to remain weak. Hold the short position at 14,000 and monitor the raw material supply in each production area and macro - event disturbances [2]. Industrial Silicon - In June, industrial silicon still faces a weak fundamental situation of oversupply, and the price remains under pressure. Recently, the rebound in coal prices brings an expectation of rising raw material prices, which supports the price, and the price may fluctuate at a low level [4]. Polysilicon - The fundamentals have not significantly improved, and the atmosphere at the Shanghai PV exhibition is bearish. However, due to the low price, hold short positions cautiously and pay attention to the pressure level around 35,000 yuan/ton. If the polysilicon production increases, it is beneficial for the arbitrage of buying industrial silicon and shorting polysilicon [5]. Glass and Soda Ash - For soda ash, the excess pattern is obvious, and there will be further profit - reduction. After the photovoltaic rush - installation, the growth of photovoltaic capacity has slowed down, and the overall demand has not increased significantly. After the maintenance, inventory accumulation may accelerate. - For glass, it still faces over - supply pressure in the future, and the industry needs capacity clearance. The 09 contract fluctuates around 1000 points, and a short - term bearish strategy can be considered [6]. 3. Summaries According to Relevant Catalogs Natural Rubber Price and Spread - The price of Yunnan Guofu all - latex rubber (SCRWF) in Shanghai remained unchanged at 13,900 yuan/ton. The all - latex basis (switched to the 2509 contract) decreased by 35 yuan/ton to - 10 yuan/ton, a decline of 140%. The Thai standard mixed rubber quote remained at 13,750 yuan/ton. The non - standard price difference decreased by 35 yuan/ton to - 160 yuan/ton, a decline of 28%. The FOB mid - price of cup rubber in the international market increased by 0.40 Thai baht/kg to 47.45 Thai baht/kg, an increase of 0.85%. The FOB mid - price of glue in the international market remained at 56.75 yuan/ton. The price of natural rubber lumps in Xishuangbanna increased by 400 yuan/ton to 12,600 yuan/ton, an increase of 3.28%. The price of natural rubber glue in Xishuangbanna increased by 400 yuan/ton to 13,100 yuan/ton, an increase of 3.15%. The mainstream market price of raw materials in Hainan remained at 12,400 yuan/ton, and the mainstream market price of imported rubber raw materials in Hainan remained at 9,000 yuan/ton [2]. - In terms of monthly spreads, the 9 - 1 spread decreased by 15 yuan/ton to - 850 yuan/ton, a decline of 1.8%. The 1 - 5 spread decreased by 10 yuan/ton to - 72 yuan/ton, a decline of 18.18%. The 5 - 9 spread increased by 25 yuan/ton to 915 yuan/ton, an increase of 2.81% [2]. Fundamental Data - In April, Thailand's production decreased by 435,000 tons to 1.057 million tons, a decline of 29.16%. Indonesia's production decreased by 15,200 tons to 194,100 tons, a decline of 7.26%. India's production decreased by 7,600 tons to 45,400 tons, a decline of 14.34%. China's production increased by 42,300 tons to 58,100 tons. The weekly operating rate of semi - steel tires for automobile tires increased by 4.12 percentage points to 77.98%, and the weekly operating rate of all - steel tires decreased by 2.23 percentage points to 61.24%. In April, the domestic tire production decreased by 5.444 million pieces to 102.002 million pieces, a decline of 5.07%. The export volume of new pneumatic rubber tires in April decreased by 490,000 pieces to 5.739 million pieces, a decline of 7.87%. The total import volume of natural rubber in April decreased by 70,900 tons to 523,200 tons, a decline of 11.93%. The import volume of natural and synthetic rubber (including latex) in May decreased by 83,000 tons to 607,000 tons, a decline of 12.03% [2]. Inventory Changes - The bonded area inventory (bonded + general trade inventory) decreased by 4,100 tons to 1,011,111 tons, a decline of 0.67%. The factory - warehouse futures inventory of natural rubber on the SHFE increased by 13,003 tons to 34,876 tons, an increase of 59.45%. The inbound rate of dry rubber in the bonded warehouse in Qingdao increased by 1.14 percentage points to 3.34%, and the outbound rate increased by 1.44 percentage points to 4.83%. The inbound rate of dry rubber in general trade in Qingdao increased by 0.82 percentage points to 7.76%, and the outbound rate decreased by 0.29 percentage points to 7.18% [2]. Industrial Silicon Price and Spread - The price of East China oxygen - passing SI5530 industrial silicon remained at 8,150 yuan/ton, and the basis (based on oxygen - passing SI5530) increased by 110 yuan/ton to 805 yuan/ton, an increase of 15.83%. The price of East China SI4210 industrial silicon remained at 8,700 yuan/ton, and the basis (based on SI4210) increased by 110 yuan/ton to 555 yuan/ton, an increase of 24.72%. The price of Xinjiang 99 silicon remained at 7,600 yuan/ton, and the basis (in Xinjiang) increased by 110 yuan/ton to 1,055 yuan/ton, an increase of 11.64% [4]. - In terms of monthly spreads, the 2507 - 2508 spread increased by 7,260 yuan/ton to - 85 yuan/ton, an increase of 98.84%. The 2508 - 2509 spread increased by 5 yuan/ton to 40 yuan/ton, an increase of 14.29%. The 2509 - 2510 spread increased by 15 yuan/ton to 45 yuan/ton, an increase of 50%. The 2510 - 2511 spread increased by 35 yuan/ton to 55 yuan/ton, an increase of 175%. The 2511 - 2512 spread decreased by 5 yuan/ton to 50 yuan/ton, a decline of 9.09% [4]. Fundamental Data - In May, the national industrial silicon production increased by 6,900 tons to 307,700 tons, an increase of 2.29%. Xinjiang's production decreased by 4,400 tons to 163,100 tons, a decline of 2.6%. Yunnan's production decreased by 3,400 tons to 10,000 tons, a decline of 25.43%. Sichuan's production increased by 12,400 tons to 23,700 tons, an increase of 109.47%. Inner Mongolia's production increased by 2,100 tons to 46,100 tons, an increase of 4.78%. Ningxia's production increased by 3,500 tons to 23,500 tons, an increase of 17.5%. The production of 97 - grade silicon decreased by 7,200 tons to 4,800 tons, a decline of 60%. The production of recycled silicon increased by 500 tons to 16,500 tons, an increase of 3.12%. The production of silicone DMC in May increased by 11,200 tons to 184,000 tons, an increase of 6.48%. The production of polysilicon in May increased by 700 tons to 96,100 tons, an increase of 0.73%. The production of recycled aluminum alloy in May decreased by 400 tons to 60,600 tons, a decline of 0.66%. The export volume of industrial silicon in April increased by 100 tons to 6,050 tons, an increase of 1.64% [4]. Inventory Changes - The factory - warehouse inventory in Xinjiang decreased by 410 tons to 18,670 tons, a decline of 2.15%. The factory - warehouse inventory in Yunnan increased by 70 tons to 2,580 tons, an increase of 2.79%. The inventory in Sichuan increased by 10 tons to 2,310 tons, an increase of 0.44%. The social inventory decreased by 1,500 tons to 57,200 tons, a decline of 2.56%. The warehouse - receipt inventory decreased by 550 tons to 28,410 tons, a decline of 1.89%. The non - warehouse - receipt inventory decreased by 950 tons to 28,790 tons, a decline of 3.2% [4]. Polysilicon Price and Spread - The average price of N - type re -投料 remained at 35,500 yuan/ton, the average price of P - type cauliflower material remained at 29,500 yuan/ton, and the average price of N - type granular silicon remained at 33,000 yuan/ton. The N - type material basis (average price) decreased by 625 yuan/ton to 1,180 yuan/ton, a decline of 34.63%. The cauliflower material basis (average price) decreased by 625 yuan/ton to 7,180 yuan/ton, a decline of 8.01%. The average price of N - type silicon wafers of 210mm remained at 1.27 yuan/piece, the average price of N - type silicon wafers of 210R remained at 1.06 yuan/piece, the average price of single - crystal Topcon battery wafers of 210R remained at 0.268 yuan/piece, the average price of single - crystal PERC battery wafers of 182mm remained at 0.268 yuan/piece, the average price of Topcon components of 210mm (distributed) remained at 0.699 yuan/watt, and the average price of N - type 210mm components for centralized projects remained at 0.686 yuan/watt [5]. - The PS2506 contract price increased by 625 yuan/ton to 34,320 yuan/ton. The PS2506 - PS2507 spread decreased by 720 yuan/ton to 1,690 yuan/ton, a decline of 29.88%. The PS2507 - PS2508 spread increased by 290 yuan/ton to 1,215 yuan/ton, an increase of 31.35%. The PS2508 - PS2509 spread decreased by 15 yuan/ton to 595 yuan/ton, a decline of 2.46%. The PS2509 - PS2510 spread decreased by 60 yuan/ton to 265 yuan/ton, a decline of 18.46%. The PS2510 - PS2511 spread decreased by 15 yuan/ton to 370 yuan/ton, a decline of 2.46%. The PS2511 - PS2512 spread decreased by 60 yuan/ton to - 1,605 yuan/ton, a decline of 18.46% [5]. Fundamental Data - The weekly silicon wafer production increased by 0.06 GW to 13.1 GW, an increase of 0.46%. The weekly polysilicon production increased by 0.18 tons to 2.38 tons, an increase of 8.18%. The monthly polysilicon production in May increased by 0.07 tons to 9.61 tons, an increase of 0.73%. The polysilicon import volume in April decreased by 0.02 tons to 0.29 tons, a decline of 7.1%. The polysilicon export volume in April decreased by 0.02 tons to 0.2 tons, a decline of 10.4%. The net export volume of polysilicon in April remained at - 0.09 tons [5]. Inventory Changes - The polysilicon inventory increased by 0.6 tons to 27.5 tons, an increase of 2.23%. The silicon wafer inventory decreased by 0.68 GW to 19.34 GW, a decline of 3.4%. The polysilicon warehouse receipts remained at 2,600 tons [5]. Glass and Soda Ash Price and Spread - The glass price in North China decreased by 10 yuan/ton to 1,130 yuan/ton, a decline of 0.88%. The price in East China decreased by 30 yuan/ton to 1,230 yuan/ton, a decline of 2.38%. The price in Central China remained at 1,070 yuan/ton. The price in South China decreased by 20 yuan/ton to 1,290 yuan/ton, a decline of 1.53%. The glass 2505 contract price decreased by 4 yuan/ton to 1,077 yuan/ton, a decline of 0.37%. The glass 2509 contract price decreased by 2 yuan/ton to 976 yuan/ton, a decline of 0.51%. The 05 basis decreased by 6 yuan/ton to 53 yuan/ton, a decline of 10.17% [6]. - The soda ash price in North China remained at 1,400 yuan/ton, the price in East China remained at 1,350 yuan/ton, the price in Central China remained at 1,350 yuan/ton, and the price in Northwest China decreased by 20 yuan/ton to 1,030 yuan/ton, a decline of 1.9%. The soda ash 2505 contract price decreased by 8 yuan/ton to 1,204 yuan/ton, a decline of 0.66%. The soda ash 2509 contract price decreased by 19 yuan/ton to 1,156 yuan/ton, a decline of 1.57%. The 05 basis increased by 8 yuan/ton to 196 yuan/ton, an increase of 4.26% [6]. Supply and Demand Data - The soda ash operating rate increased by 6.33 percentage points to 84.9%, and the weekly production increased by 5,510 tons to 74,010 tons, an increase of 8.04%. The daily melting volume of float glass decreased by 100 tons to 15,570 tons, a decline of 0.7%. The daily melting volume of photovoltaic glass decreased by 1,000 tons to 98,990 tons, a decline of 1%. The mainstream price of 3.2mm coated glass decreased by 1 yuan to 20 yuan, a decline of 4.76% [6]. Inventory Changes - The glass factory - warehouse inventory increased by 192,300 weight - boxes to 6,968,500 weight - boxes, an increase of 2.84%. The soda ash factory - warehouse inventory increased by 62,000 tons to 168,630 tons, an increase of 3.82%. The soda ash delivery warehouse inventory decreased by 20,000 tons to 32,710 tons, a decline of 5.87%. The glass factory's soda ash inventory days increased by 2.9 days to 21 days, an increase of 15.91% [6]. Real Estate Data - The year - on - year growth rate of new construction area increased by 2.99 percentage points to - 18.73%, the year - on - year growth rate of construction area decreased by 7.56 percentage points to - 33.33%, the year - on - year growth rate of completion area increased by 15.67 percentage points to - 11.68%, and the year

| ル期現日报 | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | 纪工菲 70013180 | | | 现货价格与基差 | | | | | | | 品和 | 6月5日 | 6月4日 | 涨跌 | 涨跌幅 | 单位 | | N型复投料 - 平均价 | 36500.00 | 36500.00 | 0.00 | 0.00% | | | P型菜花料 - 平均价 | 30000.00 | 30000.00 | 0.00 | 0.00% | | | N型颗粒硅 - 平均价 | 34000.00 | 34000.00 | 0.00 | 0.00% | 元/吨 | | N型料基差(平均价) | 1960.00 | 1445.00 | 515.00 | 35.64% | | | 菜花料基差(平均价) | 7460.00 | 6945.00 | 515.00 | 7.42% | | | N型硅片-210mm - 平均价 | 1.2800 | 1.2800 | 0.00 | 0.00% | 元/片 | | N型硅片-210R - 平均价 | 1.0800 | 1 ...

01 周价格表 | 多晶硅 (Per KG) | 高点 | 低点 | 均价 | 涨跌幅 | | --- | --- | --- | --- | --- | | N型复投料(RMB) | 38.500 | 35.500 | 37.000 | -1.33% | | N型致密料(RMB) | 36.500 | 34.500 | 34.500 | -1.43% | | N型颗粒硅(RMB) | 34.500 | 32.000 | 33.500 | -1.47% | | 非中国区多盟娃(USD) | 22.000 | 13.100 | 18.000 | -1.10% | | 硅片 (Per pc) | 高点 | 低点 | 均价 | 涨跌幅 | | N型183单晶硅片-183mm/130μm (RMB) | 0.950 | 0.920 | 0.930 | 0.00% | | N型210单晶硅片-210mm/130μm (RMB) | 1.300 | 1.250 | 1.270 | -2.31% | | N型210R单晶硅片-210*182mm/130μm (RMB) | 1.080 | 1.050 | 1.070 | - ...

光伏产业链价格已充分调整，供应侧的优化有望带动价格企稳。 投资要点： 本周周观点： 本周光伏产业链价格继续下跌，部分产品已跌破现金成本。根据PVInfolink 公众号，已有 部分厂家无法交付，前期较激进的厂家也开始调整策略。我们认为后续价格有望止跌，光伏产业链的价 格和光伏板块的股价已经充分调整，集中式和海外市场的需求有望边际上升，内外部的一些积极因素也 在逐渐累计，当前位置值得关注。给予光伏行业"增持"评级。 推荐标的：新技术（隆基绿能、爱旭股份、帝尔激光、拉普拉斯）、辅材（中信博、福莱特、福斯 特）、一体化（晶科能源、晶澳科技、天合光能、阿特斯、横店东磁）、专业化（通威股份、协鑫科 技、大全能源、钧达股份、TCL 中环）、逆变器（阳光电源、固德威、德业股份）。 最新一周涨跌幅排名靠前，光伏板块估值居中靠后。我们选取52 家光伏企业作为样本，光伏板块最近 一周（2025 年5 月12 日-5 月16日）涨跌幅1.83%，跑赢沪深300 指数0.13 个百分点，相比SW 行业分类 各板块涨幅排名靠前。估值方面，光伏板块2025 年5 月16日TTM-整体法估值为16.98 倍，与SW 行业分 类各板块相比， ...

装备制造 [Table_ReportDate] 2025 年 4 月 7 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 部分行业受美关税政策影响较明显 [Table_ReportType]装备制造行业周报（4 月第 1 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 行业数据 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债 ...