Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Views - The company, Suzhou Shihua New Materials Technology Co., Ltd., is recognized as a national-level specialized and innovative "little giant" enterprise, focusing on the research, production, and sales of functional materials [6][12]. - The company has maintained high growth in revenue and net profit, with a five-year CAGR of 26.96% for revenue and 27.84% for net profit from 2019 to 2024 [6][24]. - The company has established deep cooperation with major clients like Apple and Samsung, which enhances its market position and stability [6][20]. - The company has recently completed a fundraising of 590 million yuan to expand its optical film materials project, which is expected to significantly contribute to future growth [6][24]. Financial Forecast - Total revenue is projected to grow from 511.50 million yuan in 2023 to 1,923.41 million yuan in 2027, with a growth rate of 10.64% in 2023 and 55.36% in 2024 [5]. - Net profit attributable to shareholders is expected to increase from 193.46 million yuan in 2023 to 669.06 million yuan in 2027, with a growth rate of 4.36% in 2023 and 44.56% in 2024 [5]. - The company's EPS is forecasted to be 1.56 yuan in 2025, with a corresponding P/E ratio of 22.61 [5]. Company Overview - The company was established in 2010 and has developed a range of functional materials used in various industries, including consumer electronics and medical electronics [12][20]. - The company operates three manufacturing plants and has over 400 employees, with a strong presence in both domestic and international markets [12][20]. - The management team has extensive experience in the industry, contributing to the company's innovative capabilities and patent development [20][21]. Business Segments - The main business segments include functional electronic materials and high-performance optical materials, with the latter showing rapid revenue growth due to new project developments [29][39]. - The functional electronic materials segment has seen steady growth, while the high-performance optical materials segment is expected to contribute significantly to future revenues [29][39]. Market Trends - The global consumer electronics market is projected to grow from 788.23 billion USD in 2024 to 1,073.77 billion USD by 2032, driven by advancements in AI, IoT, and 5G technologies [53]. - The demand for high-end smartphones is increasing, with a notable shift towards premium devices, which is expected to benefit the company's functional materials [55][58].

Core Insights - The report innovatively combines the GARCH-EVT-VaR model with a defensive timing mechanism to construct a dynamic risk management framework, effectively capturing market tail features and volatility clustering while controlling downside risk and retaining upside elasticity, significantly enhancing portfolio performance [2][10][12] - The framework provides an important risk management tool for asset allocation in the current high-volatility environment, particularly during extreme market events such as the COVID-19 pandemic and geopolitical conflicts [10][12] Model Characteristics - The GARCH model parameters for the four indices indicate significant volatility clustering, with the ChiNext index and CSI 300 showing greater resilience to volatility, while the CSI 500 exhibits a notable leverage effect [3][4][49] - Different indices have varying degrees of fit for the GARCH family models, with ChiNext and CSI 300 best suited for GARCH(1,1), CSI 500 for GARCH(1,1,1), and CSI 1000 for EGARCH(1,1,0) [3][4][49] Backtesting Results - The timing models for each index show positive excess returns, with annualized excess returns of 4.42% for ChiNext and 4.81% for CSI 1000, alongside reduced annualized volatility compared to benchmarks [4][71] - Each timing model has demonstrated a decrease in maximum drawdown, with ChiNext's maximum drawdown reduced from 49.4% to 36.8% and CSI 1000 from 42.0% to 30.0% [4][71] Strategy Advantages - The GARCH-EVT-VaR model provides more precise risk measurement, effectively capturing extreme tail risks, and demonstrates significant defensive effects, especially during extreme market events [4][10] - The strategy shows clear excess returns and higher Sharpe ratios compared to benchmarks, indicating improved risk-adjusted performance [4][71]

Investment Rating - The report provides a neutral investment rating for the technology finance sector, indicating a relative performance within -10% to 10% compared to the benchmark index [34]. Core Insights - The report emphasizes the importance of enhancing financial support for technology innovation, as outlined in the State Council's guidance on strengthening financial backing for achieving high-level technological self-reliance and building a strong technology nation [3]. - There is a notable trend of increasing financing activities in the technology sector, with significant records being set in various fields such as AI+AR glasses and Micro LED technology [12][13]. - The report highlights the performance of major indices in November 2025, noting a decline in A-share indices due to weak macroeconomic data and external market influences, while the communication and media sectors showed positive growth [19][29]. Summary by Sections 1. Financing News - Thunderbird Innovation completed a record financing round in the AI+AR glasses sector, marking the highest single financing amount in 2025 [8]. - JBD Shanghai completed over 1 billion RMB in B2 financing, setting a record in the Micro LED micro-display field [9]. - GAC High Domain's flying car project secured 200 million RMB in Pre-A financing, with total financing for the year reaching 500 million RMB [10]. - Dexmal, a company focused on embodied intelligence, announced several rounds of financing totaling nearly 10 billion RMB, indicating strong investor interest in advanced technology [11][12]. 2. Market Performance - In November 2025, major A-share indices experienced declines, with the Shanghai 50, ChiNext, and Sci-Tech 50 dropping by 1.39%, 4.23%, and 6.24% respectively [16]. - The technology growth sectors saw mixed results, with the communication and media industries recording positive growth, while other sectors such as machinery and pharmaceuticals faced declines [19]. 3. Loan Data - As of Q3 2025, the loan balance for technology SMEs reached 3.56 trillion RMB, reflecting a steady increase in financial support for this sector [21]. - The number of technology SMEs receiving loan support also rose, reaching 275,400 by Q3 2025 [24]. 4. IPO Activity - The report notes a stable number of IPOs in the domestic capital market, with the Hong Kong Stock Exchange seeing a peak of 15 IPOs in June 2025 [28]. 5. Overseas Financing - Sakana AI, a Japanese AI startup, raised approximately 20 billion JPY in B-round financing, achieving a post-financing valuation of about 400 billion JPY [13]. - Flexion, a US robotics startup, completed a 50 million USD financing round, with plans to expand its operations [13].

证券研究报告·金融工程报告 2025 年 12 月 4 日 江海证券研究发展部 金融工程定期报告 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.12.04 ◆市场表现：2025 年 12 月 3 日, 各宽基指数（表 1）全部下跌超过 0%，其中创业 投资要点： 分析师：梁俊炜 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 板指（-1.12%）和中证 2000（-1.03%）跌幅最大。当年涨跌情况，创业板指（41.8%） 涨幅最大，其次是中证 2000（30.59%）和中证 500（22.19%），中证 1000（21.66%） 和中证全指（20.21%）涨幅缩小，而上证 50（10.37%）涨幅最小。 ◆均线比较：所有跟踪指数已全数跌回 5 日均线以下。上证 50 和中证 1000 更跌破 10 日均线支撑位。所有跟踪指数已跌破 20 日及 60 日均线，距离近 250 日高位回 撤超过 3.5%。市场近期情绪悲观。 ◆资金占比与换手：2025 年 12 月 3 日, 中证 2000（26.74%）交易金额占比最高， 相关研究报告 态 2025.12.03 ...

金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.12.03 ◆市场表现：2025 年 12 月 2 日, 各宽基指数（表 1）全部下跌，其中中证 1000（-1.0%） 投资要点： 证券研究报告·金融工程报告 2025 年 12 月 3 日 江海证券研究发展部 金融工程定期报告 分析师：梁俊炜 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 和中证 500（-0.87%）跌幅最大。当年涨跌情况，创业板指（43.4%）涨幅最大， 其次是中证 2000（31.95%）和中证 500（22.96%），中证 1000（22.75%）和中证全 指（21.04%）涨幅缩小，而上证 50（10.94%）涨幅最小。 ◆均线比较：所有跟踪指数仍在 5 日及 10 日均线以上。中证 2000 和创业板指跌破 20 日均线，上证 50、沪深 300、中证全指和创业板指跌破 60 日均线。市场反复， 相关研究报告 不稳定因素仍存。 ◆资金占比与换手：2025 年 12 月 2 日, 中证 2000（26.34%）交易金额占比最高， 态 2025.12.02 A 股市场快照：宽基指数每日 ...

Investment Rating - The industry rating is "Overweight" (maintained) [5] Core Insights - The sodium-ion battery industry is transitioning from "industrialization year" to "scale application year" in 2025, with significant growth expected in various applications such as energy storage, start-stop systems, two-wheeled vehicles, and mid-low range electric vehicles [5][37] - The average price of sodium battery cells in 2025 is projected to be 0.52 yuan/Wh, expected to drop to 0.25 yuan/Wh by 2030 [5][37] - The global sodium battery market is anticipated to reach a scale of 1,051 GWh by 2030, with substantial contributions from energy storage and automotive sectors [5][39][40] Summary by Sections 1. Sodium-Ion Battery Material Segments - Key materials for sodium-ion batteries include layered oxides, polyanions, and Prussian blue, with polyanions expected to dominate the market by 2030 [5][16][51] - The production process for sodium-ion batteries is similar to that of lithium-ion batteries, with specific adjustments in material handling and processing [5][33][34] 2. Market Application Potential - The energy storage sector shows immense potential for sodium batteries, particularly in large-scale storage systems due to their long cycle life and safety features [5][37] - In the automotive sector, sodium batteries are expected to dominate the A00/A0 class microcars and economical family cars, with a projected market size of 410 GWh by 2030 [5][40][41] 3. Material Shipment Forecasts - For 2025, the total shipment of sodium battery positive materials is expected to reach 15,000 tons, with polyanion materials surpassing layered oxides in shipment volume [5][51] - The shipment of sodium battery negative materials is projected to be 141.9 million tons by 2030, with hard carbon remaining the mainstream choice [5][54] - The sodium battery electrolyte market is expected to see a shipment of 157.7 million tons by 2030, with prices decreasing from 28,000 yuan/ton in 2025 to 15,000 yuan/ton by 2030 [5][58] 4. Key Company Developments - CATL launched its sodium battery products in 2025, achieving energy densities of 175 Wh/kg and over 10,000 cycles, marking a significant advancement in battery technology [5][61] - BYD reported a sodium battery cell capacity of 200 Ah and a cycle life exceeding 10,000 cycles, showcasing superior performance compared to existing lithium batteries [5][64] - Transart Technology is expanding its sodium battery production capacity, targeting applications in electric two-wheelers and other sectors [5][66] - Weike Technology is focusing on the development and production of sodium battery products, emphasizing their application in energy storage and start-stop systems [5][67]

证券研究报告·行业点评报告 2025 年 12 月 2 日 江海证券研究发展部 执业证书编号：S1410524040001 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -1.38 -1.07 11.96 绝对收益 -2.77 0.71 28.8 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-机械设备：6 月制造业 PMI 持续改善，看好政策+需求 回暖下制造业高质量发展提速 – 2025.07.07 2. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2025.04.16~2025.04.30） – 2025.05.06 3. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2025.04.01~2025.04.15） – 2025.04.18 4. 江海证券-行业点评报告-机械设备行 业：加快建设农业强国，农业农村相关装 备有望获益 – 2025.04.08 5. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 2025.04.01 机械军工行业研究组 分析师：张诗瑶 11 月制造业 PMI 有所改善，关 ...

慢修复，紧贴均线上行。 证券研究报告·金融工程报告 2025 年 12 月 2 日 江海证券研究发展部 金融工程定期报告 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.12.02 ◆市场表现：2025 年 12 月 1 日, 各宽基指数（表 1）全部上涨，其中创业板指（1.31%） 投资要点： 分析师：梁俊炜 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 和沪深 300（1.1%）涨幅最大。当年涨跌情况，创业板指（44.4%）涨幅最大，其 次是中证 2000（32.57%）和中证 500（24.03%），中证 1000（23.99%）和中证全指 （21.82%）涨幅扩大，而上证 50（11.51%）涨幅最小。另外，中证 1000 连续六日 连阳，中证 2000 连续三日连阳。 ◆均线比较：所有跟踪指数已站上 5 日及 10 日均线。中证 2000 和创业板指突破 20 日均线，上证 50、沪深 300、中证全指和创业板指突破 60 日均线。多个指数缓 相关研究报告 态 2025.12.01 A 股市场快照：宽基指数每日投资动 态 2025.11.28 A 股 ...

aa 证券研究报告·金融工程报告 2025 年 12 月 1 日 江海证券研究发展部 金融工程定期报告 转债较权益超额回撤，但股性攀升 核心内容： ◆可转债市场表现： ◆可转债条款跟踪： 分析师：梁俊炜 执业证书编号： S1410524090001 联系人：朱威 执业证书编号： S1410124010022 相关研究报告 1.可转债跟踪周报：转债债性激增防 御 性 突 显 ， 回 撤 小 于 权 益 — 2025.11.24 2.可转债跟踪周报：转债债性支撑上 涨，表现优于权益—2025.11.17 3.可转债跟踪周报：转债继续随权益 上涨，可维持均衡配置—2025.11.10 4.可转债跟踪周报：转债放量延续上 扬，涨幅超越权益—2025.11.03 5.可转债跟踪周报：转债缩量上涨， 涨幅较权益偏低—2025.10.27 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 ➢ 近一周（2025-11-24 至 2025- ...

证券研究报告·金融工程报告 2025 年 12 月 1 日 江海证券研究发展部 金融工程定期报告 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.12.01 ◆市场表现：2025 年 11 月 28 日, 各宽基指数（表 1）除了上证 50(-0.09%)外全部 分析师：梁俊炜 投资要点： 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 上涨，其中中证 2000（1.33%）和中证 500（1.15%）涨幅最大。当年涨跌情况，创 业板指（42.54%）涨幅最大，其次是中证 2000（31.65%）和中证 1000（23.1%）， 中证 500（22.81%）和中证全指（20.67%）涨幅扩大，而上证 50（10.61%）涨幅最 小。另外，中证 1000 连续五日连阳。 ◆均线比较：所有跟踪指数仍在 5 日均线之上。上证 50 和沪深 300 仍低于 10 日均 线，中证 500、中证 1000、中证 2000 和中证全指突破 10 日均线。中证 2000 率先 突破 60 日均线。 相关研究报告 态 2025.11.28 A 股市场快照：宽基指数每日投资动 态 ...