Core Viewpoint - Jiangfeng Electronics plans to acquire control of Kaide Quartz through a cash transaction, which will make Kaide Quartz a subsidiary of Jiangfeng Electronics, enhancing its precision components business in the semiconductor sector [1][2]. Company Overview - Jiangfeng Electronics, established in 2005, specializes in ultra-pure metal sputtering targets and has achieved mass application in chip manufacturing at technology nodes of 7nm, 5nm, and 3nm, serving major clients like TSMC and SMIC. It is projected to rank first in sputtering target shipment volume and second in shipment value globally by 2024 [2][3]. - Kaide Quartz, founded in 1997, focuses on the R&D, production, and sales of quartz glass products, which are essential materials in semiconductor and photovoltaic industries. Its subsidiaries include Kaixin New Materials, Kaide Xinbei, and Kaimei Quartz, which cater to various sectors including semiconductor and aerospace [3]. Financial Performance - In the first three quarters of the previous year, Jiangfeng Electronics reported revenue of 3.291 billion yuan, a year-on-year increase of 25.37%, and a net profit of 400 million yuan, up 39.72% [3]. - Conversely, Kaide Quartz has experienced a decline in net profit since 2023, with a year-on-year decrease of 29.61% in 2023 and 13.31% in 2024. In the first three quarters of 2025, it reported revenue of 222.2 million yuan, down 4.22%, and a net profit of 22.24 million yuan, down 24.57% [4]. Industry Trends - The semiconductor industry is witnessing an acceleration in mergers and acquisitions, driven by policies and the need for technological advancements. The "New National Nine Articles" and "Merger Six Articles" are expected to invigorate the capital market and enhance industrial development [5][6]. - Strategic mergers in the semiconductor sector are becoming mainstream, with companies focusing on vertical integration to strengthen supply chain resilience and enhance collaborative effects within the industry [6][7].

Core Viewpoint - Jiangfeng Electronics plans to acquire control of Kaide Quartz, indicating a trend of consolidation in the domestic semiconductor supply chain [1][2][4] Group 1: Company Overview - Jiangfeng Electronics is a leading global supplier of sputtering targets, primarily used in the physical vapor deposition (PVD) process for semiconductor chip manufacturing [2][5] - Kaide Quartz is a significant domestic supplier of quartz products, essential consumables in semiconductor manufacturing processes such as diffusion, oxidation, and etching [2][5] Group 2: Financial Performance - Jiangfeng Electronics has shown strong growth, with revenue increasing from 1.167 billion yuan in 2020 to 3.605 billion yuan in 2024, and net profit rising from 147 million yuan to 401 million yuan in the same period [6] - In the first three quarters of 2025, Jiangfeng Electronics achieved revenue of 3.291 billion yuan, a year-on-year increase of 25.37%, and net profit of 401 million yuan, up 39.72% [6] - In contrast, Kaide Quartz's revenue grew from 164 million yuan in 2020 to 306 million yuan in 2024, but net profit declined from a peak of 53.926 million yuan in 2022 to 32.906 million yuan in 2024 [6][7] Group 3: Market Position and Strategy - The acquisition reflects Jiangfeng Electronics' strategy to expand into non-metal materials, enhancing its product and value chain integration [9][10] - The global semiconductor quartz product market is expected to exceed 10 billion USD in 2025, with China contributing over 40% of the production capacity [9] - Jiangfeng Electronics aims to develop its semiconductor precision components business as a second growth curve, with this segment accounting for 21.91% of total revenue in the first half of 2025 [10] Group 4: Acquisition Details - The acquisition will not result in a merger; both companies will remain independent publicly listed entities post-acquisition [10] - Jiangfeng Electronics is negotiating to acquire shares from Kaide Quartz's current controlling shareholders, which may require approximately 1.535 billion yuan in cash [13] - The acquisition is expected to strengthen Jiangfeng Electronics' position in the non-metal materials sector and create synergies in product offerings and customer bases [13]

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20260130 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 上海涉外经济创新高，北证 50 下跌 1.69% 2026 年 01 月 30 日 证券分析师 朱洁羽 相关研究： 《沪深北交易所提高融资保证金最低 比例，北证 50 上涨 0.98%》 2026-01-14 《工信部印发<推动工业互联网平台 高质量发展行动方案（2026—2028 年）>，北证 50 下跌 2.50%》 2026-01-13 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新 ...

Core Viewpoint - The restructuring of the global semiconductor supply chain is accelerating, with domestic material companies pursuing mergers and acquisitions to achieve technological complementarity, customer sharing, and scale expansion, which has become an important path to enhance competitiveness [1]. Group 1: Company Announcements - Jiangfeng Electronics and Kaide Quartz announced a suspension of trading starting January 30 due to a planned acquisition [1][4]. - Jiangfeng Electronics intends to acquire control of Kaide Quartz through a cash transaction, which will make Kaide Quartz a subsidiary of Jiangfeng Electronics [3][7]. - The acquisition is expected to deepen the integration within the semiconductor materials and components sector [7]. Group 2: Company Profiles - Jiangfeng Electronics is a leading global supplier of sputtering targets, primarily used in the physical vapor deposition (PVD) process for semiconductor chip manufacturing [7]. - Kaide Quartz is a significant domestic supplier of quartz products, focusing on the research, production, and sales of quartz glass products used in the semiconductor and photovoltaic sectors [7][10]. - Kaide Quartz has established a business layout involving three subsidiaries, focusing on high-end quartz products and large-diameter quartz glass tubes [7]. Group 3: Financial and Market Context - Jiangfeng Electronics has shown significant growth in recent years, with plans to raise up to 1.948 billion yuan for projects including the production of electrostatic suction cups and a high-purity metal sputtering target production base in South Korea [8]. - Kaide Quartz, listed on the Beijing Stock Exchange in March 2022, is undergoing a transition towards high-end product structures, facing some pressure on profitability [10].

经公司向深圳证券交易所申请，公司股票(股票简称：江丰电子，股票代码：300666)自2026年1月30日 (星期五)开市起停牌，预计停牌时间不超过5个交易日。 格隆汇1月29日丨江丰电子(300666.SZ)公布，基于公司整体战略规划及未来发展需要，公司拟以现金收 购北京凯德石英股份有限公司(以下简称"凯德石英"，股票代码：920179)控制权。本次交易完成后，公 司将成为凯德石英的控股股东，凯德石英将成为公司的控股子公司。 ...

同日晚间，凯德石英亦披露公告称，因公司实际控制人张忠恕、王毓敏及其一致行动人张凯轩、北京德 益诚投资发展中心（有限合伙）、北京英凯石英投资发展中心（有限合伙）正在筹划重大事项，拟将部 分股权转让于江丰电子，该事项可能导致公司控制权发生变更。公司股票自1月30日起停牌，预计将于2 月6日前复牌。 交易行情显示，截至1月29日收盘，江丰电子股价报113.48元/股，总市值301.1亿元；凯德石英股价报 50.89元/股，总市值38.15亿元。 公告显示，本次交易完成后，公司将成为凯德石英的控股股东，凯德石英将成为公司的控股子公司。本 次交易预计不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 北京商报讯（记者 王蔓蕾）2026年资本市场首例"A吃A"来了！1月29日晚间，江丰电子（300666）披 露公告称，公司拟以现金收购凯德石英（920179）控制权。公司股票自1月30日起停牌，预计停牌时间 不超过5个交易日。 ...

公司拟以现金收购北京凯德石英股份有限公司（以下简称"凯德石英"，股票代码：920179）控制 权。本次交易完成后，公司将成为凯德石英的控股股东，凯德石英将成为公司的控股子公司。本次交易 预计不构成《上市公司重大资产重组管理办法》规定的重大资产重组。目前相关方案尚待进一步商讨确 定，各方尚未签署相关协议，具体情况以各方签订的相关协议为准。 鉴于上述事项尚处于筹划阶段，存在不确定性，为保证公平信息披露，维护投资者合法权益，避免 造成公司股价异常波动，根据《深圳证券交易所创业板股票上市规则（2025 年修订）》、《深圳证券 交易所上市公司自律监管指引第6 号——停复牌（2025 年修订）》等有关规定，经公司向深圳证券交易 所申请，公司股票（股票简称：江丰电子，股票代码：300666）自 2026 年1 月30 日（星期五）开市起 停牌，预计停牌时间不超过 5 个交易日。 中国经济网北京1月29日讯 江丰电子（300666.SZ）今日晚间披露关于收购事项的停牌公告。 (责任编辑：关婧) 停牌期间，公司将根据上述事项的进展情况，严格按照有关法律法规的规定和要求履行信息披露义 务。待上述事项确定后，公司将及时发布相关公告 ...

北京凯德石英股份有限公司 证券代码：920179 证券简称：凯德石英 公告编号：2026-001 股票停牌公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、停牌事由及规则依据 因北京凯德石英股份有限公司（以下简称"凯德石英"或"公司"）实际控 制人张忠恕先生、王毓敏女士及其一致行动人张凯轩先生、北京德益诚投资发 展中心（有限合伙）、北京英凯石英投资发展中心（有限合伙）正在筹划重大事 项，拟将部分股权转让于宁波江丰电子材料股份有限公司（股票代码：300666）， 该事项可能导致公司控制权发生变更。目前相关方案尚待进一步商讨确定，各 方尚未签署相关协议，具体情况以各方签订的相关协议为准。 为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，根据 《北京证券交易所股票上市规则》等相关规定，申请公司股票停牌。 2026 年 1 月 29 日 经向北京证券交易所申请，本公司股票自 2026 年 1 月 30 日起停牌，预计将 于 2026 年 2 月 6 日前复牌。 三、后续安排 停牌期间公司将 ...

Core Insights - As of January 19, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 9.112 billion yuan, an increase of 131 million yuan from the previous trading day [1] - The stocks with the highest margin financing balances include Jinbo Biological, Better Energy, and Shuguang Digital Innovation, with balances of 406 million yuan, 337 million yuan, and 295 million yuan respectively [1] - A total of 149 stocks had net margin purchases on January 19, with 45 stocks having net purchases exceeding 1 million yuan, led by Kaide Quartz with a net purchase of 55.3185 million yuan [1][2] Industry Analysis - The industries with the highest concentration of stocks that received net margin purchases over 1 million yuan include machinery equipment, electric power equipment, and automotive, with 11, 9, and 5 stocks respectively [2] - On January 19, stocks with net margin purchases over 1 million yuan had an average increase of 1.34%, with notable gainers including Yinen Electric, Can Energy, and Tietuo Machinery, which rose by 29.96%, 17.72%, and 13.10% respectively [2] - The average turnover rate for stocks with net margin purchases over 1 million yuan was 4.85%, with the highest turnover rates seen in Yinen Electric, Can Energy, and Tietuo Machinery at 36.06%, 32.93%, and 24.34% respectively [2] Stock Performance - The stocks with the largest increases in margin financing balances on January 19 included Kaide Quartz, Kairun Intelligent Control, and Hengtong Light, with increases of 55.3185 million yuan, 31.7536 million yuan, and 23.2118 million yuan respectively [2][3] - Stocks with significant net margin sales included Meideng Technology, Minshida, and Tongli Co., with net sales of 12.9811 million yuan, 7.1840 million yuan, and 6.5207 million yuan respectively [1] - The performance of stocks with increased margin financing balances varied, with some experiencing declines, such as Hengtong Light, which fell by 6.48% [2][3]

Investment Rating - The report indicates a focus on technology sectors and policy-supported areas, suggesting a positive outlook for specialized and innovative companies in the semiconductor and robotics fields [3]. Core Insights - The market is currently experiencing a rotation with clear policy guidance, emphasizing the importance of technology and innovation in driving growth [3]. - The North Exchange A-share trading volume reached 30.43 billion yuan, a decrease of 2.79 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1548.33, up 0.23% [7]. - The report highlights the performance of individual stocks, with 119 out of 288 companies rising, while 165 fell, indicating a mixed market sentiment [16]. Summary by Sections Market Review - On January 16, the North Exchange A-share trading volume was 30.43 billion yuan, down from the previous day [7]. - The North Exchange 50 Index closed at 1548.33, with a PE_TTM of 64.92 times, while the specialized and innovative index closed at 2666.88, up 0.46% [7][16]. Stock Performance - The top five gainers included Kema Materials (371.3%), Kaide Quartz (20.3%), and Tietuo Machinery (10.2%) [16]. - The top five losers were Liujin Technology (-13.9%), Keli Co., Ltd. (-11.8%), and Meideng Technology (-9.2%) [16]. Important News - Significant advancements in liquid metal flexible electronics manufacturing have been reported, providing innovative solutions for high-performance and green applications [2]. - The Chinese FAST telescope has made a breakthrough in capturing the evolution of fast radio bursts, marking a significant achievement in astrophysics [19]. Company Announcements - Ximic Technology has been re-certified as a high-tech enterprise, enhancing its innovation capabilities [20]. - Kangbiter announced the lifting of restrictions on 211,500 shares, representing 0.17% of its total share capital, effective January 21, 2026 [22].