Market Overview - The metal new materials sector experienced a decline of 2.16% on November 12, with Longda Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Notable performers in the metal new materials sector included: - Zhongke Sanhuan (Code: 000970) with a closing price of 13.79, up 1.70% and a trading volume of 313,300 shares [1] - Youyan Powder Materials (Code: 688456) closed at 47.01, up 0.99% with a trading volume of 10,800 shares [1] - Longda Co., Ltd. (Code: 688231) closed at 24.29, down 6.51% with a trading volume of 126,000 shares [2] Capital Flow Analysis - The metal new materials sector saw a net outflow of 1.012 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.104 billion yuan [2] - The capital flow for individual stocks showed varied trends, with Zhongke Sanhuan experiencing a net inflow of 26.0176 million yuan from institutional investors [3]

Core Viewpoint - Jiangnan New Materials (603124.SH) has successfully applied its high-precision copper-based heat sink products in various fields, including PCB embedded heat dissipation processes, power semiconductor cooling, and server liquid cooling systems [1] Group 1 - The company specializes in high-precision copper-based heat sink products [1] - The products are utilized in PCB embedded heat dissipation technology [1] - The applications extend to power semiconductor cooling [1] - The products are also used in server liquid cooling systems [1]

Core Viewpoint - Jiangnan New Materials (603124.SH) has successfully applied its high-precision copper-based heat sink products in various fields, including PCB embedded heat dissipation processes, power semiconductor cooling, and server liquid cooling systems [1] Group 1 - The company specializes in high-precision copper-based heat sink products [1] - The products are utilized in PCB embedded heat dissipation technology [1] - The applications extend to power semiconductor cooling [1] - The products are also used in server liquid cooling systems [1]

Market Overview - The metal new materials sector experienced a decline of 0.55% on November 11, with Jiangnan New Materials leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Shenzhen New Star (603978) saw a significant increase of 5.61%, closing at 36.88 with a trading volume of 583,000 shares and a transaction value of 2.11 billion [1] - Jiangnan New Materials (603124) reported a decrease of 4.83%, closing at 85.33 with a trading volume of 37,600 shares and a transaction value of 326 million [2] - Other notable performers included Xinlaifu (301323) with a 2.64% increase and AnTai Technology (696000) with a 1.88% increase [1][2] Capital Flow - The metal new materials sector saw a net outflow of 150 million from institutional investors, while retail investors contributed a net inflow of 115 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2][3] Individual Stock Capital Flow - AnTai Technology (606000) had a net inflow of 96.54 million from institutional investors, while retail investors showed a net outflow of 14.3 million [3] - Xinlaifu (301323) experienced a net inflow of 51.24 million from institutional investors but a significant outflow of 86.04 million from retail investors [3] - Jiangnan New Materials (603124) had a minor net inflow of 0.67 million from retail investors despite a net outflow from institutional investors [3]

Core Viewpoint - Jiangnan New Materials announced the completion of the use of funds from a supplementary working capital project account at Agricultural Bank of China, Yingtan High-tech Development Zone Branch, and has proceeded to cancel the account [2] Summary by Relevant Sections - **Company Announcement** - Jiangnan New Materials has officially announced that the funds raised in the designated account have been fully utilized [2] - The company has completed the necessary procedures for the cancellation of the fundraising account [2]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意江西江南新材料科技股份有限公司 首次公开发行股票注册的批复》（证监许可〔2024〕1805 号）同意注册，并经上 海证券交易所同意，公司首次公开发行人民币普通股（A 股）3,643.63 万股，每 股面值 1 元，每股发行价格为人民币 10.54 元，募集资金总额为人民币 38,403.86 万元，扣除发行费用人民币 5,296.85 万元后，募集资金净额为 33,107.01 万元。 上述募集资金到位情况已经容诚会计师事务所（特殊普通合伙）验证，并于 2025 年 3 月 14 日出具容诚验字[2025]361Z0009 号《验资报告》。 二、募集资金管理情况 为了规范募集资金的管理和使用，保护投资者权益，公司根据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司募集资金监管规则》《上海证 券交易所股票上市规则》等法律法规、规范性文件的要求，结合公司实际情况， 制定了《江西江南新材料科技股份有限公司募集资金管理 ...

Core Viewpoint - Jiangnan New Materials has shown a mixed performance in stock trading, with a year-to-date increase of 14.39% but a recent decline over the past five and twenty trading days [1][2]. Company Overview - Jiangnan New Materials, established on July 26, 2007, is located in Yingtan City, Jiangxi Province, and specializes in the research, production, and sales of copper-based new materials [2]. - The company's revenue composition includes: copper ball series (78.30%), copper oxide powder series (17.26%), high-precision copper-based heat sinks (1.74%), and others [2]. - As of September 30, 2025, Jiangnan New Materials reported a revenue of 7.569 billion yuan and a net profit of 165 million yuan, reflecting a year-on-year growth of 21.95% [2]. Stock Performance - As of November 6, Jiangnan New Materials' stock price was 84.80 yuan per share, with a market capitalization of 12.359 billion yuan [1]. - The stock has experienced a net inflow of 6.744 million yuan from main funds, with significant trading activity noted in the past [1]. - The company has appeared on the trading leaderboard 30 times this year, with the most recent occurrence on October 14, where it recorded a net buy of -894.383 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 60.29% to 9,904, while the average circulating shares per person increased by 156.98% to 2,950 shares [2][3]. - The top ten circulating shareholders include several new institutional investors, with the largest being Huaxia Industry Prosperity Mixed A, holding 1.6299 million shares [3].

Core Viewpoint - Jiangnan New Materials experienced a stock price decline of 2.03% on November 4, with a current price of 82.88 CNY per share and a market capitalization of 12.079 billion CNY [1] Financial Performance - For the period from January to September 2025, Jiangnan New Materials achieved a revenue of 7.569 billion CNY and a net profit attributable to shareholders of 165 million CNY, reflecting a year-on-year growth of 21.95% [2] - The company has seen a stock price increase of 11.80% year-to-date, but a decline of 9.91% over the last five trading days and 7.36% over the last 20 days [1] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 60.29% to 9,904, while the average circulating shares per person increased by 156.98% to 2,950 shares [2] - The top ten circulating shareholders include several new institutional investors, with the largest being Huaxia Industry Prosperity Mixed A, holding 1.6299 million shares [3] Business Overview - Jiangnan New Materials, established on July 26, 2007, specializes in the research, production, and sales of copper-based new materials, with its main revenue sources being copper ball series (78.30%) and copper oxide powder series (17.26%) [2] - The company is categorized under the non-ferrous metals industry, specifically in the segment of new metal materials [2]

Group 1 - The report highlights that the stock-bond allocation value has retreated from historical extremes, with the equity risk premium (ERP) stabilizing below one standard deviation [1] - The overall A-share index PE valuation stands at 22.0, with most broad-based indices around the 60th percentile historically, indicating relatively low valuations [1][29] - Market trading indicators show a decline in trading heat, with turnover rates and transaction volumes decreasing compared to the previous month, suggesting a cooling market sentiment [1][29] Group 2 - The "15th Five-Year Plan" suggestions have been officially released, marking a new phase in China's modernization process, emphasizing the importance of building a modern industrial system and financial strength [2] - The report indicates that local governments are likely to draft their own five-year plans by the end of the year, following the central government's guidelines [2] - The AI infrastructure investment is expected to significantly increase, with companies like Microsoft planning to expand their global AI infrastructure spending to meet growing demand [2] Group 3 - The report identifies green methanol as a key alternative fuel, with a projected demand of approximately 6.79 million tons from new methanol-fueled vessels expected to launch in the coming years [5] - China's green methanol production capacity is anticipated to achieve scale ahead of other regions, with a significant portion of global projects being developed in China [5] - The report recommends focusing on green methanol producers and related equipment manufacturers, highlighting companies like Goldwind Technology and Donghua Technology [5] Group 4 - The report notes that the AI server and cloud computing business is experiencing rapid growth, with a significant increase in revenue and profitability for companies involved in AI infrastructure [4] - The demand for AI computing power continues to rise, with GPU server shipments increasing by over five times year-on-year [4] - The report emphasizes the importance of technological advancements and market demand in driving the performance of companies in the AI sector [4] Group 5 - The report discusses the transition from UPS to HVDC technology, with major companies like Meta and NVIDIA making significant advancements in this area [7] - The domestic market is expected to see sustained demand for HVDC technology driven by initiatives like "East Data West Computing" [7] - Investment recommendations include focusing on domestic leaders in HVDC technology and companies that can benefit from the transition from UPS to HVDC [7]

Investment Rating - The report assigns a "Buy" rating for Jiangnan New Materials (603124) with a target price of 112 CNY, based on its growth potential and position in the industry [6][40]. Core Insights - Jiangnan New Materials specializes in copper-based materials, focusing on products such as copper balls, copper oxide powder, and high-precision copper heat sinks, primarily serving the PCB and liquid cooling sectors [1][12]. - The company is transitioning its product structure towards higher-margin copper powder due to increasing demand for high-end PCBs, which require more precise manufacturing processes [30][33]. - The high-precision copper heat sinks are expected to significantly boost revenue in the first half of 2025, with a projected income of 84.11 million CNY, marking a 596% year-on-year increase [3][37]. Summary by Sections Overview - Jiangnan New Materials was established in 2007 and has developed a leading position in copper-based materials, with a focus on R&D and manufacturing [12][18]. - The company has a stable shareholding structure, with the chairman holding 39.06% of the shares, which supports long-term development [18]. Market Drivers - The growth in high-end PCB demand is driving the shift from copper balls to copper powder, which offers better process capabilities and efficiency [30][33]. - The liquid cooling market for servers is expected to create a second growth curve for the company, with significant revenue growth anticipated from high-precision copper heat sinks [3][36]. Financial Forecasts and Valuation - Revenue projections for 2025-2027 are 10.31 billion CNY, 12.44 billion CNY, and 14.82 billion CNY, with net profits expected to reach 284.75 million CNY, 465.85 million CNY, and 658.64 million CNY respectively [4][38]. - The report compares Jiangnan New Materials with peers in the PCB and liquid cooling sectors, suggesting a valuation of 35 times earnings for 2026, leading to a target price of 112 CNY [40][41].