格隆汇12月18日丨江南新材(603124.SH)公布，鉴于当前市场需求持续增长，根据公司整体战略规划， 为更好地优化公司铜基新材料产业布局，加快促进企业转型升级，满足未来发展需求，公司于2025年12 月18日与鹰潭高新技术产业开发区管理委员会、鹰潭炬能投资集团有限公司签订了《关于兴办高端铜基 核心材料研发及产业化项目合同书》（以下简称"合同书"）及补充协议，公司拟在鹰潭高新技术产业开 发区投资建设高端铜基核心材料研发及产业化项目，项目总投资金额约3亿元人民币，主要用于设备购 置及场地建设等，规划用地约320亩。项目涉及的投资金额以未来实际发生为准，公司拟通过自有或自 筹资金解决。 ...

Core Viewpoint - Jiangnan New Materials (603124.SH) plans to invest approximately 300 million RMB in a high-end copper-based core materials R&D and industrialization project in Yingtan High-tech Industrial Development Zone [1] Investment Details - The total investment for the project is around 300 million RMB, with a planned land area of approximately 320 acres [1] - The project will include the construction of an intelligent manufacturing plant, procurement of advanced production equipment, and the establishment of modern manufacturing facilities such as comprehensive office buildings, R&D buildings, dormitories, and warehouses [1] Product Focus - The main products of the project will include copper ball series and high-precision copper-based heat sink series [1] Strategic Alignment - This investment decision is based on the company's development situation, strategic direction, business layout, and product market demand [1] - Upon completion, the project is expected to enhance the company's intelligent and automated production levels, achieve intensive production and office operations, and improve overall operational efficiency [1] Competitive Advantage - The project aims to further enhance the company's manufacturing capabilities, production efficiency, R&D capabilities, management levels, and scale benefits, thereby better meeting the growing product market demand [1] - This initiative aligns with the company's strategy for green and intelligent product development, ultimately strengthening its overall competitiveness and sustainable development capacity [1]

人民财讯12月18日电，江南新材（603124）12月18日公告，公司拟在鹰潭高新技术产业开发区投资建设 高端铜基核心材料研发及产业化项目，项目总投资金额约3亿元，主要用于设备购置及场地建设等，规 划用地约320亩。项目主要产品包括铜球系列、高精密铜基散热片系列等。 ...

Core Viewpoint - Jiangnan New Materials (603124.SH) plans to invest approximately 300 million RMB in a high-end copper-based core materials R&D and industrialization project in Yingtan High-tech Industrial Development Zone [1] Investment Details - The total investment for the project is around 300 million RMB, with a planned land area of approximately 320 acres [1] - The project will include the construction of smart manufacturing plants, procurement of advanced production equipment, and supporting facilities such as office buildings, R&D buildings, dormitories, and warehouses [1] Product Focus - The main products of the project will include copper ball series and high-precision copper-based heat sink series [1] Strategic Rationale - The investment decision is based on the company's development situation, strategic goals, business layout, and product market demand [1] - Upon completion, the project is expected to enhance the company's level of intelligent and automated production, achieving intensive production and office operations [1] Operational Efficiency - The project aims to improve overall operational efficiency, manufacturing capability, production efficiency, R&D capability, management level, and scale benefits [1] - It will better meet the growing product market demand and enhance the company's overall competitiveness and sustainable development capacity [1] Alignment with Development Strategy - The investment aligns with the company's strategy for product greening and intelligent development [1]

Core Viewpoint - The demand for AI computing power is driving the need for efficient cooling solutions, with liquid cooling emerging as a market focus, leading to significant stock price increases for related companies. Group 1: Companies Leading in Liquid Cooling Solutions - Feilong Co., Ltd. (飞龙股份) has launched mass production of liquid cooling products for data centers, including electronic water pumps and temperature control valves for server applications, with a stock price increase of 10.01% to 27.59 yuan [1] - Invech (英维克) is developing cold plates and immersion liquid cooling technology, offering liquid cooling cabinets and comprehensive solutions for computing equipment and data centers, with a stock price rise of 10.00% to 92.95 yuan [1] - Yidong Electronics (奕东电子) acquired Shenzhen Guanding, a leading supplier of AI liquid cooling solutions, supplying products to major companies like Nvidia, Meta, and Google, with a stock price surge of 20.01% to 52.78 yuan [1] - Jiangnan New Materials (江南新材) has high-precision copper-based heat sink products applied in server liquid cooling, with a stock price increase of 10.00% to 75.33 yuan [1] - Dayuan Pump Industry (大元泵业) provides liquid cooling pumps and temperature control solutions, with business expected to double year-on-year by Q1 2025, and a stock price rise of 10.00% to 41.80 yuan [1] Group 2: Emerging Players in Liquid Cooling Market - Guanghua New Materials (华光新材) has begun mass supply of welding materials for liquid cooling servers, anticipating significant revenue in 2025, with a stock price increase of 18.34% to 55.30 yuan [2] - Tongfei Co., Ltd. (同飞股份) has launched plate-type and immersion liquid cooling products for data centers, planning to continue advancing its liquid cooling business, with a stock price rise of 14.46% to 81.36 yuan [2] - Zhongshi Technology (中石科技) is establishing a production line for liquid cooling modules, providing comprehensive solutions for multiple server companies, with a stock price increase of 11.51% to 46.80 yuan [2] - Dingtong Technology (鼎通科技) expects small batch shipments of liquid cooling radiators by Q2 2025, serving clients like Amphenol and Molex, with a stock price rise of 11.49% to 100.50 yuan [2] - Kexin Innovation Source (科创新源) has validated its liquid cooling modules for data centers, supplying condensers and evaporators, with a stock price increase of 11.02% to 53.18 yuan [2] - Siquan New Materials (思泉新材) is advancing product integration with major clients, having established a liquid cooling production line, with a stock price rise of 8.90% to 199.99 yuan [2] - Chuanhuan Technology (川环科技) has received UL certification for its liquid cooling server pipelines, entering the supply chain of major companies like Invech, with a stock price increase of 8.66% to 35.76 yuan [2] Group 3: Additional Notable Companies - Feirongda (飞荣达) has leading advantages in liquid cooling modules and has gained recognition from major industry clients, with a stock price increase of 8.36% to 29.55 yuan [3]

Group 1 - The PET copper foil concept increased by 2.73%, ranking 9th among concept sectors, with 39 stocks rising, including Jiangnan New Materials hitting the daily limit, and other notable gainers like Jiao Cheng Ultrasonic and Defu Technology rising by 13.54%, 12.53%, and 8.92% respectively [1] - The PET copper foil sector saw a net inflow of 318 million yuan, with 18 stocks receiving net inflows, and 7 stocks attracting over 30 million yuan, led by Dongcai Technology with a net inflow of 155 million yuan [2][3] - Jiangnan New Materials, Liyuanheng, and Hengtong Holdings had the highest net inflow ratios at 21.72%, 10.87%, and 10.15% respectively [3] Group 2 - The top gainers in the PET copper foil sector included Dongcai Technology with an 8.92% increase, Defu Technology with a 12.53% increase, and Jiangnan New Materials with a 10% increase [3] - The trading volume and turnover rates for key stocks in the PET copper foil sector were significant, with Jiangnan New Materials having a turnover rate of 15.78% and Dongcai Technology at 11.77% [3] - The overall market performance showed a mixed trend, with some sectors like CPO and copper cable high-speed connections performing well, while others like the Hainan Free Trade Zone and horse racing concepts faced declines [2]

Group 1 - The metal new materials sector increased by 0.6% compared to the previous trading day, with Jiangnan New Materials leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up by 1.19%, while the Shenzhen Component Index closed at 13224.51, up by 2.4% [1] - A table detailing the individual stock performance within the metal new materials sector was provided [1] Group 2 - In terms of capital flow, the metal new materials sector experienced a net outflow of 233 million yuan from main funds, a net outflow of 101 million yuan from speculative funds, and a net inflow of 334 million yuan from retail investors [2] - A table showing the capital flow for individual stocks in the metal new materials sector was included [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company is a mature manufacturer of copper-based materials, with a wide range of applications in various sectors including PCB manufacturing, photovoltaic cell copper plating, and power semiconductor cooling [1][2]. - The growth in the AI PCB market is expected to significantly enhance the demand for upstream copper ball and copper oxide powder products, driven by the rapid development of electronic technology and the structural growth in the PCB industry [2][3]. - The company has a comprehensive customer base that includes major domestic and international PCB manufacturers, and its products exhibit superior performance compared to industry standards [3]. Financial Projections - Revenue is projected to reach 10.86 billion yuan in 2025, 13.94 billion yuan in 2026, and 17.01 billion yuan in 2027, with corresponding net profits of 266 million yuan, 451 million yuan, and 643 million yuan respectively [4][10]. - The company is expected to achieve a net profit growth rate of 50.83% in 2025 and 69.58% in 2026, indicating strong profitability potential [10]. - The projected P/E ratios for 2025, 2026, and 2027 are 40.22, 23.76, and 16.65 respectively, suggesting an attractive valuation as earnings grow [4][10].

证券代码：603124 证券简称：江南新材 公告编号：2025-045 江西江南新材料科技股份有限公司 关于开立募集资金现金管理产品专用结算账户的公告 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。 江西江南新材料科技股份有限公司（以下简称"公司"）于 2025 年 4 月 2 日分别召开第二届董事会第十一次会议、第二届监事会第九次会议，审议通过了 《关于使用部分闲置募集资金进行现金管理的议案》，同意公司及子公司在不影 响募集资金投资项目建设和公司正常经营的情况下，使用最高不超过人民币 30,000 万元的部分闲置募集资金进行现金管理，购买安全性高、流动性好的保 本型理财产品或存款类产品（包括但不限于协定性存款、结构性存款、定期存款、 大额存单等），具体内容详见公司 2025 年 4 月 3 日刊登于上海证券交易所网站 （www.sse.com.cn）及公司指定信息披露媒体的《关于使用部分暂时闲置募集资 金进行现金管理的公告》(公告编号：2025-006)。 | 序 号 | 开户机构 | 账户名称 | 账号 | | --- | ...

Group 1 - The company Jiangnan New Materials announced the redemption of five large certificates of deposit totaling 50 million yuan, which were purchased using idle raised funds [2] - The principal and earnings from the redeemed deposits have been returned to the special account for raised funds [2] - On the same day of redemption, the company canceled two special settlement accounts for cash management products at Shanghai Pudong Development Bank Nanchang Economic Development Branch [2]