Market Overview - On June 18, A-shares saw a slight increase in the three major indices, with the Shanghai Composite Index rising by 0.04%, the Shenzhen Component Index by 0.24%, and the ChiNext Index by 0.23%. The total market turnover reached 12,217 billion [1]. Semiconductor Industry - The semiconductor industry chain experienced a significant rise in the afternoon, with sectors such as PCB, CPO, storage chips, and AI PCs leading the gains. PCB leader Huadian Co., Ltd. saw a limit-up, with a net inflow of 7.18 billion from main funds, ranking first in A-shares [4]. - Huadian's recent investor relations activity indicated a sustained growth in demand for AI-driven servers and high-speed network infrastructure, with expectations for capacity improvements by the second half of 2025 [4]. - In Q1, Huadian reported a revenue of 40.38 billion, a year-on-year increase of 56.25%, and a net profit of 7.62 billion, up 48.11% year-on-year, indicating rapid growth [4]. CPO Sector - The CPO (Co-Packaged Optics) sector surged in the afternoon, with stocks like Kexiang Co. hitting the limit-up, and other companies such as Lian Te Technology and Shengyi Electronics also seeing significant gains [6]. - According to YOLE Group, the CPO market is expected to reach a value of 8.1 billion by 2030, with a compound annual growth rate of 137%, driven by the transition from pluggable optical modules to CPO and from copper cables to optical communication [9]. - JPMorgan's report suggests that CPO technology is accelerating towards commercialization, with industry leaders positioned favorably for the next growth cycle [9]. Solid-State Battery Sector - The solid-state battery sector showed a rebound in the afternoon, with stocks like Pulutong and Nord Co. hitting the limit-up, and Jinyinhai rising over 10% [11]. - Xiaomi's recent patent for solid-state battery composite electrodes, which enhances ion transport efficiency, was published, indicating advancements in solid-state battery technology [13]. - The first "Lithium Sulfide and Sulfide Solid-State Battery Forum" is scheduled for June 25, focusing on the latest technologies and industrial applications in the field [14]. - China Galaxy Securities highlights that solid-state batteries are a core focus in the lithium battery supply chain, with significant growth potential for leading cell and material companies [14].

| 证券代码：603186 | 证券简称：华正新材 | 公告编号 2025-033 | | --- | --- | --- | | 转债代码：113639 | 转债简称：华正转债 | | 浙江华正新材料股份有限公司 经上海证券交易所自律监管决定书[2022]43 号文同意，公司 57,000.00 万元 可转换公司债券于 2022 年 2 月 22 日起在上海证券交易所上市交易，债券简称"华 正转债"，债券代码"113639"。 1 根据有关规定以及《华正新材公开发行可转换公司债券募集说明书》（以下 简称"《可转债募集说明书》"）规定，公司该次发行的"华正转债"自 2022 年 7 月 28 日起可转换为本公司股份，转股价格起止日期为 2022 年 7 月 28 日至 2028 年 1 月 23 日。本次可转债的初始转股价格为 39.09 元/股，最新转股价格为 38.51 元/股。历次转股价格调整情况如下： 1、因公司实施 2021 年度利润分配，"华正转债"的转股价格从调整前的 39.09 元/股调整为 38.59 元/股。具体内容详见公司于 2022 年 4 月 20 日在上海证券交 易所网站 (www ...

| 证券代码：603186 | 证券简称：华正新材 | 公告编号 2025-032 | | --- | --- | --- | | 转债代码：113639 | 转债简称：华正转债 | | 浙江华正新材料股份有限公司 关于为全资子公司提供担保的公告 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个别及连带责任。 重要内容提示： 特别风险提示：公司对外担保总额超过最近一期经审计净资产100%，担 保余额超过公司最近一期经审计净资产50%，敬请投资者注意相关风险。 一、担保情况概述 （一）担保基本情况 为支持全资子公司珠海华正的经营发展，并根据其资金需求情况，公司于 2025 年 6 月 5 日与中信银行股份有限公司珠海分行（以下简称"中信银行珠海 分行"）和中国工商银行股份有限公司珠海分行（以下简称"工商银行珠海分行"） 分别签订了《最高额保证合同》： 1、公司与中信银行珠海分行签订了《最高额保证合同》，为珠海华正办理 的最高债权额为 3,000 万元人民币的授信业务提供连带责任保证。 2、公司与工商银行珠海分行签订了《最高额保证合同》，为 ...

转债代码：113639 转债简称：华正转债 证券代码：603186 公司简称：华正新材 浙江华正新材料股份有限公司 公开发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办 法》"）、《浙江华正新材料股份有限公司公开发行可转换公司债券之受托管 理协议》（以下简称"《受托管理协议》"）、《浙江华正新材料股份有限公 司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）、 《浙江华正新材料股份有限公司 2024 年年度报告》等相关公开信息披露文件、 第三方中介机构出具的专业意见等，由本次债券受托管理人兴业证券股份有限 公司（以下简称"兴业证券"）编制。报告涉及的年度经营情况和财务情况引 用自《浙江华正新材料股份有限公司 2024 年年度报告》。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为兴业证券所作的 承诺或声明。在任何情况下，未经兴业证券书面许可，不得用作其他任何用途。 1 | | | | | | 第一节 本次债券情 ...

| 证券代码：603186 | 证券简称：华正新材 | 公告编号 2025-031 | | --- | --- | --- | | 转债代码：113639 | 转债简称：华正转债 | | 经中国证券监督管理委员会证监许可[2021]2508 号文核准，浙江华正新材料 股份有限公司（以下简称"公司"）于 2022 年 1 月 24 日公开发行了 57,000.00 万元可转换公司债券，每张面值为人民币 100 元，共计 5,700,000 张。债券期限 6 年，自 2022 年 1 月 24 日至 2028 年 1 月 23 日止。票面利率第一年 0.20%、第 二年 0.40%、第三年 0.60%、第四年 1.50%、第五年 1.80%、第六年 2.00%。 经上海证券交易所自律监管决定书[2022]43 号文同意，公司 57,000.00 万元 可转换公司债券于 2022 年 2 月 22 日起在上海证券交易所上市交易，债券简称"华 正转债"，债券代码"113639"。 浙江华正新材料股份有限公司 关于"华正转债"预计满足转股价格修正条件 的提示性公告 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 ...

重要内容提示： 根据中国证券监督管理委员会《上市公司证券发行注册管理办法》《公司债 券发行与交易管理办法》和上海证券交易所《股票上市规则》等有关规定，浙江 华正新材料股份有限公司（以下简称"公司"）委托信用评级机构上海新世纪资 信评估投资服务有限公司（以下简称"上海新世纪"）对公司 2022 年 1 月 24 日 发行的可转换公司债券（以下简称"华正转债"）进行了跟踪信用评级。 公司前次主体信用评级结果为"AA-"，评级展望为稳定；华正转债前次评 级结果为"AA+"；评级机构为上海新世纪，评级时间为 2024 年 6 月 13 日。 上海新世纪在对公司经营状况、行业发展情况等进行综合分析与评估的基础 上，于 2025 年 5 月 16 日出具了《浙江华正新材料股份有限公司公开发行可转换 公司债券定期跟踪评级报告》，维持公司主体信用等级为"AA-"，评级展望为"稳 定"，同时维持华正转债信用等级为"AA+"。本次评级结果较前次没有变化。 | 证券代码：603186 | 证券简称：华正新材 | 公告编号 2025-030 | | --- | --- | --- | | 转债代码：113639 | 转债简称：华正转 ...

内部编号:2025050035 浙江华正新材料股份有限公司 公开发行可转换公司债券 定期跟踪评级报告 熊桦 嵇敏珍 项目负责人: -- xh@shxsj.com jiminzhen@shxsj.com 中国 8222 项目组成员: 张明海 2-167 评级总监: 联系电话:(021)63501349 联系地址:上海市黄浦区汉口路 398 号华盛大厦 14 层 公司网站: www.shxsj.com 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. 声明 除因本次评级事项使本评级机构与评级对象构成委托关系外,本评级机构、评级人员与评级对象不存在任何影响 评级行为独立、客观、公正的关联关系。 本评级机构与评级人员履行了调查和诚信义务,所出具的评级报告遵循了真实、客观、公正的原则。 本报告的评级结论是本评级机构依据合理的内部信用评级标准和程序做出的独立判断,未因评级对象和其他任 何组织或个人的不当影响改变评级意见。 本次跟踪评级的信用等级自本跟踪评级报告出具之日起至被评债券本息的约定偿付日有效。在被评债 ...

资金流向方面，今日主力资金净流出1542.75万元，占比成交额13.63%。其中，超大单净流入108.93万 元、占成交额0.96%，大单净流出1651.69万元、占成交额14.59%，中单净流出流出609.46万元、占成交 额5.38%，小单净流入2152.21万元、占成交额19.01%。 华正新材最新一期业绩显示，截至2025一季报，公司营业总收入10.30亿元、同比增长20.49%，归属净 利润1840.05万元，同比增长1953.51%，扣非净利润1438.46万元，同比增长2169.72%，流动比率0.930、 速动比率0.789、资产负债率76.51%。 金融界消息 截至2025年5月12日收盘，华正新材（603186）报收于26.64元，上涨0.38%，换手率3.0%， 成交量4.26万手，成交金额1.13亿元。 通过天眼查大数据分析，浙江华正新材料股份有限公司共对外投资了16家企业，参与招投标项目20次， 知识产权方面有商标信息20条，专利信息229条，此外企业还拥有行政许可33个。 来源：金融界 天眼查商业履历信息显示，浙江华正新材料股份有限公司，成立于2003年，位于杭州市，是一家以从事 ...

Industry Overview - The insulation products industry in China has developed rapidly since the 1990s, establishing a comprehensive industrial system and becoming the largest insulation products market globally. The market size is projected to reach approximately 77.5 billion yuan in 2024, with a year-on-year growth of 2.79% [1][14]. - The industry has matured technologically, with leading companies capable of developing high-end insulation products, gaining competitive advantages in international markets [1][14]. Market Dynamics - The insulation products are essential components in electrical equipment and electronic devices, serving various functions such as mechanical support, heat dissipation, and moisture protection [3]. - The industry benefits from the rapid development of sectors like renewable energy, efficient energy-saving motors, and rail transportation, contributing to a relatively prosperous market environment [5]. Policy Environment - Recent policies have been introduced to support the insulation products industry, including the "Implementation Plan for Accelerating the Breakthrough of 'Six New' Manufacturing in Henan Province" and the "Implementation Plan for the Innovation and Development of the Fine Chemical Industry (2024-2027)" [5][7]. Industry Chain - The upstream of the insulation products industry includes raw materials such as phenol, formaldehyde, and epoxy resin, which are essential for production. The industry is moving towards high-quality and environmentally friendly production due to supply-side structural reforms [8][10]. - The downstream applications include generator manufacturing, power transmission, new energy vehicles, and electronic communications, with increasing demand driven by the national "dual carbon" goals [8][11]. Key Companies - Notable companies in the insulation products sector include Dongcai Technology, Huazheng New Materials, and Shunma Electric, among others. These companies are focusing on innovation and expanding their market presence [16][19][21]. - Dongcai Technology reported a revenue of 32.45 million yuan in the first quarter of 2024, while Huazheng New Materials achieved 28.24 million yuan in the same period [18]. Development Trends - The industry is expected to focus on technological innovation, particularly in high-performance and environmentally friendly insulation materials. Innovations such as nano-modification and composite insulation technologies are anticipated to gain traction [23][24]. - The shift towards green and sustainable practices is becoming a priority, with increasing demand for halogen-free and biodegradable insulation materials [24][25]. Conclusion - The insulation products industry in China is poised for growth, driven by technological advancements, supportive policies, and expanding applications across various sectors. The competitive landscape is evolving, with both international giants and domestic players striving for market share through innovation and quality improvements [16][23].

Industry Overview - The insulation materials are defined as materials that do not conduct electricity under permissible voltage but can conduct under certain electric field strengths. Their primary function is to isolate charged conductors in electrical equipment, allowing current to flow along specific paths while providing mechanical support and protection [1][11]. - Insulation materials are categorized into solid, liquid, and gas types, with solid materials further divided into organic and inorganic categories [2][3]. Industry Chain Analysis - The insulation materials industry chain consists of upstream raw materials (e.g., phenol, formaldehyde, epoxy resin), midstream production (solid, liquid, and gas insulation materials), and downstream applications in sectors like electrical infrastructure, new energy vehicles, and aerospace [5][8]. Industry Development History - The insulation materials industry in China has evolved through four stages: initial development, technology introduction, technology innovation, and the current phase of industrial upgrading driven by new energy [11][12]. Policy Background - Recent policies from various government departments aim to promote the development of high-efficiency and environmentally friendly insulation materials, supporting the industry's high-quality growth [14]. Current Industry Status - The number of bidding projects in the insulation materials sector has shown a fluctuating growth trend, peaking at 612 projects in 2023 [15]. - The financing activity in the insulation materials industry has increased, with a peak financing amount of 2.025 billion yuan in 2022 [15]. - The market size of the insulation materials industry in China grew from 86.4 billion yuan in 2018 to 120.6 billion yuan in 2023, with a compound annual growth rate of 6.9% [19]. Competitive Landscape - The insulation materials industry is concentrated in economically developed eastern coastal regions, particularly Guangdong and Jiangsu provinces [20]. - Major companies in the insulation materials sector include Shandong Glass Fiber, Dongcai Technology, and Yuxing Co., with revenues exceeding 1.8 billion yuan for Shandong Glass Fiber in 2023 [24]. Future Development Trends - The market size of insulation materials is expected to exceed 200 billion yuan by 2030, with a compound annual growth rate of 7.8% from 2025 to 2030 [26]. - The industry is trending towards high-end and environmentally friendly products, with a focus on enhancing product performance and providing comprehensive insulation system solutions [28].