Core Viewpoint - The company announces the early redemption and delisting of its convertible bonds, "Huazheng Convertible Bonds," effective February 11, 2026, with a final conversion date of February 13, 2026 [2][3][4]. Redemption Details - The last trading day for "Huazheng Convertible Bonds" is February 10, 2026, and the bonds will stop trading from February 11, 2026 [6][12]. - The redemption price is set at 100.1529 yuan per bond, which includes accrued interest [9][11]. - The redemption date is scheduled for February 24, 2026, when the bonds will be delisted from the Shanghai Stock Exchange [4][13]. Conditions for Redemption - The company has triggered the conditional redemption clause as the stock price has been above 130% of the conversion price for 15 trading days [5][8]. - The conversion price is 38.51 yuan per share, meaning the stock price must be at least 50.06 yuan per share to meet the redemption condition [5][8]. Investor Guidance - Investors are advised to convert their bonds within the specified period to avoid forced redemption at the set price [4][16]. - The company will notify bondholders of the redemption process and any relevant details before the redemption period ends [10].

华正新材涨0.47%，报72.69元/股，股价再创新高，总市值突破103.23亿元，成交额达3213.47万元。 （AI生成） ...

Investment Rating - The report maintains an "Overweight" rating for the PCB industry chain, anticipating high growth in 2025 and sustained prosperity in 2026 [1]. Core Insights - The PCB industry is expected to experience significant growth in 2025, driven by increasing demand for AI computing power and the upgrade of PCBs towards high-performance and high-density products. This includes a rise in demand for high-layer boards and advanced HDI products, which will also boost related sectors such as high-end copper-clad laminates, drilling consumables, and equipment [4][61]. - Despite some disruptions in Q4 2025 performance, the growth logic for 2026 remains intact, with new computing platforms and technologies like orthogonal backplanes and CoWoP expected to enhance product value significantly [4][61]. Summary by Sections PCB - Q4 2025 performance may face disruptions, but the growth logic for 2026 remains unchanged. The demand for high-layer and advanced HDI PCBs is increasing, leading to high growth rates for companies like Shenghong Technology, Huadian Co., and Shennan Circuit, with projected net profits of 43.60 billion, 38.22 billion, and 32.48 billion respectively, reflecting year-on-year growth rates of 277.68%, 47.74%, and 73.00% [13][14]. Copper Clad Laminate (CCL) - The CCL sector is expected to see high growth in 2025, benefiting from increased demand for high-end products driven by AI computing power and price adjustments. Major CCL manufacturers are projected to achieve significant profit increases, with companies like Shengyi Technology expected to report a net profit of 33.50 billion, a year-on-year increase of 92.50% [36][41]. Drilling Tools and Equipment - The drilling tool sector is anticipated to exceed market expectations in 2025, with companies like DingTai High-Tech projected to achieve a net profit of 4.35 billion, reflecting a year-on-year growth of 91.74%. This growth is driven by increased demand for high-end PCBs and the optimization of product structures [48][49]. - Equipment demand is expected to rise due to the expansion of PCB production capacity, with companies like Dazhu CNC and Chip Quik projected to see significant profit increases, driven by the growing market for PCB-specific processing equipment [55][57].

| 证券代码：603186 | 证券简称：华正新材 | 公告编号 2026-013 | | --- | --- | --- | | 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 关于实施"华正转债"赎回暨摘牌的第六次提示性公告 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、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： 自 2026 年 2 月 11 日起，"华正转债"停止交易。 最后转股日：2026 年 2 月 13 日 截至 2026 年 2 月 10 日收市后，距离 2 月 13 日（"华正转债"最后转股日， 含当日）仅剩 3 个交易日，2 月 13 日为"华正转债"最后一个转股日。 特提醒"华正转债"持有人注意在限期内转股。 浙江华正新材料股份有限公司（以下简称"公司"）的股票自 2025 年 12 月 29 日至 2026 年 1 月 23 日已有 15 个交易日收盘价格不低于公司"华正转债" 当期转股价格的 130%，即不低于 50.06 元/股。根据《华正新材公开发行可转换 公司债券募集说明书》（以 ...

Q&A 2026 年电子行业涨价趋势的主要原因是什么？ CCL 涨价行情下如何选标的 20260205 摘要 CCL 板块自 2025 年以来经历多次涨价，12 月调价幅度超 25%，日本 龙头企业宣布 2026 年 3 月起全线产品上调 30%，涨价直接提升相关公 司业绩，如华润新材等弹性品种受益明显。 AI 需求旺盛推动 PCB 与 seal 环节拉货，行业需求强劲，成本端压力促 使企业通过降本保持利润率，拥有低成本库存的厂商将直接受益。 高频高速产品营收占比提升至 30%，显著提高公司利润率，AI 大客户业 务毛利率高达 40%，远超综合毛利水平，对公司盈利能力贡献巨大。 华正在新一代 AI 产品中渗透明显，通过多家主流板厂验证，终端份额预 期乐观，AI 业务占比增加，高毛利 AI 业务将显著提升公司综合盈利能力， 有望带动估值体系变化。 预计公司 2026 年营收增长约 50%，主要来源于价格提升和产能扩张， 2025 年第四季度价格提升约 25%，2026 年第一季度仍有上升空间， 毛利率预计达 17%~18%，净利率也将提升。 中长期来看，公司对 2027 年预期乐观，新增 60 万张/月产能将显 ...

Group 1 - The core point of the article is that Huazheng New Materials (603186.SH) has seen its stock price increase by 0.41%, reaching a historical high of 72.650 yuan, with a total market capitalization of 10.318 billion yuan [1]

2月10日，是华正转债的最后交易日。华正转债2月9日收盘价为183.202元/张，如果投资者不及时操作，可能亏损超45%。此前，华锐转债部分持有者就因 未及时操作导致亏损超36%。 | | | 华正转债 | | | E | | --- | --- | --- | --- | --- | --- | | | | 113639 T+0 | | | | | 183.202 → | | 173.500 最高 | | 183.957 最低 | 168.585 | | 总手 12.153 7.10% | | 41.3万 | 金额 | 7.38亿 量比 | 1.36 | | 昨收 | 171.049 外盘 | 21.78 万 内盘 | | 19.47万 | 重多 | | 正股报价 72.35 +9.42% | | | | 转股流价率 -2.49% > | | | 分时 | 王日 | 周Ｋ 日K | | 月K | (0) 更多, | | 189.645 | 绞设置 均线 MA5:172.336 10:174.077 20:173.829 | | | | | | 176.748 | | | | | | | 163.850 | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 重要内容提示： 截至2026年2月9日收市后，距离2月10日（"华正转债"最后交易日，含当日）仅剩1个交易日，2月10日 为"华正转债"最后一个交易日。 ● 最后转股日：2026年2月13日 截至2026年2月9日收市后，距离2月13日（"华正转债"最后转股日，含当日）仅剩4个交易日，2月13日 为"华正转债"最后一个转股日。 ● 本次提前赎回完成后，"华正转债"将自2026年2月24日起在上海证券交易所摘牌。 ● 投资者所持"华正转债"除在规定时限内通过二级市场继续交易或按照38.51元/股的转股价格进行转股 外，仅能选择以100元/张的票面价格加当期应计利息（即100.1529元/张）被强制赎回。若被强制赎回， 可能面临较大投资损失。 证券代码：603186 证券简称：华正新材 公告编号2026-012 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实施"华正转债"赎回暨摘牌的第五次提示性公告 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、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。 ...

（文章来源：证券日报） 证券日报网讯 2月9日，华正新材发布公告称，投资者所持"华正转债"除在规定时限内通过二级市场继 续交易或按照38.51元/股的转股价格进行转股外，仅能选择以100元/张的票面价格加当期应计利息（即 100.1529元/张）被强制赎回。若被强制赎回，可能面临较大投资损失。特提醒"华正转债"持有人注意在 限期内转股或卖出。 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The electronic industry index experienced a decline of 3.73% in the week of February 2-6, 2026, with semiconductors down by 3.02% [4] - Google's capital expenditure guidance for 2026 is projected to be between $175 billion and $185 billion, exceeding previous market expectations of $130 billion [5] - The demand for smartphones is expected to remain weak until at least the second half of 2027, with MediaTek forecasting a significant revenue decline in Q1 2026 [5] Summary by Sections Industry Trends - The semiconductor supply-demand tightness continues, with Infineon issuing price increase notices due to ongoing supply constraints and rising costs [6] - Samsung is considering a price increase of approximately 10% for its 4nm and 8nm processes [6] Investment Recommendations - The report suggests focusing on the supply chain of Changxin's related equipment and materials, as well as the chain reaction of semiconductor price increases [7] - Recommended stocks include North China Innovation, Zhongwei Company, and Tuojing Technology, while beneficiaries include Jingce Electronics, Zhaoyi Innovation, and others [7]