Group 1 - The core viewpoint of the article is that Huazheng New Materials (603186) has a wide application of its copper-clad laminate products in smart home appliances [1] Group 2 - The company responded to investor inquiries on an interactive platform, highlighting the relevance of its products in the smart home appliance sector [1]

证券日报网讯1月27日，华正新材（603186）在互动平台回答投资者提问时表示，公司BT封装材料具有 高耐热性、耐CAF、低介电常数和低膨胀系数等多种优势，在VCM的应用是指在音圈马达的应用。 ...

格隆汇1月27日丨华正新材(603186.SH)在投资者互动平台表示，公司未直接持有南京宽能半导体有限公 司，仅通过参股的投资基金持有其股份，持股比例较低仅为0.6254%。 ...

Market Performance - The component sector increased by 2.2% on January 27, with Huazheng New Materials leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Top Gainers in the Component Sector - Huazheng New Materials (603186) closed at 71.07, up 6.89% with a trading volume of 135,400 shares and a transaction value of 924 million [1] - Shiyun Circuit (603920) closed at 68.25, up 6.36% with a trading volume of 413,800 shares and a transaction value of 2.722 billion [1] - Pengding Holdings (002938) closed at 60.49, up 5.97% with a trading volume of 481,600 shares and a transaction value of 2.877 billion [1] - Other notable gainers include Nanya New Materials (5.89%), Fangbang Co. (5.36%), and ShenNan Circuit (5.15%) [1] Market Capital Flow - The component sector saw a net inflow of 980 million from main funds, while retail funds experienced a net outflow of 375 million [2][3] - The main funds' net inflow was significant in stocks like Dongshan Precision (6.69 million) and Shenghong Technology (3.23 million) [3] Notable Decliners - ST Dongjing (002199) closed at 9.64, down 5.02% with a trading volume of 63,600 shares and a transaction value of 62.352 million [2] - Fangzheng Technology (600601) closed at 11.87, down 2.63% with a trading volume of 1,722,700 shares and a transaction value of 2.041 billion [2] - Other decliners include Zhongjing Electronics (2.09%) and Xunjiexing (1.92%) [2]

从基金十大重仓股角度 数据显示，华泰保兴基金旗下1只基金重仓华正新材。华泰保兴产业升级混合发起A（021792）四季度 持有股数2.5万股，占基金净值比例为5.06%，位居第八大重仓股。根据测算，今日浮盈赚取约8.32万 元。 华泰保兴产业升级混合发起A（021792）成立日期2024年9月24日，最新规模1722.23万。今年以来收益 17.42%，同类排名346/8861；近一年收益61.33%，同类排名1122/8126；成立以来收益75.68%。 华泰保兴产业升级混合发起A（021792）基金经理为尚烁徽、滕春晓。 1月27日，华正新材涨5.01%，截至发稿，报69.82元/股，成交5.43亿元，换手率5.74%，总市值99.16亿 元。 资料显示，浙江华正新材料股份有限公司位于浙江省杭州市余杭区余杭街道华一路2号，成立日期2003 年3月6日，上市日期2017年1月3日，公司主营业务涉及覆铜板、绝缘材料和热塑性蜂窝板等复合材料及 制品的设计、研发、生产及销售。主营业务收入构成为：覆铜板77.57%，交通物流用复合材料7.75%， 导热材料7.09%，功能性复合材料3.83%，其他3.76%。 截至发 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a significant price increase trend in the CCL (Copper Clad Laminate) industry, driven by rising raw material costs and strong demand from sectors such as AI and electric vehicles [5][6] - Major companies in the CCL sector have implemented multiple price hikes throughout 2025, with notable increases from leading firms like 建滔积层板 and Resonac [5][6] - The profitability of CCL manufacturers has improved significantly due to these price increases, with companies like 生益科技 reporting a substantial rise in gross margins [7] Summary by Sections Price Increase Overview - The CCL industry has experienced a global price increase trend, with key players raising prices multiple times in 2025, including a 10% increase in December [5] - Resonac announced a price hike of over 30% for its products starting in March 2026, reinforcing global price increase expectations in the CCL sector [5] Drivers of Price Increase - The primary drivers for the current price increases in the CCL industry include rising costs of core raw materials such as copper, electronic cloth, and epoxy resin [6] - Copper prices saw a cumulative increase of nearly 40% in 2025, with LME copper prices reaching $12,960 per ton [6] - The demand for high-performance epoxy resin has surged, particularly for AI servers and advanced packaging boards, contributing to the rising costs in the CCL segment [6] Profitability and Investment Recommendations - The profitability of CCL manufacturers has shown significant recovery, with 生益科技 achieving a gross margin of 26.85% in Q2 2025, reflecting a year-on-year increase [7] - The report suggests focusing on the CCL price increase cycle and AI penetration rates, recommending stocks such as 生益科技, 金安国纪, and 建滔积层板 as beneficiaries of this trend [8]

Core Viewpoint - Zhejiang Huazheng New Materials Co., Ltd. has triggered the conditional redemption clause for its convertible bonds due to the stock price exceeding 130% of the conversion price for 15 trading days, leading to a decision for early redemption of the bonds [2][7][8]. Group 1: Convertible Bond Issuance Overview - The company issued 570 million yuan of convertible bonds on January 24, 2022, with a maturity of 6 years and a face value of 100 yuan per bond [3]. - The initial conversion price was set at 39.09 yuan per share, which has been adjusted to 38.51 yuan per share due to profit distribution [3][4]. Group 2: Redemption Terms and Trigger Conditions - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 trading days [6][7]. - The stock price from December 29, 2025, to January 23, 2026, met the condition, being above 50.06 yuan per share [2][7]. Group 3: Decision for Early Redemption - The company's board of directors approved the early redemption of the convertible bonds on January 23, 2026, with a unanimous vote [8]. - The redemption will occur at the face value plus accrued interest, aimed at reducing financial costs and liabilities [8]. Group 4: Related Parties' Trading Activity - There were no transactions of the convertible bonds by major shareholders or executives in the six months prior to the redemption conditions being met [9]. Group 5: Sponsor's Verification Opinion - The sponsor, Xingye Securities, confirmed that the early redemption process complies with relevant regulations and has been properly approved by the board [10].

Core Viewpoint - Huazheng New Materials announced the conditional redemption of its convertible bonds due to the stock price exceeding 130% of the conversion price for 15 trading days, triggering the early redemption clause [2] Group 1: Company Announcement - The company stated that from December 29, 2025, to January 23, 2026, its stock price has closed at or above 50.06 yuan per share, which is 130% of the current conversion price [2] - The board of directors approved the proposal for the early redemption of "Huazheng Convertible Bonds" at a meeting held on January 23, 2026 [2] Group 2: Redemption Details - The company will redeem all registered "Huazheng Convertible Bonds" at face value plus accrued interest on the redemption registration date [2] - Investors can either continue trading the bonds in the secondary market within the specified time or convert them at a conversion price of 38.51 yuan per share, otherwise, they will be forced to redeem at 100 yuan per bond plus accrued interest [2] - The forced redemption may lead to significant investment losses for investors [2]

| 证券代码：603186 | 证券简称：华正新材 | 公告编号 2026-006 | | --- | --- | --- | | 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 关于提前赎回"华正转债"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： 自2025年12月29日至2026年1月23日，浙江华正新材料股份有限公司（以 下简称"公司"）股票已有15个交易日的收盘价不低于当期转股价格的130%（含 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》（以下简称"《可转债募集说明书》"）的约定，已触发"华正转债"的有条 件赎回条款。 公司于2026年1月23日召开第五届董事会第二十二次会议，审议通过了 《关于提前赎回"华正转债"的议案》，公司董事会决定行使"华正转债"的提 前赎回权，按照债券面值加当期应计利息的价格对赎回登记日登记在册的"华正 转债"全部赎回。 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 ...

（一）可转债发行情况 兴业证券股份有限公司 关于浙江华正新材料股份有限公司 提前赎回"华正转债"的核查意见 作为浙江华正新材料股份有限公司（以下简称"华正新材"或"公司"）公开 发行可转换公司债券的保荐人，兴业证券股份有限公司（以下简称"兴业证券"或 "保荐人"）根据《可转换公司债券管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所 上市公司自律监管指引第 12 号——可转换公司债券》等有关法律法规规定，对公 司提前赎回"华正转债"的情况进行了核查，具体情况如下： 一、"华正转债"发行上市概况 根据中国证券监督管理委员会《关于核准浙江华正新材料股份有限公司公开发 行可转换公司债券的批复》（证监许可[2021]2508 号），公司于 2022 年 1 月 24 日公开发行 570 万张可转换公司债券（以下简称"可转债"），每张面值 100 元， 发行总额 5.7 亿元。 （二）可转债上市情况 经上海证券交易所"自律监管决定书[2022]43 号"文同意，公司 5.70 亿元可 转换公司债券于 2022 年 2 月 22 日起在上海证券交易所上市 ...