Market Overview - The glass and fiberglass sector experienced a decline of 3.2% on October 17, with Yaopi Glass leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Yaopi Glass (600819) closed at 8.03, down 8.96% with a trading volume of 572,600 shares and a transaction value of 470 million yuan [1] - Other notable declines include: - China National Materials (002080) down 3.78% to 29.25 [1] - Honghe Technology (603256) down 3.68% to 31.69 [1] - China Jushi (600176) down 3.54% to 15.27 [1] - The overall trading volume and transaction values for other companies in the sector also reflected negative trends [1] Capital Flow - The glass and fiberglass sector saw a net outflow of 398 million yuan from institutional investors, while retail investors had a net inflow of 462 million yuan [1] - Detailed capital flow for specific stocks indicates: - Jiuding New Materials (002201) had a net inflow of over 3.05 million yuan from retail investors [2] - Significant outflows were noted for companies like North Glass (002613) with a net outflow of 12.58 million yuan from institutional investors [2] - Other companies such as Jinjing Technology (600586) and Qibin Group (601636) also experienced substantial net outflows from institutional investors [2]

Group 1 - The core point of the news is that Honghe Technology's stock rose by 4.25% to a closing price of 33.12 yuan, with significant block trades occurring [1] - A total of 4 block trades were executed, amounting to 300,000 shares and a total transaction value of 8.577 million yuan [1] - Each of the 4 trades was executed at a price of 28.59 yuan per share, with a discount of 13.68% from the market price, indicating institutional buying interest [1] Group 2 - Over the past three months, the stock has seen a total of 12 block trades, with a cumulative transaction value of 26.2348 million yuan [2] - In the last five trading days, the stock has declined by 5.02%, with a net outflow of 107 million yuan in principal funds [2]

Group 1 - Three stocks received buy ratings from institutions today, with Honghe Technology being the first to attract institutional attention [1] - The average increase for stocks with buy ratings was 4.07%, outperforming the Shanghai Composite Index [1] - The top gainers included Feirongda, Honghe Technology, and Nova Star Cloud, with respective increases of 6.26%, 4.25%, and 1.69% [1] Group 2 - Institutional buy ratings were recorded for three stocks: Feirongda, Honghe Technology, and Nova Star Cloud [2] - Feirongda received a buy rating from Guohai Securities, while Honghe Technology was rated as "increase" by Guosheng Securities [2] - The latest closing prices for the rated stocks were 36.00 CNY for Feirongda, 33.12 CNY for Honghe Technology, and 165.88 CNY for Nova Star Cloud [2]

Group 1 - The core focus of the news is on the trading activities of Honghe Technology (宏和科技) on October 15, 2025, highlighting significant transactions involving institutional investors [1] - The stock price of Honghe Technology was recorded at 28.59 yuan during the transactions [1] - The total transaction amount for Honghe Technology on that date reached 257.31 million yuan, indicating active trading interest [1] Group 2 - Multiple transactions were executed by institutional investors, showcasing a concentrated buying interest in Honghe Technology [1] - Specific institutional buyers included "看護公司" and "看虎公司," indicating a diverse range of institutional participation [1] - The trading volume for the transactions was consistently noted at 7, suggesting a standard lot size for these trades [1]

Core Viewpoint - The company announced that its subsidiary, Huangshi Honghe Electronic Materials Technology Co., Ltd., has received an invention patent certificate from the National Intellectual Property Administration for a device designed for rapid welding of cooling fins [2] Group 1 - The invention is titled "A Device for Rapid Welding of Cooling Fins" [2] - The patent certificate was issued recently, indicating progress in the company's innovation efforts [2]

Market Overview - The glass and fiberglass sector experienced a decline of 2.63% on October 13, with Zhongcai Technology leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Notable stock performances in the glass and fiberglass sector include: - Jiuding New Materials (002201) closed at 8.14, up 1.12% with a trading volume of 155,400 shares and a turnover of 123 million yuan [1] - Zhongcai Technology (002080) closed at 32.33, down 4.46% with a trading volume of 313,900 shares and a turnover of 1.008 billion yuan [2] - China Jushi (600176) closed at 16.69, down 3.19% with a trading volume of 637,700 shares and a turnover of 1.055 billion yuan [2] Capital Flow - The glass and fiberglass sector saw a net outflow of 291 million yuan from institutional investors and a net outflow of 135 million yuan from speculative funds, while retail investors had a net inflow of 426 million yuan [2] - Specific stock capital flows include: - Yaopi Glass (600819) had a net inflow of 7.9147 million yuan from institutional investors and a net outflow of 31.985 million yuan from speculative funds [3] - Beibo Co. (002613) had a net inflow of 2.3699 million yuan from institutional investors and a net outflow of 4.6639 million yuan from speculative funds [3]

关于子公司获得发明专利的公告 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。 宏和电子材料科技股份有限公司（以下简称"公司"）子公司黄石宏和电子材料科 技有限公司于近日收到了国家知识产权局颁发的《发明专利证书》，具体如下： 证书号：第8281834号 发明名称：一种快速焊接冷却片的装置 专利号：ZL 2023 1 0661365.8 专利申请日：2023年06月06日 证券代码：603256 证券简称：宏和科技 公告编号：2025-067 宏和电子材料科技股份有限公司 授权公告日：2025年09月19日 专利权期限：二十年（自申请日起算） 本次发明专利的取得是公司在本领域重要核心技术的体现和延伸，本次专利的获 得不会对公司近期经营产生重大影响，但有利于进一步完善公司知识产权体系的布 局，从而提升公司的技术核心竞争力。 特此公告。 宏和电子材料科技股份有限公司 董事会 2025 年 10 月 14 日 专利权人：黄石宏和电子材料科技有限公司 ...

证券代码：603256 证券简称：宏和科技 公告编号：2025-066 二、补助的类型及其对上市公司的影响 公司按照《企业会计准则第 16 号-政府补助》有关规定确认上述事项，上述 政府补贴款人民币 284.50 万元属于与收益相关的政府补贴，将于收到时计入公 司收益。 本次收到的政府补贴款预计对公司年度利润产生积极影响。上述政府补贴收 入的会计处理以及对公司损益的影响情况，最终仍须以会计师年度审计确认后的 结果为准，敬请广大投资者注意投资风险。 特此公告。 宏和电子材料科技股份有限公司 董事会 宏和电子材料科技股份有限公司 关于获得政府补贴的公告 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。 一、获取补助的基本情况 宏和电子材料科技股份有限公司（以下简称"公司"）于 2025 年 9 月 30 日 收到与收益相关的政府补贴人民币 284.50 万元，占公司 2024 年度经审计归属于 上市公司股东净利润的比例为 12.48%。 2025 年 10 月 10 日 ...

Core Viewpoint - The report highlights that the evolution of AI computing hardware is driving structural growth opportunities in the PCB (Printed Circuit Board) industry, with significant demand for high-layer and HDI boards due to the increasing requirements of AI applications and high-performance computing [1][27]. Industry Overview - The global PCB market size is projected to grow from $62 billion in 2020 to $75 billion in 2024, with a compound annual growth rate (CAGR) of 4.9%. By 2029, the market is expected to reach $93.7 billion, with a CAGR of 4.6% from 2024 to 2029 [1][27]. - The AI and high-performance computing sectors are anticipated to see substantial growth, with the market size expected to reach $15 billion by 2029, reflecting a CAGR of 20.1% from 2024 to 2029 [1][27]. Demand Drivers - The demand for high-layer PCBs and HDI boards is rapidly increasing, driven by the need for high-frequency, low-signal loss, and high-heat dissipation performance in AI servers. The value of a single AI server PCB is significantly higher than that of traditional servers [1][27]. - The market for high-layer PCBs is projected to reach $171 billion by 2029, while the share of high-end HDI boards in the global HDI market is expected to rise from 47% in 2024 to 57% in 2029, with a market size of $9.6 billion [1][27]. Technological Advancements - AI server requirements are pushing PCB technology upgrades, necessitating the use of high-layer (14-30 layers) and low-loss materials. This includes the adoption of low roughness reverse (RTF) copper foil and very low loss materials to minimize signal distortion [1][27]. - The report emphasizes the importance of material upgrades, such as the transition from traditional fiberglass cloth to low dielectric constant Q cloth, to meet the evolving demands of high-frequency applications [1][27]. Company Strategies - Companies in the PCB sector are actively expanding their capabilities. For instance, companies like Huadian Co. are advancing high-end PCB production, while Shenghong Technology has the capacity for mass production of high-layer boards and HDI boards [1][27]. - Equipment manufacturers like Chip Microelectronics and Dazhu CNC are introducing laser equipment tailored for high-end PCB processing, while material suppliers like Honghe Technology and Feilihua are developing low-dielectric electronic fabrics and high-end copper foils [1][27].

Market Overview - The glass and fiberglass sector increased by 1.24% on September 29, with Qibin Group leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Qibin Group (601636) closed at 7.04, up 3.23% with a trading volume of 592,100 shares and a turnover of 414 million yuan [1] - Changhai Co., Ltd. (300196) closed at 15.11, up 2.51% with a trading volume of 72,700 shares and a turnover of 109 million yuan [1] - China Jushi (600176) closed at 17.04, up 1.43% with a trading volume of 725,800 shares and a turnover of 1.224 billion yuan [1] - Other notable stocks include Zhongcailiao Technology (002080) at 34.27, up 1.90%, and Jinjing Technology (600586) at 4.99, up 1.01% [1] Capital Flow - The glass and fiberglass sector experienced a net outflow of 145 million yuan from institutional investors, while retail investors saw a net inflow of 232 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Individual Stock Capital Flow - Zhongcailiao Technology (002080) had a net outflow of 37.61 million yuan from institutional investors, while retail investors contributed a net inflow of 1.24 million yuan [3] - Jinjing Technology (600586) saw a net inflow of 11.07 million yuan from institutional investors, but retail investors had a net outflow of 0.45 million yuan [3] - North Glass Co., Ltd. (002613) experienced a net outflow of 3.61 million yuan from institutional investors, with retail investors contributing a net inflow of 2.36 million yuan [3]