Investment Rating - The industry is rated as "Buy" with an expected increase of over 15% in the next 3-6 months [57]. Core Insights - The report emphasizes that upstream materials are a key inflationary component in the PCB upgrade iteration process, with three main conclusions: the number of PCBs is increasing, the value of PCBs per cabinet/GPU is rising, and upstream materials are undergoing continuous upgrades [2][8]. - The market is focusing on materials that are close to "ultimate" technology or "upgrade" directions, indicating a potential profit release in 2026 [3][18]. - The report highlights the significant price inflation in electronic fabrics, particularly Low-CTE and Q fabrics, driven by supply constraints and increasing demand from AI applications [4][15][26]. Summary by Sections Upstream Materials - The report identifies that the PCB upgrade process is characterized by increasing PCB quantities and value, with a focus on the evolving requirements for materials such as electronic fabrics, copper foil, and resins [2][8]. - It notes that the industry trends for upstream materials lag behind PCB developments by 0.5-1 year, suggesting a delayed but strong profit release potential in 2026 [3][21]. - The sensitivity of material prices to market trends is highlighted, indicating that cost structures and supply dynamics are favorable for upstream materials [3][22]. Electronic Fabrics - The report predicts a continued price increase for Low-CTE fabrics due to supply shortages and rising demand, particularly from high-end applications [4][38]. - Q fabrics are expected to see significant adoption starting in 2027, with a strong short-term outlook due to supply constraints [26][34]. - The second-generation Low-Dk fabrics are anticipated to face a clear supply-demand gap in 2026, driven by the large-scale rollout of Google's TPU V7 and above [36][37]. Copper Foil - The report discusses the clear upgrade path for HVLP copper foil, with major producers expanding capacity and confirming strong demand trends [5][41]. - The market for carrier copper foil is identified as a second growth area, with a current global market size of approximately 5 billion, primarily dominated by Japanese firms [49]. - Price increases for HVLP copper foil are expected, supported by strong demand from AI and high-performance computing applications [46][45]. Resins - The report highlights the importance of resin types in high-frequency and high-speed applications, with carbon-hydrogen resins being the mainstream choice for advanced PCBs [51][54]. - Domestic companies are accelerating production to meet the growing demand for high-performance resins, indicating a shift towards local supply chains [54].

Group 1 - The top-performing stocks in the A-share market during the Year of the Snake include Shangwei New Materials, which saw an increase of over 18 times, and Tianpu Co., which surged by 942% [1] - A total of seven stocks achieved a fivefold increase, while one stock reached a tenfold increase during the Year of the Snake [1] Group 2 - Yunhe Technology (603256.SH) has a current price of 71.60 yuan and a total market capitalization of 62.9 billion yuan, with a growth of 781% [3] - Dingtai Gaoke (301377.SZ) has a market capitalization of 73.6 billion yuan and a current price of 179.57 yuan, showing a growth of 729% [3] - Feiwo Technology (301232.SZ) has a market capitalization of 18.149 billion yuan and a current price of 136 yuan, with a growth of 649% [3] - Shengtong Energy (001331.SZ) has a current price of 52.00 yuan and a market capitalization of 14.6 billion yuan, with a growth of 80% [4] - Chaojie Co. (301005.SZ) has a market capitalization of 21.1 billion yuan and a current price of 157.52 yuan, with significant annual growth [4] - Xianglu Tungsten Industry (002842.SZ) has a current price of 36.38 yuan and a market capitalization of 11.9 billion yuan, with a growth of 467% [4] - Xinyuan Co. (688521.SH) has a market capitalization of 144.8 billion yuan and a current price of 275.50 yuan, with a growth of 462% [4]

Group 1 - The Ministry of Commerce announced that starting from February 13, 2026, it will impose countervailing duties on imported dairy products originating from the EU to maintain fair competition in the domestic dairy market [2][17] - The People's Bank of China will conduct a 1 trillion yuan reverse repurchase operation on February 13, 2026, to ensure liquidity stability ahead of the Spring Festival [3][18] - The stock price of domestic large model company Zhipu has doubled in four days, with a market value exceeding 179 billion HKD, driven by the release of its flagship model GLM-5 and strong demand [4][20] Group 2 - The company Yuhua Development is accepting 177 residential units as debt repayment to recover 241 million yuan in group purchase tail payments, with a planned public sale price of 251 million yuan [5][21] - In the US stock market, popular Chinese concept stocks experienced a collective decline, while storage concept stocks like Seagate Technology saw significant gains [6][22] - Nuveen, a US asset management giant, announced the acquisition of UK-based Schroders for approximately 13.5 billion USD, which will create a combined asset management scale of nearly 2.5 trillion USD [24] Group 3 - On February 12, A-shares saw a collective rise, with market turnover exceeding 2.16 trillion yuan, driven by strong interest from institutions and northbound funds in sectors like liquid cooling servers and CPO [8][25] - Several companies with significant recent stock price increases issued risk warnings, clarifying that their main businesses had not undergone major changes [9][26] - The stock prices of companies in the computing power hardware sector have surged over 100%, driven by macro policies supporting "AI+" and increased demand for computing power [10][27] Group 4 - High-end electronic fabric prices have been rising sharply due to increased demand from AI chip production, with leading companies raising prices by over 10% [11][28] - Xiamen Tungsten Industry plans to acquire a 39% stake in Jiujiang Dadi to enhance its tungsten resource reserves and reduce supply chain risks [15][34] - The investment landscape for global power grids is improving, with Chinese power equipment companies accelerating their overseas expansion due to aging infrastructure in developed countries [31]

Group 1 - The company held its first extraordinary general meeting of shareholders on February 12, 2026, with no resolutions being rejected [2] - The meeting was presided over by the chairman, and voting was conducted both in-person and online, complying with legal and regulatory requirements [2][3] - All nine current directors attended the meeting, with some participating via telecommunication [3][4] Group 2 - Several proposals were approved during the meeting, including the application for a comprehensive credit limit for 2026 and the expected daily related transactions for 2026 [5][6] - The meeting also approved revisions to the independent director work system and the establishment of a salary management system for directors and senior management [6] Group 3 - The company’s stock experienced abnormal trading fluctuations, with a cumulative price increase of 582.22% from May 29, 2025, to February 12, 2026 [9][11] - The stock price had a significant increase, leading to a warning for investors regarding market risks and the need for rational investment decisions [9][11] - The company’s current price-to-earnings ratio is 380.80, significantly higher than the industry average of 56.69, indicating potential overvaluation [14]

Core Viewpoint - The company, Macro Technology (603256.SH), issued a risk warning announcement addressing media reports categorizing it as part of the "PCB concept" sector, clarifying that its main product, electronic-grade fiberglass cloth, is a fundamental material for PCBs, and that there have been no significant changes in its core business operations [1] Group 1 - The company has been focused on the research, production, and sales of its main products, with no major changes in its business operations [1] - The company conducted a self-inspection and found no media reports or market rumors that require clarification or response [1] - There are no significant events identified that could materially impact the company's stock trading price [1]

Core Viewpoint - The company, Honghe Technology (603256.SH), issued a risk warning announcement addressing media reports categorizing it as part of the "PCB concept" industry, clarifying that its main product, electronic-grade glass fiber cloth, is a fundamental material for PCBs and that there have been no significant changes in its core business operations [1] Group 1 - The company has been focusing on the research, production, and sales of its main products without any major changes in its business operations [1] - The company conducted a self-inspection and found no media reports or market rumors that require clarification or response [1] - There are no significant events identified that could substantially impact the company's stock trading price [1]

Core Viewpoint - Multiple companies have issued risk warnings regarding their stock performance, highlighting significant short-term price increases and potential market volatility [1][2][3][4][5][6][8][9]. Group 1: Company Risk Warnings - Honghe Technology has warned that its stock price has deviated significantly, with a cumulative increase of over 20% in three consecutive trading days, urging investors to be cautious [2]. - Zhangyue Technology has indicated that its AI short drama business revenue for 2025 is expected to be less than 1% of its total revenue, alongside a projected net loss of approximately 195 million yuan for the same year [3]. - Decai Co. has noted that its subsidiary, Qixiang Wuxian, is in the early stages of development with no current business orders or revenue, advising investors to make rational judgments [3]. - Jiamei Packaging has stated that its associated company, Magic Atom, is planning independent capital operations unrelated to the listed company, warning of potential rapid stock price declines [4][5]. Group 2: Business Operations and Market Context - Shuangliang Energy clarified that it has not directly cooperated with SpaceX, despite recent media reports linking it to commercial space projects, and emphasized that its main business does not focus on this area [6][7]. - YN Holdings announced that its investment in a subsidiary does not pertain to the chip manufacturing or cloud service industries, with the investment amount expected to be no more than 1.4 billion yuan [8][9]. - International Composite has confirmed that its main business operations remain stable, with no significant changes, and it continues to focus on its core products [9].

证券代码：603256 证券简称：宏和科技 公告编号：2026-011 宏和电子材料科技股份有限公司 2026年第一次临时股东会决议公告 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。 重要内容提示： 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 437 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 743,066,713 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 84.4655 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 公司 2026 年第一次临时股东会由公司董事长毛嘉明先生主持，会议采用现 (一) 股东会召开的时间：2026 年 2 月 12 日 (二) 股东会召开的地点：宏和电子材料科技股份有限公司行政楼二楼会议室 （上海市浦东新区康桥工业区秀沿路 123 号） (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次会议是否有否决议案：无 场投票和 ...

证券代码： 603256 证券简称：宏和科技 公告编号：2026-012 宏和电子材料科技股份有限公司 股票交易风险提示公告 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： 宏和电子材料科技股份有限公司（以下简称"公司"）股票于 2026 年 2 月 9 日、2026 年 2 月 10 日、2026 年 2 月 11 日连续三个交易日内日收盘价格涨 幅偏离值累计超过 20%，属于股票交易异常波动情形，公司已于 2026 年 2 月 12 日披露了《宏和电子材料科技股份有限公司股票交易异常波动公告》（公告编号： 2026-010）。 2026 年 2 月 12 日，公司股票价格再次涨停，鉴于公司股票价格短期涨 幅较大，敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 公司股票价格自2025年5 月29日至2026 年2月12 日累计上涨582.22%， 期间多次触及股票交易异常波动。为保护中小投资者合法权益，敬请广大投资者 务必充分了解二级市场交易风险，切实提高风险意识，理性投资并注意投资风险。 经 ...

40 thFloor Bund Center, 222 East Yan An Road, Shanghai 200002, P.R.China 中国上海市延安东路 222 号外滩中心 40 楼 200002 Tel/电话:(8621) 6249 6040 Fax/传真:(8621) 6249 5611 Website/网址: www.jinmao.com.cn 上海市金茂律师事务所 关于宏和电子材料科技股份有限公司 2026年第一次临时股东会之法律意见书 致：宏和电子材料科技股份有限公司 宏和电子材料科技股份有限公司（以下简称"公司"）2026 年第一次临时股 东会（以下简称"本次股东会"）于 2026 年 2 月 12 日下午在公司会议室召开。上 海市金茂律师事务所（以下简称"本所"）经公司聘请并接受公司委托，委派谢瑞 强律师、赵可沁律师（以下简称"本所律师"）出席本次股东会，并根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、中国证券监督管理委员会《上市公司股东会规则》（以 下简称"《股东会规则》"）等相关法律、法规和规范性文件以及《宏和电子 ...