Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The cement industry is expected to benefit from the improvement in infrastructure and real estate demand, with a long-term view of continuous optimization in supply structure. Recommended companies include Shengfeng Cement, Tapai Group, Huaxin Cement, Western Cement, and Tibet Tianlu [20][21] - The report highlights a significant drop in the sales area of commercial housing in 30 major cities, with a year-on-year decrease of 18.92% [2][15] - The cement price has recently hit a low, with the average price in East China down by 17 CNY/ton year-on-year, indicating potential for price rebound due to the implementation of price coordination mechanisms [3][14] Summary by Sections Market Review - The Shanghai and Shenzhen 300 index rose by 1.54%, while the construction materials sector (CITIC) increased by 3.63%. Notable stock performances include Yamaton (+34.9%), Zhongcai Technology (+20.7%), and Kaisheng New Energy (+19.6%) [12][14] Recent Tracking of Key Sub-sectors - Cement: The national cement market price fell by 1.3% week-on-week, with average shipment rates around 42% due to weak demand [17] - Glass: The photovoltaic glass market saw a general decline in new orders, with prices for 2.0mm coated panels down by 2.27% [18] - Fiberglass: The market for non-alkali yarn remains stable, with prices holding steady at around 3669 CNY/ton [19] Long-term Value of Traditional Building Materials - The report emphasizes that traditional building materials are nearing a cyclical bottom, while new materials like carbon fiber are expected to see sustained growth due to high downstream demand and domestic substitution opportunities [20][21]

Core Viewpoint - The A-share PCB concept continues to rise, with several companies showing significant stock performance, indicating a positive trend in the industry [1] Group 1: Company Performance - Jin'an Guoji has achieved a three-day consecutive increase in stock price [1] - Honghe Technology has seen its stock rise three times in five days [1] - Defu Technology and Tongguan Copper Foil have both increased by over 10% [1] - Pengding Holdings, Lianrui New Materials, Zhongying Technology, and International Composite Materials are among the top gainers in the market [1]

Group 1 - The A-share glass fiber concept stocks experienced a rise in early trading, with companies such as Honghe Technology and Jiuding New Materials hitting the daily limit up [1] - International Composite Materials, China National Building Material Group, and Changhai Co., Ltd. also saw their stocks increase in value [1] - The photovoltaic glass industry is accelerating efforts to reduce competition, with multiple companies potentially reducing production starting in July [1]

Summary of Conference Call Records Industry Overview - The low dielectric electronic cloth industry is projected to have a very optimistic market outlook, with the CCL (Copper Clad Laminate) market expected to reach USD 20.2 billion by 2029, growing at an annual rate of 8.3% from 2025 to 2029. The high-end CCL segment is anticipated to grow even faster, with a growth rate of 26% from 2024 to 2026 [2][3]. Key Companies and Their Performance Zhongcai Technology (中材科技) - Zhongcai Technology is expected to achieve approximately RMB 1.5-1.6 billion in revenue for 2025, with a market capitalization exceeding RMB 20 billion. The Low DK and Q products are projected to generate revenues of RMB 290 million in 2025 and RMB 770 million in 2026, corresponding to a market cap potential of RMB 23 billion [4][15]. - By 2027, the net profit is expected to reach RMB 1.1 billion, leading to a market cap of RMB 56 billion. The company has over 50% growth potential due to its comprehensive product system and large production capacity [4][15]. Honghe Technology (宏和科技) - Honghe Technology is expected to generate a net profit of approximately RMB 110 million in 2025, increasing to RMB 310 million in 2026. The overall net profit is projected to rise from RMB 430 million in 2025 to at least RMB 860 million in 2026, indicating significant market space [5][16]. - The estimated market cap for 2026 is around RMB 17.3 billion, with potential growth to RMB 25.7 billion by 2027 [5]. International Composite Materials (国际复材) - International Composite Materials is expected to double its supply of low DK2 products by 2026, reaching 500,000 to 600,000 meters. The profit from low DK2 products could reach RMB 250 million [6][12]. - The company anticipates a total profit of RMB 300 million in 2026, with a market cap estimated between RMB 18 billion and RMB 25 billion, indicating a 60% growth potential [12][18]. Feilihua (菲利华) - Feilihua relies heavily on military logic, with its K fabric business expected to match Zhongcai's scale. The production capacity for 2026 and 2027 is projected at 2 million and 4 million meters, respectively, with corresponding profits of RMB 170 million and RMB 370 million [8][17]. Honghe Technology (红河科技) - Honghe Technology's business is purely focused on electronic cloth, with an expected profit of RMB 200 million in 2025. The company is noted for its high business elasticity, with potential growth exceeding that of Zhongcai and International Composite Materials [10][11]. Market Trends and Pricing - There is a market trend towards price increases, which could enhance net profits by approximately 8-9%. For instance, a leading Japanese manufacturer plans to raise prices, reflecting a tight supply-demand situation in the industry [18]. - If price increases are considered, the market cap for Zhongcai Technology could rise from RMB 45 billion to over RMB 50 billion, while Honghe Technology could increase from RMB 20 billion to over RMB 22 billion, and Feilihua could reach around RMB 30 billion [18]. Investment Recommendations - Recommended stocks include Zhongcai Technology, Honghe Technology, and International Composite Materials, all of which have significant growth potential in the low dielectric electronic cloth business. Zhongcai Technology is particularly highlighted due to its comprehensive product range and largest production capacity [9]. Conclusion - The low dielectric electronic cloth industry is poised for substantial growth driven by demand from high-end GPUs and AI hardware. Key players like Zhongcai Technology, Honghe Technology, and International Composite Materials are well-positioned to capitalize on this trend, making them attractive investment opportunities.

Core Viewpoint - The short-term sentiment in the market has improved, with a significant number of stocks reaching their upper limit, indicating a potential recovery in investor confidence [1] Group 1: Market Performance - A total of 61 stocks hit the daily limit, with 14 stocks classified as consecutive limit-up stocks, and 5 of these achieved three consecutive limit-ups or more [1] - The upgrade rate for consecutive limit-up stocks was 41.67%, excluding ST and delisted stocks [1] - Over 3,200 stocks in the market experienced an increase, reflecting a broad-based rally [1] Group 2: Notable Stocks - Chengbang Co. achieved a limit-up, marking its sixth consecutive limit-up [1] - Dazhongnan showcased a "ground-to-sky" performance with 8 limit-ups in 6 days [1] - Haoshanghao reached a historical high with 5 limit-ups over 7 days [1] Group 3: Sector Performance - The innovative drug sector led the market gains, with notable performances from companies like Innovent Biologics, which saw a rise of over 9% in Hong Kong [1] - In the A-share market, Selin Medical achieved three consecutive limit-ups, while Chengyi Pharmaceutical and Weiming Pharmaceutical recorded two and three limit-ups, respectively [1] - The PCB sector also showed strength, with Shenghong Technology increasing over 6%, surpassing a market capitalization of 120 billion, and Pengding Holdings hitting the limit-up [1]

（一）宏和电子材料科技股份有限公司（以下简称"公司"）第四届董事会第七次会议的召开符合有关法 律、行政法规、部门规章、规范性文件和公司章程的规定。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603256 证券简称：宏和科技 公告编号：2025-036 宏和电子材料科技股份有限公司 第四届董事会第七次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 （二）本次会议通知于2025年6月20日以电子邮件方式向全体董事发出。 （三）本次会议于2025年6月27日在公司以现场结合通讯方式召开。 （四）本次会议应出席的董事9人，实际出席并参与表决的董事9人。 （五）本次会议由董事长毛嘉明先生主持，公司全体监事及高级管理人员列席本次会议。 二、董事会会议审议情况 （一）审议通过了《关于取消监事会、变更公司经营范围暨修改〈公司章程〉的议案》。 为符合对上市公司的规范要求，进一步完善公司治理，根据2024年7月1日起实施的《中华人民共和国公 司法》（以下简称"《公司法》"）、《关于新公 ...

Core Points - The company is named Grace Fabric Technology Co., Ltd., established as a joint-stock company in accordance with Chinese laws and regulations [1][2] - The registered capital of the company is RMB 879.7275 million [2] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 87.8 million shares, which were listed on the Shanghai Stock Exchange on July 19, 2019 [1][2] Company Structure - The company is a permanent joint-stock company and operates as an independent legal entity under Chinese law [2] - The legal representative of the company is the chairman of the board, who is responsible for executing company affairs [2][3] - The company’s assets are divided into equal shares, and shareholders are liable for the company's debts only to the extent of their subscribed shares [2][3] Business Objectives and Scope - The company's business objectives emphasize integrity, diligence, and enthusiasm [4] - The business scope includes manufacturing and sales of fiberglass and electronic materials, as well as technology services and development [4][5] Share Issuance and Management - The company issues shares in the form of stocks, adhering to principles of openness, fairness, and justice [5] - The company has issued a total of 87,972.75 million shares, all of which are ordinary shares with a par value of RMB 1 [5][6] - The company can increase its capital through various methods, including issuing shares to unspecified or specific objects, distributing bonus shares, and converting reserves into capital [6][7] Shareholder Rights and Responsibilities - Shareholders have the right to dividends and other benefits proportional to their shareholdings [10][11] - Shareholders holding more than 3% of shares for over 180 days can request to inspect the company's accounting books [11] - Shareholders are obligated to comply with laws and regulations, and misuse of shareholder rights can lead to liability for damages [15][16] Governance and Meetings - The company’s shareholders' meeting is the highest authority, responsible for electing directors, approving financial reports, and making significant corporate decisions [17][18] - The company must hold an annual shareholders' meeting within six months after the end of the fiscal year [19] - Shareholders can propose agenda items for meetings, and the company must notify shareholders of meeting details in advance [27][28]

General Principles - The company establishes a system for the deferral and exemption of information disclosure to ensure compliance with legal obligations under the Securities Law and relevant regulations [2][3] - The system applies to both the company and other information disclosure obligors, allowing for deferral or exemption of disclosures required by the China Securities Regulatory Commission and the Shanghai Stock Exchange [2][3] Applicable Situations for Deferral and Exemption - The company must carefully determine the circumstances under which information disclosure can be deferred or exempted, following internal review procedures [3][4] - Deferral or exemption is permitted if the information involves state secrets or other matters that could violate confidentiality regulations [3][4] - Information related to commercial secrets can also be deferred or exempted if it meets specific criteria, such as potential harm to the company or others if disclosed [3][4] Internal Management Process for Deferral and Exemption - The company’s board secretary is responsible for organizing and coordinating deferral and exemption matters under the board's leadership [5][6] - A detailed registration process is required for any deferral or exemption, including the type of information and the reasons for deferral [5][6] - The company must maintain records of deferral and exemption decisions for a period of ten years [5][6] Accountability and Compliance - The company has established a mechanism for accountability regarding deferral and exemption practices, holding responsible parties accountable for non-compliance [6][7] - Any deferral or exemption must be disclosed promptly once the reasons for deferral are no longer applicable [4][6]

宏和电子材料科技股份有限公司 投资者关系管理制度 第一章 总 则 第一条 为规范宏和电子材料科技股份有限公司（"公司"）投资者关系管理工作，加强 公司与投资者之间的有效沟通，促进公司完善治理，提高公司质量，切实保护投资者特别是 中小投资者合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 投资者关系管理工作指引》 《上海证券交易所股票上市规则》 （"《上市规则》"）等法律、法规、 规范性文件以及《宏和电子材料科技股份有限公司章程》 （"《公司章程》"）的规定，结合公司 实际情况，特制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动交流和诉求 处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对公司的了解和认同，以 提升公司治理水平和企业整体价值，实现尊重投资者、回报投资者、保护投资者目的的相关 活动。 第二章 投资者关系管理的对象、目标和原则 第三条 投资者关系管理的对象包括投资者（包括现时投资者和潜在投资者）、基金等投 资机构、证券分析师、财经媒体、监管部门及其他相关个人或机构。如无特别说明，本制度 所称的投资者为上述人员或机构的总称。 第四条 投 ...

Core Viewpoint - The internal audit system of Honghe Electronic Materials Technology Co., Ltd. aims to enhance corporate governance, improve management levels, and ensure compliance with laws and regulations [2][3]. Group 1: General Principles - The internal audit system is established to strengthen communication between the company and its subsidiaries, promote standardization, and enhance supervision [2]. - The internal audit department operates under the direct leadership of the board of directors and is responsible for supervising various business activities, risk management, internal controls, and financial information [2][3]. Group 2: Audit Department and Personnel - The audit department must maintain independence and cannot be under the financial department's leadership [3]. - Audit personnel are required to possess relevant legal knowledge, auditing theory, and familiarity with the company's regulations and operations [3][4]. Group 3: Audit Responsibilities - The audit department is responsible for auditing the financial activities and management of the company and its subsidiaries [12]. - The audit committee supervises and evaluates the internal audit work, ensuring effective operation and reporting of significant issues to the board [5][12]. Group 4: Audit Authority - Auditors have the right to request complete financial documents and conduct inquiries with relevant personnel [16][17]. - The audit department must report any significant issues or evidence of fraud to the audit committee promptly [10][15]. Group 5: Fraud Examination and Reporting - The management is responsible for preventing and addressing fraud, while auditors should remain vigilant for potential fraud risks [20][21]. - Auditors must report any indications of fraud to the appropriate management level and suggest further investigations [8][9]. Group 6: Audit Procedures - An annual audit work plan must be prepared based on the board's requirements and the company's specific situation [25]. - Auditors are required to collect and analyze evidence meticulously during the audit process [28]. Group 7: Audit Reports and Review - After completing the audit, auditors must draft a report based on verified evidence and seek feedback from the audited unit [30][31]. - The audit report should include an overview, basis, conclusions, decisions, and recommendations for improvement [33]. Group 8: Legal Responsibilities and Rewards - Units or individuals found violating regulations may face penalties, while diligent auditors may receive recognition and rewards [38][40]. - The audit department is responsible for maintaining audit archives and ensuring compliance with legal standards [14][16].