Group 1: Chemical Sector Performance - The chemical index and oil index primarily experienced a decline, while the chemical machinery index and chemical pharmaceutical index saw increases [1] - The chemical raw materials index fell by 1.60%, the chemical machinery index rose by 1.066%, the chemical pharmaceutical index increased by 5.11%, and the pesticide and fertilizer index dropped by 2.05% [1] - In the oil sector, the oil processing index decreased by 3.82%, the oil extraction index fell by 2.09%, and the oil trading index declined by 2.83% [1] Group 2: Oil Price Trends - International crude oil prices initially rose and then fell, with the overall average price significantly higher than the previous week [1] - As of August 1, the WTI crude oil futures settled at $67.33 per barrel, up 3.33% from July 25, while Brent crude oil futures settled at $69.67 per barrel, up 1.80% from July 25 [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases included liquid chlorine up 12.72%, soft foam polyether up 10.42%, epoxy chloropropane up 8.84%, coke up 8.06%, and epoxy propane up 7.47% [1] - The top five petrochemical products with price declines included methyl acrylate down 5.88%, natural rubber down 5.77%, battery-grade lithium carbonate down 5.48%, butadiene rubber down 4.78%, and butadiene down 4.71% [1] Group 4: Capital Market Performance of Chemical Companies - The top five listed chemical companies with the highest stock price increases were Upwind New Materials up 39.37%, Honghe Technology up 22.07%, Songjing Co. up 19.97%, Ketaobiotech up 18.88%, and Asia-Pacific Industry up 17.43% [2] - The top five listed chemical companies with the largest stock price declines were Poly United down 16.35%, Weike Technology down 13.75%, Gaozheng Mining down 13.75%, New Tide Energy down 12.99%, and Yahua Group down 11.80% [2]

从资金流向上来看，当日玻璃玻纤板块主力资金净流出2.73亿元，游资资金净流入3352.15万元，散户资 金净流入2.4亿元。玻璃玻纤板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603256 | 宏和科技 | 26.96 | 4.13% | 56.13万 | | 14.69 Z | | 002080 | 中材科技 | 27.75 | 2.25% | 44.52万 | | 12.25亿 | | 300196 | 长海股份 | 14.13 | 1.65% | ● 8.81万 | | 1.23亿 | | 002613 | 北玻股份 | 3.98 | 1.02% | ﯾﺎ ﮨﮯ 22.98万 | | 9074.04万 | | 605006 | 山东坡纤 | 7.44 | 0.95% | 8.93万 | | 6598.05万 | | 301526 | 国际复材 | 4.81 | 0.42% | 55.84万 | | 2.67亿 | | 600293 | 三峡新材 ...

Group 1: New Stock Offerings - Shenke Co., Ltd. (002633) has a tender offer period from July 29, 2025, to August 27, 2025[1] - ST Kelly (300326) has a tender offer period from July 17, 2025, to August 15, 2025[1] - ST Zitian (300280) has a tender offer period ending on July 21, 2025[1] Group 2: Market Alerts - Xizang Tourism (600749) reported severe abnormal fluctuations on July 31, 2025[1] - Tianlu Convertible Bonds (110060) announced significant market activity on July 30, 2025[1] - ST Suwu (600200) experienced unusual trading patterns on July 30, 2025[1] Group 3: Additional Announcements - Happiness Blue Ocean (300528) issued a notice on July 30, 2025, regarding market conditions[1] - Common Pharmaceutical (300966) provided updates on August 1, 2025, related to stock performance[1] - Dongjie Intelligent (300486) released a statement on August 1, 2025, concerning market volatility[1]

Investment Rating - The report suggests a positive outlook on Sichuan Road and Bridge as a leading player in Southwest infrastructure, highlighting its current combination of regional infrastructure growth and dividend yield [3][15]. Core Insights - The report emphasizes the importance of local manufacturing in Africa, particularly for companies like Keda Manufacturing, which is positioned as a leader in localized production and sales [4][16]. - The report notes a price increase in RTF copper foil, indicating a high demand for HVLP products, and suggests continued investment in copper foil and electronic cloth sectors [5][17]. - The report tracks the performance of various materials, indicating a downward trend in cement prices and a mixed outlook for glass and fiberglass markets [6][18][22]. Summary by Sections Weekly Discussion - Sichuan Road and Bridge is highlighted for its strong position in Southwest infrastructure, with a reported investment of 134.9 billion yuan in transportation construction, ranking second nationally and showing a 3.5% increase year-on-year [3][15]. Cyclical Linkage - Cement prices averaged 340 yuan per ton, down 43 yuan year-on-year, with an average shipment rate of 44.7% [6][18]. - Glass prices increased to 1295.28 yuan per ton, reflecting a 4.58% rise, while concrete mixing stations reported a capacity utilization rate of 7.12% [6][18]. - The report warns of potential price declines in steel due to market fundamentals [6][18]. National Subsidy Tracking - The report mentions the allocation of 690 billion yuan for consumer goods replacement subsidies, with plans for further funding in October [7][19]. Important Changes - Notable acquisitions include Defu Technology's purchase of Circuit Foil Luxembourg for 174 million euros and the listing of Hanhai Group on the A-share market [8][20][21]. Market Performance - The construction materials index fell by 3.96% over the week, with specific declines in glass manufacturing and fiberglass sectors [24]. Material Price Changes - Cement prices continued to decline, with a national average of 340 yuan per ton, while glass prices showed a slight increase [32][41]. - Fiberglass prices remained under pressure, with a reported average of 3595.25 yuan per ton [66].

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights that AI is driving upgrades in upstream materials for PCB, with quartz fabric reshaping the competitive landscape and leading companies emerging [1]. Summary by Sections Section 1: Copper Clad Laminate (CCL) - The performance requirements for CCL are increasing due to enhanced computational efficiency [3]. - CCL is an essential material in PCB manufacturing, made from reinforced materials like glass fiber cloth and resin, coated with copper foil [8]. - High-frequency and high-speed CCL are designed for high-frequency signal transmission, requiring low dielectric constant and loss [11]. - The demand for CCL is expected to rise as AI development and data transmission speeds increase, with Df values projected to drop below 0.006 [16]. - The PCB industry is projected to grow approximately 5% year-on-year in 2024, with the global server PCB market expected to reach $16 billion by 2026, reflecting a CAGR of 12.8% from 2022 to 2026 [19]. Section 2: Electronic Fabric - The quality requirements for electronic-grade glass fiber fabric are high, with Low-Dk electronic yarn being a core material for high-frequency PCBs [34]. - Different grades of electronic fabric have varying performance indicators, with Q fabric currently being the best choice [38]. - The demand for electronic fabric is increasing due to the high-performance requirements of AI servers and 5G base stations [48]. Section 3: Quartz Fiber - Quartz fiber, with a silica content of over 99.90%, exhibits excellent thermal resistance and electrical insulation properties, making it suitable for aerospace, military, and semiconductor applications [58]. - The production of high-purity quartz fiber involves complex processes, and companies like Feilihua have established significant capabilities in this area [66][72]. - The competitive landscape for quartz fiber is evolving, with high-purity quartz fibers expected to dominate the third-generation electronic fabric market [59].

Core Viewpoint - Honghe Electronic Materials Technology Co., Ltd. has completed the business license change registration and has updated its operational scope, including the cancellation of the supervisory board [1][2]. Group 1: Business License Change - The company held board meetings on June 27, 2025, and July 14, 2025, to approve the cancellation of the supervisory board and changes to the company's operational scope [1]. - The company has received a new business license from the Shanghai Municipal Market Supervision Administration [2]. Group 2: Operational Scope - The updated operational scope includes general projects such as import and export of goods, manufacturing and sales of fiberglass and electronic materials, and research and development of new materials [2]. - The company adjusted the description of its operational scope based on the requirements of the market supervision department, moving "import and export of goods" and "technology import and export" from "permitted projects" to "general projects" [2]. Group 3: Stock Trading Fluctuations - The company's stock experienced a cumulative price increase of over 20% over three consecutive trading days from July 30 to August 1, 2025, which is classified as abnormal trading activity [6][7]. - The company confirmed that there were no undisclosed significant matters affecting the stock price during this period [8][9]. - No media reports or market rumors were found that could impact the stock price, and the company did not engage in any market hot concepts [10].

中邮证券研报指出，宏和科技产能释放驱动营收增长，高毛利产品结构优化助力利润提升。公司2024年 实现营收8.35亿元，同比+26.24%，主要系随着终端市场逐渐恢复，市场需求量也随之增加，募投项 目"年产5,040万米5G用高端电子级玻璃纤维布开发与生产项目"在2023年已全面投产，2024年电子布产 能释放，进一步提高公司电子布产品市场占有率。随着5G设备及移动通信、云计算、大数据、AI、物 联网、新能源汽车、智能制造、无人驾驶等高端市场需求的发展，未来电子布产品将有更大的发展空 间。首次覆盖，给予"买入"评级。 ...

Core Viewpoint - The report from Zhongyou Securities indicates that Honghe Technology's revenue growth is driven by capacity release, while the optimization of high-margin product structure contributes to profit enhancement [1] Revenue Growth - The company is expected to achieve a revenue of 835 million yuan in 2024, representing a year-on-year increase of 26.24% [1] - The growth is primarily attributed to the gradual recovery of the terminal market and the increase in market demand [1] Capacity Expansion - The fundraising project for the annual production of 50.4 million meters of high-end electronic-grade glass fiber cloth for 5G has been fully operational since 2023 [1] - The release of electronic cloth production capacity in 2024 is anticipated to further increase the company's market share in electronic cloth products [1] Market Demand - The demand for electronic cloth products is expected to grow significantly due to advancements in high-end markets such as 5G devices, mobile communications, cloud computing, big data, AI, the Internet of Things, new energy vehicles, smart manufacturing, and autonomous driving [1] Investment Rating - The company has been given a "Buy" rating in the initial coverage [1]

证券代码： 603256 证券简称：宏和科技 公告编号：2025-050 宏和电子材料科技股份有限公司 股票交易异常波动公告 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 2025 年 7 月 30 日、2025 年 7 月 31 日、2025 年 8 月 1 日连续 3 个交易日，收盘价格涨幅 偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票 交易价格异常波动的情形。 经公司自查，并书面征询控股股东和实际控制人，截止本公告披露日， 确认不存在应披露而未披露的重大信息。 公司在股票交易异常波动期间未涉及市场热点概念，请广大投资者理性 投资，注意二级市场交易风险。 一、股票交易异常波动的具体情况 公司股票于 2025 年 7 月 30 日、2025 年 7 月 31 日、2025 年 8 月 1 日连续 3 个交易日，收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》 的有关规定，属于股票交易价格异常波动的情 ...

2025 年 8 月 1 日 关于《宏和电子材料科技股份有限公司股票交易异常波动问询函》的回复 宏和电子材料科技股份有限公司： 本人已收到《宏和电子材料科技股份有限公司股票交易异常波动问询函》， 经认真核实，现就有关事项回复如下： 本人作为宏和电子材料科技股份有限公司（以下简称"上市公司"）的实际 控制人，截止目前，不存在与上市公司相关的应披露而未披露的重大信息，包括 但不限于与上市公司相关的并购重组、股份发行、债务重组、资产剥离和资产注 入等重大事项。 特此回复。 （以下无正文） （本页无正文，为《关于﹤宏和电子材料科技股份有限公司股票交易异常波动问 询函﹥的回复》之签字页） 实际控制人:王文洋 关于《宏和电子材料科技股份有限公司股票交易异常波动问询函》的回复 宏和电子材料科技股份有限公司： 本人已收到《宏和电子材料科技股份有限公司股票交易异常波动问询函》， 经认真核实，现就有关事项回复如下： 本人作为宏和电子材料科技股份有限公司（以下简称"上市公司"）的实际 控制人，截止目前，不存在与上市公司相关的应披露而未披露的重大信息，包括 但不限于与上市公司相关的并购重组、股份发行、债务重组、资产剥离和资产注 入等 ...