证券代码：603256 证券简称：宏和科技 公告编号：2025-040 宏和电子材料科技股份有限公司 关于召开2025年第二次临时股东大会的通知 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、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 7 月 14 日 13 点 30 分 召开地点：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） 股东大会召开日期：2025年7月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 14 日 至2025 年 7 月 14 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) ...

二零二五年六月 宏和电子材料科技股份有限公司 2025 年第二次临时股东大会 会议材料 宏和电子材料科技股份有限公司 2025 年第二次临时股东大会 会议议程 会议召开时间：2025 年 7 月 14 日下午 13 点 30 分 会议地点：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） 会议召集人：公司董事会 会议主持人：公司董事长毛嘉明先生 召开方式：现场结合网络投票方式 会议主要议程： 一、宣布参会人员情况及会议须知； 二、听取并审议以下议案： 1、审议《关于公司符合向特定对象发行 A 股股票条件的议案》。 2、审议《关于公司 2025 年度向特定对象发行 A 股股票方案的议案》。 2.01、发行股票的种类和面值 2.04、定价基准日、发行价格及定价原则 2.05、发行数量 2.06、本次发行股票的限售期 2.07、募集资金数量及用途 2.08、股票上市地点 2.09、本次发行前滚存未分配利润的安排 2.10、本次发行决议的有效期限 3、审议《关于公司 2025 年度向特定对象发行 A 股股票预案的议案》。 4、审议《关于公司 2025 年度向特定对象发行 A ...

证券代码：603256 证券简称：宏和科技 公告编号：2025-037 （一）宏和电子材料科技股份有限公司（以下简称"公司"）第四届监事会 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。 （二）本次会议通知于2025年6月20日以电子邮件方式向全体监事发出。 （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）本次会议应出席的监事3人，实际出席的监事3人。 （五）本次会议由监事会主席徐斌娟女士主持。 一、会议审议通过了以下议案： （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》"）、《关于新公司法 配套制度规则实施相关过渡期安排》《上市公司章程指引（2025 年修订）》（以下 简称"《章程指引》"）等相关法律法规、规章及其他规范性文件的规定，公司拟 不再设置监事会与监事，由董事会审计委员会行使监事会职权；同时，结合公司 实际经营需要，拟就公司经营范围进行变更。基于上述情况，对应修订《宏和 ...

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 （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。 （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。 议案表决情况：本议案有效表决权票 9 票，同意 9 票，反对 0 票，弃权 0 票。 本议案需提交股东大会审议。 （二）逐项审议通过了《关于修订公司部分治理制度的议案》。 为了进一步完善公司治理结构，促进公司规范运作，与修改后的《公司章程》 规定保持一致，结合 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The report emphasizes the importance of seizing the mid-year reporting window, continuing to recommend downstream high prosperity and western structural prosperity varieties [2][3] - The real estate sector is currently in a slow adjustment phase, with a focus on promoting market stabilization from both supply and demand sides [2][14] - The report highlights potential overperformance in Q2 for companies in the fiberglass, coatings, and ester chemical sectors, suggesting continued focus on these areas [3][20] Market Review - The Shanghai and Shenzhen 300 index fell by 0.45%, while the construction materials sector (CITIC) dropped by 1.68%. However, the fiberglass and glass sectors achieved positive returns [12][17] - Notable individual stock performances included Kaisheng New Energy (+18.0%), Zhenan Technology (+17.7%), and Quartz Shares (+14.9%) [12][17] Key Sub-industry Tracking - Cement: National cement market prices fell by 0.9% week-on-week, with demand weakening due to seasonal factors [17] - Glass: The photovoltaic glass market showed weak overall transactions, with prices declining [18] - Fiberglass: The market for non-alkali roving remained stable, with prices slightly down [19] Recommended Stocks - Key recommended stocks include: - China National Materials (17.58 CNY, Buy) - Three Trees (34.70 CNY, Buy) - Honghe Technology (13.68 CNY, Hold) - Qingsong Construction (3.59 CNY, Buy) - Gaozheng Mining (32.60 CNY, Hold) - Tibet Tianlu (8.07 CNY, Hold) - Shafeng Cement (8.03 CNY, Buy) [9][20]

Core Viewpoint - The demand for suspension insulators in China is increasing due to urbanization and the need for upgraded electrical infrastructure, particularly in high-voltage transmission lines and smart grid construction, despite a temporary decline in market size in 2023 [1][12]. Industry Overview - Suspension insulators are critical components used to support and insulate high-voltage power lines, made from materials like glass, ceramics, and composite materials [3][5]. - The industry has evolved from simple ceramic and glass designs to advanced materials like silicone rubber and composites, enhancing performance and durability [5]. Market Dynamics - The market size for suspension insulators in China saw a continuous increase from 2020 to 2022, but experienced a 25.85% decline in 2023 due to insufficient domestic demand and intensified competition [1][12]. - A recovery is expected in 2024, with the market size projected to reach 4.134 billion yuan, reflecting a year-on-year increase of 78.86% driven by increased investment in ultra-high voltage networks [1][12]. Investment Trends - China's investment in the power grid is projected to grow from 469.9 billion yuan in 2020 to 608.3 billion yuan in 2024, with a 14.60% increase in the first four months of 2025 [10]. - This investment surge is anticipated to boost the demand for suspension insulators significantly, as they are essential for the construction and maintenance of power transmission systems [10]. Competitive Landscape - The Chinese suspension insulator market is characterized by numerous domestic companies, including Dalian Electric Porcelain Group, Nanjing Electric Group, and Zhejiang Jinlihua Electric Equipment, each with strengths in various market segments [16][17]. - Competition is fierce in the mid-to-low-end product market, while a few companies dominate the high-end market, particularly in ultra-high voltage insulators [16]. Export and Import Dynamics - China primarily exports suspension insulators, benefiting from competitive pricing, quality, and delivery times, while imports focus on high-performance insulators for specific applications [14]. - In the first four months of 2025, China imported 0.09 million tons and exported 11.12 million tons of insulators, indicating a strong export orientation [14]. Future Development Trends - The industry is moving towards smart insulators integrated with sensors for real-time monitoring of operational conditions, enhancing reliability and maintenance efficiency [21]. - There is a growing emphasis on developing high-performance products to meet the demands of high and ultra-high voltage transmission lines, necessitating increased R&D investments [22][23]. - The Belt and Road Initiative is opening new markets for suspension insulator companies, encouraging local production and technological collaboration to meet regional demands [24].

证券代码：603256 证券简称：宏和科技 公告编号：2025-035 本公司董事会、全体董事及相关股东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： 本次减持计划实施前，宏和电子材料科技股份有限公司（以下简 称"公司"）董事长、总经理毛嘉明先生持有公司 1,283,106 股，占 公司总股本 0.1459%，均为无限售条件流通股，该等股份来源为首次公 开发行股票并上市前持有的股份及公司股权激励股份。 ? 减持计划的实施结果情况 宏和电子材料科技股份有限公司 公司于 2025 年 2 月 15 日披露了《宏和电子材料科技股份有限公 司董事集中竞价减持股份计划公告》，毛嘉明先生拟自减持计划披露 之日起 15 个交易日后的 3 个月内以集中竞价方式减持其所持公司无限 售条件流通股 320,700 股，减持数量占其所持有公司股份数的 本公积转增股本、配股等股份变动事项，上述减持股份数量将进行相 应调整。 董事减持计划时间届满暨减持结果公告 近日，公司收到毛嘉明先生出具的《股东减持告知书》。截至本 公告披露日，毛嘉明先生通过集中竞价交易方式 ...

证券代码：603256 证券简称：宏和科技 公告编号：2025-035 宏和电子材料科技股份有限公司 董事减持计划时间届满暨减持结果公告 董事持股的基本情况 本次减持计划实施前，宏和电子材料科技股份有限公司（以下简 称"公司"）董事长、总经理毛嘉明先生持有公司 1,283,106 股，占 公司总股本 0.1459%，均为无限售条件流通股，该等股份来源为首次公 开发行股票并上市前持有的股份及公司股权激励股份。 减持计划的实施结果情况 公司于 2025 年 2 月 15 日披露了《宏和电子材料科技股份有限公 司董事集中竞价减持股份计划公告》，毛嘉明先生拟自减持计划披露 之日起 15 个交易日后的 3 个月内以集中竞价方式减持其所持公司无限 售条件流通股 320,700 股，减持数量占其所持有公司股份数的 24.9940%，约占公司总股本 0.0365%。若计划减持期间公司有送股、资 本公积转增股本、配股等股份变动事项，上述减持股份数量将进行相 应调整。 近日，公司收到毛嘉明先生出具的《股东减持告知书》。截至本 公告披露日，毛嘉明先生通过集中竞价交易方式合计减持公司股份 320,206 股，占公司总股本 0.036 ...

Core Viewpoint - The glass fiber reinforced plastic (GFRP) fishing boats industry in China is poised for significant growth due to the aging of existing wooden and small steel fishing vessels, with government initiatives promoting the replacement and modernization of fishing equipment. The number of GFRP fishing boats is expected to increase to 12,000 by 2025, representing a 20% year-on-year growth [1][14]. Industry Overview - GFRP fishing boats account for only about 2% of the total fishing vessels in China, compared to 80-90% in developed fishing nations [1][14]. - The existing wooden and small steel fishing vessels are over 50% aged, necessitating urgent updates and replacements [1][14]. - The Liaoning province has initiated a plan to promote large-scale equipment updates in the fishing industry, focusing on phasing out old wooden boats and enhancing subsidies for new steel or composite material boats [1][14]. Economic Aspects - GFRP fishing boats exhibit excellent energy-saving capabilities, with insulation performance leading to ice-saving rates of 20% to 40% and fuel savings of 10% to 15% compared to steel boats [4][5]. - The lifespan of GFRP boats can reach up to 50 years, significantly longer than the 10-15 years typical for steel boats, which require regular maintenance [4][5]. Industry Development History - The development of GFRP fishing boats in China began in the 1970s, with the first boat constructed in 1974 [7][8]. - The industry faced challenges in the 2000s due to quality issues and incidents, but recent government support has led to significant advancements in construction capabilities [7][8]. Industry Chain - The upstream of the GFRP fishing boat industry includes raw materials such as liquid synthetic resins and glass fibers, which are crucial for the durability and safety of the boats [8]. - The midstream involves the production and manufacturing of GFRP boats, while the downstream encompasses their applications in freshwater and marine aquaculture, marine capture, and seedling production [8]. Competitive Landscape - The GFRP fishing boat market in China is primarily dominated by state-owned enterprises, followed by military and private enterprises, with the former holding the largest market share [16][17]. - Key players in the industry include Jianglong Shipbuilding, Weihai Zhongfu Xigang Shipbuilding, and Qinhuangdao Yaohua Equipment Group [16][17]. Future Trends - The demand for GFRP fishing boats is expected to grow continuously due to the booming marine economy and increasing consumer interest in marine tourism [21]. - The industry is moving towards automation and smart technology integration, enhancing production efficiency and product quality [22]. - There is a growing emphasis on green development, with a focus on using recyclable materials and renewable energy technologies to reduce environmental impact [23][24].

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Viewpoints - The demand for high-end electronic fabrics is accelerating, leading to a new round of competition among fiberglass companies. The shortage of low thermal expansion coefficient (Low CTE) glass fabric raw materials and the surge in order demand have resulted in significantly extended delivery times for BT materials, confirming the ongoing supply-demand imbalance in high-end electronic fabrics. The rapid development of the AI industry is driving hardware upgrades, increasing the demand for high-speed, high-frequency PCB boards, which in turn raises the performance requirements for upstream electronic fabrics [4] - The report suggests focusing on companies with existing or potential layouts in high-end electronic fabrics, such as Honghe Technology, Zhongcai Technology, and China Jushi [4] Summary by Sections 1. Sector Tracking - The construction materials index (Shenwan) rose by 0.2%, while the cement, glass fiber, and renovation materials indices fell by 0.2%, 0.2%, and rose by 0.6% respectively. The top five gainers included Zhongqi New Materials (+20.5%) and Honghe Technology (+17.1%) [9] 2. Industry Dynamics - In May, the average price of new homes in 100 major cities in China rose by 0.30% month-on-month to 16,815 RMB per square meter, while the average price of second-hand homes fell by 0.71% year-on-year [14] - The sales revenue of the top 100 real estate companies in the first five months of 2025 was 1,443.6 billion RMB, a year-on-year decrease of 10.8% [14] - The balance of real estate loans in RMB at the end of the first quarter of 2025 was 53.54 trillion RMB, with a year-on-year growth of 0.04% [14] 3. Data Tracking 3.1 Cement - The average price of 42.5 cement nationwide was 367.8 RMB per ton, down 3.0 RMB per ton month-on-month and down 6.3% year-on-year [15] - The cement inventory ratio was 65.7%, up 0.4 percentage points month-on-month [15] 3.2 Float Glass - The average price of 5mm float glass was 1,370.3 RMB per ton, down 24.6 RMB per ton month-on-month and down 409.5 RMB per ton year-on-year [32] 3.3 Photovoltaic Glass - The average price of 2.0mm coated photovoltaic glass was 13.6 RMB per square meter, down 0.1 RMB per square meter month-on-month [37] 3.4 Glass Fiber - The average price of alkali-free glass fiber yarn was 4,705.0 RMB per ton, unchanged month-on-month and up 40.0 RMB per ton year-on-year [43] 3.5 Carbon Fiber - The average price of large tow carbon fiber was 72.5 RMB per kilogram, unchanged month-on-month and down 5.0 RMB per kilogram year-on-year [46]