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]

Investment Rating - Industry Rating: Outperforming the market (maintained rating) [4] Core Viewpoints - The construction materials sector (CITIC) declined by 1.73% this week, underperforming the CSI 300 index, which rose by 1.07%, resulting in a 2.8 percentage point lag [2][10] - On September 24, the Ministry of Industry and Information Technology and five other departments jointly released the "Construction Materials Industry Stabilization Growth Work Plan (2025-2026)", addressing weak market demand and structural issues in the industry. The plan emphasizes strict capacity control for cement and glass, promotes technological innovation, and encourages digital transformation and green low-carbon upgrades [2][17] - The new plan focuses more on resolving structural issues rather than emphasizing growth targets, with clear measures for capacity control in overcapacity sectors like cement and glass. It also highlights the need for continuous improvement in transformation and upgrading, particularly in high-end materials [2][17] Summary by Sections Market Review - The CSI 300 index increased by 1.07% while the construction materials sector (CITIC) fell by 1.73%, with glass fiber and glass sub-sectors experiencing smaller declines. Notable stock performances included Xidamen (+9.8%), Shangfeng Cement (+8.1%), and China Jushi (+7.5%) [1][10] Key Recommendations - Recommended stocks include: 1. Cement: Huaxin Cement, Conch Cement, Shangfeng Cement 2. Glass: Qibin Group, Fuyao Glass, Yamaton 3. Consumer Building Materials: Dongfang Yuhong, Sankeshu, Beixin Building Materials 4. Glass Fiber: China Jushi, Shandong Fiberglass, Changhai Co. [2][19] Focused Investment Opportunities - The report suggests focusing on high-demand sectors such as high-end electronic fabrics and overseas markets, recommending companies like China National Materials, Honghe Technology, and West Cement [2][19]

Group 1 - The company, Honghe Electronic Materials Technology Co., Ltd., announced important progress regarding its application for issuing shares to specific targets on September 26, 2025 [1] - On September 1, 2025, the company received an inquiry letter from the Shanghai Stock Exchange regarding its application for issuing shares to specific targets [1] - The company, along with relevant intermediaries, is conducting thorough research and responding to the questions listed in the inquiry letter, while also updating the financial data in the application documents [1] Group 2 - The issuance of A-shares to specific targets is subject to approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission [1] - There is uncertainty regarding whether the application will pass the review and the timeline for obtaining the registration consent [1] - The company will fulfill its information disclosure obligations in a timely manner based on the progress of the matter [1]

Core Viewpoint - Honghe Technology is responding to the Shanghai Stock Exchange's inquiry regarding its application for a specific stock issuance, providing detailed explanations on fundraising projects, operational conditions, and financial investments [1] Fundraising and Investment Projects - Honghe Technology plans to raise a total of no more than 999.46 million yuan, which will be allocated to three major projects: "High-Performance Glass Fiber Yarn Production Line Construction Project," "High-Performance Special Glass Fiber R&D Center Construction Project," and "Supplementing Working Capital and Repaying Loans" [2] - The investment breakdown includes 720 million yuan for the glass fiber yarn production line, with 632.63 million yuan from the raised funds; 92 million yuan for the R&D center, with 81.98 million yuan from the raised funds; and 280 million yuan for working capital and loan repayment [2] - The projected average gross profit margin for the glass fiber yarn production line is 53.25%, with a post-tax internal rate of return of 14.40% and a static investment payback period of 8.26 years [2] Operational Analysis - The company's revenue for the reporting periods was 612.10 million yuan, 661.15 million yuan, 834.63 million yuan, and 245.99 million yuan, with gross profit margins of 28.82%, 8.84%, 17.38%, and 28.06% respectively [3] - The net profit attributable to the parent company showed significant fluctuations, primarily influenced by gross profit changes, with a notable decline in 2023 due to reduced product prices [3] - Accounts receivable increased with revenue growth, with a low bad debt provision ratio compared to industry peers, indicating a good customer credit status [3] Other Matters - The company has not engaged in any financial investments in the past six months and does not hold significant long-term financial investments [4] - The sales model for a specific client has been adjusted to a consignment basis, aligning with industry practices, and the revenue recognition policy has been updated accordingly [4]

证券代码：603256 证券简称：宏和科技 宏和电子材料科技股份有限公司 Grace Fabric Technology Co.,Ltd. （上海市浦东康桥工业区秀沿路 123 号） 2025 年度向特定对象发行 A 股股票 募集说明书 （申报稿） 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年九月 宏和电子材料科技股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书 声 明 本公司及全体董事、审计委员会成员、高级管理人员承诺募集说明书及其他 信息披露资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准 确性及完整性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证 募集说明书中财务会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行 ...