Market Overview - The non-metal materials sector experienced a decline of 3.75% on September 2, with Lianrui New Materials leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the non-metal materials sector included: - Changjiang Materials: Closed at 25.50, up 2.74% with a trading volume of 246,300 shares and a turnover of 613 million yuan [1] - Bingyang Technology: Closed at 13.01, up 2.12% with a trading volume of 35,000 shares [1] - Major decliners included: - Lianrui New Materials: Closed at 53.13, down 7.16% with a trading volume of 93,600 shares and a turnover of 510 million yuan [2] - Quartz Shares: Closed at 40.04, down 4.62% with a trading volume of 199,800 shares and a turnover of 814 million yuan [2] Capital Flow - The non-metal materials sector saw a net outflow of 316 million yuan from institutional investors, while retail investors contributed a net inflow of 238 million yuan [2] - The detailed capital flow for selected stocks showed significant outflows for: - Lianrui New Materials: Net outflow of 56.86 million yuan from institutional investors [3] - Quartz Shares: Net outflow of 84.32 million yuan from institutional investors [3] - Retail investors showed a net inflow into several stocks, including: - Longgao Co.: Net inflow of 6.11 million yuan [3] - Changjiang Materials: Net inflow of 43.57 million yuan [3]

Summary of Quartz Co. Conference Call Company and Industry Overview - The conference call focuses on Quartz Co., which operates in the semiconductor quartz sand and quartz glass materials industry [2][4] - The global demand for semiconductor-grade quartz sand is approximately 30,000 tons, valued between 3 billion to 4.5 billion RMB [2][6] - Quartz Co. has been certified by major overseas equipment manufacturers, positioning itself as one of the few qualified suppliers globally [2][8] Key Insights and Arguments - The semiconductor quartz materials market is expected to grow at a compound annual growth rate (CAGR) of 10% from 2025 to 2030, potentially reaching a market size of 24 billion RMB by 2030 [2][10] - Quartz Co. aims to increase its market share to 20%, with long-term profit potential estimated at 1.6 billion RMB, corresponding to a market capitalization of approximately 30 billion RMB [2][11] - For 2025, the revenue from semiconductor quartz glass materials is projected to be between 500 million to 600 million RMB, with a net profit margin of 35% to 40%, resulting in an estimated profit of around 200 million RMB [2][11] Competitive Landscape - In the high-temperature diffusion segment, Quartz Co. competes with major players like Mattson and Heraeus, while in the low-temperature etching segment, it competes with six other companies including Mattson and Heraeus [2][4][9] - Currently, only three companies can supply verified semiconductor-grade quartz sand, including Quartz Co., which has recently gained certification [8][9] Market Dynamics - The global market for semiconductor-grade quartz sand is approximately 30 billion to 45 billion RMB, with prices ranging from 100,000 to 150,000 RMB per ton [6][12] - The market for photovoltaic-grade high-purity quartz sand is around 70,000 to 80,000 tons, with Quartz Co. facing challenges due to reduced demand and increased competition [5][14] - The company expects to recover sales in the photovoltaic segment, projecting sales of 30,000 to 40,000 tons by 2030, with profits estimated between 300 million to 600 million RMB [5][14] Future Growth Expectations - The semiconductor quartz sand market is anticipated to grow to 40,000 tons by 2030, with Quartz Co. expected to capture 35% to 40% of this market, translating to revenues of 1.5 billion RMB and net profits of 750 million RMB [3][13] - The company is positioned to fill gaps in the domestic semiconductor supply chain, especially as domestic high-purity silicon sand still relies on imports [18] Additional Considerations - Quartz Co. is involved in multiple business areas, including electric light sources, optical fibers, and optics, which may contribute to its overall valuation [15] - The relationship between Yaoshi Technology and Quartz Co. is noted, as both companies may have synergistic effects in certain business areas [17] - The company’s strong product competitiveness and favorable competitive landscape make it a potential long-term investment opportunity [19]

Investment Rating - The report maintains a "Buy" rating for several companies in the solar sector, with specific ratings as follows: - Aishuo Co., Ltd. (600732.SH) - Buy-B - Longi Green Energy (601012.SH) - Buy-B - Daqian Energy (688303.SH) - Buy-B - Flat Glass Group (601865.SH) - Buy-A - Hengdian East Magnetic (002056.SZ) - Buy-A - Sungrow Power Supply (300274.SZ) - Buy-A - Canadian Solar (688472.SH) - Buy-A - Deye Technology (605117.SH) - Buy-A - Langxin Group (300682.SZ) - Buy-B - Quartz Co., Ltd. (603688.SH) - Buy-A [1] Core Insights - In July 2025, the domestic photovoltaic (PV) new installed capacity was 11.0 GW, a year-on-year decrease of 47.6% and a month-on-month decrease of 23.1%. Cumulatively, from January to July, the new installed capacity reached 223.25 GW, representing an increase of 80.7% year-on-year [2][12]. - The export value of PV components in July was 15.89 billion yuan, down 13.7% year-on-year but up 0.5% month-on-month. The cumulative export value from January to July was 111.25 billion yuan, down 22.6% year-on-year [2][14]. - In contrast, the inverter export value in July was 6.51 billion yuan, showing a year-on-year increase of 16.3% but a slight month-on-month decline of 1.2%. The cumulative export value from January to July was 37.11 billion yuan, up 9.0% year-on-year [3][29]. - Solar power generation in July increased by 28.7% year-on-year, with a total generation of 74.43 billion kWh, accounting for 8.03% of the total industrial power generation in the country [4][42]. Summary by Sections 1. Installed Capacity - In July 2025, the domestic PV new installed capacity was 11.0 GW, reflecting a year-on-year decline of 47.6% and a month-on-month decline of 23.1%. The cumulative installed capacity from January to July reached 223.25 GW, marking an 80.7% increase year-on-year [12]. 2. Exports - **Components**: The export value of PV components in July was 15.89 billion yuan, down 13.7% year-on-year but up 0.5% month-on-month. The cumulative export value from January to July was 111.25 billion yuan, down 22.6% year-on-year [14]. - **Inverters**: The inverter export value in July was 6.51 billion yuan, with a year-on-year increase of 16.3% and a month-on-month decrease of 1.2%. The cumulative export value from January to July was 37.11 billion yuan, up 9.0% year-on-year [29]. 3. Solar Power Generation - In July, solar power generation increased by 28.7% year-on-year, totaling 74.43 billion kWh, which accounted for 8.03% of the total industrial power generation in the country [42]. 4. Investment Recommendations - The report recommends focusing on companies based on various strategic directions: - New technology: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement: Daqian Energy, Flat Glass Group - Overseas expansion: Hengdian East Magnetic, Sungrow Power Supply, Canadian Solar, Deye Technology - Market-oriented power: Langxin Group - Domestic substitution: Quartz Co., Ltd. - Additional companies to watch include Xinyi Solar, GCL-Poly Energy, Tongwei Co., Ltd., TCL Zhonghuan, New Special Energy, Dier Laser, Foster, Haiyou New Materials, JA Solar, Trina Solar, JinkoSolar, CITIC Bo, Maiwei, Jinglong Technology, Shanghai Ailu, and Guangxin Materials [47].

Market Overview - On August 28, the non-metal materials sector rose by 1.18%, with Quartz Co. leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Key stocks in the non-metal materials sector showed varied performance: - Quartz Co. (603688) closed at 40.53, up 2.58% with a trading volume of 190,000 shares [1] - Lianrui New Materials (688300) closed at 59.79, up 2.56% with a trading volume of 121,100 shares [1] - Other notable stocks included: - Bingyang Technology (836675) at 12.42, up 1.22% [1] - Qilu Huaxin (830832) at 8.45, up 0.60% [1] - Strength Diamond (301071) at 30.99, up 0.42% [1] Capital Flow - The non-metal materials sector experienced a net outflow of 205 million yuan from institutional investors, while retail investors saw a net inflow of approximately 85.69 million yuan [2] - The capital flow for key stocks included: - Quartz Co. had a net inflow of 2.34 million yuan from institutional investors [3] - Longgao Co. (605086) saw a net outflow of 1.28 million yuan from institutional investors [3] - Strength Diamond experienced a significant net outflow of 20.80 million yuan from institutional investors [3]

Company Overview - Quartz Co., Ltd. is located in Lianyungang City, Jiangsu Province, and was established on April 23, 1999. The company was listed on October 31, 2014. Its main business involves the research, production, and sales of high-purity quartz sand, quartz tubes (rods, plates, ingots, and cylinders), quartz crucibles, and other quartz materials, primarily used in light sources, photovoltaics, semiconductors, and optical fibers [1][2]. Financial Performance - As of June 30, 2025, Quartz Co. reported a revenue of 515 million yuan, a year-on-year decrease of 30.13%. The net profit attributable to the parent company was 107 million yuan, down 58.41% year-on-year [2]. - The company has distributed a total of 3.374 billion yuan in dividends since its A-share listing, with 2.945 billion yuan distributed over the past three years [3]. Stock Performance - On August 28, 2023, the stock price of Quartz Co. increased by 2.02%, reaching 40.31 yuan per share, with a trading volume of 310 million yuan and a turnover rate of 1.43%. The total market capitalization stood at 21.835 billion yuan [1]. - Year-to-date, the stock price has risen by 41.24%, but it has decreased by 5.26% over the last five trading days. In the last 20 days, the stock increased by 15.30%, and over the last 60 days, it rose by 24.45% [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Quartz Co. was 63,700, an increase of 10.64% from the previous period. The average number of circulating shares per shareholder was 8,509, a decrease of 9.61% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 8.003 million shares, a decrease of 2.6924 million shares from the previous period. Southern CSI 500 ETF held 4.0076 million shares, an increase of 574,900 shares [3].

Core Points - The company, Jiangsu Pacific Quartz Co., Ltd., will hold a half-year performance briefing on September 5, 2025, to discuss its operating results and financial status for the first half of 2025 [1][2][3] - The briefing will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [2][3] - Key personnel attending the meeting include the Chairman, General Manager, Secretary of the Board, Financial Officer, and an Independent Director [2] Meeting Details - **Date and Time**: September 5, 2025, from 10:00 to 11:00 [2] - **Location**: Shanghai Stock Exchange Roadshow Center [2] - **Participation Method**: Investors can log in to the Roadshow Center to participate and ask questions [2][3] Investor Engagement - Investors can submit questions from August 29, 2025, to September 4, 2025, through the Roadshow Center or via the company's email [3] - The company will address commonly asked questions during the briefing [2][3] Contact Information - **Contact Person**: Board Office [3] - **Phone**: 0518-87018519 [3] - **Email**: dsh@quartzpacific.com [3]

投资者可于 2025 年 08 月 29 日（星期五）至 09 月 04 日（星期四）16:00 前 登录上证路演中心网站首页，点击"提问预征集"栏目或通过公司邮箱 dsh@quartzpacific.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 江苏太平洋石英股份有限公司（以下简称"公司"）已于 2025 年 08 月 23 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年上半年经营成果、财务状况，公司计划于 2025 年 09 月 05 日（星期五） 10:00-11:00 举行 2025 半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 证券代码：603688 证券简称：石英股份 公告编号：临 2025-032 江苏太平洋石英股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 ...

Market Overview - The Shanghai Composite Index fell by 0.39% on August 26, with 17 industries experiencing gains, led by Agriculture, Forestry, Animal Husbandry, and Fishery, and Beauty and Personal Care, which rose by 2.62% and 2.04% respectively [1] - The Basic Chemical industry ranked third in terms of gains, while the Pharmaceutical and Biological industry and Non-Bank Financials saw declines of 1.09% and 1.06% respectively [1] - Overall, there was a net outflow of 68.855 billion yuan in the main funds across the two markets, with only two industries seeing net inflows: Beauty and Personal Care (net inflow of 276 million yuan) and Agriculture, Forestry, Animal Husbandry, and Fishery (net inflow of 257 million yuan) [1] Basic Chemical Industry Performance - The Basic Chemical industry increased by 1.26% despite a net outflow of 858 million yuan in main funds, with 402 stocks in the sector, of which 256 rose and 133 fell [2] - Nine stocks hit the daily limit up, while one stock hit the daily limit down [2] - Among the stocks with net inflows, 177 saw inflows exceeding 100 million yuan, with the top inflow stock being Zhongke Titanium Dioxide, which had a net inflow of 326 million yuan [2] Top Gainers in Basic Chemical Industry - Zhongke Titanium Dioxide: +10.02%, turnover rate 7.12%, main fund flow 325.93 million yuan [3] - Baiao Chemical: +10.02%, turnover rate 4.55%, main fund flow 173.90 million yuan [3] - Stidik: +1.89%, turnover rate 11.69%, main fund flow 125.89 million yuan [3] Top Losers in Basic Chemical Industry - Quartz Shares: -4.17%, turnover rate 5.78%, main fund flow -272.16 million yuan [4] - Jinfat Technology: -1.39%, turnover rate 5.22%, main fund flow -251.23 million yuan [4] - Hangjin Technology: +1.99%, turnover rate 16.03%, main fund flow -148.18 million yuan [4]

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1]. Core Viewpoints - The report highlights that the electric equipment and new energy industry has shown stable market performance over the past year, with key developments including the establishment of national technical standards for humanoid robots led by UBTECH and the ongoing discussions to prevent price wars in the photovoltaic sector [1][3][4]. Summary by Sections Preferred Stocks - The report lists several preferred stocks with their ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deyang Co., Ltd. (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2]. Industry Developments - UBTECH has led the approval of two national standards for humanoid robots, focusing on positioning navigation and human-machine interaction [3]. - A meeting held by the Ministry of Industry and Information Technology emphasized the importance of maintaining fair competition in the photovoltaic industry and called for the orderly exit of outdated production capacity [5]. - The China Photovoltaic Industry Association has proposed initiatives to strengthen industry self-discipline and maintain a fair market order [4]. Price Tracking - The report provides price tracking for various components in the photovoltaic supply chain: - Polysilicon prices remain stable at 44.0 CNY/kg [6]. - Silicon wafer prices are stable, with N-type wafers priced at 1.20 CNY/piece [7]. - Battery cell prices are also stable, with N-type cells priced at 0.290 CNY/W [8]. - Module prices for TOPCon dual-glass components are stable at 0.685 CNY/W [8]. - Glass prices for photovoltaic applications remain unchanged [8]. Investment Recommendations - The report recommends focusing on companies in various strategic directions: - BC new technology: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement: Daqian Energy, Fulete - Overseas layout: Hengdian East Magnet, Sungrow Power Supply, Canadian Solar, Deyang Co., Ltd. - Market-oriented electricity: Langxin Group - Domestic substitution: Quartz Co., Ltd. [9].

Market Overview - The Shanghai Composite Index fell by 0.39% on August 26, with 17 out of the 28 sectors rising, led by Agriculture, Forestry, Animal Husbandry, and Fishery, and Beauty and Personal Care, which increased by 2.62% and 2.04% respectively [2] - The Basic Chemical sector ranked third in terms of gains, while the sectors with the largest declines were Pharmaceutical Biology and Non-Bank Financials, down by 1.09% and 1.06% respectively [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 68.855 billion yuan, with only two sectors experiencing net inflows: Beauty and Personal Care (net inflow of 276 million yuan) and Agriculture, Forestry, Animal Husbandry, and Fishery (net inflow of 257 million yuan) [2] - The Non-Ferrous Metals sector saw the largest net outflow, totaling 10.712 billion yuan, followed by Pharmaceutical Biology with a net outflow of 8.254 billion yuan [2] Basic Chemical Sector Performance - The Basic Chemical sector rose by 1.26% despite a net outflow of 858 million yuan, with 256 out of 402 stocks in the sector rising, including 9 hitting the daily limit [3] - Among the stocks with net inflows, the top performer was Zhongke Titanium White, with a net inflow of 326 million yuan, followed by Bai'ao Chemical and Sidike with inflows of 174 million yuan and 126 million yuan respectively [3] - The stocks with the largest net outflows included Quartz Shares, Jinfa Technology, and Hangjin Technology, with outflows of 272 million yuan, 251 million yuan, and 148 million yuan respectively [3][5] Top Gainers in Basic Chemical Sector - The following stocks had significant gains and capital inflows: - Zhongke Titanium White: +10.02%, 325.93 million yuan inflow [3] - Bai'ao Chemical: +10.02%, 173.90 million yuan inflow [3] - Sidike: +1.89%, 125.89 million yuan inflow [3] - New Hecheng: +2.25%, 123.19 million yuan inflow [3] - Lushi Chemical: +6.93%, 122.38 million yuan inflow [3] Top Losers in Basic Chemical Sector - The following stocks experienced significant losses and capital outflows: - Quartz Shares: -4.17%, -272.16 million yuan outflow [5] - Jinfa Technology: -1.39%, -251.22 million yuan outflow [5] - Hangjin Technology: +1.99%, -148.18 million yuan outflow [5] - Feilu Shares: -16.73%, -145.48 million yuan outflow [5] - New Hanhua Materials: -5.09%, -136.93 million yuan outflow [5]