Investment Rating - The report maintains a "Synchronize with the market - A" rating for the power equipment and new energy industry [1] Core Viewpoints - The power equipment and new energy industry has shown a stable market performance over the past year, with significant developments such as the tightening of energy consumption standards for polysilicon and advancements in robotics technology [1][3] - The new energy sector is experiencing a shift towards stricter energy consumption regulations, which is expected to lead to a substantial improvement in the supply-demand balance for polysilicon [3][7] Summary by Relevant Sections Investment Recommendations - Recommended stocks include: - Buy - A: 福莱特 (601865.SH), 横店东磁 (002056.SZ), 阳光电源 (300274.SZ), 阿特斯 (688472.SH), 德业股份 (605117.SH), 石英股份 (603688.SH), 博威合金 (601137.SH) - Buy - B: 爱旭股份 (600732.SH), 隆基绿能 (601012.SH), 大全能源 (688303.SH), 朗新集团 (300682.SZ) [2] - Additional stocks to actively monitor include: 协鑫科技, 通威股份, 信义光能, TCL 中环, 新特能源, 帝尔激光, 福斯特, 晶澳科技, 天合光能, 晶科能源, 迈为股份, 晶盛机电, 弘元绿能 [10] Industry Performance - In August, the industrial solar power generation increased by 15.9%, while wind power generation grew by 20.2%, indicating a robust growth trend in the renewable energy sector [4] - The average energy consumption for polysilicon is projected to tighten significantly, with new standards suggesting a reduction to 6.69 kgce/kg for 2024, compared to previous expectations [3][4] Price Tracking - Polysilicon prices have shown an upward trend, with dense material averaging 51.0 CNY/kg, up 2.0% from the previous week, indicating a tightening supply situation [6] - The price of silicon wafers and battery cells has also increased, reflecting the upward pressure from upstream costs [8][9]

Market Overview - On September 25, the non-metal materials sector declined by 0.64%, with Bingyang Technology leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Notable stock performances in the non-metal materials sector included: - Longgao Co., Ltd. (605086) closed at 25.87, up 1.05% with a trading volume of 23,300 shares and a turnover of 60.07 million yuan [1] - Suotong Development (603612) remained unchanged at 26.17 with a trading volume of 154,200 shares and a turnover of 404 million yuan [1] - Bingyang Technology (836675) closed at 10.92, down 4.29% with a trading volume of 22,000 shares and a turnover of 24.47 million yuan [2] Capital Flow - The non-metal materials sector experienced a net outflow of 105 million yuan from institutional investors, while retail investors saw a net inflow of 38.22 million yuan [2] - The capital flow for individual stocks showed: - Longgao Co., Ltd. had a net outflow of 220,300 yuan from institutional investors [3] - Strength Diamond (301071) faced a net outflow of 30.22 million yuan from institutional investors [3] - Suotong Development had a net inflow of 10.50 million yuan from retail investors [3]

Core Insights - The non-metal materials sector experienced a significant increase of 3.04% on September 24, with leading stock "Liangliang Diamond" rising by 7.46% [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - "Liangliang Diamond" (301071) closed at 33.44 with a rise of 7.46%, trading volume of 145,300 shares and a transaction value of 480 million [1] - "Quartz Co." (603688) closed at 42.59, up 6.32%, with a trading volume of 365,000 shares and a transaction value of 1.512 billion [1] - "Lianrui New Materials" (688300) closed at 61.05, increasing by 4.27%, with a trading volume of 101,600 shares and a transaction value of 610 million [1] - Other notable stocks include "Ningxin New Materials" (839719) up 3.74% and "Dongfang Huayuan" (832175) up 2.83% [1] Capital Flow - The non-metal materials sector saw a net inflow of 265 million from institutional investors, while retail investors experienced a net outflow of 124 million [2] - The main stocks with significant capital flow include "Quartz Co." with a net inflow of 173 million from institutional investors and a net outflow of 97 million from retail investors [3] - "Lianrui New Materials" had a net inflow of 79.88 million from institutional investors, with retail investors also showing a net outflow [3]

Core Viewpoint - Quartz Co., Ltd. has seen a significant stock price increase of 5.49% on September 24, reaching 42.26 CNY per share, with a total market capitalization of 22.891 billion CNY, indicating strong investor interest and performance in the market [1] Company Overview - Jiangsu Pacific Quartz Co., Ltd. was established on April 23, 1999, and listed on October 31, 2014. The company specializes in the research, production, and sales of high-purity quartz materials, including quartz sand, quartz tubes, and quartz crucibles, primarily used in the fields of light sources, photovoltaics, semiconductors, and optical fibers [1] - The revenue composition of the company is as follows: quartz tubes (82.56%), quartz sand (13.38%), other products (3.61%), and quartz crucibles (0.45%) [1] Shareholder Insights - Among the top ten circulating shareholders of Quartz Co., Ltd., Huatai-PB Fund holds a position, with its photovoltaic ETF (515790) reducing its holdings by 26,900 shares in the second quarter, now holding 3.1423 million shares, which is 0.58% of the circulating shares. The ETF has realized a floating profit of approximately 6.9131 million CNY today and 6.5988 million CNY during the five-day increase [2] - The photovoltaic ETF (515790) was established on December 7, 2020, with a current scale of 9.984 billion CNY. Year-to-date returns are 16.63%, ranking 2883 out of 4220 in its category, while the one-year return is 41.07%, ranking 2518 out of 3814 [2] Fund Manager Performance - The fund managers of the photovoltaic ETF (515790) are Li Qian and Li Mu Yang. Li Qian has a tenure of 5 years and 326 days, managing assets totaling 39.351 billion CNY, with the best fund return during her tenure being 100.06% and the worst being -18.35% [3] - Li Mu Yang has a tenure of 4 years and 263 days, managing assets of 21.273 billion CNY, with the best fund return of 124.22% and the worst return of -45.89% during his tenure [3]

Core Viewpoint - Quartz Co., Ltd. has shown a significant increase in stock price and trading volume, indicating strong market interest and potential growth opportunities in the non-metallic materials sector [1][2]. 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]. - The revenue composition of the company includes quartz tubes (rods) at 82.56%, quartz sand at 13.38%, other products at 3.61%, and quartz crucibles at 0.45% [1]. Financial Performance - As of June 30, 2025, Quartz Co., Ltd. reported a revenue of 515 million yuan, a year-on-year decrease of 30.13%. The net profit attributable to shareholders 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]. Shareholder Information - As of June 30, 2025, the number of shareholders for Quartz Co., Ltd. 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 Insights - The non-metal materials sector experienced a slight increase of 0.21% on September 22, with Tianma New Materials leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Sector Performance - Tianma New Materials (code: 838971) saw a significant rise of 7.88%, closing at 45.31 with a trading volume of 123,800 shares and a transaction value of 550 million yuan [1] - Other notable performers included Lianrui New Materials (code: 688300) with a 2.04% increase, and Quartz Co. (code: 603688) with a 1.09% increase [1] - Conversely, Jiangsu Changjiang Materials (code: 001296) and Dongfang Carbon (code: 832175) experienced declines of 0.62% and 2.68%, respectively [1] Capital Flow - The non-metal materials sector saw a net inflow of 15.17 million yuan from institutional investors, while retail investors experienced a net outflow of 24.70 million yuan [3] - The overall capital flow indicates a mixed sentiment among different investor categories within the sector [3]

Market Overview - On September 19, the non-metal materials sector rose by 1.33% compared to the previous trading day, with Tianma New Materials leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Tianma New Materials (code: 838971) closed at 42.00, up 10.53% with a trading volume of 146,300 shares and a transaction value of 605 million yuan [1] - Other notable performers included: - Strength Diamond (code: 301071) at 32.63, up 3.42% [1] - Quartz Shares (code: 603688) at 39.52, up 1.88% [1] - Suotong Development (code: 603612) at 26.81, up 1.78% [1] - Qilu Huaxin (code: 830832) at 8.95, up 1.02% [1] Capital Flow - The non-metal materials sector saw a net inflow of 218 million yuan from institutional investors, while retail investors experienced a net outflow of 150 million yuan [2] - The capital flow for key stocks included: - Quartz Shares with a net inflow of 112 million yuan from institutional investors [3] - Suotong Development with a net inflow of 62.73 million yuan from institutional investors [3] - Strength Diamond with a net inflow of 31.12 million yuan from institutional investors [3]

Market Performance - The non-metal materials sector increased by 2.99% on September 11, with Lianrui New Materials leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Lianrui New Materials (688300) closed at 55.04, up 6.34% with a trading volume of 73,300 shares and a turnover of 393 million yuan [1] - Quartz Co. (603688) closed at 38.79, up 4.27% with a trading volume of 173,400 shares and a turnover of 663 million yuan [1] - Strength Diamond (301071) closed at 30.49, up 2.73% with a trading volume of 60,900 shares and a turnover of 184 million yuan [1] - Other notable stocks include Suotong Development (603612) at 27.77, up 2.43%, and Qilu Huaxin (830832) at 8.91, up 1.25% [1] Capital Flow - The non-metal materials sector saw a net inflow of 25.82 million yuan from institutional investors, while retail investors experienced a net outflow of 72.27 million yuan [2][3] - The main capital inflow was observed in Quartz Co. with a net inflow of 35.55 million yuan from institutional investors [3] - Lianrui New Materials experienced a net outflow of 19.01 million yuan from institutional investors [3]

证券代码：603688 证券简称：石英股份 公告编号：临 2025-033 江苏太平洋石英股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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。 江苏太平洋石英股份有限公司(以下简称"公司")于 2025 年 08 月 23 日在 《上海证券报》《证券时报》和上海证券交易所网站(www.sse.com.cn)上披露了 公司 2025 年半年度报告。为便于广大投资者更深入、全面地了解公司经营情况， 公司于 2025 年 09 月 05 日(星期五)10:00-11:00 通过上海证券交易所上证路演 中心以网络互动的方式召开公司 2025 年半年度业绩说明会(以下简称"说明会")， 就投资者关心的问题进行交流。现将说明会召开情况公告如下： 一、业绩说明会召开情况 公司于 2025 年 09 月 05 日 10:00-11:00 在上海证券交易所上证路演中心 （https://roadshow.sseinfo.com/）以网络互动方式召开了 2025 年半年度业绩 说明会。 公 ...

Group 1 - The core viewpoint of the article highlights the current state and future trends of the non-metallic mineral products industry in China, as reported by Zhiyan Consulting [1] - As of January to July 2025, the number of enterprises in the non-metallic mineral mining and selection industry is 4,002, which represents a decrease of 41 compared to the same period last year, reflecting a year-on-year decline of 1.01% [1] - The proportion of non-metallic mineral mining and selection enterprises in the total industrial enterprises is 0.77% [1] Group 2 - The report indicates that the threshold for large-scale industrial enterprises has been raised from an annual main business income of 5 million to 20 million yuan since 2011 [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1] - The consulting firm emphasizes its commitment to delivering quality services and market insights to empower investment decisions [1]