Market Overview - The non-metal materials sector experienced a decline of 2.65% on October 31, with the leading stock, Strength Diamond, falling significantly [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the non-metal materials sector included: - Tianma New Materials (Code: 920971) with a closing price of 38.88, up 3.35% and a trading volume of 110,800 shares, totaling a transaction value of 433 million [1] - Ningxin New Materials (Code: 920719) closed at 15.93, up 2.71% with a trading volume of 75,000 shares, totaling 121 million [1] - Conversely, significant decliners included: - Strength Diamond (Code: 301071) closed at 38.46, down 8.43% with a trading volume of 232,900 shares, totaling 909 million [2] - Suotong Development (Code: 603612) closed at 24.62, down 4.80% with a trading volume of 327,800 shares, totaling 812 million [2] Capital Flow - The non-metal materials sector saw a net outflow of 156 million from institutional investors, while retail investors contributed a net inflow of 1.31 billion [2][3] - The capital flow for specific stocks showed: - Strength Diamond had a net outflow of 97.86 million from institutional investors, while retail investors had a net inflow of 81.84 million [3] - Suotong Development experienced a net outflow of 36.16 million from retail investors [3]

Market Overview - The non-metal materials sector experienced a decline of 0.86% on October 30, with Bingyang Technology leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers included: - Liliang Diamond (301071) with a closing price of 42.00, up 3.86% and a trading volume of 359,600 shares, totaling 1.466 billion yuan [1] - Tianma New Materials (920971) closed at 37.62, up 3.12% with a trading volume of 108,700 shares, totaling 406 million yuan [1] - Significant decliners included: - Bingyang Technology (920675) closed at 12.13, down 5.23% with a trading volume of 70,500 shares, totaling 87.4716 million yuan [2] - Quartz Shares (603688) closed at 42.08, down 2.05% with a trading volume of 260,200 shares, totaling 1.117 billion yuan [2] Capital Flow - The non-metal materials sector saw a net outflow of 210 million yuan from institutional investors, while retail investors had a net inflow of 266 million yuan [2][3] - The capital flow for key stocks showed: - Liliang Diamond had a net outflow of 34.2155 million yuan from institutional investors, but a net inflow of 30.9384 million yuan from retail investors [3] - Longgao Co. (605086) experienced a net outflow of 1.7845 million yuan from institutional investors, with a net inflow of 1.0490 million yuan from retail investors [3]

江苏太平洋石英股份有限公司 关于 2025 年第三季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 10 月 25 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 年第三季度报告。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 10 月 29 日(星期三)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 年第三季度业绩说明会(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 证券代码：603688 证券简称：石英股份 公告编号：临 2025-039 公司于 2025 年 10 月 29 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 年第三季度业 绩说明 ...

Core Insights - China is the largest producer and consumer of specialty glass globally, undergoing significant structural changes driven by the implementation of the "dual carbon" strategy and the upgrading of green building standards [1][9] - The market for specialty glass in China is projected to grow from CNY 59.9 billion in 2020 to CNY 102.6 billion in 2024, with a compound annual growth rate (CAGR) of 11.36% [1][10] - The demand for specialty glass is expected to remain strong, with projections indicating a market size of CNY 110.8 billion by 2025, fueled by rapid developments in downstream industries such as photovoltaic new energy and energy-efficient buildings [1][9] Industry Overview - Specialty glass is defined as glass that exhibits unique functions through various physical and chemical processes, serving as a critical material in sectors such as construction, transportation, energy, and aerospace [3][4] - The industry has evolved through three stages: initial exploration (1950s-1970s), rapid development (1980s-1990s), and current focus on industrial upgrading and brand building [4][5] Market Dynamics - The specialty glass market is transitioning from traditional ordinary glass to high-performance energy-saving products like Low-E glass and hollow glass, which are now mainstream [1][9] - The global specialty glass market was valued at USD 21.436 billion in 2023 and is expected to reach USD 27.534 billion by 2029, with a CAGR of 4.26% [8] Policy Environment - Recent government policies aim to enhance the development of the specialty glass industry, including initiatives to establish production bases for high-end glass products in strategic sectors [6] Industry Chain - The upstream of the specialty glass industry includes raw materials like quartz sand, soda ash, and limestone, while the downstream encompasses applications in various sectors [6][7] Competitive Landscape - The specialty glass market features a tiered competitive structure, with international leaders like Corning and AGC in the top tier, while domestic companies such as Fuyao Glass and Xinyi Glass form the second tier [10][11] Challenges - The industry faces challenges such as insufficient innovation capabilities, weak foundational research, and a lack of comprehensive standards and testing systems [13][14][15] Future Trends - Key trends in the specialty glass industry include high performance, large size, functional integration, and product series diversification to meet the evolving demands of various applications [16][17][18][20]

Market Trends - The domestic market indices showed a slight decline, with the Shanghai Composite Index closing at 3,988.22, down 0.22%, and the Shenzhen Component Index at 13,430.10, down 0.44% [4] Industry Insights - The "Wind Energy Beijing Declaration 2.0" was released, highlighting new opportunities in the wind power materials sector, with a target of achieving 1.3 billion kilowatts of cumulative installed wind power capacity by 2030 and 2 billion kilowatts by 2035 [9] - The home appliance industry is experiencing a mixed performance, with the home appliance index underperforming the broader market, showing a 7% increase, ranking 22 out of 31 sectors [12][14] - The semiconductor sector is expected to see continued demand growth, driven by AI trends, with the global semiconductor market projected to reach $700.9 billion in 2025, reflecting an 11.2% year-on-year increase [26] Company Performance - Guo Lian Da (002410.SZ) reported a turnaround in Q3 revenue growth, with significant improvements in profitability, achieving a net profit of 0.74 billion yuan, up 244.89% year-on-year [16][18] - Quartz Holdings (603688.SH) is positioned as a leader in high-purity quartz sand, with a focus on the photovoltaic and semiconductor sectors, and is expected to benefit from domestic substitution trends [22][24] - Wan Hua Chemical (600309.SH) reported a year-on-year increase in Q3 performance, with a focus on industry recovery [25][29] Investment Recommendations - The report suggests focusing on companies in the wind power materials sector, such as Times New Materials and Mega Chip Color, due to the favorable outlook following the "Wind Energy Beijing Declaration 2.0" [9] - In the home appliance sector, it is recommended to invest in companies with low valuations and high dividends, such as Gree Electric, Midea Group, and Haier Smart Home, to leverage their defensive characteristics [14] - For the semiconductor industry, companies like Quartz Holdings are highlighted for their strong market position and potential for growth in the context of domestic substitution [22][26]

Core Insights - The non-metal materials sector experienced a significant increase of 3.36% on October 28, with Quartz Co. leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Quartz Co. (603688) saw a closing price of 42.44, with a notable increase of 10.01% and a trading volume of 277,100 shares, amounting to a transaction value of 1.16 billion yuan [1] - Other notable performers included: - Dongfang Carbon (920175) with a closing price of 13.17, up 3.70% [1] - Longgao Co. (605086) with a closing price of 25.60, up 3.56% [1] - Lianrui New Materials (688300) with a closing price of 65.45, up 2.86% [1] Capital Flow Analysis - The non-metal materials sector saw a net inflow of 145 million yuan from institutional investors, while retail investors contributed a net inflow of 79.83 million yuan [2] - Conversely, speculative funds experienced a net outflow of 225 million yuan [2] Individual Stock Capital Flow - Quartz Co. (603688) had a net inflow of 237 million yuan from institutional investors, but a net outflow of 168 million yuan from speculative funds [3] - Longgao Co. (605086) reported a net inflow of 11.37 million yuan from institutional investors, with a minor net outflow from speculative funds [3] - Lianrui New Materials (688300) had a net inflow of 3.29 million yuan from institutional investors, while speculative funds saw a significant outflow of 28.26 million yuan [3]

Investment Rating - The report maintains an investment rating of "Buy-A" for the company [1][7]. Core Insights - The company is a leading producer of high-purity quartz sand, with applications in both photovoltaic and semiconductor sectors. It has a comprehensive product range and a well-established supply chain [1][15]. - The semiconductor industry is experiencing sustained demand driven by the AI wave, with significant potential for domestic substitution. The company is one of the few that has received TEL certification for its semiconductor products, positioning it well to benefit from this trend [2][64]. - The photovoltaic sector is also showing strong growth, with the company maintaining a leading position in the market for quartz crucibles, which are essential for silicon wafer production [3][67]. Summary by Sections Company Overview - Jiangsu Pacific Quartz Co., Ltd. was established in 1992 and listed on the Shanghai Stock Exchange in 2014. The company offers a wide range of products including high-purity quartz sand, quartz tubes, and crucibles, serving various applications in semiconductors, photovoltaics, and optical fibers [1][15][16]. Semiconductor Sector - The semiconductor market is projected to grow significantly, with a forecasted market size of $700.9 billion in 2025, reflecting an 11.2% year-on-year increase. The company is well-positioned to capitalize on the domestic substitution trend due to its certifications and product quality [2][41]. - The domestic semiconductor industry has a high dependency on imports, with a trade deficit of $226.1 billion in 2024, indicating a substantial opportunity for local manufacturers [2][58]. Photovoltaic Sector - The global photovoltaic market is expected to maintain growth, with new installations projected between 466-549 GW in 2025. The company is a key player in the quartz crucible market, which is crucial for the production of silicon wafers [3][67]. - The market for photovoltaic-grade quartz crucibles is anticipated to grow, with a projected CAGR of 21.5% from 2024 to 2029, further driving demand for high-purity quartz sand [3][72]. Financial Forecast and Valuation - The company is expected to see a rebound in net profit from 2025 to 2027, with estimates of 2.2 billion yuan, 5.6 billion yuan, and 9.1 billion yuan respectively. The earnings per share (EPS) for the same period is projected to be 0.41 yuan, 1.03 yuan, and 1.68 yuan [7][8]. - The report highlights the sensitivity of the company's net profit to changes in quartz sand prices, indicating significant potential for profit growth if prices recover [7][88].

Core Viewpoint - The company, Quartz Co., Ltd. (603688.SH), has achieved certification for its self-produced high-purity quartz sand from several major international semiconductor equipment manufacturers, indicating its products have gained recognition in the global high-end semiconductor supply chain [1][3]. Group 1: Company Developments - The company is actively cooperating with domestic chip manufacturers to expedite the localization certification of semiconductor quartz materials, which is expected to enhance its market share in the domestic semiconductor equipment and materials supply chain [3]. - Quartz Co. is a leading supplier of high-purity quartz materials in China, specializing in high-purity quartz sand, high-purity quartz products, and optoelectronic quartz components, with applications in semiconductor, photovoltaic, and optical communication sectors [3]. - The production technology of high-purity quartz sand at Quartz Co. has reached near-international advanced standards, with technological breakthroughs achieved in certain processes [3]. Group 2: Industry Insights - Industry experts believe that the certification of Quartz Co.'s high-purity quartz sand products by international mainstream equipment manufacturers signifies that its product quality and technical capabilities have reached a global leading level [3]. - With the rapid development of the domestic semiconductor industry, the company is expected to continuously benefit from the trend of material localization [3].

Core Viewpoint - The company has successfully developed and certified its self-produced high-purity quartz sand for semiconductor diffusion furnace tubes, breaking the monopoly of imported materials in the semiconductor quartz raw material sector [1] Group 1: Company Developments - The company announced on October 27 that its quartz materials for semiconductor diffusion furnace tubes have completed all process tests for 12-inch wafer manufacturing at leading domestic storage wafer manufacturers [1] - The successful certification of these materials signifies a significant step towards achieving complete autonomy in core upstream materials of the industry [1] Group 2: Strategic Direction - The company will continue to prioritize the development of semiconductor materials and expand the certification range of its self-produced sand products [1]

Core Insights - The non-metal materials sector experienced a significant increase of 2.63% on October 27, with Lianrui New Materials leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Lianrui New Materials (688300) closed at 63.63, with a rise of 10.28% and a trading volume of 129,000 shares, amounting to a transaction value of 825 million yuan [1] - Suotong Development (603612) rose by 4.15% to close at 25.60, with a trading volume of 250,200 shares and a transaction value of 639 million yuan [1] - Longgao Co., Ltd. (605086) increased by 3.34% to 24.72, with a trading volume of 26,700 shares and a transaction value of 65.33 million yuan [1] - Tianma New Materials (920971) saw a 2.49% increase, closing at 32.96, with a trading volume of 28,400 shares and a transaction value of 93.34 million yuan [1] - Kuncai Technology (603826) had a marginal increase of 0.16%, closing at 18.47, with a trading volume of 23,600 shares and a transaction value of 43.63 million yuan [1] - Qilu Huaxin (920832) and Dongfang Xiyuan (920175) experienced slight declines of 0.24% and 0.39%, respectively [1] Capital Flow - The non-metal materials sector saw a net outflow of 120 million yuan from institutional investors, while retail investors contributed a net inflow of 171 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing while retail investors showed interest in the sector [2] Detailed Capital Flow Analysis - Longgao Co., Ltd. (605086) had a net outflow of 2.27 million yuan from institutional investors but a net inflow of 1.54 million yuan from retail investors [3] - Kuncai Technology (603826) experienced a net outflow of 1.27 million yuan from institutional investors, while retail investors contributed a net inflow of 0.78 million yuan [3] - Lianrui New Materials (688300) faced a net outflow of 4.81 million yuan from institutional investors, but retail investors contributed a significant net inflow of 8.08 million yuan [3]