（来源：淘金ETF） 1. 先导智能（300450） 作为高端智能装备领域的重要企业，公司在精密制造与自动化方案上具备较强竞争力，业务覆盖新能源 装备与电子制造装备。公司为PCB行业提供高精度裁切、成型、检测等自动化生产设备，助力高多层 板、HDI板等高端产品提升生产效率与良率。随着AI服务器与数据中心建设加速，PCB行业对高端制程 装备需求持续提升，公司凭借在运动控制、精密集成方面的技术积累，不断优化适配通信板、汽车板的 装备方案。相关产品可满足头部PCB厂商扩产与技术改造需求，在电子制造装备国产化过程中保持稳定 迭代，与行业高端化、智能化发展方向高度契合，为PCB产业链提供可靠的制程装备支持，在高端制造 环节形成自身独特的行业价值。 2. 方正科技（600601） 公司背景具有国资属性，在电子信息领域拥有长期产业积淀。公司主营印制电路板的研发、生产与销 售，产品覆盖通信基站板、工业控制板、消费电子板等，广泛应用于网络设备、工业终端、智能家居等 场景。企业持续推进PCB产线工艺升级，重点提升高多层板与高频高速板占比，强化产品可靠性与信号 传输性能，以适配5G通信、工业互联网等领域的升级需求。在行业向集中化、 ...

分红方面，福斯特A股上市后累计派现36.69亿元。近三年，累计派现13.61亿元。 机构持仓方面，截止2025年9月30日，福斯特十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股7046.50万股，相比上期减少2537.84万股。广发高端制造股票A（004997）位居第四大流通 股东，持股1866.97万股，相比上期减少193.99万股。华泰柏瑞沪深300ETF（510300）位居第五大流通 股东，持股1772.06万股，相比上期减少97.02万股。易方达沪深300ETF（510310）位居第六大流通股 东，持股1284.32万股，相比上期减少41.28万股。华夏能源革新股票A（003834）位居第八大流通股 东，持股1200.46万股，为新进股东。光伏ETF（515790）位居第九大流通股东，持股1186.61万股，相 比上期减少26.75万股。泉果旭源三年持有期混合A（016709）退出十大流通股东之列。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@ ...

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector [7] Core Views - The cancellation of IEEPA tariffs and the introduction of a 15% tariff under the 122 clause could lead to a marginal improvement of 5% to 10% in tariffs for various components, benefiting companies like Ningde Times, Sunshine Power, and others [2][10] - The potential for the Trump administration to implement additional tariffs under clauses 201, 232, 301, and 338 could maintain the overall tariff levels, impacting the competitiveness of domestic products against overseas counterparts [4][10] - The demand for electric new equipment in the U.S. remains strong, with a projected revenue share of 16% or less for sample companies in 2026, indicating resilience against tariff fluctuations [5] Summary by Sections Tariff Changes and Impacts - The report outlines two scenarios regarding tariff changes: an optimistic scenario with a 15% tariff leading to a 5% to 10% reduction in marginal tariffs for various components, and a pessimistic scenario where additional tariffs could keep overall levels unchanged [2][4] - The U.S. Supreme Court's ruling is expected to narrow the tariff gap between domestic and overseas production by 1% to 5% due to the new uniform 15% tariff [3] Company Recommendations - The report highlights several companies as favorable investment opportunities, including: - Ningde Times (300750 CH) with a target price of 566.18 - Sunshine Power (300274 CH) with a target price of 198.63 - Yihua Lithium Energy (300014 CH) with a target price of 96.96 - TBEA (600089 CH) with a target price of 33.31 - Foster (603806 CH) with a target price of 19.97 [14] Market Dynamics - The electric new equipment sector is experiencing high demand due to the inability of overseas suppliers to meet urgent needs, particularly in the transformer market, which is expected to have a supply gap until at least 2027 [5] - The report emphasizes that the tariff adjustments will have a limited impact on the main photovoltaic industry, while auxiliary materials and lithium battery sectors may benefit significantly [3][10]

内容概况：从市场规模来看，中国光伏背板行业市场规模整体呈现波动态势。2015-2017年，受益于光 伏行业政策支持与装机规模扩大，光伏背板市场规模逐年增长。2018-2019年受"531新政"调整及产业链 价格下行影响，市场规模出现阶段性回调。2020年后，在"双碳"目标推动及光伏平价上网进程加速的背 景下，下游装机需求复苏带动光伏背板市场回升，2021年至2022年规模持续增长，2022年达到85亿元。 2023年至2024年，受双玻组件渗透率快速提升、传统背板价格竞争加剧以及全球光伏供应链阶段性调整 等多重因素影响，市场规模有所回落。作为光伏背板的重要组成部分，随着玻璃背板技术发展与市场接 受度提升，有望为行业带来新的增长动力与结构性机会。 相关上市企业：中来股份（300393）、福斯特（603806）、赛伍技术（603212）、明冠新材 （688560）、激智科技（300566）、回天新材（300041）、璞泰来（603659）、巨化股份（600160）、 隆基绿能（601012）、特变电工（600089）等。 相关企业：苏州弘道新材料有限公司、苏州佳尔特新材料科技股份有限公司、康维明工程薄膜（张家 港 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603806 证券简称：福斯特 公告编号：2026 - 007 转债代码：113661 转债简称：福22转债 杭州福斯特应用材料股份有限公司 与私募基金合作投资事项进展公告 重要内容提示： 三、对公司的影响及拟采取的应对措施 投资基金具有投资周期长、流动性低等特点，公司本次对外投资可能面临较长的投资回收期，且投资过 程可能面临宏观经济、行业周期、市场竞争、政策环境、投资项目经营管理等多种因素影响，可能存在 投资后无法实现预期收益或本金损失的风险。针对本次交易的风险，公司将密切关注标的基金运作及管 理情况，切实降低投资风险，并严格按照信息披露管理相关规定及时履行信息披露义务。敬请广大投资 者注意投资风险。 特此公告。 ■ 一、合作投资基本概述情况 为加快拓展对新型太阳电池封装材料的研发及应用，加强对砷化镓产业链的理解与互动，充分利用专业 机构的投资经验及资源优势，杭州福斯特应用材料股份有限公司（以下简称"公司"）与潼芯德润创业投 资（海南）有限公司及其他合伙人共同出资设立嘉兴德科股权投资合伙企业（有限合伙），公司作为有 限合伙人以自有资金认缴出资人民币 ...

| 证券代码：603806 | 证券简称：福斯特 | | 公告编号：2026 | - 007 | | --- | --- | --- | --- | --- | | 转债代码：113661 | 转债简称：福 22 | 转债 | | | 杭州福斯特应用材料股份有限公司 与私募基金合作投资事项进展公告 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： | 投资标的名称 | 嘉兴德科股权投资合伙企业（有限合伙） | | | | --- | --- | --- | --- | | 投资金额（万元） | 2,500 | | | | 投资进展阶段 | 完成 进展 募集失败 | 终止 | 交易要素变更 | | | 未能完成备案登记 提前终止 | | | | | 发生重大变更 | | | | | 其他：投资基金具有投资周期长、流动性 | | | | | 低等特点，公司本次对外投资可能面临较长 | | | | | 的投资回收期，且投资过程可能面临宏观经 | | | | 特别风险提示（如有请勾选） | 济、行业周期 ...

Core Insights - The report predicts a "front low and back high" trend for the real estate market in 2026, suggesting potential recovery opportunities in the sector [1][3] - It emphasizes the importance of stabilizing the market through inventory reduction and boosting demand and confidence, while also supporting reasonable financing needs of real estate companies [3][4] - The report identifies three main investment lines: stable companies in core cities, "small but beautiful" firms with significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [1][9] Market Outlook - The real estate market is expected to face continued pressure in 2025, with a focus on policy measures to prevent a sharp decline [3][4] - The report forecasts a decline in key real estate indicators for 2026, including a projected 8% decrease in sales area to 810 million square meters and a 12% drop in sales revenue to 7.4 trillion yuan [5][6] - It anticipates a gradual recovery in the market, with potential policy and fundamental turning points in Q1 and Q4 of 2026, respectively [7][8] Investment Recommendations - The report suggests focusing on companies with strong fundamentals in first and second-tier cities, such as China Resources Land and China Merchants Shekou [1][9] - It highlights the potential of Poly Real Estate Group as a "small but beautiful" firm that has made significant sales and land acquisition breakthroughs [9] - The report also points to commercial real estate companies like China Resources Vientiane Life and Swire Properties that are actively exploring new operational models [1][9]

关于归还临时补充流动资金的募集资金的公告 杭州福斯特应用材料股份有限公司 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： 截至 2026 年 2 月 12 日，公司已累计归还临时补充流动资金的闲置募 集资金人民币 51,500 万元。 | 证券代码：603806 | 证券简称：福斯特 | | | 公告编号：2026-006 | | --- | --- | --- | --- | --- | | 转债代码：113661 | 转债简称：福 | 22 | 转债 | | 一、募集资金临时补充流动资金情况 杭州福斯特应用材料股份有限公司（以下简称"公司"）于2025年3月20日 召开第六届董事会第五次会议，审议通过了《关于归还募集资金及继续使用募集 资金临时补充流动资金的议案》，同意公司将"福22转债"暂时闲置募集资金中 的不超过人民币100,000万元临时用于补充公司流动资金，使用期限自董事会审 议通过之日起不超过12个月。监事会、保荐机构分别发表了明确同意的意见。具 体内容请详见公司于2025年3月21日在上海证券交 ...

Company and Industry Summary Company: Foster (福斯特) Key Points - **Leading Overseas Production Capacity** Foster holds the largest overseas production capacity for solar backsheet, exceeding 600 million square meters in Thailand and Vietnam. The company has a long-standing partnership with Tesla, developing and supplying specialized backsheets, which positions it to benefit from Tesla's expansion in component production. Additionally, Foster is the largest supplier of backsheets in India, collaborating with major companies such as Waaree, Adani, Vikram, and Reliance Inc. The reduction of U.S. tariffs on Indian solar components to 18% is expected to further enhance exports from India to the U.S. [1][2][3] - **Profitability Advantage** The profitability of overseas backsheets is over 5 percentage points higher than domestic production, indicating that the company is likely to see significant improvements in overall profitability as it capitalizes on this advantage [1][2][3]. - **Expansion into Space Photovoltaics** Foster is increasing its focus on space photovoltaics by establishing a joint venture to engage in flexible gallium arsenide and related equity investments. This strategy aims to create synergies with its existing business and expand into the supply of space photovoltaic materials. The company has a diverse product lineup, including modified silicone, modified POE, butyl rubber, and CPI films, which will support its growth in the space photovoltaic sector [2][3]. - **Growth in Non-Photovoltaic Segments** The company is actively exploring new growth avenues outside of photovoltaics, particularly in photoresist dry films, which are expected to see a 30% year-on-year increase in shipments by 2025, contributing approximately 1-1.5 billion in profit. The demand for aluminum-plastic films is anticipated to rise with the development of solid-state batteries, presenting another potential growth area for the company [2][3]. - **Investment Outlook** The projected net profit attributable to the parent company for 2025-2027 is estimated at 1.01 billion, 1.61 billion, and 2.18 billion yuan, reflecting year-on-year changes of -23%, 58%, and 36%, respectively. The corresponding price-to-earnings ratios are expected to be 41, 26, and 19 times. The company maintains a "buy" rating based on these projections [2][3].

Group 1 - The core viewpoint is that the space photovoltaic industry has significant potential, driven by both domestic and international developments, particularly with SpaceX's plans for a solar energy satellite network and China's increasing satellite launch capabilities [1][2] - The global market for space photovoltaics could reach 8GW annually, with a potential market size of 8 trillion yuan, even if the cost of components decreases significantly [2] - China's photovoltaic industry is strong, with leading manufacturers in equipment and materials, such as Maiwei and Aotwei, which are expected to gain incremental orders due to the expansion of overseas leaders [3] Group 2 - The report suggests focusing on key photovoltaic equipment manufacturers like Aotwei, Maiwei, and others that are likely to benefit from the expansion of overseas leaders [3] - It also highlights core material manufacturers like Dongfang Risen and others that have established deep relationships with overseas clients, which will drive profit growth [3]