- The report predicts adjustments to the sample stocks of seven major broad-based indices in the Chinese market, including CSI 300, CSI 500, SSE 50, STAR 50, STAR 100, ChiNext Index, and ChiNext 50, based on the index compilation rules and data as of April 30, 2025 [1][7] - The CSI 300 Index selects stocks from the Shanghai and Shenzhen markets that meet criteria such as good operational status, no significant financial issues, and no abnormal price fluctuations. The selection process involves ranking stocks by daily average trading volume and market capitalization over the past year, applying buffer rules, and excluding stocks with significant losses or long-term suspensions. Adjustments are limited to 10% of the constituent stocks per review [8] - The CSI 500 Index excludes CSI 300 constituents and follows a similar methodology, focusing on stocks with good operational status, no financial irregularities, and stable price movements. Stocks are ranked by daily average trading volume and market capitalization, with buffer rules applied, and adjustments are capped at 10% of the constituent stocks [10] - The SSE 50 Index is derived from the SSE 180 Index, selecting stocks based on daily average market capitalization and trading volume over the past year. The accuracy of SSE 50 predictions depends on the SSE 180 Index's accuracy. Adjustments are limited to 10% of the constituent stocks [13] - The STAR 50 Index represents the top 50 securities on the STAR Market by market capitalization and liquidity. Stocks are ranked by daily average market capitalization, with buffer rules applied, and adjustments are capped at 10% of the constituent stocks [15] - The STAR 100 Index includes 100 mid-sized securities from the STAR Market, reflecting the performance of mid-cap companies. The selection process is similar to STAR 50, with adjustments limited to 10% of the constituent stocks [17] - The ChiNext Index selects stocks from the ChiNext Board based on the top-ranked daily average market capitalization over the past six months. Buffer rules are applied, and stocks with significant losses or long-term suspensions are excluded. Adjustments are capped at 10% of the constituent stocks [20] - The ChiNext 50 Index selects the most liquid stocks from the ChiNext Index's 100 constituents, considering industry coverage and applying buffer rules. Adjustments are limited to 10% of the constituent stocks [24]

Group 1 - The company held its 11th meeting of the second board on May 7, 2025, where it approved the election of a non-independent director and the appointment of a general manager [1][2] - Chen Qiufei was nominated and approved as a non-independent director candidate and general manager, with his term lasting until the end of the current board's term [1][2] - The proposal for the election of the non-independent director will be submitted for approval at the upcoming shareholders' meeting [1] Group 2 - The 2024 annual shareholders' meeting is scheduled for May 16, 2025, with a proposal to add a temporary agenda item regarding the election of a non-independent director [5][6] - The proposal was submitted by China National Building Material Group Corporation, which holds 33.16% of the company's shares, and it complies with relevant regulations [6][7] - The company will also hear the independent directors' performance reports during the shareholders' meeting [14]

Core Viewpoints - The segmented fields show differentiated growth: semiconductor materials grow at 50%, new energy materials at 52%, and biomedical materials at 87%, while traditional structural materials maintain a stable growth of 8-10% [2] - Emerging fields are rapidly rising: AI servers with high-frequency materials grow at 60%, new energy vehicles with MLCC at 100%, foldable screens with UTG glass at 30%, and hydrogen energy with a 60% localization rate for proton exchange membranes [2] - The industrial chain is changing: semiconductor materials are developed in a bundled manner with "wafer factories + material factories," while new energy materials involve a three-in-one integration of car manufacturers, battery factories, and material suppliers [2] Market Analysis - The Chinese innovative materials market has formed a diversified tiered structure, reaching a total scale of 6 trillion yuan in 2024, with a forecast to exceed 10 trillion yuan in 2025. The segmented fields show differentiated growth: semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%) constitute three major growth poles, while traditional structural materials grow steadily at 8-10% [10][11] - The application field is being restructured, with traditional applications (aerospace, automotive manufacturing) dropping from 65% in 2019 to 48% in 2023, while emerging fields like AI servers (CCL usage growth of 60%), new energy vehicles (MLCC demand growth of 100%), and foldable screens (UTG glass demand growth of 30%) are rapidly rising [10] Competitive Landscape and Industrial Chain Evolution - The industry concentration is accelerating, showing a dual-track pattern of "national teams leading + private specialization." China National Building Material Group, as a representative of "national materials," has achieved breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [12] - The collaborative model in the industrial chain is innovating significantly. In the semiconductor materials field, a "wafer factory + material factory" bundled development model has formed, while new energy materials show a three-in-one R&D model involving car manufacturers, battery factories, and material suppliers [12] Future Market Space - The innovative materials market in China is expected to reach 10 trillion yuan by 2025 and exceed 30 trillion yuan by 2030, maintaining a CAGR of 18%. The growth engines come from deepening domestic substitution, technological iteration dividends, and the expansion of emerging applications [19] - Key areas to focus on include high-end photoresists, aerospace engine materials, solid-state batteries, high-temperature superconducting materials, perovskite photovoltaic materials, high-frequency materials, MLCC, UTG glass, silicon-carbon anodes, AI + new materials, and biodegradable materials [10][19] Policy Environment and Institutional Innovation - The national strategic layout provides strong support, with the Ministry of Industry and Information Technology clarifying key development directions for frontier materials, and local governments increasing support, such as Guangdong Province establishing a 10 billion yuan new materials industry fund [15] - The policy combination has shown significant effects, with the first application insurance compensation mechanism covering 80% of key materials, reducing R&D risks for enterprises by 30% [15] Technological Innovation and Industry Upgrade - The materials genome engineering is revolutionizing the R&D model, significantly shortening the development cycle of new materials [16] - Breakthroughs in production processes are reshaping cost curves, with significant reductions in unit costs and improvements in yield rates for various materials [16] Investment Strategy Recommendations - Focus on three major tracks: high-end semiconductor materials, new energy materials, and biomedical materials. Risk control should pay attention to technological route risks and the competitive landscape of leading enterprises [25][26] - The certainty of domestic substitution is high, with significant opportunities in solid-state electrolytes and superconducting materials [26]

二、聘任公司总经理情况 公司于 2025 年 5 月 7 日召开第二届董事会第十一次会议，审议通过了《聘 任公司总经理的议案》，经公司董事会提名委员会资格审查，公司董事会同意聘 任陈秋飞先生为公司总经理，任期自董事会审议通过之日起至第二届董事会届满 之日止。 证券代码：688295 证券简称：中复神鹰 公告编号：2025-023 中复神鹰碳纤维股份有限公司 关于补选董事及聘任总经理的公告 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、准确性和完整性依法承担法律责任。 中复神鹰碳纤维股份有限公司（以下简称"公司"）于 2025 年 5 月 7 日召 开第二届董事会第十一次会议，审议通过了《补选公司非独立董事的议案》及《聘 任公司总经理的议案》，具体情况如下： 一、补选公司非独立董事情况 为完善公司治理结构，保证公司董事会的规范运作，根据《中华人民共和国 公司法》及《公司章程》等有关规定，公司于 2025 年 5 月 7 日召开第二届董事 会第十一次会议，审议通过了《补选公司非独立董事的议案》，经公司股东中建 材联合投资有限公司提名推荐，并经公司董事会提名委 ...

证券代码：688295 证券简称：中复神鹰 公告编号：2025-024 中复神鹰碳纤维股份有限公司 关于2024年年度股东大会增加临时提案的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 1. 提案人：中建材联合投资有限公司 2. 提案程序说明 公司已于2025 年 4 月 25 日公告了 2024 年年度股东大会召开通知，单独持 有33.16%股份的股东中建材联合投资有限公司，在2025 年 5 月 6 日提出临时提 案并书面提交股东大会召集人。股东大会召集人按照《上海证券交易所科创板上 市公司自律监管指引第 1 号—规范运作》有关规定，现予以公告。 3. 临时提案的具体内容 1. 股东大会的类型和届次： 2024年年度股东大会 | 股份类别 | | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | --- | | A | 股 | 688295 | 中复神鹰 | 2025/5/12 | 二、 增加临时提案的情况说明 2025 年 5 月 6 日，公司董事会接到股东中建材联 ...

中复神鹰碳纤维股份有限公司 2024 年年度股东大会 会议资料（更新版） 2025 年 5 月 16 日 中复神鹰碳纤维股份有限公司（股票代码：688295） 2024 年年度股东大会会议资料 目 录 | 2024 | 年年度股东大会会议须知 | | 3 | | --- | --- | --- | --- | | 2024 | 年年度股东大会会议议程 | | 5 | | 2024 | 年年度股东大会会议议案 | | 7 | | 议案一：公司 | 2024 | | 年度董事会工作报告的议案 7 | | 议案二：公司 | 2024 | | 年度监事会工作报告的议案 14 | | 议案三：公司 | 2024 | | 年度利润分配方案的议案 17 | | 议案四：公司董事 | 2024 | | 年度薪酬情况的议案 18 | | 议案五：公司监事 | | 2024 年度薪酬情况的议案 | 19 | | 议案六：公司 | 2024 | | 年年度报告及其摘要的议案 20 | | 议案七：公司 | 2024 | | 年度财务决算报告的议案 21 | | 议案八：公司续聘 | 2025 | | 年度审计机构的议案 24 | ...

Industry Background - The innovative materials sector is a cornerstone for China's manufacturing transformation, evolving from strategic support to a key pillar of national competitiveness. By 2024, the industry scale is projected to exceed 60 trillion yuan, maintaining a 20% annual growth rate, making it the fastest-growing new materials market globally [2] - The "14th Five-Year Plan" identifies innovative materials as a core area of strategic emerging industries, with the release of the "Guidance Directory for the First Batch of Key New Materials Application Demonstration (2024 Edition)" covering 299 new materials, providing clear guidance for industry development [2] - The industry is entering a quality upgrade phase, with the localization rate of semiconductor materials increasing from 15% in 2020 to 25% in 2024, while lithium iron phosphate cathode materials in the new energy sector have reached a 95% localization rate, supporting companies like CATL and BYD with over 60% global market share [2] Market Status Analysis - The Chinese innovative materials market has formed a diversified tiered structure, with an overall scale reaching 60 trillion yuan in 2024 and expected to surpass 100 trillion yuan by 2025. Key growth areas include semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%), while traditional structural materials grow steadily at 8-10% [4] - The regional distribution shows the Yangtze River Delta (45% share in semiconductor materials), the Pearl River Delta (leading in new energy materials), and the Beijing-Tianjin-Hebei region (cluster advantage in biomedical materials) [4] Competitive Landscape and Industry Chain Evolution - The industry concentration is accelerating, characterized by a dual-track model of "national teams leading + specialized private enterprises." China National Building Material Group has made breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [7] - The semiconductor materials sector has developed a "wafer factory + material factory" collaborative development model, while new energy materials show a "vehicle manufacturers + battery factories + material suppliers" integrated R&D approach [7] Policy Environment and Institutional Innovation - National strategic layouts provide strong support, with the Ministry of Industry and Information Technology outlining key development directions for frontier materials, including superconductors and graphene [9] - The establishment of a standard system that aligns with international standards is accelerating, with China National Building Material Group participating in the formulation of 52 ISO international standards [9] Future Forecast Analysis - The Chinese innovative materials market is expected to experience structural growth, reaching 100 trillion yuan by 2025 and exceeding 300 trillion yuan by 2030, with a CAGR of 18%. Growth drivers include deepening domestic substitution, technological iteration benefits, and the expansion of emerging applications [14] - The future five years will focus on four major technological breakthroughs: extreme performance, intelligent upgrades, green manufacturing, and cross-border integration [15] Investment Strategy Recommendations - Key investment areas include semiconductor materials, new energy materials, and biomedical materials, with a focus on technological breakthroughs and capacity releases [20]

中复神鹰碳纤维股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 16 日 中复神鹰碳纤维股份有限公司（股票代码：688295） 2024 年年度股东大会会议资料 目 录 | 2024 | 年年度股东大会会议须知 | | 3 | | --- | --- | --- | --- | | 2024 | 年年度股东大会会议议程 | | 5 | | 2024 | 年年度股东大会会议议案 | | 7 | | 议案一：公司 2024 | | 年度董事会工作报告的议案 | 7 | | 议案二：公司 2024 | | 年度监事会工作报告的议案 | 14 | | 议案三：公司 2024 | | 年度利润分配方案的议案 | 17 | | 议案四：公司董事 | | 2024 年度薪酬情况的议案 | 18 | | 议案五：公司监事 | | 2024 年度薪酬情况的议案 | 19 | | 议案六：公司 2024 | | 年年度报告及其摘要的议案 | 20 | | 议案七：公司 2024 | | 年度财务决算报告的议案 | 21 | | 议案八：公司续聘 | | 2025 年度审计机构的议案 | 24 | | 议案九 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 400 million yuan in Q1, a year-on-year decrease of 10%. The net profit attributable to shareholders was -45 million yuan, down 208% year-on-year, and the non-recurring net profit was approximately -58 million yuan, down 479% year-on-year [2][6]. - The decline in revenue is primarily attributed to falling carbon fiber prices, with the average price for T700 carbon fiber around 93,000 yuan per ton in Q1, a decrease of approximately 27% year-on-year. Despite this, the company achieved significant sales volume growth [12]. - The gross margin for Q1 was approximately 3%, down 22 percentage points year-on-year but up 2 percentage points quarter-on-quarter, mainly due to a reduction in manufacturing costs [12]. - The company is focusing on cost reduction and efficiency improvement, with a reduction in employee count to 2,955 by the end of 2024, down 764 from the previous year [12]. - The demand for carbon fiber is expected to continue growing, with global demand projected to reach 156,000 tons in 2024, a year-on-year increase of 36%. Domestic demand in China is expected to grow by 22% [12]. - The current low capacity utilization rate in the carbon fiber industry, around 60%, indicates that price rebounds may take time due to oversupply [12]. - The company anticipates a significant increase in demand in 2025, particularly in the offshore wind power sector, with expectations of over 40% growth in related domestic demand [12]. Financial Summary - The company’s total revenue is projected to increase from 1.557 billion yuan in 2024 to 2.539 billion yuan in 2026, with a gross profit margin expected to rise from 14% to 25% over the same period [18]. - The net profit attributable to shareholders is forecasted to improve from -124 million yuan in 2024 to 516 million yuan in 2027, indicating a recovery in profitability [18]. - The company’s cash flow from operating activities is expected to turn positive, with net cash flow projected to be 610 million yuan in 2025 [18].

Investment Rating - The industry view for Greater China Materials is rated as Attractive [6] Core Insights - Lithium demand may be pressured by trade tensions, with a market surplus expected to increase to approximately 10,000 tons of lithium carbonate equivalent (LCE) in April, leading to downward pressure on prices [2][3] - Uranium fundamentals remain solid despite a spot price correction, with term pricing stable at around US$80 per pound, indicating a constructive medium-to-long-term supply-demand outlook [3] - Solar glass prices are likely to stabilize due to supply responses, although pressures are expected to persist in the second half of 2025 as demand decreases [4][10] Summary by Sections Lithium - Demand in 1Q25 was stronger than expected due to EV trade-in programs and energy storage system (ESS) demand, but the peak season in 2Q25 is anticipated to be muted due to earlier demand pull-forward [2] - Tariff uncertainties have caused large EV makers to pause April order books, leading to a potential price bottom for lithium carbonate at approximately Rmb65,000 per ton [2] Uranium - The spot price has declined to around US$60 per pound, influenced by uncertainties regarding Russian enriched uranium and US tariffs, but the gap between spot and term prices has widened, limiting further downside [3] - Supply imbalances are expected to gradually reflect in the market, potentially pushing uranium prices higher and benefiting companies like CGN Mining [3] Solar Glass - A reasonable recovery was noted in 1Q25, with prices rebounding due to increased demand from module producers, but a decrease in demand is expected in June as rush installations conclude [4][10] - The near-term supply and demand for solar glass could remain solid, supporting earnings recovery for producers, but increased industry supply may pressure prices again in 2H25 [10] Rare Earth Magnets - An upward trend in rare earth prices is anticipated due to new smelting regulations and tariffs, which could tighten supply from imports, benefiting producers [11] Stock Ratings - Overweight-rated stocks include Xinyi Solar, CGN Mining, and various rare earth magnet producers, with significant upside potential noted for several companies [12][13]