Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [56]. Core Insights - In January 2026, global semiconductor sales reached $82.5 billion, marking a 46.1% increase compared to January 2025 and a 3.7% increase from December 2025 [4][31]. - The semiconductor price increase trend continues, with major foundries planning to raise prices by up to 10% starting in April 2026 due to rising production costs driven by various factors including supply chain disruptions and raw material price hikes [30]. - The domestic manufacturing upgrade is ongoing, with high standards and high-performance material demands expected to be released gradually, indicating a rapid development potential for the new materials industry [4]. Market Overview - The Wind New Materials Index closed at 5900.37 points, up 0.87% week-on-week. Among the six sub-industries, the semiconductor materials index fell by 2.79%, while the carbon fiber index rose by 26.05% [3][11]. - The top five gainers in the week included Ruifeng High Materials (25.52%), Lianrui New Materials (21.33%), and Huate Gas (15.49%) [26][27]. Recent Industry Highlights - The launch of the full-size humanoid robot PEEK by Huaxiang Qiyuan represents a breakthrough in lightweight, high-endurance, and durable applications, reducing the robot's weight by 5.3 kg [4][35]. - Feikai Materials announced plans to invest in a new production base in Anhui, with a total investment of approximately 1 billion yuan, aimed at expanding its semiconductor materials strategy [35][36].

Summary of Conference Call Records Industry Overview - The conference call discusses the **copper-clad laminate (CCL)** industry, focusing on the demand and market dynamics of **chemical spherical silicon powder** used in CCL production [1][2]. Key Points and Arguments Market Dynamics - **Upgrade in CCL Materials**: The upgrade from M7 to M9 grades in CCL has led to a significant increase in the price of fillers, with prices rising from **3,000 CNY/ton** to **200,000 CNY/ton**, and the filling ratio increasing from **15% to 40%** [1]. - **Demand Forecast**: The demand for chemical spherical silicon powder is expected to reach **7,500 to 8,000 tons** by **2027**, doubling from **2026**, with a corresponding market space of approximately **1.5 billion CNY**. By **2030**, demand may exceed **20,000 tons** [1][8]. Company Insights - **Lianrui New Materials**: Holds a **25% global market share** in the silicon powder sector, with plans to establish **4,200 tons** of chemical production capacity starting in **2026**, potentially contributing **320 to 400 million CNY** in profits annually [1][9]. - **Guoci Materials**: Differentiates itself by using hydrothermal methods for M10/M11 hollow silicon powder, with expectations of **10-fold revenue growth** by **2026**, reaching a capacity of **1,500 tons** [1][12]. Competitive Landscape - **High-End Market Players**: Japanese companies like **Rohm and Yadomaru** dominate the high-end market, while Lianrui New Materials maintains a strong position domestically. **Jinyi New Materials** is restarting its IPO process, indicating a competitive landscape with high customer validation barriers [2][9]. - **Customer Relationships**: Lianrui has established strong ties with major clients, including **Taiwan's Taisun Technology**, which is crucial for its growth in the M8 and M9 markets [9][10]. Product Characteristics - **Silicon Powder Types**: Silicon powder is categorized into angular and spherical types, with spherical silicon powder produced through flame melting, which is energy-intensive. Chemical spherical silicon powder offers superior uniformity and higher profit margins, with gross margins exceeding **60%** and net margins around **40%** [3][6]. - **Cost Structure**: The production cost of angular silicon powder is about **60-70%** of direct material costs, while spherical silicon powder costs around **50%** in fuel and energy [3][4]. Future Projections - **Market Demand Calculation**: The estimated silicon powder requirement for CCL is projected to be **3,500 tons** in **2026**, increasing to **7,500 to 8,000 tons** in **2027**. The market space for chemical spherical silicon powder is expected to grow rapidly, with a potential market value of **15 billion CNY** by **2027** [8][9]. - **Long-Term Growth**: The overall silicon powder market, including CCL and epoxy encapsulation materials, is projected to reach **100 to 150 billion CNY**, with chemical spherical silicon powder expected to capture a significant share of this growth [9]. Production Capacity and Expansion - **Lianrui's Expansion Plans**: Lianrui is set to increase its production capacity to **4,200 tons** by **2026**, with a potential profit contribution equivalent to creating a new company [10][11]. - **Guoci's Production Strategy**: Guoci plans to expand its production capacity to **1,500 tons** by the end of **2026**, with a long-term goal of **5,000 tons** [12]. Additional Important Insights - The importance of fillers in CCL has been increasingly recognized, with their role in enhancing dielectric performance and reducing costs becoming more critical as the industry shifts towards higher-grade products [2][4]. - The competitive landscape is characterized by high customer validation barriers, making relationships with key clients essential for market success [10].

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。 重要内容提示： | 证券代码：688300 | 证券简称：联瑞新材 | 公告编号：2026-016 | | --- | --- | --- | | 转债代码：118064 | 转债简称：联瑞转债 | | 江苏联瑞新材料股份有限公司 股票交易异常波动公告 经公司自查，并向公司控股股东、实际控制人书面核实，截至本公告披露日， 除了在指定媒体上已公开披露的信息外，不存在关于公司应披露而未披露的重大 事项；不存在处于筹划阶段的涉及公司的重大事项，包括但不限于并购重组、发 行股份、债务重组、业务重组、资产剥离和资产注入等。 江苏联瑞新材料股份有限公司（以下简称"公司"）股票交易连续 3 个 交易日（2026 年 3 月 6 日、2026 年 3 月 9 日、2026 年 3 月 10 日）内日收盘价 格涨幅偏离值累计达到 30%。根据《上海证券交易所交易规则》的有关规定，属 于股票交易异常波动情形。 经公司自查并向公司控股股东、实际控制人书面核实，截至本公告披露 日，公司及控股股东、实 ...

| 证券代码：688300 | 证券简称：联瑞新材 | 公告编号：2026-015 | | --- | --- | --- | | 转债代码：118064 | 转债简称：联瑞转债 | | 江苏联瑞新材料股份有限公司 关于核心技术人员离职的公告 张建平先生负责的工作已妥善交接，公司的技术研发等工作均正常进行， 其离职不会对公司整体研发创新能力、持续经营能力和核心竞争力产生实质性影 响。 一、核心技术人员离职的具体情况 公司核心技术人员张建平先生近日因个人原因向公司提出离职申请，已与公 司协商一致解除劳动关系。离职后，张建平先生将不再担任公司及子公司任何职 务，但依相关协议承担保密义务。 （一）核心技术人员的具体情况 张建平，男，1986 年出生，中国国籍，无境外永久居留权，研究生学历， 中级工程师。2012 年 7 月至 2020 年 11 月任研发工程师、公司一级部门球化事 业部下属技术工艺科主管、技术科主管；2020 年 12 月至 2021 年 12 月任公司技 术工艺部副经理，2022 年 1 月至 2023 年 1 月任公司技术中心副主任；2023 年 2 月至 2024 年 8 月任公司技术中心部长 ...

国泰海通证券股份有限公司关于江苏联瑞新材料股份有限公司 （一）核心技术人员的具体情况 张建平，男，1986年出生，中国国籍，无境外永久居留权，研究生学历，中 级工程师。2012年7月至2020年11月任研发工程师、公司一级部门球化事业部下 属技术工艺科主管、技术科主管；2020年12月至2021年12月任公司技术工艺部副 经理，2022年1月至2023年1月任公司技术中心副主任；2023年2月至2024年8月任 公司技术中心部长；2024年8月至2026年2月任公司技术中心研发专家。 截至本核查意见出具日，张建平先生直接持有公司股份26,000股，占公司总 股本的比例为0.01%。离职后，张建平先生将继续遵守《上海证券交易所科创板 股票上市规则》等相关法律法规的规定及其所作的相关承诺。 核心技术人员离职的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 江苏联瑞新材料股份有限公司（以下简称"联瑞新材"或"公司"）向不特定对 象发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管 指引第1号—— ...

Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as PSPI, epoxy resin, and conductive adhesives are identified as key growth areas, with significant market sizes and growth rates anticipated [8]. Investment Opportunities - The article outlines various advanced packaging materials and their respective market sizes, including: - PSPI: $528 million in 2023, expected to grow significantly [8]. - Conductive adhesives: projected to reach $3 billion by 2026 [8]. - Chip bonding materials: expected to grow from approximately $485 million in 2023 to $684 million by 2029 [8]. - The investment landscape is characterized by a shift towards domestic production, with numerous Chinese companies emerging as competitors to established foreign firms [7][8]. Industry Trends - The article emphasizes the trend of domestic substitution in advanced materials, particularly in sectors heavily reliant on imports from countries like Japan [7][8]. - It highlights the importance of innovation and R&D in maintaining competitive advantages within the industry [7][8]. Strategic Insights - Investment strategies vary across different stages of company development, from seed rounds to pre-IPO phases, with a focus on team capabilities, market potential, and product maturity [10]. - The article suggests that the current market conditions present a favorable environment for investments in advanced materials, particularly for companies that can demonstrate strong growth potential and innovative capabilities [10].

Group 1 - The core viewpoint of the news is that Lianrui New Materials Co., Ltd. has seen a stock price increase of 5.05%, reaching 71.96 CNY per share, with a total market capitalization of 17.376 billion CNY [1] - Lianrui New Materials specializes in the research, manufacturing, and sales of inorganic fillers and particle carrier products, with its main business revenue composition being 57.16% from spherical inorganic powders, 26.39% from angular inorganic powders, and 16.32% from other products [1] Group 2 - According to data, Huaxia Fund holds a significant position in Lianrui New Materials, with its Huaxia Specialized and Innovative Mixed Fund A (018916) maintaining 17,000 shares, representing 5.83% of the fund's net value, making it the third-largest holding [2] - The Huaxia Specialized and Innovative Mixed Fund A has achieved a year-to-date return of 14.46% and a one-year return of 37.04%, ranking 994 out of 8,887 and 2,533 out of 8,134 respectively [2] Group 3 - The fund manager of Huaxia Specialized and Innovative Mixed Fund A is Tang Mingzhen, who has been in the position for 2 years and 169 days, with the fund's total asset size at 6.97 billion CNY [3] - During Tang Mingzhen's tenure, the best fund return was 109.88%, while the worst return was 32.1% [3]

Core Viewpoint - The A-share HBM (High Bandwidth Memory) industry chain is experiencing a collective surge due to the explosive demand for AI computing power and accelerated iteration of HBM technology, with increased capital attention across various segments from upstream materials and equipment to packaging and testing. Company Summaries - **拓荆科技 (Tuojing Technology)**: Latest stock price is 360.00 CNY with a daily increase of +9.98%. The company plans to reduce holdings and is a major supplier of ALD equipment, essential for HBM manufacturing processes [1]. - **宏昌电子 (Hongchang Electronics)**: Latest stock price is 11.54 CNY with a daily increase of +8.97%. It is a leading domestic supplier of electronic-grade epoxy resin, a key material for HBM packaging [2]. - **精智达 (Jingzhida)**: Latest stock price is 313.00 CNY with a daily increase of +7.28%. The company develops testing technologies and equipment for new generation semiconductor memory, including HBM [3]. - **联瑞新材 (Lianrui New Materials)**: Latest stock price is 68.50 CNY with a daily increase of +6.83%. It supplies core materials for HBM packaging, including ball silicon and Low α ball aluminum [4]. - **芯碁微装 (Xinqi Microelectronics)**: Latest stock price is 186.37 CNY with a daily increase of +5.82%. The company plans to reduce holdings and provides advanced packaging equipment that supports HBM applications [5]. - **兴森科技 (Xingsen Technology)**: Latest stock price is 26.30 CNY with a daily increase of +5.41%. The company produces FCBGA packaging substrates, crucial for HBM storage packaging [6][7]. - **飞凯材料 (Feikai Materials)**: Latest stock price is 31.98 CNY with a daily increase of +5.02%. It produces EMC epoxy resin, a core material for HBM storage chip manufacturing [8]. - **芯源微 (Xinyuan Micro)**: Latest stock price is 212.20 CNY with a daily increase of +4.88%. The company has gained recognition in HBM and 2.5D/3D packaging fields, with increasing sales of multiple products [9]. - **圣泉集团 (Shengquan Group)**: Latest stock price is 34.21 CNY with a daily increase of +4.65%. The company provides various materials, including special phenolic resin and epoxy resin, for the HBM industry [10]. - **壹石通 (Yishitong)**: Latest stock price is 31.40 CNY with a daily increase of +4.32%. The company supplies chip packaging materials for HBM and is an important part of the HBM packaging supply chain [11]. - **华海诚科 (Huahai Chengke)**: Latest stock price is 132.54 CNY with a daily increase of +4.21%. The company plans to reduce holdings and has materials for HBM packaging that have passed customer certification [12]. - **赛腾股份 (Saiteng Co., Ltd.)**: Latest stock price is 50.53 CNY with a daily increase of +4.21%. The company has entered the wafer inspection and measurement equipment field and is expanding applications in HBM [13][14]. - **ST华鹏 (ST Huapeng)**: Latest stock price is 7.00 CNY with a daily increase of +3.86%. It is an upstream supplier of epoxy resin for HBM construction materials [15]. - **强力新材 (Qiangli New Materials)**: Latest stock price is 16.21 CNY with a daily increase of +3.71%. The company is in the customer certification phase for advanced packaging materials and aims to enter the HBM advanced packaging market [16]. - **国芯科技 (Guoxin Technology)**: Latest stock price is 41.38 CNY with a daily increase of +3.71%. The company is involved in HBM interface technology development and validation [17].

Group 1 - Core viewpoint: Lianrui New Materials Co., Ltd. experienced a stock price increase of 5.05%, reaching 67.36 CNY per share, with a total market capitalization of 16.265 billion CNY [1] - Company overview: Founded on April 28, 2002, and listed on November 15, 2019, Lianrui specializes in the research, manufacturing, and sales of inorganic fillers and granular carrier products [1] - Revenue composition: The main business revenue consists of spherical inorganic powder (57.16%), angular inorganic powder (26.39%), and other products (16.32%) [1] Group 2 - Fund holdings: Baoying Fund holds a significant position in Lianrui New Materials, with Baoying Basic Industry Mixed A Fund (010383) reducing its holdings by 111,100 shares, now holding 140,800 shares, which represents 3.05% of the fund's net value [2] - Fund performance: The Baoying Basic Industry Mixed A Fund has achieved a year-to-date return of 10.33% and a one-year return of 41.44%, ranking 1746 out of 8889 and 1877 out of 8136 respectively [2] - Fund manager: The fund manager, Ye Xiuxian, has been in position for 96 days, with the fund's total asset size at 1.474 billion CNY during this period [3]

Summary of Conference Call Records Industry Overview - The focus is on the **building materials and new materials** industry, particularly in relation to AI computing and electronic materials, with a notable emphasis on special electronic fabrics and PCB substrates [1][2]. Key Insights and Arguments 1. **AI-Driven Growth**: - The main growth drivers in the building materials sector are AI computing-related electronic materials, with special electronic fabrics leading the fiberglass segment. In the new materials sector, PCB substrates and semiconductor packaging materials are at the forefront [1]. 2. **Supply-Demand Dynamics**: - The electronic fabric market is experiencing a supply-demand imbalance, with an overall industry supply gap of approximately **20%**. Since January 2026, all categories of electronic fabrics have faced supply tightness, with companies holding orders for about **2 months** [1]. - The production capacity for standard electronic fabrics is shifting towards high-end products, resulting in a **60%** loss in capacity. This ongoing contraction in supply is expected to persist [1]. 3. **Price Increases**: - The electronic fabric industry has seen a price increase of **10%** in 2026, following **4-5** price hikes in 2025. High-end products like DK fabric, Q fabric, and CTE fabric are still in an upward price trend [1]. 4. **Production Bottlenecks**: - High-end product production relies on Toyota's advanced weaving machines, which have a delivery cycle of **1-2 years**. However, breakthroughs in pool kiln methods could lead to increased supply by 2029, potentially resulting in oversupply [1]. 5. **Inventory Levels**: - Inventory levels for CCL and electronic fabric factories are at historical lows, approximately **one week**, with PCB manufacturers extending their stocking period from the usual **1 month** to over **2 months** [1]. 6. **Profitability**: - High-end specialty electronic fabrics can achieve gross margins of **40%-50%**, with potential increases beyond **50%** as yield rates improve [1]. Recommendations 1. **Key Companies to Watch**: - Recommended companies include **Macro Technology**, **International Composites**, **China Jushi**, and **China National Materials**. Other notable mentions are **Philips**, **Gobi Technology**, and PCB-related firms like **China Tungsten High-Tech**, **Lianrui New Materials**, and **Dongcai Technology** [2]. 2. **Consumer Building Materials**: - The industry is nearing a bottoming phase, with significant price wars easing. Leading companies are shifting focus from price competition to quality and profitability recovery, with expectations for stabilization in 2026 and performance elasticity in 2027 [2]. 3. **Segment Differentiation**: - The waterproof segment shows signs of ending price wars, while the renovation of existing properties is becoming a core growth driver. Leading firms are enhancing their C-end and overseas strategies [2]. 4. **Strategic Focus**: - Major companies are prioritizing profitability recovery, channel optimization, and product diversification, while also accelerating overseas expansion to create a second growth curve [2]. 5. **Recommended Stocks**: - Elastic stocks include **Keshun Co.**, **Oriental Yuhong**, and **Hankao Group**. Stable stocks to consider are **Rabbit Baby**, **Sankeshu**, **Dongpeng Holdings**, **Monalisa**, and **China Liansu** [2]. Additional Insights - Traditional cyclical products are highlighted, with a focus on local state-owned enterprises like **Sichuan Road and Bridge**, **Shandong Road and Bridge**, and **China Railway**. The steel structure sector is represented by companies like **Honglu Steel Structure** and **Jinggong Steel Structure** [3]. - The cement sector is advised to focus on regional leaders such as **Western Cement**, **Huaxin Cement**, and **Shangfeng Cement** [3]. - Other new materials and robotics sectors are also mentioned, with companies like **Pana Micro透**, **TianYue Advanced**, and **Jing Sheng Co.** being noted [3].