在AI算力（核心股）需求爆发、高带宽存储器（HBM）技术迭代加速的背景下，A股HBM（高带宽存 储器）产业链今日迎来集体爆发，从上游材料、设备到封装测试，各环节个股纷纷走强，资金关注度持 续提升。拓荆科技、宏昌电子、精智达、联瑞新材、芯碁微装领涨，板块产业链相关企业整理如下： 拓荆科技（688072.SH） 宏昌电子（603002.SZ） 最新股价：11.54元 日涨幅：+8.97% 核心看点：国内电子级环氧树脂龙头，电子级环氧树脂是HBM建设所需材料环氧塑封料的上游，为 HBM封装提供关键基材支撑。 精智达（688627.SH） 最新股价：313.00元 日涨幅：+7.28% 最新股价：360.00元 日涨幅：+9.98% 核心看点：拟减持；国内ALD设备主要供应商之一，ALD沉积在HBM工艺中不可或缺，设备广泛应用 于HBM制造的关键环节。 核心看点：根据新技术和新应用在半导体（核心股）存储器方面的新要求，配合客户业务稳步推进开发 针对如HBM等新一代半导体存储器测试需求的测试技术和设备，为客户提供可应用于HBM领域的完整 测试方案。 联瑞新材（688300.SH） 最新股价：68.50元 日涨幅：+6. ...

2月25日，联瑞新材涨5.05%，截至发稿，报67.36元/股，成交3.01亿元，换手率1.92%，总市值162.65亿 元。 资料显示，江苏联瑞新材料股份有限公司位于江苏省连云港市海州区新浦经济开发区，成立日期2002年 4月28日，上市日期2019年11月15日，公司主营业务涉及无机填料和颗粒载体行业产品的研发、制造和 销售。主营业务收入构成为：球形无机粉体57.16%，角形无机粉体26.39%，其他16.32%，其他(补 充)0.12%。 宝盈基础产业混合A（010383）基金经理为叶秀贤。 截至发稿，叶秀贤累计任职时间96天，现任基金资产总规模14.74亿元，任职期间最佳基金回报 17.98%， 任职期间最差基金回报14.68%。 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@staff.sina.com.cn。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，宝盈基金旗下1只基金重仓联瑞新材。宝盈基础产业混合A（010383）四季度减持11.11万 股， ...

【天风建筑建材 & 新材料】周观点 20260223 节前1-2周涨幅较好的主线为：①AI 算力相关电子材料主线，以特种电子布为核心的玻纤领涨建材板块；PCB 基材、半导体封装材料、液冷相关标的领涨新材料板块；②AI + 建筑主线，VR/AR 应用、算力 + 工程咨询设计相 关标的领涨建筑板块；③外围市场 PCB 核心基材、半导体设备/材料主线领涨。 下周重点关注： 1、科技主线持续回归，核心推荐【电子布】赛道：①供需格局持续失衡，行业整体供需缺口约 20%，26 年 1 月 起全品类电子布均出现供应紧张，企业在手订单已达 2 个月水平，预计26 年全年将维持供应偏紧格局；②产能供 给刚性收缩，普通电子布产能向高端转移带来60% 产能损失，全品类供给持续收缩；③涨价节奏加快、弹性充 足，25 年电子布行业普遍提价 4-5 次，26 年 已提价10%，高端 DK 布、Q 布、CTE布价格仍处上行通道；④扩产 瓶颈短期无法突破，高端产品生产依赖的丰田高端织布机交付周期长达 1-2 年，但需关注池窑法突破（单个池窑 年产3000吨VS坩埚36吨）带来的供应增加（29年有可能供过于求）；⑤库存与需求端共振，CCL及电 ...

聚焦高端芯片封装技术等领域，持续推出新产品。公司持续聚焦高端芯片（AI、5G、HPC 等）封装 、 异构集成先进封装（Chiplet、HBM 等）、新一代高频高速覆铜板（M8、M9 等）、新能源汽车用高导 热材料、先进毫米波雷达等下游应用领域的先进技术，深化纳米级球形二氧化硅、高性能球形二氧化 钛、先进氮化物粉体等功能性先进粉体材料的研究开发及应用推广，突破了氮化物球化技术、氮化铝防 水解等诸多技术难题。持续推出多种规格、低 CUT点、表面修饰、Low α 微米/亚微米球形二氧化硅、 低钠球形氧化铝粉，Low α球形氧化铝、高频高速覆铜板用低损耗/超低损耗/极低损耗球形二氧化硅， 新能源汽车用高导热微米/亚微米球形氧化铝。 持续技术创新驱动产业升级，拓展新项目增强成长性。公司持续深化与国内外领先的封装材料、电子电 路基板、高性能导热材料等领域厂商的战略合作，重点推进新产品的验证合作；持续加强高性能球形二 氧化硅、高性能球形氧化铝、高性能球形二氧化钛、先进氮化物粉体等功能性粉体材料的研究开发。 事件：公司发布2025 年业绩快报，报告期内实现营业收入11.16 亿元，同比增长16.15%，归母净利润 2.93 ...

Core Viewpoint - Lianrui New Materials (688300) has shown a positive performance with a stock price increase of 4.96% over the past week, closing at 62.8 yuan, and is set to release its 2025 annual report soon, indicating strong growth in key financial metrics [1][2]. Financial Performance Summary - The company reported a net profit attributable to shareholders of 292.6 million yuan for 2025, reflecting a year-on-year increase of 16.42% [2][4]. - Total operating revenue reached 1.115 billion yuan, marking a 16.15% increase compared to the previous year [3][4]. - Operating profit was reported at 335.5 million yuan, which is a 17.59% increase year-on-year [3]. - Total profit amounted to 334.2 million yuan, showing a year-on-year growth of 16.79% [3]. - Total assets at the end of the reporting period were approximately 2.26 billion yuan, up 14.63% from the beginning of the period [3]. - Shareholders' equity attributable to the parent company increased by 13.13% to approximately 1.71 billion yuan [3]. - The company's share capital grew by 30% due to the conversion of capital reserves into share capital [3].

Financial Data and Indicators - The company reported preliminary financial data for the year 2025, with total revenue of 1,115,503,534.99 yuan, representing a year-on-year increase of 16.15% [3] - The total profit amounted to 334,233,152.74 yuan, reflecting a growth of 16.79% compared to the previous year [3] - The net profit attributable to the parent company was 292,644,734.72 yuan, up by 16.42% year-on-year [3] - The total assets at the end of the reporting period were 2,260,404,866.18 yuan, an increase of 14.63% from the beginning of the period [3] - The equity attributable to the parent company was 1,705,562,261.94 yuan, which grew by 13.13% [3] - The company's share capital increased by 30.00% to 241,469,190.00 yuan due to a capital reserve conversion plan [5] Business Performance and Financial Condition - The company capitalized on market opportunities in 2025, driven by trends such as advanced packaging penetration, rapid expansion of high-performance electronic circuit board demand, and continuous upgrades in thermal materials [4] - The revenue share of high-performance products has been increasing rapidly, contributing to the steady growth of revenue and profit scale [4]

Group 1 - The company, Lianrui New Materials, announced a projected revenue of 1,115,503,534.99 yuan for 2025, representing a year-on-year growth of 16.15% [2] - The net profit attributable to the parent company's shareholders is expected to reach 292,644,734.72 yuan in 2025, reflecting a year-on-year increase of 16.42% [2]

Group 1 - RuiLian New Materials reported a total operating revenue of 1.677 billion yuan for 2025, an increase of 14.95% year-on-year, with a net profit of 311 million yuan, up 23.48% year-on-year [1] - China Shenhua's subsidiary, Guoneng Qingyuan Power, successfully put its fourth generator unit into commercial operation, expected to provide approximately 20 billion kWh of clean energy annually [2] - Qijiang Airlines announced a 6.04% year-on-year decline in passenger turnover for January 2026, with a passenger load factor of 84.03%, up 1.61% year-on-year [3] Group 2 - QiZheng Tibetan Medicine reported a total operating revenue of 2.416 billion yuan for 2025, a year-on-year increase of 3.34%, with a net profit of 646 million yuan, up 10.98% year-on-year [5] - QiaoYin Co. announced the termination of its artificial intelligence industry headquarters project due to changes in investment cooperation conditions [6] - New Point Software plans to use 90.81 million yuan of surplus raised funds for new projects, including AI-driven software development [7] Group 3 - High Measurement Co. announced plans for major shareholders and executives to reduce their holdings by up to 3.19% of the company's shares [8] - SAIC Group's subsidiary plans to establish a private equity fund with an initial scale of 2.5 billion yuan, focusing on solid-state batteries and chip localization [9] - Tianqi Lithium announced the resignation of its deputy general manager due to personal career planning [10] Group 4 - ZhongKong Technology reported a total operating revenue of 8.051 billion yuan for 2025, a decrease of 11.90%, with a net profit of 450 million yuan, down 59.70% year-on-year [11] - Spring Airlines reported a 6.28% year-on-year increase in total passenger volume for January 2026, with a total available ton-kilometers of 57,008.37 [12] - Qifan Cable's controlling shareholder reduced its stake by 3% through various trading methods [13] Group 5 - China Chemical signed contracts worth a total of 36.925 billion yuan in January 2026, with significant contracts exceeding 5 billion yuan totaling 11.371 billion yuan [19] - SaiTuo Bio received a CEP certificate for its raw material drug Betamethasone, which is used to treat allergies and autoimmune inflammation [20] - Giant Star Agriculture reported a sales revenue of 649 million yuan from commodity fat pigs in January 2026, with a sales volume of 404,400 pigs [23] Group 6 - Qinglong Pipe Industry's subsidiary won a 146 million yuan pipeline project [24] - Changshan Pharmaceutical announced that some of its products are expected to be selected for national centralized procurement [26] - Yangdian Technology completed the transfer of 12.96% of its shares through an agreement [27] Group 7 - Deepin Technology's investment fund introduced new limited partners and adjusted the capital contributions of some partners [28] - Qingyun Technology plans to pledge 25% of its shares for a loan application of up to 30 million yuan [29] - LaiMei Pharmaceutical reported a 57.20% year-on-year decline in net profit for 2025 [30] Group 8 - YouLiDe reported a 16.88% year-on-year decline in net profit for 2025, with total operating revenue of 1.221 billion yuan, up 7.99% [31] - Warner Pharmaceutical reported a net profit of 241 million yuan for 2025, an increase of 46.95% year-on-year [32] - LianRui New Materials reported a net profit of 293 million yuan for 2025, an increase of 16.42% year-on-year [33] Group 9 - HuaQin Technology expects a 24.28% year-on-year decrease in net profit for 2025, with projected revenue of 1.251 billion yuan, up 9.83% [34] - QiPai Technology's shareholder subscribed for 6.3 million shares, accounting for 5.49% of the total share capital [35] - Qilin Security's shareholders completed their planned share reductions without exceeding the original plan [36] Group 10 - Dameng Data announced the lifting of the detention of its senior vice president, allowing him to resume his duties [37] - Haiyou Engineering won a contract for the "NFPS COMP5" project worth approximately 4 billion USD, with the company's share exceeding 800 million USD [38] - Yatai Group plans to sell 20.81% of its shares in Northeast Securities, pending confirmation of financial statements [39]

Group 1 - The core viewpoint of the article highlights the financial performance of Lianrui New Materials, which reported a revenue of approximately 1.116 billion yuan for the year 2025, representing a year-on-year increase of 16.15% [1] - The net profit attributable to shareholders of the listed company was approximately 293 million yuan, reflecting a year-on-year increase of 16.42% [1] - Basic earnings per share were reported at 1.21 yuan, which is a year-on-year increase of 16.35% [1] Group 2 - The article also discusses a significant financial discrepancy involving a company chairman who personally contributed 50 million yuan to cover losses, amidst a backdrop of fluctuating net profits ranging from a ninefold increase to a sudden loss exceeding 200 million yuan [1] - There is uncertainty regarding the whereabouts of 5 billion yuan in trust financial products, leading to confusion among shareholders [1]

Core Insights - The company achieved a revenue of 1.116 billion yuan in 2025, representing a year-on-year growth of 16.15% [1] - The total profit reached 334 million yuan, with a year-on-year increase of 16.79% [1] - The net profit attributable to shareholders was 293 million yuan, up 16.42% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 264 million yuan, reflecting a growth of 16.44% [1] Financial Performance - Total assets at the end of the reporting period amounted to 2.260 billion yuan, an increase of 14.63% from the beginning of the period [1] - Shareholders' equity attributable to the parent company reached 1.706 billion yuan, growing by 13.13% [1] - The company’s capital structure has been optimized, enhancing its risk resistance capabilities [1] Product and Market Development - The company focuses on upgrading its product structure and has made significant progress in high-performance product development [1] - In 2025, the demand for high-performance electronic circuit substrates and thermal materials is expected to expand rapidly, driven by global advanced packaging technology [1] - The company is strengthening its market share in spherical silicon micro powder and spherical alumina while promoting high-performance product R&D [1] Shareholder Returns and Capital Structure - The company's share capital reached 241 million yuan, a 30% increase due to the capitalization of capital reserves [2] - The profit distribution plan for 2024 includes a cash dividend of 5.00 yuan per 10 shares (tax included) and a stock increase of 3 shares [2] - The cash dividend accounts for 36.95% of the net profit for 2024, providing reasonable returns to shareholders while enhancing stock liquidity [2] Industry Position - The company is a leading player in the electronic-grade powder materials sector in China, holding approximately 15% of the global market share [3] - Its products serve nearly 300 enterprises worldwide across various fields, including electronic materials and special ceramics [3] - The company is well-positioned to benefit from the growing demand in high-end applications such as AI infrastructure and automotive electronics [3]