Market Performance - The non-metal materials sector increased by 3.16% on July 29, with Lianrui New Materials leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Stock Performance - Lianrui New Materials (688300) closed at 59.60, up 12.03%, with a trading volume of 141,200 shares and a transaction value of 814 million yuan [1] - Suotong Development (603612) rose by 5.13% to 22.12, with a transaction value of 1.083 billion yuan [1] - Other notable stocks include Quartz Co. (603688) at 35.38, up 0.94%, and Power Diamond (301071) at 30.31, up 0.80% [1] Capital Flow - The non-metal materials sector saw a net inflow of 127 million yuan from institutional investors, while retail investors experienced a net outflow of 89.71 million yuan [2] - The main capital flow data indicates that Suotong Development had a net inflow of 132 million yuan from institutional investors [3] Individual Stock Capital Flow - Lianrui New Materials experienced a net outflow of 2.94 million yuan from institutional investors, while retail investors had a net inflow of 42.96 million yuan [3] - Power Diamond had a net inflow of 14.01 million yuan from institutional investors, but a net outflow of 21.48 million yuan from retail investors [3]

Key Points Summary - The article emphasizes the critical role of packaging materials in the integrated circuit industry, accounting for 40%-60% of total packaging costs, and highlights the urgent need for domestic alternatives due to foreign monopolies in high-end materials [3][6]. Group 1: Importance of Materials - Packaging materials are a key bottleneck in the development of the integrated circuit industry, comprising 40%-60% of total packaging costs [3][6]. Group 2: Urgency for Domestic Alternatives - High-end materials are dominated by Japanese and American companies, with low domestic production rates: photoresists (<2%), PSPI (93% by four foreign companies), and silicon powder (70% by Japanese companies) [3]. - The "Made in China 2025" policy is driving local companies to achieve technological breakthroughs, such as Dinglong Co. and Shanghai Xinyang [3]. Group 3: High-Growth Segments - Photo-sensitive materials: The global PSPI market is expected to grow at a CAGR of 25.16%, reaching $2.032 billion by 2029; the Chinese market for photoresists is projected to reach $5.95 million by 2025 [3][18]. - Epoxy molding compounds (EMC): The global market is expected to reach $9.9 billion by 2027, with advanced packaging EMC growing even faster [3]. - Silicon powder: The Chinese market is projected to grow at a CAGR of 22.3%, reaching $5.5 billion by 2025 [3]. - Electroplating and polishing liquids: Global copper electroplating liquids are expected to grow at a CAGR of 10.79%, while CMP polishing liquids in China are expected to grow at 15% [3]. Group 4: Core Materials and Technical Barriers - Photo-sensitive materials: PSPI and BCB are mainstream media for wafer-level packaging, with PSPI being a trend [3]. - Temporary bonding adhesives and underfill materials are critical for 3D packaging, with a market CAGR of 8.2% [3]. - TSV materials are dominated by foreign companies, with the highest cost share (34% for temporary bonding and electroplating) [3]. Group 5: Key Domestic Enterprises - Key players in photo-sensitive materials include Dinglong Co. (mass production of PSPI) and Qiangli New Materials (in certification phase) [3]. - In epoxy molding compounds, Huahai Chengke and Hengsu Huawai are notable companies [3]. - For silicon powder, Lianrui New Materials is focusing on domestic alternatives [3]. - In photoresists and electroplating liquids, Shanghai Xinyang and Tongcheng New Materials are key players [3]. - The fields with low domestic production rates (under 10%) include photoresists, PSPI, spherical silicon powder, and TSV materials, indicating significant replacement potential [3]. Group 6: Investment Logic - Focus on high-growth areas (PSPI, silicon powder), high barriers (photoresists), and high domestic replacement potential (EMC, electroplating liquids) [3].

Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].

Core Viewpoint - The legal opinion confirms that Jiangsu Lianrui New Materials Co., Ltd.'s second extraordinary general meeting of shareholders in 2025 was convened and conducted in accordance with relevant laws and regulations, ensuring the legitimacy and validity of the resolutions passed during the meeting [2][8]. Group 1: Meeting Procedures - The extraordinary general meeting was convened by the board of directors based on a resolution from the twelfth meeting of the fourth board of directors, with a notice published in major financial newspapers and on the Shanghai Stock Exchange website [2][3]. - The meeting utilized a combination of on-site and online voting methods, allowing shareholders to participate through the Shanghai Stock Exchange trading system and an internet voting platform [3][6]. Group 2: Attendance and Voting - A total of 76 shareholders attended the meeting, representing 154,725,699 shares, which is 64.0767% of the total shares [5]. - The voting results indicated that 154,452,571 shares were in favor of the proposals, with a significant majority of votes from minority shareholders [6][7]. Group 3: Resolutions Passed - The resolutions passed included special resolutions that required a two-thirds majority, which were successfully achieved, along with ordinary resolutions that received more than half of the votes [6][8]. - The legal opinion asserts that all resolutions passed during the meeting are legitimate and valid under the applicable laws and the company's articles of association [8].

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。 证券代码：688300 证券简称：联瑞新材 公告编号：2025-029 江苏联瑞新材料股份有限公司 关于董事辞职暨选举职工代表董事的公告 特此公告。 江苏联瑞新材料股份有限公司董事会 附件： 第四届董事会职工代表董事简历 曹家凯，男，1973 年出生，中国国籍，无境外永久居留权，本科学历，高 级工程师。1996 年 7 月至 2003 年 4 月历任广东生益科技股份有限公司工艺员、 工段长、领班、工艺主管；2003 年 5 月至 2014 年 7 月历任连云港东海硅微粉有 限责任公司技术质量部副经理、制造一部经理、品管部经理、技术部经理、副总 经理、董事等职务；2014 年 8 月至 2021 年 12 月任公司技术中心经理；2022 年 年 8 月至今兼任公司技术中心部长；2014 年 8 月至今任公司董事、副总经理； 截至本公告披露日，曹家凯先生直接持有公司股份 2,246,920 股。与公司控 股股东、实际控制人、持有公司 5%以上股份的股东、公司其他董事、高级管理 人 ...

同日，公司召开第四届董事会第十三次会议，审议通过了《关于选举职工代 表董事为公司第四届董事会战略委员会委员的议案》，同意选举曹家凯先生为公 司第四届董事会战略委员会委员。 特此公告。 证券代码：688300 证券简称：联瑞新材 公告编号：2025-029 江苏联瑞新材料股份有限公司 关于董事辞职暨选举职工代表董事的公告 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。 根据《中华人民共和国公司法》《上市公司章程指引》等法律法规和规范性 文件及《江苏联瑞新材料股份有限公司章程》等相关规定，公司董事会设职工代 表董事一名。公司于 2025 年 7 月 7 日召开职工代表大会，选举曹家凯先生担任 公司第四届董事会职工代表董事。相关情况公告如下： 公司近日收到了非独立董事曹家凯先生提交的辞职报告，因工作调整，曹家 凯先生申请辞去公司第四届董事会非独立董事职务。辞职后，曹家凯先生仍担任 公司其他职务。曹家凯先生辞职不会导致公司董事会成员低于法定最低人数，不 会影响公司董事会的正常运行，亦不会对公司正常的经营发展产生影响。 根据《中华人 ...

北京市康达（广州）律师事务所 关于江苏联瑞新材料股份有限公司 2025 年第二次临时股东大会的法律意见书 法律意见书 广州市天河区珠江东路 32 号利通广场 29 楼 2901 室 邮编/Zip Code:510623 电话/Tel:86-020-37392666 传真/Fax:86-020-37392826 电子邮箱/E-mail：kdgzlaw@163.com 北京 天津 上海 深圳 广州 西安 沈阳 南京 杭州 海口 菏泽 成都 苏州 呼和浩特 香港 武汉 厦门 郑州 重庆 合肥 宁波 济南 昆明 南昌 康达(广州)股会字【2025】第 0045 号 致：江苏联瑞新材料股份有限公司 北京市康达（广州）律师事务所（下称"本所"）接受江苏联瑞新材料股份有 限公司（下称"联瑞新材"或"公司"）委托，指派律师见证公司 2025 年第二次临 时股东大会。本所指派律师现场出席并见证本次会议。根据《中华人民共和国公 司法》（下称"《公司法》"）、《中华人民共和国证券法》（下称"《证券法》"）、 《上市公司股东会规则》（下称"《股东会规则》"）等法律、法规、规范性文件 以及《江苏联瑞新材料股份有限公司章程》（下称"联瑞 ...

证券代码：688300 证券简称：联瑞新材 公告编号：2025-028 江苏联瑞新材料股份有限公司 2025年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 7 月 7 日 （二） 股东大会召开的地点：公司综合楼会议室（江苏省连云港市海州区新浦 经济开发区珠江路 6 号） （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 76 | | --- | --- | | 普通股股东人数 | 76 | | 2、出席会议的股东所持有的表决权数量 | 154,725,699 | | 普通股股东所持有表决权数量 | 154,725,699 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 64.0767 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 64 ...

Core Viewpoint - The A-share PCB concept continues to rise, with several companies showing significant stock performance, indicating a positive trend in the industry [1] Group 1: Company Performance - Jin'an Guoji has achieved a three-day consecutive increase in stock price [1] - Honghe Technology has seen its stock rise three times in five days [1] - Defu Technology and Tongguan Copper Foil have both increased by over 10% [1] - Pengding Holdings, Lianrui New Materials, Zhongying Technology, and International Composite Materials are among the top gainers in the market [1]

Group 1 - The company is holding its second extraordinary general meeting of shareholders in 2025 to ensure the rights of all shareholders and maintain order during the meeting [1][2] - The meeting will follow a specific agenda, allowing shareholders and their representatives to exercise their rights to speak, inquire, and vote [2][3] - Shareholders must register to speak 30 minutes before the meeting starts, and their comments should be concise and relevant to the agenda [2][3] Group 2 - The meeting will include a proposal to abolish the supervisory board and amend the company's articles of association, transferring the supervisory functions to the audit committee [6][8] - The proposed amendments to the articles of association aim to enhance corporate governance and comply with the revised Company Law [6][8] - The company will conduct voting through both on-site and online methods, with specific time frames for each voting method [5][6] Group 3 - The company emphasizes the importance of maintaining order during the meeting, restricting entry to only authorized personnel [3][4] - Legal representatives will witness the meeting and provide legal opinions to ensure compliance with regulations [4][5] - Shareholders attending the meeting will bear their own expenses, and the company will not provide gifts or accommodation [4][5]