Core Viewpoint - The company, Aolide, plans to raise a total of up to 275.71 million yuan (approximately 27.57 million) through a simplified procedure for issuing shares to specific targets, with the funds primarily allocated for the OLED display core material PSPI production base project and to supplement working capital [1] Fundraising Details - The total amount to be raised will not exceed 300 million yuan and will be limited to 20% of the company's net assets as of the end of the most recent fiscal year [1] - The net proceeds from the fundraising, after deducting issuance costs, will be used for the specified investment projects [1] - The company reserves the right to adjust the sequence and specific amounts of the investment projects based on actual project progress and funding needs [1] Pre-funding Investment - Before the funds are raised, the company may use self-raised funds to initiate investments in the projects, which will be replaced by the raised funds once they are available [1]

Group 1: Satellite Industry Overview - The satellite internal structure is divided into satellite platforms and payloads, with platforms providing necessary support for payloads to achieve mission objectives[4] - Effective payloads are the instruments and systems that perform specific tasks on satellites, primarily including antenna subsystems and transponder subsystems for communication satellites[5] - The satellite attitude control system consists of sensors, controllers, and actuators to maintain the satellite's orientation and stability[24] Group 2: Investment Opportunities - Key beneficiaries in the satellite industry include companies involved in attitude control (e.g., Tianyin Electromechanical, Aerospace Zhizhuang) and TR components (e.g., Zhenlei Technology, Chengchang Technology)[5] - The market performance of small-cap indices like the CSI 1000 and CSI 500 has outperformed large-cap indices such as the SSE 50 and CSI 300 this week[6] - New shares listed this week include 1 company on A-shares and 6 companies on the Hong Kong Stock Exchange, indicating a vibrant IPO market[6] Group 3: Market Trends and Recommendations - The report highlights investment themes in smart vehicles and high-end manufacturing, recommending stocks such as Hu Guang Co., Ruihu Mould, and Aopute[7] - The satellite industry is expected to benefit from advancements in low-orbit satellite payloads, particularly in transponders and phased array antennas, which are crucial for communication satellites[70] - The cost structure of low-orbit communication satellites shows that payloads account for approximately 75% of costs, with antennas and TR components being the major contributors[51]

Investment Rating - The industry investment rating is "Overweight" (first time) [6] Core Insights - In January 2026, TV panel prices are expected to see a slight increase across the board due to the upcoming World Cup in June and the continuation of national subsidy policies [6] - In Q3 2025, global OLED display shipments increased by 65% year-on-year, with a total of approximately 644,000 units shipped [6] - Major panel manufacturers are maintaining full production capacity, while brand manufacturers are strategically increasing inventory ahead of demand [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -4.82% compared to the CSI 300 index, with an absolute return of 20.21% [3] Market Trends - The demand for TV panels is expected to rise due to the World Cup and subsidy policies, leading to a potential price increase in January [6] - The supply side has seen tight conditions for certain production lines, which may lead to price adjustments for specific panel types [6] Company Insights - ASUS, Samsung, and MSI are the top three companies in OLED display shipments, with market shares of 21.9%, 18.0%, and 14.4% respectively [6] - Samsung is set to launch new Micro RGB TVs in 2026, featuring advanced LED technology [6] Investment Recommendations - Companies to watch include TCL Technology, JD.com A, OLED, Lite-On Technology, and Kangguang Technology due to the expected rise in TV panel prices and OLED shipment growth [6]

Core Viewpoint - The stock of Aolaide has shown a positive trend with a 7.07% increase since the beginning of the year, indicating potential growth in the OLED materials sector [1] Group 1: Stock Performance - On January 7, Aolaide's stock rose by 2.02%, reaching 29.23 yuan per share, with a trading volume of 79.36 million yuan and a turnover rate of 1.14% [1] - The total market capitalization of Aolaide is 7.286 billion yuan [1] - Year-to-date, the stock has increased by 7.07%, with a 2.67% rise over the last five trading days, an 11.74% increase over the last 20 days, and a 20.79% increase over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Aolaide reported revenue of 389 million yuan, a year-on-year decrease of 16.12%, and a net profit attributable to shareholders of 31.36 million yuan, down 69.03% year-on-year [2] - Since its A-share listing, Aolaide has distributed a total of 456 million yuan in dividends, with 273 million yuan distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, Aolaide had 8,114 shareholders, a decrease of 9.07% from the previous period, with an average of 29,696 circulating shares per shareholder, an increase of 9.97% [2] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 3.1163 million shares, an increase of 1.254 million shares from the previous period [3]

Core Insights - The report emphasizes the growth opportunities in the electronic materials sector driven by rapid downstream development, technological advancements, and domestic substitution [3][5] - The semiconductor materials market is projected to grow significantly, with a forecasted sales revenue of USD 67.5 billion in 2024, reflecting a year-on-year increase of 3.8% [7][34] - The report maintains a "stronger than market" rating for the industry, indicating a positive outlook for investments in electronic materials [3][5] Semiconductor Materials - The global semiconductor materials market is expected to exceed USD 87 billion by 2029, with a compound annual growth rate (CAGR) of 4.5% from 2024 to 2029 [7][34] - China's semiconductor materials domestic substitution rate is currently around 15%, with significant reliance on imports for high-end materials [38][42] - Key materials such as CMP polishing materials, photoresists, and electronic specialty gases are seeing increased domestic production efforts, which are expected to enhance the domestic substitution rate [38][42] PCB Materials - The PCB industry is evolving towards high-frequency and high-speed applications, with increasing demand for electronic resins and fabrics [7][34] - The global market for electronic resins and fabrics used in PCB production is estimated at approximately USD 33.02 billion and USD 24.13 billion, respectively, in 2023 [7][34] - The transition to high-frequency and high-speed PCBs is driven by advancements in 5G technology and the rapid growth of data centers and cloud computing [7][34] OLED Materials - The demand for OLED materials is expected to grow rapidly due to increasing terminal application needs and the acceleration of high-generation line capacity release [7][34] - The global OLED display materials market is projected to reach USD 2.44 billion in 2024, with a CAGR of 19.8% expected from 2025 to 2031 [7][34] - Domestic OLED organic materials currently have a low substitution rate of around 12%, indicating significant growth potential as local manufacturers expand their capabilities [7][34] Investment Recommendations - The report recommends investing in companies benefiting from the semiconductor market recovery, such as Anji Technology, Yake Technology, and Jiangfeng Electronics, among others [5][34] - For AI server demand, companies like Shengquan Group and Dongcai Technology are highlighted as key players in the electronic resin market [5][34] - In the OLED sector, companies like Lite-On Optoelectronics and Wanrun Co., Ltd. are recommended due to their strong market positions [5][34] Industry Performance - The semiconductor materials index has shown a cumulative increase of 37.87% in 2025, outperforming the CSI 300 index by 18.72 percentage points [26] - The electronic chemicals index has increased by 54.98% in the same period, surpassing the CSI 300 index by 35.83 percentage points [26] - Overall, the electronic materials industry is experiencing stable growth, with significant improvements in revenue and profitability metrics [16][26]

Core Viewpoint - The optical and optoelectronic sector experienced a rise of 0.86% on January 5, with Guangpu Co., Ltd. leading the gains. The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1]. Group 1: Stock Performance - Guangpu Co., Ltd. (300632) closed at 15.15, with a significant increase of 10.10% and a trading volume of 353,100 shares, amounting to a transaction value of 524 million yuan [1]. - Fuguang Co., Ltd. (688010) saw a closing price of 33.30, up 7.01%, with a trading volume of 137,800 shares [1]. - Other notable performers included *ST Hengji (002808) at 5.27, up 4.98%, and Tianshan Electronics (301379) at 27.11, up 4.87% [1]. Group 2: Market Trends - The optical and optoelectronic sector faced a net outflow of 711 million yuan from institutional investors, while retail investors contributed a net inflow of 659 million yuan [2]. - The overall trading activity in the sector indicated a mixed sentiment, with some stocks experiencing declines despite the overall market uptick [2]. Group 3: Individual Stock Flows - TCL Technology (000100) had a net inflow of 62.75 million yuan from institutional investors, while retail investors showed a net outflow of 25.30 million yuan [3]. - Fuchin Technology (002222) reported a net inflow of 56.94 million yuan from institutional investors, but a net outflow of 101 million yuan from retail investors [3]. - Su Da Weige (300331) experienced a net inflow of 52.61 million yuan from institutional investors, with retail investors showing a significant net outflow of 60.66 million yuan [3].

Core Viewpoint - The article discusses the strategic transformation of China's new materials industry by 2025, emphasizing a "three-dimensional war" approach that includes "fortress materials" for national security, "sovereign materials" for technological independence, and "fusion materials" for future industry definition [3]. Group 1: Fortress Materials - The development of safety dimension materials is closely tied to national core interests, focusing on absolute reliability and performance under extreme conditions rather than cost-effectiveness [5]. - A significant breakthrough in 2025 is the mass production of the fourth-generation single crystal high-temperature alloy turbine blades, which can withstand temperatures above 1200°C and have a lifespan increased by nearly 50% compared to previous generations [8][10]. - Continuous silicon carbide fibers have transitioned from laboratory preparation to stable engineering mass production, with a production capacity of hundreds of tons, marking a strategic leap in the aerospace sector [14][15]. Group 2: Sovereign Materials - Sovereign materials focus on achieving "self-control" and enhancing industrial competitiveness, particularly in strategic sectors like semiconductors and high-end manufacturing [40]. - In the semiconductor sector, the production of 12-inch silicon wafers has reached a milestone with over 500,000 monthly shipments, and significant advancements in low-oxygen high-resistivity silicon wafer technology have been made [44]. - The domestic supply ratio of 300mm semiconductor silicon wafers is expected to increase from 15% to 40% by the end of 2025, significantly reducing reliance on imports [45]. Group 3: Fusion Materials - The fusion materials dimension represents a shift towards creating new demands and defining new products, characterized by the integration of materials science with cutting-edge fields like artificial intelligence and synthetic biology [72]. - AI-driven platforms for materials research have emerged, enabling rapid property prediction and screening, significantly reducing development cycles for critical materials [74]. - The integration of intelligent materials in robotics is evolving, allowing materials to interact with their environment and make autonomous decisions, marking a shift from passive components to intelligent structures [77].

证券代码：688378 证券简称：奥来德 公告编号：2026-001 吉林奥来德光电材料股份有限公司 第五届董事会第二十三次会议决议公告 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。 一、董事会会议召开情况 吉林奥来德光电材料股份有限公司（以下简称"公司"）第五届董事会第二 十三次会议于2025年12月31日在长春市高新开发区红旗大厦19层公司会议室以 现场结合通讯的方式召开。本次会议通知于2025年12月28日以专人送达等方式送 达全体董事。公司应参加董事共计9人，实际出席董事9人，会议由董事长轩景泉 先生主持，本次会议的召集、召开方式等符合《公司法》等法律法规、规范性文 件及《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于公司 2025 年度以简易程序向特定对象发行股票竞价 结果的议案》 本议案已经战略委员会/独立董事专门会议事先审议通过。 表决结果：同意9票，反对0票，弃权0票。 （二）审议通过《关于公司与特定对象签署附条件生效的股份认购协议的议 案》 本议案已经战略委员会/独立董事专门会议事先审 ...

Group 1 - The company announced that its fifth board meeting will be held on December 31, 2025, in Changchun City, combining in-person and communication methods [1] - The meeting will review the revised report on the plan for issuing stocks to specific targets for the year 2025 [1]

证券简称：奥来德 证券代码：688378 吉林奥来德光电材料股份有限公司 Jilin OLED Material Tech Co.，Ltd. （吉林省长春市高新开发区硅谷新城生产力大厦 A 座 19 层） 2025 年度以简易程序向特定对象发行 股票方案论证分析报告 （修订稿） 二〇二五年十二月 吉林奥来德光电材料股份有限公司（以下简称"奥来德"或"公司"）是上 海证券交易所科创板上市公司。为满足公司业务发展需求，增加公司资本实力， 提升盈利能力，根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华 人民共和国证券法》（以下简称"《证券法》"）《上市公司证券发行注册管理办法》 （以下简称"《注册管理办法》"）《上海证券交易所上市公司证券发行上市审核规 则》（以下简称"《上市审核规则》"）等有关法律法规、规范性文件和《公司章程》 的规定，公司编制了以简易程序向特定对象发行股票方案的论证分析报告。 本论证分析报告中如无特别说明，相关用语具有与《吉林奥来德光电材料股 份有限公司 2025 年度以简易程序向特定对象发行股票预案（修订稿）》中相同的 含义。 一、本次发行的背景和目的 （一）本次发行的背景 1、国 ...