Group 1 - The core viewpoint of the news is that 聚和材料 (Juhe Materials) has seen a significant increase in stock price, rising by 5.55% to 65.80 yuan per share, with a trading volume of 777 million yuan and a turnover rate of 6.71%, resulting in a total market capitalization of 15.926 billion yuan [1] - Juhe Materials, established on August 24, 2015, and listed on December 9, 2022, specializes in the research, production, and sales of new electronic pastes, with 99.83% of its revenue coming from photovoltaic conductive silver paste and 0.17% from waste and other sales [1] Group 2 - From the perspective of fund holdings, 诺安基金 (Noah Fund) has a significant position in Juhe Materials, with its 诺安恒鑫混合 (Noah Hengxin Mixed Fund) holding 69,600 shares, accounting for 4.97% of the fund's net value, making it the fourth-largest holding [2] - The Noah Hengxin Mixed Fund, established on April 30, 2019, has a latest scale of 57.945 million yuan and has achieved a year-to-date return of 46.66%, ranking 1226 out of 8173 in its category, with a one-year return of 72.8%, ranking 1593 out of 7996 [2] - The fund manager, 刘晓飞 (Liu Xiaofei), has been in position for 2 years and 318 days, managing a total fund size of 715 million yuan, with the best return during his tenure being 32.81% and the worst being 19.69% [2]

Group 1 - The photovoltaic equipment sector experienced a significant upward trend on September 24, with notable gains in various companies [2] - Sungrow Power Supply reached a new high during intraday trading, indicating strong market performance [2] - Tongrun Equipment hit the daily limit increase, showcasing robust investor interest [2] Group 2 - Other companies such as Maiwei Co., Aotaiwei, Juhe Materials, Jinlang Technology, and Shangneng Electric also saw increases, reflecting a broader positive sentiment in the sector [2]

Group 1 - In the past five trading days, a total of 267 companies were investigated by institutions, with significant interest in companies like Huichuan Technology, Juhe Materials, and Jingsheng Mechanical & Electrical [1] - Among the companies investigated, 56 received attention from more than 20 institutions, with Huichuan Technology being the most popular, attracting 393 institutions [1][2] - The types of institutions involved in the investigations included 224 securities companies, 178 fund companies, and 91 private equity firms, indicating a strong interest from the securities sector [1] Group 2 - In terms of capital inflow, 21 stocks among those investigated saw net inflows, with Shengyi Electronics receiving the highest net inflow of 493 million yuan [1] - The performance of investigated stocks showed that 41 stocks increased in value, with Su Da Weige, Shuanghuan Transmission, and Suning Universal leading with gains of 28.49%, 25.98%, and 18.61% respectively [2] - Conversely, 14 stocks experienced declines, with Huanrui Century, Nuo Si Ge, and Qilu Bank showing the largest drops of 8.10%, 4.38%, and 3.63% respectively [2] Group 3 - The data indicates that seven companies were investigated three times, including Yuntu Holdings, Linggang Co., and Xingrong Environment, highlighting a concentrated interest in these firms [1] - The investigation results also revealed that companies in the machinery and equipment sector, such as Huichuan Technology and Jingsheng Mechanical & Electrical, received notable attention from institutions [2][3] - The overall trend suggests a growing interest in sectors like electronics, machinery, and power equipment, as evidenced by the number of institutions involved in the investigations [1][2]

Group 1: Company Research - Jiasai Fund recently conducted research on five listed companies, including Shiji Information, which signed a significant operational contract with Amadeus to create a comprehensive technology platform for travel [1] - Juhua Materials plans to invest 68 billion KRW in acquiring SK Enpulse's blank mask business, with a direct or indirect investment ratio of no less than 95% [2] - China Nuclear Power has received over 2.8 billion CNY in new energy subsidies as of the end of August, expecting a total of about 4 billion CNY for the year [3] - XCMG Machinery's stock incentive plan includes ROE, net profit, and cash flow from operating activities as assessment indicators, aiming for over 40 billion CNY in revenue from the mining machinery sector by 2030 [4] - Lide Man's revenue is expected to decline by 14.80% in the first half of 2025 due to intensified industry competition and the implementation of centralized procurement policies [5] Group 2: Industry Insights - The collaboration between Shiji Information and Amadeus is expected to enhance customer confidence and benefit the annual recurring revenue (ARR) growth in 2026 [1] - Juhua Materials aims to address domestic "bottleneck" issues in core raw materials through its acquisition strategy [2] - China Nuclear Power is focusing on digital transformation and smart operations while maintaining a dividend payout ratio of over 35% despite capital pressures from 19 ongoing projects [3] - XCMG Machinery anticipates continued growth in overseas market exports, with domestic sales benefiting from policy incentives and the renewal cycle [4] - Lide Man is pursuing a cash acquisition of up to 70% of Xiansheng Xiangrui to expand its tuberculosis diagnosis and innovative vaccine business [5]

Group 1 - The stock of Juhe Materials fell by 5.05% on September 15, trading at 60.72 CNY per share, with a transaction volume of 778 million CNY and a turnover rate of 6.82%, resulting in a total market capitalization of 14.696 billion CNY [1] - Juhe Materials, established on August 24, 2015, and listed on December 9, 2022, specializes in the research, production, and sales of new electronic pastes, with 99.83% of its revenue coming from photovoltaic conductive silver paste and other products, while waste and other sales account for 0.17% [1] Group 2 - According to data from the top ten holdings of funds, one fund under Huaxia Fund has a significant position in Juhe Materials. The Huaxia Clean Energy Leader Mixed Fund A (018918) reduced its holdings by 20,400 shares in the second quarter, now holding 50,400 shares, which represents 3.71% of the fund's net value, ranking as the ninth largest holding [2] - The Huaxia Clean Energy Leader Mixed Fund A (018918) was established on August 22, 2023, with a latest scale of 39.8806 million CNY. Year-to-date, it has achieved a return of 14.39%, ranking 5210 out of 8246 in its category; over the past year, it has returned 19.03%, ranking 6130 out of 8054; since inception, it has returned 28.64% [2] - The fund manager of Huaxia Clean Energy Leader Mixed Fund A is Yang Yu, who has been in the position for 4 years and 2 days, managing total assets of 8.516 billion CNY, with the best fund return during his tenure being 34.25% and the worst being -0.77% [2]

Summary of the Conference Call for 聚合材料 Industry and Company Overview - The conference call pertains to 聚合材料, a company specializing in photovoltaic conductive pastes and materials for solar cells, particularly in the TOPCon and heterojunction technology sectors [2][4]. Key Points and Arguments 1. **Product Development and Production** - The company has achieved mass production of TOPCon battery products, including Leleco sintered silver paste, and has successfully mass-produced heterojunction silver-coated copper paste, reducing silver content to below 20% [2][4]. - In the BC (Back Contact) sector, the company has completed efficient mass production of P and N region steel plate printing [4][8]. - The company has pioneered copper paste products for photovoltaic cells, currently undergoing internal testing with major clients, which is expected to significantly reduce metallization costs [2][8]. 2. **Research and Development Investment** - In the first half of 2025, R&D investment reached 344.4 million yuan, accounting for 5.34% of revenue, indicating a strong commitment to innovation [2][6]. - The company has established a comprehensive self-research system covering materials, processes, and equipment, maintaining a leading position in next-generation technologies [6]. 3. **Market Performance** - In the first half of 2025, photovoltaic conductive paste sales exceeded 930 tons, with a stable market share. The first quarter saw shipments of approximately 440 tons, increasing to about 490 tons in the second quarter, reflecting a quarter-on-quarter growth [3][11]. - N-type paste accounted for 96% of sales, with BC paste showing strong performance, totaling 8 tons shipped in the first half of the year [11]. 4. **Strategic Acquisitions** - The company plans to acquire SK Imports' blank mask business, expected to close by January 30, 2026, to address domestic gaps in this critical semiconductor material and enhance growth opportunities in the semiconductor sector [3][13]. - The acquisition is projected to provide access to quality customer resources and create synergies with existing semiconductor operations [14]. 5. **Future Profitability Expectations** - The company anticipates net profits of 409 million yuan, 518 million yuan, and 621 million yuan for the years 2025, 2026, and 2027, respectively, driven by advancements in traditional business and new growth from the semiconductor sector [17]. Additional Important Information - The company has developed ultra-low-temperature curing back electrode paste for perovskite solar cells, receiving recognition from manufacturers, and has created compatible ultra-low-temperature curing paste for silicon-perovskite tandem cells [2][8]. - The CTO's collaboration with the University of New South Wales demonstrated that using a silver seed layer with copper grid lines can significantly reduce TOPCon cell energy consumption by 25%, achieving a maximum efficiency of 24.04% [9]. - The company is also focusing on expanding its electronic materials segment, with new products such as encapsulation positioning adhesives and insulation adhesives, enhancing customer loyalty and addressing packaging process challenges [12].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the electronic industry [5] Core Insights - The electronic sector has shown significant growth, with a weekly increase of 6.15%, ranking first among 31 sectors [27] - NVIDIA has launched the NVIDIA Rubin CPX, a new GPU designed for handling massive context tasks, providing up to 8 exaflops of AI computing power, which is 7.5 times the performance of the current system [1] - Micron has announced a price increase of 20%-30% for storage products due to significant supply shortages, particularly affecting automotive electronics, which may see price hikes of up to 70% [2] - The upcoming Meta Connect conference is expected to unveil several new smart glasses, including AR-enabled Ray-Ban glasses, which could stimulate consumer demand [3] Summary by Sections Industry Performance - The electronic sector's performance has been robust, with the SW electronic index PE at 68.16 times, placing it in the 89.77th percentile over the past decade [35][36] - The semiconductor sub-sector has a PE of 103.95 times, while consumer electronics stand at 40.25 times [36] Key Companies and Recommendations - Recommended companies in the computing power supply chain include Shenghong Technology, Huitian Technology, and others [8] - In the storage industry, companies like Zhaoyi Innovation and Baiwei Storage are highlighted as potential investment opportunities [8] Market Trends - The report notes a significant increase in demand for AI and big data, driving up prices in the NAND flash market, with major manufacturers likely to follow Micron's lead in price increases [2] - The AR glasses market is projected to grow significantly, with global sales expected to exceed 850,000 units in 2025, marking a 70% year-on-year increase [16]

Market Performance - The BC battery concept index declined by 1.02% as of the market close on September 12, ranking among the top decliners in the concept sector [1] - Within the BC battery sector, leading stocks such as XianDao Intelligent, JuHe Materials, and DiEr Laser experienced significant declines, while stocks like Robotech, Inno Laser, and Dongcai Technology saw gains of 8.83%, 4.57%, and 3.43% respectively [1] Capital Flow - The BC battery concept sector experienced a net outflow of 2.538 billion yuan, with 32 stocks facing net outflows, and 5 stocks seeing outflows exceeding 100 million yuan [2] - XianDao Intelligent led the outflow with a net withdrawal of 1.308 billion yuan, followed by Dongcai Technology, Longi Green Energy, and JuHe Materials with outflows of 267 million yuan, 201 million yuan, and 158 million yuan respectively [2] Top Gainers and Losers - The top gainers in the BC battery concept included Robotech, Foster, and Arctech, with net inflows of 88.06 million yuan, 72.77 million yuan, and 40.07 million yuan respectively [3] - The top decliners in the BC battery concept included XianDao Intelligent with a decline of 8.86%, JuHe Materials with a decline of 6.64%, and DiEr Laser with a decline of 6.16% [2][3]

Core Points - The company, Juhe Materials, announced the completion of the first vesting period for its 2024 restricted stock incentive plan on September 12, 2025 [2] - A total of 43,800 shares were vested, which were sourced from the company's repurchase of its A-share common stock from the secondary market [2] Summary by Categories - **Company Announcement** - Juhe Materials received a confirmation letter from China Securities Depository and Clearing Corporation Limited Shanghai Branch regarding the stock transfer registration [2] - The announcement pertains to the vesting of shares under the company's incentive plan [2] - **Stock Details** - The number of shares vested in this period is 43,800 [2] - The shares were acquired through the company's repurchase activities in the secondary market [2]

证券代码：688503 证券简称：聚和材料 公告编号：2025-044 常州聚和新材料股份有限公司 关于 2024 年限制性股票激励计划预留授予部分 第一个归属期归属结果的公告 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。 重要内容提示： 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，常州聚和新材料股份有限公司（以下简 称"公司"）于 2025 年 9 月 12 日收到中国证券登记结算有限责任公司上海分公 司出具的《过户登记确认书》，完成了公司 2024 年限制性股票激励计划（以下 简称"本次激励计划"）预留授予部分第一个归属期归属的股份登记工作。现将 有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 （一）2024 年 6 月 19 日，公司召开第三届董事会第二十三次会议，审议通 过了《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关 于公司<2024 年限制性股票激励计划实施考核管理办法>的议案》及《关于提请 股东大会授 ...