格隆汇1月26日丨南亚新材(688519.SH)近日接受特定对象调研表示，截至目前，公司已在上海嘉定、江 西吉安、江苏海门、泰国巴真分别投建或规划生产基地。上海生产基地设有N1-N3工厂，N1-N2工厂随 着江西生产基地产能的释放，其因能耗、人耗高，效率低停产，N3工厂设计月产能80-90万张左右（含 1条试验线）。江西生产基地设有N4 -N6工厂，N4工厂设计月产能100万张左右，已达产，N5工厂设计 月产能120万张左右，已达产；N6工厂设计月产能120万张，已完成建设并投产。江苏生产基地首个年 产360万平米的高端IC封装材料智能工厂的各项建设工作有序推进中，预计到2026年年底前试运行。泰 国生产基地已购地并办理地契，公司将视自身及行业发展趋势和地缘政治变化推进投建进度。 ...

格隆汇1月26日丨南亚新材(688519.SH)近日接受特定对象调研表示，公司高速产品起量明显，2025年占 整体营收同比有望翻番。随着公司在高端市场与更多客户合作的深入，2026年高速产品销量及营收将持 续增长。 ...

格隆汇1月26日丨南亚新材(688519.SH)近日接受特定对象调研表示，目前公司在手订单良好，生产交付 均按计划有序推进。 ...

格隆汇1月26日丨南亚新材(688519.SH)近日接受特定对象调研表示，公司不同等级高速覆铜板可针对应 用在不同传输速率的产品，可以满足服务器、数据中心、交换机、光模块等应用领域的需求。公司M8 及以下等级高速产品已通过国内及海外多家终端客户的材料认证，且主要在国内已实现批量供应。 ...

2026年1月26日，南亚新材披露接待调研公告，公司于1月21日至1月22日接待淡水泉投资、银河基金、 长盛基金、天风证券自营、首创证券、明河投资等41家机构调研。 调研情况显示，南亚新材目前在手订单良好，生产交付按计划有序推进。产能方面，公司已在上海嘉 定、江西吉安、江苏海门、泰国巴真投建或规划生产基地：上海N3工厂设计月产能80－90万张（含试 验线）；江西N4－N6工厂均已达产，设计月产能分别为100万张、120万张、120万张；江苏基地首个年 产360万平米高端IC封装材料智能工厂建设有序推进，预计2026年底试运行；泰国基地已购地并办理地 契，将视发展趋势推进投建。 公司高速产品布局国内外市场，海外技术推广团队已成立，认证进展顺利；M8及以下等级高速覆铜板 通过国内外多家终端客户认证，国内实现批量供应，2025年高速产品营收占比同比有望翻番，2026年销 量及营收将持续增长。IC载板领域，公司主攻类BT材料，存储类产品已量产，RF芯片产品处于打样阶 段预计2026年量产，江苏基地"年产360万平方米IC载板材料智能工厂"预计2026年底建成运行；ABF类 材料由参股公司江苏兴南创芯推进认证。 202 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a significant price increase trend in the CCL (Copper Clad Laminate) industry, driven by rising raw material costs and strong demand from sectors such as AI and electric vehicles [5][6] - Major companies in the CCL sector have implemented multiple price hikes throughout 2025, with notable increases from leading firms like 建滔积层板 and Resonac [5][6] - The profitability of CCL manufacturers has improved significantly due to these price increases, with companies like 生益科技 reporting a substantial rise in gross margins [7] Summary by Sections Price Increase Overview - The CCL industry has experienced a global price increase trend, with key players raising prices multiple times in 2025, including a 10% increase in December [5] - Resonac announced a price hike of over 30% for its products starting in March 2026, reinforcing global price increase expectations in the CCL sector [5] Drivers of Price Increase - The primary drivers for the current price increases in the CCL industry include rising costs of core raw materials such as copper, electronic cloth, and epoxy resin [6] - Copper prices saw a cumulative increase of nearly 40% in 2025, with LME copper prices reaching $12,960 per ton [6] - The demand for high-performance epoxy resin has surged, particularly for AI servers and advanced packaging boards, contributing to the rising costs in the CCL segment [6] Profitability and Investment Recommendations - The profitability of CCL manufacturers has shown significant recovery, with 生益科技 achieving a gross margin of 26.85% in Q2 2025, reflecting a year-on-year increase [7] - The report suggests focusing on the CCL price increase cycle and AI penetration rates, recommending stocks such as 生益科技, 金安国纪, and 建滔积层板 as beneficiaries of this trend [8]

Market Overview - US stock market continues to rise, with Dow Jones up 0.63%, Nasdaq up 0.91%, and S&P 500 up 0.55% [1] - Meta shares increased by 5.66%, marking the largest single-day gain since July 31 [1] - Tesla shares rose by 4.15%, while Microsoft and Amazon saw increases of at least 1.31% [1] Company Developments - Intel's Q1 guidance is disappointing, leading to a post-market drop of over 10% [2] - Nvidia completed a $5 billion investment in Intel in Q4 [2] - Tesla plans to sell humanoid robots to the public by the end of this year or next year [3] - OpenAI is quietly developing humanoid robots with a team of 100 in San Francisco [4] - Meta's Threads platform has surpassed 400 million monthly active users and is launching ads globally [5] Commodity Insights - Goldman Sachs raised its gold price target to $5,400, indicating that wealthy individuals are competing with central banks for limited physical reserves [6] - COMEX gold futures rose by 1.97%, while silver futures increased by 4.05%, both reaching historical highs [7] - US natural gas futures prices surged by 81% within three days, reaching the highest level since December 2022 [7] Regulatory and Policy Updates - The People's Bank of China (PBOC) Governor Pan Gongsheng stated there is still room for further interest rate cuts and reserve requirement ratio reductions this year [8] - The Ministry of Commerce and other departments encourage horizontal mergers and acquisitions in the pharmaceutical retail sector [12] - The State Council's Food Safety Office is drafting national standards for prepared dishes and will seek public opinions soon [12] Industry Trends - The semiconductor industry is seeing significant developments, with Alibaba's T-HEAD planning for an independent IPO [10] - The prepared food sector is undergoing a transformation, with a focus on quality and safety in the supply chain [11] - The retail pharmacy industry is expected to accelerate consolidation, with a projected decrease in the number of pharmacies by nearly 20,000 since Q4 2024 [13] Financial Projections - Zhaoyi Innovation expects a net profit of approximately 1.61 billion yuan for 2025, a 46% increase year-on-year [17] - Shengmei Shanghai anticipates revenues between 6.68 billion and 6.88 billion yuan for 2025, reflecting a growth of 18.91% to 22.47% [18] - Runtu Co. forecasts a net profit of 600 million to 700 million yuan for 2025, representing a growth of 181.05% to 227.89% [18]

Group 1 - The CPO concept stocks have seen a significant rise, with the sector index increasing by over 3% as of January 21 [1] - Notable stocks include Zhixiang Technology, which rose by 18.85%, and Robotech, which increased by 13.76% [2] - Other companies such as Lian Technology and Kexiang Co. also experienced substantial gains, with increases of 12.79% and 12.71% respectively [2][3] Group 2 - Several companies reached their daily limit up, including Huada Technology, Woge Optoelectronics, and Tongfu Microelectronics, all showing strong performance [3] - The stock of Zhixiang Technology surged by 18%, while Robotech and Lian Technology both rose by over 10% [3] - The overall market sentiment for CPO stocks appears positive, indicating potential investment opportunities in this sector [1][3]

Market Overview - The component sector experienced a decline of 3.47% on January 20, with Nanya Technology leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Individual Stock Performance - Notable gainers included Huazheng New Materials, which rose by 3.23% to a closing price of 65.87, and Shangluo Electronics, which increased by 1.51% to 14.15 [1] - Conversely, Nanya Technology saw a significant drop of 8.57%, closing at 76.21, while other major decliners included Huadian Electric and Qiangda Circuit, which fell by 5.55% and 5.16%, respectively [2] Trading Volume and Capital Flow - The component sector saw a net outflow of 5.879 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.942 billion yuan [2] - The trading volume for Huazheng New Materials was 184,800 shares, with a transaction value of 1.215 billion yuan, indicating strong market interest despite the overall sector decline [1] Capital Inflow Analysis - Major stocks like Shiyun Circuit and Fala Electronics attracted significant net inflows from institutional investors, with 64.26 million yuan and 55.78 million yuan, respectively [3] - Retail investors showed a mixed response, with notable outflows from stocks like Fala Electronics, which saw a retail net outflow of 72.88 million yuan [3]

Group 1 - The core viewpoint of the news is that Nanya New Materials has seen a significant stock price increase, rising 5.44% to 84.35 CNY per share, with a total market capitalization of 19.803 billion CNY and a cumulative increase of 11.25% over three days [1] - Nanya New Materials specializes in the design, research and development, production, and sales of composite materials and products, primarily focusing on copper-clad laminates (77.25% of revenue) and bonding sheets (20.95% of revenue) [1] - The company was established on June 27, 2000, and went public on August 18, 2020, indicating a relatively recent entry into the public market [1] Group 2 - Longxin Fund holds a significant position in Nanya New Materials, with its Longxin Domestic Demand Balanced Mixed A Fund (012493) owning 273,300 shares, representing 4.33% of the fund's net value, making it the fourth-largest holding [2] - The fund has generated a floating profit of approximately 1.1888 million CNY today and a total of 2.2108 million CNY during the three-day price increase [2] - Longxin Domestic Demand Balanced Mixed A Fund was established on July 1, 2021, with a current size of 431 million CNY and has achieved a year-to-date return of 6.01% [2]