Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as PSPI, epoxy resin, and conductive adhesives are identified as key growth areas, with significant market sizes and growth rates anticipated [8]. Investment Opportunities - The article outlines various advanced packaging materials and their respective market sizes, including: - PSPI: $528 million in 2023, expected to grow significantly [8]. - Conductive adhesives: projected to reach $3 billion by 2026 [8]. - Chip bonding materials: expected to grow from approximately $485 million in 2023 to $684 million by 2029 [8]. - The investment landscape is characterized by a shift towards domestic production, with numerous Chinese companies emerging as competitors to established foreign firms [7][8]. Industry Trends - The article emphasizes the trend of domestic substitution in advanced materials, particularly in sectors heavily reliant on imports from countries like Japan [7][8]. - It highlights the importance of innovation and collaboration among domestic companies to achieve breakthroughs in material science and technology [21]. Strategic Insights - Different investment stages in the new materials industry are discussed, with a focus on the varying levels of risk and investment strategies appropriate for each stage, from seed funding to pre-IPO [10]. - The article suggests that companies at the A-round stage, which have established sales channels and are experiencing rapid growth, present lower investment risks and higher potential returns [10].

Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Group 1: Market Size and Growth Projections - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as Al-X photoresist are forecasted to grow from $2.64 billion in 2022 to $5.93 billion in 2028 [8]. - The conductive adhesive market is anticipated to reach $3 billion by 2026, indicating significant growth potential [8]. Group 2: Key Players and Competitive Landscape - Major international players in the advanced packaging materials market include Fujifilm, Toray, and Dow, while domestic companies such as Dinglong Co., Guofeng New Materials, and SanYue Technology are emerging as strong competitors [8]. - The article lists various domestic companies involved in different segments of the advanced packaging materials market, indicating a robust competitive landscape [8]. Group 3: Investment Strategies - Investment strategies vary by stage, with early-stage companies requiring thorough team and industry assessments due to high risks [10]. - As companies mature, the focus shifts to evaluating sales growth and market share, with later stages presenting lower risks and higher potential returns [10]. - The article emphasizes the importance of understanding the industry landscape and the specific needs of companies at different development stages for effective investment [10].

Group 1: Company Overview - Hubei Dinglong Holdings Co., Ltd. is a leading platform company in the field of core innovative materials, focusing on two main business segments: semiconductor materials and general printing consumables [2]. - The company emphasizes its semiconductor innovation materials business, covering CMP process materials, photoresists, display materials, and advanced packaging materials [2]. Group 2: Financial Performance - In the first three quarters of 2025, the semiconductor segment's revenue contribution increased to 57%, becoming the core growth engine [3]. - The semiconductor segment achieved a revenue of 1.534 billion yuan, a year-on-year increase of 41.27% [3]. - CMP polishing pads generated significant revenue, with a third-quarter sales increase of 42% year-on-year [3]. Group 3: Product Performance and Market Position - The semiconductor display materials segment saw a revenue increase of 47% year-on-year, with a third-quarter revenue of 143 million yuan [3]. - The company maintains a leading position in OLED display materials, with strong customer loyalty and stable cash flow from high-frequency consumables [5]. - New product developments, including PFAS Free PSPI and BPDL, are progressing as planned, with ongoing customer validation [6]. Group 4: Supply Chain and Customer Relationships - The company has achieved self-sufficiency in core raw materials for CMP products, enhancing supply chain stability and customer trust [4]. - Strong relationships with domestic wafer fabs and OLED panel manufacturers ensure high order renewal rates and customer stickiness [7]. Group 5: Future Opportunities and Strategies - Key opportunities for 2026 include AI-driven growth in semiconductor and OLED industries, increasing demand for stable supply chains, and expansion into new markets [8]. - The company plans to focus on core semiconductor materials, enhance R&D investments, and expand both domestic and international market presence [8]. Group 6: R&D Investments and Commercialization - R&D investments in the first three quarters of 2025 focused on flexible display materials, polishing liquids, and advanced packaging materials [9]. - The company anticipates significant commercialization of new products, including CMP polishing liquids and advanced packaging materials, enhancing product offerings and cash flow stability [9].

Summary of Conference Call on Semiconductor Materials Industry Industry Overview - The semiconductor materials industry is experiencing significant growth, particularly in the storage segment, with expectations for continued high demand through 2026 [1][2][3] - China is the second-largest semiconductor market globally, and with new capacity being released, its market share is expected to increase further [1][5] Key Companies and Financial Performance - Changxin Storage reported a quarterly net profit close to 4 billion yuan in Q4, with projections for 2026 annual profits to reach 30 to 40 billion yuan [1][2] - The company plans to raise over 30 billion yuan through an IPO, indicating strong growth momentum [1] - Major companies to watch include: - **Anji Technology**: Expected profits between 1.1 to 1.5 billion yuan in 2026, with a potential compound annual growth rate (CAGR) of 30% to 40% over the next three to four years [3][8] - **Dinglong Co.**: Lower exposure to storage but significant revenue from printing consumables [8] - **Guanggang Gas**: Projected profits of over 300 million yuan in 2025, with potential for higher profit elasticity if prices improve [8][9] Market Dynamics - The storage cycle significantly impacts semiconductor materials companies, with short-term price increases leading to higher utilization rates and accelerated new capacity releases [7] - Long-term, the expansion of new capacity will drive sustained growth in material demand [7] - The current market dynamics suggest that companies with high exposure to storage materials will see substantial growth potential [7] Focus Areas and Recommendations - Key areas of focus within the semiconductor materials sector include: - **Silicon Wafers**: Representing the largest share (38%) of wafer manufacturing materials, with domestic manufacturers like Hu Silicon Industry [5] - **CMP Materials**: Companies like Anji Technology and Dinglong Co. are recommended for their high exposure in this area [6] - **Electronic Gases**: Guanggang Gas is highlighted for its significant role in the domestic electronic gas market [5][6] - **HBM-related Materials**: Companies such as Shanghai Xinyang and Xinfu Electronics are expected to benefit from the growth in AI and computing power demands [3][10] Long-term Outlook - The semiconductor materials sector is projected to have a robust long-term growth trajectory, with many companies currently undervalued compared to semiconductor equipment firms [10] - The anticipated increase in storage demand is expected to lead to upward revisions in earnings forecasts for 2026 [10] Conclusion - The semiconductor materials industry is poised for significant growth, driven by strong demand in the storage segment and the ongoing expansion of domestic production capabilities. Key companies are well-positioned to capitalize on these trends, making them attractive investment opportunities.

Core Viewpoint - Dinglong Co., Ltd. announced that its sixth board meeting approved the proposal not to redeem Dinglong convertible bonds in advance [2] Group 1 - The company held its seventh meeting of the sixth board of directors on January 7 [2] - The board's decision reflects the company's strategy regarding its convertible bonds [2]

Core Viewpoint - Dinglong Co., Ltd. announced that from December 12, 2025, to January 7, 2026, its stock price has closed at or above 130% of the conversion price of "Dinglong Convertible Bonds" at 28.58 CNY/share, which is 37.15 CNY/share, triggering the conditional redemption clause [1] Summary by Relevant Sections - Stock Performance - The stock price of Dinglong Co., Ltd. has met the criteria for triggering the conditional redemption clause by closing above 37.15 CNY/share for 15 trading days [1] - Board Decision - On January 7, 2026, the board decided not to exercise the early redemption right for this and the next three months, with a review planned if the condition is triggered again after April 7, 2026 [1]

Core Viewpoint - The A-share market saw a significant rise in photolithography machine concept stocks on January 7, driven by the record high of ASML in the US stock market [1] Group 1: Stock Performance - Highmeng New Materials approached a 20% limit up, while ChipSource increased nearly 18% [1] - Jiaxian Co. rose over 15%, and Anji Technology gained more than 12% [1] - Nanda Optoelectronics and Dinglong Co. saw increases of over 11% and 10%, respectively [1] Group 2: Other Notable Stocks - Pulit, Tongcheng New Materials, Guofeng New Materials, and Changqing Technology all hit a 10% limit up [1] - Kema Technology rose over 9%, and Jinhua New Materials increased by more than 8% [1] - Several other stocks, including Jingrui Electric Materials, saw gains exceeding 6% [1]

Group 1 - Dinglong Co., Ltd. announced that its sixth board meeting will be held on January 7, 2026, using a combination of on-site and remote voting methods [1] - The meeting will review the proposal regarding the non-early redemption of Dinglong convertible bonds [1] Group 2 - The Shanghai Composite Index has stabilized at a key position for the first time in ten years, indicating a significant market trend [1] - Goldman Sachs recommends increasing allocation to Chinese stocks, suggesting a positive outlook for the market [1] - Analysts from brokerage firms note that factors such as the appreciation of the Renminbi are accelerating the return of cross-border capital [1]

关于不提前赎回鼎龙转债的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、自 2025 年 12 月 12 日至 2026 年 1 月 7 日，湖北鼎龙控股股份有限公司 （以下简称"公司"）股票满足连续三十个交易日中有十五个交易日的收盘价 格不低于"鼎龙转债"当期转股价格 28.58 元/股的 130%（含 130%，即 37.15 元/股），已触发《湖北鼎龙控股股份有限公司向不特定对象发行可转换公司债 券募集说明书》（以下简称"《募集说明书》"）中规定的有条件赎回条款。 证券代码：300054 证券简称：鼎龙股份 公告编号：2026-003 债券代码：123255 债券简称：鼎龙转债 湖北鼎龙控股股份有限公司 本次发行的可转债转股期自本次可转债发行结束之日（2025 年 4 月 9 日） 起满六个月后的第一个交易日（2025 年 10 月 9 日）起至可转债到期日（2031 年 4 月 1 日）止（如遇非交易日则顺延至其后的第一个交易日；顺延期间付息 款项不另计息）。 本次发行的可转换公司债券初始转股价格为 28.68 元/股。鉴于公司 ...

鼎龙股份向不特定对象发行可转债项目 核查意见 招商证券股份有限公司 关于湖北鼎龙控股股份有限公司 不提前赎回"鼎龙转债"的核查意见 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为湖北鼎 龙控股股份有限公司（以下简称"鼎龙股份"、"公司"）向不特定对象发行可转 换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交 易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作》《可转换公司债券管理办法》《深圳证券交易所上市公 司自律监管指引第 15 号——可转换公司债券》等相关法律、法规和规范性文件 的规定，对鼎龙股份不提前赎回"鼎龙转债"相关事宜进行了核查，核查具体情 况如下： 一、可转换公司债券基本情况 （一）可转换公司债券发行上市情况 经中国证券监督管理委员会《关于同意湖北鼎龙控股股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2025〕477 号）核准，湖北鼎 龙控股股份有限公司（以下简称"公司"、"鼎龙股份"）于 2025 年 4 月 2 日向不 特定对象发行面值总额 91,000 万元可转换公司债券，期限 6 ...