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]

1月6日，鼎龙股份涨5.22%，截至发稿，报41.10元/股，成交4.56亿元，换手率1.53%，总市值389.36亿 元。 景顺长城量化精选股票A（000978）基金经理为黎海威。 截至发稿，黎海威累计任职时间12年73天，现任基金资产总规模80.81亿元，任职期间最佳基金回报 211.39%， 任职期间最差基金回报-6.36%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，湖北鼎龙控股股份有限公司位于湖北省武汉市经济技术开发区东荆河路1号，成立日期2000 年7月11日，上市日期2010年2月11日，公司主营业务涉及打印复印通用耗材业务和光电半导体工艺材料 业务。主营业务收入构成为：半导体材料、芯片及打印复印通用耗材产品99.47%，其他0.53%。 从基金十大重仓股角度 数据显示，景顺长城基金旗下1只基金重仓鼎龙股份。景顺长城量化精选股票A（000978）三季度持有 股数9.32万股，占基金净值比例为0.53%，位居第五大重仓股。根 ...

证券代码：300054 证券简称：鼎龙股份 公告编号：2026-001 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 关于2025年第四季度可转换公司债券转股情况的公告 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： 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， 公司于 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 年，每张面值为人民币 100 元，发行数量 9,100,000 张，募集资金总额为 人民币 91,000 万元。 经深圳证券交易所同意，公司可转换公司债券已于 2025 年 4 月 23 日起在 深圳证券交易所上市交易，债券简称"鼎龙转债"，债券代码"123255"。 （二）可转换公司债券转股期限及转股价 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（ ...

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].

投资者提问： 新实控人控制的鼎龙股份（300054）属半导体行业，而中元股份主营智能电网设备。 请问：双方是否 有具体协同计划（如技术/客户资源整合）？交易所是否审核过跨界整合的可行性方案？ 董秘回答(中元股份SZ300018)： 尊敬的投资者，您好！感谢您对公司的关注。鼎龙股份与公司分属不同行业，双方均保持独立运营与发 展。公司将持续深耕智能电网核心领域，锚定新质生产力发展方向，聚焦数据采集、输变电智能监测与 运维、综合能源管理等关键业务板块，积极投身数智化坚强电网建设。新实控人入主后，公司将借鉴鼎 龙股份在管理体系建设、激励机制设计、投融资运作等方面的成熟经验，推动内部治理水平与市场化运 作能力的提升。同时，双方也将加强人员沟通与交流，实现管理经验与资源的优势互补，推动公司高质 量发展。 本次向特定对象发行股份事项不涉及跨界整合安排，所募集资金将全部用于补充公司流动资 金，将助力公司落实发展战略，进一步增强资本实力、优化资本结构，提升公司抗风险能力与盈利能 力，全面巩固和强化核心竞争力。 谢谢！查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 ...

证券代码：300054 证券简称：鼎龙股份 公告编号：2025-091 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 关于鼎龙转债预计满足赎回条件的提示性公告 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： 自 2025 年 12 月 12 日至 2025 年 12 月 29 日，湖北鼎龙控股股份有限公司 （以下简称"公司"）股票连续十二个交易日中已有十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），若未来连续十八个交易日内，公司股票有五个交易日的收盘价格不低于 当期转股价格的 130%（含 130%），将触发《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。届时，公司有权决定是否按照本次可转债面值加当 期应计利息的价格赎回全部或部分未转股的"鼎龙转债"。 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 ...

Core Viewpoint - The article discusses the rapid growth and investment opportunities in advanced packaging materials, highlighting the potential for domestic companies to replace foreign imports in this sector [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 size and growth forecasts [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: estimated at $485 million in 2023, with a forecast of $684 million by 2029 [8]. - Domestic companies like Dinglong Co., Guofeng New Materials, and others are positioned to capitalize on these growth opportunities [8]. Competitive Landscape - The article compares domestic and foreign companies in the advanced packaging materials sector, noting that while foreign firms like Fujifilm and Toray dominate, domestic players are emerging rapidly [8]. - The competitive dynamics suggest a potential shift towards domestic production as companies seek to reduce reliance on imports [7][8]. Investment Strategies - Different investment stages in the new materials industry are discussed, emphasizing the importance of assessing team capabilities, market potential, and product maturity at each stage [10]. - The article suggests that investments in more mature companies with established sales channels present lower risks and higher 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]. 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 enhance competitiveness in the global market [21]. Strategic Insights - Investment strategies vary across different stages of company development, from seed rounds to pre-IPO phases, with a focus on team capabilities, market potential, and product maturity [10]. - The article suggests that companies in the growth phase with established sales channels and increasing revenue present lower investment risks and higher potential returns [10].

2025 年度持续督导培训情况的报告 深圳证券交易所： 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 换公司债券的持续督导的保荐机构，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关规定，对鼎 龙股份相关人员进行了 2025 年度持续督导培训，现将相关情况报告如下： 一、培训时间 鼎龙股份持续督导文件 培训情况的报告 招商证券股份有限公司 关于湖北鼎龙控股股份有限公司 鼎龙股份持续督导文件 培训情况的报告 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》和《深圳证券交易所上市公司自律监管指引第 13 号—— 保荐业务》等规则要求，保荐机构对上市公司相关人员进行了上市公司募集资金 使用管理等方面的培训。 2025 年 12 月 15 日。 二、培训地点 湖北鼎龙控股股份有限公司（湖北省武汉经济开发区东荆河路 1 号公司会议 室），现场及线上视频培训结合。 三、参加培训人员 鼎龙股份控股股东、实际控制人及董事、高 ...

鼎龙股份持续督导文件 定期现场检查报告 招商证券股份有限公司关于湖北鼎龙控股股份有限公司 2025 年度持续督导定期现场检查报告 | 保荐机构名称：招商证券股份有限公司 被保荐公司简称：鼎龙股份 | | --- | | 保荐代表人姓名：李莎 联系电话：0755-8294 3666 | | 保荐代表人姓名：刘智 联系电话：0755-8294 3666 | | 现场检查人员姓名：刘智 | | 现场检查对应期间：2025 年 月（鼎龙转债上市之日）-2025 年 月 4 12 | | 现场检查时间：2025 年 12 月 15 日-2025 年 12 月 17 日 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段（查阅公司章程和各项规章制度的具体内容及执行情况；查阅公司三会文件，包 | | 括会议通知、签到表、表决票、会议记录、会议决议等；查阅公司公开信息披露文件；对上市 | | 公司有关人员进行访谈等。） | | 1.公司章程和公司治理制度是否完备、合规 √ | | 2.公司章程和股东会、董事会规则是否得到有效执行 √ | | 3.股东会、董事会会议记录是否完整 ...