Core Viewpoint - Changhai Co., Ltd. is currently in the market promotion and application stage for its composite material frames used in photovoltaic applications, actively collaborating with downstream customers for market expansion [1] Group 1 - The company has stated that the high-performance fiberglass yarn and composite felt produced for the composite material frames are key reinforcement materials for frame profiles [1]

Core Viewpoint - Changhai Co., Ltd. (300196) emphasizes its focus on high-performance fiberglass materials, which are crucial lightweight materials in modern industries, particularly in transportation and renewable energy sectors [1] Group 1: Company Overview - The company specializes in the research, production, and sales of high-performance fiberglass materials, positioning itself at the upstream of the industry chain [1] - The company does not engage in the manufacturing of downstream composite materials or terminal products [1] Group 2: Industry Context - Fiberglass composite materials are widely used in various applications, highlighting their importance in modern industrial processes [1] - There are numerous processing and manufacturing steps between fiberglass products and their end-use applications [1]

Core Viewpoint - The company, Changhai Co., Ltd. (300196.SZ), focuses on the research, production, and sales of high-performance glass fiber materials, which are widely used in various industries, including transportation and renewable energy. However, the company does not engage in the manufacturing of downstream composite materials and currently has no business dealings with aerospace enterprises [1]. Group 1 - The company’s glass fiber composite materials are considered key lightweight materials in modern industry [1]. - The company is positioned upstream in the industry chain, focusing on high-performance glass fiber materials [1]. - There are multiple processing and manufacturing stages between the glass fiber products and the downstream end products [1].

Core Viewpoint - Changhai Co., Ltd. (300196.SZ) emphasizes the importance of fiberglass composite materials as key lightweight materials in modern industries, particularly in transportation and new energy sectors [1] Company Focus - The company is primarily engaged in the research, production, and sales of high-performance fiberglass materials, positioning itself at the upstream of the industry chain [1] - There are several processing and manufacturing stages between fiberglass products and downstream end products, indicating a complex supply chain [1] - Currently, the company does not have direct business dealings with aerospace enterprises [1]

Core Viewpoint - The company is actively promoting the application of fiberglass composite materials for photovoltaic frames, which are currently in the market promotion phase [1]. Group 1: Company Developments - The company stated that the production of high-performance fiberglass yarn and composite felt is crucial for the enhancement of frame profiles [1]. - The company is collaborating with downstream customers to expand market promotion and application of fiberglass composite frames [1]. Group 2: Industry Trends - The use of fiberglass composite materials instead of aluminum for photovoltaic frames can reduce costs by approximately 30% [3]. - The shift from aluminum to fiberglass composite materials in photovoltaic frames is seen as an inevitable trend in the industry [3].

Market Overview - The glass and fiberglass sector increased by 0.07% on January 14, with Jiuding New Materials leading the gains [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Stock Performance - Jiuding New Materials (002201) closed at 12.52, up 10.02% with a trading volume of 722,900 shares and a transaction value of 879 million [1] - International Composites (301526) closed at 7.25, up 3.72% with a trading volume of 1,466,900 shares and a transaction value of 1.059 billion [1] - China Glass (600176) closed at 17.56, down 0.57% with a trading volume of 485,300 shares [1] - Other notable stocks include Zhongcai Technology (002080) at 36.39, up 2.22%, and Honghe Technology (603256) at 36.08, up 1.29% [1] Capital Flow - The glass and fiberglass sector saw a net inflow of 40.23 million from institutional investors, while retail investors contributed a net inflow of 13.7 million [2] - However, speculative funds experienced a net outflow of 178 million [2] Individual Stock Capital Flow - Jiuding New Materials had a net inflow of 3.09 billion from institutional investors, but a net outflow of 1.34 billion from speculative funds [3] - Zhongcai Technology saw a net inflow of 65.48 million from institutional investors, with a net outflow of 44.13 million from speculative funds [3] - International Composites had a net inflow of 33.60 million from institutional investors, while speculative funds experienced a net outflow of 31.69 million [3]

Market Overview - The glass and fiberglass sector experienced a decline of 3.39% on January 13, with Zaiseng Technology leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Individual Stock Performance - Zaiseng Technology (603601) closed at 13.18, down 9.97% with a trading volume of 940,400 shares and a transaction value of 1.253 billion [1] - Jiuding New Materials (002201) closed at 11.38, down 6.18% with a trading volume of 986,800 shares and a transaction value of 1.155 billion [1] - Honghe Technology (603256) closed at 35.62, down 5.82% with a trading volume of 187,100 shares and a transaction value of 686 million [1] - International Composite Materials (301526) closed at 6.99, down 5.67% with a trading volume of 1,150,000 shares and a transaction value of 817 million [1] - Jinjing Technology (600586) closed at 6.33, down 5.66% with a trading volume of 1,260,600 shares and a transaction value of 804 million [1] - Qibin Group (601636) closed at 6.16, down 3.60% with a trading volume of 618,200 shares and a transaction value of 385 million [1] - China National Materials (002080) closed at 35.60, down 3.26% with a trading volume of 485,700 shares and a transaction value of 1.757 billion [1] - Yaopi Glass (600819) closed at 8.60, down 3.15% with a trading volume of 128,900 shares and a transaction value of 112 million [1] - Changhai Co., Ltd. (300196) closed at 14.67, down 1.81% with a trading volume of 71,000 shares and a transaction value of 105 million [1] - Shandong Fiberglass (605006) closed at 7.17, down 1.38% with a trading volume of 96,500 shares and a transaction value of 7.01 million [1] Capital Flow Analysis - The glass and fiberglass sector saw a net outflow of 900.1 million from main funds, while retail investors had a net inflow of 922 million [1] - The table shows the capital flow for individual stocks, indicating varying levels of net inflow and outflow among different companies [2] - For instance, Jinjing Technology had a main fund net outflow of 42.96 million, while retail investors had a net outflow of 36.36 million [2] - Jiuding New Materials experienced a significant main fund net outflow of 75.36 million, with retail investors showing a net inflow of 127.1 million [2]

Market Performance - The glass and fiberglass sector increased by 0.71% on January 12, with Jinjing Technology leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Stock Performance - Jinjing Technology (600586) closed at 6.71, up 10.00% with a trading volume of 601,700 shares and a transaction value of 397 million [1] - Zaiseng Technology (603601) closed at 14.64, up 8.36% with a trading volume of 2,735,500 shares and a transaction value of 3.848 billion [1] - Other notable stocks include Jiuding New Materials (002201) at 12.13, up 4.30%, and Yaopi Glass (618009) at 8.88, up 3.62% [1] Capital Flow - The glass and fiberglass sector experienced a net outflow of 468 million from institutional investors, while retail investors saw a net inflow of 353 million [2] - The overall capital flow indicates that retail investors are more active in this sector compared to institutional investors [2] Individual Stock Capital Flow - Jinjing Technology had a net inflow of 156 million from institutional investors, but a net outflow of 79.41 million from speculative funds [3] - China Glass (600176) saw a net outflow of 16.75 million from institutional investors, while speculative funds had a net inflow of 27.23 million [3] - North Glass (002613) experienced a net outflow of 3.218 million from institutional investors, with a net inflow of 4.5235 million from retail investors [3]

Market Overview - The glass and fiberglass sector increased by 0.1% compared to the previous trading day, with Honghe Technology leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Stock Performance - Honghe Technology (603256) closed at 38.30, up 2.90% with a trading volume of 314,000 shares [1] - Yaopi Glass (618000) closed at 8.59, up 2.26% with a trading volume of 184,300 shares [1] - International Composites (301526) closed at 7.34, up 1.66% with a trading volume of 1,296,500 shares [1] - Other notable stocks include: - Jinjing Technology (600586) at 6.00, up 1.18% [1] - Qibin Group (601636) at 6.50, up 0.78% [1] - China Jushi (600176) at 17.55, up 0.23% [1] - Changhai Co. (300196) at 14.86, down 0.13% [1] - China National Materials (002080) at 36.75, down 0.54% [1] - South Glass A (000012) at 4.50, down 0.66% [1] - Shandong Fiberglass (605006) at 7.24, down 0.96% [1] Capital Flow - The glass and fiberglass sector experienced a net outflow of 405 million yuan from institutional investors, while retail investors saw a net inflow of 328 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Honghe Technology saw a net inflow of 93.91 million yuan from institutional investors, but a net outflow from retail investors [3] - International Composites had a net inflow of 75.76 million yuan from institutional investors, with significant outflows from retail investors [3] - Other stocks like Qibin Group and Yaopi Glass also showed varied capital flows, with institutional outflows and retail inflows [3]

证券代码：300196 证券简称：长海股份 公告编号：2026-001 债券代码：123091 债券简称：长海转债 江苏长海复合材料股份有限公司 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、完整，没有虚假 记载、误导性陈述或重大遗漏。 1、长海转债（债券代码：123091）转股期为 2021 年 6 月 29 日至 2026 年 12 月 22 日（如遇节假日，向后顺延）；最新有效的转股价格为 15.34 元/股。 2、2025 年第四季度，"长海转债"未发生转股。 3、截至 2025 年第四季度末，公司剩余可转换公司债券张数为 5,497,337 张，剩余 可转换公司债券票面总金额为人民币 549,733,700 元。 根据《深圳证券交易所创业板股票上市规则》和《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》的有关规定，江苏长海复合材料股份有限公司（以 下简称"公司"）现将 2025 年第四季度可转换公司债券（以下简称"可转债"）转股及 公司股份变动情况公告如下： 一、可转换公司债券上市发行情况 （一）可转换公司债券发行情 ...