2月4日，国瓷材料大宗交易成交121.5万股，成交额3768.93万元，占当日总成交额的4.4%，成交价31.02元，较市场收盘价 31.02元持平。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交星 | 成交全额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2026-02-04 | 300285 | 国瓷材料 | 31.02 | 42.00 | 1,302.84财达证券股份有限 | 机构专用 | | | | | | | 公司深圳分公司 | | | 2026-02-04 | 300285 | 国瓷材料 | 31.02 | 79.50 | 2,466.09财达证券股份有限 | 中国银河证券股份 | | | | | | | 公司深圳分公司 | 有限公司北京安贞 | | | | | | | | 门证券营业部 | ...

2月3日，国瓷材料涨8.39%，成交额15.10亿元。两融数据显示，当日国瓷材料获融资买入额8693.83万 元，融资偿还1.17亿元，融资净买入-3045.14万元。截至2月3日，国瓷材料融资融券余额合计9.61亿 元。 融资方面，国瓷材料当日融资买入8693.83万元。当前融资余额9.58亿元，占流通市值的3.10%，融资余 额超过近一年90%分位水平，处于高位。 责任编辑：小浪快报 分红方面，国瓷材料A股上市后累计派现8.70亿元。近三年，累计派现3.98亿元。 机构持仓方面，截止2025年9月30日，国瓷材料十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持股5248.54万股，相比上期减少343.55万股。富国天惠成长混合(LOF)A/B（161005）位居第 五大流通股东，持股2200.00万股，持股数量较上期不变。易方达创业板ETF（159915）位居第七大流 通股东，持股1666.53万股，相比上期减少279.71万股。嘉实新兴产业股票（000751）位居第十大流通股 东，持股1245.00万股，相比上期减少125.91万股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发 ...

证券代码：300285 证券简称：国瓷材料 公告编号：2026-010 山东国瓷功能材料股份有限公司 关于首次实施回购公司股份暨股份回购进展的公告（更正后） 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 山东国瓷功能材料股份有限公司（以下简称"公司"）于2025年11月6日召开 第六届董事会第四次会议审议并通过了《关于回购公司股份方案的议案》，公司使 用自有和自筹资金以集中竞价交易的方式回购部分公司股份，用于股权激励计划或 员工持股计划。本次回购的资金总额不低于人民币10,000万元（含）且不超过人民 币20,000万元（含），回购价格不超过人民币30元/股（含）。回购股份的实施期限 自董事会审议通过本次回购股份方案之日起不超过12个月。本次回购股份事项在董 事会审批权限内，无须提交股东会审议。具体内容详见公司于2025年11月6日在巨 潮资讯网披露的相关公告。 （一）公司首次回购股份的时间、回购股份的数量、回购股份方式等符合公司 《回购股份报告书》的要求。 一、首次回购公司股份的具体情况 2026 年 1 月 30 日，公司首次实施了本次股份回购，根据《深圳证券 ...

一、首次回购公司股份的具体情况 证券代码：300285 证券简称：国瓷材料 公告编号：2026-009 山东国瓷功能材料股份有限公司 关于首次实施回购公司股份暨股份回购进展的更正公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 山东国瓷功能材料股份有限公司（以下简称"公司"）于2026年2月2日发布了 《山东国瓷功能材料股份有限公司关于首次实施回购公司股份暨股份回购进展的公 告》（公告编号：2026-008）。经事后核查发现原公告中部分内容需要更正，具体 更正内容如下： 更正前： 2026 年 1 月 31 日，公司首次实施了本次股份回购，根据《深圳证券交易所上 市公司自律监管指引第 9 号——回购股份》等法律法规和规范性文件的规定，公司 应当在首次回购股份事实发生的次日予以公告。现将相关情况公告如下： 除上述更正内容外，其他内容不变，更正后的公告见于巨潮资讯网上披露的 《关于首次实施回购公司股份暨股份回购进展的公告（更正后）》。由此给投资者 造成的不便，公司深表歉意，今后公司将进一步加强信息披露的审核工作，提高信 息披露质量，保护投资者合法权益。 特此公告！ ...

格隆汇2月2日丨国瓷材料(300285.SZ)公布，2026年1月31日，公司首次通过回购专用证券账户以集中竞 价交易方式回购公司股份333,800股，占公司总股本的比例为0.0335%，最高成交价为29.98元/股，最低 成交价为29.91元/股，成交总金额为9,998,037.96元（不含交易费用）。本次回购符合公司既定的回购股 份方案及相关法律法规的要求。 ...

证券代码：300285 证券简称：国瓷材料 公告编号：2026-007 山东国瓷功能材料股份有限公司 关于公司第一大股东、实际控制人股权新质押及解除质押的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 山东国瓷功能材料股份有限公司（以下简称"公司"或"国瓷材料"）于 近日收到公司第一大股东、实际控制人张曦先生的通知，获悉张曦先生将其持 有的部分国瓷材料股份办理了股份新质押及解除质押的相关业务。具体情况如 下： 一、本次股份新质押及解除质押的基本情况 1、股份新质押 | 股东 | 是否为公司第 一大股东或实 | 本次质押数 | 占其所持股 | 占公司总股 | 是否为 | 是否为补 | 质押开始日 | 质押到期日 | 质权人 | 用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 际控制人 | 量（股） | 份比例 | 本比例 | 限售股 | 充质押 | | | | | | 张曦 | 是 | 1,000,000 | 0.654% | 0.100% | 否 | ...

证券代码：300285 证券简称：国瓷材料 公告编号：2026-008 山东国瓷功能材料股份有限公司 关于首次实施回购公司股份暨股份回购进展的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 山东国瓷功能材料股份有限公司（以下简称"公司"）于2025年11月6日召开 第六届董事会第四次会议审议并通过了《关于回购公司股份方案的议案》，公司使 用自有和自筹资金以集中竞价交易的方式回购部分公司股份，用于股权激励计划或 员工持股计划。本次回购的资金总额不低于人民币10,000万元（含）且不超过人民 币20,000万元（含），回购价格不超过人民币30元/股（含）。回购股份的实施期限 自董事会审议通过本次回购股份方案之日起不超过12个月。本次回购股份事项在董 事会审批权限内，无须提交股东会审议。具体内容详见公司于2025年11月6日在巨 潮资讯网披露的相关公告。 一、首次回购公司股份的具体情况 （一）公司首次回购股份的时间、回购股份的数量、回购股份方式等符合公司 《回购股份报告书》的要求。 （二）公司首次回购股份的时间、回购股份数量、回购股份价格及集中竞价交 易的委托时段符 ...

国瓷材料 20260201 摘要 国瓷材料作为全球重要的 MLCC 陶瓷粉体供应商，已突破技术垄断，实 现高端 MLCC 粉体量产，受益于新能源汽车、AI 服务器等领域需求增长， 预计未来几年将进入黄金发展期。2025 年上半年，公司电子材料板块 毛利率为 32.97%。 受益于国六/欧七排放标准，尾气催化材料需求大增，国产替代机会显现。 国瓷材料在商用车渗透率提升，并开始在乘用车放量，有望在国产替代 中表现出色。2025 年上半年，公司催化板块毛利率为 41.8%。 国瓷材料通过外延并购布局生物医疗全产业链，受益于国内种植牙市场 成长空间，同时布局高端齿科设备，向一体化方向发展。2025 年上半 年生物医疗板块营收占比 52.18%，长期来看具有较大增长潜力。 精密陶瓷业务包括新能源汽车和低轨卫星应用，如特斯拉使用的轴承球 和低轨卫星芯片封装管壳，市场快速增长。2025 年上半年精密陶瓷板 块营收 2.13 亿元，同比增长 39.8%。 国瓷材料积极布局固态电解质和球硅材料等前沿领域，为下一代高频高 速覆铜板做储备，不断扩充新材料平台，有望成为新的增长点。同时， 公司 2025 年前三季度研发费用达 2.2 ...

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2] Core Insights - The dye industry is expected to experience an upward trend that may exceed market expectations, with price increases for various types of dyes ranging from 1,000 to 3,000 RMB. Key companies to watch include Zhejiang Longsheng, Runtu Co., Jinchicken Co., and Jihua Group [2] - The PVC industry is accelerating its transition to mercury-free production, leading to the exit of small and medium-sized capacities. The price of PVC is anticipated to have upward recovery potential due to supply contraction and stable demand expectations. Companies to focus on include Xinjiang Tianye, Junzheng Group, Ordos, and Beiyuan Group [2] - The commercial aerospace sector is witnessing significant catalysts, with SpaceX planning to deploy up to 1 million satellites for large-scale AI inference and data centers, indicating a competitive acceleration in global space resources [2] Industry Dynamics - Current macroeconomic judgment indicates that oil prices are expected to remain in a relatively loose range, with Brent crude projected between 55-70 USD per barrel. Coal prices are stabilizing, and natural gas costs are expected to decline as the U.S. accelerates its export facility construction [3][5] - The chemical sector is experiencing a recovery in PPI, with a year-on-year decrease of -1.9% and a month-on-month increase of +0.2%. The manufacturing PMI for January recorded 49.3%, indicating some volatility in manufacturing operations [5] Investment Analysis - The report suggests a diversified investment strategy across four main areas: 1. Textile and apparel chain, with a focus on companies like Luxi Chemical and Tongkun Co. 2. Agricultural chemicals, with companies such as Hailir and Yunnan Yuntianhua highlighted. 3. Export-related chemical products, particularly in fluorine chemicals and MDI, with companies like Juhua and Wanhua Chemical recommended. 4. Companies benefiting from "anti-involution" policies, such as Biyuan Chemical and Xuefeng Technology [2] - Key materials for growth include semiconductor materials, panel materials, and lithium battery materials, with companies like Yake Technology and Xinhuan Technology noted for their potential [2] Company Valuation - Selected companies in the agricultural chemicals sector include: - Hailir: "Increase" rating, market cap of 49.96 billion RMB, projected net profit of 4.45 billion RMB for 2026 [18] - Yangnong Chemical: "Buy" rating, market cap of 325.88 billion RMB, projected net profit of 19.26 billion RMB for 2027 [18] - In the fertilizer and chlor-alkali sector, companies like Yuntianhua and Xingfa Group are also rated "Increase" with significant market caps and projected profits [18]

Group 1: ON RRP Liquidity Management - The report introduces the ON RRP (Overnight Reverse Repurchase Agreement) tool, which is a mechanism used by the Federal Reserve to manage liquidity by selling securities to qualified counterparties and agreeing to repurchase them the next day [3] - Since its introduction in 2013, ON RRP has played a crucial role in maintaining the minimum interest rate level in the market during periods of excess liquidity, with its scale growing from hundreds of billions to over $2.5 trillion at its peak in 2022 [4] - The report discusses the potential for a similar tool in China, suggesting that while the need for such a mechanism is not strong due to the current liquidity conditions, it could serve as a supplement to existing interest rate corridor mechanisms [4] Group 2: DingTong Technology - DingTong Technology forecasts a revenue of approximately 1.593 billion yuan for 2025, representing a year-on-year growth of about 54.37%, and a net profit of 242 million yuan, up 119.59% [6][8] - The growth is attributed to the rapid increase in demand for high-speed optical modules and the penetration of liquid cooling technologies, indicating a dual increase in both volume and price [6][8] - The company’s product range includes high-speed connectors used in data centers and communication devices, with significant upgrades in transmission speeds from 56G to 112G and 224G [8] Group 3: GuoCi Materials - GuoCi Materials is a leading manufacturer of MLCC (Multi-Layer Ceramic Capacitor) materials, with expected revenue from this segment to reach 624 million yuan in 2024, driven by demand from the automotive, AI, and robotics sectors [12][13] - The catalytic materials segment is poised for growth due to upgraded emission standards, with projected revenue of 787 million yuan in 2024, benefiting from domestic substitution opportunities [14] - The precision ceramics segment is also expanding, with expected revenue of 351 million yuan in 2024, supported by the increasing demand for low-orbit satellite applications [15] Group 4: Core Insights on KeRui International - KeRui International's traditional offline business is performing well, with a significant increase in flexible staffing and high-end talent recruitment, showing a revenue growth of 29.31% in the first half of 2025 [19] - The HeWa platform has seen substantial growth, with operational positions reaching 46,700 and a 73% increase in offer generation year-on-year [20] - The Mira Agent, an AI-driven recruitment tool, has streamlined the talent matching process, reducing the time from two days to a few minutes, enhancing operational efficiency [21]