湖北菲利华石英玻璃股份有限公司 关于公司重大诉讼的进展公告 证券代码：300395 证券简称：菲利华 公告编号：2026-01 详见公司于2023 年7 月3 日刊登在巨潮资讯网（http://www.cninfo.com.cn）上的《关于公 司重大诉讼的进展公告》（公告编号：2023-42）。上诉期内，公司、自然人陈宜平、武汉 鑫友泰光电科技有限公司、自然人肖正发均上诉至最高人民法院，公司于2023 年11 月收 到最高人民法院作出的（2023）最高法知民终2467 号《上诉案件受理通知书》，最高人 民法院正式受理本案件。具体详见公司于2023 年7 月20 日、2023 年11 月21 日刊登在巨 潮资讯网（http://www.cninfo.com.cn）上的《关于公司重大诉讼的进展公告》（公告编号： 2023-43、2023-66）。 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。 重要内容提示： 1. 案件所处的诉讼阶段：二审已判决 2. 公司所处的当事人地位：一审原告，上诉人； 3. 涉案的金额：根据中华人民共和国最高人民法院出具的（2023）最高 ...

Core Insights - The report emphasizes the positive outlook for domestic demand, which is expected to drive the development of new productive forces, as highlighted by the national financial work conference held on December 27-28, 2025 [5][13] - The aerospace sector continues to show high prosperity, with the China Aerospace Science and Technology Corporation achieving a record 73 space launch missions in 2025 [5][14] - The report recommends focusing on companies that align with the "S-curve" evolution, emphasizing supply chain reform, maintenance volume, and trends towards automation and intelligence [5][15] Industry Overview - The defense and aerospace industry is experiencing a significant increase in investment, with a focus on new productive forces and comprehensive human development [5][13] - The report notes the successful IPO acceptance of Blue Arrow Aerospace, which aims to raise 7.5 billion CNY, indicating strong market interest in commercial aerospace ventures [5][14] - The report identifies three key cycles within the industry: the evolution of the "S-curve," expansion of the "S-curve," and a new cycle focusing on emerging industries such as commercial aerospace, AI, and quantum computing [5][15] Company Recommendations - Recommended companies include: - **Aero Engine Corporation of China** (航发动力): Benefiting from high-end aviation equipment production and potential for domestic engine replacement in the civil aviation market [5][21] - **AVIC Xi'an Aircraft Industry Group** (中航西飞): A major manufacturer of military and civil aircraft, expected to benefit from modernization and military trade opportunities [5][22] - **China Power** (中国动力): Positioned to benefit from the recovery of the shipbuilding industry and the transition to dual-fuel engines [5][26] - **Aero Engine Control** (航发控制): Engaged in the production of control systems for military and civil aviation engines, with a strong competitive position [5][21] - **Ziguang Guowei** (紫光国微): Focused on the semiconductor industry with a strong emphasis on domestic market growth and AI integration [5][18] Financial Analysis - The report provides detailed financial metrics for key companies, including expected earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE) for 2025 and 2026 [6] - For example, **航发动力** is projected to have an EPS of 0.34 CNY in 2026 with a PE ratio of 117.74 [6] - **中航重机** is expected to achieve a net profit of 11.21 billion CNY in 2025, with a dynamic PE ratio of approximately 28X [5][24] Market Performance - The report notes that the China Securities Military Industry Index has shown a weekly increase of 2.90%, outperforming major indices such as the Shanghai Composite and Shenzhen Component [5][34] - Year-to-date, the military industry index has increased by 42.34%, indicating strong market performance relative to other sectors [5][34]

Summary of the Conference Call on Synthetic Quartz for Photomasks Industry Overview - The synthetic quartz material for photomasks has a limited annual demand of less than 200 tons, with domestic prices around 350-400 RMB per kilogram and imported prices exceeding 1,000 RMB per kilogram. Major suppliers include Japan's Shin-Etsu, South Korea's SS, and IGC [1][2] - Domestic advanced process synthetic quartz materials are heavily reliant on imports, with foreign total production capacity around 20,000 tons, 40% of which is supplied to China. Domestic ordinary process capacity is about 2,000 tons, mainly provided by companies like Fihua and Changfei [1][3] Key Points and Arguments - The price of synthetic quartz materials has risen due to strong downstream demand, particularly for blank masks. The domestic advanced process still depends on Japanese and Korean imports, which has contributed to the price increase [1][5] - Current domestic prices for synthetic quartz materials are stable at 350-400 RMB per kilogram, but prices for high-end processes are expected to continue rising due to ongoing reliance on imports [1][8] - In the overseas market, prices for synthetic quartz materials used in advanced processes (28nm and below) are currently over 1,000 RMB per kilogram and are expected to continue rising due to strong demand [1][9] Production and Supply Chain Insights - Domestic companies like Fihua and Changfei are pushing for localization but face challenges in mass production and customer validation. Short-term reliance on foreign suppliers is expected to continue [1][11] - New Moon Company plans to add 8,000 tons of capacity in China, expected to be operational by the second half of 2026, which may impact the market but will not immediately change the competitive landscape dominated by foreign suppliers [1][13] - The production process for synthetic quartz substrates involves chemical vapor deposition (CVD) or silicon oxide deposition, which requires high purity and advanced technology [1][6] Challenges and Market Dynamics - Domestic production is limited by the inability to produce high-purity synthetic sand, which is a significant bottleneck. If this issue is resolved, the transition from synthetic sand to final products would not face technical barriers [1][28] - The market is currently characterized by a B2B sales model with minimal involvement of intermediaries, and companies typically maintain a safety stock of around three months [1][15][16] - The domestic market's demand for natural quartz products is approximately 80%, while synthetic quartz products account for about 20%. The demand for synthetic quartz is expected to increase significantly with advancements in semiconductor processes [1][23] Future Outlook - The profit margins for synthetic quartz materials are relatively high, estimated between 50% to 60%, while mature process products have lower margins of about 30% to 40% [1][25] - The overall market demand for synthetic quartz materials is growing, with current production capacity insufficient to meet future needs, which could reach 16,000 tons [1][24] - The enhancement of domestic production capabilities is a strategic goal, but achieving significant localization will take time and may not immediately alter the existing supply-demand dynamics [1][14]

长江证券承销保荐有限公司 关于湖北菲利华石英玻璃股份有限公司 持续督导期间现场培训工作报告 长江证券承销保荐有限公司（以下简称"本保荐机构"或"长江保荐"）作为湖 北菲利华石英玻璃股份有限公司（以下简称"菲利华"或"公司"）以简易程序向特 定对象发行股票的保荐机构，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》等法律法规的规定，对 菲利华进行了 2025 年度持续督导培训，现将培训情况报告如下： 一、培训人员 本保荐机构指派专业人员负责本次培训工作。 二、培训对象 本次培训中，菲利华接受培训的人员为：公司董事、高级管理人员、证券事 务代表、公司控股股东、实际控制人等相关人员。 三、培训时间和地点 本次现场培训工作于 2025 年 12 月 24 日实施，培训地点为湖北省荆州市东 方大道 68 号菲利华会议室以现场会议与视频会议相结合的方式进行。 公司及培训对象能够按照规定积极参与、配合长江保荐的培训工作，参加培 训并仔细学习了课件。本次培训加强了公司董事、高级管理人员、证券事务代表、 公司控股股东、实际控制人等人员对上市公司信息披露及募集资金管理的理解， ...

Core Viewpoint - The defense and military industry experienced a significant increase of 2.13% on December 31, with a net inflow of 6.058 billion yuan in main funds, indicating strong investor interest in this sector [1][2]. Group 1: Market Performance - The Shanghai Composite Index rose by 0.09% on December 31, with 15 out of the 28 sectors showing gains, led by the defense and military industry and media, which increased by 2.13% and 1.54% respectively [1]. - The sectors that faced declines included telecommunications and agriculture, with decreases of 1.35% and 1.10% respectively [1]. Group 2: Fund Flow Analysis - The defense and military industry had a total of 138 stocks, with 112 stocks rising and 10 hitting the daily limit up, while 23 stocks fell and 2 hit the daily limit down [2]. - The top three stocks with the highest net inflow in the defense and military sector were Aerospace Electronics with 2.095 billion yuan, followed by China Satellite with 1.865 billion yuan, and Beidou Navigation with 691 million yuan [2]. - Conversely, the top three stocks with the highest net outflow were Feilihua with 673 million yuan, China Satellite Communications with 280 million yuan, and Huafeng Technology with 238 million yuan [4]. Group 3: Individual Stock Performance - The top gainers in the defense and military sector included Aerospace Electronics, China Satellite, and Beidou Navigation, all achieving a daily increase of 10% [2]. - The stocks with the largest outflows included Feilihua, which decreased by 3.84%, and China Satellite Communications, which increased by 10.01% despite the outflow [4].

Investment Rating - The report maintains a positive outlook on the defense and military industry, suggesting an "Overweight" rating due to anticipated growth and investment opportunities in the sector [4][25]. Core Insights - The defense and military sector is entering a recovery phase, with expectations of improved order delivery and performance in the fourth quarter of 2025. The "14th Five-Year Plan" is expected to drive significant growth in military orders from sporadic to more consistent patterns [4][20]. - Geopolitical uncertainties are increasing demand for consumable weapons and military trade, presenting substantial investment opportunities. Key areas of focus include new main battle equipment, consumable weapons, military trade, and military intelligence [4][20]. - The report highlights the recent surge in the defense and military index, which rose by 6%, outperforming major indices such as the Shanghai Composite and the ChiNext [5][11]. Market Review - The defense and military index increased by 6%, while the military leader index rose by 5.12%. In comparison, the Shanghai Composite Index increased by 1.88%, and the CSI 300 Index rose by 1.95% [5][11]. - The report notes that the average increase for the civil-military integration index was 8.45%, indicating strong performance in this segment [5][11]. - Top-performing stocks in the defense sector included Shenjian Co. (61.2%), Aerospace Engineering (43.39%), and China Satellite (36.24%) [5][11]. Valuation Changes - The current PE-TTM for the defense sector is 88.65, placing it in the upper range historically, with a valuation percentile of 72.84% since January 2014 and 98.82% since January 2019 [12][19]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][19]. Key Investment Targets - Recommended stocks include high-end combat capabilities such as AVIC Shenyang Aircraft (600316.SH) and AVIC Xi'an Aircraft (600767.SH), as well as new quality combat capabilities like Unigroup Guowei (002049.SZ) and Chengdu Huami (688709.SH) [4][19].

Core Viewpoint - The company, Feilihua (300395.SZ), currently does not engage in the robotics sector and focuses on high-performance quartz glass materials and products essential for various high-tech industries [1] Group 1: Company Overview - Feilihua specializes in the development of gas-fused quartz glass, synthetic quartz glass, electric-fused quartz glass, and quartz glass fiber products [1] - The main products include quartz glass ingots, tubes, rods, plates, sheets, quartz glass devices, quartz glass fiber series products, and composite materials based on quartz glass fiber [1] Group 2: Industry Contribution - The company aims to support the rise of China's semiconductor, aerospace, optical, electronic circuit manufacturing, photovoltaic, and optical communication sectors [1] - Feilihua's mission is to contribute to the development of high-tech industries in China, particularly in semiconductor and aerospace fields [1]

Core Viewpoint - The company has established stable partnerships with renowned global copper-clad laminate manufacturers since the development of quartz electronic cloth in 2017, and its ultra-thin quartz electronic cloth products are currently undergoing small batch testing and certification by end customers [1] Group 1 - The company has been developing quartz electronic cloth since 2017 [1] - The company has successfully opened up a number of high-quality global copper-clad laminate manufacturer clients [1] - The company has established stable cooperation with internationally recognized downstream enterprises [1] Group 2 - The ultra-thin quartz electronic cloth products are in the stage of small batch testing at client sites [1] - The products are also undergoing certification processes with end customers [1]

Core Insights - The commercial aerospace sector has gained significant attention in the capital markets and investment research circles, with a surge in related reports and conference calls in the past week [1][2] - Analysts from various sectors, including telecommunications, computing, and machinery, are increasingly crossing over to study commercial aerospace, indicating a shift in focus from traditional defense and military analysis [2][3] - A total of 14 commercial aerospace-related companies have been investigated by institutions this month, with some companies receiving attention from over 50 institutions [5] Group 1: Research and Reports - There has been an explosion of deep-dive reports and conference calls focused on commercial aerospace, with 26 themed calls held in the past week, some attracting over 500 participants [3][2] - Notable reports include those from Zhongyou Securities and Guotai Junan, covering topics such as the evolution of space computing and investment perspectives in the new phase of commercial aerospace [2][3] - The research community is actively exploring the commercial aerospace supply chain, with multiple firms releasing series of reports on various aspects of the industry [3] Group 2: Institutional Interest - Institutions have shown heightened interest in commercial aerospace stocks, with 14 companies being targeted for research, including Guanglian Aviation and Chaojie Co., which have received significant institutional attention [5][6] - Guanglian Aviation has engaged in partnerships to integrate into the regional aerospace ecosystem, while Chaojie Co. focuses on manufacturing components for commercial rockets [5] Group 3: Investment Opportunities - Analysts believe that the commercial aerospace industry is at a historic development turning point, with some institutions suggesting that its status as an investment mainline may be confirmed [6][8] - The recent policy changes, such as the Shanghai Stock Exchange's guidelines for commercial rocket companies, are expected to further stimulate the industry [7] - Key investment areas identified include the commercial rocket supply chain and satellite manufacturing, which are anticipated to benefit from increased launch demand and technological advancements [7][8]

Investment Rating - The report highlights a positive outlook for the Q fabric market, suggesting it has the potential to become a mainstream material with increased supply capacity and market confidence [2][12]. Core Insights - The Q fabric market is gaining attention, with companies like Lite-On Optoelectronics investing in the sector to create an integrated advantage in sand mining, rod production, weaving, and more. The M9+Q fabric is identified as the most proactive material solution, while M9+ second-generation and 2.5 generation fabrics represent a more conservative approach. The Q fabric's low expansion and dielectric properties are emphasized as key advantages [2][12]. - The report suggests that the bottleneck for Q fabric lies in downstream processing difficulties, particularly in PCB upgrades, while upstream issues in silk and fabric production are being addressed by companies like Fihua and China National Materials [2][12]. - The report encourages a rational view of new entrants in the Q fabric market, emphasizing the need for upstream and downstream participants to enhance industry connectivity and penetration rates [2][12]. Summary by Sections Weekly Discussion - The Q fabric market is highlighted as a focal point, with significant investments and technological advancements expected to drive its adoption [2][12]. - The report discusses the importance of evaluating companies based on raw material advantages, technological capabilities, customer resources, and equipment strengths [2][12]. Market Performance - The report notes that the cement market is experiencing a decline in average prices, with a national average of 354 RMB/t, down 67 RMB/t year-on-year and 1 RMB/t month-on-month. The average shipment rate is 41.4%, reflecting a slight decrease [4][14]. - The glass market shows a slight decline in prices, with the average price for float glass at 1140.08 RMB/ton, down 11.32 RMB/ton, and an increase in inventory days [4][14]. - The concrete mixing station's capacity utilization is reported at 7.33%, indicating a decrease [4][14]. Price Changes - The report details that the national cement price remains stable, with fluctuations observed in specific regions. The average shipment rate has decreased by approximately 1 percentage point [24][25]. - The float glass market is experiencing a slight downward trend in prices, with increased inventory levels noted [34][35]. - The report indicates that the electronic fabric market is stable, with prices for 2400tex non-alkali yarn remaining steady [56][58].