Core Viewpoint - The report highlights that the evolution of AI computing hardware is driving structural growth opportunities in the PCB (Printed Circuit Board) industry, with significant demand for high-layer and HDI boards due to the increasing requirements of AI applications and high-performance computing [1][27]. Industry Overview - The global PCB market size is projected to grow from $62 billion in 2020 to $75 billion in 2024, with a compound annual growth rate (CAGR) of 4.9%. By 2029, the market is expected to reach $93.7 billion, with a CAGR of 4.6% from 2024 to 2029 [1][27]. - The AI and high-performance computing sectors are anticipated to see substantial growth, with the market size expected to reach $15 billion by 2029, reflecting a CAGR of 20.1% from 2024 to 2029 [1][27]. Demand Drivers - The demand for high-layer PCBs and HDI boards is rapidly increasing, driven by the need for high-frequency, low-signal loss, and high-heat dissipation performance in AI servers. The value of a single AI server PCB is significantly higher than that of traditional servers [1][27]. - The market for high-layer PCBs is projected to reach $171 billion by 2029, while the share of high-end HDI boards in the global HDI market is expected to rise from 47% in 2024 to 57% in 2029, with a market size of $9.6 billion [1][27]. Technological Advancements - AI server requirements are pushing PCB technology upgrades, necessitating the use of high-layer (14-30 layers) and low-loss materials. This includes the adoption of low roughness reverse (RTF) copper foil and very low loss materials to minimize signal distortion [1][27]. - The report emphasizes the importance of material upgrades, such as the transition from traditional fiberglass cloth to low dielectric constant Q cloth, to meet the evolving demands of high-frequency applications [1][27]. Company Strategies - Companies in the PCB sector are actively expanding their capabilities. For instance, companies like Huadian Co. are advancing high-end PCB production, while Shenghong Technology has the capacity for mass production of high-layer boards and HDI boards [1][27]. - Equipment manufacturers like Chip Microelectronics and Dazhu CNC are introducing laser equipment tailored for high-end PCB processing, while material suppliers like Honghe Technology and Feilihua are developing low-dielectric electronic fabrics and high-end copper foils [1][27].

Core Insights - The report emphasizes that the commercialization of AI applications is approaching a critical turning point, with a focus on domestic computing power and rapidly advancing application verticals [6][7][8] - The demand for AI applications is reflected in the significant increase in Tokens consumption, indicating a rapid expansion of AI application needs across various sectors such as AI programming, AI multimodal, AI advertising, AI education, and AI healthcare [7][8] - The report highlights the strong performance of the overseas computing power chain, with a 255% increase since April 9, 2025, while domestic computing power, particularly the Huawei chain, has seen a more modest increase of 71% [9] Market Performance - The Shanghai Composite Index closed at 3862.53, up 0.90%, while the Shenzhen Component Index rose by 2.05% to 13479.43 [3] - The performance of various industry indices shows that non-bank financials increased by 3.84%, and metals by 3.78%, while coal and oil sectors experienced declines [4] Industry Focus - The report identifies key investment opportunities in the domestic computing power and AI application sectors, particularly those related to Huawei's computing power and software chains, which are expected to yield favorable performance in the near term [9] - The AI application business model is transitioning from concept validation to revenue generation, with a clear need for established overseas business models to guide domestic market development [7][8]

Market Performance - The aviation equipment sector rose by 1.05% on September 29, with Filihua leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Individual Stock Performance - Filihua (300395) closed at 75.71, with a gain of 5.24% and a trading volume of 247,400 shares, amounting to a transaction value of 1.848 billion yuan [1] - Other notable performers included: - *ST Guanqu (688287): closed at 5.09, up 3.04% [1] - Hitec (002023): closed at 12.42, up 2.99% [1] - Guangqi Technology (002625): closed at 49.67, up 2.96% [1] - Aero Engine Corporation (600893): closed at 40.36, up 1.92% [1] Capital Flow Analysis - The aviation equipment sector experienced a net outflow of 170 million yuan from institutional investors, while retail investors saw a net inflow of 1.41 billion yuan [2][3] - Notable capital flows included: - Aero Engine Corporation (600893): net outflow of 61.49 million yuan from institutional investors [3] - Filihua (300395): net outflow of 12.83 million yuan from institutional investors [3] - Aviation Technology (688239): net inflow of 34.18 million yuan from retail investors [3]

Company Overview - Hubei Feilihua Quartz Glass Co., Ltd. is located at 68 Dongfang Avenue, Jingzhou, Hubei Province, and was established on January 22, 1999. The company was listed on September 10, 2014. Its main business involves the production and sales of high-performance quartz glass materials and products for various fields including optical communication, semiconductors, solar energy, and aerospace [1]. Financial Performance - As of September 29, Feilihua's stock price increased by 5.48%, reaching 75.88 CNY per share, with a trading volume of 1.139 billion CNY and a turnover rate of 3.00%. The total market capitalization stands at 39.63 billion CNY [1]. - The revenue composition of the company is as follows: quartz glass materials account for 70.80%, quartz glass products for 28.91%, and other revenues for 0.30% [1]. Fund Holdings - Dachen Fund has a significant holding in Feilihua, with its Dachen National Security Theme Flexible Allocation Mixed A Fund (002567) holding 64,800 shares, which represents 5.09% of the fund's net value, making it the fourth-largest holding. The fund reduced its position by 100 shares in the second quarter [2]. - The Dachen National Security Theme Flexible Allocation Mixed A Fund was established on May 4, 2016, with a current scale of 26.27 million CNY. Year-to-date, it has achieved a return of 14.99%, ranking 5145 out of 8244 in its category, while its one-year return is 4.38%, ranking 7468 out of 8080. Since inception, the fund has returned 59.6% [2]. Fund Management - The fund manager of Dachen National Security Theme Flexible Allocation Mixed A is Wang Shuai, who has been in the position for 3 years and 304 days. The total asset size of the fund is 1.894 billion CNY, with the best return during his tenure being 60.57% and the worst being -20.92% [3].

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][5]. Core Views - The report highlights that the management's decision to increase capital in the subsidiary Zhongyi New Material reflects confidence in the Q fabric development [3][8]. - The capital increase is expected to enhance Zhongyi New Material's capital strength and operational capabilities, aiding in business expansion and market competitiveness [8]. - Despite a dilution of the company's shareholding in Zhongyi New Material from 55.84% to 48.12%, the report indicates that this will not affect the consolidation scope of the financial statements [8]. Financial Summary - The projected EPS for the company for 2025, 2026, and 2027 are 1.16, 1.98, and 2.54 RMB respectively, with corresponding PE ratios of 66.0, 38.7, and 30.3 [5][7]. - The estimated revenue for 2025 is 2,318 million RMB, with a growth rate of 33.1%, and the EBITDA is projected to be 860 million RMB [7][9]. - The net profit attributable to the parent company is expected to be 608 million RMB in 2025, reflecting a growth rate of 93.4% [7][9]. Shareholder Information - The major shareholder, Deng Jiagui, holds 7.53% of the shares [2]. - The total market capitalization of the company is approximately 40,099.71 million RMB [2]. Market Performance - The stock has shown an absolute return of 112.2% year-to-date and a relative return of 78.9% compared to the Shenzhen Composite Index [2]. - The average daily trading volume over the past three months is 1,970.54 million RMB [2]. Valuation Metrics - The report provides a valuation with a projected PE ratio of 66.0 for 2025, decreasing to 30.3 by 2027, indicating a potential for growth [5][10]. - The projected dividend per share for 2025 is 0.3 RMB, with a dividend yield of 0.3% [7]. Conclusion - The report maintains a positive outlook on the company, emphasizing the management's confidence and the expected financial growth, while also noting the strategic capital increase in the subsidiary [3][8].

证券代码：300395 证券简称：菲利华 公告编号：2025-53 湖北菲利华石英玻璃股份有限公司 关于实际控制人部分股份质押的公告 一、股东股份质押的基本情况 注：①本公告中百分比计算结果采取四舍五入，保留两位小数，若出现总数与分项数值 之和不符的情况，均为四舍五入原因造成。 ②公司总股本 522,267,673 股，回购专户中的股份数为 1,688,050 股，扣除回购股份 数后公司总股本为 520,579,623 股。 二、股东股份累计被质押的情况 截至本公告披露日，公司实际控制人所持股份质押如下： | | | 持股比 | | | | 占公司总 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 例（剔 | 本次质押 | 本次质押 | 占其所 | 股本比例 | 已质押股份 | | 未质押 | 占未 | | 股东名 | 持股数量 | | | | | | | 占已质 | 股份限 | | | 称 | （股） | 除回购 | 前质押股 | 后质押数 | 持股份 | ...

Core Viewpoint - The company has announced its decision to waive its preferential subscription rights for a capital increase in its subsidiary, Jiangsu Zhongyi New Materials Co., Ltd., which will result in a decrease in its ownership stake from 55.8402% to 48.1150% [2] Group 1: Company Actions - The company will hold its 21st meeting of the 6th Board of Directors and the 21st meeting of the 6th Supervisory Board on September 25, 2025, to review the announcement regarding the waiver of subscription rights and related transactions [2] - The subsidiary plans to increase its registered capital from RMB 120.20 million to RMB 139.50 million, raising funds of RMB 60.79 million [2] - The increase in registered capital includes RMB 19.30 million, with the excess being allocated to capital reserves [2] Group 2: Ownership Changes - Following the capital increase, the company's shareholding in the subsidiary will decrease to 48.1150%, but this will not change the scope of the company's consolidated financial statements [2] - The capital increase will involve participation from related parties, including the actual controllers and board members of the company [2]

Core Viewpoint - The company, Feilihua (300395.SZ), announced a capital increase and share expansion for its subsidiary Zhongyi New Materials, raising registered capital from RMB 120.20 million to RMB 139.50 million, with funds raised amounting to RMB 60.80 million [1] Group 1: Capital Increase Details - The registered capital increase includes an additional RMB 19.30 million, with the excess being allocated to capital reserves [1] - The company will relinquish its preferential subscription rights in this capital increase, resulting in a decrease in its shareholding from 55.84% to 48.12% [1] Group 2: Subscription Contributions - Key stakeholders, including actual controllers and other investors, contributed a total of RMB 6.08 million for the new registered capital, with individual contributions detailed [2] - The subscription price for the new capital was set at RMB 3.15 per share, based on evaluations from an assessment agency and mutual agreement among the investors [2]

Core Viewpoint - The company, Feilihua (300395.SZ), announced a capital increase and share expansion for its subsidiary Zhongyi New Materials, raising registered capital from RMB 120.20 million to RMB 139.50 million, with a total fundraising of RMB 60.80 million [1] Group 1: Capital Increase Details - The registered capital increase includes RMB 19.30 million, with the excess amount being allocated to capital reserves [1] - The company will relinquish its preferential subscription rights in this capital increase, resulting in a decrease in its shareholding from 55.84% to 48.12% [1] - The capital increase will not affect the scope of the company's consolidated financial statements [1] Group 2: Contributions from Shareholders - Key shareholders, including actual controllers, contributed as follows: - Mr. Deng Jiagui: RMB 3.15 million for RMB 1 million of new registered capital - Mr. Wu Xueming: RMB 3.15 million for RMB 1 million of new registered capital - Mr. Shang Chunli: RMB 3.15 million for RMB 1 million of new registered capital - Ms. Lu Xiaohui: RMB 3.15 million for RMB 1 million of new registered capital - Other contributions include RMB 10.71 million from Jingzhou Yinghao Enterprise Management Consulting Partnership for RMB 3.40 million of new registered capital [2] - The capital increase was priced at RMB 3.15 per share based on evaluations from an assessment agency [2]

Group 1 - The company Philihua held its 21st meeting of the 6th board of directors on September 25, 2025, combining in-person and remote attendance [1] - The meeting reviewed the proposal regarding the waiver of the subsidiary's priority subscription rights for capital increase and related party transactions [1] Group 2 - On the anniversary of "9·24", the total market value of A-shares exceeded 116 trillion yuan, indicating significant changes in the Chinese capital market [1]