以下文章来源于格隆汇交易学苑 ，作者格隆汇小编 格隆汇交易学苑 . 以基本面为基础，专注于趋势交易 作者 | 格隆汇小编 数据支持 | 勾股 大数 据（www.gogudata.com） 美伊冲突的升级，直接把霍尔木兹海峡这条全球能源的咽喉要道，推到了风口浪尖 ， 布伦特原油价格 月内已 从 70 多美元一路冲到了 100 美元以上。 你可能会说，不就是油价涨了 些 吗？跟半导体有啥关系？ 这次的冲击，远不止是加油站的油价上调那么简单，它正在顺着全球供应链，一路传导 到千里之外的芯片工厂里。 日韩的石油进口， 大部分 都要依赖中东，而这两个国家，恰恰是全球半导体材料的 " 霸 主 " 。 日本掌控着全球高端光刻胶产能，韩国则 占据 存储芯片市场 的重要地位 ，他们的上游 化工原材料，几乎全靠霍尔木兹海峡运进来的原油加工而来。 当前海峡局势的变动自然也将影响原材料的供给，事实上， 这已经不是第一次地缘冲突冲击半导体供应链了。 | 2022 | 年俄乌冲突的时候，氖气价格 | | --- | --- | | 的 | 暴涨，就让全球芯片厂慌了神。 | 但这一次，冲击的范围更广，从能源到核心辅料，几乎戳中了日韩半导体 ...

证券代码：300666 证券简称：江丰电子 公告编号：2026-019 宁波江丰电子材料股份有限公司 关于向特定对象发行股票提交募集说明书（注册稿） 等申请文件的提示性公告 宁波江丰电子材料股份有限公司董事会 宁波江丰电子材料股份有限公司（以下简称"公司"）向特定对象发行股票 事项已于 2026 年 3 月 18 日获得深圳证券交易所上市审核中心审核通过，具体内 容详见公司 2026 年 3 月 19 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于 向特定对象发行股票申请获得深圳证券交易所上市审核中心审核通过的公告》 （公告编号：2026-018）。 根据公司实际情况及相关审核要求，公司会同相关中介机构对募集说明书等 申请文件内容进行了更新和修订。具体内容详见公司同日在巨潮资讯网 （www.cninfo.com.cn）披露的《向特定对象发行股票并在创业板上市募集说明书 （注册稿）》等相关文件。 2026 年 3 月 20 日 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。 特此公告。 公司本次向特定对象发行股票事项尚需获得中国证券监督管理委员 ...

国泰海通证券股份有限公司 关于 宁波江丰电子材料股份有限公司 2025年度向特定对象发行A股股票 之 上市保荐书（注册稿） 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二〇二六年三月 深圳证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"或"保荐 机构"）接受宁波江丰电子材料股份有限公司（以下简称"江丰电子"、"公司" 或"发行人"）的委托，担任江丰电子本次向特定对象发行 A 股股票的保荐人。 国泰海通及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证券发行 注册管理办法》（以下简称"《注册管理办法》"）、《证券发行上市保荐业务 管理办法》（以下简称"《保荐管理办法》"）等法律法规和中国证券监督管理 委员会（以下简称"中国证监会"）、深圳证券交易所（以下简称"深交所"） 的有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规 范和道德准则出具本上市保荐书，并保证本上市保荐书的真实性、准确性和完整 性。 本上市保荐书中如无特别说明，相关用语具有与《宁波江丰电子材料 ...

证券简称：江丰电子 证券代码：300666 宁波江丰电子材料股份有限公司 （浙江省余姚市经济开发区名邦科技工业园区安山路） 向特定对象发行股票并在创业板上市 募集说明书 （注册稿） 二〇二六年三月 宁波江丰电子材料股份有限公司 募集说明书 声 明 本公司及全体董事、高级管理人员承诺募集说明书及其他信息披露资料不存 在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担 相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证 募集说明书中财务会计报告真实、完整。 保荐机构（主承销商） 重大事项提示 本公司提请投资者仔细阅读本募集说明书"第六节 与本次发行相关的风险 因素"，并特别注意以下风险： 一、募集资金用于拓展新产品的风险 本次募投项目中，"年产 5,100 个集成电路设备用静电吸盘产业化项目"系 公司基于现有超高纯靶材业务及精密零部件业务所拓展的新产品。目前，该项目 的产线投建、产品研制、客户验证及销售等均处于相对早期阶段，若公司最终无 法顺利建设静电吸盘生产线并实现量产，或该项目产出的静电吸盘产品无法及时 通过下游客户评价认证、受技术迭代影响市场需求或单价下 ...

国泰海通证券股份有限公司 之 发行保荐书（注册稿） 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二〇二六年三月 宁波江丰电子材料股份有限公司 发行保荐书 关于 宁波江丰电子材料股份有限公司 2025年度向特定对象发行A股股票 国泰海通证券股份有限公司 关于宁波江丰电子材料股份有限公司 2025 年度向特定对象发行 A 股股票之发行保荐书 深圳证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"或"本保 荐人"）接受宁波江丰电子材料股份有限公司（以下简称"江丰电子"、"公司" 或"发行人"）的委托，担任江丰电子本次向特定对象发行 A 股股票的保荐人。 国泰海通及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证券发 行注册管理办法》（以下简称"《注册管理办法》"）、《证券发行上市保荐业务管 理办法》（以下简称"《保荐管理办法》"）等法律法规和中国证券监督管理委员 会（以下简称"中国证监会"）、深圳证券交易所（以下简称"深交所"）的有关 规定，诚实守信，勤勉尽责，严格按照依法制订的业务 ...

证券代码：300666 证券简称：江丰电子 公告编号：2026-018 宁波江丰电子材料股份有限公司 关于向特定对象发行股票申请获得深圳证券交易所上市审 核中心审核通过的公告 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。 宁波江丰电子材料股份有限公司董事会 2026 年 3 月 19 日 宁波江丰电子材料股份有限公司（以下简称"公司"）于 2026 年 3 月 18 日收到深圳证券交易所（以下简称"深交所"）上市审核中心出具的《关于宁 波江丰电子材料股份有限公司申请向特定对象发行股票的审核中心意见告知 函》，深交所发行上市审核机构对公司向特定对象发行股票的申请文件进行了 审核，认为公司符合发行条件、上市条件和信息披露要求，后续深交所将按规 定报中国证券监督管理委员会（以下简称"中国证监会"）履行相关注册程序。 公司本次向特定对象发行股票事项尚需获得中国证监会同意注册后方可实 施，最终能否获得中国证监会作出同意注册的决定及其时间尚存在不确定性。 公司将根据该事项进展情况及时履行信息披露义务，敬请广大投资者谨慎 决策，注意投资风险。 特此公告。 ...

Core Insights - The report highlights the continuous improvement in the multi-metal reserves of the company, with a significant increase in gold, silver, lead, zinc, and copper reserves, indicating a stable upward cycle in performance [6][7][9] - The company achieved a revenue of 171 billion yuan in 2025, representing a year-on-year growth of 25.9%, and a net profit of 29.7 billion yuan, up 36.7% from the previous year [6][8] - The production cost advantage for gold has been further strengthened, with the company maintaining a position among the top 10 globally in terms of all-in sustaining costs [9][10] Company Performance - The company reported a basic earnings per share (EPS) of 1.1 yuan for 2025, reflecting a growth of 36.8% year-on-year [6] - The total gold resources held by the company reached 280.94 tons by the end of 2025, with a year-on-year increase of 1.3% [7] - The company’s cash dividend distribution plan for 2025 includes a payout of 4.8 yuan per 10 shares, totaling 1.332 billion yuan, with a dividend payout ratio of 44.82% [10] Industry Outlook - The multi-metal revenue growth is driven by rising prices of gold, silver, and lead, despite a decrease in production volumes for some metals [8][9] - The company anticipates a significant increase in gold production capacity by 2028, projecting an output of over 18 tons, which is a 137% increase compared to 2025 [9] - The report indicates a favorable outlook for the multi-metal industry, with expectations of continued demand and price increases due to global economic conditions [11]

Core Viewpoint - Ningbo, despite its low profile compared to other cities, is a manufacturing powerhouse with a strong foundation in specialized manufacturing, evidenced by its status as the city with the highest number of national manufacturing champions for eight consecutive years [8][9]. Group 1: Manufacturing Strength - Ningbo has the largest port in the world, Ningbo-Zhoushan Port, with a cargo throughput exceeding 1.4 billion tons last year, ranking first globally for 15 years [7]. - The city's GDP reached 1.6 trillion yuan, ranking 12th among Chinese cities and second in Zhejiang province [7]. - Ningbo is home to 11 companies listed in the Hurun China 500, ranking 10th among all cities [7]. - The number of high-tech enterprises in Ningbo exceeds 10,000, maintaining the highest growth rate in Zhejiang for four consecutive years [7]. Group 2: Specialized Manufacturing Champions - Ningbo has a significant number of national manufacturing champions, which are defined as companies that focus on specific manufacturing sectors with advanced technology and a leading market share globally [8]. - These champions play a crucial role in the global supply chain, often operating in niche markets that are not widely recognized but are essential for various industries [9][17]. Group 3: Innovation and R&D - Over 90% of R&D platforms, talent, and investment in Ningbo come from enterprises, with more than 80% of invention patents generated by these companies [25]. - The local government supports innovation through platforms like the Yongjiang Laboratory and various industry funds to enhance competitiveness [26][31]. Group 4: Industrial Ecosystem and Collaboration - Ningbo's industrial clusters provide a complete local supply chain, which reduces R&D and production costs, fostering deep specialization in key technologies [23]. - The collaboration among leading enterprises drives the transformation and upgrading of local industries, with many companies acting as "chain masters" to support smaller firms [24]. Group 5: Challenges and Future Plans - Ningbo faces structural challenges with a lack of large-scale leading enterprises, which limits its ability to compete with other major cities in the Yangtze River Delta [38]. - The local government aims to develop a "361" modern industrial system by 2027, targeting three trillion-level industrial clusters and six hundred billion-level clusters [34]. - Efforts are underway to attract leading enterprises and enhance the robotics industry, with several local companies already recognized among the top in China for robotics components [39][40].

Investment Rating - The report maintains a "Recommended" rating for Jiangfeng Electronics, indicating a positive outlook for the company's stock performance relative to market benchmarks [5][11]. Core Insights - Jiangfeng Electronics achieved a revenue of 4.605 billion yuan in 2025, representing a year-on-year growth of 27.75%, and a net profit of 481 million yuan, up 20.15% from the previous year [1][2]. - The demand for ultra-pure metal sputtering targets and semiconductor precision components is expected to increase significantly due to the rising global wafer and chip production, driven by sectors such as artificial intelligence, 5G communication, and cloud computing [2][3]. - The sputtering target industry is anticipated to enter a period of upward market conditions, with price increases observed in the first quarter of 2026, where conventional target prices rose by 20% and special metal targets saw increases of 60%-70% [3][4]. - The semiconductor precision components sector is experiencing strong demand from wafer manufacturers and semiconductor equipment manufacturers, with China being the largest market for semiconductor equipment spending [4][11]. Financial Performance Summary - In 2025, Jiangfeng Electronics reported an operating profit of 541 million yuan, a 41.13% increase year-on-year [2]. - The company's earnings per share (EPS) are projected to be 1.92 yuan in 2025, 2.75 yuan in 2026, and 3.55 yuan in 2027, reflecting a strong growth trajectory [11][13]. - The forecasted revenue for 2025-2027 shows a consistent growth rate, with expected revenues of 4.646 billion yuan in 2025, 6.160 billion yuan in 2026, and 8.049 billion yuan in 2027 [13][14].

Core Viewpoint - The semiconductor electronic chemicals industry in China is experiencing significant growth in 2025, driven by the recovery of the semiconductor sector and accelerated domestic substitution processes. However, there is a notable disparity in performance among companies, which can be attributed to their capabilities in high-end product technology, product structure optimization, and cost control [2][18]. Group 1: Industry Overview - The seventh forum on semiconductor wet chemicals, electronic gases, and precursors will be held on March 12, 2026, in Suzhou, featuring experts from various leading companies [2]. - The domestic electronic chemicals market is projected to reach 29 billion yuan in 2025, with a significant increase in demand for high-purity wet electronic chemicals from domestic wafer and packaging factories [22]. - The market for wet electronic chemicals is expected to grow rapidly, with the global market size reaching $10.102 billion and the Chinese market size at 22.36 billion yuan in 2024 [22]. Group 2: First Tier Companies - Crystalwise Materials is the only company in the first tier, expecting a net profit of 120 to 160 million yuan in 2025, a significant turnaround from a loss of 180 million yuan the previous year [3][4]. - The company's success is attributed to the rapid growth of the semiconductor industry and its strong product layout, particularly in high-purity sulfuric acid and hydrogen peroxide, which saw substantial sales increases [5]. Group 3: Second Tier Companies - Shanghai Xinyang leads the second tier with a net profit growth of 50.82% to 82.12%, driven by successful technology R&D and market order conversion [6][7]. - Aisen Co. anticipates a revenue increase of 37.54% to 594 million yuan, with a net profit growth of 50.74%, supported by advanced packaging demand and high-end product mass production [7][9]. - Anji Technology, a leader in semiconductor polishing and cleaning liquids, expects a revenue of 2.505 billion yuan, reflecting a 36.51% increase, with a net profit of 795 million yuan, up 48.98% [9][10]. Group 4: Third Tier Companies - Dinglong Co. is projected to achieve a net profit of 700 to 730 million yuan, with a growth rate of 34.44% to 40.20%, supported by strong performance in semiconductor and display materials [11]. - Xingfu Electronics expects a revenue of 1.475 billion yuan, a 29.72% increase, with a net profit of 208 million yuan, benefiting from the growth of general-purpose wet electronic chemicals [12]. - Jiangfeng Electronics is anticipated to have the slowest growth in the third tier, with a net profit increase of 7.50% to 27.50%, reflecting challenges in scaling its precision components business [14]. Group 5: Fourth Tier Companies - Zhongjuxin and Qiangli New Materials are in the fourth tier, both expected to report losses in 2025 due to intensified industry competition and asset impairments [15][16]. - Zhongjuxin is projected to incur a loss of 14 to 20 million yuan, primarily due to goodwill impairment from its acquisition of Kaisheng Fluorine Chemicals [15]. - Qiangli New Materials anticipates a loss of 100 to 142 million yuan, with increased R&D expenses and asset impairments contributing to its ongoing financial difficulties [16]. Group 6: Conclusion - The differentiation in operating net profit among companies in the electronic chemicals industry reflects their varying core capabilities in high-end product technology and market adaptation [18][19]. - Companies achieving high growth are characterized by breakthroughs in high-end product technology and optimized product structures, while those under pressure often lack sufficient high-end product layouts [18][19].