Investment Rating - The report maintains an "Outperform" rating for the new materials industry [1][8]. Core Insights - The new materials sector outperformed the CSI 300 index in January 2026, with the new materials index rising by 10.54%, surpassing the CSI 300's increase of 1.90% by 8.64 percentage points [8][12]. - Basic metal prices saw a general increase in January 2026, with notable price changes including copper (1.23%), aluminum (2.79%), zinc (4.74%), and tin (34.93%) [8][37]. - Global semiconductor sales continued to grow, with November 2025 figures showing a 29.8% year-on-year increase, marking the 25th consecutive month of growth [8][42]. - The new materials sector is expected to benefit from the ongoing recovery in downstream demand and the push for domestic alternatives, indicating a potential growth cycle ahead [8][21]. Summary by Sections Industry Performance Review - The new materials index showed strong performance in January 2026, ranking 7th among 30 major industry sectors [12][16]. - A total of 170 stocks in the new materials sector were analyzed, with 141 stocks rising and 25 falling in January [17][20]. - The sector's valuation increased, with the new materials index PE (TTM) at 31.72, reflecting a 4.21% month-on-month increase [21][24]. Important Industry Data Tracking - In December 2025, the Consumer Price Index (CPI) rose by 0.2% month-on-month, while the Producer Price Index (PPI) increased by 0.2% [30][31]. - Basic metal prices and inventory changes were tracked, showing significant fluctuations in January 2026 [37][40]. - The export volume of superhard materials increased by 3.39% in December 2025, although the export value saw a slight decline [50][50]. Industry Dynamics - The establishment of the humanoid robot standard committee in Beijing and the introduction of the first group standard for functional diamonds highlight ongoing developments in the new materials sector [2]. - The implementation of the action plan for upgrading the non-ferrous metal industry in Henan province indicates regional efforts to enhance industry standards [2].

Group 1: Federal Reserve and Currency Movements - The Federal Reserve maintained the federal funds rate target range at 3.5% to 3.75%, ending a three-rate cut cycle, with a focus on achieving full employment and a 2% inflation target [1][14] - The Chinese yuan's midpoint exchange rate broke the 7.0 mark against the US dollar for the first time in two and a half years, driven by a weak dollar and seasonal demand for currency settlement [1][15] Group 2: Company Developments and Financial Performance - Huadong Heavy Machinery expects a significant decline in net profit for 2025, projecting a decrease of 39.05% to 59.36% due to the divestment of its profitable CNC machine tool business and losses from its newly acquired chip subsidiary [1][18] - Agricultural University Technology listed on the Beijing Stock Exchange, becoming Shandong's first A-share company of the year, with its stock price surging by 111.56% on the first day despite concerns over its revenue and profit trends [1][20] - Seagate Technology's stock surged over 16% to a record high following a strong earnings report, with significant revenue and earnings per share exceeding market expectations [1][20] - SK Hynix reported a nearly 1.2 times increase in net profit for the previous year, driven by the AI storage market, and expects continued growth in storage demand [1][20] Group 3: Legal and Regulatory Issues - Shenzhen Water Bay Jewelry faced withdrawal difficulties, with thousands of investors unable to cash out, raising concerns about illegal gold betting practices [1][16] - Sunflower's major asset restructuring plan was terminated due to an investigation by the Securities Regulatory Commission, leading to significant losses for investors [1][21] - Dike Co., a leader in photovoltaic silver paste, initiated patent infringement lawsuits against two companies, seeking a total of 4 billion yuan in damages [1][21] Group 4: Market Trends and Consumer Behavior - The price of international spot gold reached a new high, exceeding $5,300 per ounce, prompting major jewelry brands to adapt their business strategies to focus on design and service rather than raw material value [1][23] - The price of Flying Moutai surged to 1,600 yuan per bottle, driven by seasonal demand and supply constraints, leading to a secondary market for reselling [1][24] - Industrial Fulian, an AI giant, projected a significant increase in net profit for 2025, driven by strong growth in cloud computing and AI server revenues [1][25]

帝科股份银浆生产线。图源：公司官网 本报（chinatimes.net.cn）记者李佳佳 李未来 北京报道 1月26日，无锡帝科电子材料股份有限公司（下称"帝科股份"，300842.SZ）发布公告称，近日，公司因 侵害发明专利权纠纷分别起诉江苏日御光伏新材料股份有限公司（下称"日御光伏"）、苏州晶银新材料 科技有限公司（下称"苏州晶银"），上述诉讼已获江苏省高级人民法院受理。 根据公告，两个案件涉案金额均为2亿元，暂合计为4亿元。帝科股份方面表示，有关案件尚未开庭审 理，对公司本期利润或期后利润的影响具有不确定性，实际影响以法院判决为准。 为进一步了解涉案相关专利及帝科股份业务情况，《华夏时报》记者将采访问题发送公司邮箱，不过， 截至记者发稿前，对方未予回复。 两项专利成维权焦点 据介绍，帝科股份子公司太阳帕斯特有限责任公司系"包含铅－碲-锂-钛-氧化物的厚膜浆料以及它们在 制造半导体装置的用途"（专利号为 201180032359.1）和"包含铅－碲-锂-氧化物的厚膜浆料以及它们在 半导体装置制造中的用途"（专利号为201180032701.8）发明专利的专利权人，涉案专利至今合法有 效。原告帝科股份通过许 ...

Summary of Conference Call Notes Company and Industry Involved - The conference call discusses **帝科股份 (Dike Co., Ltd.)**, focusing on its involvement in the **storage and high copper silver paste industries**. Core Points and Arguments 1. **Market Underestimation of Storage Business** The company believes its storage business is still undervalued by the market, with significant potential for valuation improvement. The focus is on DDR4/DDR5 and LPDDR4/LPDDR5 DRAM chip design, targeting products for OTT set-top boxes, AIoT, and mobile devices [1] 2. **Acquisition of 因梦控股** In September 2024, the company acquired 因梦控股, marking its official entry into the storage industry [1] 3. **Acquisition of 江苏晶凯** In November 2025, the company plans to acquire 江苏晶凯, which possesses advanced packaging technologies and testing capabilities for DRAM, including multi-layer stacking and ultra-thin die packaging [1] 4. **Technological Edge in Storage B Products** 江苏晶凯 is noted for its technical barriers in handling storage B products, being the only company in the industry that covers the entire process from core equipment to product algorithm optimization [2] 5. **Revenue Projections for 江苏晶凯** - 2024 revenue is projected at approximately **200 million yuan** with a gross margin of around **30-40%** - 2025 revenue is expected to reach **500 million yuan**, with a net profit of about **130 million yuan** and a gross margin of **60%** - By 2027, the target is to ship **50-70 million units** with a profit of **2-3 USD** per unit [2] 6. **Future Plans for Memory Products** The company plans to extend its product line to include CXL memory pools and server memory products by 2027, with an investment goal of generating **2-3 billion yuan** in revenue by 2028 [2] Other Important but Potentially Overlooked Content 1. **Risk Factors** The company highlights potential risks including slower-than-expected capacity expansion by original manufacturers, increased industry competition, and a slowdown in storage price increases [3]

Core Viewpoint - The company, Dike Co., is facing significant financial challenges, including a projected net loss of 200 to 300 million RMB for the fiscal year 2025, primarily due to non-recurring losses and rising silver prices impacting profit margins [2][5]. Group 1: Legal Issues - Dike Co. has initiated lawsuits against Jiangsu Riyu Photovoltaic New Materials Co., Ltd. and Suzhou Jingyin New Materials Technology Co., Ltd. for potential infringement of its patent rights, with each case involving 200 million RMB, totaling 400 million RMB [1][3]. - The company demands that the defendants cease the manufacture and sale of infringing photovoltaic conductive silver paste products and destroy related equipment and molds, in addition to seeking compensation for economic losses and reasonable legal fees [1][3]. Group 2: Financial Performance - Dike Co. reported a significant decline in financial performance, with a net profit of only 3 million RMB in the first three quarters, a nearly 90% year-on-year decrease, attributed mainly to rising silver prices [2][5]. - The company's revenue exceeded 12.7 billion RMB in the first three quarters, but the net profit margin has drastically decreased, with a projected gross margin of only 7.6% by the third quarter of 2025, compared to over 15% in the third quarter of 2020 [2][5]. Group 3: Risk Management - To mitigate risks associated with silver price fluctuations, Dike Co. has engaged in silver futures contracts and silver leasing operations [2][5]. - The company has incurred significant losses from fair value changes related to silver futures and leasing, alongside approximately 120 million RMB in share-based payment expenses due to an equity incentive plan [2][5].

Group 1: Semiconductor Industry - Micron Technology has officially broken ground on an advanced wafer manufacturing facility in Singapore, planning to invest approximately $24 billion over the next decade, with production expected to start in the second half of 2028 [5] - The semiconductor industry is projected to transition from a cyclical recovery to a growth leap by 2026, with a focus on "AI foundation + domestic substitution" [6] - Puran Co. is expected to achieve a net profit of 205 million yuan by 2025, exceeding institutional expectations, driven by optimized supply in the storage chip market and demand from AI servers and high-end smartphones [10] Group 2: Advanced Packaging and AI Applications - The advanced packaging theme was discussed in a recent expert meeting, highlighting the increasing demand and technological iterations in this area, with Huada Technology seeing a maximum increase of 16.8% [12] - Dongxin Co. is actively exploring new application fields for AI, including autonomous driving and AI devices, with a maximum increase of 22.58% noted [14] Group 3: Aerospace Industry - COMAC plans to moderately increase the production and delivery of its C919 narrow-body aircraft, targeting the delivery of 28 or more units this year [21] - Aviation Power has been recognized for its position as a core engine manufacturer, benefiting from product diversification and increased production of civil aircraft, leading to a significant stock increase [21][24] - The domestic large aircraft theme was also discussed in an expert meeting, with Aviation Power and Aviation Control seeing maximum increases of 7.14% and 5.83%, respectively [27]

责任编辑：栎树 1月27日，A股市场存储芯片股集体走强，其中，东芯股份20CM涨停，普冉股份涨超15%，恒烁股份涨 超14%，帝科股份涨超12%，康强电子、华天科技10CM涨停，协创数据、精智达涨超9%，航宇微涨超 8%，中微半导、华虹公司、概伦电子涨超7%，北京君正涨超6%，聚辰股份、国科微、沪硅产业、京仪 装备涨超5%。 消息面上，当地时间周一，美光科技宣布，位于新加坡现有NAND闪存制造园区内的先进晶圆制造厂正 式破土动工，计划未来十年投资约240亿美元，预计2028年下半年投产。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 688110 | 东芯股份 | 1 | 20.00 | 678亿 | 16.66 | | 688766 | 普朗股份 | 1 | 15.65 | 380亿 | 102.03 | | 688416 | 恒烁股份 | | 14.72 | 77.94 乙 | 70.32 | | 300842 | 帝科股份 | 1 | 12.57 | 175亿 | 102.83 | | 002 ...

Group 1 - The core viewpoint of the news is that Dike Co., Ltd. has seen a significant increase in its stock price, rising by 5.51% to 112.68 yuan per share, with a total market capitalization of 16.37 billion yuan [1] - Dike Co., Ltd. specializes in the research, production, and sales of high-performance electronic materials, with its main revenue sources being photovoltaic conductive paste (74.86%), material sales (21.31%), storage chips (2.26%), and semiconductor packaging paste (0.14%) [1] - The company was established on July 15, 2010, and went public on June 18, 2020 [1] Group 2 - According to data, Guotai Fund has a significant holding in Dike Co., Ltd., with its Guotai CSI 2000 ETF (561370) being the ninth largest holding, having reduced its position by 100 shares in the fourth quarter [2] - The fund's current holdings amount to 1,420 shares, representing 0.27% of the fund's net value, with an estimated floating profit of approximately 8,349.6 yuan [2] - The Guotai CSI 2000 ETF was established on September 13, 2023, and has a current scale of 31.29 million yuan, with a year-to-date return of 10.51% and a one-year return of 53.05% [2] Group 3 - The fund managers of Guotai CSI 2000 ETF are Ma Yiwen and Liu Fangyuan, with Ma having a tenure of 2 years and 174 days and a total asset scale of 13.657 billion yuan [3] - During Ma's tenure, the best fund return was 117.11%, while the worst was -6.93% [3] - Liu has a tenure of 292 days with a total asset scale of 1.436 billion yuan, achieving a best return of 65.83% and a worst return of -6.14% during his tenure [3]

Group 1 - Laplace shares increased by over 15% [1] - Zhonglai shares rose by more than 14% [1] - Companies such as Saiwu Technology, Zhengtai Power, Dike Shares, and Maiwei Shares also saw significant gains [1]

Group 1 - The company has filed lawsuits against Jiangsu Riyu Photovoltaic New Materials Co., Ltd. and Suzhou Jingyin New Materials Technology Co., Ltd. for infringement of invention patent rights, with each case involving an amount of 200 million RMB, totaling 400 million RMB [1] - The lawsuits have been accepted by the Jiangsu Provincial High People's Court, with case numbers (2026) Su Zhi Min Chu No. 1 and (2026) Su Zhi Min Chu No. 2 [1] - The company demands that the defendants cease the manufacture, sale, and promise of sale of the infringing photovoltaic conductive silver paste products, destroy related equipment and molds, and compensate for economic losses and reasonable rights protection costs totaling 200 million RMB [1]