Investment Rating - The report maintains a rating of "Increase" for the industry, indicating a positive outlook for investment opportunities in the sector [6]. Core Insights - The demand for ion exchange resins is expanding across various sectors, including semiconductors, nuclear industry, and pharmaceuticals, with a particular focus on leading companies like Bluestar Technology and ZG Co [4][5]. - In the semiconductor sector, ion exchange resins are crucial for producing ultra-pure water, which is essential for the manufacturing of electronic components. The production of a single integrated circuit requires approximately 3 to 5 liters of ultra-pure water, with a 6-inch wafer consuming about 1.2 tons [1]. - In the nuclear industry, ion exchange resins are used in the water treatment systems of reactors, ensuring the provision of high-quality ultra-pure water, which is vital for the stable operation of steam generators [2]. - The pharmaceutical sector utilizes ion exchange resins for the separation and purification of various biopharmaceuticals, including antibiotics and traditional Chinese medicine components, due to their high purity and operational efficiency [3]. Summary by Sections Semiconductor Industry - Ion exchange resins are primarily used in ultra-pure water production for semiconductor manufacturing, with stringent quality requirements as technology advances [1]. Nuclear Industry - The use of nuclear-grade ion exchange resins in reactor water treatment systems is critical for maintaining operational efficiency and reducing fouling in steam generators [2]. Pharmaceutical Industry - Ion exchange and adsorption resins are widely applied in the pharmaceutical industry for the extraction and purification of various drugs, benefiting from their simple operation and high product purity [3]. Company Focus - Bluestar Technology is recognized as a leading domestic player in the adsorption separation materials and technology sector, with a current production capacity of 50,000 tons per year and plans for expansion [4]. - ZG Co is actively investing in the ion exchange and adsorption resin field, with a designed production capacity of 19,750 tons and plans for a new project in Hubei with a total investment of 1 billion RMB [4].

Group 1: Company Overview - The company specializes in nuclear power applications and has established collaborations with national nuclear technology authorities to enhance product offerings [2][3] - The company is actively involved in battery recycling, extracting valuable metals such as manganese, cobalt, and nickel from production waste [3] Group 2: Market Goals - The company aims to capture a larger share of the mid-to-high-end water treatment market, focusing on high-parameter, high-capacity power plants [3] - Condensate water treatment accounts for over 90% of boiler feed water, making its quality critical for safe power plant operations [3] Group 3: Investment Projects - As of the end of 2024, several projects have been completed, including the ion exchange resin technology R&D center and automation upgrades [3] - The annual production line for food-grade resin, capable of processing 15,000 tons, was completed by the end of 2023 [3] - The large-pore adsorption resin technology upgrade project, with a capacity of 2,300 tons, was completed by the end of 2022 [3] Group 4: Production Base Development - The Jingmen production base will focus on applications in new energy, environmental protection, and biomedicine, complementing the Ningbo production capacity [4] - The Jingmen project is expected to begin trial production by the end of 2025 and reach operational status by April 2026 [4] Group 5: Dividend Policy - The company plans to distribute a cash dividend of 2.60 yuan (including tax) for every 10 shares based on the 2024 profit distribution plan, with no stock dividends or capital reserve conversions [4]

Core Viewpoint - The company has established a strong position in the ion exchange and adsorption resin industry, focusing on technological advancements and market expansion to become a global leader in adsorption separation materials. Group 1: Company Overview - The company was founded in 1996 and has nearly 30 years of experience in the ion exchange and adsorption resin sector, integrating R&D, production, and sales [2] - It currently has 6 subsidiaries and 3 main production bases, maintaining a leading position in the domestic market and participating in drafting national and industry standards [2] - The company is recognized internationally as a member of the Water Quality Association (WQA), enhancing its technical strength and brand influence [2] Group 2: Production Capacity and Future Projects - The company has a designed production capacity of 19,750 tons for ion exchange and adsorption resins, 2,300 tons for macroporous adsorption resins, and 15,000 tons for food-grade treatment resins [3] - A new functional polymer material project is being developed in Jingmen, Hubei, with a total investment of 1 billion RMB, aiming for a total production capacity of 54,880 tons per year [3] - The first phase of this project is expected to produce 39,000 tons per year and is projected to commence production in the second half of 2025, which will further enhance the company's market position [3] Group 3: Market Trends and Competitive Advantages - The electronic-grade polishing resin market in China has grown from 2.7 billion RMB in 2018 to 4.5 billion RMB in 2023, with a compound annual growth rate (CAGR) of approximately 10.5%, expected to reach 6 billion RMB by 2025 [4] - The company is actively promoting domestic substitution in high-end fields such as semiconductors within the electronic-grade polishing resin sector [4] - The global nuclear-grade resin market was approximately 12.9 million USD in 2023, projected to grow to 16.4 million USD by 2030, with a CAGR of 3.49% [4] - The company holds a significant competitive advantage in the nuclear-grade resin field, being the first domestic enterprise to obtain access qualifications in the nuclear power sector [4]

Macro Insights - US inflation continues to decline, with April CPI data showing a drop below expectations, indicating a weakening inflation risk due to tariff adjustments [3] - The reduction in tariffs suggests a decrease in recession risks for the US, allowing the Federal Reserve to adopt a more patient approach in observing economic changes [3] Industry Insights - MXD6, a high-performance engineering plastic, is experiencing high demand for lightweight and barrier packaging materials, indicating a broad market potential [4] - The company has been a leader in ion exchange and adsorption resin for nearly 30 years, focusing on R&D, production, and sales [5] - The company has achieved the top market share in the ADAS integrated machine market in 2024, with expectations for hardware shipments to exceed ten million units in 2025 [8] Company Performance - JD Group reported a 1Q2025 revenue of 301.08 billion yuan, a year-on-year increase of 15.8%, and a GAAP net profit of 10.89 billion yuan, up 52.7% year-on-year [9] - The company also reported a Non-GAAP net profit of 12.76 billion yuan, reflecting a 43.4% year-on-year growth [9]

Group 1: Company Overview and Market Position - The company has achieved import substitution in high-end industrial water treatment, food and drinking water, and nuclear industries, gradually replacing international brands like Dow Chemical in various applications [2][3] - The company has developed a complete independent intellectual property system and industrialization capability for ion exchange and adsorption resin products, expanding from general industrial water to high-end applications [6][7] Group 2: Growth in Pharmaceutical Sector - The rapid growth in the pharmaceutical sector is attributed to the increasing demand for biopharmaceuticals, which rely on various separation and purification processes, enhancing the application prospects for ion exchange and adsorption resins [4] Group 3: Technological Advancements and Product Development - The company has decades of experience in electronic-grade ultrapure water applications, with plans to enhance production capacity for electronic-grade resins to meet the rising quality standards in the semiconductor industry [5] - In 2024, the company invested CNY 29.7981 million in R&D, accounting for 5.21% of its revenue, adopting a "self-research + cooperative development" model to accelerate product development cycles [7]

Investment Rating - The report gives a "Buy" rating for the company [4]. Core Viewpoints - The company has been deeply engaged in the ion exchange and adsorption resin industry for nearly 30 years, leading technological advancements and industry development [1][16]. - The company is set to expand its production capacity significantly with the upcoming launch of the Jingmen project, which will enhance its competitive advantage in the market [2][24]. - The company is well-positioned to drive domestic substitution in various high-end sectors, including electronics and nuclear industries, due to its competitive advantages [3][4]. Summary by Relevant Sections Company Overview - The company, Zhejiang Zhangguang Industrial Co., Ltd., was established in 1996 and has developed a comprehensive layout integrating R&D, production, and sales in the ion exchange and adsorption resin field [1][16]. - It has six subsidiaries and three main production bases, maintaining a leading position in the domestic market and participating in drafting multiple national and industry standards [1][18]. Production Capacity and Expansion - The company currently has a designed production capacity of 19,750 tons for ion exchange and adsorption resins, 2,300 tons for macroporous adsorption resins, and 15,000 tons for food-grade resins [2][24]. - The Jingmen project, with a total investment of 1 billion RMB, is expected to produce 54,880 tons per year, with the first phase set to launch in the second half of 2025 [2][24]. Market and Competitive Landscape - The ion exchange resin market in China has grown from 2.7 billion RMB in 2018 to 4.5 billion RMB in 2023, with a compound annual growth rate (CAGR) of approximately 10.5% [3]. - The company has a diverse product matrix, including over 400 types of ion exchange resins and various adsorption resins, catering to multiple industries such as industrial water treatment, food and beverage, nuclear, and electronics [23][25]. Financial Performance and Forecast - The company’s revenue is projected to grow from 572 million RMB in 2024 to 1.196 billion RMB in 2027, with net profits expected to increase from 103 million RMB in 2024 to 265 million RMB in 2027 [5][4]. - The report anticipates a steady growth trajectory, supported by the new production capacity and ongoing domestic substitution efforts [4][28]. R&D and Innovation - The company emphasizes R&D, with a focus on differentiated functional products, and has invested significantly in innovation, holding 22 patents [36][28]. - It has been recognized as a national high-tech enterprise and continues to enhance its technological capabilities [36][28].

国信证券股份有限公司 关于浙江争光实业股份有限公司 首次公开发行股票并在创业板上市的保荐总结报告书 国信证券股份有限公司（以下简称"国信证券"或"保荐人"）作为浙江争 光实业股份有限公司（以下简称"争光股份""公司"或"发行人"）首次公开发 行股票并在创业板上市的保荐人，持续督导期限至 2024 年 12 月 31 日。目前， 持续督导期限已届满。国信证券根据《证券发行上市保荐业务管理办法》《深圳 证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关法规规定，出具本保荐总结报告书： 保荐人名称 国信证券股份有限公司 保荐人编号 Z27074000 一、保荐人及保荐代表人承诺 1、保荐总结报告书及其相关资料的内容不存在虚假记载、误导性陈述或重 大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法律责任。 2、保荐人及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中 国证监会"）对保荐总结报告书相关事项进行的任何质询与调查。 3、保荐人及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业务 管理办法》的有关规定采取的监管措施。 二、保荐人基本情况 | 目 ...

Core Viewpoint - The company, Zhangguang Co., Ltd. (301029), reported a revenue of 572 million yuan for 2024, marking an 8.67% year-on-year increase, with significant growth in sectors such as hydrometallurgy, biomedicine, and nuclear industry products [1][2][3] Financial Performance - The total assets of the company reached 2.21 billion yuan, an increase of 8.38% year-on-year, while net assets grew by 3.66% to 1.89 billion yuan [1] - The company plans to distribute a cash dividend of 2.60 yuan per 10 shares, totaling 34.74 million yuan [1] Market Position and Growth - Zhangguang Co., Ltd. is a leading enterprise in the domestic ion exchange and adsorption resin market, achieving a capacity utilization rate of 113.48% in 2024 [2] - Revenue from industrial water treatment and food/drinking water sectors reached 170 million yuan and 175 million yuan, accounting for 29.69% and 30.65% of total revenue, respectively [2][3] Product Development and Innovation - The company has focused on optimizing its product structure based on market demand, resulting in significant sales growth in high-margin sectors: hydrometallurgy (70.33%), biomedicine (49.37%), and nuclear industry products (45.88%) [3][4] - Research and development investment reached 29.8 million yuan, representing 5.21% of revenue, with 84 R&D personnel [5] Strategic Collaborations and Achievements - The company collaborates with universities and research centers to enhance product development and has been recognized as a key high-tech enterprise under the National Torch Program [6] - Zhangguang Co., Ltd. has established a broad customer base, serving over 10,000 clients globally, including major international and domestic companies [4][6] Future Outlook - The company aims to become an internationally leading manufacturer of ion exchange and adsorption resins, focusing on technology innovation and brand development [8]

证券代码：301092 证券简称：争光股份 公告编号：2025-023 浙江争光实业股份有限公司 首次公开发行部分限售股解禁并上市流通的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次上市流通的限售股为浙江争光实业股份有限公司（以下简称"公司"） 首次公开发行前已发行的部分股份。 2、本次申请解除限售的股东人数共计 1 户，解除限售股份的数量 69,480,000 股，占公司总股本 51.8301%，限售期为自公司股票上市之日起 36 个月以及因公 司股票上市后 6 个月内连续 20 个交易日的收盘价均低于发行价 36.31 元/股，触 发其股份锁定期延长承诺的履行条件，故本次申请解除限售的 1 名股东限售期为 自公司股票上市之日起 42 个月。本次解除限售后实际可上市流通的股份数量为 17,370,000 股，占公司总股本的 12.9575%。 3、本次解除限售股份上市流通日期为 2025 年 5 月 6 日（星期二）。 一、首次公开发行前已发行股份概况 经中国证券监督管理委员会《关于同意浙江争光实业股份有限公司首次公开 发行 ...

国信证券股份有限公司 关于浙江争光实业股份有限公司 首次公开发行部分限售股解禁并上市流通的核查意见 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为浙江 争光实业股份有限公司（以下简称"争光股份"或"公司"）首次公开发行股票 并在创业板上市的保荐机构，根据《公司法》《证券法》《深圳证券交易所创业 板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上 市公司规范运作》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业 务》等相关规定，对争光股份首次公开发行部分限售股解禁并上市流通事项进行 了核查，并出具本核查意见。核查情况如下： 2023 年 5 月 4 日，首次公开发行前已发行的部分股份上市流通，该部分股 份数量为 28,167,500 股，占公司总股本的 21.1256%；本次解除限售后实际可上 市流通的股份数量为 7,041,875 股，占公司总股本的 5.2814%。具体内容详见公 司于 2023 年 4 月 26 日在巨潮资讯网（www.cninfo.com.cn）上披露的《首次公开 发行部分限售股解禁并上市流通的提示性公告》（公告编号：2023-026）。 ...