（来源：研报虎） 多层复合焊带助力BC组件降本，有望受益于BC技术发展。公司紧随光伏技术发展前沿，深耕新技术应 用领域，始终致力于为客户提供更具竞争力的产品及创新解决方案。公司研制的多层复合焊带已经率先 在BC组件上被验证为更优化的焊带降本方案。该产品通过多层复合材料结构设计、界面优化技术及复 合材料间组织调控技术等多项核心技术攻关，为光伏组件综合成本下降带来重要突破。 投资建议：虽然产业链价格急速下降引起市场竞争压力骤增，但公司仍然保持正盈利。随着"反内卷"政 策推进，光伏产业链价格自6月以来显著反弹，辅材的价格压力也有望缓解。公司多层复合焊带随着BC 技术发展放量，有望贡献超额盈利。预计公司2025~2027年归母净利润分别为0.86、1.41、1.72亿元，对 应PE分别为43.9、26.8、22.0X，调整为"增持"评级。 风险提示：反内卷政策推进不及预期，铜、锡等原材料价格波动，行业竞争加剧，多层复合焊带出货不 及预期等。 事件：公司25H1实现营业收入15.18亿元，同比下降9.77%；实现归母净利润0.36亿元，同比增长 0.18%。25Q2单季度实现营业收入8.80亿元，同比下降10.49%； ...

证券代码：301266 证券简称：宇邦新材 公告编号：2025-054 债券代码：123224 债券简称：宇邦转债 4、付息日：2025 年 9 月 19 日 苏州宇邦新型材料股份有限公司 关于宇邦转债 2025 年付息的公告 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。 重要提示： 1、"宇邦转债"（债券代码：123224）将于 2025 年 9 月 19 日支付第二年 利息，每 10 张"宇邦转债"（面值 1,000 元人民币）利息为 4.00 元（含税）。 2、债权登记日：2025 年 9 月 18 日 3、除息日：2025 年 9 月 19 日 5、本次付息期间及票面利率：计息期间为 2024 年 9 月 19 日至 2025 年 9 月 18 日，票面利率为 0.40%。 6、"宇邦转债"本次付息的债权登记日为 2025 年 9 月 18 日，截至 2025 年 9 月 18 日下午深圳证券交易所收市后，在中国证券登记结算有限责任公司深 圳分公司（以下简称"中国结算深圳分公司"）登记在册的"宇邦转债"持有人 享有本次派发的利息，在 2025 年 9 ...

Group 1 - The company has recently conducted targeted investor research, showcasing its strategic layout and business planning in the industry [1] - The investor relations activity included two sessions on September 12, 2025, with participation from various financial institutions and company representatives [2] - The company is committed to expanding its overseas market share and has not adjusted its overseas business plans for this year [3] Group 2 - The company focuses on enhancing the quality of its photovoltaic soldering ribbon, which is a key auxiliary material for photovoltaic modules, to increase output power for downstream customers [3] - The company is actively exploring new directions in new materials and new energy sectors, including a recent investment in Wuxi Sunan Superconducting Material Technology Co., Ltd. [3] - The "anti-involution" policy is seen as beneficial for reshaping the supply-demand balance in the photovoltaic industry and improving product quality [3]

Group 1 - Company Ubon New Materials (宇邦新材) announced an investor meeting scheduled for September 12, 2025, where company executives will address investor inquiries [1] - For the first half of 2025, Ubon New Materials reported that 100% of its revenue was generated from the photovoltaic industry [1] - The current market capitalization of Ubon New Materials is 3.9 billion yuan [2]

Group 1: Overseas Business Strategy - The company has not adjusted its plan to enhance overseas business, which remains a key strategy for this year, with continued resource investment to expand market share in international markets [1]. Group 2: Product Development and Future Outlook - The photovoltaic tin soldering strip is a critical auxiliary material that can enhance the output power of components through quality improvements. The company will focus on technological iteration and rapid industrialization while developing differentiated products [1]. - The company is actively seeking new business directions in the new materials and new energy sectors, exemplified by its recent investment in Wuxi Sun Energy Superconducting Materials Technology Co., Ltd., which showcases a new direction in superconducting materials [1]. Group 3: Industry Trends and Policies - The "anti-involution" policy is expected to help reshape supply-demand balance, improve product quality, and accelerate technological upgrades in the photovoltaic industry. The transition from policy introduction to implementation will be gradual [1]. - The photovoltaic industry is anticipated to gradually return to rational competition following a cyclical adjustment [2].

Group 1 - The company, Yubang New Materials, announced the establishment of Wuxi Suneng Superconducting Materials Technology Co., Ltd. in collaboration with individual Chen Ran and Wuxi Jiupeng New Energy Technology Co., Ltd. [2] - The relevant business registration procedures have been completed, and the company has obtained a business license issued by the Data Bureau of Binhu District, Wuxi City [2]

Group 1 - The core point of the article is that Yubang New Materials (301266.SZ) has announced the establishment of a joint venture, Wuxi Suneng Superconducting Materials Technology Co., Ltd., to expand its industrial chain in the new materials sector [1] - The company has invested 400,000 RMB, accounting for 20% of the registered capital of Wuxi Suneng, making it an associate subsidiary [1] - Wuxi Suneng has completed the necessary business registration and obtained a business license from the Wuxi Binhu District Data Bureau [1] Group 2 - The company has been deeply engaged in the photovoltaic welding strip segment for nearly 20 years and will continue to focus on the new energy and new materials sectors [1] - The establishment of Wuxi Suneng reflects the company's commitment to leveraging its R&D advantages to empower the industrialization of new materials and actively broaden its industrial chain [1] - This investment is seen as a move to continuously enhance the company's overall strength [1]

公司在光伏焊带细分领域深耕近20年，未来将继续聚焦新能源、新材料领域，本次投资设立参股子公司 无锡苏能，是公司发挥自身研发优势，持续赋能新材料产业化落地，积极拓宽产业链，不断提升公司综 合实力的体现。 智通财经APP讯，宇邦新材(301266.SZ)发布公告，为进一步拓宽公司在新材料领域的产业链，公司与自 然人陈冉、无锡九鹏新能源科技有限公司共同投资设立无锡苏能超导材料科技有限公司(简称"无锡苏 能")，其中公司认缴出资40万元人民币，占无锡苏能注册资本的20%。本次投资设立后，无锡苏能成为 公司参股子公司。近日，无锡苏能已完成相关工商登记手续，并取得了无锡市滨湖区数据局颁发的《营 业执照》。 ...

证券代码：301266 证券简称：宇邦新材 公告编号：2025-053 债券代码：123224 债券简称：宇邦转债 苏州宇邦新型材料股份有限公司 关于公司对外投资设立参股子公司并完成工商登记的公告 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。 一、对外投资概述 为进一步拓宽苏州宇邦新型材料股份有限公司（以下简称"公司"）在新材 料领域的产业链，公司与自然人陈冉、无锡九鹏新能源科技有限公司共同投资设 立无锡苏能超导材料科技有限公司（以下简称"无锡苏能"），其中公司认缴出 资 40 万元人民币，占无锡苏能注册资本的 20%。本次投资设立后，无锡苏能成 为公司参股子公司。 本次对外投资的资金来源于公司自有资金，不会对公司的资金流动性、财务 状况及生产经营造成重大不利影响。 根据《公司章程》规定，本次交易无需提交公司董事会、股东会审议。本次 对外投资事项不构成《深圳证券交易所创业板股票上市规则》规定的关联交易， 不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 二、参股子公司完成工商变更登记的情况 类型：有限责任公司 法定代表人：陈冉 注册资本：200 万 ...

Key Insights - The report highlights a potential turning point for the US dollar, indicating a shift from strong to weak, which may lead to a systematic revaluation of Chinese technology assets during the global asset rebalancing process [4][5][6] - The report identifies specific companies as key investment opportunities, including 京沪高铁, 桐昆股份, 雅克科技, 宁德时代, 恒瑞医药, 三友医疗, 北京人力, 菲利华, 兆易创新, and 鹏鼎控股 [1] Strategy Research - The report discusses the implications of a weak dollar environment, suggesting that it could benefit Chinese technology assets as they undergo a revaluation process [6] - It notes that the current long-wave economic downturn is characterized by global restructuring and asset price volatility, which could create investment opportunities in emerging markets and non-US equities [4][5] Electric Equipment Sector - 通威股份 reported a significant loss in the first half of 2025, with revenue of 405.09 billion yuan, a decrease of 7.51% year-on-year, and a net loss of 49.55 billion yuan, which has expanded compared to the previous year [7][8] - The company maintains a strong position in the photovoltaic sector, with a global market share of approximately 30% in polysilicon sales and leading sales in solar cells and modules [8] - The report anticipates a recovery in profits for 通威股份 in the second half of 2025, driven by rising silicon prices due to regulatory changes aimed at reducing "involution" in the industry [9] Retail Sector - 王府井 reported a revenue of 5.361 billion yuan in the first half of 2025, down 11.17% year-on-year, with a net profit of 81 million yuan, a decrease of 72.33% [15][16] - The company is undergoing a transformation to adapt to changing consumer preferences, with a focus on enhancing its business ecosystem and launching new retail formats [17] - The report highlights the resilience of the outlet business, which saw a revenue increase, while other segments faced challenges due to store closures and changing consumption patterns [16]