民生证券给予聚和材料推荐评级，2025年半年报点评：光伏浆料龙头，铜浆实现小规模出货

Group 1 - Minsheng Securities issued a report on August 28, recommending Juhe Materials (688503.SH, latest price: 49.76 yuan) [1] - The rating is based on several factors: 1) Juhe Materials is a leader in photovoltaic paste, emphasizing research and innovation [1] 2) Photovoltaic copper paste has achieved small-scale shipments, which may accelerate its market introduction [1] 3) The non-photovoltaic conductive paste business is developing steadily [1]