瑞联新材未来关注点：产能释放、并购预期与政策利好

Company Developments - The company is expected to release production capacity for KrF photoresist materials, with multiple production lines anticipated to reach full capacity by Q2 2026 [2] - The Dali Haite photoresist project is planned to fully release its capacity by 2026, which will support growth in the electronic materials business [2] - The company has surplus funds of 500 million yuan from oversubscription, leading to strong expectations for mergers and acquisitions, potentially for industry chain integration or new business expansion [3] Industry Policy Environment - The national policy is favorable, with a high-level push for the construction of three international technology innovation centers by 2026, focusing on supporting integrated circuits and new display materials, which aligns with the company's semiconductor photoresist and OLED materials business [4] Industry Demand Trends - The demand for downstream industries is expected to grow, as BOE's first 8.6-generation AMOLED production line has been lit ahead of schedule, likely driving an increase in demand for high-end OLED materials, benefiting the company as an upstream supplier [5] Business Progress - The pharmaceutical business has made progress, with the first phase of the raw material drug project completed and gradually releasing capacity; the pipeline for pharmaceutical intermediates continues to expand, with the number of projects reaching 300 by the end of June 2025, including innovative and generic drug projects [6]