（一）管理目的 为提高公司及子公司的资金使用效率，在不影响公司正常生产经营的情况下， 合理利用部分暂时闲置的自有资金进行现金管理，增加资金收益，为公司及股东 获取更多的投资回报。 （二）额度及期限 长江证券承销保荐有限公司 关于湖北菲利华石英玻璃股份有限公司使用暂时闲置的 自有资金进行现金管理的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为 湖北菲利华石英玻璃股份有限公司（以下简称"菲利华"或"公司"）以简易程 序向特定对象发行股票项目的保荐机构，根据《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》及《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有 关规定，对菲利华拟使用暂时闲置的自有资金进行现金管理事项进行了审慎尽职 调查，具体核查情况如下： 一、使用暂时闲置自有资金进行现金管理的情况 公司及子公司拟使用不超过人民币 15 亿元的暂时闲置自有资金进行现金管 理，使用期限不超过 12 个月，在上述额度及决议有效期内，可循环滚动使用。 （三）资金来源 公司及子公司用于现金管理的资金为短期闲置自有资金 ...

本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本议案具体内容详见公司同日在中国证监会指定的创业板信息披露网站巨潮资讯网 （www.cninfo.com.cn）刊登的《关于使用暂时闲置的自有资金进行现金管理的公告》（公 告编号：2025-28）。 证券代码：300395 证券简称：菲利华 公告编号：2025-30 湖北菲利华石英玻璃股份有限公司 第六届监事会第十七次会议决议公告 一、监事会会议召开情况 2025 年6 月10 日，湖北菲利华石英玻璃股份有限公司（以下简称"公司"）第六届 监事会第十七次会议在公司会议室举行。会议通知于 2025 年 6 月 5 日以通讯和邮件的方 式发出。本次会议由监事会主席李再荣女士主持。出席监事3名，占公司监事总数的100%， 符合《湖北菲利华石英玻璃股份有限公司章程》规定的法定人数，本次监事会会议决议合 法有效。 二、监事会会议审议情况 （一）《关于使用暂时闲置的自有资金进行现金管理的议案》 监事会审议认为，公司及子公司目前经营情况良好，财务状况稳健，资金充裕，在资 金安全、风险可控且保证公司正常生产经营不受影响的前提下， ...

Core Viewpoint - The article discusses the current state and future potential of the mask and blank mask industry in China, particularly in the semiconductor and display panel sectors, highlighting the gaps in technology and production capabilities compared to international players [2][3][4]. Industry Overview - The mask plays a crucial role in the production of semiconductors and display panels, with domestic companies primarily focusing on 8.5 generation lines and below, lacking capabilities for high-generation and high-precision masks [2]. - In the semiconductor sector, while some domestic manufacturers can produce masks for 90nm and above processes, only a few can develop products for 65nm and 55nm nodes, indicating significant room for localization in the market for masks below 90nm [2]. Key Players and Product Layout - Major players in the mask industry include: - Qingyi Optoelectronics, which has achieved mass production of 180nm node masks and is developing 130nm-65nm node products [3]. - Huazhong Dishi Microelectronics, aiming for 90nm mass production in 2024 and 40nm by 2025 [4]. - Other notable companies include Longtu Photomask, Jinan Quanyi, and Shanghai Toppan, each focusing on various segments of the mask market [4][5]. Upcoming Events - The 2025 TrendBank (Fifth) Lithography Materials Industry Conference will be held from July 8 to 10 in Hefei, focusing on new applications, trends, and the supply chain in the lithography materials sector [8].

Industry Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - Indonesia is considering the procurement of Chinese-made J-10 fighter jets, which is expected to boost the military trade market's activity. The Indonesian government aims to enhance its air force's modernization while ensuring cost-effectiveness in its defense budget. The performance of the J-10 in the India-Pakistan conflict is a significant factor in Indonesia's consideration of this model. Compared to Western counterparts, the J-10 offers a more competitive price and meets Indonesia's demand for "high cost-performance advanced equipment" [10][12][14] - The report suggests that China's military trade, currently accounting for 5.9% of the global military trade market, has the potential for significant growth as China increasingly takes center stage on the world stage [12][14] - Looking ahead to 2025, the military industry is expected to see an inflection point in orders, driven by new technologies aimed at enhancing equipment performance or reducing costs, as well as new market directions from military trade and military technology conversion [14] Summary by Sections 1. Industry Overview - The closing index for the defense industry is at 1508.79, with a 52-week high of 1712.48 and a low of 1113.62 [1] 2. Market Performance - The military industry index increased by 0.07%, while the Shenwan military index rose by 0.41%. The Shanghai Composite Index increased by 1.13%, and the Shenzhen Component Index rose by 1.42% [16] - The top ten performing stocks in the military sector this week include Xinguang Optoelectronics (+10.62%), Huawu Co., Ltd. (+9.71%), and Longda Co., Ltd. (+9.21%) [18] 3. Investment Recommendations - Two main investment themes are suggested: 1) Aerospace and "gap-filling" new focuses, including companies like Feilihua, Fenghuo Electronics, and AVIC Shenyang Aircraft [14] 2) New technologies, products, and markets with greater elasticity, including Aerospace Intelligent Manufacturing and Guangdong Hongda [14] 4. Valuation Levels - As of June 6, 2025, the military industry index stands at 10727.13, with a PE-TTM valuation of 103.35 and a PB valuation of 3.29. Historically, 79.75% of the time since January 1, 2014, the PE-TTM valuation has been below the current level [21][22]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - Indonesia is considering the procurement of Chinese-made J-10 fighter jets, which is expected to boost the military trade market's activity [10][14] - China's military trade currently accounts for 5.9% of the global military trade market, significantly lower than the US at 43% and Russia at 9.6% [12][14] - The military industry is anticipated to see an inflection point in orders as it enters the second half of the "Centenary Goal of Building a Strong Army" by 2025, with new technologies and products expected to create new market directions [14] Summary by Sections 1. Industry Overview - The closing index for the defense industry is at 1508.79, with a 52-week high of 1712.48 and a low of 1113.62 [1] 2. Investment Suggestions - Two main investment themes are suggested: 1. Aerospace and "gap-filling" new focuses, including companies like Feilihua, Fenghuo Electronics, and AVIC Shenfei [14] 2. New technologies, products, and markets with greater elasticity, including companies like Aerospace Intelligent Manufacturing and Guangdong Hongda [14] 3. Market Performance - The military industry index saw a slight increase of 0.07%, while the broader market indices showed higher gains, indicating a relatively weaker performance in the military sector [16] - The top ten performing stocks in the military sector this week included Xinguang Optoelectronics (+10.62%) and Huawu Co., Ltd. (+9.71%) [18] 4. Valuation Levels - As of June 6, 2025, the military industry index stands at 10727.13, with a PE-TTM valuation of 103.35 and a PB valuation of 3.29 [21] - Historical data shows that 79.75% of the time since January 1, 2014, the PE-TTM valuation has been lower than the current level [21] 5. Data Tracking - Recent data tracking includes information on private placements and stock incentive plans for various military companies, indicating active capital movements within the sector [24][26]

证券研究报告：国防军工|行业周报 发布时间：2025-06-09 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 1508.79 | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 行业相对指数表现 -13% -8% -3% 2% 7% 12% 17% 22% 27% 32% 2024-06 2024-08 2024-11 2025-01 2025-03 2025-06 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 近期研究报告 《中邮军工周报 5 月第 4 周：美国防预 算将达 1 万亿美元，创历史新高》 - 2025.05.26 河北一硝化棉厂商煮洗釜爆炸，硝化棉供应紧张或 进一步加剧 ⚫ 投资要点 2025 年 5 月 30 日 18 时 20 分，衡水市武邑县建民纤维素有限 ...

证券研究报告：国防军工|行业周报 发布时间：2025-06-09 行业投资评级 强于大市|维持 行业相对指数表现 -13% -8% -3% 2% 7% 12% 17% 22% 27% 32% 2024-06 2024-08 2024-11 2025-01 2025-03 2025-06 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 近期研究报告 《中邮军工周报 5 月第 4 周：美国防预 算将达 1 万亿美元，创历史新高》 - 2025.05.26 | 行业基本情况 | | | --- | --- | | 收盘点位 | 1508.79 | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 国防军工行业报告 河北一硝化棉厂商煮洗釜爆炸，硝化棉供应紧张或 进一步加剧 ⚫ 投资要点 2025 年 5 月 30 日 18 时 20 分，衡水市武 ...

Investment Rating - The report maintains a "Positive" outlook on the Chinese defense and military industry [5] Core Insights - The military trade is expected to become a second growth curve for the industry, with Indonesia considering the procurement of Chinese J-10 fighter jets due to their high performance and cost-effectiveness [27] - The report highlights that the recent geopolitical tensions have increased military spending globally, creating new opportunities for China's military exports [6][27] - The domestic aviation industry is expected to accelerate the development of indigenous engines due to U.S. export restrictions on commercial engines [6] Summary by Sections Market Trends - The defense and military industry index rose by 0.41% during the week, underperforming compared to the Shanghai Composite Index, which increased by 1.13% [10][11] - The defense and military industry ranked 24th out of 31 sectors in terms of weekly performance [13] News and Announcements - Indonesia is evaluating the feasibility of purchasing Chinese J-10 fighter jets to modernize its air force while considering budget constraints [27] - The U.S. has restricted the export of key technologies, which is expected to accelerate the domestic development of aviation engines in China [6] - The report notes that military trade could drive performance in various segments of the supply chain, including core subsystems and components [6] Investment Recommendations - The report suggests focusing on upstream components and key materials, highlighting specific companies such as Zhihua Technology, Aerospace Electric, and Xibu Superconductor for potential investment [6]

Investment Rating - The report rates the defense and military industry as "Overweight" indicating a positive outlook for the sector compared to the overall market performance [5][29]. Core Insights - The military trade system's equipment progress has been officially validated by Pakistan, significantly enhancing the industry's valuation potential and the performance of related listed companies. The report suggests June as the best time to focus on this sector [5]. - The Chinese military trade advancements confirmed by Pakistan mark a milestone event, indicating a shift towards higher-end, higher-value products, thus opening up new market opportunities [5]. - The fundamental changes in the military industry are solidifying the upward trajectory of the sector, with rapid growth expected across all fields, particularly benefiting companies related to consumable weapons [5]. - The normalization of the two major satellite communication constellations is accelerating, with a preliminary completion of global networking expected by 2025, which will drive downstream applications and expand the scale of constellation construction [5]. - The report recommends increasing attention to the military sector, focusing on elastic/theme varieties, including precision-guided weapons, underwater capabilities, and advancements in AI/robotics [5]. Market Review - Last week, the Shenwan Defense and Military Industry Index rose by 0.41%, while the CSI Military Industry Leader Index increased by 0.37%. In comparison, the Shanghai Composite Index rose by 1.13%, and the ChiNext Index increased by 2.32%, indicating that the defense sector underperformed relative to the broader market [6][11]. - The report highlights the top five performing stocks in the defense sector, with North Chemical Co. leading at a 13.22% increase, followed by *ST Xinyan at 12.5% and Chengfei Integration at 11.58% [14]. Valuation Changes - The current PE-TTM for the Shenwan Military Industry Index is 63.85, placing it in the historical mid-range since January 2014, with a valuation percentile of 43.02% since January 2019 [15]. - The report provides a detailed valuation table for key companies in the defense sector, indicating projected net profits and PE ratios for the upcoming years [21].

Investment Rating - The report maintains a "Buy" rating for several key stocks in the financial and manufacturing sectors, including 贝壳-W, 华润置地, 江苏金租, 杭州银行, 宁德时代, 奥普特, 菲利华, 思摩尔国际, 瀚蓝环境, and 广电计量 [47][50]. Core Insights - The macroeconomic environment shows a rebound in manufacturing PMI, indicating improved supply and demand, but price pressures continue to affect profitability [12][13]. - In the real estate sector, there is a focus on stable cash flow and high dividend yields amidst ongoing policy adjustments [14]. - Non-bank financial institutions are expected to benefit from policy optimizations that may lower funding costs [22]. - The banking sector is recommended for active public fund allocation, particularly favoring quality city commercial banks [24]. - The electric new energy sector is witnessing a bottoming out, with attention on new technological developments [28]. - The machinery sector is poised to benefit from AI applications, particularly in industrial inspection [30]. - The military industry is expected to see growth driven by the "14th Five-Year Plan" and changes in military trade dynamics [34]. - The light industry is focusing on new consumer trends and low valuation recovery [36]. - Environmental protection sectors are highlighted for investment opportunities in waste management and sanitation [41][43]. Summary by Sections Macro Analysis - Manufacturing PMI rose by 0.5 percentage points to 49.5%, driven by improved supply and demand dynamics [12]. - New export orders increased by 2.8 percentage points to 47.5%, indicating stronger export demand [12]. - Price indices for raw materials and factory outputs continue to decline, suggesting ongoing deflationary pressures [13]. Real Estate - The report emphasizes the need for stable cash flow and high dividend yields in real estate investments, particularly in low-valuation state-owned enterprises and quality property firms [14][15][20]. Non-Bank Financials - The report notes a targeted reserve requirement reduction for financial leasing companies, which is expected to lower funding costs and enhance liquidity [22][23]. Banking - City commercial banks are highlighted as key beneficiaries of institutional fund allocations, with expectations of market share gains [24][25][27]. Electric New Energy - The report identifies a bottoming out in the electric new energy sector, with a focus on solar, storage, and wind energy technologies [28][29]. Machinery - AI applications are expected to enhance industrial inspection processes, particularly in the 3C sector [30][32]. Military - The military sector is projected to grow due to the ongoing development of new equipment and military trade opportunities [34][35]. Light Industry - New consumer trends in light industry, particularly in tobacco and IP derivatives, are expected to drive growth [36][37][40]. Environmental Protection - Investment opportunities in waste management and sanitation are highlighted, with a focus on electric and intelligent equipment [41][43][45].