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 持续督导期间现场培训工作报告 长江证券承销保荐有限公司（以下简称"本保荐机构"或"长江保荐"）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 定对象发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》等法律法规的规定，对 菲利华进行了 2025 年度持续督导培训，现将培训情况报告如下： 一、培训人员 本保荐机构指派专业人员负责本次培训工作。 二、培训对象 本次培训中，菲利华接受培训的人员为：公司董事、高级管理人员、证券事 务代表、公司控股股东、实际控制人等相关人员。 三、培训时间和地点 本次现场培训工作于 2025 年 12 月 24 日实施，培训地点为湖北省荆州市东 方大道 68 号菲利华会议室以现场会议与视频会议相结合的方式进行。 公司及培训对象能够按照规定积极参与、配合长江保荐的培训工作，参加培 训并仔细学习了课件。本次培训加强了公司董事、高级管理人员、证券事务代表、 公司控股股东、实际控制人等人员对上市公司信息披露及募集资金管理的理解， ...

Core Viewpoint - The defense and military industry experienced a significant increase of 2.13% on December 31, with a net inflow of 6.058 billion yuan in main funds, indicating strong investor interest in this sector [1][2]. Group 1: Market Performance - The Shanghai Composite Index rose by 0.09% on December 31, with 15 out of the 28 sectors showing gains, led by the defense and military industry and media, which increased by 2.13% and 1.54% respectively [1]. - The sectors that faced declines included telecommunications and agriculture, with decreases of 1.35% and 1.10% respectively [1]. Group 2: Fund Flow Analysis - The defense and military industry had a total of 138 stocks, with 112 stocks rising and 10 hitting the daily limit up, while 23 stocks fell and 2 hit the daily limit down [2]. - The top three stocks with the highest net inflow in the defense and military sector were Aerospace Electronics with 2.095 billion yuan, followed by China Satellite with 1.865 billion yuan, and Beidou Navigation with 691 million yuan [2]. - Conversely, the top three stocks with the highest net outflow were Feilihua with 673 million yuan, China Satellite Communications with 280 million yuan, and Huafeng Technology with 238 million yuan [4]. Group 3: Individual Stock Performance - The top gainers in the defense and military sector included Aerospace Electronics, China Satellite, and Beidou Navigation, all achieving a daily increase of 10% [2]. - The stocks with the largest outflows included Feilihua, which decreased by 3.84%, and China Satellite Communications, which increased by 10.01% despite the outflow [4].

Group 1 - The core viewpoint of the news is that the commercial aerospace industry in China is entering a new phase of rapid development, with significant growth in the number of companies and launch facilities [1] - The high-end equipment ETF (159638) has seen a year-to-date increase of nearly 40%, indicating strong investor interest in this sector [1] - Key stocks in the high-end equipment ETF include major players such as航发动力, 航天电子, and 中国卫星, which collectively account for 44.64% of the fund's weight [1] Group 2 - The high-end equipment ETF (159638) has a management fee rate of 0.50% per year and a custody fee rate of 0.10% per year, providing a cost-effective investment option for investors [2] - Investors without stock accounts can also access the sector through linked funds (018027.OF, 018028.OF), broadening investment opportunities [2]

Group 1: Cloud Computing Power - The AI computing power industry chain is expected to see significant performance growth by 2026, with domestic GPUs entering a period of performance realization, emphasizing the importance of industry chain collaboration [1][2] - Domestic computing chip leaders are anticipated to enter a performance realization phase, benefiting from capacity release due to advanced process expansion [2] - AIASIC service providers are expected to play a crucial role in the supply chain as domestic computing enters a super node era, testing both GPU manufacturers' capabilities and the localization level of Switch chips [2] Group 2: Edge Computing Power - The hybrid architecture of edge and cloud computing is expected to empower AI applications, with edge AI benefiting from innovations and the release of 3D DRAM [3] - The first half of 2026 may see consumer upstream companies facing pressure from rising storage prices, but the second half is expected to present opportunities from new wearable AIoT products [3] - 2026 is projected to be a pivotal year for NPU deployment, with companies like Rockchip and Amlogic being relevant players [3] Group 3: 3D DRAM - 2026 is anticipated to be a year of significant demand for 3D DRAM, driven by the deployment of AI hardware across various fields [4] - The demand for high bandwidth and low-cost 3D DRAM is expected to rise, particularly in robotics, AIoT, and automotive sectors [4] - The introduction of multiple NPU tape-outs will provide diverse application scenarios for 3D DRAM, with mobile and cloud inference also gradually adopting this technology [4] Group 4: AI Models and Ecosystem - By 2026, cloud models are expected to enhance their complex planning capabilities through data quality and post-training optimization, while edge models will leverage cloud capabilities through distillation [5] - The ecosystem will see terminal manufacturers controlling the OS and system-level entry points, while super apps will create closed loops for application agents [5] Group 5: AI Terminals - 2026 marks the beginning of a new era for AI terminal innovations, with major companies like Meta, Apple, Google, and OpenAI launching new products [6] - New terminal forms, such as smart glasses and AI pins, are expected to emerge, driven by model iterations and application scenario development [6] - Key components such as SoC, batteries, and communication technologies will be crucial for the development of these new terminals [6] Group 6: Longxin Chain - Longxin's focus on 3D technology is expected to drive continuous capacity expansion, benefiting its supply chain partners [7] - The expansion of Longxin's production capacity will create opportunities for equipment and testing companies [7] Group 7: Wafer Foundry - The advanced logic foundry capacity is expected to double, maintaining a favorable outlook for the foundry industry [8] - The supply of advanced processes, especially at 7nm and below, is currently insufficient, with significant expansion anticipated in 2026 [9] Group 8: PCB Industry - The demand for high-speed signal integrity and low dielectric performance in AI servers is driving a comprehensive upgrade cycle in PCB materials [10] - M9 CCL is becoming a key substrate for AI servers and high-speed communication systems, expected to significantly increase the value of the PCB industry [10] Group 9: Optical-Copper Interconnection - The growth of commercial GPUs in 2026 will lead to large-scale deployment of CSPASIC, with a surge in demand for optical and copper interconnections [11] - The dual resonance of copper and optical technologies is expected to drive both volume and price increases in interconnection demand [11] Group 10: Server Power Supply - The rising power density in AI data centers is making HVDC power supply architecture a core focus, with significant upgrades across the supply chain [12] - The technology upgrades in server power supplies are expected to enhance the value of PCB components significantly [12] Group 11: Recommended Companies - Companies to watch in cloud computing power include Cambricon, Haiguang Information, and Zhaoxin [13] - In edge computing power, relevant companies include Amlogic, Rockchip, and Hengxuan Technology [13] - For storage, companies like GigaDevice and Longsys are noteworthy [13] - In AI terminals, companies such as Luxshare Precision and Sunny Optical are recommended [13] - For wafer foundry, companies like SMIC and Hua Hong Semiconductor are relevant [13] - In the PCB industry, companies such as Shennan Circuits and Unimicron Technology are highlighted [13] - For optical-copper interconnection, companies like Long光华芯 and Huafeng Technology are suggested [13] - In HVDC, companies like Eurotech and Megmeet are recommended [13]

Group 1 - The China Defense Index (399973) has shown a slight increase of 0.26%, with notable gains from constituent stocks such as Western Materials (002149) up by 5.53% and Aerospace Electronics (600879) up by 3.97% [1] - The commercial aerospace sector is experiencing renewed strength, driven by a recent meeting of the National Defense Science and Industry Administration, which emphasized the promotion of commercial aerospace development and the industrialization of the aerospace sector [1] - The Shanghai Stock Exchange has released guidelines for the fifth set of listing standards for commercial rocket companies, marking a significant step in facilitating their access to the capital market [1] Group 2 - According to Dongfang Securities, rockets are currently a bottleneck in commercial aerospace, but improvements in capacity, launch capabilities, and breakthroughs in reusable technology are expected to lead to significant advancements in satellite networking [2] - The anticipated breakthroughs in reusable rocket technology will substantially reduce launch costs and shorten launch intervals, thereby enhancing the number and speed of satellite deployments [2] - The National Defense ETF closely tracks the China Defense Index, which includes publicly listed companies under the ten major military groups and those providing equipment to the armed forces, reflecting the overall performance of defense industry stocks [2] Group 3 - As of November 28, 2025, the top ten weighted stocks in the China Defense Index include AVIC Shenyang Aircraft (600760) and Aero Engine Corporation of China (600893), collectively accounting for 44.06% of the index [3]

Investment Rating - The report maintains a rating of "Buy" for the electronic industry [1] Core Insights - The electronic industry is expected to experience significant growth driven by advancements in AI technology and the domestic supply chain's maturation, particularly in cloud and edge computing [11][15] - The report highlights the importance of 3D DRAM as a key hardware innovation for AI applications, with expectations for substantial demand growth in 2026 [22][27] - The shift towards high-density interconnects and advanced power supply architectures is crucial for supporting the increasing power density of AI data centers [50][56] Summary by Sections Cloud Computing Power - The domestic computing power supply chain is accelerating, with significant performance releases expected from local manufacturers like Zhongke Shuguang and Huawei [11] - The transition from Scale-Out to Scale-Up networking is enhancing bandwidth and reducing latency, which is critical for AI applications [11] Edge Computing Power - The integration of edge and cloud computing is becoming essential for AI applications, with edge devices benefiting from advancements in SoC technology [15][17] - Companies like Jingchen and Ruixinwei are positioned to capitalize on the growing demand for edge AI solutions [19] 3D DRAM - 3D DRAM is anticipated to become mainstream in 2026, driven by its high bandwidth and low cost, making it essential for various AI applications [22][27] - Companies such as Zhaoyi Innovation are expected to lead in the development of 3D DRAM technologies [28] AI Models - The optimization of AI models is crucial for enhancing performance and user experience, with a focus on local processing capabilities [29][30] - The collaboration between terminal manufacturers and model providers is expected to evolve, shaping the competitive landscape [30][33] AI Terminals - 2026 marks the beginning of a new era for AI terminals, with major companies like Meta, Apple, and Google launching innovative products [34][36] - The development of new terminal forms, such as smart glasses and desktop robots, is expected to drive market growth [34][35] Longxin Chain - Longxin's expansion plans are set to enhance the DRAM supply chain, with a focus on 3D architecture to improve performance and efficiency [38][39] - The company is expected to benefit from increased capital investment and technological advancements [39][41] Wafer Foundry - The domestic wafer foundry industry is entering a new expansion phase, particularly in advanced logic processes [42][43] - Key players like SMIC and Huahong are expected to lead this expansion, addressing the growing demand for advanced chips [44] PCB Industry - The PCB market is poised for growth, driven by the demand for high-performance materials and advanced designs [45][48] - Companies like Shenghong Technology are expected to benefit from the rising demand for AI-related PCB applications [49] Optical-Copper Interconnection - The demand for optical and copper interconnections is increasing, driven by the growth of AI computing clusters [50][52] - Companies such as Changguang Huaxin are well-positioned to capitalize on this trend [53] Server Power Supply - The shift to HVDC power supply architectures is becoming essential for AI data centers, addressing the challenges of increasing power density [55][56] - Companies like Oulu Tong are expected to lead in the development of advanced power supply solutions [56]

Investment Rating - The report maintains a positive outlook on the defense and military industry, suggesting an "Overweight" rating due to anticipated growth and investment opportunities in the sector [4][25]. Core Insights - The defense and military sector is entering a recovery phase, with expectations of improved order delivery and performance in the fourth quarter of 2025. The "14th Five-Year Plan" is expected to drive significant growth in military orders from sporadic to more consistent patterns [4][20]. - Geopolitical uncertainties are increasing demand for consumable weapons and military trade, presenting substantial investment opportunities. Key areas of focus include new main battle equipment, consumable weapons, military trade, and military intelligence [4][20]. - The report highlights the recent surge in the defense and military index, which rose by 6%, outperforming major indices such as the Shanghai Composite and the ChiNext [5][11]. Market Review - The defense and military index increased by 6%, while the military leader index rose by 5.12%. In comparison, the Shanghai Composite Index increased by 1.88%, and the CSI 300 Index rose by 1.95% [5][11]. - The report notes that the average increase for the civil-military integration index was 8.45%, indicating strong performance in this segment [5][11]. - Top-performing stocks in the defense sector included Shenjian Co. (61.2%), Aerospace Engineering (43.39%), and China Satellite (36.24%) [5][11]. Valuation Changes - The current PE-TTM for the defense sector is 88.65, placing it in the upper range historically, with a valuation percentile of 72.84% since January 2014 and 98.82% since January 2019 [12][19]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][19]. Key Investment Targets - Recommended stocks include high-end combat capabilities such as AVIC Shenyang Aircraft (600316.SH) and AVIC Xi'an Aircraft (600767.SH), as well as new quality combat capabilities like Unigroup Guowei (002049.SZ) and Chengdu Huami (688709.SH) [4][19].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the new materials industry [2][6]. Core Insights - The new materials index outperformed the CSI 300 index in December 2025, with a rise of 7.20% compared to the CSI 300's 2.49%, marking a 4.71 percentage point difference [6][11]. - The semiconductor materials sector continues to show strong growth, with global semiconductor sales reaching $72.71 billion in October 2025, a year-on-year increase of 27.2% [37][38]. - The export volume and value of superhard materials, particularly industrial diamonds, increased in November 2025, with exports rising by 0.27% year-on-year and export value increasing by 26.17% [45]. Summary by Sections Industry Performance Review - The new materials index showed a strong performance in December, with a total trading volume of CNY 19,806.43 billion, reflecting a 15.89% decrease from the previous month [6][11]. - Most stocks in the new materials sector rose in December, with notable increases in carbon fiber and other metal new materials, which saw monthly gains of 33.95% and 16.42%, respectively [15][16]. Important Industry Data Tracking - Basic metal prices generally increased in December 2025, with copper prices rising by 10.57% on the Shanghai Futures Exchange [32][35]. - The consumer price index (CPI) showed a year-on-year increase of 0.7% in November 2025, indicating a recovery in consumer spending [25][26]. Industry Dynamics - The establishment of the humanoid robot standard committee in Beijing marks a significant development in the new materials sector, focusing on applications in thermal management [1]. - The report highlights the ongoing demand for new materials driven by advancements in artificial intelligence and the recovery of downstream industries, suggesting a potential growth cycle for the domestic new materials sector [6][20].

Core Viewpoint - The company, Feilihua (300395.SZ), currently does not engage in the robotics sector and focuses on high-performance quartz glass materials and products essential for various high-tech industries [1] Group 1: Company Overview - Feilihua specializes in the development of gas-fused quartz glass, synthetic quartz glass, electric-fused quartz glass, and quartz glass fiber products [1] - The main products include quartz glass ingots, tubes, rods, plates, sheets, quartz glass devices, quartz glass fiber series products, and composite materials based on quartz glass fiber [1] Group 2: Industry Contribution - The company aims to support the rise of China's semiconductor, aerospace, optical, electronic circuit manufacturing, photovoltaic, and optical communication sectors [1] - Feilihua's mission is to contribute to the development of high-tech industries in China, particularly in semiconductor and aerospace fields [1]

Core Viewpoint - The company has established stable partnerships with renowned global copper-clad laminate manufacturers since the development of quartz electronic cloth in 2017, and its ultra-thin quartz electronic cloth products are currently undergoing small batch testing and certification by end customers [1] Group 1 - The company has been developing quartz electronic cloth since 2017 [1] - The company has successfully opened up a number of high-quality global copper-clad laminate manufacturer clients [1] - The company has established stable cooperation with internationally recognized downstream enterprises [1] Group 2 - The ultra-thin quartz electronic cloth products are in the stage of small batch testing at client sites [1] - The products are also undergoing certification processes with end customers [1]