广东信达律师事务所 股东会法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 邮政编码：518038 11F/12F., Taiping Finance Tower, 6001 Yitian Road, Futian District, Shenzhen, P.R. China 518038 电话(Tel.)：(0755) 8826 5288 传真(Fax.)：(0755) 8826 5537 网址（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 关于深圳市沃尔核材股份有限公司 2026 年第一次临时股东会的 法律意见书 信达会字（2026）第 002 号 致：深圳市沃尔核材股份有限公司 广东信达律师事务所（以下简称"信达"）接受深圳市沃尔核材股份有限公 司（以下简称"贵公司"）的委托，指派律师参加了贵公司 2026 年第一次临时 股东会（以下简称"本次股东会"），并进行了必要的验证工作。 信达律师根据《中华人民共和国公司法》（下称"《公司法》"）、《中华 人民共和国证券法》（下称"《证券法》"）、《上市公司股东会规则》（下称 "《股东 ...

Core Insights - The communication cable industry in China is experiencing steady growth driven by the increasing demand for 5G networks, gigabit optical networks, and the development of the "dual-gigabit" network [1][12] - The market size of China's communication cable industry is projected to grow from 794.8 billion yuan in 2018 to 1200 billion yuan by 2025, with a compound annual growth rate (CAGR) of 5% [1][13] Industry Overview - Communication cables are essential for transmitting telecommunication signals and are categorized into various types based on their structure and application [4] - The industry is supported by government policies aimed at promoting the development of communication cables, including initiatives for advanced technology applications [4][5] Market Demand - As of October 2025, the total number of fixed internet broadband users in China is expected to reach 697 million, with a net increase of 27.01 million users from 2024 [1] - The number of mobile IoT terminal users is projected to reach 2.89 billion, reflecting a net increase of 23.4 million users from 2024 [1] Industry Growth Factors - The exponential growth in data traffic due to the increasing number of internet users and the proliferation of mobile internet is driving the demand for communication infrastructure and cables [1] - The large-scale commercialization of 5G technology requires a vast amount of communication cables to support dense base station construction and extensive network deployment [1] Application Areas - The traditional communication sector remains dominant, accounting for 58.5% of total revenue, while high-speed communication devices are expected to capture 14.8% of the market by 2024 [10] - Emerging applications in smart manufacturing, smart cities, and the Internet of Things (IoT) are expanding the use of communication cables in diverse scenarios [1][10] Industry Structure - The communication cable industry features a competitive landscape with a mix of leading national enterprises and numerous small to medium-sized companies focusing on niche markets [13] - Key players in the industry include companies like Walden Materials, Wanma Co., Hengtong Optic-electric, and Tongding Interconnection Information [2][13] Future Trends - The industry is expected to evolve towards higher speeds, integration of functionalities, and sustainability, with a focus on developing multi-functional cables that can handle data transmission, power supply, and sensing [15][16][18] - The shift towards green practices will involve the use of eco-friendly materials and the establishment of efficient recycling systems throughout the cable lifecycle [18]

Core Viewpoint - The company indicates that the cost of copper in its high-speed communication wire production is relatively low, and it has implemented strategic procurement measures to mitigate the impact of rising copper prices on profitability [1]. Group 1: Cost Structure - The proportion of copper in the raw materials for the company's high-speed communication wires is small [1]. - The company employs strategic and bulk purchasing methods to control costs, which helps minimize the impact of copper price increases on profitability [1]. Group 2: Production Technology - The company has achieved mass production of its single-channel 224G high-speed communication wire, utilizing core technologies such as physical foaming and solid material techniques [1]. - The co-extrusion technology, which employs a dual-conductor structure, presents significant manufacturing challenges; however, the company has successfully implemented solid material technology in its production [1]. - The single-channel 224G high-speed communication wire produced using this technology has been shipped in large quantities [1].

Core Viewpoint - The company,沃尔核材, is actively involved in the supply chain for high-speed communication lines, primarily used in data centers and servers, and has established relationships with both international and domestic clients [1] Group 1: Company Operations - The company's high-speed communication line business is positioned upstream in the supply chain, focusing on applications in data centers and servers [1] - Direct clients include major international companies such as Amphenol, HARTING, Molex, and TE Connectivity, as well as domestic connector manufacturers like Luxshare, Qinghong, and Huafeng [1] - These direct clients further process the company's products before supplying them to major international and domestic server manufacturers for end-use [1] Group 2: Market Engagement - The company is inquiring about the usage of its products in popular computing cabinets like the B200 and B300 from NVIDIA, indicating a potential market opportunity [1] - There is interest in whether domestic computing manufacturers such as Cambrian, Huawei, and Moore Threads are indirectly utilizing the company's products, suggesting a broader market engagement [1]

Core Viewpoint - The company has successfully received and is currently operating 15 imported foam core extrusion machines, with additional machines delayed due to shipping factors, and is actively following up on the situation [1] Group 1: Equipment Status - The company initially planned to have over 20 imported foam core extrusion machines by the end of the year, but the arrival of some equipment has been delayed [1] - As of December 31, the company confirmed it has received 15 machines, with the remaining equipment affected by shipping times [1] Group 2: Production and Testing - The company reported that it has mass-produced 6 machines and is testing 3 machines as of October 13, with plans to have 7 machines mass-produced by mid-December [1] - The production process for high-speed communication lines is complex, requiring time for mold development and technical parameter adjustments after the equipment arrives [1]

Group 1 - The core point of the article is that沃尔核材 (002130.SZ) has received 15 imported foam core line extruders this year, with the remaining equipment delayed due to shipping factors [1] - The company is actively following up on the delayed equipment and plans to complete the installation and debugging process before matching the equipment with market demand [1] - The production process for high-speed communication lines is complex, requiring time for mold development and technical parameter adjustments after the equipment arrives [1]

Event Summary - The annual report disclosure schedule for 2025 has been released, with ChipGuide Technology being the first to disclose on February 3, 2026, and *ST Huawang on February 13, 2026 [1] Industry Insights - Key sectors expected to show improved or sustained high growth in annual report performance include "price-increasing commodities," "new energy and high-end manufacturing," "export-oriented sectors," and "TMT sectors with strong or improving demand" [1] - In the "price-increasing commodities" category, items with price increases exceeding 200% include black tungsten concentrate, VC, and lithium hexafluorophosphate, while those with increases over 100% include platinum and cobalt [4] - The new energy and high-end manufacturing sector is benefiting from high growth in military equipment orders and expanding demand for industrial robots and energy storage [6] - The export sector has seen significant growth, with high-tech and electromechanical product exports increasing by 7.7% and 9.7% year-on-year, respectively [6] Company Performance - A list of companies expected to see net profit growth exceeding 50% for the year has been compiled, based on preliminary quarterly report data [8] - Notable companies include Yuanjie Technology, with a projected net profit increase of 1726.36%, and Runze Technology, with an increase of 262.73% [9] - The semiconductor industry is projected to grow by 13.7% in sales in 2025, driven by strong demand for memory chips [7]

Group 1 - The core viewpoint of the article is that沃尔核材 (002130) plans to utilize the funds raised from its Hong Kong stock issuance for various strategic purposes [1] Group 2 - The company will allocate the raised funds, after deducting issuance costs, for business development and strategic layout [1] - Increased investment in research and development is a priority for the company [1] - The company aims to optimize its global production capacity and enhance its sales network and customer service system [1] - Funds will also be used for investments and acquisitions, as well as to supplement the working capital needed for daily operations [1]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report emphasizes that 2026 will be a critical year for the commercial release of GPUs and the large-scale deployment of CSP ASICs, leading to a surge in demand for interconnect solutions in data centers. Copper cables are highlighted as the optimal solution for short-distance, low-cost interconnects, while the demand for optical modules is expected to rise significantly due to the increasing GPU deployment [5][54]. Summary by Sections 1. Nvidia - The report details the upgrades in high-bandwidth, low-latency interconnects for Nvidia's Rubin, with a focus on the sixth-generation NVLink and the configuration of NVSwitch chips to achieve a symmetrical bandwidth of 129.6TB/s [10][12]. - The optical module demand ratio for the Rubin NVL144 configuration is projected to reach 1:12 under full CPX configuration, indicating a significant increase in the need for optical components as server clusters expand [16][18]. 2. Google - Google's TPU architecture is discussed, highlighting the use of a 3D Torus topology for high-bandwidth interconnects, with each TPU chip providing a bandwidth of 4.8TB/s [20][23]. - The report outlines the multi-layer network structure supporting the TPU scale-out, which includes 9216 TPU chips and utilizes a combination of TOR and Leaf/Spine switches to manage traffic efficiently [29][30]. 3. Amazon - Amazon's Trainium3 network architecture is characterized by high-density interconnects and flexible scaling capabilities, utilizing PCIe 6.0 technology for efficient communication between chips [32][33]. - The dual-network division (ENA for north-south traffic and EFA for east-west traffic) is designed to support the scaling of AI cluster communications, enhancing overall network performance [35][36]. 4. Meta - Meta's Minerva cabinet is designed for high-speed interconnects, achieving a symmetrical bandwidth of 204.8Tbps through the integration of Tomahawk5 switches and copper backplane technology [37][39]. - The DSF (Disaggregated Scheduled Fabric) network architecture is introduced to address bandwidth bottlenecks and congestion in large-scale AI training environments, featuring a layered design for improved resource utilization [43][48]. 5. Investment Recommendations - The report suggests focusing on the core sectors of optical and copper interconnects, as both are expected to experience significant growth driven by the increasing demand for data center interconnect solutions [54].

Group 1 - The core transaction involved 157,300 shares of沃尔核材, with a total transaction value of 3.9876 million yuan [1] - The transaction accounted for 0.26% of the total trading volume on that day [1] - The transaction price was 25.35 yuan, representing a discount of 5.97% compared to the market closing price of 26.96 yuan [1]