Investment Rating - The report indicates a positive shift in the investment rating for the military industry, suggesting that the industry is moving out of a bottom phase and entering a growth phase [3][19]. Core Insights - In Q2 2025, active funds increased their allocation to the military sector for the first time after ten consecutive quarters of reduction, with the allocation changing from -0.003ppt to -0.001ppt, marking a significant turning point for the industry [3][4]. - The total scale of military-themed funds increased by 24.58% to 39.8 billion yuan in Q2 2025, recovering to levels above those seen in Q4 2023 [22][24]. - Active funds have shown a preference for increasing positions in key sectors such as weapons and aviation, while the concentration of holdings has continued to decrease [5][25]. Summary by Sections Fund Allocation Analysis - In Q2 2025, active funds' allocation to military stocks increased, with the military sector's market value rising to 891 million yuan, accounting for 2.99% of the total market value of active funds [14][19]. - The military-themed fund's market value increased to 39.8 billion yuan, with a total of 84 stocks held, and the top ten stocks accounting for an average of 56.24% of the fund's net asset value [22][23]. Holdings Concentration - The concentration of holdings among the top fifteen stocks in active funds decreased to 66.85%, down 2.10ppt from the previous quarter, indicating a trend towards diversification [25][27]. - The top stocks by market value include 中航沈飞 (AVIC Shenyang Aircraft Corporation) and 睿创微纳 (Raytron Technology), which have seen significant increases in the number of funds holding them [32][33]. Sector Preferences - Active funds have increased their exposure to the weapons sector by 1.30ppt and the aviation sector by 0.98ppt, while reducing exposure to sectors like new materials and shipbuilding [27][28]. - The military industry is characterized by a high proportion of state-owned enterprises, which account for over 70% of the market value, reflecting institutional preferences [5][27]. Key Companies to Watch - The report suggests focusing on companies involved in guided weapons, military trade, and new production capabilities, including 菲利华 (Feilihua), 中航沈飞 (AVIC Shenyang), and 国光电气 (Guoguang Electric) among others [7][19].

Group 1: Industry Overview - The main listed companies in the borosilicate glass industry include Shandong Pharmaceutical Glass, Linuo Pharmaceutical Packaging, Qibin Group, Weigao Group, and Zhengchuan Co., Ltd. [1] - The number of A-share listed companies in the borosilicate glass sector is relatively small, with key players being Shandong Pharmaceutical Glass, Linuo Pharmaceutical Packaging, Qibin Group, and Zhengchuan Co., Ltd. [1] Group 2: Financial Performance - In 2024, the projected revenue for Shandong Pharmaceutical Glass from borosilicate glass-related businesses is 51.30 billion yuan, Linuo Pharmaceutical Packaging is 10.81 billion yuan, and Qibin Group is 156.49 billion yuan [2]. - The revenue contribution of borosilicate glass-related businesses to total revenue is significant, with Shandong Pharmaceutical Glass at 51.38%, Linuo Pharmaceutical Packaging at 43.24%, and Zhengchuan Co., Ltd. at 52.85% [5]. Group 3: Production and Sales Metrics - In 2024, Shandong Pharmaceutical Glass and Zhengchuan Co., Ltd. have production and sales rates close to 100%, while Linuo Pharmaceutical Packaging's rate is below 90% [6]. - The gross profit margin for Shandong Pharmaceutical Glass is notably high, while Linuo Pharmaceutical Packaging and Zhengchuan Co., Ltd. have margins around 22%-23% [6]. Group 4: Business Layout and Strategy - The borosilicate glass industry is concentrated in the eastern coastal regions of China, particularly in Jiangsu Province [2]. - Leading companies like Shandong Pharmaceutical Glass and Linuo Pharmaceutical Packaging are expanding capacity and integrating the supply chain to accelerate domestic substitution in the borosilicate glass market [8]. Group 5: Future Plans - Shandong Pharmaceutical Glass aims to increase its production capacity to 5 billion units per year by 2025, with a target export ratio of 20%-25% [9]. - Linuo Pharmaceutical Packaging plans to achieve a production capacity of 63,000 tons per year by 2025, covering all specifications from 5ml to 500ml [9]. - Qibin Group is investing 780 million yuan to build two production lines for borosilicate glass, expected to be operational by 2025 with an annual capacity of 100,000 tons [9].

Group 1 - The core viewpoint is that the Low Dk electronic cloth industry chain presents significant investment opportunities due to the increasing demand for high-speed transmission scenarios, particularly in the context of 400G and above switch applications [2][3] - The Low Dk electronic cloth is essential for future high-speed server construction, with its application ratio expected to continuously increase as server transmission demands grow [2][3] - The market for Low Dk electronic cloth is still in a phase of continuous iteration and upgrade, with substantial market expansion potential driven by the increasing transmission rate requirements of downstream data center switches [3][4] Group 2 - The Low Dk electronic cloth industry chain has bright spots across all segments, with a favorable overall competitive landscape due to the complexity of processing and material formulation, resulting in relatively few global suppliers [4][5] - The upstream segment includes high-purity quartz fiberglass as a core material for the third generation of electronic cloth, with companies like Feilihua recommended for investment [4][5] - The midstream segment involves the manufacturing of electronic cloth, with domestic manufacturers like Zhongcai Technology and Honghe Technology expected to expand their production capacity [4][5] - The downstream segment focuses on copper-clad laminate (CCL) manufacturing, with companies like Shenghong Technology and Shenyang Technology anticipated to increase their market share [4][5] Group 3 - The market currently has a high focus on PCB units, often overlooking the upstream electronic cloth supply chain, which is a new category with low current attention [5][6] - The demand for Low Dk electronic cloth is expected to rise in both volume and price, driven by the increasing penetration rate in high-speed switch applications [5][6] - The Low Dk electronic cloth is crucial for meeting the dielectric loss requirements of high-frequency and high-speed copper-clad laminates, particularly for AI servers and other high-performance applications [5][6] Group 4 - The Low Dk electronic cloth industry chain can be divided into three parts: upstream (quartz fiberglass, resin, copper foil), midstream (electronic cloth R&D and manufacturing), and downstream (CCL supply) [31][32] - Upstream, quartz fiberglass is identified as a key positioning material, with its dielectric loss and thermal expansion properties superior to traditional fiberglass [33][34] - The midstream segment requires complex processing techniques for high-purity quartz fiberglass cloth, which significantly impacts the performance of electronic-grade applications [42][43] - The downstream segment is focused on the stringent requirements for PCB processing, particularly for 224G transmission technology, which poses significant challenges for manufacturers [50][51]

Investment Rating - The report maintains a "Positive" outlook on the Low Dk electronic fabric industry, highlighting significant growth potential driven by high-speed transmission demands [4][6]. Core Insights - The demand for Low Dk electronic fabric is driven by the need for high-speed transmission, particularly in AI servers and data centers, which are expected to become core growth points for the industry [5][7]. - The Low Dk electronic fabric industry chain presents opportunities across all segments, with a focus on high-barrier core areas such as quartz fiber manufacturing, Low Dk electronic fabric production, and high-frequency copper-clad laminate (CCL) manufacturing [6][8]. Summary by Sections 1. High-Speed Transmission Demand - Low Dk electronic fabric is essential for ensuring the structural safety and signal transmission quality of copper-clad laminates, with data centers and servers being key growth areas [16][18]. - The increasing penetration of AI servers is driving the demand for high-speed switches and optical modules, necessitating the use of Low Dk materials to reduce dielectric loss [23][25]. 2. Industry Chain Highlights - **Upstream**: Quartz fiber is identified as a critical component, with few manufacturers capable of mass production, giving companies like 菲利华 a competitive edge [39][44]. - **Midstream**: Leading manufacturers are rapidly expanding production capacity for Low Dk electronic fabrics, with companies like 中材科技 and 宏和科技 making significant advancements [47][48]. - **Downstream**: Attention is drawn to CCL manufacturers that supply to the NVIDIA chain, as their product development and testing progress will significantly impact market share [5][8]. 3. Recommended Core Stocks - **Upstream**: Focus on quartz fiber suppliers such as 菲利华 [6][17]. - **Midstream**: Monitor companies like 中材科技 and 宏和科技 that are expanding their Low Dk electronic fabric production capabilities [6][18]. - **Downstream**: Keep an eye on high-frequency CCL manufacturers like 生益科技 and 胜宏科技 [6][20].

本次上海石创增资扩股拟引入山东省鲁新工业高质量发展基金合伙企业（有限合伙）、山东省新动能绿 色先行投资中心（有限合伙）、中金启辰贰期（苏州）新兴产业股权投资基金合伙企业（有限合伙）、 中金启辰贰期（无锡）新兴产业股权投资基金合伙企业（有限合伙）、荆州荆开产业股权投资基金合伙 企业（有限合伙）、山东高投毅达新动能创业投资合伙企业（有限合伙）共6位新股东。参考评估机构 出具的评估结果，经友好协商，一致同意增资方以65.57元/股的增资价格认购上海石创新增加的注册资 本人民币517.0076万元，超出注册资本的部分计入资本公积。上海石创股东荆州市麟锐企业管理咨询合 伙企业（有限合伙）、荆州市钊晟企业管理咨询合伙企业（有限合伙）、荆州市丰铎企业管理咨询合伙 企业（有限合伙）、邓家贵、吴学民为公司关联方，均放弃本次增资的优先认缴出资权。本次交易事项 构成关联交易。 格隆汇7月25日丨菲利华(300395.SZ)公布，公司控股子公司上海石创因经营发展需要，拟进行增资扩 股，注册资本拟由人民币3,324.7098万元增加到3,841.7174万元，募集资金人民币33,900万元。其中增加 的注册资本人民币517.0076万 ...

证券代码：300395 证券简称：菲利华 公告编号：2025-34 湖北菲利华石英玻璃股份有限公司 关于放弃子公司增资优先认缴出资权暨关联交易的公告 本公司及董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。 重要内容提示： 一、关联交易概述 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》等规定，本次增资暨关联交易 尚需提交公司 2025 年第一次临时股东大会审议批准。根据《深圳证券交易所创业板 股票上市规则》及《公司章程》相关规定，本次交易不构成《上市公司重大资产 重组管理办法》规定的重大资产重组。 二、交易关联方介绍 （一）荆州市麟锐企业管理咨询合伙企业（有限合伙） 1、基本情况 企业名称：荆州市麟锐企业管理咨询合伙企业（有限合伙） 51.1263%，上海石创仍为公司合并报表范围内的控股子公司。 本次上海石创增资扩股拟引入山东省鲁新工业高质量发展基金合伙企业（有 限合伙）、山东省新动能绿色先行投资中心（有限合伙）、中金启辰贰期（苏州） 新兴产业股权投资基金合伙企业（有限合伙）、中金启辰贰期（无锡）新 ...

1、股东大会届次：2025 年第一次临时股东大会。 2、会议召集人：公司董事会。 3、会议召开的合法、合规性：本次会议的召开已经第六届董事会第十八次 会议审议通过，符合有关法律、行政法规、部门规章、规范性文件、深圳证券交 易所业务规则和公司章程的规定。 4、会议召开时间： 证券代码：300395 证券简称：菲利华 公告编号：2025-37 湖北菲利华石英玻璃股份有限公司 关于召开 2025 年第一次临时股东大会的通知 本公司及董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。 湖北菲利华石英玻璃股份有限公司（以下简称"公司"）第六届董事会第十八次会议 决定于2025 年8月12日下午13:30召开公司2025年第一次临时股东大会，现将会议有关 事项通知如下： 一、召开会议的基本情况 （1）现场会议召开时间 2025 年 8 月 12 日 13:30； （2）通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 8 月 12 日 上午 9:15-9:25，9:30-11:30，下午 13:00-15:00； （3）通过深圳证券交易所互联网系统投票的具体时间为 202 ...

证券代码：300395 证券简称：菲利华 公告编号：2025-36 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。 湖北菲利华石英玻璃股份有限公司 第六届监事会第十八次会议决议公告 一、监事会会议召开情况 2025 年7 月25 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 监事会第十八次会议在公司会议室举行。会议通知于2025 年7 月20 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）《关于放弃子公司增资优先认缴出资权暨关联交易的议案》 经审议，监事会认为：公司本次放弃子公司增资优先认缴出资权暨关联交易事项，符 合公司战略发展需要，关联交易决策程序符合《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》以及《公 司章程》等有关法律法规的规定，不存在损害公司及全体股东利益的情形。因此，监事会 同意公司本次放弃 ...

证券代码：300395 证券简称：菲利华 公告编号：2025-35 湖北菲利华石英玻璃股份有限公司 第六届董事会第十八次会议决议公告 本公司及董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。 一、董事会会议召开情况 湖北菲利华石英玻璃股份有限公司（以下简称"公司"）于2025年7月25日在公司 会议室以现场与通讯相结合的方式召开第六届董事会第十八次会议，会议通知于2025 年7 月 20 日以通讯和邮件的方式发出。会议由董事长商春利先生主持，本次董事会应出席的 人数9 人，实际出席会议的董事9 人，占公司董事总数的100%。会议的召集和召开符合 《中华人民共和国公司法》等法律法规和《湖北菲利华石英玻璃股份有限公司章程》的相 关规定。 二、董事会会议审议情况 （一）《关于放弃子公司增资优先认缴出资权暨关联交易的议案》 经审议，董事会认为：公司子公司上海菲利华石创科技有限公司增资扩股符合经营发 展需要和战略发展要求。将为上海石创注入重要的战略资源和资金支持，符合公司的发展 战略和长远规划，不存在损害公司及中小股东利益的情形。本次上海菲利华石创科技有限 公司增资扩股，公司及关 ...

湖北菲利华石英玻璃股份有限公司 2025 年限制性股票激励计划首次授予激励对象名单 | 类别 | 获授的限制性 | 占本激励计划授予限 | 占公司当前股 | | --- | --- | --- | --- | | | 股票数量（股） | 制性股票总数的比例 | 本总额的比例 | | 核心技术人员、核心销售人员及 董事会认为需要激励的其他人员 | 1,424,000 | 84.36% | 0.27% | | （255人） | | | | | 预留部分 | 264,050 | 15.64% | 0.05% | | 合计 | 1,688,050 | 100.00% | 0.32% | | 一、2025年限制性股票激励计划首次授予分配情况表 | | --- | 说明：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司 股票均未超过公司总股本的 1%。公司全部有效期内的激励计划所涉及的标的股票总数累 计不超过股权激励计划提交股东大会审议时公司股本总额的20%。激励对象因个人原因自 愿放弃获授权益的，由董事会对授予数量作相应调整和分配； 2、以上激励对象不包括单独或合计持有公司5%以上股份的股东或实际控 ...