Market Performance - The non-metal materials sector increased by 1.42% on January 22, with Longgao Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Stock Performance - Longgao Co., Ltd. (code: 605086) closed at 44.88, with an increase of 8.14% and a trading volume of 70,300 shares, amounting to a transaction value of 304 million yuan [1] - Kuncai Technology (code: 603826) saw a rise of 6.48%, closing at 17.10 with a trading volume of 116,500 shares [1] - Other notable performers include: - Bingyang Technology (code: 920675) up 4.94% to 11.05 [1] - Ningxin New Materials (code: 920719) up 3.50% to 13.89 [1] - Qilu Huaxin (code: 920832) up 3.16% to 8.16 [1] Capital Flow - The non-metal materials sector experienced a net inflow of 118 million yuan from main funds, while retail investors saw a net outflow of 117 million yuan [2] - The main funds' net inflow for Longgao Co., Ltd. was 30.97 million yuan, representing 10.18% of its trading volume [3] - Kuncai Technology had a net inflow of 18.96 million yuan from main funds, accounting for 9.86% of its trading volume [3]

Core Viewpoint - The AI industry is driving an increase in demand and prices for high-speed materials, leading to a supply shortage of upstream high-end materials such as Low Dk electronic cloth, quartz cloth, and HVLP copper foil [1] Group 1: High-End Materials - The value of high-end CCL used in AI servers is 5-7 times higher than traditional CCL due to more layers and larger areas on AI server motherboards, as well as higher material prices [1] - The transition to M9-level CCL will require the use of Q-glass to meet dielectric performance requirements, with significant demand expected to surge starting in 2026 [2] - The supply shortage of high-end materials is expected to persist at least until the second half of 2027, prompting companies like Nitto Denko, Taishan Glass Fiber, and others to expand production [2] Group 2: HVLP Copper Foil - HVLP copper foil has evolved to HVLP4 and is expected to become the mainstream for GPU and ASIC AI PCB applications by 2026, with a significant supply gap for high-end copper foil [3] - Major suppliers in mainland China, Taiwan, and Japan are raising prices due to the supply-demand imbalance, making high-end products more valuable [3] Group 3: Electronic Resins - The new generation of resins is becoming the mainstream direction for upgrades, with a significant increase in the value of resins used in M9 CCL, particularly with a 2:1 ratio of hydrocarbon resin to PPO [4] Group 4: Fillers - The proportion of spherical silica micro-powder in M9 is expected to exceed 40%, with liquid-phase silica preparation meeting the requirements for M7 and above [5] Group 5: Other Upstream PCB Materials - Electronic-grade copper powder is essential for high-end PCB upgrades, while PCB-specific electronic chemicals are crucial for key processes like chemical copper deposition and electroplating, driving product updates and domestic substitution [6] Group 6: Investment Targets - Suggested companies to focus on include: 1) Low dielectric electronic cloth: Honghe Technology (603256.SH), Feilihua (300395.SZ), Zhongcai Technology (002080.SZ) [7] 2) HVLP copper foil: Tongguan Copper Foil (301217.SZ), Defu Technology (301511.SZ), Longyang Electronics (301389.SZ) [7] 3) Electronic resins: Dongcai Technology (601208.SH), Shengquan Group (605589.SH), Hongchang Electronics (603002.SH), Tongyu New Materials (301630.SZ) [7] 4) Fillers: Lianrui New Materials (688300.SH) [8] 5) Other upstream PCB materials: Jiangnan New Materials (603124.SH) for electronic-grade copper powder, and Tiancheng Technology (688609.SH) for PCB-specific electronic chemicals [8]

Core Viewpoint - The article emphasizes the AIPCB wave and highlights the investment opportunities arising from the upgrade of M9 materials, focusing on four main lines of development [1]. Group 1: Low Dielectric Electronic Fabrics - The transition from LDK to second-generation fabrics is underway, with M9 paired with Q fabrics evolving towards third-generation products [17]. - The market for low dielectric electronic fabrics is expected to grow rapidly, driven by AI server demand, with a projected compound annual growth rate of 23.8% from 2024 to 2033 [20][23]. Group 2: Electronic Resins - The use of hydrocarbon resins in M9 is expected to increase significantly, with a ratio of hydrocarbon resins to PPO rising to 2:1, enhancing the value of materials [31][34]. - New types of resins are becoming mainstream, with hydrocarbon resins being the preferred choice for next-generation high-frequency CCLs [31][39]. Group 3: Fillers - The proportion of spherical silica micro-powder in M9 is expected to increase significantly, with high-performance spherical silica micro-powder filling ratios expanding to over 40% [36][40]. - Liquid-phase preparation methods for silica are becoming the industry standard, meeting the requirements for M7 and above [40]. Group 4: Other Upstream PCB Materials - Attention is drawn to electronic-grade fluorinated copper powder and PCB-specific electronic chemicals, which are essential for the upgrade trends in high-end PCBs [3][43]. - The supply of high-end materials, including Low Dk electronic fabrics and HVLP copper foil, is facing shortages, with major manufacturers accelerating production to meet demand [7][29]. Group 5: Market Performance - The demand for high-end CCL driven by AI is accelerating the upgrade of upstream materials, with significant performance improvements observed in various AIPCB sub-sectors since mid-2025 [5][8]. - The average increase in AIPCB sub-sector indices from May to August 2025 shows substantial growth, particularly in electronic fabrics and copper foil [6]. Group 6: Investment Recommendations - Companies to watch include: 1. Low dielectric electronic fabrics: Honghe Technology, Feilihua, Zhongcai Technology [4]. 2. HVLP networks: Gangguan Copper Foil, Rongfu Technology, Longyang Electronics [4]. 3. Electronic resins: Dongcai Technology, Shengnong Group, Hongchang Electronics, Tongzi New Materials [4]. 4. Other upstream materials: Jiangnan New Materials for electronic-grade oxidized copper powder, Tiancheng Technology for PCB-specific electronic chemicals [4].

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Insights - The AI wave is driving higher value consumption in CCL (Copper Clad Laminate) materials, with a focus on M9 material upgrades and four main lines of development [4][8] - The demand for high-performance electronic materials is expected to surge, particularly with the anticipated release of Nvidia's Rubin platform in 2026, which will require M9-level CCL using Q-glass [8][29] - The supply of high-performance electronic materials is facing constraints, particularly in Low Dk electronic cloth and HVLP copper foil, leading to a supply-demand imbalance [8][35] Summary by Sections CCL and Key Materials - CCL's cost structure shows that upstream raw materials account for approximately 90% of the total cost, with copper foil, resin, and glass fiber being the primary components [13][15] - The transition from M7 and M8 to M9 CCL is underway, with M9 expected to utilize high-performance Q-glass and HVLP4 copper foil as the next mainstream products [21][36] Electronic Cloth - The global low dielectric electronic cloth market is projected to grow significantly, with a compound annual growth rate (CAGR) of 23.8%, reaching approximately $1.94 billion by 2033 [24][26] - The industry is transitioning from first-generation to second-generation low dielectric cloth, with a notable shift towards Q-glass for M9 applications [29][30] HVLP Copper Foil - HVLP copper foil has evolved to HVLP4, which is expected to become the mainstream product for AI server applications by 2026 [41][44] - Major manufacturers like Mitsui and Jincheng are accelerating production to meet the high demand for advanced copper foil [42][44] Electronic Resins - The use of hydrocarbon resins in M9 is expected to increase significantly, with a ratio of 2:1 compared to PPO, enhancing the value of resin in M9 materials [45][48] - The market for hydrocarbon resins is currently dominated by overseas suppliers, but domestic companies are ramping up production capabilities [49][52] Fillers - The use of spherical silica powder is increasing, with a projected market size exceeding 61,685.97 tons by 2026, driven by the demand for high-speed substrates [53][56] - Liquid-phase preparation methods for silica are becoming the industry standard, meeting the requirements for M7 and above [53][54] Other Upstream Materials - Electronic-grade copper oxide powder is crucial for high-end PCB upgrades, accounting for about 6% of PCB costs [57][60] - The market for PCB-specific electronic chemicals is evolving towards higher-end products, with domestic suppliers increasingly replacing foreign ones [61][62]

Group 1 - The non-metal materials sector increased by 1.49% on January 21, with Tianma New Materials leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the non-metal materials sector showed varied performance, with Tianma New Materials closing at 35.30, up 5.75%, and Dongfang Huizhen declining by 0.41% to 12.04 [1] Group 2 - The non-metal materials sector saw a net inflow of 43.89 million yuan from main funds, while retail investors experienced a net outflow of 36.99 million yuan [2] - Major stocks like Suotong Development and Lianrui New Materials had significant net inflows from main funds, with 29.09 million yuan and 28.73 million yuan respectively [3] - Retail investors showed a negative trend in stocks like Ningxin New Materials and Qilu Huaxin, with net outflows of 2.09 million yuan and 1.09 million yuan respectively [3]

Market Overview - The non-metal materials sector experienced a slight decline of 0.09% on January 20, with Longgao Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers in the non-metal materials sector included: - Liliang Diamond (301071) with a closing price of 39.16, up 4.54% [1] - Qilu Huaxin (920832) with a closing price of 7.90, up 2.20% [1] - Lianrui New Materials (688300) with a closing price of 68.97, up 1.08% [1] - Conversely, Longgao Co., Ltd. (605086) saw a significant decline of 3.02%, closing at 39.52 [2] Capital Flow - The non-metal materials sector saw a net inflow of 165.17 million yuan from institutional investors, while retail investors experienced a net outflow of 8730.02 million yuan [2][3] - The sector's capital flow indicates a strong interest from speculative funds, with a net inflow of 8564.85 million yuan from retail investors [2][3] Individual Stock Capital Flow - Liliang Diamond (301071) had a net inflow of 90.19 million yuan from institutional investors, representing 8.71% of its total capital [3] - Longgao Co., Ltd. (605086) faced a net outflow of 14.57 million yuan from institutional investors, indicating a negative sentiment [3] - Other stocks like Qilu Huaxin (920832) and Dongfang Carbon (920175) showed mixed capital flows, with Qilu Huaxin attracting 115.64 million yuan from institutional investors [3]

Core Viewpoint - Lianrui New Materials has shown significant stock performance with a year-to-date increase of 12.10% and a notable rise of 22.56% over the past 20 trading days, indicating strong market interest and potential growth in the inorganic filler and particle carrier industry [1][2]. Group 1: Stock Performance - As of January 20, Lianrui New Materials' stock price reached 69.60 CNY per share, with a market capitalization of 16.806 billion CNY [1]. - The stock has experienced a 14.36% increase over the last five trading days and a 20.62% increase over the last 60 days [1]. - The company reported a net outflow of 20.16 million CNY in principal funds, with significant buying activity from large orders [1]. Group 2: Financial Performance - For the period from January to September 2025, Lianrui New Materials achieved a revenue of 824 million CNY, reflecting a year-on-year growth of 18.76% [2]. - The net profit attributable to shareholders for the same period was 220 million CNY, marking a 19.01% increase compared to the previous year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 42.50% to 11,000, while the average circulating shares per person decreased by 29.82% to 22,029 shares [2]. - The company has distributed a total of 381 million CNY in dividends since its A-share listing, with 242 million CNY distributed over the last three years [3]. - Notable changes in the top ten circulating shareholders include the entry of Hong Kong Central Clearing Limited and the exit of certain funds [3].

国泰海通证券股份有限公司关于江苏联瑞新材料股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 江苏联瑞新材料股份有限公司（以下简称"联瑞新材"或"公司"）向不特定对 象发行可转换公司债券保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司募集资金监管规则》《上海证券交易所科创板股票上市规则》《上海证券 交易所科创板上市公司自律监管指引第1号——规范运作》等有关规定，对公司 使用部分暂时闲置募集资金进行现金管理的事项进行了核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意江苏联瑞新材料股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕2577号）， 江苏联瑞新材料股份有限公司（以下简称"公司"）向不特定对象发行 695,000,000.00元的可转换公司债券，期限6年，每张面值人民币100元，发行数 量6,950,000 张（695,000手）。本次发行的募集资金总额为人民币695,000,000.00 元，扣除发行费用总额人民币6,345,047.16元（不含税） ...

国泰海通证券股份有限公司关于江苏联瑞新材料股份有限公司 使用部分募集资金向全资子公司增资以实施募投项目的 核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 江苏联瑞新材料股份有限公司（以下简称"联瑞新材"或"公司"）向不特定对 象发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司募集资金监管规则》《上海证券交易所科创板股票上市规则》《上海证券交 易所科创板上市公司自律监管指引第1号——规范运作》等有关规定，对公司使 用部分募集资金向全资子公司增资以实施募投项目的事项进行了审慎核查，核查 情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意江苏联瑞新材料股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕2577号）， 江苏联瑞新材料股份有限公司向不特定对象发行695,000,000.00元的可转换公司 债券，期限6年，每张面值人民币100元，发行数量6,950,000张（695,000手）。本 次发行的募集资金总额为人民币695,000,000.00元，扣除发行费用总额人民币 6,345,047.16元（ ...

江苏联瑞新材料股份有限公司 证券代码：688300 证券简称：联瑞新材 公告编号：2026-010 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 投资种类：购买安全性高、流动性好、能够保障投资本金安全的产品（包 括但不限于结构性存款，协定存款，定期存款，大额存单等银行理财产品）。 投资金额：人民币 6 亿元（含）。 关于使用部分暂时闲置募集资金 进行现金管理的公告 1 695,000,000.00 元，扣除发行费用总额人民币 6,345,047.16 元（不含税）后， 实际募集资金净额为人民币 688,654,952.84 元。 已履行的审议程序：江苏联瑞新材料股份有限公司于 2026 年 1 月 19 日 召开第四届董事会第十八次会议，审议通过了《关于使用部分暂时闲置募集资金 进行现金管理的议案》，保荐人国泰海通证券股份有限公司对该事项出具了明确 同意的核查意见。该事项在董事会审批权限范围内，无需提交股东会审议。 特别风险提示：尽管公司拟投资安全性高、流动性好、期限不超过 12 个 月（含）的投资产品， ...