对于社保基金，本期较上一季未再披露的社保基金共计1个，即全国社保基金一一三组合。 公募基金方面，本期较上一期持股增加的公募基金共计17个，主要包括华夏优势增长混合、国防ETF、 嘉实中证高端装备细分50ETF、建信优享科技创新混合(LOF)、嘉实鑫福一年持有期混合等，持股增加 占比达0.30%。本期较上一季度持股减少的公募基金共计48个，主要包括中欧价值智选混合A、南方中 证500ETF、中欧新兴价值一年持有混合A、中欧多元价值三年持有混合A、广发制造业精选混合A等， 持股减少占比达3.24%。本期较上一季度新披露的公募基金共计510个，主要包括广发小盘成长混合 (LOF)A、兴业兴睿两年持有期混合A、前海开源新经济混合A、长信金利趋势混合A、兴全合泰混合A 等。本期较上一季未再披露的公募基金共计24个，主要包括广发科技创新混合A、广发价值核心混合 A、广发中小盘精选混合A、广发科技动力股票、中海优质成长混合等。 2025年4月22日，菲利华(300395.SZ)发布2024年年度报告。截至2025年4月21日，共有621个机构投资者 披露持有菲利华A股股份，合计持股量达2.26亿股，占菲利华总股本的43.3 ...

湖北菲利华石英玻璃股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称企业内部控制规范体系），结合湖北菲利华石英玻璃股份有限公司 （以下简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项监 督的基础上，对公司 2024 年 12 月 31 日（内部控制评价报告基准日）的内部控 制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督，管理层负责组织、领导企业内部控制的日常运行。 公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚 假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担 个别及连带法律责任。 湖北菲利华石英玻璃股份有限公司 2024 年度内部控制评价报告 公司内部控制的目标是：合理保证经营管理合法合规、资产安全、财务报告 及相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制 存在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情 ...

证券代码：300395 证券简称：菲利华 公告编号：2025-10 湖北菲利华石英玻璃股份有限公司 关于变更注册资本及其他条款暨修订《公司章程》 并办理工商变更登记的公告 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。 公司于2024 年 9 月 9 日召开第六届董事会第十二次会议、第六届监事会第十二次会 议，审议通过了《关于 2021 年限制性股票激励计划首次授予部分第三个归属期及预留授 予部分第二个归属期归属条件成就的议案》《关于作废部分已授予尚未归属的限制性股票 的议案》。公司 2021 年限制性股票激励计划首次授予部分第三个归属期及预留授予部分 第二个归属期归属的股份于 2024 年10 月31 日上市流通。本次限制性股票归属完成后， 公司股本总数由519,822,973 股增加至522,267,673股，公司注册资本由519,822,973元增加 至522,267,673元。 二、《公司章程》修订情况 湖北菲利华石英玻璃股份有限公司（以下简称"公司"）于2025年4月21日召开第 六届董事会第十五次会议，审议通过了《关于变更注册资本及其他条款暨修订< ...

| 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 邓家贵 | 3933.12 | 7.67 | 不变 | | 吴学民 | 3351.06 | 6.53 | 24.00 | | 北京汇宝金源投资管理中心(有限合伙) | 3105.00 | 6.05 | 不变 | | 广发基金管理有限公司-社保基金四二零组合 | 1368.16 | 2.67 | 不变 | | 中国工商银行股份有限公司-易方达创业板交易型开放式 指数证券投资基金 | 1171.85 | 2.28 | 新进 | | 中国农业银行股份有限公司-南方军工改革灵活配置混合 | | | 新进 | | 型证券投资基金 | 882.37 | 1.72 | | | 中国人寿（601628）保险股份有限公司-传统-普通保险产 品-005L-CT001沪 | 868.16 | 1.69 | 新进 | | 胡国华 | 773.31 | 1.51 | 新进 | | 中国工商银行股份有限公司-华夏军工安全灵活配置混合 型证券投资基金 | 755.47 | 1.4 ...

Financial Performance - The company's operating revenue for 2024 was ¥1,741,811,420.38, a decrease of 16.68% compared to ¥2,090,542,556.95 in 2023[17]. - The net profit attributable to shareholders for 2024 was ¥314,213,861.03, down 41.56% from ¥537,647,720.19 in the previous year[17]. - The basic earnings per share for 2024 was ¥0.6050, reflecting a decline of 42.53% from ¥1.0527 in 2023[17]. - The total assets at the end of 2024 amounted to ¥6,090,924,172.08, representing a 2.97% increase from ¥5,915,013,040.01 at the end of 2023[17]. - The net assets attributable to shareholders increased by 5.32% to ¥4,128,831,112.02 at the end of 2024, compared to ¥3,920,349,774.33 in 2023[17]. - The cash flow from operating activities for 2024 was ¥264,781,503.27, a slight decrease of 0.67% from ¥266,575,656.66 in 2023[17]. - The company achieved operating revenue of 1,741.81 million yuan and a net profit attributable to shareholders of 314.21 million yuan during the reporting period[39]. - Total revenue for 2024 was approximately ¥1.74 billion, a decrease of 16.68% compared to ¥2.09 billion in 2023[54]. - Revenue from non-metallic mineral products accounted for 97.97% of total revenue, totaling approximately ¥1.71 billion, down 15.40% year-over-year[54]. - Quartz glass products generated revenue of approximately ¥656.42 million, representing 37.69% of total revenue, with a slight decrease of 3.56% from the previous year[54]. - Domestic revenue decreased by 25.45% to approximately ¥1.18 billion, accounting for 67.91% of total revenue[55]. - Overseas revenue increased by 10.94% to approximately ¥558.96 million, representing 32.09% of total revenue[55]. - Gross profit margin for non-metallic mineral products was 42.58%, down 8.09% year-over-year[56]. Market and Industry Outlook - The semiconductor market is expected to maintain a stable growth trend, supported by national policies promoting domestic substitution and increasing demand for quartz glass materials[27][28]. - The aerospace industry is projected to expand, with the company positioned to benefit from national strategic policies and increasing applications of quartz glass fiber and composite materials[29][30]. - The optical industry is experiencing growth driven by policy support and technological advancements, with the company involved in the development of high-purity synthetic quartz glass for high-end optical applications[31]. - The photovoltaic segment experienced a year-on-year revenue decline due to a mismatch in supply and demand amid intensified competition[40]. Research and Development - R&D investment reached 249.94 million yuan, reflecting an 11.98% year-on-year growth, focusing on key material breakthroughs[40]. - The company has successfully transitioned the high-purity synthetic quartz sand project to the pilot test phase, with stable mass production capabilities for several products[41]. - The company is expanding its product offerings in the semiconductor and optical markets, enhancing its competitive edge[68]. - The company has made progress in developing low-expansion synthetic quartz glass, with samples prepared and production technology advancements[67]. - The number of R&D personnel increased by 6.94% to 724, with the proportion of R&D personnel in the company rising to 28.81%[67]. - R&D investment amounted to ¥249,943,967.55, which is 14.35% of the operating revenue, up from 10.68% the previous year[68]. Risk Factors - The company faces risks related to market demand fluctuations due to macroeconomic volatility, which may impact future operating performance[4]. - The company also highlights risks associated with price fluctuations of quartz glass materials and potential declines in gross profit margins due to increased competition[4]. - The company has acknowledged uncertainties regarding its ability to continue as a going concern based on recent financial performance[17]. - The company faces risks from macroeconomic fluctuations that could impact market demand and revenue, particularly in sectors like semiconductors and aerospace[103]. - The company is also exposed to risks related to price fluctuations of key products and potential declines in gross margin due to increased competition and rising raw material costs[103]. Corporate Governance - The company emphasizes transparency in information disclosure, ensuring timely and accurate communication with investors through designated platforms[112]. - The company has implemented a performance evaluation and incentive mechanism for its directors and senior management, ensuring transparency in appointments[112]. - The company has maintained compliance with legal and regulatory requirements in its governance practices, with no significant discrepancies reported[113]. - The company is focused on maintaining a strong governance structure and effective internal controls[133]. - The company has established a market value management system to enhance investment value, approved by the board on February 26, 2025[107]. Employee and Training Initiatives - The total number of employees at the end of the reporting period is 2,513, with 1,377 in the parent company and 1,136 in major subsidiaries[139]. - The company conducted 847 training sessions in 2024, totaling 1,296.8 hours, with an average of 16.53 hours of training per employee[142]. - The company has recognized and trained 49 internal lecturers to improve training delivery[143]. - The company emphasizes talent development and has implemented a performance-based compensation policy[141]. Environmental Responsibility - The company has established a wastewater treatment station and an exhaust gas treatment system, both of which are operating normally[164]. - The company reported a total pollutant discharge of 2.28 tons for particulate matter and 0.78 tons for chemical oxygen demand (COD) in wastewater, with no exceedances of discharge standards[163]. - The company achieved a blue label environmental credit rating for the year 2024, as evaluated by the Hubei Provincial Department of Ecology and Environment[166]. - The company has installed a photovoltaic power generation capacity of 3.76 MW, generating 3 million kWh of electricity annually[166]. Shareholder Engagement and Dividends - The company plans to distribute a cash dividend of ¥1.30 per 10 shares (including tax) to all shareholders[5]. - The total distributable profit is RMB 1,541,934,191.36, with cash dividends constituting 100% of the profit distribution[148]. - The cash dividend policy aligns with the company's articles of association and shareholder resolutions, ensuring transparency and compliance[147]. - The cash dividend distribution plan for 2024 is subject to shareholder approval, ensuring alignment with shareholder interests and company growth strategies[148]. Financial Management and Investments - The company reported a total of ¥81.56 million in self-raised funds and ¥77.50 million in other funding sources for its projects[80]. - The company has ongoing significant non-equity investments, with a total investment amount of ¥156.7 million in high-end electronic materials and ¥229.9 million in precision processing projects[80]. - The company has committed to not providing loans or financial assistance related to incentive stock plans[176]. - The company has a structured plan for managing potential conflicts of interest, ensuring that any business opportunities are directed to the company[175].

截至2025年4月21日 10:04，中证国防指数(399973)强势上涨1.70%，成分股国睿科技(600562)上涨 8.83%，应流股份(603308)上涨7.00%，北摩高科(002985)上涨6.21%，三角防务(300775)，航发控制 (000738)等个股跟涨。 数据显示，截至2025年3月31日，中证国防指数(399973)前十大权重股分别为中航光电(002179)、航发动 力(600893)、中航沈飞(600760)、中航西飞(000768)、中航机载(600372)、航天电子(600879)、菲利华 (300395)、海格通信(002465)、睿创微纳(688002)、西部超导(688122)，前十大权重股合计占比43.42%。 国防ETF(512670)上涨1.62%，最新价报0.69元。 消息面上，国家发展改革委主任郑栅洁主持召开推动做好低空经济发展专题会议，要求统筹好发展和安 全等方面关系，因地制宜推动低空经济安全健康发展。 4月17日，国家发展改革委研究室主任金贤东表示低空经济是战略性新兴产业，积极稳妥推动低空经济 发展意义重大、前景光明。 开源证券认为，低空经济已经迎来从宏观（ ...

Market Overview - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,267.66, up by 0.15%, while the Shenzhen Component Index fell by 0.27% to 9,858.10 [2] Non-Bank Financial Sector - The first quarter earnings for several brokerage firms are expected to increase significantly, with some reporting a year-on-year profit growth of up to 400%. Eight firms reported over 50% growth [6] - Multiple brokerages announced share buybacks to stabilize stock prices amid market volatility, reflecting management confidence in future growth [6] Electronics Industry - The overall market saw declines, with the Shanghai Composite Index down 3.11% and the Shenzhen Component Index down 5.13% during the week of April 7-11, 2025. The semiconductor sector showed mixed results, with the Philadelphia Semiconductor Index rising by 10.93% [5] - The recent U.S. tariff exemptions on certain products are expected to benefit sectors previously impacted by tariffs, although future policy changes remain uncertain [8] Chemical Raw Materials - The discovery of high-purity quartz mines in China is expected to reduce reliance on imports, as the country has historically depended on foreign sources for high-purity quartz [11] - Various vitamins have been included in the tariff exemption list, indicating limited impact on exports despite increased tariffs on other products [11] Company Insights - For Crystal Morning Co., the 2024 annual report indicated a revenue of 62.78 billion yuan, a year-on-year increase of 23.67%, and a net profit of 10.30 billion yuan, up 71.57% [15] - The company is actively expanding its market presence and product lines, with significant growth in AI edge products and a strong focus on R&D [16] Investment Recommendations - The report suggests focusing on domestic high-purity quartz production and the vitamin industry, particularly companies like New and Cheng, as they are expected to benefit from tariff exemptions and reduced import reliance [11][21] - For Crystal Morning Co., projected net profits for 2025-2027 are 12.86 billion, 14.79 billion, and 17.11 billion yuan, with a corresponding PE ratio indicating a "buy" rating [17]

Core Insights - The ChiNext Index (399006) experienced a slight decline of 0.13% as of April 15, 2025, with mixed performance among constituent stocks [1] - The ChiNext 100 ETF (159957) saw a decrease of 0.24%, with a latest price of 1.25 yuan, but has shown a cumulative increase of 5.92% over the past week [1] - The fund's management fee is 0.15% and the custody fee is 0.05%, making it one of the lowest in its category [1] - The ChiNext Index is currently valued at a historical low with a price-to-book ratio (PB) of 3.91, which is below 83.72% of the time over the past five years, indicating strong valuation attractiveness [2] Performance Summary - Leading stocks included Shenghong Technology (300476) with a rise of 5.74%, and Jiangfeng Electronics (300666) up by 4.22%, while Huada Jiutian (301269) led the decline at 5.06% [1] - The top ten weighted stocks in the ChiNext Index account for 50.27% of the index, with Ningde Times (300750) holding the highest weight at 20.62% [2][4] Trading Activity - The ChiNext 100 ETF recorded a turnover rate of 2.48% with a total transaction volume of 44.34 million yuan [1] - Over the past five trading days, the ETF experienced net inflows on three occasions, totaling 65.97 million yuan, averaging 13.19 million yuan in daily net inflows [1] Tracking Accuracy - The ChiNext 100 ETF has demonstrated the highest tracking accuracy among comparable funds, with a tracking error of just 0.013% year-to-date [1][2]

Investment Rating - Non-metallic building materials: Buy (Maintain) [4] - Construction and Engineering: Overweight (Maintain) [4] Core Viewpoints - The report discusses three phases of the "tariff" trade, highlighting the impact of high tariffs between China and the US on domestic substitution and the potential benefits for companies with local production facilities [1][2] - The first phase focuses on domestic substitution due to high tariffs, suggesting attention to companies like Quartz Co., Kaisheng Technology, and Feiliwa, which are positioned to benefit from this trend [1] - The second phase indicates a global economic downturn due to a 10% tariff imposed by the US, leading to increased pressure on manufacturing and capital expenditure, with a recommendation to focus on state-owned enterprises and index-weighted stocks [1][2] - The third phase anticipates domestic policy adjustments aimed at boosting consumption and infrastructure investment, with specific recommendations for companies in the construction materials sector [2] Summary by Sections Phase 1: Domestic Substitution - Companies benefiting from domestic substitution include Quartz Co. (domestic sand for semiconductors), Kaisheng Technology (synthetic quartz sand), and Feiliwa (leading semiconductor quartz products) [1] - US-based companies like Puyang Nayi and China Jushi are expected to benefit from high tariff barriers [1] Phase 2: Global Economic Impact - The imposition of a 10% tariff by the US is expected to lower global economic forecasts, increasing demand risks and putting pressure on manufacturing [1][2] - Recommendations include focusing on state-owned enterprises such as China State Construction, China Railway Construction, and China Chemical [1][2] Phase 3: Domestic Policy Adjustments - Anticipated policy measures include boosting consumption, expanding into non-US markets, and structural investment opportunities in infrastructure [2] - Key companies to watch include cement and glass leaders like Anhui Conch Cement and Qibin Group, as well as consumer building materials leaders like Skshu Paint and Beixin Building Materials [2] Market Data Tracking - The report notes a decline in the CITIC Building Materials Index by 2.56% and the CITIC Construction Index by 3.29% during the reporting period [3] - Specific price data includes an average price of 398.33 CNY/ton for PO42.5 cement and 1269 CNY/ton for glass, with respective changes noted [3]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company is a leader in the copper alloy segment, with expected growth driven by aerospace, medical, and semiconductor sectors [6][8]. - The company has shown steady growth in historical performance, with a projected revenue increase of 12.78% year-on-year for 2024, reaching 1.33 billion yuan [8][10]. - The company is actively expanding its production capacity and product offerings, which is anticipated to lead to accelerated revenue growth [11][42]. Summary by Sections 1. Company Overview - The company, established in 1995, has developed into a leader in high-strength and high-conductivity copper alloys and medium-high voltage contact materials, with a strong market position and recognition for its products [21][27]. 2. Financial Performance - From 2020 to 2023, the company's revenue and net profit have grown at a CAGR of 20.11% and 23.58%, respectively [8]. - For 2024, the company expects to achieve a revenue of 1.33 billion yuan and a net profit of 117 million yuan, reflecting year-on-year growth rates of 12.78% and 19.21% [10][11]. 3. Traditional Business Strengths - The company benefits from a strong position in traditional business areas, including traction motor end rings and high-end connector contacts, which are expected to see increased demand due to infrastructure projects [9][13]. - The company is the global leader in medium-high voltage contact materials, addressing domestic needs and exporting to international markets [33]. 4. Emerging Business Segments - The company is making significant progress in emerging sectors such as aerospace and medical imaging, with new products expected to contribute to revenue growth [4][14]. - Projects like the liquid rocket engine thrust chamber and CT/DR tube components are set to benefit from increasing market demand and production capacity expansions [15][39]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.17 million yuan in 2024, 1.56 million yuan in 2025, and 2.10 million yuan in 2026, with respective growth rates of 19.21%, 33.44%, and 33.94% [10][11]. - The estimated P/E ratios for 2024, 2025, and 2026 are 74.27, 55.66, and 41.55, respectively, indicating a favorable valuation outlook [11].