| 证券代码：688300 | 证券简称：联瑞新材 | 公告编号：2026-015 | | --- | --- | --- | | 转债代码：118064 | 转债简称：联瑞转债 | | 江苏联瑞新材料股份有限公司 关于核心技术人员离职的公告 张建平先生负责的工作已妥善交接，公司的技术研发等工作均正常进行， 其离职不会对公司整体研发创新能力、持续经营能力和核心竞争力产生实质性影 响。 一、核心技术人员离职的具体情况 公司核心技术人员张建平先生近日因个人原因向公司提出离职申请，已与公 司协商一致解除劳动关系。离职后，张建平先生将不再担任公司及子公司任何职 务，但依相关协议承担保密义务。 （一）核心技术人员的具体情况 张建平，男，1986 年出生，中国国籍，无境外永久居留权，研究生学历， 中级工程师。2012 年 7 月至 2020 年 11 月任研发工程师、公司一级部门球化事 业部下属技术工艺科主管、技术科主管；2020 年 12 月至 2021 年 12 月任公司技 术工艺部副经理，2022 年 1 月至 2023 年 1 月任公司技术中心副主任；2023 年 2 月至 2024 年 8 月任公司技术中心部长 ...

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 （一）核心技术人员的具体情况 张建平，男，1986年出生，中国国籍，无境外永久居留权，研究生学历，中 级工程师。2012年7月至2020年11月任研发工程师、公司一级部门球化事业部下 属技术工艺科主管、技术科主管；2020年12月至2021年12月任公司技术工艺部副 经理，2022年1月至2023年1月任公司技术中心副主任；2023年2月至2024年8月任 公司技术中心部长；2024年8月至2026年2月任公司技术中心研发专家。 截至本核查意见出具日，张建平先生直接持有公司股份26,000股，占公司总 股本的比例为0.01%。离职后，张建平先生将继续遵守《上海证券交易所科创板 股票上市规则》等相关法律法规的规定及其所作的相关承诺。 核心技术人员离职的核查意见 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 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—— ...

+852-2532 1954 行业评论 第一上海研究部 research@firstshanghai.com.hk 2026 年 3 月 2 日 星期一 【行业评论】 科技行业周报：重视国产算力产业链，AI 应用强化算力 CAPEX 趋势 chen.huang@firstshanghai.com.hk 行业 TMT 我们继续提示国产算力的确定性机会，预计 H 公司新一代改款算力芯片 950 系列即 将发布，实现量产落地。产业链调研情况看，互联网公司对 950 芯片的评价正面， 采购意愿积极，我们重申 2026 年将是国产算力放量年。上周，关于寒武纪的小作 文也在各种媒体流传，我们认为这是下游客户端旺盛需求的一个印证。随着 AI 推 理应用逐步推广，算力瓶颈开始凸显。近日，字节 Seedance 视频生成任务开始拥 堵，反映了用户端爆发的需求与有限的算力之间的供需差。 推荐国产算力的核心标的包括寒武纪（688256）为代表的国产算力卡供应商，以及 中芯国际（981.HK）为代表的上游晶圆代工厂。此外，华虹集团在先进制程上进展 积极，建议关注旗下子公司华虹半导体（1347.HK）的投资机会。以及 H 公司产业 链 ...

石油石化 2026 年 3 月 1 日 石油石化周报 霍尔木兹海峡停航，短期油价存在急剧上行的可能 强于大市（维持） 行情走势图 -40% -20% 0% 20% 40% 60% 24-01 24-03 24-05 24-07 24-09 24-11 25-01 25-03 25-05 25-07 25-09 25-11 26-01 沪深300 石油石化 基础化工 证券分析师 核心观点： 行 业 报 告 行 业 报 告 行 业 深 度 报 行 业 深 度 报 行 业 周 报 证 券 研 究 报 告 告 告 陈潇榕 投资咨询资格编号 S1060523110001 chenxiaorong186@pingan.com.cn 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 石油石化：霍尔木兹海峡停航，短期油价存在急剧上行的可能。据 ifind 数据，2026 年 2 月 20 日-2026 年 2 月 27 日，WTI 原油期货收 盘价上涨 1.31%，布伦特油期货收盘价上涨 1.17%。中东地缘局势恶 化，短期油价存在大幅走高的可能：2 月 26 日，美 ...

【联瑞新材】 1. 量价齐升：HBM用Low-α球硅深度绑定住友、三星SDI等全球大客户，终端海力士、三星等，直接受益于行业高 增速。 CCLM7/M8/M9填充率翻倍且单价高，25Q4起量。 【中信新材料】坚定看好半导体先进封装材料 1）2月24日，国内先进封装龙头盛合晶微科创板IPO快速过会，作为大陆2.5D封装绝对龙头，其上市进程被视为国 产算力产业链发展的关键风向标；2）2月25日，据日经新闻报道，中芯国际、华虹半导体以及多家与华为有关的 芯片制造商正在扩大或计划开始生产采用最先进技术的芯片，包括7纳米甚至5纳米性能水平的芯片。 中国计划将相对先进芯片的月产量从目前不足2万片提升至1-2年后 【中信新材料】坚定看好半导体先进封装材料 1）2月24日，国内先进封装龙头盛合晶微科创板IPO快速过会，作为大陆2.5D封装绝对龙头，其上市进程被视为国 产算力产业链发展的关键风向标；2）2月25日，据日经新闻报道，中芯国际、华虹半导体以及多家与华为有关的 芯片制造商正在扩大或计划开始生产采用最先进技术的芯片，包括7纳米甚至5纳米性能水平的芯片。 中国计划将相对先进芯片的月产量从目前不足2万片提升至1-2年后的1 ...

Group 1 - The core viewpoint of the news is that Lianrui New Materials Co., Ltd. has seen a stock price increase of 5.05%, reaching 71.96 CNY per share, with a total market capitalization of 17.376 billion CNY [1] - Lianrui New Materials specializes in the research, manufacturing, and sales of inorganic fillers and particle carrier products, with its main business revenue composition being 57.16% from spherical inorganic powders, 26.39% from angular inorganic powders, and 16.32% from other products [1] Group 2 - According to data, Huaxia Fund holds a significant position in Lianrui New Materials, with its Huaxia Specialized and Innovative Mixed Fund A (018916) maintaining 17,000 shares, representing 5.83% of the fund's net value, making it the third-largest holding [2] - The Huaxia Specialized and Innovative Mixed Fund A has achieved a year-to-date return of 14.46% and a one-year return of 37.04%, ranking 994 out of 8,887 and 2,533 out of 8,134 respectively [2] Group 3 - The fund manager of Huaxia Specialized and Innovative Mixed Fund A is Tang Mingzhen, who has been in the position for 2 years and 169 days, with the fund's total asset size at 6.97 billion CNY [3] - During Tang Mingzhen's tenure, the best fund return was 109.88%, while the worst return was 32.1% [3]

Core Viewpoint - The A-share HBM (High Bandwidth Memory) industry chain is experiencing a collective surge due to the explosive demand for AI computing power and accelerated iteration of HBM technology, with increased capital attention across various segments from upstream materials and equipment to packaging and testing. Company Summaries - **拓荆科技 (Tuojing Technology)**: Latest stock price is 360.00 CNY with a daily increase of +9.98%. The company plans to reduce holdings and is a major supplier of ALD equipment, essential for HBM manufacturing processes [1]. - **宏昌电子 (Hongchang Electronics)**: Latest stock price is 11.54 CNY with a daily increase of +8.97%. It is a leading domestic supplier of electronic-grade epoxy resin, a key material for HBM packaging [2]. - **精智达 (Jingzhida)**: Latest stock price is 313.00 CNY with a daily increase of +7.28%. The company develops testing technologies and equipment for new generation semiconductor memory, including HBM [3]. - **联瑞新材 (Lianrui New Materials)**: Latest stock price is 68.50 CNY with a daily increase of +6.83%. It supplies core materials for HBM packaging, including ball silicon and Low α ball aluminum [4]. - **芯碁微装 (Xinqi Microelectronics)**: Latest stock price is 186.37 CNY with a daily increase of +5.82%. The company plans to reduce holdings and provides advanced packaging equipment that supports HBM applications [5]. - **兴森科技 (Xingsen Technology)**: Latest stock price is 26.30 CNY with a daily increase of +5.41%. The company produces FCBGA packaging substrates, crucial for HBM storage packaging [6][7]. - **飞凯材料 (Feikai Materials)**: Latest stock price is 31.98 CNY with a daily increase of +5.02%. It produces EMC epoxy resin, a core material for HBM storage chip manufacturing [8]. - **芯源微 (Xinyuan Micro)**: Latest stock price is 212.20 CNY with a daily increase of +4.88%. The company has gained recognition in HBM and 2.5D/3D packaging fields, with increasing sales of multiple products [9]. - **圣泉集团 (Shengquan Group)**: Latest stock price is 34.21 CNY with a daily increase of +4.65%. The company provides various materials, including special phenolic resin and epoxy resin, for the HBM industry [10]. - **壹石通 (Yishitong)**: Latest stock price is 31.40 CNY with a daily increase of +4.32%. The company supplies chip packaging materials for HBM and is an important part of the HBM packaging supply chain [11]. - **华海诚科 (Huahai Chengke)**: Latest stock price is 132.54 CNY with a daily increase of +4.21%. The company plans to reduce holdings and has materials for HBM packaging that have passed customer certification [12]. - **赛腾股份 (Saiteng Co., Ltd.)**: Latest stock price is 50.53 CNY with a daily increase of +4.21%. The company has entered the wafer inspection and measurement equipment field and is expanding applications in HBM [13][14]. - **ST华鹏 (ST Huapeng)**: Latest stock price is 7.00 CNY with a daily increase of +3.86%. It is an upstream supplier of epoxy resin for HBM construction materials [15]. - **强力新材 (Qiangli New Materials)**: Latest stock price is 16.21 CNY with a daily increase of +3.71%. The company is in the customer certification phase for advanced packaging materials and aims to enter the HBM advanced packaging market [16]. - **国芯科技 (Guoxin Technology)**: Latest stock price is 41.38 CNY with a daily increase of +3.71%. The company is involved in HBM interface technology development and validation [17].

Group 1 - Core viewpoint: Lianrui New Materials Co., Ltd. experienced a stock price increase of 5.05%, reaching 67.36 CNY per share, with a total market capitalization of 16.265 billion CNY [1] - Company overview: Founded on April 28, 2002, and listed on November 15, 2019, Lianrui specializes in the research, manufacturing, and sales of inorganic fillers and granular carrier products [1] - Revenue composition: The main business revenue consists of spherical inorganic powder (57.16%), angular inorganic powder (26.39%), and other products (16.32%) [1] Group 2 - Fund holdings: Baoying Fund holds a significant position in Lianrui New Materials, with Baoying Basic Industry Mixed A Fund (010383) reducing its holdings by 111,100 shares, now holding 140,800 shares, which represents 3.05% of the fund's net value [2] - Fund performance: The Baoying Basic Industry Mixed A Fund has achieved a year-to-date return of 10.33% and a one-year return of 41.44%, ranking 1746 out of 8889 and 1877 out of 8136 respectively [2] - Fund manager: The fund manager, Ye Xiuxian, has been in position for 96 days, with the fund's total asset size at 1.474 billion CNY during this period [3]

Summary of Conference Call Records Industry Overview - The focus is on the **building materials and new materials** industry, particularly in relation to AI computing and electronic materials, with a notable emphasis on special electronic fabrics and PCB substrates [1][2]. Key Insights and Arguments 1. **AI-Driven Growth**: - The main growth drivers in the building materials sector are AI computing-related electronic materials, with special electronic fabrics leading the fiberglass segment. In the new materials sector, PCB substrates and semiconductor packaging materials are at the forefront [1]. 2. **Supply-Demand Dynamics**: - The electronic fabric market is experiencing a supply-demand imbalance, with an overall industry supply gap of approximately **20%**. Since January 2026, all categories of electronic fabrics have faced supply tightness, with companies holding orders for about **2 months** [1]. - The production capacity for standard electronic fabrics is shifting towards high-end products, resulting in a **60%** loss in capacity. This ongoing contraction in supply is expected to persist [1]. 3. **Price Increases**: - The electronic fabric industry has seen a price increase of **10%** in 2026, following **4-5** price hikes in 2025. High-end products like DK fabric, Q fabric, and CTE fabric are still in an upward price trend [1]. 4. **Production Bottlenecks**: - High-end product production relies on Toyota's advanced weaving machines, which have a delivery cycle of **1-2 years**. However, breakthroughs in pool kiln methods could lead to increased supply by 2029, potentially resulting in oversupply [1]. 5. **Inventory Levels**: - Inventory levels for CCL and electronic fabric factories are at historical lows, approximately **one week**, with PCB manufacturers extending their stocking period from the usual **1 month** to over **2 months** [1]. 6. **Profitability**: - High-end specialty electronic fabrics can achieve gross margins of **40%-50%**, with potential increases beyond **50%** as yield rates improve [1]. Recommendations 1. **Key Companies to Watch**: - Recommended companies include **Macro Technology**, **International Composites**, **China Jushi**, and **China National Materials**. Other notable mentions are **Philips**, **Gobi Technology**, and PCB-related firms like **China Tungsten High-Tech**, **Lianrui New Materials**, and **Dongcai Technology** [2]. 2. **Consumer Building Materials**: - The industry is nearing a bottoming phase, with significant price wars easing. Leading companies are shifting focus from price competition to quality and profitability recovery, with expectations for stabilization in 2026 and performance elasticity in 2027 [2]. 3. **Segment Differentiation**: - The waterproof segment shows signs of ending price wars, while the renovation of existing properties is becoming a core growth driver. Leading firms are enhancing their C-end and overseas strategies [2]. 4. **Strategic Focus**: - Major companies are prioritizing profitability recovery, channel optimization, and product diversification, while also accelerating overseas expansion to create a second growth curve [2]. 5. **Recommended Stocks**: - Elastic stocks include **Keshun Co.**, **Oriental Yuhong**, and **Hankao Group**. Stable stocks to consider are **Rabbit Baby**, **Sankeshu**, **Dongpeng Holdings**, **Monalisa**, and **China Liansu** [2]. Additional Insights - Traditional cyclical products are highlighted, with a focus on local state-owned enterprises like **Sichuan Road and Bridge**, **Shandong Road and Bridge**, and **China Railway**. The steel structure sector is represented by companies like **Honglu Steel Structure** and **Jinggong Steel Structure** [3]. - The cement sector is advised to focus on regional leaders such as **Western Cement**, **Huaxin Cement**, and **Shangfeng Cement** [3]. - Other new materials and robotics sectors are also mentioned, with companies like **Pana Micro透**, **TianYue Advanced**, and **Jing Sheng Co.** being noted [3].

Group 1 - The company reported a revenue of 1.116 billion yuan for 2025, representing a year-on-year growth of 16.15%, and a net profit attributable to shareholders of 293 million yuan, also up by 16.42% [1] - In Q4 alone, the company achieved a revenue of 292 million yuan, with a year-on-year increase of 9.36%, and a net profit of 73 million yuan, growing by 10.61% [1] - The company is focusing on high-performance products and increasing its market share in advanced packaging, high-performance electronic circuit boards, and thermal materials, which are driving steady revenue and profit growth [1] Group 2 - The company is concentrating on high-end chip packaging technologies and continuously launching new products in areas such as AI, 5G, and HPC packaging, as well as advanced materials for electric vehicles [2] - Ongoing research and development efforts are being made in functional advanced powder materials, including breakthroughs in nitride balling technology and waterproofing of aluminum nitride [2] - The company is enhancing growth potential through strategic collaborations with leading manufacturers in packaging materials and high-performance thermal materials [2] Group 3 - The company plans to invest approximately 129 million yuan in a production line for ultra-fine spherical powder for integrated circuits, and will issue convertible bonds to raise funds for additional projects totaling 4.2 billion yuan and 3.9 billion yuan for high-performance substrates and thermal materials, respectively [3] - The projected net profit attributable to shareholders for 2026 and 2027 is expected to be 367 million yuan and 458 million yuan, with corresponding EPS of 1.52 yuan and 1.90 yuan, leading to a PE ratio of 41 and 33 times [3] - The investment rating is maintained as "strongly recommended" based on the company's growth prospects [3]