Group 1: Company Overview - Chuangjiang New Materials focuses on thermal equipment and materials, with a strong emphasis on carbon-based and ceramic-based materials [1] - The company has developed specialized thermal equipment for various processes, including large-scale chemical vapor deposition and vacuum graphitization [2] Group 2: Product Applications - The company’s products are utilized in high-performance materials for aerospace, military electronics, and semiconductor industries, including high-purity carbon powder and metal-based 3D printing materials [2] - Copper-based materials are applied in 5G communications, smart connectivity, data transmission, new energy vehicles, and photovoltaic power generation [5][6] Group 3: Key Products - Key products include special fiber preforms and fabrics, which are essential for aerospace applications, particularly in carbon brake components for aircraft [4] - The company’s precision copper strip products are crucial for applications in 5G communications, including connectors and integrated circuits [5][6] Group 4: Technological Advancements - Significant breakthroughs in semiconductor coating materials and thermal equipment have led to improved corrosion resistance and thermal uniformity in crystal growth applications [2] - The company supports controlled nuclear fusion through the provision of tungsten alloy ultra-high temperature sintering equipment and amorphous alloy solder materials [3]

Group 1: Financial Performance and Risks - The company emphasizes the importance of receivables collection and sales revenue recognition in the photovoltaic industry, facing challenges such as project delays and potential bad debts [1] - Most of the unrecognized sales in the photovoltaic sector have been prepaid, effectively mitigating financial risks [2] - In 2024, the company has made provisions for inventory impairment related to high-risk clients, maintaining overall financial risk within a controllable range [2] Group 2: Controlled Nuclear Fusion Business - The controlled nuclear fusion business is part of the company's research institute segment, with long-term collaborations with various research institutions, including nearly 20 years with 585 Institute [3] - The company provides power support for most domestic nuclear fusion projects, collaborating with entities like the Chinese Academy of Sciences and New Energy Group [3] - The power supply for nuclear fusion devices typically exceeds megawatt levels, including magnetic field power supplies, heating power supplies, and control system power supplies, with cumulative revenue in this sector reaching several million yuan [4] Group 3: Competitive Landscape - The nuclear fusion power supply sector has high technical barriers due to specific operational requirements, resulting in few domestic competitors capable of research and production [5] - Major competitors in project bidding come from cities like Tianjin, Wuhan, Chengdu, and Anshan [5] Group 4: Semiconductor and Charging Pile Business - In 2024, the semiconductor business revenue reached 350 million yuan, with expectations for year-on-year growth based on increasing orders in the second quarter [7] - The company is collaborating with leading domestic firms on new charging pile products, which are currently in the validation stage, potentially leading to significant revenue growth in 2025 [7]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 海外算力催化利好 AIDC，欧洲电动车再超 预期 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 06 月 08 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 2024-6-11 2024-10-9 2025-2-6 2025-6-6 电力设备 沪深300 相关研究 《马斯克回归 Optimus 量产在即，汽 车反"内卷式"竞争》 2025-06-02 《关税缓和需求小幅向上，固态新技 术如火如荼》 2025-06-02 东吴证券研究所 1 / 43 请务必阅读正文之后的免责声明部分 ◼ 电气设备 6714 上 ...

Group 1 - The company Jiangsu Kuangshun Photosensitivity New-Material Stock Co., Ltd. plans to issue shares through a simplified procedure to specific investors, pending approval from relevant authorities [1][2][3] - The total investment for the project to produce 50,000 tons of electronic photosensitive materials and supporting materials is approximately 525.38 million yuan, with 95.985 million yuan allocated from this issuance [1][2] - The issuance price is set at 18.13 yuan per share, which is not less than 80% of the average trading price over the previous 20 trading days before the pricing benchmark date [1][2] Group 2 - The company reported a revenue of 518.23 million yuan for 2024, with a net loss attributable to shareholders of 32.07 million yuan, primarily due to goodwill impairment and bad debt provisions [2][3] - The company faces risks related to the potential negative impact on profits from the production and sales of new products, particularly in the photovoltaic adhesive sector [2][3] - The company has committed to measures to mitigate the dilution of immediate returns for investors due to the issuance of new shares [2][3] Group 3 - The company operates in the electronic chemical materials sector, specifically under the category of "C3985 Electronic Specialized Materials Manufacturing" [10][11] - The industry is characterized by market-driven competition, with various government departments providing macro guidance and regulatory oversight [11] - Recent policies have encouraged the development of electronic chemical products, with a focus on sustainability and environmental compliance [11]

Core Viewpoint - Tin prices have been experiencing narrow fluctuations since May, with a decrease in volatility, as major economies engage in tariff negotiations with the U.S., leading to a more relaxed trade dispute atmosphere [2] Supply Side Recovery Expectations - There is an expectation of supply recovery in tin production by 2025, primarily from Myanmar's Wa State, Indonesia, and the Democratic Republic of the Congo (DRC) [3] - Myanmar's Wa State, which accounted for approximately 11% of global tin production, has resumed operations after a 21-month shutdown, with production expected to scale up by Q3 2024 [3] - Indonesia, the world's largest refined tin exporter, saw a significant recovery in exports, with March and April 2024 exports increasing by 50% and 58% year-on-year, respectively [3] - The DRC's Bijie tin mine, which contributes about 6% to global tin production, has resumed operations after a temporary shutdown due to armed conflict, although future disruptions remain a concern [4] Supply Side Tightness - The supply side remains tight, primarily due to the prolonged shutdown in Wa State, leading to a 48% year-on-year decline in tin ore imports to China from January to April 2024 [5] - Processing fees have dropped to historical lows, indicating a raw material shortage, with the latest processing fee reported at 12,700 yuan per ton [5] - China's tin production in March 2025 was 15,000 tons, a year-on-year decrease of 3.06%, with April production further declining by 8.13% [5] Demand Stability - Demand for tin remains robust, particularly driven by the semiconductor industry and the growth of photovoltaic installations, with a 19% year-on-year increase in solar cell production from January to April 2024 [6] - Traditional tin demand from sectors like tinplate and tin chemicals remains stable, primarily maintaining existing demand levels [6] - The latest social inventory of tin in China stands at 9,959 tons, with a reduction in inventory following a price drop in early April [7] Market Outlook - The tin market shows strong supply-side realities, with ongoing tightness in tin ore supply and a strong willingness among primary smelters to reduce production due to low processing fees [8] - The recovery of supply from Wa State, along with improved exports from Indonesia and the DRC, stabilizes global tin supply [8] - Demand is expected to remain strong, particularly from AI hardware and new energy sectors, although uncertainties exist due to potential global economic slowdowns stemming from trade conflicts [9] - Despite supply recovery pressures, the strong demand and tight supply conditions are likely to support tin prices in the medium term [9]

Company Overview - Guorui New Materials Co., Ltd. (referred to as "Guorui New Materials") successfully completed a new round of financing amounting to several hundred million yuan, with participation from multiple institutions including Dehong Capital, Shenzhen Capital Group, and Guotai Junan Innovation Investment [1] - Established in 2008, Guorui New Materials is a national high-tech enterprise specializing in the production of special graphite, providing supporting products for high-temperature gas-cooled reactor nuclear fuel [3] - The company’s main products include isostatic graphite and nuclear-grade graphite, primarily applied in the photovoltaic, semiconductor, and high-temperature gas-cooled reactor sectors [3] Product and Technology Development - Guorui New Materials has achieved a breakthrough in the "one baking, one chemical" technology for isostatic graphite, reducing the production cycle by 2-3 months compared to mainstream domestic processes, significantly lowering production costs [3] - The company has sold products to over a hundred photovoltaic clients, with its products being used directly or indirectly by leading domestic photovoltaic companies such as Longi, Zhonghuan, Jinko, and Xiexin [3] - In the nuclear-grade graphite sector, Guorui New Materials collaborates with Tsinghua University on a national key technology project, achieving breakthroughs in critical material technology [5] - As a core supplier for China National Nuclear Corporation, Guorui New Materials has established a complete production capability for nuclear graphite products, anticipating a market expansion phase as high-temperature gas-cooled reactors commercialize [5] Market Applications - In the semiconductor field, high-end isostatic graphite plays a crucial role in ion etching, powder synthesis, and substrate epitaxy, facing stringent performance requirements [5] - The domestic production rate of isostatic graphite for semiconductor applications is currently low, but Guorui New Materials' third-generation silicon carbide graphite products have entered the bulk order phase after successful trials with key clients [5]

Core Viewpoint - The ninth BRICS Industrial Ministers' Meeting was held in Brasilia, focusing on topics such as digital transformation, smart manufacturing, and artificial intelligence, with an emphasis on cooperation among BRICS nations [1] Group 1: Emerging Field Cooperation - There is a commitment to strengthen cooperation in emerging fields, particularly in artificial intelligence, smart manufacturing, and biomedicine, to create a vibrant partnership [1] Group 2: Sustainable Development - The meeting encourages collaboration in sustainable development sectors, including new energy vehicles, photovoltaics, wind power, and hydrogen energy, aiming to jointly develop green technologies and high-quality products [1] Group 3: Industrial Capability Foundation - The BRICS nations aim to solidify their industrial capabilities by sharing experiences, promoting technology, coordinating standards, and training talent, thereby building a more resilient partnership [1] Group 4: Supply Chain Stability - There is a focus on maintaining the stability of industrial and supply chains, promoting a mutually beneficial industrial ecosystem, and fostering an open and united partnership [1]

Core Viewpoint - The fluorochemical industry in China has achieved significant growth, with the market size projected to increase from 58.85 billion yuan in 2022 to 91.58 billion yuan in 2024, indicating strong overall market demand and rising product value [1][7]. Group 1: Overview of Fluorinated New Materials - Fluorinated new materials are organic polymer compounds formed by replacing hydrogen atoms in the main or side chains with fluorine atoms, resulting in polymers with excellent properties such as high-temperature resistance, chemical corrosion resistance, and low flammability [2][4]. - These materials are increasingly important in various industries, including defense, aerospace, automotive, and electronics, due to their unique characteristics [2][4]. Group 2: Industry Chain of Fluorinated New Materials - The industry chain for fluorinated new materials includes raw materials like fluorite and sulfuric acid, with hydrogen fluoride as a basic product. These materials are crucial for high-end manufacturing, environmental protection, and new energy sectors [9]. - The rapid development of fluorinated new materials is driven by their applications in solar energy, lithium-ion batteries, and fuel cells, leading to an expanding market space and promising future prospects [9]. Group 3: Upstream Raw Materials - China is a major producer of fluorite, with an estimated production of 6.3 million tons in 2023, accounting for approximately 70% of global output. The consumption structure shows that fluorochemical applications dominate, representing over 50% of fluorite usage [11]. Group 4: Downstream Application Areas - In the lithium-ion battery sector, the total production is expected to reach 1170 GWh in 2024, with a year-on-year growth of 24%. Fluorinated materials like lithium hexafluorophosphate and PVDF are essential for battery components [15][17]. - The photovoltaic sector is also growing, with new installed capacity projected at 277.57 GW in 2024, making it the second-largest power source in China. Fluorinated materials such as PVDF and PVF are widely used in solar panel backings [22][24]. Group 5: Policy Support for Fluorinated New Materials - Various local governments in China are implementing policies to support the development of fluorinated new materials, aiming to enhance the overall self-sufficiency of chemical new materials and promote high-end applications [6][13]. Group 6: Future Trends - The fluorinated new materials market is expected to continue expanding due to ongoing developments in downstream applications and increased R&D efforts, leading to technological breakthroughs and broader product applications [30].

Summary of Conference Call on Tin Market Dynamics Industry Overview - The conference call primarily discusses the tin industry, focusing on supply and demand dynamics, price forecasts, and the impact of tariffs on the market [1][2][3]. Key Points and Arguments Tin Price Performance - In Q1, tin prices were strong due to supply contraction expectations from the Democratic Republic of Congo (DRC) and Wa State, but supply pressures eased as production resumed [1][2]. - Domestic tin inventory continues to decrease, and LME (London Metal Exchange) inventories are also declining, indicating a strong near-term market outlook [1][3]. - The current backwardation structure in the market suggests a strong fundamental outlook for near-term contracts, while long-term price expectations remain pessimistic [1][3]. Supply and Demand Dynamics - The anticipated recovery of production in DRC and Wa State could lead to an increase in supply by approximately 6,000 to 7,000 metric tons for the year [2][15]. - If the U.S. reinstates a 24% tariff, it could negatively impact demand by about 20% [5]. - The photovoltaic (PV) sector's demand for tin is expected to be around 26,000 to 27,000 tons in 2025, but the demand from the electronics sector, particularly for solder, remains robust [6][9]. Tariff Impact - The current tariff situation is complex, with a temporary exemption in place. If tariffs are reinstated, the demand for tin could face significant pressure [5][7]. - Downstream companies are adapting by rerouting trade through Southeast Asia to mitigate tariff impacts, maintaining smooth logistics for electronic exports [7][8]. Sector-Specific Insights - The automotive sector is projected to grow by 20%, while the home appliance sector is expected to grow by 5-6% [9]. - Despite a decline in semiconductor and consumer electronics growth rates, overall solder demand remains positive, with a projected increase of 3,000 to 4,000 tons for the year [9][10]. Price Forecasts - Tin prices are expected to stabilize around 230,000 CNY per ton in the short term, with potential declines to 200,000 CNY if supply increases significantly and demand does not keep pace [4][20]. - The long-term outlook suggests a gradual increase in the price center due to growth in AI and semiconductor applications, with supply growth expected from new projects in the coming years [21][22]. Inventory and Market Sentiment - Downstream producers currently have sufficient inventory levels, having replenished stock after price drops in April [18][19]. - The market sentiment indicates a preference for stable prices, with a psychological support level at 230,000 CNY [18][20]. Future Demand Drivers - The AI industry is expected to drive future demand growth, although quantifying this impact remains challenging [22]. - The overall demand for tin is projected to grow slightly year-on-year, despite fluctuations in specific sectors [13]. Additional Important Insights - The recovery of production in DRC and Wa State is crucial for balancing supply and demand, with potential impacts on global tin prices [14][15]. - The overall supply-demand balance for 2025 is expected to shift towards a tight balance in the first half, with potential oversupply in the second half of the year [31]. This summary encapsulates the key discussions and insights from the conference call regarding the tin market, highlighting the interplay between supply, demand, pricing, and external factors such as tariffs.

Group 1: Market Performance - Solar stocks generally rose, with Array up 7.64%, Canadian Solar ADR up 5.62%, Sunrun up 4.96%, First Solar up 4.32%, SolarEdge up 3.23%, and JinkoSolar ADR up 2.72% [1][2] - The S&P 500 index is currently down 0.45%, the Dow Jones is down 104 points (0.49%), while the Nasdaq is up 13 points (0.31%) [1] Group 2: Regulatory Environment - The U.S. believes that imports of solar products from Southeast Asia harm the domestic industry, laying the groundwork for tariffs on these imports [1]