证券研究报告 | 策略点评 2026 年 02 月 25 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260225 今日关注 指数涨跌情况：今日 A 股主要指数普遍收涨。截止收盘，沪指上涨 0.72%，收 报 4147.23 点；深证成指涨 1.29%，收报 14475.87 点；创业板指涨 1.41%， 收报 3354.82 点；科创 50 指数涨 0.54%，收报 1473.28 点。总体上，全天个 股涨多跌少，Wind 数据显示，全市场 3742 只个股上涨，仅 1609 只个股下跌， 127 只个股收平。沪深两市今日成交额合计 24625 亿元，较上个交易日放量 2605 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，钢铁、有色金属、建筑材料、 房地产、基础化工等行业领涨，涨幅分别为 4.69%、3.48%、2.75%、2.53%、 2.16%，仅有传媒、银行领跌，跌幅分别为 1.15%、0.46%。 概念板块涨跌情况：今日涨幅居前的概念板块为稀土、稀有金属精选、磷化 工、小金属、稀土永磁、 ...

格隆汇2月24日丨飞凯材料(300398.SZ)在互动平台表示，PCB相关材料行业竞争趋于红海，毛利率较 低，公司已无PCB相关材料。在IC制造封装的战略布局上，公司将业务重心聚焦于技术附加值更高的半 导体材料领域。目前公司在半导体制造及先进封装领域已形成锡球、环氧塑封料、光刻胶及湿制程电子 化学品等产品矩阵。 ...

2月10日，飞凯材料发布公告，公司的全资子公司安庆飞凯新材料有限公司和孙公司江苏和成新材料有限公司收到高新技术企业证书。 公司产品光学膜用可聚合液晶材料，在液晶显示屏、精密仪器、光学设备、3D 显示、节能幕墙、智能玻璃等众多领域应用广泛。此外在精细电子化学材 料、药物及光敏材料、半导体材料等领域也开发了多个项目。 注资2000万，探索新材料 2月6日，飞凯材料发布"关于拟与关联方共同投资暨关联交易的公告"。 本次高新技术企业认定系安庆飞凯与和成新材料原高新技术企业证书有效期期满后进行的重新认定。安庆飞凯与和成新材料自2025年至2027年按15%的税 率缴纳企业所得税。 | 公司名称 | 证书编号 | 发证日期 | 有效期 | | --- | --- | --- | --- | | 安庆飞凯新材料有限公司 | GR202534001440 | 2025 年 10 月 28 日 | 三年 | | 江苏和成新材料有限公司 | GR202532013066 | 2025 年 12月 19 日 | 三年 | 安庆飞凯新材料有限公司 公司注册资金1.2亿元，位于安徽省安庆市高新区内，现总占地面积373亩,总投资近6亿元 ...

据招股书，星源材质是一家锂离子电池隔膜制造商，于2003年创立，在锂离子电池隔膜的研发、生产和销售方面累积逾20年的行业经验。公司是首家实现锂 离子电池隔膜批量出口的企业，还是中国首家及少数兼备干法、湿法及涂覆隔膜三种生产技术企业。 干法隔膜是通过对聚烯烃材料进行单向或双向拉伸，形成具有微孔结构的隔膜，该技术工艺相对简单、成本较低，在中低端市场应用广泛。湿法隔膜则是利 用热致相分离原理，以高沸点有机溶剂作为稀释剂，与聚烯烃树脂混合，经挤出、冷却成型、双向拉伸等工序制得，其微孔结构更均匀、孔径更小，能有效 提升电池的能量密度与循环寿命，多用于高端锂电池。涂覆隔膜则是在干法或湿法隔膜制成的基膜的一面或两面涂覆陶瓷氧化铝、PVDF黏结剂等涂覆材 料，进一步改善基膜的热稳定性、抗氧化性、黏附性及安全性。 | 產品系列 | 主要規格 | 應用 | 優勢 | | --- | --- | --- | --- | | 乾法隔膜 | 厚度:3-40微米 | 電動車、電動自行車、電動工 | 高熔點及品f | | | | 具、消費電子產品及儲能 | | | | | 電池 | | | + AHAB | | | | | 温法隔膜 | ...

Company Project Progression - Strongly New Materials (300429) plans to launch several production lines between 2026 and 2027, focusing on semiconductor materials and advanced packaging [1][2] - In 2026, the company will begin mass production of KrF photoresist materials and related components, with partners including SMIC and Yangtze Memory Technologies [1] - The first phase of the semiconductor mask production line (130-40nm) is set to be fully operational in 2026, while the second phase (40-28nm) will start construction in the same year [1] - The first phase of advanced packaging materials (PSPI) with an annual capacity of 259 tons is expected to be launched in 2026, having already passed validation by Shenghe Jingwei and integrated into Huawei's Ascend supply chain [1] - PCB photoresist and semiconductor-grade PAG from the Nantong base will reach full production in 2026, while environmentally friendly photoresists and UV-LED resin from the Changzhou base are also planned for 2026 [1] Future Developments - In 2027, the second phase of the semiconductor mask production line (40-28nm) is expected to be completed and operational [2] - The second phase of advanced packaging materials (PSPI) with an annual capacity of 136.2 tons is planned for 2027, increasing total capacity to 395.2 tons per year [3] - OLED materials, through a joint venture with Strongly Yulei, aim for mass production of HT/ET organic light-emitting materials in 2027, with a collaborative evaluation laboratory established with LG Chem [3] - The release of these capacities is highly dependent on customer validation results, particularly for PSPI, KrF photoresist, and mask products [3] - 2026 is characterized as a year of concentrated capacity release for semiconductor materials and advanced packaging, while 2027 will focus on advanced processes of 28nm and above, as well as the OLED sector [3]

Group 1 - The scale of cross-border ETFs has returned to 1 trillion yuan, reaching 1 trillion yuan again as of February 11, with Hong Kong stock-themed ETFs totaling 822.45 billion yuan [1] - Baodao Fund announced the establishment of the Baodao Xinghang Mixed Fund, with the company investing 8 million yuan of its own funds during the fundraising period [2] - A total of 12 commercial real estate REITs have been filed and accepted since the pilot program began on December 31, 2025, with 11 in the Shanghai market and 1 in the Shenzhen market [3] Group 2 - Ren Xiangdong has reduced holdings in Dalian Technology, with the number of shares held by his managed funds decreasing by 119,400 shares and 63,800 shares respectively as of February 6 [4] - Yan Siqian has been appointed as the new fund manager for the Penghua Fengsheng Bond Fund, marking her first management role in a bond fund [5] Group 3 - The ETF market experienced a day of volatility, with all three major indices declining, while the aerospace sector showed strength with the aerospace ETF rising by 2.30% [6] - Oil and gas-related ETFs saw a collective decline, with the largest drop being 4.21% for the Boshi Oil and Gas ETF [7] Group 4 - The global semiconductor materials market is characterized by "long-term growth and cyclical fluctuations," with a restructuring of the regional landscape accelerated by domestic production trends [8] - Recent government policies have provided robust support for the development of the semiconductor materials industry, creating a comprehensive empowerment system [8]

Core Viewpoint - The stock price of Huamao Technology (603306.SH) increased by 5.34% to 79.10 yuan, influenced by various factors including active trading and institutional support [1][3]. Group 1: Market Performance - The trading volume today reached 808 million yuan, with a turnover rate of 3.16% and a volume ratio of 1.60, indicating a significant increase in trading activity compared to previous periods [1]. - The stock price broke above the 20-day moving average (75.37 yuan) and closed at 79.10 yuan, with the upper Bollinger Band resistance at 82.15 yuan, suggesting potential technical buying interest [2]. Group 2: Institutional Holdings - Several institutional products, including those from Bosera Fund and Rongtong Fund, hold significant positions in Huamao Technology, with Bosera Fund's three funds collectively holding 7.3036 million shares, resulting in an estimated daily floating profit of approximately 29.2875 million yuan based on today's price increase [3]. Group 3: Business and Technical Development - The company is entering the optical module packaging sector through the acquisition of Fuchuang Youyue, driven by demand for AI computing power, which is expected to become a growth engine for the company [4]. - The ongoing acquisition of the remaining equity in Fuchuang Youyue is aimed at fully entering the computing power sector, with market expectations for a second growth curve potentially boosting investor sentiment [4]. Group 4: Sector Performance - Despite a slight decline of 0.03% in the automotive parts sector, the photolithography and semiconductor materials sectors saw increases of 1.00% and 0.57%, respectively, indicating that some funds may be focusing on the company's optical communication business due to the growing interest in the AI computing industry [5].

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 2026年2月12日，欧莱新材（sh688530）触及涨停，涨停价34.79元，涨幅20.01%，总市值55.68亿元，流 通市值23.58亿元，截止发稿，总成交额5.23亿元。 根据喜娜AI异动分析，欧莱新材涨停原因可能如下，核医疗技术+半导体材料+研发实力强： 1、公司在 核医疗、超导和可控核聚变等前沿领域取得突破性技术进展，实现国产化突破且技术领先，这显示了公 司强大的创新能力，吸引了市场关注，可能是股价涨停的重要因素。同时公司实现核心半导体材料自主 供应，降低成本并提升供应链稳定性，对公司长期发展有利。 2、公司研发实力突出，拥有141项专 利，36项发明专利，还参与多项国 ...

经济观察网 三孚股份（603938）公告拟通过全资子公司投资1.54亿元建设200吨/年SOD及配套溶剂项 目，项目分两期进行，旨在拓展半导体材料业务。同日，公司控股股东的一致行动人元亨科技计划减持 不超过3%的股份（约1147.8万股），减持原因为股东自身资金需求，减持期为2026年3月9日至6月8 日。 股票近期走势 机构观点 机构对三孚股份关注度较低，最新舆情偏中性；综合目标价16.00元，较当前股价存在下行空间。盈利 预测方面，机构预计2026年净利润同比增长127.27%，主要基于新项目贡献预期。 以上内容基于公开资料整理，不构成投资建议。 近7个交易日（2026年2月5日至11日），三孚股份股价区间涨幅2.49%，振幅达11.84%；2月10日单日涨 幅1.89%，收盘价26.35元，成交额3.87亿元，换手率3.81%。截至2月11日最新数据，股价报25.89元，当 日跌幅1.75%，年初至今累计上涨35.48%；主力资金近期呈现净流入态势，如2月6日净流入529.84万 元。 财报分析 公司2025年1-9月营业收入15.48亿元，同比增长15.20%；归母净利润6413.56万元，同比增长2 ...

Company Overview - Tongcheng New Materials Group Co., Ltd. is a leading comprehensive new materials service provider in China, focusing on advanced chemical products. The company is engaged in the research, production, marketing, sales, and distribution of new chemical materials [2][3] - The main business segments include (i) electronic materials, (ii) tire rubber additives and other chemical products, and (iii) fully biodegradable materials [2][3] Business Segments - The electronic materials segment includes semiconductor materials such as photoresists, CMP polishing pads, high-purity solvents, and EBR, primarily used in semiconductor and display panel production [3] - The tire rubber additives and other chemical products segment includes rubber resins and additives, such as phenolic resins and PTBP, used in the production of automotive tires and other rubber products to optimize performance [3] - The fully biodegradable materials segment focuses on PBAT products used in packaging materials and agricultural films [3] Financial Performance - Revenue for the fiscal years 2023 and 2024 is approximately RMB 2.937 billion and RMB 3.263 billion, respectively. For the first nine months of 2024 and 2025, revenue is approximately RMB 2.420 billion and RMB 2.517 billion, respectively [4][5] - Profit for the fiscal years 2023 and 2024 is approximately RMB 404 million and RMB 534 million, respectively. For the first nine months of 2024 and 2025, profit is approximately RMB 467 million and RMB 522 million, respectively [4][5] Market Position - In the electronic materials sector, the company ranks first among Chinese suppliers in the semiconductor photoresist market and the TFT array photoresist market for the first nine months of 2025 [3] - In the tire rubber additives segment, the company ranks first in both the global and Chinese markets for phenolic resin rubber additives sales for the first nine months of 2025 [3] Industry Overview - The semiconductor photoresist market in China is expected to grow significantly, with ArF photoresist sales projected to increase from RMB 1 billion in 2020 to RMB 2.6 billion in 2024, representing a compound annual growth rate (CAGR) of 26.6% [6][7] - The CMP polishing pad market is also expected to grow, with sales projected to rise from RMB 1 billion in 2020 to RMB 2.3 billion in 2024, reflecting a CAGR of 22.8% [12] - The rubber additives market in China is projected to experience slight fluctuations, with total output expected to grow from RMB 20.2 billion in 2020 to RMB 21.5 billion in 2024, with a CAGR of 1.5% [13][14]