证券日报网讯2月27日，万润股份（002643）在互动平台回答投资者提问时表示，公司钙钛矿光伏材料 主要包括空穴传输层材料、电子传输层材料、钙钛矿层材料、SAMs材料等，各类材料均有产品销售， 公司现有产能能够满足相关产品下游需求。目前公司在钙钛矿光伏材料领域，已开发了超100种化合 物。从2025年情况来看，虽然行业下游尚未达到大规模商业化应用阶段，但下游钙钛矿光伏组件技术水 平持续进步且向着产业化迈进，效率水平持续提升，公司将继续以高品质的钙钛矿光伏材料助力下游企 业更好发展。 ...

格隆汇2月27日丨万润股份(002643.SZ)在投资者互动平台表示，公司钙钛矿光伏材料主要包括空穴传输 层材料、电子传输层材料、钙钛矿层材料、SAMs材料等，各类材料均有产品销售，公司现有产能能够 满足相关产品下游需求。目前公司在钙钛矿光伏材料领域，已开发了超100种化合物。2025年情况来 看，虽然行业下游尚未达到大规模商业化应用阶段，但下游钙钛矿光伏组件技术水平持续进步且向着产 业化迈进，效率水平持续提升，我们将继续以高品质的钙钛矿光伏材料助力下游企业更好发展。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：证券市场周刊 文丨张桔 编辑丨谢长艳 春节前股市经历了一轮4000点之上的强势震荡，而假期中国外国内皆是重重利好萦绕，叠加神州大地处 处展现的硬科技元素，节后股市新一轮科技热浪悄然来袭。如是背景下，节后投资何处亮剑成为马年伊 始的热议话题。 而作为机构旗手的公募基金，其关注的方向成为焦点中的焦点，其中节前调研的公司能够部分传递他们 的最新思路。Wind资讯显示，从开年到春节前，恰好10家公募基金公司的调研总次数超过了100次，其 中排在前三位的分别是博时基金（176次）、华夏基金（142次）、易方达基金（134次）。换一个角度 看被调研标的，同期被基金公司调研前三位的公司分别是天顺风能、大金重工、海天瑞声。 尤其是明星基金经理的调研引发建仓遐想。上述统计时间段中，易方达基金的萧楠、睿远基金的赵枫、 汇添富基金的劳杰男、鹏华基金的闫思倩等都出现在了调研榜上，其中劳杰男和闫思倩所调研的均是海 天瑞声。 | 附表: 2026年年初到春节前 | | | | | | --- | --- | --- | --- | --- | | 公募调研情 ...

工业硅：处于相对低估值区间 多晶硅：情绪或提振盘面 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2605收盘价（元/吨） | 8,410 | 15 | -40 | -320 | | | | Si2605成交量（手） | 134,782 | -73,273 | -65,318 | -101,060 | | | | Si2605持仓量（手） | 293,851 | 7,958 | -1,059 | 63,131 | | 工业硅、多晶硅期货市场 | | PS2605收盘价（元/吨） | 47,000 | -2,305 | -2,370 | - | | | | PS2605成交量（手） | 8,503 | 4,716 | 3,797 | - | | | | PS2605持仓量（手） | 37,729 | 885 | -618 | - | | | | 工业硅：近月 ...

证券日报网讯 2月12日，万润股份在互动平台回答投资者提问时表示，公司钙钛矿光伏材料主要包括空 穴传输层材料、电子传输层材料、钙钛矿层材料、SAMs材料等，各类材料均有产品销售。目前公司在 钙钛矿光伏材料领域，已开发了超100种化合物。从2025年情况来看，虽然行业下游尚未达到大规模商 业化应用阶段，但下游钙钛矿光伏组件技术水平持续进步且向着产业化迈进，效率水平持续提升，公司 将继续以高品质的钙钛矿光伏材料助力下游企业更好发展。 （文章来源：证券日报） ...

Group 1 - The current A-share market is likely to enter a favorable upward cycle, with the Shanghai Composite Index returning to around 4000 points, indicating a potential "timing, location, and human factors" opportunity for growth in the next 1-2 months [1] - The "spring market" period starting in February has historically shown high probabilities of upward movement, with small-cap indices having a 100% chance of rising between the Spring Festival and the Two Sessions, and an 87.5% chance of rising in February [1][2] - The annual report forecasts suggest that negative disturbances in the fundamentals are coming to an end, providing a more stable environment for investment [2] Group 2 - In a bullish market trend, every time the All A Index falls below the 20-day moving average, it often presents a good opportunity for accumulation [3] - The correlation between the "spring market" gains and the growth rate of the first quarter reports is strengthening, with key investment themes including the Byte industry chain and space photovoltaics [3][4] Group 3 - The perovskite solar industry is transitioning from megawatt-level research to gigawatt-level production, with leading companies like JinkoSolar and GCL-Poly Energy ramping up capacity [7] - Recent data shows that the laboratory efficiency of single-junction perovskite cells has reached 27.3%, and perovskite-silicon tandem cells have surpassed 35.0%, significantly exceeding the efficiency limits of crystalline silicon cells [7] - The global perovskite production capacity is expected to exceed 5GW by 2027 and potentially surpass 30GW by 2030, with the investment cost for a single GW production line decreasing from 1.5 billion yuan to around 1 billion yuan [7]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 10.01 CNY [5][21]. Core Insights - The company is a long-established leader in the glass industry, accelerating its transformation with a focus on automotive glass and TCO (Transparent Conductive Oxide) glass production [2][11]. - The automotive glass market is rapidly expanding, with the company achieving nationwide operational rights and accelerating new vehicle partnerships, which is expected to enhance both volume and profitability [16][24]. - The TCO glass production is nearing mass production, with the company having a leading position in online coating technology, poised to benefit from the upcoming demand surge [17][18]. Financial Summary - The company’s total revenue is projected to reach 5.588 billion CNY in 2023, with a growth forecast of 10.3% to 6.418 billion CNY by 2027 [4][18]. - Net profit is expected to recover from a loss of 125 million CNY in 2023 to a profit of 279 million CNY by 2027, reflecting a significant turnaround [4][18]. - Earnings per share (EPS) are forecasted to increase from -0.13 CNY in 2023 to 0.29 CNY in 2027 [4][18]. Company Overview - The company, established in 1983, is a Sino-British joint venture, with major shareholders including Shanghai Building Materials Group and NSG Group [23][15]. - The governance structure is stabilizing, with Shanghai Building Materials Group increasing its shareholding over the years [31][15]. - The company is focusing on upgrading its deep processing capabilities through targeted fundraising for technological improvements [30][2]. Automotive Glass Market - The automotive glass segment is projected to grow significantly, with revenue expected to reach 20.86 billion CNY in 2025, driven by increased demand for electric and smart vehicles [18][19]. - The gross margin for automotive glass is anticipated to improve from 10.25% in 2023 to 15.00% by 2027, reflecting enhanced product offerings and customer partnerships [16][18]. - The competitive landscape in the automotive glass market is limited due to high capital requirements and operational complexities, favoring established players [39][41]. TCO Glass Production - The TCO glass segment is approaching a production ramp-up, with significant demand expected from downstream clients in the 2025-2027 period [17][18]. - The company’s acquisition of Dalian Yao Pi has improved its online coating utilization, contributing significantly to its profitability [17][18]. - The TCO glass production is supported by advancements in coating technology and resource availability, positioning the company favorably for future growth [17][18].

Core Viewpoint - The company is currently focused on lithium battery intelligent equipment and e-cigarette related businesses, and has not yet provided coating machines required for perovskite photovoltaic fields [1] Group 1: Business Focus - The company's main business areas are lithium battery intelligent equipment and e-cigarette related businesses [1] - The company is monitoring industry technology development trends to strategically plan its business direction [1] Group 2: Future Outlook - The company will continue to pay attention to industry trends and will cautiously layout its business direction in line with its strategic planning [1]

Group 1: LCD TV Product Price Trends - The demand for TV products has increased due to preparations for upcoming sporting events, leading to higher procurement by brand manufacturers since December 2025 [1] - The overall production rate in the industry remains high as manufacturers adopt a "production based on demand" strategy [1] - As of January 2026, prices for mainstream TV products across various sizes have risen significantly [1] Group 2: OLED Technology Development - AMOLED technology is becoming a key choice for high-end IT products due to its high picture quality and lightweight characteristics [2] - The company's 8.6 generation AMOLED production line was successfully lit up five months ahead of schedule on December 30, 2025, marking a significant breakthrough in mid-size OLED technology [2] - Mass production of this line is expected to begin in the second half of 2026, enhancing the company's competitiveness in the display industry [2] Group 3: Depreciation and Capital Expenditure Trends - The depreciation of existing production lines is continuously decreasing, with capital expenditures expected to peak in 2025 [3] - From 2027 onwards, a significant decline in capital expenditures is anticipated [3] Group 4: Perovskite Project Progress - The company is leveraging its long-term experience in the display industry to advance the research and production of perovskite solar cells [4] - The efficiency of perovskite photovoltaic components has reached industry-leading levels, with rigid single-junction components achieving a champion efficiency of 27.61% [4] - The company is focused on improving the efficiency and lifespan of perovskite products to address industrialization challenges [5] Group 5: Glass-Based Packaging Technology - The company has completed the construction of a pilot line for large glass-based packaging boards and has initiated technical and product development collaborations with leading domestic and international clients [5] Group 6: Shareholder Return Planning - In May 2025, the company completed the cancellation of inventory shares valued at nearly 1 billion yuan and distributed approximately 1.87 billion yuan in cash dividends in June 2025 [5] - The company plans to execute a share repurchase scheme exceeding 1.5 billion yuan within the year and is committed to its shareholder return plan for 2025-2027 [5]

Core Viewpoint - The company highlights the synergy between OLED organic materials and perovskite materials, emphasizing their shared chemical foundations and high-purity preparation processes [2] Group 1: Company Developments - The company has deep technical expertise and extensive R&D and production experience in the OLED organic materials sector, which complements its efforts in perovskite materials [2] - The perovskite project is advancing in multiple areas, including material R&D, customer collaboration, intellectual property, and team building [2] - The company is enhancing partnerships with universities and research institutions to promote industry-academia collaboration [2] Group 2: Product and Technology Advancements - The company has achieved significant progress in material design, synthesis processes, and performance optimization for perovskite materials, with two additive products showing promising results in client tests [2] - Strategic cooperation has been established with leading downstream companies in the perovskite photovoltaic industry to drive innovation and industrialization of perovskite materials [2]