行情速递 / Part 01 ①大盘指数，上证指数(+0.09%)/深证成指(-0.35%)/北证50 (-0.44%)/创业板指(-1.08%)/科创50 (-1.11%)/ ②TMT领涨板块，SW电子化学品Ⅲ(+0.65%)/SW被动元件(+0.55%)/SWIT服务Ⅲ(+0.15%)/ ③TMT领跌板块，SW门户网站(-4.68%)/SW营销代理(-4.05%)/SW大众出版(-4.03%)/ 国内新闻 / Part 02 ①艾邦半导体网，尊恒半导体宣布/其在先进封装电镀技术取得重大自主创新突破/成功将电镀均匀性控制在2.7%/不 仅超越行业高端3%的标准/更显著拉开与主流5%水平的差距/打破了海外厂商在该核心技术领域的长期垄断/ ②半导体材料与工艺设备，士兰微宣布对部分器件类产品价格上调10%/新价格自2026年3月1日起生效/涉及小信号二 极管/三极管芯片、沟槽TMBS芯片以及MOS类芯片/原因是全球金属市场价格剧烈波动/特别是晶圆制造所需的关键贵 金属价格持续显著上涨/导致公司晶圆制造成本大幅攀升/ 海外新闻 / Part 03 ①半导体产业纵横，亚马逊正在深化与意法半导体的合作伙伴关系/合作旨在 ...

近日，嘉兴长创天使创业投资合伙企业（有限合伙）（以下简称天使基金），现面向全国优秀机 构，公开遴选子基金管理机构，有关事项公告如下： 天使基金目标总规模10亿元，由嘉兴市政府股权投资基金有限公司、嘉兴市人才投资服务有限公 司等出资设立，注册于嘉兴市，管理人为嘉兴长三角创新投资集团有限公司下属嘉兴长投创业投资 有限公司（以下简称长投投资）。 子基金原则上采取有限合伙制，规模原则上不低于1亿元；天使基金对子基金的出资比例不超过子 基金规模的40%。天使基金投向天使类企业的比例不低于该基金规模的50%，天使子基金应重点 支持人工智能、医药科技、新材料、量子科技、消费科技等产业领域。 来源：嘉兴长投创业投资有限公司 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 热文： 投资人"忙疯了" 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ ...

| 债券名称 | 中信证券-成都交子公园商业物业持有型不动产资产支持专项计划 | | --- | --- | | 品种 | ABS | | 拟发行金额(单位:亿元) | 4.5 | | 原始权益人 | 成都交子公园投资控股有限公司 | | 计划管理人 | 中信证券股份有限公司 | | 交易所确认文件文号 | - | | 项目状态 | 已受理 | | 更新日期 | 2026-01-26 | | 受理日期 | 2026-01-23 | 据上交所官网，中信证券-成都交子公园商业物业持有型不动产资产支持专项计划正式申报并获受理，原始权益人为成都交子公园投资控股有限公司，计 划管理人为中信证券股份有限公司，拟发行金额为4.5亿元。 公开资料显示，成都交子公园投资控股有限公司于2022年8月在成都高新区注册成立，为成都交子公园金融商务区股权投资平台。公司以"基金+直投"双轮 驱动积极投身打造西部股权投资基金发展高地，坚决落实"产业建圈强链"、"立园满园"决策部署，紧密围绕片区规划发展理念，突出资本撬动作用，持续 培育经济增长新动能。 （来源：AdvancedForum） 公司自成立以来，与LVHM、美团龙珠、同创伟业、鼎 ...

Core Insights - Jiujiang Zhaojing Technology Co., Ltd. has been established with a registered capital of 100,000 RMB and is led by legal representative Liu Yuhao [1] Company Overview - The company focuses on a wide range of operations including new material technology research and development, mold sales, and plastic processing equipment sales [1] - It is involved in artificial intelligence application software development, AI theory and algorithm software development, and the sale of AI hardware [1] - The company also engages in the manufacturing and sales of various products such as plastic products, toys, and smart home consumer devices [1] Industry Focus - The company operates in sectors related to cloud computing, data processing, and storage support services, as well as IoT technology services [1] - It aims to provide services related to big data and internet data, indicating a strong focus on digital transformation and technological innovation [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: New Materials, specifically lithium, uranium, rare earths, magnets, and solar glass [1][6] - **Market Outlook**: Positive trends expected in lithium and uranium prices due to strong demand, while solar glass faces challenges from oversupply [1][2][3][5] Lithium Market Insights - **Demand Surge**: Lithium demand has exceeded expectations, particularly from Energy Storage Systems (ESS), with production up 70% year-over-year [2] - **Price Recovery**: Lithium carbonate prices in China have rebounded to nearly Rmb100,000 per ton, prompting the restart of previously idled production capacity [2] - **Future Growth**: The market anticipates a further 50% growth in ESS production in 2026, leading to a more balanced supply-demand scenario [2] - **Risks**: Six lepidolite mines in Yichun are at risk of temporary shutdowns in 2026, which could impact supply [2] Uranium Market Insights - **Price Momentum**: Strong momentum in uranium prices is expected, supported by major investment vehicles resuming buying in the spot market post-holiday season [3] - **Production Guidance**: Kazatomprom's production guidance for 2026, to be announced early next year, may act as a short-term catalyst for price increases [3] - **Long-term Contracts**: An increase in utilities contracting in November has led to improved long-term prices, currently at US$86 per pound [3] - **Investment Opportunities**: CGN Mining is expected to benefit from rising uranium prices and potential re-rating following the listing of its peer CNUC [3] Rare Earths and Magnets - **Price Strength**: Strong demand in downstream applications has led to robust rare earth prices, supported by China's supply-side controls [4] - **Export Normalization**: Leading magnet producers have received export licenses, normalizing shipments and potentially improving earnings in 2026 [4] Solar Glass Market Insights - **Weak Demand**: Solar glass demand remains weak, with installations in China boosted by a rush due to tariff reforms, leading to a potential decline in installations in 2026 [5] - **High Supply Pressure**: Current supply levels are high at approximately 88,000 tons per day, leading to inventory buildup and price drops to Rmb12 per square meter or lower [5] - **Capacity Adjustments Needed**: Continued capacity exits or maintenance are necessary to balance the market, with new overseas capacity expected to add further supply pressure in 2026 [5] Company-Specific Insights - **Ganfeng Lithium**: Price target raised to HK$62.40 for H-shares, reflecting demand upside from ESS [19] - **Tianqi Lithium**: Price target increased to HK$55.20 for H-shares, with EPS estimates adjusted significantly upward for 2026 [19] - **Sinomine Resources**: Price target raised to Rmb77.00, with EPS estimates showing substantial growth for 2026 [19] - **Xinyi Solar**: Price target decreased to HK$3.40, reflecting longer-term ASP changes despite a positive outlook for EPS in 2025 [21] - **Flat Glass**: Price targets adjusted downward due to expected production declines, with significant changes in EPS estimates for the coming years [21] Conclusion - **Investment Outlook**: The New Materials sector shows potential for growth, particularly in lithium and uranium, while challenges persist in the solar glass market. Companies like Ganfeng Lithium and Tianqi Lithium are positioned to benefit from favorable market conditions, while adjustments in price targets reflect the evolving landscape [1][19][21]

Core Insights - Jiujiang Xiangsong Technology Co., Ltd. has been established with a registered capital of 100,000 RMB and is led by Xiang Song [1] Company Overview - The company focuses on a wide range of activities including new material technology research and development, artificial intelligence application software development, and artificial intelligence theory and algorithm software development [1] - It also engages in the research and development of hardware and various manufacturing sectors such as molds, plastic products, and toys [1] Business Scope - The operational scope includes sales and manufacturing of smart home consumer devices, intelligent instruments, and various artificial intelligence platforms [1] - The company provides services related to data processing, cloud computing equipment sales, and Internet of Things (IoT) technology services [1]

Summary of Conference Call Notes Industry Overview - **Industry**: New Materials in China - **Key Focus Areas**: Lithium, Uranium, Rare Earths, Solar Glass Key Points and Arguments Lithium Market - **Demand**: Year-to-date lithium demand has exceeded market expectations, driven by strong demand from Energy Storage Systems (ESS) and ongoing electric vehicle (EV) trade-in programs [2] - **Supply Risks**: Yichun lepidolite mines are undergoing resource reclassification, which may lead to temporary shutdowns. These mines collectively produce approximately 150,000 tons of Lithium Carbonate Equivalent (LCE) annually [2] - **Cost Dynamics**: The cost curve for lepidolite mines is expected to rise due to increased royalties and fees, with cost support estimated at around RMB 70,000 per ton [2] Uranium Market - **Price Momentum**: Strong momentum in uranium prices is anticipated, supported by major investment vehicles like SPUT and Yellow Cake purchasing in the spot market. Long-term prices are expected to rise post-World Nuclear Symposium, with current spot prices around US$83 per pound [3] - **Supply Adjustments**: Production cuts from Kazatomprom and Cameco highlight ongoing supply risks, benefiting CGN Mining, which has increased its spot price exposure to 70% from 60% due to a renewed three-year contract [3] Rare Earths and Magnets - **Price Strength**: Rare earth prices are robust due to strong downstream demand and China's supply-side controls. Magnet producers are expected to pass price increases to customers, improving gross profit margins [4] - **Export Recovery**: Export volumes for magnet producers are normalizing, with anticipated improvements in shipment volumes and earnings in the second half of the year [4] Solar Glass Market - **Demand Decline**: Demand for solar glass has softened in October and is expected to weaken further into winter, leading to inventory build-up and downward pressure on prices [5] - **Earnings Impact**: The anticipated decline in solar glass prices could negatively affect company earnings if no supply-side controls are implemented [5] Additional Insights - **Equity Ratings**: Various companies within the new materials sector have been rated with "Overweight" or "Equal-weight" based on their market positions and expected performance [10][11] - **Price Target Adjustments**: Price targets for several companies have been adjusted based on updated earnings forecasts and market conditions, reflecting changes in commodity prices and company performance [19][20] - **Market Sentiment**: The overall sentiment in the new materials sector remains attractive, with potential upside from uranium recovery and stable demand in rare earths, despite challenges in lithium and solar glass markets [1][7] Conclusion The new materials sector in China is experiencing mixed dynamics, with strong demand in lithium and uranium markets, while facing challenges in solar glass. Companies are adjusting their strategies and forecasts in response to evolving market conditions, highlighting the importance of monitoring supply risks and price movements in this sector.

Group 1: AI Sector Insights - The AI sector, particularly the ChiNext AI Index, is becoming a significant indicator of the AI wave, with a cumulative increase of approximately 145.52% from August 23, 2024, to August 22, 2025, compared to a 32.14% increase in the CSI 300 Index [2] - Key components of the ChiNext AI Index include leading companies such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, with the top ten stocks accounting for about 53.83% of the index weight [2] - The strong performance of the index is driven by the rapid growth of core stocks, particularly the three leading optical module companies, which have seen significant price increases in the past month [2][3] Group 2: Company Performance - Zhongji Xuchuang expects a net profit of 3.6 billion to 4.4 billion yuan for the first half of 2025, representing a year-on-year growth of 52.64% to 86.57% [3] - Xinyi Sheng anticipates a net profit of 3.7 billion to 4.2 billion yuan for the same period, with a staggering year-on-year increase of 327.68% to 385.47% [3] - The performance of these companies reflects the direct benefits of the global AI industry boom and highlights a clear value path driven by large models and core hardware [3][4] Group 3: New Materials Sector Insights - The Shanghai Stock Exchange's New Materials Index symbolizes the depth of China's advanced manufacturing and is a key indicator of the country's "hard technology" self-sufficiency progress, with a cumulative increase of about 80.51% from August 23, 2024, to August 22, 2025 [5] - The index includes key players in various strategic fields, such as Hu Silicon Industry in semiconductor materials and Tian Nai Technology in new energy battery materials, showcasing a broad coverage of critical areas supporting China's industrial upgrade [5][6] - The performance of the New Materials Index is expected to continue benefiting from the ongoing trends of industrial upgrades and domestic substitution [5][7] Group 4: Future Outlook - The period from 2025 to 2030 is seen as crucial for China's new materials industry, transitioning from "catching up" to "keeping pace" and even "leading" in some areas, with major companies moving towards large-scale production [7] - Emerging technologies such as third-generation semiconductors and commercial aerospace are anticipated to open new growth points for the industry [7] - The New Materials Index is positioned to benefit from both current domestic substitution trends and the long-term rise of China's advanced manufacturing supply chain [7][8] Group 5: Investment Opportunities - Investors are encouraged to consider the Southern Fund's ChiNext AI ETF (159382) and the Sci-Tech Materials ETF (588160) as they track the respective indices, providing a convenient and transparent investment channel for core "hard technology" assets in China [9]

Core Points - The 2025 Fujian Global Innovation and Entrepreneurship Competition aims to attract overseas professionals and promote strategic emerging industries in Fujian [1][4] - The competition features cash awards totaling 150,000 yuan for first prizes, 100,000 yuan for second prizes, and 50,000 yuan for third prizes, with additional excellent awards of 20,000 yuan [2] - Participants will compete in three categories: digital economy, biotechnology, and advanced manufacturing, showcasing innovations in artificial intelligence, biomedicine, new energy, and new materials [2] Competition Structure - The competition consists of four stages: registration, review process, preliminary round, and final round, with registration open from May 10 to July 10, 2025 [3] - The preliminary round will occur online in July, followed by offline pitch presentations in early September during the China International Fair for Investment & Trade (CIFIT) [3] - An awards ceremony will conclude the competition, accompanied by industry tours and investor networking sessions [3] Support for Participants - First-prize winners can receive recognition as Category B High-Level Talent, with a settlement subsidy of up to 1 million yuan [4] - Second- and third-prize winners can be recognized as Category C High-Level Talent, eligible for a settlement subsidy of up to 500,000 yuan [4] - Projects may qualify for the Hundred Talents Program for Entrepreneurship, with potential subsidies of up to 2 million yuan [4]

Investment Rating - The industry view for Greater China Materials is rated as Attractive [6] Core Insights - Lithium demand may be pressured by trade tensions, with a market surplus expected to increase to approximately 10,000 tons of lithium carbonate equivalent (LCE) in April, leading to downward pressure on prices [2][3] - Uranium fundamentals remain solid despite a spot price correction, with term pricing stable at around US$80 per pound, indicating a constructive medium-to-long-term supply-demand outlook [3] - Solar glass prices are likely to stabilize due to supply responses, although pressures are expected to persist in the second half of 2025 as demand decreases [4][10] Summary by Sections Lithium - Demand in 1Q25 was stronger than expected due to EV trade-in programs and energy storage system (ESS) demand, but the peak season in 2Q25 is anticipated to be muted due to earlier demand pull-forward [2] - Tariff uncertainties have caused large EV makers to pause April order books, leading to a potential price bottom for lithium carbonate at approximately Rmb65,000 per ton [2] Uranium - The spot price has declined to around US$60 per pound, influenced by uncertainties regarding Russian enriched uranium and US tariffs, but the gap between spot and term prices has widened, limiting further downside [3] - Supply imbalances are expected to gradually reflect in the market, potentially pushing uranium prices higher and benefiting companies like CGN Mining [3] Solar Glass - A reasonable recovery was noted in 1Q25, with prices rebounding due to increased demand from module producers, but a decrease in demand is expected in June as rush installations conclude [4][10] - The near-term supply and demand for solar glass could remain solid, supporting earnings recovery for producers, but increased industry supply may pressure prices again in 2H25 [10] Rare Earth Magnets - An upward trend in rare earth prices is anticipated due to new smelting regulations and tariffs, which could tighten supply from imports, benefiting producers [11] Stock Ratings - Overweight-rated stocks include Xinyi Solar, CGN Mining, and various rare earth magnet producers, with significant upside potential noted for several companies [12][13]