证券代码： 603256 证券简称：宏和科技公告编号：2025-043 宏和电子材料科技股份有限公司 股票交易风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 宏和电子材料科技股份有限公司（以下简称"公司"）股票于2025年7月3日、2025年7月4日、2025年7 月7日连续三个交易日内日收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动情形，公司已于 2025年7月8日披露了《宏和电子材料科技股份有限公司股票交易异常波动公告》（公告编号：2025- 042）。 登录新浪财经APP 搜索【信披】查看更多考评等级 公司主要从事中高端电子级玻璃纤维布、电子级玻璃纤维纱的研发、生产和销售。截至本公告披露日， 公司主营业务未发生重大变化，目前生产经营活动正常，不存在影响公司股票交易异常波动的重大事 项。 （二）媒体报道、市场传闻、热点概念情况 近日，公司关注到部分媒体将公司列为"PCB概念"。公司主要产品电子级玻璃纤维布是PCB的基础材料 之一，公司长期专注于主要产品的研发、生产与销售，主营 ...

Core Viewpoint - The government of Weinan is implementing targeted support measures to enhance the development of private enterprises, significantly improving service efficiency and fostering innovation in the region [1][2][5]. Group 1: Government Support and Services - Weinan's private economy accounted for 60.3% of the city's GDP in 2024, highlighting the importance of private enterprises in the local economy [1]. - The city has streamlined business registration processes by integrating eight departments into a single-window service, reducing required materials by over 40% and completing the entire process within one working day [2]. - Weinan has abolished 32 documents that hinder fair competition and introduced measures to reduce inspection frequency, thereby alleviating the operational burden on businesses [2]. Group 2: Innovation and Collaboration - Weinan is fostering collaboration between enterprises and academic institutions, with companies like Shaanxi Aode Machinery signing technology development contracts with Xi'an Jiaotong University and Chang'an University [3][4]. - The city has established 174 technology innovation platforms, enhancing the transformation of scientific research into practical applications and significantly increasing the number of technology-based SMEs [4]. Group 3: Financial Support for Enterprises - The Weinan government has organized 40 government-bank-enterprise matchmaking events, resulting in 30 specialized small and medium-sized enterprises receiving a total of 1.6 billion yuan in credit and 700 million yuan in financing support [5]. - The total loan balance for technology enterprises in Weinan reached 9.535 billion yuan, with inclusive loans for small and micro enterprises amounting to 34.177 billion yuan [5].

石英布专家交流 20250703 摘要 二代布供应紧张，受限于玻璃纱原料，预计价格将上涨。日本厂商扩产 难以满足需求，供需失衡或将持续，对 CCL 行业产生影响。 石英布测试方面，大陆企业如湖北公司在单项指标上表现良好，但批量 生产的稳定性和一致性仍待验证，大规模应用尚需时日。 高端铜箔市场主要由日本和韩国供应商主导，如韩国索尔兹及其卢森堡 子公司，台光倾向于选择稳定且量大的供应商。 电子材料部门贡献台光 80%的出货量，交换机产品需求预计明年下半年 显著增加，1.6T 产品市场规模可观。 北美 IC/CSP 厂商主要采购 M8U 或马九等级材料，足以满足 1.6T 级别 产品需求，下一代产品解决方案仍在观察中。 在 AI 领域，台光使用日本同博，使其间接成为市场大头，而在非 AI 领 域，日本同博的市场占有率相对较低。 M9 电子布材料预计 2026 下半年或 2027 上半年决定，期间将持续测试 供应商样品，关注材料稳定性。 Q&A 当前 GB200 和 B300 的量产情况如何？ GB200 已经实现了量产，而 B300 尚未开始量产，因此目前无法提供相关数据。 台光电子是否已经批量导入国产供应商？当前 ...

Group 1 - The report highlights the frequent release of new products by companies like Xiaomi and Honor, emphasizing the importance of the domestic production process for new materials [5][6] - The Chinese government is supporting equipment upgrades in the petrochemical and chemical industries with a funding of 200 billion yuan, which is expected to accelerate the modernization of these sectors [5][6] - The introduction of new products, such as Xiaomi's first SUV and Honor's latest smartphones, is seen as a significant advancement in China's consumer electronics sector, potentially driving the domestic supply chain and high-end material development [6][9] Group 2 - The report indicates that the securities sector may experience upward momentum after a period of consolidation, with technical indicators showing positive trends [11][12] - The Shanghai Composite Index has shown resilience, maintaining above key moving averages despite recent fluctuations, suggesting potential for further gains [19][20] - The report notes that large capital inflows into the market indicate strong buying interest, which may support continued upward movement in the securities sector [15][19] Group 3 - The report tracks industry performance, noting that the petrochemical index has underperformed compared to the broader market, while the basic chemical index has outperformed [7][22] - Specific sub-sectors such as membrane materials and other plastic products have shown significant price increases, indicating strong demand and potential investment opportunities [7][22] - The report emphasizes the importance of selecting resilient and advantageous sectors within the chemical industry, particularly those benefiting from supply-side reforms and domestic production initiatives [9][10]

东海证券近日发布基础化工行业周报：在2024年9月工业和信息化部公布的《工业重点 行业领域设备更新和技术改造指南》(以下简称《指南》)中明确了设备更新的重点行业和领 域，涉及石化化工行业、电子元器件和电子材料行业、锂电池行业、光伏行业、石化通用装 备等。我们认为此举有助于石化化工等行业供给侧结构进一步优化，落后产能有望进一步出 清，头部企业具有资金和技术优势，有望优先受益。 以下为研究报告摘要： 投资要点： 本周重点新闻跟踪： 1）超长期特别国债资金支持陆续落地，石化化工等设备更新有望加速。6月26日，在国 家发展改革委6月份新闻发布会上，国家发展改革委政策研究室副主任、委新闻发言人李超 表示，设备更新方面，超长期特别国债资金支持力度为2000亿元，第1批约1730亿元资金已 按照"地方审核、国家复核"的原则，安排到16个领域约7500个项目，第2批资金正在同步开 展项目审核筛选。在2024年9月工业和信息化部公布的《工业重点行业领域设备更新和技术 改造指南》(以下简称《指南》)中明确了设备更新的重点行业和领域，涉及石化化工行业、 电子元器件和电子材料行业、锂电池行业、光伏行业、石化通用装备等。我们认为此举有 ...

Core Viewpoint - The company Weiteou has acquired a 65% stake in Jiaxing Jifei Ai Company for 3.71 million yuan, marking a significant step in its strategic upgrade towards a one-stop material solution, particularly in the fire safety new materials sector [1][4]. Group 1: Acquisition Details - Weiteou's investment of 3.71 million yuan was used to subscribe to the newly increased registered capital of Jiaxing Jifei Ai Company, which has now been included in its consolidated financial statements [1]. - The original shareholders of Jiaxing Jifei Ai Company were from South Korea's GFI Company, which retains a 35% stake post-transaction [1]. Group 2: Product and Market Potential - GFI Company, established in 2014, focuses on innovative fire safety technologies, with its core product being perfluorohexane microcapsules, designed to extinguish fires in small spaces effectively [1][2]. - The microcapsule product offers advantages such as high extinguishing efficiency, broad fire type applicability, high electrical insulation, and environmental friendliness [1]. - The electrical fire protection market is reported to exceed 83 billion yuan annually, indicating substantial market potential for microcapsule products [2]. Group 3: Company Background and Strategy - Weiteou, founded in 1998 and listed on the Growth Enterprise Market in 2022, has transitioned from a single product supplier of microelectronic welding materials to a comprehensive provider of electronic assembly and reliability material solutions [2][3]. - The company has established a complete product matrix through a multi-product strategy and has successfully broken foreign technology monopolies in various fields [2][3]. - The establishment of a reliability materials division aims to integrate R&D with market needs, providing one-stop reliability material solutions [3]. Group 4: Strategic Integration and Synergy - The acquisition of Jiaxing Jifei Ai Company will enable Weiteou to drive dual growth through its core business of electronic assembly and the new fire safety materials business [4]. - This move is expected to open up new market opportunities in the 83 billion yuan electrical fire protection sector, creating a new profit growth point [5]. - The integration will enhance synergies between new and existing businesses, allowing Weiteou to offer comprehensive solutions to core customers, thereby reducing procurement and management costs [5][6].

Core Viewpoint - Longyang Electronics (Kunshan) Co., Ltd. plans to acquire 70% of Suzhou Deyou New Material Technology Co., Ltd. for a total price of 770 million yuan, with 488 million yuan sourced from the company's raised funds and interest [1][3] Group 1: Acquisition Details - The acquisition will be executed in two steps: first, the company will acquire 70% of Deyou New Material for cash; second, after the performance commitment period, the company will acquire the remaining 30% [3] - Upon completion of the first step, Deyou New Material will become a subsidiary of Longyang Electronics, and after the full acquisition, it will be a wholly-owned subsidiary [3] Group 2: Financial Performance of Deyou New Material - Deyou New Material specializes in the research, production, and sales of composite functional materials, primarily for consumer electronics [4] - Projected revenues for Deyou New Material are 236.36 million yuan in 2023, 418.91 million yuan in 2024, and 73.98 million yuan in early 2025, with net profits of 25.88 million yuan, 93.50 million yuan, and 18.29 million yuan respectively [4] Group 3: Performance Commitments - The seller has committed to a cumulative net profit of no less than 315 million yuan for the first three fiscal years (2025-2027) [4] - For the second phase (2028-2030), the cumulative net profit should also be no less than 315 million yuan, but not exceed the actual net profit achieved in the first phase [5] Group 4: Valuation and Goodwill - The valuation of Deyou New Material shows a significant increase, with a valuation of 1.104 billion yuan for 100% equity, resulting in a 453.32% increase over book value [6] - The transaction will create approximately 579.67 million yuan in goodwill on Longyang Electronics' consolidated balance sheet [7] Group 5: Longyang Electronics' Performance - Longyang Electronics has experienced declining performance since its IPO in October 2022, with revenue and net profit decreasing by 12.11% and 14.58% respectively in 2022, and further declines of 29.51% and 42.7% in 2023 [7] - In 2024, revenue showed a slight increase of 8.51%, but net profit still declined by 15.02% [7]

星标 ★ IPO日报 精彩文章第一时间推送 近日，隆扬电子（昆山）股份有限公司（下称"隆扬电子"，301389.SZ）发布公告称，拟以支付现 金方式购买苏州德佑新材料科技股份有限公司（下称"德佑新材"）70%股权，交易对价为7.70亿 元，其中4.88亿元来源于公司募集资金及利息。 AI制图 交易两步走 据公司披露的重大资产购买报告书(草案)，本次收购整体方案具体分两步实施。 第一步收购为上市公司以支付现金方式收购德佑新材70%股权。第二步收购为第一期业绩承诺期满 后，上市公司以支付现金的方式收购德佑新材剩余30%股权。 第一步收购完成后，上市公司将直接持有德佑新材70%股权，德佑新材成为上市公司控股子公司， 纳入合并报表范围。本次收购整体方案完成后， 上市公司将直接持有德佑新材100%股权，德佑新 材变更为上市公司的全资子公司。 据悉，德佑新材主营复合功能性材料的研发、生产和销售，下游应用领域主要集中于手机、电脑等 消费电子产品。 2023年至2024年以及2025年1月—2月，标的公司营业收入分别为23635.91万元、41891.16万 元和7398.38万元，扣除非经常性损益后归属于母公司股东的净利润 ...

基础化工 | 证券研究报告 — 行业周报 2025 年 6 月 30 日 强于大市 化工行业周报 20250629 国际油价、 MDI 价格下跌， H 酸价格上涨 今年以来，行业受关税相关政策、原油价格大幅波动等因素影响较大，六月份建议关注：1、安 全监管政策、行业供给端变化等对农药及中间体行业的影响；2、上半年"抢出口"等因素带来 的部分公司业绩波动；3、自主可控日益关键背景下的电子材料公司；4、分红派息政策稳健的 能源企业等。 相关研究报告 《化工行业周报 20250622》20250622 《化工行业周报 20250615》20250616 《化工行业周报 20250608》20250609 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 行业动态 投资建议 截至 6 月 29 日，SW 基础化工市盈率（TTM 剔除负值）为 22.34 倍，处在历史（2002 年至 今）的 63.93%分位数；市净率为 1.83 倍，处在历史水平的 14.09%分位数。SW 石油石化市 盈率（TTM 剔除负值）为 10.98 倍，处在历史（2002 年至今）的 15.69%分位数；市净率为 1.19 倍， ...

圣泉集团 20250627 摘要 圣泉集团 2024 年营收超 100 亿元，同比增长 9.87%，归母净利润 8.68 亿元，同比增长 9.9%。2025 年一季度营收同比增长 15%，归母 净利润同比增长超 50%，毛利率和净利率均创疫情后新高，显示出强劲 的盈利能力。 公司在电子材料领域取得突破，自主研发的聚苯醚（PPO）和 OP PPE 树脂已通过国内头部企业认证，并建成 1,300 吨/年产能，预计 2025 年 大幅放量，为高频高速 PCB 提供理想材料，带来新的增长点。 圣泉集团在生物质化工产品方面专注于纤维素、半纤维素和木质素的开 发利用，具备 2 万吨木糖和 1.5 万吨木糖醇的年产能，盈利性良好。完 成技改的大庆项目开工率稳定提升，有望贡献利润。 公司通过圣泉法生物质一体化技术，实现秸秆全组分高效利用。大庆植 物秸秆一体化项目已改造完成，生产大轴纸、糠醛等产品，并研发生物 碳和高纯木质素，预计 2025 年贡献利润。 公司计划在 2025-2027 年实现利润和员工收入翻番，并已公布持股计 划激励员工。定向增发 6,225 万股，实控人唐立元认购，显示对未来发 展的信心。 Q&A 圣泉集团 ...