值得注意的是，全球算力需求随AI大模型技术爆发式增长，直接带动上游印制电路板及高频高速覆铜 板市场需求。在此背景下，雅克科技旗下华飞电子业务稳健成长，积极推进新产品客户端测试验证。报 告期内，湖州雅克华飞「年产3.9万吨半导体核心材料项目」原材料产线建成，雅克先科(成都)「年产 2.4万吨电子材料项目」部分产线转入试生产并向华飞电子批量供应半成品球形硅微粉。 液化天然气(LNG)保温绝热板材业务同样表现突出。受下游LNG大型运输船舶及液货舱超低温保温复合 材料需求增长拉动，公司上半年LNG保温板材及工程安装业务同比增长约80%。其间，公司按计划为沪 东中华、江南造船等国内主流船厂建造的20余艘大型LNG运输船及燃料舱提供保温绝热板材，由其供 应板材的全球首艘MARKⅢ/FLEX型大型LNG运输船已顺利交付投用。目前公司在手订单充足。 其中，电子材料领域表现亮眼，成为业绩增长核心支撑。上半年半导体化学材料与光刻胶及配套试剂合 计营收21.13亿元，占总营收的近五成，同比增速达18.98%。具体来看，前驱体材料销售收入同比增长 超30%，在手订单与交付量稳步攀升;光刻胶溼电子化学品业务持续拓展，新增多家大客户，产 ...

Core Viewpoint - Yake Technology has experienced a decline in stock price over six consecutive trading days, with a cumulative drop of -4.31% [1] Company Overview - Jiangsu Yake Technology Co., Ltd. is a publicly listed company on the Shenzhen Stock Exchange (stock code 002409.SZ) that focuses on the research and production of electronic semiconductor materials, cryogenic composite materials, and plastic additive materials [1] Financial Performance - The financial report indicates that Southern Fund's Southern CSI 500 ETF is among the top ten shareholders of Yake Technology, which has reduced its holdings in the first quarter of this year [1] - Year-to-date return for Yake Technology is -2.11%, ranking 1551 out of 3185 in its category [1][2] Performance Metrics - The stock has shown the following performance metrics: - Weekly change: -0.33% - Monthly change: -5.26% - Quarterly change: 0.26% - Semi-annual change: -3.64% - Year-to-date change: -2.11% [2] Fund Management - The fund manager for Southern CSI 500 ETF is Ms. Luo Wenjie, who holds a Master's degree in Mathematical Finance from the University of Southern California and a Master's in Computer Science from the University of California [3][4] - Ms. Luo has extensive experience in quantitative analysis and has been with Southern Fund since September 2008, currently serving as the General Manager of the Index Investment Department [3][4]

Group 1: CPI Analysis - The CPI year-on-year growth rate decreased to -0.7% in February, down 1.2 percentage points from the previous month, primarily due to the impact of the Spring Festival timing [1][4] - Excluding the Spring Festival effect, the CPI year-on-year increased by 0.1% in February, indicating a moderate recovery in prices [1][4] - Food prices contributed over 80% to the total decline in CPI, with fresh vegetable prices dropping by 12.6% year-on-year [5][6] Group 2: PPI Analysis - The PPI year-on-year decline narrowed to 2.2% in February, with the average for January-February also showing a 2.2% decrease compared to the previous year [2][7] - The main reasons for the PPI decline include the off-peak industrial production season and weak demand for construction materials [2][7] - The prices of production materials fell by 2.5%, while living materials prices decreased by 1.2%, with specific industries like coal processing seeing significant price drops [7][8] Group 3: Market Sentiment and Future Outlook - The PMI data indicated an increase in raw material and finished product price indices, but the PPI only slightly narrowed, suggesting a discrepancy between perceived and actual market conditions [3] - The current policy uncertainty may lead to a cautious approach from enterprises, affecting production enthusiasm [3] - Positive signals from the upcoming Two Sessions may help restore market demand and improve production and demand dynamics [3]