公告显示，聚和材料本次发行H股并上市尚需提交公司股东会审议，在符合中国境内相关法律、法规和 规范性文件、中国香港法律的要求和条件下进行，并需取得中国证券监督管理委员会、香港证券及期货 事务监察委员会和香港联交所等相关政府机构、监管机构备案、批准和/或核准。截至目前，公司正与 相关中介机构就本次发行H股并上市的相关工作进行商讨，除本次董事会审议通过的相关议案外，其他 关于本次发行H股并上市的具体细节尚未最终确定。 资料显示，聚和材料创立于2015年，2022年12月9日登陆A股科创板。目前，聚和材料已成为全球领先 的光伏导电浆料科技企业。此外，在半导体、新能源汽车和电子浆料等非光伏领域，聚和材料也通过创 新的研发理念和高效快速的协作研发，持续不断为市场和客户提供定制化的技术和解决方案。2025年上 半年，聚和材料实现营业收入64.35亿元，同比下滑5%，净利润1.81亿元，同比下滑40%；其中，2025 年单二季度实现营业收入10.42亿元，环比增长4%，净利润9100万元，环比增长2%，业绩主要由光伏导 电浆料板块贡献。 12月22日晚，聚和材料(688503)公告，公司于2025年12月19日召开第四届董事 ...

截至发稿，罗申累计任职时间314天，现任基金资产总规模4166.42万元，任职期间最佳基金回报 0.68%， 任职期间最差基金回报-12.31%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，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。 责任编辑：小浪快报 数据显示，东财基金旗下1只基金重仓帝科股份。东财价值启航混合发起式A（018096）三季度持有股 数1万股，占基金净值比例为4.85%，位居第四大重仓股。根据测算，今日浮盈赚取约3.09万元。 东财价值启航混合发起式A（018096）成立日期2023年3月30日，最新规模903.99万。今年以来亏损 6.66%，同类排名8109/8170；近一年亏损7.8%，同类排名8075/8139；成立以来亏损18.51%。 东财价值启航混合发起式A（018096）基金经理为罗申。 12月22日，帝科股份涨5.15%，截至发稿，报63.11元/股，成交1.68亿元，换手率2.12%，总市值91.69亿 元。 资料显示，无锡帝科电子材料股份有限公司位于江苏省无锡市宜兴市屺亭 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 75.92 CNY per share, based on a 26x PE valuation for 2026 [5][16]. Core Insights - The company's main business is stimulated by the rising silver prices, which have increased demand for high copper paste. The company has made strategic acquisitions to expand into the storage business, indicating clear long-term growth momentum [2][11]. - The silver price has surged significantly, reaching 14,812 CNY per kilogram by December 15, 2023, a 95.4% increase from the beginning of the year. This has accelerated the company's high copper paste product development and production [11]. - The company has successfully collaborated with downstream strategic customers, achieving stable supply of high copper paste products and is expected to complete GW-level production line commissioning in Q4 [11]. - The company has made acquisitions of Inmeng and Jiangsu Jingkai to create a closed-loop in the storage industry chain, enhancing its competitive advantages in application development, wafer testing, and packaging [11]. - The storage business is rapidly developing, focusing on the DRAM sector, with sales revenue of 269 million CNY achieved in the first three quarters of 2025. The market demand for storage continues to grow, supporting product prices [11]. Financial Summary - The company’s total revenue is projected to grow from 9,603 million CNY in 2023 to 20,158 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 11.7% [4][15]. - Net profit attributable to the parent company is expected to fluctuate, with a peak of 616 million CNY in 2027 after a dip to 138 million CNY in 2025 [4][15]. - The earnings per share (EPS) are forecasted to be 2.65 CNY in 2023, dropping to 0.95 CNY in 2025, and then recovering to 4.24 CNY by 2027 [4][15]. - The return on equity (ROE) is projected to decline from 29.1% in 2023 to 7.6% in 2025, before rebounding to 22.6% in 2027 [4][15]. Market Data - The company has a market capitalization of 8,784 million CNY, with a current share price of 60.46 CNY, which is within a 52-week range of 35.67 to 74.61 CNY [6][5]. - The company’s total assets are expected to grow from 6,785 million CNY in 2023 to 12,191 million CNY by 2027, indicating a strong asset growth trajectory [12][15].

12月15日晚间，福达合金发布公告称，公司召开董事会，审议通过终止重大资产重组事项的议案。公司原计划以支付现金方式购买浙江光达电子科技有限 公司52.61%股权，但综合考虑市场环境及标的公司变化情况，为维护公司和投资者利益，决定终止本次交易。 福达合金强调，公司终止本次交易事项是经审慎研究，并与交易对方充分沟通后做出的决定。目前公司生产经营情况正常，本次交易终止不会对公司的生 产经营和财务状况产生重大不利影响。 9月26日，福达合金发布重大资产重组公告草案，拟以支付现金方式收购光达电子52.61%的股权，交易作价3.52亿元。交易完成后，光达电子将成为福达 合金的控股子公司。 资料显示，光达电子成立于2010年，是一家从事新型电子浆料研发、生产和销售的高新技术企业，主要产品为光伏导电浆料，包括TOPCon电池片银浆、 xBC电池片银浆、HJT电池片低温银浆等全系列产品。 值得一提的是，本次交易对方包括温州创达、王中男，温州创达由王中男担任执行事务合伙人，王中男系公司实际控制人王达武之一致行动人，本次交易 构成关联交易。 二级市场上，截至12月15日收盘，福达合金上涨0.10%报19.41元/股，总市值约26. ...

Group 1 - The core viewpoint of the news is that Dike Co., Ltd. has experienced a decline in stock price and trading activity, with a notable drop in net profit despite an increase in revenue [1][2] - As of December 3, Dike's stock price fell by 2.00% to 52.30 CNY per share, with a market capitalization of 7.598 billion CNY [1] - The company has seen a year-to-date stock price increase of 28.44%, but a decline of 5.97% in the last five trading days and 14.33% in the last twenty days [1] Group 2 - For the period from January to September 2025, Dike Co., Ltd. achieved operating revenue of 12.724 billion CNY, representing a year-on-year growth of 10.55% [2] - The net profit attributable to the parent company for the same period was 29.4566 million CNY, showing a significant year-on-year decrease of 89.94% [2] - The company has distributed a total of 123 million CNY in dividends since its A-share listing [3]

Core Viewpoint - The recent legal disputes between Wuxi Dike Electronic Materials Co., Ltd. (Dike) and Zhejiang Guanda Electronic Technology Co., Ltd. (Guanda) have raised significant industry attention, particularly regarding intellectual property rights and the financial implications for Dike's subsidiary, Zhejiang Suote Material Technology Co., Ltd. (Suote) [2][3][4] Group 1: Legal Disputes - Guanda has filed a counterclaim against Suote, alleging "malicious initiation of intellectual property litigation" and is seeking 5 million yuan in damages along with a public apology [2][3] - The initial lawsuit was filed by Suote against Guanda for patent infringement, demanding 200 million yuan in compensation and cessation of the production and sale of infringing products [3][4] - Suote has also expanded its claims to include additional patent infringement related to another patent, indicating a proactive approach to protect its intellectual property [4] Group 2: Company Background and Financials - Dike's main products include crystalline silicon solar cell conductive pastes, which account for 74.86% of its revenue in the first half of the year [7] - Dike has faced significant financial pressure, with a reported revenue of 8.34 billion yuan in the first half of the year, a 9.93% increase year-on-year, but a 70.03% decline in net profit [7] - The company has recently acquired a 60% stake in Suote for 696 million yuan, aiming to control the photovoltaic silver paste business previously held by DuPont [5][6] Group 3: Industry Context - The photovoltaic silver paste industry is undergoing a structural adjustment, facing challenges such as increased competition and raw material price volatility, particularly with silver prices rising by nearly 65% this year [8] - The industry is shifting from "scale expansion" to "quality competition," with cost reduction and innovation becoming critical for survival [8]

Group 1 - The core point of the news is that Dike Co., Ltd. experienced a 5.13% drop in stock price, closing at 63.80 yuan per share, with a trading volume of 269 million yuan and a turnover rate of 3.19%, resulting in a total market capitalization of 9.269 billion yuan [1] - Dike Co., Ltd. is located in Yixing, Jiangsu Province, and was established on July 15, 2010. The company was listed on June 18, 2020, and its main business involves the research, production, and sales of high-performance electronic materials [1] - The revenue composition of Dike Co., Ltd. includes photovoltaic conductive paste at 74.86%, material sales at 21.31%, storage chips at 2.26%, other at 1.43%, and semiconductor packaging paste at 0.14% [1] Group 2 - From the perspective of major fund holdings, one fund under Dongcai has a significant position in Dike Co., Ltd. The Dongcai Value Start Mixed Fund A (018096) held 10,000 shares in the third quarter, accounting for 4.85% of the fund's net value, making it the fourth-largest holding [2] - The Dongcai Value Start Mixed Fund A (018096) was established on March 30, 2023, with a latest scale of 9.0399 million yuan. The fund has experienced a loss of 2.27% this year, ranking 8052 out of 8140 in its category, and a loss of 5.95% over the past year, ranking 7991 out of 8057 [2] - The fund manager of Dongcai Value Start Mixed Fund A (018096) is Luo Shen, who has been in the position for 280 days. The total asset size of the fund is 41.6642 million yuan, with the best return during the tenure being 6.34% and the worst return being -10.71% [3]

Core Points - The stock price of Dike Co., Ltd. increased by 2.23% on November 12, reaching 69.22 CNY per share, with a total market capitalization of 10.056 billion CNY [1] - The company has seen a significant stock price increase of 69.99% year-to-date, with a 13.38% rise over the last five trading days [1] - Dike Co., Ltd. specializes in the research, production, and sales of high-performance electronic materials, with a primary revenue composition from photovoltaic conductive pastes [1] Financial Performance - For the period from January to September 2025, Dike Co., Ltd. reported a revenue of 12.724 billion CNY, reflecting a year-on-year growth of 10.55% [2] - The net profit attributable to shareholders for the same period was 29.4566 million CNY, showing a significant decline of 89.94% year-on-year [2] Shareholder Information - As of September 30, the number of shareholders for Dike Co., Ltd. was 17,100, a decrease of 15.23% from the previous period [2] - The average number of circulating shares per shareholder increased by 17.96% to 7,391 shares [2] Dividend Information - Dike Co., Ltd. has distributed a total of 123 million CNY in dividends since its A-share listing [3]

Core Insights - On November 11, Dike Co., Ltd. saw a stock price increase of 5.64%, reaching 70.62 CNY per share, with a trading volume of 457 million CNY and a turnover rate of 5.16%, resulting in a total market capitalization of 10.26 billion CNY [1] Company Overview - Dike Co., Ltd. is located in Yixing City, Jiangsu Province, and was established on July 15, 2010, with its listing date on June 18, 2020 [1] - The company specializes in the research, production, and sales of high-performance electronic materials [1] Revenue Composition - The main business revenue breakdown is as follows: - Photovoltaic conductive paste: 74.86% - Material sales: 21.31% - Storage chips: 2.26% - Others: 1.43% - Semiconductor packaging paste: 0.14% [1] Fund Holdings - Dongcai Fund has a significant holding in Dike Co., Ltd., with the Dongcai Value Start Mixed Fund A (018096) holding 10,000 shares, accounting for 4.85% of the fund's net value, making it the fourth-largest holding [2] - The fund was established on March 30, 2023, with a latest scale of 9.0399 million CNY, and has recorded a year-to-date return of 0.24% [2] - The fund has experienced a one-year loss of 9.2% and a cumulative loss of 12.49% since inception [2] Fund Manager Performance - The fund manager, Luo Shen, has been in position for 273 days, with total fund assets of 41.6642 million CNY [2] - The best fund return during the manager's tenure is 6.92%, while the worst return is -7.32% [2]

Group 1 - The core point of the news is that Dike Co., Ltd. experienced a 5.01% drop in stock price, closing at 61.00 CNY per share, with a trading volume of 237 million CNY and a turnover rate of 3.03%, resulting in a total market capitalization of 8.648 billion CNY [1] - Dike Co., Ltd. is located in Yixing City, Jiangsu Province, and was established on July 15, 2010, with its IPO on June 18, 2020. The company specializes in the research, production, and sales of high-performance electronic materials [1] - The main revenue composition of Dike Co., Ltd. includes photovoltaic conductive paste at 74.86%, material sales at 21.31%, storage chips at 2.26%, other at 1.43%, and semiconductor packaging paste at 0.14% [1] Group 2 - From the perspective of fund holdings, one fund under Dongcai Fund has a significant position in Dike Co., Ltd. The Dongcai Value Start Mixed Fund A (018096) held 10,000 shares in the third quarter, accounting for 4.85% of the fund's net value, making it the fourth-largest holding [2] - The Dongcai Value Start Mixed Fund A (018096) was established on March 30, 2023, with a latest scale of 9.0399 million CNY. Year-to-date, it has incurred a loss of 4.42%, ranking 8108 out of 8150 in its category; over the past year, it has lost 11.88%, ranking 8018 out of 8043; and since inception, it has lost 16.56% [2] - The fund manager of Dongcai Value Start Mixed Fund A (018096) is Luo Shen, who has been in the position for 266 days, with total fund assets of 41.6642 million CNY. The best fund return during his tenure is 10.74%, while the worst return is -12.27% [2]